Document:

Exhibit 10.20

 

CHELSEA THERAPEUTICS INTERNATIONAL, LTD.

CONTROLLED EQUITY OFFERINGSM

Amendment No. 3 to

SALES AGREEMENT

 

November 26, 2012

Cantor Fitzgerald & Co.

499 Park Avenue

New York, NY 10022

 

Ladies and Gentlemen:

 

Reference is made to the Sales Agreement,
dated July 2, 2010, as amended by Amendment No. 1 dated July 26, 2011 and Amendment No. 2 dated December 28, 2011 (the “Sales
Agreement”), between Cantor Fitzgerald & Co. (“CF&Co”) and Chelsea Therapeutics
International, Ltd., a Delaware corporation (the “Company”), pursuant to which the Company agreed to
sell through CF&Co, as sales agent, up to $19,750,000 of shares of common stock, par value $0.0001 per share, of the Company.
All capitalized terms used in this Amendment No. 3 to Sales Agreement between CF&Co and the Company (this “Amendment”)
and not otherwise defined herein shall have the respective meanings assigned to such terms in the Sales Agreement. CF&Co and
the Company agree as follows:

 

		A.	Amendments to Sales Agreement. The Sales Agreement is amended as follows:
	 	 	 

	 	1.	The first sentence of the first paragraph of Section 1 of the Sales Agreement is hereby amended to replace
the term “$19,750,000” with “$20,000,000”.
	 	 	 
		2.	The first sentence of the second paragraph of Section 1 of the Sales Agreement is hereby amended
to replace the term “Form S-3 (File No. 333-161236)” with “Form S-3 (File No. 333-179183)”.
	 	 	 

		3.	The following sentence shall be added as the third sentence, to the second paragraph of Section
1 of the Sales Agreement:
	 	 	 

“The Company
may file one or more additional registration statements from time to time that will contain a base prospectus and/or prospectus
supplement with respect to the Placement Shares.”

 

		4.	The first sentence of the Placement Notice attached as Schedule 1 to the Sales Agreement shall be
amended to add “as amended on July 26, 2011, December 28, 2011 and November 26, 2012” immediately after “July
2, 2010”.
	 	 	 

		5.	Schedule 3 shall be amended by deleting “Simon Pedder (simon.pedder@chelsearx.com)”
and “Peter Dippolito (pdippolito@cantor.com)” and adding “Joseph Oliveto
(oliveto@chelsearx.com)” under “The Company.”
	 	 	 

		6.	The first sentence of the Form of Representation Date Certificate attached as Exhibit 7(l) to the
Sales Agreement is amended to add “as amended on July 26, 2011, December 28, 2011 and November 26, 2012” immediately
before “(the “Sales Agreement”)”.

 

B.         Prospectus Supplement. The
Company shall file a 424(b) Prospectus Supplement reflecting this Amendment within 2 business days of
the date hereof.

 

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C.          No Other
Amendments. Except as set forth in Part A above, all the terms and provisions of the Sales Agreement shall continue
in full force and effect.

 

D.          Counterparts.
This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Delivery of an executed Amendment by one party to the other may be made by facsimile
or email transmission.

 

E.          Governing
Law. This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of New York without
regard to the principles of conflicts of laws.

 

 

[Remainder of page intentionally left
blank.]

 

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If the foregoing correctly sets forth the understanding between
the Company and CF&Co, please so indicate in the space provided below for that purpose, whereupon this Amendment No. 3 to
Sales Agreement shall constitute a binding agreement between the Company and CF&Co. 

 

	 	Very truly yours,
	 	 	 
	 	 	CHELSEA THERAPEUTICS
	 	 	INTERNATIONAL, LTD.
	 	 	 
	 	 	By:	/s/ J. Nick Riehle
	 	 	 	 
	 	 	Name:  J. Nick Riehle
	 	 	Title:  Vice President and Chief Financial Officer

 

ACCEPTED as of the date first-above written:

 

CANTOR FITZGERALD & CO.

 

	By:	/s/ Jeffrey Lumby
	 	 
	Name:  Jeffrey Lumby
	Title:  Senior Managing DirectorEXHIBIT 10.1

 

FORM OF ESCROW AGREEMENT

 

This Escrow Agreement (this “Agreement”)
made and entered into as of this [__]th day of [_____], 201[_] by and among ICON ECI Fund Sixteen, a Delaware statutory trust (the
“Company”), UMB Bank, N.A., as escrow agent, a national banking association organized and existing under the
laws of the United States of America (the “Escrow Agent”), and ICON Securities Corp., a Delaware corporation
(the “Dealer Manager”), for itself and for and on behalf of its selected dealers (the “Selected Dealers”).

