Document:

exv4w1

Exhibit 4.1

SUBSCRIPTION AGREEMENT

GeoVax Labs, Inc.

1900 Lake Park Drive, Suite 380

Smyrna, Georgia 30080

Gentlemen:

          The undersigned (the “Investor”) hereby confirms its agreement with GeoVax Labs, Inc., a
Delaware corporation (the “Company”), as follows:

          1. This Subscription Agreement, including the Terms and Conditions for Purchase of Units
(defined below) (collectively, this “Agreement”), is made as of the date set forth below between
the Company and the Investor.

          2. The Company represents and warrants that it has authorized the issuance and sale to certain
investors of up to ________ shares of common stock, $0.001 par value, of the Company (the “Common
Stock”) and up to ______ five-year warrants to purchase one (1) additional share of Common Stock
(each, a “Warrant”), which are being offered for sale in up to ________ units consisting of one
share of Common Stock and one Warrant (the “Units”).

          3. The Company represents and warrants that the offering and sale of the Units (the
“Offering”) are being made pursuant to (a) an effective Registration Statement on Form S-1
(Registration No. 333-165828) (the “Registration Statement”) filed by the Company with the
Securities and Exchange Commission (the “Commission”), including the Prospectus contained therein
(the “Preliminary Prospectus”), (b) if applicable, certain “free writing prospectuses” (as that
term is defined in Rule 405 under the Securities Act of 1933, as amended (the “Act”)), if any, that
have been or will be filed with the Commission and delivered to the Investor on or prior to the
date hereof (the “Issuer Free Writing Prospectus”), containing certain supplemental information
regarding the Units, the terms of the Offering and the Company, and (c) the Final Prospectus (the
"Final Prospectus” and, together with the Preliminary Prospectus, the “Prospectus”) containing
certain supplemental information regarding the Units and terms of the Offering that has been or
will be (i) filed with the Commission, and (ii) delivered to the Investor (or made available to the
Investor by the filing by the Company of an electronic version thereof with the Commission).

          4. The Company and the Investor agree that the Investor will purchase from the Company, and
the Company will sell to the Investor, the Units set forth below for the aggregate purchase price
set forth below. The Units shall be purchased pursuant to the Terms and Conditions for Purchase of
Units attached hereto as Annex I and incorporated herein by reference (the “Terms and
Conditions for Purchase of Units”) as if fully set forth herein. The Investor acknowledges that
the Offering is not being underwritten by Global Hunter Securities LLC or Gilford Securities
Incorporated (the “Placement Agents”) and that no Units will be sold unless Subscription Agreements
for Units representing an aggregate purchase price of at least $5 million are received and
accepted.

 

 

          5. The manner of settlement of the Shares comprising the Units purchased by the Investor shall
be determined by such Investor as follows (check one):

[     ]

	 	A.	 	Delivery by crediting the account of the Investor’s prime
broker (as specified by such Investor on Exhibit A attached hereto)
with the Depository Trust Company (“DTC”) through its Deposit/Withdrawal At
Custodian (“DWAC”) system, whereby Investor’s prime broker shall initiate a
DWAC transaction on the Closing Date using its DTC participant identification
number, and released by American Stock Transfer and Trust Company, the
Company’s transfer agent (the “Transfer Agent”), at the Company’s direction.
NO LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE
INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

	 	(I)	 	DIRECT THE BROKER-DEALER AT WHICH THE ACCOUNT
OR ACCOUNTS TO BE CREDITED WITH THE SHARES ARE MAINTAINED TO SET UP A
DWAC INSTRUCTING THE TRANSFER AGENT TO CREDIT SUCH ACCOUNT OR ACCOUNTS
WITH THE SHARES, AND
	 
	 	(II)	 	REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR
BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING
ACCOUNT:

	 	 	 	 	 
	 	Institution Name: ______________________

ABA # ______________________

Account Name: _____________/GeoVax Labs, Inc. — Escrow Account

Account Number: ______________________

 	 
	 	 	 
	 	 	 
	 	 	 
	 

-OR-

[     ]

	 	B.	 	Delivery by the Transfer Agent of a stock certificate
evidencing the Shares registered in the name of the registered holder specified
by Investor on Exhibit A attached hereto to the address specified by
Investor on Exhibit A attached hereto, at the Company’s direction. NO
LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE
INVESTOR AND THE COMPANY, THE INVESTOR SHALL REMIT THE AMOUNT OF FUNDS EQUAL TO
THE AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE

2

 

	 	 	 	INVESTOR BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING
ACCOUNT:

	 	 	 	 	 
	 	Institution Name: ______________________

ABA # ______________________

Account Name: _____________/GeoVax Labs, Inc. — Escrow Account

Account Number: ______________________

 	 
	 	 	 
	 	 	 
	 	 	 
	 

-OR-

[     ]

	 	C.	 	Delivery versus payment (“DVP”) through DTC on the Closing
Date, the Company shall deliver the Shares registered in the Investor’s name
and address as set forth below and released by the Transfer Agent to the
Investor through DTC at the Closing directly to the account(s) at the Placement
Agents identified by the Investor; upon receipt of such Shares, the Placement
Agents shall promptly electronically deliver such Shares to the Investor. NO
LATER THAN ONE (1) BUSINESS DAY AFTER THE EXECUTION OF THIS AGREEMENT BY THE
INVESTOR AND THE COMPANY, THE INVESTOR SHALL:

	 	(I)	 	NOTIFY THE PLACEMENT AGENTS OF THE ACCOUNT OR
ACCOUNTS AT THE PLACEMENT AGENTS TO BE CREDITED WITH THE UNITS BEING
PURCHASED BY SUCH INVESTOR, AND
	 
	 	(II)	 	REMIT THE AMOUNT OF FUNDS EQUAL TO THE
AGGREGATE PURCHASE PRICE FOR THE UNITS BEING PURCHASED BY THE INVESTOR
BY WIRE TRANSFER OF IMMEDIATELY AVAILABLE FUNDS TO THE FOLLOWING
ACCOUNT:

	 	 	 	 	 
	 	Institution Name: ______________________

ABA # ______________________

Account Name: _____________/GeoVax Labs, Inc. — Escrow Account

Account Number: ______________________

 	 
	 	 	 
	 	 	 
	 	 	 
	 

IT IS THE INVESTOR’S RESPONSIBILITY TO (A) MAKE THE NECESSARY WIRE TRANSFER IN A TIMELY MANNER
AND (B) ARRANGE FOR SETTLEMENT BY WAY OF DWAC OR DVP IN A TIMELY MANNER. IF THE INVESTOR DOES NOT
DELIVER THE AGGREGATE PURCHASE PRICE FOR THE UNITS OR DOES NOT MAKE PROPER ARRANGEMENTS FOR
SETTLEMENT IN A TIMELY MANNER, THE UNITS MAY NOT BE DELIVERED AT CLOSING TO THE INVESTOR OR THE
INVESTOR MAY BE EXCLUDED FROM THE CLOSING ALTOGETHER.

3

 

          6. The manner of settlement of the Warrants comprising the Units purchased by the Investor
shall be pursuant to an executed Warrant to be delivered to the Investor by the Company at the
Closing.

          7. The Investor represents that, except as set forth below, (a) it has had no material
relationship (exclusive of any investments by the Investor in the Company’s securities) within the
past three years with the Company, or persons known to it to be affiliates of the Company, (b) it
is not a FINRA member or an Associated Person of a FINRA member (as such term is defined under the
NASD Membership and Registration Rules Section 1011) as of the Closing, and (c) neither the
Investor nor any group of Investors (as identified in a public filing made with the Commission) of
which the Investor is a part in connection with the Offering of the Units, acquired, or obtained
the right to acquire, 20% or more of the Common Stock (or securities convertible into or
exercisable for Common Stock) or the voting power of the Company on a post-transaction basis.
Exceptions:

The representations above are made to the knowledge of the signatory below,

(If no exceptions, write “none.” If left blank; response will be deemed to be “none.”)

          8. The Investor represents that it has received (or otherwise had made available to it by the
filing by the Company of an electronic version thereof with the Commission) the Preliminary
Prospectus which is a part of the Registration Statement, the documents incorporated by reference
therein and any Issuer Free Writing Prospectus (collectively, the “Disclosure Package”), prior to
or in connection with the receipt of this Agreement. The Investor acknowledges that, prior to the
delivery of this Agreement by the Investor to the Company or the Placement Agents, the Investor
will receive certain additional information regarding the Offering, including pricing information
(the “Offering Information”). Such information may be provided to the Investor by any means
permitted under the Act, including a free writing prospectus and oral communications, if
applicable.

          9. No offer by the Investor to buy Units will be accepted and no part of the Purchase Price
will be delivered to the Company until the Investor has received the Offering Information and the
Company has accepted such offer by countersigning a copy of this Agreement, and any such offer may
be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to the
Company (or the Placement Agents on behalf of the Company) sending (orally, in writing or by
electronic mail) notice of its acceptance of such offer. An indication of interest will involve no
obligation or commitment of any kind until the Investor has been delivered the Offering Information
and this Agreement is accepted and countersigned by or on behalf of the Company.

