# EDGAR Filing Document

**Accession Number:** 0001962120
**File Stem:** 0001670254-23-000130
**Filing Date:** 2023-2
**Character Count:** 329554
**Document Hash:** 496fde1716cb7b854881c96e9a87a7cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000130.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001670254-23-000130

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ovenly, LLC
- **CENTRAL INDEX KEY:** 0001962120
- **IRS NUMBER:** 273471225

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31820
- **FILM NUMBER:** 23638129

**BUSINESS ADDRESS:**
- **STREET 1:** 31 GREENPOINT AVE
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11222
- **BUSINESS PHONE:** 5106982462

**MAIL ADDRESS:**
- **STREET 1:** 31 GREENPOINT AVE
- **CITY:** BROOKLYN
- **STATE:** NY
- **ZIP:** 11222

## Ex-99

### Attached PDF Documents

**Attachment 1:** `document_1.pdf`

# Form C

## Cover Page

Name of issuer:

Oweny, LLC

Legal status of issuer:

Name: Limited Liability Company

Jurisdiction of Independent Organization: NY

Date of organization: 9/10/2010

Physical address of issuer:

31 Greenpoint Ave

Brooklyn NY 11222

Website of issuer:

www.owny

Name of intermediary through which the offering will be conducted:

Welfunder Portal LLC

CIC number of intermediary:

0000070254

SEC the number of intermediary:

027-00033

CRO number of applicable of intermediary:

287000

Amount of compensation to be paid to the intermediary, whether as a dollar amount or a percentage of the offering amount, or a good faith estimate if the exact amount is not available at the time of the filing. By conducting the offering, including the amount of interest and any other fees associated with the offering:

1.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses 3 days or more on behalf of the issuer in connection with the offering.

Any other direct or indirect interest in the issuer held by the intermediary, or any arrangement for the intermediary to ensure such an interest:

No

Type of security offered:

☐ Common Stock

☐ Preferred Stock

☐ Good

☑ Other

If Other, describe the security offered:

Preferred Units

Target number of securities to be offered:

10,848

Price:

$2.97M

Method for determining prices:

Dividing pen-money valuation $5,833,333.41 by number of units outstanding on

Fully diluted Stock

Target offering amount:

$55,000.00

Overheaded prices accepted:

☐ Yes

☐ No

If you disclose how overheaded prices will be allocated:

☐ Pre-take basis

☐ Post-stand, first-served basis

☑ Other

If other, describe how overheaded prices will be allocated:

As determined by the issuer

Maximum offering amount (if offered from target offering amount):

$572,577.99

Deadline to reach the target offering amount:

4/28/2024

NOTE: If the sum of the investment commitments does not equal or exceed the target

offering amount at the offering location, no securities will be sold in the offering.

Investment commitments will be cancelled and committed funds will be returned.

Current number of employees:

15

|  | Final record fiscal year-end | Final fiscal year-end |
| --- | --- | --- |
| Bank Assets | $1,078,833.00 | $1,247,000.00 |
| Cash & Cash Equivalents | $271,220.00 | $277,000.00 |
| Accounts Receivables | $3,523.00 | $4,888.00 |
| Short-term Debt | $826,489.00 | $878,285.00 |
| Long-term Debt | $766,403.00 | $754,444.00 |
| Research Funds | $3,247,466.00 | $2,835,978.00 |
| Sum of Cash Flows | $1,010,754.00 | $79,265.00 |
| Taxes Paid | $0.00 | $0.00 |
| Net Income | ($843,333.00) | ($78,339.00) |

Select the jurisdictions in which the issuer intends to offer the securities:

AL, AA, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD,

MA, MI, MN, MS, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC,

SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI, WI

## Offering Statement

Disposed in each payment to each paragraph of this part, but I will each question and any notes, beyond

any formal instructions, to take delivery. If disclosure is required to sign payment is requested by me

or some other questions, it is not necessary to request the disclosure. If a question or series of questions

is acceptable to the receiver, a available discussion in the form, either may find it unapplicable,

include in your activities in the respective disclosure, or with the question or series of questions.

Do you need a statement in separate discussions. One full and complete answer so that you can

not excluding under the Government involved. Do not license any future performance or other participation in an order, you have a reasonable basis to believe that it will not only occur within the foreseeable future. If any action requiring significant information not currently necessary, we accept or acknowledge, the Company, its management and principal stockholders may be liable to increase funds in the information.

# THE COMPANY

1. Name of Owner

Overy, LLC

# COMPANY ELIGIBILITY

2. ☐ Check the box to certify that all of the following statements are true for the issuer:

- Original and under, and subject to, the laws of a State or territory of the United States of the District of Columbia.
- Not subject to the requirement to his reports pursuant to Section 15 or Section 7(a) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1933.
- Not available to rely on this exemption under Section 4(a)(1) of the Securities Act as a result of a disqualification specified in Rule 3(2)(a) of Regulation Crowdfunding.
- Not 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 disbursement stage company that can file no specific business plan or charges, indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

INSTRUCTION TO QUESTION 2: If any of these statements are not true, then you can NOT eligible to rely on this exemption under Section 4(a)(1) of the Securities Act.

3. Has the issuer or any of its predecessors previously failed to comply with the ongoing reporting requirements of Rule 2(2) of Regulation Crowdfunding?

☐ Yes ☑ No

# DIRECTORS OF THE COMPANY

4. Provide the following information about each director (and any person) accompanying a similar status or performing a similar functions of the issuer:

| Director | Principal Company | Past President | Year Joined in Election |
| --- | --- | --- | --- |
| Michael Gilligan | Co-Finance Managing | Promiss Venture | 2016 |
| Agatha Palaga | Promise, Board, Promise Managing | Overy | 2010 |
| Erie Patinick | Promise, Board, Clove | Overy | 2010 |

For these years of business experience, refer to Appendix D, Director & Officer Work History

# OFFICERS OF THE COMPANY

5. Provide the following information about each officer (and any person) accompanying a similar status or performing a similar functions of the issuer:

| Officer | Previous Held | Year Joined |
| --- | --- | --- |
| Agatha Palaga | CEO | 2009 |
| Agatha Palaga | Founder | 2010 |

For these years of business experience, refer to Appendix D, Director & Officer Work History

PROGRAM IDENTIFICATION 1: An increase in the (part 1) of the other (part 2) of the other (part 3) of the other (part 4) of the other (part 5) of the other (part 6) of the other (part 7) of the other (part 8) of the other (part 9) of the other (part 10) of the other (part 11) of the other (part 12) of the other (part 13) of the other (part 14) of the other (part 15) of the other (part 16) of the other (part 17) of the other (part 18) of the other (part 19) of the other (part 20) of the other (part 21) of the other (part 22) of the other (part 23) of the other (part 24) of the other (part 25) of the other (part 26) of the other (part 27) of the other (part 28) of the other (part 29) of the other (part 30) of the other (part 31) of the other (part 32) of the other (part 33) of the other (part 34) of the other (part 35) of the other (part 36) of the other (part 37) of the other (part 38) of the other (part 39) of the other (part 40) of the other (part 41) of the other (part 42) of the other (part 43) of the other (part 44) of the other (part 45) of the other (part 46) of the other (part 47) of the other (part 48) of the other (part 49) of the other (part 50) of the other (part 51) of the other (part 52) of the other (part 53) of the other (part 54) of the other (part 55) of the other (part 56) of the other (part 57) of the other (part 58) of the other (part 59) of the other (part 60) of the other (part 61) of the other (part 62) of the other (part 63) of the other (part 64) of the other (part 65) of the other (part 66) of the other (part 67) of the other (part 68) of the other (part 69) of the other (part 70) of the other (part 71) of the other (part 72) of the other (part 73) of the other (part 74) of the other (part 75) of the other (part 76) of the other (part 77) of the other (part 78) of the other (part 79) of the other (part 80) of the other (part 81) of the other (part 82) of the other (part 83) of the other (part 84) of the other (part 85) of the other (part 86) of the other (part 87) of the other (part 88) of the other (part 89) of the other (part 90) of the other (part 91) of the other (part 92) of the other (part 93) of the other (part 94) of the other (part 95) of the other (part 96) of the other (part 97) of the other (part 98) of the other (part 99) of the other

# PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the most recent year to date date, with in the beneficial areas of 20 percent or more of the issuer's outstanding voting equity securities calculated on the basis of voting assets.

| Name of Sector | No. and Class of Securities Stock Pool | % of Voting Power Paid to Offering |
| --- | --- | --- |
| Agatha Palaga | 55220.01 Common units | 24.31 |
| Erie Patinick | 55220.00 Common units | 24.31 |

PROGRAM IDENTIFICATION 1: An active statement must be provided on the list that is written that 20th day prior to the last 30th day of the 40th day period.

The information and management of the company is not to be used to be a member of the company's business. The company is not to be used to be a member of the company's business. The company is not to be used to be a member of the company's business.

# BUSINESS AND ANTICIPATED BUSINESS PLAN

7. Describe the details the business of the issuer and the anticipated business plan of the issuer.

For a description of our business and our business plan, please refer to the attached Appendix A, Business Description & Plan.

The company is a member of the company's business and its own agency. The company is a member of the company's business and its own agency.

# 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.

8. Discuss the material factors that make an investment in the issuer (excluding or more).

The food and hospitality industry is a seasonal business. A worsening of global economic conditions, including inflation, supply chain issues, the impact of COVID, etc. could adversely impact the Company's revenues and profitability as well as cause a decline in an limitation of the Company's future growth.

There are risks related to below is a competitive and higher cost commercial real estate market, which can create challenges with securing additional lease at affordable prices.

The Company is a competitive market and may lose business if it fails to effectively compete or if it receives negative website or social media reviews.

Customer demand is not guaranteed. Macroeconomic and other factors beyond the Company's control are adversely affected and reduce demand for its services.

The Company's performance is intent upon equipment and technology and with the disruption or malfunction in the Company's information and manufacturing systems could adversely affect the Company's business.

The Company may incur debt, including secured debt, in the future and in the continuing operations of its business. Remaining in compliance with obligations under such indebtedness may have a material adverse effect on the Company and on your investment.

We may provide certain projected results of operations to prospective investors in connection with this offering. Projections are typographical and based upon present factors thought by management to influence our operations. Projections do not, and cannot, take into account such factors as market fluctuations, unforeseeable events such as natural disasters, the forms and conditions of any possible brewing, and other possible occurrences that are beyond our ability to control or even to predict. While management believes that the projections reflect the possible outcome of our operation and performance, results depicted in the projections cannot be guaranteed.

The Company's operating and other expenses could increase without a corresponding increase in revenues, which could have a material adverse effect on the Company's financial results and on your investment. Factors which could increase operating and other expenses include, but are not limited to (1) increases in the rate of inflation, (2) increases in taxes and other statutory charges, (3) changes in fees, regulations or government policies which increase the costs of compliance with such fees, regulations or policies, (4) significant increases in insurance premiums, and (5) increases in borrowing costs.

Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.

Elm-Barrick is a part-time officer. As such, it is likely that the company will not make the same progress as it would if that were not the case.

INSTRUCTIONS TO QUESTION 1: Send your official statement and return with check for $1.00 for any charge to the issuer. This is not a credit for the issuer's business, but the offering and details are required to be recorded on the deposit and the other. The credit is a result of the business's capital and the capital.

## The Offering

### USE OF FUNDS

1. What is the purpose of this offering?

The Company intends to use the net proceeds of this offering for working capital and general corporate purposes, which includes the specific items listed in item 10 below. While the Company expects to use the net proceeds from the offering in the manner described above, it cannot specify with certainty the particular uses of the net proceeds that it will receive from this Offering. Accordingly, the Company will have broad discretion in using these proceeds.

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

3. Income: $50,001

4. 55% toward marketing (dollars per unit marketing), 10% to raises, 25% to a competitive performance, 75% to Wollender intermediary fee

5. Income: $572,508

6. 7% toward Fees (COO + G General Managers), 43.5% toward new basic shops (four in NYC, two in DC), 5% to lease shop start-up costs, 37% to marketing (influencers and partnerships), 73% to Wollender intermediary fee

INSTRUCTIONS TO QUESTION 1: Include your name with a trade mark (and the name of the trade mark) and your name. You may have a trade mark (and the name of the trade mark) and the name of the trade mark. You may have a trade mark (and the name of the trade mark) and the name of the trade mark. You may have a trade mark (and the name of the trade mark) and the name of the trade mark. You may have a trade mark (and the name of the trade mark) and the name of the trade mark.

### DELIVERY & CANCELLATIONS

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

Basic Entry and Investment in the Company. Investors will make their investments by investing in interest issued by new or more in-mount, each of which is a special purpose vehicle ("SPV"). The SPV will invest all amounts in business from investors in securities issued by the Company. Interests issued to investors by the SPV will be in basis entry form. This means that the investor will not receive a certificate representing his or her investment. Each investment will be recorded in the books and records of the SPV. In addition, investors' interests in the investments will be recorded in each investor's "Portfolio" page on the Wollender platform. All references in this Form C to an investor's investment in the Company (or similar phrases) should be interpreted to include investments in a SPV.

2. How can an investor cancel an investment commitment?

NOTE: Investors may cancel an investment commitment until 48 hours prior to the deadline identified in these offering materials.

The intermediary 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.

An investor's debt to cancel. An investor may cancel his or her investment commitment at any time until 48 hours prior to the offering deadline.

If there is a material change to the terms of the offering or the information provided to the investor about the offering and/or the Company, the investor will be provided notice of the change and must re-confirm his or her investment commitment within five business days of receipt of the notice. If the investor does not reconfirm, he or she will receive notifications discussing that the commitment was cancelled, the reason for the cancellation, and the refund amount that the investor is required to receive. If a material change occurs within five business days of the maximum number of days the offering is to remain open, the offering will be extended to allow for a period of five business days for the investor to reconfirm.

If the investor cancels his or her investment commitment during the period when cancellation is permitted, or does not reconfirm a commitment in the case of a material change to the investment, or the offering does not close, all of the investor's funds will be returned within five business days.

Within five business days of cancellation of an offering by the Company, the Company will give each investor notification of the cancellation, disclose the reason for the cancellation, identify the refund amount the investor will receive, and refund the investor's funds.

The Company's debt to cancel. The Investment Agreement you will execute with us provides the Company the right to cancel for any reason before the offering deadline.

If the sum of the investment commitments from all investors does not equal or exceed the target offering amount at the time of the offering deadline, no securities will be sold in the offering; investment commitments will be cancelled and committed funds will be returned.

## Ownership and Capital Structure

### THE OFFERING

13. Describe the terms of the securities being offered:

Issued Round: $5,655,332.41 pre-money valuation

See exact security attached as Appendix B, Investor Contracts

Overly, LLC is offering up to $33,682 Preferred Units, at a price per unit of $2.571

The campaign maximum is $572,977.95 and the campaign minimum is $50,000.00.

### PPS

Following the date of this Agreement, if the Company offers to sell or sells any New Securities (other than any Emercited Securities as defined below) at a price per Unit less than that sold to Purchaser in this Agreement, the Company will promptly provide the Purchaser with written notice thereof, together with a copy of the documentation reflecting such New Securities and, upon written request of the Purchaser, any additional information related to such New Securities as may be reasonably requested by the Purchaser. The Company shall also take any action reasonably necessary, as determined by the Company in good faith to amend the terms of this Agreement and/or the Operating Agreement to reflect the lower price per Unit of the New Securities, inclusive but not limited to issuing Purchaser additional Units and/or adjusting the price per Unit for the Purchased Units in a manner that the Company believes appropriate; addresses the difference in price. "Exempted Securities" shall mean (1) securities issued upon the conversion of any531,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000.

### Securities Issued by the SPV

However, in issuing its securities directly to investors, the Company has decided to issue its securities to the SPV, which will then issue interests in the SPV to investors. The SPV has been formed by Wellunder Admin, LLC and is a co-owner with the Company of the securities being offered in this offering. The Company's use of the SPV is intended to allow investors in the SPV to achieve the same economic exposure, voting power, and ability to assert State and Federal law rights, and receive the same disclosures, as if they had invested directly in the Company. The Company's use of the SPV will not result in any additional fees being charged to investors.

The SPV has been organized and will be operated for the sole purpose of directly acquiring, holding and disposing of the Company's securities, will not borrow money and will use all of its proceeds from the sale of its securities solely to purchase a single class of securities of the Company. As a result, an investor investing in the Company through the SPV will have the same relationship to the Company's securities. In terms of number, determination, type and rights, as if the investor invested directly in the Company.

### Voting Rights

If the securities offered by the Company and those offered by the SPV have voting rights, those voting rights may be exercised by the investor or his or her proxy. The applicable proxy is the Lead Investor, if the Proxy (described below) is in effect.

### Proxy to the Lead Investor

The SPV securities have voting rights, with respect to those voting rights, the investor and his, her, or its transferees or subgress (collectively, the "Investor"), through a power of attorney granted by investor in the Investor Agreement, has appointed or will appoint the Lead Investor as the Investor's true and lawful proxy and attorney (the "Proxy") with the power to act alone and with full power of substitution, on behalf of the investor to its vote as securities related to the Company purchased in an offering limited by Wellunder Portal, and (3) rewards in connection with such voting power, any instrument or document that the Lead Investor determines is necessary and appropriate to the exercise of his or her authority. Such Proxy will be irrevocable by the Investor unless and until a successor lead investor ("Replacement Lead Investor") takes the place of the Lead Investor. Upon notice that a Replacement Lead Investor has taken the place of the Lead Investor, the Investor will have five (5) calendar days to revoke the Proxy. If the Proxy is not received within the 5-day time period, it shall remain in effect.

### Restriction on Transferability

The SPV securities are subject to restrictions on transfer, as set forth in the Subscription Agreement and the Limited Liability Company Agreement of Wellunder SPV, LLC, and may not be transferred without the prior approval of the Company on behalf of the SPV.

14. Do the securities offered have voting rights?

☐ Yes
☐ No

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

See the above description of the Proxy in the Lead Investor.

16. How may the terms of the securities being otherwise modified?

Any term of the attached subscription agreement may be amended, and the observance of any term maybe waived before generally or in a particular instance and either retroactively or prospectively, only with the written consent of the Company, on the one hand, and Purchasers holding a majority of the Purchased Units sold pursuant to the attached subscription agreement. Any amendment or waiver effective in accordance with Subsection 4.3 of the attached subscription agreement shall be binding upon the Purchasers, each future holder of the Purchased Units, and the Company.

Pursuant to authorization in the Investor Agreement between each Investor and Wellunder Portal, Wellunder Portal is authorized to take the following actions with respect to the investment contract between the Company and an investor:

A. Wellunder Portal may amend the terms of an investment contract, provided that the amended terms are more favorable to the investor than the original terms; and
B. Wellunder Portal may reduce the amount of an investor's investment if the reason for the reduction is that the Company's offering is over-submitted.

### RESTRICTIONS ON TRANSFER OF THE SECURITIES BEING OFFERED:

The securities being offered may not be transferred to any purchase of such securities during the past year period beginning when the securities were issued, unless such securities are transferred.

1. As the investor:
2. An unsecured and unsecured:
3. as part of a particular instrument with the U.S. Securities and Exchange Commission; or
4. in connection of the family of the purchaser or the equivalent, it is not controlled by the purchaser, and must control the benefit of a provision of the family of the purchaser or the equivalent, or to determine whether such a service of the purchaser or other suitable circumstances.

NOTE: The term "controlled investor" means any person who comes within any of the categories set forth in Rule 4(1)(a) of Proposition 5, or who the seller represents between names within any of such categories, at the time of the sale of the securities in that person.

The term "member of the family of the purchaser or the equivalent" includes a child, parent(s), parent(s), parent, stepparent, stepparent, spouse or spouse equivalent, sibling, mother-in-law, father-in-law, and in-law, daughter-in-law, brother-in-law, or sister-in-law of the purchaser, and includes a relative relationship. The term "special equivalent" means a consultant occupying a relationship generally equivalent to that of a spouse.

# DESCRIPTION OF ISSUERS' SECURITIES

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

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Preferred | 250,000 | 17,314.22 | Yes |
| Common | 5,000,000 | 3,241,583.09 | Yes |

| Class of Security | Securities Reserved for Issuance upon Exercise or Conversion |
| --- | --- |
| Warranty: | 0 |
| Options: | 0 |

Describe any other rights

Distributions Upon a Capital Transaction. With respect to a Capital Transaction, where the Company received proceeds (whether cash or limited), such proceeds shall be Distributed to the Members in the following order and priority:

First, to each Member holding Preferred Units equal to the greater of (1) an amount equal to such Member's Unreturned Capital Contributions, solely in respect of each Preferred Unit, or (2) the amount equal to such Member's Percentage Interest (without any double counting, so calculated solely with respect to the number of Preferred Units such Member holds) of the proceeds available for Distribution; and

Second, the balance of proceeds remaining for Distribution to each Member holding Common Units and Incentive Units in an amount equal to each such Member's Percentage Interest (without any double counting, so calculated solely with respect to the number of Common Units and/or Incentive Units such Member holds and not any Preferred Units) of the proceeds remaining available for Distribution.

If upon any Capital Transaction, the assets of the Company available for Distribution to the Members shall be insufficient to pay the Member's holding Preferred Units an amount equal to the Unreturned Capital Contributions of each such Member, Members holding Preferred Units shall share ratably to any distribution of the assets available for Distribution in proportion to the respective amounts which would otherwise be payable in respect of the Preferred Units held by them upon such Distribution if all amounts payable on or with respect to such Preferred Units were paid in full.

18. How may the rights of the securities being offered for indemnity interest, interest or purchase by the rights of any other class of security identified above?

All classes of units may be divided on other issuance of securities in qualified equity markets. Distributions may be divided should the company's board agree to set up an incentive pool with non-voting incentive units (profile interests) for key staff.

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

No.

20. How could the exercise of rights held by the principal shareholders identified in Question 8 above affect the positions of the securities being offered?

All holders of a majority-in-interest of voting rights in the Company, the unitholders may make decisions with which the investor disagrees, or that negatively affect the value of the investor's securities in the Company, and the investor will have no reliance to change these decisions. The investor's interests may conflict with those of other investors, and there is no guarantee that the Company will develop in a way that is optimal for or advantageous to the investor.

For example, the unitholders may change the terms of the Operating Agreement for the company, change the terms of securities issued by the Company, change the management of the Company, and even force out minority holders of securities. The unitholders may make changes that affect the tax treatment of the Company in ways that are vulnerable to you but favorable to them. They may also vote to engage in new offerings and/or to register certain of the Company's securities in a way that negatively affects the value of the securities the investor earns. Other holders of securities of the Company may also have access to more information than the investor, leaving the investor at a disadvantage with respect to any decisions regarding the securities he or she cares. The unitholders have the right to redeem their securities at any time. Distributions could decide to force the Company to redeem their securities at any time but is not favorable to the investor and is damaging to the Company. Investors' role may affect the value of the Company and/or to establish cases where the rights of holders of convertible debt, SAFES, or other outstanding options or accounts are exercised, or if new awards are granted under our equity compensation plans, as investor's interests in the Company may be offered. This means that the pre-take portion of the Company represented by the investor's securities will decrease, which could also diminish the investor's voting and/or payment rights. In addition, as discussed above, if a majority in interest of holders of securities with voting rights cause the Company to issue additional units, an investor's interest will typically also be diluted.

Based on the risks described above, the investor could look at or part of his or her investment in the securities in this offering, and may never see positive returns.

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

The offering price for the securities offered pursuant to this Form C has been determined, including by the Company, and does not necessarily have any relationship to the Company's book value, assets, earnings or other generally accepted valuation criteria. In determining the offering price, the Company did not employ investment banking firms or other outside organizations to make an independent approval or evaluation. Accordingly, the offering price should not be considered to be indicative of the actual value of the securities offered hereby.

In the future, we will perform valuations of our common unit that take into account factors such as the following:

1. amended third-party valuations of our common unit;
2. the price at which we sell other securities, such as convertible debt or preferred Unit, in light of the rights, preferences and privileges of our those securities relative to those of our common unit;
3. our results of operations, financial position and capital resources;
4. current business conditions and protections;
5. the lack of marketability of our common unit;
6. the hiring of less personnel and the experience of our management;
7. the introduction of new products;
8. the use of interest in the development and expansion of our products;
9. our stage of development and material risks related to our business;
10. the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company given the prevailing market conditions and the nature and history of our business;
11. industry trends and competition environment;
12. trends in consumer spending, including consumer confidence;
13. overall economic indicators, including gross domestic product, employment, inflation and interest rates; and
14. the general economic outlook.

We will analyze factors such as those described above using a combination of financial and market-based methodologies to determine our business enterprise value. For example, we may use methodologies that assume that businesses operating in the same industry will share similar characteristics and that the Company's value will correlate to those characteristics, and/or methodologies that compare transactions in similar securities issued by us that were conducted in the market.

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

In the event of the Company's risk, which is clearly described as the Company

and that be limited as to its ability to control or influence the governance and operations of the Company.

The marketability and value of the investor's interest in the Company will depend upon many factors outside the control of the investor. The Company will be managed by its officers and be governed in accordance with the strategic direction and decision-making of its management, and the investor will have no independent right to name or remove an officer or member of the Management of the Company.

Following the investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the investor in the Company. The investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be secured.

The amount of Additional Financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

22. What are the risks to purchasers associated with consumer activity, including additional revenues of securities, lower repurchase of securities, a sale of the buyer or of assets of the issuer as transactions with related partners?

Additional issuances of securities. Following the investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the investor in the Company. The investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be secured. The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

Issuer repurchase of securities. The Company may have authority to repurchase its securities from unitholders, which may serve to decrease any liquidity in the market for such securities, increase the percentage interests held by other similarly situated investors to the investor, and create pressure on the investor to sell its securities to the Company concurrently.

A sale of the issuer or of assets of the issuer. An eminently issuer of the Company, the investor will have limited or no ability to influence a potential sale of the Company or a substantial portion of its assets. Thus, the investor will rely upon the executive management of the Company to manage the Company so as to maximize value for unitholders. Accordingly, the success of the investor's investment in the Company will depend in large and open the skill and expertise of the executive management of the Company. If the Management of the Company authorizes a sale of all or a part of the Company, or a disposition of a substantial portion of the Company's assets, there can be no guarantee that the value received by the investor, together with the fair market estimate of the value remaining in the Company, will be equal to or exceed the value of the investor's initial investment in the Company.

Transactions with related parties. The investor should be aware that there will be occasions when the Company may encounter potential conflicts of interest to its operations. On any issue involving conflicts of interest, the executive management of the Company will be guided by their good faith judgment as to the Company's best interests. The Company may engage in transactions with officers, subsidiaries or other related parties, which may be on terms which are not participants, but will be in all cases consistent with the duties of the management of the Company to its unitholders. By acquiring an interest in the Company, the investor will be deemed to have acknowledged the existence of any such actual or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

24. Describe the material terms of any redistribution of the issuer:

| Date |  |
| --- | --- |
| Leader | MMSE |
| Issue date | 10/31/18 |
| Amount | $600,000.00 |
| Outstanding principal plus interest | $576,295.16 as of 01/31/23 |
| Interest rate | 8.0% per annum |
| Maturity date | 10/31/24 |
| Current with payments | Yes |

The remaining P/E payments due on 01/31, 01/31, and 01/31 in addition to monthly principal plus interest

| Date |  |
| --- | --- |
| Leader | Adagant Partners Financing |
| Issue date | 03/18/18 |
| Amount | $67,815.00 |
| Outstanding principal plus interest | $20,204.14 as of 01/30/23 |
| Interest rate | 12.89% per annum |
| Maturity date | 02/01/24 |
| Current with payments | Yes |

The unexpressed date

| Date |  |
| --- | --- |
| Leader | MMSE |
| Issue date | 06/08/20 |
| Amount | $600,000.00 |
| Outstanding principal plus interest | $164,502.44 as of 01/30/23 |
| Interest rate | 3.75% per annum |
| Maturity date | 10/30/20 |
| Current with payments | Yes |

MMSE is an invoice only payment through 01/31/23

| Date |  |
| --- | --- |
| Leader | Revenue Leasing |
| Issue date | 12/31/21 |
| Amount | $16,750.00 |
| Outstanding principal plus interest | $5,676.20 as of 01/30/23 |
| Interest rate | 18.54% per annum |
| Maturity date | 10/31/23 |
| Current with payments | Yes |

Additional security fee of 1% for financials and of taxes

| Date |  |
| --- | --- |
| Leader | Square |
| Issue date | 06/30/22 |
| Amount | $127,560.00 |
| Outstanding principal plus interest | $76,627.96 as of 01/30/23 |
| Interest rate | 8.07% per annum |
| Maturity date | 12/01/23 |
| Current with payments | Yes |

Square AMF, includes group 1. Weekly repurchase of monthly repurchase and each issue per annum

| Date |  |
| --- | --- |
| Leader | Square |
| Issue date | 06/30/22 |

| Amount | $60,700.00 |
| --- | --- |
| Outstanding principal plus interest | $45,845.45 as of 01/30/23 |
| Interest rate | 12.85% per annum |
| Maturity date | 09/30/23 |
| Current with payments | Yes |

Figure 10.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.

| Level |  |
| --- | --- |
| Leader | Square |
| Issue date | 12/20/22 |
| Amount | $83,000.00 |
| Outstanding principal plus interest | $87,525.74 as of 01/30/23 |
| Interest rate | 12.85% per annum |
| Maturity date | 09/30/24 |
| Current with payments | Yes |

Figure 10.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.

| Level |  |
| --- | --- |
| Leader | Square |
| Issue date | 02/26/22 |
| Amount | $79,700.00 |
| Outstanding principal plus interest | $83,400.00 as of 01/30/23 |
| Interest rate | 12.85% per annum |
| Maturity date | 09/30/24 |
| Current with payments | Yes |

Figure 10.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.

| Level |  |
| --- | --- |
| Leader | Square LDC |
| Issue date | 12/23/22 |
| Amount | $73,000.00 |
| Outstanding principal plus interest | $76,545.74 as of 01/30/23 |
| Interest rate | 13.2% per annum |
| Maturity date | 09/30/24 |
| Current with payments | Yes |

Figure 10.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.

