Document:

Exhibit
4.2

 

ICAP
VAULT 1, LLC

 

Variable
Denomination Floating Rate Demand Note

 

Fully
and Unconditionally Guaranteed by

VAULT
HOLDING 1, LLC

 

(Face
of Note)

 

No.

 

iCap
Vault 1, LLC, a Delaware limited liability company, promises to pay ___________________ and _____________________, or registered
assigns, the Principal Amount of the Securities Outstanding from time to time, on demand, unless the right to demand repayment
has been waived in order to receive an Interest Rate Premium, plus any accrued and unpaid interest thereon, which payment
is fully and unconditionally guaranteed by Vault Holding 1, LLC, a Delaware limited liability company.

 

Dated:

 

	 	iCap
    Vault 1, LLC
	 	 	 
	 	By:
    	iCap
    Vault Management, LLC
	 	Its:
    	Manager

 

	 	By:	 
	 	Name:	Chris
    Christensen
	 	Title:	CEO

 

	 	Vault
    Holding 1, LLC, as guarantor
	 	 	 
	 	By:
    	iCap
    Vault Management, LLC
	 	Its:
    	Manager

 

	 	By:	 
	 	Name:	Chris
    Christensen
	 	Title:	CEO

 

Authenticated:

 

	American
    Stock Transfer & Trust Company, LLC, as Trustee	 
	 	 
	By:	 	 

	Authorized
    Officer	 

 

    	 	 	 

     

    

 

(SEAL)

 

(Back
of Note)

 

ICAP
VAULT 1, LLC

 

Variable
Denomination Floating Rate Demand Note

 

Fully
and Unconditionally Guaranteed by

VAULT
HOLDING 1, LLC

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.
Interest. iCap Vault 1, LLC (the “Company”), a Delaware limited liability company, promises to pay interest
on the Principal Amount of this Security at a floating rate of interest (the “Floating Rate”) at a rate per annum
equal to the Average Savings Account Rate as posted by the FDIC plus 2.00%, reset quarterly on January 1, April 1, July 1, and
October 1 of each year based on the Average Savings Account Rate posted by the FDIC on December 15, March 15, June 15, and September
15, respectively, of the prior month. In addition to the Floating Rate, we may pay Interest Rate Premiums on the Principal Amount
of this Security pursuant to our Interest Rate Premium Rewards Program. The Floating Rate and Interest Rate Premiums payable on
this Security will accrue based on a 365-day year. If an investor elects to opt-into automatic interest reinvestment into Securities,
the Floating Rate and Interest Rate Premiums will be credited to the investor’s Securities on a daily basis and will be
reinvested (daily compounding). Otherwise, the Floating Rate and Interest Rate Premiums will be non-compounding and credited to
a separate non-interest bearing investor account with the Company on the last business day of each calendar month with no interest
reinvestment into Securities.

 

2.
Method of Payment. The Company will pay accrued and unpaid interest on the Securities only on redemption of the Principal
Amount of the Security in whole or in part. Payment on all sums due on the Securities shall be deemed satisfied by payments remitted
or offset by the Company to the beneficial owners of the Securities.

 

3.
Paying Agent. Initially, there will be no Paying Agent since the Company will be performing the functions of a Paying Agent.
The Company may change the Paying Agent without notice.

 

4.
Indenture. The Company issued the Securities under an Indenture, dated as of September 18, 2020, among the Company, as
Issuer, Vault Holding 1, LLC, as Subsidiary Guarantor, and American Stock Transfer & Trust Company, LLC, as Trustee (the “Indenture”).
The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S. Code 77aaa-77bbbb) as in effect on the date of the Indenture. The Securities are subject to all
such terms, and Security holders are referred to the Indenture and the Act for a statement of such terms. The Securities are secured
general obligations of the Company and are not limited in aggregate Principal Amount.

 

5.
Collateral. The Securities will be secured by a pledge of the membership interests of Vault Holding 1, LLC, a direct and
wholly-owned subsidiary of the Company, to a Collateral Agent for the benefit of Security holders. The security interest in the
collateral will be subordinated to the future security interest, if any, in favor of lenders of credit facilities.

 

6.
Guarantee. The payment of principal and interest on the Securities are fully and unconditionally guaranteed by Vault Holding
1, LLC. The Indenture does not restrict the ability of the Company’s subsidiaries to incur indebtedness.

 

7.
Redemption at Option of Company. The Company may redeem all or part of any Security at any time or some of the Securities,
in whole or in part, from time to time at their Principal Amounts, plus accrued interest to the redemption date.

 

8.
Redemption at Option of Security Holder. The Company will redeem Securities at the option of the Security holder in any
amount, at any time and from time to time on demand, unless the Security holder agrees to waive the right to demand repayment
in order to receive an Interest Rate Premium, at a redemption price equal to the Principal Amount, plus accrued interest to
the redemption date.

 

9.
Notice of Redemption. The Company may redeem Securities at its option in any amount, at any time and from time to time
at a redemption price equal to the Principal Amount, or any part thereof, plus accrued interest to the redemption date. On and
after the redemption date interest ceases to accrue on Securities or portions of them called for redemption.

 

10.
Denominations. The Securities are in registered form without coupons and may be issued in initial denominations of $25
and any amounts after that.

 

    	 	 	 

     

    

 

11.
Persons Deemed Owners. The registered holder of a Security may be treated as its owner for all purposes.

 

12.
Amendments and Waivers. Subject to certain exceptions, the Indenture or the Securities may be amended with the consent
of the holders of at least a majority in Principal Amount of the Securities, and any existing default may be waived with the consent
of the holders of a majority in principal amount of the Securities. Without the consent of any Security holder, the Company may
make changes to the Program (including, but not limited to, interest rate adjustments) and the pledge and security agreements
and other documents of the Offering, except that the Indenture or the Securities may only be amended to cure any ambiguity, defect
or inconsistency, to provide for assumption of Company obligations to Security holders or to make any change that does not adversely
affect the rights of any Security holder in any material respect.