[Signature Page Follows]

4

 

          Please confirm that the foregoing correctly sets forth the agreement between us by signing in
the space provided below for that purpose.

	 	 	 	 	 	 	 	 	 

	Number of Units:

	 	 	 	Dated as of:
	 	 
	 	, 2010
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Purchase Price Per Unit:          $

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	Aggregate Purchase Price:          $

	 	 	 	INVESTOR	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Print Name:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Address:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	E-mail:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Phone:	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	TIN:	 	 	 	 
	 	 	 	 	 	 	 

Agreed and Accepted this _______ day of ____________, 2010:

	 	 	 	 	 

	THE COMPANY	 	 
	GEOVAX LABS, INC.	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Name:

	 	Mark W. Reynolds	 	 
	Title:

	 	Chief Financial Officer	 	 

5

 

EXHIBIT A

INVESTOR QUESTIONNAIRE

          Pursuant to Section 3.1 of Annex I to the Agreement, please provide us with
the following information:

	 	 	 	 	 
	1.

	 	The exact name that your Common Stock and Warrants are to be
registered in. You may use a nominee name if appropriate:	 	 
	 	 	 	 	 
	 
	 	 	 	 
	2.

	 	The relationship between the Investor and the registered
holder listed in response to item 1 above:	 	 
	 	 	 	 	 
	 
	 	 	 	 
	3.

	 	The mailing address of the registered holder listed in
response to item 1 above:	 	 
	 	 	 	 	 
	 
	 	 	 	 
	4.

	 	The Social Security Number or Tax Identification Number of
the registered holder listed in the response to item 1 above:	 	 
	 	 	 	 	 
	 
	 	 	 	 
	5.

	 	Name of DTC Participant (broker-dealer at which the account
or accounts to be credited with the Shares are maintained):	 	 
	 	 	 	 	 
	 
	 	 	 	 
	6.

	 	DTC Participant Number:	 	 
	 	 	 	 	 
	 
	 	 	 	 
	7.

	 	Name of Account at DTC Participant being credited with the
Shares:	 	 
	 	 	 	 	 
	 
	 	 	 	 
	8.

	 	Account Number at DTC Participant being credited with the

Shares:	 	 
	 	 	 	 	 
	 
	 	 	 	 
	9.

	 	EIN Number:	 	 
	 	 	 	 	 

A-1

 

EXHIBIT B

PLACEMENT AGENCY AGREEMENT

B-1

 

ANNEX I

TERMS AND CONDITIONS FOR PURCHASE OF UNITS

          These Terms and Conditions are part of a Subscription Agreement for the purchase of Units of
Common Stock and Warrants from GeoVax Labs, Inc. (the “Company”). Capitalized terms which are not
defined in this Annex 1 shall have the meaning ascribed to them in the Subscription
Agreement. The Subscription Agreement and this Annex 1 are hereinafter collectively
referred to as the “Agreement”.

          1. Authorization and Sale of the Units. Subject to the terms and conditions of this
Agreement, the Company has authorized the sale of the Units.

          2. Agreement to Sell and Purchase the Units; Placement Agents.

                    2.1 At the Closing (as defined in Section 3.1 below), the Company will sell to the
Investor, and the Investor will purchase from the Company, upon the terms and conditions set forth
herein, the number of Units set forth on the last page of the Agreement to which these Terms and
Conditions for Purchase of Units are attached as Annex I (the “Signature Page”) for the
aggregate purchase price therefor set forth on the Signature Page.

                    2.2 The Company proposes to enter into substantially this same form of Subscription Agreement
with certain other investors (the “Other Investors”) and expects to complete sales of Units to
them. The Investor and the Other Investors, if any, are hereinafter sometimes collectively
referred to as the “Investors,” and this Agreement and the Subscription Agreements executed by the
Other Investors are hereinafter sometimes collectively referred to as the “Agreements.”

                    2.3 Investor acknowledges that the Company has agreed to pay the Placement Agents a fee (the
“Placement Fee”) and other consideration in respect of the sale of Units to the Investor.

                    2.4 The Company has entered into a Placement Agency Agreement, dated ______ __, 2010 (the
“Placement Agency Agreement”), with the Placement Agents, which Placement Agency Agreement contains
certain representations, warranties, covenants and agreements of the Company that may be relied
upon by the Investor, which shall be a third party beneficiary thereof. The Company represents and
warrants that a true and correct copy of the Placement Agency Agreement is attached to this
Agreement as Exhibit B. Except with respect to the material terms and conditions of the
transactions contemplated by this Agreement, the Placement Agency Agreement and any other documents
or agreements contemplated hereby or thereby, the Company confirms that neither it nor any other
person acting on its behalf has provided the Investors or their agents or counsel with any
information that constitutes or could reasonably be expected to constitute material, non-public
information The Company understands and confirms that the Investors will rely on the foregoing
representations in effecting transactions in securities of the Company.

          3. Closings and Delivery of the Units and Funds.

Annex I, Page 1

 

                    3.1 Closing. The completion of the purchase and sale of the Units (the “Closing”)
shall occur at a place and time (the “Closing Date”) to be specified by the Company and the
Placement Agents (such Closing Date to be the third business day following the date of this signed
Agreement), and of which the Investors will be notified in advance by the Placement Agents, in
accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). At the Closing, (a) the Company shall cause to be delivered to the Investor the
Common Stock and Warrants comprising the number of Units set forth on the Signature Page registered
in the name of the Investor or, if so indicated on the Investor Questionnaire attached hereto as
Exhibit A, with the Common Stock and Warrants to be issued in the name of a nominee
designated by the Investor and (b) the aggregate purchase price for the Units being purchased by
the Investor will be delivered by or on behalf of the Investor to the Company.

                    3.2 Conditions to the Obligations of the Parties.

                              (a) Conditions to the Company’s Obligations. The Company’s obligation to issue and
sell the Units to the Investor shall be subject to: (i) the delivery by the Investor, in accordance
with the provisions of this Agreement, of the purchase price for the Units being purchased
hereunder as set forth on the Signature Page and (ii) the accuracy of the representations and
warranties made by the Investor in this Agreement and the fulfillment of those undertakings of the
Investor in this Agreement to be fulfilled prior to the Closing Date.

                              (b) Conditions to the Investor’s Obligations. The Investor’s obligation to purchase
the Units will be subject to (i) the delivery by the Company of the Shares and the Warrants
comprising the Units in accordance with the provisions of this Agreement, (ii) the accuracy of the
representations and warranties made by the Company and the fulfillment of those undertakings of the
Company to be fulfilled prior to the Closing Date, including without limitation, those contained in
the Placement Agency Agreement, (iii) the satisfaction of the conditions to the closing set forth
in the Placement Agency Agreement, and to the condition that the Placement Agents, shall not have:
(x) terminated the Placement Agency Agreement pursuant to the terms thereof or (y) determined that
the conditions to the closing in the Placement Agency Agreement have not been satisfied. The
Investor’s obligations are expressly not conditioned on the purchase by any or all of the Other
Investors of the Units that they have agreed to purchase from the Company, except that Units
representing an aggregate purchase price of at least $5 million must be sold before any will be
sold. The Investor understands and agrees that, in the event that the Placement Agents, in its
sole discretion, determines that the conditions to closing in the Placement Agency Agreement have
not been satisfied or if the Placement Agency Agreement may be terminated for any other reason
permitted by the Placement Agency Agreement, then the Placement Agents may, but shall not be
obligated to, terminate such Agreement, which shall have the effect of terminating this
Subscription Agreement pursuant to Section 14 below.

          4. Representations, Warranties and Covenants of the Investor. The Investor acknowledges,
represents and warrants (as of the date hereof) to, and agrees with, the Company and the Placement
Agents that:

                    4.1 The Investor (a) is knowledgeable, sophisticated and experienced in making, and is
qualified to make decisions with respect to, investments in Units presenting an investment decision
like that involved in the purchase of the Units, including investments in securities issued by the
Company and investments in comparable companies, (b) is an “accredited investor” within the meaning
of Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended,

Annex I, Page 2

 

(c) has answered all questions on the Signature Page and the Investor Questionnaire and the
answers thereto are true and correct as of the date hereof and will be true and correct as of the
Closing Date and (d) in connection with its decision to purchase the number of Units set forth on
the Signature Page, has received and is relying only upon the Disclosure Package and the documents
incorporated by reference therein and the Offering Information and the representations, warranties,
covenants and agreements of the Company contained in the Placement Agency Agreement.

                    4.2 (a) No action has been or will be taken in any jurisdiction outside the United States by
the Company or the Placement Agents that would permit an offering of the Units, or possession or
distribution of offering materials in connection with the issue of the Units in any jurisdiction
outside the United States where action for that purpose is required, (b) if the Investor is outside
the United States, it will comply with all applicable laws and regulations in each foreign
jurisdiction in which it purchases, offers, sells or delivers Units or has in its possession or
distributes any offering material, in all cases at its own expense and (c) the Placement Agents are
not authorized to make nor have they made any representation, disclosure or use of any information
in connection with the issue, placement, purchase and sale of the Units, except as set forth or
incorporated by reference in the Preliminary Prospectus, any Issuer Free Writing Prospectus or the
Final Prospectus.

