BEFOR E TH E DEPARTMEN T O F TRANSPORTATION , OFFIC E O F TH E SECRETAR Y ' ' ^ WASHINGTON , D.C
. 

### RTMENTO F )PORTATIC M • OPERATION S

- Q 

### P 3 : 2 1

Applicatio n o f TWI N CITIE S AI RSERVICE , LL C for authorit y t o conduc t

schedule dpassenge r

operation s a s a commute r

ai r carrie r unde r 4 9 U.S.C
. 4173 8

n» B DOCKET-OST-2011-003 2

SUPPLEMEN T NO
. 1 T O APPLICATIO N O F TWI N CITIE S AI RSERVICE , LL C FO RA COMMUTE R AI RCARRIE RAUTHORIZATIO N

Communication s wit h respec t t o thi s documen t

shoul db e sen t

to : Natha n Humphre y Presiden t Twi n Citie s Ai r

Service , LL C 8 1 Airpor t

Driv e Auburn , M E 0421 0 (Tel ) 207-782-388 2 nate@flycharter.co m Edwar dP
. Faberma n Katrin aA
. Skowro n WILE Y REIN LL P 177 6 K Stree t N W Washington , D C 2000 6 Tel : (202 ) 719-700 0 Fax:(202)719-704 9 efaberman@wileyrein.co m kskowron@wileyrein.co m Counse l for Twi n Citie s Ai r

Service , LL C Ma y 9 , 201 1BEFOR E TH E DEPARTMEN T O F TRANSPORTATIO N OFFIC E O F TH E SECRETAR Y WASHINGTON , D.C
.

<nmmmmmmmmmmmimmmm m Applicatio n o f TWI N CITIE S AI RSERVICE , LL C for authorit y t o conduc t

schedule dpassenge r

operation s a s a commute r ai r carrie r unde r 4 9 U.S.C
. 4173 8
mmmmmmmimmmmmmmmmmmmmmimmmmammmmmmmmmmmmmmHm DOCKET-OST-2011-003 2

SUPPLEMEN T NO
. 1 T O APPLICATIO N O F TWI N CITIE S AI RSERVICE , LL C Twi n Citie s Ai r

Service , LL C ("Twi n Cities" ) submit s thi s supplemen t no . 1 t o th e applicatio n for

authorit y t o operat e schedule dpassenge r servic e a s acommute r

ai r carrie r i n respons e t o th e Department' s Informatio n Reques t date dApri l 7 , 2011
. Th e followin g numbere dexplanation s correspon ddirectl y t o th e numbere dquestion s i n th e Informatio n Request
. GENERA L INFORMATIO N 1
. Th e OS T Form450 7 i s attache da s Exhibi t S-1
. 2
. Th e Departmen t

ha s requeste daclarificatio n a s t o whic h aircraf t wil l b e use di n Tv^ n Cities ' future operations
. Twi n Citie s wil l us e th e thre e Cessn a402C' s an d th e Cessn a3 1 O

Rfor al l operation s - schedule dan dcharter
. Th e schedule d operation s wil l hav e priority , an dth e aircraf t v^l l thereafte r

b e use da s availabl e for charters
. 3
. N o operationa l fimctions, training , o r maintenanc e wil l b e contracte dout . 4
. Wit h regar dt o Twi n Cities ' aircraft : a . Eac h aircraf

t i s owne db y Twi n Cities
. A n update dCurren t Lis t o f Aircraf t (previousl y Exhibi t

TC-2 ) i s attache da s Exhibi t S- 2 fo r th e Department' s reference
. b
. Machia s Saving s Ban k i s th e credito r

for al l aircraf

t assets .c . Twi n Citie s doe s not anticipat e th e leasin g o f

additiona l aircraf

t durin g th e forecas t period
. CORPORAT E STRUCTUR E AN D OWNERSHI P 1
. Twi n Citie s Ai r

Service , LL C ("Twi n Cities" ) i s th e onl y operatin g entity , an dth e relationshi p betwee n Twi n Cities , Nathanair , Inc
. ("Nathanair") , an dBel-Ai r Service s ("Bel-Air" ) i s solel y financial: Nathanai r own s 51 % o f

Twi n Citie s an d 100 % o f Bel-Air
. Nathanai r

i s not an operatin g entit y an dha s n o plan s t o becom e on e i n th e ftiture. A lette r fromTwi n Cities ' accountant s date dApri l 26 , 201 1 tha t describe s th e relationshi p i s attache da s Exhibi t S-3
. 2
. Al l operation s wer e consolidate dint o Twi n Citie s whe n th e LL C was purchase d fromit s previou s owner s o n Jul y 1 , 2002
. Prio r t o Jul y 1 , 2002 , Bel-Ai r conducte dth e flight

schoo l an dmaintenanc e operation s an dTwi n Citie s manage d th e charter
. Ther e ar e n o fiiture plan s for Bel-Air
. 3
. Wit

h regar dt o Libert y Aviation , LL C ("Libert y Aviation") :
a . Th e members ' share s o f Libert y Aviatio n ar e a s follows : Seal Bay , LL C Birddog , LL C Th e Loaf , LL C Jo e Bedard ' Th e Hors e Ride r

Holdings , LL C Th e Ovar Holdings , LL C Th e Cowbo y Holdings , LL C Th e Madnes s Holdings , LL C 5 % 5 % 5 % 5 % 18.75 % 18.75 % 18.75 % 18.75% ^ Eac h o f th e owner s liste di n Exhibi t TC- 8 ow n 100 % o f

th e correspondin g LLC
. With regar dt o blood/marriag e relationships , Adriana , George , an d Max Libert y ar e siblings , an dAndre w an dJo e Bedar dar e siblings
. Non e o f th e owner s o f

Liberty Aviation' s membe r LLC s ha s bee n involve di n an y othe r

aviatio n o r

aerospac e business
. Joh n C
. Turne r

i s th e Bankruptc y Truste e holdin g Andre w Bedard' s ownershi p interes t

i n Ovar Holdings , LLC
. Hi s contac t informatio n i s a s follows :

' Exhibit TC- 8 listedMountai

n Valle y Holdings , LL

C a s a n owne r o f Libert y Aviation
. Tlii s was a

n error . Mountai n Valle y Holdings , LL

C wa s neve

r actuall y formed
. Jo e Bedard , the LL C owne r listedi n Exhibi t TC-8 , i s the actua

l Libert y Aviatio n stoc

k owner . ^ Approximatel

y tw o year s ago , one o

f th e origina l members (Tu

n W
. Vamey ) turne di

n hi s 5 % stoc

k share
. Tha t stoc k ha s not bee n reallocated
.Joh n C
. Turne r 15 5 Cente r

Street , Buildin g G P.O
. Bo x 189 7 Auburn , M E 0421 1 Te l (207 ) 514-737 1 Fa x (207 ) 514-068 0 j ohn@ j ctumer.ne t Mr
. Turne r

i s aU.S
. Citize n an ddoe s not hav e an y know n interes t i n anothe r aviatio n o r

aerospac e business
. d
. Libert y Aviatio n ha s a49 % passiv e ownershi p interes t i n Twi n Cities , an d doe s not exis t for an y othe r

purpose . Libert y Aviatio n doe s no t conduc t an y busines s o r

an y othe r operations
. 4
. Copie s o f

th e LL C agreement s for Twi n Cities , Libert y Aviation , an dth e seve n membe r LLC s o f Libert y Aviatio n ar e attache da s Exhibi t S-4
. MANAGEMEN T AN D KE Y TECHNICA L PERSONNE L 1
. Update dresume s for Natha n Humphrey , Dal e Stewart , an dBe n Moshe r ar e attache da s Exhibi t

S-5
. 2
. Twi n Citie s i s asmal l business
. Mr
. Humphre y divide s hi s tim e betwee n servin g a s aDirecto r

o f Operation s an da s th e Presiden t o f Twi n Citie s o n an "a s needed " basis
. Th e FA A ha s approve dthi s arrangement . FINANCIA L POSITIO N AN D OPERATIN G PLA N 1
. Th e draf

t balanc e sheet s an dincom e statement s for th e calendar

year 201 0 ar e attache da s Exhibi t

S-6
. W e wil l file th e final financial statement s for 201 0 an d th e financial statement s for th e first quarte r o f 201 1 a s soo n a s possible
. 2
. A n update dforecas t i s attache da s Exhibi t

S-7.' * Wit

h regar dt o th e explanatory note s requeste di n subsectio n (b) : i
. Al l forecas t

expense s com e fromhistorica l expenses . Equipmen t renta l i s aflat monthl y expens e o n th e forecast
. Worker' s compensatio n insuranc e

^ Th e LL C agreemen

t fo r Mountain Valle

y Holdings , LL

C i s not includedbecaus e Mountai

n Valle y Holdings , LL

C wa s neve r actuall y formed
. See not

e 1 , supra .
" As pe r th e 14 CF RSec
. § 204.3(t) , Twi

n Citie s ha s includeda

n updatedforecast

"fo r the first norma l yea r ending afte r th e initially proposedoperation s have bee n incorporated. " Tw

mCitie s will fil

e balanc e sheets an dincom e statement s fo

r th e first quarte r o f 201 1 as soo

n as possible
.i s ayearl y expens e tha t i s pai dfor

b y a30 % premiu mdow n paymen t i n January , followe db y seve n additiona l payment s o f 10 % o f th e premium
. ii
. Thre e fiill tim e pilot s ar e employe da s salarie demployees , an don e part
tim e employe e i s compensate do n adail y basi s for flights flown. Compensatio n wil l not

differ durin g peak

months
. Bonuse s ma y b e awarde dbase do n excellen t performance
. Ther e ar e n o separat e pa y rate s for schedule dan dcharte r

operations
. iii
. Ther e ar e n o expense s associate dwith th e FA A certificatio n efforts
. iv
. Th e Constructio n LO C i s secure db y N404SX , aprojec t airplan e currentl y bein g rebuil t

i n th e Twi n Citie s hangar
. Th e hangar expense s dra w o n th e $250,00 0 lin e o f

credi t wit h Machia s Saving s Bank
. Se e Exhibi t S-9
. v.-vi
. Th e lin e ite m"Aircraft " represent s th e loan payments , secure db y al l liste d aircraft
. vii
. Thi s paymen t

represent s loa n payment s o n acompan y vehicle
. Th e loa n wil l b e pai dof

f i n fixll a s o f

October , 2011
. Twi n Citie s doe s no t forese e replacin g thi s vehicl e withi n th e nex t 2 4 months
. 3
. Ther e hav e bee n n o fransactions t o sel l o r exchang e majo r

asset s (land , aircraft , buildings , etc. ) durin g th e si x month s prio r t o Twi n Cities ' application , an dTv^d n Citie s ha s n o plan s fo r

an y suc h transaction s durin g th e si x month s followin g it s application
. 4
. Ther e ar e n o contingen t liabilitie s tha t

ma y affec t

Twi n Cities , Liberty Aviation , Nathanair , o r

Bel-Air , no r

ar e ther e an y liabilitie s amon g th e fou r firms. 5
. Wit h regar dt o th e propose dcity-pai r marke t betwee n Portland , Main e (PWM ) an dYarmouth , Nov aScotia , Canad a(YQI) :
a . Th e expecte dloa dfacto r i s 86 % for

th e pea k summe r months , an d57 % for th e res t o f th e year . Likewise , th e tota l numbe r o f passenger s t o b e carrie di s approximatel y 1,00 8 for th e pea k summe r months , an d91 2 for th e res t o f th e year . b
. Twi n Cite s wil l operat e schedule dservice s betwee n Portland , Maine , an d Yarmouth , Nov aScoti a- adistanc e o f 21 2 statut e miles
. Durin g th e summe r pea k months , Jun e throug h August , Twi n Citie s expect s t o operat e si x roundtrip s weekl y (8 4 roundtri p flights). Fo r th e remainde r

o f th e year . Twi n Citie s expect s t o operat e 3 roundtrip s weekl y (11 4 roundtri p flights). A s most , i f not all , o f thes e schedule dservice s wil l b e performe dusin g 7-sea

t Cessn a40 2 equipment , flight plannin g call s for round-tri p flight

(wheel s of

f t o wheel s on ) time s o f

2. 3 hours , withroundtri p revenu e (block-to-block ) time s equalin g 2. 7 hours
. O n a n aimua l basi s th e tota l numbe r o f revenu e mile s flown i n schedule dservic e ar e estimate dt o b e 83,95 2 (19 8 roundfri p flights X 42 4 statut e mile s = 83,952)
. c . Twi n Citie s doe s not anticipat e an y additiona l resource s (aircraft , persoimel , othe r

equipment , etc. ) o r

expense s t o mee t

it s increase d services
. Twi n Citie s i s applyin g for commute r

ai r carrie r authority simpl y t o mak e bette r

us e o f Twi n Cities ' curren t

assets . 6
. Twi n Cities ' loa n agreement s wit h Machia s Saving s Ban k ar e attache da s follows : th e loa n agreement s for

th e $150,00 0 lin e o f

credi t date dJanuary 12 , 200 7 ar e attache da s Exhibi t

S-8 ; th e loan agreement s for th e $250,00 0 lin e o f

credi t date d Februar y 2 , 200 7 ar e attache da s Exhibi t S-9 ; an dth e loa n agreement s fo r th e $570,00 0 ter mloa n date dJul y 1 , 201 0 ar e attache da s Exhibi t S-10
. 7-8
. Th e execute dNortheas t Tradin g Corporatio n agreement s ar e attache da s Exhibi t S-11
. Thi s $600,00 0 lin e o f credi t wa s establishe dt o ensur e complianc e with th e Department' s guidanc e o n th e financial positio n o f th e commute r

applicant , i.e. , sufficien t cas h resource s t o cove r

thre e months ' expense s incurre di n th e first normalize dyear

o f operations
. Th e $600,00 0 line s o f credi t easil y cover s tha t amount . However , becaus e Twi n Citie s wil l onl y b e operatin g afew additiona l flights pe r

wee k durin g th e pea k

summe r months
. Twi n Citie s doe s no t anticipat e anee dt o dra w dow n o n thi s lin e o f credit
. 9
. Third-part y verificatio n o f Twi n Cities ' ter mloa n o f $570,00 0 i s attache da s Exhibi t S-12
. Titl e 1 8 Verificatio n i s attache da s Exhibi t S-13
. A s state di n Tv ^ Cities ' application
. Twi n Citie s i s currentl y th e onl y ai r carrie r operatin g betwee n Portland , Main e an dYarmouth , Nov aScotia
. Becaus e Twi n Citie s i s applyin g for

commute r

ai r carrie r authorit y solel y for

th e purpose s o f

operatin g additiona l roun dfrip flights betwee n Portlan dan dYarmouth , an di s no t otherwis e changin g it s operations
. Twi n Citie s respectfull y request s tha t th e Departmen t

expedit e it s revie w o f Tv^ n Cities ' applicatio n i n orde r tha t Twi n Citie s may commenc e it s six-tri p weekl y summe r servic e a s earl y a s Jime , 2010
. WHEREFORE , Twi n Citie s request s tha t th e Departmen t

issu e afinal orde r

an d commute r

ai r carrie r authorizatio n authorizin g Twi n Citie s t o provid e schedule d passenge r operation s a s acommute r ai r carrier
.May 9 , 201 1 Respectfiill y Submitted ,

Edwar dP
. Faberma n Katrin aA
. Skowro n WILE Y REI N LL P 177 6 K Stree t N W Washington , D C 2000 6 Tel : (202 ) 719-700 0 Fax : (202 ) 719-704 9 efaberman@wileyrein.co m ksk o wron @ wileyrein
. co m Counse l fo r Twi n Citie s Ai r

Service , LL CCERTIFICAT E O F SERVIC E

I hereb y certif

y tha t I hav e o n thi s day serve dth e foregoin g applicatio n for commute r

ai r carrie r authorit y b y first

clas s mail , postag e prepaid , upo n th e person s show n i n th e followin g servic e list
.

Ma y 9 , 201 1 /CA^S^^^ ^ Katrin aA
. Skowro n

SERVIC E LIS T FA A Fligh t

Standard s Distric t

Offic e Portlan dInternationa l Jetpor t 41 2 Yellowbir dRoa d Portland , M E 0410 2 Manage r Portlan dInternationa l Jetpor t 100 1 Westbroo k

Stree t Portland , M E 0410 2 Manage r Yarmout h Internationa l Airport P O Bo x 38 6 Yarmouth , Nov aScotia , Canad a B5 A 4B 3INDE X T O EXHIBIT S

Titl e Exhibi t OS T Form450 7 S- 1 Update dCurren t

Lis t o f Aircraf t S- 2 Austi n Associates ' Lette r Date dApri l 26 , 201 1 S- 3 LL C Agreement s S- 4 Update dResume s o f

Ke y Persorme l S- 5 Draf t Balanc e Sheet s an dIncom e Statement s for 201 0 S- 6 Update dForecas t

S- 7 Twi n Cities ' Loa n Agreement s wit h Machia s Saving s Ban k for th e $ 150,00 0 lin e o f

credi t date dJanuar y 12 , 200 7 S- 8 $250,00 0 lin e o f

credi t date dFebruar y 2 , 200 7 S- 9 $570,00 0 ter mloa n date dJul y 1 , 201 0 S-1 0 Northeas t Tradin g Corporatio n Agreement s S-1 1 Twi n Cities ' $570,00 0 TermLoa n Balanc e S-1 2 Titl e 1 8 Verificatio n S-1 3

# Exhibi t

S- 1THI S APPROVE D REGISTRATIO N

SUPERSEDL S AL L OTHE R ;FGISTRATI0N S PREVIOUSLY FILED
. Edite d b y Foxi t Reade r Copyright(C ) b

y Foxi t Corporation,2005-200 9 Fo rEvaluatio n Only
. Approve d b yOM B ^ OM B No
. 2120-0633 Expires : 2/28/0 9 PAPE R WOR KREDUCTIO N ACT O F 199 5 Thi s informatio n i s coDecle d to determin e whethe rai rtax i operation s meet th e Department' s criteri a fo ra n operatin g authorizatio n unde r1 4 CF R Par t 298
. W e estimat e tha

t I t wi O tal< e approximatel y 3 0 minute s t o comptata
. Th e use o f thi s for m i s mandatory
. Unde rth e Paperworl < Reductio n Ac t o f 1995 , n o person s are require d t o respon d t o a collectio n o f informatio n unles s i t display s a vali d OM B Contro l Numtier
. Th e OM B Contro l Numbe rfo r thi s collectio n i s 2120-0633
. Comments concernin g th e accurac y o f thi s burde n an d suggestion s fo rreducin g th e burde n shoul d b e directe d to th e FA A a t SO O Independence /We
. SW , Washington , DC , 20591 , Attn : Informafio n Collectio n Oearanc e Officer , AIO-2 0 

## ( d U.S ; OApartntftn t o f TrattSf^itBtk m OfQc a o f th a Svovtu y ofTransportttlo n AI R TAX I OPERATO R REGISTRATIO N AN D AMENDMENT S UNDE R PAR T 29 8 O F TH E REGULATION S O F TH E DEPARTMEN T O F TRANSPORTATIO N
Wher e t o file: Submi t thi s fomi , I n duplicate , alon g wit h a Certificat e of Insuranc e (OS T Form 6410 ) evidencin g require d liabilit y Insurance coverag e fo r^ e aircraf t liste d i n Blocl < 6 of thi s registration , t o th e Federa l Aviatio n Administratio n (FAA) , Ai rTransportatio n DMsion , AFS-^200 , Roo m 831,80 0 Independence Avenue , S.W ^ Washington , D.C
. 20S91
. Exception : Fo rai rtaxi s locate d i n th e State o f Alaska , submi t thi s for m an d th e OST Forn i 641 0 t o th e Federa l Aviatio n /Uministratlo n (F/\A)
. Alaska n Regio n Headquarters , AAL-230 , 22 2 West 7 * Avenue , Bo x 14 , Anchorage
. /VlasK

a 99513
. Fees ; Th e fe e fo rth e initia l registratio n of a n ai rtax i I s $8

. Ther e i s n o filin g fe e fo ramendment s t o registration s previousl y filed
. FO R US E B Y DO T ONL Y

Effe(^\ M dat a o f r^itotration/amen^TMrTts
3a
. Fedara l AvWo n AdmMsInllaive«tllfteat « numbe r IWVA128 U 1a
. Nam e {an 6 DBA , ifappHcablo ) an d Mayin g Addres s of ttie Registerin g Cattiel : Twi n Citie s Ai rService , LL C 8 1 Airpor t Driv e Auburn , IVI E 0421 0 311
. Mdtas s o f loca l FA A olflu '

1b
. Telephon e No
. 207-784-631 8 207-784-532 6 Fa x No
. 2a
. Addres s o f principa l place of busing s (ifdiffomn t fro m abovo) :

2b
. Telephon e No.
. Fa x No
. Portlan d Internationa l Jetpor : 41 2 Yellowbir d Roa d Portland
. M E 0410 2

3c
. FA A Te^j^ion e N o J 207-780-326 3 3d.^A A Principa l OparaSon s Inspdcto r Readi o Gar y i 4
. Thi s filir^

i s th e canter's : n Initia l Registratio n H Amendmen t t o reflec t change s since previou s filin g (Complet B ito m 9 } I f Initia l registration , give propose d dat e o f coninwncemen t of operations : ; 5
. Checl < typ e o rtype s o f service tfi e carrie rintend s t o perfor m upo n commencemen t o f operations , or , fo ramendments , service tfi e earne ri s cun-enliy : performing : I ^ C D [ ^ Schedule d passenger

* J ^ On-deman d passenge r• /U rambulanc e . , O Schedule d carg o B On-deman d carg o D Seasona l D Mai l unde ra U.S
. Posta l Servic e contract D Othe r(Plaas e specify) " :£ ^ * Chec k onl y i f servic e I s limite d t o les s tha n fiv e (S ) roun d trip s pe rwee k

o n a t leas t on e rout e betwee n tw o o rmore l^^t s an d I s operate d pursuan t t o puiillshtt d fligh t schedule s whic h specif y th e times , day s o f th e week , an d place s betwee n whic h suc h flight s ar e performed
. Companie s proposin g o roperatin g schedule d passenge rservtees o f five (5 ) o rmor e roun d trip s pe rwee k

o n a t 1^ ^ on e rout e betwee n tw o o rmor

e point s pursuan t to publishe d fligh t schedule s whic h specif y th e times , day

s of th e week , an d place s betweg n whic h suc h flight s ar e perfbnmed ma

y not conduc

t suc h operatbn s unde rthi s registration
. Instead , suc h companie s mus t b e foun d Tit , willing , an d able " t o provid e suc h service s a

s a commute rai rcarrier
. Se e 1 4 CF R 298 , Subpar t E
.
* * Fo rexample , I f th e carrie rperform s othe rservice s suc h a s fire fightin g operation s fo rtl w U.S
. Fores t Service , i t shoul d b e indicate d here
. OST For m 450 7 (Rev
. 2-06 )6
. Aircraf t wWci i th e carrie rpropose s t o operat e I n ai rtax i servic e or , fo ramendments ,

aircraf t currentl y operated :
1
. 2
. 3
. 4
. 5
. Aircra n Mak

a an d Mode l C402 C C402 C C402 C FA A Registratio n Numt/e r N401S X N402S X N18 W Passenge rSaats Installed ' 7 7 7

(Ad d additiona l sfiaet s i f necessary )

' Thi s doe s no t Includ e seat s occupie d b y th o pilo t o rco-pilo t unles s th a latte rI s availabl e fo r passenge ruse . 7
. I s th e registerin g carrie ra U.S
. citizen ? SYE S DN O Note : A n ai rtax i o rcommute rregistere d unde rPar t 29 8 mus t ti e a citize n o f tti e Unite d States
. 4 9 US C <<ai02(a)(15) defines e U.S
. cittzs n a

s (a ) a n individua l wh o i a a U.S
. citizen : (b ) a partnersiii p o f wtiid i eac h membe ri s a U.S
. citizen ; o r(c ) a corporatio n o rassociatton rorganize d unde rtii e law s o f th e Unite d State s o ra state , tt w Distric t o f Cotumt^ta , o ra territor

y o r possessio n o f (li e Unite d States , o f wtiid i th e presiden t an d a t least two-third s o f th e board o f director s an d othe rmanagin g officer s ar e citizen s o f th e Unite d States , whic h I s unde rth a actua l contro i o f citizen s o f th e Unite d States , an d i n whic h a t leas t 7 5 percen t o f th e votin g interes t i s owne d o rconlmile d b y person s that ar

e citizen s o f th e tJnIte d States
. 8
. I f thi s i s a n amendment , ha s th e carrie rcarde d passenger s i n foreig n ai rtransportation , tha t is , betwee n an y poin t i n th e Unite d State s an d an y poin t outsid e thereof , durin g th e pas t 1 2 months : Q YE S D N O
9
. REPOR T CH/^NGE S O R AMENDMENT S T O INFORMATIO N PREVIOULSL Y FILE D WITHI N 3 0 DAY S O F TH E EFFECTIV E DATE : a . Chang e I n Cam'ei' s Nam e and/o r/Addres s (Pleas e specify) : Forme rNam e an d Address : Curren t Nam e an d Address :

b
. Descriptio n o f An y Ottie rChange s o rAmendment s (Includin g addition s o rdeletion s o f aircraft , c/iang e i n typ e o f operations , registratio n numbers , etc.) : Updat e o f aircraf t currentl y bein g operate d an d chang e i n schedule d servic e o f 4 flight s o rless
.

10
. Cortiflcallo n I certif y tha t th e informatio n containe d i n thi s applicatio n i s complet e an d accurat e t o th e bes t o f m y knowledge
. Th e carrie rsubscribe s t o th e lAT A Intercarrie rAgreement ; th e lAT A Agreemen t o n Measure s t o Implemen t th e lAT A Intercarrie rAgreement , an d th e AT A Agreemen t o n Provision s Implementin g th e lAT A Intercame rAgreemen t t o b e Include d I n Condition s o f Carriag e an d Tariff s (se e OS T For m 4523-A) , an d i n accordanc e wit h thos e Agreement s agree s unde rArticl e 22(1 ) o f th e Warsa w Conventio n o rth e Warsa w Conventio n a s amende d b y th e Hagu e Protoco l tha t th e liabilit y limit s fo rpassenge rinjur y o rdeat h i n internationa l transportatio n a s define d i n th e Conventio n ar e waive d i n thei rentirety
. signature : _ 

# y^f- ^

Date : 2 2 Februar y201 0 Name : fSe « note ) Natha n Humphre y (Pleas e type )

Place : Auburn , IVIain e Presiden t (dl y en d Stale ) Title : A/ote ; ni s registratio n mus t b e signe d b y a responsibl e officer , suc h a s th e President , Vic e President , Secretar y o rTreasurer , o rpartne ro rowne r o f th e carrie r T O ENSUR E PROPE R PROCESSIN G O F THI S REGISTRATION , PLEAS E COMPLET E THI S FOR M I N IT S ENTIRETY
.

# Exhibi t

S- 2CURREN T LIS T O F AIRCRAFT * Twi n Citie s Ai r

Service , LL C ("Twi n Cities" ) Apri l 27 , 201 1
N401S X 198 1 Cessn a402 C Seria l #402C044 7 - owne db y Twi n Citie s N402S X 198 2 Cessn a402 C Seria l #402C060 6 - owne db y Twi n Citie s N18V V 198 2 Cessn a402 C Seria l #402C061 9 - owne db y Twi n Citie s N196T C 198 0 Cessn a3 lO RSeria l #180 1 - owne db y Twi n Citie s

Twi n Citie s Ai r

Servic e i s authorize dt o conduc t o n deman doperation s unde r 1 4 CF RPart

119.21(a)5
.

# Exhibi t

S- 3

# Justi n I assocfafes , A a . Certifie d Publi c Accountant s

Apri l 26,201 1 Natha n Humphre y Twi n Citie s Ai rSemce , LL C P0Box 2 Gray , Main e 0403 9 Dea rNate : A s requested, I a m providin g th e informatio n concernin g th e financia l an d busines s relationshi p betwee n Bel-Air , Inc. , Nathanair , Inc. , an d Twi n Citie s Ai rService , LLC
. O n /ul y 1,2002 , yo u signe d tw o note s payabl e t o Mr
. an d Mrs
. LeBlan c t o purchas e th e commo n stoc k an d othe rasset s o f Twi n Citie s Ai rService , Inc
. A t abou t th e sam e time
. Twi n Citie s Ai rService , LL C wa s formed ; yo u change d th e nam e o f Twi n Citie s Ai rService , Inc
. t o Nathanair , Inc
. an d ha d th e late r transfe ral l o f th e tangibl e asset s t o Twi n Citie s Ai rService , LL C i n a ta x fre e exchang e fo ra n interes t i n th e limite d liabilit y company . Bel-Air , a qualifie d subchapte rS subsidiar y o f th e origina l corporation
. Twi n Citie s Ai rService , Inc. , remaine d as par t o f Nathanair , Inc
. I t wa s originall y setu p fo rspecia l service s o f th e origina l Twi n Citie s Ai rService , Inc
. . I t wa s plannin g don e befor e I becam e involve d wit h an y o f th e operations
. Be l Air , Inc
. remaine d a wholl y owne d subsidiar y o f Nathanair , Inc
. Du e t o prio rcontractua l agreements
. I t ha d th e firs t righ t o f refusa l t o purchas e on e hanga rlocate d i n Auburn , Maine
. A s a result , i t wa s hel d open , purchase d th e hangar , an d no w rent s i t t o Twi n Citie s Ai rService , LLC
. S o th e resultin g busines s relationshi p betwee n Bel-Ai ran d Twi n Citie s Ai rService , LL C i s tha t o f a lesso ran d lessee
. I n addition , th e LL C I s th e guaranto ro f th e deb t o f Be l Air , Inc
. fo rth e purchas e o f th e hangar
. As fo rth e loa n betwee n Be l Air , Inc
. an d th e limite d liabilit y company , th e $24,000.0 0 represent s tw o loan s betwee n 200 4 an d 200 5 fo rth e deposi t o n th e hangar
. I t i s unsecure d wit h n o term s o f repaymen t a t thi s time
. I n 2006 , Nathanair , Inc
. assume d th e balanc e o f th e origina l purchas e pric e o f th e busines s an d accounte d fo ri t as a distribution/dividen d t o you , th e sol e owner . Th e refinancin g wa s originall y don e wit h Mechanic s Ban k

i n Auburn , Main e b y th e limite d liabilit y company . Sinc e th e limite d liabilit y compan y borrowe d mone y t o repa y a persona l loan , a loa n receivabl e fro m yo u becam e a n asset
. As noted , Nathanair , Inc
. assume d thi s debt , an d accounte d fo ri t a distributio n t o you . Th e loa n i n th e limite d liabilit y compan y doe s no t hav e an y term s o f repaymen t a t thi s time
.
Two Grea t Fall s Plaza , P O Bo

x 3400 • Auburn , Main

e 04212-3400 • Telephone : 207.783-911 1 * Fax:207-783-913 0 • 800-605-926 3 Main e Onl y E-mail : sba@austinpa.co

m• Website : www.austinpa.co mI f ther e i s anythin g else , pleas e le t m e know
.



# AUSTI N ASSOCIATES , PA
. CERTIFIE D PUBLI C ACCOUNTANT S

# Exhibi t

S- 4AMENDE D AN D RESTATE D OPERATIN G AGREEMEN T O F TWI N CITIE S AI

RSERVICE , LLC (Manage r Run ) THI S AMENDED AND RESTATE D OPERATIN G AGREEMENT i s mad e andentere d into a s o f th e 2?" ' da

y o f March , 2003 , b y an

damon g Twi n Citie s Air

Service , LL C (tli e "Company" ) an dth e person s executin g thi s Agreemen t a s Member s an di s t o take effec t a s o f Ma y 22,2002
. Thi s Amende dandRestate dOperatin g Agreement i s bein g execute din orde

r t o correc t th e membershi p interest s a s set fort h i n th e origina

l Operatin g Agreement

date da s o f

Ma y 22 , 200 2 (th e "Incorrec t

Agreement" ) t o reflec t

th e fact tlia t Be l Air Services , Inc
. mad e acapita l contributio n t o th e Compan y o n o r about Jul y 1,2002 , i n th e for

mo f transfer s o f

certai n aircraf

t and , accordingly , shoul dhav e bee n issue dmembersliip interes t i n the Compan

y a t tha t tim e i n accordanc e wit

h Schedul e A attache dhereto
. The Incorrec t Agreemen

t inadvertentl y di dno t reflec t th e capita l contributio n mad e by Be l Ai r Services , Inc
. WITNESSETH I n consideratio n o f

th e mutual covenant s containe di n thi s Agreement an dfo r othe r goo d an dvaluabl e consideration , th e receip t an dsufficienc y are hereb y acknowledged , th e par-tie s agre e a s follows : 1
. Formatio n o f

Company
. Th e Compan

y shal l b e formeda

t th e tim e o f

th e filin g o f

th e initial Article s o f

Organizatio n wit

h th e Secretar

y o f State o f th e Stat e o f Maine
. Th e sol e and exclusiv e pmpos e o f

th e Company shal l b e to operat e a n ai r charte r operation , flight

schoo l and fixedbase doperatio n andsuc h otlie r purpose s as ma

y b e approve dby th e unanimou s consent o f th e managers . 2
. Term
. Th e tei mo f

th e Company shall b e sixty (60 ) year s fro mth e date o f

filing o f Article s o f

Organization , imles s th e Compan y i s earlier dissolved
. 3
. Identit y o f Members
. Th e name s an daddresse s o f th e Member s are set

fort h on Schedul e A attached , a s th e same ma y b e amendedfro

mtime t o time
. 4
. Identity
. Riglit s andDutie s o f Managers
. Th e Manager s o f th e Compan

y ar e charge d wit h th e responsibilit

y an dveste dwit

h th e exclusiv e authorit

y t o manag e th e Company' s busines s excep t

i n thos e case s i n whic h th e approva l o f th e Member s i s expressl y require db y thi s Agreement

o r b y th e Main e Limite dLiabilit y Compan y Act , 3 1 M.R.S.A
. Sectio n 601 , e t seq. , andal l amendment s thereto (th e "Act")
. N o Membe r wh o i s no t

als o aManage

r shall hav e authorit y nor take any actio n t o bin dth e Company
. A Membe r wh o take s an

y unauthorize d actio n purportedl y o

n behal f o f th e Company shal l indemnif y an dhol dth e Compan

y harmles s froman y cost s o r

damage s incurre db

y th e Compan

y a s aresul t

thereof
. I n furtheranc e of

tliei rauthority , th e Manager s ar e authorize dan

dempowere dt o perfor

man y an dal l act s customar

y o r inciden t to th e management

o f th e Company' s business
. A t any time whe n there i s mor e tha n one Manager , a

n affirmativ e vote o f

amajorit y i n number

o f al l Manager s shal l b e require dt o approv e an

y action
. Notwithstandin g suc h vote , th e Company shadb e boundb y th e ac t o f a Manage r fo r th e purpos e o f

apparentl y carryin g o

n i n th e usua

l wa y th e busines s o r

affairs o f th e Company , includin g di e exercis e o f th e authorit

y indicate di n thi s Sectio n 4 , excep t a s t o person s havin g knowledg e that

suc h act wa s i n contraventio n o f

thi s Sectio n 4 , andn o perso n dealin g with th e Compan

y shal l hav e an

y obligatio n t o inquire int o th e powe r o r authorit y o f th e Manager actin g o n behal f

o f th e Company
. 4. 1 Th e Company shal l initiall y hav e on e (1 ) Manager , who shal l b e Natha n Humpln-ey
. Th e number

o f Manager s o f

th e Compan

y ma y b e increase dor

decrease dfi'omtime t o tun e i n accordanc e wit

h th e Ac t by th e affirmativ e vote o f

amajorit y of th e then-cunen t Managers , but

i n n o instanc e shal l there b e fewe r than on e Manager
. 4. 2 N o Manager

shal l hav e acontractua

l righ t independent

o f thi s Operatin g Agi^eemen

t t o suc h position
. Manager s shal l b e electe db y th e affirmativ e vot e o f amajorit y o f th e Members
. Manager s nee dno t b e Member s of

th e Compan

y or natm'a l persons . Eac h Manager shal l hol doffic e unti l hi s successo r shal l hav e bee n electe dandqualifie dunles s h e resign s o r i s removed
. 4. 3 Withou t

limitin g th e generalit

y o f an y other provision s o f

till s Agreement , th e Manage r shal l hav e powe r

andauthorit

y on behal f

o f th e Company ; (a) t o acquire th e operatin g asset s o f Twi n Citie s Air

Service , Inc
. n/k/

a Nathanair , Inc
. an dBel-Ai r Services , Inc
. and , i n consideratio n therefore , t o assume certai n deb t i n favor o f Roge r andLillian LeBlanc ; (b ) t o acquire other

propert y fro man y perso n a s th e Manage r ma y determine
. Th e fact that aManager

o r aMember

i s directl y o r

indirectl y affiliate dor

coimecte dwit

h an y suc h Perso n shal l no t

prohibi t th e Manager

fromdealin g wit

h that Person ; (c ) t o borro w mone y fo

r th e Company fi*ombanks , othe r lendin g institutions , the Managers , Members , or

Affiliate s o f

th e Manager s or

Members , an

dt o guarant

y th e obligation s o f other s t o suc h parties , i n amoxmt s an do n suc h term s a s th e Manager s dee mappropriate , andi n connectio n therewith , t o hypothecate , encumbe r an dgrant securit y interest s in th e asset s o f

th e Company to secure repaymen t o f th e borrowed/guarantie dsums ;

andbusiness ; (d ) to purchas e liabilit y andother

insuranc e t

o protec t th e Company' s propert

y
th e Company ; (e ) to hol dan dow n any Compan

y rea l and/o r

persona l propertie s i n tli e nam

e o f(f ) to inves t any Compan

y fund s temporaril y (by wa y o f exampl e but

no t limitation ) i n tim e deposits , short-ter mgovermnenta

l obligations , commercia

l paper or othe r investments ; (g ) t o sel l or otherwis e dispos e o f

th e asset s o f

th e Compan

y s o lon g a s such dispositio n i s no t

i n violatio n o f

o r acaus e o f

adefault unde r an y other agreemen t

t o which th e Compan y ma y b e bound ; (h ) t o execute o n behal f

o f th e Compan

y al l instrument s anddocuments , including , withou t

limitation , checks ; drafts ; note s an dother negotiabl e instruments ; mortgage s or deed s o f ti'ust ; securit

y agieements ; financing statements ; document s providin g fo r th e acquisition , mortgag e o r

dispositio n o f

tli e Company' s property ; assignments ; bill s o f sale ; leases ; partnershi p agreements , operatin g agreement s o f other limite dliabilit

y companies ; andan

y other instrument s o r

document s necessary , i n th e opinio n o f th e Manager , to th e busines s o f the Company ; (i ) t o emplo y accountants , legal counsel , managin g agent s o r other expert s t o perfor mseivice s for

th e Company andt o compensate the mfiomCompan y funds ; (j ) to ente r

into any an

dal l other agreement s on behal f

o f th e Compan

y wit h an y other Perso n fo r any purpose , i n suc h form s a s th e Manage r ma y approve , provided , however , tha t th e Manager

shal l no t caus e th e Company to enter into an y agreement

wit h any Membe

r (or wit h an y entit y tha t i s owne dand/o r

controlle db y th e Manager o r an y Member) without

the consent o f 90 % o f th e Members ; (k ) t o d o an dperfor

mal l other

act s a s ma

y b e necessar

y or appropriate t

o the conduc t o f th e Company' s business ; an d (1 ) t o d o o r

perfor man y other act , or execute an

ddeliver an y other document , tha

t th e Manager , i n hi s sol e andexclusiv e discretion , deem s necessar y and/o r appropriate t o furthe

r th e busines s interest s o f

tli e Company
. Unles s authorize dt o do s o b y thi s Operatui g Agi-eemen t or by aManage

r o r Manager s o f th e Company , n o attorney-in-fact , employe e or other agent o f th e Company shal l hav e an y power or authorit y to bin dth e Company i n an y way , t o pledg e it s credi t o r t o render i t liabl e pecuniaril y fo r any purpose . N o Member shal l hav e an y power

o r authorit y t o bin dth e Compan

y imles s th e Membe r ha s bee n authorize db y th e Manager t o ac t a s a n agent o f th e Company in accordanc e viit h th e previou s sentence . 4. 4 Eac h Manager

shal l exercis e hi s power s anddischarg e hi s dutie s in goo dfaid i wit h avie w to th e interest s o f th e Company an dit s Member s wit h tha t degre e o f diligence , car

e an dskil l tha

t ordinaril y pruden t

person s woul dexercis e unde r simila r circumstance s i n lik

e positions
. A Manager

wh o s o perform s th e dutie s a s Manager shall no t hav e an y liabilit

y by reaso n o f bein g o r havin g bee n aManager

o f th e Company
. Th e Manage r doe s not , i n an

y way , guarante e th e return o f

th e Members ' Capita

l Contribution s o

r aprofit fo r th e Member s fi-omth e operation s o f

th e Company
.4. 5 Th e Manager shal l b e require dt

o manag e the Compan

y a s lii s sol e an

dexclusiv e function
. Th e compensatio n fo r th e Manager

shal l b e establishe damiuall y b y th e affirmative vot

e o f al l Member s (no t

includin g an

y Membe r owne do r controlle db y th e Manager)
. 4. 6 Th e Manager

ma y fro mtim e to tim e ope n ban

k account s i n th e nam

e o f the Company , an

dth e Manager

shal l b e th e sol e signator

y thereon , unles s th e Manager determine s otlierwise
. 4. 7 Th e Company shal l indemnif y th e Manage

r an dmake advance s fo

r expense s t o th e maximu mexten t

permitte dunde

r th e Act
. Th e Compan

y shal l indemnif

y it s employee s and other agent s wh o are no t

manager s t o th e fulles t

exten t permitte db y law , provide dtha t such indenmificatio n i n any give n situatio n i s first approve db

y th e Manager
. Th e righ t

t o indemnificatio n under

thi s Sectio n shal l b e full

y veste dwit

h respec t t o any matter

occurrin g whil e till s Sectio n wa s in effect
. N o amendment o f thi s Sectio n shal l hav e an

y retroactiv e effec

t excep t a s t o enhanc e suc h righ t

for th e benefi t

o f tli e indemnitee
. 4. 8 Any Manager

o f th e Company ma

y resig n a t an y tim e b y givin g writte n notic e to th e Member s o f

th e Company
. Th e resignatio n o f any Manager

shal l take effect

upon receip t

o f notic e thereo f

o r a t suc h later tim e a s shal l b e specifie di n suc h notice ; and , unles s otherwis e specifie dtherein , th e acceptanc e o f suc h resignatio n shal l no t

b e necessai y t

o mak e i t effective
. Th e resignatio n o f

aManager

wh o i s als o aMember

shall no t affect th e Manager' s right s a

s a Membe r andshal l no t

constitut e awithdrawal o f aMember
. 4. 9 A t ameetin g calle dexpressl y for tha t pmpose , th e Manage

r ma y b e remove da

t any time , wit

h o r withou t cause , by th e affirmativ e vote o f al l o f th e Member s no t

owne do r controlle db

y th e Manager
. Th e remova l o f aManage r wh o i s als o aMembe

r shal l no t affec t th e Manager' s right s a s aMember an dshal l no t

constitute awithdrawa

l o f aMember
. 4.1 0 An

y vacanc y occurrin g for

any reaso n i n th e number

o f Manager s of

th e Compan

y ma y b e filledb y th e affirmativ e vote o f amajorit y o f th e rcmaining Manager s then i n office , provide dtha

t i f there ar e n o remainin g Managers , th e vacancy(ies ) shal l b e filledb y consen t o f Members
. Any Manager' s positio n t o b e filledb y reaso n o f a n increas e i n di e numbe

r o f Manager s shal l b e filledb y th e affirmativ e vote o f amajorit y o f th e Manager s the n i n office
. A Manage r electe dt o fill avacanc y shal l b e electe dfo r th e unexpire dter

mo f hi s predecessor

i n offic e an dshal l hol doffic e unti l th e expiratio n o f suc h ter mandunti l hi s successor

shal l b e electe dan dshal l qualif

y o r unti l hi s earlier

death , resignatio n o r

removal
. A Manage

r chosen t o fill apositio n resultin g froma n increas e i n th e numbe

r o f Manager s shal l hol doffic e unti l th e nex t armua l meetin g o f

Member s andunti l lii s successo r shal l b e electe dan

dshal l qualify , o r luiti l hi s earlie r

death , resignatio n o r

removal
. 5
. Right s o f

Members
. Member s shal l hav e th e right s accorde dto Member s b y the Act , an da s limite dby thi s Agreement
. 5. 1 A Member

wil l no t b e personall y liabl e fo

r any debt s o

r losse s o f the Compan

y beyon dhi s respectiv e capital contribution s o r a s otherwis e require dby law
.5. 2 Actio n require dor permhte dto b e take n a

t ameetin g o f

Member s ma

y b e take n withou t ameetin g i f

tiie actio n i s evidence db y on e o r more writte n consent s describin g th e actio n taken , signe db y eac h Membe r entitle dt o vot e anddelivere dt o th e Manager s o f th e Compan

y fo r inclusio n i n th e minute s o r fo r filing wit h th e Compan

y records
. Actio n take n under thi s Sectio n i s effectiv e whe n al l Member s entitle dt o vot e hav e signe dth e consent , unles s th e consent specifie s adifferen

t effectiv e date
. Th e recorddat e fo r determinin g Member s entitle dt o take actio n withou t

ameetin g shal l b e th e dat e th e first Membe r sign s awritte n consent . 6
. Transferabilit

y o f Membership Interest
. Member s ma y transfe r al l or an y portion(s ) o f thei r interes t i n th e Compan

y only wit h th e consent

o f amajorit y o f Managers
. 7
. Allocation s o f

Profit s an dLosse s fro

mOperations : Dishibution s o f Cash
. 7. 1 Th e ne t

profit s andne t

losse s o f th e Compan

y fo r eac h fiscal yeai* shal l b e determine db y th e Manager , i n connectio n wit h accountant s retaine db y th e Company , i n accordanc e wit

h generall y accepte daccountin g principles
. Th e ne t profit s an dne t

losse s of th e Company shal l b e allocate damon g th e Member s b y th e Manager

in accordanc e wit

h th e capita

l account o f eac h Membe

r a s set fort h o n Schedul e A
. At

suc h time a s th e capital account s o f each o f th e Member s i s zero (0) , ne t profit s an dne t

losse s o f th e Compan

y shal l b e allocate di n accordanc e with th e percentag e o f membershi p interest s owne da s se t fort h o n Schedul e A
. 7. 2 Al l distribution s o f cas h an dpropert

y shal l b e mad e a

t suc h tim e o

r times , an d allocate damon g th e members , a s determine db y th e Manager(s ) i n thei r

sol e an dexclusiv e discretion
. 7. 3 N o Member

shal l b e entitle dt o interes t on it s capita

l contributio n o r

t o retur n o f it s capital contribution , excep t a s otherwis e specificall y provide dfo r herein
. 7. 4 Th e Company' s accountin g perio dshal l b e th e calenda r year , unles s otherwis e determine db y th e Manager
. 8
. Additional Members
. Fro mth e date ofth e formatio n ofth e Company , an y perso n o r entity acceptabl e t o th e Manage r ma y becom e aMember

i n thi s Compan

y eithe r b y th e issuanc e b y th e Company o f membership interest s fo

r suc h consideratio n a s tiie Manage r shall determine , or

a s atransfere e o f

amember' s membersliip interes t o r an y portio n thereof

, subjec t to th e term s an dcondition s o f thi s Operatin g Agreement
. N o new Member s shal l b e entitie dt o an y retroactiv e allocatio n o f

losses , income o r

expens e deduction s incurre db y th e Company
. The Manager may , a t hi s option , a

t th e time aMembe

r i s admitted , clos e th e Company book s (a s thoug h th e Company' s ta x yea r hadended ) or

mak e pr o rat aallocation s o f

loss , income an

d expens e deduction s t o ane w Membe r for that portio n ofth e Company' s tax yea r i n whic h a Membe r wa s admitte di n accordanc e wit h th e provision s o f