 

RECITALS 

 

WHEREAS, the Company proposes to offer
and sell two classes of shares, Class A shares and Class I shares, of the Company (collectively, the “Shares”)
to investors, including in a public offering of such Shares (the “Offering”).

 

WHEREAS, pursuant to the Offering, it
is seeking gross offering proceeds of at least $1,200,000 (the “Minimum Offering Requirement”) and up to $250,000,000
of gross offering proceeds, at an initial purchase price of $1,000.00 per Share in the primary offering or $920.00 per Share issued pursuant to the
Company’s distribution reinvestment plan pursuant to the Company’s Registration Statement
on Form S-1 (File No. 333-[_____]) filed with the Securities and Exchange Commission, as supplemented or amended from time to time
(the “Offering Document”).

 

WHEREAS, the Dealer Manager and the Selected
Dealers will sell the Shares in the public offering on behalf of the Company on a “best efforts” basis.

 

WHEREAS, the Company has agreed that the
subscription price paid by subscribers for Shares will be refunded to such subscribers if the Minimum Offering Requirement has
not been met by one year from the date the Offering Document becomes effective (such one-year anniversary being referred to herein
as the “Termination Date”).

 

WHEREAS, the Company and the Dealer Manager
desire to establish an escrow account (the “Escrow Account”) as further described herein, in which funds received
from subscribers will be deposited, and the Company and the Dealer Manager desire that UMB Bank, N.A. act as escrow agent to the
Escrow Account and Escrow Agent is willing to act in such capacity.

 

WHEREAS, in order to subscribe for Shares,
a subscriber must deliver the full amount of its subscription: (i) by check in U.S. dollars or (ii) by wire transfer
of immediately available funds in U.S. dollars.

 

    	 

    	 

    
 

AGREEMENT

 

NOW, THEREFORE, the Company, the Dealer
Manager and the Escrow Agent agree to the terms of this Agreement as follows:

 

1. Establishment of Escrow Account; Escrow Period.

 

(a) On or prior to the commencement of the Offering,
the parties shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank as Escrow Agent for
ICON Fund 16 Escrow Account.” Prior to meeting the Minimum Offering Requirement, the Dealer Manager and Selected Dealers
will instruct subscribers to make checks for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for ICON
Fund 16.” After meeting the Minimum Offering Requirement, the Dealer Manager and Selected Dealers will instruct subscribers
to make checks payable to “ICON Fund 16.”

 

(b) This Agreement shall become effective on the
date on which the Offering Document becomes effective. The escrow period shall commence upon the effectiveness of this Agreement
and shall continue until the earlier of (i) the date upon which the Escrow Agent receives confirmation from the Company or the
Dealer Manager that the Company has met the Minimum Offering Requirement (the “Minimum Offering Requirement Date”),
(ii) the Termination Date, or (iii) the termination of the Offering by the Company prior to meeting the Minimum Offering Requirement
(the “Escrow Period”).

 

2. Operation of the Escrow Account.

 

(a) Deposits in the Escrow Account. During
the Escrow Period, the Dealer Manager and the Selected Dealers will promptly deliver any monies received from subscribers for the
payment of Shares to the Escrow Agent for deposit in the Escrow Account, and the Escrow Agent shall deposit and hold in the Escrow
Account any monies received directly from subscribers for the payment of Shares (the “Escrowed Funds”) in accordance
with the subscription procedures set forth on Exhibit B hereto. All monies deposited into the Escrow Account shall be held
in the Escrow Account until such Escrowed Funds are disbursed in accordance with this paragraph 2. Prior to disbursement of the
Escrowed Funds deposited in the Escrow Account, such Escrowed Funds shall not be subject to claims by creditors of the Company
or any of its affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to receipt
of the Break Escrow Affidavit (as defined below), the Escrow Agent shall promptly notify the Company in writing via mail, email
or facsimile of such nonpayment, and is authorized to debit the Escrow Account, as applicable, in the amount of such returned payment
as well as any interest earned on the amount of such returned payment. The Company will, or will cause its transfer agent, DST
Systems, Inc. (the “Transfer Agent”), to maintain a written account of each sale, which account shall set forth,
among other things, the following information: (i) the subscriber’s name and address, (ii) the number and class
of Shares purchased by such subscriber, and (iii) the amount paid by such subscriber for such Shares. During the Escrow Period,
neither the Company nor the Dealer Manager will be entitled to any principal funds deposited into the Escrow Account.