FIGURE 10.2.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.1.

24. What other external offerings has the issue conducted within the past three years?

| Offering Rate | Exception | Security Type | Amount Sold | Use of Proceeds |
| --- | --- | --- | --- | --- |
|  |  | no external offerings |  |  |

25. Was or is the issuer or any entities connected by an under-conditioned entity with the issuer's party in any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds the amount of the aggregate amount of capital used in the issuer's transaction on the basis of the issue has not during the preceding 12-month period, including the amount the issuer seeks to issue at the current offering, or 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 50 persons or more of the issuer's outstanding voting entity, any person who is, associated on the basis of voting power;
3. if the issuer was incorporated or registered within the past three years, any promoter of the issuer;
4. in any immediate family member of any of the foregoing persons;
☐ Yes
☐ No

For each transaction exactly the person, relationship to issuer, nature of interest in transaction, and amount of interest.

| Name | Luna Caci Ventures |
| --- | --- |
| Amount invested | $59,000.00 |
| Transaction type | Loan |
| Issue date | 06/30/16 |
| Outstanding principal plus interest | $9.00 as of 12/26/22 |
| Interest rate | 13.9% per annum |
| Maturity date | 12/30/24 |
| Relationship | Wintam fund of Durris investor |

The Company loaned a LaGuardia, Agatha Kalaya, $22,000. The loan does not assume interest and is due on demand. The balance of the loan receivable was $22,000 as of December 31, 2022.

INSTRUCTIONS TO QUESTION 24. The terms and conditions of this section are listed in any financial instrument, and the terms and conditions of this section are not included in any financial instrument, or any other financial instrument, or any other financial instrument.

Revised monthly by previous 2 years of 2021 shall be submitted at a date that is not less than 30 days prior to the date of filing of the offering, payment and party for some additional funds for the amount of the deposit and interest charge.

The term 'transfer of the bank' is not to be used, excepted, provided, given, approved, pre-approved, prior or current capital of offering, and/or the other, in the case of the deposit or other, in the case of the deposit or other, and the other, in the case of the deposit or other, and the other, in the case of the deposit or other, and the other, in the case of the deposit or other, and the other, in the case of the deposit or other, and the other, in the case of the deposit or other, and the other, in the case of the deposit or other, and the other, in the case of the deposit or other, and

Chapter 10. Amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in the amount of interest and interest in

## FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating license?

☐ Yes
☐ No

28. Does the issuer have a position of the issuer, including, by the extent, material, reporting, capital, insurance and financial results of operations.

### Management's Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the 'Risk Factors' section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Overview

believed for our sweet-salty treats, we are expanding our successful bakery chain

Overty is a retail, wholesale, and e-commerce bakery business based in NYC, with 5 locations throughout Brooklyn and Manhattan. While bringing my through baked goods it at the core of what we do, we also work to create a more upsideable economy through our social impact efforts.

Our goal in five years is to be the neighborhood bakery in every neighborhood through national expansion. Projections cannot be guaranteed.

# **Milestones**

Overty, LLC was organized in the State of New York in September 2010.

Since then, we have

- Rated "best bakery" in NYC many times (NY Reg. TimeOut, Village Voice)
- Missionary success/ful retail with 15.39% (87.05% per unit) and millions in gross revenues
- $3 times run rate, with plans to $1/million in three years and profitably (not guaranteed)
- Decrease of organic marketing, 50% social followers, 100% of press features (NYC, CNN, Fox/BC, etc.)
- Major white space for quality, full-service retail in an industry with a $36 billion T&N
- Low CapEx per unit with ROI in <2 months (not guaranteed)
- 8% of round directly received

# **Historical Results of Operations**

- Bureau's Operations: For the period ended December 31, 2022, the Company had revenues of $3,247,485 compared to the year ended December 31, 2021, when the Company had revenues of $2,858,578. Our gross margin was $8,885 in fiscal year 2022, compared to 14.00% in 2021.
- Area: As of December 31, 2022, the Company had total assets of $1,016,503, including $294,229 in cash. As of December 31, 2021, the Company had $1,013,861 in total assets, including $311,000 in cash.
- In-line: The Company has had net losses of $443,101 and net losses of $19,339 for the fiscal years ended December 31, 2022 and December 31, 2021, respectively.
- In-line: The Company's liabilities totaled $1,456,842 for the fiscal year ended December 31, 2022 and $1,432,701 for the fiscal year ended December 31, 2021.

# **Related Party Transaction**

Refer to Question 26 of this Form C for disclosure of all related party transactions.

# **Liquidity & Capital Resources**

To-date, the company has been financed with $1,407,565 in debt, $325,000 in equity and $1,078,017 in convertibles.

After the conclusion of this offering, should we let our minimum funding target, our projected runway is 6 months before we need to raise further capital.

We also to use the proceeds as set forth in this Form C under "Use of Funds". We don't have any other sources of capital in the immediate future.

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 18 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in the offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

# **Runway & Short/Mid Term Expenses**

Overty, LLC cash in hand is $37,000, as of February 2023. Over the last three months, runways have averaged $288,700/month, cost of goods and has averaged $92,741/month, and operational expenses have averaged $99,000/month, for an average net margin of $100,373 per month. Our intent is to be profitable in 6 months.

Due to the pandemic, closures and related staffing issues, we have seen some decline in revenues per unit over pre-pandemic (2019) years. However, in the last two quarters, we have seen business target to over-out again.

We expect revenues to be approximately $2 from through 02 2023 and to drop roughly $270k in expenses during the same time. These revenues will be generated from our current, upgrading base shops, e-commerce, and our limited wholesale business.

We are not profitable. The company needs approximately $100,000 to take it through to profitability. We expect to be slightly profitable cash flow regular in 2023 and return to profitability by 2024.

We have financing from Square. Short-term loans is covered by current cash. Since we have closed and a wholesale business, our revenues also cover our loan.

All projections in the above narrative are forward-looking and not guaranteed.

NOTE: THIS IS A REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF THE REPRODUCTION OF

# **FINANCIAL INFORMATION**

2) Includes financial statements covering the two most recently completed fiscal years in the period of three months, 8 months.

Refer to Appendix C, Financial Statements

1. Uptake/Return with Tax

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

(2) the financial information of Overty, LLC included in this Form reflects accurately the information reported on the tax return for Overty, LLC filed for the most recently completed fiscal year.

Agatha Kulligan
Managing Manager, Brand Manager

# **STAKEHOLDER ELIGIBILITY**

3) With respect to the issuer, any pre-payment of the issuer, any affiliated issuer, any director, officer, administrator or managing member of the issuer, any certified owner of all services in excess of the issuer's outstanding voting equity securities, any shareholder connection with the issuer in any capacity at the time of such sale, any person that has been or will be used (directly or indirectly) because of the for satisfaction of purchasers' compensation with such sale of securities, or any general partner, director, officer or managing member of any such security, prior to May 15, 2010.

(7) that any such person has committed within 10 years (or five years) in the case of causes, their predecessors and officers became before the filing of this offense, and, or any felony or misdemeanor.

1. In connection with the purchase or sale of any security? ☐ Yes ☐ No
2. Involving the making of any false filing with the Commission? ☐ Yes ☐ No
3. In any event of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding partner or paid solicitor of purchasers of securities? ☐ Yes ☐ No

(8) In any such person subject to any order, judgment or decree of any court of competent jurisdiction, and even with a fine, upon before the filing of the offense, the original or special order of the Securities Act that, at the time of filing of this offense, is deemed to be an order, judgment or decree of any person in any respect or condition.

1. In connection with the purchase or sale of any security? ☐ Yes ☐ No
2. Involving the making of any false filing with the Commission? ☐ Yes ☐ No
3. In any event of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding partner or paid solicitor of purchasers of securities? ☐ Yes ☐ No

(9) In any such person subject to a final order of a state securities commission (or an agency or officer of a state) performing the functions, a state authority that is not to be a state or a state of the state. The state authority shall be responsible for the use of the state's state and the state's state. The state authority shall be responsible for the use of the state's state and the state's state.

1. In the time of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.
2. In the time of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.
3. In the time of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(10) In any such person subject to an order of the Commission entered pursuant to Section 1001 or 1002 of the Exchange Act or Section 2002 or 1/1 of the Investment Advisers Act of 1933, that, at the time of the filing of this offense, is deemed to be an order, judgment or decree of any person in any respect or condition.

1. Subject to the following rules:
1. Subject to the following rules:
2. Subject to the following rules:
3. Subject to the following rules:
4. Subject to the following rules:
5. Subject to the following rules:
6. Subject to the following rules:
7. Subject to the following rules:
8. Subject to the following rules:
9. Subject to the following rules:
10. Subject to the following rules:

(11) In any such person subject to any order of the Commission entered within the year before the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

1. In any such person subject to any order of the Commission entered within the year before the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.
2. In the time of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(12) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(13) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(14) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(15) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(16) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(17) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(18) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(19) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(20) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(21) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

(22) In any such person submitted an order for the purpose of the filing of this offense, the original or special order of the Securities Act shall be deemed to be an order, judgment or decree of any person in any respect or condition.

# OTHER MATERIAL INFORMATION

1. In addition to the information available, the information provided in this form is available:
   (1) Any other material information provided in this form is available:
   (2) Any other material information provided in this form is available:
   (3) Any other material information provided in this form is available:

The Lead Investor. As described above, each investor that has entered into the Investor Agreement will grant a power of attorney to make voting decisions on behalf of that investor in the Lead Investor (the "Proxy"). The Proxy is irrevocable unless and until a Successor Lead Investor takes the place of the Lead Investor, in which case, the Investor has a five (5) calendar day period to revoke the Proxy. Pursuant to the Proxy, the Lead Investor is his or her successor will make voting decisions and have any other actions in connection with the voting on Investors' behalf.

The Lead Investor is an experienced investor that is chosen to act in the role of Lead Investor on behalf of Investors that have a Proxy in effect. The Lead Investor will be chosen by the Company and approved by Webster Inc. and the identity of the initial Lead Investor will be disclosed to Investors before Investors make a final investment decision to purchase the securities related to the Company.

The Lead Investor can act at any time or can be removed by Webster Inc. for cause or pursuant to a vote of investors as detailed in the Lead Investor Agreement. In the event the Lead Investor fails or is removed, the Company will choose a Successor Lead Investor who must be approved by Webster Inc. The identity of the Successor Lead Investor will be disclosed to Investors, and these that have a Proxy in effect can choose to either have such Proxy in place or revoke such Proxy during a 5-day period beginning with notice of the replacement of the Lead Investor.

The Lead Investor will not receive any compensation for his or her services to the SIV. The Lead Investor may receive compensation if, in the future, Webster Advisors LLC forms a fund ("Fund") for expedited investors for the purpose of investing in a non-Respiratory Crowdfunding offering of the Company. In such an circumstance, the Lead Investor may act as a portfolio manager for that Fund (and as a supervised person of Webster Advisors) and may be compensated through that role.

Although the Lead Investor may act in multiple roles with respect to the Company's offerings and may potentially be compensated for some of its services, the Lead Investor's goal is to maximize the value of the Company and therefore maximize the value of securities issued by or related to the Company. As a result, the Lead Investor's interests should always be aligned with those of Investors. If, however, published in some limited circumstances the Lead Investor's interests could change from the interests of Investors, as discussed in section 8 above.

Investors that wish to purchase securities related to the Company through Webster's Portal must agree to give the Proxy described above to the Lead Investor, provided that if the Lead Investor is replaced, the Investor will have a 5-day period during which he or she may revoke the Proxy if the Proxy is not revoked during this 5-day period, it will remain in effect.

tax filings, in order to complete necessary tax filings, the SPV is required to include information about each investor who holds an interest in the SPV, including each investor's taxpayer identification number ("TIN") (e.g., social security number or employer identification number). To the extent they have not already done so, each investor will be required to provide their TIN within the earlier of (1) and (2) years of interest (the) investment or (3) twenty (20) days prior to the date of any distribution from the SPV. If an investor does not provide their TIN within this time, the SPV reserves the right to withhold from any proceeds otherwise payable to the investor an amount necessary for the SPV to satisfy its tax withholding obligations as well as the SPV's reasonable estimation of any penalties that may be charged by the IRS or other relevant authority as a result of the investor's failure to provide their TIN. Investors should carefully review the terms of the SPV Subscription Agreement for additional information about tax filings.

## ONGOING REPORTING

32. The issuer will file a report electronically with the Securities & Exchange Commission annually and given the report on the website, whether these 100 days after the end of each fiscal year covered by the report.

33. Once passed, the annual report may be found on the issuer's website at www.severityinvest

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

1. the issuer is required in the reports under Exchange Act Sections 1701 or 1702.
2. the issuer has filed at least one annual report and has fewer than 100 holders of record.
3. the issuer has filed at least three annual reports and has filed assets that do not exceed 100 million.
4. the issuer or another party purchases or repurchases all of the securities issued pursuant to Section 4.1.10, including any payment in full of debt securities or any complete redemption of reasonable securities, at the issuer liquidate or disallows its securities with risks low.

## APPENDICES

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement
Overly Subscription Agreement

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Agatha Kulega
Erin Patinkin
Michael Gilligan

Appendix E: Supporting Documents

the_communications_123584_193277.pdf
the_communications_123584_223523.pdf
the_communications_123584_174230.pdf

## Signatures

Additional reissimulations or omissions of these constitute federal criminal violations. See 18 U.S.C. 1001.

The following documents will be filed with the SEC:

Cover Page XML

Offering Statement (this page)

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement

Overly Subscription Agreement

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Agatha Kulega

Erin Patinkin

Michael Gilligan

Appendix E: Supporting Documents

the_communications_123584_193277.pdf
the_communications_123584_223523.pdf
the_communications_123584_174230.pdf

Pursuant to the requirements of Sections 4(a)(1) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form C and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.

Overly, LLC

By

Agatha Kulega
CEO & Co-Founder

Pursuant to the requirements of Sections 4(a)(1) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), this Form C and Transfer Agent Agreement has been signed by the following persons in the respective and on the dates indicated.

Erin Patinkin

Managing Member

2/26/2023

Agatha Kalaga

CEO & Co-Founder
2/16/2023

The Form C must be signed by the board, to correspond to another office or office, to give significant details, the executive or vice-versa, to sign and/or have a member of the board of directors or persons performing similar functions.

I authorize Wefunder Portal to submit a Form C to the SEC based on the information I provided through this online form and my company's Wefunder profile.

As an authorized representative of the company, I appoint Wefunder Portal as the company's true and lawful representative and attorney-in-fact, in the company's name, place and stead to make, execute, sign, acknowledge, swear to and file a Form C on the company's behalf. This power of attorney is coupled with an interest and is irrevocable. The company hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of Wefunder Portal taken in good faith under or in reliance upon this power of attorney.

**Attachment 2:** `document_2.pdf`

INVEST IN OVENLY

# Beloved for our sweet-salty treats, we are expanding our successful bakery chain

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

Joshua 1996 2016 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100

SOME INNOVATION

Heather Milstone

From the very intention of Ovenly I know that you a little, well, well, and greatest I wanted to suggest. Over the years, they had grown that they have the fortnight to turn on the connoisseur with creativity and purpose while never qualifying the popular investor. Ovenly is more than a thriving neighborhood bakery shop. I have given a loyal national customer base, and how demonstrated steady growth over the past decade, with a trajectory to continue that trend. It is a company that could be out there and proof that we should at our own money, where we are worth it.

Invested 15,200 this round is $10,000 previously

# Highlights

1. Rated 'best bakery' in NYC many times over (NY Mag, TimeOut, Village Voice)
2. Massively successful retail with 15-30% EBITDA per unit and millions in gross revenues
3. $3.5mm run rate, with plans to $11mm+ in three years and profitably (not guaranteed)
4. Decade+ of organic marketing, 65k+ social followers, 1000s of press features (NYT, CNN, Face52, etc)
5. Huge white space for quality, full-service retail in an industry with a $36 billion TAM
6. Low CapEx per unit with ROI in <12 months (not guaranteed)
7. 15% of round already reserved
8. Women-owned and -led

# Our Team

Agatha Kulaga CEO & Co-Founder

I am incredibly proud, not only of building and running an internationally recognized bakery, but also for creating good jobs. 50% of our staff are formerly incarcerated or from at-risk zip codes and we pay full benefits and top-of-the-industry pay.

Neighborhood bakeries help to build community and bring joy to people on a daily basis through accessible, affordable, and creative products.

Erin Patinkin Board Member & Co-Founder

I've most proud of the fact that, after several years as CEO, I could step back and continue to see Ovenly grow. To me, this signifies that Agatha and I built not only an award-winning business, but a sustainable one.

Jodi Rodriguez Retail & Operations Director

50+ years of experience in retail management, sales, and operations. Companies include Urban Outfitters and Alwis Billiot.

Emily Turner Finance Director

Experienced financial manager with expertise in food & beverage and hospitality. Specializing in financial planning and strategy, accounting, and human resources.

Kimberly McNally Marketing Director

10 years of experience in leading multi-channel Marketing strategy development and implementation. Previous companies include The Food Network, SAVOUR Magazine, and IHS Radiobrands.

# Welcome to Ovenly!

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

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

We have been named "best bakery in New York" many times over by the press and our fans.

![img-4.jpeg](img-4.jpeg)

Prior to Ovenly, Agatha and Erin worked in social work and social justice in low-income and at-risk communities. They bring that experience and learning into Ovenly every day. Agatha now operates the company as CEO while Erin is a board member.

![img-5.jpeg](img-5.jpeg)

We have five bake shops in NYC: the West Village, Greenpoint, Park Slope, Williamsburg, and Cobble Hill, deliver locally, and ship nationwide.

![img-6.jpeg](img-6.jpeg)

overly

![img-7.jpeg](img-7.jpeg)

### Organic Growth for 15 Years

20-year-old schoolboy
Egote world world full time
25-year-old school boy
+ some profile women's tough pro sport
Engagements more than much the average by 5pm

Sister for work in Brooklyn Brewery, Big Win
Sales, Prepared a, Erin Jordan Midland
Sister Clinical Nutrition Sales, Key, Brethren
American Express, Urban One Team

![img-8.jpeg](img-8.jpeg)

overly

Overly has been a viral sensation since we opened our doors in 15 years ago. We have invested under $100,000 in advertising, influencer, growth and marketing since we launched and have invested $0 in PR.

### Thousands of Press Features & Mentions

"Best history in New York City"
- Free Alike

"Best poetry in New York City"
- Alike

"Navigatingly savory wares"
- New York Times

"Use of the market companies in America"
- Business Insider

"Most more media in New York"
- ProVita

"I'm totally beloved"
- New York Magazine

"Genius"
- Google

![img-9.jpeg](img-9.jpeg)

overly

### Demand is growing for super-premium bakery brands. That's where Overly comes in.

We take advantage of market trends and Millennial buying habits for all national, critically made, premium products.

|  | Overly | Forbes | Levens | Bill Bar | Specialties |
| --- | --- | --- | --- | --- | --- |
| Premium, all product | + | + | + |  | + |
| Super-premium bakery | + | + |  |  |  |
| Super-sugar product | + | + |  |  |  |
| Self-hardener than opium | + |  |  |  |  |
| Non-alcoholic beverages | + |  | + | + | + |
| Super-tarated products | + |  |  |  |  |
| Citizen Brands | + | + | + | + |  |
| Convenience Colors |  | + | + | + |  |

Baked goods have been enjoyed for Millennia, and that trend is not changing any time soon. Convenient, grab-and-go, quality treats, however, are what our Gen Z and Millennial customers want and what we give to them. Consumers are also moving away from alternative sweets are looking more for all-natural ingredients, exactly what we use in everything we bake.

![img-10.jpeg](img-10.jpeg)

### Everyone Eats Baked Goods

- TAM: $36.5 Million (BB)
- YOY growth away more: $4.95 (BB)
- Revealed growing for more non-fast foods, with Gen Z and Gen X driving bakery purchases (BB)
- Consumers of all homes-levels are driving more growth of premium and super-premium products (Grocery Price)
- Baked goods and behavior perform well in commons as people look for non-fast foods and result treats (Baking Business)

overly

We are vertically integrated, hub-and-spoke bakery chain, which means we manufacture and deliver our product to our stores and a select number of wholesale clients throughout New York City.

### Where we sell

**Bake Shops:**
Our five **front-facing retail stores** are
locking and part of our fans' daily
habits.
**Examinators:**
One of the **five artisan bakeries** that
**chip-sokes nationwide**. Our main
manner are to NY, TX, IL, and CA.
**Licensing:**
Larger brands use us to refillers and
artisans major retail. Our first JFK
Terminal 5 location opens in 2025.

![img-11.jpeg](img-11.jpeg)

### With few ingredients,
we've done a lot

With ~4 mm of growth capital, we have opened 3 times and maintained well
profitability.

**Bake Shop:**
Average Orders: $14
Average Visits: 3-5 times per week
Average Margin: 8.91
5-Well EBITDA: 14-3.18
Top Sellers:
Brooklyn Blackout Cake
Vogue Salted Chocolate Chip Cookie
Glaze-Free Salted Peanut Butter
Cookie

**Examinator:**
Average Order Volume: $50
Reversing Customer Rate: 400
Average C&C: $12.50*
Average Margin: 0.68
Top Sellers:
Brooklyn Blackout Cake
Cake of the March Cish
Chocolate Chip Cookie Pie
*At least five that spent on average by our
prognostors according to Hopeful

merely

Besides baked goods, 40% of our in-store sales are coffee and specialty drinks. So
not only is **Ovenly folks' neighborhood bakery**, it is their local coffee shop, too.

### 3-Year Financial Performance

2010-2022 Income & Retail Performance

![img-12.jpeg](img-12.jpeg)

Final 2022 numbers: $137,793
economy: retail: 2.1mm

We spend, all in, $180,000 to build out our small footprint bake shops and
achieve profitability typically within one year. Our average ROI is also 12 months
or less. Our formula is simple: small spaces, small rents, cheap build-outs to
achieve maximum EBITDA and sales per square foot. With this investment, we
hope to open two new stores which will provide us the right cash flows to self-
fund our growth through 2025 (not guaranteed). At that point, we plan on
launching a much larger funding round for national expansion.

### Near-Term Goals

Building up to optimise the regional expansion, good jobs building and deeper economic status.

#### NEW BALE SHOPS

- Turn over to New York City
- Turn over to Washington DC

#### ECONOMICS

- Investment by government
  and private MFC
- Profitability for new market by
  government

#### RISING

- 4.50% of financial transport
- 3.50% of profit marketing capacity

#### PRODUCTION & EXPANSION

- Marketable sales and production
- Cost associated with the economy
- 10% of the total market share for
  national expansion

![img-13.jpeg](img-13.jpeg)

■ Bake Shop from City Point 2025
■ Accounting & Marketing - 10% of Net Sales

merely

Forward looking projections cannot be guaranteed.

The use of funds breakdown above does not include the 7.5% McKenzie intermediary fee.

### 3-Year Financial Projection

![img-14.jpeg](img-14.jpeg)

**Forward looking projections cannot be guaranteed.**

Forward-looking projections and performance are not guaranteed.

ESITDA and profitability are key to our growth and financial strategies. Ad and marketing spend includes contractors and agencies.

### The Team

**Agri-La Caluga** (co-operative, CEO and board member)
- Leaderboard/Co-operative, a full-time, and competitive growth in a local and national level, while promoting progressive change in practices.
- Named New York's most "leaders" leaders in lead by flagged and as one of the Cherry Boards' are.

**Erin DeLuca** (co-operative, former CEO and board member)
- Associate employees are: Frankie Thomas, CEO of Seaman, Michael Viggins, founding partner of House of Pensions and Board Development, partner head - CEO, but now for Cherry.
- Named a "world changing women" by Genuine Company and as a "Cherry Boards' are.

**Joel Rodriguez** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Christine Galvez** (co-operative, CEO and board member)
- top-prize board of top and high-volume sales operations.
- **Cathy Turner** (co-operative, CEO and board member)
- **Gary Smith** (co-operative, CEO and board member)
- **Rita McNally** (co-operative, CEO and board member)
- **Michael Ulligan** (co-operative, CEO and board member)
- **Jim DeLuca** (co-operative, CEO and board member)
- **Joe DeLuca** (co-operative, CEO and board member)

**Judi Rodriguez** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Christine Galvez** (co-operative, CEO and board member)
- top-prize board of top and high-volume sales operations.
- **Cathy Turner** (co-operative, CEO and board member)
- **Rita McNally** (co-operative, CEO and board member)
- **Michael Ulligan** (co-operative, CEO and board member)
- **Joe DeLuca** (co-operative, CEO and board member)

**Judi Rodriguez** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Christine Galvez** (co-operative, CEO and board member)
- top-prize board of top and high-volume sales operations.
- **Cathy Turner** (co-operative, CEO and board member)
- **Rita McNally** (co-operative, CEO and board member)
- **Michael Ulligan** (co-operative, CEO and board member)
- **Joe DeLuca** (co-operative, CEO and board member)

**Jeremy**

Future top- and mid-level hires include a chief operating officer, a sales manager, and a marketing associate.

### What we are looking for

- **Johnson** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)

**What we are looking for**

- **Johnson** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)

**What we are looking for**

- **Johnson** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)

**What we are looking for**

- **Johnson** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)

**What we are looking for**

- **Johnson** (co-operative, CEO and board member)
- new joint-initial management experience, including World Finance staff, then CEO of Seaman.
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)
- **Johnson** (co-operative, CEO and board member)

**What we are looking for**

Forward-looking projections such as completing a strategic exit are not guaranteed.

Check out our perks for joining in the fun!

Thanks for being so sweet.

**Attachment 3:** `document_3.pdf`

# MEMBERSHIP INTEREST PURCHASE AGREEMENT

THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”), is made as of [EFFECTIVE DATE] (the “Effective Date”) by and among Ovenly, LLC, a New York limited liability company (the “Company”), and the purchasers listed on Schedule A hereto, each of which is herein referred to as a “Purchaser”. Capitalized terms not defined herein shall have the meaning ascribed to such terms in the Company’s Third Amended and Restated Operating Agreement, as may further be amended, supplemented and amended and restated (the “Operating Agreement”), in the form attached hereto as Exhibit A.

The parties hereby agree as follows:

# ARTICLE I

# PURCHASE AND SALE OF UNITS.

# I.1 Sale and Issuance of Units.

(a) The Company has authorized the issuance and sale, in accordance with the terms hereof and the Operating Agreement of the Company, of up to 222,683 Preferred Units of the Company (the “Units”), having the rights and privileges, and subject to the terms and conditions, set forth in the Operating Agreement. The Company is conducting this offering of Units (the “Offering”) under Section 4(a)(6) of the Securities Act and Regulation Crowdfunding promulgated thereunder. This Offering is made pursuant to the Form C of the Company that has been filed by the Company with the Securities and Exchange Commission (the “SEC”) and is being made available on the Portal’s website, as the same may be amended from time to time (the “Form C”) and the Offering Statement, which is included therein (the “Offering Statement”). The Company is offering the Units to prospective investors through the Wefunder crowdfunding portal (the “Portal”). The Portal is registered with the SEC as a funding portal and is a funding portal member of the Financial Industry Regulatory Authority. The Company will pay the Portal a commission of gross monies raised in the Offering. Investors should carefully review the Form C and the accompanying Offering Statement, which are available on the website of the Portal at www.wefunder.com. No investor may purchase Units in the Offering after the Offering campaign deadline as specified in the Offering Statement and on the Portal’s website (the “Offering Deadline”).

(b) Subject to the terms and conditions of this Agreement and the Form C and related Offering Statement, the Purchaser agrees to purchase at the Closing (as defined below), and the Company agrees to sell and issue to each Purchaser at the Closing, the number of Units set forth opposite each Purchaser’s name on Schedule A, at a purchase price of $2.571 per Unit (the “Purchase Price”). The Units issued to the Purchasers pursuant to this Agreement shall be referred to in this Agreement as the “Purchased Units.” The undersigned has up to 48 hours before the Offering Deadline to cancel the purchase of the Purchased Units and get a full refund of the Purchase Price.

(c) The Purchaser acknowledges that the Company has the right in its sole and absolute discretion to abandon this private placement at any time prior to the completion of the

Offering. This Agreement shall thereafter have no force or effect and the Company shall return the previously paid Purchase Price of the Purchased Units without interest thereon, to Purchaser. The Purchaser further understands that during and following termination of the Offering, the Company may undertake offerings of other securities, which may or may not be on terms more favorable to an investor than the terms of this Offering.

