Document:

EX-10.14

 Exhibit 10.14 

AMENDED AND RESTATED ESCROW DEPOSIT AGREEMENT 

This AMENDED AND RESTATED ESCROW DEPOSIT AGREEMENT (this “Agreement”) is dated as of October 5, 2015, by and
among AINA LE’A, INC., a Delaware corporation (the “Company”), having an address at 69-201 Waikoloa Beach Drive, #2617, Waikoloa, Hawaii 96738, NEWBRIDGE SECURITIES CORPORATION (the “Placement
Agent”), a Virginia corporation, having an address at 5200 Town Center Circle, Tower 1, Suite 306, Boca Raton, Florida 33406, and SIGNATURE BANK (the “Escrow Agent”), a New York State chartered bank, having an office
at 261 Madison Avenue, New York, New York 10016. All capitalized terms not herein defined herein shall have the meaning ascribed to them in the preliminary prospectus (as amended and/or supplemental from time to time the
“Prospectus”) forming a part of Post-Effective Amendment No. 1 filed with the Securities and Exchange Commission (the “SEC”) on July 30, 2015 (“PEA
1”) to the Registration Statement on Form S-1 (Registration No. 33-201722) (collectively the “Amended Registration Statement”) of the Company, declared effective by the SEC on May 14, 2015, in connection with the
Company’s initial public offering (the “Offering”), of its shares (the “Shares”) of common stock (the “Common Stock”). 

W I T N E S S E T H: 

WHEREAS, pursuant to the terms of the Prospectus, the Company desires to sell (the “Offering”) a minimum of 1,250,000
Shares ($17,187,500), (the “Minimum Amount”) and a maximum of 2,000,000 Shares ($27,500,000) (the “Maximum Amount”) with each Share being sold at a price of $13.75 per Share; and 

WHEREAS, unless the Company sells the Minimum Amount on or before the date, ninety (90) days from the date of the final
Prospectus, unless the Offering is earlier terminated by the Company and the Placement Agent in writing (the earliest of such events shall be the “Termination Date”), the Offering shall terminate and all funds shall be returned
without interest and/or deductions to the Subscribers (as defined below) in the Offering; and 
 WHEREAS, the Company and Placement
Agent desire to establish an escrow account with the Escrow Agent into which the Company and Placement Agent shall instruct all subscribers in the Offering (the “Subscribers”) to send wires and deposit checks and other instruments
for the payment of money made payable to the order of “Signature Bank as Escrow Agent for Aina Le’a, Inc.,” and the Escrow Agent is willing to accept said checks and other instruments for the payment of money in accordance with
the terms hereinafter set forth; and 
 WHEREAS, the Company and the Placement Agent each, severally not jointly, represent and
warrant to the Escrow Agent that it will comply with all of its respective obligations under applicable state and federal securities laws and regulations with respect to the sale of Shares of the Offering; and 

WHEREAS, the Company and the Placement Agent each, severally not jointly, represent and warrant to the Escrow Agent that it has not
stated to any individual or entity that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and 

  
 Escrow Deposit Agreement

 WHEREAS, the Company and Placement Agent each, severally not jointly, represent and
warrant to the Escrow Agent that a copy of each document that it has delivered to Subscribers and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule I. 

NOW, THEREFORE, IT IS AGREED as follows: 
 1. Delivery
of Escrow Funds. 
 (a) The Placement Agent and the Company shall instruct Subscribers to deliver to Escrow Agent checks made payable to
the order of “Signature Bank, as Escrow Agent for Aina Le’a, Inc.,” or wire transfer to Signature Bank, 261 Madison Avenue, New York, New York 10016, ABA No. 026013576 for credit to Signature Bank, as Escrow Agent for Aina
Le’a, Inc., Account No.                     , in each case, with the name and address of the individual or entity making payment. In
the event any Subscriber’s address is not provided to Escrow Agent by the Subscriber, then the Company agrees to promptly provide Escrow Agent with such information in writing. All checks or wire transfers shall be deposited into a
non-interest-bearing account at Signature Bank entitled “Aina Le’a, Inc., Signature Bank, as Escrow Agent” (the “Escrow Account”). In the event that any subscription agreements and/or funds with respect to any
subscription agreement are delivered to the Placement Agent, the Placement Agent shall, promptly forward, by no later than noon of the next Business Day after receipt, such subscription agreement(s) and/or subscription funds/checks to the Escrow
Agent. 
 (b) The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.” 

(c) The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow
Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent, the sole duty of the Escrow Agent shall be to return the check to the Subscriber and advise the Company and Placement Agent
promptly thereof. 
 2. Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following: 

(a) In the event that the Company and Placement Agent advise the Escrow Agent in writing that the Offering has been terminated (the
“Termination Notice”), the Escrow Agent shall promptly return the funds paid by each Subscriber to said Subscriber without interest or offset. 

