Document:

Exhibit
10.1

     

    EMPLOYMENT
AGREEMENT

     

    THIS
EMPLOYMENT AGREEMENT (the “Agreement”) was made and entered into as of this 3rd
day of December 2010, between HEMISPHERX BIOPHARMA, INC., a Delaware corporation
(the “Company”), and Charles T. Bernhardt (the “Employee” or “Mr.
Bernhardt”).

     

    WHEREAS,
the Company desires to continue its employment of Charles T. Bernhardt as its
Chief Financial Officer;

     

    WHEREAS,
the Employee and the Company wish to state the terms and conditions of the
Agreement herein;

     

    NOW,
THEREFORE, the Company and the Employee hereby agree as follows:

     

    1.           Duties of
Employee. The Employee shall, during the Employment Period (as defined
below), be designated as Chief Financial Officer of the Company. In the
Employee's capacity as such, he shall perform such duties and functions for the
Company as are customarily performed in corporations of a similar size in the
medical research field.

     

    2.           Term.
This Agreement shall commence on 3rd day of December 2010 and shall terminate on
December 31, 2011 (the "Initial Termination Date") unless sooner terminated in
accordance with Section 5 hereof or unless renewed as hereinafter provided (such
period of employment together with any extension thereto hereinafter being
called the "Employment Period”). This Agreement shall be automatically renewed
for successive one (1) year periods after the initial Termination Date unless
written notice of refusal to renew is given by one party to the other at least
120 days prior to the Initial Termination Date or the expiration date of any
renewal period. In the event of a change in control as defined in the Company’s
10-K/A filing of April 30, 2010, the term of this agreement shall automatically
be extended for three additional years.

     

    
      3.           Compensation.
(a) As compensation for the services to be performed hereunder,
the Company shall pay to the Employee a salary (the "Salary"), as hereinafter
provided, payable at such times as salaries of other senior executives of the
company are paid but no less frequently than monthly. The Salary shall be at a
rate of two hundred Thousand dollars ($200,000) per year (the "Base Salary"),
which shall be subject to cost-of-living adjustments, as provided in the
succeeding subsection (b).

    

     

    (b)          The
Salary shall consist of the Base Salary, increased as provided in this
subsection. On January 1, 2011, and on January 1 of each succeeding calendar
year during the Employment Period, the Base Rate shall be increased by a
percentage equal to the greater of the percentage average increase in the Bureau
of Labor Statistics "Consumer Price Index — U.S. City Average — All Items" from
the December 31st
of the preceding year to January 1st
of the preceding year or a universal, non-discriminatory Cost Of Living salary
adjustment as approved by the Compensation Committee.

    
      
         

      

      
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    (c)          For
each calendar year (or part thereof) during which the Agreement is in effect,
the Employee shall be eligible to be paid the following bonuses:

     

    (i)           a
performance bonus in an amount up to twenty-five percent (25%) of his current
Base Salary as then in effect, in the sole discretion of the Compensation
Committee of the Board of Directors based on the Employee's performance and/or
the Company's operating results for such year; and

     

    The
performance bonus shall be eligible to be paid in cash within 90 days of the
close of the calendar year.

     

    (d)          The
Employee is hereby granted non-qualified stock options as additional
compensation for the services to be performed hereunder, the Company shall issue
to the Employee, non-qualified annual options valid for a ten year period to
purchase 100,000 shares of the Company common stock with an exercise price equal
to 110% of the closing price of the Company stock on the NYSE/ Amex on the
effective trading date immediately preceding the date this agreement was
effectively approved by the Board of Directors.

     

    (e)          Notwithstanding
any provision of this Agreement to the contrary, if the Employee is considered a
“specified employee” as defined in the Internal Revenue Code section 409A
regulations upon his “separation from service” (as defined in the section 409A
regulations), the provisions of this section shall govern all distributions of
deferred compensation hereunder that are subject to Internal Revenue Code
section 409A. Benefit distributions that are made due to a “separation from
service” occurring while the Employee is a “specified employee” shall not be
made during the first six (6) months following “separation from service”.
Rather, any distribution which would otherwise be paid to the Employee during
such period shall be accumulated and paid to the Employee in a lump sum on the
first day of the seventh month following the “separation from service”. All
subsequent distributions shall be paid in the manner specified.

     

    4.           Fringe
Benefits. During the Employment Period, the Employee shall be entitled to
receive such fringe benefits as shall be applicable from time to time to the
Company's executives generally, including but not limited to such 401(k),
vacation, group life and health insurance, and disability benefit plans as may
be maintained by the Company from time to time.

