Document:

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 ___________, 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 wishes 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 reserves 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 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. 

 

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.

 

(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.

 

    	2

    	 

    

 

(d) Sophisticated Investor.
Such Buyer is knowledgeable, sophisticated and experienced in making, and is qualified to make decisions with respect to, investments
in securities presenting an investment decision like that involved in the purchase of the Notes, including investments in securities
issued by the Company and the Guarantor and investments in comparable companies. Such Buyer understands that nothing in
this Agreement or any other materials made available to such Buyer in connection with the purchase and sale of the Notes constitutes
legal, tax or investment advice. Such Buyer has consulted such legal, tax and investment advisors as it, in its sole discretion,
has deemed necessary or appropriate in connection with its purchase of Notes.

 

(e) Disclosure Package.
In connection with its decision to purchase the Notes, such Buyer has relied only upon and read 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 (the “Disclosure
Package”). Further, such Buyer acknowledges that such materials 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.

 

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

 

(g) 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 corporation 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 their
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’s and
the Guarantor’s Board of Directors. 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.

 

    	3

    	 

    

 

(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 _________,
2020 between iCap Vault 1, LLC, a Delaware limited liability company and Marketplace Realty Advisors, LLC, in the form attached
hereto as Exhibit D. Buyer has received and read a copy of the Collateral Agent Agreement, understands its provisions, and
adopts and agrees to be bound by all of the provisions of the Collateral Agent Agreement.

 

6. 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. 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 6(e) 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); or (iii) one (1) business day after deposit with an overnight courier service, in each case properly
addressed to the party to receive the same. 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

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

 

If
to the Buyer, to its address and facsimile number set forth on the Buyer’s signature page, with copies to such Buyer’s
representatives as set forth on the Buyer’s signature page, or to such other address and/or facsimile number and/or to the
attention of such other person as the recipient party has specified by written notice given to each other party five (5) business
days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent,
waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by an overnight
courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service
in accordance with clause (i), (ii) or (iii) above, respectively.

 

(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 follow]

 

    	6

    	 

    

 

iCap
Vault 1, LLC

Investor
Profile

(Must
be completed by the Buyer)

 

Section
A - Personal Investor Information

 

	Investor
    Name(s):	 

 

	Individual
    executing Profile or Trustee:	 

 

	Social
    Security Numbers / Federal I.D. Number:	 

 

	Date
    of Birth:	 	 	Marital
    Status:	 
	Joint
    Party Date of Birth:	 	 	Investment
    Experience (Years):	 
	Annual
    Income:	 	 	 	 

 

	Home
    Street Address:	 
	 	 
	Home
    City, State & Zip Code:	 

 

	Home
    Phone:	 	 	Home
    Fax:	 	 	Home
    Email:	 

 

	Outside
    Broker/Dealer: 	 	 

 

    	7

    	 

    

 

INDIVIDUALS

 

IN
WITNESS WHEREOF, the Buyer has executed this Subscription Agreement , 2020.

 

	 	 
	 	(Signature
    of the Buyer)

 

	 	PRINT
    NAME:	 

 

	 	COMPANY
    NAME (IF APPLICABLE):
	 	 	 
	 	 	 
	 	TITLE
    OF SIGNER (IF APPLICABLE):
	 	 	 
	 	 	 
	 	TAXPAYER
    IDENTIFICATION OR SOCIAL

 

	 	SECURITY
    NO.:	 

 

	 	RESIDENCE
    OR BUSINESS ADDRESS:
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	MAILING
    ADDRESS (If different from business address):
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	PRINCIPAL
        AMOUNT OF

        NOTES
        SUBSCRIBED FOR: 

        
	 
	 	 	 
	 	PURCHASE
    PRICE OF NOTES: 	

 

ACCEPTED
AND AGREED TO:

 

iCap
Vault 1, LLC:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	,
    2020

   

 

 Vault Holding 1, LLC, as guarantor: 

   

 

	 By: 	   	   
	 Name: 	   	   
	 Title: 	   	   

   

 

	 Date: 	   	 , 2020 

   

    	8

    	 

    

 

CORPORATIONS,
PARTNERSHIPS, TRUSTS OR OTHER ENTITIES

 

IN
WITNESS WHEREOF, the Buyer has executed this Subscription Agreement________________, 2020.

