# EDGAR Filing Document

**Accession Number:** 0001914336
**File Stem:** 0001669191-23-000192
**Filing Date:** 2023-3
**Character Count:** 141933
**Document Hash:** e151570ca995d96059943e49bdd7ec63
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669191-23-000192.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001669191-23-000192

**CONFORMED SUBMISSION TYPE**: C/A

**PUBLIC DOCUMENT COUNT**: 12

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sazi Foods, LLC
- **CENTRAL INDEX KEY:** 0001914336
- **IRS NUMBER:** 862922503
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-29820
- **FILM NUMBER:** 23695050

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 134
- **CITY:** STOCKBRIDGE
- **STATE:** MA
- **ZIP:** 01262
- **BUSINESS PHONE:** 4138541901

**MAIL ADDRESS:**
- **STREET 1:** 20 EAST STREET
- **CITY:** STOCKBRIDGE
- **STATE:** MA
- **ZIP:** 01262

## Ex-99

html![](offeringpage.jpg)

### Attached PDF Documents

**Attachment 1:** `offeringstatement.pdf`

# Offering Statement for Sazi Foods, LLC

('Sazi Foods, LLC,' 'we,' 'our,' or the 'Company')

This document is generated by a website that is operated by Netcapital Systems LLC ('Netcapital'), which is not a registered broker-dealer. Netcapital does not give investment advice, endorsement, analysis or recommendations with respect to any securities. All securities listed here are being offered by, and all information included in this document are the responsibility of, the applicable issuer of such securities. Netcapital has not taken any steps to verify the adequacy, accuracy or completeness of any information. Neither Netcapital nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information in this document or the use of information in this document.

All Regulation CF offerings are conducted through Netcapital Funding Portal Inc. ('Portal'), an affiliate of Netcapital, and a FINRA/SEC registered funding-portal. For inquiries related to Regulation CF securities activity, contact Netcapital Funding Portal Inc.:

**Paul Riss:**

paul@netcapital.com

Netcapital and Portal do not make investment recommendations and no communication, through this website or in any other medium, should be construed as a recommendation for any security offered on or off this investment platform. Equity crowdfunding investments in private placements, Regulation A, D and CF offerings, and start-up investments in particular are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investments through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Additionally, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for start-up investing, start-ups should only be part of your overall investment portfolio. Further, the start-up portion of your portfolio may include a balanced portfolio of different start-ups. Investments in startups are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest.

The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company's control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

## The Company

**1. What is the name of the issuer?**

Sazi Foods, LLC

20 East Street

Stockbridge, MA 01262

## Eligibility

**2. The following are true for Sazi Foods, LLC:**

- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- Not subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer format).
- Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

**3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 202 of Regulation Crowdfunding?**

No.

## Directors, Officers and Promoters of the Company

**4. The following individuals (or entities) represent the company as a director, officer or promoter of the offering:**

*Name*

Barbara Newman

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

| Start Date | End Date | Company | Position / Title |
| --- | --- | --- | --- |
| 06/01/2010 | Present | Brandvisioning | Partner & Creative Strategist |
| 01/01/2014 | Present | Cowgirls Are Forever | Director & Producer |
| 03/29/2021 | Present | Sazi Foods, LLC | Founder & Brand Strategist |

Short Bio: Barbara is a Brand Strategist and Creative Director. During her tenure as SVP Global Creative Director for Grey Group in New York, Barbara designed and led the branding and advertising for iconic global brands (Procter & Gamble, Unilever, Revlon and several wellness brands). Her award-winning campaigns left an indelible mark on brand culture. Work Experience: (https://www.linkedin.com/in/barbaranewman7/)

Name

Joseph Perello

Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates

| Start Date | End Date | Company | Position / Title |
| --- | --- | --- | --- |
| 11/01/2017 | Present | Props | Founder & CEO |
| 01/01/2018 | Present | New York Cruise Lines, Inc. | Board of Directors |
| 03/29/2021 | Present | Sazi Foods, LLC | Founder & F-CMO |

Short Bio: Joe is the founder of Props, one of the first-of-its-kind content marketing platform serving DTC brands. He was the founder of an NYC-based digital ad agency, the first Chief Marketing Officer of the City of New York, appointed by Mayor Mike Bloomberg, a collaborator with internet pioneer David Bowie; VP of Business Development for the New York Yankees, and started his career as a direct marketer with credit card innovator MBNA. Work experience: (https://www.linkedin.com/in/perello/)

Name

Lisa Newmann

Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates

| Start Date | End Date | Company | Position / Title |
| --- | --- | --- | --- |
| 03/01/2016 | 07/01/2020 | Coffee Snacks, Inc. | President |
| 07/01/2020 | 03/29/2021 | Freelance | Hemp research |
| 03/29/2021 | Present | Sazi Foods, LLC | Founder & CEO |

Short Bio: Lisa Newmann has spent her career building, merging and running food companies. They have ranged in size from start-ups to corporate turnarounds and have yielded networks of national account relationships, brand recognition and products of note. Lisa's business pursuits since 2000 have highlighted the impact of climate change on our food supply by developing lines of healthy snack brands and helping to communicate the importance of environmentally conscious sourcing and responsible product development. In 2012, Lisa was invited to speak at the Food Innovation Summit on "Propelling Change in the Food Industry," with leaders from General Mills, Tyson Foods and Coca Cola. Work experience: (https://www.linkedin.com/in/lisanewmann/)

# Principal Security Holders

5. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power. To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control - as, for example, a co-trustee) they should be included as being “beneficially owned.” You should include an explanation of these circumstances in a footnote to the “Number of and Class of Securities Now Held.” To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.

### **Lisa Newmann**

| Securities: | 1,925,000 |
| --- | --- |
| Class: | Class A Units |
| Voting Power: | 100.0% |

## Business and Anticipated Business Plan

6. Describe in detail the business of the issuer and the anticipated business plan of the issuer.

Sazi Foods develops and markets hemp seed-based products and plans to sell them to potential consumers who care about what they eat, care about the environment and would appreciate a brand that takes its responsibility beyond the expected. It is a purposeful brand with a mission to nourish and educate, using its products and voice to increase awareness of hemp - the world’s window to sustainable farming and climate restoration. Sazi’s strategy is to create food that is aimed at appealing to a mass market - to consumers who have shied away from plant-based foods. The company believes it can do this through products and media. Sazi’s website illustrates the graphic dynamism of the brand and offers a view of the all-consuming approach, through several verticals. Because these products are developed by an award-winning product developer whose palette has been trained by world-famous chefs, and someone who has had years of experience commercializing “real food” that tastes good, we believe Sazi is able to deliver on that strategy. Sazi plans to start with early adopters, and utilize a proprietary digital platform designed by its seasoned team, to target growth exponentially. Our plan is to start with an e-commerce model and food truck-only business; waiting for grocery retail until strong brand awareness is generated. Given the pandemic, we believe online sales and sales via an outdoor venue are the most practical and consumer-friendly vehicles for accelerating sales in the current climate.

## Risk Factors

*A crowdfunding investment involves risk. You should not invest any funds in this offering unless you can afford to lose your entire investment.*

*In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved*

by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.

These securities are offered under an exemption from registration; however, the U.S. Securities and Exchange Commission has not made an independent determination that these securities are exempt from registration.

7. Material factors that make an investment in Sazi Foods, LLC speculative or risky:

1. Risks from Pandemics: We face risks related to health epidemics and other outbreaks, which could significantly disrupt the Company's operations and could have a material adverse impact on us. The outbreak of pandemics and epidemics could materially and adversely affect the Company's business, financial condition, and results of operations. If a pandemic occurs in areas in which we have material operations or sales, the Company's business activities originating from affected areas, including sales, materials, and supply chain related activities, could be adversely affected. Disruptive activities could include the temporary closure of facilities used in the Company's supply chain processes, restrictions on the export or shipment of products necessary to run the Company's business, business closures in impacted areas, and restrictions on the Company's employees' or consultants' ability to travel and to meet with customers, vendors or other business relationships. The extent to which a pandemic or other health outbreak impacts the Company's results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of a virus and the actions to contain it or treat its impact, among others. Pandemics can also result in social, economic, and labor instability which may adversely impact the Company's business. If the Company's employees or employees of any of the Company's vendors, suppliers or customers become ill or are quarantined and in either or both events are therefore unable to work, the Company's operations could be subject to disruption. The extent to which a pandemic affects the Company's results will depend on future developments that are highly uncertain and cannot be predicted.
2. Any valuation at this stage is difficult to assess: Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. In addition, there may be additional classes of equity with rights that are superior to the class of equity being sold.
3. We are highly dependent on the services of our founder: Our future business and results of operations depend in significant part upon the continued contributions of our CEO and founder. If we lose those services or if they fail to perform in their current position, or if we are not able to attract and retain skilled employees in addition to our CEO and the current team, this could adversely affect the development of our business plan and harm our business. In addition, the loss of any other member of the board of directors or executive officers could harm the Company's business, financial condition, cash flow and results of operations.
4. Start-up investing is risky: Investing in early-stage companies is very risky, highly speculative, and should not be made by anyone who cannot afford to lose their entire investment. Unlike an investment in a mature business where there is a track record of revenue and income, the success of a startup or early-stage venture often relies on the development of a new product or service that may or may not find a market. Before investing, you should carefully consider the specific risks and disclosures related to both this offering type and the company.
5. Your units are not easily transferable: You should not plan on being able to readily transfer and/or resell your security. Currently, there is no market or liquidity for these units and the company does not have any plans to list these units on an exchange or other secondary market. At some point the company may choose to do so, but until then you should plan to hold your investment for a significant period of time before a liquidation event occurs.
6. You may only receive limited disclosure: While the company must disclose certain information, since the company is at an early-stage they may only be able to provide limited information about its business plan and operations because it does not have fully developed operations or a long history. The

company may also only be obligated to file information periodically regarding its business, including financial statements. A publicly listed company, in contrast, is required to file annual and quarterly reports and promptly disclose certain events - through continuing disclosure that you can use to evaluate the status of your investment.

1. 7. Management may not be able to control costs in an effective or timely manner: The Company's management anticipates it can use reasonable efforts to assess, predict and control costs and expenses. However, implementing our business plan may require more employees, capital equipment, supplies or other expenditure items than management has predicted. Likewise, the cost of compensating employees and consultants or other operating costs may be higher than management's estimates, which could lead to sustained losses.
2. 8. The Company has the right to extend the Offering deadline: The Company may extend the Offering deadline beyond what is currently stated herein. This means that your investment may continue to be held in escrow while the Company attempts to raise the maximum offering amount even after the Offering deadline stated herein is reached. Your investment will not be accruing interest during this time and will simply be held until such time that Offering is closed, at which time it will be released to the Company to be used as set forth herein. Upon or shortly after release of such funds to the Company, the Securities will be issued and distributed to you.
3. 9. No governmental agency has reviewed the Company's offering and no state or federal agency has passed upon either the adequacy of the disclosure contained herein or the fairness of the terms of this offering. The exemptions relied upon for this offering are significantly dependent upon the accuracy of the representations of the investors to be made to the Company in connection with this offering. In the event that any such representations prove to be untrue, the registration exemptions relied upon by the Company in selling the securities might not be available and substantial liability to the Company would result under applicable securities laws for rescission or damages.
4. 10. The failure to attract and retain key employees could hurt our business, and our management does not have extensive experience in the operation of businesses such as ours. Our success also depends upon our ability to attract and retain numerous highly qualified employees. Our failure to attract and retain skilled management and employees may prevent or delay us from pursuing certain opportunities. If we fail to successfully fill many management roles, fail to fully integrate new members of our management team, lose the services of key personnel, or fail to attract additional qualified personnel, it will be significantly more difficult for us to achieve our growth strategies and success.
5. 11. Lack of professional guidance: Many successful companies partially attribute their early success to the guidance of professional early-stage investors (e.g., angel investors and venture capital firms). These investors often negotiate for seats on the Company's board of directors and play an important role through their resources, contacts and experience in assisting early-stage companies in executing on their business plans. An early-stage company may not have the benefit of such professional investors.
6. 12. Competition Risk: Intense competition in the markets in which we compete could prevent us from generating or sustaining revenue growth and generating or maintaining profitability.
7. 13. Growth risk: Our future growth depends to a large extent on our ability to effectively anticipate and adapt to customer requirements and offer services that meet customer demands. If we are unable to attract customers and/or retain customers, our business, results of operations and financial condition may be materially adversely affected.
8. 14. *The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.*

You should not rely on the fact that our Form C, and if applicable Form D is accessible through the U.S. Securities and Exchange Commission's EDGAR filing system as an approval, endorsement or guarantee of compliance as it relates to this Offering.