(b) Provided that the Escrow Agent does not receive the Termination Notice in accordance with Section 2(a) and there is at least
$17,187,500 deposited into the Escrow Account representing the purchase price of the 1,250,000 Share Minimum Amount, the Escrow Agent shall, upon receipt of written instructions, in the form of Exhibit A, attached hereto and made a part
hereof, or in a form and substance satisfactory to the Escrow Agent, executed by 

  
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Escrow Deposit Agreement 

 
both the Company and Placement Agent, pay the Escrow Funds in accordance with such written instructions, which instructions shall be limited to the payment of the Placement Agent’s fee and
other offering expenses (including, but not limited to Gusrae Kaplan Nusbaum PLLC, the Placement Agent’s legal counsel in the Offering) and the payment of the balance to the Company (the “Initial Closing”). Such payment or
payments shall be made by wire transfer within one (1) Business Day of receipt of such written instructions, which must be received by the Escrow Agent no later than 3:00 PM Eastern Time on a Business Day for the Escrow Agent to process such
instructions that Business Day. 
 (c) If by 3:00 P.M. Eastern time on the Termination Date, the Escrow Agent has not received written
instructions from the Company and Placement Agent regarding the disbursement of the Escrow Funds and the total amount of the Escrow Funds is less than the Minimum Amount, then the Escrow Agent shall promptly return the Escrow Funds to the
Subscribers without interest or offset. The Escrow Funds returned to each Subscriber shall be free and clear of any and all claims of the Escrow Agent. 

(d) The Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal. 

(e) If the Termination Date or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or for the
Escrow Agent to take action is not a Business Day, then such date shall be the Business Day that immediately precedes that date. A “Business Day” is any day other than a Saturday, Sunday or a Bank holiday. 

(f) The Company and the Placement Agent may following the Initial Closing conduct subsequent closings of the Offering through the Escrow
Account following, as applicable, similar procedures for the closing of the Initial Closing through the Termination Date. 
 3. Acceptance by Escrow
Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided that: 
 (a) The Escrow Agent may act in
reliance upon any signature believed by it to be genuine, and may assume that any person who has been designated by Placement Agent or the Company to give any written instructions, notice or receipt, or make any statements in connection with the
provisions hereof has been duly authorized to do so. Escrow Agent shall have no duty to make inquiry as to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions. The names and true
signatures of each individual authorized to act singly on behalf of the Company and Placement Agent are stated in Schedule II, which is attached hereto and made a part hereof. The Company and Placement Agent may each remove or add one or more
of its authorized signers stated on Schedule II by notifying the Escrow Agent of such change in accordance with this Agreement, which notice shall include the true signature for any new authorized signatories. 

(b) The Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The Escrow
Agent shall not be liable for any 

  
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Escrow Deposit Agreement 

 
mistake of fact or error of judgment or law, or for any acts or omissions of any kind, unless caused by its willful misconduct or gross negligence. 

(c) The Placement Agent and the Company agree to indemnify and hold the Escrow Agent harmless from and against any and all claims, losses,
costs, liabilities, damages, suits, demands, judgments or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by Escrow Agent arising out of or related, directly or indirectly, to this Escrow Agreement
unless caused by the Escrow Agent’s gross negligence or willful misconduct. 
 (d) In the event that the Escrow Agent shall be
uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court of competent jurisdiction, or
(ii) deliver the Escrow Funds to a court of competent jurisdiction. 
 (e) The Escrow Agent shall have no duty, responsibility or
obligation to interpret or enforce the terms of any agreement other than Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered to the Escrow Account, it being agreed that
the sole duties and responsibilities of the Escrow Agent shall be to the extent not prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to the Escrow Agent for the Escrow
Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account, and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow Agent have been
collected and are available for withdrawal. 
 4. Escrow Account Statements and Information. The Escrow Agent agrees to send to the Company and/or
the Placement Agent a copy of the Escrow Account periodic statement, upon request in accordance with the Escrow Agent’s regular practices for providing account statements to its non-escrow clients and to also provide the Company and/or
Placement Agent, or their designee, upon request other deposit account information, including Escrow Account balances, by telephone or by computer communication, to the extent practicable. The Company and Placement Agent agree to complete and sign
all forms or agreements required by the Escrow Agent for that purpose. The Company and Placement Agent each consents to the Escrow Agent’s release of such Escrow Account information to any of the individuals designated by Company or Placement
Agent, which designation has been signed in accordance with Section 3(a) by any of the persons in Schedule II. Further, the Company and Placement Agent have an option to receive e-mail notification of incoming and outgoing wire
transfers. If this e-mail notification service is requested and subsequently approved by the Escrow Agent, the Company and/or Placement Agent agrees to provide a valid e-mail address and other information necessary to set-up this service and sign
all forms and agreements required for such service. The Company and Placement Agent each consents to the Escrow Agent’s release of wire transfer information to the designated e-mail address(es). The Escrow Agent’s liability for failure to
comply with this section shall not exceed the cost of providing such information. 

