Document:

EXHIBIT
10.1

 

 AMENDED
AND RESTATED 

Broker-Dealer
Agreement

 

This
Amended and Restated Broker-Dealer Agreement (this “Agreement”) is entered into by and among iCap Vault 1,
LLC, a Delaware limited liability company (“iCap Vault 1”), Vault Holding 1, LLC, a Delaware limited liability company
(“Vault Holding 1”), and Cobalt Capital, Inc., a Florida corporation (the “Broker-Dealer”), effective
June 30, 2020 (the “Effective Date”), regarding the offering and sale (the “Offering”) by iCap Vault 1
of up to $500,000,000 of Senior Secured Demand Notes (the “Notes”) issued by iCap Vault 1, as guaranteed by Vault
Holding 1, LLC (“Guarantee”; and together with Notes, collectively, referred to herein as the “Securities”)
pursuant to that certain Registration Statement on Form S-11 (the “Registration Statement”) filed by iCap Vault 1
and Vault Holding 1 (collectively, the “Issuer”) with the Securities and Exchange Commission. Capitalized terms used
herein and not otherwise defined herein shall have the same meaning as set forth in the Registration Statement, of which the prospectus
(the “Prospectus”) forms a part.

 

1.
Appointment of the Broker-Dealer.

 

1.1
On the basis of the representations, warranties, and covenants herein
contained, but subject to the terms and conditions herein set forth, the Broker-Dealer is hereby appointed serve as the broker-dealer
of record for the Issuer in the Territory as defined in Section 1.3 pursuant to: (i)  the Securities Act of 1933, as amended
(the “Securities Act”) and (ii) applicable state blue sky laws. The Broker-Dealer will perform the services listed
on Exhibit A attached hereto and made a part hereof, in connection with the Offering (the “Services”). The Broker-Dealer
agrees to provide the Services during the period commencing on the date the Registration Statement is deemed effective by the Securities
and Exchange Commission and by the applicable state regulatory agencies and continuing until the earlier of (x) the time as all
of the Securities have been sold, (y) the Registration Statement ceases to be effective with the Securities and Exchange Commission,
or (z) this Agreement has been terminated pursuant to the terms hereof (the “Offering Period”). For the avoidance of
doubt, until the date of the commencement of the Offering Period, the Issuer hereby agrees that no sales of the Securities shall
occur in the Territory.

 

1.2
Subject to the performance by the Issuer of all the obligations to be performed hereunder and to the completeness and accuracy
of all the Issuer’s representations and warranties contained herein, the Broker-Dealer hereby accepts such agency and agrees
to the terms and conditions herein set forth.

 

1.3 For purposes of this
Agreement, the “Territory” is defined as the states listed on Exhibit B, and up to eight (8) additional states to which the Broker-Dealer
consents in writing from time to time. 

 

2.
Representations and Warranties of the Issuer.
The Issuer hereby represents and warrants to the Broker-Dealer that:

 

2.1
The Issuer has been duly organized and is validly existing as a limited liability company in good standing under the laws of the
State of Delaware, has all requisite power and authority to enter into this Agreement, and has all requisite power and authority
to conduct its business as described in the Registration Statement and the Prospectus.

 

2.2
No defaults exist in the due performance or observance of any material obligation, term, covenant, or condition of any agreement
or instrument to which the Issuer is a party or by which it is bound.

 

    	 

    	 

    

 

2.3
Subject to Section 3.3, the Registration Statement, which the Prospectus forms a part of, does not include, nor will it include,
any untrue statement of a material fact nor does it or will it omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading.

 

2.4
No consent, approval, authorization, or other order of any governmental authority is required in connection with the execution
or delivery by the Issuer of this Agreement or the issuance and sale by the Issuer of the Securities, except such as may be required
under the Securities Act or applicable state securities laws and all regulations promulgated under any of the foregoing.

 

2.5
At the time of the issuance of the Securities, the Securities will have been duly authorized and validly issued and will conform
to the description thereof contained in the Registration Statement, which the Prospectus forms a part of.

 

2.6
The representations and warranties made in this Section 2 are made as of the date hereof and shall be continuing representations
and warranties throughout the Offering Period. In the event that any of these representations or warranties becomes untrue or
is incorrect, the Issuer will immediately notify the Broker-Dealer in writing of the fact which makes the representation or warranty
untrue or incorrect.

 

3.
Covenants of the Issuer. The Issuer agrees
that:

 

3.1
The Issuer will deliver to the Broker-Dealer such numbers of copies of the Prospectus and any amendment or supplement thereto,
with all appendices thereto, as the Broker-Dealer may reasonably request for the purposes contemplated by federal and applicable
state securities laws. The Issuer also will deliver to the Broker-Dealer such number of copies of any printed sales literature
or other materials prepared by or on behalf of the Issuer as the Broker-Dealer may reasonably request in connection with the Offering.
In the event that the Issuer provides any copies of the Prospectus to any party, the Issuer shall promptly provide to the Broker-Dealer
the number identifying the copy of the Prospectus provided to such party.

 

3.2
The Issuer will comply with all requirements imposed upon it by the rules and regulations of the Securities and Exchange Commission,
and by all applicable state securities laws and regulations, to permit the continuance of offers and sales of the Securities,
in accordance with the provisions of this Agreement and in the Prospectus, and will amend or supplement the Prospectus in order
to make the Prospectus comply with the requirements of federal and applicable state securities laws and regulations.

 

3.3
If at any time any event occurs as a result of which the Prospectus would include an untrue statement of a material fact or, in
view of the circumstances under which it was made, omit to state any material fact necessary to make the statements therein not
misleading, the Issuer will notify the Broker-Dealer thereof, effect the preparation of an amendment or supplement to the Prospectus
which will correct such statement or omission to the reasonable satisfaction of the Broker-Dealer, and deliver to the Broker-Dealer
as many copies of such amendment or supplement to the Prospectus as the Broker-Dealer may reasonably request.

