Document:

Exhibit

Exhibit 10.4

AMENDMENT TO SELECTED DEALER AGREEMENT

This Amendment to the Selected Dealer Agreement, dated as of the 23rd day of October, 2015 (this “Amendment”), is made by and among each of NorthStar Real Estate Income II, Inc., a Maryland corporation (the “Company”), NorthStar Securities, LLC, a Delaware limited liability company (the “Dealer Manager”), NSAM J-NSII Ltd, a Jersey limited company (the “Advisor “), NorthStar Asset Management Group Inc., a Delaware corporation (the “Sponsor”), (collectively, the “Issuer Entities”) and Ameriprise Financial Services, Inc. (“Ameriprise”). 

WHEREAS, the Issuer Entities and Ameriprise have entered into a Selected Dealer Agreement dated February 20, 2015, that sets forth the understandings and agreements whereby Ameriprise will offer and sell on a best efforts basis, for the account of the Company, Class A shares (“Class A Shares”) of common stock (the “Common Stock”) of the Company registered pursuant to the Registration Statement and Prospectus filed with the Securities and Exchange Commission on Form S-11 (File No. 333-185640) under the Securities Act of 1933, as amended and the regulations thereunder; and 

WHEREAS, the Company has registered Class T shares (“Class T Shares”) of common stock of the Company under the Registration Statement and Prospectus filed with the Securities Exchange Commission; and

WHEREAS, the Issuer Entities and Ameriprise desire to modify the Selected Dealer Agreement to allow Ameriprise to offer and sell on a best efforts basis, both Class A and Class T Shares of common stock of the Company; 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Issuer Entities and Ameriprise agree as follows:

1.    Section 1 of the Selected Dealer Agreement shall be deleted in its entirety and replaced with the following.

1. Introduction. This Selected Dealer Agreement (the “Agreement”) sets forth the understandings and agreements whereby Ameriprise will offer and sell on a best efforts basis for the account of the Company Class A shares (“Class A Shares”) and Class T shares (“Class T Shares”) of common stock (the “Common Stock”), par value $.01 per share (Class A Shares and Class T Shares collectively referred to herein as the “Shares”), of the Company registered pursuant to the Registration Statement (as defined below) at the per share price set forth in the Registration Statement from time to time (subject to certain volume and other discounts described therein) (the “Offering”), pursuant to which Shares are also being offered pursuant to the Company’s Distribution Reinvestment Plan (the “DRIP”).  The Shares are more fully described in the Registration Statement defined below.

Ameriprise is hereby invited to act as a selected dealer for the Offering, subject to the terms and conditions set forth below. 

2.    Section 2(p) of the Selected Dealer Agreement shall be deleted in its entirety and replaced with the following.
 
             (p) Qualification as a Real Estate Investment Trust.  The Company intends to continue to satisfy the requirements of the Internal Revenue Code of 1986 as amended (the “Code”) for qualification and taxation of the Company as a real estate investment trust.  Commencing with its taxable year ended December 31, 2013, the Company has been organized and has operated in conformity with the requirements for qualification as a real estate investment trust under the Code, and its actual method of operation as described in the Prospectus will enable it to 

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continue to meet the requirements for qualification and taxation as a real estate investment trust under the Code.
The Company’s issuance of Class A Shares and Class T Shares will not cause dividends  paid by the Company with respect to Class A Shares and Class T Shares to be preferential dividends within the meaning of § 562(c) of the Code.  Furthermore, the Company’s issuance of Class A Shares and Class T Shares will not cause the Company to fail to qualify as a REIT.

3.    The following provision shall be added as Section 2(qq) of the Selected Dealer Agreement. 

(qq)   For the purposes of reporting statement value pursuant to FINRA Rule 15-02, the Company shall not at any time use the net investment methodology, and shall use the valuation methodology as set forth in Section 2(oo) of the Agreement.   

4.    Sections 3(a) and 3(d) of the Selected Dealer Agreement shall be deleted in their entirety and replaced with the following.
 
3. Sale of Shares (a)    Purchase of Shares.  On the basis of the representations, warranties and covenants herein contained, but subject to the terms and conditions herein set forth, the Company hereby appoints Ameriprise as a Selected Dealer for the Shares during the period from the date hereof to the Termination Date (the “Effective Term”), including the Shares to be issued pursuant to the DRIP, each in the manner described in the Registration Statement.  Subject to the performance by the Company of all obligations to be performed by it hereunder and the completeness and accuracy of all of its representations and warranties, Ameriprise agrees to use its best efforts, during the Effective Term, to offer and sell such number of Shares as contemplated by this Agreement at the price stated in the Prospectus, as the same may be adjusted from time to time.    
The purchase of Shares must be made during the offering period described in the Prospectus, or after such offering period in the case of purchases made pursuant to the DRIP (each such purchase hereinafter defined as an “Order”).  
(i)    Persons desiring to purchase Class A Shares are required to (i) deliver to Ameriprise a check in the amount of $10.00 per Class A Share purchased (subject to certain volume discounts or other discounts as described in the Prospectus, or such other per share price as may be applicable pursuant to the DRIP, or such other per share price as is disclosed from time to time in the Registration Statement or Prospectus) payable to Ameriprise, or (ii) authorize a debit of such amount to the account such purchaser maintains with Ameriprise.  
(ii)    Persons desiring to purchase Class T Shares are required to (i) deliver to Ameriprise a check in the amount of $9.45 per Class T Share purchased (subject to such other per share price as may be applicable pursuant to the DRIP, or such other share price as disclosed from time to time in the Registration Statement or Prospectus) payable to Ameriprise, or (ii) authorize a debit of such amount to the account such purchaser maintains with Ameriprise.
(iii)    An order form as mutually agreed upon by Ameriprise and the Company substantially similar to the form of subscription agreement attached to the Prospectus (each an “Order Form”) must be completed and submitted to the Company for all investors.  The Dealer Manager and American Enterprise Investment Services, Inc. (“AEIS”), an affiliate of Ameriprise, are parties to that certain Alternative Investment Product Networking Services Agreement, dated August 26, 2014 as amended (the “AIP Networking Agreement”), pursuant to which the broker-