     

    5.           Termination.
(a) The Company may discharge the Employee for cause at any time as provided
herein, for purposes hereof, “cause” shall mean the willful engaging by Employee
in illegal conduct or gross misconduct or gross violation of the Company’s Code
of Ethics And Business Conduct for Officers which is demonstrably and materially
injurious to the Company. For purposes of this Agreement, no act, or failure to
act, on Employee's part shall be deemed "willful" unless done intentionally by
Employee and not in good faith and without reasonable belief that Employee's
action or omission was in the best interest of the Company. Notwithstanding the
foregoing, Employee shall not be deemed to have been terminated for Cause unless
and until the Company delivers to Employee a copy of a resolution duly adopted
by the affirmative vote of not less than three-quarters of the directors of the
Board at a meeting of the Board called and held for such purpose (after
reasonable notice to Employee and an opportunity for Employee, together with
counsel, to be heard before the Board) finding that, in the good faith opinion
of the Board, Employee was guilty of conduct set forth above and specifying the
particulars thereof in detail.

    
      
         

      

      
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    (b)          The
employment of the Employee shall terminate upon the death or disability of the
Employee. For purposes of this subsection (b), “disability” shall mean the
inability of the Employee effectively to carry out substantially all of his
duties hereunder by reason of any medically determinable physical or mental
impairment which can be expected to result in death or which has lasted for a
continuous period of not less than twelve (12) months.

     

    (c)          The
Employee shall have the right to terminate this Agreement upon not less than
thirty (30) days, prior written notice of termination.

     

    6.           Effect of
Termination. (a) In the event that the Employees employment is terminated
for "cause" pursuant to subsection 5(a), the Company shall pay to the Employee,
at the time of such termination, only the compensation and benefits otherwise
due and payable to him under Sections 3 and 4 through the last day of his actual
employment by the Company.

     

    (b)          In
the event that the Employee is terminated at any time without "cause", as
defined in subsection 5(a), the Company shall pay to the Employee, at the time
of such termination, the compensation and benefits otherwise due and payable to
him under Sections 3 and 4 through the last day of the then current term of this
Agreement.

     

    (c)          In
the event the Employee's employment is terminated at his election pursuant to
subsection 5(c) or due to his death or disability pursuant to 5(b), the Company
shall pay to the Employee, at the time of such termination, the Base Salary and
applicable benefits otherwise due and payable to him under Sections 3 and 4
through the last day of the month in which such termination occurs and for an
additional twelve month period.

     

    7.           Employee's
Representations and Warranties. The Employee hereby represents and
warrants to the Company that he has the right to enter into this Agreement, and
his execution, delivery and performance of this Agreement (a) will not violate
any contract to which the Employee is a party or any applicable law or
regulation nor give rise to any rights in any other person or entity and (b) are
not subject to the consent of any other person or entity.

     

    8.           Confidentiality,
Invention and Non-Compete Agreement. The Employee confirms his obligation
to be bound by the terms of the Confidentiality, Invention and Non-Compete
Agreement attached hereto as Exhibit
B, executed as of 3rd day of December 2010.

    
      
         

      

      
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    9.           Offices.
Mr. Bernhardt may conduct the business of the Company from a variety of
locations, including but not limited to those offices of at the Company
Headquarters in Philadelphia or his home office in Malvern, PA. The Company
shall supply that equipment necessary for full telephone, telefax and internet
access at all these locations and supply a portable computer capable of remote
access while employee travels domestically and internationally on Company
business.

     

    10.           Expenses.
The Company shall be responsible for all travel and business
entertainment expenses of Mr. Bernhardt. The expenditures shall be as prescribed
or limited by the Company’s Travel & Expense policies and
procedures.

     

    11.           Notices.
Any notice or other communication pursuant to this Agreement shall be in writing
and shall be sent by telecopy or by certified or registered mail addressed to
the respective parties as follows:

    
      (i)           If
to the Company, to:

    

    HEMISPHERX
BIOPHARMA, INC.

    One
Penn Center

    1617
JFK Boulevard, Suite 660

    Philadelphia,
Pennsylvania 19103

    Telecopier
No.: (215) 988-1739

    Attention:
William A. Carter

    Chairman
and Chief Executive Officer

     

    
      (ii)           If
to the Employee, to:

    

    Charles
T. Bernhardt, Chief Financial Officer

    HEMISPHERX
BIOPHARMA, INC.

    One
Penn Center

    1617
JFK Boulevard, Suite 660

    Philadelphia,
Pennsylvania 19103

    Telecopier
No.: (215) 988-1739

     

    or
to such other address as the parties shall have designated by notice to the
other parties given in accordance with this section. Any notice or other
communication shall be deemed to have been duly given if personally delivered or
mailed via registered or certified mail, postage prepaid, return receipt
requested, or, if sent by telecopy, when confirmed.