Sectio n 706(d ) ofth e Interna l Revenu e Code andth e Treasui y Regulation s promulgate dthereunder , 9
. Certificates
. Th e Company shal l issu e certificates , i n substantiall y th e sam e for m a s attache dhereto a s Exhibi t A
. evidencin g th e membership interes t o f eac h Member
.03/28/200 9 11:2 3 FAX 20T773321 0 MARCIL S CLEG G & MISTRETT A @00 7

10
. MisceUatteoua
. 10. 1 Thi s Agreement , an dth e appEcatlo n an dinterpretatio n hereof , shal l b e governe d exclusivel y b y it s tenn s todb y th o law s ofth e Stat e o f Maine
. 10. 2 Thi s Agreemen t

may b e amende donl y b y th e writte n agreemen t o f amajorit y o f th e Members
. 10. 3 Nott

o o f th e jirovision s o f

thi s Operatin g Agi-eemen

t shal l b e for

th e benefit

o f or enforceabl e b y an

y oredito « o f

th « Compan

y excep t a s require db y th e Act
. 10. 4 I f an y provisio n o f

thi $ Operatin g Agtaemen t o r th e applicatio n thereo f

to an y perso n or circumstanc e ghal

H b e Invalid , illegal o r

unenfoioeabl e t o any extent , th e remainder o f thi s Operatb g Agreemcrj t

an dtiie applicatio n ther e o f shal l no t b e affecte dan dshal l b e enforceabl e t o tiic fulles t

exten t pe-iroittc db y law
. I N WITNES S WHEREOF , th e Member s hav e signe dan dseale dthi s Operatin g Agreement

a s o f tiie dat e fixs

t writte n above
. MEMBERS :

NATHANAIR , INC , fOc/

aTWIN CITIE S AI RSERVICE , INC
.
Natha n Humphrey Presiden t BE L AI RSERVICES , INC
. Natnaimumphre y President LIBERT Y AVIATION , LL C By :Micliae l A
. Libert

y Manage r03/28/200 3 13:0 0 FA X 207773321 0 MARCU S CLEG G & MISTRETT

A 1^00 7 FRO M ; Twi n Citie s 8,'Be l ftir Service s Ffi

X NO
. : 20 7 784-532 6 06.-26/200 3 11:2 3 FAl 207770321 0 MARCO S CLEG S & MlSXREtT

A Mar
. 2 9 200 3 12:31ftt 1 P 4 000 7

10 , JVliaeallft^ieong

a i 10, 1 TM s Agreein&jit, an dth e applicatlo u an dintcxpratatlo n hereof , shal l b e governe d cxohwivel y W it s tam s todb y tttf

i law s ofth e Stat e o f

Msine
. 10j. Z Thi s Agreemwi t

owi y b e amende donl y b

y th e writte n agreement

o f amajorit y o f

I I iOy S Non aofth e provision s o f thi s Operatin g Agteeraan t

shal l b e jfb

r th e benefi t

o f o r mforceablf i h y m y oxedito « o f

th « coiiipaa y «j£cap

t a g require db y Ha

s Affi , lOA I f as y provjaLoao f

thi s Opecating Agreement or th dapplicatlcn

i tbwoo f to an y pwsot t orbiioianstenif

t Bhal H b e Invalid , illegal or

unenfoioeabl e t o an y extent , th e ramsinde r o f thi s Opcnitia g Agiccinoat

an dth e appUoHtio

n flieare o f shal l no t b e aSbota dan dshal l b « caifbrceabl c t o ih e ftillcs t

exten t pe-jmittc dby kw
. U ^ WITNES S WHEREOF , th aMember s tav e eigne dandseale dthi s Oparatio g Agteemeji t

a s o f th e dat e flprt

wriite o above
. MEMdERS :

NAIHANAIR , INC
. ffk/6
. TWIN CITIB S A mSERVICE , INC
.

BE L A mSERVICES , INC
. NfltAanfiHumphie

y Presiden t LIBERT Y AVIATTON , LL C By;
_ /•<' y Michae l A , Libert

y ManagerFRO

M : Twi n Citie s & Be l fllr Service s i>J.'26/200 3 11:2 3 FA

X 2077T3321 0 FR X NO
. : 20 7 784-532 6 JlARCU S CLEG G & MI3TRETT

A Mar
. 2 9 200 3 i2:31fl M P 5 ©00 8

MIL O ENTERPRISES
. INC
. 

# By : 

# /CJi ^ Randal l E , Male , Jh:esiden t / MANAGER ;

Natha n Humphns y03/28/200 3 11:2 3 FAX 207773321 0 MARCU S CLEG G & MISTRETT A a 00 8

MIL O ENTERPRISES , INC
. By : Randal l E , Mal e Presiden t MANAGER :

Nathan Humphte yNam e o f Membe r Nathanair , Inc
. andBe l Ai r

Services , Inc
. a s tenant s i n commo n P.O
. Bo x 2 Gray , M E 0403 9 Libert y Aviation , LL C 44 3 Congres s Stree t Portland , M E 0410 1 Mil o Enterprises , Inc
. 2 9 Blu e Moo n Driv e Nort h Yarmouth , M E 0409 7 TOTA L SCHEDUL E A Percentag e of Membership Interes t 51 %

46 %

3 %

100 % Initia l Capita l Contributio n $145,000.0 0 plu s transfe

r o f certai n airplane s $250,000.0 0
$ 15,000.0 0 *
$410,000.0 0 Plu s valu e o f airplane s Number

o f Unit s 5 1

4 6

3

10 0

* I n th e for mo f service s rendere d03/28/200 0 11:2 4 FA X 207773321 0 MARCOS . CLEG G & MISTRETT A JOI O

Exhibi t A CERTIFICAT E Number Unit s Twi n Citie s Air

Service , LLC

THI S CERTIFIE S tlia

t i s th e holder o f non-assessabl e Unit s o f Twi n Citie s Ai r

Sei-vice , LLC , aMain e limite dliabilit y compaiiy (tii e "Company")
. Th e unit s represente db y thi s ceitificat s ar c transferabl e orJ y o n th e boolc s ofth e Compan y at it s Home Ofiic e I

n th e Cit y o f .ALuburn , Maine , o n surrende r

o f thi s Certificat

e properl y endorse dfor cancellation , tiie consen t

ofth e otlier

Member s an dsuc h other

condition s a s ma

y exis t fromtim e t o tim e i n th e Operatin g Agireemeii t ofth e Company
. Thi s certificate ca n onl y b e properl y endorse dfo r

cancellatio n b y th e romahun g member s o f tiie Company , I N WITNES S WHEREOF , tiie sai dCompany ha s cause dthi s Certificat e t o b e issue db y it s dul y authorize dManager thi s day o f

, 2002 ,

lumplorey , Manage

r03/28/200 3 11:2 4 FA X 207773321 0 )IARCU3 . CLEG G & MISTRETT A ilOl O

Exhibi t A CERTIFICAT E Number Unit s Twi n Citie s Ai

r Service , LLC

THI S CERTIFIE S tijat i s th e holder o f non-assessabl e Unit s o f Twi n Citie s Ai r

Semce , LLC , aMam

c limite dliabilit

y compan y (th e "Company")
. Th e unit s represente dby thi s ceitificat s ar e trausferxabl e onl y o n th e book s ofth e Compan y at it s Home Offic e i n th e Cit

y o f .f^ubwn , Maine , on surrender o f tiiis Certificat

e properl y endorse dfo

r cancellation , tiie consent

o f di e otlie r Member s an

dsuc h other

condition s a s ma

y exis t firomtim e t o tim e i n th e Operatin g Agreemen t ofth e Company
. Thi s certificat e ca n onl y b e properl y endorse dfo r

cancellatio n b y th e remahiin g member s o f di e Company , I N WITNES S WHEREOF , tiie sai dCompan y ha s cause dthi s Certificat e t o b e issue db y it s dul y autiiorize dManager thi s da

y o f
. , , 2002
.

Natha n Humphrey , Manage r04/03/200 3 14:3 2 PA X 207773321 0 MARCU S CLEG G & MISTRETT A©00 2

COftHECTE D CERTIFICAT E Number Unit s 2 4 6 Tvri n Citie s Ai r

Service , LL C
THI S CERTIFIE S tlaa

t Lilicrt y Aviation , LL C i s th e holder o f 4 6 non-assessabl e Unit s o f Twi n Citie s Ai r

Service , LLC , a>-lahi

e limite dliabilit

y company (th e "Company")
. Th e unit s represente db y thi s certificat e ar e transferrabl e only o n th e book s ofth e Compan y a t it s Hom e Offic e i n th e Cit

y o f Aujjunn , Maine , o n surrende r o f thi s Certificat

e properl y endorse dfor cancellation , tiiaconsen t

ofth e otbe

r Member aandsuc h otiier

condition s a s ma

y exis t firomtim e t o tun e i n th e Operatin g Agreement ofth e Company
. Thi s certificate ca n onl y b e properl y endorse dfo r

caaoellatio n b y tiie rsmamhi g member s ofth e Company
. I N WTTKES S WHEiREOF , tiie sai dCompan y ha s cause dtills Correcte dCertificate t o b e issue db y it s dul y aufliorize- dManager tiiis 3' * da y o f April , 2003
.LIBERT Y AVIATION , LL C OPERATIN G AGREEMEN T

FO RA MANAGER-RU N LIMITE D LIABILIT Y COMPAN YAMENDE D AND RESTATE D OPERATIN G AGREEMEN T O F MOOS E LIBERT Y AVIATION , LL C
TABL E O F CONTENT S Articl e I
. Defmition s Articl e II
. Purpose s an dPower s o f Company Articl e III
. Name s an dAddresse s of Initia l Members ; Principa l Offic e Articl e rV
. Votin g Powers , Meetings , Etc
. o f Member s Articl e V
. Manage r Articl e VI
. Contribution s t o th e Company andDistribution s Articl e Vn
. Records , Reports , Etc
. Articl e VIII
. Assigrunent ; Resignatio n Articl e IX
. Dissolutio n an dTerminatio n Articl e X
. Miscellaneou s Provision s Articl e X I Special Provision s

- > .TH E SECURITIE S REPRESENTE D HEREB Y HAV E NO T BEE N REGISTERE D UNDERTHE SECURITIE S AC T O F 193 3 (THE "ACT " O RAN Y APPLICABL E STAT E SECURITIE S LAW S ("STAT E ACTS"))
. TH E SECURITIE S MA Y NO T B E OFFERE D FORSALE , SOLD , O ROTHERWIS E TRANSFERRE D EXCEP T PURSUAN T T O A N EFFECTIVE REGISTRATIO N STATEMEN T O R QUALIFICATIO N UNDE RTHE AC T AND APPLICABLE STATE ACT S O R PURSUAN T T O AN EXEMPTIO N FRO M REGISTRATIO N UNDERTH E AC T AND APPLICABLE STAT E ACTS , TH E AVAILABILIT Y O F WHIC H I S T O B E ESTABLISHE D T O TH E SATISFACTIO N O F TH E COMPANY
. TRANSFE RO F TH E MEMBERSHI P INTEREST S I S FURTHE RRESTRICTE D UNDERTH E TERM S O F THI S OPERATIN G AGREEMENT
.

- 3
.THI S OPERATIN G AGREEMENT , date da s o f Februar y 1.2004 , b

y an damon g th e undersigne dparties , wh o b y thei r executio n o f

Uii s Operatin g Agreemen t hav e becom e member s o f

LIBERTY AVIATION , LLC , aMain e limite dliability compan y (tii e "Company") , provide s a s follows : RECITALS : WHEREAS , th e undersigne dpartie s hav e cause dth e Compan y t o b e organize da s alimite dliabilit

y company unde r

th e law s ofth e Stat e o f

Main e effectiv e a s ofth e dal e hereof , an dthe y wis h to ente r

int o thi s Operatin g Agreement t o se t fort h th e term s and condition s o n whic h th e management , busines s an dfinancial affair s ofth e Company shal l b e conducted
. AGREEMENT : NO W THEREFORE , i n consideratio n ofth e foregoin g recital s an dth e mutual promises , covenant s an dcondition s herei n contained , th e receip t an dsufficienc y o f

which ar e hereb y acknowledged , th e partie s d o hereb y covenant an dagre e a s follows : ARTICL E I DEFINITION S 1.0 1 Th e followin g term s use di n thi s Operatin g Agreemen t shal l hav e th e followin g meaning s (unles s otherwis e expressl y provide dherein) :

(a ) "Act " shal l mea

n th e Main e Limite dLiability Company Act , 3 1 M.R.S.A
. § 60 1 e t

seq. , a s amende dan di

n forc e fi-omtime t o time. (b ) "Articles " shal l mea n th e Article s o f

Organizatio n o f

th e Company , a s amende dan

din forc e fromtim e to time
. (c ) "Capita l Account " shal l mea n a s o f an y give n dat e th e amount calculate dandmaintaine db y th e Company fo r eac h Member

a s provide di

n Sectio n 6.04
. (d ) "Capita l Contribution " shal l mea n an y contributio n t o th e capita l ofth e Compan y b y aMembe r i n cash , propert

y o r services , o r

abindin g obligatio n t o contribut e cash , propert

y o r services , wheneve r

made
. "Initia l Capita l Contribution " shal l mea n tiie initial contributio n t o th e capital ofth e Compan y b y aMember , a s determine d pursuan t t o Sectio n 6.0 1 hereof

. (e ) "Cod e " shal l mea

n tiie Interna

l Revenu e Cod e o f

198 6 o r correspondin g provision s o f subsequen t

supersedin g federa

l revenu e laws
. ( 0 "Company " shal l refe r t o Libert y Aviation , LLC
.

- 4 -(g ) "Entity " shal l mea n an y genera l partnership , limite dpartnership , limite dliabilit

y company , corporation , join t venture , trust , busines s trust , cooperativ e o r othe r association
. (h ) "Manager " shal l mea n the manage r

o f th e Company , whos e rights , power s an ddutie s are specifie din Articl e V hereo f

(i ) "Member " shal l mea n each Perso n tha t

i s identifie da s a

n initial Member i n Articl e III hereo f

o r i s admitte da s aMember

(eithe r a s atransfere e of

a Membership Interes t

o r a s a n additiona l Member

) a s provide di n Articl e VII I hereof
. A Perso n shal l ceas e t o b e aMembe r a t suc h time a s suc h Perso n n o longe r own s any Membershi p Interes t

an di s n o longer

authorize dt o exercis e an

y membershi p rights unde r th e Act
. (k) "Membershi p Interest " shall mea n th e ownershi p interes t

o f a Member i n th e Company , whic h ma y b e expresse da s apercentag e equal t o suc h Member' s capita

l interes t and/o r profit s andlos s interest , a s show n o n Exhibi t A , a s th e sam e ma y b e amende dfiromtime t o time. (I) "Operatin g Agreement " shal l mean thi s Operatin g Agreement , a s originall y execute dan da s amende dfi-omtime to time.

(m ) "Person " shal l mea n an y natura l perso n o r

Entity , an

dth e heirs , executors , admirusti^tors , legal representatives , successors , an dassign s o f such Perso n where th e contex t

s o admits
. ARTICL E I I PURPOSE S AN D POWER S O F COMPAN Y 2.0 1 Purposes
. Th e purpose s ofth e Company shal l b e to : (a) Acquire , own , buy , sell , inves t in , trade , manage , finance , refinance , exchange , o r

otherwis e dispos e o f

stocks , securities , partnershi p interests , limite dliabilit

y compan y interests , CDs , mutua l fiinds, commodities , an dan y an dall investment s andasset s whatsoever , tha t th e Manage

r may iro mtim e t o tim e dee mt o b e i n th e bes t interest s ofth e Company ; (b ) Engag e i n any busines s activitie s permitte db y la w whic h di e Manager ma y choos e an dt o engag e i n al l activitie s necessarj' , customary , convenient , o r inciden t t o th e foregoing
. 2.0 2 Powers
. TheCompan y shal l hav e al l power s andrights o f alimite d liabilit y company orgamze dunde r th e Act , t o di e exten t

suc h power s an dright s ar e no t proscribe dby th e Articles
.
- 5
.ARTICL E II I

NAME S AND ADDRESSE S O F INITIA L MEMBERS ; PRINCIPA L OFFIC E 3.0 1 Name s an dAddresse s o f Initia l Members
. Th e name s an daddresse s o f

di e initial Member s ar e a s follows : Name s an dAddresse s o f

Initia l Members
. SEA L BAY , LLC , c/ o Jame s G
. Stanley , Jr. , 1 1 Islan dPon dRoad , Cumberian d Foreslde,ME0411 0 BIRDDOG , LLC , c/o Davi dBurton , 1 9 Rebecc aWay , Falmoutii , M E 0410 5 TimW Vamey , 3 2 Oa

k Street , Bangor

Main e 0440 1 TH E LOAF , LLC , c/o Fre dForsley , 8 6 Newberr y Street , Portland , M

E 0410 1 MOUNTAI

N VALLE Y HOLDINGS , LLC , c/ o Josep h Bedard , 44 3 Congres s Street , Portland , M E 0410 1 TH E HORS E RIDE RHOLDINGS , LLC , 44 3 Congres s Stfeei , Portlan dM E 0410 1 THE OVA RHOLDINGS , LLC , 44 3 Congres s Street , Portlan dM E 0410 1 TH E COWBO Y HOLDINGS , LLC , 44 3 Congres s Street , Portlan dM E 0410 1 THE MADNES S HOLDINGS,LLC , 44 3 Congres s Street , Portlan dM E 0410 1 3.0 2 Registere dOffice an dRegistere dAgent
. Th e registere dagen t ofth e Compan y shal l initiall y b e Kevi n J
. McCarthy , c/o Marcus , Cleg g & Misirett aP.A
. an d th e registere doffic e shal l initiall y b e a t 100 Middl e Street , Portland , Maine
. Th e registere dagent

and/o r registere doffic e ma

y b e change dfi-omtim e t o time b y tiie Manager
. ARTICL E I V

VOTIN G POWERS , MEETINGS , ETC
. O F MEMBER S 4.0 1 I n General
. Th e Member s shal l no t b e entitle dt o participate in di e day-to

da y affairs an dmanagemen t

ofth e Company , bu t

instead , th e Members ' right to vot e or otherwis e participat e with respec t to matter s relatin g t o th e Compan y shal l b e limite dt o thos e matter s a s t o whic h th e expres s term s ofth e Act , th e Article s o r thi s Operatin g Agreement

ves t i n the Member s th e right

to s o vot e o r

otherwis e participate
. 4.0 2 Action s Requirin g Approva l o f Members
. (a ) Notwithstandin g an y other provisio n o f

thi s Operatin g Agreement , th e approva

l ofth e Member s shal l b e require di n orde r fo r an y ofth e following action s t o b e taken o n behal f o f th e Company :(i ) Amendin g th e Article s i n any manne r tha t materiall y alter s th e preferences , privilege s o r relativ e rights ofth e Members ; (ii ) Takin g an

y actio n tha

t woul dmak

e i t impossibl e t

o carr y o n th e ordinar

y busines s ofth e Company ; or (iii ) Confessin g ajudgmen t agains t th e Company i

n exces s o f $500,000
. (b ) Unles s th e expres s term s o f thi s Operatin g Agreement specificall y provid e otherwise , th e affirmativ e vot e o f Member s holdin g a

t majorit y ofth e Membershi p Interest s i n th e profit s andlosse s ofth e Compan y a s specifie do n Exhibi t A shal l b e necessar

y an dsufficien

t i n orde r t o approv e o r

consen t t o an y o f th e matter s set fort h i n Sectio n 4.02(a ) abov e o r an y other matter s tha

t requir e th e approval o r

consent o f th e Members
. 4.0 3 Actio n b y Members
. I n exercisin g thei r

rights a s provide dabove , th e Member s shal l ac t

collectivel y throug h meeting s and/o r writte n consents . Excep t

wher e th e unariimou s vot e o f

Member s i s expressl y required , th e affirmativ e vot e o f Member s ownin g amajorit

y ofth e Membershi p Interest s i n th e profit s an dlosse s ofth e Company a s specifie don Exhibi t

A shal l b e require dto tak e Membershi p action
. 4.0 4 Participatio n b

y Telephon e o r

Simila r Communications
. Member s ma y participat e i

n an dhol dameetin g b

y mean s o f

conferenc e telephon e o r

simila r communication s equipmen t b y mean s o f

whic h al l Member s participatin g ca n hea r an db e heard , an dsuc h participatio n shal l constitut e attendanc e an dpresenc e in perso n a t suc h meeting
. 4.0 5 Actio n by Written Consent
. An y actio n require do r

permitte dt o b e take n b y Member s ma

y b e take n withou t

ameetin g i f

awritte n consen t

i s sen t t o eac h Membe

r a t hi s o r he r addres s se t

fort h herein , on e o r

more writte n consent s t o suc h actio n ar e signe dby th e Member s wh o ar e entitle dt o vote on th e matte r set fort h in th e consent s an d wh o constitut e th e requisit e number o r percentag e o f

suc h Member s necessar

y fo r adoptio n o r

approval o f

suc h matter

o n behal f o f th e Company
. ARTICL E V MANAGE R 5.0 1 Power s o f

Managers
. Excep t

a s expressl y provide dotherwis e i n the Act , th e Article s or

thi s Operatin g Agreement , th e power s ofth e Company shal l b e exercise d b y o r under th e authority of

, an dth e busines s an daffair s ofth e Company shal l b e manage db

y th e Managers
. Th e power s s o exercise dshal l includ e bu t no t b e limite dto th e following :

- ? •(a ) Enterin g into , makin g an dperformin g contracts , agreement s and

othe r undertaking s bindin g th e Company tha t ma y b e necessary , appropriat e o r advisabl e i n furtheranc e ofth e purpose s ofth e Company ;

(b ) Openin g an dmaintainin g ban k accounts , investmen t

account s an

d othe r arrangements , drawin g check s an dother order s fo r th e paymen t

o f money , an d designatin g individual s wit h authority t o sig n or

giv e instruction s with respec t t o thos e account s an darrangements . Compan y fund s shal l no t b e commingle dwit

h ftinds fro

m othe r soince s an dshal l b e use dsolel y fo r th e busines s ofth e Company ; (c ) Collectin g fimds du e to th e Company ; (d ) Acquiring , utilizin g fo r th e Company' s purposes , maintainin g and disposin g o f

any asset s ofth e Company ; (e ) T o th e exten t

that fimds o f th e Company ar e availabl e therefor , payin g debt s an dobligation s ofth e Company ;

( 0 Borrowin g mone y o r otherwis e committin g th e credi t o f th e Compan y for

Compan y activities , an dvoluntaril y prepayin g o r extendin g any suc h borrowings , an dmortgagin g an dgrantin g securit y interest s i

n th e Company' s assets ; (g ) Employin g fi*omtime t o time persons , firm s o r corporation s fo

r the operatio n an dmanagemen t o f variou s aspect s ofth e Company' s business , including , withou t limitation , managin g agents , contractors , subcontitictors , architects , engineers , laborers , suppliers , accountant s an dattorney s o n suc h term s an dfor suc h compensatio n a s th e Manage r

shal l determine , notwithstandin g th e fact tha t th e Manage r

o r any Membe

r ma y hav e afinancial interes t in suc h firms o r

corporations , provide dtha t th e Manager conform s t o an y applicabl e disclosur e an dconsen t requirement s ofth e Act ; (h ) Makin g election s availabl e t o th e Compan y under th e Code and servin g a s Ta

x Matter s Partoe r

for income ta

x purposes ; (i ) Obtainin g general liability , propert y an dothe r

insuranc e fo

r th e Company , a s th e Manager deems proper ; (j ) Registerin g th e Company a s ata x shelte r wit h th e Secretar

y o f the Treasury an dfurnishin g t o suc h Secretar y list s o f investor s in th e Company , i f require d pursuan t t o applicabl e provision s ofth e Code ; (k ) Takin g suc h action s a s ma y b e directe db y th e Member s i n furtheranc e o f

thei r approval o f

an y matte r

se t fort h in Sectio n 4.0 2 hereof

; an d

8 -(I ) Doin g an dperformin g all suc h thing s an dexecuting ,

acknowledgin g an

ddeliverin g an

y an dal l suc h instrument s a s ma y b e i n furtheranc e o f th e Company' s purpose s an dnecessar y andappropriat

e t o th e conduc t

o f it s business
. 5.0 2 Managers
. Unti l suc h tim e a s th e Member s agre e otherwise , Michae l A
. Libert y andAndre w Bedardshal l serv e a s Manager s ofth e Compan y i n al l matters . 5.0 3 Relianc e b y Othe r

Persons
. An

y Perso n dealin g wit

h th e Company , other than aMember , ma

y rel y o n th e authorit

y o f either ofth e Manager s in takin g an y actio n in th e name ofth e Company , i f eithe r Manage r provide s t o suc h Perso n acop y ofth e applicabl e provisio n o f

thi s Operatin g Agreemen

t and/o r th e resolutio n o r

writte n consent ofth e Manager s o r

Member s grantin g suc h authority , certifie di n writin g by suc h Manage r to b e genuin e an dcorrec t an dno t t o hav e bee n revoked , supersede do r otherwis e amended
. 5.0 4 Managers ' Expense s an dFees
. The Manager s shal l b e entitied , bu t no t required , t o receiv e areasonabl e fee fo r service s rendere do n behal f o f th e Compan

y o r i n thei r capacit y a s Managers
. Th e Company shal l reimburs e th e Manager s fo r reasonabl e out-of-pocke t

expense s tha t

wer e o r ar e incurre dby th e Manager s o n behal f o f th e Compan y wit

h respec t t o th e start-u p o r

operatio n ofth e Company , th e on-goin g conduc t ofth e Company' s business , o r th e dissolutio n an

dwindin g u p ofth e Company an dit s business
. 5.0 5 Competition
. Durin g th e existenc e ofth e Company , th e Manager s shall devot e suc h time t o th e busines s ofth e Compan y a s ma y reasonabl y b e require dto conduc t it s busines s i n a

n efficient an dprofitabl e maimer
. Th e Managers , fo r thei r ow n accoun t andfo r th e accoun t

o f others , ma

y engag e in busines s venture s whic h ma y compet e in a

n insubstantia l manne r

wit h th e busines s ofth e Company , bu t unde r n o circumstance s shal l th e Manager s create , inves t in , manag e o r

otherwis e b e involve dwiti i anothe r investment

o r securitie s firm. Each Membe r hereb y expressl y consent s to th e continue dandfutur

e ownershi p an doperatio n b y th e othe r

Member s o r

th e Manager s o

f suc h businesse s an dwaive s an y clai mfo r damage s o r

otherwise , o r

right s t o participat

e therei n o r wit h respec t t o th e operatio n an dprofit s o r losse s thereo f 5.0 6 Indemnification
. Th e Company shal l indemnif y th e Managers , whetiie

r servin g th e Company or , a t it s request , any other

Entity , t o th e ful

l exten t permitte db

y di e Act
. Th e foregoin g rights o f indemnificatio n shall no t

b e exclusiv e o f

an y other right s t o whic h th e Manager s ma

y b e entitled
. Th e Manager s may , upo n th e approval o f tiie Members , take suc h actio n a s i s necessar y t o carr y ou t thes e indemnificatio n provision s an dma y adopt , approv e an damen dfro mlim e t o lim e suc h resolution s o r contract s implementin g suc h provision s o r suc h furthe

r indemnificatio n arrangement s a s ma y b e permitte db

y law
. 5.07 Liability o f

Managers
. Excep t

a s require dby th e Act , s o lon g a s the Manager s act

i n goo dfait

h with respec t

to th e conduc t

ofth e busines s an daffairs ofth eCompany , th e Manager s shal l no t b e liabl e o r

accoimtabl e t o th e Company o r t o an y o f th e Members , in damage s o r otherwise , fo

r an y erro r o f judgment , fo

r an y mistak e of fac t o r o f law , or fo r an y othe r ac t o r thin g tha t they ma y d o o r refrai n fro

mdoin g i n connectio n wit

h th e busines s an daffair s of tiie Company , excep t

for willful misconduc t o r gros s negligenc e o r

breac h o f fiduciary duty , an dfiirther excep t fo r breache s o f contractua l obligation s o r

agreement s between aManager an dth e Company
. 5.0 8 Exercis e o f

Authority by Managers
. Eithe r on e o r bot h o f the Manager s ar e hereb y authorize dto ac t o n behal f o f th e Company fo

r al l purpose s hereunder
. ARTICL E V I CONTRIBUTION S T O TH E COMPAN Y AN D DISTRIBUTION S 6.0 1 Initia l Capita l Contributions
. Eac h Member , upo n th e executio n o f thi s Operatin g Agreement , shal l b e obligate dt o make a s a n Initia l Capital Contributio n the cas h and/o r propert y show n o n Exhibi t

A-1 , whic h i s attache dhereto
. Th e valu e o f an y propert y othe r tha n cas h o r widel y trade dsecuritie s t o b e contribute da s an Initia l or additiona l Capita l Contributio n shal l b e determine db y adisintereste dappraise r selecte db

y th e Manager(s ) o r

b y th e writte n consen t

ofth e Member s the n ownin g a t leas t seventy-fiv e percen t (75% ) ofth e Membershi p Interests
. 6.02 Additiona l Capita l Contributions
. N o Membe r shal l b e require dt o mak

e an y Capita l Contributio n i n additio n t o hi s Initia l Capital Contribution
. Ther e shal l b e n o requirement

that additional Capita l Contribution s b e mad e pr o rat aby al l the Members
. Th e fai r market valu e o f an y property other

tha n cas h o r widel y trade dsecuritie s t o b e contribute da s a

n additiona l Capita l Contributio n shal l b e determine dby adisintereste d appraiser selecte db y th e Manage r

o r by the writte n consen t

ofth e Member s ownin g a t leas t seventy-fiv e percen t

(75% ) ofth e Membership Interest s 6.0 3 Interes t

an dRetur n o f

Capita l Contribution
. N o Member shal l receiv e an y interes t

on hi s Capita l Contribution
. Excep t a s otherwis e specificall y provide dfo r herein , the Member s shal l no t b e allowe dt o withdraw o r hav e refiinde dan

y Capita l Contribution
. 6.0 4 Capita l Accounts
. Separate Capital Account s shal l b e maintaine dfo r eac h Member in accordanc e with th e followin g provisions : (a ) T o eac h Member' s Capita l Accoun t ther e shal l b e credite dthe fai r marke t valu e o f suc h Member' s Initial Capita l Contributio n an dany additiona l Capita l Contributions , suc h Member' s distributiv e shac c o f profits , an dth e amount

o f an y Compan y liabilitie s tha

t ar e assume db

y suc h Member
. (b ) T o eac h Member' s Capita l Accoun t ther e shal l b e debite dthe amount of cas h an dth e fair

marke t valu e of an y Propert y distribute dto suc

h Membe r

10 -pursuan t t o an y provisio n o f

thi s Operatin g Agreement , suc h Member' s distributiv e shar e o f losses , an dth e amoun t

o f an y liabilitie s o f

suc h Membe r

tha t ar e assume dby th e Company o r

tha t ar e secure dby an

y propert y contribute dby suc h Membe r to th e Company
. (c ) Th e Capita l Accoun t shal l als o includ e apro rat ashare ofth e fai r marke t valu e o f an y property conU-ibute

db y aperso n wh o i s no t

aMember , suc h valu e t o b e th e sam e valu e reporte dfo r federa l gif f ta x purpose s i f

agif t ta x retur n i s filed, an

dif not , th e valu e i

n th e cas e o f

rea l propert y shal l b e determine dby a n independent

M.A.I , appraise r activel y engage di n appraisal wor k in th e are awhere suc h propert y i s locate d an dselecte dby th e Manager , an dotherwis e b y th e certifie dpubli c accountan t o r accountant s the n servin g th e Company
.

(d ) I f an y Member

make s anon-pr o rat aCapita l Contributio n t o th e Company o r

th e Compan y make s anon-pr o ratadistributio n t o an y Member , th e Capita

l Accoun t o f eac h Membe r

shal l b e adjuste dt o reflec t th e the n fai

r marke t valu e ofth e asset s hel dby th e Compan y immediatel y befor e th e Capita l Contributio n o r distribution
. 6.0 5 Loan s t o th e Company
. IftheCompan y ha s insufficient fimds t o mee

t it s obligation s a s the y com e du e an dt o carr y out it s routine , day-to-da

y affairs , then , i

n lie u o f obtainin g require dfund s fromthir dpartie s o r sellin g it s asset s t o provid e require d funds , th e Compan y may , bu t shal l no t b e require dto , borro w necessar y fund s fro

mth e Manager o r on e o r mor e o f th e Member s a s designate db y th e Manager ; provide dtha t th e term s o f suc h borrowin g shal l b e commerciall y reasonable
. 6.0 6 Effec

t o f Sal e o r Exchange
. I

n th e even t

of apermitte dsal e or

othe r U-ansfe r of aMembershi p Interes t i n th e Company , th e Capital Account ofth e transferor shal l becom e th e Capita l Accoun t ofth e transfere e i n proportio n t o th e percentag e ofth e transferor' s interes t

transferred
. 6.0 7 Distributions
. Cas h andothe r propert y distribution s whether

fro m operatin g cas h flow, capita l transactions , refinancing s o r otherwis e (excep t

upo n tiie Company' s dissolution , whic h shal l b e governe dby th e applicabl e provision s ofth e Ac t an dArticl e I

X hereo Q shal l b e distribute dt o th e Member s in th e manner , proportion , orde r o f priority an dexten t

herei n provided
. Al l distribution s o f cas h o r propert y shal l b e mad e a t suc h tim e an din suc h amoimt s a s determine db y th e Managers
. Al l amount s withhel dpursuan t

t o th e Cod e o r

an y provision s o f

stat e o r loca l ta x la w wit h respec t to any paymen t

o r distributio n t o th e Member s fro mth e Compan y shal l b e treate da s amount s distribute dt o th e relevan t Member o r Member s pursuan t

t o thi s Section
. 6.0 8 Allocations
. Excep t a s otherwis e provide di

n Sectio n 6.0 9 hereof

, all item s o f income , gain , loss , deductio n an dcredit , whethe r resultin g fro

mth e Company' s operation s o r

i n connectio n wit

h it s dissolution , shal l b e allocate dto th e Member s fo r federal , stat e an

dlocal incom e ta

x purpose s i

n proportio n t o thei r

respectiv e Membershi

p

I IInterest s in th e profit s an dlosse s ofth e Compan

y a s show n o n Exhibi t

A. , o r a s otherwis e require db y Sectio n 704(b ) ofth e Code
. 6.0 9 Allocatio n wit

h Respec t to Property
. If

, at an y time durin g th e Company' s existence , an y Membe r

contribute s t o th e Company propert y wit h a n adjuste dbasi s t o th e contributin g Membe r

whic h i s mor e o r

les s than th e agree dfair

marke t valu e andsuc h property i s accepte db y th e Compan y a t th e tim e o f

it s contribution , th e taxabl e income , gain , loss , deduction s andcredit s with respec t t o suc h contribute dproperty fo r tax purpose s onl y (bu t

no t fo r purpose s o f

calculatin g th e Members ' respectiv e Capital Accounts ) shal l b e share damon g th e Member s s o a s t o tak e accoun t ofth e variatio n betwee n th e basi s ofth e property t o th e Company andit s agree dfai r mari<:e t valu e at th e time o f contribution , pursuan t

t o Sectio n 704(c ) o f

th e Code
. ARTICL E VI I RECORDS , REPORTS , ETC
. 7.0 1 Records
. Th e Compan y shal l maintai n an dmak e availabl e t o th e Member s it s record s t o th e exten t provide di n th e Ac t 7.0 2 Financia l an dOperatin g Statement s an dTa x Returns
. Withi n seventy
five (75 ) day s firomth e clos e o f eac h fiscal yea

r ofth e Company , th e Manager s shal l caus e t o b e delivere dt o eac h Membe r astatemen t

settin g fort

h suc h Member' s allocabl e shar e o f al l ta x item s ofth e Compan y fo r suc h year , an dal l suc h othe r informatio n a s ma

y b e require dt o enabl e eac h Membe r t o prepar e hi s federal , stat e an dlocal income ta x return s i n accordanc e wit

h al l the n applicabl e laws , rule s an dregulations
. Th e Manager s als o shal l caus e t o b e prepare dan dfile dal l federal , stat e an dlocal incom e tax retum s require dofth e Compan y fo r eac h fiscal year . 7.0 3 Banking
. Thefundso f th e Company shal l b e kep t i n on e o r more separate ban k account s i n th e nam e ofth e Compan y in suc h bank s o r othe r federall y insure d depositorie s a s ma

y b e designate db y th e Managers , o r shal l otherwis e b e investe din th e nam e ofth e Compan y i n suc h manne r andupo n suc h term s an dcondition s a s ma y b e designate db y th e Managers
. Al l withdrawal s froman y suc h ban k account s or investment s establishe db y th e Manager s hereunde r shal l b e mad e o n suc h signature or signature s a s ma

y b e authorize dfiromtime t o time by th e Managers
. Any account opene d b y th e Manager s for

th e Compan y shal l no t

b e conruningledwit

h othe r fund s ofth e Manager s o r

intereste dpersons . 7.0 4 Powe r

o f Attorney
. (a ) Eac h Membe r

doe s hereb y urevocabl y constitut e an dappoint an y a Manage r a s suc h Member' s tru e an dlawfu l attorney , i n hi s name , plac e andstead , t o make , execute , consen t

to , swea r to , acknowledge , recordandfile fro mtime t o tim e an

y an dal l ofth e following :
1 2(i ) An y certificate o r other instrumen t

tha t ma y b e require dt

o b e filedb y th e Company o r

th e Member s unde

r th e law s ofth e Stat e o f

Main e or unde r th e applicabl e law s o f

an y othe r jurisdictio n i

n orde r t o conduc t

busines s in an

y suc h jurisdiction , to th e exten t

an y Manager

deem s any such filing t o b e necessar y o r desirable
. (ii ) An y amendmen t

t o the Article s adopte da s provide di n thi s Operatin g Agreement
. (iii ) An y certificate s o r other instrument s tha t

ma y b e require d t o effectuat

e th e dissolutio n an dterminatio n ofth e Compan y pursuan t t o th e provision s o f thi s Operatin g Agreement
.

(b ) I t i s expressl y imderstood , intende dan dagree db y eac h Membe r fo r himself , hi s successor s an dassign s tha t th e gran t ofth e powe r

o f attorne y to any Manage r pursuan t t o subsectio n (a ) i s couple dwit h a n interest , i s irrevocable , an dshal l surviv e th e deat

h or legal incompetenc y ofth e Membe r o r suc h assignmen t

o f it s Membershi p Interest
.

(c ) On e o f

th e way s that

th e aforementione dpowe r o f attorne y ma

y b e exercise di s by listin g th e name s ofth e Member s an dhavin g th e signatur e o f

an y Manager , a s attorney-in-fact , appear with tiie notatio n tha

t th e signatory i s signin g a s attorney-in-fac t

ofth e liste dMembers
.