# 1.2 Closings; Delivery.

(a) The initial purchase and sale of the Purchased Units shall take place remotely via the exchange of documents and signatures on such date and time as the Company and Purchaser mutually agree upon, orally or in writing (such time and place are designated as the "Initial Closing"). In the event there is more than one closing, the term "Closing" shall apply to each such closing (together with, the Initial Closing, the "Closings") unless otherwise specified.
(b) Payment of the Purchase Price for the Purchased Units by each Purchaser may be made via credit card, ACH, by check payable to Wefunder, by wire transfer to a bank account designated by Wefunder, by cancellation or conversion of indebtedness of the Company (if any) to any Purchaser, including interest, or by any combination of such methods.
(c) After the Initial Closing, the Company may sell, on the same terms and conditions as those contained in this Agreement, up to the remaining un-purchased Purchased Units (the "Additional Purchased Units"), to as many third parties as the Company desires (the "Additional Purchasers"), provided that (i) such subsequent sale is consummated no later than one hundred twenty (120) days from the Initial Closing (the "Outside Date"); and (ii) the each Additional Purchaser shall become, unless they already are, a party to the Operating Agreement by executing and delivering a counterpart signature page to the Operating Agreement. Schedule A to this Agreement shall be updated to reflect the number of Additional Purchased Units purchased at each such subsequent Closing and the parties purchasing such Additional Purchased Unit.

1.3 Defined Terms Used in this Agreement. In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below.

(a) "Company Covered Person" means, with respect to the Company as an "issuer" for purposes of Rule 506 promulgated under the Securities Act, any Person listed in the first paragraph of Rule 506(d)(1).
(b) "Governmental Authority" is defined in Section 2.4.
(c) "Knowledge" including the phrase "to the Company's knowledge" shall mean the actual knowledge of the Erin Patinkin and Agatha Kulaga, after reasonable inquiry.
(d) "Manager" means a member of the Company's Board of Managers as of the Effective Date.

2

(e) “Material Adverse Effect” means a material adverse effect on the business, assets (including intangible assets), liabilities, financial condition, property or results of operations of the Company.

(f) “Person” means any individual, corporation, association, partnership, joint venture, limited liability company, estate, trust, or any other legal entity.

(g) “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

(h) “Transaction Agreements” means this Agreement and the Operating Agreement.

# ARTICLE II

# REPRESENTATIONS AND WARRANTIES OF THE COMPANY

The Company hereby represents and warrants to each Purchaser that the following representations are true and correct as of the Initial Closing:

II.1 Organization, Good Standing, Corporate Power and Qualification. The Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of New York and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which the failure to so qualify would reasonably be expected to have a Material Adverse Effect. The Company has no subsidiaries.

II.2 Authorization. All corporate action required to be taken by the Company’s Board of Managers and Members in order to authorize the Company to enter into the Transaction Agreements, and to issue the Purchased Units at the Closings has been taken or will be taken prior to the Initial Closing. All action on the part of the officers of the Company necessary for the execution and delivery of the Transaction Agreements, the performance of all obligations of the Company under the Transaction Agreements to be performed as of the applicable Closing, and the issuance and delivery of the Purchased Units has been taken or will be taken prior to the applicable Closing. The Transaction Agreements, when executed and delivered by the Company, shall constitute valid and legally binding obligations of the Company, enforceable against the Company in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

II.3 Valid Issuance of Purchased Units.

3

(a) The Purchased Units, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the Operating Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by a Purchaser. Assuming the accuracy of the representations of the Purchasers in Section 3 of this Agreement and subject to the filings described in Subsection 2.4 below, the Purchased Units will be issued in compliance with all applicable federal and state securities laws. The rights, preferences and privileges of the Purchased Units are as set forth in the Operating Agreement.

(b) No “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person.

II.4 Governmental Consents and Filings. Assuming the accuracy of the representations made by the Purchasers in Section 3 of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority or agency (a “Governmental Authority”) is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, which have been made or will be made in a timely manner.

II.5 Litigation. There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending or to the Company’s knowledge, currently threatened in writing (i) against the Company or any officer or Manager of the Company arising out of their employment or board relationship with the Company; (ii) to the Company’s knowledge, that questions the validity of the Transaction Agreements or the right of the Company to enter into them, or to consummate the transactions contemplated by the Transaction Agreements; or (iii) to the Company’s knowledge, that would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect. Neither the Company nor, to the Company’s knowledge, any of its officers or Managers is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any court or government agency or instrumentality (in the case of officers or Managers, such as would affect the Company). There is no action, suit, proceeding or investigation by the Company pending or which the Company intends to initiate.

### ARTICLE III

### REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS.

Each Purchaser, severally and not jointly, hereby represents and warrants to the Company:

(a) Purchase Entirely for Own Account. Such Purchaser acknowledges that this Agreement is made in reliance upon such Purchaser’s representation to the Company that the

4

Purchased Units are being or will be acquired by such Purchaser as an investment for such Purchaser's own account, and not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that such Purchaser has no present intention of selling, granting any participation in, or otherwise distributing the same. By executing this Agreement, such Purchaser further represents that such Purchaser does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer, or grant participations to such person or to any third person, with respect to the Purchased Units. Such Purchaser understands that the Units have not been registered under the Securities Act or any state securities laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of the undersigned and of the other representations made by the undersigned in this Agreement. The undersigned understands that the Company is relying upon the representations and agreements contained in this Agreement (and any supplemental information provided by the undersigned to the Company or the Portal) for the purpose of determining whether this transaction meets the requirements for such exemptions.

(b) Authorization and Enforceability. Such Purchaser has full power and authority and has taken all required action necessary to permit him, her or it to execute and deliver and to carry out the terms of the Transaction Agreements or any other instruments required hereby or thereby. Each of the Transaction Agreements and any other documents to be executed by such Purchaser in connection herewith has been duly executed and delivered by such Purchaser, and, when duly executed and delivered by the other parties hereto or thereto, constitutes, a legal, valid and binding obligation of such Purchaser, enforceable against him, her or it in accordance with its terms, except as enforceability may be limited by (i) applicable bankruptcy, insolvency, moratorium, reorganization or similar laws in effect that may affect the enforcement of creditors' rights generally, or (ii) general principles of equity, whether considered in a proceeding at law or in equity. The execution and delivery of the Transaction Agreements and any other documents to be executed by such Purchaser in connection herewith, the consummation of the transactions contemplated hereby and thereby and the compliance with their respective provisions by such Purchaser will not conflict with or violate any provision of such Purchaser's formation documents, if any.

(c) Disclosure of Information. Such Purchaser represents that he, she or it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Offering.

(d) Investment Experience. Such Purchaser understands and accepts that the purchase of the Purchased Units involves various risks, including the risks outlined in the Form C, the accompanying Offering Statement, and in this Agreement. Such Purchaser has carefully reviewed the representations and warranties concerning the Company contained in this Agreement, and has made detailed inquiry concerning the Company and its business and personnel. The officers of the Company have made available to such Purchaser any and all written information which such Purchaser has requested and have answered to such Purchaser's satisfaction all inquiries made by such Purchaser. Such Purchaser is experienced in investing in securities of companies similar in stage of development to the Company and acknowledges that he, she or it is able to fend for himself, herself or itself, can bear the economic risk of his, her or its investment, and has such knowledge and experience in financial or business matters that he, she or it is capable

5

of evaluating the merits and risks of the investment in the Purchased Units. Such Purchaser acknowledges that at no time has it been expressly or implicitly represented, guaranteed or warranted to the undersigned by the Company or any other person that a percentage of profit and/or amount or type of gain or other consideration will be realized because of the purchase of the Purchased Units. Such Purchaser believes that the nature and amount of the Purchased Units being acquired by him, her or it hereunder are consistent with his, her or its overall investment program and financial position and recognizes that there are substantial risks involved in the purchase of the Purchased Units. Such Purchaser represents that he, she or it has not been organized specifically for the purpose of investing in the Company.

(e) Rule 100(a)(2). Including the total purchase amount set forth on the signature page hereto, in the past 12-month period, the undersigned has not exceeded the investment limit as set forth in Rule 100(a)(2) of Regulation Crowdfunding.

(f) Non-Reliance.

(i) Such Purchaser has received and reviewed a copy of the Form C and accompanying Offering Statement. With respect to information provided by the Company, the undersigned has relied solely on the information contained in the Form C and accompanying Offering Statement to make the decision to purchase the Purchased Units.

(ii) Such Purchaser confirms that it is not relying and will not rely on any communication (written or oral) of the Company, the Portal, or any of their respective affiliates, as investment advice or as a recommendation to purchase the Purchased Units. It is understood that information and explanations related to the terms and conditions of the Units provided in the Form C and accompanying Offering Statement or otherwise by the Company, the Portal or any of their respective affiliates shall not be considered investment advice or a recommendation to purchase the Purchased Units, and that neither the Company, the Portal nor any of their respective affiliates is acting or has acted as an advisor to the undersigned in deciding to purchase the Purchased Units. The undersigned acknowledges that neither the Company, the Portal nor any of their respective affiliates have made any representation regarding the proper characterization of the Units for purposes of determining the undersigned's authority or suitability to purchase the Purchased Units.

(iii) Such Purchaser confirms that the Company has not (A) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) with respect to purchase the Purchased Units or (B) made any representation to such Purchaser regarding the legality of an investment in the Units under applicable legal investment or similar laws or regulations. In deciding to purchase the Purchased Units, such Purchaser is not relying on the advice or recommendations of the Company and such Purchaser has made its own independent decision that purchase the Purchased Units is suitable and appropriate for such Purchaser. Such Purchaser has been advised to consult with his own advisor regarding legal matters and tax consequences involving this investment.

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(g) The Purchaser understands that no federal or state agency has passed upon the merits or risks of an investment in the Units or made any finding or determination concerning the fairness or advisability of this investment.

(h) Exculpation. Such Purchaser acknowledges that he, she or it is not relying upon statements, warranties or representations by any person, firm or corporation, other than those of the Company set forth herein, in making his, her or its decision to invest in the Company. In formulating a decision to enter into this Agreement, such Purchaser has relied solely upon (i) the provisions of the Transaction Agreements, (ii) an independent investigation of the Company's business and (iii) consultations with his, her or its legal and financial advisors with respect to this Agreement and the nature of his, her or its investment; and that in entering into this Agreement no reliance was placed by such Purchaser upon any representations or warranties other than those contained in this Agreement.

(i) Foreign Investors. If such Purchaser is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), then such Purchaser hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Purchased Units or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Purchased Units, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, conversion or transfer of the Purchased Units. Such Purchaser's subscription, payment for and continued beneficial ownership of the Purchased Units will not violate any applicable securities or other laws of such Purchaser's jurisdiction.

(j) "Bad Actor" Status. Each Purchaser hereby represents that such Purchaser is not the subject of any disqualifying events specified in Rule 506(d) promulgated under the Securities Act. Each Purchaser warrants that such Purchaser, if it beneficially owns twenty percent (20%) or more of a class of the Company's outstanding voting securities at any time after the Initial Closing, will immediately notify the Company if such Purchaser becomes the subject of a disqualifying event specified in Rule 506(d).

(k) Restricted Securities. Such Purchaser understands that the Purchased Units have not been registered under the Securities Act or the securities laws of any state and must be held indefinitely unless subsequently registered under the Securities Act and any applicable state securities laws or unless an exemption from such registration becomes or is available. Such Purchaser understands that the Purchased Units are characterized as "restricted" under the federal securities laws, inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such Purchased Units may be resold without registration under the Securities Act only in certain limited circumstances. In connection herewith, such Purchaser represents that he, she or it (i) is familiar with SEC Rule 144, as presently in effect, and understands the resale limitations imposed thereby and by the Purchased Units Act and (ii) understands that the Company has no obligation to register the Purchased Units. Such Purchaser also understands that there is no assurance that any exemption from registration under the Purchased Units Act will be available and that, even if available, such exemption may not allow such Purchaser to transfer all or any portion of the Purchased Units under the circumstances, in the amounts or at the times such Purchaser might propose.

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(l) Legends. It is understood that the Purchased Units issued pursuant to this Agreement, if certificated, shall bear legends substantially similar to the following:

"THE INTERESTS REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE INTERESTS REPRESENTED HEREBY UNDER SAID ACT AND APPLICABLE STATE SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

(m) Permanent Domicile. Such Purchaser maintains his, her or its permanent domicile in the state or country set forth below its name in the signature line to this Agreement.
(n) Reaffirmation. Such Purchaser understands that, unless the undersigned notifies the Company in writing to the contrary at or before the Closing, each of the undersigned's representations and warranties contained in this Agreement will be deemed to have been reaffirmed and confirmed as of the Closing, taking into account all information received by the undersigned.

# ARTICLE IV

# MISCELLANEOUS

IV.1 MFN. Following the date of this Agreement, if the Company offers to sell or sells any New Securities (other than any Exempted Securities as defined below) at a price per Unit less than that sold to Purchaser in this Agreement, the Company will promptly provide the Purchaser with written notice thereof, together with a copy of the documentation reflecting such New Securities and, upon written request of the Purchaser, any additional information related to such New Securities as may be reasonably requested by the Purchaser. The Company shall also take any action reasonably necessary (as determined by the Company in good faith) to amend the terms of this Agreement and/or the Operating Agreement to reflect the lower price per Unit of the New Securities, including but not limited to issuing Purchaser additional Units and/or adjusting the price per Unit for the Purchased Units in a manner that the Company believes appropriately addresses the difference in price. "Exempted Securities" shall mean (i) securities issued upon the conversion of any debenture, warrant, option, or other convertible security; (ii) securities issuable upon a unit split, distribution, or any subdivision of Membership Interests; and (iii) Units (or options to purchase any Units) issued or issuable to employees or directors of, or consultants to, in exchange for services to the Company.

IV.2 Survival of Warranties. Unless otherwise set forth in this Agreement, the representations and warranties of the Company and the Purchasers contained in or made pursuant to this Agreement shall survive the execution and delivery of this Agreement and

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the Closings and shall in no way be affected by any investigation or knowledge of the subject matter thereof made by or on behalf of any Purchaser or the Company.

IV.3 Successors and Assigns. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

IV.4 Governing Law. This Agreement, and any controversy arising directly or indirectly out of relating to this Agreement, shall be governed by the internal laws of the State of New York, without reference to its conflict of laws principles.

IV.5 Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

IV.6 Titles and Subtitles. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

IV.7 Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail or facsimile during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient's next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) business day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification of receipt. All communications shall be sent to the respective parties at their address as set forth on the signature page or Exhibit A, or to such e-mail address, facsimile number or address as subsequently modified by written notice given in accordance with this Subsection 4.6.

IV.8 No Finder's Fees. Each party represents that it neither is nor will be obligated for any finder's fee or commission in connection with this transaction. Each Purchaser, severally and not jointly, agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder's or broker's fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which such Purchaser or any of its officers, employees or representatives is responsible. The Company agrees to

9

indemnify and hold harmless each Purchaser from any liability for any commission or compensation in the nature of a finder's or broker's fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

IV.9 Fees and Expenses. Each party shall be responsible for its own fees and expenses in connection with the transactions contemplated hereby.

IV.10 Attorneys' Fees. If any action at law or in equity (including, arbitration) is necessary to enforce or interpret the terms of any of the Transaction Agreements, the prevailing party shall be entitled to reasonable attorneys' fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

IV.11 Amendments and Waivers. Any term of this Agreement may be amended, and the observance of any term maybe waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company, on the one hand, and Purchasers holding a majority of the Purchased Units sold pursuant to this Agreement. Any amendment or waiver effected in accordance with this Subsection 4.11 shall be binding upon the Purchasers, each future holder of the Purchased Units, and the Company.

IV.12 Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability of any other provision.

IV.13 Delays or Omissions. No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

IV.14 Entire Agreement. This Agreement (including the Exhibits hereto) and the other Transaction Agreements constitute the full and entire understanding and agreement between the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties are expressly canceled.

IV.15 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of the State of New York and to the jurisdiction of the United States District Court for the Eastern District of New York for the purpose of

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any suit, action or other proceeding arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of New York or the United States District Court for the Eastern District of New York, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

IV.16 WAIVER OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES OR THE SUBJECT MATTER HEREOF OR THEREOF. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE), BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

IV.17 No Commitment for Additional Financing. The Company acknowledges and agrees that no Purchaser has made any representation, undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase of the Purchased Units as set forth herein and subject to the conditions set forth herein. In addition, the Company acknowledges and agrees that (i) no statements, whether written or oral, made by any Purchaser or its representatives on or after the date of this Agreement shall create an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (ii) the Company shall not rely on any such statement by any Purchaser or its representatives, and (iii) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by such Purchaser and the Company, setting forth the terms and conditions of such financing or investment and stating that the parties intend for such writing to be a binding obligation or agreement. Each Purchaser shall have the right, in its sole and absolute discretion, to refuse or decline to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any financing, investment or other assistance.

11

IN WITNESS WHEREOF, the parties have executed this agreement as of [EFFECTIVE DATE].

Number of Shares: [SHARES]

Aggregate Purchase Price: $[AMOUNT]

COMPANY:
Ovenly, LLC

Founder Signature

Name: [FOUNDER_NAME]

Title: [FOUNDER_TITLE]

Read and Approved (For IRA Use Only):

SUBSCRIBER:

[ENTITY NAME]

By:

Investor Signature

By:

Name: [INVESTOR NAME]

Title: [INVESTOR TITLE]

The Subscriber is an “accredited investor” as that term is defined in Regulation D promulgated by the Securities and Exchange Commission under the Securities Act.

Please indicate Yes or No by checking the appropriate box:

☐ Accredited

☑ Not Accredited

SIGNATURE PAGE

TO

SUBSCRIPTION AGREEMENT

# SCHEDULE A

# SCHEDULE OF INVESTORS

Name: [ENTITY NAME]

Investment Amount: $[AMOUNT]

Total Units Purchased: [SHARES]

# EXHIBIT A

# **THIRD AMENDED AND RESTATED OPERATING AGREEMENT**

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

*Execution Version*

# **THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT  
OF  
OVENLY, LLC**

# **a New York Limited Liability Company**

**THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT** of Ovenly, LLC, a New York limited liability company (the “Company”), dated as of December ___, 2022 (the “Effective Date”), by and among the Company, each of the Persons (as hereinafter defined) executing this Agreement (as hereinafter defined) as Members (as hereinafter defined) and each Person subsequently admitted as a Member of the Company.

# **RECITALS**

**WHEREAS**, the Company was organized by the filing of Articles of Organization with the New York State Department of State, Division of Corporations, effective September 16, 2010, as a manager-managed limited liability company in accordance with the New York Limited Liability Company Law, as amended from time to time (the “Articles of Organization”);

**WHEREAS**, the Company and certain of the Members entered into that certain Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of July ___, 2019 (the “Original Agreement”);

**WHEREAS**, the Company and each of the Members desires to enter into this Agreement to replace and supersede, in its entirety, the Original Agreement, to provide for the governance, management, and operation of the Company, and to set forth the rights, obligations, duties and relationship of the Members of the Company;

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members and the Company, intending to be legally bound, hereby agree that this Agreement shall replace and supersede, in its entirety, the Original Agreement, and that the Original Agreement shall be of no force and effect, and hereby further agree as follows:

# **ARTICLE I.**

# **DEFINED TERMS**

**1.1 Definitions.** The following defined terms as used in this Agreement shall, unless otherwise defined herein, each have the meaning set forth in this Article I.

“Additional Capital Contributions” shall have the meaning set forth in Section 3.2.

“Additional Managers” shall have the meaning set forth in Section 6.2(a)(iii).

“Additional Member” shall mean a Person who has acquired a Membership Interest after the Effective Date and been admitted as a Member of the Company pursuant to Section 5.2.

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

“Affiliate” means, when used with reference to a specific Person, any Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by such specific Person (or when not referring to a specific Person shall mean an Affiliate of a Member).

“Agreement” means this Third Amended and Restated Limited Liability Company Agreement, including the Schedules hereto, as originally executed and as subsequently amended from time to time in accordance with the provisions hereof.

“Articles of Organization” means the Articles of Organization of the Company described in the Recitals.

“Board Majority Approval” means the consent of a majority of all disinterested Managers of the Board.

“Board of Managers” or the “Board” shall have the meaning set forth in Section 6.1.

“Business Day” means any day other than a Saturday, Sunday or a Federal holiday.

“Call Members” shall have the meaning set forth in Section 7.2(a)

“Call Right” shall have the meaning set forth in Section 7.2(a).

“Capital Account” means the Capital Account maintained for each Member pursuant to Section 3.4.

“Capital Contribution” means the amount of cash and the fair market value of any property contributed to the capital of the Company by a Member.

“Capital Transaction” means the occurrence of any of the following events:

(a) a merger or consolidation in which
(i) the Company is a constituent party; or
(ii) a subsidiary of the Company is a constituent party and the Company issues Membership Interests pursuant to such merger or consolidation, except any such merger or consolidation involving the Company or a subsidiary in which the Membership Interests of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for Membership Interests or other securities that represent, immediately following such merger or consolidation, at least a majority, by voting power, of the voting securities of (1) the surviving or resulting entity or (2) if the surviving or resulting entity is a wholly owned subsidiary of another entity immediately following such merger or consolidation, the parent entity of such surviving or resulting entity; or

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DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

(b) the sale, lease, transfer or other disposition, in a single transaction or series of related transactions, by the Company or any subsidiary of the Company of all or substantially all the assets of the Company and its subsidiaries taken as a whole or the sale or disposition (whether by merger or otherwise) of one or more subsidiaries of the Company if substantially all of the assets of the Company and its subsidiaries taken as a whole are held by such subsidiary or subsidiaries, except where such sale, lease, transfer, exclusive license or other disposition is to a wholly owned subsidiary of the Company.

“Common Units” mean a class of Membership Interests in the Company, as described in Section 5.1.

“Company” shall have the meaning set forth in the Preamble.

“Compensation Committee” shall have the meaning set forth in Section 6.8.

“Co-Selling Member” shall have the meaning set forth in Section 7.3(a).

“Covered Person” shall have the meaning set forth in Section 9.1(a).

“Distribution” means a distribution made by the Company to a Member, whether in cash, property or securities of the Company and whether by liquidating Distribution, operating Distribution or otherwise; provided, that none of the following shall be a Distribution: (a) any redemption or repurchase by the Company or any Member of any Units; (b) any recapitalization or exchange of securities of the Company; (c) any subdivision (by a split of Units or otherwise) or any combination (by a reverse split of Units or otherwise) of any outstanding Units; or (d) any fees or remuneration paid to any Member in such Member’s capacity as a service provider for the Company. “Distribute” when used as a verb shall have a correlative meaning.

“Distributable Cash” shall mean all cash received by the Company from all sources of revenue generated by the Company’s operations (other than Capital Contributions), plus any cash that becomes available from reserves, less the sum of the following items (a) through (f) (collectively the “Operating Expenses”), which, notwithstanding anything to the contrary in this Agreement, must be paid, set aside or adequately reserved for by the Company (whether paid or set aside for the benefit of the Members or other Persons), in accordance with the Board’s reasonable discretion, which Operating Expenses shall be paid in the following order of priority before Distributable Cash is available:

1. (a) the current payments due under any lease of commercial property by the Company, including rent, insurance costs, and local permit fees;

2. (b) all known and anticipated cash expenditures and other obligations relating to the operation of the Company’s business;

3

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

3 (c) all current payments of principal and interest due on all indebtedness of the Company and all other sums paid to lenders (including any loans made by Members);

4 (d) all cash applied to the acquisition of assets; and

5 (f) such reserves as the Board deem reasonably necessary to properly operate the Company’s business.

Depreciation and other non-cash charges shall not be considered in determining Distributable Cash.

“Founder Manager” shall have the meaning set forth in Section 6.2(a)(i).

“Founding Members” means Erin Patinkin and Agatha Kulaga.

“Fully-Exercising Member” shall have the meaning set forth in Section 3.3(b).

“GAAP” means United States generally accepted accounting principles, consistently applied.

“Guaranteed Payments” shall have the meaning set forth in Section 6.11.

“Immediate Family” means, with respect to an individual, (i) such individual’s spouse (former or current); (ii) such individual’s parents and grandparents; (iii) such individual’s children and grandchildren (in each case, natural or adoptive); (iv) such individual’s sons-in-law and daughters-in-law (in each case, former or current); (v) any other ascendants and descendants (natural or adoptive,) of such individual’s parent or of the parents of such individual’s spouse (former or current); and (vi) any lineal descendants (natural or adoptive) of such individual’s spouse.

“Incentive Pool” shall have the meaning set forth in Section 5.1(b).

“Incentive Units” shall have the meaning set forth in Section 5.1(b).

“Initial Offering” means the Company’s first firm commitment underwritten public offering of its Common Stock under the Securities Act of 1933 (the “Securities Act”), as amended, and the rules and regulations promulgated thereunder.

“Investor Member” means each of those Members identified as an “Investor Member on Schedule A hereto.

“Joinder Agreement” shall have the meaning set forth in Section 5.2.

“LLC Law” means the New York Limited Liability Company Law, as it may be amended from time to time, and any successor to such LLC Law.

“Manager” or “Managers” shall have the meaning set forth in Section 6.2(a).

4

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

"Member" or "Members" means at any time those Persons who own Membership Interest in the Company and who execute this Agreement. Members are sometimes herein referred to individually as a "Member" and collectively as "Members."

"Member Loans" shall have the meaning set forth in the Section 3.7.

"Member Pro Rata Percentage" means the quotient of (i) the number of Units then owned by the owner of such Membership Interest, divided by (ii) the total number of Units then outstanding and held by all Members (and any assignees thereof), as such Units shall from time to time be shown on Schedule A hereto.

"Membership Interest" means a Member's entire limited liability company interest in the Company, including the economic interest, the right to vote, the right to participate in the management and/or decisions regarding the Company's business, and the right to receive information concerning the business and affairs, of the Company as set forth herein. Each Member's Membership Interest shall equal the sum total of Units owned by such Member at such time. Each Member's initial Membership Interest is set forth on Schedule A hereto, which schedule shall be amended from time to time by the Company in writing to reflect changes therein.

"Net Capital Profits" or Net Capital Losses" shall mean, respectively, any Net Profits or Net Losses, as applicable, resulting from a Capital Transaction.

"Net Operating Profits" or "Net Operating Losses" shall mean, respectively, any Net Profits or Net Losses of the Company, as applicable, determined without regard to Net Capital Profits or Net Capital Losses, as applicable.

"Net Profits" and "Net Losses" mean, for each taxable year of the Company (or other period for which Net Profits or Net Losses must be computed), the Company's taxable income or loss determined in accordance with the same principles as employed in determining the Company's taxable income or loss for U.S. federal income tax purposes taking into account the full amount of any recognized gains and losses; provided, however, that for purposes of this computation, taxable income or loss shall include every item requiring separate computation under Section 702(a) of the Code and shall include any items not deductible from income and not includable in income for tax purposes.

"New Securities" means, collectively, equity securities of the Company, whether or not currently authorized, as well as rights, options, or warrants to purchase such equity securities, or securities of any type whatsoever that are, or may become, convertible or exchangeable into or exercisable for such equity securities.

"Offered Units" shall have the meaning set forth in Section 7.2(a).

"Officers" shall have the meaning set forth in Section 6.9.

"Original Agreement" shall have the meaning set forth in the Recitals.

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DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

“Participating Call Member” means a Call Member who elects to exercise his, her or its right of first refusal pursuant to Section 7.2.

“Percentage Interest” means the product of (i) the Member Pro Rata Percentage of a Member times (ii) 100. The Percentage Interests represented by all Membership Interests shall at any time add to 100%.

“Permitted Transfer” shall have the meaning set forth in Section 7.4.

“Person” means any general partnership, limited partnership, corporation, limited liability company, joint venture, trust, business trust, governmental agency, cooperative, association, individual or other entity, and the heirs, executors, administrations, legal representatives, successors and assigns of such person as the context may require.

“Preferred Units” mean a class of Membership Interests in the Company, as described in Section 5.1.

“Proposed Sale” shall have the meaning set forth in Section 7.5(a).

“Proposed Transfer” shall have the meaning set forth in Section 7.2(a).

“Preemptive Pro Rata Share” means, for purposes of Section 3.3, the ratio of (x) the number of issued and outstanding Units owned by a Member, to (y) the total number of issued and outstanding Units, but excluding from (x) and (y) any Incentive Units.

“Preemptive Notice” shall have the meaning set forth in Section 3.3(b).

“Related Party Transaction” shall have the meaning set forth in Section 5.4.

“Revaluation Event” means (i) a liquidation of the Company (within the meaning of §1.704-1(b)(2)(ii)(g) of the Treasury Regulations, but not including a liquidation of the Company that is deemed to occur pursuant to §1.708-1(b)(2) of the Treasury Regulations in the event of a termination of the Company pursuant to Section 708(b)(1)(B) of the Code), (ii) a contribution of more than a *de minimis* amount of money or other property to the Company by a new or existing Member or a distribution of more than a *de minimis* amount of money or other property to a retiring or continuing Member which alters the Membership Interest percentage of any Member, (iii) the grant of a Membership Interest as consideration for the provision of services to or for the benefit of the Company, (iv) the issuance by the Company of an option to acquire a Membership Interest (other than for a *de minimis* Membership Interest percentage) pursuant to an option plan or otherwise, or (v) the acquisition of Membership Interests (other than for a *de minimis* Membership Interest percentage) pursuant to the exercise of an option granted pursuant to an option plan or otherwise.

“Right of Co-Sale” shall have the meaning set forth in Section 7.3(a).

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“Sale of the Company” means (i) a Capital Transaction or (ii) a transaction or series of related transactions in which a Person, or a group of related Persons, purchases from Members’ Units representing a majority of the Percentage Interests (an “Interest Sale”).