                    4.3 (a) The Investor is either an individual or an entity duly organized, validly existing and
in good standing under the laws of the jurisdiction of its organization and has full right, power,
authority and capacity to enter into this Agreement and to consummate the transactions contemplated
hereby and has taken all necessary action to authorize the execution, delivery and performance of
this Agreement, and (b) this Agreement constitutes a valid and binding obligation of the Investor
enforceable against the Investor in accordance with its terms, except as enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting
creditors’ and contracting parties’ rights generally and except as enforceability may be subject to
general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law) and except as to the enforceability of any rights to
indemnification or contribution that may be violative of the public policy underlying any law, rule
or regulation (including any federal or state securities law, rule or regulation). The Investor’s
execution, delivery and performance of this Agreement and the consummation by it of the
transactions contemplated hereby do not and will not (i) conflict with or violate any provision of
the Investor’s certificate or articles of incorporation, bylaws or other organizational or charter
documents, or (ii) conflict with or result in a violation of any law, rule, regulation, order,
judgment, injunction, decree or other restriction of any court or governmental authority to which
the Investor is subject (including federal and state securities laws and regulations), or by which
any property or asset of the Investor is bound or affected.

                    4.4 The Investor understands that nothing in this Agreement, the Prospectus or any other
materials presented to the Investor in connection with the purchase and sale of the Units
constitutes legal, tax or investment advice. The Investor has consulted such legal, tax and
investment advisors and made such investigation as it, in its sole discretion, has deemed necessary
or appropriate in connection with its purchase of Units.

                    4.5 If the Investor has previously received any material non-public information since the time
at which the Placement Agents first contacted the Investor about the Offering, the Investor has not
disclosed any of such material non-public information regarding the Offering to any third parties
(other than its legal, accounting and other advisors) and has not engaged in any transactions
involving the securities of the Company (including, without limitation, any Short Sales

Annex I, Page 3

 

(defined below) involving the Company’s securities). The Investor covenants that it will (i)
maintain the confidentiality of all material non-public information acquired as a result of the
transactions contemplated herein and (ii) not engage in any purchases or sales of the securities of
the Company (including Short Sales), in each case prior to the time that such material non-public
information is publicly disclosed. The Investor agrees that it will not use any of the Units
acquired pursuant to this Agreement to cover any short position in the Common Stock if doing so
would be in violation of applicable securities laws. For purposes hereof, “Short Sales” include,
without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under
the Exchange Act, whether or not against the box, and all types of direct and indirect stock
pledges, forward sales contracts, options, puts, calls, short sales, swaps, “put equivalent
positions” (as defined in Rule 16a-1(h) under the Exchange Act) and similar arrangements (including
on a total return basis), and sales and other transactions through non-U.S. broker dealers or
foreign regulated brokers.

                    4.6 Investor acknowledges that a portion of the identifying information set forth on the
Signature Page is being requested in connection with the USA Patriot Act, Pub.L.107-56 (the
“Patriot Act”), and Investor agrees to provide any additional information requested by the Company
or the Placement Agents in connection with the Patriot Act or any similar legislation or regulation
to which Company or the Placement Agents is subject, in a timely manner. Investor hereby
represents that the identifying information set forth on the Signature Page, including without
limitation, its Taxpayer Identification Number assigned by the Internal Revenue Service or any
other taxing authority, is true and complete on the date hereof and will be true and complete at
the time of the Closing.

          5. Survival of Representations, Warranties and Agreements. Notwithstanding any investigation
made by any party to this Agreement or by the Placement Agents, all covenants, agreements,
representations and warranties made by the Company and the Investor herein and, with respect to the
Company, in the Placement Agency Agreement, will survive the execution of this Agreement, the
delivery to the Investor of the Units being purchased and the payment therefor.

          6. Notices. All notices, requests, consents and other communications hereunder will be in
writing, will be mailed (a) if within the domestic United States by first-class registered or
certified airmail, or nationally recognized overnight express courier, postage prepaid, or by
facsimile or (b) if delivered from outside the United States, by International Federal Express or
facsimile, and (c) will be deemed given (i) if delivered by first-class registered or certified
mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized
overnight carrier, one business day after so mailed, (iii) if delivered by International Federal
Express, two business days after so mailed and (iv) if delivered by facsimile, upon electric
confirmation of receipt and will be delivered and addressed as follows:

                              (a) if to the Company, to:

GeoVax Labs, Inc.

1900 Lake Park Drive, Suite 380

Smyrna, Georgia 30080

Attention: Mark Reynolds

Facsimile No.: (678) 384-7281

                              (b) if to the Investor, at its address on the Signature Page hereto, or at such other address
or addresses as may have been furnished to the Company in writing.

Annex I, Page 4

 

          7. Changes. This Agreement may not be modified or amended except pursuant to an instrument in
writing signed by the Company and the Investor. Any modification or amendment to Section 3
(Representations and Warranties of the Company), Section 9 (Conditions of the Obligations of the
Placement Agents, or Section 13 (Third Party Beneficiaries) of the Placement Agency Agreement, and
any modification or amendment to the Placement Agency Agreement that is material and adverse to the
Investor, shall require the prior written consent of the Investor.

          8. Headings. The headings of the various sections of this Agreement have been inserted for
convenience of reference only and will not be deemed to be part of this Agreement.

          9. Severability. In case any provision contained in this Agreement should be invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining
provisions contained herein will not in any way be affected or impaired thereby.

          10. Governing Law. All questions concerning the construction, validity, enforcement and
interpretation of this Agreement shall be governed by and construed and enforced in accordance with
the internal laws of the State of Delaware, without regard to the principles of conflicts of law
thereof. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the City of Wilmington, Delaware, for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein
(including with respect to the enforcement of this Agreement), 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 improper or is an
inconvenient venue for such proceeding. 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 other manner
permitted by law. If any party shall commence an action or proceeding to enforce any provisions of
this Agreement, then the prevailing party in such action or proceeding shall be reimbursed by the
other party for its reasonable attorneys’ fees and other costs and expenses incurred with the
investigation, preparation and prosecution of such action or proceeding.

          11. Counterparts. This Agreement may be executed in two or more counterparts, each of which
will constitute an original, but all of which, when taken together, will constitute but one
instrument, and will become effective when one or more counterparts have been signed by each party
hereto and delivered to the other parties. Delivery of an executed counterpart by facsimile or
portable document format (.pdf) shall be effective as delivery of a manually executed counterpart
thereof.

          12. Confirmation of Sale. The Investor acknowledges and agrees that such Investor’s receipt
of the Company’s signed counterpart to this Agreement, together with the Final Prospectus (or the
filing by the Company of an electronic version thereof with the Commission), shall constitute
written confirmation of the Company’s sale of Units to such Investor.

          13. Press Release. The Company and the Investor agree that, prior to the opening of trading
on Over-the-Counter Bulletin Board on the business day immediately after the date hereof, the
Company may (i) issue a press release announcing the Offering and disclosing all material

Annex I, Page 5

 

information regarding the Offering, (ii) file an amendment to the Registration Statement with
the Commission and (iii) file a prospectus pursuant to Rule 424(b) with the Commission disclosing
all material information regarding the Offering and including the Placement Agency Agreement and a
form of this Agreement as exhibits thereto. From and after the issuance of such press release and
the filing of such amendment and prospects, the Company shall have publicly disclosed all material,
non-public information delivered to any of the Investors by the Company or any person acting on its
behalf, including, without limitation, the Placement Agents, in connection with the transactions
contemplated by this Agreement, the Placement Agency Agreement and any other documents or
agreements contemplated hereby or thereby. The Company shall not identify the name of any Investor
or any affiliate of any investment adviser of such Investor in any press release or public filing,
or otherwise publicly disclose the name of any Investor or any affiliate of investment adviser of
such Investor, without such Investor’s prior written consent, unless required by law or the rules
and regulations of a national securities exchange, provided, however, that, if permitted by
applicable law, regulation, legal or judicial process, promptly after becoming aware of any request
or requirement to so disclose (a “Disclosure Requirement”), and in any event prior to any such
disclosure, the Company will provide such Investor with notice of such request or requirement so
that such Investor may at its election seek a protective order or other appropriate remedy and the
Company will fully cooperate with such Investor’s efforts to obtain the same; provided, further,
however, if, absent the entry of such a protective order or other remedy, the Company is compelled
by applicable law, rule or regulation or a court order, subpoena, similar judicial process,
regulatory agency or stock exchange rule to disclose such Investor’s name, the Company may disclose
only that portion of such information that the Company is so compelled to disclose and will use its
reasonable efforts to obtain assurance that confidential treatment will be accorded to that portion
of such information that is being disclosed. As of the date hereof, the Company is not aware of
any Disclosure Requirement.

          14. Termination. In the event that the Placement Agency Agreement is terminated by the
Placement Agents pursuant to the terms thereof, this Agreement shall terminate without any further
action on the part of the parties hereto.

          15. Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel,
accountants and other experts, if any, and all other expenses incurred by such party incident to
the negotiation, preparation, execution, delivery and performance of this Agreement.