15. *Neither the Offering nor the Securities have been registered under federal or state securities laws, leading to an absence of certain regulation applicable to the Company.*

The securities being offered have not been registered under the Securities Act of 1933 (the 'Securities Act'), in reliance on exemptive provisions of the Securities Act. Similar reliance has been placed on apparently available exemptions from securities registration or qualification requirements under applicable state securities laws. No assurance can be given that any offering currently qualifies or will continue to qualify under one or more of such exemptive provisions due to, among other things, the adequacy of disclosure and the manner of distribution, the existence of similar offerings in the past or in the future, or a change of any securities law or regulation that has retroactive effect. If, and to the extent that, claims or suits for rescission are brought and successfully concluded for failure to register any offering or other offerings or for acts or omissions constituting offenses under the Securities Act, the Securities Exchange Act of 1934, or applicable state securities laws, the Company could be materially adversely affected, jeopardizing the Company's ability to operate successfully. Furthermore, the human and capital resources of the Company could be adversely affected by the need to defend actions under these laws, even if the Company is ultimately successful in its defense.

16. *The Company has the right to extend the Offering Deadline, conduct multiple closings, or end the Offering early.*

The Company may extend the Offering Deadline beyond what is currently stated herein. This means that your investment may continue to be held in escrow while the Company attempts to raise the Minimum Amount even after the Offering Deadline stated herein is reached. While you have the right to cancel your investment up to 48 hours before an Offering Deadline, if you choose to not cancel your investment, your investment will not be accruing interest during this time and will simply be held until such time as the new Offering Deadline is reached without the Company receiving the Minimum Amount, at which time it will be returned to you without interest or deduction, or the Company receives the Minimum Amount, at which time it will be released to the Company to be used as set forth herein. Upon or shortly after release of such funds to the Company, the Securities will be issued and distributed to you. If the Company reaches the target offering amount prior to the Offering Deadline, they may conduct the first of multiple closings of the Offering prior to the Offering Deadline, provided that the Company gives notice to the investors of the closing at least five business days prior to the closing (absent a material change that would require an extension of the Offering and reconfirmation of the investment commitment). Thereafter, the Company may conduct additional closings until the Offering Deadline. The Company may also end the Offering early; if the Offering reaches its target offering amount after 21-calendar days but before the deadline, the Company can end the Offering with 5 business days' notice. This means your failure to participate in the Offering in a timely manner, may prevent you from being able to participate - it also means the Company may limit the amount of capital it can raise during the Offering by ending it early.

17. *The Company's management may have broad discretion in how the Company uses the net proceeds of the Offering.*

Despite that the Company has agreed to a specific use of the proceeds from the Offering, the Company's management will have considerable discretion over the allocation of proceeds from the Offering. You may not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.

18. *The Securities issued by the Company will not be freely tradable until one year from the initial purchase date. Although the Securities may be tradable under federal securities law, state securities regulations may apply, and each Investor should consult with his or her attorney.*

You should be aware of the long-term nature of this investment. There is not now and likely will not be a public market for the Securities. Because the Securities offered in this Offering have not been registered under the Securities Act or under the securities laws of any state or non-United States jurisdiction, the Securities have transfer restrictions and cannot be resold in the United States except pursuant to Rule 501 of Regulation CF. It is not currently contemplated that registration under the

Securities Act or other securities laws will be affected. Limitations on the transfer of the shares of Securities may also adversely affect the price that you might be able to obtain for the shares of Securities in a private sale. Investors should be aware of the long-term nature of their investment in the Company. Investors in this Offering will be required to represent that they are purchasing the Securities for their own account, for investment purposes and not with a view to resale or distribution thereof.

19. *Investors will not be entitled to any inspection or information rights other than those required by Regulation CF.*

Investors will not have the right to inspect the books and records of the Company or to receive financial or other information from the Company, other than as required by Regulation CF. Other security holders of the Company may have such rights. Regulation CF requires only the provision of an annual report on Form C and no additional information - there are numerous methods by which the Company can terminate annual report obligations, resulting in no information rights, contractual, statutory or otherwise, owed to Investors. This lack of information could put Investors at a disadvantage in general and with respect to other security holders.

20. *The shares of Securities acquired upon the Offering may be significantly diluted as a consequence of subsequent financings.*

Company equity securities will be subject to dilution. Company intends to issue additional equity to future employees and third-party financing sources in amounts that are uncertain at this time, and as a consequence, holders of Securities will be subject to dilution in an unpredictable amount. Such dilution may reduce the purchaser’s economic interests in the Company.

21. The amount of additional financing needed by Company will depend upon several contingencies not foreseen at the time of this Offering. Each such round of financing (whether from the Company or other investors) is typically intended to provide the Company with enough capital to reach the next major corporate milestone. If the funds are not sufficient, Company may have to raise additional capital at a price unfavorable to the existing investors. The availability of capital is at least partially a function of capital market conditions that are beyond the control of the Company. There can be no assurance that the Company will be able to predict accurately the future capital requirements necessary for success or that additional funds will be available from any source. Failure to obtain such financing on favorable terms could dilute or otherwise severely impair the value of the investor’s Company securities.

22. *There is no present public market for these Securities and we have arbitrarily set the price.*

The offering price was not established in a competitive market. We have arbitrarily set the price of the Securities with reference to the general status of the securities market and other relevant factors. The Offering price for the Securities should not be considered an indication of the actual value of the Securities and is not based on our net worth or prior earnings. We cannot assure you that the Securities could be resold by you at the Offering price or at any other price.

23. In addition to the risks listed above, businesses are often subject to risks not foreseen or fully appreciated by the management. It is not possible to foresee all risks that may affect us. Moreover, the Company cannot predict whether the Company will successfully effectuate the Company’s current business plan. Each prospective Investor is encouraged to carefully analyze the risks and merits of an investment in the Securities and should take into consideration when making such analysis, among other, the Risk Factors discussed above.

24. THE SECURITIES OFFERED INVOLVE A HIGH DEGREE OF RISK AND MAY RESULT IN THE LOSS OF YOUR ENTIRE INVESTMENT. ANY PERSON CONSIDERING THE PURCHASE

OF THESE SECURITIES SHOULD BE AWARE OF THESE AND OTHER FACTORS SET FORTH IN THIS OFFERING STATEMENT AND SHOULD CONSULT WITH HIS OR HER LEGAL, TAX AND FINANCIAL ADVISORS PRIOR TO MAKING AN INVESTMENT IN THE SECURITIES. THE SECURITIES SHOULD ONLY BE PURCHASED BY PERSONS WHO CAN AFFORD TO LOSE ALL OF THEIR INVESTMENT.

## The Offering

Sazi Foods, LLC (“Company”) is offering securities under Regulation CF, through Netcapital Funding Portal Inc. (“Portal”). Portal is a FINRA/SEC registered funding portal and will receive cash compensation equal to 4.9% of the value of the securities sold through Regulation CF. Investments made under Regulation CF involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest.

The Company plans to raise between $10,000 and $250,000 through an offering under Regulation CF. Specifically, if we reach the target offering amount of $10,000, we may conduct the first of multiple or rolling closings of the offering early if we provide notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

In the event The Company fails to reach the offering target of $10,000, any investments made under the offering will be cancelled and the investment funds will be returned to the investor.

### 8. What is the purpose of this offering?

Roughly half the proceeds are planned to be spent on marketing and acquiring customers. About one-third plans to be spent on inventory in order to produce the product that we are selling. The remaining portion aims to go towards general and administrative expenses in order to run the business.

### 9. How does the issuer intend to use the proceeds of this offering?

| Uses | If Target Offering Amount Sold | If Maximum Amount Sold |
| --- | --- | --- |
| Intermediary Fees | $490 | $12,250 |
| Inventory / Production | $3,000 | $70,000 |
| Marketing / Customer Acquisition | $5,010 | $130,750 |
| General & Administrative | $1,500 | $37,000 |
| Total Use of Proceeds | $10,000 | $250,000 |

### 10. How will the issuer complete the transaction and deliver securities to the investors?

In entering into an agreement on the Netcapital Funding Portal to purchase securities, both investors and Sazi Foods, LLC must agree that a transfer agent, which keeps records of our outstanding Class B Units (the “Securities”), will issue digital Securities in the investor’s name (a paper certificate will not be printed). Similar to other online investment accounts, the transfer agent will give investors access to a web site to see the number of Securities that they own in our company. These Securities will be issued to investors after the deadline date for investing has passed, as long as the targeted offering amount has been

reached. The transfer agent will record the issuance when we have received the purchase proceeds from the escrow agent who is holding your investment commitment.

#### **11. How can an investor cancel an investment commitment?**

You may cancel an investment commitment for any reason until 48 hours prior to the deadline identified in the offering by logging in to your account with Netcapital, browsing to the Investments screen, and clicking to cancel your investment commitment. Netcapital will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment. If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

#### **12. Can the Company perform multiple closings or rolling closings for the offering?**

If we reach the target offering amount prior to the offering deadline, we may conduct the first of multiple closings of the offering early, if we provide notice about the new offering deadline at least five business days prior (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Thereafter, we may conduct additional closings until the offering deadline. We will issue Securities in connection with each closing. Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

## Ownership and Capital Structure

### The Offering

#### **13. Describe the terms of the securities being offered.**

We are issuing Securities at an offering price of $1 per share.

#### **14. Do the securities offered have voting rights?**

The Securities are being issued with voting rights. However, so that the crowdfunding community has the opportunity to act together and cast a vote as a group when a voting matter arises, a record owner will cast your vote for you. Please refer to the record owner agreement that you sign before your purchase is complete.

#### **15. Are there any limitations on any voting or other rights identified above?**

You are giving your voting rights to the record owner, who will vote the Securities on behalf of all investors who purchased Securities on the Netcapital crowdfunding portal.

#### **16. How may the terms of the securities being offered be modified?**

Any provision of the terms of the Securities being offered may be amended, waived or modified by written consent of the majority owner(s) of the Company. We may choose to modify the terms of the Securities before the offering is completed. However, if the terms are modified, and we deem it to be a material change, we need to contact you and you will be given the opportunity to reconfirm your investment. Your

reconfirmation must be completed within five business days of receipt of the notice of a material change, and if you do not reconfirm, your investment will be canceled and your money will be returned to you.

## Restrictions on Transfer of the Securities Offered

The securities being offered may not be transferred by any purchaser of such securities during the one-year period beginning when the securities were issued, unless such securities are transferred:

- to the issuer;
- to an accredited investor;
- as part of an offering registered with the U.S. Securities and Exchange Commission; or
- to a member of the family of the purchaser or the equivalent, to a trust controlled by the purchaser, to a trust created for the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or divorce of the purchaser or other similar circumstance.

The term “accredited investor” means any person who comes within any of the categories set forth in Rule 501(a) of Regulation D, or who the seller reasonably believes comes within any of such categories, at the time of the sale of the securities to that person.

The term “member of the family of the purchaser or the equivalent” includes a child, stepchild, grandchild, parent, stepparent, grandparent, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes adoptive relationships. The term “spousal equivalent” means a cohabitant occupying a relationship generally equivalent to that of a spouse.

## Description of Issuer’s Securities

17. What other securities or classes of securities of the issuer are outstanding? Describe the material terms of any other outstanding securities or classes of securities of the issuer.

### Securities

| Class of Security | Amount Authorized | Amount Outstanding | Voting Rights | Other Rights |
| --- | --- | --- | --- | --- |
| Class A Units | 1,925,000 | 1,925,000 | Yes | Each Unit shall give the Member of record who is the owner thereof the right to be allocated net profits, net losses and other items and receive distributions in accordance with Section 4 of the "Sazi Foods, LLC Operating Agreement". |
| Class B Units | 275,000 | 0 | Yes | Each Unit shall give the Member of record who is the owner thereof the right to be allocated net profits, net losses and other items and receive distributions in accordance with Section 4 of the "Sazi Foods, LLC Operating Agreement". |

### Options, Warrants and Other Rights

None.

**18. How may the rights of the securities being offered be materially limited, diluted or qualified by the rights of any other class of securities?**

None of the Company's existing debt is convertible into equity, and there are no warrants, options or other convertible instruments outstanding.

**19. Are there any differences not reflected above between the securities being offered and each other class of security of the issuer?**

The Company has granted a perpetual waiver of the transfer restrictions listed in its operating agreement for all Units sold in this Offering.