“Selling Members” shall have the meaning in Section 7.2(a).

“Substitute Member” shall have the meaning in Section 7.4.

“Sale Notice” shall have the meaning set forth in Section 7.2(a)

“Sale Terms” shall have the meaning set forth in Section 7.2(a).

“Subsidiary” means any corporation, partnership or limited liability company or joint venture in which any general partnership interest or more than 50% of the stock, limited liability company interest or joint venture of which by the terms thereof, ordinary voting power to elect the board of directors, managers or trustees of the entity, at the time as of which any determination is being made, is owned by the Company, either directly or through an Affiliate.

“Tag Members” shall have the meaning set forth in Section 7.3(a).

“Tag Sale” shall have the meaning set forth in Section 7.3(a).

“Tag Seller” shall have the meaning set forth in Section 7.3(a).

“Threshold Amount” for an Incentive Unit means, unless otherwise determined by the Board, an amount equal to the amount that would be distributed in respect of a Unit of Membership Interest that has no Threshold Amount, if, immediately before such Membership Interest were issued, the Company were to liquidate completely and in connection with such liquidation (i) sell all of its assets at their fair market values, (ii) settle all of its liabilities to the extent of the available assets of the Company (but limited, in the case of nonrecourse liabilities as to which the creditors’ rights to repayment are limited solely to one or more assets of the Company, to the value of such assets), and (iii) each Member were to pay to the Company at that time the amount of any obligation then unconditionally due to the Company, and then the Company were to distribute any remaining cash and other proceeds to the Members in accordance with the distribution provisions of Section 4.4; provided, however, the Threshold Amount shall not be less than zero dollars ($0). The Board shall have the discretion to set the Threshold Amount of any Incentive Unit to equal an amount that is greater than the amount determined in the prior sentence. The Threshold Amount of an Incentive Unit issued shall be reduced (but not below zero dollars ($0)) dollar-for-dollar by the amount by which distributions with respect to such Incentive Unit were previously reduced pursuant to this Agreement by reason of the existence of the Threshold Amount.

“Transfer” means any direct or indirect sale, transfer, exchange, assignment, pledge, hypothecation, gift or any contract for the foregoing or any voting trust or other agreement or arrangement respecting voting rights or any beneficial interest in any Units (including, for the avoidance of doubt, any of the foregoing occurring in respect of any holding companies of a Member holding the Units which would be relevant hereunder had it been the Transfer of the Units

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itself).

“Treasury Regulations” means the regulations promulgated by the U.S. Treasury Department pursuant to the Code.

“Units” means, with respect to each Member, the basic unit of ownership interest of such Member in the Company, the aggregate of which, with respect to each Member, equals such Member’s Membership Interest, but, until exercised or converted, shall not include warrants or options to purchase Units. The Company has authorized the classes of Units described in Section 5.1.

“Unreturned Capital Contribution” means with respect to each Member the aggregate amount of Capital Contributions made to the Company by such Member, minus, the aggregate amount of Distributions made to such Member pursuant to Sections 4.4(a) and 4.4(b).

**I.2 Interpretation.** Each definition in this Agreement includes the singular and the plural, and reference to the neuter gender includes the masculine and feminine where appropriate. References to any statute or Treasury Regulations means such statute or regulations as amended at the time and include any successor legislation or regulations. The headings to the Articles and Sections are for convenience of reference and shall not affect the meaning or interpretation of this Agreement. Except as otherwise stated, reference to Articles, Sections and Schedules mean the Articles, Sections and Schedules of this Agreement. The Schedules are hereby incorporated by reference into and shall be deemed a part of this Agreement.

## ARTICLE II.

### (a) ORGANIZATION

**II.1 Formation.** Pursuant to the LLC Law, the Company was formed a New York limited liability company under the laws of the State of New York by filing the Articles of Organization with the Secretary of State of the State of New York.

**II.2 Name.** The name of the Company is *Ovenly, LLC*. The business of the Company may be conducted under that name or, upon compliance with applicable laws, any other name that the Board deems appropriate or advisable.

**II.3 Term.** The term of the Company commenced on the date the Articles of Organization were filed with the New York Secretary of State, September 16, 2010, and shall continue indefinitely until the Company is dissolved and its affairs wound up in accordance with this Agreement and the LLC Law.

**II.4 Office and Agent.** The Company shall continuously maintain an office and registered agent in the State of New York as required by the LLC Law. The principal office of the Company shall be as the Board may determine from time to time in its sole discretion. The registered agent and office of the Company shall be at 154 Franklin St, Brooklyn, New York 11222, or such other location as may hereafter be determined by the Board.

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**II.5 Purpose of the Company.** The purpose and business of the Company shall be to engage in the creation, production, manufacturing, distribution and sales of bakery items and other ancillary goods for wholesale, retail, and/or online sale, and the creation and operation of retail bakery stores to sell baked goods, produced or designed by the Company, as well as non-alcoholic beverages.

**II.6 Powers of the Company.** The Company shall have the authority to do all things necessary or convenient to accomplish its purpose and operate its business.

### ARTICLE III.

#### CAPITAL CONTRIBUTIONS

**III.1 Capital Contributions.** The name, address, Capital Contribution of, and number of Units (and rights to acquire Units) held by, each Member are set forth on Schedule A hereto, which shall be amended from time to time to reflect the admission of an Additional Member or Substitute Member, an additional Capital Contribution or acquisition of additional Membership Interests by an existing Member, or the cessation of a Member pursuant to this Agreement.

**III.2 Additional Capital Contributions.** Notwithstanding anything contained herein to the contrary, the Members shall not be required or obligated under this Agreement to make any further Capital Contributions to the Company (“Additional Capital Contributions”). The Board, subject to the preemptive rights provided for in Section 3.3) below, shall have the authority to issue equity securities of the Company, including any security or instrument convertible into equity securities of the Company, in such amounts and at such purchase price per Equity Security as reasonably determined by the Board.

#### **III.3 Preemptive Rights.**

(a) *General.* Each Member has the right of first refusal to purchase such Member’s Preemptive Pro Rata Share of any New Securities that the Company may from time to time issue after the date of this Agreement, provided, however, the Member will have no right to purchase any such New Securities if the Member cannot demonstrate to the Company’s reasonable satisfaction that such Member is at the time of the proposed issuance of such New Securities an “accredited investor” as such term is defined in Regulation D under the Securities Act.

(b) *Procedures.* If the Company proposes to undertake an issuance of New Securities, it shall give notice to each Member of its intention to issue New Securities (the “Preemptive Notice”), describing the type of New Securities and the price and the general terms upon which the Company proposes to issue the New Securities. Each Member will have twenty (20) days from the date of Preemptive Notice, to agree in writing to purchase such Member’s Preemptive Pro Rata Share of such New Securities for the price and upon the general terms specified in the Preemptive Notice by giving written Preemptive Notice to the Company and stating therein the quantity of New Securities to be purchased (not to exceed such Member’s Preemptive Pro Rata Share). The Company shall promptly, in writing, inform each Member that elects to purchase all the New Securities available to it (a “Fully-Exercising Member”) of any other Member’s failure to do likewise. During the twenty (20) day period commencing after such information is given, each Fully-Exercising Member may elect to purchase that portion of the New

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Securities for which Members were entitled to subscribe, but which were not subscribed for by the Members, that is equal to the proportion that the number of Units issued and held by such Member (other than Incentive Units) bears to the total number of Units held by all Fully-Exercising Members (other than Incentive Units) desiring to purchase such unsubscribed New Securities.

(c) *Failure to Exercise.* If the Members fail to exercise in full the right of first refusal within the 20-day period, then the Company will have one hundred twenty (120) days thereafter to sell the New Securities with respect to which the Members’ rights of first refusal hereunder were not exercised, at a price and upon general terms not materially more favorable to the purchasers thereof than specified in the Company’s Preemptive Notice to the Members. If the Company has not issued and sold the New Securities within the 120-day period, then the Company shall not thereafter issue or sell any New Securities without again first offering those New Securities to the Members pursuant to this Section 3.3.

(d) *Exemptions.* The rights set forth above in this Section 3.3 shall not apply to (i) Units granted or issued after the date hereof to employees, consultants and other service providers upon Board approval; (ii) Units issued in connection with any unit split or unit dividend or recapitalization (including any conversion or merger of the Company into corporate form); (iii) any other Units (and/or options or warrants therefor) issued or issuable primarily for other than equity financing purposes and approved by the Board; and (iv) shares of Common Stock issued or issuable by the Company to the public pursuant to a registration statement filed under the Securities Act.

(e) *Termination.* The provisions of this Sections 3.3 shall terminate upon, and not apply to any sale of Units pursuant to, (i) an Initial Offering or a (ii) Capital Transaction, whichever happens first.

### III.4 Capital Accounts.

(a) A Capital Account shall be established and maintained for each Member. Each Member’s Capital Contributions are set forth opposite such Member’s name on Schedule A hereto. Each Member’s Capital Account shall be (i) increased by the Capital Contributions of such Member and all Net Profits and other items of income and gain allocated to such Member, and (ii) decreased by the amount of money and fair market value of property (other than money) distributed to such Member and all Net Losses and other items of loss or deduction allocated to such Member.

(b) It is intended that the Capital Accounts will be maintained at all times in accordance with Section 704 of the Code and applicable Treasury Regulations thereunder, and that the provisions hereof relating to the maintenance of Capital Accounts be interpreted in a manner consistent therewith. If the Board determines that the manner in which the Capital Accounts are to be maintained hereunder or the allocations of income, gain, loss, deduction and expenditure set forth herein do not comply with Section 704 of the Code and the Treasury Regulations, then notwithstanding anything to the contrary contained herein, such maintenance, allocations or distributions may be modified in such manner as the Board shall determine is necessary to satisfy such Code provisions and Treasury Regulations; provided, however, that any such modification shall not materially alter the economic agreement among the Members and that no Member shall

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have any liability for any failure to exercise any such discretion to make any modifications permitted under this Section 3.4(b).

(c) Upon the occurrence of a Revaluation Event, the Members shall revalue all Company property (whether tangible or intangible) for book purposes to reflect the then current fair market value of Company property, and the Capital Accounts of the Members shall be adjusted in accordance with §1.704-1(b)(2)(iv) of the Treasury Regulations to reflect the allocation of book income, gain, loss or deduction realized upon such revaluation (*e.g.*, as a result of a change in the fair market value of Company property since the date of the most recent previous Revaluation Event).

**III.5 Return of Capital Contributions.** Except as otherwise provided in the LLC Law, no Member shall have the right to withdraw, or receive any return of, all or any portion of such Member’s Capital Contribution.

**III.6 Interest.** No interest shall be paid by the Company on Capital Contributions or on balances in Members’ Capital Accounts.

**III.7 Member Loans.** Upon consent from the Board, any amounts required to satisfy operating capital needs in excess of the Initial Capital Contribution may be funded by loans from the Members (collectively, the “Member Loans”). Any such Member Loans to the Company shall not be considered Capital Contributions. If any Member shall advance funds to the Company in excess of the amounts required hereunder to be contributed by such Member to the capital of the Company, the making of such advances shall not result in any increase in the amount of the Capital Account of such Member. The amounts of any such advances shall be a debt of the Company to such Member and shall be payable or collectible only out of the Company assets in accordance with the terms and conditions upon which such advances are made. The repayment of Member Loans to the Company upon liquidation shall be subject to the order of priority set forth in Section 10.4.

## ARTICLE IV.

### ALLOCATIONS AND DISTRIBUTIONS

#### IV.1 Allocations of Net Profits and Net Losses.

(a) *Net Profits.* Subject to the provisions of Section 4.2 hereof, Net Profits, up to the excess, if any, of the aggregate Net Losses allocated pursuant to Section 4.1(b) for any prior fiscal year over the aggregate Net Profits previously allocated pursuant to this Section 4.1(a), shall be allocated to the Members in proportion to such excess for each Member. Thereafter, Net Profits shall be allocated to the Members in accordance with their respective Percentage Interests.

(b) *Net Losses.* Net Losses for each fiscal year shall be allocated among the Members in proportion to and to the extent of their positive Capital Account balances, if any, and thereafter in accordance with their respective Membership Interests. Notwithstanding the foregoing and in accordance with §1.704-1(b)(2)(ii)(d) of the Treasury Regulations, no Member shall be allocated a Net Loss to the extent such allocation would cause or increase a deficit

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balance in such Member’s Capital Account in excess of the sum of (i) such Member’s share of the “partnership minimum gain” (as determined at the end of such fiscal year in accordance with §1.704-2(g) of the Treasury Regulations) of the Company, and (ii) such Member’s share of the “partner nonrecourse debt minimum gain” (as determined at the end of such fiscal year in accordance with §1.704-2(i)(3) of the Treasury Regulations) of the Company. Solely for purposes of the limitation in the previous sentence, the Members’ Capital Accounts shall be deemed reduced by the reasonably expected adjustments, allocations and distributions described in §1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the Treasury Regulations. Allocations of any Net Loss that would be made to a Member but for such limitation shall be made to the other Members to the extent not inconsistent with such limitation.

**IV.2 Regulatory Allocations.** Section 704 of the Code and the Treasury Regulations issued thereunder, including the provisions of such Treasury Regulations addressing qualified income offset provisions, minimum gain chargeback requirements and allocations of deductions attributable to nonrecourse debt and partner nonrecourse debt, are hereby incorporated by reference. If, as a result of the provisions of Section 704 of the Code and such Treasury Regulations, items of income, gain, deduction or loss are allocated to the Members in a manner that is inconsistent with the manner in which they intend to divide such items as reflected in this Section 4.2, to the extent permitted under such Treasury Regulations, items of future income and loss shall be allocated among the Members so as to prevent such allocations from distorting the manner in which the net amounts of income, gain, deduction and loss will be divided among the Members pursuant to this Agreement.

**IV.3 Allocations for Tax Purposes.** Except as otherwise provided herein, all items of Company income, gain, deduction and loss for income tax purposes shall be allocated among the Members in the same proportion as they share in the Net Profits and Net Losses and other items of income, gain, deduction or loss allocated pursuant to Sections 4.1 and 4.2. Any credits against income tax shall be allocated in accordance with Treasury Regulations § 1.704-1(b)(4)(ii).

#### **IV.4 Distributions.**

(a) **Distributions of Distributable Cash.** Distributions of Distributable Cash (other than in connection with a Capital Transaction) shall be Distributed to the Members, pro rata in accordance with their Percentage Interest (treating the Preferred Units and Common Units as one class of Units), but subject to the limitations set forth in Section 4.5.

(b) **Distributions Upon a Capital Transaction.** With respect to a Capital Transaction, where the Company receives proceeds (whether cash or in-kind), such proceeds shall be Distributed to the Members in the following order and priority, but subject to the limitations set forth in Section 4.5:

(i) **First**, to each Member holding Preferred Units equal to the greater of (I) an amount equal to such Member’s Unreturned Capital Contributions, solely in respect of each Preferred Unit, or (II) the amount equal to such Member’s Percentage Interest (without any double counting, so calculated solely with respect to the number of Preferred Units such Member holds) of the proceeds available for Distribution; and

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(ii) Second, the balance of proceeds remaining for Distribution to each Member holding Common Units and Incentive Units in an amount equal to each such Member's Percentage Interest (without any double counting, so calculated solely with respect to the number of Common Units and/or Incentive Units such Member holds and not any Preferred Units) of the proceeds remaining available for Distribution.

If upon any Capital Transaction, the assets of the Company available for Distribution to the Members shall be insufficient to pay the Members holding Preferred Units an amount equal to the Unreturned Capital Contributions of each such Member, Members holding Preferred Units shall share ratably in any Distribution of the assets available for Distribution in proportion to the respective amounts which would otherwise be payable in respect of the Preferred Units held by them upon such Distribution if all amounts payable on or with respect to such Preferred Units were paid in full.

(c) Notwithstanding Section 4.4(a) above, to the extent feasible in light of the business needs of the Company, a minimum distribution will be made to each Member within ninety (90) days of the end of each fiscal year, in an amount (the 'Tax Amount') sufficient to permit each Member to pay tax, calculated at the highest combined federal, state and local tax rate applicable to a taxpayer resident in New York, NY on each Member's allocable share of the Company's taxable income for such year. In the event (and to the extent) that the Company has failed to make a full tax distribution pursuant to this Section 4.4(c) to the Members in any given fiscal year, then the Company, to the extent feasible in the light of the business needs of the Company, shall distribute to each Member an amount equal to such Member's unpaid Tax Amount for such previous year, plus (ii) such Member's Tax Amount for the current applicable fiscal year. Any amounts distributed pursuant to this Section 4.4(c) shall be considered an advance against any distributions payable pursuant to Section 4.4(a).

(d) The Company shall not make any distributions to the Members if: (x) after giving effect to the distribution, all liabilities of the Company (other than liabilities to Members with respect to their Units and liabilities for which the recourse of creditors is limited to specified property of the Company) would exceed the fair market value of all interests, properties and rights owned by the Company (net of any liabilities to which such Company property may be subject); (y) the Company would be required to borrow funds for such distributions; or (z) after giving effect to the distribution, the Company would be unable to pay its debts as they become due.

**IV.5 Incentive Unit Distribution Limitations.** Notwithstanding anything to the contrary contained herein:

(b) any Incentive Units with an associated Threshold Amount shall not be included for purposes of, and shall not participate in, distributions pursuant to Section 4.4(a) other than in connection with a Capital Transaction or a liquidation of the Company until an aggregate amount equal to the Threshold Amount associated with such Incentive Units has been distributed under Section 4.4(a) from and after the issuance of such Incentive Units in respect of the Units that were outstanding immediately before the issuance of such Incentive Units. Solely for purposes of this Section 4.5(a), such Incentive Units shall not be considered to be issued or outstanding

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until such aggregate distributions have been made. Thereafter, subject to the last sentence of this Section 4.5(a), such Incentive Units shall participate in any remaining amounts to be distributed under this Section 4.5(a), as described above. Notwithstanding the foregoing, any portion of a distribution pursuant to this Section 4.5(a) attributable to an Incentive Units that shall be withheld by the Company (or the Company’s designee) and not distributed if and until the later of (i) the consummation of a Capital Transaction, and (ii) the date on which such Incentive Units vest, and if such Incentive Units fail to vest and are forfeited or otherwise terminated prior to vesting, such portion of such distribution shall be reallocated pro rata among the holders of Units, including Incentive Units that were otherwise entitled to participate in such distribution as provided in this Section 4.5(a), and

(c) any Incentive Units with an associated Threshold Amount shall not be included for purposes of, and shall not participate in, distributions pursuant to Section 4.4(a) with respect to a Capital Transaction or a liquidation of the Company until from and after the issuance of such Incentive Unit, an aggregate amount equal to the Threshold Amount associated with such Incentive Unit has been distributed in respect of the Units that were outstanding immediately prior to the issuance of such Incentive Units under Section 4.4(a). Solely for purposes of this Section 4.5(b), such Incentive Units shall not be considered to be issued or outstanding until such aggregate distributions have been made. Thereafter, subject to Section 4.5(c) below, such Incentive Units shall participate in any remaining amounts to be distributed under this Section 4.5(b), as described above.

(c) Notwithstanding the foregoing, any portion of a distribution pursuant to Section 4.4(a) attributable to an Incentive that has not vested as of the effective date of the liquidation of the Company or Capital Transaction shall be withheld by the Company (or the Company’s designee) and not distributed if and until such Incentive Unit vests, and if such Incentive Unit fails to vest and is forfeited or otherwise terminated prior to vesting, such portion of such distribution shall be reallocated pro rata among the holders of Units, including Incentive Units that were otherwise entitled to participate in such distribution as provided in Section 4.5(b).

**IV.6 Other Allocation Rules.** Income, gain, loss and deductions of the Company shall, solely for income tax purposes, be allocated among the Members in accordance with Code Section 704(c) so as to take account of any difference between the adjusted basis of the assets of the Company for federal income tax purposes and their respective adjusted book values, and otherwise shall be allocated in the same manner as the related book items were otherwise determined by the Members. Any allocations required by Code Section 704(c) shall be effectuated using the traditional method described in Regulation §1.704-3(b).

**IV.7 Transfer of Units.** If any Unit is transferred pursuant to the terms of Article VII herein, the transferee shall succeed to the Capital Account (or portion thereof) attributable to the transferred Unit.

## ARTICLE V.

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# MEMBERS; UNITS

## V.1 Members; Units.

(a) Classes of Units. All interests of the Members in Distributions and other amounts specified in this Agreement, as well as the rights of the Members to vote on, consent to, or approve any matter related to the Company, shall be denominated in units of membership interests in the Company (each a “**Unit**” and collectively, the “**Units**”), and the relative rights, privileges, preferences and obligations of the Members with respect to Units shall be determined under this Agreement and the Act to the extent provided herein and therein. The number and the class of Units held by each Member shall be set forth opposite such Member’s name on Schedule A, attached hereto. The Board may from time to time increase the number of authorized Units of a class or issue a new series or class of Interests, without obtaining the consent of any Member or class of Members and in such event, this Agreement may be appropriately amended by the Board to reflect such increased authorized Units or additional Interests or class or series of Interests.

(b) Common Units. As of the date of this Agreement, the Company has authorized 5,000,000 Common Units (the “**Common Units**”). Each holder of a Common Unit shall be entitled to cast one (1) vote for each such Common Unit on any matter requiring the approval of the Common Units, as provided in this Agreement. The holders of Common Units are set forth on Schedule A, attached hereto.

(c) Preferred Units. As of the date of this Agreement, the Company has authorized 250,000 Preferred Units (the “**Preferred Units**”). Each holder of a Preferred Unit shall be entitled to cast one (1) vote for each such Preferred Unit on any matter requiring the approval of the Preferred Units, as provided in this Agreement.

(d) Incentive Units. The Board may authorize the Company to issue Units from the authorized and unissued Units (the “**Incentive Pool**”) from time to time to employees, consultants and other service providers of the Company (the “**Incentive Units**”). Such Incentive Units may be subject to vesting and other requirements, as determined by the Board. The Members intend for the Incentive Units to constitute solely “profits interests” (as such term is defined in Revenue Procedure 93-27 (1993-2 C.B 343), and clarified by Revenue Procedure 2001-43 (2001-2 C.B. 191)), and intend that distributions with respect to any vested Incentive Unit be limited to the extent necessary to ensure that such Incentive Unit constitutes a “profits interest” within the meaning of Rev. Proc. 93-27, and clarified by Revenue Procedure 2001-43 (2001-2 C.B. 191). Accordingly, and consistent with the foregoing, notwithstanding anything in this Agreement or any other agreement applicable to an Incentive Unit to the contrary, the Company and the recipient of an Incentive Unit agree that the recipient shall be treated as the owner of such Incentive Unit from and after the date of grant until such time (if any) that such Incentive Unit is forfeited by the recipient or redeemed by the Company pursuant to the terms and provisions of this Agreement or any applicable award agreement and, during such time, as the owner of such Incentive Unit, the recipient shall take into account his or her distributive share of Net Capital Profits or Net Capital Loss based on such recipient’s vested Incentive Unit holdings and as otherwise provided in this Agreement. The Company and the Members further agree that neither the Company nor any Member shall deduct any

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amount for the fair market value of an Incentive Unit either at the time of grant or upon such time (if any) that such Incentive Unit becomes “substantially vested” (as defined pursuant to Treasury Regulation Section 1.83-3(b)) pursuant to the terms and provisions of any applicable Incentive Agreement. From and after the date of this Agreement, upon the issuance of any Incentive Unit, the Board of Managers shall determine the Threshold Amount applicable to such Incentive Unit and shall include such Threshold Amount in the Incentive Agreement of the recipient of such Incentive Unit. The Members agree that the Threshold Amount attributed to any Incentive Unit shall be binding and conclusive on the recipient thereof and on all other Members of the Company. Incentive Units shall be non-voting Units, and holders thereof shall have no rights or powers (including, without limitation, voting power) to participate in the management of the Company or to elect members of the Board by virtue of such Incentive Units. Each person receiving Incentive Units will timely made elections under Code Section 83(b) with respect to any Incentive Units received by such person upon their issuance, in a manner reasonably prescribed by the Company, and it is agreed that the fair market value of such Incentive Units for purposes of such election shall be reported as zero. For the avoidance of doubt, neither the Company nor any Member of the Company is providing any covenant or guarantee that the characterization of the Incentive Units as a “profits interest” as described in this Section 5.1(b) or that the value of such Incentive Units is zero shall be accepted by any government authority or a court of law.

**V.2 Admission of Additional Members.** Additional Members admitted to the Company in accordance with the provisions of Article VII or from the issuance of Units by the Company must have the approval of the Board pursuant to Section 6.7 and must execute a joinder or counterpart to this Agreement, in a form acceptable to the Company (a “Joinder Agreement”).

**V.3 Limitation on Liability.** No Member shall be liable under a judgment, decree or order of any court, or in any other manner, for a debt, obligation or liability of the Company, except as provided by law or as specifically provided otherwise in this Agreement. No Member shall be required to make any contribution to the Company by reason of any negative balance in the Member’s Capital Account nor shall any negative balance in a Member’s Capital Account create any liability on the part of the Member to any third party.

**V.4 Business Transactions Involving a Member or Affiliate of a Member.** A Member or an Affiliate of a Member may lend money to, provide services to, and transact other business in which such Person has a financial interest with, the Company (each such Member or Affiliate a “Related Party Transaction”), and shall have the same rights and obligations with respect to such matters as a Person who is not a Member or an Affiliate of a Member, provided that with respect to any Related Party Transaction with a value in excess of $5,000, such Member or Affiliate shall disclose the existence of the financial interest and disclose all material facts to the Board. Following such disclosure, the Board, by approval of a majority of the disinterested members of the Board, may approve or disapprove such Related Party Transactions.

**V.5 Competing Activities.** Nothing in this Agreement shall in any way restrict, or be deemed to restrict, the freedom of any Member to conduct any other business or activity whatsoever or require, or be deemed to require, accountability to the Company or to any other Member with respect thereto or with respect to any opportunity therefor, unless otherwise expressly provided in a written agreement between the Company and such Member.

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**V.6 Remuneration To Members.** Except as provided in this Agreement or salaries or Guaranteed Payments (as defined herein) payable to the Founding Members or issuances of Incentive Units as agreed by the Board, no Member is entitled to remuneration for acting in the Company business.

**V.7 Members Are Not Agents.** Pursuant to Section 6.2 (a) of this Agreement, the management of the Company is vested in the Board. No Member, acting solely in the capacity of a Member, is an agent of the Company nor can any Member in such capacity bind or execute any instrument on behalf of the Company without the consent of the Board. Any Member who takes any action or binds the Company in violation of this Section 5.7 shall be solely responsible for any loss and expense incurred by the Company as a result of the unauthorized action and shall indemnify and hold the Company harmless with respect to the loss or expense.

**V.8 Voting Rights.** Except as expressly provided in the LLC Law or the Articles of Organization, Members shall have no voting, approval or consent rights except for those specified in this Agreement.

**V.9 Meetings and Voting of Members; Information for Members.** No annual or regular meetings of Members are required other than as set forth in Section 6.5 below and as otherwise specified herein. The Board shall keep Members informed of the status of the Company’s business periodically and upon reasonable request of any Member. The Company will use commercially reasonable efforts to compile monthly and annual financial statements (comprised of at least a balance sheet, a profit and loss statement, and a statement of cash flow) and will use commercially reasonable efforts to provide such monthly financial statements to the Members within 45 days of the end of each calendar month if requested.

**V.10 Media and Royalties.** Upon the request of the Founding Members, the Company shall grant the Founding Members a perpetual royalty free license to use the Ovenly trademark or servicemark for any media (print, video, etc.) projects; provided however, that any payments pursuant to a license of the Ovenly trademark or servicemark used in any brick-and-mortar stores or in connection with the sale of any products shall be payable to the Company (and not the Founding Members).

## ARTICLE VI.

### MANAGEMENT OF THE COMPANY

**VI.1 Management of Business.** The powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed in accordance with, the provisions of this Article VI. The Company shall be managed under the authority and direction of the board of managers of the Company (the “Board of Managers” or the “Board”). No Member, other than members of the Board of Managers acting in accordance with this Article VI, shall have any power or authority to bind the Company in any manner, nor shall any such Member have any other rights with respect to the management and operation of the business of the Company.

#### **VI.2 Board of Managers; Number and Election of Managers.**

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(a) The representatives of the Members appointed in accordance with this Section 6.2 shall constitute the Board of Managers. The Company will be managed by the Board, which shall consist of not more than five (5) managers (each a “Manager”), designated as follows:

(i) each Founding Member will serve as a Manager, so long as such Person holds Units comprising at least a five percent (5%) Membership Interest in the Company (each Founding Member serving as a Manager, a “Founder Manager”).

(ii) one (1) Manager shall be designated by Investor Members (the “Investor Manager”), and

(iii) two (2) Managers shall be individuals who are mutually acceptable to the Founder Managers, on the one hand, and the Investor Manager, on the other hand (the “Additional Managers”).

The current Managers of the Company are as set forth in Exhibit B.

(b) Each Member also agrees to vote, or cause to be voted, all Units owned by such Member, or over which such Member has voting control, from time to time and at all times, in whatever manner as shall be necessary to ensure that no Founder Manager elected pursuant to Section 6.2(a)(i) of this Agreement may be removed from office unless such removal is directed or approved by the affirmative vote of such Founder Manager.

