# EDGAR Filing Document

**Accession Number:** 0001956060
**File Stem:** 0001683168-23-000073
**Filing Date:** 2023-1
**Character Count:** 597944
**Document Hash:** 7003932b6fec8a7f7c4748a434347b4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-23-000073.hdr.sgml**: 20230106

**ACCESSION NUMBER**: 0001683168-23-000073

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 51

**FILED AS OF DATE**: 20230106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EXCEED TALENT CAPITAL HOLDINGS LLC
- **CENTRAL INDEX KEY:** 0001956060
- **IRS NUMBER:** 921482684
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12122
- **FILM NUMBER:** 23513524

**BUSINESS ADDRESS:**
- **STREET 1:** 160 VARICK STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013
- **BUSINESS PHONE:** 917-985-8551

**MAIL ADDRESS:**
- **STREET 1:** 160 VARICK STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10013

## Part

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR MAY THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF ANY SUCH STATE. WE MAY ELECT TO SATISFY OUR OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF OUR SALE TO YOU THAT CONTAINS THE URL WHERE THE OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

**Preliminary Offering Circular Dated January 5, 2023**

![](image_002.jpg)

**Exceed Talent Capital Holdings LLC**

160 Varick Street

New York, NY 10013

+1 917 985 8551

www.exceedtc.com

**Best Efforts Offering of TalentShares**

Exceed Talent Capital Holdings LLC, a Delaware series limited liability company (which we refer to as "Exceed Talent Capital", "we," "us," "our" or the "Company"), is offering, on a best efforts basis, limited liability company membership interests in series of our Company (the "TalentShares<sup>TM</sup>").

Each series of our Company is focused on acquiring an economic interest in the works of talents around the world – which we refer to as Talent Related Assets ("TRAs"). Our series intend to enter into "Talent Related Income Agreements" (each, a "TRIA") pursuant to which the series will obtain rights to all or a portion of the income generated by the TRA. Investors in TalentShares, as owners of the series, will receive pro rata distributions of the income generated by the TRA (net of our Managing Member's Management Fee and certain other operating expenses) based on the number of TalentShares that investor holds compared to the outstanding number of TalentShares for that series.

The TRAs that our series intend to acquire, and the associated TRIAs our series intend to enter into, are identified in the "[Series Offering Table](#a_002)" beginning on page iii. The TalentShares will be made available for purchase via the mobile application and web-based investment platform at <u>www.exceedtc.com</u> (the "Exceed Platform").

All of the TalentShares of our series offered hereunder may collectively be referred to in this offering circular as the "TalentShares" and each, individually, as a "TalentShare." The TRIAs described above may collectively be referred to in this offering circular as the "TRIAs" and each, individually, as a "TRIA" and the offerings of the TalentShares may collectively be referred to in this offering circular as the "offerings" and each, individually, as an "offering." See "Securities Being Offered" for additional information regarding the TalentShares.

The TalentShares are limited liability company membership interests in a series of our Company. Each series is treated as a unique legal entity. Purchasing a TalentShare in a series does not confer to the investor any ownership in our Company or any other series. Each series is managed by Exceed Talent Capital LLC, a limited Company formed under the laws of the State of Delaware (the "Managing Member"). The Managing Member will be the investor liaison to our Company, and will perform duties such as assisting our Company with communications to our investors, providing shareholder services, handling the distributions of income and dividends, and overseeing our shareholder records. Further, the Managing Member will source the TRAs underlying the TRIAs that our series intend to enter into. The Managing Member will also manage the assets owned by our series, and has full authority to determine how to best utilize the assets owned by our series. Investors will not have any say in the management of the series of our Company, including management of the underlying assets of our series. See "[The Company's Business](#a_011)" for more information on the duties of the Managing Member.

We intend to have the TalentShares quoted on PPEX, an alternative trading system (ATS) operated by North Capital Investment Technology, Inc. ("PPEX") with a view to providing holders of TalentShares with potential liquidity in the form of a secondary market for their investment in our TalentShares.

There will be a separate closing with respect to each offering. The closing of an offering will occur on the earliest to occur of (i) the date subscriptions for the number of TalentShares offered by a series have been accepted or (ii) a date determined by our Company in its sole discretion, provided that subscriptions for the number of TalentShares offered by a series have been accepted. If a closing has not occurred, an offering shall be terminated upon (i) the date which is one year from the date such offering circular or amendment thereof, as applicable, is qualified by the U.S. Securities and Exchange Commission, or the Commission, or (ii) any date on which our Company elects to terminate the offering for a particular series in its sole discretion. No securities are being offered by existing securityholders.

Each offering is being conducted on a "best efforts" basis pursuant to Tier 2 of Regulation A promulgated under the Securities Act of 1933, as amended. The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest bearing escrow account with North Capital Private Securities Corporation and will not be commingled with the operating account of our Series or Company until, if and when there is a closing with respect to that investor group. Our Company will be permitted to purchase TalentShares alongside investors in offerings of series' TalentShares conducted by our Company at its discretion. The Company will not use the proceeds raised from an offering for such purposes – rather, the Company would use its own, separate cash reserves to purchase such TalentShares.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to<br> public** | **Underwriting<br> discount and<br> commissions<sup>(1)</sup>** | **Proceeds to<br> Issuer <sup>(3)</sup>** |
| **<u>Series Bedtime</u>** |  |  |  |
| Per TalentShare | $15.00 | $0.15 | $14.85 |
| Total Maximum<sup>(2)</sup> | $1154085.00 | $11435.00 | $1142650.00 |
| **<u>Series Big Havi</u>** |  |  |  |
| Per TalentShare | $5.00 | $0.05 | $4.95 |
| Total Maximum<sup>(2)</sup> | $21395.00 | $220.00 | $21175.00 |
| **<u>Series Luh Moody</u>** |  |  |  |
| Per TalentShare | $3.00 | $0.03 | $2.97 |
| Total Maximum<sup>(2)</sup> | $14751.00 | $146.00 | $14605.00 |
| **<u>Series DaylinXL</u>** |  |  |  |
| Per TalentShare | $3.00 | $0.03 | $2.97 |
| Total Maximum<sup>(2)</sup> | $14751.00 | $146.00 | $14605.00 |
| **<u>Series Envy</u>** |  |  |  |
| Per TalentShare | $3.00 | $0.03 | $2.97 |
| Total Maximum<sup>(2)</sup> | $14751.00 | $146.00 | $14605.00 |

---

(1) We have engaged Dalmore Group, LLC, member FINRA/SIPC ("Dalmore") to perform administrative and technology related functions in connection with this offering, but not for underwriting or placement agent services. To the extent that the Company's management make any communications in connection with this offering they intend to conduct such efforts in accordance with an exemption from registration contained in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and, therefore, none of them is required to register as a broker-dealer. Compensation to Dalmore includes a 1% commission payable to Dalmore for proceeds raised, as well as a one-time due diligence fee of $5,000 and one-time consulting fee of $20,000 payable by our Company to Dalmore. See " [Plan of Distribution](#a_008) " for details.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This series offering is being conducted on a "best efforts" basis with no minimum requirement to close. This means that we may close on subscriptions received at any time.

(3) Amounts here do not reflect other offering expenses that each series is expected to bear pro rata to the total offering amount of all series offerings combined. See " [Use of Proceeds to Issuer](#a_009) " for additional information.

We are an "emerging growth Company" as defined in the Jumpstart Our Business Startups Act, or the JOBS Act, and, as such, may elect to comply with certain reduced reporting requirements for this offering circular and future filings after the offerings.

**An investment in our TalentShares involves a high degree of risk. See "[Risk Factors](#a_006)" on <u>page 6</u> for a description of some of the risks that should be considered before investing in our TalentShares.**

**Generally, no sale may be made to you in any offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or your net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to <u>www.investor.gov</u>.**

**THE U.S. SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF ANY OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**We are offering to sell, and seeking offers to buy, our TalentShares only in jurisdictions where such offers and sales are permitted. You should rely only on the information contained in this offering circular. We have not authorized anyone to provide you with any information other than the information contained in this offering circular. The information contained in this offering circular is accurate only as of its date, regardless of the time of its delivery or of any sale or delivery of our TalentShares. Neither the delivery of this offering circular nor any sale or delivery of our TalentShares shall, under any circumstances, imply that there has been no change in our affairs since the date of this offering circular. This offering circular will be updated and made available for delivery to the extent required by the federal securities laws.**

This offering circular is following the offering circular format described in Part II (a)(1)(i) of Form 1-A.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| INFORMATION REGARDING FORWARD-LOOKING STATEMENTS | ii |
| SERIES OFFERING TABLE | iii |
| SUMMARY | 1 |
| THE COMPANY | 1 |
| THE OFFERINGS | 4 |
| RISK FACTORS | 6 |
| DILUTION | 16 |
| PLAN OF DISTRIBUTION AND SELLING SECURITYHOLDERS | 17 |
| USE OF PROCEEDS TO ISSUER | 23 |
| THE UNDERLYING ASSETS OF OUR SERIES | 28 |
| THE COMPANY'S BUSINESS | 36 |
| DESCRIPTION OF PROPERTY | 42 |
| MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION | 43 |
| DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES | 45 |
| COMPENSATION OF THE MANAGING MEMBER | 47 |
| SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS | 48 |
| INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS | 49 |
| SECURITIES BEING OFFERED | 51 |
| FINANCIAL STATEMENTS | F-1 |
| PART III - EXHIBITS | III-1 |
| SIGNATURES | III-2 |