 

13.
Defaults and Remedies. An Event of Default is: default for 30 days in payment of interest on the Securities or in payment
of Principal Amount on them; failure by the Company for 90 days after notice to it to comply with any of its other agreements
in the Indenture or the Securities; and certain events of bankruptcy or insolvency. If an Event of Default occurs and is continuing,
the Trustee or the holders of at least 50% in principal amount of the Securities may declare all the Securities to be due and
payable immediately. Security holders may not enforce the Indenture or the Securities except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations,
holders of a majority in Principal Amount of the Securities may direct the Trustee in its exercise of any trust or power. The
Trustee may withhold from Security holders notice of any continuing default (except a default in payment of Principal Amount or
interest) if it determines that withholding notice is in their interests. The Company must furnish an annual compliance certificate
to the Trustee.

 

14.
Trustee Dealings with Company. The Trustee, in its individual or any other capacity, and its affiliates, may make loans
to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not Trustee, subject to the terms of the Indenture and the Act.

 

15.
No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability
for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of or by reason
of such obligations or their creation. Each Security holder by accepting a Security waives and releases all such liability. The
waiver and release are part of the consideration for the issue of the Securities.

 

16.
Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee.Exhibit
4.3

 

Form
of Subscription Agreement

 

SUBSCRIPTION
AGREEMENT

 

SUBSCRIPTION
AGREEMENT (the “Agreement”), dated as of ____________, 20__, by and among iCap Vault 1, LLC, a limited
liability company, with principal executive offices located at 3535 Factoria Blvd. SE, Suite 500, Bellevue, Washington 98006 (the
“Company”), Vault Holding 1, LLC, a limited liability company, with principal executive offices located at
3535 Factoria Blvd. SE, Suite 500, Bellevue, Washington 98006 (the “Guarantor”), and the buyer identified on
the signature page hereto (“Buyer”).

 

WHEREAS:

 

A.
The Company, the Guarantor and the Buyer desire to enter into this transaction to purchase a Note (as defined below) in the iCap
Vault Demand Note Program (the “Program”) pursuant to the Registration Statement (as defined below) which has
been declared effective in accordance with the Securities Act of 1933, as amended (the “Securities Act”), by
the United States Securities and Exchange Commission (the “SEC”).

 

B.
The Company and the Guarantor have authorized the issuance of Variable Denomination Floating Rate Demand Notes of the Company,
the payment of which is fully and unconditionally guaranteed by the Guarantor, in the form attached hereto as Exhibit A,
issued under an indenture (“Indenture”), dated as of September 18, 2020, among the Company, as issuer of the Notes,
the Guarantor, as guarantor of the Notes, and American Stock Transfer & Trust Company, LLC, as the indenture trustee, in the
form attached hereto as Exhibit B.

 

C.
The Buyer wishes to purchase, and the Company and Guarantor wish to sell, the principal amount of the Variable Denomination Floating
Rate Demand Notes of the Company, the payment of which is fully and unconditionally guaranteed by the Guarantor, set forth below
such Buyer’s name on the Buyer’s signature page (collectively, the “Notes”).

 

NOW,
THEREFORE, the Company, the Guarantor and the Buyer hereby agree as follows:

 

1.
PURCHASE AND SALE OF NOTES.

 

(a)
Subscription for Note. The Buyer hereby subscribes for and agrees to purchase, subject to the terms and conditions of this
Agreement, the Note in the principal amount set forth upon the signature page hereof. This subscription and agreement represent
an irrevocable offer by the Buyer to subscribe for said Note, except as expressly provided herein. This Agreement, subject to
the terms hereof, shall become a contract for the sale of said Note upon the acceptance hereof by the Company and the Guarantor.

 

(b)
Purchase Price. The purchase price for the Note to be purchased by Buyer (the “Purchase Price”) shall
be the amount set forth below the Buyer’s name on the Buyer’s signature page.

 

(c)
Right to Accept or Reject. The Company and the Guarantor reserve the unrestricted right to accept or reject this or any
other subscription, in whole or in part, to borrow less than the principal amount of the Note subscribed for herein, and to withdraw
its offer at any time.

 

(d)
Form of Payment. The Buyer shall pay its Purchase Price to the Company, in the manner set forth in Exhibit C attached
hereto.

 

(e)
Manner of Settlement. The Note will be issued in book entry form, which means that no physical note will be created. Evidence
of the Buyer’s ownership of the Note is provided by written confirmation. The Buyer will not receive or be entitled to receive
any physical delivery of a certificated security or negotiable instrument that evidences the Note. The issuance and transfer of
the Note will be accomplished exclusively through the crediting and debiting of the appropriate accounts in the Company’s
or its designee’s book-entry registration and transfer system

 

    	 	1	 

     

    

 

(f)
Effectiveness of Obligations. Notwithstanding anything herein to the contrary, no offer by the Buyer to purchase the Notes
will be accepted and no part of the Purchase Price will be delivered to the Company until such Buyer has been provided the Disclosure
Package (as defined below) and the Company and Guarantor have accepted such offer by countersigning a copy of this Agreement;
any such offer may be withdrawn or revoked without obligation or commitment of any kind, at any time prior to the Company and
the Guarantor (or any of their agents on behalf of the Company and the Guarantor) sending (orally, in writing or by electronic
mail or other electronic means) notice of its acceptance of such offer. An offer to buy or indication of interest will involve
no obligation or commitment of any kind until such Buyer has been provided the Disclosure Package and this Agreement is accepted
and countersigned by or on behalf of the Company and the Guarantor.

 

(g)
Investor Advised to Seek Representation. Nothing in this Agreement or any other materials made available to the Buyer in
connection with the purchase and sale of the Notes constitutes legal, tax or investment advice. The Buyer should consult its own
legal, tax and investment advisors as it, in its sole discretion, has deemed necessary or appropriate in connection with its purchase
of Notes.