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controlled accounts of Ameriprise’s customers that invest in the Company will be processed and serviced.  The parties acknowledge that any receipt by Ameriprise of payments for subscriptions for Shares shall be effected solely as an administrative convenience, and such receipt of payments shall not be deemed to constitute acceptance of Orders to purchase Shares or sales of Shares by the Company.  
All Orders solicited by Ameriprise will be strictly subject to review and acceptance by the Company and the Company reserves the right in its absolute discretion to reject any Order or to accept or reject Orders in the order of their receipt by the Company or otherwise.  Within 30 days of receipt of an Order, the Company must accept or reject such Order.  If the Company elects to reject such Order, within 10 business days after such rejection, it will notify the purchaser and Ameriprise of such fact and cause the return of such purchaser’s funds submitted with such application.  If Ameriprise receives no notice of rejection within the foregoing time limits, the Order shall be deemed accepted.  Ameriprise agrees to make commercially reasonable efforts to determine that the purchase of Shares is a suitable and appropriate investment for each potential purchaser of Shares based on information provided by such purchaser regarding, among other things, such purchaser’s age, investment experience, financial situation and investment objectives.  Ameriprise agrees to maintain copies of the Orders received from investors and of the other information obtained from investors, including the Order Forms, for a minimum of 6 years from the date of sale and will make such information available to the Company upon request by the Company. 
(d)  Compensation.  
Class A Shares: In consideration for Ameriprise’s execution of this Agreement, and for the performance of Ameriprise’s obligations hereunder, the Dealer Manager agrees to pay or cause to be paid to Ameriprise a selling commission (the “Selling Commission”) of seven percent ($0.70 based on $10.00 price per share) of the price of each Class A Share (except for Class A Shares sold pursuant to the DRIP) sold by Ameriprise; provided, however, that Ameriprise’s Selling Commission shall be reduced with respect to volume sales of Class A Shares to single purchasers (as defined in the Prospectus) and as otherwise set forth in the “Plan of Distribution” section of the Prospectus.  In the case of such volume sales to single purchasers, on orders of $500,000 or more, Ameriprise’s Selling Commission shall be reduced by the amount of the Class A Share purchase price discount.  In the case of such volume sales to single purchasers, Ameriprise’s Selling Commission will be reduced for each incremental Class A Share purchase by such single purchasers where Ameriprise serves as the selected dealer for such purchase, in the total volume ranges set forth in the table below.  Any reduction of the Selling Commission otherwise payable to Ameriprise will be credited to the purchaser as additional Class A Shares. Such reduced Class A Share price will not affect the amount received by the Company for investment. The following table sets forth the reduced Selling Commission payable to Ameriprise in connection with volume discounts, which table may be updated from time to time in the Prospectus.

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	Dollar Volume Purchased
	 
	Purchase Price 
per Class A Share 
to Investor
	Percentage 
Based on 
$10.00 
per Class A Share
	Commission 
Amount 
per Class A Share
	Dealer 
Manager 
Fee 
per Class A Share
	Net Proceeds 
per Class A Share

	$500,000 or less
	 
	$10.00
	7%
	$
	0.70
	 
	

	$0.30
	

	

	$9.00
	

	$500,001 ‐ $1,000,000
	 
	$9.90
	6%
	$
	0.60
	 
	

	$0.30
	

	

	$9.00
	

	$1,000,001 ‐ $2,000,000
	 
	$9.80
	5%
	$
	0.50
	 
	

	$0.30
	

	

	$9.00
	

	$2,000,001 ‐ $3,000,000
	 
	$9.70
	4%
	$
	0.40
	 
	

	$0.30
	

	

	$9.00
	

	$3,000,001 ‐ $5,000,000
	 
	$9.60
	3%
	$
	0.30
	 
	

	$0.30
	

	

	$9.00
	

	Over $5,000,000
	 
	$9.50
	2%
	$
	0.20
	 
	

	$0.30
	

	

	$9.00
	

All commission rates and dealer manager fees are calculated assuming a price per Class A Share of $10.00. For example, a purchase of 250,000 Class A Shares in a single transaction would result in a purchase price of $2,425,000 ($9.70 per Class A Share), Selling Commissions of $100,000 and dealer manager fees of $75,000. 

For purposes of determining investors eligible for volume discounts, investments made by accounts with the same primary account holder, as determined by the account tax identification number, may be combined. This includes individual accounts and joint accounts that have the same primary holder as an individual account. Investments made through individual retirement accounts may also be combined with accounts that have the same tax identification number as the beneficiary of the individual retirement account. In the event Orders are combined, the commission payable with respect to the subsequent purchase of Class A Shares will equal the commission per share which would have been payable in accordance with the table set forth above if all purchases had been made simultaneously. Any reduction of the seven percent (7.0%) Selling Commission otherwise payable to Ameriprise will be credited to the purchaser as additional Class A Shares. Unless Ameriprise, on behalf of purchasers, indicates that Orders are to be combined and provide all other requested information, the Company will not be held responsible for failing to combine Orders properly. 

Purchasers may submit requests in writing to Ameriprise to aggregate subscriptions, as part of a combined order for purposes of determining the number of Class A Shares purchased and the applicable volume discount, provided that any such request must be submitted by Ameriprise to the Dealer Manager simultaneously with the subscription for shares to which the discount is to relate. Ameriprise may make the request to the Dealer Manager on behalf of Ameriprise investors; provided, that, approval of any such volume discounts for combined purchases shall be at the sole discretion of the Dealer Manager and any such discount shall be prorated among the individual subscriptions that were combined for the purchase. 