 

3.4
The Issuer will apply the net proceeds from the Offering received by it in the manner set forth in the Prospectus. Furthermore,
Issuer shall not sell any Securities to investors residing in the Territory unless Cobalt receives and approves a third-party
due diligence report for the Offering.

 

3.5
The Issuer shall not make any written or oral representations or statements to investors that contradict or are inconsistent with
the statements made in the Prospectus, as amended or supplemented.

 

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3.6
The Issuer shall at all times (i) comply with all reasonable requests of the Broker-Dealer that are necessary for compliance with
all applicable federal and state securities laws and regulations; (ii) maintain its compliance with all applicable federal and
state securities laws and regulations, except to the extent where the failure to do so will not have a material adverse effect;
and (iii) pay all related fees and expenses (including any FINRA fees), in each case that are necessary or appropriate to perform
the respective obligations of the Issuer or the Broker-Dealer under this Agreement. The Issuer shall comply with and adhere to
all applicable policies and procedures of the Broker-Dealer, provided to the Issuer prior to the execution of this Agreement,
except where the failure to do so will not materially and adversely affect the Broker-Dealer or the Issuer.

 

3.7
The Issuer shall be responsible for supervising the activities and training of its respective employees, agents, and independent
contractors.

 

3.8
The Issuer agrees to promptly notify the Broker-Dealer concerning any material communications from any body or authority with
jurisdiction over the activities being undertaken pursuant to this Agreement in connection with the Offering, or the performance
of the obligations set forth herein, unless notification is expressly prohibited by such body or authority.

 

3.9
Subject to the Broker-Dealer’s actions and the actions of others in connection with the Offering, the Issuer will comply
with all requirements imposed upon it by applicable federal and state securities laws. Upon request, the Issuer will furnish to
the Broker-Dealer a copy of such papers filed by the Issuer in connection with any such registration or exemption, as applicable.

 

3.10
During the Offering Period, the Issuer will deliver to the Broker-Dealer a copy of any report, documents, materials, or information
provided to investors in the Offering by the Issuer or any other party, at the time that such reports, documents, materials, or
information are furnished to the holders of the Securities, and such other information concerning the Issuer, as may reasonably
be requested.

 

4.
Duties and Obligations of the Broker-Dealer.

 

4.1
The Broker-Dealer shall perform the Services listed on Exhibit A attached hereto. For the avoidance of doubt, in no event
shall any investor in the Offering be considered a client or customer of the Broker-Dealer. No investor shall have an account
of any type at the Broker-Dealer, nor shall any investor be solicited by the Broker-Dealer. In its role as broker of record, the
Broker-Dealer shall have no discretion as to the acceptance or rejection of any investment.

 

4.2
The Broker-Dealer shall comply with all applicable federal and state securities laws and regulations applicable to and in connection
with the Offering and Broker-Dealer’s designation as a broker of record in each of the states in the Territory.

 

4.3
The Broker-Dealer shall be responsible for supervising the activities and training of its respective employees, agents, and independent
contractors.

 

4.4
The Broker-Dealer agrees to promptly notify the Issuer concerning any material communications from any body or authority with
jurisdiction over the activities being undertaken pursuant to this Agreement in connection with the Offering, or the performance
of the obligations set forth herein, unless notification is expressly prohibited by such body or authority.

 

4.5
Broker-Dealer shall maintain all licenses necessary to perform the Services hereunder and shall timely file all filings, if applicable,
under each state in which it serves as broker-dealer of record. Issuer agrees to maintain good standing with Financial Industry
Regulatory Authority, Inc. (“FINRA”) and the Securities and Exchange Commission and to immediately notify Issuer of
any matter that may cause it to undergo disciplinary action or which would result in a default or violation of any requirement
under any regulatory body.

 

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4.6
The Broker-Dealer (i) will make no representations with respect to the quality of any investment opportunity; (ii) will not act
in any discretionary manner with or towards any investor that purchases Securities; and (iii) is not acting as an investment adviser,
will not provide investment advice and will not recommend securities transactions and display any data or other information about
an investment opportunity, and will not provide a recommendation as to the appropriateness, suitability, legality, validity, or
profitability of any transaction.

 

5.
Representations and Warranties of the Broker-Dealer.
The Broker-Dealer represents and warrants that:

 

5.1
The Broker-Dealer is a duly organized Florida corporation in good standing and has all requisite power and authority to enter
into this Agreement.

 

5.2
This Agreement, when executed by the Broker-Dealer, will have been duly authorized and will be a valid and binding agreement of
the Broker-Dealer, enforceable in accordance with its terms.

 

5.3
The consummation of the transactions contemplated herein and those contemplated by the Prospectus will not result in a breach
or violation of any order, rule, or regulation directed to the Broker-Dealer by any court, FINRA, or any federal or state regulatory
body or administrative agency having jurisdiction over the Broker-Dealer or its affiliates.

 

5.4
The Broker-Dealer is, and during the term of this Agreement will be, duly registered as a broker-dealer pursuant to the provisions
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), a member in good standing with FINRA, and
a broker or dealer duly registered as a broker-dealer in each state within the Territory. The Broker-Dealer will comply with all
applicable laws, regulations, requirements, and rules of the Securities Act, the Exchange Act, applicable state law, and FINRA.
The Broker-Dealer has all required licenses and permits.

 

5.5
This Agreement, or any supplement or amendment hereto, may be filed by the Issuer with the Securities and Exchange Commission
or FINRA, if such filing should be required, and may be filed with, and may be subject to the approval of any applicable federal
and applicable state securities regulatory agencies, if required.