 

(b) Returns and Refunds. If the Company rejects
any subscription for which the Escrow Agent has collected funds, the Escrow Agent shall, upon the written request of the Company,
promptly, but in no event less than ten (10) days from the date of such rejection, issue a refund to the rejected subscriber at
the address provided by the Dealer Manager or the Company, upon which the Escrow Agent shall be entitled to rely. If the Company
rejects any subscription for which the Escrow Agent has not yet collected funds, but has submitted the subscriber’s instrument
of payment for collection, the Escrow Agent shall promptly return the funds in the amount of the subscriber’s instrument
of payment to the rejected subscriber, at the address provided by the Dealer Manager or the Company or their respective agents,
upon which the Escrow Agent shall be entitled to rely, after such funds have been collected. If the Escrow Agent has not yet submitted
a rejected subscriber’s instrument of payment for collection, the Escrow Agent shall promptly remit the subscriber’s
instrument of payment directly to the subscriber.

 

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(c) Monthly Statements. The Escrow Agent shall
provide to the Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in
the Escrow Account and the activity in such account since the last report. The Escrow Agent will provide access to its Web Exchange
program to allow the Company to view account balances for the Escrow Account at any time.

 

(d) Distribution of the Escrowed Funds. If,
at any time on or prior to the Termination Date, the Minimum Offering Requirement has been met, then upon the happening of such
event, the principal amount of the Escrowed Funds shall remain in the Escrow Account until the Escrow Agent receives written direction
provided by the Company or the Dealer Manager instructing the Escrow Agent to deliver the principal amount of such Escrowed Funds,
or a portion thereof, as the Company or the Dealer Manager, as the case may be, shall direct in writing. An affidavit or certification
from an officer of the Company or the Dealer Manager to the Escrow Agent stating that the Minimum Offering Requirement has been
timely met shall constitute sufficient evidence for the purpose of this Agreement that such event has occurred (the “Break
Escrow Affidavit”). The Break Escrow Affidavit shall indicate (i) the date on which the Minimum Offering Requirement
has been met (the “Break Escrow Date”), (ii) the actual total number of each class of Shares sold as of
the Break Escrow Date, and (iii) if not all, that portion of the Escrowed Funds to be transferred to the Company. Following receipt
by the Escrow Agent of the Break Escrow Affidavit, the Escrow Agent shall disburse the Escrowed Funds, as directed by the Company.
Thereafter (the “Post Escrow Break Period”), the Escrow Agent shall transfer on the 1st business
day following each subsequent date on which any investor is admitted to the Company and thereby becomes a shareholder (each, a
“Closing Date”), and the Company or the Dealer Manager shall notify the Escrow Agent of each Closing Date, all
principal and interest earned on the Escrowed Funds in the Escrow Account since the previous Closing Date, as directed by the Company.
Additionally, the Company hereby directs the Escrow Agent to provide the Transfer Agent with all electronic files and information
needed by the Transfer Agent to perform its duties as record keeper under its agreement between the Transfer Agent and the Company.

 

If the Escrow Agent has not
received a Break Escrow Affidavit on or prior to the Termination Date, the Escrow Agent shall promptly return (but no later than
noon of the business day following the Termination Date, in compliance with Rules 10b-9 and 15c2-4 promulgated under the Securities
Exchange Act of 1934, as amended) the Escrowed Funds, including interest thereon, to the subscribers, per the name, address and
in the amounts provided by the Company, the Dealer Manager or Transfer Agent to the Escrow Agent without deduction, penalty or
expense, and the Escrow Agent shall notify the Company and the Dealer Manager in writing of its distribution of the Escrowed Funds.
The subscription payments returned to each subscriber shall be free and clear of any and all claims of the Company or any of its
creditors.