The Company expects the Dealer Manager to authorize other broker-dealers that are members of FINRA, which the Company refers to as participating broker-dealers, to sell the Shares. Except as provided in the Selected Dealer Agreements, the Dealer Manager will reallow to the participating broker-dealers all of the Sales Commissions attributable to such participating broker-dealers.  As set forth in the Prospectus, the Company will not pay any Sales Commissions in connection with the sale of Shares in the event: (i) the investor has engaged the services of a registered investment advisor with whom the investor has agreed to pay a fee for investment advisory services (except where an investor has a contract for financial planning services with a registered investment advisor that is also a registered broker dealer, such contract absent any investment advisory services will not qualify the investor for a reduction of 

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the Sales Commission described above), or (ii) in the event the investor is investing in a bank trust account with respect to which the investor has delegated the decision-making authority for investments made in the account to a bank trust department. The Company will also offer other discounts in connection with certain other types of sales, as set forth in the “Plan of Distribution” section of the Prospectus. The net proceeds to the Company will not be affected by any such discounts.

The Dealer Manager will also re-allow to Ameriprise out of its dealer manager fee a marketing fee of up to 1.5% of the full price of each Class A Share (except for Class A Shares sold pursuant to the DRIP) sold by Ameriprise (the “Marketing Fee”); provided however, the Company will not pay Ameriprise a Marketing Fee if the aggregate underwriting compensation to be paid to all parties in connection with the Offering exceeds the limitations prescribed by FINRA.  
Class T Shares: In consideration for Ameriprise’s execution of this Agreement, and for the performance of Ameriprise’s obligations hereunder, the Dealer Manager agrees to pay or cause to be paid to Ameriprise a Selling Commission of two percent ($0.189 based on initial $9.45 per share price) of the price of each Class T Share (except for Class T Shares sold pursuant to the DRIP) sold by Ameriprise.

The Dealer Manager will also re-allow to Ameriprise out of its dealer manager fee a Marketing Fee of up to 2.5% of the full price of each Class T Share (except for Class T Shares sold pursuant to the DRIP) sold by Ameriprise; provided however, the Company will not pay Ameriprise a Marketing Fee if the aggregate underwriting compensation to be paid to all parties in connection with the Offering exceeds the limitations prescribed by FINRA.  
In addition, the Dealer Manager will receive an annual distribution fee of 1.0% of the purchase price per Class T Share (or, once reported, the amount of our estimated NAV) for Class T Shares purchased; provided however, that the amount of the distribution fee to be reallowed to Ameriprise will not exceed a total of 4.0%.  The distribution fee will accrue daily and be paid monthly.  The Dealer Manager will reallow the ongoing distribution fee to the selected dealer who initially sold the Class T Shares to a stockholder or, if applicable, to a subsequent broker-dealer of record of the Class T Shares so long as the subsequent broker-dealer is party to a selected dealer agreement with the Dealer Manager that provides for such reallowance. 
The Company will cease paying the distribution fee with respect to each Class T Share sold in the Offering on the earliest to occur of the following: (i) a listing of shares of Common Stock on a national securities exchange; (ii) such Class T Share is no longer outstanding; (iii) the Dealer Manager’s determination that total underwriting compensation from all sources, including dealer manager fees, Selling Commissions, the distribution fee and any other underwriting compensation paid to participating broker dealers with respect to all Class A Shares and Class T Shares would be in excess of 10% of the gross proceeds of the primary portion of the Offering; or (iv) the end of the month in which the transfer agent, on the Company’s behalf, determines that total underwriting compensation with respect to the Class T Shares held by a stockholder within his or her particular account, including dealer manager fees, Selling Commissions, and the distribution fee, would be in excess of 10% of the total gross offering price at the time of the investment in the Class T Shares held in such account. All Class T Shares will automatically convert into Class A Shares upon a listing of shares of Common Stock on a national securities exchange. With respect to item (iv) above, all of the Class T Shares held in a stockholder’s account will automatically convert into Class A Shares as of the last calendar day of the month in which the 10% limit on a particular account is reached. 