**20. How could the exercise of rights held by the principal owners identified in Question 5 above affect the purchasers of Securities being offered?**

The Company's Operating Agreement can be amended by the holders of the Member Units. As minority owners, you are subject to the decisions made by the majority owners. The issued and outstanding membership interest units give management voting control of the company. As a minority owner, you may be outvoted on issues that impact your investment, such as the issuance of new units, or the sale of debt, convertible debt or assets of the company.

**21. How are the securities being offered being valued? Include examples of methods for how such securities may be valued by the issuer in the future, including during subsequent corporate actions.**

The price of the Securities was determined solely by management and bears no relation to traditional measures of valuation such as book value or price-to-earnings ratios. We expect that any future valuation will take the same approach.

**22. What are the risks to purchasers of the securities relating to minority ownership in the issuer?**

As the holder of a majority of the voting rights in the company, our majority owner may make decisions with which you disagree, or that negatively affect the value of your investment in the company, and you will have no recourse to change those decisions. Your interests may conflict with the interests of other investors, and there is no guarantee that the company will develop in a way that is advantageous to you. For example, the majority members may decide to issue additional membership interest units to new investors, sell convertible debt instruments with beneficial conversion features, or make decisions that affect the tax treatment of the company in ways that may be unfavorable to you. Based on the risks described above, you may lose all or part of your investment in the securities that you purchase, and you may never see positive returns.

**23. What are the risks to purchasers associated with corporate actions including:**

- additional issuances of securities,
- issuer repurchases of securities,
- a sale of the issuer or of assets of the issuer or
- transactions with related parties?

The issuance of additional shares of our common units will dilute your ownership. As a result, if we achieve profitable operations in the future, our net income per share will be reduced because of dilution, and the market price of our common units, if there is a market price, could decline as a result of the additional issuances of securities. If we repurchase securities, so that the above risk is mitigated, and there are fewer shares of common units outstanding, we may not have enough cash available for marketing expenses, growth, or operating expenses to reach our goals. If we do not have enough cash to operate and grow, we anticipate the market price of our units would decline. A sale of our company or of the assets of our company may result in an entire loss of your investment. We cannot predict the market value of our company or our assets, and the proceeds of a sale may not be cash, but instead, unmarketable securities, or

an assumption of liabilities. In addition to the payment of wages and expense reimbursements, we may need to engage in transactions with officers, directors, or affiliates. By acquiring an interest in the Company, you will be deemed to have acknowledged the existence of any such actual or potential related party transactions and waived any claim with respect to any liability arising from a perceived or actual conflict of interest. In some instances, we may deem it necessary to seek a loan from related parties. Such financing may not be available when needed. Even if such financing is available, it may be on terms that are materially averse to your interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms. No assurance can be given that such funds will be available or, if available, will be on commercially reasonable terms satisfactory to us. If we are unable to obtain financing on reasonable terms, we could be forced to discontinue our operations.

**24. Describe the material terms of any indebtedness of the issuer:**

| Creditor(s): | ROOTS Sustainable Agricultural Technologies, Ltd |
| --- | --- |
| Amount Outstanding: | $50,000 |
| Interest Rate: | 0.0% |
| Maturity Date: | No Maturity Date |
| Other Material Terms: | Repayment: Sazi Foods, LLC will make quarterly payments to RootsSat, commencing on the first day of the first calendar quarter after the Repayment Threshold Date and on the first day of each calendar quarter thereafter, equal to ten percent (10%) of gross revenues of Sazi Foods, LLC for the preceding calendar quarter. Such quarterly payments shall continue until the principal amount of the Loan has been paid in full. Repayment Threshold Date: The date that is six months (180 days) after Sazi Foods, LLC receives a total of One Hundred Fifty Thousand US Dollars (US $150,000) in outside equity investment from any source. |

**25. What other exempt offerings has Sazi Foods, LLC conducted within the past three years?**

| Date of Offering: | 12/2021 |
| --- | --- |
| Exemption: | Section 4(a)(2) |
| Securities Offered: | Common Stock |
| Amount Sold: | $3,396 |
| Use of Proceeds: | Operating activities. |

**26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(6) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:**

1. any director or officer of the issuer;
2. any person who is, as of the most recent practicable date, the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power;
3. if the issuer was incorporated or organized within the past three years, any promoter of the issuer; or
4. any immediate family member of any of the foregoing persons.

No.

# Financial Condition of the Issuer

## 27. Does the issuer have an operating history?

Yes.

## 28. Describe the financial condition of the issuer, including, to the extent material, liquidity, capital resources and historical results of operations.

Sazi Foods, LLC ('the Company') is a Limited Liability Company organized under the laws of Massachusetts. The Company develops and markets hemp seed-based products and plans to sell them to potential consumers who care about what they eat and care about the environment. The Company was formed on March 29, 2021 and is in the pre-revenue stage. Since inception through December 31, 2021, the Company generated a net loss of $53,396. These expenses consisted primarily of consulting fees of $35,700, office expenses of $5,607, and legal fees of $5,350. Operations were funded primarily through a $50,000 note payable from a company called ROOTS Sustainable Agricultural Technologies, Ltd. ('RootsSat'). The note payable bears no interest. The Company will make quarterly payments to RootsSat, commencing on the first day of the first calendar quarter after the date that is six months (180 days) after the Company receives a total of One Hundred Fifty Thousand US Dollars (US $150,000) in outside equity investment from any source, and on the first day of each calendar quarter thereafter, equal to ten percent (10%) of gross revenues of the Company for the preceding calendar quarter. Such quarterly payments shall continue until the principal amount of the Loan has been paid in full. During 2021, the Company issued 1,925,000 units to its Founder and CEO Lisa Newmann at a total price of $3,396. At this time, Lisa owns 100% of the Company. With this raise, the Company plans to pay for customer acquisition, inventory, and general and administrative. The Company believes these activities will result in the traction needed to court venture capital funding.

# Financial Information

## 29. Include the financial information specified by regulation, covering the two most recently completed fiscal years or the period(s) since inception if shorter.

### Taxes

| Total Income | Taxable Income | Taxes Paid |
| --- | --- | --- |
| $0 | $0 | $0 |

See attachments:

| Income Statement: | income.pdf |
| --- | --- |
| Balance Sheet: | balancesheet.pdf |
| Cash Flow Statement: | cashflow.pdf |
| Change in Equity Statement: | changeinequity.pdf |
| Principal Executive Certification: | executivecertification.pdf |

30. With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any director, officer, general partner or managing member of the issuer, any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated in the same form as described in Question 6 of this Question and Answer format, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such solicitor, prior to May 16, 2016:

1. Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:
1. in connection with the purchase or sale of any security?
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

2. Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:
1. in connection with the purchase or sale of any security?;
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

3. Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:
1. at the time of the filing of this offering statement bars the person from:
1. association with an entity regulated by such commission, authority, agency or officer?
2. engaging in the business of securities, insurance or banking?
3. engaging in savings association or credit union activities?

2. constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement?

4. Is any such person subject to an order of the Commission entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:
1. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding portal?
2. places limitations on the activities, functions or operations of such person?
3. bars such person from being associated with any entity or from participating in the offering of any penny stock?

If Yes to any of the above, explain:

5. Is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement, orders the person to cease and desist from committing or causing a violation or future violation of:

1. any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder?
2. Section 5 of the Securities Act?
6. Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?
7. Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?
8. Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

Sazi Foods, LLC answers 'NO' to all of the above questions.

## Other Material Information

31. In addition to the information expressly required to be included in this Form, include: any other material information presented to investors; and such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

Adhering to SEC's new temporary Rule 201(bb) On November 2, 2020, the Securities and Exchange Commission (the "SEC") announced that it is adopting a new temporary Rule 201(bb) to extend the relief provided by existing temporary 17 CFR 227.201(z)(3), which applies to an eligible issuer in an offering or offerings that, together with all other amounts sold in Regulation Crowdfunding offerings within the preceding 12-month period, have, in the aggregate, a target offering amount of more than $107,000, but not more than $250,000. These provisions will apply to offerings initiated under Regulation Crowdfunding between May 4, 2020, and August 28, 2022. Please be advised that we are seeking to raise up to $250,000 and we are providing you with financial statements and certain information from our Federal income tax returns, both certified by our principal executive officer, in accordance with 17 CFR 227.201(t)(1) ("Rule 201(t)(1)"), instead of the financial statements reviewed by an independent public accountant that would otherwise be required by 17 CFR 227.201(t)(2) ("Rule 201(t)(2)"). This temporary relief applies to us because reviewed or audited financial statements are not otherwise available. Video Transcript: Sazi Foods is poised to be a leader in the category of hemp-based food. Hemp seeds are not only a powerhouse of sustainability, contributing to the reversal of climate change, they're nutritionally potent. With 30% protein, 30% fiber and 30% fat, hemp seeds are a nourishing and delicious ingredient. Little seed. Big impact. And they're not CBD. They're biodynamic seeds, and central to Sazi's products. They provide nourishment and taste to Sazi's crunchy, energizing cookies, plant-based burgers, crispy hemp chips and dark chocolate. Working with farmers and scientists, Sazi plans to introduce its game-changing remedy to over-processed food, which has decimated the planet and weakened human health. Using cutting edge digital technology to reach and engage consumers, Sazi's experienced team aims to lead the food industry's pivot, by creating

and delivering food essentials made with hemp, directly to consumers. Because of hemp's sustainable properties, hemp is envisioned as indispensable to our future - from building materials and clothing, to medicine and food. Together, with this restorative plant, we can seed a movement, and contribute to the health of our global community. Come Sazi with us... and be a part of the new hemp economy.

The following documents are being submitted as part of this offering:

**Governance:**

**Certificate of Formation:** certificateofformation.pdf

**Operating Agreement:** operatingagreement.pdf

**Opportunity:**

**Offering Page JPG:** offeringpage.jpg

**Financials:**

**Additional Information:** otherfinancial.pdf

## Ongoing Reporting

**32. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its web site, no later than 120 days after the end of each fiscal year covered by the report:**

Once posted, the annual report may be found on the issuer's web site at: https://sazi.co/

The issuer must continue to comply with the ongoing reporting requirements until:

- the issuer is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
- the issuer has filed at least one annual report pursuant to Regulation Crowdfunding and has fewer than 300 holders of record and has total assets that do not exceed $10,000,000;
- the issuer has filed at least three annual reports pursuant to Regulation Crowdfunding;
- the issuer or another party repurchases all of the securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
- the issuer liquidates or dissolves its business in accordance with state law.

**Attachment 2:** `income.pdf`

# SAZI FOODS, LLC  
FINANCIAL STATEMENTS  
DECEMBER 31, 2021

# SAZI FOODS, LLC
FINANCIAL STATEMENTS
DECEMBER 31, 2021

Page 1

# - TABLE OF CONTENTS -

|  | Page |
| --- | --- |
| Independent Accountants' Compilation Report | 2 |
| Balance Sheet at December 31, 2021 | 3 |
| Statement of Income & Expenses & Member's Equity for the Inception Period March 29, 2021 through December 31, 2021 | 4 |
| Statement of Cash Flows for the Inception Period March 29, 2021 through December 31, 2021 | 5 |

# KUSHI & COMPANY, PC

Certified Public Accountants

Page 2

## INDEPENDENT ACCOUNTANTS' COMPILATION REPORT

To Management  
Sazi Foods, LLC  
Stockbridge, MA 01262

Management is responsible for the accompanying financial statements of Sazi Foods, LLC, which comprise the balance sheet-cash basis as of December 31, 2021, and the related statements of income and expenses and member's equity-cash basis for the nine months then ended in accordance with the cash basis of accounting, and for determining that the cash basis of accounting is an acceptable financial reporting framework. We have performed a compilation engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. We did not audit or review the financial statements and nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on these financial statements.

The financial statements are prepared in accordance with the cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America.

Management has elected to omit substantially all of the disclosures ordinarily included in financial statements prepared in accordance with the cash basis of accounting. If the omitted disclosures were included in the financial statements, they might influence the user's conclusions about the company's assets, liabilities, equity, revenue and expenses. Accordingly, these financial statements are not designed for those who are not informed about such matters.