  
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Escrow Deposit Agreement 

 5. Resignation and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving
thirty (30) days’ prior written notice of such resignation to Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have no further obligation hereunder except to hold as depository the Escrow Funds that it
receives until the end of such thirty (30)-day period. In such event, the Escrow Agent shall not take any action, other than receiving and depositing Subscribers checks and wire transfers in accordance with this Agreement, until the Company has
designated a banking corporation, trust company, attorney or other person as successor. Upon receipt of such written designation signed by Placement Agent and the Company, the Escrow Agent shall promptly deliver the Escrow Funds to such successor
and shall thereafter have no further obligations hereunder. If such instructions are not received within thirty (30) days following the effective date of such resignation, then the Escrow Agent may deposit the Escrow Funds held by it pursuant
to this Agreement with a clerk of a court of competent jurisdiction pending the appointment of a successor. In either case provided for in this section, the Escrow Agent shall be relieved of all further obligations and released from all liability
thereafter arising with respect to the Escrow Funds. 
 6. Termination. The Company and Placement Agent may terminate the appointment of the Escrow
Agent hereunder upon written notice specifying the date upon which such termination shall take effect, which date shall be at least thirty (30) days from the date of such notice. In the event of such termination, the Company and Placement Agent
shall, within thirty (30) days of such notice, appoint a successor escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company and Placement Agent, turn over to such successor escrow agent all of the
Escrow Funds; provided, however, that if the Company and Placement Agent fail to appoint a successor escrow agent within such thirty (30) day period, such termination notice shall be null and void and the Escrow Agent shall
continue to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and Escrow Agent shall be relieved of all
further obligations and released from all liability thereafter arising with respect to the Escrow Funds and under this Agreement. 
 7. Investment.
All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at Escrow Agent. 
 8. Compensation. The Escrow Agent
shall be entitled, for the duties to be performed by it hereunder, to a fee of $4,000.00, which fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse Escrow Agent for all fees,
costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the
resignation or termination of the Escrow Agent shall affect the right of the Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date
of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the
Company shall direct all such amounts to be paid directly at any such closing. The Escrow Agent shall be entitled to a 

  
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Escrow Deposit Agreement 

 
fee of $1,000 in the event this Agreement is amended for any reason in accordance with Section 10(d). 

9. Notices. All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed
to have been duly given if sent by hand-delivery, by facsimile (followed by first-class mail), by nationally recognized overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses set forth below:

 If to Placement Agent: 

Newbridge Securities Corporation 

5200 Town Center Circle 
 Tower 1,
Suite 306 
 Boca Raton, Florida 33486 

Attention: David Cohen, Director Investment Banking 

Facsimile: (561) 229-1531 
 With a copy
(which shall not constitute notice) to: 
 Gusrae Kaplan Nusbaum PLLC 

120 Wall Street, 25th Floor 

New York, New York 10005 

Attention: Lawrence G. Nusbaum, Esq. 

Facsimile: (212) 809-5449 

If to the Company: 
 Aina
Le’a, Inc. 
 69-201 Waikoloa Beach Drive, #2617 

Waikoloa, Hawaii 96738 

Attention: Robert Wessels, Chief Executive Officer 

If to Escrow Agent: 
 Signature
Bank 
 261 Madison Avenue 
 New
York, New York 10016 
 Attention: Cliff Broder, Group Director & Senior Vice President 

Facsimile: (646) 758-8413 
  

	10.	General. 

 (a) This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of New York applicable to agreements made and to be entirely 

  
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Escrow Deposit Agreement 

 
performed within such State, without regard to choice of law principles and any action brought hereunder shall be brought in the courts of the State of New York, located in the County of New
York. Each party hereto irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process by mail or in any manner permitted by applicable law and consents to the
jurisdiction of said courts. EACH OF THE PARTIES HERETO HEREBY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. 

(b) This Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and
supersedes all prior agreements, arrangements and understandings relating thereto. 
 (c) All of the terms and conditions of this Agreement
shall be binding upon, and inure to the benefit of and be enforceable by, the parties hereto, as well as their respective successors and assigns. 

(d) This Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only by a
written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure of any party at any time or times to require performance of any provision hereof shall in no manner affect its right at a
later time to enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or
continuing waiver of any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party may assign any rights, duties or obligations hereunder unless all other parties have given their
prior written consent. 
 (e) If any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the
validity of the remaining provisions. 
 (f) This Agreement and any modification or amendment of this Agreement may be executed in several
counterparts or by separate instruments and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto. 

11. Form of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures as evidence of their
actual signatures to this Agreement and any modification or amendment of this Agreement; provided, however, that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after transmission
of his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the address of the other party. 
 12. No
Third-Party Beneficiaries. This Agreement is solely for the benefit of the parties and their respective successors and permitted assigns, and no other person has any right, benefit, priority, or interest under or because of the existence of
this Agreement. 

  
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Escrow Deposit Agreement 

 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first set forth above.

  

			
	 AINA LEA, INC.,
 a Delaware
corporation

		
	By:	 	/s/ Robert Wessels
		 	Robert Wessels
		 	Chief Executive Officer
	
	 NEWBRIDGE SECURITIES CORPORATION,

a Virginia Corporation

		
	By:	 	/s/ Bruce Jordan
		 	Bruce Jordan
		 	Head of Investment Banking
	
	 SIGNATURE BANK,
 a New York
state chartered commercial bank

		
	By:	 	/s/ Cliff Broder
		 	Name: Cliff Broder
		 	Title: Senior Vice President
		
	By:	 	/s/ Arturo Mora
		 	Name: Arturo Mora
		 	Title: Relationship Manager

 Schedule I 

OFFERING DOCUMENTS 
 A. Documents Provided
by the Company 
 B. Documents provided by the Placement Agent 

 Schedule II 

The Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following on
behalf of the Company and Placement Agent. 
 AINA LE’A, INC. 