 

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3. Escrowed Funds. Upon receipt of the Escrowed Funds,
the Escrow Agent shall hold the Escrowed Funds in the Escrow Account pursuant to the terms of this Agreement. Until such time as
the Escrowed Funds shall be distributed by the Escrow Agent as provided herein, the Escrowed Funds shall be deposited by the Escrow
Agent in an interest bearing account or as may otherwise be directed by the Company in writing. In the absence of written direction
from the Company, the Escrow Agent shall invest and reinvest Escrowed Funds only in UMB Money Market Special Fund, a bank money
market account. The Escrow Agent shall be entitled to sell or redeem any investment of the Escrowed Funds as necessary to make
any distributions required under this Agreement and shall not be liable or responsible for any loss resulting from any such sale
or redemption. Income, if any, resulting from any investment of the Escrowed Funds shall be retained by the Escrow Agent, and shall
be distributed according to this Agreement.

 

4. Duties of the Escrow Agent. The Escrow Agent shall
have no duties or responsibilities other than those expressly set forth in this Agreement, and no implied duties or obligations
shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement
among the other parties hereto, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement.
The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided herein. The Escrow Agent shall
be under no liability to anyone by reason of any failure on the part of any other party hereto or any maker, endorser or other
signatory of any document or any other person to perform such person’s obligations under any such document.

 

5. Liability of the Escrow Agent; Indemnification. The
Escrow Agent acts hereunder as a depository only. The Escrow Agent is not responsible or liable in any manner for the review by
the Company of this Escrow Agreement or the sufficiency, correctness, genuineness or validity of this Escrow Agreement, on behalf
of the Company, or with respect to the form of execution of the same, as it relates to the Company. The Escrow Agent shall not
be liable for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in good faith, and in the
exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document
(not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability
of any information therein contained) which is reasonably believed by the Escrow Agent to be genuine and to be signed or presented
by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an officer or
employee of the Escrow Agent, unless it shall be finally determined in a court of competent jurisdiction that the Escrow Agent
was grossly negligent or reckless or acted intentionally in bad faith or in willful misconduct. The Escrow Agent shall not be bound
by any notice of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless
evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the
Escrow Agent are affected, unless it shall give its prior written consent thereto.

 

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The Escrow Agent may consult legal counsel and shall exercise
reasonable care in the selection of such counsel in the event of any dispute or question as to the construction of any provisions
hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in accordance with the reasonable
opinion or instructions of such counsel.

 

The Escrow Agent shall not be responsible for, may conclusively
rely upon and shall be protected, indemnified and held harmless by the Company for the sufficiency or accuracy of the form of,
or the execution, validity, value or genuineness of any document or property received or held by it hereunder, or of the signature
or endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account
of the identity, authority or rights of the persons executing or delivering or purporting to execute or deliver any document, property
or this Agreement.

 

In the event that the Escrow Agent shall become involved in
any arbitration or litigation relating to the Escrowed Funds, the Escrow Agent is authorized to comply with any final, binding
and non-appealable decision reached through such arbitration or litigation; provided, however, the Escrow Agent shall
provide the Company with prior written notice of any such decision and the Company shall have an opportunity to procure a suitable
protective order to the extent applicable.

 

The Company hereby agrees to indemnify the Escrow Agent for,
and to hold it harmless against, any loss, liability or expense incurred in connection herewith without gross negligence, recklessness,
bad faith or willful misconduct on the part of the Escrow Agent, including, without limitation, legal or other fees arising out
of or in connection with its entering into this Agreement and carrying out its duties hereunder, including, without limitation,
the reasonable costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader.
The Escrow Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith,
unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that the Escrow Agent shall
not be indemnified against any loss, liability or expense arising out of its own gross negligence, recklessness, bad faith or willful
misconduct. Such indemnity shall survive the termination or discharge of this Agreement or resignation of the Escrow Agent.

 

6. The Escrow Agent’s Fee. Escrow Agent shall be
entitled to fees and expenses for its regular services as Escrow Agent as set forth in Exhibit A. Additionally, Escrow Agent
is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs
and expenses related to its obligations as Escrow Agent under this Agreement, including, but not limited to, reasonable attorneys’
fees. Subject to proper invoicing or a good faith dispute, all of the Escrow Agent’s compensation and its reasonable and
documented costs and expenses shall be paid by the Company.

 

7. Security Interests. No party to this Agreement shall
grant a security interest in any monies or other property deposited with the Escrow Agent under this Agreement, or otherwise create
a lien, encumbrance or other claim against such monies or borrow against the same.