---

i

**INFORMATION REGARDING FORWARD-LOOKING STATEMENTS**

The information contained in this offering circular includes some statements that are not historical and that are considered "forward-looking statements." Such forward-looking statements include, but are not limited to, statements regarding our development plans for our business; our strategies and business outlook; anticipated development of our Company, our Managing Member, our Company and the Exceed Platform; and various other matters (including contingent liabilities and obligations and changes in accounting policies, standards and interpretations). These forward-looking statements express our Managing Member's expectations, hopes, beliefs, and intentions regarding the future. In addition, without limiting the foregoing, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates", "believes", "continue", "could", "estimates", "expects", "intends", "may", "might", "plans", "possible", "potential", "predicts", "projects", "seeks", "should", "will", "would" and similar expressions and variations, or comparable terminology, or the negatives of any of the foregoing, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this offering circular are based on current expectations and beliefs concerning future developments that are difficult to predict. Neither we nor our Managing Member can guarantee future performance, or that future developments affecting our Company, our Managing Member or the Exceed Platform will be as currently anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

All forward-looking statements attributable to us are expressly qualified in their entirety by these risks and uncertainties. These risks and uncertainties, along with others, are also described below under the heading "[Risk Factors](#a_006)." Should one or more of these risks or uncertainties materialize, or should any of the parties' assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not place undue reliance on any forward-looking statements and should not make an investment decision based solely on these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

ii

**SERIES OFFERING TABLE**

The table below shows key information related to the offering TalentShares of each series. Please also refer to "[The Underlying Portfolio](#a_010)" and "[Use of Proceeds](#a_009)" sections for further details.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Series Name** | **Underlying Asset** | **Offering Price per TalentShare** | **Minimum Investment**<br> **($)<sup>(1)</sup>** | **Minimum Offering Amount**<br> **($)** | **Maximum Offering Amount <sup>(2)</sup>** | **Maximum Number of**<br> **TalentShares**<br> **Being Offered** | **Opening Date** | **Closing Date** | **Status** |
| Series Bedtime | Series Bedtime TRIA | $15.00 | $150.00 | N/A | $1154085.00 | 76939 | [_] | [_] | Not Yet Launched |
| Series Big Havi | Series Big Havi TRIA | $5.00 | $50.00 | N/A | $21395.00 | 4279 | [_] | [_] | Not Yet Launched |
| Series Luh Moody | Series Luh Moody TRIA | $3.00 | $30.00 | N/A | $14751.00 | 4917 | [_] | [_] | Not Yet Launched |
| Series DaylinXL | Series DaylinXL <br>TRIA | $3.00 | $30.00 | N/A | $14751.00 | 4917 | [_] | [_] | Not Yet Launched |
| Series Envy | Series Envy <br>TRIA | $3.00 | $30.00 | N/A | $14751.00 | 4917 | [_] | [_] | Not Yet Launched |

---

(1) The Managing Member reserves the right to accept investments lower than the Minimum Investment amount in its sole discretion.

(2) The Maximum Offering Amount includes the cost to acquire the TRA pursuant to the applicable TRIA, as well as certain offering expenses, and certain compensation to the Managing Member. *See*" [Use of Proceeds](#a_009) " for more information.

iii

**SUMMARY**

*The following summary is qualified in its entirety by the more detailed information appearing elsewhere in this offering circular. You should read the entire offering circular and carefully consider, among other things, the matters set forth in the section captioned* "*[Risk Factors](#a_006)*." *You are encouraged to seek the advice of your attorney, tax consultant, and business advisor with respect to the legal, tax, and business aspects of an investment in our TalentShares. All references in this offering circular to "$" or "dollars" are to United States dollars.* 

**The Company**

**Overview**

Exceed Talent Capital Holdings LLC is a series limited liability company formed on July 14, 2022 pursuant to Section 18-215 of the Delaware Limited Liability Company Act, or the LLC Act.

As a series limited liability company, title to our underlying assets will be held by, or for the benefit of, the applicable series. We intend that each series will own its own underlying assets, which will be Talent Related Income Agreements (each, a "TRIA") that provide the right to revenue produced from the exploitation of various related intellectual property (IP) and activities of the particular talent(s) subject to the TRIA. The talent's revenue streams that the TRIA would have rights to collect may include revenue generated from streaming, downloads, physical sales of products and/or merchandise, or the sale of digital goods and services; usage of the talent's work by movies, television and advertisements; live performances and touring by the talent; and/or other related sources of income or value accretion.

We intend to acquire TRAs ranging in price anywhere from $5,000 to $1,000,000. Some TRAs may also be below or above this range.

Our goal is to allow the fans of these talents to financially participate in the success of their idols through the purchase of TalentShares. Through the exploitation of various related IP and activities of these talents, shareholders will be able to benefit from the Talent's success.

Our Managing Member will receive a Sourcing Fee and Management Fee for its services to our Company and our series, as described elsewhere in this offering circular.

**Members of our Company**

An investor who has purchased TalentShares in one of our series in this offering will become an "Investor Member" of our Company (as defined in our limited liability company agreement filed as Exhibit 2.2, or our "operating agreement"). No Investor Member, in its capacity as such, will participate in the operation or management of the business of our Company or any series, nor transact any business in our Company or any series.

**Manager of our Company**

Our Managing Member, Exceed Talent Capital LLC, has the full power and authority to do all things necessary or appropriate to conduct the business of our Company and each series, without the consent of our Investor Members. Exceed Talent Capital LLC is the Managing Member of our Company and each series of our Company.

As the Managing Member, Exceed Talent Capital LLC be responsible for identifying the assets to be purchased by a series from the offering of that series' TalentShares. The Managing Member will also be the investor liaison to our Company, and will, among other things, assist with communications to our investors, provide shareholder services to our investors, handle distributions to investors, and oversee our shareholder records.

**Manager of our Series**

Each series has appointed the Managing Member to manage the underlying asset or assets related to such series. The Managing Member has sole authority and complete discretion over the utilization, custody, maintenance and management of the underlying assets of each series and to take any action that it deems necessary or desirable in connection therewith.

The Managing Member has broad asset management and operational powers over the series. In these capacities, the Managing Member will (among other things):

· Serve as the investment and financial manager with respect to underwriting, financing, originating, servicing, investing in, redeveloping and monetizing the series assets;

· Manage and perform the various administrative functions necessary for the day-to-day operations of the series and management of the series assets;

· Provide or arrange for administrative services, legal services, office space and other overhead items necessary for and incidental to acquisition, management and disposition (if applicable) of series assets;

· Maintain reporting, record keeping, internal controls and similar matters with respect to the series assets in a manner to allow our Company to comply with applicable law, including the requirements of under Section 18-215 of the LLC Act;

· Monitor and evaluate the performance of the investments, provide daily management services and perform and supervise the various management and operational functions related to the series assets;

· Formulate and oversee the implementation of strategies for the administration, promotion, management, operation, maintenance, improvement and marketing of investments on an overall portfolio basis;

· Determine distribution policies for each series and authorize distributions to holders of TalentShares from time to time; and

· Manage communications with investors in our series.

**Advisory Board**

Our Managing Member may establish an advisory board comprised of experts to provide guidance and strategic advice to our Company, or a particular series of our Company. The advisory board may provide assistance in identifying, acquiring, and managing series assets, or advising on other general business matters of the Company. See "[The Company's Business](#a_011)" for more information on the functions of our Company's advisory board.

**Organizational Chart**

![](image_009.jpg)

**Distributions**

To the extent there is Free Cash Flow for a series, our Managing Member intends to declare and pay distributions to the holders of TalentShares of that series on a pro-rata basis of such Free Cash Flow after (a) payment of accrued Management Fees, (b) repayment of any amounts outstanding under Operating Expenses Reimbursement Obligations, including any accrued interest as there may be, and (c) the creation of such reserves as the Managing Member deems necessary, in its sole discretion, to meet future Operating Expenses.

The "Free Cash Flow" of a series consists of the net income (as determined under GAAP) generated by such series *plus* any change in net working capital and depreciation and amortization (and any other non-cash Operating Expenses and *less* any capital expenditures related to the underlying assets related to such series and/or any non-operating income resulting from a monetization event (i.e. the sale of series assets).

All revenues earned by a series is expected to be generated pursuant to that series' TRIA. As revenues (from royalties or otherwise) are paid to a series pursuant to a TRIA, our Managing Member will place all those royalties in a designated bank account for that series.

Our Managing Member has sole discretion in determining the timing and amount of distributions of Free Cash Flow, if any, made to holders of each series' TalentShares except as otherwise limited by law or the operating agreement. To the extent there is Free Cash Flow available, the Managing Member intends to make distributions to holders of TalentShares on a quarterly basis.

See "[Securities Being Offered](#a_018) – Distribution Rights" for further details on distributions to holders of our series' TalentShares.