 

	 	 
	 	NAME
    OF THE BUYER

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Date:	 	,
    2020

 

	 	 	 
	 	TAXPAYER
    IDENTIFICATION OR SOCIAL

 

	 	SECURITY
    NO.:	 

 

	 	RESIDENCE
    OR BUSINESS ADDRESS:
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	MAILING
    ADDRESS (If different from business address):
	 	 	 
	 	 	 
	 	Street	 

 

	 	 	 	 
	 	City	State	Zip

 

	 	PRINCIPAL
        AMOUNT OF

        NOTES
        SUBSCRIBED FOR:

        
	
	 	 	 
	 	PURCHASE
PRICE OF NOTES:	 

 

ACCEPTED
AND AGREED TO:

 

iCap
Vault 1, LLC:

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	Date:	 	,
    2020

   

 Vault
Holding 1, LLC, as guarantor: 

   

	 By: 	   	   
	 Name: 	   	   
	 Title: 	   	   

   

	 Date: 	   	 , 2020 

   

    	9

    	 

    

 

EXHIBIT
A

 

Form
of Notes

 

EXHIBIT
B

 

Indenture

 

EXHIBIT
C

 

Methods
of Payment

 

How
to Make an Initial Investment

 

To
make an initial investment, after reading this entire prospectus, 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 completing this process online.

 

Currently,
the minimum initial investment is $25; however, the Company can waive the minimum initial investment requirement on a case to
case basis in its sole discretion. Your initial investment will be made using an ACH transfer from a U.S. bank account you have
successfully linked during the online onboarding process. You must verify your ownership of the linked U.S. bank account by completing
the bank account verification process online. Funds received as part of your initial investment cannot be redeemed until three
business days after such amounts are credited. You may not make an initial investment by wire transfer or by using cash or a check.
**Note that this is only for the initial investment and account linking.

 

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 below or by such other means as the Company from time to time determines. There is no required minimum amount
for subsequent investments. All investments must be made in U.S. dollars unless otherwise designated by the Company.

 

BY
ACH INVESTMENT. You may use the Company website or call us at (425) 453-7497 at any time to withdraw any amount of funds from
your linked U.S. bank account to invest in the Notes through an ACH transfer. You may also set up automatic recurring ACH investment
transactions from a linked U.S. 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. Pacific Time generally will be posted to the Note on
the next business day and requests made at or after 7:30 a.m. Pacific 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) 453-7497. 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.

 

    	10

    	 

    

 

BY
WIRE INVESTMENT. You may make additional investments 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. Wires may only be originated from a bank located
in the U.S. and must be payable in U.S. dollars. 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. Pacific Time. Funds received at or after
1:00 p.m. Pacific 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) 453-7497. 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 additional 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) 453-7497. 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) 453-7497.
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.

 

EXHIBIT
D

Collateral
Agent Agreement

 

    	11Exhibit
4.4

 

PLEDGE
AND SECURITY AGREEMENT

 

This
Pledge and Security Agreement (this “Agreement”), dated as of [________], 2020 (the “Effective Date”),
is entered into by and between iCap Vault 1, LLC, a Delaware limited liability company (“Pledgor”) and Marketplace
Realty Advisors, LLC, a Washington limited liability company, in its capacity as collateral agent and pledgee hereunder (in such
capacity “Agent”) for the benefit of holders of promissory notes issued by Pledgor pursuant to an offering (the “Offering”)
of up to $500,000,000 of Variable Denomination Floating Rate Demand Notes of Pledgor (the “Notes”), pursuant to an
Indenture dated [________], 2020 (“Indenture”) commencing on or about [___________], 2020 (the “Holders”).
Each of Pledgor and Agent may be referred to herein as a “Party” and collectively as the “Parties.” Defined
terms used herein without definition shall have the meaning given to them in the Indenture.