 

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8. Dispute. In the event of any disagreement between
the undersigned or the person or persons named in the instructions contained in this Agreement, or any other person, resulting
in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby,
the Escrow Agent shall be entitled to refuse to comply with any demand or claim, as long as such disagreement shall continue, except
as otherwise required by law, regulation or governmental order or subpoena, and in so refusing to make any delivery or other disposition
of any money, papers or property involved or affected hereby, the Escrow Agent shall not be or become liable to the undersigned
or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow
Agent shall be entitled to refuse and refrain to act until: (a) the rights of the adverse claimants shall have been fully
and finally adjudicated in a court assuming and having jurisdiction of the parties and money, papers and property involved herein
or affected hereby, or (b) all differences shall have been adjusted by agreement and the Escrow Agent shall have been notified
thereof in writing, signed by all the interested parties.

 

9. Resignation of Escrow Agent. The Escrow Agent may
resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their
respective addresses as set forth herein, at least 60 days before the date specified for such resignation or removal to take effect.
Upon the effective date of such resignation or removal:

 

(a) All cash and other payments and all other property
then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing
by the Company, whereupon the Escrow Agent’s obligations hereunder shall cease and terminate.

 

(b) If no such successor escrow agent has been designated
by such date, all obligations of the Escrow Agent hereunder shall, nevertheless, cease and terminate, and the Escrow Agent’s
sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in
writing by the Company or in accordance with the directions of a final order or judgment of a court of competent jurisdiction.

 

(c) Further, if no such successor escrow agent has
been designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor
agent; further, the Escrow Agent may pay into court all monies and property deposited with Escrow Agent under this Agreement.

  

10. Notices. All notices, demands and requests required
or permitted to be given under the provisions hereof must be in writing and shall be deemed to have been sufficiently given, upon
receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered
or certified mail, with return receipt requested, delivered as follows:

 

	(a) If to the Company:	 	ICON ECI Fund Sixteen
	 	 	3 Park Avenue, 36th Floor
	 	 	New York, NY  10016
	 	 	Fax: (212) 418-4739
	 	 	Attention: Co-Chief Executive Officer and Co-President
	 	 	 
	(b) If to the Escrow Agent:	 	UMB Bank, N.A.
	 	 	Corporate Trust & Escrow Services

 

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	 	 	1010 Grand Boulevard, 4th Floor
	 	 	Mail Stop: 1020409
	 	 	Kansas City, MO  64106
	 	 	Attention: Lara Stevens
	 	 	 
	 	 	 
	 	 	 
	(c) If to the Dealer Manager:	 	ICON Securities Corp
	 	 	3 Park Avenue, 36th Floor
	 	 	New York, NY  10016
	 	 	Fax (212) 300-9681
	 	 	Attention: President

11. Governing Law. This Agreement shall be construed
and enforced in accordance with the laws of the State of New York without regard to the principles of conflicts of law.

 

12. Binding Effect; Benefit. This Agreement shall be
binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto.

 

13. Modification. This Agreement may, subject to the
termination conditions of Section 9, be amended, modified or terminated at any time by a writing executed by the Company, the Dealer
Manager and the Escrow Agent.

 

14. Assignability. This Agreement shall not be assigned
by the Escrow Agent without the Company’s prior written consent.

 

15. Counterparts. This Agreement may be executed in one
or more counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic
and valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate
court of law.

 

16. Headings. The section headings contained in this
Agreement are inserted for convenience only, and shall not affect in any way the meaning or interpretation of this Agreement.

 

17. Severability. This Agreement constitutes the entire
agreement among the parties and supersedes all prior and contemporaneous agreements and undertakings of the parties in connection
herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver
thereof; nor may any single or partial exercise of any right, power or remedy preclude any other or further exercise of any right,
power or remedy. In the event that any one or more of the provisions contained in this Agreement shall, for any reason, be held
to be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality
or unenforceability shall not affect any other provision of this Agreement.

 

18. Earnings Allocation; Tax Matters; Patriot Act Compliance.
The Company or its agent shall be responsible for all tax reporting under this Agreement. The Company and the Dealer Manager shall
provide to Escrow Agent upon the execution of this Agreement any documentation and any information reasonably requested by the
Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time.