**The Offerings**

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| | |
|:---|:---|
| **Securities being offered:** | We are offering the number of TalentShares of series of our Company at a price per TalentShare set forth in the "[Series Offering Table](#a_002)" section above.<br>The series of TalentShares being sold in this offering will be non-voting except with respect to certain matters set forth in our limited liability company operating agreement, dated December 7, 2022 as amended from time to time, or the "operating agreement". The purchase of TalentShares of a particular series is an investment only in that series of our Company and not an investment in our Company as a whole. The rights of the TalentShares are described more fully in the "[Securities Being Offered](#a_018)" section of this offering circular.<br>We are offering the minimum and maximum number of TalentShares of each series at a price per TalentShare set forth in the "[Series Offering Table](#a_002)" section above. Each series is intended to be a separate series of our Company for purposes of assets and liabilities. The purchase of TalentShares of a particular series is an investment only in that series of our Company and not an investment in our Company as a whole.<br>|
| **Minimum Subscription and Price per TalentShare:** | The minimum subscription amount for investors will vary by series. The per TalentShare price will also vary by series. |
| **Broker:** | We have entered into an agreement with the Dalmore Group, LLC (the "Broker"), which is acting as our executing broker in connection with each offering. The Broker is a broker-dealer which is registered with the Commission and will be registered in each state where each offering will be made prior to the launch of such offering and with such other regulators as may be required to execute the sale transactions and provide related services in connection with each offering. The Broker is a member of Financial Industry Regulatory Authority, Inc., or FINRA, and the Securities Investor Protection Corporation, or SIPC. |
| **Restrictions on investment:** | Each investor must be a "qualified purchaser." See "[Plan of Distribution and Selling Securityholders](#a_008)—Investor Suitability Standards" for further details. Our Managing Member may, in its sole discretion, decline to admit any prospective investor, or accept only a portion of such investor's subscription, regardless of whether such person is a "qualified purchaser." Furthermore, our Managing Member anticipates only accepting subscriptions from prospective investors located in states where the Broker is registered.<br>Generally, no sale may be made to you in any offering if the aggregate purchase price you pay is more than 10% of the greater of your annual income or net worth. Different rules apply to accredited investors and non-natural persons. Before making any representation that your investment does not exceed applicable thresholds, we encourage you to review Rule 251(d)(2)(i)(c) of Regulation A. For general information on investing, we encourage you to refer to <u>www.investor.gov</u>. |
| **Escrow account:** | The subscription funds advanced by prospective investors as part of the subscription process will be held in a non-interest bearing escrow account with North Capital Private Securities Corporation, the "Escrow Agent", and will not be commingled with the operating account of any series of TalentShares until, if and when there is a closing with respect to that investor group.<br>When the Escrow Agent has received instructions from our Managing Member that an offering will close and the investor's subscription is to be accepted (either in whole or part), then the Escrow Agent shall disburse such investor's subscription proceeds in its possession to the account of the particular series of TalentShares.<br>If any offering is terminated without a closing, or if a prospective investor's subscription is not accepted or is cut back due to oversubscription or otherwise, such amounts placed into escrow by prospective investors will be returned promptly to them without interest. Any costs and expenses associated with a terminated offering will be borne by our Managing Member. |

---

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| | |
|:---|:---|
| **Offering period:** | There will be a separate closing with respect to each offering. The closing of an offering will occur on the earliest to occur of (i) the date subscriptions for the maximum number of TalentShares offered for a series have been accepted; or (ii) a date determined by our Managing Member in its sole discretion, provided that subscriptions for the minimum (if applicable) number of TalentShares offered for a series have been accepted. If a closing has not occurred, an offering shall be terminated upon (i) the date which is one year from the date such offering circular or amendment thereof, as applicable, is qualified by the Commission, which period may be extended with respect to a particular series by an additional six months by our Managing Member in its sole discretion, or (ii) any date on which our Managing Member elects to terminate the offering for a particular series of TalentShares in its sole discretion. No securities are being offered by existing securityholders. |
| **Use of proceeds:** | See the "[Use of Proceeds](#a_009)" section of this offering circular for our estimated uses of proceeds from the offerings of our series. |
| **Risk factors:** | Investing in our TalentShares involves risks. See the section entitled "[Risk Factors](#a_006)" in this offering circular and other information included in this offering circular for a discussion of factors you should carefully consider before deciding to invest in our TalentShares. |

---

**RISK FACTORS**

*The TalentShares offered hereby are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire investment. There can be no assurance that our investment objectives will be achieved or that a secondary market would ever develop for our TalentShares, whether on the PPEX, or otherwise. The risks described in this section should not be considered an exhaustive list of the risks that prospective investors should consider before investing in our TalentShares. Prospective investors should obtain their own legal and tax advice prior to making an investment in our TalentShares and should be aware that an investment in our TalentShares may be exposed to other risks of an exceptional nature from time to time. The following considerations are among those that should be carefully evaluated before making an investment in our TalentShares.*

**Risks Related to our Company Generally**

***An investment in an offering constitutes only an investment in a particular series and not in our Company or the underlying assets.***

A purchase of TalentShares of a series does not constitute an investment in either our Company or the underlying assets directly. This results in limited voting rights of the investor, which are solely related to the series. Investors will have voting rights only with respect to certain matters, primarily relating to amendments to the operating agreement that would adversely change the rights of the TalentShare holders and removal of our Managing Member for "cause." The Managing Member thus retains significant control over the management of our Company and its underlying assets. Furthermore, because the TalentShares do not constitute an investment in our Company as a whole, holders of a particular series' TalentShares will not receive any economic benefit from, or be subject to the liabilities of, the assets of any other series of our company. In addition, the economic interest of a holder of TalentShares of a series will not be identical to owning a direct undivided interest in the underlying assets because, among other things, the series will be required to pay, among other things, certain operating costs and corporate taxes before distributions are made to the holders, and the Managing Member will receive a fee in respect of its management of the underlying assets.

***We are a brand-new Company with limited operating history, which may make it difficult for investors to evaluate our business model and to assess our future viability.***

We are a newly formed limited liability company with limited operating history upon which an evaluation of our past performance and future prospects of a series. Our operations to date have primarily been limited to organizing our Company, identifying our Managing Member, engaging in activities related to this offering. The Managing Member has entered into agreements with certain talent to obtain certain royalty rights to their work, which the Managing Member intends to assign to the series of our Company pursuant to a TRIA. Neither the Company nor its series have generated revenues to date. No guarantee can be given that our Company or a series will achieve its investment objectives, that the value of the underlying assets of our series will increase, or that such underlying assets will be successfully monetized.

***Our series will seek to raise proceeds in excess of the value of the underlying assets.***

The size of a series' offering will exceed the value of the underlying assets of that series as of the date of such offering (as the series will be seeking to raise proceeds in excess of the purchase price of the underlying assets to pay fees, costs and expenses incurred in making the offering and acquiring the underlying assets, compensation to the Managing Member, as well as for future operating budgets). As such, investors should be aware that their investment will not only go towards paying for the acquisition of the underlying asset by the series. Additionally, while it is not expected that our series will seek to sell their underlying assets, if the underlying assets had to be sold and there had not been substantial appreciation of the underlying assets prior to such sale, there may not be sufficient proceeds from the sale of the underlying assets to repay investors the amount of their initial investment (after first paying off any liabilities on the underlying assets at the time of the sale including, but not limited to, any outstanding Operating Expenses Reimbursement Obligation) or any additional profits in excess of this amount.

***Operating Expenses that are incurred after each closing will reduce potential distributions, if any, and the potential return on investment resulting from the appreciation of the underlying assets, if any.***

Operating Expenses incurred post-closing will be the responsibility of the applicable series. For our various series, the Operating Expenses may include expenses related to management of a series' asset, including taxes, marketing and utilization of the underlying assets of a series. If the Operating Expenses exceed the amount of revenues generated from the underlying assets related to such series, our Managing Member may (a) pay such Operating Expenses and not seek reimbursement, (b) loan the amount of the Operating Expenses to the series, on which our Managing Member may impose a reasonable rate of interest, and be entitled to reimbursement, and/or (c) cause additional TalentShares of such series to be issued in order to cover such additional amounts.

If there is a reimbursement obligation to the Managing Member, this reimbursable amount between related parties would be taken out of the Free Cash Flow generated by the series and could reduce the amount of any future distributions payable to investors, or could cause delays in distributions to investors.

***The success of any series depends in large part upon the Managing Member and its ability to execute our business plan.***

The successful operation of our series is in part dependent on the ability of the Managing Member to effectively manage the underlying assets of each of our series. Currently, Exceed Talent Capital LLC serves as the Managing Member of each of the series of our Company. Exceed Talent Capital LLC has been in existence since October 21, 2022 and has no significant operating history within the entertainment sector that would evidence an ability to manage the underlying assets of each series. If the Managing Member cannot effectively manage the underlying assets of our series, investors may not receive the expected returns on their investment. Our Managing Member also may face challenges in adjusting to management requirements associated with the size of investment we are seeking in this offering. If the Managing Member cannot effectively scale-up its operations to assist with these increased needs, our business, and therefore your investment, may suffer.

***Our Managing Member may sell its TalentShares post-closing which may result in a reduction in value of your TalentShares if there are too many series TalentShares available and not enough demand for those TalentShares.***

Our Managing Member will retain 5% of each series' TalentShares as a Sourcing Fee. Our Managing Member has no present intention to sell its TalentShares, and any future sales would be based upon our potential need for capital, market prices of the TalentShares at the time of a proposed sale and other factors that a reasonable investor might consider in connection with the sale of securities similar to our TalentShares. There is a risk that a sale by our Managing Member may result in too many TalentShares being available for resale and the price of the relevant series' TalentShares decreasing as supply outweighs demand.

***Our Managing Member is dependent on the knowledge and experience of certain individuals, and there is no guarantee that those individuals will succeed in their role, nor that they will continue to be associated with the Managing Member.***

The success of our Company (and therefore, each series) will be highly dependent on the expertise and performance of our Managing Member and its team, expert networks and other investment professionals. There can be no assurance that these individuals will continue to be associated with our Managing Member. The loss of the services of one or more of these individuals could have a material adverse effect on the Managing Member's ongoing management and support of the investment of the holders of the series' TalentShares.