Annex I, Page 6exv10w1

Exhibit 10.1

FORM OF SELECTED DEALER AGREEMENT

WITH CAREY FINANCIAL, LLC

	 	 	 	 	 

	To:
	 	 	 	 
	 

	 	 

	 	 

     RE: CAREY WATERMARK INVESTORS INCORPORATED

Ladies and Gentlemen:

     Carey Financial, LLC (the “Dealer Manager”) entered into a dealer manager agreement, dated as
of ___, 2010 (the “Dealer Manager Agreement”), with Carey Watermark Investors
Incorporated, a Maryland corporation (the “Company”), under which the Dealer Manager agreed to use
its reasonable best efforts to solicit subscriptions in connection with the public offering (the
“Offering”) for its common shares of beneficial interest, $.001 par value per share, of which
amount: (i) up to 100,000,000 shares for a purchase price of $10.00 per share (subject in certain
circumstances to discounts based upon the volume of shares purchased and for certain categories of
purchasers) (the “Primary Shares”), and (ii) up to 25,000,000 shares for a purchase price of $9.50
per share (the “DRIP Shares” and, together with the Primary Shares, the “Shares”) commencing on the
initial Effective Date (as defined below). Notwithstanding the foregoing, the Company has reserved
the right to reallocate the Shares between Primary Shares and the DRIP Shares. Unless otherwise
defined herein, capitalized terms used herein shall have the respective meanings therefor as in the
Dealer Manager Agreement.

     In connection with the performance of the Dealer Manager’s obligations under Section 3 of the
Dealer Manager Agreement, the Dealer Manager is authorized to retain the services of securities
dealers (the “Selected Dealers”) who are members of the Financial Industry Regulatory Authority
(“FINRA”) to solicit subscriptions for Shares in connection with the Offering. You are hereby
invited to become a Selected Dealer and, as such, to use your reasonable best efforts to solicit
subscribers for Shares, in accordance with the following terms and conditions of this selected
dealer agreement (this “Agreement”):

	1.	 	Registration Statement.

	 	(a)	 	Registration Statement and Prospectus. A registration statement on Form S-11
(File No. 333-149899), including a preliminary prospectus, has been prepared by the
Company and was filed with the Securities and Exchange Commission (the “Commission”) on
March 26, 2008, in accordance with the applicable requirements of the Securities Act of
1933, as amended (the “Securities Act”), and the applicable rules and regulations of
the Commission promulgated thereunder (the “Securities Act Rules and Regulations”) for
the registration of the Offering. The Company has prepared and filed such amendments
thereto and such amended prospectus as may have been required to the date hereof, and
will file such additional amendments and supplements thereto as may hereafter be
required. The registration statement on Form S-11 and the prospectus contained
therein, as finally amended at the date the registration statement is declared
effective by the Commission (the “Effective Date”) are respectively hereinafter
referred to as the “Registration Statement” and the “Prospectus”, except that:

	 	(i)	 	if the Company files a post-effective amendment to such
registration statement, then the term “Registration Statement” shall, from and
after the declaration of the effectiveness of such post-effective amendment by
the Commission, refer to such registration statement as

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	 	 	 	amended by such post-effective amendment, and the term “Prospectus” shall
refer to the amended prospectus then on file with the Commission; and
	 
	 	(ii)	 	if the prospectus filed by the Company pursuant to either Rule
424(b) or 424(c) of the Securities Act Rules and Regulations shall differ from
the prospectus on file at the time the Registration Statement or the most
recent post-effective amendment thereto, if any, shall have become effective,
then the term “Prospectus” shall refer to such prospectus filed pursuant to
either Rule 424(b) or 424(c), as the case may be, from and after the date on
which it shall have been filed.

	 	 	 	As used herein, the terms “Registration Statement”, “preliminary Prospectus” and
“Prospectus” shall include the documents, if any, incorporated by reference
therein. As used herein, the term “Effective Date” also shall refer to the
effective date of each post-effective amendment to the Registration Statement,
unless the context otherwise requires.

	2.	 	Compliance with Applicable Rules and Regulations; License and Association Membership.

	 	 	Upon the effectiveness of this Agreement, the undersigned dealer will become one of the
“Selected Dealers” referred to in the Dealer Manager Agreement and is referred to herein as
“Selected Dealer”. Selected Dealer agrees that solicitation and other activities by it
hereunder shall comply with, and shall be undertaken only in accordance with, the terms of
the Dealer Manager Agreement, the terms of this Agreement, the Securities Act, the
Securities Act Rules and Regulations, the Securities Exchange Act of 1934, as amended (the
“Exchange Act”) and the applicable rules and regulations promulgated thereunder (the
“Exchange Act Rules and Regulations”), the Blue Sky Survey (as defined below), the FINRA
Rules (including, without limitation, NASD Conduct Rules 2340, 2420, 2730, 2740, 2750 and
FINRA Rule 2310), and the provisions of Article III.C. of the Statement of Policy Regarding
Real Estate Investment Trusts of the North American Securities Administrators Association,
Inc., as revised and amended on May 7, 2007 and as may be further revised and amended (the
“NASAA Guidelines”).

	 	 	Selected Dealer’s acceptance of this Agreement constitutes a representation to the Company
and to the Dealer Manager that Selected Dealer is a properly registered or licensed
broker-dealer, duly authorized to sell Shares under federal and state securities laws and
regulations in all states where it offers or sells Shares, and that it is a member in good
standing of FINRA. Selected Dealer represents and warrants that it is currently licensed as
a broker-dealer in the jurisdictions identified on Schedule 1 to this Agreement and that its
independent contractors and registered representatives have the appropriate licenses to
offer and sell the Shares in such jurisdictions.

	 	 	This Agreement shall automatically terminate with no further action by either party if
Selected Dealer ceases to be a member in good standing of FINRA or with the securities
commission of the state in which Selected Dealer’s principal office is located. Selected
Dealer agrees to notify the Dealer Manager immediately if Selected Dealer ceases to be a
member in good standing of FINRA or with the securities commission of any state in which
Selected Dealer is currently registered or licensed.

	3.	 	Limitation of Offer; Investor Suitability.

	 	(a)	 	Investor Suitability. Selected Dealer will offer Shares only:

	 	(i)	 	to persons that meet the financial qualifications set forth in
the Prospectus or in any suitability letter or memorandum sent to it by the
Company or the Dealer Manager, and

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	 	(ii)	 	in accordance with Section 8, to persons in the jurisdictions
in which it is advised in writing by the Company or the Dealer Manager that the
Shares are qualified for sale or that qualification is not required (the “Blue
Sky Survey”).

	 	 	 	Notwithstanding the qualification of Shares for sale in any respective jurisdiction
(or exemption therefrom), Selected Dealer will not offer Shares and will not permit
any of its registered representatives to offer Shares in any jurisdiction unless
both Selected Dealer and such registered representative are duly licensed to
transact securities business in such jurisdiction. In offering Shares, Selected
Dealer shall comply with the provisions of the FINRA Rules, as well as other
applicable rules and regulations relating to suitability of investors, including,
but not limited to, the provisions of Section III.C. of the NASAA REIT Guidelines.
	 
	 	 	 	In offering the sale of Shares to any person, Selected Dealer will have reasonable
grounds to believe (based on such information obtained from the investor concerning
the investor’s age, investment objectives, other investments, financial situation,
needs or any other information known by Selected Dealer after due inquiry)
that: (A) such person is in a financial position appropriate to enable such person
to realize to a significant extent the benefits described in the Prospectus,
including the tax benefits where they are a significant aspect of the Company; (B)
the investor has a fair market net worth sufficient to sustain the risks inherent in
the program, including loss of investment and lack of liquidity; (C) the purchase of
the Shares is otherwise suitable for such person; and (D) such person has either:
(1) a minimum annual gross income of $70,000 and a minimum net worth (exclusive of
home, home furnishings and automobiles) of $70,000; or (2) a minimum net worth
(determined with the foregoing exclusions) of $250,000 and meets the higher
suitability standards, if applicable, imposed by the state in which the investment
by such investor is made. Selected Dealer further will use its best efforts to
determine the suitability and appropriateness of an investment in the Shares of each
proposed investor solicited by a person associated with Selected Dealer by reviewing
documents and records disclosing the basis upon which the determination as to
suitability was reached as to each proposed investor, whether such documents and
records relate to accounts which have been closed, accounts which are currently
maintained or accounts hereinafter established. In making the determinations as to
financial qualifications and as to suitability required by the NASAA Guidelines,
Selected Dealer may rely on (x) representations from investment advisers who are not
affiliated with Selected Dealer, banks acting as trustees or fiduciaries, and (y)
information it has obtained from a prospective investor, including such information
as the investment objectives, other investments, financial situation and needs of
the person or any other information known by Selected Dealer after due inquiry.
	 
	 	 	 	Notwithstanding the foregoing, Selected Dealer shall not execute any transaction
with the Company in a discretionary account without prior written approval of the
transaction by the customer.
	 