(c) In the event that a Founding Member shall no longer hold Units comprising at least five percent (5%) Membership Interest in the Company, then such Founding Member shall no longer have the right to designate a Manager as provided in Section 6(a)(i), and such Manager shall thereafter be elected by Members holding a majority of the Units that are not Incentive Units held by all Members.

(d) Any decisions to increase the size of the Board of Managers and appoint additional Managers shall be made by Board in accordance with Section 6.7.

(e) All Members agree to execute any written consents required to perform the obligations of this Agreement, and, if applicable, the Company agrees at the request of any party entitled to designate Managers to call a special meeting of Members for the purpose of electing Managers.

(f) No Member, nor any Affiliate of any Member, shall have any liability as a result of designating a person for election as a Manager for any act or omission by such designated person in his or her capacity as a Manager of the Company, nor shall any Member have any liability as a result of voting for any such designee in accordance with the provisions of this Agreement. No party, nor any Affiliate of any party, makes any representation or warranty as to the fitness or competence of the nominee of any party hereunder to serve on the Board by virtue of such party’s execution of this Agreement or by the act of such party in voting for such nominee pursuant to this Agreement.

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**VI.3 Term.** Each Manager other than a Founder Manager shall serve for a term of no more than thirty-six (36) months from the date of commencement of service by such Person as a Manager, subject to such Person's resignation or removal pursuant to the terms of this Agreement. No Manager other than a Founder Manager may serve for more than two consecutive terms. If such Person has served two consecutive terms, he or she must resign from his or her directorship for at least twelve (12) months immediately following his or her second term before serving any additional terms.

**VI.4 Resignation.** A Manager may resign at any time. Such resignation shall take effect at the time specified therein or, if no time is specified in such Notice, then upon receipt of the resignation by the Board and unless otherwise specified therein, acceptance of such resignation shall not be necessary to make it effective. The resignation of a Manager who is also a Member shall not affect such Manager's rights as a Member and shall not constitute a withdrawal of such Member.

**VI.5 Election; Vacancies.** Annual meetings of the Members, for the purpose of election of Managers and for such other business as may lawfully come before it, shall be held on such date and at such time as may be designated from time to time by the Board, or, if not so designated, then at 10:00 a.m. on April 1st of each year if not a legal holiday, and, if a legal holiday, at the same hour and place on the next succeeding day not a holiday, provided that the Board, at any time in its sole discretion, may determine that the meeting be held by means of remote communication in the manner authorized by the LLC Law.

**VI.6 Duty to Company.** Except as may otherwise be provided in a separate employment or service agreement, the Managers shall not be required to manage the Company as their sole and exclusive function and they may have other business interests and may engage in other activities provided that such other activities in addition to those relating to the Company.

**VI.7 Board Actions.** Except as otherwise provided in the LLC Law or this Agreement, all authority, power, and discretion to manage and control the business, property and affairs of the Company, to make all decisions regarding those matters and to perform any and all other acts or activities customary or incident to the management of the Company's business, property and affairs shall be vested in the Board. Except as expressly required by this Agreement, all actions by the Board require a majority of all disinterested Managers. Any action taken by the Board on behalf of the Company in accordance with this Agreement shall constitute the act of, and shall serve to bind, the Company. For the avoidance of doubt, neither the Company nor any of its Subsidiaries will take (and the officers of the Company will not cause or permit the Company or any of its Subsidiaries to take) any of the following actions without Board Majority Approval either at a meeting or by written consent:

- (a) the determination of excess cash available for distribution to Members and the amount and timing of all distributions to Members (excluding distributions pursuant to Section 4.3);
- (b) the issuance of any additional Membership Interest in the Company (including Incentive Units) or any option to purchase any additional Membership Interest;
- (c) any borrowing of money or guarantee of any obligation by the

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Company in excess of the sum of (i) $300,000 plus (ii) the Company’s aggregate indebtedness outstanding as of the Effective Date;

- (d) the granting of any lien on any of the Company's assets;
- (e) the commencement of any litigation or arbitration by, or the settlement of any claim against, the Company;
- (f) the approval of the Company's annual operating budget;
- (g) any capital expenditure (or commitment to make an expenditure), other than a capital expenditure that is (i) included in the Company's annual operating budget or (ii) in the ordinary course of business in excess of \$150,000
- (h) the execution, delivery and performance by the Company of any contracts, agreements, licenses or other instruments or undertakings in excess of \$100,000, unless included in the annual operating budget;
- (i) any execution, amendment, extension or termination of any real property lease;
- (j) the admission of any new Member of the Company (other than pursuant to a Permitted Transfer);
- (k) a change to the size of the Board;
- (l) any material change or expansion of the nature or scope of the Company's business, as set forth in Section 2.5;
- (m) the sale, lease, transfer or other disposition by the Company of any material portion of its assets, other than in the ordinary course of business;
- (n) any merger or consolidation involving the Company (other than a merger of any subsidiary of the Company into the Company); and
- (o) any voluntary liquidation, dissolution or termination of the Company pursuant to Section 10.1(a);

Notwithstanding the foregoing, consent by vote of Members holding a majority of the outstanding Units (other than Incentive Units) shall be required for (i) any amendment of this Agreement or (ii) any other action specifically requiring the consent of the Members under the LLC Law or the Articles of Organization.

**VI.8 Committees.** The Board shall establish a compensation committee, consisting exclusively of non-Founder Managers (the “Compensation Committee”), who shall make all determinations of senior management compensation by majority vote. The Board may, by resolution, designate from among the Managers one or more additional committees, each of which shall be comprised of one or more Managers; *provided that*, in no event may the Board designate any committee with all of the authority of the Board unless expressly provided otherwise

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in the resolution forming such committee, shall have the authority of the Board. The Board may dissolve any committee or remove any member of a committee at any time.

**VI.9 Appointment of Officers.** The Board may appoint individuals as officers of the Company (the “Officers”) as it deems necessary or desirable to carry on the business of the Company and the Board may delegate to such Officers such power and authority as the Board deems advisable. No Officer need be a Member or Manager. Any individual may hold two or more offices of the Company. Each Officer shall hold office until his successor is designated by the Board or until his earlier death, resignation or removal. Any Officer may resign at any time upon written notice to the Board. Any Officer may be removed by the Board (acting by majority vote of all Managers other than the Officer being considered for removal, if applicable) with or without cause at any time. A vacancy in any office occurring because of death, resignation, removal or otherwise, may, but need not, be filled by the Board. The current officers of the Company are as set forth in Exhibit B.

**VI.10 No Personal Liability.** Except as otherwise provided in the LLC Law, no Manager will be obligated personally for any debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Manager.

**VI.11 Guaranteed Payments.** The Company may make guaranteed payments to Managers for salary, wages or other compensation (“Guaranteed Payments”) in such amounts as may be determined by the Board or the Compensation Committee, if there shall be one. Guaranteed Payments shall not be deemed to be distributions to such Managers and such Managers’ Capital Accounts will not be charged for such payments.

**VI.12 Standard of Care; Liability.** The Managers shall discharge their duties as managers in good faith, and in a manner that it reasonably believes to be in the best interests of the Company. The doing of any act or the omission to do any act by any Manager, the effect of which may cause or result in loss or damage to the Company, if done in good faith and otherwise in accordance with the terms of the preceding sentence and the terms of this Agreement, shall not subject such Manager to any personal liability to the Company or the Members. No Manager shall be liable for any monetary damages to the Company for any breach of such duties except (i) for acts committed in bad faith or were the result of active and deliberate dishonesty and, in either case, were material to the cause of action so adjudicated or (ii) if such Manager personally gained in fact a financial profit or other advantage to which such Manager was not legally entitled.

## ARTICLE VII.

### (d) ASSIGNMENT OF MEMBERSHIP INTERESTS

#### VII.1 General Restrictions on Transfer of Units; Admission of Substitute Members.

(a) No Member may Transfer any of its Units (including, without limitation, any direct or indirect Transfer or assignment, whether by operation of law or otherwise, pursuant to a merger, consolidation involving a Member) except in compliance with the provisions of this Article VII. Notwithstanding anything in this Agreement to the contrary, no Units or any

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interest therein may be Transferred unless the transferee executes and delivers to the Company a Joinder Agreement.

(b) Notwithstanding anything in this Agreement to the contrary, no Transfer shall be made if such Transfer, or the Transferee’s ownership of such Units, would:

(i) result by itself, or in combination with any other previous Transfers, in the termination of the Company as a partnership for federal income tax purposes, if such termination would, in the reasonable, good faith opinion of the Board, be detrimental to the Members;

(ii) be a violation of or a default (or an event that, with notice or the lapse of time or both, would constitute a default) under, or result in an acceleration of any indebtedness under, any note, mortgage, loan agreement or similar instrument or document to which the Company is a party; or

(iii) be a Transfer to an individual who is not legally competent or who has not achieved his or her majority under the law of the applicable state (excluding trusts for the benefit of minors).

(c) Notwithstanding anything in this Agreement to the contrary, no Transfer shall be permitted unless the Units to be Transferred are registered pursuant to the Securities Act and registered or qualified under applicable state law or Transferred in a transaction which is exempt from such registration and qualification. The Company may require an opinion of counsel, in a form reasonably acceptable to the Company, to the effect that such Transfer may be made pursuant to an exemption, describing the applicable exemption and the basis therefor, the cost of which opinion shall be borne by the transferor.

## **VII.2 Right of First Refusal.**

(a) Other than with respect to an Approved Sale or a Permitted Transfer, in the event that any Member (the “Selling Member”) proposes to sell or otherwise transfer (a “Proposed Transfer”) any of her, his or its Units (the “Offered Units”), such Member shall provide written notice (the “Sale Notice”) to the other Members (the “Call Members”) specifying all relevant terms and conditions of the proposed transfer, including, without limitation, the amount of Membership Interest to be sold, the consideration to be paid and the identity of the proposed purchaser or group of purchasers (the “Sale Terms”). The Call Members shall have the right of first refusal (but not an obligation) to purchase all, but not less than all, of the Offered Units, on the Sale Terms specified in the Sale Notice, exercisable by written notice given to the Selling Member within twenty (20) days after the Sale Notice is received (the “Call Right”). If the Call Members have exercised their Call Right and in the aggregate elected to purchase more than the number of the Offered Units, the Offered Units shall be allocated among the Call Members electing to purchase Offered Units according to their respective Member Pro-Rata Percentage.

(b) If any of the Call Members have elected to purchase all or part of the Offered Units from the Selling Member, the transfer of such Offered Units shall be consummated as soon as practical after the delivery of the election notices, but in any event within forty-five

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(45) days after the Sale Notice is received. At the closing of any sale to any such Call Member, the Selling Member shall deliver the purchased Membership Interests free and clear of liens and encumbrances of any kind to each purchaser against payment of the appropriate purchase price. Each Participating Call Member may aggregate his, her or its pro rata portion rights among other Participating Call Members that are Affiliates thereof to the extent that such Affiliates do not elect to purchase their respective pro rata portions of the Offered Units, and may assign his, her or its rights under this Section 7.2 to an Affiliate (subject to such Affiliate's admission as a Member in accordance with Section 5.2).

(c) In the event that no Call Member exercises her, his or its Call Right with respect to the Sale Notice in accordance with this Section 7.2, then the Selling Member is free within 120 days following the date of the Sale Notice is received by the Call Members to sell or transfer all or any portion of her, his or its Offered Units to one or more third parties at a price(s) no less than the price(s) per share specified in the Sale Notice and on other terms no more favorable to the transferees than offered to the Call Members in the Sale Notice, provided, however, that such third party transferee(s) shall be subject to the approval of the Board (excluding any Manager appointed by the Selling Member, if any), which approval shall not be unreasonably withheld. If the Selling Member has not sold her, his or its unpurchased Offered Units within such 120 day period, then she, he or it shall be obliged to deliver new Sale Notices to the Call Members in accordance with this Section 7.2 before she, he or it shall transfer her, his or its Units.

### **VII.3 Right of Co-Sale.**

(a) Other than with respect to an Approved Sale or a Permitted Transfer, following the expiration of any right of first offer set forth in Section 7.2 above, if (i) the Proposed Transfer is a sale of Offered Units by a Founding Member and (ii) the Call Members shall fail to exercise their respective Call Rights to purchase the Offered Units subject to Section 7.2 above, then, in the event such Proposed Transfer is a sale of Offered Units by the Founding Member (the 'Tag Seller'; such Proposed Transfer being referred to as a 'Tag Sale'), each Member may elect to exercise its right of co-sale (the 'Right of Co-Sale') and participate on a pro rata basis in the Proposed Transfer and otherwise on the same terms and conditions specified in the Sale Notice. In order to exercise its Right of Co-Sale, a Member must give the Tag Seller all the other Members (the 'Tag Members') written notice to that effect within fifteen (15) days after the deadline for delivery of the written notice with respect to the exercise of the Call Right under Section 7.2(a), and upon giving such notice such Member shall be deemed to have effectively exercised the Right of Co-Sale (each, a 'Co-Selling Member').

(b) To the extent a Co-Selling Member timely exercises its Right of Co-Sale by delivering the written notice provided for above in Section 7.3(a), such Co-Selling Member may include in the Proposed Transfer all or any part of such Co-Selling Member's Member Interests equal to the product obtained by multiplying (i) the aggregate number of Offered Units (excluding Units purchased by the Members pursuant to the Right of First Refusal) by (ii) a fraction, the numerator of which is the number of Units owned by a Co-Selling Member immediately before consummation of the Proposed Transfer, and the denominator of which is the aggregate number of Units owned by the Co-Selling Members and the Tag Seller immediately before consummation of the Proposed Transfer, plus the number of Units of Offered Units held by

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the Tag Seller. A Co-Selling Member’s exercise of its Right of Co-Sale shall be irrevocable. To the extent one or more of the Co-Selling Members exercise such right of participation in accordance with the terms and conditions set forth herein, the number of Units of Offered Units that the Tag Seller may sell in the Proposed Transfer shall be correspondingly reduced.

(c) The parties hereby agree that the terms and conditions of any sale pursuant to this Section 7.3 will be memorialized in, and governed by, a written purchase and sale agreement with customary terms and provisions for such a transaction and the parties further covenant and agree to enter into such an agreement as a condition precedent to any sale or other transfer pursuant to this Section 7.3.

(d) If any prospective transferee refuses to purchase Offered Units subject to the Right of Co-Sale from a Co-Selling Member exercising its Right of Co-Sale hereunder, no Tag Seller may sell any Units to such prospective transferee or Transferees unless and until, simultaneously with such sale, such Tag Seller purchases all securities subject to the Right of Co-Sale from a Co-Selling Member on the same terms and conditions (including the proposed purchase price) as set forth in the Sale Notice.

**VII.4 Permitted Transfers.** The Right of First Refusal and Right of Co-Sale described in the preceding Sections 7.2 and 7.3 shall not apply to a Transfer (a) by a Member to such Member’s Affiliates (including, without limitation, its members, stockholders or limited partners in connection with a distribution thereto by such Member); (b) by a Member to any spouse or member of the Member’s Immediate Family, or to a custodian, trustee (including a trustee of a voting trust), executor or other fiduciary for the account of the Member’s spouse or members of the Member’s Immediate Family, or to a trust for the Member’s own self, or a charitable remainder trust; (c) in connection with any sale of Membership Interests to the public pursuant to a registration statement filed with, and declared effective by, the SEC under the Securities Act; or (d) pursuant to a Proposed Sale as set forth in Section 7.5 (such Transfers described in clauses (a)-(d) above each being referred to herein as a “Permitted Transfer”); provided, however, that in the event of any transfer made pursuant to one of the exemptions provided by clauses (a)-(b), (i) the Transferring Member shall inform the Call Members and the Company of such Transfer prior to effecting it and (ii) such Transferee shall not be entitled to exercise or receive any of the rights, powers or benefits of a Member (other than the right to receive distributions to which the Transferor would be entitled), until such time as (x) such Transferee has executed and delivered a Joinder Agreement, such Permitted Transfer shall entitle the permitted transferee to become a substitute Member only if (x) such Person executes a written instrument accepting and adopting the terms and provisions of this Agreement; and (y) such Transferee shall have paid the Company a fee sufficient to cover all reasonable expenses of the Company in connection with such Transferee’s admission as a substitute Member, as determined by the Board (“Substitute Member”). The admission of a Substitute Member shall not result in the release of the Member who assigned the Membership Interest from any liability that such Member may have to the Company prior to the effective date of the assignment. If a Member Transfers all of its Units pursuant to a Permitted Transfer and the Transferee of such Units is entitled to become a substitute Member pursuant to this Article VII, such Transferee shall be admitted to the Company upon the effective date of the Permitted Transfer, and, immediately following such Permitted Transfer, the Transferring Member shall cease to be a member of the Company, and the Company shall continue without dissolution.

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## VII.5 Drag-Along Right.

(a) In the event that a Sale of the Company shall have been approved by the Board, by resolution of the Board and specifying that this Section 7.5 shall apply to such transaction (a “Proposed Sale”), then each Member agrees as follows:

(i) if such Proposed Sale requires Member approval, with respect to any or all Membership Interests and/or any other Company securities that such Member owns or over which such Member otherwise exercises voting power, to vote (in person, by proxy or by action by written consent, as applicable) all of such Member’s Membership Interests in favor of, and adopt, such Proposed Sale and to vote in opposition to any and all other proposals that could delay or impair the ability of the Company to consummate such Proposed Sale;

(ii) if such transaction is structured as an Interest Sale, each Member hereby agrees to sell his, her, or its Membership Interests and rights to acquire Membership Interests in such Approved Sale on the terms and conditions approved by the Board (which terms and conditions may include a sale of less than 100% of the equity securities of the Company);

(iii) to execute and deliver all related documentation and take such other action in support of the Proposed Sale as shall reasonably be requested by the Company in order to carry out the terms and provision of this Section 7.5, including without limitation executing and delivering instruments of conveyance and transfer, and any merger agreement, indemnity agreement, escrow agreement, consent, waiver, governmental filing, certificates evidencing Membership Interests (if certificated) duly endorsed for transfer (free and clear of impermissible liens, claims and encumbrances) and any similar or related documents, and approving and appointing any Member representative selected by the Board; provided, however, that such Member will not be required to execute and deliver any such related documentation or take such other action in support of the Proposed Sale that is not also required of each of the other Members;

(iv) not to deposit, except as provided in this Agreement, any voting securities of the Company owned by such Member in a voting trust or subject, except as provided in this Agreement, any such voting securities to any arrangement or agreement with respect to the voting of such securities, unless specifically requested to do so by the acquirer in connection with the Proposed Sale; and

(v) to refrain from exercising any dissenters’ rights or rights of appraisal under applicable law at any time with respect to such Proposed Sale.

(b) Exceptions. Notwithstanding the forgoing, no Member will be required to comply with Section 7.5(a) in connection with any designated Proposed Sale unless:

(i) any representations and warranties to be made by such Member (as distinguished from the Company) in connection with the Proposed Sale are limited to representations and warranties related to authority, ownership of the Membership Interests held by such Member and the ability to convey title to the Membership Interests, including but not limited to representations and warranties that (i) such Member holds all right, title and interest in and to the Company’s securities such Member purports to hold, free and clear of all liens and

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encumbrances, (ii) the documents to be entered into by such Member have been duly executed by such Member and delivered to the acquirer and are enforceable against such Member in accordance with their respective terms and (iii) neither the execution and delivery of the documents to be entered into in connection with the transaction, nor the performance of such Member's obligations thereunder, will cause a breach or violation of the terms of any agreement to which such Member is a party or by which such Member is bound or any of such Member's property is subject, or of any law or judgment, order or decree of any court or governmental agency;

(ii) such Member shall not be liable for the inaccuracy of any representation or warranty made by any Person other than such Member and the Company in connection with the Proposed Sale;

(iii) the liability for indemnification, if any, of such Member in the Proposed Sale and for the inaccuracy of any representations and warranties made by the Company in connection with such Proposed Sale, is several and not joint with any other Person, and is not greater than pro rata in accordance with such Member's relative Percentage Interest of the Company;

(iv) such liability shall be limited to the amount of consideration actually received by such Member in connection with such Proposed Sale, except with respect to (i) the representations and warranties of such Member or (ii) claims related to fraud or willful breach or misconduct by such Member, the liability for each of which need not be limited; and

(v) upon the consummation of the Proposed Sale, each Member shall receive the same portion of the aggregate net consideration from such Proposed Sale that such Member would have received if such aggregate consideration (in the case of an asset sale, after payment or provision of all liabilities) had been distributed pursuant to Section 4.4(a).

(c) **Interest Sales.** No Member shall be a party to any Interest Sale unless all Members are allowed to participate in such transaction and the consideration received pursuant to such transaction is distributed among the Members in the manner provided for in Section 4.4(a) (as if such transaction were a Capital Transaction).

**VII.6 Recognition of Transfers by Company.** To the fullest extent permitted by law, no Transfer of Units that is in violation of this Article VII shall be valid or effective, and neither the Company nor the Members shall recognize the same for the purpose of making distributions pursuant to Article VII with respect to such purportedly Transferred Units. To the fullest extent permitted by law, none of the Company, the Members, the Board and the officers of the Company shall incur any liability as a result of refusing to make any such distributions to a purported Transferee of any such invalid Transfer.

**VII.7 Effective Date of Transfer.** The Company shall maintain books for the purpose of registering the Transfer of Units. Any Permitted Transfer shall be effective when the Permitted Transfer is registered upon books maintained for that purpose by or on behalf of the Company. The Company shall, from the effective date of such Permitted Transfer, thereafter pay all further distributions on account of the Units (or part thereof) so Transferred, to the Transferee of such Units.

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**VII.8 Termination.** The provisions of Sections 7.2 and 7.3 shall terminate upon, and not apply to any sale of Units pursuant to, (i) an Initial Offering or a (ii) Capital Transaction, whichever happens first.

## ARTICLE VIII.

### FISCAL MATTERS; BOOKS AND RECORDS

**VIII.1 Bank Accounts; Investments.** Capital Contributions, revenues and any other Company funds shall be deposited by the Company in a bank account established in the name of the Company, or shall be invested by the Company, in furtherance of the purposes of the Company. No other funds shall be deposited into the Company bank accounts or commingled with the Company investments. Funds deposited in the Company’s bank accounts may only be withdrawn for investment in furtherance of the Company’s purposes, to pay the Company’s debts or obligations or to be distributed to the Members pursuant to this Agreement.

#### **VIII.2 Records Required by LLC Law; Right of Inspection.**

(a) During the term of the Company’s existence and for a period of four (4) years thereafter, there shall be maintained in the Company’s principal office all records required to be kept for examination by the Members pursuant to the LLC Law.

(b) On written request stating the purpose, a Member may examine and copy in person, at any reasonable time, for any proper purpose reasonably related to such Member’s interest as a Member of the Company, and at the Member’s expense, records required to be maintained under the LLC Law and such other information regarding the business, affairs and financial condition of the Company as is just and reasonable for the Member to examine and copy.

**VIII.3 Books and Records of Account.** The Company shall maintain adequate books and records of account on a basis consistent with the appropriate provisions of the Code.

**VIII.4 Tax Returns and Information.** The Company shall be treated as a partnership for tax purposes. The Company shall prepare or cause to be prepared all federal, state and local income and other tax returns that the Company is required to file. Within seventy five (75) days after the end of each calendar year, the Company shall send or deliver to each Person who was a Member at any time during such year such tax information as shall be reasonably necessary for the preparation by such Person of such Person’s federal income tax return and state income and other tax returns.

**VIII.5 Financial Statements.** The Company shall prepare or cause to be prepared, at the Company’s reasonable expense, such financial and other reports as the Board shall determine, including income statements, cash flows and balance sheets prepared on a cash basis; provided, however, that commencing with the fiscal year ending December 31, 2020, such financial and other reports shall be prepared in accordance with GAAP.

**VIII.6 Fiscal Year.** The Company’s fiscal year shall end on December 31 of each calendar year.

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### VIII.7 Partnership Representative for Tax Matters.

(a) The Members hereby appoint Agatha Kulaga as the 'partnership representative' (the 'Partnership Representative'), as provided in Code Section 6223(a). The Partnership Representative shall resign if it is no longer a Member and may be removed at any time by the Board, with or without 'cause'. In the event of the resignation of the Partnership Representative, the Board shall select a replacement. If the resignation or removal of the Partnership Representative occurs prior to the effectiveness of the resignation or removal under applicable Treasury Regulations or other administrative guidance, the Partnership Representative that has resigned or been removed shall not take any actions in its capacity as Partnership Representative except as directed by the Board, in the case of a Partnership Representative that has resigned.

(b) The Partnership Representative is authorized and required to represent the Company in connection with all examinations of the Company's affairs by taxing authorities, including resulting administrative and judicial proceedings, and to expend Company funds for professional services and costs associated therewith. The Partnership Representative shall promptly notify the Members if any tax return of the Company is audited and upon the receipt of a notice of final partnership administrative adjustment or final partnership adjustment, and shall keep the Members reasonably informed of the status of any tax audit and resulting administrative and judicial proceedings. Without the consent of the Board, the Partnership Representative shall not extend the statute of limitations, file a request for administrative adjustment, file suit relating to any Company tax refund or deficiency or enter into any settlement agreement relating to items of income, gain, loss or deduction of the Company with any Taxing Authority.

(c) To the extent permitted by applicable law and regulations, the Company shall annually elect out of the partnership audit procedures enacted under Section 1101 of the Bipartisan Budget Act of 2015 (the 'BBA Procedures'). For any fiscal year in which applicable law and regulations do not permit the Company to elect out of the BBA Procedures, then within forty-five (45) days of any notice of final partnership adjustment, the Company shall elect the alternative procedure under Code Section 6226, and furnish to the Internal Revenue Service and each Member during the year or years to which the notice of final partnership adjustment relates a statement of the Member's share of any adjustment set forth in the notice of final partnership adjustment.

(d) No Member shall treat any Company item inconsistently on such Member's U.S. federal, state, foreign or other income tax return with the treatment of the item on the Company's return. Any deficiency for taxes imposed on any Member (including penalties, additions to tax or interest imposed with respect to such taxes and any taxes imposed pursuant to Code Section 6226) shall be paid by such Member and if required to be paid (and actually paid) by the Company, shall be recoverable by the Company from such Member.

(e) Except as otherwise provided herein, the Partnership Representative shall have sole discretion to make any determination regarding income tax elections it deems advisable on behalf of the Company, provided, however, that the Partnership Representative shall make an election under Code Section 754 if requested in writing by a Member.

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(f) The Company shall indemnify and reimburse the Partnership Representative for all reasonable expenses (including legal and accounting fees) incurred by them in the performance of their duties and responsibilities in such capacities, including expenses in connection with the conduct of any U.S. federal income tax-related examination or administrative or judicial proceeding.

## ARTICLE IX.

### INDEMNIFICATION AND INSURANCE

#### IX.1 Indemnification and Advancement of Expenses.

(a) The Company shall indemnify any Person (or the testator or intestate of such Person) that is made or threatened to be made a party to, or called as a witness or asked to submit information in, any action or proceeding, whether civil, criminal, judicial, legislative, administrative or investigative, including an action by or in the right of the Company to procure a judgment in its favor, and including an action by or in the right of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise of any type or kind, domestic or foreign, which such Person is or was serving in any capacity at the request of the Company, by reason of the fact that such Person, is or was a Manager, officer, employee, representative or agent of the Company, or is or was serving such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise in any capacity (collectively, a “Covered Person”), against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees, incurred in connection with such action or proceeding, or in connection with an appeal therein; provided, however, that no such indemnification shall be made to such Covered Person if a judgment or other final adjudication adverse to such Covered Person establishes that (i) the acts of such Covered Person were committed in bad faith or were the result of active and deliberate dishonesty and, in either case, were material to the cause of action so adjudicated, or (ii) such Covered Person personally gained in fact a financial profit or other advantage to which such Covered Person was not legally entitled; and provided further than no such indemnification shall be required with respect to any settlement or other non-adjudicated disposition of any threatened or pending action or proceeding unless the Company has given its prior consent to such settlement or other disposition.

(b) The Company shall upon request advance to any Covered Person entitled to indemnification under this Section 9.1, or promptly reimburse any such Covered Person for, all expenses, including attorneys’ fees, reasonably incurred in defending any action or proceeding in advance of the final disposition of such action or proceeding upon receipt of a written undertaking by or on behalf of such Covered Person to repay such amount as, and to the extent that, the Covered Person receiving such advance is ultimately found not to be entitled to indemnification or, where indemnification is granted, to the extent the expenses so advanced or reimbursed by Company exceed the indemnification to which such Covered Person is entitled; provided, however, that such Covered Person shall cooperate in good faith with any request by Company that common counsel be utilized by the parties to an action or proceeding who are similarly situated unless to do so would be inappropriate due to actual or potential differing Membership Interests between or among such parties.

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(c) The indemnification of any Covered Person provided by this Section 9.1 shall continue after such Covered Person has ceased to be a Member, Manager, officer, employee, representative or agent of Company and shall inure to the benefit of such Covered Person's heirs, executors, administrators and legal representatives.

(d) For purposes of this Section 9.1, the term 'Company' shall include any legal successor to Company, including any company that acquires all or substantially all of the assets of Company in one or more transactions.

(e) The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 9.1 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any statute, rule, regulation or agreement.

**IX.2 Insurance.** Company may purchase and maintain insurance or another arrangement on behalf of any Covered Person against any liability asserted against such Person or incurred by such Person in such a capacity or arising out of the status of such a Person, whether or not Company would have the power to indemnify such Covered Person against that liability under Section 9.1, or otherwise.