***Each series of our Company is expected to invest only in the related underlying assets; therefore, your investment will not be diversified and will appreciate or depreciate based on the value of the underlying assets regardless of market conditions, and other series' performance.***

It is not anticipated that any series would own any assets other than its related underlying assets – intended to be TRAs and TRIAs - plus potential cash reserves for management and utilization expenses pertaining to the underlying assets and amounts earned by the related series from the monetization of the underlying assets, if any. Investors looking for diversification will have to create their own diversified portfolio by investing in other opportunities in addition to the TalentShares offered hereby.

***A series may never realize sufficient income or capital appreciation to make distributions to investors in TalentShares.***

While our goal is to for our series to generate sufficient income to enable our series to pay investors regular distributions, there can be no assurances that we will ever pay any distributions to investors in our series. Our operating agreement further provides that each series will pay the Managing Member a Management Fee which will reduce funds available to pay distributions to investors.

***Our Managing Member, in its sole discretion, will ultimately determine what distributions, if any, will be made to holders of each series of securities.***

Our Managing Member in its sole discretion ultimately determine when and what distributions, if any will be made to holders of each series of securities. For instance, the Company may be required to create such reserves as our Managing Member deems necessary from time to time to meet future Operating Expenses, anticipated costs and liabilities of that series. That decision is ultimately reviewed by our Managing Member (consisting of our Managing Member) with no independent review or input from our investors. For clarity, investors do not have any rights under our operating agreement to audit, or otherwise receive an explanation regarding, decisions regarding their distribution rights. Moreover, if reserves are created, the Free Cash Flow otherwise available for distribution to holders of securities of that series will be reduced.

Operating expenses will be the responsibility of the applicable series. However, if the Operating Expenses of the series exceed the amount of revenues generated from the underlying assets related to such series, the Managing Member may issue additional TalentShares in such series; pay such excess Operating Expenses and not seek reimbursement; and/or enter into an agreement pursuant to which the Managing Member loans to the series an amount equal to the remaining excess Operating Expenses, on which the Managing Member may impose a reasonable rate of interest, and be entitled to reimbursement.

In the case of reimbursement, this reimbursable amount between related parties would be taken out of the Free Cash Flow generated by the series and could reduce the amount of any future distributions payable to investors of that series.

***Our success is dependent, in part, upon our ability to successfully conduct this offering through the Exceed Platform, which makes an investment in us more speculative.***

We will continue to conduct this offering primarily through the Exceed Platform, which is owned by Exceed Talent Capital Ltd. No investment opportunities have been offered through the Exceed Platform prior to this offering. The success of this offering, and our ability to implement our business strategy, is dependent upon our ability to sell our series TalentShares to investors through the Exceed Platform. If we are not successful in selling our series TalentShares through the Exceed Platform, our ability to raise proceeds through this offering will be limited and we may not have adequate capital to implement our investment strategy. If we are unsuccessful in implementing our investment strategy, you could lose all or a part of your investment.

***We currently are not generating sufficient revenue to carry out our planned business operations. We expect our operations to continue to consume substantial amounts of cash.***

We expect that, until we acquire a sufficient amount of TRAs, we will not be generating sufficient revenue to carry out our planned operations. In order to generate sufficient revenues to carry out our plan of operations and cover our expenses, including the expenses of this Offering, we believe we will need to continue to acquire TRAs until we reach a sufficient scale. We expect that our costs may increase as we continue identifying and negotiating with artists and record labels and entering into new TRIAs and thereby incurring more costs. Further, the TRAs we license may still be in development (such as an incomplete music album from an artist) and therefore may not be generating sales when we acquire such assets. If a lack of available capital means that we are unable to expand our operations or otherwise take advantage of business opportunities, our business, financial condition and results of operations could be adversely affected.

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***We expect that, in order to maintain and grow our operations, we will need to promote multiple TalentShare offerings. There can be no assurance that we will be able to promote enough offerings to sustain our business model.***

Although our Managing Member already has a pipeline of royalty holders to seed our Company with offerings, we will need to have a continuous pipeline of offerings that allow us to achieve certain economies of scale in regard to marketing, distribution and other functions. However, we may fail to have enough pipeline of offerings to support our business model and we may fail to achieve economies of scale. There can be no assurance that we will be able to have a sufficient number of successful offerings to achieve revenues that exceed our costs and margins that justify our continued operations.

***There are few businesses that have pursued a strategy or investment objective similar to ours, which may make it difficult for our Company and TalentShares to gain market acceptance.***

There are other companies that are contracting with various music artists and other talent with the goal of offering investors a chance to participate in the financial success of the works of those artists. Our Company and our TalentShares may not gain market acceptance from potential investors, potential asset sellers or service providers within the entertainment industry. This could result in an inability of our Managing Member to monetize the TRAs effectively, which could negatively impact potential returns on your investment. Additionally, other companies in our field of business could make it more difficult for our Managing Member to secure TRAs for our series. We are substantially reliant on acquiring new TRAs for our series in order to generate revenues – and our inability to secure additional deals could have a material negative impact on our financial condition.

***Potential breach of the security measures of the Exceed Platform could have a material adverse effect on our Company, each series of our TalentShares and the value of your investment.***

We intend to host our offerings on the Exceed Platform. As on online platform, it is potentially vulnerable to cyber-attacks, computer viruses, physical or electronic break-ins or similar disruptions. The Exceed Platform processes certain confidential information about investors. The security measures of the Exceed Platform could be breached. Any accidental or willful security breaches or other unauthorized access to the Exceed Platform could cause confidential information to be stolen and used for criminal purposes or have other harmful effects. Security breaches or unauthorized access to confidential information could lead to negative publicity, or loss of investor confidence in us, despite the fact that cybersecurity on the Exceed Platform is out of our control.

***We may encounter limitations on the effectiveness of our internal controls and a failure of our internal controls to prevent error or fraud may harm our business and holders of TalentShares.***

Because we operate with minimal employees, we may encounter limitations on the effectiveness of our internal controls over financial reporting, public disclosures and other matters. For example, as a result of our staffing, our processing of financial information may suffer from a lack of segregation of duties, such that journal entries and account reconciliations are not reviewed by someone other than the preparer. If we encounter limitations on the effectiveness of our internal controls and are unable to remediate them, we may not be able to report our financial results accurately, prevent fraud or file our periodic reports as a Regulation A reporting Company in an accurate, complete and timely manner. This could harm our business and holders of TalentShares.

***If our series limited liability structure is not respected, then investors may have to share in any liabilities of our company with all investors and not just those who hold the same series of TalentShares as them.***

Our company is structured as a Delaware series limited liability company that issues different series of TalentShares for each series. Each series will not a separate legal entity. Under the LLC Act, if certain conditions (as set forth in Section 18-215(b) of the LLC Act) are met, the liability of investors holding one series of TalentShares is segregated from the liability of investors holding another series of TalentShares and the assets of one series of TalentShares are not available to satisfy the liabilities of other series of TalentShares. Although this limitation of liability is recognized by the courts of Delaware, there is no guarantee that if challenged in the courts of another U.S. state or a foreign jurisdiction, such courts will uphold a similar interpretation of Delaware corporation law, and in the past certain jurisdictions have not honored such interpretation. If our series limited liability company structure is not respected, then investors may have to share any liabilities of our company with all investors and not just those who hold the same series of TalentShares as them. Furthermore, while we intend to maintain separate and distinct records for each series and account for them separately and otherwise meet the requirements of the LLC Act, it is possible a court could conclude that the methods used did not satisfy Section 18-215(b) of the LLC Act and thus potentially expose the assets of a series to the liabilities of another series. The consequence of this is that investors may have to bear higher than anticipated expenses which would adversely affect the value of their TalentShares or the likelihood of any distributions being made by the series to the investors. In addition, we are not aware of any court case that has tested the limitations on inter-series liability provided by Section 18-215(b) in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one series of TalentShares should be applied to meet the liabilities of the other series of TalentShares or the liabilities of our company generally where the assets of such other series of TalentShares or of our company generally are insufficient to meet our liabilities.

If any fees, costs and expenses of our company are not allocable to a specific series, they will be borne proportionately across all of the series of our Company. Although our Managing Member will allocate fees, costs and expenses acting reasonably and in accordance with its allocation policy (see "[The Company's Business](#a_011)—Allocations of Expenses"), there may be situations where it is difficult to allocate fees, costs and expenses to a specific series and therefore, there is a risk that a series may bear a proportion of the fees, costs and expenses for a service or product for which another series received a disproportionately high benefit.

**Risks Related to Assets of our Series**

***In the event a royalty holder breaches the terms of a TRIA, we would have limited recourse and due to that we may not be able to collect the royalties the royalty holder represented and may not be able to get the funds paid to the royalty holder back to reimburse the investors.***

Each TRIA will be between the Managing Member and a series of our Company. Holders of our TalentShares will have no rights under any TRIA, whether as third-party beneficiaries or otherwise. In the event that we terminate any TRIA due to a material breach by the owner of the TRA – for example, if the royalties they represent they owned were in fact not theirs to assign royalty income rights to – we will likely not make any distributions to holders of the relevant TalentShares.

We intend to enforce all contractual obligations to the extent we deem necessary and in the best interests of our Company and holders of TalentShares. However, the royalty holder who misrepresents the royalties they have assigned in the TRIA may not return some or all of the payments they received as part of the sale of the TRA to the Managing Member, which means that TalentShare holders may not receive returns some or all of the investment they made in those TalentShares.

***The owners of the TRAs or the creators of such TRAs may not meet their performance obligations.***

Where a TRIA contemplates a future release of creative work as part of the TRA subject to the agreement, such future releases may not occur. This may be due to unforeseen circumstances with the associated talent's distributor, record label, management, general market or sector conditions, or due to the performing talent themselves due to injury, incapacity or other failure to meet their performance obligations. In such an event, potential revenues under the TRIA may be lower than expected, which could harm the value of your investment in one of our series.