 

5.6
The Broker-Dealer has established and implemented anti-money-laundering compliance programs, in accordance with FINRA Rule 3310
and Section 352 of the Money Laundering Abatement Act and Section 326 of the Patriot Act of 2001.

 

5.7
The representations and warranties made in this Section 5 are and shall be continuing representations and warranties throughout
the Offering Period. In the event that any of these representations or warranties becomes untrue, the Broker-Dealer will immediately
notify the Issuer in writing of the fact which makes the representation or warranty untrue.

 

6. Compensation.
As compensation for the Services rendered by the Broker-Dealer under this Agreement, the Broker-Dealer will be entitled to
receive from the Issuer a monthly fee equal to an aggregate of four thousand one hundred dollars ($4,100)
for the initial thirteen (13) states comprising the Territory as listed
on Exhibit B plus three hundred dollars ($300) for each additional state (up to 8 additional states) to which the Broker-Dealer
consents in writing be included in the Territory added to such Exhibit B upon the written agreement of the parties, during the Offering Period. Except as
provided in this Agreement, all other expenses incurred by the Broker-Dealer in the performance of the Broker-Dealer’s
obligations hereunder, including, but not limited to, expenses related to the Offering of the Securities and any
attorneys’ fees, shall be at the Broker-Dealer’s sole cost and expense, and the foregoing shall apply
notwithstanding the fact that the Offering is not consummated for any reason. The monthly fee shall commence on the
commencement of the Offering Period and shall be pro-rated for the first month. All payments shall be paid in accordance with
an invoice submitted by Broker-Dealer and due by the 15th day of the following month.

 

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7.
Offering. The Offering of the Securities
shall be at the offering price, which equals the 100% of the principal amount per Security, and upon the terms and conditions
set forth in the Prospectus, as the same may be amended by the Issuer subject to the terms herein, and the exhibits and appendices
thereto and any amendments or supplements thereto.

 

8.
Indemnification by the Issuer.

 

8.1
Subject to the conditions set forth below, the Issuer, with respect to the Offering, agrees to indemnify and hold harmless the
Broker-Dealer and its owners, managers, members, partners, directors, officers, employees, agents, attorneys, and accountants
(the “BD Parties”) against any and all loss, liability, claim, damage, and expense whatsoever (“Loss”)
arising out of, based upon, or relating in any manner, directly or indirectly, to the Broker-Dealer rendering the Services in
accordance with this Agreement, including any negligent act or conduct by Broker-Dealer in rendering the Services.. Additionally,
the Issuer agrees to reimburse the Broker-Dealer immediately for any and all expenses, including, without limitation, attorney
fees, incurred by the Broker-Dealer in connection with investigating, preparing to defend or defending, or otherwise being involved
in, and any lawsuits, claims, or other proceedings arising out of or in connection with or relating in any manner, directly or
indirectly, to the rendering of any Services by the Broker-Dealer in accordance with the Agreement (as defendant, nonparty, or
in any other capacity other than as a plaintiff, including, without limitation, as a party in an interpleader action); provided,
however, that in the event a determination is made by a court of competent jurisdiction that the losses, claims, damages,
or liability arose solely out of the Broker-Dealer’s breach of this Agreement, sole negligence, gross negligence,
willful misconduct, dishonesty, fraud, or any violation of any applicable law, regulation, or rule,
the Broker-Dealer will remit to the Issuer any amounts for which it had been reimbursed under this paragraph.

 

8.2
If any action is brought against any of the BD Parties in respect of which indemnity may be sought hereunder, the Broker-Dealer
shall promptly notify the Issuer in writing of the institution of such action, and the Issuer shall assume the defense of such
action; provided, however, that the failure to notify the Issuer shall not affect the provisions in this Section 8
except to the extent such failure to notify the Issuer has a material and adverse effect on the defense of such claims. The affected
BD Parties shall have the right to employ counsel in any such case. The reasonable fees and expenses of such counsel shall be
at the Issuer’s expense, provided, that the Issuer will not be obligated to pay for legal fees and expenses for more
than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions.

 

8.3
The Issuer agrees to promptly notify the Broker-Dealer of the commencement of any litigation or proceedings against the Issuer
or any of its managers, members, partners, officers, directors, employees, agents, attorneys, accountants, and affiliates in connection
with the offering, sale, and issuance of the Securities, the Registration Statement, the Prospectus, or any other matter affecting
or related to any of the foregoing.

 

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8.4
The indemnity provided to the Broker-Dealer pursuant to this Section 8 shall not apply to the extent that any Loss is caused
by:

 

8.4.1
any untrue statement, or alleged untrue statement, of material fact regarding the Broker-Dealer or any agent of the Broker-Dealer
made in reliance upon and in conformity with written information furnished to the Issuer by the Broker-Dealer or any agent of
the Broker-Dealer specifically for use in the preparation of the Registration Statement, of which the Prospectus is a part (or
any amendment or supplement thereto) or any sales literature, to the extent applicable, or any omission, or alleged omission,
of a material fact regarding the Broker-Dealer or any agent of the Broker-Dealer required to be disclosed by the Broker-Dealer
or any agent of the Broker-Dealer, of which omission or alleged omission the Broker-Dealer or its agents had actual knowledge,
or

 

8.4.2
the breach by the Broker-Dealer of its representations, warranties, or obligations in this Agreement.