*Kushi & Company, PC*

January 20, 2022

21 Henry Avenue, Pittsfield, MA 01201 • 413-443-4731 • Fax 413-499-2521

Page 4

# SAZI FOODS, LLC
STATEMENT OF INCOME & EXPENSES & MEMBER'S EQUITY
NINE MONTHS FROM INCEPTION
MARCH 29, 2021 THROUGH DECEMBER 31, 2021
(See Independent Accountants' Compilation Report)

| REVENUE | $ -- |
| --- | --- |
| GENERAL & ADMINISTRATIVE EXPENSES |  |
| Consulting Fees | 35,700 |
| Research & Development | 1,200 |
| Marketing | 4,274 |
| Telephone & Internet | 1,265 |
| Legal Fees | 5,350 |
| Office Supply & Expense | 5,607 |
| TOTAL EXPENSES | 53,396 |
| NET REVENUE | (53,396) |
| MEMBER'S EQUITY: |  |
| Balance, Beginning | -- |
| Member Contributions | 3,396 |
| MEMBER'S EQUITY, ENDING | $(50,000) |

**Attachment 3:** `balancesheet.pdf`

Page 3

# SAZI FOODS, LLC
BALANCE SHEET
DECEMBER 31, 2021
(See Independent Accountants' Compilation Report)

ASSETS

CURRENT ASSETS

Cash $ --

OTHER ASSETS

--

TOTAL

$ --

LIABILITIES & MEMBER'S EQUITY

CURRENT LIABILITIES

$ --

LONG-TERM LIABILITIES

Note Payable 50,000

TOTAL LIABILITIES

50,000

MEMBER'S EQUITY

(Per statement, page 4) (50,000)

TOTAL

$ --

**Attachment 4:** `cashflow.pdf`

Page 5

# SAZI FOODS, LLC

# STATEMENT OF CASH FLOWS

# NINE MONTHS FROM INCEPTION

MARCH 29, 2021 THROUGH DECEMBER 31, 2021

(See Independent Accountants' Compilation Report)

# INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Cash flows from operating activities:

Net income (loss)

$(53,396)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

None

--

Net cash provided (used) by operating activities

(53,396)

Cash flows from investing activities:

Member contributions

3,396

Cash flows from financing activities:

Proceeds from note payable

50,000

Net increase (decrease) in cash and cash equivalents

--

Cash and cash equivalents at beginning of year

--

Cash and cash equivalents at end of year

$ --

**Attachment 5:** `changeinequity.pdf`

Page 4

# SAZI FOODS, LLC
STATEMENT OF INCOME & EXPENSES & MEMBER'S EQUITY
NINE MONTHS FROM INCEPTION
MARCH 29, 2021 THROUGH DECEMBER 31, 2021
(See Independent Accountants' Compilation Report)

| REVENUE | $ -- |
| --- | --- |
| GENERAL & ADMINISTRATIVE EXPENSES |  |
| Consulting Fees | 35,700 |
| Research & Development | 1,200 |
| Marketing | 4,274 |
| Telephone & Internet | 1,265 |
| Legal Fees | 5,350 |
| Office Supply & Expense | 5,607 |
| TOTAL EXPENSES | 53,396 |
| NET REVENUE | (53,396) |
| MEMBER'S EQUITY: |  |
| Balance, Beginning | -- |
| Member Contributions | 3,396 |
| MEMBER'S EQUITY, ENDING | $(50,000) |

**Attachment 6:** `executivecertification.pdf`

I, Lisa Newmann, certify that:

(1) the financial statements of Sazi Foods, LLC included in this Form are true and complete in all material respects; and

(2) Sazi Foods, LLC has not yet filed a tax return for the fiscal year ended on December 31st, 2021.

Lisa Newmann

CEO

24rd, February 2022

Note: Intentional misstatements or omissions of facts constitute federal criminal violations. See 18 U.S.C. 1001.

**Attachment 7:** `certificateofformation.pdf`

MA SOC Filing Number: 202148642090 Date: 4/7/2021 9:19:00 AM

![img-0.jpeg](img-0.jpeg)

# **The Commonwealth of Massachusetts  
William Francis Galvin**

Minimum Fee: $100.00

Secretary of the Commonwealth, Corporations Division  
One Ashburton Place, 17th floor  
Boston, MA 02108-1512  
Telephone: (617) 727-9640

# **Certificate of Amendment**

(General Laws, Chapter )

Identification Number: 001497685

The date of filing of the original certificate of organization: 3/29/2021

1. a. Exact name of the limited liability company: REBEL HEMP FOODS, LLC

1. b. The exact name of the limited liability company as amended, is: SAZI FOODS, LLC

2a. Location of its principal office:

No. and Street: 20 EAST STREET

City or Town: STOCKBRIDGE

State: MA

Zip: 01262

Country: USA

3. As amended, the general character of business, and if the limited liability company is organized to render professional service, the service to be rendered:

4. The latest date of dissolution, if specified:

5. Name and address of the Resident Agent:

Name: ETHAN S. KLEPETAR

No. and Street: 342 MAIN STREET

City or Town: GREAT BARRINGTON

State: MA

Zip: 01230

Country: USA

6. The name and business address of each manager, if any:

| Title | Individual Name First, Middle, Last, Suffix | Address (no PO Box) Address, City or Town, State, Zip Code |
| --- | --- | --- |
| MANAGER | LISA NEWMAN | 20 EAST STREET STOCKBRIDGE, MA 01262 USA |

7. The name and business address of the person(s) in addition to the manager(s), authorized to execute documents to be filed with the Corporations Division, and at least one person shall be named if there are no managers.

| Title | Individual Name First, Middle, Last, Suffix | Address (no PO Box) Address, City or Town, State, Zip Code |
| --- | --- | --- |
| SOC SIGNATORY | LISA NEWMAN | 20 EAST STREET STOCKBRIDGE, MA 01262 USA |
| SOC SIGNATORY | ETHAN S KLEPETAR | 342 MAIN STREET GREAT BARRINGTON, MA 01230 USA |

8. The name and business address of the person(s) authorized to execute, acknowledge, deliver and record

any recordable instrument purporting to affect an interest in real property:

| Title | Individual Name First, Middle, Last, Suffix | Address (no PO Box) Address, City or Town, State, Zip Code |
| --- | --- | --- |
| REAL PROPERTY | LISA NEWMAN | 20 EAST STREET STOCKBRIDGE, MA 01262 USA |

9. Additional matters:

10. State the amendments to the certificate:

THE NAME OF THE LIMITED LIABILITY COMPANY IS BEING CHANGED TO SAZI FOODS, LLC AND LISA NEWMAN IS BEING IDENTIFIED AS A MANAGER.

11. The amendment certificate shall be effective when filed unless a later effective date is specified:

SIGNED UNDER THE PENALTIES OF PERJURY, this 7 Day of April, 2021,
ETHAN S KLEPETAR, Signature of Authorized Signatory.

© 2001 - 2021 Commonwealth of Massachusetts

All Rights Reserved

MA SOC Filing Number: 202148642090 Date: 4/7/2021 9:19:00 AM

# THE COMMONWEALTH OF MASSACHUSETTS

I hereby certify that, upon examination of this document, duly submitted to me, it appears that the provisions of the General Laws relative to corporations have been complied with, and I hereby approve said articles; and the filing fee having been paid, said articles are deemed to have been filed with me on:

April 07, 2021 09:19 AM

WILLIAM FRANCIS GALVIN

Secretary of the Commonwealth

MA SOC Filing Number: 202146701780 Date: 3/29/2021 6:20:00 PM

![img-1.jpeg](img-1.jpeg)

# **The Commonwealth of Massachusetts  
William Francis Galvin**

Minimum Fee: $500.00

Secretary of the Commonwealth, Corporations Division  
One Ashburton Place, 17th floor  
Boston, MA 02108-1512  
Telephone: (617) 727-9640

# **Certificate of Organization**

(General Laws, Chapter )

Identification Number: 001497685

1. The exact name of the limited liability company is: REBEL HEMP FOODS, LLC

# **2a. Location of its principal office:**

No. and Street: 20 EAST STREET

City or Town: STOCKBRIDGE

State: MA

Zip: 01262

Country: USA

# **2b. Street address of the office in the Commonwealth at which the records will be maintained:**

No. and Street: 20 EAST STREET

City or Town: STOCKBRIDGE

State: MA

Zip: 01262

Country: USA

# **3. The general character of business, and if the limited liability company is organized to render professional service, the service to be rendered:**

TO DESIGN, DEVELOP, AND MARKET HEMP-BASED FOODS AND BEVERAGES, AND ANY AND ALL ACTIVITIES DIRECTLY OR INDIRECTLY RELATED THERETO; AND TO ENGAGE IN ANY OTHER ACTIVITY IN WHICH A LIMITED LIABILITY COMPANY ORGANIZED UNDER THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS MAY LEGALLY ENGAGE.

# **4. The latest date of dissolution, if specified:**

# **5. Name and address of the Resident Agent:**

Name: ETHAN S. KLEPETAR

No. and Street: 342 MAIN STREET

City or Town: GREAT BARRINGTON

State: MA

Zip: 01230

Country: USA

I, ETHAN S. KLEPETAR resident agent of the above limited liability company, consent to my appointment as the resident agent of the above limited liability company pursuant to G. L. Chapter 156C Section 12.

# **6. The name and business address of each manager, if any:**

| Title | Individual Name | Address (no PO Box) |
| --- | --- | --- |
|  | First, Middle, Last, Suffix | Address, City or Town, State, Zip Code |

7. The name and business address of the person(s) in addition to the manager(s), authorized to execute documents to be filed with the Corporations Division, and at least one person shall be named if there are no managers.

| Title | Individual Name | Address (no PO Box) |
| --- | --- | --- |
|  | First, Middle, Last, Suffix | Address, City or Town, State, Zip Code |

| SOC SIGNATORY | LISA NEWMAN | 20 EAST STREET STOCKBRIDGE, MA 01262 USA |
| --- | --- | --- |
| SOC SIGNATORY | ETHAN S KLEPETAR | 342 MAIN STREET GREAT BARRINGTON, MA 01230 USA |

**8. The name and business address of the person(s) authorized to execute, acknowledge, deliver and record any recordable instrument purporting to affect an interest in real property:**

| Title | Individual Name First, Middle, Last, Suffix | Address (no PO Box) Address, City or Town, State, Zip Code |
| --- | --- | --- |
| REAL PROPERTY | LISA NEWMAN | 20 EAST STREET STOCKBRIDGE, MA 01262 USA |

**9. Additional matters:**

**SIGNED UNDER THE PENALTIES OF PERJURY, this 29 Day of March, 2021,**
**LISA NEWMAN**

*(The certificate must be signed by the person forming the LLC.)*

© 2001 - 2021 Commonwealth of Massachusetts
All Rights Reserved

MA SOC Filing Number: 202146701780 Date: 3/29/2021 6:20:00 PM

# THE COMMONWEALTH OF MASSACHUSETTS

I hereby certify that, upon examination of this document, duly submitted to me, it appears that the provisions of the General Laws relative to corporations have been complied with, and I hereby approve said articles; and the filing fee having been paid, said articles are deemed to have been filed with me on:

March 29, 2021 06:20 PM

WILLIAM FRANCIS GALVIN

Secretary of the Commonwealth

**Attachment 8:** `operatingagreement.pdf`

# SAZI FOODS, LLC

# OPERATING AGREEMENT

OPERATING AGREEMENT dated as of the 27th day of January 2022 (this "Agreement"), by and between Lisa Newmann, of Stockbridge, Massachusetts in her capacity as Manager of the Company (the "Manager"), and the persons or entities identified as Members in Schedule 1 annexed hereto, made a part hereof and hereby incorporated by reference (each, a "Member" and collectively, the "Members").

WHEREAS Sazi Foods, LLC (the "Company") has been formed pursuant to the Massachusetts Limited Liability Company Act (the "Act") by the filing on March 29, 2021 of a Certificate of Organization in the office of the Secretary of State of the Commonwealth of Massachusetts; and

WHEREAS, the Manager and Members wish to set forth their rights and obligations and to provide for management by the Manager;

NOW, THEREFORE, in consideration of the mutual covenants herein expressed, the parties hereto hereby agree as follows:

# 1. Management of the Company.

1.1 Overall Management. The overall management and control of the business and affairs of the Company shall be vested in the Manager, and the Manager shall have the complete power and authority to manage and operate the Company and make all decisions affecting its business and affairs. The Manager shall devote such time to the affairs of the Company as they reasonably determine necessary to perform their duties as Manager; provided, however, the Manager shall not be required to devote any minimum amount of time to such affairs. The Manager shall have the authority to (i) exercise all the powers and privileges granted by the Act or any other law or by this Agreement, convenient to the conduct, promotion or attainment of the business, trade, purposes or activities of the Company, and (ii) take any other action not prohibited under the Act or other applicable law.