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With respect to the conversion of Class T Shares into Class A Shares, each Class T Share will convert into an amount of Class A Shares based on the respective net asset value per share for each class. The Company currently expects that the conversion will be on a one-for-one basis, as it expects the net asset value per share of each Class A Share and Class T Share to be the same, except in the unlikely event that the distribution fee payable by the Company exceed the amount otherwise available for distribution to holders of Class T Shares in a particular period (prior to the deduction of the distribution fee), in which case the excess will be accrued as a reduction to the net asset value per share of each Class T Share.
No payment of Selling Commissions, the Marketing Fee or the distribution fee will be made in respect of Orders (or portions thereof) which are rejected by the Company.  Ameriprise shall transfer to the Transfer Agent the total amount debited from such investor accounts for the purchase of Shares, net of the Selling Commission payable to Ameriprise.  The Marketing Fee will be paid via Automated Clearing House (ACH) payment initiated by the Dealer Manager on the second business day following the month in which the dealer manager fee on the applicable Shares sold by Ameriprise is received by the Dealer Manager.  Selling Commissions, the Marketing Fee and the distribution fee will be payable only with respect to transactions lawful in the jurisdictions where they occur.  Purchases of Shares by the Company, Ameriprise or its or their respective affiliates or any of their respective directors, officers and employees shall be net of Selling Commissions to the extent set forth in the Prospectus.  Ameriprise affirms that the Dealer Manager’s liability for Selling Commissions, the Marketing Fee, the distribution fee and any other amount payable from the Dealer Manager to Ameriprise is limited solely to the amount of the Selling Commissions, the dealer manager fees and the distribution fee received by the Dealer Manager from the Company, and Ameriprise hereby waives any and all rights to receive payment of Selling Commissions, the Marketing Fee, the distribution fee and any other amount due to Ameriprise until such time as the Dealer Manager has received from the Company the Selling Commissions, dealer manager fees and the distribution fee from the sale of Shares by Ameriprise.
No Selling Commissions, Marketing Fee or the distribution fee shall be paid to Ameriprise for purchases made by an investor pursuant to the DRIP.
The Advisor will pay or cause to be paid to Ameriprise, the amount of any bona fide, itemized, separately invoiced due diligence expenses consistent with the language in the Prospectus and applicable regulations and FINRA rules.
Except for offers and sales of Shares to the Company’s executive officers and directors and their immediate family members, to officers and employees of the Advisor or the Advisor’s affiliates, to or through registered investment advisers or a bank acting as a trustee or fiduciary, or through any other arrangements described in the “Plan of Distribution” section of the Prospectus, the Company represents that neither it nor any of its affiliates have offered or sold any Shares pursuant to this Offering, and agrees that, through the Termination Date, the Company will not offer or sell any Shares (except for Shares offered pursuant to the DRIP) otherwise than through the Dealer Manager as provided in the Dealer Manager Agreement, Ameriprise as herein provided, the selected dealers other than Ameriprise as provided in the Selected Dealer Agreements, and registered investment advisers as provided in agreements between the Company and/or the Dealer Manager and registered investment advisers, except pursuant to arrangements described in the “Plan of Distribution” section of the Prospectus. 
5. The following provision shall be added to the end of Section 7 of the Selected Dealer Agreement, as Section 7(j).

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(j) Information on Share Classes.  The Company has applied for a private letter ruling (“PLR”) from the IRS concluding that the differences in the dividends distributed to holders of Class A Shares and Class T Shares due to the class specific fee allocations, as described in the ruling request, will not cause such dividends to be preferential dividends.  Promptly upon receipt of the PLR from the IRS, the Company will provide a copy of the PLR to Ameriprise. The Company has received the favorable opinion of Greenberg Traurig, LLP, counsel to the Company, dated as of the date hereof or as of each Documented Closing Date, as applicable, and addressed to Ameriprise, to the effect that the difference in dividends distributed to the holders of Class A Shares and the holders of Class T Shares, as described in the Prospectus, will not cause such dividends to be deemed preferential dividends pursuant to Section 562 of the Code and the Treasury Regulations thereunder.  The Issuer Entities shall provide Ameriprise with an update at such time as the total Selling Commissions and distribution fees for the sale and servicing of Class T Shares for the sale to any single purchaser reach their cap.  The Issuer Entities shall make a report available to Ameriprise with such information upon written request throughout the offering. 

     6. General

A. All capitalized terms used herein but not defined shall have the meaning ascribed to such terms in the Selected Dealer Agreement unless otherwise set forth in this Amendment.

B. Except as otherwise expressly amended by this Amendment, all of the provisions of the Selected Dealer Agreement shall continue in full force and effect in accordance with the terms and conditions. 

[signature page to follow]

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IN WITNESS WHEREOF, the undersigned have hereto executed this Amendment as of the date first above written.

NorthStar Real Estate Income II, Inc. 

By: __/s/ Jenny B. Neslin_____________
                        
Name: Jenny B. Neslin
Title: General Counsel and Secretary

NorthStar Securities, LLC

By: _/s/ Kristen Whealon_____________

Name: Kristen Whealon
Title:  Chief Compliance Officer

                        
NSAM J-NSII Ltd
            
By: _/s/ Jonathan D. Farkas                       
Name: Jonathan D. Farkas
Title:  Directo

NorthStar Asset Management Group Inc.

By: ___/s/ Albert Tylis_________________

Name:  Albert Tylis
Title:  Chief Executive Officer and President

Ameriprise Financial Services, Inc.

By: ___Frank A. McCarthy              
Name: Frank A. McCarthy
Title: Senior Vice President and General Manager 

NY 245408936v2Exhibit 10.1 Stock Purchase Agreement

STOCK PURCHASE AGREEMENT

This STOCK PURCHASE AGREEMENT (this “Agreement”) is made this November 6th, 2015 , by and between Hybrid Kinetic Automotive Holdings, LLC, a Delaware limited liability company (the “Buyer”), and American Compass, Inc., a California corporation (the “Seller”).

WHEREAS, Seller wishes to sell all of its Ordinary Shares of US$0.000128 par value (the “Ordinary Shares”), of Apollo Acquisition Corporation, an exempted company incorporated with limited liability in the Cayman Islands (the “Company”), to Buyer on the terms and conditions set forth herein, and Buyer wishes to purchase such shares from Seller;

NOW, THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:

1.

Purchase and Sale of Stock. 

(a)

Sale of Shares.  Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties and covenants contained herein, Buyer agrees to purchase from Seller and Seller agrees to sell to Buyer Seven Hundred Eighty-One Thousand Two Hundred Fifty (781,250) Ordinary Shares (the “Shares”) for the purchase price of $1.00 per Ordinary Share (the “Purchase Price”). 

(b)

Closing.

(1)

The closing of the transactions contemplated hereunder (the “Closing”) shall take place at the office of the Seller on such date and time as mutually agreed to between the parties (“Closing Date”) which must be after the satisfaction of all of the Closing Conditions (as defined below) and on or prior to the Termination Date (as defined below).