**IX.3 Limit on Liability of Members.** The indemnification set forth in this Article IX shall in no event cause the Members to incur any personal liability beyond their total Capital Contributions, nor shall it result in any liability of the Members to any third party.

## ARTICLE X.

### DISSOLUTION AND WINDING UP

**X.1 Events Causing Dissolution.** The Company shall be dissolved upon the first of the following events to occur:

(a) The consent of the Board, by Board Majority Approval, and of Members holding more than a majority of the Membership Interests at any time to dissolve and wind up the affairs of the Company; or

(b) the occurrence of any other event that causes the dissolution of a limited liability company under the LLC Law.

**X.2 Winding Up.** If the Company is dissolved pursuant to Section 10.1, the Company's affairs shall be wound up as soon as reasonably practicable in the manner set forth below.

(a) The winding up of the Company's affairs shall be supervised by a liquidator (the 'Liquidator') chosen by the Board and who may be a Member. The Liquidator shall be a liquidator or liquidating committee selected by the Members.

(b) In winding up the affairs of the Company, the Liquidator shall have full right and unlimited discretion, in the name of and for and on behalf of the Company to:

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- (i) prosecute and defend civil, criminal or administrative suits;
- (ii) collect the Company assets, including obligations owed to the Company;
- (iii) settle and close the Company's business;
- (iv) dispose of and convey all of the Company's property (whether real or personal, and rights of any type owned or held by the Company);
- (v) pay all reasonable selling costs and other expenses incurred in connection with the winding up of the proceeds of the disposition of the Company's property (whether real or personal, and rights of any type owned or held by the Company);
- (vi) discharge the Company's known liabilities and, if necessary, to set up, for a period not to exceed five (5) years after the date of dissolution, such cash reserves as the Liquidator may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company;
- (vii) distribute any remaining proceeds from the sale of the Company property to the Members (whether real or personal, and rights of any type owned or held by the Company) in accordance with their respective Percentage Interests;
- (viii) prepare, execute, acknowledge and file articles of dissolution under the LLC Law and any other certificates, tax returns or instruments necessary or advisable under any applicable law to effect the winding up and termination of the Company; and
- (ix) exercise, without further authorization or consent of any of the parties hereto or their legal representatives or successors in interest, all of the powers conferred upon the Members under the terms of this Agreement to the extent necessary or desirable in the good faith judgment of the Liquidator to perform its duties and functions. The Liquidator shall, while acting in such capacity on behalf of the Company, be entitled to the indemnification rights set forth in the Articles of Organization and in Article IX.

**X.3 Compensation of Liquidator.** The Liquidator appointed as provided herein shall be entitled to receive such reasonable compensation for its services as shall be agreed upon by the Liquidator and the Members.

# **X.4 Distribution of the Company Property and Proceeds of Sale Thereof.**

(a) Upon completion of all desired sales of the Company property, and after payment of all selling costs and expenses, the Liquidator shall distribute the proceeds of such sales, and any of the Company’s property that is to be distributed in kind, to the following groups

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in the following order of priority:

(i) first, to satisfy the Company's liabilities to creditors, including Members who are creditors, to the extent otherwise permitted by law (other than for past due Company distributions), whether by payment or establishment of reserves; and

(ii) second, to the Members in accordance with the positive balance of their Capital Accounts.

All distributions required under this Section 10.4 shall be made to the Members by the end of the taxable year in which the liquidation occurs or, if later, within ninety (90) days after the date of such liquidation.

(b) The claims of each priority group specified above shall be satisfied in full before satisfying any claims of a lower priority group. If the assets available for disposition are insufficient to dispose of all of the claims of a priority group, the available assets shall be distributed in proportion to the amounts owed to each member of such group.

**X.5 Final Audit.** Within a reasonable time following the completion of the liquidation, the Liquidator shall supply to each of the Members a statement that shall set forth the assets and the liabilities of the Company as of the date of complete liquidation and each Member's share of distributions pursuant to Section 10.4.

**X.6 Deficit Capital Accounts.** Notwithstanding anything to the contrary contained in this Agreement, and notwithstanding any custom or rule of law to the contrary, to the extent that the deficit, if any, in the Capital Account of any Member results from or is attributable to deductions and losses of the Company (including non-cash items such as depreciation), or distributions of money pursuant to this Agreement to all Members, upon dissolution of the Company, such deficit shall not be an asset of the Company and such Member shall not be obligated to contribute such amount to the Company to bring the balance of such Member's Capital Account to zero.

## ARTICLE XI.

### MISCELLANEOUS PROVISIONS

**XI.1 Notice.** All notices permitted or required to be given to any Person hereunder must be given in writing and will be deemed to be duly given (a) on the date of delivery if delivered in person or sent by fax (with confirmation) or e-mail, (b) one day after being sent, if sent by overnight mail or (c) on the earlier of actual receipt or three (3) Business Days after the date of mailing if mailed by registered or certified mail, first class postage prepaid, return receipt requested. All notices shall be sent to the last known address of such Person on the Company's records.

**XI.2 Counterparts.** This Agreement may be executed in any number of counterparts, including facsimile or emailed counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute but one and the same instrument.

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**XI.3 Entire Agreement.** This Agreement and the Schedules hereto constitute the entire agreement among the parties hereto and contain all of the agreements among such parties with respect to the subject matter hereof. This Agreement, including the Schedules hereto, supersedes any and all other prior agreements, either oral or written, between such parties with respect to the subject matter hereof including without limitation the Original Agreement.

**XI.4 Partial Invalidity.** Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any one or more of the provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such provision shall be ineffective to the extent, but only to the extent, of such invalidity, illegality or unenforceability without invalidating the remainder of such invalid, illegal or unenforceable provision or provisions or any other provisions hereof, unless such a construction would be unreasonable.

**XI.5 Amendment.** No modification, amendment, or waiver of any provision of this Agreement will be effective against the Company or the Members, unless such modification, amendment, or waiver is approved in writing by the Company and the holders of a majority of the then outstanding Membership Interests (excluding Incentive Units); provided, however, that in the event that such amendment or waiver would materially and adversely affect a holder or group of holders of Membership Interests in a manner different than any other holders of Membership Interests of the same class or type of securities, then such amendment or waiver will require the consent of such holder of Membership Interests; provided further that Exhibit B may be amended by the Company from time to time to update the information contained therein and such amendment shall not be considered an amendment to this Agreement for the purposes of this Section 11.5. Notwithstanding the foregoing, if an amendment or modification of this Agreement serves merely to add a party hereto, then such amendment or modification will be effective against the Company and all Members if such amendment or modification is approved in writing by the Company and by such new party hereto.

**XI.6 Binding Effect.** Subject to the provisions of this Agreement relating to transferability, this Agreement will be binding upon and shall inure to the benefit of the parties, and their respective distributees, heirs, successors and assigns.

**XI.7 Governing Law.** This Agreement is being executed and delivered in the State of New York and shall be governed by and construed and interpreted in accordance with the laws of the State of New York without regard to such jurisdiction's principles of conflicts of law. In particular, this Agreement is intended to comply with the requirements of the LLC Law and the Articles of Organization. In the event of a direct conflict between the provisions of this Agreement and the mandatory provisions of the LLC Law or any provision of the Articles of Organization, the LLC Law and the Articles of Organization, in that order of priority, will control. Venue for any action or dispute arising hereunder shall lie exclusively in the State or Federal Courts located in New York County, New York.

**XI.8 Further Assurances.** In connection with this Agreement and the transactions contemplated hereby, each Member shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Agreement and such transactions.

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[SIGNATURE PAGE FOLLOWS]

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**IN WITNESS WHEREOF**, the parties hereto have executed this Third Amended and Restated Limited Liability Company Agreement effective on the date first above written.

**THE COMPANY:**

OVENLY, LLC

By: DocuSigned by:  
3E5D25A2000D49C...

Name: Agatha Kulaga
Title: Founder Manager

**FOUNDING MEMBERS:**

DocuSigned by:  
1B173C225C8248E...

Name: Erin Patinkin

DocuSigned by:  
3E5D25A2000D49C...

Name: Agatha Kulaga

Date 10/31/2022

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

# COUNTERPART SIGNATURE PAGE
TO

# THIRD AMENDED AND RESTATED

# LIMITED LIABILITY COMPANY AGREEMENT

# OF

# OVENLY, LLC

The undersigned hereby agrees to be bound by the terms of the Third Amended and Restated Limited Liability Company Agreement of OVENLY, LLC, a New York limited liability company, and agrees to all the terms thereof.

Name of Member: Michael Gilligan

By: Michael Gilligan

Title (if Member is an entity):

Address:

Social Security / Tax ID Number:

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

# SCHEDULE A

## Members and Unit Percentages

| Investor Name & Address | Number of Common Units | Number of Preferred Units | Total Units | Capital Contribution Common Units | Capital Contribution Preferred Units | Member Percentage Interest |
| --- | --- | --- | --- | --- | --- | --- |
| Erin Patinkin | 552,231.55 | 0 | 552,231.55 | $65,651.79 | $0 | 24.34% |
| Agatha Kulaga | 552,236.50 | 0 | 552,236.50 | $65,368.70 | $0 | 24.34% |
| Charles Westphal | 394,835.07 | 0 | 394,835.07 | $(112,499.94) | $0 | 17.40% |
| William Barnes | 215,364.58 | 0 | 215,364.58 | $(0.05) | $0 | 9.49% |
| Randy Vittetoe | 78,967.01 | 0 | 78,967.01 | $(0.01) | $0 | 3.48% |
| Sugar Bear, LLC | 91,873.54 | 0 | 91,873.54 | $213,610.96 | $0 | 4.05% |
| Richard Lewis | 114,781.83 | 19,448.33 | 134,230.16 | $214,827.40 | $50,000.81 | 5.92% |
| Michael Young | 36,399.45 | 4,667.52 | 41,066.97 | $53,402.74 | $12,000.00 | 1.81% |
| Peter Psiachos | 11,466.52 | 0 | 11,466.52 | $26,660.27 | $0 | 0.51% |
| LunaCap Ventures | 22,922.95 | 0 | 22,922.95 | $53,297.10 | $0 | 1.01% |
| Griffen Brock | 11,300.37 | 0 | 11,300.37 | $26,273.97 | $0 | 0.50% |
| Julie Lerner | 11,291.53 | 1,175.59 | 12,467.12 | $26,253.42 | $3,022.39 | 0.55% |
| Pamela Dickinson | 11,303.90 | 0 | 11,303.90 | $26,282.19 | $0 | 0.50% |
| Amelia McCarthy | 11,303.90 | 0 | 11,303.90 | $26,282.19 | $0 | 0.50% |
| Tia Dogget | 11,265.02 | 0 | 11,265.02 | $26,191.78 | $0 | 0.50% |
| Michael Gilligan | 11,252.65 | 0 | 11,252.65 | $26,163.01 | $0 | 0.50% |
| Rosemarie Johnson | 11,288.00 | 0 | 11,288.00 | $26,245.21 | $0 | 0.50% |
| Stephen Hoffman | 11,288.00 | 0 | 11,288.00 | $26,245.21 | $0 | 0.50% |
| Susan Thompson | 11,289.77 | 0 | 11,289.77 | $26,249.32 | $0 | 0.50% |
| Marie Woznicki | 22,501.76 | 0 | 22,501.76 | $52,317.81 | $0 | 0.99% |
| Shea Ovenly, LLC | 26,968.18 | 0 | 26,968.18 | $62,702.47 | $0 | 1.19% |
| Heather Millstone | 19,448.01 | 2,024.78 | 21,472.79 | $50,000.00 | $5,205.62 | 0.95% |

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

### EXHIBIT B

### Managers and Officers

Managers

| Founder Managers | Erin Patinkin |
| --- | --- |
|  | Agatha Kulaga |
| Investor Manager | Michael Gilligan |
| Additional Managers | Undesignated |
|  | Undesignated |

Officers

| Name | Title |
| --- | --- |
| Erin Patinkin | Founder Manager |
| Agatha Kulaga | Founder Manager |
| Michael Gilligan | Investor Manager |

DocuSign Envelope ID: 3F95701F-F919-48EF-8837-5A0211E7A3B0

## SCHEDULE B

### JOINDER TO

### THIRD AMENDED AND RESTATED

### LIMITED LIABILITY COMPANY AGREEMENT OF

### OVENLY, LLC

This Joinder to the Third Amended and Restated Limited Liability Company Agreement of OVENLY, LLC, a New York limited liability company (the "Company"), dated as _______________ (the "LLC Agreement"), is made by the undersigned in order to become a Member of the Company. Capitalized terms used in this Agreement but not otherwise defined shall have the meaning set forth in the LLC Agreement.

1. Agreement to be Bound. The undersigned hereby agrees that upon the execution of this Joinder and acceptance thereof by the Company, the undersigned shall become a party to the LLC Agreement as a Member and shall be fully bound by and subject to, all the covenants, terms and conditions of the LLC Agreement as though a direct signatory thereto. The undersigned understands and agrees that his, her or its name and address, Capital Contribution, Percentage Interest and number of Units held will be set forth on Schedule A to the LLC Agreement.
2. Successors and Assigns. This Joinder shall bind and inure to the benefit of and be enforceable by the Company, its Members and their successors and assigns, on the one hand, and the undersigned (only as provided in the LLC Agreement) and any subsequent holder of the Units and their respective successors and assigns of each of them, on the other hand. Executed as of the date set forth below.

Date: [EFFECTIVE DATE]

[ENTITY NAME]

Print Name of Member

Investor Signature

Signature of Member or Authorized Signatory

Print Name of Authorized Signatory (if applicable)

ACCEPTED ON BEHALF OF OVENLY, LLC:

Signature: Founder Signature

Name: [FOUNDER_NAME]

Title: [FOUNDER_TITLE]

**Attachment 4:** `document_4.pdf`

# **Oventy I (THE "SPV"),**

a series of Wefunder SPV, LLC, a Delaware limited liability company (the "LLC")

# Subscription Agreement

**[INVESTMENT AMOUNT]**

**[INVESTMENT DATE]**

**Oventy I** (the "SPV"), a series of Wefunder SPV, LLC (the "LLC"), is a special purpose vehicle that will invest all of its assets in securities issued by **Oventy, LLC** (the "Company"). By making an investment in the SPV through the Wefunder website, I understand and agree to the representations set forth below.

I have reviewed the following information and documents in connection with this Subscription Agreement:

1. The information on the Wefunder website about the Company. I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that none of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC, nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
2. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
3. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "**LLC Agreement**"), which sets forth certain specific terms of the SPV;
4. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
5. The LLC Agreement, which sets forth other terms applicable to each SPV;
6. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
7. The Wefunder Investor Agreement; and
8. The Wefunder Terms of Service.

**By making an investment in the SPV through the Wefunder website, I agree to be bound by this Subscription Agreement and the terms of the other agreements listed above with respect to my investment in the SPV.**

# Subscription Agreement

# SCOPE OF AGREEMENT AND INVESTOR ELIGIBILITY
REPRESENTATIONS

A. This agreement ("Agreement") applies to each investment in a series ("SPV") of Wefunder SPV, LLC (the "LLC"). Each series is a separate pool of assets from every other series. Each SPV will invest all of its assets in securities issued by a single company ("Company") as set forth in the applicable series appendix ("Series Appendix") to the Wefunder SPV, LLC limited liability company agreement (LLC Agreement). The terms of the Company securities to be purchased by the SPV are summarized in an appendix ("Terms Appendix") attached to this Agreement.
B. Each SPV is formed by and operated by Wefunder Admin, LLC on behalf of the Company in whose securities that SPV invests.
C. Important information about the Company, about the related SPV, and more generally about investments through the Wefunder website, is available through the Wefunder website. The Investor should review that information, and all relevant Company Information (as defined below), carefully before making an investment in any SPV.
D. Each SPV will offer membership interests ("Interests") in that SPV pursuant to Regulation Crowdfunding under the U.S. Securities Act of 1933, as amended (the "Securities Act").
E. You hereby agree that each time you make an investment in any SPV, you will be deemed to have entered into this Agreement, and will be deemed to have made each representation and covenant contained in this Agreement.
F. Except as the context otherwise requires, any reference in this Subscription Agreement to:

1. a "SPV" shall mean "The LLC acting solely on behalf of and for the account of the SPV";
2. "Investor" and "you" shall mean a person (whether individually, jointly with another person, or through his or her individual retirement account) who has agreed to invest, or has invested, in any SPV; and
3. "Company Information" means:

a. The information on the Wefunder website about the Company. I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC (together, the "Wefunder entities," nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
b. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
c. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "LLC Agreement"), which sets forth certain specific terms of the SPV;
d. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
e. The LLC Agreement, which sets forth other terms applicable to each SPV;
f. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
g. The Wefunder Investor Agreement; and
h. The Wefunder Terms of Service.

INVESTOR'S REPRESENTATIONS AND COVENANTS

# 1. Investor's Review of Information and Investment Decision

1.1. The Investor has carefully read and understands the Company Information. The Investor acknowledges that it has made an independent decision to invest indirectly in the Company through the SPV and that, in making its decision to invest in a SPV, the Investor has relied solely upon the Company Information, any other relevant information on the Wefunder website, and independent investigations made by the Investor. The Investor understands that no representations or warranties have been made to the Investor by the LLC, the relevant SPV, any administrator appointed from time to time with respect to the SPV (the "Administrator"), any lead investor appointed from time to time with respect to the SPV (the "Lead Investor"), or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them regarding the Company.

1.2. The Investor has been provided an opportunity to request additional information concerning the Company and the offering through the Ask A Question feature on wefunder.com.

1.3. The Investor understands and agrees that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC, any of their affiliates, nor any director, manager, officer, shareholder, member, employee or agent of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or any of their affiliates (each, a "Wefunder Party," and collectively, "Wefunder Parties") shall be liable in connection with any information or omission of information contained in materials prepared or supplied by the Company. Such materials may include, but are not limited to, information provided by the Company in the Form C related to the offering, information available through the Wefunder website, and materials distributed to the Investor by the SPV on behalf of a Company.

1.4. The Investor represents and agrees that no Wefunder Party has recommended or suggested any investment in a SPV, or any investment related to a Company, to the Investor.

1.5. Investor understands that no Wefunder Party is an adviser to Investor, and that Investor is not an advisory or other client of any Wefunder Party.

1.6. The Investor is not relying on any Wefunder Party or any other person or entity with respect to the legal, accounting, business, investment, pension, tax or other economic considerations involved in this investment other than the Investor's own advisers that are not affiliated with any of the foregoing persons.

1.7. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of the Investor's investment in the SPV and is able to bear such risks. The Investor has obtained, in the Investor's judgment, sufficient information to evaluate the merits and risks of such investment. The Investor has evaluated the risks of investing in the SPV, understands there are substantial risks of loss incidental to the purchase of an Interest and has determined that the Interest is a suitable investment for the Investor and consistent with the general investment objectives of the Investor.

# 2. Investor's Representations Related To Investment in a SPV.

2.1. The Investor is acquiring the Interest for its own account, for investment purposes only and not with an intent to resell or distribute the Interest (or any distributions received from the SPV in whole or in part), and the Investor agrees that it will not sell or otherwise transfer the Interest unless in compliance with Regulation Crowdfunding and other applicable securities laws, and with the terms and conditions of this Agreement.
2.2. The Investor's investment in the Interest is consistent with the investment purposes, objectives and cash flow requirements of the Investor and will not adversely affect the Investor's overall need for diversification and liquidity.
2.3. The Investor has all requisite power, authority and capacity to acquire and hold the Interest and to execute, deliver and comply with the terms of each of the instruments required to be executed and delivered by the Investor in connection with the Investor's subscription for the Interest, including without limitation this Subscription Agreement, and such execution, delivery and compliance does not conflict with, or constitute a default under, any instruments governing the Investor, any law, regulation or order, or any agreement or other undertaking to which the Investor is a party or by which the Investor may be bound. If the Investor is an entity, the person executing and delivering each of such instruments on behalf of the Investor has all requisite power, authority and capacity to execute and deliver such instruments, and, upon request by the SPV, will furnish to the SPV a true and correct copy of any instruments governing the Investor, including all amendments thereto. The signature on each of such instruments is genuine and each of such instruments constitutes a legal, valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms.
2.4. The Wefunder Parties are each hereby authorized and instructed to accept and execute any instructions in respect of the Interest given by the Investor in written or electronic form. The Wefunder Parties may rely conclusively upon and shall incur no liability in respect of any action take upon any notice, consent, request, instructions or other instrument believed in good faith to be genuine or to be signed by properly authorized persons of the Investor.
2.5. Pursuant to the requirements of Treas. Reg. § 301.6109-1(c), the Investor has provided, or agrees to provide upon the earlier of (i) two years of an acquisition of an Interest or (ii) twenty (20) days before any distribution is to be made from the SPV, his, her or its taxpayer identification number (e.g., social security number or employer identification number) under penalties of perjury and has or will attest that the Internal Revenue Service has not notified the Investor that he, she or it is subject to backup withholding.

# 3. The Manager Has The Right To Reject Any Subscription, In Whole Or In Part.

3.1. The Investor understands that the SPV will not register as an investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), nor will it make a public offering of its securities within the United States.
3.2. The Investor understands that the value of all investments in any SPV made through individual retirement accounts ("IRAs") must be less than \(25\%\) of the value of the SPV's assets.

3.3. If the Investor is investing in a SPV through an employee benefit plan of any kind, including an individual retirement account (the "Plan"), and an individual or entity (the "Fiduciary") has entered into this Agreement on behalf of the Plan, the Fiduciary hereby makes the following representations, warranties, and covenants:

i. The Fiduciary is a fiduciary of the Plan who is authorized to invest Plan assets or is acting at the direction of a Plan fiduciary authorized to invest Plan assets. The Fiduciary has determined that an investment in the Fund is consistent with the Fiduciary's responsibilities to the Plan under Employee Retirement Income Security Act of 1974, as amended ("ERISA") or other applicable law, and is qualified to make such investment decision. The Fiduciary is authorized to make all representations, covenants and agreements set forth in this Agreement about and on behalf of the Investor, and the Fiduciary hereby agrees that, except for the representations, covenants and agreements contained in this section 3.3, all representations, covenants and agreements contained in this Agreement are made on behalf of the Investor who is investing through the Plan.

ii. The execution and delivery of this Subscription Agreement, and the investment contemplated hereby has been duly authorized by all appropriate and necessary parties pursuant to the provisions of the instrument or instruments governing the Plan and any related trust; and (B) will not violate, and is not otherwise inconsistent with, the terms of such instrument or instruments.

iii. The Fiduciary acknowledges that the assets of the Fund will be invested in accordance with the Company Information related to that Fund.

iv. The Plan's purchase and holding of an Interest will not constitute a non-exempt transaction prohibited under ERISA, Section 4975 of the Internal Revenue Code (the "Code"), or any similar laws or other federal, state, local, foreign or other laws or regulations applicable to the Plan and its investments. None of the Wefunder entities nor any of their affiliates, agents, or employees: (A) exercises any authority or control with respect to the management or disposition of assets of the Plan used to purchase an Interest; (B) renders investment advice for a fee (pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions and that such advice will be based on the particular investment needs of the Plan), with respect to such assets of the Plan, or has the authority to do so, or (C) is an employer maintaining or contributing to, or any of whose employees are covered by, the Plan.

v. The Fiduciary understands and agrees to the fee arrangements described in the Company Information.

vi. The Fiduciary understands and agrees that, to prevent the assets of the SPV from being treated as "plan assets" for purposes of ERISA and Section 4975 of the Code, the Investor may be prohibited from purchasing or acquiring an Interest or may be required to redeem its Interest or a portion thereof.

3.4. The Investor acknowledges that the SPV and any Administrator, on the SPV's behalf, may not accept any investment from an Investor if the Investor cannot truthfully make the representations contained herein.

4. The Correctness And Accuracy Of All Information Provided By Investor To The LLC Or The SPV.

4.1. The Investor confirms that all information and documentation provided to the LLC, the SPV, and any Administrator, including, but not limited to, all information regarding the Investor's identity, taxpayer identification number, the source of the funds to be invested in the SPV, and the Investor's eligibility to invest in offerings under Regulation Crowdfunding, is true, correct and complete. Should any such information change or no longer be accurate, the Investor agrees and covenants that they will promptly notify the Wefunder Parties of such changes via the wefunder.com platform. The Investor agrees and covenants that he, she or it will maintain accurate and up-to-date contact information (including email and mailing address) on the wefunder.com platform and will promptly update such information in the event it changes or is no longer accurate.

4.2. The representations, warranties, agreements, undertakings and acknowledgments made by the Investor in this Subscription Agreement will be relied upon by the LLC, the SPV, and any Administrator in determining the Fund's compliance with federal and state securities laws, and shall survive the Investor's admission as a Member of the SPV.

4.3. All information that the Investor has provided to the LLC, the SPV, and any Administrator concerning the knowledge and experience of financial, tax and business matters of the Investor is correct and complete.

# 5. The Wefunder Parties' Right To Use Investor Information.

5.1. The Investor agrees and consents to the Wefunder Parties, their delegates and their duly authorized agents and any of their respective related, associated or affiliated companies obtaining, holding, using, disclosing and processing the Investor's data:

a. to facilitate the acceptance, management and administration of the Investor's subscription for an Interest on an on-going basis;
b. for any other specific purposes where the Investor has given specific consent to do so;
c. to carry out statistical analysis, market research, and tracking of investment performance over time;
d. to comply with legal or regulatory requirements applicable to the SPV and any Administrator or the Investor, including, but not limited to, in connection with anti-money laundering and similar laws;
e. for disclosure or transfer to third parties including the Investor's financial adviser (where appropriate), regulatory bodies, auditors, technology providers or to the SPV, any Administrator, any Lead Investor, and their delegates or their duly appointed agents and any of their respective related, associated or affiliated companies for the purposes specified above;
1. If the contents thereof are relevant to any issue in any action, suit or proceeding to which the LLC, the SPV, any Administrator, any Lead Investor, or their affiliates are a party or by which they are or may be bound;
g. for other legitimate business of the LLC, the SPV, any Administrator, or any Lead Investor.

5.2. The Investor acknowledges and agrees that it will provide additional information or take such other actions as may be necessary or advisable for the SPV or any Administrator (in the sole judgment of the SPV and/or any Administrator) to comply with any disclosure and compliance policies, related legal process or appropriate requests (whether formal or informal) or otherwise.
5.3. The Investor agrees and consents to disclosure by the LLC, the SPV and any of their agents, including any Administrator or any Lead Investor, to relevant third parties of information pertaining to the Investor in respect of disclosure and compliance policies or information requests related thereto. Without limiting the generality of the foregoing, the Investor agrees that information about the Investor may be provided to the Company in whose securities a SPV will or proposes to invest.
5.4. The Investor authorizes the LLC, the SPV, any Administrator, and each SPV service provider to disclose the Investor's nonpublic personal information to comply with regulatory and contractual requirements applicable to the SPV and its investments. Any such disclosure shall be permitted notwithstanding any privacy policy or similar restrictions regarding the disclosure of the Investor's nonpublic personal information.

# 6. Key Risk Factors

6.1. The Investor understands that investment in a SPV may involve a complete loss of the Investor's investment. In this regard, the Investor understands that such venture investments involve a high degree of risk, and that many or most venture company investments lose money. An Investor may ultimately receive cash, securities, or a combination of cash and securities (and in many cases nothing at all). If the Investor receives securities, the securities may not be publicly traded, and may not have any significant value.
6.2. The Investor understands and agrees that the Interests are subject to restrictions on transfer and cannot be redeemed. Instead, an Investor typically must hold his or her Interest in a SPV until the SPV has sold or otherwise disposed of its investments and the SPV distributes its investments to the investors in the SPV (a "Liquidation Event"). An Investor typically will not receive any distributions until such a Liquidation Event (and may not receive anything even upon a Liquidation Event), which may not occur for many years. The Investor must therefore bear the economic risk of holding their investment for an indefinite period of time.

6.3. The Investor understands and agrees that the Interests: (a) have not been registered under the Securities Act or any other law of the United States, or under the securities laws of any state or other jurisdiction, and therefore an Interest cannot be resold, pledged, assigned or otherwise disposed of unless it is so registered or an exemption from registration is available; and (b) can only be transferred as permitted under Regulation Crowdfunding and subject to the terms and conditions of this Agreement.

6.4. The Investor understands that no guarantees have been made to the Investor about future performance or financial results of the SPV, and an investment in the SPV may result in a gain or loss upon termination or liquidation of the SPV. It is possible that the investors in a SPV will have "phantom income," which could require them to pay taxes on their investment in a SPV even though the SPV does not distribute any income (or does not distribute sufficient income to pay the taxes).

6.5. The Investor understands and agrees that the SPV was formed by and is operated by Wefunder Admin, LLC on behalf of the Company. Investors will have no right to manage or influence the management of any SPV or of the LLC.

6.6. The Investor understands and agrees that the Company may appoint a Lead Investor and that, if appointed, pursuant to a power of attorney granted by the Investor in the Investor Agreement, the Lead Investor will exercise voting authority on behalf of the Investor with respect to the SPV securities the Investor owns.

6.7. The Investor represents that he or she has read and understands the risk factors contained in the Company Information. The Investor understands and agrees that each Company is solely responsible for providing risk factors, conflicts of interest, and other disclosures that investors should consider when investing in securities issued by that Company (including through a SPV), and that the Wefunder Parties have no ability to assure, and have not in any way assured, that any or all such risk factors, conflicts of interest and other disclosures have been presented fully and fairly, or have been presented at all.