ARTICL E VII I ASSIGNMENT ; RESIGNATIO N 8.0 1 Assignment

Generally
. Excep t

a s provide din Section s 8.02 , 8.03 , an d 8.04 o f thi s Operatin g Agreement , eac h Membe r hereb y covenant s an dagree s tha t th e Membe r wil l no t sell , assign , transfer , mortgage , pledge , encumber , hypothecate o r otherwis e dispos e o f

al l o r an y par t o f hi s or he r interes t in th e Compan y t o an

y person , firm , corporation , trus t

o r othe r entit y withou t first offerin g i n writin g t o sel l such interes t t o th e Company
. I

n th e even t

of apropose dtransfe

r othe r tha n a n outrigh t sal e (such a s th e pledg e o r

assignmen t

o f an interes t

t o seciu- e aloan) , th e sal e pric e for th e purpose s o f thi s provisio n shal l b e th e lesse r ofth e amount

o f suc h obligatio n bein g secure do r sevent y percent (70% ) ofth e fair

marke t valu e o f such Interes t

a s determine dunde

r sectio n 8.04(e ) below
. Th e Compan y shal l hav e th e righ t t o accep t th e offe r a t an y time durin g th e 3 0 day s followin g th e dat e o n whic h th e writte n offer i s delivere dto tiie Company
. Th e consen t

ofth e Manager s an damajorit y i n interes t

ofth e Member s shall b e require dto autiioriz e th e exercis e o f suc h optio n b

y th e Company
. Th e Compan y ma y elec t to pa y th e sal e pric e pursuan t

t o thi s Sectio n eithe r

in alump su mwithi n thirt y (30 ) day s afte r th e Company ha s accepte dth e writte n offer , o r t o pa y th e sal e pric e unde

r thi s Sectio n t o th e Member

s o sellin g in te n (10 ) equa l annual installments , th e first o f whic h shal l b e mad e withi n thirty (30 ) day s ofth e date ofth e Company' s acceptanc e ofth e offe r

- 1 3under

thi s Section , an dwit

h like payment

t o b e mad e annuall y thereafter on th e sam e dat

e in eac h ofth e nin e (9 ) year s thereafter ; provide dfurthe r however , that

notwithstandin g suc h electio n by th e Compan y t o mak e distributio n to suc h sellin g Membe r i n ten (10 ) equa l aimua l installments , th e Company ma y accelerate withou t

penalty al l of

suc h installment s a

t an y tim e o r

any part o f suc h installment

at any time
. I f

th e Company elect s to mak

e distribution s t o th e sellin g Membe r under thi s Sectio n in te n (10 ) equal annual installment s a s provide dherein , the n th e Company i n additio n t o suc h annual installment s shal l pa

y interes t t o suc h sellin g Membe

r compute di n accordanc e wit h th e provision s o f

Sectio n 8.04(f

) hereof
. Suc h interes t

payment s shal l b e payabl e annuall y o n th e instalhnen t

paymen t dat e an dshal l b e compute dupo n th e remainin g unpai dprincipal balanc e ofth e purchas e pric e a s establishe di n thi s Section
. I f th e Company elect s no t

to exercis e suc h option , th e Manager s shal l withi n sai d3 0 da y perio dnotif

y th e remainin g Members , wh o shal l hav e th e righ t t o accep t th e offe r at any tim e durin g th e 3 0 day s followin g th e dat e o n whic h th e writte n notic e i s delivere dt o th e remainin g Members
. Thos e remainin g Member s wh o accep t th e offe r shal l purchas e th e interes t pr o ratai n relativ e proportio n t o thei r interes t i n th e Company , imles s the y agre e t o adifferen t allocatio n ofth e purchase
. I f th e Company andth e Member s shal l fai l t o accep t th e offe r withi n th e 6 0 da

y period , suc h interes t

ma y durin g th e followin g 6 0 day s b e dispose do f fre e ofth e restriction s impose db y thi s Operatin g Agreement ; provided , however , tha t the piu-chas e pric e fo

r suc h interes t

shal l no t b e les s an dth e term s o f

piu-chas e fo

r suc h interes t shal l no t b e mor e favorabl e than th e purchas e pric e an dterm s o f purchas e tha

t woul dhav e bee n applicabl e t o th e Company an dth e Member s ha dth e Compan y o r th e Member s purchase dth e interest
. An y interes t no t s o dispose do f

withi n th e 120-da

y perio dshal l thereafter

remai n subjec t

t o th e term s o f

thi s Operatin g Agreement
. Notwithstandin g th e precedin g sentences , n o assigne e o f aMembershi p Interes t

shal l becom e aMember

ofth e Compan y excep t

upo n th e consen t

of amajorit

y ofth e non assignin g Managers ; or , i f ther e i s n o non-assignin g Manager , upo n th e consent of a majorit y i n interes t ofth e non-assignii ^ Members
. 8.02 Gif t t o Famil y Member
. Notwithstandin g Sectio n 8.01 , aMembe r shal l no t b e require dt o offe

r t o sel l hi s Membershi p Interes t t o th e Compan y prio r

t o U-ansferrin g hi s Membershi p Interes t t o another

Membe r o r any natura l o r

adoptiv e linea

l descendan t

o f that Member , o r

t o atrus t o r other entit y th e sol e beneficiarie s o r owner s o f whic h ar e aMembe r

o r natura l o r

adoptiv e linea

l descendant s o f

suc h Member , provide d tha t suc h transfer

i s b y way o f inte r vivo s gif t o r testamentar

y o r intestat e succession
. Notwithstandin g th e precedin g sentence , n o assigne e o f aMembershi p Interes t

b y wa y of inte r vivo s gif t shal l becom e aMembe r

ofth e Company excep t

upo n th e consen

t of a majorit y ofth e non-assignin g Managers ; or , i f ther e i s n o non-assignin g Manager , upon th e consent

of amajorit

y i n interes t

ofth e non-assignin g Members
. 8.0 3 Transfer s fro mCustodianships
. Notwithstandin g Sectio n 8.01 , an y Membershi p Interes t

that i s hel db y acustodia

n fo r amino r unde r th e law s ofth e State o f Main e or an y othe r stat e shal l b e full

y transferabl e andassignabl e t o th e minor , without a n offe r bein g mad e to th e Company , when th e mino r reache s th e ag e o f

terminatio n o f suc h custodianshi p unde r

th e applicabl e statute .

-1 48.04 Purchas e o f Certai n Membership Interests
. (a ) I f a n Optio n Event

(a s define dbelow ) occur s wit h respec t to an y Membe r (a n "Optio n Member") , th e Company an dth e remainin g Member s shal l hav e th e optio n t o purchas e th e Optio n Member' s Membershi p Interes t upo n th e term s an d condition s se t

fort h i n thi s Sectio n 8.04
. Fo r purpose s ofth e foregoing , a n "Optio n Event " shal l mea n (i ) th e deat

h of aMember , (ii ) th e inabilit y of aMember

t o pa y hi s o r he r debt s generally a s the y becom e due , (iii ) any assignment by aMember

fo r th e benefi t

o f hi s o r he r creditors , (iv ) th e filing by aMembe r of avoluntar

y petitio n i

n bankruptc y o r

simila r insolvenc y proceedings , (v ) th e filing agains t aMembe r

o f an involuntar

y petitio n in bankruptc y o r

simila r insolvenc y proceedin g that i s no t dismisse dwithi n ninet

y (90 ) day s thereafter , (vi ) th e filing o r entr y o f an y orde r o f attachment , seizure o r

lien o f an y kind , o r a n executio n o n ajudgmen t i s obtaine dwit

h respec t to , th e Optio n Member' s Membershi p Interes t

o r (vii ) th e involvement

of aMembe r

in adivorc e proceedin g I

n whic h th e divorcin g Member' s spous e could , i n th e opinio n o f counse l t o th e Company , establis h a n interes t i n th e Optio n Member' s Membershi p Interes t a s aresul t

ofth e divorc e proceeding
. Th e ter m"Optio n Member " shal l includ e an Optio n Member' s persona l representativ e o r

tmste e in bankruptcy , t o th e exten t applicable
. (b ) Upo n any Optio n Event occurrin g t o a

n Optio n Member , th e Optio n Membe r

shal l delive r

writte n notic e ofth e occurrenc e o f suc h Optio n Even

t t o th e Company
. Th e Compan y shal l hav e th e option , bu t no t th e obligation , t o purchas e th e Optio n Member' s Membershi p Interes t at an y time durin g th e ninet

y (90 ) da y perio d immediatel y followin g th e dat e on whic h i t receive s notic e ofth e occurrenc e ofth e Optio n Event
. Suc h optio n shal l entiti e th e Company t o purchas e suc h Membershi p Interes t fo r th e fai r marke t valu e o f suc h Membershi p Interest
. Th e fai r marke t valu e o f th e interes t

shal l b e th e amoim

t tha t th e Optio n Membe r

woul dreceiv e i

n exchang e fo

r hi s entir e interes t

in th e Compan y i f

th e Company sol dal l o f

it s assets , subjec t

to their liabilities , at

thei r fair marke t valu e a s ofth e dat e o n whic h th e Optio n Even t occurre d anddistribute dth e ne t

proceed s fi-omsuc h sal e i n complet e liquidatio n ofth e Company
. Th e consen t

ofth e Manager s shal l b e require dt o authoriz e th e exercis e o f suc h optio n b

y the Company
. Suc h optio n mus t b e exercise db

y delivery of awritte n notic e fro mth e Company t o th e Optio n Membe r durin g th e aforementione dperiod
. Upo n deliver y o f suc h notic e th e exercis e o f suc h optio n shal l b e final an dbindin g on th e Compan y an dth e Optio n Member
.

(c ) I f th e Company elect s no t

t o exercis e suc h option , th e Manager s shal l withi n sai d9 0 day perio dnotif^ ' th e remainin g Members , wh o shal l hav e the right to exercis e th e optio n t o purchas e suc h Membershi p Interes t fo r th e fai r market valu e o f suc h Membershi p Inieres i a t an y time durin g di e 3 0 day s followin g th e dat e o n whic h th e writte n notic e i s delivere dt o th e remainin g Members
. Suc h optio n mus t b e exercise db

y deliver y of awritte n notic e fromth e purchasin g Member s t o th e Optio n Membe r durin g th e aforementione d30-day period
. Upo n deliver y o f suc h notic e the exercis e o f suc h optio n shal l b e final an dbindin g o n th e purchasin g Member s andth e Optio n Member
.
1 5Thos e remainin g Member s wh o accep t th e offe r shal l purchas e th e interes t pr o ratai n relativ e proportio n t o thei r interes t in th e Company , unles s the y agre e t o adifferent allocatio n o f

th e purchase
. (d ) If th e foregoin g optio n i s no t exercised , th e busines s o f th e Compan y shal l continue , andth e Optio n Membe r shal l retai n hi s Membershi p Interest
. (e ) Th e fai

r marke t valu e ofth e Optio n Member' s Membershi p Interes t shal l b e determine da s expeditiousl y a s possibl e b y adisintereste dappraise r mutuall y selecte db y th e Optio n Member an dth e Company (th e Company' s selectio n bein g mad e b y th e Manager)
. I f

th e Optio n Membe r

an dth e Company ar e unabl e t o agre e o n a disintereste dappraiser , then th e Optio n Membe r an dtiie Compan y shal l eac h selec t a disintereste dappraise r

an di f th e disintereste dappraiser s a s selecte dare no t abl e t o agre e a s t o th e fair

marke t valu e ofth e interest , the n th e tw o disintereste dappraiser s shal l selec t athirddisintereste dappraise r wh o shal l determin e th e fai r marke t value
. Th e determinatio n ofth e fai

r marke t valu e ofth e Optio n Member' s Membershi p Interes t b y th e appraise r

o r appraiser s shal l b e conclusiv e an dbindin g o n al l parties
. All cost s o f a n appraise r mumall y selecte db y th e Optio n Member andth e Compan y o r

th e tw o disintereste dappraiser s shal l b e share dequall y b y th e Optio n Membe r

an dth e Company
. Al l cost s o f

an individuall y selecte dappraise r shal l b e hom e b y th e partie s selectin g suc h appraiser
. (f

) If th e optio n t o purchas e th e Optio n Member' s Membershi p Interes t i s exercise db y th e Company , the n no t late r tha n sixt y (60 ) day s afte

r th e dat e o n whic h the appraisal describe dabov e i s complet e (th e "Appraisal Date") , th e Compan y shal l mak e a distributio n o f

property (whic h ma

y b e cas h o r

othe r asset s ofth e Company ) t o th e Optio n Membe r wit h avalu e equa

l i n amoun t

t o th e fai r marke t valu e ofth e Optio n Member' s Membershi p Interest ; provided , however , that a t th e electio n ofth e Company suc h distributio n t o th e Optio n Membe r ma y b e mad e i n te n (10 ) equa l annual instalhnents , the first o f whic h shal l b e mad e o n th e sixtiet h (60th ) da

y afte r th e Appraisal Dat e an don e of whic h shal l b e mad e o n th e sam e dat e in eac h ofth e nin e year s thereafter , provided , furthe r however , that

notwithstandin g a

n electio n b y th e Company t o make th e distributio n t o th e Optio n Membe r i n te n equa

l annual installments , th e Company ma y accelerat e withou t

penalt y al l o f suc h installment s at

any time o r

an y part o f suc h installmen t

at an y time
. If

th e Compan y elect s t o make distiibution s t o th e Optio n Membe r i n te n equal annual installment s a s provide dherein , th e Company , in additio n t o suc h annua l installments , shal l pa y th e Optio n Member additional amount s compute da s i f th e Optio n Membe r

wer e entitle dt o interes t

o n th e undistribute damount ofth e total distributio n t o whic h th e Optio n Membe r i s entitle dhereunder

a t an annual rate equa

l to th e annual Federa l Mid-Ter mRat e i n effect

unde r Sectio n 1274(d ) ofth e Code , a s determine do n th e 60t

h da y after th e Appraisal Date , whic h additiona l amounts , compute d lik e interest , shal l b e du e andpayabl e o n th e sam e date s a s th e annual installment s ofth e distributio n payabl e t o th e Optio n Membe r hereimder
. An

y unpai dcapital contribution s ofth e Optio n Membe r

andan y damage s occurrin g t o th e Compan y a s aresul t o f di e Optio n Even t

shal l b e take n int o accoim t i n determinin g th e ne t

amoun t du e th e Optio n

- 16

-Membe r a t th e closing , an dan y exces s o f suc h unpai dcapital contribution s o r damage s ove r tiie amount

du e at closin g shal l b e nette dagains t subsequen t

installmen t

payment s a s the y become due
.

(g ) I f th e optio n t o purchas e th e Optio n Member' s Membershi p Interes t i s exercise dby som

e o r al l ofth e remainin g Members , rathe r tha n b y th e Company , the n no t later tha n sixt y (60 ) day s afte

r th e Appraisal Date , th e purchasin g Member s shal l arrang e aclosin g a

t whic h paymen t

i n cas h o r

other immediatel y availabl e fund s i n a n aggregate amount

equa l t o th e fair

marke t valu e ofth e Optio n Member' s Membershi p Interes t shal l b e mad e t o th e Optio n Member in exchang e for

th e transfe r

o f suc h interes t t o th e purchasin g Members
.

(h ) I f a t atim e whe n th e Compan

y ha s a n optio n t o piurchas e a

n Option Member' s Membership Interest , i t i s prohibite dfro

mpurchasin g al l o r

an y portio n o f

suc h Membershi p Interes t

pmsuan t t o th e Ac t

o r an y loa n agreemen t

o r similar restrictiv e agreement , th e Optio n Membe r an dth e remainin g Member s shall , t o th e exten t permitte d b y law , tak e appropriate actio n t o adjus t th e valu e ofth e Company' s asset s fro mboo k valu e to afan

- valuatio n base do n accoimtin g practice s an dprinciple s tha t ar e reasonabl e unde r th e circumstance s i n orde r t o permi t th e Company t o piu-chas e suc h Membershi p Interest
. I f

th e Company become s obligate dt o purchas e a n Optio n Member' s Membershi p Interes t

unde r thi s Sectio n an dth e abov e actio n canno t b e take n o r

doe s not creat e sufficien

t valu e t o permi t

th e Company t o d o so , th e Compan y shal l b e obligate dt o purchas e th e portio n ofth e Membershi p Interes t it i s permitte dt o purchase
. (i ) In orde r

t o fim dany obligation s unde r

tiiis Operatin g Agreement , th e Company o r

th e Member s ma

y mamtai n suc h lif

e insuranc e policie s o n th e live s o f on e o r more Member s a s th e Manage r determine s fro

mtim e t o tim e t o b e desirable
. 8.0 5 Absolute Prohibition
. Notwithstandin g an y othe r provisio n i n thi s Articl e Vni , tiie Membershi p Interes t of aMember , i

n whol e o r

i n part , o r

any rights t o distribution s therefi-om , shal l not b e sold , exchanged , conveyed , assigned , pledged , hypothecated , subjecte dt o asecurity interes t o r otherwis e transferre do r

encumbered , if

, a s aresul t thereof , th e Compan y woul db e terminate dfo r federa l incom e ta

x purpose s i

n th e opinio n o f

counse l for

th e Compan y o r

suc h actio n woul dresul t

i n aviolatio n o f federa l o r stat e securitie s law s i n th e opinio n o f counse l fo

r th e Company
. 8.0 6 Member s Acquirin g Membershi p Interes t fro mCompany
. N o Person , othe r than th e initia

l Members, wh o acquire s aMembershi p Interes t fromth e Compan

y shal l b e admitte da s aMembe r ofth e Company , excep t

upo n th e consen t

ofth e Manage

r an dMember s representin g amajorit y i n interes t

(exclusiv e ofth e Membershi p Interes t bein g acquired ) ofth e profit s an dlosse s ofth e Compan y a s specifie do n Exhibi t

A
. 8.07 Resignation
. An y Membe r ma y elec t t o resig n fromth e Company an dt o sel l hi s entir e interes t

in th e Compan y t o th e Compan y a t an y tim e b y servin g written notic e o f suc h electio n upo n th e Company
. Suc h notic e shal l se t fort h th e dat e upo

n

- 17 -whic h suc h resignatio n shal l becom e effective , whic h shal l b e no t les s tha n sixt y (60 ) day s andno

t mor e than ninet

y (90 ) day s fro

mth e dat e o f

suc h notice
. Unles s otherwis e agree din tiie sol e an dabsolut e discretio n ofth e ManagerS j th e purchas e pric e fo

r a Resignin g Member' s interes t in th e Compan

y shal l b e On e Dolla

r ($1.00)
. 8.0 8 Effec

t o f Prohibite dAction
. An

y transfer o r othe r actio n i n violatio n o f thi s Articl e shal l b e voi da b initi o ando f n o forc e o r

effect whatsoever
. 8.09 Right s o f

a n Assignee
. Ifz n assigne e of aMembershi p Interes t i s no t admitte da s aMembe r

becaus e ofth e failur

e to satisf y th e requirement s o f

Sectio n 8.01
. 8.0 2 o r 8.0 6 hereof

, suc h assigne e shal l nevertheles s b e entitle dt o receiv e such distribution s fro

mth e Compan y a s th e assignin g Member woul dhav e bee n entitle dt o receiv e unde

r Section s 6.0 7 an d9.04(c ) o f thi s Operatin g Agreemen t wit h respec t t o such Membership Interes t

ha dth e assignin g Membe

r retaine dsuc h Membershi p Interest
. ARTICL E I X DISSOLUTIO N AN

D TERMINATIO N 9.0 1 Event s o f

Dissolution
. Th e Company shal l b e dissolve dupon th e first to occu r o f tiie following : (a ) An y even t

tha t under th e Ac t or th e Article s require s dissolutio n ofth e Company , provide dthat

th e death , resignation , retirement , expulsion , bankmptcy , o r dissolutio n of aMembe r

o r occurrenc e o f

an y other even t tha t terminate s the continue d membershi p of aMembe r i n th e Company shal l no t

caus e th e dissolutio n ofth e Company ; (b ) Th e writte n consent o f Member s representin g amajorit y i n interes t ofth e profit s an dlosse s ofth e Company a s specifie do n Exhibi t A to th e dissolutio n o f th e Company ; an d

(c ) Th e entr y of adecre e o f judicia l dissolutio n o f

th e Compan

y a s provide di n th e Act
. 9.0 2 Liquidation
. Upo n th e dissolutio n ofth e Company , i t shal l windu p it s affair s an ddistribut e it s asset s i n accordanc e wit h th e Ac t b y eithe r o r acombinatio n o f both o f th e followin g method s a s tiie Member s shal l determine : (a ) Sellin g th e Company' s asset s and , afte r th e payment

o f Compan y liabilities , distributin g th e ne t proceed s therefro mt o th e Member s i n accordanc e wit

h thei r relativ e Membershi p Interest s in th e profit s an dlosse s ofth e Company , and/o r

(b ) Distributin g th e Company' s asset s to th e Member s i n accordanc e wit h their relativ e Membershi p Interest s i n th e profit s andlosse s ofth e Compan y i n kin d

- 1 8witii eac h Member acceptin g a

n undivide dinteres t

in th e Company' s assets , subjec t t o it s liabilities , i n satisfactio n o f hi s Membership Interes t 9.0 3 Orderl y Liquidation
. A reasonabl e time a s determine dby th e Manage r no t t o excee dthirty-si x (36 ) month s shal l b e allowe dfo r th e orderl y liquidatio n ofth e asset s ofth e Company an dth e discharg e o f liabilitie s t o th e creditor s s o a s t o minimiz e an y losse s attendan t

upo n dissolution
. 9.04 Distributions
. Upo n liquidation , th e Compan y asset s (includin g an y cas h o n hand ) shal l b e distribute di n th e followin g orde r an di n accordanc e wit

h th e followin g priorities : (a ) First , t o the payment ofth e debt s an dliabilitie s o f th e Company an dth e expense s o f

liquidation , includin g asale s commissio n t o tiie sellin g agent , i f any : (b ) Second , t o th e settin g u p o f an y reserve s thai th e Manager (o r th e perso n o r person s carryin g ou t

th e liquidation ) deem s reasonabl y necessar y fo r an y contingen t

o r unforesee n liabilitie s o r

obligation s ofth e Company
. At th e expiratio n o f suc h perio da s th e Manage r (o r th e perso n o r

peraon s carryin g ou t

th e liquidation ) shal l dee madvisable , bu t

in n o even t

t o excee d24 months , th e Compan y shal l distribute th e balanc e thereo f

i n th e manne r

provide di n th e followin g subsection ; and (c ) Third , t o th e Member s i n accordanc e wit

h thei r relativ e Membershi p Interest s i n th e capita l ofth e Company a s specifie don Exhibi t A. , o r a s otiierwis e require db y Sectio n 704(b ) ofth e Code
.

(d ) I n th e even t

of adistributio n in liquidatio n o f th e Company' s propert y in kind , th e fair

marke t valu e o f suc h propert

y shal l b e determine db

y aqualifie d anddisintereste dappraiser , selecte db y th e Manager (o r th e perso n o r

person s carryin g out th e liquidation) , an deac h Member shal l receiv e an undivide dinieres i i n suc h propert

y equa l to th e portio n ofth e proceed s t o whic h h e woul db e entitie dimde r th e immediatel y precedin g subsectio n i f

suc h propert

y wer e sol da t

suc h fai r marke t value
. 9.0 5 Taxabl e Gai n o r

Loss
. Taxabl e income , gai n an dlos s fro mth e sal e o r distributio n o f

Compan y properl y incurre dupo n o r durin g liquidatio n an dterminatio n o f th e Compan y shal l b e allocate dto th e Member s a s provide din Section s 6.0 7 an d6.0 8 above
. 9.0 6 N

o Recours e Agains t

Members
. Excep t

a s provide dby law , upo n dissolution , eac h Membe r shal l look

solel y to th e asset s ofth e Company fo r th e retur n o f hi s Capital Contribution
. If th e Company propert

y remainin g afte

r th e paymen

t o r discharg e ofth e debt s an dliabilitie s ofth e Company i s insufficient t o retur n th e Capita

l Contributio n o f

eac h Member , suc h Member shal l hav e n o recours e agains t an y othe r Member
.

1 9ARTICL E X MISCELLANEOU S PROVISION S 10.0 1 Arbitration
. Al l dispute s an dcontroversie s betwee n th e partie s heret o arisin g ou t

o f o r in connectio n with thi s Agreemen t shal l b e submitte dt o arbitratio n pursuan t t o th e followin g procedure
. Eithe r part y may , b y writte n notic e t o th e othe r withi n thirt

y (30 ) day s afte

r th e controvers y ha s arise n hereunder , appoin t a n arbitrato r wh o shal l b e eithe r

a n attorne y o r

accountant . Th e othe r

part y shall , b y writte n notice , withi n fifteen (15 ) day s afte r receip t o f suc h notic e b y th e first

party , appoin t

asecon d arbitrato r wh o shal l als o b e an attorne y o r accountant , an di n defaul t o f suc h secon d appouitmen t

th e first arbitrato r shal l serv e a s th e sol e arbitrator
. Whe n tw o arbitrator s hav e bee n appointe da s hereinabov e provided , the y shal l agre e o n athir darbitrato r and shal l appoin t

hi mby writte n notic e signe db y both o f the mandacop y maile dto eac h party heret o withi n fifteen (15 ) day s after suc h appointment
. O n appointmen t o f thre e arbitrator s (o r

on e arbitrato r

i f ther e wa s n o appointmen t of asecon darbitrator ) a s hereinabov e provided , suc h arbitrator s shal l hol da n arbitratio n hearin g withi n thirt y (30 ) da3 ^ afte r suc h appointment
. A

t th e hearin g th e thre e arbitrator s shal l allo w eac h part y t o presen t hi s case , evidence , an dwimesses , i f any , i n th e presenc e ofth e othe r party , an d shal l render

thei r award , includin g aprovisio n for payment o f cost s an dexpense s o f arbitratio n to b e pai db y on e o r bot h ofth e partie s hereto , a s th e arbitrator s dee mjust
. Th e decisio n ofth e majorit y ofth e arbitrator s shal l b e bindin g o n th e partie s heret o (althoug h eac h part

y shal l retai n hi s righ t

to appea l an y question s o f

law arisin g a

t th e hearing) , an djudgmen t

ma y b e entere dthereo n i n any cour t havin g jurisdiction
. 10.0 2 Attorne y Fees
. I n th e even t an y Member

bring s a n actio n t o enforc e an

y provision s o f

thi s Operatin g Agreemen t agains t th e Company o r

an y othe r Member , whethe r suc h actio n i s at

law , i n equit

y o r otherwise , th e prevailin g part y shal l b e entitled , i n additio n t o an y othe r

right s o r remedie s availabl e t o it , to collec t fromth e non prevailin g part

y o r partie s th e reasonabl e cost s an dexpense s incurre di n th e investigatio n precedin g suc h actio n an dth e prosecutio n o f suc h action , includin g bu t no t limite dt o reasonabl e attorne y fee s an dcourt costs . 10.0 3 Notices
. Whenever , imder th e provision s ofth e Ac t

o r other law , th e Article s or

thi s Operatin g Agreement , notic e i s require dt o b e give n t o an

y Person , i

t shall no t b e construe dt o mea

n exclusivel y personal notic e unles s otherwis e specificall y provided , bu t

suc h notic e ma y b e give n i n writing , b y mail , addresse dt o th e Company a t it s principal offic e from time to tim e an dt o an y othe r Perso n a t hi s addres s a s it

appear s o n th e record s ofth e Compan y fro mtime t o time , with postag e thereo n prepaid
. An y suc h notic e shal l b e deeme dt o hav e bee n give n a t th e tim e it

i s deposite di

n th e Unite d Slate s mail
. Notic e t o aPerso n ma y als o b e give n personall y o r b y telegra

mo r telecop y sen t t o hi s addres s a s i t

appear s o n th e record s ofth e Company
. Th e addresse s ofth e initia l Member s a s show n o n th e record s ofth e Company shal l originall y b e thos e set fort h i n Articl e II

I hereo f Any Perso n ma

y chang e hi s addres s a s show n on th e record s of

-20 -th e Company b y deliverin g writte n notic e to th e Company in accordanc e wit h thi s Section
. 10.0 4 Applicatio n o f

Main e Law
. Thi s Operatin g Agreement , an dth e interpretatio n hereof

, shal l b e goveme dexclusively by it s term s an dby th e law s ofth e Slat e o f Maine , witiiou t

referenc e t o it s choic e o f

law provisions , an dspecificall y th e Act
. 10.05 Amendments
. N o amendment o r modificatio n o f

thi s Operatin g Agreement

shal l b e effectiv e excep t

upo n th e consent

ofth e Manager s an dMember s representin g amajorit

y i n interes t

ofth e profit s andlosse s ofth e Compan y a s specifie d o n Exhibi t

A
. 10.0 6 Construction
. Whenever th e singula

r numbe r i s use di n thi s Operatin g Agreement

andwhe n require db y th e context , tiie sam e shal l includ e th e plural , an dth e masculin e gende

r shal l includ e th e feminin e andneute r genders , an dvice-versa
. 10.07 Headings
. Th e heading s i n thi s Operatin g Agreemen t ar e inserte dfo r convenienc e only an dar e i n n o wa y intende dt o describe , interpret , define , o r limi t th e scope , exten t

o r inten t o f thi s Operatin g Agreement o r an y provisio n hereo f 10.0 8 Waivers
. Th e failure o f an y part y t o see k redres s fo

r violatio n o f

o r t o insis t upo n th e stric t

performanc e o f

an y covenant

o r conditio n o f

thi s Operatin g Agreemen t

shall no t preven t asubsequen t

act , whic h woul dhav e originall y constitute da violation , fromhavin g th e effec t o f a n origina l violation
. 10.0 9 Right s an dRemedie s Cumulative
. Th e rights an dremedie s provide db y thi s Operatin g Agreemen t ar e cumulativ e an

dth e us e o f

an y on e right

o r remed y b y an y part y shal l no t

preclud e o r

waiv e th e right

t o us e an y o r al l othe r remedies
. Such right s an dremedie s ar

e give n i n additio n t o an

y othe r rights th e partie s ma

y hav e b y law , statute , ordinanc e o r

otherwise
. 10.1 0 Severability
. I f

an y provisio n o f

tiiis Operatin g Agreemen t o r th e applicatio n thereo f

t o an y Perso n o r

circumstanc e shal l b e invalid , illegal o r unenforceabl e t o an y extent , th e remainde r o f thi s Operatin g Agreement an dth e applicatio n thereo f shal l no t b e affectedan

dshal l b e enforceabl e t o th e fulles t exten t permitte dby law
. 10.1 1 Heirs
. Successor s an dAssigns
. Each an dal l ofth e covenants , terms , provision s andagreement s herei n containe dshall b e bindin g upo n an dinure to th e benefi t o f th e partie s hereto and , t o th e exten t permitte dby thi s Operatin g Agreement , thei r respectiv e heirs , lega

l representatives , successor s an dassigns
. 10.1 2 Creditors
. Non e o f th e provision s o f

thi s Operatin g Agreemen t shal l b e for th e benefit

o f o r enforceabl e by any credito r ofth e Company
.

2 1 -Mfl

R0 7 200 5 ll:01fl M HP LRSERJE T 320 0 MAR-07-200 5 13s2 7 LIBERT Y COMPANIE

S 20 7 77 2 049 1 P.00 2 p . 2

10.1 3 Counterparts
. Thi s Operatin g Agreemen t may b e execute di

n counterparts , eac h o f

whic h shal l b e deeme da

n original , on e andth e same instrument
. 10.1 4 Entir e Agreement
. Thi s Operating Agre e ment set s fort h al l o f th e promises , agreements , condition s an dunderstanding s b e twee n th e partie s xespectm g th e subjec t matter hereo f an dsupersede s al l prior

negotiari o ns . conversations , discussions , correspondence , memorand aan dagreement s between tl^ c panic s concernin g suc h subjec t matter . bu t al l o f whid i shal l constitute

MEMBERS : SEA L BAY , LL C
kBy : Jame s G
. Stanle ^ Jr. , its'Manage r By

^ Davi dR
. Bunpn , it s Manage r BIRDDOG , LL C

Ti mW
. Vame y By ; Ti mW , Vaimc

y TAI N VALLE Y HOLDINGS , LL C
Bedard , it s Manage r
TH E HORS E RIDE RHOLDINGS
. LL C
By : A'VL^.. i /-..x/i ^ it s Manage r
TH E COWBO Y HOLDINGS , LL C By : /^eiA^ ( L,\ry ^
. it s Manage r TI " By : E LOAF
. LL C
Fre dForsley , it s Manage

r

TH E OVA RHOLDINGS
. LL C

Bv : f^-flin o ^ftn^/e>cV.its^'lanagc ^
THE MADNES S HOLDINGS
. LL C By : f^'6-" ' ^V ^ • i' s Manage r

22 - rOTA L F.00 210.1 3 Counterparts
. Thi s Operatin g Agreemen t ma y b e execute din counterparts , eac h o f

whic h shal l b e deeme da

n original , bu t

al l o f whic h shal l constitute on e an dth e sam e instrument
. 10.1 4 Entir e Agreement
. Thi s Operatin g Agreemen t set s fort h all o f th e promises , agreements , condition s andunderstanding s betwee n th e partie s respectin g th e subjec t matte r hereo f an dsupersede s al l prio r

negotiations , conversations , discussions , correspondence , memorand aan dagreement s betwee n th e partie s concernin g suc h subjec t matter . MEMBERS : SEA L BAY , LLC

y : Jame s G
. Stanl c , Jr. , its'M i anage r BIRDDOG , LL C
By : Davi dR
. Burton , it s Manage r Ti mW. , Vame y 

## 1 By : Ti m 'imiW
. Varnl ^ TH E LOAF , LL C By : Fre dForsley , it s Manage r MOUNTAI

N VALLE Y HOLDINGS , LLC 

### U f^^ ^ : JosepH Bedard , it s Manage r THE HORS E RIDE RHOLDINGS , LLC
By : /^•'A^^ \L.MTU
. it s Managef / TH E OVA RHOLDINGS , LL C 

# ^ K ' r A By : A
. JAO.. ; !\.H^(/tvt

V , it s Manage

r TH E COWBO Y HOLDINGS
. LL C By : /ArU^ f

L.v^V y , it s TH E MADNES S HOLDINGS , LL C 

# liu.mfe'c ^ By : /n;ci>r-. M ^.W ^ ' i



### ^its^^^ r

. T)
.

### MANAGERS : 

# "imjiQ : ^ 

### Michae l A
. Libert y c T Andre w Bedar d

2 3Member s

SEA L BAY , LL

C BIRDDOG , LL C Ti mW
. Vame y TH E LOAF LLC MOUNTAI N VALLE Y HOLDINGS , LL

C TH E HORS E RIDER HOLDINGS , LLC TH E OVAR HOLDINGS , LLC TH E COWBO Y HOLDING S LL C TH E MADNES S HOLDINGS
. LL C EXHIBI T A
Interes t i n Profits/Losse s 5.00 % 5.00 % 5.00 % 5.00 % 5.00 %

18.75 %
18.75 %
18.75 %
18.75 % C a oita

l Interes t 5.00 % 5.00 % 5.00 % 5.00 % 5.00 %

18.75 %
18.75 %
18.75 %
18.75 %

-24 -INITIA L CAPITA L CONTRIBUTION S T o b e determine dsubsequent to executio n o f

Agreemen t Member s SEA L BAY , LL C BIRDDOG
. LL C Ti mW
. Vame y TH E LOAF LL C MOUNTAI

N VALLEY HOLDINGS , LL C TH E HORS E RIDE R HOLDINGS , LL C TH E OVA

R HOLDINGS
. LL C TH E COWBO Y HOLDING S LL C TH E MADNES S HOLDINGS , LL C Initia l capital contributio n $ 5 $ 5 $ 5 $ 5 $ 5
$18.7 5 $18.7 5 $18.7 5 $18.7 5

2

5OPERATIN G AGREEMEN T O F SEA L BAY , LLC (Manage r Run ) THI S OPERATIN G AGREEMEN T i s made andentere dinto a s o f tiie ^ da y o f November , 2006 , b

y an damon g Seal Bay , LL C (th e "Company" ) an dth e person s executin g thi s Agreement

a s Member s an di s t o tak e effec t a s o f Decembe r 19,1997
. WITNESSETH I n consideratio n ofth e mutua l covenant s containe di n thi s Agreemen t an dfo r other goo d an dvaluabl e consideration , th e receip t an dsufficiency are hereb y acknowledged , th e partie s agre e a s follows : 1
. Formatio n o f

Company ; Compan y Purpose
. Th e Company shal l b e forme da t th e tim e ofth e filing ofth e initial Article s o f Organizatio n wit

h th e Secretar

y o f Stat e ofth e Stat e o f Maine
. Th e Company exist s solel y for th e purpos e o f

holdin g interest s i n othe r

entitie s andfo

r an y other legal purpose . 2
. Term
. Th e ter

mofth e Compan y shal l b e sixt y (60 ) year s fromth e dat e hereof , unles s th e Company i s earlier

dissolved
. 3
. Identit y o f Members
. Th e name s andaddresse s o f tiie Member s ar e se t

fort h o n Schedul e A attached
. 4
. Identity
. Right s an dDutie s o f Managers
. Th e Manager s ofth e Company ar e charge d with th e responsibilit

y an dveste dwith th e exclusiv e authorit y t o manag e th e Company' s busines s excep t

i n thos e case s i n whic h th e approva l ofth e Member s i s expressl y require db y thi s Agreemen t

o r b y th e Main e Limite dLiability Compan y Act , 3 1 M.R.S.A
. Sectio n 601 , e t seq. , an dal l amendment s theret o (th e "Acf')
. Th e Company shal l initiall y hav e on e (1 ) Manager , wh o shal l b e Jame s G
. Stanley , Jr. , Th e number

o f Manager s ofth e Compan y ma y b e increase do r

decrease dfromtim e to tim e in accordanc e wit

h th e Ac t b y th e affirmativ e vot e o f (a) Member s holdin g a t

leas t 80 % o f th e capital interest s ofth e Company ; an d(b ) amajorit y ofth e then-curren t

Managers , but

i n n o instanc e shal l there b e fewer tha n on e Manager
. 5
. Right s o f

Members
. Member s shal l hav e th e rights accorde dt o Member s b y th e Act , an da s limite db y thi s Agreement
. 6
. Transferabilit

y o f Membershi p Interest
. Member s ma y transfer al l o r any portion(s ) o f thei r interes t i n tiie Company onl y with th e consent o f amajorit y o f Managers
. 7
. Miscellaneous
.

### A
. Thi s Agreement , an dth e applicatio

n an dinterpretation hereof

, shal l b e goveme

d exclusivel y b y it s term s an

dby the law s ofth e Stat

e of Maine
. B
. Thi s Agreemen

t ma y b e amende

donl y b y th e unanimou s writte

n agreemen

t o f al l o f th e Members , an

dconsen t o f amajorit y o f Managers
. C
. Non e ofth e provision s of

thi s Operatm

g Agreemen

t shall b e fo r th e benefi t o f o r enforceabl e b y an y creditors ofth e Compan

y excep t a s require dby th e Act
. I N WFFNESS WHEREOF , tiie Member s hav e signe dan dsealedtiiis Operatin

g Agreemen t as ofth e dat

e first written above
. MANAGER : /



### Ja^ s G
. Stanle ^ Jr
. 7 *


### MEMBER :
Jakie s G
. Stanley , Jr
. /

/ 

# ~ rSCHEDULE A

Membe r Capita l Contributio n Interest/Vote/Unit s Jame s G
. Stanley , Jr
. $ 100 10 0

Tota lOPERATIN G AGREEMENT OF BIRDDOG , LLC (Manager Run ) THI S OPERATIN G AGREEMEN T i s mad e andentere dint o a s ofth e 11t h da y o f July , 2003 , b y an damon g Birddog , LL C (tii e "Company" ) andth e person s executin g thi s Agreement a s Member s an di s t o tak e effect a s o f Jul y 15 , 2003
. WITNESSET H I n consideratio n ofth e mutua l covenant s containe di n thi s Agreemen t an dfo r other goo d an dvaluabl e consideration , th e receip t an dsufficienc y ar

e hereb y acknowledged , th e partie s agre e a s follows : 1
. Formatio n o f

Company ; Company Pumose
. Th e Company shal l b e forme da t th e tim e o f di e filing ofth e initia l Article s o f Organizatio n wit

h th e Secretar

y o f Stat e ofth e State o f Maine
. Th e Company exist s solel y fo r th e purpos e o f

holdin g interest s i n other

entitie s an

dfo r an y othe r legal purpose . 2
. Temi
. Th e termofth e Company shal l b e sixt y (60 ) year s fromth e date hereof , unles s th e Compan y i s earlie r

dissolved
. 3
. Identit y o f Members
. Th e name s an daddresse s ofth e Member s are se t fort h o n Schedul e A attached
. 4
. Identity
. Right s an dDutie s o f Managers
. Th e Manager s o f th e Company are charge d wit h th e responsibility an dveste dwiti i th e exclusiv e authorit y t o manag e th e Company' s busines s excep t

i n thos e case s i n whic h th e approval ofth e Member s i s expressl y require db y thi s Agreement

or b y th e Main e Limite dLiabilit y Company Act , 3 1 M.R.S.A
. Sectio n 601 , e t seq. , an dal l amendment s theret o (th e "Act")
. Th e Compan y shal l initiall y hav e on e (1 ) Manager , wh o shal l b e Davi dR
. Burton
. Th e numbe r o f Manager s ofth e Company may b e increase dor decrease dfromtime t o tim e i n accordanc e wit

h th e Ac t b y th e affirmativ e vot e o f (a) Member s holdin g at

leas t 80 % ofth e capita l interest s ofth e Company ; an d(b ) amajorit y ofth e then-curren t

Managers , but

i n n o instanc e shal l ther e b e fewe r tha n on e Manager , 5
. Right s o f

Members
. Member s shal l hav e th e rights accorde dt o Member s b y th e Act , anda s limite db y thi s Agreement
. 6
. Transferabilit

y o f Membershi p Interest
. Member s ma y transfer al l o r any portion(s ) o f thei r interes t i n th e Company onl y wit

h th e consen t

of amajorit

y o f Managers
.7
. Miscellaneous
.

A
. Thi s Agreement , an dth e applicatio n an dinterpretatio n hereof , shal l b e goveme d exclusivel y b y it s term s an db y th e law s ofth e Stat e o f Maine
. B
. Thi s Agreemen t

ma y b e amende donl y b y th e imanimou s writte n agreemen t o f al l o f th e Members , an dconsen t of amajorit

y o f Managers
. C
. Non e ofth e provision s o f thi s Operatin g Agreemen t shal l b e fo

r th e benefi t

o f or enforceabl e b y an y creditor s ofth e Company excep t a s require db y th e Act
. IN WriNES S WHEREOF , tiie Member s hav e signe dandseale dthi s Operatin g Agreement

a s ofth e dat e first

writte n above
.


## AlXSJ^ ^ y^-^i^^y ^ MANAGER :
Davi dR
. Burto n 

## MjUkMt.y^l^A^U^y ^ MEMBER :
Davi dR
. Burto nSCHEDUL E A

Membe r Capita l Contributio n Interest/Vote/Unit s Davi dR
. Burto n $10 0 10 0 1 9 Rebecc aWa

y Falmouth , M

E 0410 5) OPERATIN G AGREEMEN T o f Th e Loaf , LL C (Manage r Run ) Dated : Decembe r

6 , 200 1 Th e imdersigne dCompan

y an d al l ofth e member s ofth e Compan y ente r int o thi s Operatin g Agreement

t o define thei r

respectiv e right s an dobligation s i n th e Main e Innite d liabilit y company know n a s "Th e Loaf , LLC " (th e "Company") , forme da s o f December

3,2001 , unde r th e Main e Limite dLiabilit y Compan y Act , 3 1 M.R.S. A § 60 1 e t seq . (th e "Act")
. ARTICL E 1 Busines s Th e Company i s formedfo r th e purpos e o f

acquiring , owning , managing , leasing , renting , operating , selling , an d otherwis e dealin g wit h real propert

y locate da

t Sugarloa f US A an dal l other purpose s permitte dunder

Main e la w andapprove dby the Manager s (th e "Business")
. Th e Company , actin g throug h it s Managers , shal l hav e al l authorit y an d power s necessar

y or convenient

t o carr y ou t th e Busines s an dto tak

e suc h furthe

r action s a s ma

y b e permitte db y th e law s ofth e State o f

Maine
. Th e Company' s initial principa l busines s locatio n shal l b e i n Portland , Maine
. ARTICL E 2 Membershi p Units ; Capita l Contribution s 2. 1 Members
. Th e Member s shal l hav e th e unit s apportione dto the m("LL C Units" ) a s se t fort h o n Schedul e A
. Eac h LL C Unit represent s apercentag e ownership i n th e Company
. Suc h percentag e i s sometime s herei n referre dto a s aMember' s "Membershi p Interest " an d i t i s compute db y dividin g th e number o f LLC Unit s owne db

y aMembe

r b y th e total number

o f issue dan d outstandin g LLC Units
. Th e Compan y ma y issu e membershi p certificate s t o th e Member s reflectin g thei r

respectiv e LL C Units
. Schedul e A shal l b e amende dfromtim e to tim e to reflec t th e withdrawal or

admissio n o f

Members , an dan

y change s i n th e LL C Unit s of a Membe r arisin g fromth e transfer

o f aMembership Interes t

o r an y portio n thereo f 2. 2 Classe s o f

Units
. Ther e shal l b e tw o classe s o f LL C Units : Clas s A LL

C Unit s andClas s B LL C Units
. Holder s o f Clas s A LL C Unit s (tii e "Clas s A Members" ) shall hav e votin g an d economi c right s i n proportio n t o thei r respectiv e ownershi p o f

LL C Unit s an

dholder s o f Clas s B LL C Unit s (th e "Clas s B Members ) shal l economi c rights i n proportio n t o thei r respectiv e ownershi p o f

LL C Units
. Clas s B Member s shall no t hav e an y votin g rights
.2. 3 Consents ; Votes
. Th e affirmative consen t or vote in perso n or

by proxy o f

th e Member s wh o collectivel y ow n amajorit y o f tiie Clas s A LL

C Unit s shal l b e th e act

ofth e Member s for

al l purposes , unles s agreate r o r differen t vote i s require dunder

thi s Agreement , o

r i f th e Ac t mandate s agreate

r or differen t vot e tha t caimot b e modifie dunder

thi s Agreement
. 2.4
. Meetings
. Th e Member s may , but shall no t b e require dto , hol dannual , periodi c o r other forma l meetings
. However , meeting s ofth e Member s ma y b e calle db y th e Manager s o r b y an y Member o r Member s holdin g a

t leas t 10 % ofth e LLC Units
. ARTICLE S Membershi p Interests ; Capita l Contribution s A Membershi p Interes t

include s aMember' s entire interes t in th e Compan

y represente d b y th e numbe r

o f LL C Unit s apportione dt o suc h Member , includin g votin g right s an dsuc h other right s an dprivilege s a s ma y b e enjoyedunder

thi s Agreemen

t b y bein g aMember
. Th e Member s shal l mak

e th e capita

l contribution s t o th e Compan y a s set fort h o n Schedul e A
. N o Membe r shal l b e obligate dt o make an y additional contributio n t o th e Company
. Th e Compan y may , at it s discretion , issu e membership certificate s to th e Member s reflectin g thei r respectiv e LLC Units
. ARTICL E 4 Liability ; Interes t

o n Capital ; Loan s N o Member

shal l hav e an

y liabilit y fo r th e debt s an

dobligation s ofth e Company , no r an y liability to repa

y t o an y other Membe r th e amoim

t o f th e Member' s capita

l contribution
. N o Membe r shal l hav e priorit

y ove r an y othe r Membe r fo r aretur n o f capita l an dn o interes t

shal l b e pai do n an y capital contributio n o f aMember
. N o Membe

r i s entitle dt o seek

partitio n ofth e Company' s assets . Th e Member s ma y make loan s to th e Company an db e repai dth e loan s with interes t o n suc h arm s lengt

h an dcommerciall y reasonabl e term s a s th e Manager s an dth e loanin g Member s shal l determine
. Eac h Membe r ha s th e opportunit

y t o mak e loan s t o th e Company i n proportio n t o th e Member' s percentag e o f LL C Units
. I f

aMembe r cannot , or

i s no t willin g t o mak e aloan t o th e Company , the n an y on e o r mor e ofth e other

Member s ca

n loa n additional fimd s t o th e Company t o cover suc h amounts .