     

    12.           Survival.
Notwithstanding anything in section 2 hereof to the contrary, the
Confidentiality, Invention and Non-Compete Agreement shall survive any
termination of this Agreement or any termination of the Employee's
services.

     

    13.           Modification.
No modification or waiver of this Agreement or any provision hereof shall be
binding upon the party against whom enforcement of such modification or waiver
is sought unless it is made in writing and signed by or on behalf of both
parties hereto.

     

    14.           Miscellaneous.
(a) This Agreement shall be subject to and construed in accordance with the laws
of the Commonwealth of Pennsylvania.

    (b)           The
waiver by either party of a breach of any provision of this Agreement by the
other party shall not operate and be construed as a waiver or a continuing
waiver by that party of the same or any subsequent breach of any provision of
this Agreement by the other party.

    
      
         

      

      
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    (c)           If
any provisions of this Agreement or the application thereof to any person or
circumstance shall be determined by an arbitrator (or panel or arbitrators) or
any court of competent jurisdiction to be invalid or unenforceable to any
extent, the remainder hereof, or the application of such provision to persons or
circumstances other than those as to which it is so determined to be invalid or
unenforceable, shall not - be affected thereby, and each provision hereof shall
be valid and shall be enforced to the fullest extent permitted by
law.

    (d)           This
Agreement shall be binding on and inure to the benefit of the parties hereto and
their respective heirs, executors and administrators, successors and
assigns.

    (e)           This
Agreement shall not be assignable in whole or in part by either party, except
that the Company may assign this Agreement to and it shall be binding upon any
subsidiary or affiliate of the Company or any person, firm or corporation with
which the Company may be merged or consolidated or which may acquire all or
substantially all of the assets of the Company.

    (f)           
This Agreement is intended to comply with Section 409A of the Internal Revenue
Code and accompanying Treasury Regulations and guidance and any ambiguous
provision shall be construed and administered in a manner that is compliant with
or exempt from the application of Code section 409A. If any provision of this
Agreement would cause the Employee to incur any additional tax or interest under
Code section 409A, the Company shall, to the extent permitted under 409A and
after consulting with the Employee, reform such provision to comply with 409A.
The Agreement shall be administered in compliance with Section 409A of the
Internal Revenue Code and regulations issued there under to the extent they are
applicable.

     

    IN WITNESS WHEREOF, this Agreement has been signed by the
parties hereto as of the date of the 3rd day of December
2010.

     

    HEMISPHERX
BIOPHARMA, INC.

     

    
      
        
          	
                  By: 

                	
                  /s/ Charles T.
      Bernhardt

                
	 
      	
                  Charles
      T. Bernhardt, Chief Financial Officer

                
	 
      	 
      
	
                  By:

                	
                  /s/ William A.
      Carter

                
	 
      	
                  Dr.
      William A. Carter, M.D.

                
	 
      	
                  Chairman
      and Chief Executive
Officer

                

        

      

    

     

    
      
         

      

      
        5Unassociated Document

    ESCROW AGREEMENT

    UMB Bank,
N.A.

    1010
Grand Blvd., 4th
Floor

    Mail
Stop: 1020409

    Kansas
City, MO 64106

         

    Re: ICON ECI Fund Fifteen,
L.P.

    

    Ladies
and Gentlemen:

    

    ICON ECI
FUND FIFTEEN, L.P., a Delaware limited partnership (the “Company”), proposes
to offer and sell up to 400,000 limited partnership interests (“Interests”) in a
public offering (the “Offering”) of
Interests pursuant to a registration statement on Form S-1 (the “Registration
Statement”) filed by the Company with the Securities and Exchange
Commission (the “SEC”).  ICON
Securities Corp., a Delaware corporation (the “Dealer Manager”),
will act as dealer manager for the offering of Interests. The Company is
entering into this agreement to set forth the terms on which UMB BANK, N.A. (the
“Escrow Agent”)
will, except as otherwise provided herein, hold and disburse the proceeds from
subscriptions for the purchase of Interests in the Offering until such time
as:  (i) in the case of subscriptions received from
non-affiliates of the Company, the Company has received subscriptions for 1,200
Interests  (the “Minimum Offering”)
and (ii) in the case of subscriptions received from residents of the
Commonwealth of Pennsylvania (“Pennsylvania
Subscribers”), the Company has received subscriptions for 20,000
Interests (the “Pennsylvania Minimum
Offering”).

    

    The
Escrow Agent has engaged DST Systems, Inc., a Massachusetts corporation (the
“Processing
Agent”) to receive, examine for “good order” and facilitate subscriptions
deposited into the Escrow Account (defined below) as further described herein
and to act as record keeper, solely in the capacity of agent for the Escrow
Agent and not in any capacity on behalf of the Company or the Dealer Manager,
nor shall it have any interest other than that provided in this Agreement in
assets in the Processing Agent’s possession as the agent of the Escrow
Agent.