1.2 Powers of the Manager. Without limiting the generality of the powers of the Manager set forth in Section 1.1, the Manager shall have the right and power to manage, operate, and control the Company, and to do all things necessary or appropriate to carry on the business and purposes of the Company, including without limitation the right: (i) to manage the business of the Company, including through persons empowered by the Manager for such purpose; (ii) to execute, deliver, make, modify or amend such documents and instruments, in the name of the Company, as the Manager may deem necessary or desirable in connection with the management of the business of the Company or for other purposes of the Company; (iii) to acquire, sell, transfer, assign, finance, convey, lease, mortgage or otherwise dispose of all or any part of the business of the Company and/or all or any part of the assets of the Company; (iv) to borrow money and otherwise obtain credit and other financial accommodations; (v) to pay any and all fees and to make any and all expenditures that the Manager deems necessary or appropriate on

behalf of the Company in connection with the maintenance of the Company, the management of the affairs of the Company, and the carrying out of the Company's obligations and responsibilities under this Agreement; (vi) to perform or cause to be performed all of the Company's obligations under any agreement to which the Company is a party, including without limitation in respect of any indebtedness secured in whole or in part by, or by lien on, or security interest in, any asset(s) of the Company; (vii) to employ, engage, retain or deal with any persons to act as employees, consultants, agents, brokers, accountants, lawyers or in such other capacity as the Manager may deem necessary or desirable; (viii) to appoint individuals to act as officers of the Company and delegate to such individuals such authority to act on behalf of the Company and such duties and functions as the Manager shall determine, including such duties as would normally be delegated to officers of a corporation holding similar offices; (ix) to adjust, compromise, settle or refer to arbitration any claim in favor of or against the Company or any of its assets, to make elections in connection with the preparation of any federal, state and local tax returns of the Company, and to institute, prosecute, and defend any legal action or any arbitration proceeding; (x) to acquire and enter into any contract of insurance necessary or proper for the protection of the Company and/or any Member and/or any Manager and/or any officers and/or directors of a Manager, including without limitation to provide the indemnity described in Section 10 or any portion thereof; (xi) to establish a record date for any distribution to be made under Section 4; and (xii) to perform any other act which the Manager may deem necessary or desirable for the Company or its business.

1.3 Binding of Company. Any action taken by the Manager shall bind the Company and shall be deemed to be the action of the Company. The signature of the Manager on any agreement, contract, instrument or other document shall be sufficient to bind the Company in respect thereof and conclusively evidence the authority of the Manager and the Company with respect thereto, and no third party need look to any other evidence or require joinder or consent of any other party. Furthermore, the Manager may appoint other officers of the Company, from time to time, to sign any agreement, contract, instrument, or other document in the name and on behalf of the Company, which signature shall be sufficient to bind the Company in respect thereof and conclusively evidence the authority of the officer and the Company with respect thereto, and no third party need look to any other evidence or require joinder or consent of any other party.

1.4 Payment for Services; Reimbursement. The Manager shall be paid a salary and other compensation for their services as Manager as may be agreed to by the Manager and the Company, from time to time. In addition, the Manager is entitled to be reimbursed from the Company for all expenses incurred by the Manager in managing and conducting the business and affairs of the Company. The Manager shall determine which expenses, if any, are allocable to the Company in a manner which is fair and reasonable to the Manager and the Company, and if such allocation is made in good faith, it shall be conclusive in the absence of manifest error.

1.5 No Liability. The doing of any act or failure to do any act by the Manager, the effect of which may cause or result in loss or damage to the Company, if done in good faith to promote the best interests of the Company, shall not subject the Manager to any liability to the Company or the Members except if a court of competent jurisdiction finally determines that the Manager acted with gross negligence or willful misconduct.

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1.6 Term of Office. The Manager shall continue to act as Manager until they resign or are physically unable to perform the duties of the Manager duties for more than 120 consecutive days due to illness or disability, or in the event of the Manager's death. In the event, a Manager resigns or is physically unable to perform the duties of the Manager for more than 120 days due to illness or disability, or in the event of the Manager's death, the Members shall appoint a replacement Manager based on the vote of Members of record holding at least Seventy Five Percent (75%) of the issued and outstanding Units, voting as a single class.

1.7 No Obligation to Advance Funds. The Manager shall not be obligated to advance or contribute any amounts to, for or on behalf of the Company for any purpose, nor shall the Manager be required to take any actions on behalf of the Company which require any such advance or contribution, unless the Manager shall have received such funds from the Members or has received such assurances from the Members as are satisfactory to the Manager in the Manager's sole discretion that any such expenditures shall be reimbursed.

1.8 Officers. The Manager may designate one or more persons to hold executive offices in the Company and may delegate such authority to any such person to the extent permitted by law. The Manager may establish such offices with any designation the Manager elects, including without implied limitation as President, Vice President or Treasurer. The Manager may elect to hold any one or more of such executive offices.

1.9 Contracts with Affiliated Persons. The Manager may enter into one or more agreements, leases, contracts or other arrangements for the furnishing to or by the Company of goods, services or space with any Member, Manager or affiliated person, and may pay compensation thereunder for such goods, services or space, provided in each case the amounts payable thereunder are reasonably comparable to those which would be payable to unaffiliated persons under similar agreements, and if the determination of such amounts is made in good faith it shall be conclusive absent manifest error.

1.10 Member Approval. The Manager shall determine any matter that requires a Member vote and approval. As used in this Agreement, the "Approval of the Members" shall mean approval in writing signed by Members of record holding at least Seventy Five Percent (75%) of the issued and outstanding Units, voting as a single class. Members shall vote based on the number of Units held by such Member as shown on Schedule I of this Agreement, as such Schedule may be amended as set forth in this Agreement. No annual or regular meetings of the Members shall be held or are required, unless called by the Manager. The Approval of the Members shall be evidenced by one or more written consents that describe the action taken and are signed by Members of record holding the requisite number of Units. Any action so authorized by the Approval of the Members shall be binding on all Members, including without limitation, any vote to sell all or substantially of the assets or Membership Interests in the Company, including without limitation any Members who did not vote or who voted against such action.

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## 2. Members; Classes of Units.

2.1 Classes, Authorization and Issuance of Units. There are hereby established two (2) Classes of Units in the Company: Class A Units and Class B Units. The interests of the Members shall be represented by Units as set forth in Schedule I, as it may be amended from time to time by the Manager. The Company may issue certificates for Units issued if so determined by the Manager. The Company is hereby authorized to issue a total of up to Two Million Two Hundred Thousand (2,200,000) Units in the following Classes as follows:

(i) Class A shall have 1,925,000 Units; and
(ii) Class B shall have 275,000 Units

The Company shall not issue additional classes of Units or issue Units in excess of the authorized number without the written consent of the Manager. Any unissued Units of any Class from time to time authorized under this Agreement may be issued by the Manager. Units may be issued for cash, tangible or intangible property, services or for a debt, note or expenses, as may be determined by the Manager.

2.2 Voting. Each Class A Unit and Class B Unit shall give the Member of record who is the owner thereof the right to be allocated net profits, net losses and other items and receive distributions (liquidating and otherwise) in accordance with Section 4 hereof, and the right to one vote per each such Unit on all matters submitted to the Members for a vote or Approval of the Members as set forth in this Agreement.

2.3 Manager as Member. The Manager may hold interests in the Company as a Member.

## 3. Capital Contributions: Capital Accounts; and Liability of Members.

3.1 Capital Contribution. Each Member has contributed to the capital of the Company as set forth opposite such Member's name on Schedule 1 hereto. Additional capital contributions may be made by any Member if agreed to by the Manager.

3.2 Additional Capital; No Right to Withdraw. Except as otherwise provided in this Section 3, no Member shall be obligated or permitted to contribute any additional capital to the Company. No interest shall accrue on any contributions to the capital of the Company, and no Member shall have the right to withdraw or to be repaid any capital contributed by it or to receive any other payment in respect of its interest in the Company, including without limitation as a result of the withdrawal or resignation of such Member from the Company, except as specifically provided in this Agreement.

3.3 Capital Accounts. A separate capital account shall be established for each Member and shall be maintained in accordance with applicable regulations under the Internal Revenue Code of 1986, as amended (the "Code"). To the extent consistent with such regulations

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and in accordance with the terms of this Agreement, there shall be credited to each Member's capital account the amount of any contribution of capital made by such Member to the Company, and such Member's share of the net profits of the Company, and there shall be charged against each Member's capital account the amount of all distributions to such Member, and such Member's share of the net losses of the Company.

3.4 Limitation of Liability for Losses, Etc. The liability of the Members for the losses, debts and obligations of the Company shall be limited to their capital contributions; provided, however, that under applicable law, the Members may under certain circumstances be liable to the Company to the extent of previous distributions made to them in the event that the Company does not have sufficient assets to discharge its liabilities. No Member, in their capacity as a Member (or, if applicable, as a Manager), shall have any liability to restore any negative balance in their capital account. In no event shall any Member, in their capacity as a Member, be personally liable for any liabilities or obligations of the Company.

3.5 Return of Contributions. The contribution of each Member is to be returned to such Member only upon the termination and liquidation of the Company as set forth herein, but contributions may be returned prior to such time if agreed by the Manager.

# 4. Share of Profits and Other Items.

4.1 Allocations and Distributions of Profits, Losses and Other Items. After giving effect to the allocations set forth in the Required Regulatory Allocations set forth in Appendix A hereto, the net profits, net losses, net cash flow and net proceeds of any sale or refinancing of any property of the Company shall be allocated among the Members according to their Percentage Interests as set forth on Schedule I, represented by the ratio that the number of Units held by each Member bears to the total issued and outstanding Units of all Classes of the Company. Distributions to the Members shall be made at such times and in such amounts as the Manager in their sole discretion shall determine, and, subject to Section 4.2, all such distributions to the Members shall made according to their Percentage Interests as set forth on Schedule I. It is anticipated that the Manager will determine not to distribute the full amount of net profits annually, after taking into account, among other things, reserves and other amounts determined by the Manager to be retained in the Company; provided that, as long as funds are available, the Company will endeavor to distribute at least an amount each year to cover the approximate tax liabilities of the Members of record resulting from the taxable income of the Company.

4.2 Distributions of Net Proceeds From a Capital or Liquidating Transaction. All net proceeds from a capital or liquidating transaction or upon liquidation of the Company shall be distributed FIRST, to all Members with positive Capital Account balances (after such balances have been adjusted to reflect the Required Regulatory Allocations of amounts arising from such events) in proportion to such positive balances, until such Capital Accounts have been reduced to zero; and SECOND, the remaining amounts, if any, shall be distributed to the Members in accordance with their Percentage Interests as set forth on Schedule I, represented by the ratio that number of Units held by each Member bears to the total issued and outstanding Units of all Classes of the Company.

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4.3 No Distribution in Kind. No Member shall have the right to require any distribution of any assets of the Company in kind. If any assets of the Company are distributed in kind, such assets shall be distributed on the basis of their fair market value as determined by the Manager. Any Member entitled to any interest in such assets shall, unless otherwise determined by the Manager, receive separate assets of the Company and not an interest as tenant-in-common, with other Members so entitled, in each asset being distributed.

# 5. Substitution and Assignment of a Member's Interest.

5.1 Restrictions on Transfer. With the exception of Permitted Transfers (defined below), no Member may sell, assign, give, pledge, hypothecate, encumber or otherwise transfer, including, without limitation, any assignment or transfer by operation of law or by order of court ("Transfer") such Member's Economic Interest or Membership Interest in the Company or any part thereof (direct or indirect), or in all or any part of the assets of the Company, without the written consent of the Manager, and any purported Transfer without such consent shall be null and void and of no effect whatsoever. Any attempted Transfer of all or any portion of an Economic Interest or Membership Interest, other than in strict accordance with this Section 5, shall be void. A transferee, designee, or legal representative of a Member's interest under this Company shall acquire all rights, title and interest of the transferor only as to the right to receive profits and the obligation to pay shortfalls or losses but shall not have the right to vote or make management or business decisions, unless otherwise specified herein or specified in a written consent of the Manager.

5.2 Death or Incapacity of a Member. Upon the death of a Member, such person or entity as they may have designated by a written instrument signed by them and delivered to the Manager before or after his death or, if they have made no such designation, their executor or administrator, shall succeed to their Economic Interest. If a Member shall be adjudicated by a court of competent jurisdiction insane, incompetent or incapacitated, their committee, guardian or conservator shall succeed to such interest.