ARTICL E 5 Profits , Losse s an dDistributions ; Capita l Account s 5. 1 Allocation s an dDistributions
. Excep t a s ma y b e require dt o comply vdt h th e specia l allocatio n provision s ofth e Company' s Ta x Rule s attache da s Schedul e B an d incorporate db y reference , Ne t Profits , Ne t

Losse s an ddistribution s wit

h respec t t o eac h ta x yea

r ofth e Company shal l b e allocate dor mad e a s follows : (a ) Al l Ne t

Profit s shal l b e allocate da s follows :

Pag e 2J (1 ) First , t o th e Member s i n a n amoun t equa l t o cas h distribute dto th e Member s i n th e ta

x year , an d (2 ) Second , an

y remainder , t o th e Member s i n accordanc e wit h thei r LL C Units
. (b ) Al l Ne t

Losse s shal l b e allocate dt o th e Member s i n accordanc e wit h thei r LL C Units
. (c ) Eac h ta x year , th e Manager s shal l determin e the amount o f cas h availabl e t o distribut e t o th e Member s afte r takin g int o account al l ofth e Company' s anticipate dexpense s andneede dreserves . Th e availabl e cash , if any , shal l b e distribute da s follows : (1 ) First , fo

r aperio do f

five year s fromthe date o f th e first issuanc e o f Clas s B Units , eac h Clas s B Member wil l b e entitie dt o apreferre d cumulativ e aimua

l dividen dequa

l t o 5 % ofth e Clas s B Member' s Investe dCapita

l (a s definedbelow) , unti l suc h Clas s B Membe r ha s bee n repai dfifty percent (50% ) o f his , her , o r

it s Investe d Capital ; and ) (2 ) Second , an y remainder

t o the Member s i n accordanc e wit h thei r LL C Units
. (d ) T o th e extent

no t limite db y la w du e t o th e Company' s insolvenc y o r it s inability to pay it s debts , distribution s t o th e Member s shal l b e made b y th e Manager s a t suc h time an di n suc h manne r

a s th e Manager s dee madvisable
. (e ) Distribution s to Member s upo n th e dissolutio n ofth e Compan y shal l b e mad e t o th e Member s i n accordanc e wit h Articl e 7
. Upo n dissolution , eac h Membe r shal l loo k

solel y t o th e asset s ofth e Company fo r aretu mo f

an y capital contribution
. (f ) Fo r thes e purposes , "Investe dCapital " mean s th e capita l contribution(s ) mad e b y aMembe r t o th e Company les s any distribution s mad e t o th e Member under Sectio n 5.1(c)(2)
. 5. 2 Capital Accounts
. Th e Compan y shal l maintai n th e Members ' Capita l Account s i n accordanc e wit

h th e Company' s Ta

x Rule s attache da s Schedul e B
.

Page 3ARTICL E 6 J Managemen t of Compan y 6. 1 Managers
. Th e Clas s A Member s shall elect , by majorit y vot e ofth e Clas s A Members , Manager s to manag e th e Busines s andaffairs ofth e Company
. A t al l times, th e minimu man dmaximu mnumber o f Manager s shal l b e consistent wit h th e Company' s Article s o f Organizatio n on file wit

h th e Main e Secretar

y o f State
. A Manage

r nee dno t b e aMembe r

o r a natural person . A Manage r shal l hol doffic e unti l anew electio n i s hel do r unti l th e Manager' s earlier resignatio n o r

removal
. 6. 2 Authority ; Decisio n Making ; ThirdParties
. (a ) Subjec t

t o th e limitation s i n thi s Agreement an dan y non-waivabl e provision s o f applicabl e law , th e Manager s shal l hav e ful l an dexclusiv e authorit

y an dpower

t o manag e th e Busines s an daffair s ofth e Company andac t o n th e Company' s behalf

, includin g th e authorit y andpower

t o purchase , sell , mortgage , leas e an ddispos e o f real , personal an d intangibl e property , hir e employees , contrac t wit h thirdparties , includin g affiliates , borro w mone y an dpledg e th e asset s ofth e Company
. A t al l times whe n ther e i s mor e than on e Manager , th e Manager s shal l govemth e Company' s affair s throug h aBoar do f Manager s andal l management decision s shal l b e determine db y amajorit

y vot e o f Manager s unles s agreate r

vote i s require dunde

r thi s Agreement

o r th e Act
. I n th e event / o f

a n impass e amon g th e Managers , th e Member s who collectivel y ow n amajorit y ofth e Clas s A LL C Unit s ma y appoint atemporar

y additional Manage

r t o brea k adeadlock
. An y ac t ofth e Manager s ma

y b e take n without

ameetin g if

writte n consents , settin g fort h th e actio n take n or

t o b e taken , a

t an y tim e befor

e o r afte r th e intende deffectiv e dat e o f suc h action , ar

e signe db y th e Manager s entitle dt o vote on suc h action , provide dtha t th e necessar y number ofth e Manager s t o take suc h actio n hav e execute dsuch consents . Consisten t

wit h th e foregoing , aManager ma y tak e n o actio n i n contraventio n o f avot e o f th e Manager s an daManager violatin g thi s restrictio n i s liabl e t o th e Compan y andit s Member s i n accordanc e wit h Articl e 11
. (b ) N o perso n dealin g wit h aManager

nee dinquir

e regardin g th e Manager' s authorit y t o bin dth e Company , an dan y perso n dealin g with th e Company may rely (withou t dut y o f fiirthe r inquiry ) upo n acertificat

e signe db y an y Manage r a s t o th e identit

y and authorit y o f an y Manager

or an y Membe r an dan y othe r matte r whatsoever

involvin g th e Company o r

any Member
. Th e ac t

of aManager , withi n th e ordinar y cours e ofth e Business , bind s th e Company unles s th e actin g Manager ha s n o authorit

y t o ac t fo r th e Company i n aparticular

matter an dth e perso n wit

h who mth e Manager

i s dealin g ha s knowledg e ofth e fac t

that th e Manager

ha s n o suc h authority
. 6. 3 Delegatio n o f

Authorit y o f Managers ; Officers
. Th e Manager s ma y designate ) officers , wit

h suc h title s a s the y determin e appropriate , t o who mthey ma y delegate suc h rights.
Pag e 4) dutie s an dresponsibilitie s a s the y shal l fro mtim e to time determine
. Suc h delegatio n shal l no t reliev e th e Manager s o f

their responsibilit

y fo r managin g th e Busines s an daffair s ofth e Company , o r

affect thei r abilit y t o bindth e Compan

y i n dealin g witi i thir

dparties
. Th e officer s may , bu t nee dnot , b e Manager s ofth e Company
. Th e Manager s shall have th e right to elec t an y successo r o r additiona l office r or remov e an

y officer
. A

n office r shal l hol doffic e unti l ane w electio n i s held , unles s th e office r resign s or

i s removed
. Th e person s identifie din Schedul e C shal l serv e a s th e initia l officer s ofth e Company
. 6. 4 Limitatio n on Authorit y o f Manager s andOffice

r . Th e Manager s an dOfficer s may no t take th e followin g action s withou t th e prio r consent of Member s wh o collectivel y ow n a tw o third s (66.6% ) al l LLC Units : (a ) len dmoney t o o r

guarant y or becom e suret

y fo r th e obligation s o f

an y person ; (b ) caus e or

permi t th e Compan

y t o engag e in an

y activit y tha t i s no t consisten t

with th e purpose s ofth e Company a s set fort h i n thi s Agreement ; or (c ) knowingl y d o an

y ac t i n contraventio n o f

thi s Agreement
. 6. 5 Duties ; Compensation
. Eac h Manager shal l exercis e power s an ddischarg e dutie s i n goo dfait

h wit h avie w t o th e interest s ofth e Company andit s Member s an dwit h tha t degre e o f diligence , care an dskil l tha t ordinaril y pmden t

person s woul dexercis e unde r simila r circumstance s i n like positions
. A Manage r actin g i n violatio n o f

thi s Agreement

shal l b e liabl e t o th e Company an dit s Member s fo r al l cost s an ddamage s resultin g fromaction s taken
. Eac h Manager shal l devot e s o muc h tim e t o th e Busines s a s the requirement s ofth e Busines s dictat e fromtime t o time
. Th e Manager s shal l b e pai dsuc h reasonabl e compensatio n a t the n existin g marke t rate s fo r renderin g service s t o th e Company a s shall b e approve dby consen t ofth e Clas s A Members
. Altematively , o r i n additio n to th e service s ofth e Manager(s) , th e Company may , a t th e discretio n ofth e Manager(s) , engag e thir dparties , includin g affiliate s ofth e Manager(s ) o r an y Member

t o provid e management

service s t o th e Compan

y an dt o pa

y reasonabl e compensatio n for

suc h services
. 6. 6 Limite dRol e o f

Members
. Excep t

a s provide di n thi s Agreement , th e Member s shal l hav e n o votin g o r

management

rights
. N o Member

i n his , her , or

it s capacit

y a s aMembe r may participat e i n th e management ofth e Busines s o r

affairs ofth e Company
. N o Member , excep t i n his , he r

o r it s capacit

y a s aManager , ma

y bin dth e Company
. Th e Company wil l timely furnis h Member s with annua l an dsemi-annua

l financia l statements , a

n annua l budget , andsemi

annual comparison s t o th e annual budget
. ARTICL E 7 Term ; Dissolutio n 7. 1 Term ; Dissolution
. Th e Company shal l exis t perpetuall y unti l dissolve dupo n th e happenin g o f

on e o r mor e ofth e followin g events :

Pag e 5(a ) th e consent ofth e Member s t o terminate th e Company ; or (b ) th e entr

y of adecre e o f

judicia l dissolutio n unde

r th e Act
. Th e withdrawal o f

aMember

or th e transfe

r of aMembership Interes t

shal l no t caus e dissolution
. 7. 2 Windin g Up ; Liquidation ; Distributio n o f Assets
. Upo n tiie Company' s dissolution , th e Manager s shal l tak e al l necessar

y action s t o windu p th e Company' s affair s and th e Compan y shal l n o longer activel y conduc t

th e Business
. Upo n completio n ofth e windin g up , th e Manager s shal l mak

e al l appropriate filings wit h th e Maine Secretar

y o f State
. Th e Manager s shall , i n accordanc e wit

h applicabl e law , distribute o r apply th e Company' s asset s a s follows : (a ) sel l or

otherwis e liquidate al l ofth e Company' s asset s a s promptiy a s practicabl e (excep t t o th e extent

th e Manager s ma

y decid e to distribut e an

y asset s i n kind) ; (b ) discharg e o r

make reasonabl e provisio n fo r al l liabilitie s ofth e Company , includin g liabilitie s t o Member s wh o ar e als o creditor s (other

than liabilitie s t o Member s for distribution s an dth e retu mo f capital ) an destablis h suc h reserve s a s ma y b e reasonabl y necessar y t o provid e fo

r contingen t

liabilitie s ofth e Company ; an d (c ) afte

r dischargin g or

makin g reasonabl e provisio n fo r al l liabilitie s ofth e Company , distribut e th e remainin g asset s ofth e Company a s follows :

(1 ) T o th e Clas s B Member s i n an amount equa l to thei r Investe dCapital i n th e Company , and (2 ) Th e remainder

t o th e Member s i n accordanc e wit h th e positiv e balance s i n thei r Capita l Account s afte

r takin g int o account

al l Capita l Account adjustment s fo

r th e taxabl e yea

r ofth e dissolutio n an dth e distribution s describe dabove
. Th e Company' s Article s o f Organizatio n shal l b e deeme dcancelle dupo n th e dissolutio n an dcompletio n ofth e windin g up . ARTICL E 8

Restriction s o n Sale s an dTransfer s o f Membershi p Interest s 8. 1 Genera

l Restrictions
. N o Membershi p Interes t o r portio n thereo f

shal l b e Transferre d(a s define dherein) , nor transferre dupo n th e book s ofth e Company , no r shall an y purporte dtransfere e thereo f hav e an y righ t t o deman dan drequire Transfe r o f an y Membership Interest , no r

hav e or exercis e any ofth e right s of aMember , excep t i n accordanc e wit

h the followin g provisions : Pag e 6' ) (a ) Membershi p Interest s shal l no t b e Transferre dwithou t

th e following : (1 ) th e consen t

o f th e Members ; (2 ) a n opinio n o f

counsel , satisfactor

y t o th e Company , that

th e Transfe r

o f th e Membershi p Interes t

doe s no t violate th e Securitie s Ac t

of 193 3 o r an y applicabl e state securitie s lavws ; an d (3 ) th e fiill complianc e wit h th e provision s o f

thi s Articl e 8
. (b ) An y Transfe

r o f aMembership Interes t

shal l b e effectiv e onl y t o giv e tiie transfere e th e righ t

t o receiv e th e share o f

tax allocation s an ddistribution s to whic h th e Transferrin g Membe

r or Sellin g Membe

r woul dotherwis e b e entitled
. Excep t a s otherwis e provide dherein , n o transfere e o f aMembership Interes t

shal l hav e th e right

t o becom e a substitut e Member

unles s th e Member s consent t o suc h Transfe

r an dth e transfere e agree s t o b e boun db y al l ofth e term s andcondition s o f thi s Agreemen

t a s the n i n effect
. Unles s andunti l a transfere e i s admitte da s asubstitut e Member , th e transfere e shal l hav e n o righ t t o exercis e an y o f th e powers , right s an dprivilege s of aMembe r hereunder
. (c ) Eac h Membe

r agree s no t

t o Transfe

r al l o r an y par t of it s Membership Interes t

(o r take o r omi t an y action , filing election , o

r othe r actio n whic h coul dresult

in adeeme dTransfer) i f suc h Transfe

r (eithe r considere dalon e or

i n th e aggregat

e wit h prio r Transfer s b

y othe r Members ) ^ woul dresul t

i n th e terminatio n ofth e Compan y fo r federa l income ta

x purposes . I n orde

r t o enabl e th e Member s to identif

y Transfer s whic h coul dresult i n suc h atermination , eac h Membe r covenant s an dagree s t o immediately infor mth e othe

r Member s o f

an y Transfer s (or

deeme d Transfer s fo

r purpose s ofth e Code)
. (d ) Any Transfe

r no t i n accor dwit h thi s Articl e 8 shal l b e voi da b initio
. (e ) Th e Company , eac h Member , an dan y othe r perso n or person s havin g busines s wit h th e Company nee ddea

l only wit

h Member s wh o ar

e admitte da s Member s o r a s substitute d Member s ofth e Company , an dthe y shal l no t b e require dto dea

l wit h an y other perso n b y reaso n o f transfe r or assignment

o f aMembership Interes t

b y aMembe

r or b y reaso n o f

the deat h o f a Member , excep t

a s otherwis e provide di n thi s Agreement
. I n th e absenc e o f th e substitutio n (a s provide dherein ) o f

aMembe r fo r aSellin g o

r Transferring Member , an

y payment t o aMembe

r o r an y tmste e i n bankruptc y i n accordanc e wit h th e term s o f

thi s Agreement

shal l acqui t

th e Company an dan y other Membe r o f al l liabilit y t o an y other person s o r

entitie s wh o ma

y b e intereste di n suc h payment b y reaso n o f

assignment

or transfe r o f suc h Member
. 8. 2 Th e followin g term s use di n thi s Articl e 8 shal l hav e th e followin g meanings : (a ) "Bon aFid e Offer " mean s a n offe r in writin g mad e t o aMember t o purchas e al l o r an y par t ofth e Member' s Membershi p Interes t whic h th e Membe r

desire s t o accept .
Page ?) (b ) "Deferre dPaymen t Terms " mean s th e payment b y th e Optione e t o th e Transferrin g Membe

r o f a n amount equa l t o te n percen t

(10% ) ofth e purchas e pric e andth e deliver y o f apromissor

y note fo r th e balance
. Th e not e shal l provid e fo r equa l monthl y payments , commencin g one mont h afte r th e initial payment , ove

r aperio do f

seve n (7 ) year s an d shal l bea r interes t a t th e Applicabl e Federa

l Rate i n effect

o n th e dat

e o f initial payment

a s determine db

y th e Internal Revenu e Service
. Th e note shal l not b e assignabl e an dshal l allo w fo r prepaymen t

withou t penalty , (c ) "Fai r

Value " mean s tiie fai

r valu e agree dt o by th e Optione e andth e Transferrin g Member withi n thirt

y (30 ) day s afte

r receip t b y th e Manager s ofth e Transferrin g Member' s notic e of adesire t o transfe r his , her o r it s Membershi p Interest , excep t tha t if n o agreemen t

i s made withi n thirt

y (30 ) days , th e fai

r valu e shal l b e determine da s follows : (1 ) Th e Transferrin g Membe r andth e Manager s shal l jointl y engag e a n independent

appraiser ; provide di f

the y ar e unabl e t o agre e upo n th e perso n t o b e engaged , th e Company' s regula r accountant

shal l engag e acertifie dpubli c accountan t wh o i s no t affiliated , directl y or

indirectiy , with any of

them
. (2 ) Upo n th e engagement ofth e independent

appraiser , eac h part

y shal l submi t t o th e appraiser

awritte n opinio n a s t o th e fai r valu e ofth e Membershi p Interest , with suc h supportin g informatio n an ddat aa s th e part y ma y wis h t o present . Th e appraiser shal l determin e whic h party' s opinio n i s closes t i n amount

(whether highe r o r lower) t o th e fai

r valu e ofth e Membership Interes t an dsuc h party' s opinio n shal l constitut e th e fai

r valu e ofth e Membership Interes t fo r al l purpose s under

thi s Article
. (3 ) Al l cost s ofth e appraisa l shal l b e pai db y th e part

y whos e opinio n wa s rejecte db y th e appraiser
. A determinatio n ofth e fai r valu e o f suc h Membership Interest , mad e i n thi s manner , shal l b e final, binding , an dconclusiv e upo n al l parties
. (d ) "Offere dInterest " mean s al l o r any part o f aMembership Interes t

propose dt o b e sol do r transferre di n accordanc e wit h Sectio n 8. 3 o r

Sectio n 8.4
. (e ) "Optionee " mean s th e Company , th e Member s i n proportio n t o thei r Membershi p Interests , o r

an y person(s ) approve db y th e Managers , provided , however , tha t suc h determinatio n shal l b e mad e b y Manager s wh o ar e no t affiliate dwit

h an y Sellin g Member

or Transferrin g Member
. I n th e event more tha n on e Optione e exercise s it s option , th e priorit y amon g the mshal l b e determine da s follows : th e Company' s exercis e shal l b e accepte du p t o 100 % ofth e OfferedInterest ; next th e remainin g Members ' exercis e shal l b e accepte du p t o 100 % ofth e remainin g OfferedInterest , and , finally, an y othe r person s approve db y th e Manager s shal l hav e thei r

exercis e accepte du p t o 100 % o f an y fiirther remainin g Offered Interest
. (f ) "Sellin g Member " mean s an y Member , or

th e personal representativ e o f a Member , o r

an y person , firmo r

corporatio n claimin g by , throug h or under aMember , includin g withou t limitatio n an y assigne e fo r th e benefi t

o f creditor s o

r truste e i n bankruptc y o r

receiver , however appointed , of aMember , an dincludin g any credito r executin g ajudgmen t

b y a n Page sinvoluntar y sal e throug h judicia l process , who ha s receive daBon aFide Offe r fo r th e purchas e o f I al l o r

an y par t o f his , he r or it s Membershi

p Interest
. (g ) "Transfer " mean s an y sale , transfer , assignment , pledg e o r other disposal , by operatio n o f

law o r otherwise
. (h ) "Transferrin g Member " mean s an y Member o r th e persona

l representativ e o f

a Member , o r

an y person , firmo r

corporatio n claimin g by , throug h o r under aMember , includin g withou t limitatio n an

y assigne e fo

r th e benefi t o f creditor s o r

tmste e in bankruptc y o

r receiver , however appointed , of aMember , an dincludin g any credito r

executin g ajudgmen t

b y a n involuntar y sal e throug h judicia l process , wh o desire s t o transfe r al l o r an y part o f his , he r o r it s Membershi p Interest , an

dwh o ha s no t

receive daBon aFid e Offe r fo r th e Membershi p Interest
. 8. 3 Restiiction s Applicabl e to Sellin g Members
. I f an y Sellin g Membe

r desire s t o sel l al l o r any par t ofth e Membershi p Interes t owne db y th e Sellin g Member , th e Sellin g Member shal l first notif y th e Manager s ofth e natur e ofth e OfferedInteres t t o b e sold , tiie nam e ofth e perso n to who mth e Sellin g Membe r desire s to sel l th e OfferedInterest , an dth e term s o f tiie Bon aFid e Offer
. For aperio do f

forty-fiv e (45 ) day s followin g receip t o f suc h notic e b y th e Manager s (tii e "Sale s Optio n Period") , tiie Optione e shal l hav e an optio n t o purchas e th e Offere d Interes t a t th e sam e pric e an dupo n th e same term s a s se t fort h i n th e Bon aFid e Offer
. Th e Optione e mus t

exercis e th e optio n by notic e to th e Sellin g Membe r prio r t o expiratio n ofth e Sale s Optio n Period
. I f

th e Optione e (collectively ) exercise s th e optio n t o purchas e th e entir e '" % OfferedInteres t

prio r t o th e expiratio n o f

tiie Sale s Optio n Period , th e notic e o f it s exercis e shal l fix aclosin g dat e fo

r th e purchas e whic h shal l b e no t earlie r tha n 1 0 day s no r

more tha n 9 0 day s afte r th e expiratio n ofth e Sale s Optio n Period
. I f th e Optione e (collectively ) doe s no t exercis e th e optio n t o purchas e th e entire Offere d Interes t prio r t o expuration ofth e Sale s Optio n Period , th e Sellin g Membe r ma y sel l th e entir e OfferedInteres t

t o th e perso n name di n th e initial notic e upo n th e term s ofth e Bon aFid e Offer ; provide dhowever , tha

t i f th e sal e i s no t

complete dwithi n thii-t

y (30 ) day s followin g th e expiratio n ofth e Sale s Optio n Period , th e provision s o f thi s Articl e 8 mus t

agai n b e complie d wit h befor e th e Sellin g Member

ma y transfe r th e Offere dInterest , 8. 4 Resfariction s Applicabl e t o Transferrin g Members
. I f an y Transferrin g Member , desire s t o transfer

(includin g withou t

limitatio n exchange s o r

disposition s b y wa

y o f distributio n pursuan t t o th e term s o f

any wil l o

r trust) al l o r

any part ofth e Membership Interes t owne db y th e Transferrin g Member

an dsuc h propose dtransfer i s not subjec t t o th e provision s se t

fort h i n Sectio n 8. 3 hereof

, th e Transferrin g Membe

r shal l first notif y tiie Manager s statin g th e natur e o f tiie OfferedInteres t

t o b e transferre dan

dth e nam e ofth e perso n t o who mth e same i s to b e transferre dan dth e manner o f an dreaso n fo

r suc h transfer

an dth e consideratio n (i f

any ) t o b e received
. Fo r

aperio do f

fort y five (45 ) day s afte

r determinatio n o f

Fai r Valu e i n accordanc e wit h Sectio n 8. 2 abov e (th e "Transfer Optio n Period") , th e Optione e shal l hav e th e optio n t o purchas e th e OfferedInteres t a t it s Fair Valu e upo n th e Deferre dPayment Terms
. Th e Optione e mus t exercis e th e optio n b y notic e t o th e Transferrin g Member prio r t o expiratio n ofth e Transfer ) Optio n Period
. I f

th e Optione e (collectively ) exercise s th e optio n t o purchas e th e entire Offered Pag e 9Interes t

prio r t o th e expiratio n ofth e Transfe r Optio n Period , th e notic e o f it s exercis e shal l fix a 1 closin g dat e fo

r th e purchas e whic h shal l b e no t earlier tha n 1 0 day s nor

mor e tha n 9 0 day s afte

r th e expiratio n ofth e Transfe r Optio n Period
. I f th e Optione e (collectively ) doe s no t exercis e th e optio n t o purchas e th e entire Offere d Interest , prio r

t o th e expiratio n ofth e Transfe r Optio n Period , th e Transferrin g Membe r ma y transfe r th e entir e OfferedInterest ; provide dth e transfer occur s o n th e term s state di n th e origina l notic e receive dby th e Manager s t o th e perso n name dtherei n an dth e transfe r occur s withi n thirty (30 ) day s followin g th e expiratio n ofth e Transfe r Optio n Period
. I f

atransfe r doe s no t occu r withi n th e state dthirty (30 ) days , th e provision s o f thi s Articl e 8 mus t

agai n b e complie dvidt

h befor e th e Transferrin g Membe

r ma y transfe r th e OfferedInterest
. 8. 5 Pledges
. Nothin g i n thi s Articl e 8 shal l i n an y way limi t

o r restric t th e right o f a Membe r t o pledg e aMembership Interes t a s security ; provided , however , tha t an y pledge e of a Membershi p Interes t

shal l b e subjec t

t o an dshal l compl y wit

h th e provision s o f

Articl e 8 hereo f prio r t o sellin g o r

transferrin g th e pledge dMembership Interes t t o an y perso n other

than th e pledge e o r

th e pledgee' s lega

l representatives , a s pledgee
. 8. 6 Precedenc e o f

Member s Agreement
. I n th e even t that al l Member s ente r

int o a separate member s agreement governin g thei r

respectiv e right s an dobligation s wit h respec t t o th e transfe r o f Membership Interest s andsuc h agreement conflict s wit

h thi s Articl e 8 , suc h agreement shal l supersed e thi s Articl e 8 t o th e exten t necessar y t o eliminate an y suc h conflict
. f 8. 7 Effect o f Transfer
. Upo n complianc e with Articl e 8 , consen t ofth e Member s an d executio n o f

suc h document s an dinstmment s a s ma y reasonabl y b e require db y th e Compan y t o effect suc h transfer

an dt o confir

mth e agreement

ofth e transfere e t o b e boun db y th e provision s o f thi s Agreement , aMember' s transferee , personal representative , assigne e o r othe r successo r shal l b e entitie dt o th e economi c benefit s o f tiie forme r Member , an dshal l succee dt o th e former Member' s Capita

l Account , an dshal l hav e al l other right s o f membership
. ARTICL E 9 Withdrawa l Right s of

Members ; Redemptio n Optio n 9. 1 Event s an dEffect

o f Witiidrawal
. Upo n th e occurrenc e o f an y o f th e event s specifie di n Sectio n 69 2 ofth e Ac t (including , withou t

limitation , voluntar

y withdrawal , death , adjudicatio n o f

incompetency , bankmptcy , insolvency , o r dissolution ) (hereinafter , eac h o f suc h event s i s referre dt o a s a

n "Even t o f Withdrawal") , th e withdrawin g Membe r shal l b e deeme da Transferrin g Member

an dth e right s an dobligation s ofth e withdrawin g Membe r shal l b e a s specifie di n Articl e 8
. I n n o event shal l a n Event o f Withdrawal caus e dissolutio n ofth e Company
. 9. 2 N o Voluntar

y Right t o Withdraw
. Excep t

a s set fort h in Sectio n 9. 3 hereof

, n o Membe r ma y voluntaril y withdraw fromth e Company without (a ) obtainin g th e consen t

ofth e other Members , an d(b ) complyin g wit h th e provision s o f

Articl e 8
. A Membe

r shal l b e liabl e t o ) th e Company fo

r damage s fo

r breac h o f thi s provision
. Pag e 1 0ARTICL E 1 0 I Additiona l Members/LL C Unit s

Excep t upo n th e prio r

consent ofth e Clas s A Members , an dupo n du e authorizatio n ofth e Company' s Managers , th e Compan y shal l no t (a ) admi t an y additiona

l members , nor

(b ) reserv e fo r issuance , authoriz e the issuanc e of , agre e t o issu e o

r issu e (i ) an

y additional LLC Units , (ii ) an y securit

y or deb t convertibl e into o

r exchangeabl e fo

r LL C Unit s or (iii ) an y options , warrant s o r right s t o acquire LL C Units
. I n th e event that th e Compan

y does , withi n th e provision s o f thi s Article , issu e additiona

l LL C Unit s o

r an y suc h other

security , option , warran t

or right , th e perso n s o acquirin g sam

e shal l agre e in writing , a s aconditio n preceden t t o th e issuanc e t o him , her , o r i t o f suc h LL C Unit , t o b e boun db y al l provision s o f thi s Agreement
. ARTICL E 1 1 Standar dof

Liability ; Indemnit y Th e doin g o f

an y ac t o r th e failur e to d o any ac t

by aManage

r o r aMember , th e effec t whic h ma y caus e o r resul t i n los s o r damag e t o th e Compan

y or it s property , shal l no t

subjec t th e Manager o r th e Membe

r t o an y persona

l liabilit y t o th e Company o r

to th e other

Members , unles s th e Manager

or Membe r i s foun dno t

to hav e acte dhonestl y o

r i n th e reasonabl e belie f

tha t th e actio n wa s i n o r

no t oppose dt o th e compan

y an dit s members
. Th e Company shal l indemnif y th e Manager s an dth e Member s an dmak e advance s fo

r expense s incurre di n defens e o f claim s o f I liabilit

y t o th e maximu mexten t

permitte dunder

th e Act
. Th e Company shal l indenmif y it s employees , agent s an dofficer s wh o ar e no t Manager s o r

Member s t o th e fulles t

exten t permitte d b y la w provide dthat

suc h indenmificatio n i s first approve db y th e Managers
. Th e right t o indemnificatio n under

thi s Agreement

shal l b e fully veste dAvit

h respec t to an y matter . N o amendment

t o thi s Agreement

shal l hav e any retroactiv e effec t excep t t o enhanc e suc h righ t

for th e benefit ofth e indemnitee
. ARTICL E 1 2 Miscellaneou s 12. 1 Registere dAgen t

andOffice
. Th e Company shal l hav e th e registere dagen t an d offic e determine dfromtim e t o tim e by th e Manager s anda s reporte do n filings mad e wit h th e Main e Secretar

y o f State a s require db

y th e Act
. 12. 2 Accountin g Perio dandMethods
. Th e Company' s accountin g perio dshal l b e th e calenda r year . Th e Company shal l us e suc h accountin g method s a s th e Manager s dee mmos t advantageous
. 12. 3 Records
. Th e Company shal l maintai n fo r inspectio n b y th e Member s a t al l reasonabl e time s complete an daccurat e book s an drecord s ofth e Company' s affairs
. A t a minimum , th e Company shal l maintai n copie s o f it s Article s o f

Organizatio n andOperatin g \Agreement

wit h al l amendments , current

an dpas t list s o f al l Member s an dthei r

addresses , th e

- Company' s tax return s andfinancial statement s for si x years , consent s o r

minute s o f

al l meeting s Pag e 1 1ofth e Manager s an dth e Member s an dall document s relativ e to an y Member' s obligatio n t o contribut e cash , propert

y o r services
. 12. 4 Ta x Matters
. Fre dM
. Forsley shal l serv e a s th e "Ta x Matter s Member " pursuan t t o th e Internal Revenu e Code
. I f h e i s unabl e t o serve , the n th e Manager s shal l appoint a successor . The Ta

x Matter s Membe

r shal l caus e th e Compan

y t o file al l necessar

y ta x o r informatio n retum s an dshal l provid e copie s t o th e Member s on atimel y basis
. Al l election s permitte dt o b e mad e fo

r income ta x purpose s shal l b e mad e b y th e Ta x Matter s Member

wit h th e consen t

ofth e Members
. 12. 5 N o Exclusiv e Duty
. Member s an dManager s nee dno t devot e thei r full tim e an d attentio n t o th e Business , but , subjec t t o their dut y o f loyalt y to th e Company , ma

y engag e i n other busines s ventures . Neither th e Compan

y no r any Membe

r shal l hav e an y righ t

t o th e profit s derive dfro

msuc h other

ventures , except

t o th e exten

t th e Compan

y o r it s Member s ma y hav e a n independent

interes t i n suc h othe

r ventures . 12. 6 Notice
. An

y notic e require dunder

thi s Agreement

shal l b e i n writin g an dshal l b e deeme dgive n when delivere di n perso n or by fax , th e nex t

da y afte r bein g sen t

b y overnigh t delivery , o r

thre e (3 ) day s afte

r bein g mailed , postag e prepaid , b y first clas s U.S
. mail , registere d or certified , wit

h retu mreceip t

requested , addresse dt o th e Company a t it s principal offic e an dt o an y Membe r a s reflecte di n th e recordbook s ofth e Company
. 12. 7 Applicabl e Law
. Thi s Agreemen t shal l b e goveme dan

dconstrue di n accordanc e wit h Main e law
. 12. 8 Counterparts ; Severability ; Waiver ; Bindin g Nature
. Thi s Agreemen t ma y b e signe di n severa

l counterparts . Th e invalidity , unenforceabilit y o r waive r o f an y provisio n o f

thi s Agreemen t

shall no t effect th e other provision s o f

thi s Agreement
. Thi s Agreemen t i s bindin g o n th e parties , their

heirs , successor s an dassigns
. 12. 9 Disputes
. Dispute s arisin g amon g th e Member s relatin g to thi s Agreement or th e Company' s affair s shal l b e resolve dthroug h no n bindin g mediatio n undertake n b y th e partie s i n goo dfaith
. If

afte r 6 0 days , agreement

ha s no t bee n reache dthroug h mediation , eithe r part y may see k appropriate remedie s a

t law andin equity
. 12.1 0 Amendments
. Thi s Agreement an dth e Company' s Article s o f Organizatio n may only b e amende db y th e prio r consent ofth e Members ,

Pag e 1 2

# 1 EXECUTE D BY :

EXECUTE D BY :

EXECUTE D BY : COMPAN Y Th e Loaf , Fre dM
. Forsley , Manage

r CLAS S A MEMBERS :

Fre dM
. Forsle y

)

Pag e 1 3Th e Loaf , LL C Schedul e A Member s Clas s A Member s Membe r Nam e an dAddres s Fre dForsle y P.O
. Bo x 280 8 Sout h Portland , Main e 0410 6 Capita l Contributio n $1,00 0 LL C Unit s (Clas s A ) 15 0

Clas s B Member s

) Membe r

Nam e an dAddres s Fre dForsle y P,0 , Bo x 280 8 Sout h Portland , Main e 0410 6 Capita l Contributio n $28,00 0 LL C Unit s (Clas s B ) 1 4

Pag e 1 4Th e Loaf , LL C Schedul e B Company' s Ta x Rule s Definition s "Defici t Capita l Account " mean s th e defici t balance , i f any , in aMember' s Capital Account at th e en dofth e taxabl e year , afte r givin g effect

t o th e followin g adjustments : (a ) credi t

to suc h Capita

l Accoun t any amoun

t whic h suc h Membe

r i s obligate dto restore under

Sectio n l,704-l(b)(2)(ii)(c ) ofth e Treasur y Regulations , a s wel l a s an y additio n theret o pursuant to th e nex t

t o las t sentenc e o f

Section s 1.704-2(g)(l ) an d(i)(5 ) ofth e Treasur

y Regulations , afte

r takin g int o account thereunder

any change s durin g suc h yea

r in partnershi p minimumgai n attributabl e to an y partner nonrecours e deb t (a s determine dunde

r Sectio n 1,704-2(i)(3 ) o f

tiie Treasur

y Regulations) ; an d (b ) debi t

to suc h Capita

l Accoun t th e item s describe din Section s 1.704

- l(b)(2)(ii)(d)(4) , (5 ) and(6 ) o f tiie Treasur

y Regulations
. Thi s definitio n o f

Defici t Capital Account

i s intende dt o comply wit

h th e provision s o f

Treasur y Regulation s Sectio n 1.704-l(b)(2)(ii)(d ) an d1.704-2 , andwill b e interprete dconsistentl y with thos e provisions
. "Depreciation " mean s fo

r eac h Fisca

l Year , a n amoun t equal to th e depreciation , amortization , o

r other cos t recover y deductio n allowabl e wit

h respec t t o a n asse t fo r suc h Fiscal Year , excep t

tha t i f th e Gros s Asse t

Valu e o f a n asset differ s fro mit s adjuste dbasi s for

federa l income ta x purpose s a

t th e beginnin g o f

suc h Fisca

l Year , Depreciatio n shal l b e a n amount whic h bear s th e sam e rati o t o suc h beginnin g Gros s Asset Valu e a s th e federa

l income tax depreciation , amortization , o

r other cos t recover y deductio n fo

r suc h Fisca

l Yea r bear s t o suc h beginnin g adjuste dta x basis ; provided , however , tha t if th e adjuste dbasi s fo

r federa l income ta x purpose s o f a n asse t a t th e beginnin g o f

suc h Fisca

l Yea r i s zero . Depreciatio n shal l b e determine dwit h referenc e t o suc h beginnin g Gros s Asset Valu e usin g an

y reasonabl e metho dselecte db y th e Tax Matter s Manager
. "Gros s Asse t

Value " mean s wit

h respec t to any asset , tiie asset' s adjuste dbasi s fo r federa l income ta x purposes , excep t a s follows : (a ) Th e initial Gros s Asset Valu e o f an y asset contribute dby aMembe

r t o th e Company shal l b e th e gros s fai r marke t valu e o f suc h asset , a s determine db y th e contributin g Member

an dth e other

Members , provide dthat

th e initial Gros s Asset

Value s ofth e asset s contribute dt o th e Compan y shal l b e a s set

fort h on Schedul e A
.
Page 1 5(b ) Th e Gros s Asse t Value s o f al l Compan

y asset s shal l b e adjuste dt o equa l I thei r

respectiv e gros s fai

r market values , a s determine db y th e Member s a s ofth e followin g times : (a) th e acquisitio n o f a n additiona

l interes t by an y ne w o r existin g Membe r i n exchang e fo

r more tha n ad e minimi s contributio n of

propert y (includin g cash); (b ) th e distributio n b y th e Compan y to aMembe

r o f mor e than ade minimi s amoun t o f propert y a s consideratio n fo

r aLL C Unit ; an

d(c ) th e liquidatio n ofth e Company withi n the meanin g o f Regulation s Sectio n 1.704-l(b)(2)(ii)(g) ; provided , however , tha t

adjustment s pursuan

t t o clause s (a) and(b ) abov e shal l b e made onl y i f th e Member s reasonabl y determin e tha t suc h adjustment s are necessar y o r appropriate t o reflec t th e relativ e interest s ofth e Member s i n th e Company ; (c ) Th e Gros s Asse t

Valu e o f an y Compan y asse t distribute dt o an

y Membe r shal l b e adjuste dto equa

l th e gros s fai

r marke t valu e o f suc h asset

o n th e dat e o f distributio n a s determine db y th e distribute e an dth e Members ; an d (d ) Th e Gros s Asset

Value s o f Compan y asset s shal l b e increase d(or decreased ) t o reflec t

an y adjustment s to th e adjuste dbasi s o f such asset s pursuan t

t o Cod e Sectio n 734(b ) o r

Code Sectio n 743(b) , bu t

onl y to the exten t

tha t suc h adjustment s ar e take n int o account

i n determinin g Capita

l Account s pursuant

t o Regulatio n Sectio n 1.704-l(b)(2)(iv)(m) , th e Capita l Account rule s hereunder

andsubparagrap h (d ) unde r th e definitio n o f

Ne t Profit s an dNe t

Losses ; provided , however , tiiat Gros s Asse t

Value s shal l no t b e adjuste dpursuan t

t o thi s definitio n t o th e exten t th e Member s determin e tha t a n adjustment

pursuan t t o subparagrap h (ii ) o f

thi s definitio n i s necessar

y or appropriat e i n connectio n wit

h atransactio n tha

t woul dotherwis e resul t

in a n adjustment

pursuan t t o thi s subparagrap h (iv)
. I f th e Gros s Asse t

Valu e o f a n asse t ha s bee n determine dor

adjuste dpursuan t

to subparagrap h (a) , (b ) o r

(d ) o f thi s definition , the n suc h Gros s Asse t Valu e shal l thereafte

r b e adjuste db y th e Depreciatio n take n into account wit h respec t t o suc h asset

fo r purpose s o f computin g Ne t

Profit s an dNe t Losses
. "Ne t Profits " an d"Ne t

Losses " mea

n fo r eac h taxabl e yea

r ofth e Company a

n amoun t equa l t o th e Company' s ne t

taxabl e income o r

los s fo r suc h yea r a s determine dfo

r federa l incom e ta x purpose s (includin g separatel y state ditems ) i n accordanc e with th e accountin g metho dan d mle s use db y th e Compan y an di n accordanc e wit

h Sectio n 70 3 ofth e Code wit h th e followin g adjustments : (a ) any item s o f income , gain , los s anddeductio n allocate dto Member s pursuan t t o th e Special Allocatio n Provision s hereunde r shal l no t b e take n mto accoun t

i n computin g Ne t

Profit s o r Ne t Losse s fo r purpose s o f

thi s Agreement ; (b ) an y incom e o f

th e Company tha t

i s exemp t fro mfedera l income ta

x an d no t otherwis e take n int o account i n computin g Ne t

Profit s andNe

t Losse s (pursuan

t t o \thi s definition ) shal l b e adde dto suc h taxabl e income o r loss ; Page 1 6

## • 1

) (c ) an y expenditure ofth e Company describedi n Sectio n 705(a)(2)(B ) ofth e Cod e an dno t otherwis e take n int

o accoun t i n computin g Ne t

Profit s an dNe t Losse s (pursuan t t o thi s definition ) shal l b e subtracte dfro msuc h taxabl e incom

e o r loss ; an d (d ) in th e even t

th e Gros s Asset

Valu e of an y Compan y asset i s adjuste d pursuan t t o claus e (b ) o r

(c ) ofth e definitio n o f

Gros s Asset

Value , th e amount

o f suc h adjustment

shal l b e take n int o accoun t a s gai n o r los s fromth e dispositio n o f suc h asse t fo r purpose s o f

computin g Ne t

Profit s andNe t

Losses ; (e ) gai n o r

los s resultin g froman y dispositio n o f any Compan

y asse t wit h respec t t o whic h gai n o r

los s i s recognize dfo

r federa l income ta x purpose s shal l b e compute dwit

h referenc e t o th e Gros s Asset Valu e ofth e asse t

dispose dof

, notwithstandin g tha

t th e adjuste dta

x basi s o f suc h asse t differ s fromit s Gros s Asse t Value ; (f ) i n lieu ofth e depreciation , amortizatio n an dother cos t recover y deduction s take n into accoun t

i n computin g suc h taxabl e income o r loss , there shal l b e take n int o accoun t Depreciatio n for

suc h Fisca

l Year ; an d (g ) t o th e exten t

a n adjustmen

t t o th e adjustedta x basi s o f an y Compan y asse t pursuan t t o Sectio n 734(b ) ofth e Code or Sectio n 743(b ) ofth e Code i s require dpursuan t t o Sectio n 1.704-l(b)(2)(iv)(m)(4 ) ofth e Treasur y Regulation s t o b e take n into accoun t i n determinin g Capital Account s a s aresul t of adistributio n other

tha n i n liquidatio n of a LL C Unit , th e amount

o f suc h adjustmen

t shal l b e treate da s a

n itemo f gai n (i f th e adjustment

decrease s th e basi s ofth e asset) fro mth e dispositio n ofth e asse t an dshal l b e take n int o accoun t

fo r purpose s o f

computin g Ne t

Profit s o r Ne t Losses
. Maintenanc e o f

Capital Account s A separat e Capital Accoun t shal l b e maintaine dfo

r each Membe

r ofth e Company
. Eac h Member' s Capital Accoun t wil l b e increase db

y (1 ) th e amoun

t o f money contribute db y suc h Member t o th e Company ; (2 ) th e fai r marke t valu e o f propert y contribute dby suc h Membe r t o th e Company (ne t

o f liabilitie s secure db y suc h contribute dpropert y that th e Compan

y i s considere dt o assum e or

take subjec t

t o under Sectio n 75 2 ofth e Code) ; (3 ) allocation s to such Member o f Ne t Profits ; (4 ) an y item s i n th e nature o f income andgai n whic h are speciall y allocate dt o th e Membe r

pursuan t t o th e Specia

l Allocatio n Rule s hereunder ; and(5 ) allocation s t o suc h Member

o f incom e describe din Sectio n 705(a)(1)(B ) ofth e Code
. Eac h Member' s Capital Accoun t

wil l b e decrease db y (1 ) th e amount o f mone y distribute dt o suc h Membe r by th e Company ; (2 ) th e fai

r marke t valu e o f propert y distribute dt o suc h Membe r b y th e Compan

y (ne t o f liabilitie s secure dby suc h distribute dpropert y tha t suc h Member

i s considere dto assume o r tak e subjec t

t o unde r Sectio n 75 2 ofth e Code) ; (3 ) allocation s t o suc h Member o f expenditure s describe di n Sectio n 705(a)(2)(B ) ofth e Code ; (4 ) any item s i n th e natur e of deductio n an dlos s that

are speciall y allocate dto th e Membe r pursuan t to th e Specia

l Allocatio n Rule s hereunder ; an d(5 ) allocation s t o th e account o f suc h Membe

r o f Ne t Losses
. Pag e 1 7Th e manner i n which Capital Account s ar e t o b e maintaine dpursuant t o thi s Agreemen t J i s intende dto compl y wit h th e requirement s o f