 

9.
Indemnification by the Broker-Dealer.

 

9.1
Subject to the conditions set forth below, the Broker-Dealer agrees to indemnify and hold harmless the Issuer and its respective
owners, managers, members, partners, directors, officers, employees, agents, attorneys, and accountants (the “Issuer Parties”),
against any and all Loss arising out of or based upon:

 

9.1.1
The Broker-Dealer’s failure to comply with any of the applicable provisions of the Securities Act, the Exchange Act, the
applicable requirements and rules of FINRA, or any applicable state laws or regulations other than any failure that directly or
indirectly results from the acts or omissions of the Issuer; or

 

9.1.2
The breach by the Broker-Dealer of any term, condition, representation, warranty, or covenant in this Agreement.

 

9.2
If any action is brought against any of the Issuer Parties in respect of which indemnity may be sought hereunder, the Issuer Parties,
shall promptly notify the Broker-Dealer in writing of the institution of such action, and the Broker-Dealer shall assume the defense
of such action; provided, however, that the failure to notify the Broker-Dealer shall not affect the provisions
in this Section 9 except to the extent such failure to notify the Broker-Dealer has a material and adverse effect on the
defense of such claims. The affected Issuer Parties shall have the right to employ counsel in any such case. The reasonable fees
and expenses of such counsel shall be at the Issuer’s expense.

 

9.3
The Broker-Dealer agrees to promptly notify the Issuer of the commencement of any litigation or proceedings against the Broker-Dealer
or any of its managers, members, partners, officers, directors, employees, agents, attorneys, accountants, and affiliates in connection
with the Offering.

 

9.4
The indemnity provided to the Issuer pursuant to this Section 9 shall not apply to the extent that any Loss arises out of
or is based upon:

 

9.4.1
any untrue statement or alleged untrue statement of material fact made by the Issuer or any agent of the Issuer (other than the
Broker-Dealer), or any omission or alleged omission of a material fact required to be disclosed by the Issuer or any agent of
the Issuer (other than the Broker-Dealer); or

 

9.4.2
the breach by the Issuer of its representations, warranties, or obligations in this Agreement.

 

10.
Reserved.

 

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11.
Contribution. In order to provide for
just and equitable contribution in circumstances in which the indemnification provided pursuant to Sections 8 and 9 is for
any reason held to be unavailable from the Issuer, the Broker-Dealer or, as the case may be, the Issuer and the Broker-Dealer,
the parties shall contribute to the aggregate Loss (including any amount paid in settlement of any action, suit, or proceeding
or any claims asserted) in such amounts as a court of competent jurisdiction may determine (or in the case of settlement, in such
amounts as may be agreed upon by the parties) in such proportion to reflect the relative fault of the Issuer on the one hand and
the Broker-Dealer on the other hand and their respective owners, managers, members, trustees, partners, directors, officers, employees,
agents, attorneys, and accountants in connection with the events described in Sections 8 and 9, as the case may be, which
resulted in such Loss, as well as any other equitable considerations. The relative fault of the parties shall be determined by
reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Issuer on the one hand and the Broker-Dealer on the other
hand and the parties’ relative intent, knowledge, access to information, and opportunity to correct or prevent such omission
or statement. The parties and any person who controls the Broker-Dealer shall also have rights to contribution under this Section 11.
Notwithstanding the provisions of this Section 11, the Broker-Dealer shall not be required to contribute any amount by which the
total amount of compensation paid to them pursuant to Section 6 above exceeds the amount of any damages that the Broker-Dealer
would have been required to pay by reason of any untrue or alleged untrue statement or omission or alleged omission.

 

12.
Compliance. All actions, direct or indirect,
by the Broker-Dealer and its agents, members, employees, and affiliates, shall conform to (i) requirements applicable to
broker-dealers under federal and applicable state securities laws, rules, and regulations and (ii) applicable requirements
and rules of FINRA.

 

13.
Privacy Act. To protect Customer Information
(as defined below) and to comply as may be necessary with the requirements of the Gramm-Leach-Bliley Act, the relevant state and
federal regulations pursuant thereto and state privacy laws, the parties wish to include the confidentiality and non-disclosure
obligations set forth herein.

 

13.1
“Customer Information” means any information contained on a customer’s application or other form and all nonpublic
personal information about a customer that a party receives from the other party. Customer Information shall include, but not
be limited to, name, address, telephone number, social security number, health information, and personal financial information
(which may include consumer account number).

 

13.2
The parties understand and acknowledge that they may be financial institutions subject to applicable federal and state customer
and consumer privacy laws and regulations, including Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801, et seq.) and regulations
promulgated thereunder (collectively, the “Privacy Laws”), and any Customer Information that one party receives from
the other party is received with limitations on its use and disclosure. The parties agree that they are prohibited from using
the Customer Information received from the other party other than (i) as required by law, regulation, or rule or (ii) to
carry out the purposes for which one party discloses Customer Information to the other party pursuant to this Agreement, as permitted
under the use in the ordinary course of business exception to the Privacy Laws.

 

13.3
The parties shall establish and maintain safeguards against the unauthorized access, destruction, loss, or alteration of Customer
Information in their control which are no less rigorous than those maintained by a party for its own information of a similar
nature. In the event of any improper disclosure of any Customer Information, the party responsible for the disclosure will immediately
notify the other party.

 

13.4
The provisions of this Section 13 shall survive the termination of this Agreement.

 

14.
Representations and Agreements to Survive
Sale and Payment. Except as the context otherwise requires, all representations, warranties, and agreements contained in this
Agreement shall be deemed to be representations, warranties, and agreements through the Offering Period, and such representations,
warranties, and agreements by the Broker-Dealer or the Issuer, including the indemnity agreements contained in Sections 8
and 9 and the contribution agreements contained in Section 11 shall remain operative and in full force and effect regardless
of any investigation made by the Broker-Dealer, the Issuer, and/or any controlling person, and shall survive the sale of, and
payment for, the Securities.