(2)

On or before the Closing Date, 

(i)

Seller shall deliver to Buyer (A) copies of corporate or analogous authorizations on behalf of Seller authorizing the transactions contemplated by this Agreement, (B) instructions to the Company’s Transfer Agent in substantially the form of Exhibit A attached hereto and (C) a share transfer certificate in respect of the transfer of the Shares to Buyer duly executed by Seller (collectively, the “Seller Deliverables”).

(ii)

Buyer shall deliver to Seller (A) a share transfer certificate in respect of the transfer of the Shares to Buyer duly executed by Buyer and (B) the sum of the Purchase Price and, for wires originating outside of the U.S., a $25.00 foreign wire fee via wire to the following coordinates:  

BANK:  

Bank is East West Bank

ABA#:  

322070381

SWIFT CODE:  

EWBKUS66XXX

BENEFICIARY:  American Compass Inc.

ACCOUNT:  

REFERENCE/SPECIAL INSTRUCTIONS:  “Apollo”

(c)

The following shall be conditions to the consummation of the Closing (the “Closing Conditions”):

(i)

The completion and execution by Buyer of the Investor Certification attached hereto as Exhibit B, and delivery thereof to the Company;

2.

Representations and Warranties of Seller. 

As an inducement to Buyer to enter into this Agreement and to purchase the Shares, Seller hereby represents and warrants as follows:

(a)

Ownership of Shares.  Seller is the registered and beneficial owner of the Shares and has sole power over the disposition of the Shares.  The Shares are legally and validly issued and fully paid and non-assessable Ordinary Shares of the Company, free of preemptive rights.

(b)

Transfer of Title.  The delivery to the Buyer of the Certificates pursuant to the provisions of this Agreement will transfer to the Purchasers good and marketable title thereto, free and clear of all liens, encumbrances, restrictions and claims of any kind.

(c)

No Other Transfer.  The Shares have not been sold, conveyed, encumbered, hypothecated or otherwise transferred by Seller except pursuant to this Agreement.

(d)

Authorization; Enforceability.  Seller has the legal right to enter into and to consummate the transactions contemplated hereby and otherwise to carry out Seller’s obligations hereunder.  The execution, delivery and performance by Seller of this Agreement have been duly authorized by all requisite action by Seller.  This Agreement has been duly executed and delivered by Seller and, assuming due authorization, execution and delivery by Buyer, constitutes a valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

(e)

SEC Filings.  The Company has filed all reports and other materials required to be filed by section 13 or 15(d) of the Exchange Act, as applicable (the “SEC Reports”), and all such reports were filed on a timely basis. As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Exchange Act, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.  The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing.  Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

(f)

Material Changes; Undisclosed Events, Liabilities or Developments.  Since the date of the latest audited financial statements included within the SEC Reports, except as specifically disclosed in a subsequent SEC Report filed prior to the date hereof: (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its share capital and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company equity compensation plans.  The Company does not have pending before the Commission any request for confidential treatment of information.  No event, liability, fact, circumstance, occurrence or development has occurred or exists, or is reasonably expected to occur or exist, with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least one (1) trading day prior to the date that this representation is made.

(g)

No Brokers.  Seller has taken no action which would give rise to any claim by any person for brokerage commissions, finder’s fees or similar payments relating to this Agreement or the transactions contemplated hereby.

(g)

Nature of Shares.  The Shares currently constitute “restricted securities” within the meaning of Rule 144 of the Securities Act of 1933, as amended (the “Securities Act”).

(h)

Exempt Offering.  The Shares were issued by the Company and were subsequently acquired by the Seller in transactions exempt from registration under the Securities Act, by virtue of Section 4(2) thereof and the provisions of Regulation D (“Regulation D”) and/or Regulation S (“Regulation S”), each as promulgated by the U.S.  Securities and Exchange Commission (“SEC”).

2

(i)

Experience and Knowledge. Seller acknowledges and agrees that it (i) has extensive knowledge and experience in financial and business matters; (ii) has had access to all information as to the Company as it has desired; (iii) has made its own inquiry and investigation into, and, based thereon, has formed an independent judgment concerning the operations of the Company, its business and prospects; and (iv) has received sufficient and satisfactory answers to all questions posed to the Company to evaluate the merits and risks of the transactions contemplated by this Agreement. 

(j)

Diligence by Seller.  Seller has satisfied itself with respect to the operations, affairs, financial condition and prospects of the Company, including, without limitation: 

·

the Company’s limited operations

·

its audited and unaudited financial statements

·

opinions of Company’s auditors as to the status of the Company as a going concern

·

management’s decision to reevaluate the Company’s business model and plan and 

·

the Company’s search for a suitable financing transaction or business ventures, such as mergers, acquisitions, joint ventures, debt or equity placements and similar or other on-balance or off-balance sheet corporate finance transactions, or to engage in any lawful act or activity, or engage in any business, for which corporations may be organized under the laws of the Cayman Islands.  

(k)

Material Positive Effect.  Seller acknowledges that if the Company were to make such changes to its business plan as described above, such changes would be expected to have a material positive effect on the future value of the Company, and in particular on the value of the Shares being purchased and sold pursuant to this Agreement.  Seller understands and acknowledges that the Shares could appreciate considerably in value in the near or long term and agrees to sell anyway pursuant to this Agreement.

(l)

No Fiduciary Duty. Seller hereby acknowledges and agrees that (i) at present there is no regular public market for the Shares; (ii) the purchase and sale of the Shares is taking place in a private transaction between Seller and Buyer in an arm’s length commercial transaction at a price negotiated and agreed to by Seller as the best possible current price for the Shares; (iii) Seller is solely responsible for making its own judgments in connection with the Agreement (irrespective of whether the Company, its executive officers, auditors, or other representatives have advised or are currently advising the Company or Seller on related or other matters); and (iv) Buyer has not rendered advisory services of any nature or respect, nor owes any agency, fiduciary or other duty to Seller, in connection with such transaction or the process leading thereto. 