Sectio n 704(b ) o f

th e Cod e an dth e Treasur y Regulation s promulgate dthereunder
. I f in th e opinio n ofth e Company' s accountant s th e manne r i n whic h Capital Account s ar e t o b e maintaine dpursuan t to th e precedin g provision s o f thi s Schedul e B shoul db e modifiedi n orde r t o comply wit

h Sectio n 704(b ) ofth e Cod e an dth e Treasur y Regulation s thereunder , the n notwithstandin g anythin g t o th e contrar y containe di n thi s Agreement , th e metho din whic h Capital Account s ar e maintaine dshal l b e s o modified ; provided , however , tha

t an y chang e in th e manner

o f maintainin g Capita

l Account s shal l no t materiall y alter

th e economi c agreemen t

betwee n o r

among th e Members
. Specia l Allocatio n Provision s I f applicable , th e followin g adjustment s shoul db e mad e t o th e allocatio n o f

Ne t Profit s an dNe t Losse s to th e Member s ofth e Company : (a ) I n th e even t

any Membe

r unexpectedl y receive s an

y adjustments , allocations , o r

distribution s describe di n Section s 1.704-l(b)(2)(ii)(d)(4) , (5) , or (6 ) ofth e Treasur y Regulations , whic h create o r increas e aDefici

t Capita l Account of suc h Member , the n item s o f

Company incom

e an dgai n (consistin g of apr o rat aportio n o f eac h ite mo f

Compan y income , includin g gros s uicome , an dgain fo r suc h yea r and , i f necessary , for

subsequent

years ) shal l b e speciall y allocate dt o suc h Membe r i n an amount an dmanne

r sufficient t o eliminate , t o th e exten

t require db y th e Treasur

y J Regulations , th e Deficit Capital Accoun

t s o create da s quickl y a s possible
. I t i s th e inten t tha t thi s subsectio n (a) b e interprete dt o compl y wit h th e altemat e tes t

fo r economi c effec t se t fort h i n Sectio n 1.704-l(b)(2)(ii)(d ) o f tiie Treasur

y Regulations
. (b ) I n th e even t

any Membe

r woul dhav e aDefici t

Capita l Account a t th e en d o f an y Compan y taxabl e yea

r whic h i s i n exces s ofth e su mo f an y amount tha t suc h Member i s obligate dt o restor e to th e Company unde r Sectio n 1.704-l(b)(2)(ii)(c ) ofth e Treasur y Regulation s an dsuc h Member' s share o f minimu mgai n a s define di n Sectio n 1.704-2(g)(l ) ofth e Treasur y Regulation s (whic h i s als o treate da s a n obligatio n t o restor e i n accordanc e with Sectio n 1.704-l(b)(2)(ii)(d ) ofth e Treasur y Regulations) , th e Capital Accoun t

o f suc h Member

shal l b e speciall y allocate ditem s o f income (includin g gros s income ) an dgai n i n th e amount o f suc h exces s a s quickl y a s possible
. (c ) Notwithstandin g an y other provisio n o f

thes e Specia

l Allocatio n Provisions , i f

there i s ane t

decreas e i n th e Company' s minimu mgai n a s definedi n Treasur y Regulation s Sectio n 1.704-2(d ) durin g ataxabl e yea

r ofth e Company , then , th e Capital Account s o f

eac h Member

shal l b e allocate ditem s o f income (includin g gros s income ) an dgai n fo

r suc h yea r (andi f necessar y fo r subsequent

years ) equa

l t o tha t Member' s shar e ofth e ne t

decreas e i n Company minimu mgain
. Thi s subsectio n (c ) i s intende dt o compl y wit

h th e minimumgai n charge-bac k requiremen t

o f Sectio n 1.704- 2 ofth e Treasury Regulation s an dshal l b e interprete dconsistentl y therewith
. I f i n an y ) taxabl e yea r that th e Compan y ha s ane t

decreas e i n th e Company' s minimu mgain , i f th e minimu mgai n charge-bac k requirement

woul dcaus e adistortio n i n th e economi c Page 1 8arrangemen t amon g th e Member s an

di t i s no t expecte dtha

t th e Compan

y wil l hav e sufficient other income to correc t

tha t distortion , th e Member s ma y i n thei r discretio n see k t o hav e th e Interna

l Revenu e Servic e waiv e th e minimumgai n charge-bac k requiremen t

in accordanc e wit

h Treasur y Regulatio n Sectio n 1.704-2(f)(4)
. (d ) Item s o f

Company loss , deductio n an dexpenditure s describe di n Sectio n 705(a)(2)(B ) whic h ar

e attributabl e to an

y nom-ecours e deb t

ofth e Compan

y an dar e characterize da s partner

(Member) nonrecours e deduction s under Sectio n 1.704-2(1 ) o f th e Treasur

y Regulation s shal l b e allocate dt o th e Members ' Capita l Account s i n accordanc e wit

h sai dSectio n 1.704-2(1 ) o f tiie Treasur

y Regulations
. (e ) Beginnin g i n th e first taxabl e yea

r i n whic h there ar

e allocation s o f "nomecours e deductions " (a s describe di n Sectio n 1.704-2(b ) ofth e Treasur y Regulations ) suc h deduction s shal l b e allocate dt o the Member s i n th e sam e manne r a s Ne t Profit s o r Ne t Losse s are allocate dfo

r suc h period
. (f ) In accordanc e wit

h Sectio n 704(c)(1)(A ) ofth e Cod e an dSectio n 1.704

- l(b)(2)(iv ) ofth e Treasur

y Regulations , i f

aMember

contribute s propert

y wit h afai r marke t valu e tha t differ s fromit s adjuste dbasi s at th e tim e o f

contribution , income , gain , los s an ddeduction s wit

h respec t t o th e propert

y shall , solel y fo

r federa l income ta x purpose s (an dno t

fo r Capital Account

purposes) , b e allocate damon g th e Member s s o a s t o tak e accoun t

o f an y variatio n betwee n th e adjuste dbasi s o f suc h propert

y t o th e Company andit s fai

r marke t valu e a t th e tim e o f

contribution
. (g ) Pursuan t

t o Sectio n 704(c)(1)(B ) ofth e Code , i f an y contribute dpropert

y i s distribute dby th e Company other than t o th e contiributing Membe r withi n five year s o f bein g contributed , then , excep t a s provide di n Sectio n 704(c)(2 ) ofth e Code , th e contributin g Member

shall , solel y fo

r federa l incom e ta x purpose s (an dno t for Capital Accoun t purposes) , b e treate da s recognizin g gai n or los s fromth e sal e o f

suc h propert

y i n an amount

equa l t o th e gai n or

los s tha t woul dhav e bee n allocate dt o suc h Membe r unde r Sectio n 704(c)(1)(A ) ofth e Code i f th e propert

y hadbee n sol da

t it s fai r marke t valu e a t th e tim e ofth e distribution
. (h ) Inthecaseofein y distributio n b y th e Company t o aMember , suc h Membe r shall , solel y fo

r federa l income tax purpose s (an dno t fo r Capita l Account purposes) , b e treate da s recognizin g gai n i n an amoun t equa l t o th e lesser

of : (i ) th e exces s (i f

any ) o f (A ) th e fai

r marke t valu e o f th e propert

y (othe r than money ) receive di n th e distributio n ove r (B ) th e adjuste dbasi s o f

suc h Member' s LL C Unit s i n th e Company immediatel y befor e th e distributio n reduce d (bu t no t belo w zero ) b y th e amount o f money receive di n th e distribution ; o r (ii ) th e Ne t

Pre-contributio n Gai n (a s define din Sectio n 737(b ) o f th e Code ) ofth e Member
. Th e Ne t Pre-contributio n Gai n mean s th e ne t gai n (i f any ) whic h woul dhav e bee n recognize db y th e distribute e Member under Sectio n Page 1 9) 704(c)(1)(B ) ofth e Cod e o f al l propert

y whic h (1 ) hadbee

n contribute dt o th e Company withi n five year s ofth e distribution , (2 ) i s hel db y th e Company immediatel y before tiie distribution , and(3 ) ha dbee n distribute db

y th e Compan y to another Member
. I f

an y portio n ofth e propert

y distribute dconsist s o f

propert y whic h ha dbee n conti-ibutedb y th e distribute e Membe r to th e Company , the n suc h propert y shal l no t

b e taken mto account

under thi s Sectio n (h ) an dshal l no t b e take n into account

i n determinin g th e amount ofth e Ne t

Pre-contributio n Gain
. I f th e propert

y distribute dconsist s o f

a n interes t i n anothe r busines s entity , th e precedin g sentenc e shal l no t appl y to th e extent

tha t th e valu e o f

suc h interes t

i s attributabl e t o th e propert

y contribute dt o suc h busines s entit y afte r suc h interes t hadbee n contribute dt o th e Company
. (i ) Al l recapture o f

incom e ta x deduction s resultin g fromsal e o r dispositio n o f Company propert

y shal l b e allocate dt o th e Membe r o r Member s t o who mth e deductio n tha t

gav e ris e t o suc h recapture wa s allocate dhereunder t o th e extent

tha t suc h Membe r i s allocate dan y gai n fro

mth e sal e o r

other dispositio n o f

suc h property . (j ) An y credi t o r charg e t o th e Capita

l Account s ofth e Member s pursuan t t o subsection s (a) , (b) , (c) , (d) , and/or (e ) hereo f shal l b e take n into accoun t i n computin g subsequen t

allocation s o f

profit s andlosses , s o tha

t th e ne t amoun t o f any item s charge d o r credite dt o Capita

l Account s pursuant

t o th e Operatin g Agreement an dsubsection s (a) , (b) , (c) , (d) , and/o r

(e ) shal l t o th e extent

possible , b e equal t o th e ne t amount tha t woul d hav e bee n allocate dt o th e Capita l Accoun t o f eac h Membe

r pursuant t o th e provision s o f thes e Special Allocatio n Rule s if th e special allocation s require db y (a) , (b) , (c) , (d) , and/o r (e ) hereo f

hadno t occurred
. (k) I n tiie even t

o f atransfe r o f aLL C Uni t

o f aMembe r durin g afiscal year o r other chang e i n th e LL C Unit

o f aMembe r durin g th e yea

r du e t o th e purchas e o r

sal e b y th e Company o f

aLL C Uni t

fro mor t o suc h Member , Ne t

Profit s an dNe t

Losse s for suc h yea r shal l b e allocate dt o the Member s i n accordanc e wit h Sectio n 70 6 ofth e Cod e an dth e Treasur

y Regulation s promulgate dthereunder s o a s t o tak e int o account

thei r varyin g LL C Unit s durin g th e year . I n th e even t o f atransfer of aLL C Uni t

from a Member t o another

perso n wh o become s aMember , upo n th e electio n ofth e transfero r an dth e transfere e an dconsen t ofth e Members , suc h allocatio n ma y b e base do n th e actual Ne t Profit s an dNe t

Losse s determine db y closin g th e Company' s book s a s ofth e dat e o f th e transfer
.

Pag e 2 0J Th e Loaf , LL C Schedul e C MANAGER S AN

D OFFICER S Managers : Fre dM
. Forsle y
Officers : Fre dM
. Forsley : President

)

Pag e 2 1OPERATIN G AGREEMENT TH E HORS E RIDERHOLDINGS , LL C

THI S OPERATIN G AGREEMEN T i s mad e effectiv e a s o f tiie />rda y o f

:?=y^ ^ , 200 3 by .ANDRE W BEDARD a s custodia n fo r ADRIAN.A

, LIBERTY , under

tiie Main e Unifor

m Transfer s to Minor s Act , a s sol e membe r o f TH E HORS E RIDE

RHOLDINGS , LLC , aMain e limite dliability company (th e "Company")
. EXPLANATOR Y STATEMEN T Thi s Operatm g Agreemen t govern s th e relationshi p betwee n th e Company an dit s member , pursuan t t o th e Main e Limite dLiability Company Ac t (th e "Act")
. DEFINITION S Fo r purpose s o f

thi s Operatin g Agreement , an dunles s th e contex t

clearl y otherwis e indicates , th e followin g term s shal l hav e th e followin g meanings : "Act " - Main e Limite dLiability Compan y Act , a s amende dfrom time t o time
. "Agreement " - Thi s Operatin g Agreement
. "Code " - Th e Intemal Revenu e Cod e o f 1986 , a s amended
. "Company " - THE HORS E RIDE RHOLDINGS , LLC , aMain e limite dliability company . "Involuntary Withdrawal " - Th e occurrenc e o f an y ofth e followin g events , witi i respec t to th e Member : (a ) th e makin g o f

a n assignmen t

fo r th e benefit

o f creditors ; (b ) th e filing o f

avoluntary petitio n o f

bankmptcy ; (c ) th e adjudicatio n a s abankrup t o r insolvent o r th e entr y agains t th e Membe

r o f a n orde r fo r relie f i n any bankmptc y o r

insolvenc y proceeding ; (d ) any proceedin g agains t th e Member

seekin g arrangement , composition , readjustment , liquidation , o r similar relie f unde r any statute , law , o r

regulation , continue s fo

r on e hundre dtwenty (120 ) day s afte r commencemen t

thereof , o r th e appointmen t

o f atmstee , receiver , o r

liquidato r fo r th e Membe r

o r al l o r any substantial part

ofth e Member' s propertie s withou t th e Member' s agreemen t

o r acquiescence , whic h appomtment i s no t vacate dor

staye dfo

r on e hundre dtwent

y (120 ) day s or , i f

th e appointment

i s stayed , fo

r on e hundre dtwent

y (120 ) day s afte r th e expiratio n ofth e sta

y durin g whic h perio dth e appointmen t i s no t vacated
. "Manager " - amanage r

ofth e Company , whos e rights, power s an ddutie s ar e specifie di

n Articl e VI
. "Member " - ANDRE

W BEDAR D a s custodian fo r ADRIANA LIBERTY , under the Main e Unifor mTransfer s t o Minor s Act , a s th e sol e initial Membe r o f tiie Company , an dan

y otiie r perso n o r person s wh o ma y subsequenti y b e designate da s aMembe r o f tiiis Company pursuant t o th e ftuther

term s o f tiiis Agreement
. "Membershi p Interest " - Th e rights of aMembe r i n distribution s an dallocation s o f profits , losses , gains , deduction s an dcredits
. "Membershi p Rights " - Th e rights of aMember , whic h ar e comprise dof : (1 ) hi s o r

her Membershi p Interest , an d(2 ) hi s o r her right t o vote an dt o otiierwis e participat e i n th e managemen t

an dgovemanc e ofth e Company
. 'Tersons " - Individuals , parmerships , corporations , limite dliabilit y companies , unincorporate d associations , tmsts , estate s an dan y othe r typ e o f entity
. "Profit " an d"Loss " - Th e Company' s taxabl e income o r los s determine di n accordanc e wit h th e Cod e fo r eac h taxabl e yea

r (o r othe r perio dfor

whic h Profi t

o r Los s mus t

b e computed)
. "Successor " - Al l Person s t o who mal l o r any par t of aMembershi p Interes t i s transferre deither becaus e o f

(a ) th e sal e o r

gif t b y th e Membe r

o f al l o r an y par t o f hi s o r he r Membershi p hiterest ; (b ) a n assignmen t

ofth e Member' s Membershi p Interest ; o r (c ) du e t o tiie Member' s Involuntar y Withdrawal
. ARTICL E I FORMATIO N 1. 1 Organization
. Th e Membe r acknowledge s th e formatio n o f th e Compan y a s aMain e limite dliabilit

y compan y pursuan t

t o th e provision s ofth e Act
. 1. 2 Agreemen t

Fo r an din consideratio n ofth e mutual covenant s herei n containe dan dfo r other goo dan dvaluabl e consideration , th e receip t an dsufficienc y o f

whic h i s hereb y acknowledged , th e Membe r agree s to th e term s an

dcondition s o f

thi s Agreement , a s i

t ma y from tim e t o tim e b e amende daccordin g t o it s terms . Excep t t o th e exten t

aprovisio n ofth e Agreement

expressl y incorporate s federa l income ta

x mle s b y referenc e to section s ofth e Cod e o r Regulation s o r

i s prohibite do r

ineffectiv e under

th e Act , tiie Agreemen t

shal l govem , eve

n when inconsisten t

with , o r different from, th e provision s ofth e Ac t o r an y othe r la w or mle
. T o th e extent an y provisio n o f

thi s Agreemen t

i s prohibite do r

meffectiv e unde r

th e Act , th e.Agreemen

t shal l b e considere damende dto the smalles t degre e possibl e i n order

to mak e tiie Agreemen t

effectiv e unde r

di e Act
. 1. 3 Name
. ThenameoftiieCompan y i s TH E HORS E RIDERHOLDINGS , LLC
. Th e Compan y ma y d o busines s unde r tha t nam e an dunder an y other nam e o r name s upo n which th e Manage r ma y determine
. I f

th e Company doe s busines s unde r anam e othe r

tha n tha t set fort h u i it s Article s o f

Organization , the n th e Company shal l file astatemen t o f intentio n t o do busines s unde r a n assume dnam e a s require db y law
. 1. 4 Principa l Plac e o f

Business
. Th e Company may locate it s principa l plac e o f busines s an

d registere doffic e a

t an y plac e o r

place s a s th e Membe

r ma y fromtim e t o time deemadvisable
. 1. 5 Registere dAgent
. Th e registere dagent fo r th e Compan y i s Marcu s Cleg g & Mistretta , P.A
. an dth e busines s addres s ofth e registere dagen t i s 10 0 Middl e Street , Portland , Maine 04101
. Th e Manage r

may , fix)mtim e t o time , chang e th e registere dagen t o r th e registere dofSc e throug h appropriat e filings with th e Secretar y o f State
. In th e event

th e registere dagen

t cease s t o ac t a s suc h fo r

an y reaso n o r

th e registere doffic e shal l change , th e Manage r shal l promptiy designat e areplacemen t

registere dagen

t o r file anotic e o f

chang e o f

addres s a s th e cas e ma

y be
. 1. 6 Term
. Th e Compan y shal l continu e unti l it i s dissolve din accordanc e wit h eitiie r tiie provision s o f

thi s Agreemen t

o r the Act
. 1. 7 Permitte dBusiness
. Th e busines s o f the Compan y shal l b e t o mak e any investment s an d engag e i n an y busines s activitie s permitte db y la w whic h th e Manage r

may choos e an

dt o engag e i n al l activitie s necessary , customary , convenient , or inciden t t o th e foregoing
. ARTICL E n CONTRIBUTION S 2. 1 Initia l Contributions
. Th e initial capita l contribution s t o th e Compan y ofth e Membe r shal l b e mad e concurrentl y wit h th e Member' s executio n an ddelivery o f thi s Agreement
. Th e Member' s initia l coita l contributio n i s set fort h i n Exhibi t

A , attache dheret o andhereb y mad e a part o f thi s Agreement
. Th e Member shal l no t b e require dto make additiona l capita l conttibutions
. 2. 2 Loans
. I

n th e even t

th e capita l need s ofth e Compan y excee dth e capital contribution s provide db y sectio n 2.1 , th e Membe r may , bu t shal l no t b e require dto , loa

n additiona

l monie s t o th e Compan y i n amount s an do n term s an dcondition s t o b e agree dupo n b y th e Manage r an dthe Member
. Th e Compan y ma y als o borro w mone y fo

r it s capita l need s froman y thir dpartie s i n amount s an do n term s an dcondition s determine db y th e Manager
.2. 3 hiteres t on andRetu mo f

Capital Contributions
. Th e Member shal l no t b e entitie dt

o interes t o n any capita

l contribution , o r

t o aretu mo f

an y capital contribution , excep t a s specificall y provide dfo

r herem
. ARTICL E i n PROFI T AN

D LOS S 3. 1 Percentage s o f

Membershi p Interest
. Th e percentage s o f Membershi p Interes t

o f the Membe r shal l b e 100%
. Th e custodian shal l fransfer th e Membershi p Interes t

t o ADRIAN

A LIBERT Y whe

n h e reache s th e ag e o f

21
. 3. 2 Allocatio n o f

Profi t an dLoss
. Al l Profit

an dLos s shal l b e allocate dt o th e Member
. 3. 3 Liquidatio n andDissolution
. I f th e Company i s hquidated , th e asset s ofth e Compan y shal l b e distribute dto th e Membe r o r to aSuccesso r

o r Successors
.
ARTICL E W DISTRIBUTION S 4. 1 Distributions
. Cas h distribution s shal l b e mad e i n suc h amount s an da t such time s a s ma

y b e determine db y th e Manage r i n it s discretion
. 4. 2 Limitation s on Distiriburions
. N o disdributio n shal l b e declare do r pai dimless , afte

r th e distributio n i s made , th e Company' s asset s excee dth e Company' s liabilities
. Liabilitie s to th e Membe r o n account

o f hi s Membershi p Interes t

shal l not b e aCompan y liabilit

y fo r purpose s o f thi s section
. ARTICL E V RIGHT S AND DUTIE S O F MEMBER S 5. 1 Management

Rights
. Th e Member

shal l no t b e entitle dt o participat e i n th e day-to-da y affair s an dmanagement

ofth e Company , bu t

instead , th e Member' s right t o participate wit

h respec t t o matter s relatin g to th e Compan y shal l b e limite dt o thos e matter s a s to which th e expres s term s ofth e Act , th e Article s o f Organization , o r

thi s Operatin g Agreement ves t i n th e Membe r th e right t o s o participate
. 5. 2 Actio n Requirin g Approva l o f Member
. Notwithstandin g any othe r provisio n o f

thi s Operatin g Agreement , th e approva l o f di e Member

shal l b e require di n orde r to amen dth e Article s o f

Organizatio n i n an y manne r tha t materiall y alter s th e preferences , privileges , o r relativ e rights ofth e Member
.5. 3 Actio n b v Member
. I n exercism g hi s rights a s provide dabove , th e Member shall act throug h writte n consent s a s provide di n thi s Article
. 5. 4 Actio n b v Writte n Consent
. An y actio n require do r permitte dt o b e taken b y th e Membe r shal l b e take n b y awritte n consent , signe db y th e Member
. Suc h consent o r consent s shal l b e filedin th e recor dboo k

ofth e Company
. Actio n taken under thi s Sectio n shal l b e effectiv e whe n signe db y th e Member , unles s th e consen t o r consent s specif

y adifferen

t effectiv e date
. 5. 5 Liabilitv o f

Member
. Th e Membe r

shal l no t b e liabl e a s suc h fo

r th e Company' s liabilities , debt s o r

obligations
. Th e failure b y tiie Compan y t o observ e an y formalitie s o r requirement s relatin g to th e exercis e o f it s power s o r

th e management

o f it s busines s o r

affairs unde r thi s Agreement

o r th e Ac t shal l no t b e groimd s fo

r imposin g personal liabilit y o n th e Member
. 5. 6 Indemnification
. Th e Compan y shal l indemnif y th e Membe r

for al l costs , losses , Habilitie s an ddamage s pai db y th e Membe r in connectio n wit

h th e Company' s business , t o di e fulles t exten t provide do r

allowe db y Main e law
. 5. 7 Fiduciar

y Dutie s andObligations
. Th e Membe r shal l hav e n o fiduciary dutie s o f loyalt y o r otherwis e wit

h respec t t o th e Company
.

ARTICL E V I MANAGER S 6.0 1 Power s o f

Manager
. Excep t

a s expressl y provide dotherwis e i n th e Act , th e Article s o f Organizatio n o r

thi s Operatin g Agreement , th e power s ofth e Compan y shal l b e exercise db y or under di e authorit

y of , an dth e busines s an daffair s ofth e Compan y shal l b e manage dby , on e o r mor e Managers
. Th e power s s o exercise dshal l includ e bu t no t b e limite dt o th e following : (a ) Enterin g mto , makin g an dperformin g contracts , agreement s an dothe r undertaking s bindm g th e Compan y tha t ma y b e necessary , appropriate o r advisabl e i n furtheranc e ofth e purpose s ofth e Company ; (b ) Openin g an dmaintainin g ban k accounts , investment

account s an dothe r

arrangements , drawin g check s an dothe r

order s fo r th e paymen t

o f money , anddesignatin g individual s wit h authorit y to sig n o r

giv e insttuction s wit

h respec t t o thos e account s an darrangements . Compan y fund s shal l not

b e commingle dwit

h fund s fromother

source s an

dshal l b e use dsolet

y fo r th e busines s ofth e Company ; (c ) Collectin g fund s du e t o th e Company ;(d ) Acquiring , utilizin g fo r th e Company' s purposes , maintainin g anddisposin g o f an y asset s ofth e Company ; (e ) T o th e exten t

tha t fund s ofth e Company ar e availabl e therefor , payin g debt s an d obUgation s o f

th e Company ; (f ) Borrowin g mone y o r othenvis e committin g th e credi t ofth e Company fo

r Compan y activities , an dvoluntaril y prepayin g o r extendin g any suc h borrowings ; (g ) Employin g fromtim e t o time persons , firms o r corporation s for

th e operatio n an

d managemen t

o f variou s aspect s ofth e Company' s busmess , includmg , withou t limitation , managin g agents , contractors , subcontractors , architects , engineers , laborers , suppliers , accountant s an dattorney s o n suc h term s andfo r suc h compensatio n a s tiie Manager s shal l determine , notwitiistandin g th e fac t tha t th e Manager s o r

an y Membe r

ma y hav e afinancial interes t in suc h firms o r

corporations , provide dtha t th e Manager s confor

mto an y applicabl e disclosur e an dconsen t

requirement s ofth e Act ; (h ) Makin g election s availabl e t o th e Company under th e Code ; (i ) Obtainin g genera l liability , property an dotiier insuranc e fo

r th e Company , a s di e Manager s deemproper , (j ) Takin g suc h action s a s ma y b e directe db y th e Membe r i n furtheranc e o f

hi s approva

l o f an y matte r

se t fort h i n Sectio n 5.0 2 hereof

; and (k ) Dom g an dperformin g al l suc h thmg s an dexecuting , acknowledgin g an ddeliverin g an y an dal l suc h instrument s a s ma y b e i n fiirtherance ofth e Company' s purpose s andnecessar y an d appropriat e t o th e conduc t o f it s business
. 6.0 2 Election
. Etc
. o f

Managers
. (a ) Th e Member

hereb y unanimousl y appoint s MICHAEL A
. LIBERT Y a s th e Manage r o f th e Company , t

o serv e unti l th e first

annual meetin g ofth e Member s an dunti l hi s successo r shal l b e dul y electe dan dqualified
. (b ) Unles s an

dunti l MICHAE L A
. LIBERTY otiierwis e agree s i n writing , MICHAE L A
. LIBERTY , o r

suc h Person(s ) who mh e designates , shal l b e th e onl y Manage r ofth e Company
. A t suc h tim e a s MICHAE L A
. LIBERTY , o r hi s successor , resign s mwriting , anddecline s i n writin g t o appoin t

asuccesso r

Manager , th e Manager

o r Manager s shal l b e electe db y di e Membe r accordin g t o th e procedur e set fort h below
. MICHAE L A
. LIBERT Y hereb y appoint s ANDRE W BEDARD (th e "Initia l Successo r Manager" ) t o serv e a s Successo r Manager unles s an dunti l designatio n i s revoke di n writin g b y MICHAEL A
. LIBERTY
. I f th e Initia l Successo r Manage r i s eithe r unwillin g o r

unabl e t o serve , MICHAEL A
. LIBERT Y (o r th e personal representativ e ofth e estat e o f MICHAE L A , LIBERTY , i f applicable ) shal l designat e a n alternativ e Initial Successo r Manager
.(c ) I f

MICHAEL A
. LIBERTY , o r hi s successor , resign s mwriting , anddecline s in writin g t o appoin t asuccesso r

manager , th e Membe r

shal l elec t

on e Perso n a s Manage r

each yea r to serv e for a n annual ter

man dunti l th e successo r

Manager i s dul y appointe dan dqualified
. I n addition , i f an y Perso n resign s o r

otherwis e vacate s th e offic e o f Manager , th e Membe r

shal l appoin

t a replacemen t

Manager to serv e th e remainin g termo f suc h office
. Excep t

a s provide di

n subpar t (b) , aPerso n ma

y b e remove da s aManage r b y th e Membe r

with o r witiiou t caus e a t an y time
. Excep t a s provide di

n subpar t (b) , th e Member

may , bu t shal l no t b e require dto , appoin

t himsel f Manager
. A Manager

may b e anatura l perso n o r a n Entity
. 6.0 3 Relianc e b v Otiier

Persons
. An y Perso n dealin g with th e Company , otiie r tha n tiie Member , may rel y on th e authority ofth e Manager in takin g an y actio n i n th e name ofth e Company , i f

th e Manager

provide s t o suc h Perso n acop y ofth e applicabl e provisio n o f thi s Operatin g Agreement

and/o r th e resolutio n o r

writte n consen t

o f di e Manager

or Membe r grantin g suc h autiiority , certifie di n writin g b y th e Manager t o b e genuin e an

dcorrec t an dnot t o hav e bee n revoked , supersede do r otherwis e amended
. 6.0 4 Manager' s Expense s an dFees
. Th e Manager shal l b e entitled , bu t

no t required , t

o receiv e areasonabl e fe

e fo r service s rendere do n behal f o f th e Compan y o r

i n hi s capacit

y a s aManager
. Th e amoun t

o f suc h fe e shal l b e determine db y th e Managers
. Th e Compan y shal l reimburs e th e Manage r for reasonabl e out-of-pocke t

expense s tha

t wer e o r ar e incurre db y tiie Manage r o n behal f o f th e Company witi i respec t t o th e start-u p o r

operatio n ofth e Company , th e on-gom g conduc t ofth e Company' s business , o r th e dissolutio n an dwindin g u p o f tiie Compan

y an dit s business
. 6.0 5 Competitio n Durin g th e existenc e ofth e Company , th e Manage r shal l devot

e such time to tiie busines s ofth e Compan y a s ma y reasonabl y b e require dt o conduc t it s busmes s in a

n efficient an dprofitabl e manner . Th e Manager , for hi s ow n accoun t

an dfo r th e accoun

t o f others , ma y engag e i

n busines s venture s whic h may compete witi i th e busines s ofth e Company
. Th e Membe r hereb y expressl y consent s t o th e continue dan dfuture ownershi p andoperatio n b y th e Manage r o f suc h businesse s an dwaive s an y clai mfo r damage s o r

otherwise , o r

rights t o participat e therei n o r

wit h respec t t o th e operatio n an

dprofit s o r

losse s thereo f 6.0 6 Indemnificatio n Th e Compan y shal l indannif y th e Manager , whethe r

servin g th e Compan y or , a

t it s request , an y othe r

Entity , to th e ful

l exten t permitte db y th e Act
. Th e foregoin g rights o f

indenmificatio n shal l no t

b e exclusiv e o f

an y othe r ri^ts t o which tiie Manage r ma y b e entitied
. Th e Manage r ma y tak e suc h actio n a s i s necessary to carr y out thes e mdemnificatio n provision s andma y adopt , approv e an damen dfix>mtime t o time suc h resolution s o r

contiact s implementin g suc h provision s o r suc h furthe r

indemnificatio n arrangement s a s ma

y b e permitte db y law
. 6.0 7 Liabilitv o f

Manager
. Excep t

a s require db y th e Act, ' s o lon g a s th e Manage r act s i n goo d fait h wit h respec t to th e conduc t

ofth e busines s andaffair s ofth e Company , tiie Manage r shal l no t b e liabl e or

accountabl e t o th e Compan y o r t o th e Member , i n damage s o r otherwise , fo

r an y erro r o f judgment , fo

r an y mistak e o f

fact o r o f law , o r fo r an y othe r ac t o r thin g tha t h e ma y d oo r

refiai n fromdoin g i n connectio n witi i th e busines s andaffair s ofth e Company , excep t fo r willfu l misconduc t

o r gros s negligenc e o r

breac h o f fiduciary duty , an dfiirther excep t fo r breache s o f

contractual obligation s o r agreement s betwee n th e Manage r an dth e Company
. 6.0 8 Resignatio n o r

Remova l A perso n o r

entit y may terminat e hi s o r

it s positio n a s Manage

r a t an y tim e b y providin g writte n notic e t o th e Member o f hi s o r it s resignation
. Upo n th e remova l o r

resignatio n ofth e Manager , th e Manager shal l b e require dt o sig n a"Statement o f Withdrawal " i n accordanc e with th e term s ofth e Act
. Suc h statemen t shal l b e filedwit

h th e Main e Secretar

y o f State
. Th e Membe r

an dManager

agre e tha t th e Compan y shal l hav e th e right t o enforc e thi s provisio n b y a n injunctio n o r

other equitabl e remedy , i f

necessary . An

y Manage r refusin g to execute sai dstatemen t shal l b e liabl e t o th e Compan y fo r an y applicabl e lega

l fee s associate dwith enforcin g thi s provision
. ARTICL E v n BANKIN G Al l revenue s ofth e Compan y shal l b e deposite dregularl y i n th e Compan y saving s an dcheckin g account s a

t suc h financial instimtion s a s shal l b e selecte db y th e Manager
. ARTICLE V m ACCOUNTIN G AND RECORD S 8. 1 Records
. Th e Compan y shal l maintama t it s principa l plac e o f

busines s or

suc h other plac e a s tiie Manager

may choose , tiie following : (a ) acurren t

Us t ofth e fiill nam e an dlast-know n business , residence , o r mailin g addres s ofth e Member , bot

h pas t an dpresent ; (b ) acop y ofth e Article s o f Organizatio n an dal l amendment s thereto , togethe r wit h execute d copie s o f any power s o f

attorne y pursuan t

to whic h any amendmen t ha s bee n executed ; (c ) copie s ofth e Company' s federal , state , andloca l incom e ta

x retum s andreports , i f

any , fo r th e tiiree mos t

recent years ; (d ) copie s o f

an y currentl y effectiv e writte n operatin g agreements , copie s o f an y writmg s permitte do r

require dimde r

th e Act , an dcopie s o f

an y financial statement s ofth e Company fo r th e Uire e mos t recent years ; an d (e ) minute s o f

an y membe r meetings
..ARTICL E D C MEMBERSHI P INTERES T AN D MEMBERSH P RIGHT S O F A DECEASED ,

INCOMPETEN T ORDISSOLVE D MEMBE R I f aMembe r

wh o i s a n mdividua l die s o r

acour t o f competen t

jurisdictio n adjudge s hi mo r he r to b e incompeten t

t o manag e hi s o r

he r perso n o r hi s o r he r property , th e Member' s executor , administrator , guardian , conservato r o r other lega l representativ e shal l b e entitle dt o th e benefits , an dshal l b e subjec t

t o th e burdens , o f

th e Member' s Membershi p Interest
. ARTICL E X TRANSFE RO F MEMBERSHIP INTERES T 10. 1 Transfer
. Th e Membe r ma y sell , hypothecate , pledge , assig n o r otherwis e voluntarily , durin g th e Member' s lifetim e o r upo n hi s death , transfe

r any part o r al l o f hi s Membershi p Interes t o r Membershi p Right s i n th e Company t o an y othe r perso n onl y with th e advanc e writte n approval ofth e Manager , whic h approval ma y b e grante do r

withhel di n th e sol e an dabsolute discretio n ofth e Manager
. In th e even t th e Membe

r transfer s hi s entir e Membershi p Interest , th e transferee(s ) shal l becom e amembe r withou t an y fiirther action , unles s th e Manager an dth e transfere e agre e otherwise
. ARTICL E X I WITHDRAWAL O F MEMBE R 11, 1 Withdrawal o f

Member
. Th e Membe r

ha s th e powe r

t o withdra w fromth e Company onl y wit h th e writte n approval ofth e Manager
. Th e Member shal l b e deeme dt o hav e withdraw n from th e Compan y i f

an y ofth e event s o f

Involuntar

y Withdrawa

l occur . ARTICL E X n DISSOLUTIO N AN

D TERMINATIO N 12. 1 Event s o f

Dissolution
. Th e Compan y shal l dissolv e upo n th e occurrenc e o f an y o f th e followin g events : (a ) B y th e Member

an dManager' s unanimou s written statemen t o f dissolution ; o r (b ) B y th e entr

y of adecre e o f

judicia l dissolutio n pursuan t t o th e Act
.12. 2 Effec t o f Filin g o f Dissolutio n Statement
. A s soo n a s possibl e followin g th e occurrenc e o f an y ofth e event s specifie di n thi s sectio n whic h effect th e dissolutio n ofth e Company , the Manage r shal l execut e astatemen t

o f inten t t o dissolve
. Upo n executin g astatement o f inten t to dissolve , th e Compan y shal l ceas e t o carr y on it s business , excep t

insofa r a s ma y b e necessat

y fo r th e windin g u p o f

it s business , bu t

it s separate existenc e shal l continu e unti l acertificat e o f cancellatio n ha s bee n filedwit h flie Secretar

y o f Stat e o r unti l adecre e dissolvin g tiie Compan y ha s bee n entere db y acour t o f competen t

jiurisdiction
. 12. 3 Windin g Up
. Liquidatio n an dDistributio n o f Assets
. (a ) Upo n dissolution , a

n accountm g shal l b e mad e b y tiie Company' s independen t accountant s o f th e account s ofth e Compan y an dofth e Company' s assets , liabiUtie s an doperations , fiom tiie date ofth e las t

previou s accountin g unti l th e dat e o f dissolution
. Th e Manage r shall immediately procee dt o win dup tiie affair s o f tiie Company
. (b ) I f th e Compan y i s dissolve dandit s affair s ar e to b e woun dup . th e Membe r shal l (1 ) sel l or otherwis e liquidat e al l ofth e Company' s asset s a s promptl y a s practicabl e (excep t to th e exten

t the y may determin e t o receiv e an y asset s in kind) , (2 ) discharg e al l liabilitie s ofth e Compan y (othe r than liabilitie s t o th e Member) , includm g al l cost s relatin g to th e dissolution , windin g up , an dliquidatio n anddistributio n o f assets , (3 ) establis h suc h reserve s a s reasonabl y ma y b e necessar y t o provid e fo r

contingen t

liabilitie s o f

tiie Company , (4 ) discharg e an y liabilitie s o f

di e Compan y t o th e Membe r

othe r tha n on account

o f hi s interes t

i n Compan y capita

l o r profits , an

d (6 ) disdibut e th e remainin g asset s t o th e Member
. (c ) Upo n completio n ofth e windin g up , liquidatio n an ddistributio n ofth e assets , di e Company shal l b e deeme dterminated
. (d ) Th e Manage r

shal l compl y wit

h any applicabl e requirement s o f applicabl e la

w pertainin g to th e windm g up o f

di e affair s ofth e Company andth e final disttibutio n o f it s assets . 12. 4 Certificat e o f

Cancellation
. Whe n al l debts , liabilitie s an dobligation s hav e been pai dand discharge do r

adequat e provisio n ha s bee n mad e therefo r an dal l ofth e remainin g propert y an d asset s hav e bee n distribute dt o th e Member , aCertificate o f Cancellatio n shal l b e execute dby th e Manage r o r hi s lates t successor , whic h certificate shal l se t fort h th e informatio n require db y th e Act
. 12. 5 Filin g o f

Certificat e o f

Cancellation
. (a ) Th e original Certificat e o f Cancellatio n shal l b e delivere dt o th e Main e Secretar y o f State
. (b ) Upo n th e filing th e Certificat e o f Cancellation , th e existenc e ofth e Compan y shal l cease , excep t fo r th e purpos e o f

suits , othe r

proceeding s an

dappropriat e actio n a s provide di n th e Act
. Th e Manage r

shal l thereafte r

b e atruste e fo

r creditor s ofth e Compan y an da s suc h shal l hav e authority t o distribut e an y Compan y property discovere dafte r dissolution , conve y rea

l estate , an d tak e suc h othe r

actio n a s ma

y b e necessar

y o n behal f

o f an di n th e nam e ofth e Company
. 1 012. 6 ResDonsibilitv
. Upo n dissolution , th e Membe r shal l loo k

solel y to th e asset s o f

tiie Compan y fo

r tiie retu mo f

hi s Capita l Contribution
. Th e windin g u p ofth e affafr s ofth e Compan y an dth e distributio n o f it s asset s shal l b e conducte db y th e Manager wh o i s hereb y authorize dt o tak

e al l action s necessary to accomplis h suc h distribution , including , without limitation , sellin g an

y Compan y asset s h e deem s necessar y o r appropriat e to sell
. ARTICL E Xr a (30VERNIN G LA

W 13. 1 Governin g Law
. I t i s th e inten t

o f th e partie s heret o that

al l question s wit

h respec t t o th e constmctio n o f

tiiis Agreemen t

an dth e rights, duties , obligation s an dliabilitie s ofth e partie s shal l b e determine din accordanc e with th e applicabl e proWsion s ofth e law s ofth e State o f Maine
. ARTICL E XI V MISCELLANEOU S PROVISION S 14. 1 Inurement , Thi s Agreemen t shal l b e bindm g upon , an dinur e t o th e benefi t of , al l partie s hereto , thei r

personal an dlegal representatives , guardians , successors , an dassign s to th e extent , but onl y t o th e extent , tha

t assignmen t

i s provide dfo

r in accordanc e with , andpermitte dby , th e provision s o f

thi s Agreement
. 14. 2 N o Limi t

on Personal Activities
. Nothin g herei n containe dshal l b e constme dt o limi t i n an y maime r

th e Member

o r Manager , o r

thei r respectiv e agents , servants , an demployees , i n carryin g ou t

tiieir separate businesse s o r

activities
. 14. 3 Gende r

an dHeadings
. Throughou t

thi s Agreement , wher e suc h meaning s woul db e appropriate : (a ) tiie masculin e gende r shal l b e deeme dto includ e th e feminin e an dth e neuter

an d vic e versa , an d(b ) th e singula r shal l b e deeme dt o includ e th e plura l an dvic e vers aTh e heading s herei n ar

e inserte donl y a s amatte r o f convenienc e an dreference , andi n n o wa y define o r describ e th e scop e ofth e -Agreemen t o r th e uitent o f an y proxasion s thereo f 14. 4 Severability
. Nothin g containe di n thi s Agreemen t shal l b e constme da s requirin g th e commissio n o f

an y ac t contrary t o law
. I

n th e even t ther e i s an y conflic t

betwee n an y provisio n o f thi s Agreement

andan y statute , law , ordinanc e o r regulatio n contrary t o whic h th e Membe r or th e Compan y hav e n o lega l right t o contract , th e latte r

shal l prevail , bu t

i n suc h even

t th e provision s o f

thi s Agreemen t

thu s affecte dshal l b e curtaile dan dlimite donl y to th e extent necessar y t o confor

mwit h sai drequiremen t

o f law
. In th e even t

tha t an y part , article , section , paragrap h o r

claus e o f thi s Agreemen t

shal l b e hel dto b e indefinite , invalid , o r otherwis e

1 1unenforceable , th e entir e Agreemen t shal l no t fai l on account

thereof , andth e balanc e ofth e Agreemen t shal l continu e in ful

l forc e andeffect
. 14. 6 Membershi p Interest
. Th e Membe r hereb y covenants , acknowledge s andagree s tha t th e Membershi p Interes t

i n th e Compan y shal l fo

r al l purpose s b e deeme dpersonalty andshal l no t b e deeme drealty o

r any interes t

i n th e asset s o r

propert y owne db y th e Company
. 14. 6 Not

Fo r Benefi t o f Creditors
. Th e provision s o f thi s Agreemen t

ar e intende donly fo

r th e regulatio n o f

relation s betwee n th e Membe r an dth e Company
. Thi s Agreemen t i s no t intende d for th e benefi t

o f creditor s an ddoe s no t

grant any rights t o o r

confer an y benefit s on creditor s o r an y other perso n wh o i s no t

aMembe r

o r Manager ofth e Company
. I N WITNES S WHEREOF , tiie sol e Membe r an dManage r

hav e execute dthi s Agreement effectiv e a s o f

cOra^'r^Z
. l
. 2003
. MEMBER : 

# /ll..
. ILA i ANDRE W BEDARD a s custodia n for ADRJAN A LIBERTY , unde r

tiie Main e Unifor

m Transfer s to Minor s Ac t MANAGER : 

# 1iaX^(? , MICHAE L A
. LIBERTY , It s M

i

1 2Exhibi t A Name , Addres s an dTaxpaye r Identificatio n Numbe r

o f Membe r Percentag e Interes t Consideratio n Pai d ANDREW BEDARD a s custodia n fo r ADRIANA LIBERTY , unde r th e Main e Unifor

mTransfer s to Minor s Ac t 100 % Th e custodia

n shal l transfer th e Membershi p Interes t

t o ADRL^N A LIBERT Y , whe n h e reache s th e ag e o f

21
. $100.0 0

1 3• ^ '

^ OPERATIN G AGREEMENT TH E OVARHOLDINGS , LLC

THI S OPERATIN G AGREEMEN T i s made effectiv e a s o f tiie / ^ da

y o f jjf^^ftV?^ , 200 3 b y ANDRE W BEDARD , a s sol e member o f THE OVA

RHOLDINGS , LLC , aMain e limite d liabilit y company (th e "Company")
.