 

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15.
Costs of the Offering. Except for the
compensation payable to the Broker-Dealer and the allowances and reimbursements described in Section 6, which are the sole
obligations of the Issuer or its affiliates, the Broker-Dealer will pay all of its own costs and expenses, including, but not
limited to, all expenses necessary for the Broker-Dealer to remain in compliance with any applicable federal, state, or FINRA
laws, rules, or regulations in order to participate in the Offering as a broker-dealer, and the fees and costs of the Broker-Dealer’s
counsel. The Issuer agrees to pay all other expenses incident to the Offering or the performance of its or the Broker-Dealer’s
obligations hereunder, including all expenses incident to filings with federal and state regulatory authorities related to the
Offering and to the exemption of the Securities under federal and state securities laws, including fees and disbursements of the
Issuer’s counsel, all costs of reproduction and distribution of the Prospectus and any amendment or supplement thereto,
and travel expenses of the Broker-Dealer and its employees and representatives related to the Offering.

 

16.
Termination. This Agreement is terminable
by any party for any reason whatsoever or for no reason at any time upon 30 days’ written notice to the other party. Such
termination shall not affect the indemnification agreements set forth in Sections 8 and 9 or the Issuer’s obligations
to pay the compensation set forth in Section 6 and other amounts due to the Broker-Dealer or any obligations arising prior to
such termination.

 

17.
Governing Law. This Agreement shall be
governed by, subject to and construed in accordance with, the laws of the State of Delaware without regard to conflict of law
provisions.

 

18.
Venue. Any action relating to or arising
out of this Agreement shall be brought only in a court of competent jurisdiction located in King County, Washington.

 

19.
Severability. If any portion of this Agreement
shall be held invalid or inoperative, then so far as is reasonable and possible (i) the remainder of this Agreement shall
be considered valid and operative and (ii) effect shall be given to the intent manifested by the portion held invalid or
inoperative.

 

20.
Counterparts. This Agreement may be executed
in 2 or more counterparts, each of which shall be deemed to be an original, and together which shall constitute one and the same
instrument.

 

21.
Modification or Amendment. This Agreement
may not be modified or amended except by written agreement executed by the parties hereto.

 

22.
Notices. All communications hereunder,
except as herein otherwise specifically provided, shall be in writing and, (i) if sent to the Broker-Dealer, shall be mailed
or delivered to Cobalt Capital, Inc., 600 Wilkinson Street, Suite 300, Orlando, Florida 32803 Attention: Ben Schick, or (ii) if
sent to the Issuer, shall be mailed or delivered to iCap Vault 1, LLC, 3535 Factoria Blvd. SE, Suite 500, Bellevue, Washington
98006 Attention: Investor Relations Department. The notice shall be deemed to be received on the date of its actual receipt or
refusal of delivery by the party to which it is addressed.

 

23.
Parties. This Agreement shall be binding
upon and inure solely to the benefit of the parties hereto, the parties referred to in Sections 8, 9, and 11, their respective
successors, legal representatives, heirs, and assigns, and no other person shall have or be construed to have any legal or equitable
right, remedy, or claim under, in respect of, or by virtue of, this Agreement or any provision herein contained.

 

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24.
Delay. Neither the failure nor any delay
on the part of any party to this Agreement to exercise any right, remedy, power, or privilege under this Agreement shall operate
as a waiver thereof, nor shall a waiver of any right, remedy, power, or privilege with respect to any occurrence be construed
as a waiver of such right, remedy, power, or privilege with respect to any subsequent occurrence.

 

25.
Recovery of Costs. If any legal action
or other proceeding is brought for the enforcement of this Agreement, or because of an alleged dispute, breach, default, or misrepresentation
in connection with any of the provisions of this Agreement, the successful or prevailing party shall be entitled to recover reasonable
attorneys’ fees and other costs incurred in that action or proceeding (and any additional proceeding for the enforcement
of a judgment) in addition to any other relief to which it or they may be entitled.

 

26.
Entire Agreement. This Agreement contains
the entire understanding between the parties hereto and supersedes any prior understandings or written or oral agreements between
them respecting the subject matter hereof.

 

27.
Confirmation. The Issuer agrees to confirm
all orders for purchase of Securities in the Territory that are accepted by the Issuer and provide such confirmation to the Broker-Dealer.
To the extent practicable and permitted by law, all such confirmations may be provided electronically.

 

28.
Due Diligence. The Issuer will deliver
such information regarding the Issuer, its business, and the Offering as the Broker-Dealer may request from time to time (the
“Due Diligence Information”), to be delivered to the Broker-Dealer (or its agents performing due diligence) in connection
with its due diligence review of the Offering. All Due Diligence Information received by the Broker-Dealer in connection with
its due diligence review of the Offering are confidential and shall be maintained as confidential and not disclosed by the Broker-Dealer
except to its employees, agents, representatives, advisors, and legal counsel, and otherwise to the extent such information is
disclosed in the Registration Statement, of which the Prospectus is a part.

 

[Signatures
on Following Page]

 

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IN
WITNESS WHEREOF, this Agreement has been executed as of the Effective Date.

 

	 	ISSUER:
	 	 
	 	iCap
    Vault 1, LLC, a Delaware limited liability company
	 	 	 
	 	By:	iCap
    Vault Management, LLC, a Delaware limited liability company, its manager
	 	 	 
	 	By:	/s/
    Chris Christensen
	 	Name:	Chris
    Christensen
	 	Title:	CEO
	 	 	 
	 	Vault
                                         Holding 1, LLC, a Delaware limited liability company

	 	 	 
	 	By:	iCap
    Vault Management, LLC, a Delaware limited liability company, its manager
	 	 	 
	 	By:	/s/
    Chris Christensen
	 	Name:	Chris
Christensen
	 	Title:	CEO
	 	 	 
	 	BROKER-DEALER:
	 	 
	 	Cobalt
    Capital, Inc., a Florida corporation
	 	 	 
	 	By:	/s/
    Benjamin Schick
	 	Name:	Benjamin
    Schick
	 	Title:	President

 

Commission
checks to be sent to:

 

Cobalt
Inc.