 

			
	 Name
	  	True Signature
		
	 Robert Wessels
	  	/s/ Robert Wessels
		
	 Mark Jackson
	  	/s/ Mark Jackson

 NEWBRIDGE SECURITIES CORPORATION 

 

			
	 Name
	  	True Signature
		
	 David Cohen
	  	/s/ David Cohen
		
	 Bruce Jordan
	  	/s/ Bruce Jordan

 Exhibit A 

FORM OF ESCROW RELEASE NOTICE 

Date: 
 Signature Bank 

261 Madison Avenue 
 New York, New York 10016 

Attention: Arturo Mora 
 Dear Mr. Mora: 

In accordance with the terms of Section 2(c) of an Escrow Deposit Agreement dated as of July     ,
2015 (the “Escrow Agreement”), by and between Aina Le’a, Inc. (the “Company”), Newbridge Securities Corporation (the “Placement Agent”), and Signature Bank (the “Escrow
Agent”), the Company and Placement Agent hereby notify the Escrow Agent that the                      closing will be held on
                     for gross proceeds of $            . 

PLEASE DISTRIBUTE FUNDS BY WIRE TRANSFER AS FOLLOWS (wire instructions attached): 
  

					
	 Aina Le’a, Inc.:
	  	$	                    	  
	 Newbridge Securities Corporation:
	  	$	                    	  
	 [OTHER]
	  	$	                    	  

  

			
	 Very truly yours,
  

AINA LEA, INC.,
 a Delaware corporation

		
	By:	 	 
		 	Robert Wessels
		 	Chief Executive Officer
	
	NEWBRIDGE SECURITIES CORPORATION
		
	By:	 	 
		 	David Cohen
		 	Director Investment BankingEX-10.15

 Exhibit 10.15 

AINA LE’A, INC. 

2,000,000 Shares of Common Stock 

$0.001 par value per share 

SELECTED DEALER AGREEMENT 

                
    , 2015 
 Ladies and Gentlemen: 

The undersigned, Newbridge Securities Corporation (the “Placement Agent”), has entered into a Placement Agency Agreement dated
July 8, 2015, (the “Placement Agency Agreement”) with Aina Le’a, Inc. a Delaware corporation (the “Company”) pursuant to which the Company has engaged the Placement Agent to use its best efforts to solicit
offers for the purchase of up to an aggregate of 2,000,000 shares (the “Shares”) of the Company’s common stock, par value $0.001 per share (the “Common Stock”), from investors (collectively, the
“Investors”) in an initial public offering (the “Offering”). The Offering will be conducted on a “best-efforts” 1,250,000 Share ($17,187,500) minimum basis (the “Minimum Amount”); and on a
2,000,000 Share ($27,500,000) maximum basis (the “Maximum Amount”). The Shares are registered for sale pursuant to and the terms of the Offering are set forth in the Company’s Post-Effective Amendment No. 1
(“PEA 1”) to the Company’s Registration Statement on Form S-1 (Registration No.: 333-201722), which was filed with the Securities and Exchange Commission (the “Commission”) pursuant to the
Securities Act of 1933, as amended (the “Securities Act”), and such Registration Statement, as amended by PEA 1, in the form in which it was declared by the Commission on
                 , 2015, is referred to herein as the “Registration Statement”, and the final prospectus included therein, is referred to
herein as the “Prospectus.” Defined terms used but not otherwise defined in this Agreement have the same meanings set forth in the Placement Agency Agreement. 

By entering into this Agreement, you will become one of the registered broker dealers assisting in the Offering referred to in
Section 1(ii) of the Placement Agency Agreement (a “Selected Dealer”). Further, by your acceptance of this Agreement you agree to act in such capacity and to use your best efforts, in accordance with the following terms and
conditions, to find purchasers for the Shares. You hereby confirm that you are a member in good standing of the Financial Industry Regulatory Authority (“FINRA”). 

1. Agreement to Act as a Selected Dealer. Selected Dealer hereby agrees to solicit, as an independent contractor and not as the
agent of the Placement Agent or of the Company (or any of their respective affiliates), persons acceptable to the Company to purchase the Shares pursuant to the subscription agreement in the form attached as an exhibit to the Registration Statement
(the “Subscription Agreement”) and in accordance with the terms of the Prospectus and the Subscription Agreement. Selected Dealer hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated
in the Prospectus. Nothing in this Agreement shall be deemed or construed to make Selected Dealer an employee, agent, representative or partner of the Placement Agent or the Company, and Selected Dealer is not authorized to act for the Placement
Agent or the Company or to make any representations on their behalf except as expressly set forth in the Prospectus and such other authorized sales materials furnished to Selected Dealer by the Placement Agent, provided that the use of such
authorized sales materials has been approved for use in advance by the Company and all appropriate regulatory agencies. 