EXPLANATOR

Y STATEMENT Thi s Operatin g Agreement govem s th e relationshi p betwee n th e Company andit s member , pursuant t o th e Main e Limite dLiabilit y Company Act

(th e "Act")
. DEFINITION S Fo r purpose s o f

thi s Operatin g Agreement , andunles s th e contex t clearl y otiierwis e indicates , th e followin g term s shal l hav e th e followin g meanings : "Act " - Main e Limite dLiabilit y Company Act
. a s amende dfromtim e t o time
. ^ ^ "Agreement " - Thi s Operatin g Agreement
. "Code " - Th e Intema

l Revenu e Cod e o f

1986 , a s amended
. "Company " - THE OVARHOLDINGS , LLC , aMain e limite dliabilit y company . "Involuntar

y Withdrawal " - Th e occurrenc e o f an y ofth e followin g events , wit h respec t t o th e Member : (a ) th e makin g o f

a n assignment

fo r th e benefi t

o f creditors ; (b ) th e filing of avoluntar y petitio n o f

bankmptcy ; (c ) th e adjudicatio n a s abankmp t o r insolvent o r th e entr y agains t th e Membe

r o f a n orde r fo r relie f i n an y bankmptc y o r

insolvenc y proceeding ; (d ) an y proceedin g agains t

th e Membe

r seekin g arrangement , composition , readjustment , liquidation , o r simila r relie f under an y statute , law , o r

regulation , continue s fo

r on e hundre dtwent

y (120 ) day s afte

r commencement

thereof , o r th e appointmen t

of atmstee , receiver , o r

liquidato r fo r th e Member

o r al l o r any substantial par

t ofth e Member' s propertie s withou t tiie Member' s agreement

o r acquiescence , whic h appointment i s not vacate do r

staye d ^0 ^ for

one hundre dtwent

y (120 ) day s or , i f

th e appointment

i s stayed , fo

r on e hundre dtwent

y (120 ) day s afte r th e expiratio n ofth e sta

y durin g whic h perio dth e appointment i s no t vacated
.^ 1. 3 Name
. Th e nam e o f tiie Company i s TH

E OVA RHOLDINGS , LLC
. Th e Compan y ma y d o busines s unde

r tha t nam e an dimder

any other name o r name s upo n whic h th e Manage r ma y determine
. I

f th e Compan y doe s busines s unde r aname othe r

than tha t se t fort h i n it s Article s o f Organization , the n th e Compan y shal l file astatement o f intentio n t o d o busines s under a n assume dname a s require db y law
. 1. 4 Principa

l Plac e o f Business
. Th e Compan

y ma y locate it s principal plac e o f busines s and registere doffic e a

t an y plac e o r

place s a s th e Membe

r ma y fromtim e t o time deemadvisable
. 1. 5 Registere dAgent
. Th e registere dagen t fo r th e Compan y i s Marcu s Cleg g & Mistretta , P.A
. andth e busines s addres s ofth e registere dagen t i s 100 Middl e Street , Portland , Main e 04101
. Th e Manager

may , from time t

o time , chang e th e registere dagent o r th e registere doffic e throug h appropriate filings wit h th e Secretar

y o f State
. In th e even t

th e registere dagen

t cease s to ac t a s such fo

r any reaso n o r

th e registere doffic e shal l change , th e Manager shal l promptl y designate areplacement

registere dagen

t o r file anotic e o f

chang e o f

addres s a s th e cas e ma

y be
. 1. 6 Term
. Th e Compan y shal l continu e unti l it i s dissolve din accordanc e wit h either th e provision s o f

thi s Agreemen t

o r th e Act
. 1. 7 Permitte dBusiness
. Th e busines s ofth e Company shal l b e to mak e an y investment s an

d engag e i n any busines s activitie s permitte dby la w whic h th e Manager

ma y choos e an dto engag e i n al l activitie s necessary , customary , convenient , o r inciden t to th e foregoing
. ARTICL E n CONTRIBUTION S 2. 1 hiitial Contributions
. Th e initial capita l contribution s t o th e Company ofth e Membe r shal l b e mad e concurrentl y wit h th e Member' s executio n an ddelivery o f thi s Agreement
. Th e Member' s initia

l capital contributio n i s se t fort h i n Exhibi t A , attache dhereto an dhereb y made a par t o f thi s Agreement
. Th e Membe r shal l no t b e require dto make additional capita l contributions
. 2. 2 Loans
. In th e even t th e capital need s ofth e Company excee dth e capita l contribution s provide db y sectio n 2.1 , th e Membe r may , but shal l no t b e require dto , loa

n additiona

l monie s to (he Company in amount s an do n term s an dcondition s t o b e agree dupo n b y tiie Manage r andth e Member
. Th e Company may als o borro w mone y fo r it s capital need s froman

y thirdpartie s i

n amount s andon term s an dcondition s determine db y tiie Manager
. 2. 3 Interes t

on an dRetu mo f

Capital Contributions
. Th e Membe r shal l no t b e entitle dto interes t o n an y capital contribution , o r

to aretu mo f

an y capital contribution , excep t a s specificall y provide dfo

r herein
. ARTICL E m 

# rPROFi r AN D LOS S 3. 1 Percentage s o f

Membershi p Interest
. Th e percentage s o f Membershi p Interes t

o f the Membe r shal l b e 100%
. 3. 2 Allocatio n o f

Profi t an dLoss
. Al l Profit

an dLos s shal l b e allocate dt o tiie Member
. 3. 3 Liquidatio n andDissolution
. IftheCompan y i s liquidated , th e asset s ofth e Compan y shal l b e distribute dt

o th e Membe r

o r to aSuccessor

o r Successors
.
ARTICL E W DISTRIBUTION S 4. 1 Dish-ibutions
. Cas h distribution s shal l b e mad e i n suc h amount s an da t suc h time s a s ma

y b e determine db y th e Manage r i n it s discretion
. 4. 2 Limitation s o n Distiributions
. N o distiribution shal l b e declare do r pai dunless , afte

r tiie distiibutio n i s made , tiie Company' s asset s excee dtiie Company' s liabilities
. Liabilitie s t o th e r Member

o n account

o f hi s Membershi p Interes t

shal l no t b e aCompan y liabilit

y fo r purpose s o f thi s section
. ARTICL E V RIGHT S AN D DUTIE S O F MEMBER S 5. 1 Management

Rights
. Th e Membe r

shal l no t b e entitle dt o participat e in tiie day-to-da y affair s andmanagement

o f tiie Company , but

instead , tiie Member' s right t o participate wiU

i respec t to matter s relatin g t o th e Compan y shal l b e limite dt o tiiose matter s a s t o whic h tiie expres s term s o f

tiie Act , ttie Article s o f

Organization , o r

tiiis Operatin g Agreement ves t in tiie Member th e right t o s o participate
. 5. 2 Actio n Requirin g Approval o f Member
. Notwitiistandin g an y othe r provisio n o f

thi s Operatin g Agreement , th e approva l ofth e Membe r shal l b e require di n order

to amendtiie Article s o f

Organizatio n in an y manne r tha t materiall y alter s th e preferences , privileges , o r relativ e rights ofth e Member
. 5. 3 Actio n b y Member
. I n exercisin g hi s rights a s provide dabove , th e Member shal l ac t throug h writte n consent s a s provide din thi s Article
. 4>^ 5. 4 Actio n b v Writte n Consent
. Any actio n require do r permitte dt o b e taken b y th e Membe r shal l b e take n b y awritte n consent , signe db y th e Member
. Suc h consen t or consent s shall b efiledi

n th e recor

dboo k ofth e Company
. Actio n take n under thi s Sectio n shal l b e effectiv e whe n r signe db y th e Member , unles s th e consen t or consent s specif

y adifferen

t effectiv e date
. 5. 5 Liabilit

v o f Member
. Th e Membe r

shal l no t b e liabl e a s suc h fo

r th e Company' s liabilities , debt s o r

obligations
. Th e failiu- e b y th e Company t o observ e any formalitie s or requirement s relatin g t o th e exercis e o f it s power s o r

th e management

o f it s busines s o r

affairs under thi s Agreement

o r tiie Ac t shal l no t b e ground s fo

r imposin g personal liabilit y o n the Member
. 5. 6 Indemnification
. Th e Compan y shal l indemnif y th e Member

fo r al l costs , losses , liabilitie s an ddamage s pai db y th e Member in connectio n wit

h th e Company' s business , t o th e fulles t extent provide do r

allowe db y Main e law
. 5. 7 Fiduciar

y Dutie s an dObligations
. Th e Membe r shal l hav e n o fiduciary dutie s o f loyalt y o r otherwis e wit

h respec t t o th e Company
.

ARTICL E V I MANAGER S 6.0 1 Power s o f

Manager
. Excep t

a s expressl y provide dotherwis e i n th e Act , tiie Article s o f Organizatio n o r

thi s Operatin g Agreement , th e power s o f tiie Company shal l b e exercise dby o r under th e authorit

y of , an dth e busines s an daffair s ofth e Company shal l b e manage dby , on e o r mor e Managers
. Th e power s s o exercise dshal l includ e bu t no t b e limite dt o th e following : (a ) Enterin g into , makin g an dperformin g contracts , agreement s an dothe r undertaking s bindin g th e Company tha

t may b e necessary , appropriate o r advisabl e in furtheranc e o f tiie purpose s ofth e Company ; (b ) Openin g an dmaintainm g bank accounts , investment

account s andotiier

arrangements , drawin g check s an dothe r

order s fo r th e payment

o f money , an ddesignatin g individual s witi i autiiorit y t o sig n o r

giv e instmction s wit

h respec t t o thos e account s an darrangements . Company fund s shal l no t

b e commingle dwit

h fund s fromother

source s an dshal l b e use dsolely fo r th e busines s ofth e Company ; (c ) Collectin g fimds du e t o th e Company ; (d ) Acquiring , utilizin g fo r th e Company' s purposes , maintainin g anddisposin g o f an y asset s o f th e Company ; (e ) T o th e exten t

tha t fiinds ofth e Company ar

e availabl e therefor , payin g debt s an d obligation s o f

tiie Company ;

# f ^ ( 0 Borrowin g mone y o r otherwis e committin g th e credi t o f th e Company fo

r Compan y activities , andvoluntaril y prepayin g o r extendin g any suc h bortowings ; (g ) Employin g fromtim e t o tim e persons , firms o r corporation s fo

r th e operatio n an

d management

o f variou s aspect s ofth e Company' s business , including , withou t limitation , managin g agents , contractors , subcontiractors , architects , engineers , laborers , suppliers , accountant s an

dattomey s o n suc h term s andfo r suc h compensatio n a s th e Manager s shal l determine , notwithstandin g th e fact tha t tiie Manager s o r

an y Membe r

ma y hav e afinancial interes t in suc h firms o r

corporations , provide dtha t th e Manager s confor

mto an y applicabl e disclosur e andconsent

requirement s ofth e Act ; (h ) Makin g election s availabl e to th e Company imde r th e Code ; (i ) Obtainin g general liability , propert y an dother insuranc e fo

r th e Company , a s th e Manager s dee mproper ; (j ) Takin g suc h action s a s ma y b e directe db y th e Member i n furtheranc e o f

hi s approva

l o f an y matte r

se t fort h in Sectio n 5.0 2 hereof

; an d (k) Doin g andperformin g al l suc h thing s an dexecuting , acknowledgin g anddeliverin g any andal l suc h instmment s a s may b e i n furtheranc e ofth e Company' s purpose s an dnecessar y an d appropriat e t o th e conduc t o f it s business
. 6.0 2 Election
. Etc
. o f

Managers
. (a ) Th e Membe

r hereb y unanimousl y appoint s MICHAE L A
. LIBERTY a s th e Manage r ofth e Company , t o serv e unti l th e first annual meetin g ofth e Member s an dimti l hi s successo r shal l b e dul y electe dan

dqualified
. (b ) Unles s an dunti l MICHAE L A
. LIBERTY otherwis e agree s i n writing , MICHAE L A
. LIBERTY , o r

suc h Person(s ) who mh e designates , shal l b e tiie onl y Manager ofth e Company
. A t suc h tim e a s MICHAEL A
. LIBERTY , o r hi s successor , resign s i n writing , anddecline s i n writin g t o appoint asuccesso r

Manager , th e Manage

r o r Manager s shal l b e electe db y th e Member accordin g to th e procedur e se t fort h below
. MICHAEL A
. LIBERT Y hereb y appoint s ANDRE W BEDAR

D (th e "Initia l Successo r

Manager" ) to serv e a s Successo r Manage r unles s andunti l designatio n i s revoke di n writin g by MICHAE L A
. LIBERTY
. If

th e Initia l Successo r Manage r i s eithe r unwillin g o r

unabl e to serve , MICHAE L A
. LIBERTY (o r

th e persona

l representativ e ofth e estat e o f MICHAE L A
. LIBERTY , i f applicable ) shal l designate a n altemativ e Initia

l Successo r

Manager
. (c ) If MICHAE L A
. LIBERTY , o r

hi s successor , resign s i n writing , an ddecline s i

n writin g t o appoin t asuccesso r

manager , th e Member

shal l elec t

on e Perso n a s Manager

eac h yea r t o serv e fo r a n annua l ter mandunti l th e successo r

Manage r i s dul y appointe dan dqualified
. I n addition , i f any Perso n resign s o r

otherwis e vacate s th e offic e o f Manager , th e Membe

r shal l appoint

a replacement

Manager to serv e th e remainin g ter mo f suc h office
. Excep t

a s provide di

n subpar t(b) , aPerso n ma y b e remove da s aManager by th e Membe

r wit h o r withou t caus e a t an y time
. Excep t a s provide di n subpar

t (b) , th e Membe

r may , but shal l no t b e require dto , appoint

himsel f Manager
. A Manage

r ma y b e anatural perso n o r

a n Entity
. 6.0 3 Relianc e b v Other

Persons
. Any Perso n dealin g wit h th e Company , other

tiian tiie Member , ma

y rel y o n th e authorit

y ofth e Manage

r in takin g an y actio n in th e nam e ofth e Company , i f

tiie Manage

r provide s t o suc h Perso n acop y ofth e applicabl e provisio n o f thi s Operatin g Agreement

and/o r th e resolutio n o r

writte n consen t

ofth e Manager

o r Membe r grantin g suc h authority , certifie din writin g b y th e Manage r t o b e genuin e an dcorrec t

andno t to hav e bee n revoked , supersede do r otherwis e amended
. 6.0 4 Manager' s Expense s an dFees
. Th e Manager shal l b e entitled , bu t

no t required , t o receiv e areasonabl e fe

e fo r service s rendere do n behal f o f th e Company o r

i n hi s capacit

y a s aManager
. Th e amount

o f suc h fe e shal l b e determine db y tiie Managers
. Th e Compan y shal l reimburs e th e Manage r fo r reasonabl e out-of-pocke t

expense s tha

t wer e o r are incurre db y th e Manage r o n behal f o f th e Company wit

h respec t to th e start-up o r

operatio n ofth e Company , th e on-goin g conduc t ofth e Company' s business , o r th e dissolutio n andwindin g u p ofth e Compan y an dit s business
. 6.0 5 Competitio n Durin g th e existenc e o f tiie Company , tiie Manage r shal l devot

e suc h tim e to th e busines s ofth e Compan y a s may reasonabl y b e require dt o conduc t it s busines s i

n a n efficien t an dprofitabl e manner . Th e Manager , fo r hi s ow n accoun t

an dfo r th e accoun

t o f others , ma y engag e i n busines s venture s whic h ma y compet e wit h th e busines s ofth e Company
. Th e Membe r hereb y expressl y consent s t o th e continue dan dfutur e ownershi p andoperatio n b y th e Manage r o f suc h businesse s an dwaive s an y clai mfo r damage s o r

otherwise , o r

rights to participate therei n o r

wit h respec t t o th e operatio n andprofit s o r losse s thereo f 6.0 6 Indemnificatio n Th e Compan y shal l indemnif y th e Manager , wheUie

r servin g tiie Company or , a

t it s request , an y otiie r

Entity , to th e fiill exten t

permitte db y tiie Act
. Th e foregoin g rights o f

indemnificatio n shal l no t

b e exclusiv e o f

an y othe r ri^ts t o whic h tiie Manage r ma y b e entitled
. Th e Manage r ma y take suc h actio n a s i s necessar y t o carr y out thes e indemnificatio n provision s an dma y adopt , approv e an damen dfiromtim e t o time suc h resolution s o r

contract s implementin g suc h provision s o r suc h fiuther

indenmificatio n arrangement s a s ma

y b e permitte db y law
. 6.0 7 Liabilit

y o f Manager
. Excep t

a s require db y tiie Act
. s o lon g a s th e Manage r act s i n goo d fait h wit h respec t t o th e conduc t

ofth e busines s andaffair s ofth e Company , th e Manage r shal l no t b e liabl e o r

accountabl e t o th e Compan y o r to th e Member , i n damage s o r otherwise , fo

r an y erro r o f judgment , fo

r any mistak e o f

fac t o r o f law , o r fo r an y othe r ac t o r thin g tha t h e ma y d o o r refi-ai n fromdoin g in connectio n wit h th e busines s andaffair s ofth e Company , except fo r willfli l misconduc t

o r gros s negligenc e o r

breac h o f fiduciary duty , andfurthe

r except fo r breache s o f

contractual obligation s o r agreement s betwee n th e Manage r an dthe Company
. 6.0 8 Resignatio n o r

Remova l A perso n o r

entit y ma y teiminat e hi s o r

it s positio n a s Manage

r r a t an y tim e by providin g writte n notic e to th e Membe r o f hi s o r it s resignation
. Upon th e/ 0 ^ removal o r resignatio n o f

tiie Manager , th e Manager shal l b e require dt o sig n a"Statement o f Withdrawal " in accordanc e with th e term s ofth e Act
. Such statemen t shal l b e filedwit

h the Main e Secretar

y o f State
. Th e Membe r

andManage

r agre e tiiat

th e Compan y shal l hav e tiie right t o enforc e thi s provisio n b y a n injunctio n o r

other equitabl e remedy , i f

necessary . An

y Manage r refiisin g to execute sai dstatemen t shal l b e liabl e t o th e Company fo r an y applicabl e lega

l fee s associate dwit

h enforcin g thi s provision
. ARTICL E v n BANKIN G Al l revenue s ofth e Company shal l b e deposite dregularl y i n th e Compan y saving s an dcheckin g account s a t suc h financial institution s a s shal l b e selecte db y th e Manager
. ARTICL E v m ACCOUNTIN G AND RECORD S 8. 1 Records
. Th e Compan y shal l maintai n a t it s principal plac e o f

busines s o r

suc h other plac e a s th e Manager

ma y choose , th e following : (a ) acurrent

lis t ofth e ful l nam e andlast-know n business , residence , o r mailin g addres s ofth e Member , bot

h pas t an dpresent ; (b ) acop y o f

tiie Article s o f

Organizatio n an dal l amendment s thereto , togethe r wit h execute d copie s o f any power s o f

attome y pursuan t

t o whic h an y amendment

ha s bee n executed ; (c ) copie s ofth e Company' s federal , state , an dloca l income tax retum s an dreports , i f any , fo r th e thre e mos t

recent years ; (d ) copie s o f

an y currentl y effectiv e writte n operatin g agreements , copie s o f an y writing s permitte do r

require dunder

th e Act
. an dcopie s o f

an y financial statement s ofth e Compan y fo r th e thre e mos t

recent years ; an d (e ) minute s o f

any member

meetings
. ARTICL

E I X MEMBERSHIP INTERES T AND MEMBERSHIP RIGHT S O F A DECEASED ,

INCOMPETEN T O RDISSOLVE D MEMBE R ( f ^/ ^ ^ I

f aMember

wh o i s a n individual die s o r

acour t o f competent

jurisdictio n adjudge s hi

mo r he r t o b e incompetent

t o manag e hi s o r

he r perso n o r hi s o r he r property , th e Member' s executor , administrator , guardian , conservato r o r othe r lega l representativ e shal l b e entitle dto th e benefits , an dshal l b e subjec t

t o tiie burdens , ofth e Member' s Membershi p Interest
.

ARTICL E X TRANSFE RO F MEMBERSHIP INTERES T 10. 1 Transfer
. Th e Member may sell , hypotiiecate , pledge , assig n o r otherwis e voluntarily , durin g th e Member' s lifetim e o r upo n hi s death , transfer

an y par t o r al l o f hi s Membership Interes t o r Membershi p Right s i n th e Company to any other perso n onl y wit

h th e advanc e written approva l ofth e Manager , whic h approval ma y b e grante do r

withhel din th e sol e andabsolute discretio n ofth e Manager
. I n th e even t

th e Membe

r ti-ansfers hi s entir e Membership Interest , tiie transferee(s ) shal l becom e amembe r withou t any furthe

r action , unles s th e Manage r andth e transfere e agre e otherwise
. ARTICL E X I WITHDRAWAL O F MEMBER 11. 1 Withdrawa

l o f Member
. Th e Member

ha s th e power

t o withdra w from tiie Compan y onl y wit h th e writte n approva

l ofth e Manager
. Th e Member shal l b e deeme dt

o hav e withdraw n fiiom th e Company i f

any ofth e event s o f

Involuntar

y Withdrawa

l occur . ARTICL E XII DISSOLUTIO N AND TERMINATIO N 12. 1 Event s o f

Dissolution
. Th e Compan y shal l dissolv e upo n th e occurrenc e o f an y ofth e followin g events : (a ) B y th e Membe

r andManager' s unanimou s writte n statemen t o f dissolution ; o r (b ) B y tiie entr

y of adecre e o f

judicia l dissolutio n pursuan t to th e Act
. 12. 2 Effec

t o f Filin g o f Dissolutio n Statement
. A s soo n a s possibl e followin g th e occurrenc e o f any ofth e event s specifie din thi s sectio n whic h effect th e dissolutio n ofth e Company , the Manage r shal l execut e astatemen t

o f inten t to dissolve
. Upo n executin g astatement o f inten t to dissolve , th e Company shal l ceas e to carr y on it s business , excep t

insofa r a s ma y b e necessar

y fo r th e windin g u

p o f it s business , bu t

it s separat e existenc e shal l continu e unti l acertificat e o f/s»

> cancellatio n ha s been filedwit h th e Secretar

y o f State o r unti l adecre e dissolvin g tiie Company ha s bee n entere db y acour t o f competen t

jurisdiction
. 12. 3 Windin g Up
. Liquidatio n an dDistiribution o f Assets
. (a) Upo n dissolution , a

n accountin g shal l b e made b y th e Company' s independent accountant s o f th e account s ofth e Compan y an dofth e Company' s assets , liabilitie s an doperations , fromth e date ofth e las t

previou s accountin g unti l th e dat e o f dissolution
. Th e Manager shal l inunediatel y procee dt o win du p th e affair s ofth e Company
. (b ) I f th e Company i s dissolve dan dit s affair s ar e to b e woun dup . th e Member shal l (1 ) sel l or otherwis e liquidat e all ofth e Company' s asset s a s promptl y a s practicabl e (excep t t o th e extent the y may determin e to receiv e an y asset s i n kind) , (2 ) discharg e al l liabilitie s ofth e Compan y (other tha n liabilitie s to th e Member) , includin g all cost s relatin g t o th e dissolution , windin g up , an dliquidatio n an ddistributio n o f assets , (3 ) establis h suc h reserve s a s reasonabl y ma y b e necessar y to provid e fo

r contingen t

liabilitie s ofth e Company , (4 ) discharg e an y liabilitie s ofth e Company to th e Membe r

othe r than o n accoun t

o f hi s interes t

i n Compan y capital o r

profits , an

d (6 ) distiibut e th e remainin g asset s t o th e Member
. (c ) Upo n completio n ofth e windin g up , liquidatio n an ddistributio n ofth e assets , th e Compan y shal l b e deeme dterminated
. f (d ) Th e Manager

shal l compl y wit

h an y applicabl e requirement s o f applicabl e la

w pertainin g t

o th e windin g u p ofth e affair s ofth e Company andth e final distributio n o f it s assets . 12. 4 Certificate o f

Cancellation
. Whe n al l debts , liabilitie s an dobligation s hav e been pai dand discharge do r

adequate provisio n ha s bee n mad e tiierefor an dal l ofth e remainin g propert y and asset s hav e bee n distribute dt o th e Member , aCertificat e o f Cancellatio n shal l b e execute db y th e Manage r o r hi s lates t successor , whic h certificate shal l set fort h th e informatio n require db y th e Act
. 12. 5 Filin g o f

Certificate o f

Cancellation
. (a) Th e original Certificate o f Cancellatio n shal l b e delivere dt o th e Main e Secretar y o f State
. (b ) Upo n th e filing th e Certificat e o f Cancellation , th e existenc e ofth e Company shal l cease , excep t fo r th e purpos e o f

suits , othe r

proceeding s an dappropriate actio n a s provide din th e Act , Th e Manager

shal l thereafter

b e atmste e fo

r creditor s ofth e Compan y an da s such shal l hav e authorit y t o distribut e any Compan y propert y discovere dafte

r dissolution , convey rea

l estate , an d take suc h other

actio n a s may b e necessar y on behal f

o f andi n th e nam e ofth e Company
. 12. 6 Responsibility
. Upo n dissolution , th e Membe r shal l loo k solel y to th e asset s ofth e Company fo

r th e retu mo f

hi s Capita l Contribution
. Th e windin g u p ofth e affairs ofth e Company andth e distributio n o f it s asset s shal l b e conducte db y th e Manage r wh o i s hereb y

1 0^ ^ authorize dt o take al l action s necessar

y to accomplis h suc h distiibution , including , withou t ^ limitation , sellin g an y Compan y asset s h e deem s necessar y o r appropriat e t o sell
. ARTICL E X m GOVERNING LA

W 13. 1 Governin g Law
. I

t i s th e intent

o f th e partie s heret o tha

t al l question s wit

h respec t to th e constmctio n o f

thi s Agreemen t

an dth e rights, duties , obligation s an dliabilitie s ofth e partie s shal l b e determine di n accordanc e wit h th e applicabl e provision s ofth e law s ofth e State o f Maine
. ARTICL E XI V MISCELLANEOU S PROVISION S 14. 1 Inurement
. Thi s Agreemen t shal l b e bindin g upon , andinur e t o th e benefit of , al l partie s hereto , Uiei

r persona l an dlegal representatives , guardians , successors , andassign s t o th e extent , bu t onl y to th e extent , tha

t assignmen t

i s provide dfo

r i n accordanc e with , an dpermitte dby , th e provision s o f

thi s Agreement
. 14. 2 N o Limi

t o n Personal Activities
. Nothin g herei n containe dshal l b e constiiie dto limi t i n an y manner th e Membe

r o r Manager , o r

tiieir respectiv e agents , servants , andemployees , in carryin g ou t

their separat e businesse s o r

activities
. 14. 3 Gende

r an dHeadings
. Throughou t

thi s Agreement , wher e suc h meaning s woul db e appropriate : (a) th e masculin e gende r shal l b e deeme dt o includ e th e feminin e andth e neuter an d vic e versa , an

d(b ) th e singula

r shal l b e deeme dto includ e th e plural an dvic e versa . Th e heading s herei n ar

e inserte donl y a s amatter o f convenienc e an dreference , an din n o wa y defin e o r describ e th e scop e ofth e Agreemen t o r th e intent o f any provision s thereo f 14. 4 Severability
. Nothin g containe din thi s Agreemen t shal l b e constme da s requirin g th e commissio n o f

an y ac t contrary t o law
. I

n th e event

there i s an y conflic t

betwee n an

y provisio n o f thi s Agreemen

t andan y statute , law , ordinanc e o r regulatio n contrar

y to whic h th e Membe

r o r th e Company hav e n o lega l right t o contract , th e latter

shal l prevail , bu t

in suc h even

t th e provision s o f

thi s Agreemen t

thu s affectedshal l b e curtaile dan dlimite donl y to th e extent necessar y t o confor mwit h sai drequirement

o f law
. I n th e even t

tha t an y part , article , section , paragrap h o r

claus e o f thi s Agreemen t

shal l b e hel dto b e indefinite , invalid , o r otherwis e unenforceable , the entir e Agreemen t shal l no t fai l on account

thereof , andth e balanc e ofth e Agreemen t shal l continu e in ful

l forc e andeffect
.
jfl^ ^

1 114. 6 Membership Interest
. Th e Member hereb y covenants , acknowledge s andagree s tha t th e Membership Interes t

in th e Company shal l fo

r all purpose s b e deeme dpersonalty an dshal l no t b e deeme drealt

y o r an y interes t in th e asset s o r

propert y owne db y th e Company
. 14. 6 No t

For Benefi t o f Creditors
. Th e provision s o f thi s Agreement

ar e intende donly fo

r th e regulatio n o f

relation s betwee n th e Membe r andth e Company
. Thi s Agreement i s no t intende d fo r th e benefi t

o f creditor s an ddoe s no t

grant any rights to o r

confer an y benefit s o n creditor s o r any other perso n wh o i s no t

aMember

o r Manage r ofth e Company
. I N WITNES S WHEREOF , th e sol e Membe r an dManager

hav e execute dthi s Agreemen t effectiv e a s o f

acrpStI L L ' 2003
. MEMBER : ANDRE W BEbAR D
MANAGER : MICHAE L A
. LIBERTY
. I t

1 2Exhibi t A Name , Addres s an dTaxpaye r Identificatio n Numbe r

o f Membe r Percentag e Interes t Consideratio n Pai d ANDRE W BEDAR

D 100 % $100.0 0

1 3

# f ^ OPERATIN G AGREEMENT TH E COWBO Y HOLDINGS , LL C

THI S OPERATIN G AGREEMEN T i s mad e effectiv e a s ofth e Arda y o f Q^VP^ ^ . 200 3 b y ANDRE W BEDAR

D a s custodian fo

r GEORG E LIBERTY , unde r

tiie Main e Unifor

mTransfer s t o Minor s Act , a s sol e membe r o f TH E COWBO Y HOLDINGS , LLC
. aMain e limite dliabilit y company (th e "Company")
. EXPLANATORY STATEMENT Thi s Operatin g Agreemen t govem s th e relationshi p betwee n th e Compan y an dit s member , pursuant t o th e Main e Limite dLiabilit y Company Ac t

(th e "Act")
. DEFINITION S Fo r purpose s o f

thi s Operatin g Agreement , andunles s th e contex t clearl y otherwis e indicates , th e followin g term s shal l hav e th e followin g meanings : "Act " - Main e Limite dLiability Compan y Act , a s amende dfromtim e t o time
. "Agreemenf

' - Thi s Operatin g Agreement
. "Code " - Th e Intemal Revenu e Cod e o f 1986 , a s amended
. "Company " - TH E COWBO Y HOLDINGS , LLC , aMain e limite dliability company . "Involimtar

y Withdrawal " - Th e occurrenc e o f an y ofth e followin g events , wit h respec t t o th e Member : (a ) th e makin g o f

a n assignmen t

fo r tiie benefi t

o f creditors ; (b ) th e filing o f

avoluntary petitio n o f

bankmptcy ; (c ) th e adjudicatio n a s abankmp t o r insolvent o r th e entry agains t

th e Member

o f a n orde r fo r relie f i n any bankmptc y o r

insolvenc y proceeding ; (d ) any proceedin g agains t th e Membe

r seekin g arrangement , composition , readjustment , liquidation , o r simila r relie f under any statute , law , o r

regulation , continue s fo

r on e hundre dtwent

y (120 ) day s afte

r commencemen t

thereof , o r th e appointmen t

o f atrustee , receiver , o r

liquidato r fo r th e Membe r

o r al l o r an y substantial part

ofth e Member' s propertie s without th e Member' s agreemen t

o r acquiescence , whic h appointmen t i s no t vacate dor

staye dfo

r on e hundre dtwenty (120 ) day s or , i f tiie appointinen t

i s stayed , fo

r on e hundre dtwenty (120 ) day s afte r th e expiratio n ofth e sta

y durin g whic h perio dth e appointinen t i s no t vacated
. "Manager " - amanage r

ofth e Company , whos e rights, power s an ddutie s ar e specifie din Articl e VI
. "Member " - ANDRE

W BEDARD a s custodian fo r GEORGE LIBERTY , unde r tiie Main e Unifor mTransfer s t o Minor s Act , a s tiie sol e initial Membe r ofth e Company , an dan y otiier perso n o r person s wh o may subsequentl y b e designate da s aMembe r o f tiiis Compan y pursuan t to th e furthe

r term s o f thi s Agreement
. "Membershi p Interest " - Th e rights of aMember i n distiibution s an dallocation s o f profits , losses , gains , deduction s an dcredits
. "Membership Rights " - Th e rights of aMember , whic h are comprise dof : (1 ) hi s o r

he r Membership Interest , an d(2 ) hi s o r he r right t o vote andt o otherwis e participat e i n th e management

an dgovemanc e ofth e Company
. "Persons " - Individuals , partaerships , corporations , limite dliabilit y companies , unincorporate d associations , tmsts , estate s an dan y othe r typ e o f entity
. "Profit " and"Loss " - Th e Company' s taxabl e income o r los s determine di n accordanc e wit h th e Code fo r eac h taxabl e yea

r (o r othe r perio dfo r whic h Profi t

o r Los s mus t

b e computed)
. "Successor " - Al l Person s t o who mal l o r any par t of aMembershi p Interes t i s transferre deither becaus e o f

(a ) th e sal e o r

gif t b y th e Member

o f al l o r an y par t o f hi s o r he r Membershi p Interest ; (b ) a n assignment

ofth e Member' s Membershi p Interest ; o r (c ) du e t o th e Member' s Involuntar y Withdrawal
. ARTICL E I FORMATIO N 1. 1 Organization
. Th e Membe r acknowledge s th e formatio n o f th e Compan y a s aMain e limite dliabilit

y compan y pursuan t

t o th e provision s ofth e Act
. 1.2 Agreement
. Fo r

an di n consideratio n o f

th e mutual covenant s herei n containe dan dfo r other goo dan dvaluabl e consideration , th e receip t an dsufficienc y o f

whic h i s hereb y acknowledged , th e Membe r agree s t o th e term s andcondition s o f thi s Agreement , a s it

may fro m time t o time b e amende daccordin g to it s terms . Excep t t o th e exten t

aprovisio n ofth e Agreemen t expressl y incorporate s federa l income ta

x mle s b y referenc e t o section s ofth e Code or Regulation s o r

i s prohibite do r

ineffectiv e under

th e Act , th e Agreemen t

shal l govem , even ^^^^ ^ whe n inconsisten t

with , o r different from, th e provision s ofth e Ac t o r an y othe r la w o r mle
. T o f ^ th e extent

an y provisio n o f

thi s Agreemen t

i s prohibite do r

ineffectiv e unde r

th e Act , th e

# r Agreemen t shal l b e considere damende dt o tiie smalles t degre e possibl e i n orde r

t o make tiie Agreemen t effectiv e unde r

th e Act
. 1. 3 Name
. Th e nam e o f tiie Company i s THE COWBO Y HOLDINGS , LLC
. Th e Compan y ma y d o busines s unde r

that nam e an dimde

r an y other nam e o r name s upo n whic h th e Manager ma y determine
. I f

th e Compan y doe s busines s under anam e othe r

tha n tha t se t fort h i n it s Article s o f

Organization , the n th e Company shal l file astatemen t o f intentio n t o d o busines s unde r a n assume dnam e a s require db y law
. 1. 4 Principa

l Plac e o f Business
. Th e Compan

y ma y locate it s principa l plac e o f busines s and registere doffic e a

t an y plac e o r

place s a s th e Membe

r may from time t o time dee madvisable
. 1. 5 Registere dAgent
. Th e registere dagent fo r th e Compan y i s Marcu s Cleg g & Mistretta , P.A
. andtiie busines s addres s o f tiie registere dagen

t i s 100 Middl e Street , Portland , Main e 04101
. Th e Manager

may , firomtim e t o time , chang e tiie registere dagen t o r th e registere doffic e throug h appropriate filings with th e Secretar y o f State
. In th e even t

th e registere dagen t

cease s t o act a s suc h fo r an y reaso n o r

th e registere doffic e shal l change , th e Manage r shal l prompti y designate areplacemen t

registere dagent

o r file anotic e o f

chang e o f

addres s a s th e cas e ma

y be
. 1. 6 Term
. Th e Compan y shal l continu e unti l it i s dissolve di n accordanc e wit h eithe r th e provision s o f

thi s Agreemen t

o r th e Act
. 4F ^ 1.

7 Permitte dBusiness
. Th e busines s ofth e Company shal l b e t o mak e an y investment s an d engag e in an

y busines s activitie s permitte db y la w whic h th e Manage r

may choos e an dt o engag e in all activitie s necessary , customary , convenient , o r inciden t t o th e foregoing
. ARTICL E n CONTRIBUTION S 2. 1 Initia

l Contributions
. Th e initial capital contribution s t o th e Compan y ofth e Member shal l b e mad e concurrenti y with th e Member' s executio n an ddelivery o f thi s Agreement
. Th e Member' s initial capital contributio n i s set fort h i n Exhibi t

A , attache dheret o an dhereb y mad e a par t o f thi s Agreement
. Th e Membe r shal l no t b e require dt o mak e additiona l capital conttibutions
. 2. 2 Loans
. In th e even t th e capital need s ofth e Compan y excee dth e capita l contribution s provide db y sectio n 2.1 , th e Membe r may , bu t shal l no t b e require dto , loan additional monie s t o tiie Compan

y i n amount s an do n term s an dcondition s t o b e agree dupo n b y th e Manager an dth e Member
. Th e Compan y may als o borro w mone y fo r it s capital need s froman y thir dpartie s in amount s an do n term s an dcondition s determine db y th e Manager
.2. 3 hiteres t o n an dRetu mo f

Capital Conttibutions
. Th e Membe r shal l no t b e entitie dto interes t on an y capital contribution , o r

to aretu mo f

an y capital contribution , excep t a s specifically provide dfo

r herein
. ARTICL E m PROFI T AN

D LOS S 3. 1 Percentage s o f

Membershi p Interest
. Th e percentage s ofMembershi p hiteres t ofth e Member shal l b e 100%
. Th e custodian shal l transfe r th e Membershi p Interes t

t o GEORGE LIBERTY when h e reache s tiie ag e o f 21
. 3. 2 Allocatio n o f

Profi t an dLoss
. Al l Profi t

andLos s shal l b e allocate dt o th e Member
. 3. 3 Liquidatio n an dDissolution
. IftheCompan y i s liquidated , th e asset s ofth e Company shal l b e distribute dt o th e Membe r o r t o aSuccesso r

o r Successors
.
ARTICL E IV DISTRIBUTION S 4. 1 Distiibutions
. Cas h distiibution s shal l b e mad e i n suc h amount s an da t suc h times a s ma

y b e determine db y th e Manage r i n it s discretion
. 4. 2 Limitation s o n Distributions
. N o distiibutio n shal l b e declare do r pai dunless , afte

r tiie distributio n i s made , th e Company' s asset s excee dth e Company' s liabilities
. Liabilitie s t o th e Membe r on account

o f hi s Membershi p Interes t

shal l no t b e aCompan y liability fo r purpose s o f thi s section
. ARTICL E V RIGHT S AND DUTIE S O F MEMBER S 5. 1 Management

Rights
. Th e Member

shal l no t b e entitle dt o participat e i n tiie day-to-da y affair s an dmanagement

ofth e Company , bu t

instead , th e Member' s right t o participat e wit

h respec t t o matter s relatin g t o th e Company shal l b e limite dt o thos e matter s a s t o whic h th e expres s term s o f

tiie Act , tiie Article s o f

Organization , o r

tiiis Operatin g Agreemen t ves t i n tiie Membe r th e right t o s o participate
. 5. 2 Actio n Requkin g Approva l o f Member
. Notwithstandin g an y othe r provisio n o f

thi s Operatin g Agreement , th e approva l ofth e Membe r shal l b e require di n orde r t o amen dth e Article s o f

Organizatio n i n an y manne r tha t materiall y alter s th e preferences , privileges , o r f ^ relativ e rights o f

th e Member
. 

# r\5. 3 Actio n b v Member , h i exercisin g hi s rights a s provide dabove , th e Membe r shal l ac t throug h writte n consent s a s provide din thi s Article
. 5. 4 Actio n b v Writte n Consent
. Any actio n require do r permitte dt o b e take n b y th e Member shal l b e taken b y awritte n consent , signe db y th e Member
. Suc h consen t o r consent s shal l b e filedin th e recordboo k

ofth e Company
. Actio n take n under thi s Sectio n shal l b e effectiv e whe n signe db y th e Member , unles s th e consent o r consent s specif

y adifferent

effectiv e date
. 5. 5 Liabilit

y o f Member
. Th e Member

shal l no t b e liabl e a s suc h for

tiie Company' s liabilities , debt s o r

obligations
. Th e failur

e b y th e Company t o observ e an y formalitie s o r requirement s relatin g t o th e exercis e o f it s power s o r

th e management

o f it s busines s o r

affair s under thi s Agreement

o r th e Ac t shal l no t b e ground s fo

r imposin g persona l liability o n th e Member
. 5. 6 Indemnification
. Th e Compan y shal l indemnif y th e Membe r

for al l costs , losses , liabilitie s an

ddamage s pai db y th e Member i n connectio n with th e Company' s business , t o th e fulles t exten t provide do r

allowe db y Main e law
. 5. 7 Fiduciar

y Dutie s an dObligations
. Th e Member shal l hav e n o fiduciary dutie s o f loyalt y o r otherwis e wit

h respec t t o th e Company
.