600
Wilkinson Street, Suite 300

Orlando,
Florida 32803

Attn:
Ben Schick

 

    	 

    	 

    

 

EXHIBIT
A

 

Services

 

Broker-Dealer
agrees to be named as a broker-dealer of record in each state within the Territory in connection with the Offering and, in connection
therewith, shall only be required to perform such duties as are expressly required by the law and regulations of such states applicable
to broker-dealers of record.

 

    	 

     

    

 

 EXHIBIT
A 

   

 Territory 

   

 Texas,
Florida, Arizona, Arkansas, Virginia, Utah, Maryland, Oklahoma, Nebraska, North Carolina, Delaware, West Virginia, and Montana.ktra-ex416_309.htm

Exhibit 4.16

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT
TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

As of June 30, 2020, Kintara Therapeutics, Inc. (“we”, “us” or the “Company”) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”):  our common stock, $0.001 par value per share.

The following description of our capital stock is a summary and does not purport to be complete.  It is subject to and qualified in its entirety by reference to our articles of incorporation, as amended, (the “Articles of Incorporation”) and our bylaws, as amended, (the “Bylaws”), each of which is incorporated herein by reference as an exhibit to the Annual Report on Form 10-K filed with the Securities and Exchange Commission, of which this Exhibit 4.16 is a part. We encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of the Nevada Revised Statutes, as amended (“NRS”), for additional information. 

Authorized Stock

We are authorized to issue up to 100,000,000 shares of capital stock, including 95,000,000 shares of common stock, par value $0.001 per share, and 5,000,000 shares of preferred stock, par value $0.001 per share. 

The additional shares of our authorized stock available for issuance may be issued at times and under circumstances so as to have a dilutive effect on earnings per share and on the equity ownership of the holders of our common stock. The ability of our board of directors to issue additional shares of stock could enhance the board’s ability to negotiate on behalf of the stockholders in a takeover situation but could also be used by the board to make a change-in-control more difficult, thereby denying stockholders the potential to sell their shares at a premium and entrenching current management. 

Common Stock

Each outstanding share of our common stock entitles the holder to one vote, either in person or by proxy, on all matters submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors. All actions required or permitted to be taken by stockholders at an annual or special meeting of the stockholders must be effected at a duly called meeting, with a quorum present of a majority in voting power of the shares entitled to vote thereon. Special meetings of the stockholders may only be called by our board of directors acting pursuant to a resolution approved by the affirmative majority of the entire board of directors. Stockholders may not take action by written consent. A vote by the holders of a majority of our outstanding shares is required to effectuate certain fundamental corporate changes such as liquidation, merger or an amendment to our articles of incorporation.

Subject to preferences which may be applicable to any outstanding shares of preferred stock from time to time, holders of our common stock have equal ratable rights to such dividends as may be declared from time to time by our board of directors out of funds legally available therefor. In the event of any liquidation, dissolution or winding-up of our affairs, holders our common stock will be entitled to share ratably in our remaining assets after provision for payment of amounts owed to creditors and preferences applicable to any outstanding shares of preferred stock. All outstanding shares our common stock are fully paid and nonassessable. Holders our common stock do not have preemptive rights.

The rights, preferences and privileges of holders our common stock are subject to the rights of the holders of any outstanding shares of preferred stock.

Preferred Stock

Our board of directors is authorized to issue up to 5,000,000 shares of preferred stock, par value $0.001 per share, in one or more series, 3,693,070 of which shares are undesignated, with such designations, rights and preferences as may be determined from time to time by our board of directors. Accordingly, our board of directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion, voting, or other rights that could adversely affect the voting power or other rights of the holders our common stock.

Series A Preferred Stock

Our board of directors previously established a series of preferred stock designated as Series A Preferred Stock (“Series A Preferred Stock”), comprising 278,530 shares of preferred stock. Subject to superior rights of any other outstanding preferred stock from time to time, each outstanding share of Series A Preferred Stock is entitled to receive, in preference to our common stock, cumulative dividends, payable quarterly in arrears, at an annual rate of 3% of $1.00 per share of Series A Preferred Stock (the “Series A Stated Value”). Series A Preferred Stock does not have any voting rights. In the event of liquidation, each share of Series A Preferred Stock is entitled to receive, in preference to our common stock, a liquidation payment equal to the Series A Stated Value (as adjusted for stock splits, stock dividends, combinations or other recapitalizations of the Series A Preferred Stock), plus any accrued and unpaid dividends. If there are insufficient funds to permit full payment, the assets legally available for distribution will be distributed pro rata among the holders of the Series A Preferred Stock. The Series A Preferred Stock cannot be transferred without our prior written consent.

Series B Preferred Stock

Our board of directors previously established a series of preferred stock designated as Series B Preferred Stock (“Series B Preferred Stock”), comprising 1,000,000 shares of preferred stock. Subject to superior rights of any other outstanding preferred our from time to time, each outstanding share of Series B Preferred Stock is entitled to receive, in preference to our common stock and pari passu with the Series A Preferred Stock, annual cumulative dividends equal to 9% of $8.00 per share (the “Series B Stated Value”), accruing quarterly on the date of issue and payable quarterly in arrears on December 31, March 31, June 30 and September 30 of each year. At the time shares of Series B Preferred Stock are converted into our common stock, accrued and unpaid dividends will be paid in cash or with shares our common stock. In the event we elect to declare any dividends on our common stock, the Series B Preferred Stock is entitled on an as-converted basis. Series B Preferred Stock is entitled to vote with our common stock, on an as-converted basis, as a single class with common stock. In the event of liquidation, each share of Series B Preferred Stock is entitled to receive, in preference to our common stock and pari passu with the Series A Preferred Stock, a liquidation payment equal to the Series B Stated Value plus any accrued and unpaid dividends. If there are insufficient funds to permit full payment, the assets legally available for distribution will be distributed pro rata among the holders of the Series B Preferred Stock.