6.8. The Investor understands that any privacy statements, reports or other communications regarding the SPV and the Investor's investment in the SPV (including annual and other updates, and tax documents) will be delivered via electronic means, including through wefunder.com. The Investor hereby consents to electronic delivery as described in the preceding sentence. In so consenting, the Investor acknowledges that email messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with, with or without the knowledge of the sender or the intended recipient. The Investor also acknowledges that an email from the Wefunder Parties may be accessed by recipients other than the Investor and may be interfered with, may contain computer viruses or other defects and may not be successfully replicated on other systems. No Wefunder Party gives any warranties in relation to these matters.

6.9. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number under penalties of perjury, and attest that the Investor has not been notified by the Internal Revenue Service that he, she or it is subject to backup withholding, the SPV will be required to withhold from any proceeds otherwise payable to the Investor an amount necessary to satisfy the SPV's backup withholding obligations.

6.10. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number to the SPV, the SPV will withhold from any proceeds otherwise payable to the Investor an amount necessary for the SPV to satisfy its tax withholding obligations with respect to such amount. The SPV may also withhold any other amounts representing the SPV's reasonable estimation of penalties that may be charged by the Internal Revenue Service or any other taxing authority as a result of the Investor's failure to provide a valid taxpayer identification number.

# 7. Compliance With Anti-Money Laundering Laws.

7.1. The Investor represents and warrants that the Investor's investment was not directly or indirectly derived from illegal activities, including any activities that would violate U.S. Federal or State laws or any laws and regulations of other countries.

7.2. The Investor acknowledges that U.S. Federal law, regulations and Executive Orders administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") may prohibit the SPV, any Administrator, or any Lead Investor from, among other things, engaging in transactions with, and the provision of services to, persons on the list of Specially Designated Nationals and Blocked Persons and persons, foreign countries and territories that are the subject of U.S. sanctions administered by OFAC (collectively, the "OFAC Maintained Sanctions").

7.3. The Investor acknowledges that the SPV prohibits the investment of funds by any persons or entities that are (i) the subject of OFAC Maintained Sanctions, (ii) acting, directly or indirectly, in contravention of any applicable laws and regulations, including anti-money laundering regulations or conventions, or on behalf of persons or entities subject to an OFAC Maintained Sanction, (iii) acting, directly or indirectly, for a senior foreign political figure, any member of a senior foreign political figure's immediate family or any close associate of a senior foreign political figure, unless the SPV, after being specifically notified by the Investor in writing that it is such a person, conducts further due diligence, and determines that such investment shall be permitted, or (iv) acting, directly or indirectly, for a foreign shell bank (such persons or entities in (i) - (iv) are collectively referred to as "Prohibited Persons"). The Investor represents and warrants that it is not, and is not acting directly or indirectly on behalf of, a Prohibited Person.

7.4. To the extent the Investor has any beneficial owners, (i) it has carried out thorough due diligence to establish the identities of such beneficial owners, (ii) based on such due diligence, the Investor reasonably believes that no such beneficial owners are Prohibited Persons, (iii) it holds the evidence of such identities and status and will maintain all such evidence for at least five years from the date of the liquidation or termination of the SPV, and (iv) it will make available such information and any additional information requested by the SPV that is required under applicable regulations.

7.5. The Investor acknowledges and agrees that the SPV or any Administrator may "freeze the account" of the Investor, including, but not limited to, by suspending distributions from the SPV to which the Investor would otherwise be entitled, if necessary to comply with anti-money laundering statutes or regulations.

7.6. The Investor acknowledges and agrees that the SPV and/or any Administrator, in complying with anti-money laundering statutes, regulations and goals, may file voluntarily and/or as required by law suspicious activity reports ("SARs") or any other information with governmental and law enforcement agencies that identify transactions and activities that the SPV or any Administrator or their agents reasonably determine to be suspicious, or is otherwise required by law. The Investor acknowledges that the LLC, the SPV, and any Administrator are prohibited by law from disclosing to third parties, including the Investor, any filing or the substance of any SARs.

7.7. The Investor agrees that, upon the request of the LLC, the SPV, or any Administrator, it will provide such information as the LLC, the SPV, or any Administrator requires to satisfy applicable anti-money laundering laws and regulations, including, without limitation, background documentation about the Investor

# 8. Regulatory Provisions

8.1. The Investor understands that no federal or state agency has passed upon the Interests or made any findings or determination as to the fairness of this investment.

8.2. The Investor certifies that the information contained in the executed copy of Form W-9 submitted to the SPV (if any) and/or the taxpayer identification provided to the SPV is correct. The Investor agrees to provide such other documentation as the SPV determines may be necessary for the SPV to fulfill any tax reporting and/or withholding requirements.

8.3. The Investor understands and agrees that the Company may cause the SPV to make an election under Section 754 of the Internal Revenue Code (the "Code") or an election to be treated as an "electing investment partnership" for purposes of Section 743 of the Code. If the SPV elects to be treated as an electing investment partnership, the Investor shall cooperate with the SPV to maintain that status and shall not take any action that would be inconsistent with such election. Upon request, the Investor shall provide the SPV with any information necessary to allow the SPV to comply with (a) its obligations to make tax basis adjustments under Section 734 or 743 of the Code and (b) its obligations as an electing investment partnership.

8.4. The Investor consents to receive any Schedule K-1 (Partner's Share of Income, Deductions, Credits, etc.) from the SPV electronically via email, the Internet and/or another electronic reporting medium in lieu of paper copies. The Investor agrees that it will confirm this consent electronically at a future date in a manner set forth by the Company at such time and as required by the electronic receipt consent rules set forth by the Internal Revenue Service. The Investor may request a paper copy of the Investor's Schedule K-1 by contacting Wefunder Inc. at support@wefunder.com or such other email address as specified on the wefunder.com platform. Requesting a paper copy will not constitute a withdrawal of the Investor's consent to receive reports or other communications, including Schedule K-1, electronically. The Investor may withdraw its consent for electronic delivery or change its contact preferences for such delivery at any time by writing to support@wefunder.com or such other email address as specified on the wefunder.com platform. Such withdrawal will take effect promptly after receipt, unless otherwise agreed upon. Upon receipt of a withdrawal request, the SPV will confirm the withdrawal and the date on which it takes effect in writing (either electronically or on paper). A withdrawal of consent does not apply to a statement that was furnished electronically before the date on which the withdrawal of consent takes effect. The SPV will cease providing information electronically upon termination of the SPV. Notwithstanding the Investor's consent to receive materials electronically, the Investor still may be required to print and attach its Schedule K-1 to a federal, state or local tax return.

# 9. Miscellaneous Provisions

# 9.1. Indemnification

9.1.1. The Investor agrees to indemnify and hold harmless the LLC, the SPV, any Administrator, any Lead Investor, or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them, and each other person, if any, who controls, is controlled by, or is under common control with, any of the foregoing, within the meaning of Section 15 of the Securities Act, and their respective officers, directors, partners, members, shareholders, owners, employees and agents (collectively, the "Indemnified Parties") against any and all loss, liability, claim, damage and expense whatsoever (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) arising out of or based upon (i) any false representation or warranty made by the Investor, or breach or failure by the Investor to comply with any covenant or agreement made by the Investor, in this Subscription Agreement or in any other document furnished by the Investor to any of the foregoing in connection with this transaction, or (ii) any action for securities law violations instituted by the Investor that is finally resolved by judgment against the Investor.

9.1.2. The Investor also agrees to indemnify each Indemnified Party for any and all costs, fees and expenses (including legal fees and disbursements) in connection with any damages resulting from the Investor's misrepresentation or misstatement contained herein, or the assertion of the Investor's lack of proper authorization from the beneficial owner to enter into this Subscription Agreement or perform the obligations hereof.

9.1.3. The Investor agrees to indemnify and hold harmless each Indemnified Party from and against any tax, interest, additions to tax, penalties, reasonable attorneys' and accountants' fees and disbursements, together with interest on the foregoing amounts at a rate determined by the SPV or any Administrator computed from the date of payment through the date of reimbursement, arising from the failure to withhold and pay over to the U.S. Internal Revenue Service or the taxing authority of any other jurisdiction any amounts computed, as required by applicable law, with respect to the income or gains allocated to or amounts distributed to the Investor with respect to its Interest during the period from the Investor's acquisition of the Interest until the Investor's transfer of the Interest in accordance with this Agreement, the LLC Agreement, and Regulation Crowdfunding.

9.1.4. If for any reason (other than the willful misfeasance or gross negligence of the entity that would otherwise be indemnified) the foregoing indemnification is unavailable to, or is insufficient to hold such Indemnified Party harmless, then the Investor shall contribute to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Investor on the one hand and the Indemnified Parties on the other but also the relative fault of the Investor and the Indemnified Parties, as well as any relevant equitable considerations.

9.1.5. The reimbursement, indemnity and contribution obligations of the Investor under this section shall be in addition to any liability that the Investor may otherwise have, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Indemnified Parties.

9.2. Limitation of Liability. The LLC is a Delaware "multi-series" limited liability company. As a multi-series limited liability company, the LLC may operate multiple series with the benefit of segregation of assets and liabilities among each of its series pursuant to the Delaware Limited Liability Company Act, as amended (the "Delaware Act"). Accordingly, the Investor hereby agrees that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a series (including the SPV) shall be enforceable against the assets of that series only and not against the LLC generally or the assets of any other series. In addition, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the LLC generally, or any particular series, shall be enforceable against the assets of any other series.

9.3. **Counsel** The Investor understands that Morrison & Foerster LLP serves as legal counsel on certain matters to Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC and Wefunder Advisors, LLC and not to the SPV or any Investor by virtue of its investment in the SPV, and that no independent counsel has been retained to represent the SPV or Investors in the SPV. The Investor also understands that Morrison & Foerster LLP has not independently verified any factual assertions made in the Company Information or on the Wefunder website and is not responsible for the SPV's compliance with its investment program or applicable law.

9.4. **Power of Attorney** The Investor hereby appoints each of the Company and Wefunder Admin, LLC as its true and lawful representative and attorney-in-fact, in its name, place and stead to make, execute, sign, acknowledge, swear to and file:

9.4.1. a Certificate of Formation of the LLC and any amendments required under the Delaware Act
9.4.2. the LLC Agreement and any duly adopted amendments;
9.4.3. any and all instruments, certificates and other documents that may be deemed necessary or desirable to effect the winding-up and termination of the LLC or the SPV (including a Certificate of Cancellation of the Certificate of Formation); and
9.4.4. any business certificate, fictitious name certificate, related amendment or other instrument or document of any kind necessary or desirable to accomplish the LLC's or the SPV's business, purpose and objectives or required by any applicable U.S., state, local or other law.

This power of attorney is coupled with an interest, is irrevocable, and shall survive and shall not be affected by the subsequent death, disability, incompetency, termination, bankruptcy, insolvency or dissolution of the Investor; provided, however, that this power of attorney will terminate upon the substitution of another SPV member for all of the Investor's investment in the LLC or the SPV or upon the liquidation or termination of the LLC or the SPV. The Investor hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of the LLC, the SPV, and any Administrator taken in good faith under this power of attorney.

# 9.5. Confidentiality

9.5.1. The Investor agrees that the Company Information and all financial statements (if any), tax reports (if any), portfolio valuations (if any), private placement memoranda (if any), reviews or analyses of potential or actual investments (if any), reports or other materials prepared or produced by the SPV and/or any Administrator and all other documents and information concerning the affairs of the SPV and/or the Fund's investments, including, without limitation, information about the Company, and/or the persons directly or indirectly investing in the SPV (collectively, the "Confidential Information") that the Investor may receive pursuant to or in accordance with the use of the Wefunder website, an investment in one or more SPVs, or otherwise as a result of its ownership of an Interest in the SPV, constitute proprietary and confidential information about the SPV, any Administrator, and/or any Lead Investor (the "Affected Parties").

9.5.2. The Investor acknowledges that the Affected Parties derive independent economic value from the Confidential Information not being generally known and that the Confidential Information is the subject of reasonable efforts to maintain its secrecy. The Investor further acknowledges that the Confidential Information is a trade secret, the disclosure of which is likely to cause substantial and irreparable competitive harm to the Affected Companies or their respective businesses. The Investor shall not reproduce any of the Confidential Information or portion thereof or make the contents thereof available to any third party other than a disclosure on a need-to-know basis to the Investor's legal, accounting or investment advisers, auditors and representatives (collectively, "Advisers"), except to the extent compelled to do so in accordance with applicable law (in which case the Investor shall promptly notify the SPV of the Investor's obligation to disclose any Confidential Information) or with respect to Confidential Information that otherwise becomes publicly available other than through breach of this provision by the Investor.

9.5.3. To the fullest extent permitted by law, the Investor agrees not to request disclosure or inspection of any such information after the Investor is notified (whether in response to the Investor's request for information or otherwise) that the SPV has determined not to disclose such information.

9.5.4. The Investor agrees that the LLC, the SPV, and the SPV service providers would be subject to potentially irreparable injury as a result of any breach by the Investor of the covenants and agreements set forth in this Item 9.5, and that monetary damages would not be sufficient to compensate or make whole the LLC, the SPV, and the SPV services providers for any such breach. Accordingly the Investor agrees that the LLC, the SPV, and the SPV service providers shall be entitled to equitable and injunctive relief, on an emergency, temporary, preliminary and/or permanent basis, to prevent any such breach or the continuation thereof.

9.6. Amendments. Neither this Subscription Agreement nor any term hereof may be supplemented, changed, waived, discharged or terminated except with the written consent of the Investor and the Company on behalf of the relevant SPV. For the sake of clarity, the restriction on the Company in the preceding sentence applies solely to the form of this Subscription Agreement applicable to SPVs that have had a closing, and does not prevent the Company from changing the form and content of this Subscription Agreement for use in offerings of SPVs that have not had a closing.

9.7. Assignability and Transferability. This Subscription Agreement is not transferable or assignable by the Investor without the prior written consent of the Company on behalf of the SPV, and any transfer or assignment in violation of this provision shall be null and void. The Interests in the SPV being acquired by Investor herein may only be transferred by Investor in compliance with Regulation Crowdfunding and the terms and conditions of this Agreement. If Investor seeks to transfer the Interests, Investor shall first give written notice to the Company and Wefunder Admin, LLC, including the number of Interests that Investor desires to transfer, the proposed price, the name and contact information of the proposed buyer, and any other information that the Company or Wefunder Admin, LLC may reasonably request. To the extent possible, such notice shall be provided through the Wefunder.com website. Any transfer of Interests shall be subject to execution by Investor and the proposed transferee of appropriate documentation, as may be required by the Company or Wefunder Admin, LLC, in their discretion. Investor further acknowledges that pursuant to the LLC Agreement, Wefunder Admin, LLC (as Series Manager of the SPV), may impose additional restrictions on or prohibit the Transfer of Interests for any reason or no reason, in its sole discretion.

9.8. **Repurchase.** In the event that the SPV or any Administrator determines that it is likely that within twelve (12) months the securities of the SPV or the Company will be held of record by a number of persons that would require the SPV or the Company to register a class of its equity securities under the Securities Exchange Act of 1934, as amended ('Exchange Act'), as required by Section 12(g) or 15(d) thereof, the SPV shall have the option to repurchase the Interests from each Investor to the extent necessary to avoid the requirement to register a class of its securities under the Exchange Act. Such repurchase of Interests shall be for the greater of (i) the purchase price of the Interests, or (ii) the fair market value of the Interests, as determined by an independent appraiser of securities chosen by the Administrator. Any such repurchase may only occur with the consent of Wefunder Admin, LLC, as Series Manager of the SPV.

9.9. **Governing Law.** Consent to Jurisdiction. Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed under the laws of the State of Delaware. Any action or proceeding brought by the SPV or any SPV service provider against one or more investors in the SPV relating in any way to this Subscription Agreement or the LLC Agreement may, and any action or proceeding brought by any other party against the SPV or any SPV service provider relating in any way to this Subscription Agreement or the Company Information shall, be brought and enforced in the state courts of the State of Delaware located in Wilmington or (to the extent subject matter jurisdiction exists therefore) in the courts of the United States located in the District of Delaware; and the Investor and the SPV irrevocably submit to the jurisdiction of both such state and federal courts in respect of any such action or proceeding. The Investor and the SPV irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to laying the venue of any such action or proceeding in the courts of the State of Delaware located in Wilmington or in the courts of the United States located in the District of Delaware and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

9.10. **Severability.** If any provision of this Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof that may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.

9.11. **Headings.** The headings in this Subscription Agreement are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

9.12. **General.** This Subscription Agreement shall be binding upon the Investor and the legal representatives, successors and assigns of the Investor, shall survive the admission of the Investor as a member of a SPV, and shall, if the Investor consists of more than one person, be the joint and several obligation of all such persons.

*[Remainder of page intentionally left blank. Signature page follows.]*

The undersigned have executed this instrument as of the date first above written.

SPV

Ovenly I, as series of Wefunder SPV, LLC
By: Wefunder Admin, LLC, its Manager

By: Founder Signature

Date:

Name: Nicholas Tommarello

Title: Chief Executive Officer

Investor

[INVESTOR NAME]

By: Investor Signature

Date:

CONTACT INFORMATION:

Name: [INVESTOR NAME]

Mailing Address:

City:

Country:

E-mail:

# TERMS APPENDIX FOR THE PURCHASE OF QYENLY,
LLC SECURITIES BY QYENLY I. A SERIES OF
WEFUNDER SPV, LLC. A DELAWARE LIMITED
LIABILITY COMPANY

**Type of Security:** Priced Round

**Terms** $2.57 per share and a $5.83M pre-money valuation

To view a copy of the contract, please see **Appendix B, Investor Contracts** of
the Form C. The latest Form C or C/A filing be found here:
https://www.sec.gov/cgi-bin/srch-edgar?text=%28FORM-
TYPE%3DC%2FA+or+FORM-
TYPE%3DC%29+and+CIK%3D0001962120&first=2016

**Attachment 5:** `document_5.pdf`

**Ovenly, LLC** (the “Company”) a New York Limited Liability Company

Consolidated Financial Statements (unaudited) and
Independent Accountant’s Review Report

Years ended December 31, 2021 & 2022

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

## INDEPENDENT ACCOUNTANT'S REVIEW REPORT

To Management Ovenly, LLC

We have reviewed the accompanying Consolidated financial statements of the Company which comprise the statement of financial position as of December 31$^{st}$, 2021 & 2022 and the related statements of operations, statement of changes in member equity, and statement of cash flows for the years then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management’s financial data and making inquiries of Company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

### Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal controls relevant to the preparation and fair presentation of financial statements that are free from material misstatement whether due to fraud or error.

### Accountant’s Responsibility

Our responsibility is to conduct the review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA. Those standards require us to perform procedures to obtain limited assurance as a basis for reporting whether we are aware of any material modifications that should be made to the financial statements for them to be in accordance with accounting principles generally accepted in the United States of America. We believe that the results of our procedures provide a reasonable basis for our conclusion.

### Accountant’s Conclusion

Based on our review, we are not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in accordance with accounting principles generally accepted in the United States of America.

### Going Concern

As discussed in Note 8, certain conditions indicate that the Company may be unable to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs.

Vince Mongio, CPA, CIA, CFE, MACC

*Vincenzo Mongio*

# **Statement of Financial Position**

|  | As of December 31, |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| ASSETS |  |  |
| Current Assets |  |  |
| Cash and Cash Equivalents | 214,220 | 377,000 |
| Accounts Receivable | 9,523 | 4,888 |
| Prepaid Expenses | 46,077 | 12,757 |
| Inventory | 53,316 | 77,169 |
| Other Assets | 26,655 | 26,755 |
| Total Current Assets | 349,791 | 498,569 |
| Non-current Assets |  |  |
| Furniture, Equipment, Leased Equipment, and Leasehold Improvements, net of Accumulated Depreciation | 511,264 | 544,745 |
| Intangible Assets: Branding & Trademarks, Software Development, Capital Restructuring Fees, Architectural & Design Fees, and Miscellaneous Other, net of Accumulated Depreciation | 14,669 | 41,899 |
| Deposits | 121,131 | 100,376 |
| Loan Receivable - Related Party | 22,000 | 22,000 |
| Total Non-Current Assets | 669,063 | 709,019 |
| TOTAL ASSETS | 1,018,853 | 1,207,588 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Accounts Payable | 357,923 | 198,496 |
| Accrued Liabilities | 28,769 | 16,461 |
| Customer Deposits | 8,604 | 11,550 |
| Gift Card Liability | 17,493 | 13,031 |
| Current Portion Equipment Lease Payable | 16,866 | 16,866 |
| Current Portion Notes Payable | 350,067 | 377,848 |
| Accrued Interest | 37,493 | 32,272 |
| Other Liabilities | 11,275 | 11,737 |
| Total Current Liabilities | 828,489 | 678,261 |
| Long-term Liabilities |  |  |
| Equipment Lease Payable | 5,393 | 22,259 |
| Notes Payable | 783,010 | 732,185 |
| Total Long-Term Liabilities | 788,403 | 754,444 |
| TOTAL LIABILITIES | 1,616,892 | 1,432,705 |
| EQUITY |  |  |
| Member's Equity | 281,381 | 211,152 |
| Accumulated Deficit | (879,420) | (436,269) |
| Total Equity | (598,039) | (225,117) |
| TOTAL LIABILITIES AND EQUITY | 1,018,853 | 1,207,588 |

### Statement of Operations

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| Revenue | 3,247,485 | 2,838,978 |
| Cost of Revenue | 1,010,734 | 711,263 |
| Gross Profit | 2,236,751 | 2,127,715 |
| Operating Expenses |  |  |
| Advertising and Marketing | 9,120 | 5,365 |
| General and Administrative | 2,492,374 | 2,196,275 |
| Research and Development | - | 55 |
| Rent and Lease | 379,581 | 264,944 |
| Depreciation | 26,796 | 26,796 |
| Amortization | 44,710 | 54,429 |
| Total Operating Expenses | 2,952,581 | 2,547,863 |
| Operating Income (loss) | (715,830) | (420,148) |
| Other Income |  |  |
| Other | 361,150 | 410,100 |
| Total Other Income | 361,150 | 410,100 |
| Other Expense |  |  |
| Interest Expense | 77,403 | 99,092 |
| Other | 11,068 | 9,199 |
| Total Other Expense | 88,471 | 108,291 |
| Earnings Before Income Taxes | (443,151) | (118,339) |
| Provision for Income Tax Expense/(Benefit) | - | - |
| Net Income (loss) | (443,151) | (118,339) |

### Statement of Changes in Member Equity

|  | Member Capital $ Amount | Accumulated Adjustments | Accumulated Deficit | Total Member Equity |
| --- | --- | --- | --- | --- |
| Beginning Balance at 1/1/2021 | 211,152 | - | (317,930) | (106,778) |
| Net Income (Loss) | - | - | (118,339) | (118,339) |
| Ending Balance 12/31/2021 | 211,152 | - | (436,269) | (225,117) |
| Capital Contributions | 70,229 | - | - | 70,229 |
| Net Income (Loss) | - | - | (443,151) | (443,151) |
| Ending Balance 12/31/2022 | 281,381 | - | (879,420) | (598,039) |

# **Statement of Cash Flows**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2022 | 2021 |
| OPERATING ACTIVITIES |  |  |
| Net Income (Loss) | (443,151) | (118,339) |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| Depreciation | 26,796 | 26,796 |
| Amortization | 44,710 | 54,429 |
| Accounts Payable and Accrued Expenses | 159,426 | (38,613) |
| Accrued Interest | 5,221 | (6,583) |
| Inventory | 23,854 | (21,721) |
| Customer Deposits | (2,946) | 2,845 |
| Prepaids | (33,320) | 13,776 |
| Accounts Receivables | (4,635) | 302,322 |
| PPP Loan Forgiveness | (361,000) | (410,100) |
| Other | 16,408 | (16,787) |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | (125,486) | (93,635) |
| Net Cash provided by (used in) Operating Activities | (568,637) | (211,974) |
| INVESTING ACTIVITIES |  |  |
| Equipment, Lease Assets, and Leasehold Improvements | (6,745) | (292,165) |
| Software Development, Architectural & Design Fees, Restructuring Fees, | (4,050) | (35,800) |
| Security Deposit | (20,755) | (25,960) |
| Net Cash provided by (used by) Investing Activities | (31,550) | (353,926) |
| FINANCING ACTIVITIES |  |  |
| Notes Payables | 384,044 | 330,714 |
| Equipment Lease Payable | (16,866) | (16,866) |
| Member's Equity | 70,229 | - |
| Net Cash provided by (used in) Financing Activities | 437,406 | 313,848 |
| Cash at the beginning of period | 377,000 | 629,052 |
| Net Cash increase (decrease) for period | (162,780) | (252,052) |
| Cash at end of period | 214,219 | 377,000 |

# **Ovenly, LLC**  
**Notes to the Unaudited Financial Statements**  
**December 31st, 2022**  
**\$USD**

# **NOTE 1 - ORGANIZATION AND NATURE OF ACTIVITIES**

Ovenly, LLC (“the Company”) was formed in New York on September 15th, 2010. The Company earns revenue through its’ retail, wholesale, catering, and e-commerce business. The Company is based in New York City, with four bakeshops in Brooklyn and one bakeshop in Manhattan and a central commissary at its’ flagship bakeshop in Greenpoint, Brooklyn. The Company’s customers are located in the United States.

The Company will conduct a crowdfunding campaign under regulation CF in 2023 to raise operating capital.

# **NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

# Basis of Presentation

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our fiscal year ends on December 31. The Company has no interest in variable interest entities and no predecessor entities.

# Basis of Consolidation

The financials of the Company include its wholly-owned subsidiaries, Franklinly LLC, Flatbushly LLC, Kently, LLC, Vanderbiltly LLC, which are all New York entities. All significant intercompany transactions are eliminated

# Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

# Cash and Cash Equivalents

Cash and cash equivalents include all cash balances, and highly liquid investments with maturities of three months or less when purchased.

# Fair Value of Financial Instruments

ASC 820 “*Fair Value Measurements and Disclosures*” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:

Level 1: defined as observable inputs such as quoted prices in active markets;

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

## Concentrations of Credit Risks

The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

## Revenue Recognition

The Company recognizes revenue from the sale of products and services in accordance with ASC 606, "Revenue Recognition" following the five steps procedure:

Step 1: Identify the contract(s) with customers

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to performance obligations

Step 5: Recognize revenue when or as performance obligations are satisfied

The Company's primary performance obligation is the delivery of products. Revenue is recognized at the time of shipment, or at the point of sale for in-store sales, net of estimated returns. Coincident with revenue recognition, the Company establishes a liability for expected returns and records an asset (and corresponding adjustment to cost of sales) for its right to recover products from customers on settling the refund liability.

## Other Income

The Company had other income of $361,150 and $410,100 in 2022 and 2021, respectively, primarily as a result of PPP loan forgiveness. See the Note 5 - Liabilities and Debt disclosure below for additional details.

## Property and Equipment

Property and equipment are recorded at cost. Expenditures for renewals and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Expenditures for maintenance and repairs are charged to expense. When equipment is retired or sold, the cost and related accumulated depreciation are eliminated from the accounts and the resultant gain or loss is reflected in income. Depreciation is provided using the straight-line method, based on useful lives of the assets.

The Company reviews the carrying value of property and equipment for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized as equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition, and other economic factors. Based on this assessment there was no impairment for December 31, 2022.

A summary of the Company's property and equipment is below.

| Property Type | Useful Life in Years | Cost | Accumulated Depreciation | Disposals | Book Value as of 12/31/22 |
| --- | --- | --- | --- | --- | --- |
| Equipment | 5-7 | 351,381 | (130,360) | - | 221,020 |
| Furniture & Fixtures | 10 | 78,051 | (32,159) | - | 45,891 |
| Leasehold Improvements | 15 | 861,822 | (639,730) | - | 222,092 |
| Leased Equipment | 5 | 30,296 | (8,036) | - | 22,260 |
| Grand Total | - | 1,321,549 | (810,285) | - | 511,264 |

### Capitalized Internal-Use Software Costs

We are required to follow the guidance of Accounting Standards Codification 350 (“ASC 350”), Intangibles- Goodwill and Other in accounting for the cost of computer software developed for internal-use and the accounting for web-based product development costs. ASC 350 requires companies to capitalize qualifying computer software costs, which are incurred during the application development stage, and amortize these costs on a straight-line basis over the estimated useful life of the respective asset.

Costs related to preliminary project activities and post implementation activities are expensed as incurred. Internal-use software is amortized on a straight-line basis over its estimated useful life which is determined to be 3 years.

| Property Type | Useful Life in Years | Cost | Accumulated Amortization | Disposals | Book Value as of 12/31/22 |
| --- | --- | --- | --- | --- | --- |
| Branding & Trademarks | 15 | 75,006 | (69,189) | - | 5,817 |
| Capital Restructuring Fees | 15 | 50,964 | (47,012) | - | 3,952 |
| Software Development | 3 | 36,938 | (34,073) | - | 2,864 |
| Architectural & Design Fees | 15 | 20,935 | (19,311) | - | 1,623 |
| Other | 15 | 5,313 | (4,901) | - | 412 |
| Grand Total | - | 189,155 | (174,486) | - | 14,669 |

### Accounts Receivable

Trade receivables due from customers are uncollateralized customer obligations due under normal trade terms. Trade receivables are stated at the amount billed to the customer. Payments of trade receivables are allocated to the specific invoices identified on the customer's remittance advice or, if unspecified, are applied to the earliest unpaid invoices. Payments are generally collected upfront, but some of the merchants that products are sold through have a delay between collecting from the customer and sending to the Company.