5.3 Substituted Members. A transferee, designee, legal representative of a Member or other person or entity to whom a Membership Interest is transferred (the "Substituted Member") may be admitted to the Company as a member only with the written consent of Manager, which may be given or withheld in the Manager's sole and absolute discretion. As conditions to their admission as a Substituted Member (a) any transferee, designee, or legal representative of a Member shall execute and deliver such instruments in form and substance satisfactory to the Manager as the Manager shall deem necessary or desirable to cause such person to become a Substituted Member, including without limitation a joinder to this Agreement agreeing to be bound by the terms and conditions hereof, and (b) such transferee, designee, or legal representative shall pay all reasonable expenses in connection with the transferee's admission as a Substituted Member, including but not limited to, the cost of preparation and filing of any amendment of this Agreement necessary or desirable in connection therewith.

5.4 Permitted Transfers. The following Transfers (each, a "Permitted Transfer") shall be permitted without the consent of the Manager; provided, however, that the transferor shall pay all costs incurred by the Company in connection with any such Permitted Transfer:

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(i) The Transfer of an Economic Interest of a Member of the Company to any Legal Representative(s) and/or member(s) of the Immediate Family of the transferring Member for estate planning purposes;

(ii) The Transfer of an Economic Interest or, with consent of the Manager, a Membership Interest of a Member of the Company upon death of such Member as set forth in Section 5.2; and

(iii) The Transfer of an Economic Interest or Membership Interest of any Member to another Member.

6. **Admission of Additional Members.** Additional Members may be admitted to the Company if agreed to by the Manager. Upon any such admission, Schedule I shall be amended accordingly.

7. **Priorities.** No Member shall have any rights or priority over any other Members as to contributions or as to distributions or compensation by way of income.

8. **Termination of Membership; Return of Capital.** No Member may terminate their membership in the Company or have any right to distributions or return of capital respecting their membership interest (upon withdrawal or resignation from the Company or otherwise) except as expressly set forth herein.

9. **Books and Records; Bank Accounts.**

9.1 **Books of Account.** The Members shall cause the Company to keep just and true books of account with respect to the operations of the Company. Such books shall be maintained at the principal place of business of the Company, or at such other place as the Manager shall determine, and all Members, and their duly authorized representatives, shall upon reasonable advance written notice, have access to such books during normal business hours. Within 120 days after the end of each fiscal year of the Company, each Member shall be furnished with financial statements which shall contain a balance sheet as of the end of the fiscal year and statements of income and cash flows for such fiscal year. Any Member may, at any time upon reasonable advance written notice, at their own expense, cause an audit or review of the Company books to be made by a certified public accountant of his, her or its own selection.

9.2 **Accounting Method.** Such books shall be kept on the method of accounting determined by the Manager and shall be closed and balanced as of December 31 in each year. The same method of accounting shall be used for both Company accounting and tax purposes. The fiscal year of the Company shall be the calendar year.

9.3 **Bank Accounts.** The Manager shall cause the Company to maintain one or more accounts in a bank (or banks) which is a member of the F.D.I.C., which accounts shall be used for the payment of the expenditures incurred by the Manager in connection with the business of the Company, and in which shall be deposited any and all cash receipts. The Manager and any

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person the Manager may designate for such purpose, shall be signatories on such accounts. All such amounts shall be and remain the property of the Company, and shall be received, held and disbursed by the Manager for the purposes specified in this Agreement.

9.4 Partnership Representative. The “partnership representative” of the Company for purposes of the Code will be: Lisa Newmann.

## 10. Indemnity; Other Business.

10.1 Indemnity. The Company shall indemnify and hold harmless any person serving or who has served as a Manager of the Company, or who, at the Company’s request, is serving or has served as a manager, director, trustee, officer, employee or other agent of any organization in which the Company owns shares or of which it is a creditor against all liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees that are reasonably incurred in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, in which such person may be involved or threatened, while serving or thereafter, by reason of their being or having been Manager of the Company or such a manager director, officer, trustee, employee or agent. Notwithstanding the foregoing, no indemnification shall be provided for any person with respect to any matter as to which they shall have been finally adjudicated in any proceeding not to have acted in good faith in the reasonable belief that their action was in the best interest of the Company (or at least was not opposed to the best interests of the Company) and, in the case of any criminal proceeding, that such person had reasonable cause to believe their conduct was unlawful. Expenses, including counsel and other professional fees, reasonably incurred by the Manager or any such manager, director, officer, trustee, employee or agent in connection with the defense or disposition of any such action, suit or other proceeding may be paid from time to time by the Company in advance of the final disposition thereof as determined in good faith by the Manager.

10.2 No Personal Liability for Company Obligations. No Manager shall be obligated personally for any debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being or acting as Manager of the LLC or otherwise providing services on behalf of or to the Company pursuant to this Agreement. No Manager or Member otherwise providing services on behalf of or to the Company pursuant to this Agreement shall be personally liable to the Company or to its Members for breach of any fiduciary or other duty that does not involve: (i) a breach of the duty of loyalty to the Company or its Members, (ii) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; or (iii) a transaction from which the Manager or such Member derived an improper personal benefit.

10.3 Other Business. The Members, Managers and any affiliates of any of them may engage in and possess interests in other business ventures and investment opportunities of every kind and description, independently or with others, including serving as managers and general partners of other limited liability companies or partnerships or as officers or directors of other corporations with purposes similar to those of the Company. Neither the Company nor any other Member or Manager shall have any rights in or to such ventures or opportunities or the income or profits therefrom.

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## 11. Dispute Resolution.

11.1 Intent. It is the intention of the Members to bring all disputes between or among any of them to an early, efficient, and final resolution. Therefore, it is agreed that all disputes and claims with respect to the Company and/or this Agreement, including without limitation, management, contract, quasi-contract, equitable claims, tort claims, statutory claims, or any other kind of controversy, claim or dispute (each, a "Dispute") shall be resolved by mediation and arbitration as provided in this Section. Nothing herein shall preclude any party from applying to a court of competent jurisdiction for preliminary injunctive relief or a temporary restraining order or other preliminary relief as may be required. Each Member hereby consents to the exclusive personal jurisdiction of mediators, arbitrators, or any state and federal courts sitting in the Commonwealth of Massachusetts in any action on a claim arising out of, under or in connection with this Agreement.

11.2 Mediation. The Members agree to first attempt to resolve any Dispute by mediation in the following manner: Mediation shall be initiated by a Member by written request to the Manager for selection of a mediator, which request (the "Mediation Request") shall identify in reasonable detail the matters to be mediated. Any mediation shall occur in Suffolk, Middlesex or Berkshire County, Massachusetts, unless the parties to the Dispute agree to another location. The mediator shall be an individual selected by the Manager. Costs and expenses of mediator shall be borne by the party that initiates the mediation.

11.3 Arbitration. If the Members cannot agree to mediation within sixty (60) days of the date of the Mediation Request, or if the Members are unable to reach agreement through mediation within a reasonable time after the commencement of the mediation, then such Dispute including without limitation the scope of this arbitration clause and the arbitrability of the Dispute thereunder, shall be decided by binding arbitration in Boston, Massachusetts before a single arbitrator selected by the Manager, in accordance with the Commercial Rules of the American Arbitration Association then in effect. The demand for arbitration shall be filed in writing with all other parties to this Agreement and with the American Arbitration Association. The award rendered by the arbitrator shall be final, and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereof. The prevailing party shall be entitled to attorney's fees and costs including the expense of arbitration.

## 12. Dissolution.

12.1 Dissolution. The Company shall be dissolved and its affairs wound up upon:

- (i) The sale or other disposition of all or substantially all of the assets of the Company;
- (ii) The election to dissolve the Company made in writing by the Manager with the Approval of the Members;
- (iii) Any consolidation or merger of the Company with or into any entity in which the Company is not the resulting or surviving entity; or

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(iv) Upon the occurrence of an event specified under the laws of the Commonwealth of Massachusetts as one effecting dissolution, except that where, under the terms of this Agreement, the Company is not to terminate, then the Company shall immediately be reconstituted and reformed on all the applicable terms, conditions, and provisions of this Agreement. The Company shall not be dissolved upon the death, insanity, retirement, resignation, expulsion, Bankruptcy, dissolution or occurrence of any other event which terminates the membership of a Member.

12.2 Procedures or Dissolution. Dissolution of the Company shall be effective on the day on which the event occurs giving rise to the dissolution, but the Company shall not terminate until the Certificate of Organization shall be canceled. Notwithstanding the dissolution of the Company, prior to the termination of the Company, as aforesaid, the business and the affairs of the Company shall be conducted so as to maintain the continuous operation of the Company pursuant to the terms of this Agreement. Upon dissolution of the Company, the Manager or if none, a liquidator elected by the Approval of the Members, shall liquidate the assets of the Company, apply and distribute the proceeds thereof under Section 4.2 of this Agreement and cause the cancellation of the Certificate of Organization.

### 13. Miscellaneous.

13.1 Successors and Assigns. Subject to the restrictions on Transfers set forth herein, this Agreement, and each and every provision hereof, shall be binding upon and shall inure to the benefit of the Members, their respective successors and assigns, and each and every successor-in-interest to any Member, whether such successor acquires such interest by way of gift, purchase, foreclosure or any other method, shall hold such interest subject to all of the terms and provisions of this Agreement. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of any Member, or any creditor of the Company other than a Member who is such a creditor of the Company.

13.2 Amendments; Required Vote. Any Member may propose a modification or amendment to this Agreement by presenting such proposal to the Manager. The Manager shall determine whether to present a proposed amendment to the Members for a vote. Any modification of or amendment to this Agreement shall be effective for all Members if Approved by the Members and duly executed by Members of record holding at least Seventy Five Percent (75%) of the issued and outstanding Units, voting as a single class (the "Requisite Members") and the Manager.

13.3 Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted, construed and enforced in accordance with the laws of the Commonwealth of Massachusetts, without application of its principles of conflicts of law. Any mediation, arbitration or other action brought by any Member in connection with the Company or this Agreement shall be brought exclusively in Massachusetts and each Member hereby consents and submits to the exclusive personal jurisdiction of the mediators, arbitrators, or any state and federal courts located in Massachusetts in any action on a claim arising out of, under or in connection with this Agreement and waives any claim of forum non conveniens.

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13.4 Execution. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which taken together will constitute one single agreement binding on all the Members notwithstanding that all Members have not signed the same counterpart. This Agreement may be executed and delivered by facsimile signature and electronic signature, including through an electronic signature platform (such as DocuSign or AdobeSign), and all such facsimile signatures and electronic signatures will be fully binding and effective for all purposes and will be given the same effect as original signatures. Any Amendment to this Agreement Approved by the Requisite Members, if signed by the Manager and the Requisite Members, shall be effective for all purposes and binding on all Members.

13.5 Notices. Any and all notices under this Agreement shall be effective (i) on the fourth business day after being sent by registered or certified mail, return receipt requested, postage prepaid, or (ii) on the first business day after being sent by overnight express mail, telecopy, or commercial expedited delivery service providing a receipt for delivery. All such notices in order to be effective shall be addressed, if to the Company at its registered office under the Act, if to a Member at the last address of record on the Company books, and copies of such notices shall also be sent to the last address for the recipient which is known to the sender, if different from the address so specified.

13.6 Interpretation. In this Agreement, words imparting male persons include female persons, words in the singular include the plural, and words in the plural include the singular, as the context requires.

13.7 Further Effect. The parties agree to execute all other documents determined by the Manager to be reasonably necessary to further effect and evidence the terms of this Agreement if the terms and provisions of the other documents are fully consistent with the terms of this Agreement.

13.8 Severability. If any term or provision of this Agreement is held to be void or unenforceable, that term or provision will be severed from this Agreement, the balance of the Agreement will survive, and the balance of this Agreement will be reasonably construed to carry out the intent of the parties as evidenced by the terms of this Agreement.

13.9 Headings. The headings used in this Agreement are for the convenience of the parties only and will not be interpreted to enlarge, contract, or alter the terms and provisions of this Agreement.

13.10 Entire Agreement. This Agreement embodies the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to such subject matter. No agreements, understandings, restrictions, representations, or warranties exist between or among the Manager and the Members other than those in this Agreement or referred to or provided for in this Agreement.

[Signature Page Follows]

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IN WITNESS WHEREOF, the Manager and the Members have executed this Operating Agreement under seal as of the date first above written.