ARTICL E V I MANAGER S 6.0 1 Power s o f

Manager
. Excep t

a s expressl y provide dotherwis e i n th e Act , th e Article s o f Organizatio n o r

thi s Operatin g Agreement , th e power s ofth e Compan y shal l b e exercise db y o r unde r th e authorit

y of , an dth e busines s an daffair s ofth e Compan y shal l b e manage dby , on e o r more Managers
. Th e power s s o exercise dshal l mclud e bu t no t b e limite dt o th e following : (a) Enterin g into , makin g an dperformin g conb'acts , agreement s an dothe r undertaking s bindin g th e Company that

ma y b e necessary , appropriate o r advisabl e i n fiirtherance ofth e purpose s ofth e Company ; (b ) Openin g andmaintainin g ban k accounts , investmen t

account s an dothe r

arrangements , drawin g check s an dothe r

order s fo r th e payment

o f money , an ddesignatin g individual s wit h authorit y to sig n o r

giv e instmction s wit

h respec t t o thos e account s an darrangements . Compan y ftinds shal l no t

b e commingle dwit

h fund s fromothe r

source s an dshal l b e use dsolel y fo r th e busines s ofth e Company ; (c ) Collectin g fund s du e to th e Company ;

# r (d ) Acquiring , utilizin g for th e Company' s purposes , maintainin g an ddisposin g o f an y asset s ofth e Company ; (e ) T o tiie exten t

tiiat fund s o f th e Company ar

e availabl e tiierefor, payin g debt s an d obligation s ofth e Company ; (f ) Borrowin g mone y o r otherwis e committin g th e credi t o f th e Compan y fo

r Compan y activities , andvoluntaril y prepayin g o r extendin g any suc h borrowings ; (g ) Employin g from time t o time persons , firms o r corporation s fo

r th e operatio n and management

o f variou s aspect s ofth e Company' s business , including , withou t limitation , managin g agents , contractors , subcontractors , architects , engineers , laborers , suppliers , accountant s andattomey s o n suc h term s an dfo r suc h compensatio n a s th e Manager s shal l determine , notwithstandin g th e fac t tha t tiie Manager s o r

an y Membe r

may hav e afinancial interes t i n suc h firms O

r corporations , provide dtha t th e Manager s confor

mt o an y applicabl e disclosure an dconsen t

requirement s ofth e Act ; (h ) Makin g election s availabl e t o th e Compan y under th e Code ; (i ) Obtainin g general liability , propert y andother

insuranc e fo

r th e Company , a s th e Manager s dee mproper ; (j ) Takin g suc h action s a s ma y b e directe db y th e Membe r i n fiutherance o f

hi s approva

l o f an y matter set fort h i n Sectio n 5.0 2 hereof

; an d (k) Doin g an dperformin g al l suc h thing s andexecuting , acknowledgin g an ddeliverin g any andal l suc h instrument s a s may b e in fiurtiierance ofth e Company' s purpose s an dnecessar y and appropriate t o th e conduc t

o f it s business
. 6.0 2 Election
. Etc
. o f

Managers
. (a) Th e Member

hereb y unanimousl y appoint s MICHAEL A
. LIBERT Y a s th e Manage r o f tfie Company , t

o serv e unti l th e first

annual meetin g ofth e Member s an dunti l hi s successo r shal l b e dul y electe dan dqualified
. (b ) Unles s an dunti l MICHAE L A
. LIBERTY otiierwis e agree s i n writing , MICHAEL A
. LIBERTY , o r

suc h Person(s ) who mh e designates , shal l b e th e onl y Manage r o f tiie Company
. A t suc h tim e a s MICHAE L A
. LIBERTY , o r hi s successor , resign s i n writing , an ddecline s in writin g t o appoint

asuccesso r

Manager , th e Manager

o r Manager s shal l b e electe db y th e Membe r accordin g t o th e procedur e se t fort h below
. MICHAEL A
. LIBERT Y hereb y appoint s ANDRE W BEDAR

D (th e "Initia l Successo r

Manager" ) t o serv e a s Successo r Manager unles s an dunti l designatio n i s revoke di n writin g b y MICHAE L A
. LIBERTY
. I f

th e Initial Successo r Manager i s eitiier unwillin g o r

unabl e t o serve , MICHAEL A
. LIBERT Y (o r th e personal representativ e ofth e estat e o f MICHAEL A
. LIBERTY , i f applicable ) shal l designat e a n altemativ e Initial Successo r Manager
.(c ) I f

MICHAE L A
. LIBERTY , o r

hi s successor , resign s i n writing , an ddecline s i n writin g t o appoin t asuccesso r

manager , th e Member

shal l elec t

on e Perso n a s Manage r

eac h yea r t o serv e fo r a n annua l ter man dunti l th e successo r

Manage r i s dul y appointe dan dqualified
. In addition , i f any Perso n resign s o r

otherwis e vacate s th e offic e o f Manager , th e Membe r

shal l appoin t

a replacement

Manager t o serv e th e remainin g ter mo f suc h office
. Excep t

a s provide di n subpar

t (b) , aPerso n ma

y b e remove da s aManage r b y th e Member

wit h o r witiiou t caus e a t an y time
. Excep t a s provide di n subpart

(b) , th e Membe

r may , bu t shal l no t b e require dto , appoint

himsel f Manager
. A Manager

may b e anatural perso n o r a n Entity
. 6.0 3 Relianc e b v Othe r

Persons
. Any Perso n dealin g wit h th e Company , othe r

than th e Member , ma

y rel y o n th e authority ofth e Manage r i n takin g an y actio n i n th e nam e ofth e Company , i f

th e Manage r

provide s t o suc h Perso n acop y ofth e applicabl e provisio n o f thi s Operatin g Agreement

and/o r th e resolutio n o r

writte n consent

ofth e Manage r

o r Member grantin g suc h authority , certifie di n writin g b y tiie Manage r t o b e genuin e an dcorrec t andno t to hav e bee n revoked , supersede do r otherwis e amended
. 6.04 Manager' s Expense s an dFees
. Th e Manage r shal l b e entitled , bu t

no t required , t o receiv e areasonabl e fe

e fo r service s rendere do n behal f o f th e Company o r

i n hi s capacity a s aManager
. Th e amount

o f suc h fe e shal l b e determine db y th e Managers
. Th e Compan y shal l reimburs e th e Manage r fo r reasonabl e out-of-pocke t

expense s tha

t wer e o r ar e incurre db y th e Manager o n behal f o f tiie Compan y wit

h respec t t o th e start-up o r

operatio n ofth e Company , th e on-goin g conduc t ofth e Company' s business , o r th e dissolutio n an dwindin g u p ofth e Compan y an dit s business
. 6.0 5 Competition
. Durin g th e existenc e o f tiie Company , th e Manage r shal l devote suc h time t o th e busines s ofth e Compan y a s ma y reasonabl y b e require dt o conduc t it s busines s i

n a n efficien t andprofitabl e manner . Th e Manager , fo r hi s ow n accoun t

an dfo r th e account

o f others , ma y engag e i n busines s venture s whic h ma y compete wit

h th e busines s ofth e Company
. Th e Membe r hereb y expressl y consent s t o th e continue dan dfutur e ownershi p an doperatio n b y th e Manage r o f suc h businesse s an dwaive s an y clai mfo r damage s o r

otherwise , o r

rights to participate therei n o r

with respec t

t o th e operatio n an dprofit s o r losse s thereo f 6.0 6 hidemnificatio aTh e Compan y shal l indemnif y ttie Manager , whethe r

servin g tiie Compan y or , a t it s request , an y otiier

Entity , t o th e ful

l exten t permitte db y th e Act
. Th e foregoing rights o f

indemnificatio n shal l no t

b e exclusiv e o f

an y othe r rights t o whic h th e Manage r ma y b e entitled
. Th e Manager ma y tak e suc h actio n a s i s necessary t o can y ou t thes e indemnificatio n provision s an dmay adopt , approv e an damen dfromtim e t o time suc h resolution s o r

contract s implementin g suc h provision s o r suc h furthe

r indemnificatio n arrangement s a s ma

y b e permitte db y law
. 6.07 Liabilit

y o f Manager
. Excep t

a s require db y th e Act , s o lon g a s th e Manage r act s in goo d fait h wit h respec t t o th e conduc t

ofth e busines s an

daffair s o f

tiie Company , th e Manager shal l no t b e liabl e o r

accountabl e t o th e Company o r t o th e Member , i n damage s o r otiierwise , fo

r any ^ error

o f judgment , for

an y mistak e o f

fac t or o f law , o r fo r an y othe r ac t o r thin g tha t h e ma y d oo r

refrain fromdoin g in connectio n wit h th e busines s an daffair s ofth e Company , excep t fo r willful misconduc t

o r gros s negligenc e o r

breach o f fiduciary duty , an dfurthe

r excep t fo r breache s o f

conh-acttia

l obligation s o r

agreement s betwee n th e Manage r an dth e Company
. 6.0 8 Resignatio n o r

Removal
. A perso n o r

entit y ma y terminat e hi s o r

it s positio n a s Manager a t any time b y providin g writte n notic e to tfie Membe r o f hi s o r it s resignation
. Upo n tfie remova l o r resignatio n ofth e Manager , th e Manage r shal l b e require dt o sig n a"Statemen t o f Withdrawal " i n accordanc e with th e term s ofth e Act
. Suc h statemen t shal l b e filed wit

h th e Main e Secretar

y o f State
. Th e Membe r

andManage

r agre e tiiat

th e Compan y shal l hav e th e right t o enforc e thi s provisio n b y an injunctio n o r other equitabl e remedy , i f

necessaiy
. An y Manage

r refusin g to execute sai dstatemen t shal l b e liabl e to th e Company fo r an y applicabl e lega

l fee s associate dwit

h enforcin g thi s provision
. ARTICL E v n BANKIN G All revenue s ofth e Compan y shal l b e deposite dregularl y in th e Compan y saving s an dcheckin g account s a t suc h financial institution s a s shal l b e selecte db y th e Manager
. ARTICL E v m ACCOUNTE^ G AN

D RECORD S 8. 1 Records
. Th e Compan y shal l maintai n a t it s principal plac e ofbusines s o r suc h othe r plac e a s th e Manage r

may choose , th e following : (a ) acurrent

lis t ofth e ful l nam e andlast-know n business , residence , o r mailin g addres s ofth e Member , bot

h pas t an dpresent ; (b ) acop y o f

tiie Article s o f

Organizatio n an

dal l amendment s thereto , togethe r witf i execute d copie s o f any power s o f

attome y pursuan t

to whic h any amendmen t

ha s bee n executed ; (c ) copie s ofth e Company' s federal , state , andloca l income ta

x return s an dreports , i f

any , fo r tiie thre e mos t

recen t years ; (d ) copie s o f

any currentl y effectiv e writte n operatin g agreements , copie s o f an y writing s permitte do r

require dunde r

th e Act , an dcopie s o f

an y financial statement s ofth e Company fo r tiie thre e mos t

recent years ; an d (e ) minute s o f

an y membe r

meetings
.ARTICL E D C MEMBERSHn

> D>JTERES

T AND MEMBERSHf

f RIGHT S O F A DECEASED , INCOMPETEN T ORDISSOLVED MEMBE R I f aMembe r wh o i s a n individual die s o r

acour t o f competen t

jurisdictio n adjudge s hi mo r her t o b e incompetent

t o manag e hi s o r

he r perso n or hi s o r her property , tiie Member' s executor , administiator , guardian , conservato r o r other lega l representativ e shal l b e entitie dt o th e benefits , andshal l b e subjec t

t o th e burdens , ofth e Member' s Membershi p Interest
.

ARTICL E X TRANSFE RO F MEMBERSHf f INTERES T 10. 1 Transfer
. Th e Membe r ma y sell , hypothecate , pledge , assig n o r otherwis e voluntarily , durin g th e Member' s lifetim e o r upo n hi s death , transfe

r an y part o r al l o f hi s Membershi p Interes t o r Membershi p Right s i n th e Company to any other perso n onl y with th e advanc e writte n approval ofth e Manager , whic h approval ma y b e grante do r

withhel di n th e sol e an dabsolut e discretio n ofth e Manager
. I n th e even t th e Membe

r transfer s hi s entir e Membershi p Interest , th e transferee(s ) shal l becom e amembe r withou t an y fiirther action , unles s th e Manage r andth e transfere e agre e otherwise
. ARTICL E X I WITHDRAWAL O F MEMBER 11. 1 Withdrawa

l o f Member
. Th e Member

ha s th e power

to withdra w fromth e Company onl y wit h th e writte n approval ofth e Manager
. Th e Membe r shal l b e deeme dt o hav e withdraw n from th e Company i f

any ofth e event s o f

Involuntar

y Withdrawa

l occur . ARTICL E x n DISSOLUTIO N AND TERMINATIO N 12. 1 Event s o f

Dissolution
. Th e Company shal l dissolv e upo n th e occmrenc e o f an y o f th e followin g events : (a) B y th e Member

an dManager' s unanimou s writte n statemen t o f dissolution ; o r (b ) B y th e entr

y of adecre e o f

judicial dissolutio n pursuan t t o th e Act
. 

# r

# r 12. 2 Effect o f Filin g o f Dissolutio n Statement
. A s soo n a s possibl e followin g th e occurrenc e o f an y o f tiie event s specifie di n thi s sectio n whic h effect th e dissolutio n ofth e Company , th e Manage r shal l execute astatemen t

o f intent t o dissolve
. Upo n executin g astatemen t o f intent to dissolve , th e Compan y shal l ceas e t o carr y on it s business , excep t

insofa r a s ma y b e necessar

y fo r th e windin g u p o f

it s business , bu t

it s separate existenc e shal l continu e unti l acertificate o f cancellatio n ha s bee n filedwit h th e Secretar

y o f State o r unti l adecre e dissolvin g th e Company ha s bee n entere db y acour t o f competen t

jurisdiction
. 12. 3 Windm g UP
. Liquidatio n an dDistiibutio n o f Assets
. (a) Upo n dissolution , a

n accountin g shal l b e mad e b y th e Company' s independen t accountant s o f th e account s ofth e Compan y an dofth e Company' s assets , liabilitie s an doperations , fromth e date ofth e las t

previou s accountin g imti l th e date o f dissolution
. Th e Manage r shal l immediatel y procee dt o win du p th e affair s ofth e Company
. (b ) I f th e Compan y i s dissolve dan dit s affair s ar e to b e woun dup . th e Membe r shal l (1 ) sel l o r otherwis e liquidat e al l ofth e Company' s asset s a s promptl y a s practicabl e (excep t t o th e exten t the y ma y determin e t o receiv e an y asset s i n kind) , (2 ) discharg e al l liabilitie s ofth e Company (other than liabilitie s t o th e Member) , includin g al l cost s relatin g t o th e dissolution , windin g up , an dliquidatio n an ddistributio n o f assets , (3 ) establis h suc h reserve s a s reasonabl y ma y b e necessar y t o provid e fo

r contingen t

liabilitie s ofth e Company , (4 ) discharg e an y liabilitie s ofth e Company t o th e Membe r

othe r than on account

o f hi s interes t

i n Compan y capital o r

profits , an d (6 ) distribut e th e remainin g asset s t o th e Member
. (c ) Upo n completio n ofth e windin g up , liquidatio n anddistributio n ofth e assets , th e Company shal l b e deeme dterminated
. (d ) Th e Manage r

shal l compl y wit

h any applicabl e requirement s o f applicabl e la

w pertainin g to th e windin g u p ofth e affair s ofth e Company andth e final distributio n o f it s assets . 12. 4 Certificate o f

Cancellation
. When al l debts , liabilitie s an dobligation s hav e bee n pai dan d discharge do r

adequat e provisio n ha s bee n mad e therefo r an dal l ofth e remainin g propert y and asset s hav e bee n distribute dt o th e Member , aCertificate o f Cancellatio n shal l b e execute db y th e Manage r o r hi s lates t successor , whic h certificate shal l se t fort h th e informatio n require db y th e Act
. 12. 5 Filin g o f

Certificat e o f

Cancellation
. (a) Th e original Certificat e o f Cancellatio n shal l b e delivere dt o th e Main e Secretar y o f State
. (b ) Upo n th e filing th e Certificat e o f Cancellation , th e existenc e ofth e Compan y shal l cease , excep t fo r th e purpos e o f

suits , othe r

proceeding s an dappropriat e actio n a s provide di n th e Act
. Th e Manager

shal l thereafter

b e atmste e fo

r creditor s ofth e Compan y an da s suc h shal l hav e authorit y t o distribut e an y Compan y propert y discovere dafte

r dissolution , conve y real estate , and tak e suc h othe r

actio n a s may b e necessar y o n behal f

o f an di n th e nam e ofth e Company
. 1 0^ 12. 6 Responsibility
. Upondissolution , th e Membe r shal l loo k

solel y t o tfie asset s o f

tfie CompMi y fo r tiie retu mo f

hi s Capital Contiibution
. Th e windin g u p ofth e affair s o f tiie Company andtfie distiibutio n o f it s asset s shal l b e conducte db y th e Manage r wh o i s hereb y authorize dt o tak e al l action s necessary t o accomplis h suc h distribution , including , withou t limitation , sellin g an y Compan y asset s h e deem s necessar y o r appropriat e t o sell
. ARTICL E x m GOVERNING LA

W 13. 1 Governin g Law
. It i s tiie inten t

o f tiie partie s heret o that

all question s wit

h respec t t o th e constmctio n o f

thi s Agreemen t

an dth e rights, duties , obligation s an dliabilitie s ofth e partie s shal l b e determine di n accordanc e wit h th e applicabl e provision s ofth e law s ofth e State o f Maine
. ARTICL E XI V MISCELLANEOU S PROVISION S 14. 1 Inurement
. Thi s Agreemen t shal l b e bindin g upon , an dinur e t o th e benefi t of , al l partie s hereto , thei r

persona l an dlega l representatives , guardians , successors , an dassign s t o tiie extent , but onl y t o th e extent , tha t

assignmen t

i s provide dfo

r i n accordanc e with , an dpermitte dby , th e provision s o f

thi s Agreement
. 14. 2 N o Limi t

o n Persona l Activities
. Nothin g herei n containe dshal l b e constme dt o limi t in any manner

th e Membe r

o r Manager , or

thei r respectiv e agents , servants , an demployees , in carryin g ou t

thei r separat e businesse s o r

activities
. 14. 3 Gender

an dHeadings
. Throughou t thi s Agreement , wher e suc h meaning s woul db e appropriate : (a ) th e masculin e gende r shal l b e deeme dto includ e th e feminin e andth e neute r an d vic e versa , an d(b ) th e singular shal l b e deeme dto includ e th e plura l an dvic e versa . Th e heading s herei n ar e inserte donl y a s amatte r o f convenienc e an dreference , an din n o wa y define o r describ e th e scop e ofth e Agreemen t o r th e intent o f an y provision s thereo f 14. 4 Severability
. Nothin g containe din thi s Agreement shal l b e constme da s requirin g th e commissio n o f

any ac t contrary t o law
. In tfie even t tfiere i s an y conflic t

betwee n any provisio n o f thi s Agreement

an dan y statute , law , ordinanc e o r regulatio n contrary t o whic h th e Membe r o r th e Company hav e n o legal right t o contract , th e latter

shal l prevail , bu t

i n suc h event

th e provision s o f

thi s Agreemen t

thu s affecte dshal l b e curtaile dan dlimite donl y t o th e exten t necessar y t o confor

mwith sai drequiremen t

o f law
. I n th e even t

that an y part , article , section , paragrap h o r

claus e o f thi s Agreemen t

shal l b e hel dt o b e indefinite , invalid , o r otherwis e

1 1

### jpp
. unenforceable , th e entir e Agreemen t shal l no t fai l o n account tiiereof, andth e balanc e ofth e K Agreement

shal l continu e i n fiill forc e an deffect
. 14. 6 Membershi p Interes t Th e Membe

r hereb y covenants , acknowledge s an dagree s tha

t tiie Membership Interes t

i n th e Compan y shal l fo

r all purpose s b e deeme dpersonalty an dshal l not b e deeme drealt

y o r an y interes t

i n tiie asset s o r

propert y owne dby th e Company
. 14. 6 No t

Fo r Benefi t o f Creditor
. Th e provision s o f tiiis Agreemen t

are intende donl y fo

r tfie regulatio n o f

relation s betwee n th e Member an dtiie Company
. Thi s Agreemen t i s no t intende d fo r th e benefi t

o f creditor s an ddoe s no t

grant an y rights to o r

confer an y benefit s o n creditor s or an y other perso n wh o i s no t

aMembe r

o r Manage r ofth e Company
. I N WITNES S WHEREOF , th e sol e Membe r an dManager

hav e execute dthi s Agreemen t effectiv e a s o f

nC-TbB'i K

i
. 2003
. MEMBER :

r 

### (/UJA^.
. 

### L 

## h^fdhfJ C ANDRE W BEDARD a s custodian fo r GEORG E LIBERTY , under

th e Main e Unifom

i Transfer s t o Minor s Ac t MANAGE

R
MICHAE L A
. LIBERTY , It s M

1 2Exhibi t A Name , Addres s an dTaxpaye r Identificatio n Numbe r

o f Membe r Percentag e Interes t Consideratio n Pai d ANDRE W BEDARD a s custodian fo r GEORG E LIBERTY , unde r

th e Main e Unifor

mTransfer s t o Minor s Ac t 100 % Th e custodia

n shal l transfer th e Membership Interes t

t o GEORG E LIBERTY whe n h e reache s th e ag e o f

21
. $100.0 0



# r

r

1 3OPER.ATIN G AGREEMEN

T THE MADNES S HOLDINGS , LL C

THI S OPERATING AGREEMENT i s mad e effective a s o f tiie lf[dz y o f

C>C7oag. 1 ,200 3 b y ANDRE W BEDAR

D a s custodian fo

r MAXWEL

L LIBERTY , under

th e Main e Unifom

i Transfer s to Minor s Act , a s sol e member o f TH E MADNES S HOLDINGS , LLC , aMain e limite dliabiht

y company (th e "Company")
.

EXPLANATOR

Y STATEMEN

T Thi s Operatin g Agreement govem s th e relationshi p between th e Compan y andit s member , pursuant t o tiie Main e Limite dLiabilit y Company .Ac

t (th e "Act")
. DEFINITION S Fo r purpose s o f

thi s Operatin g Agreement , an dunles s th e contex t

clearl y otherwis e indicates , th e following term s shal l hav e th e followin g meanings : "Act " - Main e Lunite dLiabilit y Company Act , a s amendedfit»mtime t o time. "Agreement " - Thi s Operatin g Agreement
. "Code " - Th e Intema

l Revenu e Cod e o f

1986 , a s amended
. "Company " - TH

E MADNES S HOLDINGS , LLC , aMain e limite dliabilit y company . "Involuntar

y Withdrawal " - Th e occurrenc e o f an y ofth e followin g events , wit h respec t to th e Member : (a ) th e makin g o f

a n assignment

fo r tiie benefit

o f creditors ; (b ) th e filing o f

avoluntar

y petitio n o f

bankmptcy ; (c ) th e adjudicatio n a s abankmp t or insolvent or th e entry agains t

th e Member

o f a n orde r fo r relie f i n an y bankmptc y or

insolvenc y proceeding ; (d ) an y proceedin g agains t

th e Member

seekin g arrangement , composition , readjustment , liquidation , or simila r relie f under an y statute , law , or

regulation , continue s fo

r one hundre dtwent

y (120 ) day s afte

r commencement

thereof , o r th e appointmen t

of atmstee , receiver , o r

liquidato r fo r th e Member

or all o r an y substantia

l par t ofth e Member' s propertie s without th e Member' s agreement

o r acquiescence , which appointmen t i s no t vacate do r

stayedfo

r on e hundre dtwenty (120 ) day s or , if tiie appoindnent

i s stayed , fo

r on e hundre dtwent

y (120 ) day s afte r th e expiratio n ofth e sta

y durin g which perio dth e appointment i s no t vacated
. "Manager " - amanage r

o f tiie Company , whos e rights, power s anddutie s ar e specifie di

n Articl e VI , "Member " - ANDRE

W BEDARD a s custodia

n fo r MAXWEL

L LIBERTY , under

tiie Maine Unifor mTransfer s t o Minor s Act , a s th e sol e initia l Membe r ofth e Company , an

dan y othe r perso n or person s wh o may subsequentl y b e designate da s aMember o f thi s Company pursuan

t t o th e furthe

r term s o f thi s Agreement
. "Membershi p Interest " - Th e rights of aMembe r mdistribution s an dallocation s o f profits , losses , gains , deduction s an dcredits
. "Membership Rights " - Th e rights of aMember , whic h ar e comprise dof

: (I ) hi s o r

her Membership Interest , and(2 ) hi s o r he r right t o vote an dto otherwis e participate i n th e management

an dgovemanc e ofth e Company
. "Persons " - Individuals , partnerships , corporations , limite dliabilit y companies , unincorporate d associations , tmsts , estate s an dan y other typ e o f entity
. "Profit " an d"Loss " - Th e Company' s taxabl e incom e or los s determine din accordanc e wit h th e Code fo r eac h taxabl e yea

r (o r other perio dfo r whic h Profi

t o r Los s mus t

b e computed)
. "Successor " - Al l Person s t o who mal l o r an y par t of aMembership Interes t

i s transfene deitfie

r becaus e o f

(a) th e sal e o r

gif t b y th e Member

o f all o r an y par t o f hi s o r her Membershi p Interest ; (b ) a n assignment

ofth e Member' s Membership Interest ; o r (c ) du e t o the Member' s Involuntar y Withdrawal
. ARTICL E I FORMATION 1. 1 Organization
. Th e Membe r acknowledge s th e formatio n ofth e Company a s aMain e limite dliabilit

y compan y pursuan t

t o th e provision s ofth e Act
. 1. 2 Agreement
. Fo r

an din consideratio n ofth e mutua l covenant s herei n containe dan dfo r othe r goo dan dvaluabl e consideration , th e receip t andsufficienc y o f

whic h i s hereb y acknowledged , th e Membe r agree s t o th e term s an

dcondition s o f

thi s Agreement , a s i

t ma y from time to tim e b e amende daccordin g t o it s terms . Excep t t o th e extent

aprovisio n ofth e Agreemen t expressl y incorporate s federa l incom e ta x mle s b y referenc e to section s o f tiie Cod e or Regulation s or

i s prohibite do r

ineffectiv e unde

r th e Act , th e Agreement

shal l govem , even whe n inconsistent

with , o r differen t from, th e pro\ision s ofth e -Ac t o r an y othe r la w o r mle
. T o the extent any pro\isio n o f

thi s Agreement

i s prohibite do r

ineffectiv e unde

r th e -Act , th e-Agreemen t shal l b e considere damende dt o the smalles t

degre e possibl e i n orde

r to mak e the Agreement

effectiv e under

th e .Act
. 1. 3 Name
. ThenameoftiieCompan y i s TH E MADNES S HOLDINGS , LLC
. TheCompan y ma y d o busines s under

tha t name an dunder

an y other nam e o r name s upo n whic h th e Manage r ma y determine
. I f

th e Company doe s busines s unde r anam e othe r

than that se t fort h i n it s Article s o f

Organization , then th e Company shal l file astatemen t o f intentio n t

o d o busines s under a n assume dnam e a s require db y law
. 1. 4 Principa

l Plac e o f Business
. Th e Company ma y locate it s principa l plac e ofbusines s an d registere doffic e a

t an y plac e o r place s a s th e Membe

r ma y from time t o tim e dee

madvisable
. 1. 5 Registere dAgent
. Th e registere dagen t fo r th e Compan y i s Marcu s Cleg g & Mistretta , P.A
. an dth e busines s addres s ofth e registere dagen t i s 10 0 Middl e Sfreet , Portland , Main e 04101
. Th e Manager

may , from time to time , chang e th e registere dagen t o r th e registere doffic e tfirough appropriate filings wit h th e Secretar

y o f State
. In th e even t

th e registere dagen

t cease s t o act a s suc h fo

r an y reaso n o r

th e registere doffic e shall change , th e Manage r shal l promptly designate areplacemen t

registere dagen t

o r file anotic e o f

chang e o f

addres s a s th e cas e ma

y be
. 1. 6 Term
. Th e Compan y shal l continu e unti l i

t i s dissolve di n accordanc e wit h either the provision s o f

thi s Agreement

o r th e Act
. 1. 7 Permitte dBusiness
. Th e busines s o f the Company shal l b e t o mak e an y investment s an d engag e in an

y busines s activitie s permitte db y la w whic h th e Manage r

ma y choos e an

dt o engag e i n al l actixitie s necessary , customary , convenient , or incident to th e foregoing
. ARTICL E n CONTRIBUTION S 2. 1 Initial Conttibutions
. Th e initial capita l conttibution s to th e Compan y o f th e Membe

r shal l b e mad e concurrentl y wit h th e Member' s executio n anddelivery o f thi s Agreement
. The Member' s initial capital contributio n i s set fort h in Exhibi t

A , attache dheret o andhereb y mad e a par t o f thi s Agreement
. Th e Membe r shal l no t b e require dt o mak e additional capita l contributions
. 2. 2 Loans
. I

n tiie event

tiie capital need s o f

tiie Company excee dth e capital conttibution s pro\ide db y sectio n 2.1
. th e Member may , bu t shal l no t b e require dto , loa

n additiona

l monie s t o th e Company i

n amount s an

do n term s an

dcondition s t o b e agree dupo n b y th e Manage r an dth e Member
. Th e Company ma y als o borro w mone y fo

r it s capital need s fromany thir dpartie s i n amount s an

do n term s an dcondition s determine db y th e Manager
.2. 3 hiteres t o n an dRetu mo f

Capita l Contiibutions
. Th e Membe r shal l no t b e entitle dt o interes t o n an y capita l contribution , o r

t o aretu mo f

an y capita l contribution , excep t

a s specificall y provide dfo

r herein
. ARTICL E m PROFIF AN

D LOS S 3. 1 Percentage s ofMembershi p Interest
. Th e percentage s ofMembershi p Interes t o f tiie Membe r shal l b e 100%
. Th e custodia n shal l transfe

r th e Membership Interes t

to MAXWEL

L LIBERTY ' whe

n h e reache s th e ag e o f

21
. 3. 2 Allocatio n o f

Profi t an dLoss
. Al l Profi t

andLos s shal l b e allocate dt o tfie Member
. 3. 3 Liquidatio n an dDissolution
. IftheCompan y i s liquidated , th e asset s o f tfie Compan

y shal l b e disttibute dto th e Member o r to aSuccesso r

o r Successors
.
ARTICL E I V DISTRIBUTION S 4. 1 Distributions
. Cas h distribution s shal l b e mad e i n suc h amount s anda t suc h time s a s ma

y b e determine db y th e Manage r in it s discretion
. 4. 2 Limitation s on Distributions
. N o distributio n shal l b e declare dor pai dunless , afte

r the distributio n i s made , tiie Company' s asset s excee dth e Company' s liabilities
. Liabilitie s to the Membe r o n accoun t o f hi s Membershi p Interes t

shal l no t b e aCompany liabilit

y fo r purpose s o f thi s section
. ARTICL E V RIGHT S AN

D DUTIE S O F MEMBER S 5. 1 Managemen

t Rights
. Th e Member

shal l no t b e entitie dt o participat e i n th e day-to-da y affair s an dmanagement

o f tiie Company , bu t

instead , th e Member' s right to participat e witi i respec t t o matter s relatin g to th e Company shal l b e limite dto thos e matter s a s t o whic h th e expres s term s ofth e Act , th e Article s o f Organization , o r

thi s Operatin g Agreement ves t in th e Member the right t o s o participate
. 5. 2 Actio n Requirin g Approva l o f Member
. Notwithstandin g any other provisio n o f

thi s Operatin g Agreement , th e approva l o f th e Membe

r shal l b e require din order

to amendth e Article s o f

Organizatio n in an y manner tfiat materiall y alter s th e preferences , privileges , o r relativ e rights ofth e Member
.5. 3 Actio n b v Member
. In exercisin g hi s rights a s provide dabove , th e Membe r shall act throug h writte n consent s a s provide di n thi s Article
. 5. 4 .Actio

n b y Writte n Consent
. An y actio n require do r permitte dt o b e taken b

y the Membe

r shal l b e taken b y awritte n consent , signe db y tiie Member
. Such consen t o r consent s shal l b e filedi n th e recordboo k

ofth e Company
. Actio n taken unde r thi s Sectio n shal l b e effectiv e whe n signe dby th e Member , unles s th e consen t o r consent s specif

y adifferen

t effective date
. 5. 5 Liabilit

y o f Member
. Th e Membe r

shal l no t b e Uabl e a s suc h fo

r th e Company' s habilities , debt s o r

obligations
. Th e failure b y the Compan y t o observ e an

y formalitie s o r requirement s relatin g t o th e exercis e o f it s power s o r

the management

o f it s busines s o r

affairs unde r thi s Agreement

o r th e Ac t shal l no t b e ground s fo

r imposin g persona

l liabilit y o n th e Member
. 5. 6 Indemnification
. Th e Compan y shal l indemnif y th e Membe

r fo r all costs , losses , liabilitie s anddamage s pai db y th e Membe r i n connectio n wit

h th e Company' s business , to th e fulles t extent provide do r

allowe db y Main e law
. 5. 7 Fiduciar

y Dutie s an

dObligations
. Th e Membe r shal l hav e n o fiduciary dutie s o f loyalt y o r otherwis e with respec t

t o th e Company
.

ARTICL E V I MANAGER S 6.0 1 Power s o f

Manager
. Excep t

a s expressl y provide dotherwis e in th e Act , the Article s o f Organizatio n o r

thi s Operatin g .Agreement , th e power s ofth e Company shal l b e exercise dby o r under tfie autiiorit

y of , an dth e busines s an daffair s ofth e Company shal l b e manage dby , on e o r more Managers
. Th e power s s o exercise dshal l include but no t b e limite dto th e following : (a) Enterin g into , makin g an dperformin g contracts , agreement s an dotiie r undertaking s bindin g th e Company tha

t ma y b e necessary , appropriate o r advisabl e mfiutherance ofth e purpose s ofth e Company ; (b ) Openin g an

dmaintainin g bank

accounts , investment

account s an dother

arrangements , drawin g check s an

dothe r order s for

th e payment

o f money , an

ddesignatm g individual s wit h authorit y t o sig n o r

giv e instmction s wit

h respec t t o thos e account s an

dairangements
. Company fund s shal l no t

b e commingle dwit

h fimd s fromother

source s andshal l b e usedsolel y fo r the busines s ofth e Company ; (c ) Collectm g fund s du e t o th e Company ;(d ) Acquiring , utilizin g fo r th e Company' s purposes , maintainin g an ddisposin g o f an y asset s ofth e Company ; (e ) T o th e extent

tha t fimds ofth e Compan

y ar e availabl e therefor , payin g debt s an d obligation s ofth e Company ; (f ) Borrowin g mone y o r otherwis e committin g th e credi t ofth e Compan y fo

r Company activities , an dvoluntaril y prepayin g or extendin g any suc h borrowings ; (g ) Employin g fromtim e t o time persons , firms o r corporation s fo

r th e operatio n an

d management

o f variou s aspect s ofth e Company' s business , bicluding , withou t limitation , managin g agents , contractors , subcontractors , architects , engineers , laborers , siqjpliers , accountant s an dattomey s o n suc h term s an dfo r such compensatio n a s th e Manager s shal l determine , notwithstandin g th e fac t tha t th e Manager s o r

an y Member ma y hav e afinancia

l interes t in suc h firms o r

corporations , provide dtha t th e Manager s confor

mt o an y applicabl e disclosure an dconsen t

requirement s ofth e Act ; (h ) Makin g election s availabl e t o th e Compan

y under th e Code ; (i ) Obtainin g genera

l liability , propert

y andother

insuranc e fo

r th e Company , a s th e Manager s dee mproper ; (j ) Takin g suc h action s a s ma y b e directe db y th e Member in fiirtheranc e o f

hi s approva

l o f an y matter se t fort h mSectio n 5.0 2 hereof

; an d (k) Doin g an dperformin g al l suc h thing s an

dexecuting , acknowledgin g anddeliverin g an y andal l suc h instrument s a s ma y b e i n fiirtherance ofth e Company' s purpose s an dnecessar y an d appropriate t o th e conduc t

o f it s business
. 6.0 2 Election
. Etc
. o f

Managers
. (a) Th e Membe r hereb y unanimousl y appoint s MICHAE L A
. LIBERT Y a s th e Manage r o f th e Company , t o serv e unti l th e first annua l meetin g ofth e Member s an dunti l hi s successo r shall b e dul y electe dandqualified
. (b ) Unles s an dunti l MICHAE L A
. LIBERTY otiierwis e agree s i n writing , MICHAE L A
. LIBERTY , o r

suc h Person(s ) who mh e designates , shal l b e th e onl y Manage r ofth e Company
. A t suc h tim e a s MICHAE L A
. LIBERTY , o r hi s successor , resign s i n writing , an ddecline s i n writin g to appoin t

asuccesso r

Manager , th e Manage

r o r Manager s shal l b e electe dby th e Membe r accordin g t o th e procedur e set fort h below
. MICHAEL A
. LIBERT Y hereb y appoint s ANDRE W BEDARD (th e "Initial Successor Manager" ) t

o serv e a s Successo r

Manager unles s an dunti l designatio n i s revoke di n writin g b y MICHAE L A
. LIBERTY
. I f

th e Initia l Successor Manage r i s eithe r unwillin g o r

unabl e t o serve , MICHAE L A
. LIBERT Y (o r

th e persona

l representativ e o f

di e estat e o f

MICHAE L A
. LIBERTY , i f

applicable ) shal l designat e a n altemativ e Initial Successo r Manager
.(c ) I f MICHAEL A , LIBERTY , o r hi s successor , resign s i n writing , an ddecline s i

n writin g t o appoint asuccesso r

manager , th e Member

shal l elec t

on e Perso n a s Manage

r each yea r t o serv e fo r a n annual ter

man dunti l th e successo r

Manage r i s dul y appointe dan dqualified
. I n addition , i f an y Perso n resign s o r

otherwis e vacate s th e offic e o f Manager , th e Member

shall appoin

t a replacemen t

Manager t o serv e th e remainin g ter mo f suc h office
. Excep t

a s provide di

n subpar t (b) , aPerso n ma

y b e remove da s aManager b y th e Membe

r wit h o r witiiou t caus e a t an y time
. Excep t a s provide di n subpar

t (b) , th e Membe r

may , bu t shal l no t b e require dto , appoin

t himsel f Manager
. A Manage r

ma y b e anatural perso n or

a n Entity
. 6.0 3 Relianc e b v Other

Persons
. An y Perso n dealin g wit h th e Company , other

tha n th e Member , may rel y o n th e authorit y ofth e Manager

in takin g an

y actio n i n th e name ofth e Company , i f

th e Manager

provide s to suc h Perso n acop y ofth e applicabl e provisio n o f thi s Operatin g Agreemen t

and/o r th e resolutio n o r

writte n consen t

ofth e Manage

r o r Membe r grantin g suc h authority , certifie di n writin g b y th e Manager t o b e genuin e andcorrec t

an dno t t o hav e bee n revoked , supersede do r otiierwis e amended
. 6.0 4 Manager' s Expense s andFees
. Th e Manage r shal l b e entitied , bu t

no t required , t

o receiv e areasonabl e fe

e fo r service s rendere do n behal f o f th e Company o r

in hi s capacit

y a s aManager
. Th e amount

o f suc h fe e shal l b e determine db y th e Managers
. Th e Company shal l reimburs e th e Manager fo r reasonabl e out-of-pocke t

expense s tha

t wer e o r are incurre db y th e Manage r on behal f o f th e Company wit

h respec t t o th e start-up o r

operatio n ofth e Company , th e on-going conduc t ofth e Company' s business , o r th e dissolutio n andwindin g u p ofth e Company an dit s business
. 6.0 5 Competitio n Durin g th e existenc e ofth e Company , th e Manage r shal l devote suc

h time t o th e busines s ofth e Company a s ma y reasonabl y b e require dt o conduc t it s busines s i

n a n efficien t an dprofitabl e manner . Th e Manager , fo r hi s ow n accoun t

an dfo r th e accoun

t o f others , ma y engag e i n busmes s venture s whic h ma y compete wit

h th e busines s ofth e Company
. Th e Member hereb y expressl y consent s t o th e continue dandfutur e ownershi p an

doperatio n b y th e Manager o f suc h businesse s an dwaive s an y clai mfo r damage s o r

otherwise , o r

rights t o participat e therei n o r

wit h respec t t o th e operatio n an

dprofit s o r

losse s thereo f 6.0 6 Indemnification
. Th e Compan y shal l indemnif y tiie Manager , whether

servin g the Compan y or , at

it s request , an y othe r

Entity , t o th e ful

l exten t permitte db y th e Act
. The foregoin g rights o f

indemnificatio n shal l no t

b e exclusiv e o f

any othe r rights t o whic h the Manage r may b e entitled
. Th e Manage r may tak e suc h actio n a s i s necessar y t o carr y out thes e indemnificatio n pro^ision s an dma y adopt , approv e andamen dfromtun e t o time such resolution s o r

contract s implementin g suc h provision s o r suc h furthe

r indemnificatio n arrangement s a s ma

y b e permitte db y law
. 6.0 7 Liability o f

Manager
. Excep t

a s require db y th e Act , s o lon g a s th e Manager act s in goo d fait h wit h respec t t o tiie conduc t

ofth e busines s an

daffan s ofth e Company , th e Manage r shal l no t b e liabl e o r

accountabl e t o th e Company o r to th e Member , i n damage s or otherwise , fo

r an y erro r o f judgment , fo

r any mistak e o f

fact or o f law , o r fo r an y othe r ac t or thin g tha t h e ma y d o-ARTICL E D C MEMBERSHf

f INTERES T AN

D MEMBERSHIP RIGHT S OF A DECEASED , INCOMPETEN T O RDISSOLVE D MEMBE

R I f aMember

wh o i s a n individual die s or

acour t o f competent

jurisdictio n adjudge s hi

mor he r t o b e incompetent

to manag e hi s o r

her perso n o r hi s or he r property , th e Member' s executor , administtator , guardian , conservato r o r other lega l representativ e shal l b e entitle dto th e benefits , an dshal l b e subjec t

to th e burdens , ofth e Member' s Membershi p Interest
.