 

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19. Miscellaneous. This Agreement shall be construed
without regard to the identity of the person who drafted it or the party who caused it to be drafted and shall be construed as
if all parties had jointly prepared this Agreement and it shall be deemed their joint work product. Each and every provision of
this Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty
or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction that a document
is to be construed against the drafting party shall not be applicable.

 

20. Termination of the Agreement. This Agreement, except
for Sections 5, 9 and 20 hereof, which shall continue in effect, shall terminate upon written notice from the Company to the Escrow
Agent.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF,
the undersigned have caused this Escrow Agreement to be executed by their duly authorized representatives as of the date first
written hereinabove:

 

 

 

COMPANY:

 

ICON ECI Fund Sixteen

By:ICON Capital Corp.,

       its Investment Manager

 

By:________________________

Name:Michael A. Reisner

Title:Co-President and Co-Chief

          Executive Officer

 

 

DEALER MANAGER:

 

ICON Securities Corp.

 

By:________________________

Name:Douglas E. Crossman

Title:Chief Executive Officer

 

ESCROW AGENT:

 

UMB Bank, N.A.

 

By:________________________

Name:______________________

Title:_______________________

 

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EXHIBIT A

 

ESCROW FEES AND EXPENSES

 

	Acceptance Fee	 	 
	Review/draft agreement, establish accounts,	 	$3,250
	Set up recon file/feeds with Transfer Agent	 	 
	 	 	 
	Annual Fee	 	 
	Annual Escrow Agent	 	$2,500
	 	 	 
	Transactional Fees	 	 
	Outgoing Wire Transfer	 	$15 each
	Daily Recon File to Transfer Agent	 	$2.50 per Bus Day
	Web Exchange Access	 	$15 per month
	Overnight Delivery/Mailings	 	$16.50 each
	IRS Tax Reporting	 	$10 per 1099

 

Acceptance fee will be payable at the initiation of the escrow.
Thereafter, the annual Escrow Agent fee and Transactional Fees set forth above will be billed quarterly in arrears. Other fees
and expenses will be billed as incurred.

 

Fees specified are for the regular, routine services contemplated
by the Agreement, and any additional or extraordinary services, including, but not limited to, disbursements involving a dispute
or arbitration, or administration while a dispute, controversy or adverse claim is in existence, will be charged based upon time
required at the then standard hourly rate.

 

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EXHIBIT B

 

SUBSCRIPTION PROCEDURES

 

Each subscription agreement and related
subscription payment shall be forwarded by the Dealer Manager to the Company at the address set forth below no later than noon
of the next business day after receipt from its customer by any member of, or person associated with, the Dealer Manager of such
payment, unless such subscription agreement and payment are first forwarded to another of the Dealer Manager’s offices for
internal supervisory review (which shall take place within the aforementioned time period), in which event such other office shall
complete its review and forward such subscription agreement and payment to the below address no later than noon of the next business
day after its receipt thereof. Notwithstanding the foregoing, any investor’s check not properly completed shall be promptly
returned to such investor not later than the next business day following the Dealer Manager’s receipt of such check. Each
subscription so received by the Company will be subject to acceptance or rejection by it by the end of the business day on which
it is received. Each such subscription payment received and accepted by the Company will be transmitted, as soon as practicable,
but in any event by the end of the second business day following the Company’s receipt thereof, to the Escrow Agent for deposit
in an interest-bearing bank account insured by the Federal Deposit Insurance Corporation, which shall be an escrow account in the
name of the Escrow Agent pending the receipt of subscriptions for an aggregate of $1,200,000 in Shares and thereafter will be deposited
in a segregated subscription account maintained solely for such purpose by the Company. The Company undertakes to promptly return
directly to the Dealer Manager for return to any of its customers whose subscriptions are not accepted by the Company their subscription
agreements together with the related subscription payment within five business days of the Company’s receipt of same. Unless
and until an event requiring a refund occurs, an investor will have no right to withdraw his or her subscription payment from escrow.
The Company has reserved the unconditional right to refuse to accept, in whole or in part, any subscription and related payment
and to refuse to accept as an investor any person for any reason whatsoever or no reason.

 

	Regular Mail	Overnight
	ICON Capital Corp.	ICON Capital Corp.
	c/o DST Systems	c/o DST Systems
	P.O. Box 219476	430 West 7th Street
	Kansas City, MO 64121-9476	Kansas City, MO 64105
	 	Tel: (800) 343-3736

 

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