Each share of Series B Preferred Stock may be converted into 0.25 fully paid shares our common stock at the option of a holder as long as we have sufficient authorized and unissued shares our common stock available. The conversion rate may be adjusted in the event of a reverse stock split, merger or reorganization. The Series B Preferred Stock will automatically convert into our common stock on the earlier of (i) five years from April 29, 2016, or (ii) upon the approval of our VAL-083 by the U.S. Food and Drug Administration or the European Medicines Agency so long as the closing bid price our common stock at the time of such approval is at least $80.00 per share.

Series C Preferred Stock

Our board of directors previously established a series of preferred stock designated as Series C Preferred Stock (“Series C Preferred Stock”), comprised of three classes: 22,000 shares have been designated as Series C-1 Preferred Stock, 2,700 shares have been designated as Series C-2 Preferred Stock and 3,700 shares have been designated as Series C-3 Preferred Stock.  Each class of Series C Preferred Stock has identical terms, , except for the Conversion Price of the particular class of Series C Preferred Stock. 

Dividends. The Series C Preferred Stock will be entitled to receive dividends, payable in shares our common stock at a rate of 10%, 15%, 20% and 25% of the number of shares our common stock issuable upon conversion of the Series C Preferred Stock, on the 12th, 24th, 36th and 48th month, anniversary of the initial closing of the private placement offering of the Series C Preferred Stock (the “Private Placement”),  which occurred on August 19, 2020. Dividends will be payable in shares our common stock and will only be payable to those holders that continue to hold the Series C Preferred Stock on the respective anniversary dates of August 19, 2020. In addition, each holder of Series C Preferred Stock will be entitled to receive dividends equal, on an as-converted to shares our common stock basis, to and in the same form as dividends actually paid on shares our common stock when, as, and if such dividends are paid on shares our common stock. We have never paid dividends on shares our common stock and we do not intend to do so for the foreseeable future.

Rank. The Series C Preferred Stock will rank on parity with the shares of Series A Preferred Stock and Series B Preferred Stock.

Liquidation. Upon any dissolution, liquidation or winding up, whether voluntary or involuntary, holders of Series C Preferred Stock, together with the Series A Preferred Stock and Series B Preferred Stock, will be entitled to receive distributions out of our assets in an amount per share equal to $1,000 with respect to the Series C Preferred Stock (and $1.00 and $8.00 per share, respectively, for the Series A Preferred Stock and Series B Preferred Stock) plus all accrued and unpaid dividends, whether capital or surplus before any distributions shall be made on any shares our common stock.

Conversion. Upon the earlier of (i) the four year anniversary of the initial closing of the Private Placement, which occurred on August 19, 2020, or (ii) the consent to conversion by holders of at least 50.1% of all of the then-outstanding shares of Series C Preferred Stock, without any action on the part of the holder, each share of Series C Preferred Stock will automatically convert into shares our common stock at the Conversion Price. In addition, each share of Series C Preferred Stock will be convertible, at any time and from time to time at the option of the holder, into that number of shares our common stock at the Conversion Price, subject to adjustment. The Conversion Price of the Series C Preferred Stock will equal the lesser of (i) the closing price of our common stock on Nasdaq on the date immediately preceding the signing of the applicable binding agreements for the applicable closing date of the Private Placement for which the Series C Preferred Stock is issued or (ii) the average closing price of our common stock on Nasdaq for the five trading days immediately preceding the signing of the applicable binding agreements for the applicable closing date of the Private Placement for which the Series C Preferred Stock is issued, subject to adjustment. The Conversion Prices for the Series C-1 Preferred Stock, Series C-2 Preferred Stock and Series C-3 Preferred Stock are $1.16, $1.214 and $1.15, respectively.

Conversion Price Adjustment:

Stock Dividends and Stock Splits. If we pay a stock dividend or otherwise make a distribution payable in shares our common stock on shares our common stock or any other common stock equivalents, subdivide or combine outstanding our common stock, or reclassify our common stock, the Conversion Price will be adjusted by multiplying the then conversion price by a fraction, the numerator of which shall be the number of shares our common stock outstanding immediately before such event, and the denominator of which shall be the number of shares outstanding immediately after such event.

Fundamental Transaction. If we effect a fundamental transaction, then upon any subsequent conversion of Series C Preferred Stock, the holder thereof shall have the right to receive, for each share our common stock that would have been issuable upon such conversion immediately prior to the occurrence of such fundamental transaction, the number of shares of the successor’s or acquiring corporation’s common stock or our common stock, if we are the surviving corporation, and any additional consideration receivable as a result of such fundamental transaction by a holder of the number of shares our common stock into which Series C Preferred Stock is convertible immediately prior to such fundamental transaction. A fundamental transaction means: (i) a merger or consolidation with or into another entity, (ii) any sale of all or substantially all of our assets in one transaction or a series of related transactions, or (iii) any reclassification our common stock or any compulsory share exchange by which our common stock is effectively converted into or exchanged for other securities, cash or property.