***Income generated by music royalty rights may be reduced if the recorded music industry fails to grow or streaming revenue fails to grow at a sufficient rate to offset download and physical sales declines.***

Legal digital music has rapidly grown since 2003, and revenue from music downloads and streaming services have emerged, with streaming revenue experiencing multi-year growth and currently accounting for over 65% of the overall revenue in the recorded music business. According to the International Federation of the Phonographic Industry ("IFPI"), Global recorded music revenue increased from $15.0 billion in 2011 to $25.9 billion in 2021, a 72.7% increase. Accounting for this level of growth has been the increase of streaming revenue from $0.6 billion in 2011 to $16.9 billion in 2021, which is a 2.7-fold increase. While digital downloads of recorded music accounted for only 4.2% of global recorded music revenue in 2021, streaming accounted for 65.3% of global recorded music revenues.

There can be no assurances that this growth pattern will persist or that digital revenue will grow at a rate sufficient to offset declines in physical sales, or that changes in streaming models will not negatively impact income generated from our music royalty rights. A declining recorded music industry is likely to lead to reduced levels of revenue and operating income generated by the recorded music business. There are also a variety of factors that could cause the prices in the recorded music industry to be reduced. They are, among others, consumption during a global pandemic and fear for economic downturns, price competition from the sale of motion pictures and videogames in physical and digital formats, the negotiating leverage of mass merchandisers, big-box retailers and distributors of digital music, the increased costs of doing business with mass merchandisers and big-box retailers as a result of complying with operating procedures that are unique to their needs and any associated changes.

***Changes in technology may affect our ability to receive payments from music royalty rights.***

The recorded music business is dependent in part on technological developments, including access to and selection and viability of new technologies, and is subject to potential pressure from competitors as a result of their technological developments. For example, the recorded music business may be further adversely affected by technological developments that facilitate the piracy of music, such as Internet peer-to-peer filesharing activity, by an inability to enforce intellectual property rights in digital environments, and by a failure to develop successful business models applicable to a digital environment. The recorded music business also faces competition from other forms of entertainment and leisure activities, such as cable and satellite television, motion pictures, and videogames, whether in physical or digital formats. The new digital business, including the impact of ad-supported music services, some of which may be able to avail themselves of "safe harbor" defenses against copyright infringement actions under copyright laws, may also limit the recorded music industry's ability to receive income from music royalty rights. Due to such "safe harbor" defenses, revenue from ad-supported music services may not fully reflect increases in consumption of recorded music. In addition, the recorded music industry is currently dependent on a small number of leading digital music services, which allows such services to significantly influence the prices that can be charged in connection with the distribution of digital music. It is possible that the share of music sales by a small number of leading mass-market retailers, as well as online retailers and digital music services, will continue to grow, which could further increase their negotiating leverage and put pressure on prices, ultimately decreasing the income we will receive from music royalty rights.

***Failure to obtain, maintain, protect and enforce our intellectual property rights could substantially harm our business, operating results and financial condition.***

The success of our Company depends on our (and our Managing Member's) ability to obtain, maintain, protect and enforce our rights under each TRIA. The measures that we take to obtain, maintain, protect and enforce our rights, including, if necessary, litigation or proceedings before governmental authorities and administrative bodies, may be ineffective, expensive and time-consuming and, despite such measures, we may not be able to enforce royalty collection on our TRAs. Additionally, changes in law may be implemented, or changes in interpretation of such laws may occur, that may affect our ability to obtain, maintain, protect or enforce rights to our TRAs. Moreover, with music royalty rights, it is possible that despite our due diligence efforts there could be successful challenges by third parties to the ownership of a particular copyright or royalty stream or, if acquired as a group of assets, the entire group in which case the value of the asset(s) might be significantly less valuable, or have no value. Failure to obtain, maintain, protect or enforce our rights could harm our brand or brand recognition and adversely affect our business, financial condition and results of operation.

***Digital piracy may lead to decreased sales in the recorded music industry and affect our ability to receive income from music royalty rights.***

The combined effect of the decreasing cost of electronic and computer equipment and related technology such as the conversion of music into digital formats have made it easier for consumers to obtain and create unauthorized copies of music recordings in the form of, for example, MP3 files. For example, based on a global study conducted by IFPI in April 2018, more than one-third of music consumers pirated music, and that approximately 32% of the music privacy took place via stream-ripping. Such piracy will have a negative effect on revenues attributable to music royalty rights we acquire. In addition, while growth of music-enabled mobile consumers offers new opportunities for growth in the music industry, it also opens the market up to risks from behaviors such as "sideloading" and mobile app-based downloading of unauthorized content. As the business shifts to streaming music or access models, piracy in these models is increasing. For example, the practice of "stream-ripping," where websites or software programs enable end-users to obtain an unauthorized copy of the audio file associated with a music video, is a growing practice among young people and in parts of the world with high mobile data costs. The impact of digital piracy on legitimate music sales and subscriptions is hard to quantify but we believe that illegal filesharing and other forms of unauthorized activity has a substantial negative impact on music sales and on the royalty income that we may receive, including royalties derived from music royalty rights. The music industry is working to control this problem in a variety of ways including by litigation, by lobbying governments for new, stronger copyright protection laws and more stringent enforcement of current laws, through graduated response programs achieved through cooperation with Internet service providers and legislation being advanced or considered in many countries, through technological measures and by enabling legitimate new media business models. However, we do not know whether such measures will be effective, and if such measures are not effective, our royalty income derived from our music royalty rights may decrease.

***Sellers of the TRAs do not owe any fiduciary duties to us or our investors, and they have no obligation to enhance the value of the underlying music royalty rights or disclose information to our investors.***

The intellectual property owners have no obligation to enhance the value of the underlying music royalty rights we may acquire. For example, the recording artist may decide to retire which may have the effect of decreasing future royalty income on the music. Furthermore, neither the recording artist nor the intellectual property rights owner owe any fiduciary duties to us or our investors. Our investors will have no recourse directly against the recording artist or the intellectual property rights owner, either under the agreement to purchase the music royalty rights or under state or federal securities laws.

**Risks Related to the Offerings and Ownership of our TalentShares**

***There is currently no public trading market for our TalentShares; there can be no assurance that any trading market will develop. While it intends to seek a quotation on PPEX for the TalentShares, there can be no guarantee as to the volume or pricing with respect to any secondary trading that might develop, Liquidity may be limited in comparison to the liquidity of other companies with securities listed on the PPEX.***

There is currently no public market for the Company's TalentShares and we have no plans to list the Company's TalentShares on a national stock exchange. We plan to seek a quotation for the series' TalentShares on PPEX. Even assuming our application for quotation is accepted, there can be no assurance as to the volume or level of any trading that will develop. The PPEX does not employ market makers to provide liquidity, unlike national securities exchanges. You may not sell the Company's TalentShares unless the buyer meets the applicable suitability and minimum purchase standards. Therefore, it may be difficult for you to sell TalentShares at the time you wish to do so, if you are able to sell them at all. If you are able to sell your TalentShares, you may have to sell them at a substantial discount to their public offering price. Because of the illiquid nature of our TalentShares, you should purchase the TalentShares only as a long-term investment and be prepared to hold them for an indefinite period of time.

***If a market ever develops for our TalentShares, the market price and trading volume may be volatile.***

If a market develops for our TalentShares, the market price of our TalentShares could fluctuate significantly for many reasons, including reasons unrelated to our performance, such as reports by industry analysts, investor perceptions, or announcements by our competitors regarding their own performance, as well as general economic and industry conditions. For example, to the extent that other companies, whether large or small, within our industry experience declines in their share price, the value of our TalentShares may decline as well.

In addition, fluctuations in operating results of a particular series' TalentShares or the failure of operating results to meet the expectations of investors may negatively impact the price of our securities. Operating results may fluctuate in the future due to a variety of factors that could negatively affect revenues or expenses in any particular reporting period, including vulnerability of our business to a general economic downturn; changes in the laws that affect our operations; competition; compensation related expenses; application of accounting standards; seasonality; and our ability to obtain and maintain all necessary government certifications or licenses to conduct our business.

In addition, the price you pay for the TalentShares in this offering may be more or less than shareholders who acquire their TalentShares in the future, such as via PPEX. There is no guarantee that the value of TalentShares you purchase in this offering will increase in the future, should you seek to sell your TalentShares.

***There may be state law restrictions on an investor's ability to sell its TalentShares making it difficult to transfer, sell or otherwise dispose of our TalentShares.***

Each state has its own securities laws, often called "blue sky" laws, which (1) limit sales of securities to a state's residents unless the securities are registered in that state or qualify for an exemption from registration and (2) govern the reporting requirements for broker-dealers and stock brokers doing business directly or indirectly in the state. Before a security is sold in a state, there must be a registration in place to cover the transaction, or it must be exempt from registration. Also, the broker must be registered in that state. We do not know whether the TalentShares being offered under this offering circular will be registered, or exempt, under the laws of any states. A determination regarding registration will be made by the broker-dealers, if any, who agree to serve as the market-makers for our TalentShares. There may be significant state blue sky law restrictions on the ability of investors to sell, and on purchasers to buy, our TalentShares. Investors should consider the resale market for our TalentShares to be limited. Investors may be unable to resell their TalentShares, or they may be unable to resell them without the significant expense of state registration or qualification.