 

2.
BUYER’S REPRESENTATIONS AND WARRANTIES. The Buyer represents and warrants to the Company and the Guarantor with respect
to only itself that:

 

(a)
Organization; Authority. If the Buyer is not a natural person, the Buyer is an entity duly organized, validly existing
and in good standing under the laws of the jurisdiction of its organization with the requisite power and authority to enter into
and to consummate the transactions contemplated by the applicable Transaction Documents (as defined below) to which it is a party
and otherwise to carry out its obligations hereunder and thereunder. The execution, delivery and performance by such Buyer of
the transactions contemplated by this Agreement has been duly authorized by all necessary action on the part of such Buyer. This
Agreement has been duly executed and delivered by such Buyer, and constitutes the valid and legally binding obligation of such
Buyer, enforceable against it in accordance with its terms, except as such enforceability may be limited by general principles
of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting
generally, the enforcement of applicable creditors’ rights and remedies.

 

    	 	2	 

     

    

  

(b)
No Conflicts. The execution, delivery and performance by such Buyer of this Agreement and the consummation by such Buyer
of the transactions contemplated hereby will not (i) result in a violation of the organizational documents of the Buyer if it
is not a natural person or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both
would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which such Buyer is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities laws) applicable to such Buyer, except in the case of clauses (ii) and (iii)
above, for such conflicts, defaults, rights or violations which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of such Buyer to perform its obligations hereunder. Since the date on which such
Buyer was first informed about the offering of the Notes, such Buyer has not disclosed any information regarding the offering
to any third parties (other than its legal, accounting and other advisors) and has not engaged in any purchases or sales involving
the securities of the Company (including, without limitation, any short sales involving the Company’s securities). Such
Buyer covenants that it will not engage in any purchases or sales involving the securities of the Company (including short sales)
prior to the time that the transactions contemplated by this Agreement are publicly disclosed by the Company. Such Buyer agrees
that it will not use any of the Notes acquired pursuant to this Agreement to cover any short position if doing so would be in
violation of applicable securities laws.

 

(c)
No Distribution. Such Buyer is not an underwriter, as defined in Section 2(a)(11) of the Securities Act, with respect to
the Notes.

 

(d)
Disclosure Package. Such Buyer acknowledges that the prospectus contained in the Registration Statement, the Company’s
and the Guarantor’s other filings with the SEC incorporated by reference therein and the representations and warranties
of the Company and Guarantor contained herein (collectively, the “Disclosure Package”) had been made available
to such Buyer before this Agreement (or any contractual obligation of such Buyer to purchase the Notes) was deemed to be effective.

 

(e)
Residency. Such Buyer is a resident of the jurisdiction specified under its address on the Buyer’s signature page.

 

(f)
Suitability Standards for Certain States. If such Buyer is a resident of one of the following states, Buyer represents
and warrants that Buyer satisfies the suitability standards set forth under the applicable state below:

 

Alaska

 

The
Notes will be sold in Alaska to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act of
1933, as amended). The investor should purchase
the Notes for investment purposes only and not with a view to distribution. Alaska investors
are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

Arizona

 

Buyers
that are residents of Arizona must have either (i) a minimum of $150,000 (or $200,000 when combined with spouse) in gross income
during the prior year and a reasonable expectation that the investor will have such income in the current year; or (ii) minimum
net worth (exclusive of home, furnishings and automobiles) of $350,000 (or $400,000 when combined with spouse) with the Purchase
Price for the Notes not exceeding 10% of the net worth of the Buyer (together with a spouse, if applicable).

 

California

 

Buyers
that are residents of California must have either (i) an estimated gross income of at least $65,000 during the current tax year
and a net worth of at least $250,000 (exclusive of home, furnishings and automobiles); or (ii) a net worth of at least $500,000
(exclusive of home, furnishings and automobiles). In addition, and in either case, the Purchase Price for the Notes must not exceed
10% of the Buyer’s net worth (exclusive of home, furnishings and automobiles).

 

Idaho

 

Buyers
that are residents of Idaho must have either (i) a liquid net worth of $85,000 and annual gross income of $85,000 or (ii) a liquid
net worth of $300,000. Additionally, such Buyer’s Purchase Price shall not exceed 10% of his or her liquid net worth. “Liquid
net worth” is defined as that portion of net worth consisting of cash, cash equivalents and readily marketable securities.

 

Kentucky

 

Buyers
that are residents of Kentucky must have either (i) annual gross income of at least $70,000 and a liquid net worth of at least
$70,000 or (ii) a liquid net worth of $250,000. Liquid net worth is defined as that portion of net worth consisting of cash, cash
equivalents and readily marketable securities. Additionally, a Kentucky investor’s total investment in us shall not exceed
10% of his or her liquid net worth.

 

Nebraska

 

Buyers
that are residents of Nebraska must have either (i) gross income of at least $150,000 (or $200,000 when combined with spouse)
in the prior year and a reasonable expectation that the investor will have such income in the current year; or (ii) a net worth
(exclusive of home, furnishings and automobiles) of $350,000 (or $400,000 when combined with spouse). Additionally, Nebraska investors
must limit their aggregate investment in this offering and in the securities of other non-publicly traded programs to 10% of such
investor’s net worth (exclusive of home, furnishings and automobiles). Investors who are accredited investors as defined
in Regulation D under the Securities Act of 1933, as amended, are not subject to the foregoing investment concentration limit.

 

New
Jersey

 

The
Notes will be sold in New Jersey to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act
of 1933, as amended). The investor should purchase
the Notes for investment purposes only and not with a view to distribution. New Jersey
investors are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

New
Mexico

 

Buyers
that are residents of New Mexico must have either (i) a minimum net worth of at least $250,000 or (ii) an annual gross income
of at least $70,000 and a net worth of at least $70,000 (exclusive of home, furnishings and automobiles). In addition, such Buyer’s
Purchase Price for the Notes shall not exceed ten percent (10%) of his or her Liquid Net Worth. Liquid net worth is defined as
that portion of net worth which consists of cash, cash equivalents, and readily marketable securities.

 

    	 	3	 

     

    

 

North
Carolina

 

Buyers
that are residents of North Carolina must have either (i) a minimum annual gross income of $70,000 and a minimum net worth of
$70,000 (exclusive of home, home furnishings and automobiles) or (ii) a minimum net worth of $250,000 (exclusive of home, home
furnishings and automobiles).