	 	(b)	 	Maintenance of Records. Selected Dealer shall maintain, for at least six years
or for a period of time not less than that required in order to comply with all
applicable federal, state and other regulatory requirements, whichever is later, a
record of the information obtained to determine that an investor meets the suitability
standards imposed on the offer and sale of the Shares (both at the time of the initial
subscription and at the time of any additional subscriptions) and a representation of
the investor that the investor is investing for the investor’s own account or, in lieu
of such representation, information indicating that the investor for whose account the
investment was made met the suitability standards. Selected Dealer may satisfy its
obligation by contractually requiring such information to be maintained by the
investment advisers or banks discussed above. Selected Dealer further agrees to comply
with the record keeping requirements of the

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	 	 	 	Exchange Act, including, but not limited to, Rules 17a-3 and 17a-4 promulgated under
the Exchange Act. Selected Dealer agrees to make such documents and records
available to the Dealer Manager and the Company upon request, and representatives of
the Commission, FINRA and applicable state securities administrators upon Selected
Dealer’s receipt of an appropriate document subpoena or other appropriate request
for documents from any such agency.

	4.	 	Delivery of Prospectus and Approved Sales Literature.

	 	(a)	 	Delivery of Prospectus and Approved Sales Literature. Selected Dealer will:

	 	(i)	 	deliver a Prospectus, as then supplemented or amended, to each
person who subscribes for Shares at least five business days prior to the
tender of such person’s subscription agreement (the “Subscription Agreement”);
	 
	 	(ii)	 	promptly comply with the written request of any person for a
copy of the Prospectus, as then supplemented or amended, during the period
between the initial Effective Date and the termination of the Offering;
	 
	 	(iii)	 	deliver to any person, in accordance with applicable law or as
prescribed by any state securities administrator, a copy of any prescribed
document included within or incorporated by reference in the Registration
Statement and any supplements thereto during the course of the Offering;
	 
	 	(iv)	 	not use any sales materials in connection with the solicitation
of purchasers of the Shares except Approved Sales Literature;
	 
	 	(v)	 	to the extent the Company provides Approved Sales Literature,
not use such materials unless accompanied or preceded by the Prospectus, as
then currently in effect, and as may be supplemented in the future; and
	 
	 	(vi)	 	not give or provide any information or make any representation
or warranty other than information or representations contained in the
Prospectus or the Approved Sales Literature. Selected Dealer will not publish,
circulate or otherwise use any other advertisement or solicitation material in
connection with the Offering without the Dealer Manager’s express prior written
approval.

	 	(b)	 	Agency is Not Created. Nothing contained in this Agreement shall be deemed or
construed to make Selected Dealer an employee, agent, representative or partner of the
Dealer Manager or the Company, and Selected Dealer is not authorized to act for the
Dealer Manager or the Company.
	 
	 	(c)	 	Documents Must Be Accompanied or Preceded by a Prospectus. Selected Dealer
will not send or provide supplements to the Prospectus or any Approved Sales Literature
to any investor unless it has previously sent or provided a Prospectus and all
supplements thereto to that investor or has simultaneously sent or provided a
Prospectus and all supplements thereto with such Prospectus supplement or Approved
Sales Literature.
	 
	 	(d)	 	Broker-Dealer Use Only Material. Selected Dealer will not show to or provide
any investor or reproduce any material or writing which is supplied to it by the Dealer
Manager and marked “broker-dealer use only” or otherwise bearing a legend denoting that
it is not to be used in connection with the offer or sale of Shares to members of the
public.

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	 	(e)	 	Copies of Prospectuses and Approved Sales Literature. The Dealer Manager will
supply Selected Dealer with reasonable quantities of the Prospectus (including any
supplements thereto), as well as any Approved Sales Literature, for delivery to
investors.
	 
	 	(f)	 	Prospectus Delivery Requirement. Selected Dealer shall furnish a copy of any
revised preliminary Prospectus to each person to whom it has furnished a copy of any
previous preliminary Prospectus, and further agrees that it will mail or otherwise
deliver all preliminary and final Prospectuses required for compliance with the
provisions of Rule 15c2-8 under the Exchange Act.

	5.	 	Submission of Orders; Right to Reject Orders.

	 	(a)	 	Minimum Investment. Subject to certain individual state requirements and
except for shares issued pursuant to the DRIP, Shares may be sold only to investors who
initially purchase a minimum of 200 Shares for $2,000, subject to certain state
requirements as described in the Prospectus. With respect to Selected Dealer’s
participation in any resales or transfers of the Shares, Selected Dealer agrees to
comply with any applicable requirements set forth in Section 2 and to fulfill the
obligations pursuant to FINRA Rule 2310.
	 
	 	(b)	 	Escrow Agreement. Until the minimum offering of $10,000,000 in Shares has been
sold, payments for Shares shall be made by checks payable to “UMB Bank, N.A., as Escrow
Agent for Carey Watermark Investors Incorporated”. During such time, Selected Dealer
shall forward original checks together with an original Subscription Agreement,
executed and initialed by the subscriber as provided for in the Subscription Agreement,
to UMB Bank, N.A. (the “Escrow Agent”) at the address provided in the
Subscription Agreement.
	 
	 	 	 	When Selected Dealer’s internal supervisory procedures are conducted at the site at
which the Subscription Agreement and check were initially received by Selected
Dealer from the subscriber, Selected Dealer shall transmit the Subscription
Agreement and check to the Escrow Agent by the end of the next business day
following receipt of the check and Subscription Agreement. When, pursuant to
Selected Dealer’s internal supervisory procedures, Selected Dealer’s final internal
supervisory procedures are conducted at a different location (the “Final Review
Office”), Selected Dealer shall transmit the check and Subscription Agreement to the
Final Review Office by the end of the next business day following Selected Dealer’s
receipt of the Subscription Agreement and check. The Final Review Office will, by
the end of the next business day following its receipt of the Subscription Agreement
and check, forward both the Subscription Agreement and check to the Escrow
Agent. If any Subscription Agreement solicited by Selected Dealer is rejected by
the Dealer Manager or the Company, then the Subscription Agreement and check will be
returned to the rejected subscriber within 10 business days from the date of
rejection.
	 
	 	 	 	Once the minimum offering of $10,000,000 in Shares has been sold, subject to any
continuing escrow obligations imposed by certain states as described in the
Prospectus, payments for Shares shall be made payable to “Carey Watermark Investors
Incorporated.” At such time, Selected Dealer shall forward original checks together
with an original Subscription Agreement, executed and initialed by the subscriber as
provided for in the Subscription Agreement, to Carey Watermark Investors
Incorporated, c/o [                    ], at the address provided in the Subscription
Agreement.
	 
	 	(c)	 	Acceptance and Confirmation. All orders, whether initial or additional, are
subject to acceptance by and shall become effective upon confirmation by the Company or
the Dealer Manager, each of which reserve the right to reject any order in their sole
discretion for any or no reason. Orders not accompanied by the required instrument of
payment for Shares may be

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	 		 	rejected. Issuance and delivery of a Share will be made only after a sale of a
Share is deemed by the Company to be completed in accordance with Section 3(c) of
the Dealer Manager Agreement.
	 
	 	 	 	If an order is rejected, cancelled or rescinded for any reason, then Selected Dealer
will return to the Dealer Manager any selling commissions or dealer manager fees
theretofore paid with respect to such order, and, if Selected Dealer fails to so
return any such selling commissions, the Dealer Manager shall have the right to
offset amounts owned against future commissions or dealer manager fees due and
otherwise payable to Selected Dealer (it being understood and agreed that such right
to offset shall not be in limitation of any other rights or remedies that the Dealer
Manager may have in connection with such failure).

	6.	 	Selected Dealer Compensation.

	 	(a)	 	Selling Commissions. Subject to the terms and conditions set forth herein and
in the Dealer Manager Agreement and, subject to the volume discounts and other special
circumstances described in the “Plan of Distribution” section of the Prospectus, the
Dealer Manager shall pay to Selected Dealer a selling commission of 7% of the gross
proceeds from the Shares sold by it and accepted and confirmed by the Company. For
purposes of this Section 6(a), Shares are “sold” only if an executed Subscription
Agreement is accepted by the Company and the Company has thereafter distributed the
commission to the Dealer Manager in connection with such transaction.
	 
	 	(b)	 	DRIP Sales. Selected Dealer acknowledges and agrees that no selling
commissions will be paid for sales of DRIP Shares.
	 
	 	(c)	 	Dealer Manager’s Authority to Issue Confirmation. Notwithstanding the
foregoing, it is understood and agreed that no commission shall be payable with respect
to particular Shares if the Dealer Manager or the Company rejects a proposed
subscriber’s Subscription Agreement. Accordingly, Selected Dealer shall have no
authority to issue a confirmation (pursuant to Exchange Act Rule 10b-10) to any
subscriber; such authority residing solely in the Dealer Manager, as the Dealer Manager
and processing broker-dealer.
	 
	 	(d)	 	Reallowance of Dealer Manager Fee. The Dealer Manager may, in its sole
discretion, re-allow a portion of the Dealer Manager Fee received by it to Selected
Dealer as a marketing support fee if the Selected Dealer has executed an addendum to
this Agreement, which is attached hereto as Schedule 2.
	 