Voting Rights. Except as otherwise provided in the Certificate of Designation of Preferences, Rights and Limitations for the applicable class of Series C Preferred Stock (the “Certificate of Designation”) or required by law, Series C Preferred Stock shall have no separate class voting rights. The Certificate of Designation provides that each share of Series C Preferred Stock will entitle its holder to vote with our common stock on an as-converted basis. Notwithstanding certain protections in the Certificate of Designation, Nevada law also provides holders of preferred stock with certain rights. The holders of the outstanding shares of Series C Preferred Stock generally will be entitled to vote as a class upon a proposed amendment to our Articles of Incorporation if the amendment would:

	
 
	
•
	
increase or decrease the aggregate number of authorized shares of Series C Preferred Stock;

	
 
	
•
	
increase or decrease the par value of the shares of Series C Preferred Stock;

	
 
	
•
	
authorize or issue an additional class or series of capital stock that ranks senior to the Series C Preferred Stock with respect to dividends, redemption or distribution of assets upon liquidation, dissolution or winding up of the Company or entering into any agreement with respect to the foregoing; or

	
 
	
•
	
alter or change the powers, preferences, or special rights of the shares of Series C Preferred Stock so as to affect them adversely.

Fractional Shares. No fractional shares our common stock will be issued upon conversion of Series C Preferred Stock. Rather, we will round up to the next whole share.

Anti-takeover Effects of Nevada Law and our Articles of Incorporation, as amended and Bylaws

Our Articles of Incorporation and Bylaws contain a number of provisions that could make our acquisition by means of a tender or exchange offer, a proxy contest or otherwise more difficult. Certain of these provisions are summarized below.

Special Meetings

Special meetings of the stockholders may only be called by our board of directors or such person or person authorized by the board of directors.

Business Combinations Act

The Business Combinations Act, Sections 78.411 to 78.444 of the NRS, restricts the ability of a Nevada “resident domestic corporation” having at least 200 stockholders of record to engage in any “combination” with an “interested stockholder” for two (2) years after the date that the person first became an interested stockholder, unless the combination meets all of the requirements of the articles of incorporation of the resident domestic corporation and (i) the purchase of shares by the interested stockholder is approved by the board of directors before that date or (ii) the combination is approved by the board of directors of the resident domestic corporation and, at or after that time, the combination is approved at an annual or special meeting of the stockholders of the resident domestic corporation, and not by written consent, by the affirmative vote of the holders of stock representing at least sixty percent (60%) of the outstanding voting power of the resident domestic corporation not beneficially owned by the interested stockholder or the affiliates or associates of the interested stockholder.

If this approval is not obtained, then after the expiration of the two (2) year period, the business combination may still not be consummated unless it is a combination meeting all of the requirements of the articles of incorporation of the resident domestic corporation and either the “fair price” requirements specified in NRS 78.441 to 78.444, inclusive are satisfied or the combination is (a) a combination or transaction by which the person first became an interested stockholder is approved by the board of directors of the resident domestic corporation before the person first became an interested stockholder, or (b) a combination approved by a majority of the outstanding voting power of the resident domestic corporation not beneficially owned by the interested stockholder, or any affiliate or associate of the interested stockholder.

“Interested stockholder” means any person, other than the resident domestic corporation or its subsidiaries, who is (a) the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the resident domestic corporation or (b) an affiliate or associate of the resident domestic corporation and at any time within two years immediately before the date in question was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding shares of the resident domestic corporation.

A “combination” is broadly defined and includes, for example, any merger or consolidation of a corporation or any of its subsidiaries with (i) an interested stockholder or (ii) any other entity that after and as a result of the merger or consolidation would be an affiliate or associate of the interested stockholder; or any sale, lease, exchange, pledge, transfer or other disposition of assets of the corporation, in one transaction or a series of transactions, to or with an interested stockholder having: (x) an aggregate market value equal to more than 5% of the aggregate market value of the assets of a corporation, (y) an aggregate market value equal to more than 5% of the aggregate market value of all outstanding voting shares of a corporation, or (z) representing more than 10% of the earning power or net income of a corporation.

The provisions of Nevada law, our articles of incorporation and our bylaws could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

Control Shares

Nevada law also seeks to impede “unfriendly” corporate takeovers by providing in Sections 78.378 to 78.3793 of the NRS that an “acquiring person” shall only obtain voting rights in the “control shares” purchased by such person to the extent approved by the other shareholders at a meeting. With certain exceptions, an acquiring person is one who acquires or offers to acquire a “controlling interest” in the corporation, defined as one-fifth or more of the voting power. Control shares include not only shares acquired or offered to be acquired in connection with the acquisition of a controlling interest, but also all shares acquired by the acquiring person within the preceding 90 days. The statute covers not only the acquiring person but also any persons acting in association with the acquiring person.

A Nevada corporation may elect to opt out of the provisions of Sections 78.378 to 78.3793 of the NRS. We have no provision in our articles of incorporation pursuant to which we have elected to opt out of Sections 78.378 to 78.3793; therefore, these sections do apply to us.

Potential Effects of Authorized but Unissued Stock

We have shares of common stock and preferred stock available for future issuance without stockholder approval. We may utilize these additional shares for a variety of corporate purposes, including future public offerings to raise additional capital, to facilitate corporate acquisitions or payment as a dividend on the capital stock.

The existence of unissued and unreserved common stock and preferred stock may enable our board of directors to issue shares to persons friendly to current management or to issue preferred stock with terms that could render more difficult or discourage a third-party attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise, thereby protecting the continuity of our management. In addition, the board of directors has the discretion to determine designations, rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of each series of preferred stock, all to the fullest extent permissible under the Nevada Revised Statute and subject to any limitations set forth in our articles of incorporation. The purpose of authorizing the board of directors to issue preferred stock and to determine the rights and preferences applicable to such preferred stock is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing desirable flexibility in connection with possible financings, acquisitions and other corporate purposes, could have the effect of making it more difficult for a third-party to acquire, or could discourage a third-party from acquiring, a majority of our outstanding voting stock.

Transfer Agent 

The transfer agent and registrar for our common stock and Series B and C preferred stock is Mountain Share Transfer, LLC.

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