    

    The
Company hereby appoints UMB Bank, N.A. as Escrow Agent for purposes of holding
the proceeds from the subscriptions for Interests, on the terms and conditions
hereinafter set forth:

    

    1. (a)
Until such time as the Company has received subscriptions for Interests in an
amount equal to the Minimum Offering and such funds are disbursed from the
Escrow Account (as defined below) in accordance with paragraph 3(a) hereof,
persons subscribing to purchase Interests ( “Subscribers”) will be
instructed by the Dealer Manager or any soliciting dealers to remit the purchase
price in the form of checks, drafts, wires, Automated Clearing House
(ACH) or money orders (hereinafter “instruments of
payment”) payable to the order of “UMB Bank, N.A., Agent for ICON Fund
15” or a recognizable contraction or abbreviation thereof, including but not
limited to, “UMB Bank, N.A. f/b/o ICON 15.”  After subscriptions for
Interests in an amount equal to the Minimum Offering are received and such funds
are disbursed from the Escrow Account in accordance with paragraph 3(a) hereof,
subscriptions shall continue to be so submitted unless otherwise instructed by
the Dealer Manager.  Any checks, drafts or money orders received made
payable to a party other than the Escrow Agent (or after the Minimum Offering is
achieved, made payable to a party other than the party designated by the Dealer
Manager) shall be returned to the soliciting dealer that submitted the check,
draft or money order.  Within one (1) business day after receipt
of instruments of payment from the Offering, the Dealer Manager, the Company or
their respective agents will (a) send to the Escrow Agent each Subscriber’s
name, address, number of Interests purchased, and purchase price remitted, and
(b) the Escrow Agent will deposit the instruments of payment from such
Subscribers into an interest-bearing deposit account entitled “Escrow Account
for the Benefit of Subscribers for Interests of ICON Fund 15” (the “Escrow Account”),
which deposit shall occur within one (1) business day after the Escrow
Agent’s receipt of the instrument of payment, until such Escrow Account has
closed pursuant to paragraph 3(a) hereof.

    
      
         

      

      
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(b) The Escrow Agent agrees to maintain the funds contributed by the
Pennsylvania Subscribers (“Pennsylvania
Subscriptions”) in a manner in which they may be separately accounted for
by the records of the Processing Agent so that the requirements of Sections 3 of
this Agreement can be met.   The Escrow Account will be
established and maintained in such a way as to permit the interest income
calculations described in paragraph 7.

    

    2. The
Escrow Agent agrees to promptly process for collection the instruments of
payment upon deposit into the Escrow Account.  Deposits shall be held
in the Escrow Account until such funds are disbursed in accordance with
paragraph 3 hereof.  If any of the instruments of payment are returned
to the Escrow Agent for nonpayment prior to achieving the Minimum Offering or,
in connection with Pennsylvania Subscriptions, the Pennsylvania Minimum
Offering, the Escrow Agent shall promptly notify the Dealer Manager and the
Company in writing via mail, email or facsimile of such nonpayment, and is
authorized to debit the Escrow Account, in the amount of such returned payment
as well as any interest earned on the amount of such payment.  In the
event that instruments of payment are returned for nonpayment, the Escrow Agent
is authorized to debit the Escrow Account, in accordance with this paragraph
2.

    

    3. (a)
(i) Subject to the provisions of subparagraphs 3(b)-3(e) below, once the
Minimum Offering has been achieved and upon receiving written instruction from
the Company, the Escrow Agent shall (A) disburse to the Company, by
check  or wire transfer, the funds in the Escrow Account representing
the gross purchase price for the Interests purchased excluding Pennsylvania
Subscriptions, and (B) promptly disburse to the Company any interest
thereon excluding interest attributable to Pennsylvania
Subscriptions.  After such time the Escrow Account shall remain open
and the Company shall continue to cause subscriptions for the purchase of
Interests to be deposited in the Escrow Account, and thereafter any subscription
documents and instruments of payment received by the Escrow Agent from
Subscribers other than Pennsylvania Subscribers shall be forwarded directly to
the Company or its agent, as so instructed.  For purposes of this
Agreement, the term “collected funds” shall mean all funds received by the
Escrow Agent that have cleared normal banking channels and are in the form of
cash or cash equivalent.  After the satisfaction of the foregoing
provisions of this paragraph 3(a)(i), in the event the Company receives
subscriptions made payable to the Escrow Agent (other than Pennsylvania
Subscriptions), subscription proceeds may continue to be received in this
account generally, but to the extent such proceeds shall not be subject to
escrow due to the satisfaction of the aforementioned provisions of this
paragraph 3(a)(i), such proceeds are not subject to this Escrow Agreement and at
the instruction of the Company or its agent to the Escrow Agent shall be
transferred from the Escrow Account or deposited directly into, as the case may
be, a commercial deposit account in the name of the Company with the Escrow
Agent (the “Deposit
Account”) that has been previously established by the Company, unless
otherwise directed by the Company.  The Company hereby covenants and
agrees that it shall take commercially reasonable efforts to establish the
Deposit Account.  No provisions of this Escrow Agreement shall apply
to the Deposit Account.