MANAGER:

Lisa Newmann

Lisa Newmann

MEMBERS:

Lisa Newmann

Lisa Newmann, Class A Member

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# SCHEDULE 1

To Operating Agreement of

Sazi Foods, LLC

CAPITAL CONTRIBUTIONS, NUMBER AND CLASS OF UNITS OF MEMBERS

(Last Updated January 27, 2022)

| NAME AND ADDRESSES OF MEMBERS | CAPITAL CONTRIBUTION | NUMBER OF UNITS AND CLASS | PERCENTAGE INTEREST |
| --- | --- | --- | --- |
| Lisa Newmann 20 East Street Stockbridge, MA 01262 | In-kind services and other valuable consideration | 1,925,000 Class A Units | 87.5% |
| Treasury - Reserved for Crowd Funding |  | 275,000 Class B Units | 12.5% |
| TOTAL UNITS (all Classes) |  | 2,200,000 Units |  |

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# APPENDIX A

# TAX ALLOCATION RULES

# 1. Required Regulatory Allocations.

(a) Limitation on and Reallocation of Losses. At no time shall any allocations of Losses, or any item of loss or deduction, be made to a Member if and to the extent such allocation would cause such Member to have, or would increase the deficit in, any Adjusted Capital Account Deficit (as defined herein) of such Member at the end of any fiscal year. To the extent any Losses or items are not allocated to one or more Members pursuant to the preceding sentence, such Losses shall be allocated to the Members to which such Losses or items may be allocated without violation of this Section (a).

(b) Minimum Gain Chargeback. If there is a net decrease in the Minimum Gain (as defined herein) of the Company during any fiscal year, then items of income or gain of the Company for such fiscal year (and, if necessary, subsequent fiscal years) shall be allocated to each Member in an amount equal to such Member's share of the net decrease in the Minimum Gain, determined in accordance with Regulations Section 1.704-2(d)(1). A Member's share of the net decrease in the Minimum Gain of the Company shall be determined in accordance with Regulations Section 1.704-2(g). The items of income and gain to be so allocated shall be determined in accordance with Regulations Section 1.704-2(j)(2)(i).

(c) Nonrecourse Deductions. Nonrecourse Deductions (as defined herein) for any fiscal year or other period (not including, any Member Nonrecourse Deductions allocated pursuant to Section (d) below) shall be allocated among the Members in proportion to their respective Percentage Interests. Solely for purposes of determining each Member's proportionate share of the "excess nonrecourse liabilities" of the Company, within the meaning of Regulations Section 1.752-3(a)(3), each Member's interest in Company profits shall be equal to his, her or its Percentage Interest. The items of losses, deductions and Code Section 705(a)(2)(B) expenditures to be so allocated shall be determined in accordance with Regulations Section 1.704-2(j)(1)(ii).

(d) Member Nonrecourse Deductions. Any Member Nonrecourse Deductions (as defined herein) for any fiscal year or other period shall be allocated to the Member who bears the economic risk of loss with respect to the nonrecourse liability, as determined and defined under Regulations Section 1.704-2(b)(4) to which such Member Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)(1). The items of losses, deductions and Code Section 705(a)(2)(B) expenditures to so allocated shall be determined in accordance with Regulations Section 1.704-2(j)(1)(ii).

(e) Member Minimum Gain Chargeback. Notwithstanding any contrary provisions hereof, other than Section (b) above, if there is a net decrease in Member Minimum Gain attributable to Member Nonrecourse Debt during any fiscal year, then each Member who has a share of such Member Minimum Gain, determined in accordance with Regulations Section 1.704-2(i), shall be allocated items of income and gain of the Company, determine share of the

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net decrease in such Member Minimum Gain, determined in accordance with Regulations Section 1.704-(2)(i)(3) and 2(i)(5).

(f) Qualified Income Offset. If any Member unexpectedly receives an item described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of income and gain shall be allocated to each such Member in an amount and manner sufficient to eliminate, as quickly as possible and to the extent required by Regulations Section 1.704-1(b)(2)(ii)(d), the Adjusted Capital Account Deficit of such Member, provided that an allocation pursuant to this Section (f) shall be made if and only to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for herein have been tentatively made as if this Section (f) were not in the Agreement.

(g) Basis Adjustment. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to either of Code Sections 734(b) or 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m) to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations.

(h) Gross Income Allocation. In the event any Member has a Capital Account deficit at the end of any Company fiscal year, which is in excess of the sum of the items to be credited to a Member's Capital Account under clause (a) of the definition of Adjusted Capital Account Deficit, then each such Member shall be allocated items of income and gain in the amount of such excess as quickly as possible provided that an allocation pursuant to this Section (h) shall be made if and only to the extent that such Member would have a Capital Account deficit in excess of such sum after all other allocations provided for herein have been tentatively made as if this Section (h) were not in this Agreement. As among Members having such excess if there are not sufficient items of income and gain to eliminate all such excesses, such allocations shall be made in proportion to the amount of any such excess.

(i) Tax Withholding. If the Company incurs a withholding tax obligation with respect to the share of income allocated to any Member, (a) any amount which is (i) actually withheld from a distribution that would otherwise have been made to such Member and (ii) paid over in satisfaction of such withholding tax obligation shall be treated for all purposes under this Agreement as if such amount had been distributed to such Member and (b) any amount which is so paid over by the Company, but which exceeds the amount, if any, actually withheld from a distribution which would otherwise have been made to such Member, shall be treated as an interest-free advance to such Member. Amounts treated as advanced to any Member pursuant to this Section (i) shall be repaid by such Member to the Company within 30 days after the Manager gives notice to such Member making demand therefor. Any amounts so advanced and not timely repaid shall bear interest, commencing on the expiration of said 30-day period, compounded monthly on unpaid balances, at an annual rate equal to the Applicable Federal Rate as of such expiration date. The Company shall collect any unpaid amounts from any Company distributions that would otherwise be made to such Member.

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## 2. Curative Allocations.

The allocations set forth in this Section are intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2 and shall be interpreted consistently therewith. Such allocations may not be consistent with the manner in which the Manager intends to divide Company distributions and to make Profit and Loss (as defined herein) allocations. Accordingly, the Manager may direct other allocations of Profits, Losses and items thereof to be divided among the Members so as to prevent the allocations in Section 1(h) of this Appendix from distorting the manner in which Company distributions will be divided among the Members pursuant to Section 4 of the Operating Agreement. In general, the Manager anticipates that this will be accomplished by specially allocating other Profits, Losses and items of income, gain, loss and deduction among the Members so that the net amount of allocations under the Required Regulatory Allocations and allocations under this Section to each such Member is Zero. However, the Manager shall have discretion to accomplish this result in any reasonable manner.

## 4. Tax Allocations and Book Allocations.

(a) Except as otherwise provided in this Section, for federal income tax purposes, each item of income, gain, loss and deduction shall, to the extent appropriate, be allocated among the Members in the same manner as its correlative item of "book" income, gain, loss or deduction has been allocated pursuant to the other provisions of this Agreement.

(b) In accordance with Code Section 704(c) and the Regulations thereunder, depreciation, amortization, gain and loss, as determined for tax purposes, with respect to any property whose Book Value differs from its adjusted basis for federal income tax purposes shall, for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value, such allocation to be made by the Manager in any manner which is permissible under said Code Section 704(c) and the Regulations thereunder and the Regulations under Code Section 704(b).

(c) In the event the Book Value of any property of the Company is subsequently adjusted, subsequent allocations of income, gain, loss and deduction with respect to any such property shall take into account any variation between the adjusted basis of such assets for federal income tax purposes and its Book Value in the manner provided under Section 704(c) of the Code and the Regulations thereunder.

(d) Allocations pursuant to this Tax Allocations and Book Allocations Section are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member's Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provisions of this Agreement.

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# DEFINITIONS

"Adjusted Capital Account Deficit" means, with respect to any Member, the deficit balance, if any, in such Member's Capital Account as of the end of the relevant fiscal year, after giving effect to the following adjustments:

(a) Credit to such Capital Account any amounts which such Member is obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant to Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

(b) Debit to such Capital Account the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

The foregoing definition is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

"Book Value" means, with respect to any asset of the Company, such asset's adjusted basis for federal income tax purposes, except that:

(a) The initial Book Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset (not reduced for any liabilities to which it is subject or which the Company assumes), as such value is determined and for which credit is given to the contributing Member under this Agreement;

(b) The Book Values of all assets of the Company shall be adjusted to equal their respective gross fair market values, as determined by the Manager, at and as of the following times:

(i) The acquisition of an additional or new interest in the Company by a new or existing Member in exchange for other than a de minimis capital contribution by such Member, if the Manager reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Members;

(ii) The distribution by the Company to a Member of more than a de minimis amount of any asset of the Company (including cash or cash equivalents) as consideration for all or any portion of an interest in the Company, if the Manager reasonably determines that such adjustment is necessary appropriate to reflect the relative economic interests of the Members; and

(iii) The liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g).

(c) The Book Value of the assets of the Company shall be increased (or decreased) to reflect any adjustment to the adjusted basis of such assets pursuant to Section 734(b) or Section 743(b) of the Code, but only to the extent such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m);

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provided however, that Book Value shall not be adjusted pursuant to this clause (c) to the extent that the Manager determines that an adjustment pursuant to clause (b) hereof is necessary or appropriate in connection with the transaction that would otherwise result in an adjustment pursuant to this clause.

If the Book Value of an asset has been determined or adjusted pursuant to the preceding clauses (a), (b) or (c), such Book Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses, and the amount of the adjustment shall thereafter be taken into account as gain or loss from the distribution of such asset for purposes of computing Profits or Losses.

"Depreciation" means, for each year or other period, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for federal income tax purposes with respect to an asset for such year or other period, except that if the Book Value of an asset differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period. Depreciation shall be an amount that bears the same relationship to the Book Value of such asset as the depreciation, amortization, or other cost recovery deduction computed for lax purposes with respect to such asset for such period bears to the adjusted tax basis for such asset, or if such asset has a zero adjusted tax basis. Depreciation shall be determined with reference to the initial Book Value of such asset using any reasonable method selected by the Manager, but not less than depreciation allowable for tax purposes for such year.

"Member Nonrecourse Deductions" shall have the meaning given in Regulations Section 1.704-2(i)(2).

"Minimum Gain" shall have the meaning given in Regulations Section 1.704-2(d).

"Nonrecourse Deductions" shall have the meaning given in Regulations Section 1.704-2(b)(1).

"Profits and Losses" means, for each year or other period, an amount equal to the Company's taxable income or loss for such year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

(a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits or Losses pursuant to this provision shall be added to such taxable income or loss;

(b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses pursuant to this provision, shall be subtracted from such taxable income or loss;

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(c) Gain or loss from a disposition of property of the Company with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Book Value of such property, rather than its adjusted tax basis;

(d) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing taxable income or loss, there shall be taken into account the Depreciation on the assets for such fiscal year or other period; and

(e) Any items which are separately allocated pursuant to this Appendix A which otherwise would have been taken into account in calculating Profits and Losses pursuant to the above provisions shall not be taken into account and, as the case may be, shall be added to or deducted from such amounts so as to be not part of the calculation of the Profits or Losses.

If the Company's taxable income or loss for such year, as adjusted in the manner provided above, is a positive amount, such amount shall be the Company's Profits for such year; and if negative, such amount shall be the Company's Losses for such year.

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**Attachment 9:** `otherfinancial.pdf`

# Record Ownership and Voting Agreement

This Record Ownership and Voting Agreement (this “Agreement”) is entered into as of the date of electronic consent by the parties using the website www.netcapital.com (the “Portal”), by and among NetCapital Funding Portal Inc., a Delaware corporation (“NetCapital”), MG Teixeira Inc, a Connecticut corporation (the “Record Owner”), and the undersigned investor (“Investor”).

The Record Owner has agreed to open and maintain the Account (as defined below) for Investor and to provide other services to Investor in connection with the Account. This Agreement sets out, among other things, the terms under which the Record Owner will provide those services to Investor and the arrangements that will apply in connection with those services.