(m)

Organization and Power.  The Company is an exempted company incorporated with limited liability in the Cayman Islands, validly existing and in good standing and has all corporate power necessary to engage in all transactions in which it has been involved, as well as any general business transactions in the future that may be desired by its directors.

(n)

Indebtedness.  The Company’s has no indebtedness or other monetary obligations.

(o)

Liabilities.  The Company has no other liabilities, actual or contingent.

(p)

Litigation.  The Company is not subject to any pending or threatened litigation, claims or lawsuits from any party, and there are no pending or threatened proceedings against the Company by any federal, state or local government, or any department, board, agency or other body thereof.

(q)

Contracts.  The Company is not a party to any contract, lease or agreement which would subject it to any performance or business obligations after the Closing.  The Company is not a party to any joint venture, partnership, consortium or other similar agreement or arrangement.

(r)

Real Estate.  The Company does not own any real estate or any interests in real estate.

(s)

Taxes.  The Company is not liable for any taxes, including income, real or personal property taxes, to any governmental or state agencies whatsoever.  The Company has timely filed all income, real or personal property, sales, use, employment or other governmental tax returns or reports required to be filed by it with any federal, state or other governmental agency and all taxes required to be paid by the Company in respect of such returns have been paid in full.  None of such returns are subject to examination by any such taxing authority and the Company has not received notice of any intention to require the Company to file any additional tax returns in any jurisdiction to which it may be subject.

3

(t)

Compliance with Laws.  The Company is not in violation of any provision of laws or regulations of federal, state, local or foreign government authorities or agencies.

(u)

Capitalization.  The authorized share capital of the Company consists of 39,062,500 Ordinary Shares, of which 998,275 are issued and outstanding, and 781,250 Preference Shares of US$0.000128 par value, of which no shares are issued and outstanding.  All outstanding Ordinary Shares are legally and validly issued and fully paid and non-assessable and have been issued under duly authorized resolutions of the Board of Directors of the Company.  All issuances of Ordinary Shares have been effected without violation of any preemptive rights.  All issued Ordinary Shares were issued and sold by the Company in transactions exempt from registration under the Securities Act, by virtue of Section 4(2) thereof and the provisions of Regulation D and/or Regulation S thereunder.

(v)

Subscriptions, Options, Etc.  There are no outstanding subscriptions, options, warrants, convertible securities or rights or commitments of any nature in regard to the Company’s authorized but unissued share capital or any agreements restricting the transfer of outstanding or authorized but unissued share capital. There are no shareholders agreements, voting agreements or other similar agreements with respect to the Company’s share capital to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s shareholders.

(w)

Judgments, Liens.  There are no outstanding judgments, liens or any other security interests filed against the Company or any of its properties.

(x)

Subsidiaries.  The Company has no subsidiaries.

(y)

Employment Agreements; Employees.  The Company has no employment contracts or agreements with any of its officers, directors, or with any consultants; and the Company has no employees, consultants or agents. 

(z)

Benefits.  The Company has no insurance or employee benefit plans whatsoever.

(aa)

No Defaults.  The Company is not in default under any contract, or any other document. 

(bb)

Powers of Attorney.  The Company has no outstanding powers of attorney.

(cc)

No Conflicts.  The execution and delivery of this Agreement, and the subsequent closing thereof, will not result in the breach by the Company of (i) any agreement or other instrument to which it is or has been a party or (ii) the Company’s Certificate of Incorporation or Memorandum of Association and Articles of Association.

(dd)

Disclosure.  All financial and other information which the Company furnished or will furnish to the Buyer, including information with regard to the Company contained in the SEC filings filed by the Company since its inception (i) is true, accurate and complete as of its date and in all material respects except to the extent such information is superseded by information marked as such, (ii) does not omit any material fact, not misleading and (iii) presents fairly the financial condition of the organization as of the date and for the period covered thereby.

(ee)

Exchange Act.  The Ordinary Shares of the Company are registered under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and there are no proceedings pending to revoke or terminate such registration. 

(ff)

Investment Company.  The Company is not an “investment company” within the meaning of such term under the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

The representations and warranties made above shall survive the Closing Date.

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3.

Representations and Warranties of the Buyer.  Buyer hereby warrants and represents to Seller that:

(a)

Authorization; Enforceability.  Buyer has the legal right to enter into and to consummate the transactions contemplated hereby and otherwise to carry out Buyer’s obligations hereunder.  The execution, delivery and performance by Buyer of this Agreement have been duly authorized by all requisite action by Buyer. This Agreement has been duly executed and delivered by Buyer and, assuming due authorization, execution and delivery by Seller, constitutes a valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting creditors' rights and remedies generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

(b)

Investor Representations.  Buyer (i) has extensive knowledge and experience in financial and business matters; (ii) has had access to all information as to the Company as it has desired; (iii) has made its own inquiry and investigation into, and, based thereon, has formed an independent judgment concerning the operations of the Company, its business and prospects; (iv) has received sufficient and satisfactory answers to all questions posed to the Company to evaluate the merits and risks of the transactions contemplated by this Agreement; (v) is aware that, at present, there is no public market for the Shares; (vi) has adequate means of providing such Buyer’s current financial needs and foreseeable contingencies and has no need for liquidity of its investment in the Shares for an indefinite period of time; and (vii) is aware that an investment in the Shares involves a number of very significant risks.

(c)

Accredited Investor Status.  The Buyer meets the requirements of at least one of the suitability standards for an “Accredited Investor” as that term is defined in Rule 501(a)(3) of Regulation D, and as set forth on the Accredited Investor Certification attached hereto.

