EX-99.L INT CAP AGRE 12 ex99l.htm



December 3, 2020


New Age Alpha Trust

555 Theodore Fremd Ave., Suite A-101

Rye, New York 10580


Ladies and Gentlemen:


The undersigned hereby subscribes for 4,000 Shares of Beneficial Interest, no par value, of the AVDR US LargeCap ESG ETF, a series of New Age Alpha Trust, a Delaware statutory trust, at $25.00 per share for an aggregate purchase price of $100,000. By signing below, payment in full is confirmed.


The undersigned represents and agrees that it is purchasing these Shares for investment purposes, for its own account and risk and not with a view to any sale, division or other distribution thereof within the meaning of the Securities Act of 1933, nor with any present intention of distributing or selling such shares.


Very truly yours,


New Age Alpha Advisors, LLC


By: _/s/ Armen Arus________________

Name: Armen Arus

Title: Chief Executive Officer



Confirmed and Accepted:


New Age Alpha Trust



By: /s/ Keith D. Kemp_____________________

Name: Keith D. Kemp

Title: President