    

             (ii) regardless
of any release of funds from the Escrow Account, the Company, the Dealer Manager
and soliciting dealers shall continue to forward instruments of payment received
from Pennsylvania Subscribers for deposit into the Escrow Account to the Escrow
Agent until such time as the Company notifies the Escrow Agent in writing that
the Pennsylvania Minimum Offering has been achieved. Within five days after
receipt by the Escrow Agent of such notice, the Escrow Agent shall
(A) disburse to the Company, by check or wire transfer, the funds then in
the Escrow Account representing the gross purchase price for the Pennsylvania
Minimum Offering, and (B) promptly disburse to the Company any interest
thereon.  Following such disbursements, any instruments of payment
received by the Escrow Agent from Pennsylvania Subscribers shall not be subject
to this Escrow Agreement and shall be deposited directly into the Escrow Account
or the Deposit Account, as instructed in writing by the Company pursuant to
subparagraph 3(a)(i) above.

    
      
         

      

      
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         (b) Within
four business days of the close of business on the date that is one year
following commencement of the Offering (the “Expiration Date”),
the Company shall promptly notify the Escrow Agent if the Minimum Offering has
not been achieved.  Within five (5) calendar days following the date
of such notice, the Escrow Agent shall, unless otherwise directed in writing by
the Company, promptly return directly to each Subscriber the collected funds
deposited in the Escrow Account  on behalf of such Subscriber (unless
earlier disbursed in accordance with paragraph 3(c)), or shall return the
instruments of payment delivered, but not yet processed for collection prior to
such time, in either case, together with interest income (which interest shall
be paid within five (5) business days after the first business day of the
succeeding month) in the amounts calculated pursuant to paragraph 7 for each
Subscriber at the address provided by the Dealer Manager or the Company to the
Escrow Agent, which the Escrow Agent shall be entitled to rely
upon.  Notwithstanding the above, in the event that the Escrow Agent
has not received an executed IRS Form W-9 at such time for each Subscriber, the
Escrow Agent shall remit an amount to the Subscribers in accordance with the
provisions hereof, withholding the applicable percentage for backup withholding
required by the Internal Revenue Code, as then in effect, from any interest
income on subscription proceeds (determined in accordance with paragraph 7)
attributable to each Subscriber for whom the Escrow Agent does not possess an
executed IRS Form W-9.  However, the Escrow Agent shall not be
required to remit any payments until the Escrow Agent has collected funds
represented by such payments.

    

         (c) Notwithstanding
subparagraphs 3(a) and 3(b) above, the Company shall notify the Escrow Agent in
writing if the Pennsylvania Minimum Offering has not been achieved on or before
the close of business on such date that is 120 days after commencement of the
Offering (the Company will notify the Escrow Agent of the commencement date of
the Offering) (the “Initial Escrow
Period”).  Thereafter, the Company shall send to each
Pennsylvania Subscriber by certified mail within two (2) business days
after the end of the Initial Escrow Period a notification in the form of Exhibit A.  If,
pursuant to such notification, a Pennsylvania Subscriber requests the return of
his or her subscription funds within five (5) calendar days after receipt of the
notification (the “Request Period”), the
Escrow Agent shall promptly refund directly to each Pennsylvania Subscriber the
collected funds deposited in the Escrow Account on behalf of such Pennsylvania
Subscriber or shall return the instruments of payment delivered, but not yet
processed for collection prior to such time, to the address provided by the
Dealer Manager or the Company or their respective agents to the Escrow Agent,
which the Escrow Agent shall be entitled to rely upon, together with interest
income (which interest shall be paid within five business days after the first
business day of the succeeding month) in the amounts calculated pursuant to
paragraph 7.   Notwithstanding the above, if the Escrow Agent has
not received an executed IRS Form W-9 is for such Pennsylvania Subscriber, the
Escrow Agent shall thereupon remit an amount to such Pennsylvania Subscriber in
accordance with the provisions hereof, withholding the applicable percentage for
backup withholding required by the Internal Revenue Code, as then in effect,
from any interest income earned on subscription proceeds (determined in
accordance with paragraph 7) attributable to such Pennsylvania
Subscriber.  However, the Escrow Agent shall not be required to remit
such payments until the Escrow Agent has collected funds represented by such
payments.