 

North
Dakota

 

Buyers
that are residents of North Dakota must have either (i) a minimum annual gross income of $70,000 and a minimum net worth of $70,000
(exclusive of home, home furnishings and automobiles) or (ii) a minimum net worth of $250,000 (exclusive of home, home furnishings
and automobiles). Additionally, investors in North Dakota must represent that they have a net worth of at least ten times their
investment in us.

 

Oregon

 

The
Notes will be sold in Oregon to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act of
1933, as amended or Oregon Administrative Rule
441-035-0010). The investor should purchase the Notes for investment purposes only and not with a view to distribution. Oregon
investors are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

Pennsylvania

 

The
Notes will be sold in Pennsylvania to accredited investors only (as defined in Rule 501 of Regulation D under the Securities Act
of 1933, as amended). The investor should purchase
the Notes for investment purposes only and not with a view to distribution. Pennsylvania
investors are required to sign and complete the accredited investor certification attached as Exhibit D hereto.

 

Any
or all of the quantitative standards listed in the suitability standards above may be more restrictive pursuant to Regulation
Best Interest.

 

(h)
Reliance. The representations, warranties and agreements of the Buyer contained herein are true and correct as of the date
hereof and may be relied upon by the Company and the Guarantor, and the Buyer will notify the Company immediately of any adverse
change in any such representations and warranties which may occur prior to the acceptance of the subscription and will promptly
send the Company written confirmation thereof. The representations, warranties and agreements of the Buyer contained herein shall
survive the execution and delivery of this Agreement and the purchase of the Notes.

 

3.
REPRESENTATIONS AND WARRANTIES OF THE COMPANY AND THE GUARANTOR. Each of the Company and the Guarantor represents and warrants,
as applicable, to the Buyer that:

 

(a)
Organization. The Company and the Guarantor have been duly organized and are validly existing as a limited liability company
in good standing under the laws of the State of Delaware, with corporate power and authority to own or lease its properties and
carry on its business as presently conducted. The Company, the Guarantor and each of their subsidiaries are duly qualified to
transact business in all jurisdictions in which the conduct of their business requires such qualification, except where the failure
to be so qualified would not reasonably be expected to have a material adverse effect on the Company, the Guarantor and such subsidiaries
taken as a whole.

 

(b)
Authorization; Enforcement; Validity. The Company and the Guarantor have the requisite corporate power and authority to
enter into and perform its obligations under this Agreement, the Notes and each of the other agreements entered into by the parties
hereto in connection with the transactions contemplated by this Agreement (collectively, the “Transaction Documents”)
and to issue the Notes in accordance with the terms hereof and thereof. The execution and delivery of the Transaction Documents
by the Company and the Guarantor and the consummation by the Company and the Guarantor of the transactions contemplated hereby
and thereby, including, without limitation, the issuance of the Notes, have been duly authorized by the Company and the Guarantor.
This Agreement has been duly executed and delivered by the Company and the Guarantor, and constitutes the legal, valid and binding
obligation of the Company and the Guarantor, enforceable against the Company and the Guarantor in accordance with its terms, except
as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies.

 

(c)
No Conflicts. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby
will not (i) result in a violation of the organizational documents of the Company, the Guarantor or any of their subsidiaries
or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company, the Guarantor or any of their subsidiaries is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws) applicable to the Company, the Guarantor or
any of their subsidiaries, except in the case of clauses (ii) and (iii) above, for such conflicts, defaults, rights or violations
which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of
the Company and the Guarantor to perform their obligations hereunder.

 

4.
REGISTER. The Company and the Guarantor shall maintain at its principal executive offices (or such other office or agency
of the Company as it may designate by notice to each holder of Notes), a register for the Notes in which the Company shall record
the name and address of the person in whose name the Notes have been issued (including the name and address of each transferee)
and the principal amount of Notes held by such person.

 

5.
INDEMNIFICATION. The Buyer agrees to indemnify and hold the Company, the Guarantor and their agents, representatives and
employees harmless from and against all liability, damage, loss, cost and expense (including reasonable attorneys’ fees)
which they may incur by reason of the failure of the Buyer to fulfill any of the terms or conditions of this Agreement, or by
reason of any inaccuracy or omission in the information furnished by the Buyer herein or any breach of the representations and
warranties made by the Buyer herein or in any document provided by the Buyer to the Company and the Guarantor.

 

6.
AGREEMENT TO TRANSACTION DOCUMENTS. The Buyer hereby joins in and becomes a Holder under that certain Collateral Agent Agreement
dated as of September 18, 2020 between iCap Vault 1, LLC, a Delaware limited liability company and Marketplace Realty Advisors,
LLC, in the form attached hereto as Exhibit E.

 

7.
MISCELLANEOUS.

 

(a)
This Agreement has been duly and validly authorized, executed and delivered by the Buyer and constitutes the valid, binding and
enforceable agreement of the Buyer. If this Agreement is being completed on behalf of an entity it has been completed and executed
by an authorized party.

 

(b)
Within five (5) days after receipt of a written request from the Company, the Buyer agrees to provide such information, to execute
and deliver such documents and to take, or forbear from taking, such actions or provide such further assurances as reasonably
may be necessary to correct any errors in documentation or to comply with any and all laws to which the Company is subject.

 

(c)
The Company shall be notified immediately of any change in any of the information contained above occurring prior to the Buyer’s
purchase of the Notes or at any time thereafter for so long as the Buyer is a holder of the Notes.

 

(d)
Termination of Agreement; Return of Funds. In the event that, for any reason, this Agreement is rejected in its entirety
by the Company or the Guarantor, this Agreement shall be null and void and of no further force and effect, and no party shall
have any rights against any other party hereunder. In the event that the Company or the Guarantor rejects this Agreement, the
Company shall promptly return or cause to be returned to Subscriber any money tendered hereunder without interest or deduction.