	 	 	 	The Dealer Manager may, in its sole discretion, request the Company to reimburse, to
Selected Dealer for reasonable accountable bona fide due diligence expenses,
provided such expenses have actually been incurred, are supported by detailed and
itemized invoices provided to the Company and the Company had theretofore given its
prior written approval of incurrence of such expenses.
	 
	 	(e)	 	Marketing Expenses. Certain marketing expenses such as Selected Dealer
conferences may be advanced to Selected Dealer and later deducted from the portion of
the Dealer Manager Fee re-allowed to that Selected Dealer. If the Offering is not
consummated, Selected Dealer will repay any such advance to the extent not expended on
marketing expenses. Any such advance shall be deducted from the maximum amount of the
Dealer Manager Fee that may otherwise be re-allowable to Selected Dealer.
	 
	 	 	 	Notwithstanding anything herein to the contrary, Selected Dealer will not be
entitled to receive any Dealer Manager Fee which would cause the aggregate amount of
selling commissions, dealer manager fees and other forms of underwriting
compensation (as defined in accordance with

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	 	 	 	applicable FINRA rules) received by the Dealer Manager and all Selected Dealers to
exceed 10.0% of the gross proceeds raised from the sale of Shares in the Offering.
	 
	 	(f)	 	Limitations on Dealer Manager’s Liability for Commissions. The Company will
not be liable or responsible to any Selected Dealer for the payment of any selling
commissions or any reallowance of fees to Selected Dealer, it being the sole and
exclusive responsibility of the Dealer Manager for the payment of selling commissions
or any reallowance to Selected Dealer.
	 
	 	 	 	Selected Dealer acknowledges and agrees that the Dealer Manager’s liability for
commissions (including the marketing support fee, if any) payable to Selected Dealer
is limited solely to commissions received and the portion of the Dealer Manager fee
which represents the marketing support fee received by the Dealer Manager from the
Company in connection with Selected Dealer’s sale of Shares.

	7.	 	Reserved Shares. The number of Shares, if any, to be reserved for sale by each Selected
Dealer may be decided by the mutual agreement, from time to time, of the Dealer Manager and
the Company. The Dealer Manager reserves the right to notify Selected Dealer by United States
mail or by other means of the number of Shares reserved for sale by Selected Dealer, if any.
Such Shares will be reserved for sale by Selected Dealer until the time specified in the
Dealer Manager’s notification to Selected Dealer. Sales of any reserved Shares after the time
specified in the notification to Selected Dealer or any requests for additional Shares will be
subject to rejection in whole or in part.

	8.	 	Blue Sky Qualification.

	 	(a)	 	Notice of Blue Sky Qualification. The Dealer Manager will inform Selected
Dealer as to the jurisdictions in which the Dealer Manager has been advised by the
Company that the Shares have been qualified for sale or are exempt under the respective
securities or “blue sky” laws of such jurisdictions, but the Dealer Manager has not
assumed and will not assume any obligation or responsibility as to Selected Dealer’s
right to act as a broker and/or dealer with respect to the Shares in any such
jurisdiction. Selected Dealer agrees that Selected Dealer will not make any offers or
sell any Shares except in states in which the Dealer Manager may advise Selected Dealer
that the Offering has been qualified or is exempt and in which Selected Dealer is
legally qualified to make offers and further agrees to assure that each person to whom
Selected Dealer sells Shares (at both the time of the initial purchase as well as at
the time of any subsequent purchases) meets any special suitability standards which
apply to sales in a particular jurisdiction, as described in the Blue Sky Survey and
the Subscription Agreement.
	 
	 	 	 	Neither the Dealer Manager nor the Company assume any obligation or responsibility
in respect of the qualification of the Shares covered by the Prospectus under the
laws of any jurisdiction or Selected Dealer’s qualification to act as a broker
and/or dealer with respect to the Shares in any jurisdiction. The Blue Sky Survey
which has been or will be furnished to Selected Dealer indicates the jurisdictions
in which it is believed that the offer and sale of Shares covered by the Prospectus
is exempt from, or requires action under, the applicable blue sky or securities laws
thereof, and what action, if any, has been taken with respect thereto.
	 
	 	(b)	 	Selected Dealer’s Compliance Obligation. It is understood and agreed that
under no circumstances will Selected Dealer, as a Selected Dealer, engage in any
activities hereunder in any jurisdiction in which Selected Dealer may not lawfully so
engage or in any activities in any jurisdiction with respect to the Shares in which
Selected Dealer may lawfully so engage unless Selected Dealer have complied with the
provisions hereof.

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	9.	 	Dealer Manager’s Authority. Subject to the Dealer Manager Agreement, the Dealer Manager shall
have full authority to take such action as it may deem advisable with respect to all matters
pertaining to the Offering or arising thereunder. The Dealer Manager shall not be under any
liability to Selected Dealer (except for (i) its own lack of good faith and (ii) for
obligations expressly assumed by us hereunder) for or in respect of the validity or value of
or title to, the Shares; the form of, or the statements contained in, or the validity of, the
Registration Statement, the Prospectus or any amendment or supplement thereto, or any other
instrument executed by the Company or by others; the form or validity of the Dealer Manager
Agreement or this Agreement; the delivery of the Shares; the performance by the Company or by
others of any agreement on its or their part; the qualification of the Shares for sale under
the laws of any jurisdiction; or any matter in connection with any of the foregoing; provided,
however, that nothing in this paragraph shall be deemed to relieve the Company or the Dealer
Manager from any liability imposed by the Securities Act. No obligations or liability on the
part of the Company or the Dealer Manager shall be implied or inferred herefrom.

	10.	 	Indemnification.

	 	(a)	 	Incorporation of Indemnification Obligations Under the Dealer Manager
Agreement. Under the Dealer Manager Agreement, the Company has agreed to indemnify
Selected Dealer and the Dealer Manager and each person, if any, who controls Selected
Dealer or the Dealer Manager, in certain instances and against certain liabilities,
including liabilities under the Securities Act in certain circumstances. Selected
Dealer hereby agrees to indemnify the Company and each person who controls it as
provided in the Dealer Manager Agreement and to indemnify the Dealer Manager to the
extent and in the manner that Selected Dealer agrees to indemnify the Company in the
Dealer Manager Agreement.
	 
	 	(b)	 	Selected Dealer’s Hold Harmless Obligation. In furtherance of, and not in
limitation of the foregoing, Selected Dealer will indemnify, defend and hold harmless
the Dealer Manager and the Company, and their officers, directors, employees, members,
partners, affiliates, agents and representatives, and each person, if any, who controls
such entity within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act, and each person who has signed the Registration Statement (“Indemnified
Parties”), from and against any losses, claims, damages or liabilities to which any of
the Indemnified Parties, and each person who signed the Registration Statement, may
become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as
such losses, claims and expenses (including the reasonable legal and other expenses
incurred in investigating and defending any such claims or liabilities), damages or
liabilities (or actions in respect thereof) arise out of or are based upon:

	 	(i)	 	in whole or in part, any material inaccuracy in the
representations or warranties contained in this Agreement or any material
breach of a covenant contained herein by Selected Dealer; or
	 
	 	(ii)	 	any untrue statement or any alleged untrue statement of a
material fact contained in any Registration Statement or any 

post-effective
amendment thereto or in the Prospectus or any amendment or supplement to the
Prospectus; or in any Approved Sales Literature; or any blue sky application or
other document executed by the Company or on its behalf specifically for the
purpose of qualifying any or all of the Shares for sale under the securities
laws of any jurisdiction or based upon written information furnished by the
Company under the securities laws thereof; or
	 
	 	(iii)	 	the omission or alleged omission to state a material fact
required to be stated in the Registration Statement or any post-effective
amendment thereof to make the statements

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	 	 	 	therein not misleading or the omission or alleged omission to state a
material fact required to be stated in the Prospectus or any amendment or
supplement to the Prospectus to make the statements therein, in light of the
circumstances under which they were made, not misleading, provided, however,
that in each case described in clauses (ii) and (iii) to the extent, but
only to the extent, that such untrue statement or omission was made in
reliance upon and in conformity with written information furnished to the
Company or the Dealer Manager by Selected Dealer specifically for use with
reference to Selected Dealer in the preparation of the Registration
Statement or any such post-effective amendments thereof or the Prospectus or
any such amendment thereof or supplement thereto;
	 
	 	(iv)	 	any use of sales literature, including “broker dealer use only”
materials, by Selected Dealer that is not Approved Sales Literature;
	 
	 	(v)	 	any untrue statement made by Selected Dealer or Selected
Dealer’s representatives or agents or omission by Selected Dealer or Selected
Dealer’s representatives or agents to state a fact necessary in order to make
the statements made, in light of the circumstances under which they were made,
not misleading in connection with the offer and sale of the Shares in each
case, other than statements or omissions made in conformity with the
Registration Statement, Prospectus, Approved Sales Literature or any other
materials or information furnished by or on behalf of the Company; or
	 
	 	(vi)	 	any failure by Selected Dealer to comply with applicable laws
governing money laundry abatement and anti-terrorist financing efforts in
connection with the Offering, including applicable FINRA Rules, Exchange Act
Rules and Regulations and the USA PATRIOT Act.