  
 1 

 2. Submission of Orders 

(a) Each person desiring to purchase Shares in the Offering will be required to (i) execute and deliver to the Escrow Agent (as defined
below) a fully completed Subscription Agreement; and (ii) transmit the full amount of the purchase price of the Shares subscribed for, in accordance with the instructions set forth in the Subscription Agreement, to the escrow account (the
“Escrow Account”), established pursuant to an escrow agreement (the “Escrow Agreement”) by and among Signature Bank, S.A., the escrow agent for the Offering (the “Escrow Agent”), the Company and the
Placement Agent. 
 (b) In the event that any Subscription Agreements and/or funds with respect to any Subscription Agreement are delivered
to the Selected Dealer, the Selected Dealer shall, promptly forward, by no later than noon of the next Business Day after receipt, such Subscription Agreement(s) and/or subscription funds/checks to the Escrow Agent. No Subscription Agreement shall
be effective unless and until accepted by the Company. 
 3. Payment.  

(a) Following each closing of the Offering (each a “Closing”, and collectively, the “Closings”), the
Placement Agent shall pay to Selected Dealer out of the Placement Fee received from the Company a fee (the “Selling Fee”) equal to 70% of the Placement Fee permitted by FINRA, resulting from any Shares sold to Investors by Selected
Dealer. 
 (b) Selected Dealer acknowledges and agrees that no Closing shall occur and/or commissions, payments or amounts whatsoever paid
to the Selected Dealer unless or until the Company has satisfied the Minimum Offering requirements and the gross proceeds of the Shares sold are disbursed to the Company pursuant to the Escrow Agreement. If the Minimum Offering requirement is not
satisfied, investments will be returned to the Investors in accordance with the Prospectus. 
 (c) The parties hereto agree that the
foregoing Selling Fee and Placement Fee are not in excess of the usual and customary fees for transactions similar to the Offering, that Selected Dealer’s interest in the Offering is limited to such Selling Fee and to Selected Dealer’s
indemnity by the Company referred to in Section 8 of the Placement Agency Agreement and that the Company is not liable or responsible for the direct payment of any Selling Fees. 

(d) All expenses incurred by Selected Dealer in the performance of Selected Dealer’s obligations hereunder, including, but not limited
to, expenses related to the Offering and any attorneys’ fees, shall be at Selected Dealer’s sole cost and expense, and the foregoing shall apply notwithstanding the fact that the Offering is not consummated for any reason. 

(e) Selected Dealer acknowledges that if the Company pays the full Placement Fee to the Placement Agent, the Company is relieved of any
obligation for paying any Selling Fee to the Selected Dealer. 
 4. Representations and Warranties. Selected Dealer represents
and warrants to Placement Agent as follows: 
 (a) Selected Dealer (i) is registered as a broker-dealer under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”); (ii) is a member in good standing of FINRA; (iii) maintains net capital as required pursuant to Rule 15c3-1 promulgated under the Exchange Act; (iv) is qualified
to act as a broker-dealer in the states or other jurisdictions in which Selected Dealer offers the Shares; (d) will maintain such registrations, qualifications, and memberships throughout the term of this

  
 2 

 
Agreement; and (e) is authorized in its membership agreement with FINRA to act as a Selected Dealer in best-efforts mini/maxi public offerings such as the Offering. 

(b) Neither Selected Dealer, nor any of its officers, directors, affiliates or registered representatives (collectively “Related
Persons”), has any association or affiliation with any officer or director of the Company, any beneficial owner of five percent (5%) or more of any class of the Company’s securities, or any beneficial owner of the Company’s
unregistered securities that were acquired during the 180 day period immediately preceding the required filing date of this offering, as described in FINRA Corporate Finance Rule 5110(b)(6)(iii). 

(c) Neither Selected Dealer nor any Related Person has made a loan or extended credit to the Company. Neither Selected Dealer nor any Related
Persons will or have acquired any of the Company’s securities during the 180-day period preceding the required filing date of the Offering through the 90-day period following the final Closing of the Offering (“Review Period”).
No portion of the offering proceeds has or will be directed to Selected Dealer or a Related Person. 
 (d) Neither Selected Dealer nor any
Related Person participating in the Offering, or any Related Person who has been or will be paid, directly or indirectly, remuneration for solicitation of purchasers in the Offering, is subject to any of the “bad actor” disqualifications
described in Rule 506(d)(1)(i) to (viii) of the Securities Act or disclosures described in Rule 506(e) under the Securities Act. Selected Dealer covenants and agrees to notify Placement Agent immediately in writing if it and/or any of the
foregoing persons become subject to the foregoing “bad actor” disqualification or disclosure provisions. 
 (e) Selected Dealer
further represents, by its participation in the Offering, that it has provided to the Placement Agent all documents and other information required to be filed with respect to the Selected Dealer, any related person or any person associated with you
or any such related person pursuant to the supplementary requirements of FINRA’s interpretation with respect to FINRA’S Corporate Finance Rule relating to the Offering. 