 

    	 	4	 

     

    

 

(e)
Governing Law; Jurisdiction; Waiver of Jury Trial. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by the laws of the State of Delaware, without regard to principles of conflicts
of laws. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in King County,
Washington, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby
or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that
it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient
forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service
of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY. THIS WAIVER OF RIGHTS TO A JURY TRIAL AND EXCLUSIVE FORUM
PROVISION DO NOT APPLY TO CLAIMS MADE UNDER THE FEDERAL AND STATE SECURITIES LAWS. EACH PARTY HERETO (A) CERTIFIES THAT NO AGENT,
ATTORNEY, REPRESENTATIVE OR ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT SEEK TO
ENFORCE THE FOREGOING WAIVER IN THE EVENT OF LITIGATION, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

(f)
Counterparts. This Agreement may be executed in two or more identical counterparts, all of which shall be considered one
and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party; provided that a facsimile signature or other electronic signature (including portable document format) shall be considered
due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original,
not a facsimile or electronic signature.

 

(g)
Headings. The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Agreement.

 

(h)
Severability. If any provision of this Agreement is prohibited by law or otherwise determined to be invalid or unenforceable
by a court of competent jurisdiction, the provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of such
provision shall not affect the validity of the remaining provisions of this Agreement so long as this Agreement as so modified
continues to express, without material change, the original intentions of the parties as to the subject matter hereof and the
prohibited nature, invalidity or unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise be conferred
upon the parties. The parties will endeavor in good faith negotiations to replace the prohibited, invalid or unenforceable provision(s)
with a valid provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or unenforceable
provision(s).

 

(i)
Entire Agreement; Amendments. This Agreement and the other Transaction Documents supersede all other prior oral or written
agreements between the Buyer, the Company, the Guarantor, their affiliates and persons acting on their behalf with respect to
the matters discussed herein, and this Agreement, the other Transaction Documents and the instruments referenced herein and therein
contain the entire understanding of the parties with respect to the matters covered herein and therein and, except as specifically
set forth herein or therein, neither the Company, the Guarantor nor the Buyer makes any representation, warranty, covenant or
undertaking with respect to such matters. No provision of this Agreement may be amended, modified or waived other than by an instrument
in writing signed by the Company, the Guarantor and the Buyer, and any amendment, modification or waiver to this Agreement made
in conformity with the provisions of this Section 7(i) shall be binding on such Buyer and holder of Notes as applicable. The Company
and the Guarantor have not, directly or indirectly, made any agreements with the Buyer relating to the terms or conditions of
the transactions contemplated by the Transaction Documents except as set forth in the Transaction Documents.

 

    	 	5	 

     

    

 

(j)
Notices. Any notices, consents, waivers or other communications required or permitted to be given under the terms of this
Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon
receipt, when sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on
file by the sending party); (iii) one (1) business day after deposit with an overnight courier service, in each case properly
addressed to the party to receive the same; or (iv) 48-hours after being sent by electronic means to the email address provided
by Buyer, if to Buyer, or to the email address set forth below, if to the Company or the Guarantor. The addresses and facsimile
numbers for such communications shall be:

 

If
to the Company and the Guarantor:

 

iCap
Vault 1, LLC  

3535
Factoria Blvd. SE, Suite 500  

Bellevue,
WA 98006  

Telephone:
(425) 278-9030  

Email:
investor@icapequity.com  

Attention:
Investor Relations Department  

 

with
a copy (for informational purposes only) to:

 

Anthony
L.G., PLLC  

625
N. Flagler Drive, Suite 600  

West
Palm Beach, FL 33401  

Telephone:
(561) 514-0936  

Email:
lanthony@anthonypllc.com  

 

(k)
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns, including any purchasers of the Notes. The Company and the Guarantor shall not assign this Agreement or
any rights or obligations hereunder without the prior written consent of the Buyer. The Buyer may not assign this Agreement or
any rights or obligations hereunder without the prior written consent of the Company and the Guarantor.

 

(l)
No Third Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

(m)
Survival. The representations, warranties and covenants of the Company, the Guarantor and the Buyer contained in this Agreement
shall survive.

 

(n)
Further Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as are reasonably necessary
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

(o)
No Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to
express their mutual intent, and no rules of strict construction will be applied against any party.

 

[The
remainder of page intentionally left blank; Signature page follows]

 

    	 	6	 

     

    

 

iCap
Vault 1, LLC

Investor
Profile

(Must
be completed by the Buyer)

 

		1.	Investor
                                         Information

 

	 	(a)	Investor
    Name: _________________________________________________
	 	(hereinafter
    referred to as “Investor”).
	 	 	 
	 	(b)	Investment
    Amount: Investor agrees to invest the below amount (“Investment Amount”) in accordance with the provisions
    of this Subscription Agreement:

 

	 
	 
	 
	            $
	 

 

	 	(c)	Lock-up
    Election: 	______
    Yes (select an option below)
	 	 	 	______
    No (proceed to the next page)

 

By
selecting “Yes” and indicating an option below, you agree to waive the right to demand repayment of the principal
amount in the amount set forth below (the “Lock-up Amount”) by the Company of your Note(s) for 12, 18 or 24 months,
and the Company will pay an Interest Rate Premium during such 12, 18, or 24 month period on such Notes of 1.00%, 1.50%, and 2.00%,
respectively, pursuant to the Note. The new interest rate will be effective as of the date this election is made.

 

Lock-up
Amount: $______________________

 

Please
Select One:

 

	 	[  ]	12-month
    Lock-up Period – 1.00% Interest Rate Premium
	 	 	 
	 	[  ]	18-month
    Lock-up Period – 1.50% Interest Rate Premium
	 	 	 
	 	[  ]	24-month
    Lock-up Period – 2.00% Interest Rate Premium

 

    	 	7	 

     

    

 

	 	(d)	Automatic
    Interest Reinvestment into Notes: In order to opt-into automatic interest reinvestment into Notes, please separately complete
    the form of Auto-Interest Reinvestment Program. If an investor elects to opt-into automatic interest reinvestment into Notes,
    the Floating Rate and Interest Rate Premiums will be credited to the investor’s Notes on a daily basis and will be reinvested
    (daily compounding).
	 	 	 