	 	 	 	Selected Dealer will reimburse the aforesaid parties for any reasonable legal or
other expenses incurred in connection with investigation or defense of such loss,
claim, damage, liability or action. This indemnity agreement will be in addition to
any liability which Selected Dealer may otherwise have.
	 
	 	(c)	 	Notice of Claim. Promptly after receipt by any indemnified party under this
Section 10 of notice of the commencement of any action, such indemnified party will, if
a claim in respect thereof is to be made against any indemnifying party under this
Section 10, promptly notify the indemnifying party of the commencement thereof;
provided, however, the failure to give such notice shall not relieve the indemnifying
party of its obligations hereunder except to the extent it shall have been prejudiced
by such failure.
	 
	 	 	 	In case any such action is brought against any indemnified party, and it notifies an
indemnifying party of the commencement thereof, the indemnifying party will be
entitled, to the extent it may wish, jointly with any other indemnifying party
similarly notified, to participate in the defense thereof, with separate
counsel. Such participation shall not relieve such indemnifying party of the
obligation to reimburse the indemnified party for reasonable legal and other
expenses incurred by such indemnified party in defending itself, except for such
expenses incurred after the indemnifying party has deposited funds sufficient to
effect the settlement, with prejudice, of, and unconditional release of all
liabilities from, the claim in respect of which indemnity is sought. Any such
indemnifying party shall not be liable to any such indemnified party on account of
any settlement of any claim or action effected without the consent of such
indemnifying party, such consent not to be unreasonably withheld or delayed.

Carey Financial, LLC

Selected Dealer Agreement

9

 

	 	(d)	 	Reimbursement. An indemnifying party under Section 10 of this
Agreement shall be obligated to reimburse an indemnified party for reasonable legal and
other expenses as follows: the indemnifying party shall pay all legal fees and expenses
reasonably incurred by the indemnified party in the defense of such claims or actions;
provided, however, that the indemnifying party shall not be obligated to pay legal
expenses and fees to more than one law firm in connection with the defense of similar
claims arising out of the same alleged acts or omissions giving rise to such claims
notwithstanding that such actions or claims are alleged or brought by one or more
parties against more than one indemnified party.
	 
	 	 	 	If such claims or actions are alleged or brought against more than one indemnified
party, then the indemnifying party shall only be obliged to reimburse the expenses
and fees of the one law firm (in addition to local counsel) that has been
participating by a majority of the indemnified parties against which such action is
finally brought; and in the event a majority of such indemnified parties is unable
to agree on which law firm for which expenses or fees will be reimbursable by the
indemnifying party, then payment shall be made to the first law firm of record
representing an indemnified party against the action or claim. Such law firm shall
be paid only to the extent of services performed by such law firm and no
reimbursement shall be payable to such law firm on account of legal services
performed by another law firm.

	11.	 	Contribution. If the indemnification provided for in Section 10 hereof is for any reason
unavailable to or insufficient to hold harmless an indemnified party in respect of any losses,
liabilities, claims, damages or expenses referred to therein, the contributions provisions set
forth in Section 9 of the Dealer Manager Agreement shall be applicable.

	12.	 	Company as Party to Agreement. The Company shall be a third party beneficiary of Selected
Dealer’s representations, warranties, covenants and agreements contained in Sections 10 and
11. The Company shall have all enforcement rights in law and in equity with respect to those
portions of this Agreement as to which it is third party beneficiary.

	13.	 	Privacy Laws; Compliance.

	 	(a)	 	Selected Dealer agrees to:

	 	(i)	 	abide by and comply with (A) the privacy standards and
requirements of the Gramm-Leach-Bliley Act of 1999 (the “GLB Act”); B) the
privacy standards and requirements of any other applicable federal or state
law; and (C) Selected Dealer’s own internal privacy policies and procedures,
each as may be amended from time to time;
	 
	 	(ii)	 	refrain from the use or disclosure of nonpublic personal
information (as defined under the GLB Act) of all customers, except as
necessary to service the customers or as otherwise necessary or required by
applicable law; and
	 
	 	(iii)	 	determine which customers have opted out of the disclosure of
nonpublic personal information by periodically reviewing and, if necessary,
retrieving an aggregated list of such customers (the “List”) as provided by
each to identify customers that have exercised their opt-out rights.

	 	 	 	If either party uses or discloses nonpublic personal information of any customer for
purposes other than servicing the customer, or as otherwise required by applicable
law, that party will consult the List to determine whether the affected customer has
exercised his or her opt-out rights. Each party understands that it is prohibited
from using or disclosing any nonpublic personal information of any customer that is
identified on the List as having opted out of such disclosures.

Carey Financial, LLC

Selected Dealer Agreement

10

 

	14.	 	Anti-Money Laundering Compliance Programs. Selected Dealer represents to the Dealer Manager
and to the Company that it has established and implemented an anti-money laundering compliance
program (“AML Program”) in accordance with Section 352 of the USA PATRIOT Act of 2001 (the
“PATRIOT Act”) and FINRA Rule 3310, that complies with applicable anti-money laundering laws
and regulations, including, but not limited to, the customer identification program
requirements of Section 326 of the PATRIOT Act, and the suspicious activity reporting
requirements of Section 356 of the PATRIOT Act, and the laws, regulations and Executive Orders
administered by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of
Treasury (collectively, “AML/OFAC Laws”). The Selected Dealer hereby covenants to remain in
compliance with the AML/OFAC Laws and shall, upon request by the Dealer Manager and/or the
Company, provide a certification to the Dealer Manager and/or the Company that, as of the date
of such certification, its AML Program is compliant with the AML/OFAC Laws.
	 
	 	 	Upon request by the Dealer Manager and/or the Company at any time, Selected Dealer will (i)
furnish a written copy of its AML Program, or a summary of its AML Program, to the Dealer
Manager and/or the Company for review, and (ii) furnish any information that the Dealer
Manager and/or the Company may request to satisfy applicable AML/OFAC laws.
	 
	15.	 	Miscellaneous.

	 	(a)	 	Ratification of Dealer Manager Agreement. Selected Dealer hereby authorizes
and ratifies the execution and delivery of the Dealer Manager Agreement by the Dealer
Manager as Dealer Manager for itself and on behalf of all Selected Dealers (including
Selected Dealer party hereto) and authorizes the Dealer Manager to agree to any
variation of its terms or provisions and to execute and deliver any amendment,
modification or supplement thereto. Selected Dealer hereby agrees to be bound by all
provisions of the Dealer Manager Agreement relating to Selected Dealers. Selected
Dealer also authorizes the Dealer Manager to exercise, in the Dealer Manager’s
discretion, all the authority or discretion now or hereafter vested in the Dealer
Manager by the provisions of the Dealer Manager Agreement and to take all such actions
as the Dealer Manager may believe desirable in order to carry out the provisions of the
Dealer Manager Agreement and of this Agreement.
	 
	 	(b)	 	Termination. This Agreement, except for the provisions of Sections 9 (Dealer
Manager’s Authority), 10 (Indemnification), 11 (Contribution), 12 (Company as Party to
Agreement), 13 (Privacy Laws; Compliance) and this Section 15 (Miscellaneous), may be
terminated at any time by either party hereto by two days’ prior written notice to the
other party and, in all events, this Agreement shall terminate on the termination date
of the Dealer Manager Agreement, except for the provisions of Sections 9, 10, 11, 12,
13 and this Section 15.
	 
	 	(c)	 	Communications. Any communications from Selected Dealer should be in writing
addressed to the Dealer Manager at:
	 
	 	 	 	Carey Financial, LLC

50 Rockefeller Plaza

New York, New York 10020

Facsimile No.: (___) ___-___

Attention: Richard J. Paley
	 
	 	 	 	with a copy to:
	 
	 	 	 	Kunzman & Bollinger, Inc.

5100 N. Brookline Avenue, Suite 600

Oklahoma City, Oklahoma 73112
	 	 	 	Facsimile No: (405) 942-3501

Attention: Wallace W. Kunzman, Jr.

Carey Financial, LLC

Selected Dealer Agreement

11

 

	 	 	 	Any notice from the Dealer Manager to Selected Dealer shall be deemed to have been
duly given if mailed, communicated by electronic delivery or facsimile or delivered
by overnight courier to Selected Dealer at Selected Dealer’s address shown below.
	 
	 	(d)	 	No Partnership. Nothing herein contained shall constitute the Dealer Manger,
Selected Dealer, the other Selected Dealers or any of them as an association,
partnership, limited liability company, unincorporated business or other separate
entity.
	 
	 	(e)	 	Notice of Registration Statement Effectiveness. If this Agreement is executed
before the initial Effective Date, then the Dealer Manager will notify Selected Dealer
in writing when the initial Effective Date has occurred. Selected Dealer agrees that
Selected Dealer will not make any offers to sell the Shares or solicit purchasers for
the Shares until Selected Dealer has received such written notice of the initial
Effective Date from the Dealer Manager or the Company. This Agreement shall be
effective for all sales by Selected Dealer on and after the initial Effective Date.
	 