ARTICL E X TRANSFE RO F MEMBERSfflP INTERES T 10. 1 Transfer
. Th e Membe r may sell , hypothecate , pledge , assig n o r otherwis e voluntarily , durin g th e Member' s lifetim e o r upo n hi s death , ttansfer

an y par t o r all o f hi s Membershi p Interes t or Membershi p Right s i n th e Company to an y othe r perso n onl y wit

h th e advanc e writte n approva l ofth e Manager , whic h approva l ma y b e grante do r

withhel di n th e sol e an dabsolute discretio n ofth e Manager
. In th e event th e Membe

r transfer s hi s entir e Membershi p Interest , th e ttansferee(s) shal l becom e amembe r withou t an y fiuther action , unles s th e Manage r andth e transfere e agre e otherwise
. ARTICL E X I WITHDRAWAL O F MEMBER 11. 1 Withdrawa

l o f Member
. Th e Member

ha s th e powe r

t o withdraw fromth e Company onl y wit h th e writte n approval ofth e Manager
. Th e Membe r shal l b e deeme dto hav e withdraw n from th e Company i f

an y ofth e event s o f

Involimtar

y Witiidrawa

l occur . ARTICL E x n DISSOLUTIO N AND TERMINATIO N 12. 1 Event s o f

Dissolution
. Th e Company shal l dissolv e upo n th e occurrenc e o f an y ofth e followin g events : (a ) B y th e Member

an dManager' s unanimou s writte n statemen t o f dissolution ; o r (b ) B y th e enbr

y o f adecre e o f

judicial dissolutio n pursuan t t o th e Act
.12. 2 Effec t o f Filin g o f Dissolutio n Statement
. A s soo n a s possibl e followin g th e occurrenc e o f any ofth e event s specifie di n thi s sectio n whic h effect th e dissolutio n ofth e Company , th e Manager shal l execute astatemen t

o f inten t t o dissolve
. Upo n executin g astatement o f intent t o dissolve , th e Company shal l ceas e to carr y o n it s business , excep t

insofa r a s may b e necessai y fo

r th e windin g up o f

it s business , bu t

it s separate existenc e shal l continu e unti l acertificat e o f cancellatio n ha s bee n filedwith th e Secretar y o f State o r unti l adecre e dissoMn g tiie Compan y ha s bee n entere db y acour t o f competent

jurisdiction
. 12. 3 Windin g Up
. Liquidatio n an dDisttibutio n o f Assets
. (a ) Upo n dissolution , a

n accountin g shal l b e made b y th e Company' s independent accountant s o f th e account s ofth e Compan y an do f tiie Company' s assets , habilitie s andoperations , fromth e dat e ofth e las t

previou s accountin g unti l th e dat e o f dissolution
. Th e Manager shal l immediately procee dto win dup th e affair s ofth e Company
. (b ) I f th e Company i s dissolve dan dit s affair s ar e t o b e woun dup , th e Member shal l (1 ) sell or otherwis e liquidate al l ofth e Company' s asset s a s promptl y a s practicabl e (excep t to th e extent the y ma y determin e t o receiv e an y asset s mkind) , (2 ) discharg e all liabilitie s ofth e Compan y (othe r tha n liabilitie s t o th e Member) , includin g al l cost s relatin g t o th e dissolution , windin g up , an dliquidatio n an ddistributio n o f assets , (3 ) establis h suc h reserve s a s reasonabl y mayb e necessar y t o provid e for

contingen t

liabihtie s ofth e Company , (4 ) discharg e an y liabilitie s ofth e Company to th e Membe r

othe r than o n account o f hi s interes t

i n Company capital or

profits , an d (6 ) distribut e th e remainin g asset s to th e Member
. (c ) Upo n completio n ofth e windin g up , Hquidation anddistributio n ofth e assets , th e Compan y shal l b e deeme dterminated
. (d) Th e Manager

shal l compl y wit

h any applicabl e requirement s o f applicabl e la

w pertainin g t

o th e windin g u

p ofth e affair s ofth e Company an dth e final distributio n o f

it s assets . 12. 4 Certificate o f

Cancellation
. When al l debts , liabilitie s an dobligation s hav e been pai dan d discharge do r

adequat e provisio n ha s bee n mad e therefo r andal l ofth e remainin g propert y and asset s hav e bee n distribute dt o th e Member , aCertificate o f Cancellatio n shal l b e execute db y tiie Manager o r hi s lates t successor , whic h certificate shal l se t fort h th e informatio n require dby th e Act
. 12. 5 Filin g o f

Certificat e o f

Cancellation
. (a ) Th e original Certificate o f Cancellatio n shal l b e delivere dt o th e Main e Secretar y o f State
. (b ) Upo n th e filing th e Certificat e o f Cancellation , th e existenc e ofth e Company shal l cease , excep t fo r th e purpos e o f

suits , othe r

proceeding s an

dappropriat e actio n a s provide di n th e Act
. Th e Manager

shal l thereafter

b e atmste e fo

r creditor s ofth e Compan y an da s suc h shal l hav e authorit y t o distribut e an y Compan y propert y discovere dafte

r dissolution , convey rea

l estate , an d tak e suc h other

actio n a s ma y b e necessar y on behal f

o f an di n th e nam e ofth e Company
.
1 012. 6 ResponsibiUtv
. Upo n dissolution , th e Membe r shal l loo k

solel y t o th e asset s ofth e Company fo

r the retu mo f

hi s Capital Contribution
. Th e windin g u p ofth e affairs ofth e Company anddi e distributio n o f it s asset s shal l b e conducte db y th e Manager wh o i s hereb y authorize dt o tak

e al l action s necessar

y t o accompHsh suc h distribution , includmg , witiiou t limitation , sellin g an

y Company asset s h e deem s necessar y o r appropriat e t

o sell
. ARTICL E x m GOVERNING LA

W 13. 1 Governin g Law
. I t

i s th e intent

o f th e partie s heret o tha t

al l question s wit

h respec t t o th e constmctio n o f

thi s Agreemen t

andth e rights, duties , obUgation s an dliabilitie s ofth e partie s shal l b e determme di n accordanc e wit h th e appUcable provision s o f th e law s ofth e State o f Maine
. ARTICL E XI V MISCELLANEOU S PROVISION S 14. 1 Inurement
. Thi s Agreemen t shal l b e bindin g upon , an dinur e t o th e benefit

of , all partie s hereto , thei r

personal an

dlegal representatives , guardians , successors , an dassign s t o th e extent , bu t onl y to th e extent , tha

t assignmen t

i s provide dfo

r maccordanc e with , andpermitte dby , th e provision s o f

tiiis Agreement
. 14. 2 N o Limit o n Personal Activities
. Nothin g herei n containe dshal l b e constme dt o hmi t in any manne

r th e Membe

r o r Manager , o r

thei r respectiv e agents , servants , an demployees , m carryin g out

their separate businesse s o r

activities
. 14. 3 Gender

an dHeadings
. Throughou t

thi s Agreement , wher e suc h meaning s woul db e appropriate : (a) th e masculin e gende r shal l b e deeme dt o includ e th e feminin e an dth e neuter

an d vic e versa , and(b ) th e smgula r shal l b e deeme dto includ e th e plural an dvic e versa . Th e heading s herei n ar e inserte donl y a s amatter o f convenienc e an dreference , an di n n o wa y defin e o r describ e th e scop e ofth e Agreement o r th e intent o f an y provision s thereo f 14. 4 Severability
. Nothin g containe dmthi s -Agreemen t shal l b e constme da s requirin g th e commissio n o f

an y act conttai y t o law
. In th e event ther e i s an y conflic t

betwee n any provisio n o f thi s Agreement

an dan y statute , law , ordinanc e o r regulatio n contrar

y t o which th e Membe

r or th e Company hav e n o lega l right to contract , th e latter

shal l prevail , bu t

i n suc h even

t th e provision s o f

thi s Agreement

thu s affectedshal l b e curtaile dan dlimite donl y to th e extent necessar y t o confor mwit h sai drequiremen t

o f law
. In th e even t

tha t any part , article , section , paragrap h o r

claus e o f thi s Agreemen t

shal l b e hel dt

o b e indefinite , invalid , o r otherwis e

1 1unenforceable , th e entire Agreemen t shal l no t fai l o n accoun t thereo f an dth e balanc e ofth e Agreement

shal l continu e i n fiill forc e an deffect
. 14. 6 Membership Interest
. Th e Membe r hereb y covenants , acknowledge s an dagree s tha

t th e Membershi p Interes t

i n th e Compan y shal l fo

r all purpose s b e deeme dpersonalt y an dshal l no t b e deeme drealt

y o r an y interes t in th e asset s o

r propert y owne db y th e Company
. 14. 6 Not

Fo r Benefit o f Creditors
. Theprovisionsofthi s Agreemen t ar e intende donl y fo

r th e regulatio n o f

relation s betwee n th e Membe r an dth e Company
. Thi s Agreement i s no t intende d for th e benefit

o f creditor s an ddoe s no t

grant any rights to o r

confer an y benefit s o

n creditor s o r an y other perso n wh o i s no t

aMembe r

o r Manage r ofth e Company
. I N WITNES S WHEREOF , th e sol e Membe r an dManager

hav e execute dtiiis Agreement effectiv e a s o f

/^yCjro.'h'tJ

t I
. 2003
. MEMBER : 

# a.L , 

# ^ ANDRE W BEDAR

D a s custodian fo

r MAXWEL

L LIBERTY , under

th e Main e Unifor

m Transfer s t

o Minor s Ac t MANAGER : MICHAE L A
. LIBERTY , It s Manag ^

1 2Exhibi t A Name , Addres s an d Taxpaye r Identificatio n Numbe

r o f Membe r Percentag e Interes t Consideratio n Pai d ANDRE W BEDAR

D a s custodia n for MAXWEL

L LIBERTY , unde r .the Main e Unifor

mTransfer s t o Minor s Ac t 100 % Th e custodia

n shal l ttansfer th e Membership Interes t

t o MAXWEL

L LIBERT Y whe n h e reache s th e ag e o f

21
. $100.0 0

1 3

# Exhibi t

S- 5P.O
. Bo x 2 Gray , M E 0403 9 Phon e 207-838-308 4 Fa x 207-784-532 6 E-mai l nate@flycharter.co m 

# Natha n Humphre y

Summar y o f qualification s

Professiona l experienc e Ove r800 0 hours fligh t tim e 770 0 PI C Je t time : Hawke rHS-12 5 50 0 hrs , Citiatio n 10 0 hrs , Learjet40 0 hrs Turtiin e time : Turtiin e Beec h 1 8 60 0 hrs , Kin g Air s 90 0 hrs Piston : Cessn a 402 C 350 0 hrs , singl e engin e 170 0 hr s Airlin e Transpor

t Pilo t wit h CE500 , HS12 5 an d Learje t typ e rating s Airplan e CFI , CPU , ME I FA A Airlin e Transpor

t Pilo t certificat e #3373149 , issue d Octobe r2 , 2008 , Ratings : Airplan e Multiengin e Land , CE-500 , HS-125 , LR-Jet , Commercia l privilege s airplan e singl e engin e land
. FA A Fligh t Instructo rcertificat e numbe r#3373149CFI , Airplan e singl e an d multiengine , instmmen t airplan e 1988-198 9 Northeas t Ai r Fligh t instructo r 198 9 -199 0 Caribo u Flyin g Servic e Fligh t instructor , 13 5 Captain/Pilo t 1990-199 2 Skylin e Aviatio n Fligh t Instructo r 1992-199 3 Oxfor d Aviatio n Fligh t Instructor , 13 5 Captain/Pilo t 1993-199 5 Eas t Coas t Aviatio n Chie f Pilot , genera l manage r 199 5 - 199 6 Calitt a Flyin g Servic e 13 5 SI C Pilo t BE-18 , LR-je t 199 6 Main e Aviatio n Corporatio n 13 5 PI C Pilo t an d marketin g directo r Portland , M E Caribou , M E Portland , M E Oxford , M E Portland , M E Morristown , T N Portland , M E
199 6 - 200 0 Cap e Air/Nantucke t Airlines Hyannis , M A Directo ro f Pilo t Trainin g Responsibl e fo rrecruitment , hiring , trainin g an d recurren t pilo t trainin g 200 0 - 2001 Pilo t Charte rFlee t o f Sanford , M E Sanford , M E
2001-200 2 Pilo t Executiv e Je t Managemen t Cincinnati , O H
2002-Presen t Twi n Citie s Ai rService , LL C Auburn , M EOwner , Presiden t Lin e pilot , chec k

airma n i n C-40 2 an d Kingai r20 0
Wor k experience : Fo rth e tw o year s previou s t o acquirin g Twi n Cities , I wa s actin g a s a fligh t crewmembe ri n th e internationa l je t market
. I wa s qualifie d a s a Captai n i n bot h Hawke ran d Citatio n serie s jets
. Prio rt o enterin g th e je t marke t I wa s th e Directo ro f Pilo t Trainin g fo rCap e Air/Nantucke t Airiines
. Cap e Air/Nantucke t Airiine s employ s ove r50 0 people , ha s a flee t o f 5 0 Cessn a 402s , an d operate s i n thre e differen t geographica l areas . Unde rm y leadership , th e pilo t roste rgre w fro m 8 0 t o 12 0 pilots
. I wa s responsibl e fo rth e recruitment , hiring , training , an d recurren t trainin g fo ral l pilot s worldwide
. I directl y le d a staf f o f abou t thirt y trainin g departmen t members
. Durin g m y tenur e a s th e Directo ro f Training , I wa s aske d t o joi n a committe e o f othe rAiriin e Directors
. Th e committee
. Regiona l Airiin e Association s Trainin g Advisor y Committe e (RATAC) , i s Washingto n D.C
. based , an d focuse d o n th e pilo t trainin g need s o f th e airiin e industry
. Thi s wa s a grea t learnin g experienc e fo rme . Bein g th e younges t member , I learne d muc h fro m m y olde ran d mor e experience d peers . I wa s als o responsibl e t o th e FA A fo ral l trainin g an d standardizatio n matters
. I successfull y worke d closel y wit h ou rFA A principa l operation s inspector
. Whil e a t Cap e Air , I conducte d ove r10 0 FAA chec k ride s actin g a s a qualifie d FAA chec k airman
. I als o supervise d th e trainin g o f al l groun d crew s i n th e recognitio n o f hazardou s materials , an d conducte d al l hazardou s material s research
. Cap e Air/Nantucke t Airiine s enjoye d a n accident fre e recor d during m y tenur e a s th e Director
. Prio rt o Cap e Air , m y experienc e consiste d o f fligh t instruction an d charte rflyin g fo rMaine-base d companies
. I als o serve d a s th e Chie f Pilo t an d Genera l Manage rfo ron e smal l Maine-base d charte rcompany . Whil e servin g i n thi s position , I worke d wit h th e FAA i n obtainin g a n FA R 13 5 certificat e fo rth e company . I n summary , thi s February marke d 2 3 year s o f professiona l experienc e fo rme . Twenty-thre e year s o f acciden t an d inciden t fre e flying , wit h n o violations , LOI's , o reve n s o much a s a speedin g ticket
.1 6 Goldeney e Driv e Topsham , M E 0408 6 Phone : 207-725-088 5 E-mail : stewartfour@gmail.co m 

# Dal e Stewar t

Summar y o f qualification s AT P Multi-engin e Land ; Commercia l Single-engin e Lan d & Sea ; LR-JE T typ e ratin g Instrument , CPU , Advance d Groun d Instmctor , Airfram e & Powerplan t License ; Restricte d Radi o License ; Technicia n Clas s Amateu rLicens e FA A Certificat e numbe r251351 9 issue d 1 7 Fe b 2009 , rating - Airiin e Transpor t Pilo t airplan e multiengin e lan d LR-JET , commercia l privilege s airplan e singl e engin e lan d Fligh t Time s Tota l 710 0 Instmmen t 67 4 Mult i 400 6 Nigh t 71 6 C-40 0 Serie s 3051. 3 TuriDin e (Kingai r100/200 ) Lea rJe t 48 2 S E 309 4 Cessn a 30 0 Serie s 438. 9 2 4

Educatio n 1989-199 3 LeTournea u Universit y Aviatio n Technology , B.S
. Longview , Texa s

Professiona l experienc e 1984-198 9 Hig h Schoo l Diplom a Yarmout h Hig h Schoo l Yarmouth , M E
1994-Presen t 2011-Presen t 2006-201 0 2004-200 6 2002-200 4 2000-200 2 1997-presen t 1996 - presen t 1994 - 199 5 1994-199 6 Auburn , M E

Twi n Citie s Ai rServic e Chie f Pilo t Chie f Pilo t /

Genera l Manage r Maintenanc e Directo r/ Genera l Manage r Chie f Pilo t / Genera l Manage r Chie f Fligh t Instructo r Charte rPilo t Fligh t Instructo r Lin e Servic e Aviatio n Maintenanc e Technicia n

Interest s an d activitie s 1999-200 0 Assistan t Director , Fait h Bibl e Trainin g Center , Philippine s 2006-200 7 Histor

y Teacher , Main e Classica l Schoo l 2010 - Presen t Sale s representative , L.L
. Bean , part-tim e Forme rAviatio n Safet y Counselor ; Deaco n a t Firs t Baptis t Church , Portland , M E 2003-2009 ; Woodworking , Reading , History , Photography ,Hiking , Canoein gBe n M
. Moshe r 30 4 Kin g Stree t Oxford , Main e 0427 0 Certificat e number : Mechanic , Airfram e & Powerplan t cer t #305841057 , issue d 7-23-8 5 Employmen t History : Marc h 2005 t o Directo ro f Maintenanc e a t Twi n Citie s Ai rServic e Presen t Auburn , Main e

Ja n 200 4 t o Marc h 2005 Owne ran d Operato ro f Eaglewing s Aviatio n Mechani c Falls , Main e
Sep t 199 5 t o Ja n 200 4 Directo ro f Maintenanc e a t Twi n Citie s Ai rServic e Auburn , Main e

Ma y 199 4 t o Sep t 199 5 Aircraf t Mechani c a t Oxfor d Aviatio n Oxford , Main e

Marc h 199 3 t o Au g 199 3 Aircraf t Mechani c a t Maste rAviatio n Danbury , C

T

Marc h 199 1 t o Fe b 199 3 Aircraf t Mechani c a t Bridgepor t Ai rServic e Bridgeport , C

T

Jun e 1985 t o Marc h 199 1 Lea d Aircraf t Mechani c a t Sout h Centra l Airline s Kenai , A KEducation :

Associat e o f Scienc e degre e i n Aviatio n Maintenanc e Technolog y LeTournea u Colleg e 198 5 Prat t & Whitne y PT6

A Turbin e Engin e Ligh t Maintenanc e 199 0 Garret t TP E 33 1 Turbin e Engin e Ligh t Maintenanc e 200 0 Lea rJe t 3 5 Aircraf t Maintenanc e Cours e 200 7
Rating s Held : Airfram e an d Powerplan t Mechani c sinc e 198 5 Inspectio n Authorizatio n sinc e 199 2 Commercia l Pilot : Singl e Engin e Lan d & Sea ; Airplan e Multiengin e Land ; Instrumen t Airplane
. Tota l Fligh t Time : 81 5 HR S

Wor k Experience : Hav e 2 6 year s experienc e i n maintenanc e ofth e followin g classe s o f aircraft : Ligh t Singl e Engin e Aircraft , Ligh t Multiengin e Aircraft , Turbopro p Aircraft , Ligh t Busines s Jets , an d Ligh t Helicopters
. Perfor m al l aspect s o f maintenance : Heav y structura l maintenanc e an d repairs
. Electrica l wirin g installations
. Avionic s installations , Reci p engin e overhauls , an d Turbin e engin e inspection s an d ligh t maintenance
. Adep t a t troubl e shootin g an d repairin g al l type s o f aircraf t systems
. Experience d o n th e followin g aircraft : Al l Cessn a 100 , 200 , 30 0 serie s aircraft
. Cessn a 401 , 402 , 414 , 421 , an d 44 1 aircraft
. Pipe rPA-23 , PA-28 , PA-30 , PA-31 , PA-32 , PA-34 , PA-39 , an d PA31T
. Beechcraf t Bonanza , Baron , Beec h 18 , Kin g Ai r90,100 , an d 20 0 series
. Mitsubish i MU- 2 Commande r11 4 Lea rJet35 ASchweize rHelicopte r26 9 series
.

# Exhibi t

S- 6

## asspcjafes rA a .

Certifie d Publi c Accountant s

Ma y 4 , 201 1

Twi n Citie s Ai r

Service , LL C P O Bo x 2 Grey , M E 0403 9 Enclose dpleas e findadraf t ofth e financia

l statement s o f

Twi n Citie s Ai r

Service , LL C a s o f May 4,2011
. Pleas e revie w th e draf

t financial statements . I f

everythin g appear s correct , pleas e sig n an dretu m th e enclose drepresentatio n lette r an dw e wil l the n issu e th e boun dcopie s o f you r financia l statements . Thank yo u for thi s opportunity t o b e o f

service
. Shoul dyo u hav e an y questions , pleas e d o no t hesitat e to contac t

us . Ver y trul y yours , / ' AUSTI N ASSOCIATES , P.A
. Certifie dPubli c Accountant s

Tw o Great

Fall s Plaza , P O Bo x 340 0 • Auburn , Main e 04212-340 0 • Telephone : 207-783-911 1 • Fax:207-783-913 0 • 800-605-926 3 Main e Onl y E-mail : sba@austinpa.con i • Website : www.austinpa.co mTWI N CITIE S AI R SERVICE
. LL C FINANCIA L STATEMENT S A N D SUPPLEMENTAR Y INFORMATIO N FO R TH E YEAR S ENDE D DECEMBE R 31
. 201 0 AN D 200 9

iiv r 

# TTwi n Citie s Ai r Service , LL C Financia l Statement s An dSupplementar y Informatio n Fo r Th e Year s Ende dDecembe r 31.201 0 an d200 9

Content s Exhibi t Accountants ' Repor

t Financia l Statement s Balanc e Sheet s Statement s o f

Operation s Statement s o f

Change s i

n Members ' Capita l Statement s o f

Cas h Flow s Note s t o th e Financia l Statement s Supplementar

y Informatio n Schedule s o f

Cost s o f Revenue s Schedule s o f

General an dAdministrativ e Expense s 

# DRAF T A

B C D

E FINDEPENDENT ACCOUNTANTS ' REVIE W REPORT 

# DRAF T
T o th e Member s Twi n Citie s Ai r

Service , LL C Gray , Main e 0403 9
We hav e reviewe dth e accompanyin g balanc e sheet s o f Twi n Citie s Ai r

Service , LLC , alimite dliability company , a s o f

December

31 , 201 0 and200 9 an dth e relate dstatement s o f operations , change s i

n members ' capital , an dcas h flow s fo

r th e year s the n ended
. A revie w include s primaril y applyin g analytical procedure s t o management' s financial dat aan dmakin g inquirie s o f Company management . A revie w i s substantiall y les s i n scop e tha n a n audit , th e objectiv e o f

whic h i s th e expressio n o f a n opinio n regardin g th e financial statement s a s a whole
. Accordingly , w e d o no t expres s suc h a

n opinion
. Managemen t

i s responsibl e fo

r th e preparatio n an dfai

r presentatio n ofth e financial statement s i n accordanc e wit h accountin g principle s generall y accepte din th e Unite dState s o f Americ aan dfor

designing , implementing , andmaintainin g intema l contro l relevan t t o th e preparatio n andfai r presentatio n ofth e financial statements . Our responsibility i s t o conduc t th e revie w i

n accordanc e wit

h Statement s on Standard s fo r Accountin g and Revie w Service s issue dby th e American Institut e o f Certifie dPubli c Accountants
. Thos e standard s require u s to perfor mprocedure s t o obtai n limite dassuranc e dia t ther e ar e n o material modification s tha t shoul db e made t o th e financial statements . W e believ e tha t th e result s o f

our procedure s provid e areasonabl e basi s for our report . Base don our

review , wit

h th e exceptio n ofth e matte r disclose di

n th e followin g paragraph , w e ar e no t aware o f any material modification s tha t shoul db e mad e t o th e accompanyin g financial statement s in orde r fo r the mto b e i n conformit

y wit h generall y accepte daccountin g principles
. Managemen t

ha s informe du s tha t

th e Company' s financial statement s ar e no t consolidate dwit

h variabl e interes t entitie s a s require db y FAS B AS C 810-10
. Twi n Citie s Turboprop , LL C wa s partiall y owne db y Twi n Citie s Air Service , LLC
. Lon g Lake Aviation , LL C ha s commo n ownershi p wit h Twi n Citie s Ai r

Service , LLC
. Twin Citie s Ai r Service , LL C manage s aircraf t an dprovide s fue

l andmaintenanc e service s fo r th e entities
. Managemen t

believe s i t

i s impractical t o develo p th e informatio n an dreport s th e relate dpart y transaction s i

n di e note s t o th e financial statements . Our revie w wa s mad e for

th e purpos e o f

expressin g limite dassuranc e that ther e ar e n o material modification s that shoul db e mad e t o th e financial statement s i n orde r fo r tiiemt o b e i

n conformity wit

h generall y accepte d accountin g principles
. Th e informatio n include di n th e accompanyin g Exhibit s E an dF i s presente donly fo r supplementar

y analysi s purposes . Suc h informatio n ha s been subjecte dt o th e inquiry an danalytical procedure s applie di n th e revie w ofth e basi c financial statements , andw e ar e no t awar e o f an y material modification s tha t shoul db e mad e thereto
. rNr % A r* T
AUSTI N ASSOCL\TES , P.A
. Certifie dPubli c Accountant sExhibi t A Twi n Citie s Ai r

Service , LL C Balanc e Sheet s Decembe r

31,201 0 an d200 9

Asset s

201 0 200 9 Curren t Assets : Cas h Account s receivabl e Othe r amount s receivabl e an dprepai d Inventor y $ 78 2 172,68 0 3,08 4 357,05 0 $ 27,11 2

150,81 7 12,64 0 345,00 4 

# DRAF T

Se e indenpenden t

accountants ' revie w report . Th e accompanyin g note s ar e a n integral par

t o f thi s statement .

533,59 6 535.57 3 Propert y an dEquipment-Ne t 216,98 7 290,58 6
Othe r Assets ; Loan s receivable-Relate dpartie s 794,43 2 794,43 2 Securit y deposit s 1,00 0 1,00

0 Unamortize dclosin g cost s 12,55 2 4,93 0 807,98 4 800,36 2 Total asset s $ 1,558,56 7 $ 1,626,52 1Exhibi t A Twi n Citie s Ai r

Service , LL C Balanc e Sheet s Decembe r

31 , 201 0 an d200 9

Liabilitie s an dMembers ' Capita l

201 0 200 9
Curren t Liabilities ; Line s o f credit-Machia s Saving s Ban k Bank overdraf t Account s payabl e Customer deposit s Loa n payable—Relatedparty Othe r curren t liabilitie s Curren t portio n o f

long-ter mdeb t 

# DRAF T $ 207,08 8 35,63 9 106,45 3 51,69 5 32,25 8 6,49 1 35,40 0 475,02 4 $ 288,87 7

52,52 2 287,91 5 45,32 3 26,22 5 4,19 1 112,00 0 817,05 3 Long-Ter mDebt-Les s curren t portio n 537,16 0 377,19 3
Members ' Capita l

Total liabilitie s an dmembers ' capita l 546,38 3 432,27 5 $ 1,558,56 7 $ 1,626,52 1

Se e independen t

accountants ' revie w report . Th e accompanyin g note s ar e a n integral part

o f thi s statement .Twi n Citie s Ai r Service , LL C Statement s o f

Operation s Fo r Th e Year s Ende dDecembe r 31 , 201 0 an d200 9 Exhibi t B

201 0 200 9
Revenue s $ 2,560,72 5 $ 2,480,16 5
Cos t of Revenue s 1,657,60 3 1,856,68 5
Gros s Profi t 903,12 2 623.48 0
Genera l an dAdministrativ e Expense s 729,00 2 ^788,968 Operatin g Incom e (Loss )
Othe r Incom e ("Expense) ; Gai n o n asset s retire d Interes t income Lawsui t settlemen t Interes t expens e Ne t othe r expens e 174,12 0 (165,489 )

1 3 (49,502 ) 25,48 3

3 7 (60,000 ) (59,083 ) (49,489 ) (93.563 )
Ne t Incom e (Loss ) $ 124,63 1 $ (259,052 )

Se e independen t

accountants ' revie w report . Th e accompanyin g note s ar e a n integral part

o f thi s statement .

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### nExhibi t D Twi n Citie s Ai r

Service , LL C Statement s of

Cas h Flow s Fo r Th e Year s Ende dDecembe r 31.201 0 an d200 9 201 0 200 9 Cas h Flow s fro mOperatin g Activities : Ne t Income (Loss ) $ 124,63 1 $ (259,052 ) Adjustment s t o reconcil e ne t income (loss ) t o ne t

cas h (use din ) operatin g activities : Depreciatio n Amortizatio n Gai n on asset s retire d (Increase ) Decreas e i

n assets : Account s receivabl e Prepai dasset s an dothe r

receivable s Inventor y Increas e (Decrease ) i

n liabilities : Account s payabl e an daccrue dexpense s Bank overdraf t Total adjustment s Ne t cas h use di

n operatin g activitie s 

# DRAFT Cas h Flow s fro mInvestin g Activities : Capital expenditure s Proceed s for

asset s retire d Ne t cas h provide dby (use din ) investin g activitie s Cas h Flow s fro mFinancin g Activities ; Proceed s o f

long-ter mdeb t applie dt o lin e o f

credi t Principa l pai do n loan s Loan s frommember s Ne t activity o n line s o f credi t Distribution s Ne t

cas h use di

n financing activitie s Ne t Increas e (Decrease ) i n Cas h an dCas h Equivalent s Cas h an dCas h Equivalents , a t beginnin g Cas h an dCas h Equivalents , a t en d Se e independen t

accountants ' revie w report . Th e accompanyin g note s ar e a n integral par

t o f thi s statement .

77,23 0 5,36 3

- (21,863 ) 9,55 6 (12,046 ) (172,790 ) (16,883 ) (131,433 ) (6,802 ) 

# T 1 (3,630 )

- (3,630 ) 111,74 6 (41,365 ) 6,03 3 (81,789 ) (10,523 ) (15,898 ) (26,330 ) 27,11 2 $ 78 2 89,08 4 1,09 6 (25,483 )
45.76 3 (10,556 ) 58,35 1 36,73 6 52,52 2 247,51 3 (11,539 ) (3,406 ) 147,00 0 143,59 4

_ (95,852 )

- (5,621 ) (12.142 ) (113,615 ) 18,44 0 8,67 2 $ 27,11 2Twi n Citie s Ai r Service , LL C Note s t o th e Financia l Statement s Decembe r

31 , 201 0 an d200 9
NOT E 1 : Significant

Accountin g Policie s Company' s activities : Twi n Citie s Ai

r Service , LL

C i s alimite dliabilit

y company operatin g a

n aircraf t maintenanc e servic e andcharte r

ai r servic e ou t

o f th e Lewiston-Aubu mMunicipal Airport i n Auburn , Main e an di n 201 0 include s service s out o f Portlan dInternational Airport , Portland , Maine
. I t bega n operation s Jul y 1 , 2003
. Th e Company i s a n unconsolidate dspin-of

f subsidiar y o f Nathanair , Inc. , wit h ater mo f sixty years . Concentratio n o f

credi t risk : Mos t ofth e Company' s busines s activit y i s wit h customer s locate dwithi n th e state o f Main e or corporation s havin g busines s i n th e state o f

Maine
. Consequently , th e Company' s abilit y t o collec t amount s du e i s dependen t

o n economi c activitie s i

n Maine
. Cash : Fo r purpose s ofth e statemen t o f cas h flows, th e Company consider s al l highl y liqui ddeb t instrument s purchase dwit h amaturit

y o f thre e month s o r

les s t o b e cas h equivalents
. Non-cas h activit

y consiste do f

refinancin g $445,26 9 an d$-0

- o f long-ter mdeb t i n 201 0 and2009 , ,«sp=c«vel y DRAF T Trad e account s receivable : Trad e account s receivabl e ar e state da t th e amount

managemen t

expect s t o collec t

fro mbalance s outstandin g at

year-end
. Base do

n management' s assessmen t ofth e credi t

histor y wit h customer s havin g outstandin g balance s an dcurren t relationship s wit

h them , i t ha s been conclude dtha

t realizatio n losse s on balance s outstandin g at year-en dwil l b e immaterial
. Inventories : Inventorie s ar e state da

t th e lower o f cos t o r marke t value , wit

h cos t generall y determine do

n th e first-in, first-out

method
. The y consis t

predominantl y o f

fuel an daircraf

t parts . Property an dequipment : Propert y an dequipmen t

ar e state dat

cost . Depreciatio n i s compute dunde r th e straight-lin e and certai n accelerate dmethods
. Closin g costs : Cost s associate dwit

h obtainin g financing ar e amortize dove r th e lif e ofth e loan s o f

betwee n ten an dfifteen years . Accumulate damortizatio n wa s $43 3 an d$6,02 6 i n 201 0 an d2009 , respectively
. Sale s tax : Th e Company collect s sale s tax . Th e amount receive di s credite dt o aliabilit y accoun t an da s payment s ar e made , thi s accoun t i s charged
. A

t any poin t i n time , thi s accoun t

represent s th e net amoun t owe dt o th e taxin g authority fo r amount s collecte dbu t

no t ye t remitted
.Twi n Citie s Ai r Service , LL C Note s t o th e Financia l Statement s Decembe r

31.201 0 an d200 9

NOT E 1 : Significant

Accountin g Policie s (Continued ) Us e o f estimates : Managemen t

use s estimate s an dassumption s i n preparin g financial statements . Thos e estimate s an dassumption s affec t

th e reporte damount s o f

asset s an dliabilities , th e disclosur e o f contingen t asset s an dliabilities , an dth e reporte drevenue s an dexpenses . Actual result s coul ddiffe r fro m thos e estimates
. Advertising : Th e Company expense s advertisin g a s incurred
. Advertisin g expens e wa s $37,05 6 an d$30,033 , i n 201 0 an d2009 , respectively
. Incom e taxes : N o provisio n fo

r income taxe s ha s been mad e du e t o th e electio n by th e member s t o b e treate da s a limite dliabilit

y compan y andtaxe da s apartnershi p fo r income tax purposes ; an dthereby , income i s taxe dt o th e members
. Th e Compan y files income tax retum s i n th e U.S
. federa

l jurisdiction , an dth e stat e o f Maine
. Th e Company i s no longer

subjec t t o U.S
. federal , stat e an dloca l income ta x examination s b y tax authoritie s fo

r year s befor

e 2007
. Th e Company ha s electe dth e provision s o f FAS B AS C 740-10 , Accountin g fo r

Incom e Taxes
. Th e Company record s aliabilit y for uncertai n tax position s whe n i t i s probabl e tha

t alos s ha s been incurre dan dth e amount ca n b e reasonabl y estimated
. NOT E 2 : Property an dEquipmen t Property andequipmen t

ar e summarize db

y major categories , a s follows : 

# DRAF

T

Cos t Aircraf t Equipmen t Leasehol dimprovement s Vehicl e Less : Accumulate ddepreciatio n Lif e 7 year s 5- 7 year s 4 0 year s 5 year s 201 0 200 9

$ 1,033,36 2 $ 1.033,362 71,72 9 13,71 6 80.40 2 1,199,20 9 ( 982.222 ) 68,09 8

13,71 6 80.40 2 1,195,57 8 ( 904.992 ) $ 216.98 7 $ 290.58 6Twi n Citie s Ai r Service , LL C Note s t o th e Financia l Statement s Decembe r

31.201 0 an d200 9
NOTE 3 : Loan s Receivable ' Loan s receivabl e fo

r 201 0 an d200 9 consis t

ofth e following : Nathanair
. Inc.-Non-interes t bearin g loan , unsecured , wit h n o se t term s o f repayment Bel Air-Non-interes t

bearin g loa

n wit h n o se t term s o f repaymen t
NOT E 4 : Line s o f

Credi t Machia s Saving s Bank-Interes t rat e o f 1.0 % ove r Wal l Stree t

Journal Prim e Rate , secure db y aircraft , maturit y extende dt o Januai y 2010 , renewe di n 2010
. Ther e are n o pa

y down provisions
. Machia s Saving s Bank-Interes t rat e o f 2.0 % over

Wal l Stree t

Journal Prim e Rate , currentl y th e note bear s interes t a t 5.25 % per

annum , secure dby aircraft , annual maturitie s i n February , renewe di

n 2010 , du e on deman d 201 0

24.00 0

201 0

148.47 0
NOT E 5 : Lone-Ten n Deb t Long-ter mdeb t consist s ofth e following : Bango r Saving s Bank-Installmen t loan , monthl y payment s o f $905.57 , includin g interes t a t 7.25 % pe r annum , secure db

y a vehicle , mature s January 201 2 Mechanic s Saving s Bank-Installmen t loan , interes t

a t th e rat e o f 7.0 % pe r annum , t o b e adjuste dt o th e Federal Home Loa n Ban k rat e plu s 4.0 % i

n Jun e 2009
. curren t

monthl y payment s o f $10,798.09
. secure db y aircraf t andmembers ' guarantee s Machia s Saving s Bank—Smal l Busines s Installmen t

loan , monthl y payment s currentl y $4,837.35 , includin g interes t at 6.00% , t o increas e t o Wal l Stree t Prim e Rat e plu s 2.75 % beginnin g Ma y 2012 , secure db

y substantiall y al l assets , wit h th e Company' s member an dmanage r

guarantee , 90 % guarante e ofth e Smal l Busines s Administration , mature s Jul y 202 5 200 9 $ 770.43 2 $ 770,43 2

24.00 0 $ 794.43 2 $ 794.43 2

200 9 $ 58,61 8 $ 141,08 8

147.78 9 $ 207.08 8 $ 288.87 7 

# DRAF T 201 0 200 9 $ 12,20 7 $ 21,81 7

463,09 0

560,35 3Twi n Citie s Ai r Service , LL C Note s t o th e Financia l Statement s Decembe r

31.201 0 an d200 9 NOT E 5 : Long-Ten n Deb t (Continued ) Long-ter mdeb t consist s ofth e following : 201 0 200 9 America n Hond aFinanc e Corporation-Installmen t loan
. monthl y payment s o f

$485.52
. includin g interes t a t 6.99% , secure db y avehicl e $ 0 $ 4.28 6 572,56 0 489,19 3 Less-Curren t

portio n 35.40 0 112.00 0 $ 537.16 0 $ 377.19 3 Maturitie s o f

long-ter mdeb t are a s follows : Year s Endin g December 31
. Amount 201 1 $ 35,40 0 201 2 28,50 6 201 3 28,30 0 201 4 30,10 0 201 5 32.00 0 $154.30 6 Interes t pai dfor th e year s ende dDecember 31 , 201 0 and200 9 wa s $49,50 2 an d$59,083 , respectively
. NOT E 6 : Relate dPartv DRAF T Th e Compan y provide s repai r services , charte r

services , an dloan s t o relate dparties
. I n addition , th e Compan y rent s ahanga

r an daircraft , when needed , a s wel l a s receive s loan s fromrelate dparties
. Th e followin g ar e accoun t balance s an dsummar

y o f transaction s wit

h partie s relate dthroug h common ownership :
Account s receivabl e Loan s receivabl e Loan s payable , unsecured , non-interes t bearing , du e on deman d Ren t pai dfor us e of ahanga

r Incom e Th e Compan y i s contingentl y liabl e fo r debt s o f Be l Ai r Services , Inc
. A s ofth e dat e o f thes e statements , th e amoun t

wa s $136,320
. $ = $ = 201 0 Q 794.43 2 32.25 8 $??? ? $

= $ = $ = $ = 200 9 8.37 5 JZ94,43 2 _^6,22 5 557,87 7Twi n Citie s Ai r Service , LL C Note s t o th e Financia l Statement s Decembe r

31.201 0 an d200 9

NOT E 7 : Pensio n Pla n Th e Company ha s aSIMPL E IR A retiremen t

plan
. Th e Pla

n require s th e Company t o matc h th e employees ' deferre dcompensatio n u p t o 3.0 % o f

thei r compensation
. Only employee s wit h on e yea r of servic e an dat

leas t $5,00 0 o f compensatio n ma

y elec t t o participate
. Employee s ar e immediatel y veste d in employer' s contributions
. Th e pensio n contributio n expens e wa s $13,23 6 an d$18,89 9 i n 201 0 an d 2009 , respectively , an di s funde do n acurren t

basis
. NOT E 8 : Lease s an dShort-Ter mRental Agreement s Th e Compan y lease s airport spac e andundergroun dfue l tank s fro mth e Auburn-Lewisto n Municipal Airport unde r a n operatin g leas e tha

t expire s i n Marc h 2014
. Minimumleas e payment s fo r th e nex t five year s an di

n th e aggregat e ar e a s follows : Year s Endin g December 31
. Amount 201 1 $ 33,20 4 201 2 33,20 4 

# l l i S DRAF T $107.91 3 Th e leas e contain s a

n escalatio n clause
. Annual increase s wil l occu r o n th e aimiversar

y dat e ofth e leas e an dwil l b e base do n th e Consume r Pric e Inde x fo

r Al l Urba n Consumers
. Th e Compan y rent s equipmen t an dahanga

r on a n "a s needed " basi s anda s atenant-at-will
. Tota l renta l expens e unde r

al l rental agreement s wa s $70,05 3 an d$71,74 4 i n 201 0 an d2009
. respectively
. NOT E 9 : Lawsui t

Settlemen t I n 2009 , th e lawsui t

stemmin g fro

ma n acciden t i n 200 6 wa s settled
. Th e Company' s portio n ofth e settlemen t wa s $60,000
. NOT E 10 : Subsequen t Event s Th e Compan y ha s evaluate dal l subsequen t event s throug h DATEl
. th e dat e th e financial statement s wer e availabl e t o b e issued
. N o materia l event s hav e occurred
.SUPPLEMENTAR Y INFORMATIO N 

# DRAF TTwi n Citie s Ai r Service
. LL C Schedule s o f

Cost s o f Revenue s Fo r Th e Year s Ende dDecembe r 31 , 201 0 an d200 9 Exhibi t E

201 0 200 9

Caterin g $ 28,17 4 $ 44,12 6 Charte r outsourcin g Equipmen t

rental Fuel an doi l Landin g fee s Miscellaneou s an dothe r

expense s Odier contracte dservice s Part s fo r sal e an duse , freight , an drepair s Payrol l an dpayrol l taxe s Uniform s 288,10 1 260,59 6



# DRAF T 19,44 3

776.21 1 52.03 8

- 42,65 0 115.25 8 335,41 9 30 9
$ 1,657,60 3 18,04 5

603,00 4 60,46 7 75 0 147,73 9 311,82 0 409,04 8 1,09 1 $ 1,856,68 6

Se e independen t

accountants ' revie w report .Twi n Citie s Ai r Service , LL C Schedule s o f

Genera l an dAdministrativ e Expense s Fo r Th e Year s Ende dDecembe r 31
. 201 0 an d200 9 Exhibi t F

201 0 200 9 Advertisin g Amortizatio n expens e Aut o an dtruc k

expense s Bank servic e charge s Commission s Contribution s Depreciatio n Due s an dsubscription s Employe e benefit s Insuranc e Janitoria l expense s License s andpermit s Merchan t fee s o n credi t

card s Professional fee s Miscellaneou s Offic e expens e an dpostag e Professional developmen t Ren t Repair s an dmaintenanc e Supplie s for

sho p Taxes-Othe r

tha n incom e taxe s Telephon e Travel , tolls , an dlodgin g Utilitie s an dwast e remova l Wage s an dpayrol l taxe s $ 37,05 6 5,36 3 3,15 2 2,21 8 1,00 0 2.16 5 77,23 0 15.81 9 13.23 6 186,76 7 

# ^AFj o 51,84 4 38,12 2 3.83 8 9,79 1 3.09 9 50.61 0 4,76 3 5,64 7 5,52 2 16,25 5 2,48 6 23,31 1 169,16 8 $ 729,00 2 $ 30,03 3 1.09 6 3.11 6 4,07 1 50 0 62 7 89,08 4 20,05 9 18,89 9 256,72 8 44 0 52 8 44,43 8 9,96 1 2.00 7 15.81 8 6,33 7 53,69 9 5,95 2 4,68 6 5,88 5 18,42 1 7,77 2 31,57 5 157,23 6 $ 788,96 8

Se e independen t

accountants ' revie w report .

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# Exhibi t

S-1 2Prin t Pag e 1 o f

COMMERCIA L LOAN S VA R - P& I (360 ) 313001317 6 Printe d by ; Ann a Blak e MACHIA S SAVING S BAN K 4/26/201 1 5:03:5 4 P M Reportin g Institution : 0 IVot e 313001317 6 - TWI N CITIE S AI R SERVIC E LL C Re l Birthfiat e [ 0 i j TWI N cme s AI R SERVIC E LL C * NATHA N HUMPHREY , MEMBE R 0 8 1 AIRPOR

T DRIV E AUBUR N M E 0421 0 Pht»n e [H ] (207 ) 782-388 2 Ta x Itlentifitatio n EI N 82-055189 8

Ta x Name : [1 ] TWI N CITIE S AI R SERVIC E LL C 82-055189 8

6199 4 Responsibilit y Code : 6199 4 Purpos e Code : [575001 ] COMMERCIA L Collateral : LOAN S VA R - P& I (360 )

[13 ] BANGO R Accoun t Classificatio n Portfolio : Line : Product : Accountin g Branch : Warning s Telle rAlert : [11 ] Se e Mis c Ad d Priorit y Miscellaneou s Descriptio n a 8/24/1 0 UBERT V AVIATIO N LL C I S A CO-SIGNE R AN D HA S A BA D ADDRESS
. Loa n T o Dat e [202 ] Andre w C Dor r [510 ] Commercia l Genera l

Purpos e L n Multipl e

Dat e Ju l 01 , 201 0 Ju l 01 , 201 0 Au g 11 , 201 0 Au g 16 , 201 0 Se p 02 , 201 0 Se p 30 , 201 0 No v01 , 201 0 De c 02 , 201 0 Ja n 11 , 201 1 Fe b 03 , 201 1
Ma r01 , 201 1 Ma r31 , 201 1 Descriptio n

Origina l Rat e NE W LOA N Automati c Lat e Charg e Paymen t - Extr a T o Principa l Paymen t - Extr a T o Principa l Paymen t - Extr a T o Principa l Paymen t - Extr a T o Principa f Regula rPaymen t MS B ECOR P LOA N PAYMEN T FRO M BUSINES S FRE E 801247123 0 MS B ECOR P LOA N PAYMEN T FRO M BUSINES S FRE E 801247123 0 Lat e Charge : MS B ECOR P LOA N PAYMEN T FRO M BUSINES S FRE E 801247123 0 MS B ECOR P LOA N PAYMEN T FRO M Transactio n Amoun t Interes t Rate ; Principa l

6.0000 % $570,000.0 0 $570,000.0 0 $241.8 6 $4,837.3 5 $4,837.3 5 $4,837.3 5 $4,837.3 5 $4,837.3 5 $4,837.3 5 $5,079.2 1 $241.8 6 $4,837.3 5 $4,837.3 5 $467.3 5

$3,223.6 8 $2,194.5 8 $1,828.7 4 $1,932.2 1 $1,101.6 7 $2,693.5 6 $2,425.6 0 $2,066.6 9 Interes t Principa l Balanc e $570,000.0 0 $570,000.0 0 $4,370.0 0 $569,532.6 5 $1,613.6 7 $566,308.9 7 $2,642.7 7 $564,114.3 9 $3,008.6 1 $562,285.6 5 $2,905.1 4 $560,353.4 4 $3,735.6 8 $559,251.7 7 $2,143.7 9 $556,558.2 1 $2,411.7 5 $554,132.6 1 $2,770.6 6 $552,065.9 2 BUSINES S FRE E 801247123 0

http://10.l.l.55/LAS_LAS l 151/LAS l 15 1 .aspx?Action=PRINT&XMLGuid=0ED87FBD-..
. 4/26/201 1

# Exhibi t

s-1 3TITL E 1 8 VERIFICATIO N

Th e content s o f

thi s applicatio n an dth e attache dexhibit(s ) ar e tru e an dcorrec t

t o th e bes t o f m y knowledg e an dbelief

. Pursuan t t o Titl e 1 8 Unite dState s Cod e Sectio n 1001
. I Natha n Humphrey , i n m

y individual capacit

y an da s th e authorize drepresentativ e ofth e applicant , hav e no t

i n any manner

knowingl y an dwillfully falsified , conceale do r faile d to disclos e an

y material fac t

or mad e an y false , fictitious , o r

fraudulen t statement

o r knowingl y use dany document s whic h contai n suc h statement s i n connectio n wit h th e preparation , filing o r

prosecutio n o f

th e application
. 1 understan dtha t a n individual wh o i s foun dt o hav e violate dth e provision s o f 1 8 U.S.C
. sectio n 100 1 shal l b e fined or imprisone dno t

more tha n fiv e years , o r

both ,

^ Submitte dby
.

Nathan Humphrey President o f Twi n Citie s Ai r

Service , LL

C

t e - d ss£ s frsi ie s aoiAaa s ai y saiii o NIM X w d i-tix e T I ez-se-Aw w