    

         (d) The
subscription funds of Pennsylvania Subscribers who do not request the return of
their subscription funds within the Request Period shall remain in the Escrow
Account for successive 120-day escrow periods (a “Successive Escrow
Period”), each commencing automatically upon the termination of the prior
Successive Escrow Period, and the Company and Escrow Agent shall follow the
notification and payment procedure set forth in subparagraph 3(c) above with
respect to the Initial Escrow Period for each Successive Escrow Period until the
occurrence of the earliest of (i) the Expiration Date, (ii) the
Pennsylvania Minimum Offering being achieved, or (iii) all funds held in
the Escrow Account having been returned to the Pennsylvania Subscribers in
accordance with the provisions hereof.

    

         (e) 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
issue a refund to the rejected Subscriber at the address provided by the Dealer
Manager or the Company, which the Escrow Agent shall be entitled to rely
upon.  If the Company rejects any subscription for which the Escrow
Agent has not yet collected funds, but has submitted the Subscriber’s check for
collection, the Escrow Agent shall promptly return the funds in the amount of
the Subscriber’s check to the rejected Subscriber, at the address provided by
the Dealer Manager or the Company or their respective agents, which the Escrow
Agent shall be entitled to rely upon, after such funds have been
collected.  If the Escrow Agent has not yet submitted a rejected
Subscriber’s check for collection, the Escrow Agent shall promptly remit the
Subscriber’s check directly to the Subscriber.

    

    4. 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.

    
      
         

      

      
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    5. Prior
to the disbursement of funds deposited in the Escrow Account in accordance with
the provisions of paragraph 3 hereof, the Escrow Agent shall invest all of the
funds deposited as well as earnings and interest derived therefrom in the Escrow
Account, as applicable, in the “Short-Term Investments” specified below at the
written direction of the Company, unless the costs to the Company for the making
of such investment are reasonably expected to exceed the anticipated interest
earnings from such investment in which case the funds and interest thereon shall
remain in the respective escrow account until the balance in the respective
escrow account reaches the minimum amount necessary for the anticipated interest
earnings from such investment to exceed the costs to the Company for the making
of such investment, as determined by the Company based upon applicable interest
rates.

    

    “Short-Term
Investments” include obligations of, or obligations guaranteed by, the United
States government or bank money-market accounts or certificates of deposit of
national or state banks that have deposits insured by the Federal Deposit
Insurance Corporation (including certificates of deposit of any bank acting as a
depository or custodian for any such funds) which mature on or before the
Expiration Date, unless such instrument cannot be readily sold or otherwise
disposed of for cash by the Expiration Date without any dissipation of the
offering proceeds invested. Without limiting the generality of the foregoing,
Exhibit B
hereto sets forth specific Short-Term Investments that shall be deemed
permissible investments hereunder.

    

    The
following securities are not permissible investments:

         (a)
money market funds;

         (b)
corporate equity or debt securities;

         (c)
repurchase agreements;

         (d) bankers’
acceptances;

         (e) commercial
paper; and

         (f) municipal
securities.

    

    It is
hereby expressly agreed and stipulated by the parties hereto that the Escrow
Agent shall not be required to exercise any investment discretion hereunder and
shall have no investment or management responsibility and, accordingly, shall
have no duty to, or liability for its failure to, provide investment
recommendations or investment advice to the parties hereto. It is the intention
of the parties hereto that, except as otherwise provided in paragraph 9, the
Escrow Agent shall never be required to use, advance or risk its own funds or
otherwise incur financial liability in the performance of any of its duties or
the exercise of any of its rights and powers hereunder.

    