	 	(e)	Type
    of Investor. Indicate the form of Investor:

 

	 	 
	Individual
                                         Investors

        
	Entity
    Investors
	 	 
	[  ]
    Individual Husband	[  ]
                                         Corporation or Limited Liability Company (LLC)

        

	 	 
	[  ]
    and Wife Joint	[  ]
                                         Partnership

        

	 	 
	[  ]
    Tenants Revocable	[  ]
                                         Irrevocable Trust

        

	 	 
	[  ]
    Trust	[  ]
    Other Entities (indicate form of organization):
	 	 
	Individual
    Investors -Retirement Funds	 
	 	 
	[  ]
    IRA	 
	 	 
	[  ]
    ROTH IRA	 
	 	 
	[  ]
    Keogh-Sep IRA	 
	 	 
	[  ]
    Other Retirement Plan	 
	 	 

 

	 	(f)	Type
    of Investor. Indicate the form of Investor:

 

    	 	8	 

     

    

 

INDIVIDUAL
INVESTORS

 

JOINT
ACCOUNTS, REVOCABLE TRUSTS & RETIREMENT FUNDS

 

 

Investor
Name (Please Print): (1)    ____________________________________________________________

 

Investor
Name (Please Print): (2)   ____________________________________________________________

 

Registered
As (Please Print):    ____________________________________________________________

 

Physical
Address (no PO Box)   ____________________________________________________________ ___________________________________________________________________________________

 

Mailing
Address (if Different)  __________________________________________________________

_________________________________________________________________________________

 

Phone
Number: (__________) __________-_______________________________________________

 

Birth
Date (1):  ______________________________________________________________________

 

Birth
Date (2):  ______________________________________________________________________

 

Social
Security Number (1):  ____________________________________________________________

 

Social
Security Number (2):  ___________________________________________________________

 

Primary
Email Address (required):  ______________________________________________________

 

Marital
Status:  _____________________________________________________________________

 

Investment
Experience (Years):  ___________________________________________

 

	Status,
    if individual(s):	 
	[  ] U.S.
    Citizen (1)	[  ]U.S.
    Resident Alien	[  ]U.S.
    Citizen Residing Outside of U.S.
	[  ] U.S.
    Citizen (2)	[  ]U.S.
    Resident Alien	[  ]U.S.
    Citizen Residing Outside of U.S.

 

	 	PRINCIPAL
                                         AMOUNT OF

        NOTES
        SUBSCRIBED FOR:
	 

 

	Investor
    Name (Signature): (1)	 
	 	 
	Investor
    Name (Signature): (2)	 

 

ACCEPTED
AND AGREED TO:

 

	iCap
    Vault 1, LLC:	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	                 ,
    202___

 

 

	Vault
    Holding 1, LLC, as guarantor:	 
	 	 	 
	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

    	 	9	 

     

    

 

Individual
Investors - For Retirement Funds Only

 

IF
INVESTING THROUGH AN IRA, KEOGH OR OTHER RETIREMENT OR PROFIT-SHARING PLAN, PLEASE COMPLETE THE FOLLOWING (IN ADDITION TO THE
INVESTOR INFORMATION ON THE PREVIOUS PAGE):

 

	Registration/Account
    Name and Number	 
	 	 
	Custodian’s EIN	 
	 	 
	Custodian’s Address	 

 

	City  	 	State  	 	Zip
    Code 	 

 

    	 	10	 

     

    

 

CORPORATIONS,
PARTNERSHIPS, IRREVOCABLE TRUSTS OR OTHER ENTITIES

 

	Investor
    Entity Name (Please Print):	
		 
	Registered
    As (Please Print):	
	 	 
	Name
    (Please Print):	 
	 	 
	Title:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	Phone
    Number:	(__)
    _____________-__________________
	 	 
	Date
    of Formation:	 
	 	 
	State
    of Incorporation/Formation:	 
	 	 
	SSN
    or Taxpayer ID Number:	 
	 	 
	Primary
    Email Address (required): 	 

 

	 	PRINCIPAL
                                         AMOUNT OF

        NOTES
        SUBSCRIBED FOR:
	 

 

	Investor
    Entity Name (Please Print):	 
	 	 
	By
    (Signature):	 
	 	 
	Name
    (Please Print):	 
	 	 
	Title:	 

 

ACCEPTED
AND AGREED TO:

 

iCap
Vault 1, LLC:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	,
    202___

 

Vault
Holding 1, LLC, as guarantor:

 

	By:
    	 	 
	Name:
    	 	 
	Title:
    	 	 

 

	Date:
    	 	,
    202____

 

    	 	11	 

     

    

 

EXHIBIT
A

 

Form
of Notes

 

EXHIBIT
B

 

Indenture

 

EXHIBIT
C

 

Methods
of Payment

 

 

How
to Make an Initial Investment

 

Prior
to making an initial investment, you should read this entire prospectus. To make an initial investment, you must set up an account
and complete the onboarding process at the Company’s website at www.icapequity.com/vault. Please refer to the website
for instructions, requirements and guidelines with respect to online account setup and initial investments. Certain eligibility
rules apply. You will be required to read and accept the Terms of Use before submitting and completing this process online.

 

Currently,
the minimum initial investment is $25; however, we can waive the minimum investment requirement on a case to case basis in our
sole discretion. Your initial investment will be made using the methods described below or by such other means as the Company
from time to time determines during the online onboarding process. Funds received as part of your initial investment cannot be
redeemed until three business days after such amounts are credited.

  

BY
ACH INVESTMENT. You may make an investment by ACH transfer from a bank account. You may also set up automatic recurring ACH investment
transactions from a linked bank account. See “—BY AUTOMATIC MONTHLY INVESTMENT” below. If you set up
automatic recurring ACH investment transactions, the Company will prepare automatic electronic transfers using the transfer dates
each month for the amount authorized and on the business day you have requested. If an automatic transfer day falls on a day that
is not a business day, the transfer will be initiated on the next business day; provided, however, if an ACH automatic investment
is set for the last weekend of a month, the investment will be made on the last business day of that month. Investments made by
ACH transfer are invested in your Notes and begin to accrue interest on the same day your money is credited. In the case of a
one-time transfer, the Company will prepare an electronic transfer for the amount authorized and on the business day you have
requested. One-time ACH investment requests made prior to 7:30 a.m. Central Time generally will be posted to the Note on the next
business day and requests made at or after 7:30 a.m. Central Time generally will be posted two business days following the request.
Investments made by ACH cannot be redeemed until three business days after such amounts are credited to the Notes. You may change
or terminate any automatic investments at any time. You can confirm the date your investment was made by accessing the Company
website at www.icapequity.com/vault or by calling us at (425) 278-9030. We charge no fees for the receipt of ACH transfers;
however, your commercial bank or financial institution may charge you a fee if you make an investment by ACH transfer.