 

WHEREAS,
the Pledgor is the sole member of Vault Holding 1, LLC, a Delaware limited liability company (“Holding”), and
holds all of the membership interests of Holding (the “Pledged Interests”), and Holding is or shall be the sole member
or shareholder of certain subsidiaries of Holding which shall hold real estate investment properties (the “Portfolio SPEs”),
which will be acquired with the proceeds of the Notes; and

 

WHEREAS,
pursuant to the Offering and the purchase of a Note thereunder, each Holder has joined the Collateral Agent Agreement dated as
of the Effective Date by and between the Pledgor and the Agent (the “Collateral Agent Agreement”) and therein has
agreed to appoint Agent as his/her/its representative with regard to the his/her/its respective rights under the this Agreement
and the Collateral Agent Agreement; and

 

WHEREAS,
the Pledgor has agreed to execute and deliver this Agreement pursuant to the terms of the Notes;

 

NOW,
THEREFORE, in consideration of the covenants, promises and representations set forth herein, and for other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows:

 

	1.	PLEDGE.
     To secure the prompt payment and full and faithful performance of the obligations of Pledgor to the Holders pursuant
    to the Notes, whether direct, contingent, fixed or otherwise, now or hereafter from time to time arising pursuant to the Notes
    (collectively, the “Indebtedness”), the Pledgor hereby grants a security interest in and to, does hereby pledge
    and assign to, Agent, for the benefit of the Holders, under Articles 8 and 9 of the UCC (as defined below), all its right,
    title, share and interest in, to and in respect of (i) the Pledged Interests; (ii) together with only so much of any distribution,
    whether of cash or in kind, in connection with, relating to or in respect of the applicable Pledged Interests, whether any
    such distribution or payment is a distribution, is in partial or complete liquidation, or is the result of reclassification,
    readjustment or other changes in the capital structure of the entity issuing the same, or otherwise, and any and all subscriptions,
    warrants, options and other rights issued upon and/or in connection therewith; (iii) any and all substitutions, renewals,
    improvements and replacements of the Pledged Interests and additions thereto; and (iv) all proceeds arising from any of the
    foregoing. All of the foregoing items are referred to herein individually and/or collectively as the “Collateral.”
    Capitalized terms not otherwise defined herein or in the Notes shall have the meaning given them in the UCC. For purposes
    of this Agreement, “UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in
    the State of Delaware; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment,
    perfection or priority of Agent’s security interest in the Pledged Interests is governed by the Uniform Commercial Code
    as in effect in a jurisdiction other than the State of Delaware, the term “UCC” shall mean the Uniform Commercial
    Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection
    or priority and for purposes of definitions related to such provisions.

 

    	1

    	 

    

 

	2.	VOTING
    AND TRADING RIGHTS. If no Event of Default has occurred and is continuing, the Pledgor may exercise any voting rights that
    the Pledgor may have as to the Pledged Interests. If an Event of Default has occurred and is continuing, Pledgor shall take
    such actions with respect to the Pledged Interests as directed by the Agent, as the Agent is directed by the Indenture Trustee
     pursuant to the Collateral Agent Agreement and the Indenture, and thereafter Holders may exercise all voting rights
    as to any of the Pledged Interests and Pledgor shall deliver to the Agent all notices, proxies and other information relating
    to the exercise of such rights received by Pledgor promptly upon receipt and, at the request of the Agent, shall execute and
    deliver to the Agent any proxies or other instruments which are, in the judgment of the Agent, necessary for Holders to exercise
    such voting rights, and the Indenture Trustee  may direct the Agent to exercise the rights and pursue the remedies provided
    under Articles 8 and 9 of the Uniform Commercial Code.
	 	 
	3.	DUTY
    OF AGENT. Agent, on behalf of the Holders, shall have no liability or duty, either before or after the occurrence of an Event
    of Default, to collect or enforce any of its rights against, the Pledged Interests. If the Agent or the Holders actually receive
    any notices requiring action with respect to Pledged Interests in Holders’ possession, Agent, on behalf of the Holders,
    shall take reasonable steps to forward such notices to Pledgor. Except as provided herein, Pledgor is responsible for responding
    to notices concerning the Pledged Interests, voting the Pledged Interests, and exercising any rights and options, calls or
    conversions in respect of the Pledged Interests. 
	 	 