    6. The
Escrow Agent is entitled to rely upon written instructions received from the
Company or the Dealer Manager or their respective agents, unless the Escrow
Agent has actual knowledge that such instructions are not valid or genuine;
provided that, if in the Escrow Agent’s opinion, any instructions from the
Company or the Dealer Manager or their respective agents are unclear, the Escrow
Agent may request clarification from the Company or the Dealer Manager or their
respective agents, as applicable, prior to taking any action, and if such
instructions continue to be unclear, the Escrow Agent may rely upon written
instructions from the Company’s legal counsel in distributing or continuing to
hold any funds.  However, the Escrow Agent shall not be required to
disburse any funds attributable to instruments of payment that have not been
processed for collection, until such funds are collected and then shall disburse
such funds in compliance with the disbursement instructions from the Company or
the Dealer Manager or their respective agents.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    7. If the
Offering terminates prior to achieving the Minimum Offering or one or more
Pennsylvania Subscribers elects to have his or her subscription returned in
accordance with paragraph 3, interest income earned on subscription proceeds
deposited in the Escrow Account (the “Escrow Income”), ,
shall be remitted to Subscribers to the address provided by the Dealer Manager
or the Company to the Escrow Agent, which the Escrow Agent shall be entitled to
rely upon, or to the Company if the applicable Subscriber’s funds have been held
in escrow by the Escrow Agent for less than thirty five (35) calendar days,
in accordance with paragraph 3 and without any deductions for escrow
expenses.  The Company shall reimburse the Escrow Agent for all
reasonable and documented escrow expenses.  If the Escrow Agent remits
interest income pursuant to this Agreement, the Escrow Agent shall be
responsible for any necessary federal tax reporting associated with such income;
provided, however, that the Escrow Agent shall not be responsible for any other
tax reporting associated with this Agreement. The Escrow Agent shall remit all
such Escrow Income in accordance with paragraph 3. If the Company chooses to
leave the Escrow Account open after achieving the Minimum Offering then it shall
make regular acceptances of subscriptions therein, but no less frequently than
monthly, and the Escrow Income from the last such acceptance shall be calculated
and remitted to the Subscribers or the Company, as applicable, pursuant to the
provisions of paragraph 3.

    

    8. The
Escrow Agent shall receive compensation from the Company as set forth in Exhibit C
attached hereto, which such Exhibit C is hereby incorporated by
reference.

    

    9. In
performing any of its duties hereunder, the Escrow Agent shall not incur any
liability to anyone for any damages, losses, or expenses, except for willful
misconduct, breach of trust, or gross negligence. Accordingly, the Escrow Agent
shall not incur any such liability with respect to any action taken or omitted
(a) in good faith upon advice of the Escrow Agent’s counsel given with
respect to any questions relating to the Escrow Agent duties and
responsibilities under this Agreement, or (b) in reliance upon any
instrument, including any written instrument or instruction provided for in this
Agreement, not only as to its due execution and validity and effectiveness of
its provisions but also as to the truth and accuracy of information contained
therein, which the Escrow Agent shall in good faith believe to be genuine, to
have been signed or presented by a proper person or persons and to conform to
the provisions of this Agreement.

    

    10. The
Company hereby agrees to indemnify and hold the Escrow Agent harmless against
any and all losses, claims, damages, liabilities, and expenses, including
reasonable attorneys’ fees and disbursements, that may be imposed on or incurred
by the Escrow Agent in connection with acceptance of appointment as the Escrow
Agent hereunder, or the performance of the duties hereunder, including any
litigation arising from this Agreement or involving the subject matter hereof,
except where such losses, claims, damages, liabilities, and expenses result from
willful misconduct, breach of trust, or gross negligence.

    

    11.  The
Escrow Agent, or any successor to it hereafter appointed, may at any time resign
and be discharged from the duties and obligations under this Agreement by giving
at least thirty (30) days prior written notice to the Company and accounting in
full for all sums delivered to, and held by, it and all earnings thereon while
acting as the Escrow Agent hereunder.  The Escrow Agent may be removed
at any time upon sixty (60) days prior written notice by any instrument
purportedly signed by an authorized representative of the
Company.  Any successor Escrow Agent shall deliver to the Escrow
Agent, the Company and the Dealer Manager a written instrument accepting such
appointment hereunder and shall accept delivery of the Escrow Account to hold
and distribute same in accordance with the terms of this
Agreement.  If no successor Escrow Agent shall have been appointed
within thirty (30) days after the Company receives notice of the Escrow Agent’s
intention to resign or within sixty (60) days of the Escrow Agent’s receipt of
notice of its removal, the Escrow Agent shall deliver all amounts deposited with
it in the Escrow Account and all earnings thereon to a national bank with a net
worth of not less than $100,000,000 that is designated by the Escrow Agent and
has agreed in writing to accept such monies and to act as substitute Escrow
Agent in compliance with the terms of this Agreement.  Upon such
delivery and acceptance, the Escrow Agent shall be discharged from any future
obligations under this Agreement.

    

    12. All
communications and notices required or permitted by this Agreement shall be in
writing and shall be deemed to have been given when delivered personally or by
messenger or by overnight delivery service or when received via telecopy or
other electronic transmission, in all cases addressed to the person for whom it
is intended at such person’s address set forth below or to such other address as
a party shall have designated by notice in writing to the other party in the
manner provided by this paragraph:

    

         (a)
if to the Company:

               ICON
ECI Fund Fifteen, L.P.

               c/o
ICON GP 15, LLC

               100
Fifth Avenue, 4th
Floor

               New
York, NY 10011

               Fax:
(212) 418-4739

               Attention:
Chief Executive Officer

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

         (b)
if to the Dealer Manager:

               ICON
Securities Corp.