(f) Selected Dealer has not provided and it is not reasonably contemplated that the Selected Dealer will provide any financing, investment
and/or advisory services (or any similar type services) to the Company during the Review Period. In the event that the Selected Dealer and the Company enter into any agreement to provide such services or any other agreement during the Review Period,
the Selected Dealer will notify the Placement Agent in writing immediately. 
 (g) Except as disclosed in Schedule 4(g), the Selected
Dealer and the Placement Agent have not entered into any agreements during the Review Period including, but not limited to, any engagement agreement, letter of intent advisory services agreement. 

5. Covenants. 
 (a) In
connection with the offering and sale of the Shares, Selected Dealer covenants and agrees to comply with all applicable requirements of the Securities Act, the Exchange Act and the rules and regulations promulgated thereunder. Selected Dealer
confirms that it is familiar with (i) Rule 15c2-8 under the Exchange Act relating to the distribution of preliminary and final prospectuses for securities of an issuer (whether or not the issuer is subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, (ii) Rule 15c2-4 under the Exchange Act, (iii) Rule 15c6-1 under the Exchange Act, and (iv) FINRA Rule 5130 relating to restrictions on the purchase and sale of initial equity public
offerings, and confirms that it has complied with and will comply with said rules and interpretations. Selected Dealer confirms also that it is familiar with Release No. 4968 of the Securities 

  
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and Exchange Commission (the “SEC”), under the Securities Act and that Selected Dealer has complied and will comply with the requirements therein relating to the
distribution of copies of the preliminary prospectus relating to the Shares. 
 (b) Prior to participating in the Offering, Selected Dealer
will have conducted an inquiry such that Selected Dealer has reasonable grounds to believe, based on information made available to Selected Dealer by the Placement Agent and/or the Company through the Prospectus, that all material facts are
adequately and accurately disclosed in the Prospectus and provide a basis for evaluating an investment in the Company and the Shares. Selected Dealer agrees not to rely upon the efforts of the Placement Agent, which is affiliated with the Company,
in determining whether the Company has adequately and accurately disclosed all material facts upon which to provide a basis for evaluating the Company to the extent required by federal or state laws or FINRA. Selected Dealer further agrees to
conduct its own investigation to make that determination independent of the efforts of the Placement Agent. 
 (c) Selected Dealer agrees to
retain in its records and make available to the Placement Agent and to the Company for a period of at least six (6) years following the termination of the Offering, or such period of time as may be required by the Commission, any state
securities commission, FINRA or the Company, whichever is later, information establishing that each investor who purchases the Shares solicited by Selected Dealer is within the permitted class of investors under the requirements of the jurisdiction
in which such purchaser is a resident and the suitability standards set forth in the Prospectus and the Subscription Agreement. 
 (d)
Selected Dealer agrees that, prior to accepting a subscription for the Shares, it will inform the prospective investor of all pertinent facts relating to the illiquidity and lack of marketability of the Shares, as appropriate, during the term of the
investment but shall not, in any event, make any representation on behalf of the Company except as set forth in the Prospectus and any Authorized Sales Materials. 

(e) The Selected Dealer agrees to comply with the record keeping requirements of the Exchange Act, including but not limited to, Rules 17a-3
and 17a-4 promulgated under the Exchange Act. 
 (f) Upon request, Selected Dealer will be informed as to the states and other jurisdictions
in which, and limitations, if any, pursuant to which, Placement Agent has been advised that the Shares are qualified for sale under the respective securities or blue sky laws of such states and other jurisdictions, but Placement Agent do not assume
any obligation or responsibility as to the right of any Selected Dealer to sell the Shares in any state or other jurisdiction or as to the eligibility of the Shares for sale therein or to any particular prospective purchaser herein. Selected Dealer
agrees that it will not offer or sell the Shares in any state or jurisdiction or to any purchaser in which or to whom the Shares are not eligible to be sold. Selected Dealer agrees that it will not offer or sell the Shares in any state or
jurisdiction except the states in which Selected Dealer are licensed as a broker-dealer under the laws of such state. Selected Dealer agrees that Selected Dealer will notify Placement Agent promptly of any states in which Selected Dealer would
desire to sell the Shares. 
 6. Right to Reject Orders or Cancel Sales. All orders, whether initial or additional, are subject to
acceptance by and shall only become effective upon confirmation by the Company, which reserves the right to reject any order. Orders not accompanied by a Subscription Agreement and the required payment for the Shares may be rejected. Issuance and
delivery of the Shares will be made only after actual receipt of payment therefore. If any check is not paid upon presentment, or if the Company is not in actual receipt of clearinghouse funds or cash, certified or cashier’s check or the
equivalent in 