	4.	REPRESENTATIONS
    AND WARRANTIES. The Pledgor represents and warrants to Agent on behalf of the Holders that:

 

	 	(a)	The
    Pledged Interests constitute all of Pledgor’s ownership interest in Holding.
	 	 	 
	 	(b)	The
    Pledgor is a limited liability company duly organized, validly existing, and in good standing under the laws of the State
    of Delaware and has the limited liability company power and is duly authorized under all applicable laws, regulations, ordinances,
    and orders of public authorities to carry on its business in all material respects as it is now being conducted. The execution
    and delivery of this Agreement does not, and the consummation of the transactions contemplated hereby will not, violate any
    provision of the Pledgor’s organizational documents. The Pledgor has taken all action required by law, its organizational
    documents, or otherwise to authorize the execution and delivery of this Agreement.
	 	 	 
	 	(c)	The
    execution of this Agreement and the consummation of the transactions contemplated by this Agreement will not result in the
    breach of any term or provision of, constitute a default under, or terminate, accelerate or modify the terms of, any indenture,
    mortgage, deed of trust, or other material agreement or instrument to which the Pledgor is a party or to which any of its
    assets, properties or operations are subject. 

 

    	2

    	 

    

 

	 	(d)	This
    Agreement and all agreements and other documents executed by the Pledgor in connection herewith constitute the valid and binding
    obligation of the Pledgor, enforceable in accordance with its or their terms, except as may be limited by bankruptcy, insolvency,
    moratorium or other similar laws affecting the enforcement of creditors’ rights generally and subject to the qualification
    that the availability of equitable remedies is subject to the discretion of the court before which any proceeding therefore
    may be brought.
	 	 	 
	 	(e)	No
    consent, approval or authorization of any third party or any governmental body or officer is required for the valid and lawful
    execution and delivery of this Agreement, the pledge of a security interest in the Pledged Interests in favor of Agent or
    the valid and lawful exercise by Agent of remedies available to them under this Agreement or applicable law or of the voting
    and other rights granted to it in this Agreement, except as may be required for the offer or sale of securities under applicable
    securities laws.
	 	 	 
	 	(f)	The
    Pledgor is the sole owner of the Pledged Interests, has the right to grant the security interest provided for herein to Agent
    and, to the knowledge of the Pledgor, has granted to Agent a valid and perfected first priority security interest in the Pledged
    Interests, free of all liens, encumbrances, transfer restrictions and adverse claims.

 

	5.	COVENANTS.
    The Pledgor covenants and agrees that so long as this Agreement shall be in effect:

 

	 	(a)	Pledgor,
    Holding, and the Portfolio SPEs may make distributions to their respective members as they determine, provided such distributions
    are made in accordance with the provisions of the operating agreements of such entities.
	 	 	 
	 	(b)	The
    Pledgor shall defend the Pledgor’s title to the Pledged Interests and the security interest of Agent against the claims
    of any person claiming rights in the Pledged Interests.
	 	 	 
	 	(c)	Without
    the prior written consent of a Majority-in-Interest of the Noteholders delivered to the Agent pursuant to the Collateral Agent
    Agreement, the Pledgor shall not sell, gift, pledge, exchange or otherwise transfer the Pledged Interests. In the event of
    any such sale, exchange or transfer consented to by a Majority-in-Interest of the Noteholders, the Pledgor shall upon receipt
    of the proceeds of such sale, exchange or transfer to pay any such distribution with respect to the Pledged Interests to the
    Agent for further distribution to the Holders for application to the Indebtedness. Pledgor may, without the consent of the
    Noteholders, subordinate the Pledged Interests to the rights of an institution or provider of a credit facility, surety bond,
    insurance, or other obligation of Pledgor that is not inconsistent with the Offering and the business plans of the Pledgor.
    
	 	 	 
	 	(d)	The
    Pledgor will pay and discharge when due all of its material obligations and liabilities (including, without limitation, tax
    liabilities) which if unpaid when due might by law give rise to a lien on the Pledged Interests, except where the same may
    be contested in good faith by appropriate proceedings.
	 	 	 