**Risks Related to Potential Conflicts of Interest**

***Our operating agreement contains provisions that reduce or eliminate duties (including fiduciary duties) of our Managing Member.***

Our operating agreement provides that each of our Managing Member, in exercising its rights in its capacity as Managing Member, as applicable, will be entitled to consider only such TalentShares and factors as it desires, including its own TalentShares, and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting us or any of our investors and will not be subject to any different standards imposed by our operating agreement, the Limited Liability Company Act (the "LLC Act") or under any other law, rule or regulation or in equity. These modifications of fiduciary duties are expressly permitted by Delaware law.

***Conflicts may arise from allocations of income and expenses as between series.***

There may be situations when it is challenging or impossible to accurately allocate income, costs and expenses to a specific series and certain series may get a disproportionate percentage of the cost or income, as applicable. In such circumstances, including how it may impact our Management Fee, our Managing Member would be conflicted from acting in the best interest of our Company as a whole. While we presently intend to allocate expenses as described in ["The Company's Business](#a_011)—Allocations of Expenses," our Managing Member has the right to change this allocation policy at any time without further notice to investors.

***There may be conflicting interests among our Managing Member and investors.***

Our Managing Member has the ability to unilaterally amend the operating agreement and allocation policy. As our Managing Member is party, or subject, to these documents, it may be incentivized to amend them in a manner that is beneficial to it as the Managing Member of our Company or a series or may amend it in a way that is not beneficial for all investors. In addition, the operating agreement seeks to limit the fiduciary duties that our Managing Member owes to investors in our Company and its series. Therefore, our Managing Member is permitted to act in its own best interests rather than the best interests of the investors. See "[The Company's Business](#a_011)" for more information.

***Using a credit card to purchase TalentShares may impact the return on your investment as well as subject you to other risks inherent in this form of payment.***

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Investors in this offering have the option of paying for their investment with a credit card, which is not usual in the traditional investment markets. Transaction fees charged by your credit card company (which can reach 5% of transaction value if considered a cash advance) and interest charged on unpaid card balances (which can reach almost 25% in some states) add to the effective purchase price of the TalentShares you buy. *See* "[Plan of Distribution and Selling Securityholders](#a_008)." The cost of using a credit card may also increase if you do not make the minimum monthly card payments and incur late fees. Using a credit card is a relatively new form of payment for securities and will subject you to other risks inherent in this form of payment, including that, if you fail to make credit card payments (e.g. minimum monthly payments), you risk damaging your credit score and payment by credit card may be more susceptible to abuse than other forms of payment. Moreover, where a third-party payment processor is used, as in this offering, your recovery options in the case of disputes may be limited. The increased costs due to transaction fees and interest may reduce the return on your investment.

The SEC's Office of Investor Education and Advocacy issued an Investor Alert dated February 14, 2018 entitled: Credit Cards and Investments – A Risky Combination, which explains these and other risks you may want to consider before using a credit card to pay for your investment.

**<u>Risks Related to NFTs</u>**

While not a part of our series offerings, our Managing Member may release one or more collections of non-fungible tokens (NFTs), primarily as a method of fan engagement. The TRIAs that our series inter into with the Managing Member will provide that the series is entitled to a portion of the revenues generated by the Managing Member's NFT activities. There are specific risks associated with the creation and sale of NFTs.

***Blockchain technology is new and many of its uses may be untested.***

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The mechanics of using blockchain technology to transact in digital or other types of assets, such as NFTs, is relatively new and untested. There is no assurance that widespread adoption will occur. A lack of expansion in the usage of blockchain technology could adversely affect the potential revenues to be earned through NFTs issued by the Company, which could have a negative effect on the potential earnings a series of our Company could expect to receive from the sales of such NFTs by the Managing Member pursuant to a TRIA.

***Lack of regulation of NFTs creates uncertainty for our Company's activities with respect to NFTs.***

Digital commodities, such as NFTs, are largely unregulated, and the regulatory environment is rapidly evolving. As a result, the Managing Member's activities with respect to creating and issuing NFT's could subject the Managing Member to adverse regulatory action or fraudulent activity – which could have the result of either reducing the amount of income our series receive from such activities or subjecting the Managing Member to regulatory enforcement actions, which could negatively affect the Company (including its series) as a whole.

***Transacting in cryptocurrency carries risks.***

NFT offerings are typically transacted for in cryptocurrency. Cryptocurrencies (also referred to as "virtual currencies" and "digital currencies") are digital assets designed to act as a medium of exchange. Cryptocurrency volatility may result in the Managing Member receiving less revenues from the sale of NFTs than if such sales were made through traditional fiat currency – which could therefore result a reduction in the amount of income our series would receive pursuant to a TRIA agreement entitling the series to a portion NFT revenues of the Managing Member.

**DILUTION**

Dilution means a reduction in value, control or earnings of the TalentShares the investor owns. Following the close of any series offering, we do not intend to reopen that offering. As such, there will be no dilution to any investors associated with any series offering as a result of future sales of TalentShares. However, additional TalentShares in each series offered hereby will be issued to the Managing Member after the closing of a series offering as a Sourcing Fee. Additionally, any Underwriting Debt that is converted to TalentShares immediately prior to the closing of a series will do so at a discount at 7.5% to the price per TalentShare. This discount will have a dilutive impact on investors in a series offering. Further, from time to time, additional TalentShares in each series offered hereby may be issued in order to raise capital to cover such series' ongoing Operating Expenses. It is intended that any TalentShares issued after a closing, including to our Managing Member or its affiliates, will be issued at a price per TalentShare offered to all other potential investors thereunder.

**PLAN OF DISTRIBUTION AND SELLING SECURITYHOLDERS**

**Plan of Distribution**

We are offering, on a best efforts basis, the TalentShares of each of the series in the "[Series Offering Table](#a_002)" beginning on page iii. The offering price for each series was determined by our Managing Member.

All TalentShares will be offered for purchase via the mobile app and web-based investment platform www.exceedtc.com (the "Exceed Platform"). The Exceed Platform allows investors to acquire a series of our TalentShares, which are tied to the performance of a specific TRA under the terms of a TRIA entered into between a series of our Company and the Managing Member. Through the Exceed Platform, investors can browse our various offerings and sign legal documents electronically. We intend to distribute each series' TalentShares primarily through the Exceed Platform, but we do not exclude the possibility that we may also distribute TalentShares via other platforms in the future. Neither our Managing Member nor any other affiliated entity involved in the offer and sale of our TalentShares is a member firm of FINRA, and no person associated with us will be deemed to be a broker solely by reason of his or her participation in the sale of our series' TalentShares.

The Exceed Platform intends to offer a membership program (the "Exceed Platinum Club") for $250 per year, with automatic renewal every year. It is further intended that the members of the Exceed Platinum Club ("Exceed Members") receive a number of benefits, including:

&nbsp;&nbsp;&nbsp;&nbsp;· Priority investment in the event of oversubscription of an offering on the Exceed Platform;

&nbsp;&nbsp;&nbsp;&nbsp;· No minimum investment amounts for offerings on the Exceed Platform; and

&nbsp;&nbsp;&nbsp;&nbsp;· No transaction and processing fees on the Exceed Platform.

Exceed Members can cancel their membership at any time. Once cancelled, membership will expire on the next anniversary of the membership. The Managing Member will determine whether an investor qualifies as an Exceed Member.

The Exceed Platform is owned and operated by Exceed Talent Capital Ltd., the sole-owner of our Managing Member. There is no formal agreement between the Company and Exceed Talent Capital Ltd. governing the terms of the use of the Exceed Platform by the Company; however, Exceed Talent Capital Ltd. has informed the Company that it does not intend to charge the Company any fees for use of the Exceed Platform. We do not have exclusive use of the Exceed Platform, and other issuers' offerings may be hosted on the Exceed Platform apart from these offerings of our series.

There will be a separate closing with respect to each series' offering. The closing of each series' offering will occur on the earliest to occur of (i) the date subscriptions for the maximum number of TalentShares offered for a series have been accepted or (ii) a date determined by our Managing Member in its sole discretion, provided that subscriptions for the minimum number (as applicable) of TalentShares offered for a series have been accepted. If closing has not occurred, an offering shall be terminated upon (i) the date which is one year from the date such offering circular or amendment thereof, as applicable, is qualified by the Commission, which period may be extended with respect to a particular series by an additional six months by our Managing Member in its sole discretion, or (ii) any date on which our Managing Member elects to terminate the offering for a particular series of TalentShares in its sole discretion.

The TalentShares are being offered by subscription only in the United States and to residents of those states in which the offer and sale is not prohibited. This offering circular does not constitute an offer or sale of TalentShares outside of the United States.

Those persons who want to invest in our TalentShares must sign a subscription agreement for the particular series' TalentShares, which will contain representations, warranties, covenants, and conditions customary for offerings of this type. See "—[How to Subscribe](#a_022)" below for further details. Copies of the form of subscription agreement for each series are filed as Exhibit 4.1 and onwards in the offering statement.

The company has engaged North Capital Private Securities Corporation ("Escrow Agent") to hold any funds that are tendered by investors in a non-interest-bearing account. After each closing, funds tendered by investors will be made available to the relevant series. After the initial closing of an offering in a series, we expect to hold closings on at least a monthly basis. If there is a minimum offering amount for a particular series offering, investors' funds related to that offering will be placed in an escrow account until our Company receives proceeds equal to the minimum offering amount. Any escrowed funds will be invested only in investments permissible under SEC Rule 15c2-4. For offerings with a minimum offering amount - in the event the minimum offering amount is not achieved, all investors' funds in that offering will be promptly returned to each subscriber in accordance with SEC Rule 10b-9.

The TalentShares will be issued in digital book-entry form without certificates.