               120
Fifth Avenue, 8th
Floor

               New
York, NY 10011

               Fax:
(212) 300-9681

               Attention:
President

    

         (c)
if to the Escrow Agent:

               UMB
Bank, N.A.

               Corporate
Trust & Escrow Services

               1010
Grand Blvd., 4th
Floor

               Mail
Stop: 1020409

               Kansas
City, MO 64106

               Attention:
Lara Stevens

    

    Each
party hereto may, from time to time, change the address to which notices to it
are to be delivered or mailed hereunder by notice in accordance herewith to the
other parties.

    

    13. This
Agreement shall be governed by the laws of the State of New York as to both
interpretation and performance without regard to the conflict of laws rules
thereof.

    

    14. The
provisions of this Agreement shall be binding upon the legal representatives,
successors, and assigns of the parties hereto.

    

    15. The
Company and the Dealer Manager hereby acknowledge that UMB Bank, N.A. is serving
as Escrow Agent only for the limited purposes herein set forth, and hereby agree
that they will not represent or imply that, by serving as Escrow Agent hereunder
or otherwise, have investigated the desirability or advisability of investment
in the Company or have approved, endorsed, or passed upon the merits of the
Interests or the Company.

    

    16. This
Agreement and any amendment hereto may be executed by the parties hereto in one
or more counterparts, each of which shall be deemed to be an
original.

    

    17. The
Escrow Agent shall be bound only by the terms of this Escrow Agreement and shall
not be bound by or incur any liability with respect to any other agreements or
understanding between any other parties, whether or not the Escrow Agent has
knowledge of any such agreements or understandings.

    

    18. The
liability and indemnification provisions set forth herein shall survive the
termination of this Agreement.

    

    19. In
the event that any part of this Agreement is declared by any court or other
judicial or administrative body to be null, void, or unenforceable, said
provision shall survive to the extent it is not so declared, and all of the
other provisions of this Agreement shall remain in full force and
effect.

    

    20.
Unless otherwise provided in this Agreement, final termination of this Escrow
Agreement shall occur on the date that all funds held in the Escrow Account are
distributed and the Company has informed the Escrow Agent in writing to close
the Escrow Account pursuant to paragraph 3 hereof.

    

    21.
Neither the Escrow Agent, nor its agents, shall have responsibility for
accepting, rejecting, or approving subscriptions.  The Escrow Agent or
its agent (including the Processing Agent) on its behalf shall complete an OFAC
search, in compliance with its policy and procedures, of each subscription and
shall inform the Company if a subscription fails the OFAC search.  The
Dealer Manager shall provide a copy of each subscription agreement in order that
the Escrow Agent, or its agent, may perform such OFAC search.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    22. This
Agreement shall not be modified, revoked, released, or terminated unless reduced
to writing and signed by all parties hereto, subject to the following
paragraph.

    

    23. The
Company shall provide to Escrow Agent any documentation and information
reasonably requested by the Escrow Agent for it to comply with the USA Patriot
Act of 2001, as amended from time to time.

     

    [Signature
page follows]

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    

    Agreed to
as of the 7th day of December, 2010.

    

    
      
        
          
            
              	 
      	
                      ICON
      ECI FUND FIFTEEN, L.P.

                    	 
      
	 
      	 
      	 
      
	 
      	
                      By:
      ICON GP 15, LLC, its General Partner

                    	 
      
	 
      	 
      	 
      
	 
      	
                      By:  

                    	

                      /s/
      Michael A. Reisner

                    	 
      
	 
      	 
      	
                      Michael
      A. Reisner

                    	 
      
	 
      	 
      	
                      Co-Chief
      Executive Officer and Co-President 

                    	 
      
	 
      
	 
      	
                      ICON
      SECURITIES CORP.

                    	 
      
	 
      	 
      	 
      
	 
      	
                      By:  

                    	/s/
      Douglas S. Crossman	 
      
	 
      	 
      	
                      Douglas
      S. Crossman 

                    	 
      
	 
      	 
      	
                      President 

                    	 
      
	 
      

            

          

        

      

    

    The terms
and conditions contained above are hereby accepted and agreed to
by:

    UMB Bank, N.A. as Escrow
Agent

    

    
      
        
          
            
              
                	
                        By:  

                      	/s/
      Lara L. Stevens	 
      
	
                        Name:  

                      	Lara
      L. Stevens	 
      
	
                        Title:  

                      	Vice
      President	 
      

              

            

          

        

      

    

    
      
         

      

      
        8

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