	 	(e)	At
    the Pledgor’s expense, do such further facts and execute and deliver such additional conveyances, certificates, instruments,
    legal opinions and other assurances as a Majority-in-Interest of the Noteholders may direct the Agent to reasonable request
    to protect, assure or enforce their interests, rights and remedies under this Agreement.

 

    	3

    	 

    

 

	6.	INDEMNIFICATION.
    Each Party shall jointly and severally indemnify and hold harmless the other Parties and such other Parties’ agents,
    beneficiaries, affiliates, representatives and their respective successors and assigns (collectively, the “Indemnified
    Persons”) from and against any and all damages, losses, liabilities, taxes and costs and expenses (including, without
    limitation, attorneys’ fees and costs) resulting directly or indirectly from (a) any inaccuracy, misrepresentation,
    breach of warranty or nonfulfillment of any of the representations and warranties of such Party in this Agreement, or any
    actions, omissions or statements of fact inconsistent with in any material respect any such representation or warranty, (b)
    any failure by such Party to perform or comply with any agreement, covenant or obligation in this Agreement.
	 	 
	7.	EXPENSES.
    The Pledgor agrees that, following an Event of Default, the Pledgor will pay to the Agent, upon demand the amount of any reasonable
    out-of-pocket expenses, including the fees and disbursements of counsel, that Agent incurs on behalf of the Holders in connection
    with the enforcement of this Agreement, including expenses incurred to preserve the value of the Pledged Interests, the sale
    or other disposition of any of the Pledged Interests, the exercise by Agent of any of its rights, or any action to enforce
    its rights under this Agreement.
	 	 
	8.	NOTICES.
    Any notices, communications and waivers under this Agreement shall be in writing and unless otherwise specified herein, if
    to a Holder shall either be sent to the Agent pursuant to the Collateral Agent Agreement, who shall thereafter forward such
    notices to the Holder pursuant to the terms of the Collateral Agent Agreement, and if to Issuer or Pledgor shall be sent to
    the Collateral Agent, who shall thereafter forward such notices to the intended party, which may include the Indenture Trustee.
    
	 	 
	9.	This
    Agreement shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts
    made in Delaware without regard to its principles of conflicts of laws. Each of the Parties agrees to submit himself to the
    in personam jurisdiction of the state and federal courts situated within the State of Washington, King County, with
    regard to any arising out of or relating to this Agreement. 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 via registered or certified
    mail or overnight delivery (with evidence of delivery) to such Party at the address in effect for 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. The Parties
    hereby waive all rights to a trial by jury.
	 	 
	10.	Neither
    Party may transfer or assign its rights or responsibilities under this Agreement without the prior written consent of the
    other Party.
	 	 
	11.	This
    Agreement constitutes the entire understanding of the Parties with respect to the subject matter hereof. The descriptive headings
    contained in this Agreement are included for convenience of reference only and shall not affect in any way the meaning or
    interpretation of this Agreement.
	 	 
	12.	INTERPRETATION.
    The Parties agree that this Agreement shall be deemed to have been jointly and equally drafted by them, and that the provisions
    of this Agreement therefore shall not be construed against a Party or Parties on the ground that such Party or Parties drafted
    or was more responsible for the drafting of any such provision(s). The Parties further agree that they have each carefully
    read the terms and conditions of this Agreement, that they know and understand the contents and effect of this Agreement and
    that the legal effect of this Agreement has been fully explained to its satisfaction by counsel of its own choosing.
	 	 
	13.	AMENDMENT.
    This Agreement may be amended at any time by the written consent of the Pledgor and the Agent without the consent of the Noteholders.
	 	 
	14.	COUNTERPARTS.
    This Agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which taken
    together shall be but a single instrument. The execution and delivery of a facsimile or other electronic transmission of a
    signature to this Agreement shall constitute delivery of an executed original and shall be binding upon the person whose signature
    appears on the transmitted copy.

 

[Signatures
appear on following pages]

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, the Parties have duly executed this Agreement as of the Effective Date. 

 

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

 

	 	By:	 	 
	 	Name:	Chris
    Christensen	 
	 	Title:
	CEO	 

 

	 	Agent: Marketplace Realty Advisors, LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name:	Ron
    Thomas	 
	 	Title:	General
    Manager	 

 

    	5

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