 

    	 	12	 

     

    

 

BY
WIRE INVESTMENT. You may make an investment by wire transfer. The wire transfer must include the information provided by the Company’s
designated bank and come from a bank account in your name. Your investment will be credited and you will begin earning interest
on the same business day the wire is received provided that the funds have been received by 1:00 p.m. Central Time. Funds received
at or after 1:00 p.m. Central Time are invested and begin to accrue interest on the next business day. Investments made by wire
are available for redemption beginning the day such investments are credited to the Notes. Investments by wire transfer may incur
a charge from your bank or financial institution. See “Description of the Notes— Account Fees and Charges.”
Neither the Company nor its designated bank is responsible for delays in acting on your request for authorization to make a wire
transfer or in the transfer and wiring of funds. You can confirm the date your investment was made by accessing the Company’s
website at www.icapequity.com/vault or by calling us at (425) 278-9030. If for any reason your wire request is declined,
the Company will advise you of that fact and give you instructions for how to make the investment through the ACH process.

 

BY
AUTOMATIC MONTHLY INVESTMENT. You may select to make additional investments via ACH on a monthly basis in a specified amount.
Automatic monthly investments may not be made by wire transfer. If you set up automatic recurring ACH investment transactions,
the Company’s designated bank will prepare automatic electronic transfers using the transfer dates each month for the amount
authorized and on the business day you have requested. If an automatic transfer day falls on a day that is not a business day,
the transfer will be initiated on the next business day; provided, however, if an ACH automatic investment is set for the last
weekend of a month, the investment will be made on the last business day of that month. Investments made by ACH transfer are invested
in your Notes and begin to accrue interest on the same day your money is credited. Investments made by ACH cannot be redeemed
until three business days after such amounts are credited to the Notes. You may request, modify or terminate the Automatic Monthly
Investment Option through the Company’s website at www.icapequity.com/vault or by calling us at (425) 278-9030. Such
notice is effective as soon as practicable after receipt by the Company’s designated bank. You can confirm the date your
investment was made by accessing the Company’s website at www.icapequity.com/vault or by calling us at (425) 278-9030.
We charge no fees for the receipt of ACH transfers; however, your commercial bank or financial institution may charge you a fee
if you make an investment by ACH transfer.

 

BY
CASH. You may invest in Notes by delivering cash to us at our executive offices located at 3535 Factoria Blvd. SE, Suite 500,
Bellevue, WA 98006. Investments in Notes made with cash begin to accrue interest as of the date the investment is made at our
executive offices.

 

BY
CHECK. You may invest in Notes by check delivered to our executive offices located at 3535 Factoria Blvd. SE, Suite 500,
Bellevue, WA 98006. Checks must be drawn in U.S. dollars on a U.S. bank. Investments made by check begin to accrue interest on
the date funds are credited to Company’s designated bank account.

 

We
reserve the right to reject any investment application and return the funds to a potential investor for any reason, including
if any investments are not preceded or accompanied by documentation satisfactory to us to establish that the potential investor
meets any applicable eligibility criteria.

 

How
to Make Additional Investments

 

After
your initial investment in the Notes, you may make additional investments at any time, without charge to you, in any amount, by
the methods described above or by such other means as the Company from time to time determines. There is no required minimum amount
for subsequent investments.  

 

Payment
Information

 

Making
Your Investment with the Company. Please provide payment by one of the following methods (select one):

 

 

	[  ]	Wire
    Transfer or ACH: by wiring payment of the principal amount of Notes subscribed for to the account set forth below:
	 	 
	 	 	Account
    Name:	 	iCap
    Vault 1, LLC 
	 	 	ABA
    Routing Number: 	 	123205054
    
	 	 	Account
    Number:	 	4864314804
	 	 	Bank
    Name:	 	Umpqua
    Bank
	 	 	Bank
    Address:	 	705
    Gilman Blvd. NW, Issaquah, WA 98027 
	 	 	SWIFT
    CODE:	 	UMPQUS6P

 

	[  ]	Check:
    by mailing a check made payable to “iCap Vault 1, LLC” along with a completed subscription document to:

 

	 	iCap Vault 1, LLC
	 	Attn: Investor Relations Department
	 	3535 Factoria Blvd. SE, Suite 500
	 	Bellevue, WA 98006

 

	[  ]	Other:
      _____________________________________________________________________

 

    	 	13	 

     

    

 

EXHIBIT
D

ACCREDITED
INVESTOR CERTIFICATION

 

ALASKA,
NEW JERSEY, OREGON AND PENNSYLVANIA RESIDENTS ONLY

 

The
undersigned has read the definition of “Accredited Investor” from Rule 501 of Regulation D of the Securities Act of
1933, as amended (the “Securities Act”) attached hereto, and certifies that:

 

	 	A.	[
     ]	The
    undersigned is an “Accredited Investor” for one or more of the following reasons:

 

[ 
] (a) The undersigned is an individual (not a partnership, corporation, etc.) with a net worth, either alone or with his or her
spouse or spousal equivalent, of more than $1,000,000 (excluding the value of the primary residence of such individual and any
debt secured by the primary residence other than (1) debt secured by the primary residence that exceeds the fair market value
of the primary residence, or (2) debt secured by the primary residence that such individual have borrowed within the past 60 days
not for the purpose of purchasing the primary residence).