(d)

Not an Affiliate.  Buyer is not now, and has not been within the immediately preceding 90 days, an affiliate of the Company or its predecessor(s), as such term is defined in the Securities Act.

(e)

Brokerage Fees.  Buyer has taken no action that would give rise to any claim by any person for brokerage commissions, finders’ fees or the like relating to this Agreement or the transaction contemplated hereby

(f)

No Other Representations or Information.  In evaluating the suitability of an investment in the Shares, the Buyer has not relied upon any representation or information (oral or written) other than as stated in this Agreement.

(g)

No Governmental Review.  Buyer understands that no Cayman Islands or United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares, nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

(h)

Investor Qualifications.  The Buyer represents that it was not formed for the specific purpose of acquiring the Shares, it is duly organized, validly existing and in good standing under the laws of the state of its organization, the consummation of the transactions contemplated hereby is authorized by, and will not result in a violation of state law or its charter or other organizational documents, such entity has full power and authority to execute and deliver this Agreement and all other related agreements or certificates and to carry out the provisions hereof and thereof and to purchase and hold the Shares.  The execution and delivery of this Agreement will not violate or be in conflict with any order, judgment, injunction, agreement or controlling document to which the Buyer is a party or by which it is bound.

(i)

Solicitation.  The Buyer is unaware of, is in no way relying on, and did not become aware of the offering of the Shares through or as a result of, any form of general solicitation or general advertising including, without limitation, any article, notice, advertisement or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, in connection with the offering and sale of the Shares and is not subscribing for the Shares and did not become aware of the offering of the Shares through or as a result of any seminar or meeting to which the Buyer was invited by, or any solicitation of a subscription by, a person not previously known to the Buyer in connection with investments in securities generally.

(j)

Reliance on Exemptions.  Buyer understands that the Shares are being sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of Buyer to acquire such securities.

5

(k)

Restrictions on Transfer or Resale.  Buyer understands that: (i) the Shares have not been and are not being registered under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder, or (B) such Buyer shall have delivered to the Company an opinion of counsel, in a generally acceptable form, to the effect that such securities to be sold, assigned or transferred may be sold, assigned or transferred pursuant to an exemption from such registration requirements; (ii) any sale of such securities made in reliance on Rule 144 under the Securities Act (or a successor rule thereto) (“Rule 144”) may be made only in accordance with the terms of Rule 144 and further, if Rule 144 is not applicable, any resale of such securities under circumstances in which the seller (or the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the Securities Act) may require compliance with some other exemption under the Securities Act or the rules and regulations of the SEC thereunder; and (iii) except as otherwise set forth in this Agreement, neither the Company nor any other person is under any obligation to register such securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.  The Company reserves the right to place appropriate restrictive legends on the certificates representing the Shares and to place stop transfer instructions against the shares and certificates for the Conversion Shares and the Warrant Shares to the extent specifically set forth under this Agreement.  Buyer acknowledges that there is not now, and there may never be, any market or resale for the Shares, nor can there be any assurance that the Shares will be freely transferable at any time in the foreseeable future.

The representations and warranties made above shall survive the Closing Date.

4.

Covenants of the Seller.

(a)

The Seller will promptly cause the Company to deliver to the Buyer all corporate records and documents, minute books, stock books, or any other corporate document or record (including financial and bank documents, books and records) of the Company.

5.

Miscellaneous.

(a)

Default by Seller.  Seller’s failure, or failure of Seller’s agents, representatives, brokers (“Seller’s Agents”) to deliver the Certificates and Seller Deliverables to Buyer prior to the Closing Date, or the Company’s failure to deliver any required Medallion Waiver to Buyer prior to the Closing Date, shall constitute a default under this Agreement (“Default”).  Nothing herein shall limit Buyer’s right to protect and enforce its rights by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein for an injunction against a violation of any of the terms hereof or thereof, or for the pursuit of any other remedy which it may have by virtue of this Agreement, for the failure of Seller, Seller’s Agents, or the Company and its transfer agent to deliver the Certificates and Seller Deliverables, and the Buyer shall have the right to pursue all remedies available to it at law or in equity, including, without limitation, a decree of specific performance or injunctive relief.  In the event of Default, Seller shall pay to the Buyer the reasonable costs and expenses of collection and of any other actions referred to in this paragraph (a) or otherwise reasonably appropriate, including without limitation reasonable attorneys’ fees, expenses and disbursements.

(b)

Successors and Assigns.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective heirs, legal representatives, successors and assigns of the parties.

(c)

Choice of Law.  This Agreement shall be governed by and construed under the laws of the State of California as applied to agreements entered into and to be performed entirely within California without applying its principles of choice of law.

(d)

Submission to Jurisdiction.  Each party to this Agreement (a) submits to the exclusive jurisdiction of any state or federal court located in Los Angeles County in the State of California having subject matter jurisdiction in any action or proceeding arising out of or relating to this Agreement, (b) agrees that any dispute or controversy concerning, arising out of or relating to this Agreement may be heard and determined in any such court, and (c) shall not bring any action or proceeding concerning, arising out of or relating to this Agreement in any other court.  Each party to this Agreement waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought.  Any party to this Agreement may make service on another party hereto by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for the giving of notices in this Agreement.  Nothing in this Section 5(d), however, shall affect the right of any party to serve legal process in any other manner permitted by law.

(e)

Waiver of Right to Trial by Jury.  EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE AND AGREES NOT TO REQUEST A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

6

(f)

Notices.  Unless otherwise provided, any notice required or permitted under this Agreement shall be given in writing and shall be deemed effectively given upon personal delivery to the party to be notified or sent by overnight delivery by a nationally recognized overnight courier upon proof of sending thereof and addressed to the party to be notified at the address indicated for such party on its signature page hereto, or at such other address as such party may designate by written notice to the other parties.