The Company estimates an allowance for doubtful accounts based upon an evaluation of the current status of receivables, historical experience, and other factors as necessary. It is reasonably possible that the Company’s estimate of the allowance for doubtful accounts will change.

### Inventory

The Company had inventory of $53,316 as of December 31$^{st}$, 2022. The Company performs monthly inventory counts and values its inventory using the FIFO (First-In, First-Out) Method.

### Advertising Costs

Advertising costs associated with marketing the Company’s products and services are generally expensed as costs are incurred.

### General and Administrative

General and administrative expenses consist of payroll and related expenses for employees and independent contractors involved in general corporate functions, including accounting, finance, tax, legal, business development, and other miscellaneous expenses.

### Rent and Lease

The Company leases its flagship retail store and production kitchen under a 2nd amended lease (5-year lease with two 5-year extensions) requiring monthly payments of $9,828. The current lease expires on December 31$^{st}$, 2026.

The Company leases its Flatbush retail space under a 15-year operating lease requiring monthly payments of $4,000 through March 31, 2023. The current lease expires on March 31$^{st}$, 2032.

The Company leases its Williamsburg retail space under a 10-year operating lease requiring base monthly payments of $3,609 through April 30$^{th}$, 2023. The current lease expires on April 30, 2027.

The Company leases its Cobble Hill retail space under a 10-year operating lease requiring monthly payments of $5,000. The current lease expires on June 30$^{th}$, 2031.

The Company leases its West Village retail space under a 10-year operating lease requiring monthly payments of $6,833 through June 30$^{th}$, 2023. The current lease expires on June 30$^{th}$, 2031.

The Company leases its office space under a month-by-month operating lease requiring monthly payments of $1,250. The current lease is cancelable upon one month’s prior written notice.

The security deposits from all of its leases totaled $121,131 as of December 31$^{st}$, 2022.

Future minimum lease payments are as follows:

| Year Ending December 31, | Payments |
| --- | --- |
| 2023 | $417,501 |
| 2024 | $444,782 |
| 2025 | $458,928 |
| 2026 | $473,486 |
| 2027 | $327,629 |
| Thereafter | $1,243,645 |

#### Equity Based Compensation

The Company did not have any equity-based compensation as of December 31$^{st}$, 2022.

#### Income Taxes

The Company is a pass-through entity therefore any income tax expense or benefit is the responsibility of the company’s owners. As such, no provision for income tax is recognized on the Statement of Operations.

#### Recent Accounting Pronouncements

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our financial statements.

### **NOTE 3 - RELATED PARTY TRANSACTIONS**

The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions.

The Company loaned a cofounder $22,000. The loan does not accrue interest and is due on demand. The balance of the loan receivable was $22,000 as of December 31$^{st}$, 2022.

#### **NOTE 4 - COMMITMENTS, CONTINGENCIES, COMPLIANCE WITH LAWS AND REGULATIONS**

We are currently not involved with or know of any pending or threatening litigation against the Company or any of its officers. Further, the Company is currently complying with all relevant laws and regulations. The Company does not have any long-term commitments or guarantees.

#### **NOTE 5 - LIABILITIES AND DEBT**

##### **Capital Leases Payable:**

In 2019, the Company entered into an equipment financing lease agreement for $87,915 with a fixed interest amount of 32.88% and a maturity date of February 1$^{st}$, 2024. The balance of the lease payable was $22,259 as of December 31$^{st}$, 2022. The economic substance of the lease is that the Company is financing the acquisition of the assets through the lease, and, accordingly, it is recorded in the Company’s assets and liabilities.

The following is an analysis of the leased assets included in Property and Equipment:

| Property Type | Useful Life in Years | Cost | Accumulated Depreciation | Disposals | Book Value as of 12/31/22 |
| --- | --- | --- | --- | --- | --- |
| Leased Equipment | 5 | 30,296 | (8,036) | - | 22,259 |

##### **Minimum Lease Payments 5 Years Subsequent to 2022**

| Year Ending December 31, | Payment |
| --- | --- |
| 2023 | 16,866 |
| 2024 | 5,393 |
| 2025 | - |
| 2026 | - |
| 2027 | - |
| Thereafter | - |

##### **Notes Payable:**

In 2018, the Company entered into a loan agreement with a third party for $600,000 with an interest rate of 8% and a maturity date of October 25$^{th}$, 2025. The balance of this loan was $582,285 as of December 31$^{st}$, 2022. Accrued interest related to this loan was $24,467 as of December 31$^{st}$, 2022.

In 2016, the Company entered into a loan agreement for $99,000 with a cash interest rate of 10% and a Payment-in-Kind interest rate of 3% and a maturity date of December 1$^{st}$, 2021. The balance of this loan was $0 as of December 31$^{st}$, 2021.

In 2020, the Company entered into a loan agreement with the SBA’s Paycheck Protection Program for $410,100 with an interest rate of 1% and a maturity date of April 15$^{th}$, 2022. This loan was fully forgiven as of June 30$^{th}$, 2021. The balance of this loan was $0 as of December 31$^{st}$, 2021.

In 2021, the Company entered into a loan agreement with the SBA’s Paycheck Protection Program for $361,000 with an interest rate of 1% and a maturity date of January 21$^{st}$, 2023. This loan was fully forgiven as of January 10$^{th}$, 2022. The balance of this loan was $0 as of December 31$^{st}$, 2022.

In 2020, the Company entered into a loan agreement with the SBA for $150,000 with an interest amount of 3.75% and a maturity date of August 20th, 2050 and a repayment start date of February 1st, 2023. The balance of this loan was $149,900 as of December 31st, 2022.

In 2022, the Company entered into various merchant advance loans resulting in a balance of $400,892 as of December 31st, 2022. The loans had interest fees between 9.01% and 12.85% with maturity dates in 2024.

# *Debt Summary*

| Debt Instrument Name | Principal Amount | Interest Rate | Maturity Date | For the Year Ended December 2022 |  |  |  | For the Year Ended December 2021 |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  | Current Portion | Non-Current Portion | Total Indebtedness | Accrued Interest | Current Portion | Non-Current Portion | Total Indebtedness | Accrued Interest |
| Notes Payable | 600,000 | 8% | 2025 | 77,809 | 504,476 | 582,285 | 24,467 | 16,848 | 582,285 | 599,133 | 24,467 |
| PPP Loan | 361,000 | 1% | 2023 | - | - | - | - | 361,000 | - | 361,000 | - |
| SBA Loan | 150,000 | 3.75% | 2050 | 4,997 | 144,903 | 149,900 | 13,026 | - | 149,900 | 149,900 | 7,805 |
| Merchant Loan Agreements | 424,400 | 9.01% - 12.85% | 2024 | 267,262 | 133,631 | 400,892 | - | - | - | - | - |
| Total |  |  |  | 350,067 | 783,010 | 1,133,077 | 37,493 | 377,848 | 732,185 | 1,110,033 | 32,272 |

# **Debt Principal Maturities 5  
Years Subsequent to 2022**

| Year | Amount |
| --- | --- |
| 2023 | 350,067 |
| 2024 | 239,185 |
| 2025 | 408,916 |
| 2026 | 4,997 |
| 2027 | 4,997 |
| Thereafter | 124,915 |

# **NOTE 6 - EQUITY**

The Company is a limited liability company wholly owned by multiple members with two different unit interests.

The Company has authorized 5,000,000 Common Units with a per unit purchase price of $2.571 per unit. 2,241,580.09 Common Units were issued and outstanding as of 2022.

**Voting:** Each holder of a Common Unit shall be entitled to cast one vote for each such Common Unit on any matter requiring the approval of the Common Units.

**Dividends:** The Board shall cause distributable cash to be distributed in cash to common unitholders at such times and in such amounts as shall be determined by the Board, pro rata in accordance with the percentage interests of the members.

The Company has authorized 250,000 Preferred Units with a per unit purchase price of $2.571 per unit. 27,316.22 Preferred Units were issued and outstanding as of December 31st, 2022.

**Voting:** Each holder of a Preferred Units shall be entitled to cast one vote for each such Preferred Unit on any matter requiring the approval of the Preferred Units.

**Dividends:** The holders of the Preferred Units are entitled to receive distributions of distributable cash (other than in connection with a capital transaction), pro rata in accordance with their percentage interest (treating the Preferred Units and Common Units as one class of Units) when and if declared by the Board of Managers. As of December 31, 2022, no distributable cash had been declared.

**Distributions Upon a Capital Transaction:** To each member with Preferred Units equal to the greater of (I) an amount equal to such Member's Unreturned Capital Contributions, solely in respect of each Preferred Unit, or (II) the amount equal to such Member's Percentage Interest (without any double counting, so calculated solely with respect

to the number of Preferred Units such Member holds) of the proceeds available for Distribution; and the balance of proceeds remaining for Distribution to each Member holding Common Units and Incentive Units in an amount equal to each such Member's Percentage Interest (without any double counting, so calculated solely with respect to the number of Common Units and/or Incentive Units such Member holds and not any Preferred Units) of the proceeds remaining available for Distribution.

**Liquidation Preference:** In the event of any liquidation, dissolution or winding up of the Company, the liquidator will distribute any remaining proceeds from the sale of the Company property to the Members (whether real or personal, and rights of any type owned or held by the Company) in accordance with their respective Percentage Interests. All distributions required shall be made to the Members by the end of the taxable year in which the liquidation occurs or, if later, within ninety days after the date of such liquidation.

#### **NOTE 7 - SUBSEQUENT EVENTS**

The Company has evaluated events subsequent to December 31, 2022 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through February 5, 2023, the date these financial statements were available to be issued. No events require recognition or disclosure.

#### **NOTE 8 - GOING CONCERN**

The accompanying balance sheet has been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The entity has realized losses every year since inception, incurred negative working capital and cash flows from operations, and may continue to generate losses.

During the next twelve months, the Company intends to finance its operations with funds from a crowdfunding campaign and revenue producing activities. The Company's ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs. No assurance can be given that the Company will be successful in these efforts. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities.

#### **NOTE 9 - RISKS AND UNCERTAINTIES**

##### ***COVID-19***

The spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility and a significant weakening. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses remains unclear currently. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

**Attachment 6:** `document_6.pdf`

Contact

www.linkedin.com/in/agatha-kulaga
(LinkedIn)

Top Skills

Food

New Business Development

Entrepreneurship

Languages

English (Native or Bilingual)

Polish (Native or Bilingual)

# Agatha Kulaga

CEO & Co-founder, Ovenly

Brooklyn, New York, United States

## Summary

Agatha Kulaga is the CEO and Co-founder of Ovenly, an award-winning social impact bakery known for innovative, sweet-salty treats. With five vibrant bakeshops, and an extensive wholesale and e-commerce reach, Kulaga continues to build a bakery empire in NYC and beyond. Her current work focuses on visioning, strategy, financial planning, business development, social and environmental impact programs, operations and scaling, retail expansion, and recipe development.

Kulaga has been recognized as one of New York's most "badass women in food" by Zagat and as one of the Cherry Bombe 100. She has been featured on Good Morning America, The Chew, and Vice Munchies, and in Food & Wine, New York Magazine, Food52, The Wall Street Journal, the New York Times, Vogue, among others. Kulaga co-authored Ovenly: Sweet & Salty Recipes from New York's Most Creative Bakery, with her business partner, which was named best book of the season by Bon Appetit and as one of top 100 books of 2014 by National Public Radio.

As a lifelong baker turned entrepreneur, with a previous career focused on social justice and social work, Kulaga firmly believes in the power of business to create positive social change. She has built a dynamic company committed to "radically responsible" business practices and has driven the company's social impact goals and policies around open hiring. Through partnerships with several non-profit organizations, Ovenly employs returning citizens, political refugees, and others from marginalized communities. Ovenly is also focused on creating quality jobs with meaningful benefits, responsible sourcing, and sustainable business practices.

Beyond Ovenly, Kulaga speaks about ethical entrepreneurship on panels and at events nationally. She is an Advisory Board Member for Women in Hospitality United, NationSwell Council Member, and Advisory Committee Member for The Center for Employment

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Opportunities. Kulaga also mentors young entrepreneurs and consults for start-up food businesses.

## Experience

Ovenly

CEO and Co-Founder

September 2010 - Present (12 years 6 months)

NYU School of Medicine, Department of Psychiatry

10 years 1 month

Clinical Director

May 2001 - May 2011 (10 years 1 month)

New York, New York

Mental Health and Addictive Disorders Research Program

Assistant Professor

2009 - 2011 (2 years)

New York, NY

## Education

New York University

Master's Degree · (2006 - 2009)

Boston University

Bachelor's Degree · (1997 - 2001)

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**Attachment 7:** `document_7.pdf`

Contact

www.linkedin.com/in/erinpatinkin
(LinkedIn)
erinpatinkin.com (Personal)

Top Skills

Marketing
Food
Art

Languages

Spanish (Professional Working)
English (Native or Bilingual)

# Erin Patinkin

Co-Founder Ovenly and Seemore; C-Suite Exec, Business Consultant & Growth Strategist
New York City Metropolitan Area

## Summary

I am co-founder/former CEO/Board Chair of Ovenly, an award-winning bakery in NYC, co-founder/former CEO of Seemore Meats & Veggies, and founding partner of House of Kajaana and Sweet Deliverance. I am also the creator, executive producer, and co-host of Start to Sale, a podcast that explores everything it takes to build a business on Vox. My business writing has been featured in Vice, Cherry Bombe, Lucky Peach, and more.

I've taken what I've learned founding and launching businesses to help other female entrepreneurs launch or scale theirs.

My consulting practice helps women and women-led teams scale, fundraise or launch. I help streamline operations, develop new brands and product lines, center founders around vision and mission, and create executable strategies that work. I call myself a specialized generalist, a term that reflects the menagerie of entrepreneurial skills I garnered leading and starting my own nationally recognized brands. I also incorporate sustainability and good jobs strategies in all of the work I do. You can find open-sourced resources addressing what it takes to start a business on Start to Sale, my podcast on Vox Media, and on my website erinpatinkin.com. Clients include Pop Up Grocer, Seed + Mill, and White Moustache.

Prior to becoming a food industry leader, I worked in social justice-oriented arts education, and women's rights nonprofits. As an entrepreneur, I've brought my passion for social justice into business. For example, at Ovenly, we partner with various nonprofit organizations to employ folks who have been denied economic opportunities like the formerly incarcerated. At all of my companies, we promote staff engagement through education and feedback systems, pay employees wages at the top of the industry, and provide full benefits.

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Besides my daily work, I have been featured on The Chew, Good Morning America, and Unique Sweets as well as in Inc magazine, Paper magazine, Food & Wine, Food52, and many others. I have been named as the Cherry Bombe 100, as one of the most 'badass' women in food in New York by Zagat, and as a 'world-changing woman' by Conscious Company magazine. My first cookbook, Ovenly: Sweet & Salty Recipes from New York's Most Creative Bakery, won numerous awards (best cookbook of the season by Savuer, Entertainment Weekly, Food & Wine, etc and one of the top books of the year by NPR) and was re-released in Jan 2020.

Visit www.erinpatinkin.com for more.

## Experience

### Start Up Consulting

Business Consultant & Growth Strategist

January 2017 - Present (6 years 2 months)

New York, United States

I help entrepreneurs launch, start-ups scale, and corporates market to younger consumers.

### Ovenly

12 years 6 months

### Co-Founder & Board Member

December 2019 - Present (3 years 3 months)

### CEO & Co-Founder

September 2010 - December 2019 (9 years 4 months)

### Seemore Meats & Veggies

4 years 2 months

### Co-Founder

January 2019 - Present (4 years 2 months)

### CEO & Co-Founder

January 2019 - September 2020 (1 year 9 months)

### Seed + Mill

Page 2 of 3

Partner

February 2021 - Present (2 years 1 month)

Sweet Deliverance

Founding Partner

February 2021 - Present (2 years 1 month)

Kajaana

Founding Partner

January 2021 - Present (2 years 2 months)

Chief

Founding Member

January 2019 - December 2020 (2 years)

Vox Media, LLC.

Executive Producer, Creator, Co-Host

March 2018 - August 2019 (1 year 6 months)

New York, New York, United States

The brightest entrepreneurial minds discuss all that it takes to build a company from launch to exit.

National Council of Jewish Women, INC

Senior Manager of Membership and Communications

June 2007 - November 2010 (3 years 6 months)

## Education

University of Wisconsin-Madison

Bachelor of Arts - BA, Majors in Theater Performance & Spanish Language Literature

Universidad Complutense de Madrid

Study Abroad, Spanish Language and Literature

Columbia College Chicago

Masters of Arts Management, Arts in Youth & Community Development

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**Attachment 8:** `document_8.pdf`

Contact

www.linkedin.com/in/michael-gilligan-b5047210 (LinkedIn)

Top Skills

Business Strategy
Community Development
Entrepreneurship

# Michael Gilligan

Founding Partner, The Promise Venture
Boston, Massachusetts, United States

## Summary

Michael Gilligan, Founding Partner of The Promise Venture, is a private investor with a strong sense of purpose. Michael crafted his investment philosophy as co-founder of Bank of Boston's captive private equity group and its successor Heritage Partners around a genuine spirit of partnership and a strong desire to see all participants share in the fruits of successful business enterprise. Along with his partners, he created the firms' flagship minority equity recapitalization program, "The Private IPO", a differentiated solution for family and founder-owned businesses in the lower middle market. He's been shaped by the powerful relationships he built with management teams across the firms' portfolio and the skills he honed on valuation, strategy and leadership development.

Michael brought his passion for rigor, discipline, and shared value to partner with social entrepreneurs bringing innovative solutions to underrepresented community members in Board leadership roles at LIFT, City Year and YouthBuild. The work of these organizations drove home the need for quality jobs for low-income communities and inspired Michael to focus on raising capital for small businesses providing these vital employment opportunities. George Floyd's murder and the reckoning around racial equity that ensued, motivated Michael to concentrate on supporting wealth creation opportunities for Black and other diverse community members, leading to the creation of The Promise Venture.

Michael currently serves on the boards of YouthBuild, empowering Opportunity Youth on a path to thriving livelihoods, New Hope Community Capital, an affordable housing funder, Ovenly, a woman-owned artisan bakery and National Catholic Reporter, a progressive Catholic publication.

## Experience

Page 1 of 3

### The Promise Venture

#### Founding Partner, Promise Venture

February 2022 - Present (1 year 1 month)

Cambridge, Massachusetts, United States

Promise Venture is a Search Fund platform partnering with Black and other diverse entrepreneurs to ensure adequate access to capital to fund successful acquisitions in the lower middle market. We believe in entrepreneurship as path to build wealth in underrepresented communities, create and support quality jobs, and generate attractive returns for investors. Our Vision is that we can be the capital that empowers the world of black entrepreneurs.

### YouthBuild USA

#### Board member

December 2013 - Present (9 years 3 months)

Somerville, MA

YouthBuild USA provides pathways for low-income young people to education, jobs and entrepreneurial skills, and other to productive livelihoods and community leadership.

### Urban Catalyst Partners

#### Founder, CEO

January 2015 - November 2022 (7 years 11 months)

Greater Boston Area

Urban Catalyst is an impact investing venture that aims to bring growth and transition capital to businesses providing quality jobs for low-income communities.

Urban Catalyst is teaming up with New Markets Support Company ('NMSC'), a subsidiary of LISC, as seed capital partners in this private equity venture. While building out the business, Michael is leading the deployment and management of NMSC's Good Jobs Fund, a New Markets Tax Credit pool with a similar investment strategy and social mandate.

### City Year - Boston

#### Board member

April 2009 - November 2022 (13 years 8 months)

City Year helps students reach their full potential and graduate high school in communities all across America, partnering with most at-risk schools to help bridge the gap between what their students need and what the schools are designed to provide.

Page 2 of 3

## LIFT

### Board Chair

January 2010 - October 2015 (5 years 10 months)

Washington D.C. Metro Area

LIFT is a poverty alleviation organization that partners with community members in low income neighborhoods to build the social, emotional and financial foundations they need to move their lives forward.

## The Children's Room

### Co-Chair

June 1998 - July 2014 (16 years 2 months)

Arlington, MA

The Children's Room provides caring support for grieving children, teens and families.

## Heritage Partners

### Co-Founder + General Partner

December 1993 - December 2010 (17 years 1 month)

Boston, MA

Heritage Partners is a private equity firm providing transition and growth capital for family and founder owned businesses, partnering with management teams to steward human and capital resources to achieve the companies' strategic objectives and create value.

## Bank of Boston

### Director

September 1977 - December 1993 (16 years 4 months)

Boston, MA

## Education

### Boston College

Bachelor of Science (BS), Mathematics

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**Attachment 9:** `document_9.pdf`

## Can you vouch for John Doe?

John has applied to raise funding for Company Name on Wefunder and provided your name as a personal reference.

Quote goes here

Wefunder has raised hundreds of millions for startups that later went on to raise over $5 billion in follow-on funding from venture capitalists.

Can you vouch for John?

VOUCH FOR JOHN

LEARN MORE

### About Wefunder

We help anyone invest as little as $100 in the startups they believe in. We're also a Public Benefit Corporation with a mission to keep the American dream alive. We aim to help 20,000 founders get off the ground by 2029.

Unsubscribe | About | Education

Wefunder Inc. runs wefunder.com and is the parent company of Wefunder Advisors LLC and Wefunder Portal LLC. Wefunder Advisors is an exempt reporting adviser that advises SPVs used in Reg D offerings. Wefunder Portal is a funding portal (CRD #283503) that operates sections of wefunder.com where some Reg Crowdfunding offerings are made. Wefunder, Inc. operates sections of wefunder.com where some Reg A offerings are made. Wefunder, Inc. is not regulated as either a broker-dealer or funding portal and is not a member of FINRA.

Company Name is testing the waters to evaluate investor interest. No money or other consideration is being solicited; if sent, it will not be accepted. No offer to buy securities will be accepted. No part of the purchase price will be received until a Form C is filed and, then, only through Wefunder. Any indication of interest has no obligation or commitment of any kind.

**Attachment 10:** `document_10.pdf`

From: Agatha Kulaga agatha@oven.ly

Subject: Invest in Ovenly!

Date: February 3, 2023 at 4:53 PM

To: Agatha Kulaga agatha@oven.ly

Bcc:

Dear Ovenly Friends,

I am so excited to let you know about the start of our crowdfunding campaign. It's an equity investment opportunity we just launched on WeFunder that is available to our ENTIRE Ovenly community. The best part is, you can become a shareholder and invest in the future of your favorite bakery!

In the last three years, we have defeated impossible odds-overcoming a Pandemic, a catastrophic flood in our commissary, and inflation-proving our resilience and our ability to succeed. Now, we are raising equity capital to keep our momentum going and to bring your go-to sweet and salty treats to more neighborhoods. We would be so grateful for your support!

Here's the DL on our WeFunder campaign:

- Starting at $250, you can buy shares in Ovenly
- Investors get WeFunder parks like free cookies & cake!
- We're raising up to $500,000 of preferred equity at a $5,833 million valuation
- The investment you make with us is not a donation. It's regulated crowdfunding with a legal framework. So it's a real investment in a real business, with the hope of earning a real return.
- This special opportunity includes a "most favored nation" clause, meaning that if our next valuation is lower, we will readjust your ownership shares to reflect that
- Money will be used for hires, marketing and new bake shops!
- Your support keeps our ovens baking for the next 18-24 months, while we work to find a larger strategic investment to expand nationally

LET'S GET STARTED! If you can please:

- Make an investment today, and if you intend to, THANK YOU!
- Share this email with anyone that likes Ovenly, has enjoyed a birthday Blackout Cake, or that has wanted to invest in an awesome women-owned, value driven business.

Since 2010, we have been working to accomplish our mission to be the neighborhood bakery in every neighborhood while bringing joy to everyone. With this investment, we will continue to accomplish that mission while doubling down to provide good jobs to people from at-risk zip codes and folks who have been involved with the justice system. If you believe in our work (and our delicious treats), we would love for you to be a part of Ovenly's future.

Please join us! Thank you for reading this and for being a part of this sweet adventure.

All the best,

Agatha Kulaga
Ovenly CEO & Co-Founder

P.S. We are also getting to know strategic investors and private equity partners. If you or someone you know falls into any of those buckets, we'd love to have a conversation!

Legal Disclosure: We are testing the extent to gauge investor interest in an offering under Regulation Crowdfunding. No money or other consideration is being solicited. If sent, it will not be accepted. No offer to buy securities will be accepted. No part of the purchase price will be received until a Form C is filed and only through WeFunder's platform. Any indication of interest involves no obligation or commitment of any kind.

-

Agatha Kulaga
CEO & Co-Founder

www.instagram.com/agathakulaga
www.linkedin.com/in/agathakulaga

Our company recipe:
One part joy.
One part responsibility.
Mix well.

Ovenly
31 Greenpoint Ave
Brooklyn NY 11222

Tel: 888-899-2213 x1
Fax: 347-630-0527

web | facebook | instagram

Latest press here!

**Attachment 11:** `document_11.pdf`

From: Agatha Kulaga agatha@oven.ly
Subject: Investment Opportunity from Ovenly
Date: January 16, 2023 at 3:04 PM
To: Agatha Kulaga agatha@oven.ly

A

Dear Ovenly Friends,

I hope this email finds you well and that 2023 is off to a promising and sweet start! I'm emailing about an exciting crowdfunded equity investment opportunity that we are bringing to all of our Ovenly fans but that we are letting our friends and family know about "first".

The opportunity can be found on WeFunder, but here are the highlights:

- Raising a bridge round of up to $600,000 of preferred equity at a $5.83 million valuation
- Includes a "most favored nation" clause, meaning that if our next valuation is lower than $6 million, we will readjust your ownership shares to reflect that
- Capital allows for growth for the next 18-24 months, when we will launch a larger investment round with the goal of partnering with a strategic firm to expand nationally

Despite the obstacles of the last few years, I am very proud to say that, not only did we overcome those, but we opened two new stores and continued to provide great jobs and full benefits to our awesome staff. We are indeed a recession- and pandemic-proof business.

Our successes since 2020 include: Launching a subscription-only cake line, growing retail revenues by over 61%, increasing our followers to over 60,000 people, opening two stores (and our first in Manhattan), maintaining 4-wall EBITDA of 14-31%, and continuing to be recognized as creating the best treats in the area.

Funds will be used to open new stores (six total in the next three years), expand our marketing and ad spend (which has been essentially $0 to date), and hire the staff needed to build the infrastructure for greater growth. More details can be found in the deck on the WeFunder site.

We will be opening up the campaign to the public in a few weeks but wanted to share this opportunity with you first. Please feel free to forward to any folks you believe might be interested!

Our mission is to be the neighborhood bakery in every neighborhood while serving our communities and bringing joy to everyone. If you believe in this mission (and our delicious treats), we would love for you to be a part of Ovenly's future. Please send any questions my way! I am so grateful to each and every one of you for your continued support of Ovenly.

All the best,
Agatha

--

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Ovenly, LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** NY

**Date of Organization:** 09-15-2010

**Physical Address:** 31 Greenpoint Ave, Brooklyn, NY, 11222

**Issuer Website:** www.oven.ly

**Is there a Co-Issuer?:** Yes

**Intermediary Name:** Wefunder Portal LLC

**Intermediary CIK:** 0001670254

**Intermediary File Number:** 007-00033

**Intermediary CRD Number:** 283503

### Offering Information

**Compensation to Intermediary:** 7.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.

**Financial Interest in Issuer:** No

**Type of Security Offered:** Other

**Other Description of Security:** Preferred Units

**Number of Securities Offered:** 19448

**Price per Security:** $2.57

**Method for Determining Price:** Dividing pre-money valuation $5,833,332.41 by number of units outstanding on fully diluted basis.

**Target Offering Amount:** $50,000.81

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** Other

**Description of Oversubscription:** As determined by the issuer

**Maximum Offering Amount:** $572,517.99

**Deadline to Reach Target Amount:** 04-29-2024

### Annual Report Disclosure Requirements

**Current Number of Employees:** 15

**Total Assets (Most Recent Fiscal Year):** $1,018,853.00

**Total Assets (Prior Fiscal Year):** $1,207,588.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $214,220.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $377,000.00

**Accounts Receivable (Most Recent Fiscal Year):** $9,523.00

**Accounts Receivable (Prior Fiscal Year):** $4,888.00

**Short-Term Debt (Most Recent Fiscal Year):** $828,489.00

**Short-Term Debt (Prior Fiscal Year):** $678,261.00

**Long-Term Debt (Most Recent Fiscal Year):** $788,403.00

**Long-Term Debt (Prior Fiscal Year):** $754,444.00

**Revenues/Sales (Most Recent Fiscal Year):** $3,247,485.00

**Revenues/Sales (Prior Fiscal Year):** $2,838,978.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $1,010,734.00

**Cost of Goods Sold (Prior Fiscal Year):** $711,263.00

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

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

**Net Income (Most Recent Fiscal Year):** $-443,151.00

**Net Income (Prior Fiscal Year):** $-118,339.00

**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, PR, VI, 1V

### Signatures

**Issuer:** Ovenly, LLC

**Signature:** Agatha Kulaga

**Title:** CEO & Co-Founder

---

**Signature:** Erin Patinkin

**Title:** Managing Member

**Date:** 02-15-2023

---

**Signature:** Agatha Kulaga

**Title:** CEO & Co-Founder

**Date:** 02-15-2023