In consideration of the mutual promises herein made and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

## 1. Interpretation

### 1.1 Definitions

In this Agreement:

- • “Account” means the account opened by the Record Owner and consisting of the beneficial interests in any Shares that were offered for sale by the Issuer on the Portal and purchased by Investor.
- • “Account Balance” means, in relation to the Account, the number of Shares of each Issuer beneficially owned by Investor, including all of Investor’s rights to and interest in the balance from time to time on that Account.
- • “Business Day” means a weekday that is not a federal holiday.
- • “Escrow Agent” means Boston Private Bank and Trust Company.
- • “Fees” means the fees and charges referred to in clause 5.1 of this Agreement.
- • “Issuer” means each issuer of the Shares.
- • “Shares” means the beneficial interests in the uncertificated shares of common stock or preferred stock or the units of convertible debt, limited liability company membership interests or limited partnership interests that were beneficially purchased by Investor on the Portal.
- • “Termination Date” means the date on which this Agreement is terminated by the Record Owner or by Investor as permitted hereunder.
- • “Transfer Agent” means Equity Stock Transfer LLC, or a successor transfer agent.
- • “Withdrawal Date” means the date referred to in clause 2.2 of this Agreement.

### 1.2. Headings

The headings in this Agreement do not affect its interpretation.

### 1.3. Singular and plural

References to the singular include the plural and vice versa.

## 2. Account

### 2.1. Opening Account

The Record Owner shall open and maintain the Account for the beneficial interests in the Shares beneficially held by Investor.

### 2.2. Deposits and withdrawals

The balance of Investor's Account shall reflect the Shares beneficially held by Investor. A deposit of Shares is made into Investor's Account when the Escrow Agent sends payment funds to the Issuer or a seller of Shares, as the case may be, and the Record Owner receives a record from the Transfer Agent of the number of Shares that Investor beneficially holds. A withdrawal occurs when the Record Owner receives notice from the Transfer Agent that the Shares have been beneficially sold or transferred.

### 2.3. Reports

Reports relating to deposits into and withdrawals from the Account and the Account Balance will be available to Investor daily by means of a section on the Portal to which Investor may log in.

## 3. Services of the Record Owner

### 3.1. General

Investor and the Record Owner understand and agree that the Record Owner will be the legal but not the beneficial owner of the Shares.

### 3.2. Ownership of Securities

The Record Owner will be the sole holder of legal title to the Shares while Investor will hold beneficial ownership of the Shares. The Record Owner will be the sole record holder of the Shares on the books and records of the Issuer. The sole dispositive record of Investor's beneficial ownership of the Shares will be in the books and records of the Transfer Agent. Investor shall be entitled to all proceeds of the sale of Shares, net of fees and commissions.

### 3.3. Voting of Securities

Prior to the Withdrawal Date, at every meeting of the equity or interest holders of the Issuer called with respect to any matter, and at every adjournment or postponement thereof, and on every action or approval by written consent or resolution of the equity or interest holders of the Issuer, Investor agrees that the Record Owner shall vote Investor's Shares, in the event Investor's Shares contain voting rights, in a manner reasonably determined to be in the best interest of Investor.

### 3.4. Insurance

The Record Owner and Investor understand and agree that the Record Owner may maintain insurance in support of the Record Owner's obligations under this Agreement, including covering any loss of the Shares. In the event that the Record Owner elects to reduce, cancel or not to renew such insurance, the Record Owner may give Investor prior written notice as follows: in the case of a reduction, the Record Owner may endeavor to provide such notice at least 30 days prior to the effective date of the reduction; and in the event of a cancellation or expiration of the insurance without renewal, the Record Owner may provide such notice at least 30 days prior to the last day of insurance coverage. Investor acknowledges that any such insurance is held for the Record Owner's benefit and not for the benefit of Investor, and that Investor may not submit any claim under the terms of such insurance.

### 3.5. Notice of Changes

The Record Owner may notify Investor promptly in writing of the following: (i) the Record Owner receives notice of any claim against the Account other than a claim for payment of safe custody or administration permitted by this Agreement; (ii) the Record Owner otherwise fails to comply with any of the provisions of this Agreement; or (iii) any of the Record Owner's representations and warranties in clause 4 shall cease to be true and correct.

## 4. Obligations of the Portal

NetCapital shall notify or cause to be notified each Issuer of Shares of the identity of the Record Owner of the Shares of such Issuer.

## 5. Representations and Warranties

### 5.1 Investor's representations

Investor represents and warrants that:

- Investor is the beneficial owner of the Shares;
- Investor has all necessary authority, powers, consents, licenses and authorizations and has taken all necessary action to enable Investor lawfully to enter into and perform Investor's duties and obligations under this Agreement; and
- This Agreement and the obligations created under it are binding upon Investor and enforceable against Investor in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the

rules or any order, charge or agreement by which Investor is bound.

## 5.2 The Record Owner's representations and warranties

The Record Owner represents and warrants to Investor that:

- this Agreement has been duly authorized, executed and delivered on the Record Owner's behalf and constitutes the Record Owner's legal, valid and binding obligation; and
- the execution, delivery and performance of this Agreement by the Record Owner does not and will not violate any agreement by which the Record Owner is bound.

## 6. Fees and Expenses

### 6.1 Fees

The Record Owner's fees will be paid in accordance with the fee agreement that has been executed by the Portal and the Record Owner. There are no fees payable by the Investor.

## 7. Scope of Responsibility

### 7.1 Exclusion of liability

The Record Owner may use reasonable care in the performance of its duties under this Agreement and will only be responsible for any loss or damage suffered by Investor as a direct result of any gross negligence, fraud or willful misconduct on the Record Owner's part in the performance of the Record Owner's duties, and in which case the Record Owner's liability will not exceed the aggregate market value of the Shares at the time of such gross negligence, fraud or willful misconduct.

### 7.2 Force majeure

Neither the Record Owner nor any of the Record Owner's directors, employees, agents or affiliates shall incur any liability to Investor if, by reason of any provision of any present or future law or regulation of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism, pandemic or other circumstances beyond the Record Owner's control, the Record Owner is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or are delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or performed and accordingly the Record Owner does not do that thing or does that thing at a later time than would otherwise be required.

### 7.3 Exculpation in respect of offering documents

The Record Owner and its officers, directors, employees, agents and sub-record owners, if any, shall not be responsible or liable in any manner for any recitals, statements, representations or warranties made by any person other than the Record Owner including, but not limited to, statements contained in any material relating to

the offering and sale of Shares.

## 8. Termination

### 8.1 Method

The Record Owner may terminate this Agreement by giving not less than 60 Business Days' prior written notice to Investor and the Portal, provided that the Record Owner may terminate this Agreement immediately on written notice in the event that any of the statements set out in clause 4.1(a)-(c) become untrue. Clauses 6, 7.2 and 9 shall survive termination of this Agreement.

Investor may terminate this Agreement by giving not less than 60 Business Days' prior written notice to the Record Owner and the Portal in the event that the Record Owner is found, in a final determination not subject to appeal, to have committed an act of gross negligence or willful misconduct in respect of its duties as Record Owner hereunder.

### 8.2 Existing rights

Termination shall not affect rights and obligations then outstanding under this Agreement, which shall continue to be governed by this Agreement until all obligations have been fully performed.

### 8.3 Website

Effective upon the Termination Date, Investor's use of the Website will automatically be terminated and Investor will be permitted no further access to the Website until Investor has purchased other Shares.

## 9. Notices and Recordkeeping

### 9.1 Form

A notice or other communication given to Investor under or in connection with this Agreement may be given using the contact information Investor provided to the Portal.

### 9.2 Method of transmission

Any notice or other communication required to be in writing may be delivered by email, receipt confirmed, to the Portal or the Record Owner at the following email addresses:

If to the Record Owner:

MG Teixeira Inc
mannyteixeria@gmail.com

If to the Portal:

Netcapital Funding Portal Inc

## 10. General

### 10.1 No advice

The Record Owner’s duties and obligations under this Agreement do not include providing Investor with investment advice. In asking the Record Owner to open and maintain the Account, Investor does so in reliance upon Investor’s own judgment and the Record Owner shall not owe to Investor any duty to exercise any judgment on Investor’s behalf as to the merits or suitability of any deposits into, or withdrawals from, an Account.

### 10.2 Assignment

This Agreement is for the benefit of and binding upon the parties and their respective heirs, successors and assigns. Investor may not assign, transfer or encumber, or purport to assign, transfer or encumber, Investor’s right, title or interest in relation to any Account or any right or obligation under this Agreement or any part of any of the foregoing unless the Record Owner otherwise agrees in writing.

### 10.3 Amendments

Any amendment to this Agreement must be agreed in writing and be signed by all parties hereto. Unless otherwise agreed, an amendment will not affect any legal rights or obligations that may already have arisen.

### 10.4 Partial invalidity

If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.

### 10.5 Entire agreement

This document represents the entire agreement of the parties, and supersedes any previous agreements and understandings among the parties relating to the subject matter of this Agreement.

### 10.6 Joint and several liability

Investor’s responsibilities under this Agreement are joint and several if applicable.

### 10.7 Counterparts

This Agreement may be executed in any number of counterparts each of which when

executed and delivered is an original, but all the counterparts together constitute the same agreement.

### 10.8 Governing Law and Jurisdiction

This Agreement is governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles. The parties agree that the United States District Court for the Delaware shall have sole and exclusive jurisdiction to determine any issues arising under this Agreement, and all Parties to this Agreement agree to submit to personal jurisdiction in Wilmington, Delaware, for the purpose of resolving any issue arising under or related to this Agreement.

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Sazi Foods, LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** MA

**Date of Organization:** 03-29-2021

**Physical Address:** 20 East Street, Stockbridge, MA, 01262

**Issuer Website:** https://sazi.co/

**Is there a Co-Issuer?:** No

**Intermediary Name:** NetCapital Funding Portal Inc.

**Intermediary CIK:** 0001669191

**Intermediary File Number:** 007-00035

**Intermediary CRD Number:** 283596

### Offering Information

**Compensation to Intermediary:** Up to 4.9% of amount raised for a successful offering and a listing fee of up to $10,000

**Financial Interest in Issuer:** None.

**Type of Security Offered:** Other

**Other Description of Security:** Class B Units

**Number of Securities Offered:** 10000

**Price per Security:** $1.00

**Method for Determining Price:** The price of the Securities was determined solely by management and bears no relation to traditional measures of valuation such as book value or price-to-earnings ratios. We expect that any future valuation will take the same approach.

**Target Offering Amount:** $10,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $250,000.00

**Deadline to Reach Target Amount:** 04-28-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 0

**Total Assets (Most Recent Fiscal Year):** $0.00

**Total Assets (Prior Fiscal Year):** $0.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $0.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $0.00

**Accounts Receivable (Most Recent Fiscal Year):** $0.00

**Accounts Receivable (Prior Fiscal Year):** $0.00

**Short-Term Debt (Most Recent Fiscal Year):** $0.00

**Short-Term Debt (Prior Fiscal Year):** $0.00

**Long-Term Debt (Most Recent Fiscal Year):** $50,000.00

**Long-Term Debt (Prior Fiscal Year):** $0.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $0.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

**Taxes Paid (Most Recent Fiscal Year):** $0.00

**Taxes Paid (Prior Fiscal Year):** $0.00

**Net Income (Most Recent Fiscal Year):** $-53,396.00

**Net Income (Prior Fiscal Year):** $0.00

**Jurisdictions Offered:**

ALABAMA, ALASKA, ARIZONA, ARKANSAS, CALIFORNIA, COLORADO, CONNECTICUT, DELAWARE, DISTRICT OF COLUMBIA, FLORIDA, GEORGIA, HAWAII, IDAHO, ILLINOIS, INDIANA, IOWA, KANSAS, KENTUCKY, LOUISIANA, MAINE, MARYLAND, MASSACHUSETTS, MICHIGAN, MINNESOTA, MISSISSIPPI, MISSOURI, MONTANA, NEBRASKA, NEVADA, NEW HAMPSHIRE, NEW JERSEY, NEW MEXICO, NEW YORK, NORTH CAROLINA, NORTH DAKOTA, OHIO, OKLAHOMA, OREGON, PENNSYLVANIA, RHODE ISLAND, SOUTH CAROLINA, SOUTH DAKOTA, TENNESSEE, TEXAS, UTAH, VERMONT, VIRGINIA, WASHINGTON, WEST VIRGINIA, WISCONSIN, WYOMING, B5, GU, 1V, PR, VI

### Signatures

**Issuer:** Sazi Foods, LLC

**Signature:** Lisa Newmann

**Title:** Principal Executive Officer

---

**Signature:** Lisa Newmann

**Title:** Principal Executive Officer

**Date:** 03-01-2023

---

**Signature:** Lisa Newmann

**Title:** Principal Financial Officer

**Date:** 03-01-2023

---

**Signature:** Lisa Newmann

**Title:** Principal Accounting Officer

**Date:** 03-01-2023

---

**Signature:** Lisa Newmann

**Title:** Board Member

**Date:** 03-01-2023