(g)

Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of Seller and Buyer.

(h)

Expenses.  Each of the parties shall bear its own costs and expenses incurred with respect to the negotiation, execution, delivery, and performance of this Agreement.

(i)

Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

(j)

Entire Agreement.  This Agreement represents and constitutes the entire agreement and understanding between the parties with regard to the subject matter contained herein.  All prior agreements, understandings and representations are hereby merged into this Agreement.

(k)

Construction.  The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party.  Among other things, “or” is not exclusive and the singular may include the plural and the plural may include the singular, all as the context requires.

(l)

Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties.  This Agreement, once executed by a party, may be delivered to the other parties hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

(m)

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

(n)

Further Acts.  Each of Buyer and Seller shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as another party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

[SIGNATURE PAGES FOLLOW]

7

IN WITNESS WHEREOF, the undersigned have executed, or caused to be executed on their behalf by an agent thereunto duly authorized, this Agreement as of the date first above written.

HYBRID KINETIC AUTOMOTIVE HOLDINGS, LLC (BUYER)

By: ______________________________________

Name: Jimmy Wang

Title: Manager for Commonwealth Investments LLC

AMERICAN COMPASS, INC. (SELLER)

By: ______________________________________

Name: Vincent Wang

Title: Secretary

EXHIBIT A

FORM OF SELLER INSTRUCTIONS TO COMPANY TRANSFER AGENT

American Compass Inc.

800 E Colorado Blvd., Suite 888

Pasadena, California 91101

Action Stock Transfer

Attn: Justeene Blankship

2469 E. Fort Union Blvd., Suite 214

Salt Lake City, UT 84121, USA

Re: 

Apollo Acquisition Corporation

r/n/o American Compass Inc.

Ordinary shares

Ladies and Gentlemen:

The undersigned (“Seller”) hereby authorizes and directs you to transfer seven hundred eighty one thousand two hundred fifty (781,250) shares (the “Shares”) of Ordinary Shares of Apollo Acquisition Corporation, an exempted company incorporated with limited liability in the Cayman Islands (the “Company”) registered in the name of Seller from Seller to the person(s) listed on Schedule A.  Please Federal Express the certificate for the Shares to 800 E Colorado Blvd, Suite 888, Pasadena, California 91101, Attn:  Vincent Wang.

You are hereby authorized to process the actions stated hereinabove with respect to the Shares.  The undersigned Seller agrees to indemnify you for any loss, liability or related costs that may ensue as a result of processing these actions.

Sincerely,

American Compass Inc.

By: ______________________________________

Name: Vincent Wang

Title: Secretary of American Compass Inc.

SCHEDULE A

Transferee(s)

Hybrid Kinetic Automotive Holdings, LLC

2707 East Valley Blvd., Suite 312, West Covina, California 91792

EXHIBIT B

Apollo Acquisition Corporation

INVESTOR CERTIFICATION

For Individual Accredited Investors Only

(all Individual Accredited Investors must INITIAL where appropriate):

Initial _______

I have a net worth a net worth (including homes, furnishings and automobiles, but excluding for these purposes the value of my primary residence) in excess of US$1 million either individually or through aggregating his individual holdings and those in which he has a joint, community property or other similar shared ownership interest with my spouse. (For purposes of calculating your net worth under this paragraph, (a) your primary residence shall not be included as an asset; (b) indebtedness secured by your primary residence, up to the estimated fair market value of your primary residence at the time of your purchase of the securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of your purchase of the securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of your primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by your primary residence in excess of the estimated fair market value of your primary residence at the time of your purchase of the securities shall be included as a liability.)

Initial _______

I have had an annual gross income for the past two years of at least $200,000 (or $300,000 jointly with my spouse) and expect my income (or joint income, as appropriate) to reach the same level in the current year.

Initial _______

I am a director or executive officer of the Company.

For Non-Individual Accredited Investors

(all Non-Individual Accredited Investors must INITIAL where appropriate):

Initial _______

The investor certifies that it is a partnership, corporation, limited liability company or business trust that is 100% owned by persons who meet at least one of the criteria for Individual Investors set forth above. 

Initial _______

The investor certifies that it is a partnership, corporation, limited liability company or business trust that has total assets of at least $5 million and was not formed for the purpose of investing in the Company.

Initial _______

The investor certifies that it is an employee benefit plan whose investment decision is made by a plan fiduciary (as defined in ERISA §3(21)) that is a bank, savings and loan association, insurance company or registered investment adviser.

Initial _______

The investor certifies that it is an employee benefit plan whose total assets exceed $5,000,000 as of the date of this Agreement.

Initial _______

The undersigned certifies that it is a self-directed employee benefit plan whose investment decisions are made solely by persons who meet either of the criteria for Individual Investors.

Initial _______

The investor certifies that it is a U.S. bank, U.S. savings and loan association or other similar U.S. institution acting in its individual or fiduciary capacity.

Initial _______

The undersigned certifies that it is a broker-dealer registered pursuant to §15 of the Securities Exchange Act of 1934.

Initial _______

The investor certifies that it is an organization described in §501(c)(3) of the Internal Revenue Code with total assets exceeding $5,000,000 and not formed for the specific purpose of investing in the Company.

Initial _______

The investor certifies that it is a trust with total assets of at least $5,000,000, not formed for the specific purpose of investing in the Company, and whose purchase is directed by a person with such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment.

Initial _______

The investor certifies that it is a plan established and maintained by a state or its political subdivisions, or any agency or instrumentality thereof, for the benefit of its employees, and which has total assets in excess of $5,000,000.

Initial _______

The investor certifies that it is an insurance company as defined in §2(13) of the Securities Act, or a registered investment company.

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