  
 4 

 
payment for the Shares within 15 days of sale, the Company reserves the right to cancel the sale without notice. In the event an order is rejected, canceled or rescinded for any reason, Selected
Dealer agrees to return to the Placement Agent any selling commissions theretofore paid with respect to such order. 
 7.
Prospectus. Selected Dealer is not authorized or permitted to give or provide, and will not give or provide any information or make any representation concerning the Shares except as set forth in the Prospectus. The Placement Agent will
supply Selected Dealer with reasonable quantities of the Prospectus for delivery to investors, and Selected Dealer will deliver a copy of the Prospectus to Investors as required by the Securities Act, the Exchange Act, and the rules and regulations
promulgated thereunder. Selected Dealer agrees that it will not (i) show or give to any investor or prospective investor or reproduce any material or writing that is supplied to it by the Placement Agent and marked “broker-dealer use
only” or otherwise bearing a legend denoting that it is not to be used in connection with the offer or sale of Shares to members of the public or (ii) show or give to any investor or prospective investor in a particular jurisdiction any
material or writing if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction. Selected Dealer agrees that it will not use in connection with the offer or
sale of Shares any material or writing that relates to another company supplied to it by the Company or the Placement Agent bearing a legend that states that such material may not be used in connection with the offer or sale of any securities of the
Company. Selected Dealer further agrees that it will not use in connection with the offer or sale of Shares any materials or writings that have not been previously approved by the Placement Agent other than the Prospectus. Selected Dealer agrees, if
the Placement Agent so requests, to furnish a copy of any revised preliminary Prospectus to each person to whom it has furnished a copy of any previous preliminary Prospectus, and further agrees that it will itself mail or otherwise deliver all
preliminary and final Prospectuses required for compliance with the provisions of Rule 15c2-8 under the Exchange Act. Regardless of the termination of this Agreement, Selected Dealer will deliver a Prospectus in transactions with respect to the
Shares for a period of 90 days from the effective date of the Registration Statement or such longer period as may be required by the Exchange Act or the rules and regulations promulgated thereunder. 

8. License and Association Membership. Selected Dealer’s acceptance of this Agreement constitutes a representation to the
Company and the Placement Agent that Selected Dealer is duly registered as a broker-dealer pursuant to the provisions of the Exchange Act, duly licensed or registered by the regulatory authorities in the jurisdictions in which Selected Dealer offers
and sells Shares pursuant to the Offering and/or otherwise is not permitted to act as a Selected Dealer in the Offering that Selected Dealer is a member in good standing of FINRA and Selected Dealer’s Membership Agreement with FINRA authorizes
it to act as a selected dealer in best-efforts mini/maxi public offering similar to the Offering. This Agreement shall automatically terminate if Selected Dealer ceases to be a member in good standing of FINRA. Selected Dealer agrees to notify the
Placement Agent immediately if Selected Dealer ceases to be a member in good standing of FINRA and/or otherwise is not permitted to act as a Selected Dealer in the Offering. 

9. Anti-Money Laundering Compliance Programs. Selected Dealer’s acceptance of this Agreement constitutes a representation
to the Company and the Placement Agent that Selected Dealer has established and implemented an anti-money laundering compliance program (“AML Program”) in accordance with applicable law, including applicable FINRA Rules, Exchange
Act Regulations and the USA PATRIOT Act, specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the “Money Laundering Abatement Act,”
and together with the USA PATRIOT Act, the “AML Rules”) reasonably expected to detect and cause the reporting of suspicious transactions in connection with the offering and sale of the Shares. Selected Dealer’s acceptance of
this Agreement also constitutes a representation to the Company and the Placement Agent that it is currently in compliance with all AML Rules, specifically including, but not 

  
 5 

 
limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act. Selected Dealer hereby covenants to remain in compliance with such
requirements and shall, upon request by the Company or Placement Agent, provide a certification to the Company that, as of the date of such certification (a) its AML program is consistent with the AML Rules and (b) it is currently in
compliance with all AML Rules, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the Money Laundering Abatement Act. Further, Selected Dealer agrees, upon receipt of an
“information request” issued under Section 314 (a) of the USA Patriot Act to provide the Financial Crimes Enforcement Network with information regarding: (i) the identity of a specified individual or organization;
(ii) account number; (iii) all identifying information provided by the account holder; and (iv) the date and type of transaction. The Placement Agent from time to time will monitor account activity to identify patterns of unusual size
or volume, geographic factors, and any other potential signals of suspicious activity, including possible money laundering or terrorist financing. The Company and the Placement Agent reserve the right to reject account applications from new
customers who fail to provide necessary account information or who intentionally provide misleading information. 
 10. Offering
Limitations 
 (a) Selected Dealer will offer Shares only to persons who satisfy the investor suitability standards and minimum
investment requirements set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Company or the Placement Agent and will only make offers to persons in the jurisdictions in which it is advised in writing by the
Company or the Placement Agent that the Shares are qualified for sale or that such qualification or registration is not required in such jurisdiction and that the Shares may be offered and sold in such jurisdiction. Notwithstanding the qualification
of the Shares for sale in any respective jurisdiction (or the exemption therefrom), Selected Dealer represents, warrants and covenants that it will not offer Shares and will not permit any of its registered representatives to offer Shares in any
jurisdiction unless both Selected Dealer and such registered representative are duly licensed to transact securities business in such jurisdiction. In offering Shares, Selected Dealer will comply with the provisions of the rules and requirements of
FINRA, as well as all other applicable rules and regulations relating to suitability of investors. 
 (b) Selected Dealer agrees that, in
recommending the purchase, sale or exchange of Shares to an investor, Selected Dealer, or a person associated with Selected Dealer that makes a recommendation, shall have reasonable grounds to believe, on the basis of information obtained from the
investor (and thereafter maintained in the manner and for the period required by the Commission, any state securities commission, FINRA or the Company) concerning the investor’s age, investment objectives, other investments, financial situation
and needs. 
 11. Customer Complaints. Selected Dealer hereby agrees to promptly provide to the Placement Agent copies of any
written or otherwise documented complaints from Selected Dealer’s customers received by such party relating in any way to the Offering (including, but not limited to, the manner in which the Shares are offered by the Placement Agent or the
Selected Dealer), the Shares or the Company. 
 12. Termination. Selected Dealer will immediately suspend or terminate
its offer and sale of Shares upon the request of the Company or the Placement Agent at any time and will resume its offer and sale of Shares hereunder upon a subsequent request of the Company or the Placement Agent. Any party may terminate this
Agreement by written notice delivered pursuant to Section 13 below. Such termination shall be effective 48 hours after the mailing of such notice. This Agreement and the exhibits hereto are the entire agreement of the parties and
supersede all prior agreements, if any, relating to the subject matter hereof between the parties hereto. 