 

[ 
] (b) The undersigned is an individual (not a partnership, corporation, etc.) who had an income in excess of $200,000 in each
of the two most recent years, or joint income with his or her spouse or spousal equivalent in excess of $300,000 in each of those
years (in each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any
income of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same
income level in the current year;

 

[ 
] (c) The undersigned is a director or officer of the Company;

 

[
 ] (d) The undersigned is a corporation, partnership, limited liability company, Massachusetts business trust, or non-profit
organization within the meaning of Section 501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose
of making investments and with total assets in excess of $5,000,000;

 

[ 
] (e) The undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of making investments,
whose purchase would be directed by a “sophisticated person” as described in Rule 506(b)(2)(ii);

 

[ 
] (f) The undersigned is a revocable trust which may be amended or revoked by the grantors, and all of the grantors satisfy the
conditions of clauses (a), (b) or (c) above and have completed copies of this Investor Questionnaire, which copies are delivered
to the Company herewith;

 

[
 ] (g) The undersigned is an entity all the equity owners of which are “accredited investors” within one or more
of the above categories. If relying upon this category alone, each equity owner must complete a separate copy of this Investor
Questionnaire;

 

	 	B.	[
     ]	The
    undersigned is not an “Accredited Investor”.
	 	 	 	 
	 	C.	[ 
    ]	The
    undersigned is acquiring the subscribed securities solely for undersigned’s own account for investment purposes only
    and not with a view to or intent of resale or distribution thereof, in whole or in part, in violation of the Securities Act.

 

*Note:
Investors that are residents of the State of Alaska, New Jersey, Oregon, or Pennsylvania must answer in the affirmative to both
A. (and its applicable subpart) and C. above in order to invest in the Company.

 

By
signing below, I hereby acknowledge that the representations set forth in this Investor Questionnaire are accurate and complete
in all respects, and I hereby undertake to immediately notify you in writing regarding any material change in the information
set forth herein. I understand that you will rely on the accuracy and completeness of these representations for the purpose of
determining my suitability as a prospective investor under applicable securities laws, and that a false representation may constitute
a violation of law and that any person who suffers damage as a result of a false representation may have a claim against me for
damages.

 

Dated:
_________________________

 

Signature:
_______________________

 

Print
Name/Title (if applicable): _________________

 

    	 	14	 

     

    

 

Rule
501. Definitions and Terms Used in Regulation D.

 

As
used in Regulation D, the following terms have the meaning indicated:

 

(a)
Accredited investor. Accredited investor shall mean any person who comes within any of the following categories, or who the issuer
reasonably believes comes within any of the following categories, at the time of the sale of the securities to that person:

 

(1)
Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section
3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section
15 of the Securities Exchange Act of 1934; any investment adviser registered pursuant to section 203 of the Investment Advisers
Act of 1940 or registered pursuant to the laws of a state; any insurance company as defined in section 2(a)(13) of the Act; any
investment company registered under the Investment Company Act of 1940 or a business development company as defined in section
2(a)(48) of that act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c)
or (d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined in section 384A of the Consolidated
Farm and Rural Development Act; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality
of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;
any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision
is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance
company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed
plan, with investment decisions made solely by persons that are accredited investors;

 

(2)
Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

(3)
Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust,
partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total
assets in excess of $5,000,000;

 

(4)
Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive
officer, or general partner of a general partner of that issuer;

 

(5)
Any natural person whose individual net worth, or joint net worth with that person’s spouse or spousal equivalent, exceeds
$1,000,000.

 

(i)
Except as provided in paragraph (a)(5)(ii) of this section, for purposes of calculating net worth under this paragraph (a)(5):

 

(A)
The person’s primary residence shall not be included as an asset;

 

(B)
Indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence
at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding
at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition
of the primary residence, the amount of such excess shall be included as a liability); and

 

(C)
Indebtedness that is secured by the person’s primary residence in excess of the estimated fair market value of the primary
residence at the time of the sale of securities shall be included as a liability;

 

(ii)
Paragraph (a)(5)(i) of this section will not apply to any calculation of a person’s net worth made in connection with a
purchase of securities in accordance with a right to purchase such securities, provided that:

 

(A)
Such right was held by the person on July 20, 2010;

 

(B)
The person qualified as an accredited investor on the basis of net worth at the time the person acquired such right; and

 

(C)
The person held securities of the same issuer, other than such right, on July 20, 2010.

 

(6)
Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with
that person’s spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation
of reaching the same income level in the current year;

 

(7)
Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered,
whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii);

 

(8)
Any entity in which all of the equity owners are accredited investors;

 

(9)
Any entity, of a type not listed in paragraphs (a)(1), (a)(2), (a)(3), (a)(7), or (a)(8), not formed for the specific purpose
of acquiring the securities offered, owning investments in excess of $5,000,000;

 

    	 	15	 

     

    

 

(10)
Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited
educational institution that the Commission has designated as qualifying an individual for accredited investor status. In determining
whether to designate a professional certification or designation or credential from an accredited educational institution for
purposes of this paragraph (a)(10), the Commission will consider, among others, the following attributes:

 

(i)
the certification, designation, or credential arises out of an examination or series of examinations administered by a self-regulatory
organization or other industry body or is issued by an accredited educational institution;

 

(ii)
the examination or series of examinations is designed to reliably and validly demonstrate an individual’s comprehension
and sophistication in the areas of securities and investing;

 

(iii)
persons obtaining such certification, designation, or credential can reasonably be expected to have sufficient knowledge and experience
in financial and business matters to evaluate the merits and risks of a prospective investment; and

 

(iv)
an indication that an individual holds the certification or designation is made publicly available by the relevant self-regulatory
organization or other industry body;

 

(11)
Any natural person who is a “knowledgeable employee,” as defined in rule 3c5(a)(4) under the Investment Company Act
of 1940 (17 CFR § 270.3c-5(a)(4)), of the issuer of the securities being offered or sold where the issuer would be an investment
company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such
act;

 

(12)
Any “family office,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR § 275.202(a)(11)(G)-1):

 

(i)
with assets under management in excess of $5,000,000,

 

(ii)
that is not formed for the specific purpose of acquiring the securities offered, and

 

(iii)
whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that
such family office is capable of evaluating the merits and risks of the prospective investment; and

 

(13)
Any “family client,” as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR § 275.202(a)(11)(G)-1)),
of a family office meeting the requirements in paragraph (a)(12) of this section.

 

[Remainder
omitted]

 

EXHIBIT
E

Collateral
Agent Agreement

 

    	 	16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]