The Company has engaged Dalmore Group, LLC ("Dalmore") a broker-dealer registered with the SEC and a member of FINRA, to perform the following administrative and technology related functions in connection with this offering, but not for underwriting or placement agent services:

· Review investor information, including KYC ("Know Your Customer") data, AML ("Anti Money Laundering") and other compliance background checks, and provide a recommendation to the Company whether or not to accept investor as a customer.

· Review each investors subscription agreement to confirm such investors participation in the offering, and provide a determination to our Company whether or not to accept the use of the subscription agreement for the investor's participation.

· Contact and/or notify the Company, if needed, to gather additional information or clarification on an investor.

· Not provide any investment advice nor any investment recommendations to any investor.

· Keep investor details and data confidential and not disclose to any third-party except as required by regulators or pursuant to the terms of the agreement (e.g. as needed for AML and background checks).

· Coordinate with third party providers to ensure adequate review and compliance.

As compensation for the services listed above, the Company has agreed to pay Dalmore $25,000 in one-time set up fees, consisting of the following:

· $5,000 advance payment for due diligence fees.

· $20,000 consulting fee due and payable immediately after FINRA issues a no objection letter.

In addition, the Company will pay Dalmore a commission equal to 1% of the amount raised in the offering to support the offering once the SEC has qualified the Offering Statement and the offering commences. The Company estimates the commission payable to Dalmore would be approximately $12,093.00 for a fully-subscribed offering covering the initial series of the Company. As such, the total amount that our Company estimates that it will pay Dalmore, pursuant to a fully-subscribed offering covering the initial series of the Company would be $37,093. These assumptions were used in estimating the commissions payable to Dalmore, as well as total offering expenses, in the "[Use of Proceeds](#a_009)" section of this offering circular.

**Investor Suitability Standards**

Our TalentShares are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act). "Qualified purchasers" include: (i) "accredited investors" under Rule 501(a) of Regulation D and (ii) all other investors so long as their investment in any series' TalentShares of our Company (in connection with any series of TalentShares offered under Regulation A) does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). We reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A.

For an individual potential investor to be an "accredited investor" for purposes of satisfying one of the tests in the "qualified purchaser" definition, the investor must be a natural person who has:

1. an individual net worth, or joint net worth with the person's spouse, that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person and the mortgage on that primary residence (to the extent not underwater), but including the amount of debt that exceeds the value of that residence and including any increase in debt on that residence within the prior 60 days, other than as a result of the acquisition of that primary residence; or

2. earned income exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.

If the investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details. For purposes of determining whether a potential investor is a "qualified purchaser," annual income and net worth should be calculated as provided in the "accredited investor" definition under Rule 501 of Regulation D. In particular, net worth in all cases should be calculated excluding the value of an investor's home, home furnishings and automobiles.

Our TalentShares will not be offered or sold to prospective investors subject to ERISA and investors living in Canada

If an investor lives outside the United States, it is his or her responsibility to fully observe the laws of any relevant territory or jurisdiction outside the United States in connection with any purchase, including obtaining required governmental or other consent and observing any other required legal or other formalities.

Our Managing Member will be permitted to make a determination that the subscribers of our TalentShares in any offering are qualified purchasers in reliance on the information and representations provided by the subscriber regarding the subscriber's financial situation. Before making any representation that your investment does not exceed applicable federal thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to www.investor.gov.

An investment in our TalentShares may involve significant risks. Only investors who can bear the economic risk of the investment for an indefinite period of time and the loss of their entire investment should invest in our TalentShares. See "[Risk Factors](#a_006)."

**Minimum Investment**

The minimum subscription for our series offerings will vary by series. The price per TalentShare for each series will also vary by series.

**Escrow Agent**

The Escrow Agent is North Capital Private Securities Corporation, who has been appointed as escrow agent for each offering pursuant to escrow agreements among the Escrow Agent and our Company. A copy of the escrow agreement is included as Exhibit 8.1 in the offering statement of which this offering circular is part.

**Fees and Expenses**

See "[Use of Proceeds to Issuer](#a_009)" for a description of the specific expenses for each offering.

***Offering Expenses***

Included in the proceeds for each series' TalentShares will be specific amounts to cover fees, costs and expenses incurred in connection with the offering of that series' TalentShares (which we collectively refer to as the "Offering Expenses"). Offering Expenses consist of legal, accounting, escrow, underwriting, filing and compliance costs, as applicable, related to a specific offering – but excluding fees and commissions payable to Dalmore.

***Sourcing Fee***

The Managing Member will collect a sourcing fee as compensation for sourcing each TRA (which we refer to as the "Sourcing Fee"). This fee will be comprised of (i) a cash fee equal to 5% of the purchase price of the TRA being acquired pursuant to the TRIA; and (ii) an equity fee equal to 5% of the TalentShares issued in a series as of the closing of the offering of that series, such that immediately after closing, the Managing Member will own 5% of all the TalentShares issued in a series. The Sourcing Fee (including either one of its components) may be waived or reduced by our Managing Member on a per series basis.

**Investors' Tender of Funds**

After the SEC has qualified the Offering Statement, the Company will accept tenders of funds to purchase the TalentShares. The Company may close on investments on a "rolling" basis (so not all investors will receive their securities on the same date). Investors may subscribe by tendering funds via ACH, debit or credit card, wire or check. Subscriptions via credit card will be processed via a third-party payment processor, and will be subject to customary processing fees. The Company does not intend to pay these fees on behalf of investors. Upon closing, funds tendered by investors will be made available to the Company for its use.

**How to Subscribe**

Potential investors who are "qualified purchasers" may subscribe to purchase our TalentShares. Any potential investor wishing to acquire our TalentShares must:

1. Carefully read this offering circular, and any current supplement, as well as any documents described in the offering circular and attached as exhibits to the offering statement or which you have requested. Consult with your tax, legal and financial advisors to determine whether an investment in our TalentShares is suitable for you.

2. Review the subscription agreement (including the "Investor Qualification and Attestation" attached thereto), which was pre-populated following your completion of certain questions on the Exceed Platform application, and if the responses remain accurate and correct, sign the completed subscription agreement using electronic signature. Except as otherwise required by law, subscriptions may not be withdrawn or cancelled by subscribers.

3. Once the completed subscription agreement is signed, you will be instructed to transfer funds in an amount equal to the purchase price for TalentShares you have applied to subscribe for (as set out on the front page of your subscription agreement) by debit card, credit card, wire, or ACH into the escrow account. The Escrow Agent will hold such subscription monies in escrow until such time as your subscription agreement is either accepted or rejected by our Managing Member and, if accepted, such further time until you are issued the TalentShares.

4. Our Managing Member will review the subscription documentation completed and signed by you. You may be asked to provide additional information. Our Managing Member will contact you directly if required. We reserve the right to reject any subscriptions, in whole or in part, for any or no reason, and to withdraw any offering at any time prior to closing.

5. Once the review is complete, our Managing Member will inform you whether or not your application to subscribe for the TalentShares is approved or denied and if approved, the number of TalentShares you are entitled to subscribe for. If your subscription is rejected in whole or in part, then your subscription payments (being the entire amount if your application is rejected in whole or the payments associated with those subscriptions rejected in part) will be refunded promptly, without interest or deduction. Our Managing Member accepts subscriptions on a first-come, first served basis subject to the right to reject or reduce subscriptions.

6. If all or a part of your subscription is approved, then the number of TalentShares you are entitled to subscribe for will be issued to you upon the closing. Simultaneously with the issuance of the TalentShares, the subscription monies held by the Escrow Agent in escrow on your behalf will be transferred to the account of the applicable series as consideration for such TalentShares.

By executing the subscription agreement, you agree to be bound by the terms of the subscription agreement and the TalentShares, as well as our operating agreement. Our Company and our Managing Member will rely on the information you provide in the subscription agreement, including the "Investor Qualification and Attestation" attached thereto and the supplemental information you provide in order for our Managing Member to verify your status as a "qualified purchaser." If any information about your "qualified purchaser" status changes prior to you being issued the TalentShares, please notify our Managing Member immediately using the contact details set out in the subscription agreement.

**Additional Information Regarding this Offering Circular**

We have not authorized anyone to provide information regarding this offering other than as set forth in this offering circular. Except as otherwise indicated, all information contained in this offering circular is given as of the date of this offering circular. Neither the delivery of this offering circular nor any sale made hereunder shall under any circumstances create any implication that there has been no change in our affairs since the date hereof.

From time to time, we may provide an "offering circular supplement" that may add, update or change information contained in this offering circular. Any statement that we make in this offering circular will be modified or superseded by any inconsistent statement made by us in a subsequent offering circular supplement. The offering statement we filed with the Commission includes exhibits that provide more detailed descriptions of the matters discussed in this offering circular. You should read this offering circular and the related exhibits filed with the Commission and any offering circular supplement together with additional information contained in our annual reports, semi-annual reports and other reports and information statements that we will file periodically with the Commission.

The offering circular and all supplements and reports that we have filed or will file in the future can be read on the Commission website at www.sec.gov or in the legal section on the Exceed Platform (at www.Exceedtc.com/offering). The contents of the Exceed Platform (other than the offering statement, this offering circular and the appendices and exhibits thereto) are not incorporated by reference in or otherwise a part of this offering circular.

**USE OF PROCEEDS TO ISSUER**

The allocation of the net proceeds of each offering set forth below represents our intentions based upon our current plans and assumptions regarding the specified TRIA (and underlying TRA). The Company reserves the right to modify the use of proceeds for each series set forth below.