	 	(f)	 	Transfer Agent. The Company may authorize its transfer agent to provide
information to the Dealer Manager and Selected Dealer regarding record holder
information about the clients of Selected Dealer who have invested with the Company on
an on-going basis for so long as Selected Dealer has a relationship with such
client. Selected Dealer shall not disclose any password for a restricted website or
portion of a website provided to Selected Dealer in connection with the Offering and
shall not disclose to any person, other than an officer, director, employee or agent of
Selected Dealer, any material downloaded from such restricted website or portion of a
restricted website.
	 
	 	(g)	 	Assignment. Selected Dealer shall have no right to assign this Agreement or
any of its rights hereunder or to delegate any of its obligations. Any purported
assignment or delegation by Selected Dealer shall be null and void. The Dealer Manager
shall have the right to assign any or all of its rights and obligations under this
Agreement by written notice, and Selected Dealer shall be deemed to have consented to
such assignment by execution hereof. Dealer Manager shall provide written notice of
any such assignment to Selected Dealer.
	 
	 	(h)	 	Counterparts. This Agreement may be executed (including by facsimile
transmission) with counterpart signature pages or in counterpart copies, each of which
shall be deemed an original but all of which together shall constitute one and the same
instrument comprising this Agreement.
	 
	 	(i)	 	Invalidity. The invalidity or unenforceability of any provision of this
Agreement shall not affect the other provisions hereof, and this Agreement shall be
construed in all respects as if such invalid or unenforceable provision were omitted.
	 
	 	(j)	 	Strict Performance. The failure of any party to insist upon or enforce strict
performance by any other party of any provision of this Agreement or to exercise any
right under this Agreement shall not be construed as a waiver or relinquishment to any
extent of such party’s right to assert or rely upon any such provision or right in that
or any other instance; rather, such provision or right shall be and remain in full
force and effect.

If the foregoing is in accordance with Selected Dealer’s understanding and agreement, please sign
and return the attached duplicate of this Agreement. Selected Dealer’s indicated acceptance thereof
shall constitute a binding agreement between Selected Dealer and the Dealer Manager.

Carey Financial, LLC

Selected Dealer Agreement

12

 

	 	 	 	 	 	 	 

	 	 	DEALER MANAGER:	 	 
	 
	 	 	 	 	 	 
	 	 	CAREY FINANCIAL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

The undersigned dealer confirms its agreement to act as a Selected Dealer pursuant to all the terms
and conditions of the above Selected Dealer Agreement and the attached Dealer Manager Agreement.
The undersigned dealer hereby represents that it will comply with the applicable requirements of
the Securities Act and the Exchange Act and the published rules and regulations of the Commission
thereunder, and applicable blue sky or other state securities laws. The undersigned dealer
represents and warrants that the undersigned dealer is duly registered as a broker-dealer under the
provisions of the Exchange Act and the Exchange Act Rules and Regulations or is exempt from such
registration. The undersigned dealer confirms that it and each salesperson acting on its behalf
are members in good standing of FINRA and duly licensed by each regulatory authority in each
jurisdiction in which the undersigned dealer or such salesperson will offer and sell Shares, or are
exempt from registration with such authorities. The undersigned dealer hereby represents that it
will comply with the Rules of FINRA and all rules and regulations promulgated by FINRA.

Dated:                                         , 2010

	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 	 	 	 	Name of Selected Dealer	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 
	 	 	 	 	Federal Identification Number	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 	 	 	 	Authorized Signatory	 	 

Kindly have checks representing commissions forwarded as follows (if different than above): (Please
type or print)

	 	 	 	 	 

	Name of Firm:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Address:
	 	 	 	 
	 

	 	 

Street
	 	 
	 
	 	 	 	 
	 

	 	 

City
	 	 
	 
	 	 	 	 
	 

	 	 

State and Zip Code
	 	 
	 
	 	 	 	 
	 

	 	 

(Area Code) Telephone No.
	 	 
	 
	 	 	 	 
	Attention:
	 	 	 	 
	 

	 	 

	 	 

Carey Financial, LLC

Selected Dealer Agreement

13

 

SCHEDULE I

TO

SELECTED DEALER AGREEMENT WITH

CAREY FINANCIAL, LLC

Selected Dealer represents and warrants that it is currently licensed as a broker-dealer in the
following jurisdictions:

	 	 	 	 	 	 	 

	o

	 	Alabama
	 	o

	 	Nebraska
	 
	 	 	 	 	 	 
	o

	 	Alaska
	 	o

	 	Nevada
	 
	 	 	 	 	 	 
	o

	 	Arizona
	 	o

	 	New Hampshire
	 
	 	 	 	 	 	 
	o

	 	Arkansas
	 	o

	 	New Jersey
	 
	 	 	 	 	 	 
	o

	 	California
	 	o

	 	New Mexico
	 
	 	 	 	 	 	 
	o

	 	Colorado
	 	o

	 	New York
	 
	 	 	 	 	 	 
	o

	 	Connecticut
	 	o

	 	North Carolina
	 
	 	 	 	 	 	 
	o

	 	Delaware
	 	o

	 	North Dakota
	 
	 	 	 	 	 	 
	o

	 	District of Columbia
	 	o

	 	Ohio
	 
	 	 	 	 	 	 
	o

	 	Florida
	 	o

	 	Oklahoma
	 
	 	 	 	 	 	 
	o

	 	Georgia
	 	o

	 	Oregon
	 
	 	 	 	 	 	 
	o

	 	Hawaii
	 	o

	 	Pennsylvania
	 
	 	 	 	 	 	 
	o

	 	Idaho
	 	o

	 	Puerto Rico
	 
	 	 	 	 	 	 
	o

	 	Illinois
	 	o

	 	Rhode Island
	 
	 	 	 	 	 	 
	o

	 	Indiana
	 	o

	 	South Carolina
	 
	 	 	 	 	 	 
	o

	 	Iowa
	 	o

	 	South Dakota
	 
	 	 	 	 	 	 
	o

	 	Kansas
	 	o

	 	Tennessee
	 
	 	 	 	 	 	 
	o

	 	Kentucky
	 	o

	 	Texas
	 
	 	 	 	 	 	 
	o

	 	Louisiana
	 	o

	 	Utah
	 
	 	 	 	 	 	 
	o

	 	Maine
	 	o

	 	Vermont
	 
	 	 	 	 	 	 
	o

	 	Maryland
	 	o

	 	Virgin Islands
	 
	 	 	 	 	 	 
	o

	 	Massachusetts
	 	o

	 	Virginia
	 
	 	 	 	 	 	 
	o

	 	Michigan
	 	o

	 	Washington
	 
	 	 	 	 	 	 
	o

	 	Minnesota
	 	o

	 	West Virginia
	 
	 	 	 	 	 	 
	o

	 	Mississippi
	 	o

	 	Wisconsin
	 
	 	 	 	 	 	 
	o

	 	Missouri
	 	o

	 	Wyoming
	 
	 	 	 	 	 	 
	o

	 	Montana	 	 	 	 
	 
	 	 	 	 	 	 

Carey Financial, LLC

Selected Dealer Agreement

14

 

SCHEDULE II

TO

CAREY WATERMARK INVESTORS INCORPORATED

ADDENDUM TO SELECTED DEALER AGREEMENT

     The following reflects the marketing support fee as agreed upon between Carey Financial, LLC
(the “Dealer Manager”) and the Selected Dealer, effective [                    ], 2010.

     Each calendar year, the Selected Dealer may qualify to receive a fee (the “Marketing
Support Fee”), of up to [$                    ] per share in connection with sales of Carey Watermark Investors
Incorporated’s (the “Company”) common stock by the Selected Dealer.

     Eligibility to receive the Selected Dealer Fee is conditioned upon the Selected Dealer
reaching a prescribed minimum annual sales volume of shares of the Company’s common stock and the
Selected Dealer’s compliance with one or more of the following conditions. Any determination
regarding the Selected Dealer’s compliance with the listed conditions will be made by the Dealer
Manager, in its sole discretion.

	1.	 	The Selected Dealer has internal marketing and support personnel (telemarketers, marketing
director, etc.) who assist the Dealer Manager’s marketing team;

	2.	 	The Selected Dealer has and uses internal marketing communications vehicle(s) to promote the
Company. Vehicles may include, but are not restricted to, newsletters, conference calls,
internal mail, etc.;

	3.	 	The Selected Dealer will respond to investors’ inquiries concerning monthly statements,
valuations, distribution rates, tax information, annual reports, reinvestment and redemption
rights and procedures, the financial status of the Company and the real estate markets in
which the Company has invested;

	4.	 	The Selected Dealer will assist investors with reinvestments and redemptions; and/or

	5.	 	The Selected Dealer will provide other services requested by investors from time to time and
will maintain the technology necessary to adequately service investors.

     IN WITNESS WHEREOF, the parties have executed this Addendum on the date and year shown above.

	 	 	 	 	 	 	 	 	 	 	 

	SELECTED DEALER:	 	 	 	DEALER MANAGER:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	CAREY FINANCIAL, LLC	 	 	 	 
	(Name of Selected Dealer)	 	 	 		 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 		 	 
	 

	 	 

Name:
	 	 	 	 	 	 

Name:
	 	 
	 

	 	Title:
	 	 	 	 	 	Title:	 	 

Carey Financial, LLC

Selected Dealer Agreement

15

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