  
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 13. Notices. Notice given pursuant to any of the provisions of this Agreement shall
be in writing and, unless otherwise specified, shall be mailed or delivered or emailed (i) if to the Placement Agent, at the office of the Placement Agent at 5200 Town Center Circle, Tower 1, Suite 306, Boca Raton, Florida 33486, Attention:
Bruce Jordan, Managing Director – Investment Banking, Email: bjordan@newbridgesecurties.com with a copy (which shall not constitute notice) to: Gusrae Kaplan Nusbuam PLLC, 120 Wall Street, 25th Floor, New York, NY 10005, Attention: Lawrence G.
Nusbaum, Esq., Email: LNusbaum@gusraekaplan.com; Fax: (212) 809-5449; or (ii) if to the Selected Dealer, at the office of the Selected Dealer at
[                    ], Attention:
[                    ], Email:
[                    ]. Any such notice shall be effective only upon receipt. Any notice made by facsimile or e-mail shall be subsequently
confirmed in writing. 
 14. Successors. This Agreement shall inure to the benefit of and shall be binding upon the
Placement Agent, the Selected Dealer, and their respective successors and legal assigns, and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim
under or in respect of this Agreement, or any provisions herein contained, this Agreement and all conditions and provisions hereof being intended to be and being for the sole and exclusive benefit of such persons and for the benefit of no other
person. 
 15. Applicable Law; Arbitration. 

(a) This Agreement and the terms and conditions set forth herein, shall be governed by and construed solely and exclusively in accordance with
the internal laws of the State of New York without regard to the conflicts of laws principles thereof. 
 (b) Any dispute between the
parties concerning this Agreement not resolved between the parties will be arbitrated in accordance with the rules and regulations of FINRA and that any such arbitration shall be conducted in the City, County and State of New York. The parties
hereto expressly and irrevocably waive any claim that any such jurisdiction is not a convenient forum for any such arbitration. In the event of any such arbitration, the party prevailing therein shall be entitled to payment from the other parties
hereto of all of its reasonable counsel fees and disbursements. 
 16. Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

17. Entire Agreement. This Agreement constitutes the entire understanding between the parties hereto as to the matters covered
hereby and supersedes all prior understandings, written or oral, relating to such subject matter. 
 18. Severability.
In the event that any court of competent jurisdiction declares any provision of this Agreement invalid, such invalidity shall have no effect on the other provisions hereof; which shall remain valid and binding and in full force and effect, and to
that end the provisions of this Agreement shall be considered severable. 
 19. Assignment. This Agreement may not be
assigned by either party, except with the prior written consent of the other party. This Agreement shall be binding upon the parties hereto, their heirs, legal representatives, successors and permitted assigns. 

20. Authorization. Each party represents to the other that all requisite corporate proceedings have been undertaken to authorize
it to enter into and perform under this Agreement as contemplated herein, and that the individual who has signed this Agreement below on its behalf is a duly authorized officer. 

  
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 21. Amendments. This Agreement shall only be amended upon written agreement
executed by each of the parties hereto; provided, however, that no amendment to this Agreement will be effective to amend any provision of the Placement Agency Agreement. 

If the foregoing is in accordance with your understanding, please sign and return to the Placement Agent one of the counterparts hereof, and
upon the acceptance hereof by you, this Agreement and such acceptance hereof shall constitute a binding agreement between the Placement Agent and the Selected Dealer. 

 

			
	 Very truly yours,
  

NEWBRIDGE SECURITIES CORPORATION

		
	By:	 	 
		 	 Name: Bruce Jordan
 Title: Managing Director
– Investment Banking

  

	
	Accepted as of the date hereof:
	
	   

	(Print Name of Selected Dealer)

  

			
	By:	 	 
		 	 Name:
 Title:

  
 8

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