**Series Bedtime**

We are offering up to 76,939 TalentShares of Series Bedtime for maximum gross offering proceeds of $1,154,085.00. Assuming the maximum amount of TalentShares is sold, we intend to use the proceeds from this offering as follows:

---

| | | |
|:---|:---|:---|
| **Uses** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| Underwriting Debt (Principal) <sup>(1)</sup> | $870000.00 | 75.4% |
| Underwriting Debt (Estimated Interest) <sup>(2)</sup> | $39150.00 | 3.4% |
| Souring Fee | $33500.00 | 2.9% |
| Dalmore Commissions <sup>(3)</sup> | $11435.00 | 1.0% |
| Marketing Budget<sup>(4)</sup> | $200000.00 | 17.3% |
| **Total Proceeds** | $**1154085.00** | **100%** |

---

(1) Series Bedtime entered into the Series Bedtime
 TRIA with the Managing Member on December 8, 2022. Pursuant to this agreement, Series Bedtime acquired the royalty rights set forth in
 the Series Bedtime TRIA in exchange for assuming $870,000 in Underwriting Debt owed by the Managing Member to one of its affiliates, representing
 a $670,000 purchase price for the royalty rights, and $200,000 to for various offering expenses related to this Series Bedtime offering,
 including legal, accounting, marketing, filing, compliance costs, and certain fees (but not commissions) payable to Dalmore. If Series
 Bedtime raises less than this amount, any remaining Underwriting Debt at closing will be converted into Series Bedtime TalentShares at
 a price per TalentShare equal to the price per TalentShare investors are paying in this offering for Series Bedtime TalentShares, less
 a discount to the price per TalentShare of 7.5%. A form of our standard TRIA (which is substantially the same as the Series Bedtime TRIA)
 is included as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(2) The Underwriting Debt accrues interest at 1.5% per calendar month, pro rata for any partial months, while outstanding. For purposes of this offering, we have assumed 6 months of interest will accrue on the Underwriting Debt prior to closing. If, at the closing of the offering, less interest has accrued than the amount estimated above, only the amount of proceeds sufficient to satisfy the accrued interest will be applied. However, if accrued interest at closing exceeds this estimated amount, the Company will not apply proceeds from the offering in excess of this amount towards repayment of interest. The terms of the Underwriting Debt are substantially the same as set forth in Exhibit A our standard TRIA, which is filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(3) Represents the 1% commission payable to Dalmore.

(4) Series Bedtime believes that funding marketing and promotional activities related to the TRA underlying the Series Bedtime TRIA could potentially result in increased revenues generated from the royalty rights owned by Series Bedtime. Series Bedtime has established a marketing budget for this purpose – however, priority of investors' funds will go towards repayment of the Underwriting Debt (Principal and Interest), the Sourcing Fee, and Dalmore's Commission prior to funding the Marketing Budget. Additionally, this offering may close without funding all or any portion of the Marketing Budget.

**Series Big Havi**

We are offering up to 4,279 TalentShares of Series Big Havi for maximum gross offering proceeds of $21,395.00. Assuming the maximum amount of TalentShares is sold, we intend to use the proceeds from this offering as follows:

---

| | | |
|:---|:---|:---|
| **Uses** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| Underwriting Debt (Principal) <sup>(1)</sup> | $15000.00 | 70.1% |
| Underwriting Debt (Estimated Interest) <sup>(2)</sup> | $675.00 | 3.2% |
| Sourcing Fee | $500.00 | 2.3% |
| Dalmore Commissions and Fees <sup>(3)</sup> | $220.00 | 1.0% |
| Marketing Budget <sup>(4)</sup> | $5000.00 | 23.4% |
| &nbsp;&nbsp;&nbsp;**Total Proceeds** | $**21395.00** | **100.0%** |

---

(1) Series Big Havi entered into the Series Big Havi
 TRIA with the Managing Member on December 8, 2022. Pursuant to this agreement, Series Big Havi acquired the royalty rights set forth in
 the Series Big Havi TRIA in exchange for assuming $15,000 in Underwriting Debt owed by the Managing Member to one of its affiliates, representing
 a $10,000 purchase price for the royalty rights, and $5,000 to for various offering expenses related to this Series Big Havi offering,
 including legal, accounting, marketing, filing, compliance costs, and certain fees (but not commissions) payable to Dalmore. If Series
 Big Havi raises less than this amount, any remaining Underwriting Debt at closing will be converted into Series Big Havi TalentShares
 at a price per TalentShare equal to the price per TalentShare investors are paying in this offering for Series Big Havi TalentShares,
 less a discount to the price per TalentShare of 7.5%. A form of our standard TRIA (which is substantially the same as the Series Big Havi
 TRIA) is included as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(2) The Underwriting Debt accrues interest at 1.5% per calendar month, pro rata for any partial months, while outstanding. For purposes of this offering, we have assumed 6 months of interest will accrue on the Underwriting Debt prior to closing. If, at the closing of the offering, less interest has accrued than the amount estimated above, only the amount of proceeds sufficient to satisfy the accrued interest will be applied. However, if accrued interest at closing exceeds this estimated amount, the Company will not apply proceeds from the offering in excess of this amount towards repayment of interest. The terms of the Underwriting Debt are substantially the same as set forth in Exhibit A our standard TRIA, which is filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(3) Represents the 1% commission payable to Dalmore.

(4) Series Big Havi believes that funding marketing and promotional activities related to the TRA underlying the Series Big Havi TRIA could potentially result in increased revenues generated from the royalty rights owned by Series Big Havi. Series Big Havi has established a marketing budget for this purpose – however, priority of investors' funds will go towards repayment of the Underwriting Debt (Principal and Interest), the Sourcing Fee, and Dalmore's Commission prior to funding the Marketing Budget. Additionally, this offering may close without funding all or any portion of the Marketing Budget.

**Series Luh Moody**

We are offering up to 4,917 TalentShares of Series Luh Moody for maximum gross offering proceeds of $14,751. Assuming the maximum amount of TalentShares is sold, we intend to use the proceeds from this offering as follows:

---

| | | |
|:---|:---|:---|
| **Uses** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| Underwriting Debt (Principal) <sup>(1)</sup> | $9000.00 | 61.0% |
| Underwriting Debt (Estimated Interest) <sup>(2)</sup> | $405.00 | 2.7% |
| Sourcing Fee | $200.00 | 1.4% |
| Dalmore Commissions and Fees <sup>(3)</sup> | $146.00 | 1.0% |
| Marketing Budget <sup>(4)</sup> | $5000.00 | 33.9% |
| &nbsp;&nbsp;&nbsp;**Total Proceeds** | $**14751.00** | **100.0%** |

---

(1) Series Luh Moody entered into the Series Luh Moody
 TRIA with the Managing Member on December 8, 2022. Pursuant to this agreement, Series Luh Moody acquired the royalty rights set forth
 in the Series Luh Moody TRIA in exchange for assuming $9,000 in Underwriting Debt owed by the Managing Member to one of its affiliates,
 representing a $4,000 purchase price for the royalty rights, and $5,000 to for various offering expenses related to this Series Luh Moody
 offering, including legal, accounting, marketing, filing, compliance costs, and certain fees (but not commissions) payable to Dalmore.
 If Series Luh Moody raises less than this amount, any remaining Underwriting Debt at closing will be converted into Series Luh Moody TalentShares
 at a price per TalentShare equal to the price per TalentShare investors are paying in this offering for Series Luh Moody TalentShares,
 less a discount to the price per TalentShare of 7.5%. A form of our standard TRIA (which is substantially the same as the Series Luh Moody
 TRIA) is included as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(2) The Underwriting Debt accrues interest at 1.5% per calendar month, pro rata for any partial months, while outstanding. For purposes of this offering, we have assumed 6 months of interest will accrue on the Underwriting Debt prior to closing. If, at the closing of the offering, less interest has accrued than the amount estimated above, only the amount of proceeds sufficient to satisfy the accrued interest will be applied. However, if accrued interest at closing exceeds this estimated amount, the Company will not apply proceeds from the offering in excess of this amount towards repayment of interest. The terms of the Underwriting Debt are substantially the same as set forth in Exhibit A our standard TRIA, which is filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(3) Represents the 1% commission payable to Dalmore.

(4) Series Luh Moody believes that funding marketing and promotional activities related to the TRA underlying the Series Luh Moody TRIA could potentially result in increased revenues generated from the royalty rights owned by Series Luh Moody. Series Luh Moody has established a marketing budget for this purpose – however, priority of investors' funds will go towards repayment of the Underwriting Debt (Principal and Interest), the Sourcing Fee, and Dalmore's Commission prior to funding the Marketing Budget. Additionally, this offering may close without funding all or any portion of the Marketing Budget.

**Series DaylinXL**

We are offering up 4,917 TalentShares of Series DaylinXL for maximum gross offering proceeds of $14,861. Assuming the maximum amount of TalentShares is sold, we intend to use the proceeds from this offering as follows:

---

| | | |
|:---|:---|:---|
| **Uses** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| Underwriting Debt (Principal) <sup>(1)</sup> | $9000.00 | 61.0% |
| Underwriting Debt (Estimated Interest) <sup>(2)</sup> | $405.00 | 2.7% |
| Sourcing Fee | $200.00 | 1.4% |
| Dalmore Commissions and Fees <sup>(3)</sup> | $146.00 | 1.0% |
| Marketing Budget <sup>(4)</sup> | $5000.00 | 33.9% |
| &nbsp;&nbsp;&nbsp;**Total Proceeds** | $**14751.00** | **100.0%** |

---

(1) Series DaylinXL entered into the Series DaylinXL
 TRIA with the Managing Member on December 8, 2022. Pursuant to this agreement, Series DaylinXL acquired the royalty rights set forth in
 the Series DaylinXL TRIA in exchange for assuming $9,000 in Underwriting Debt owed by the Managing Member to one of its affiliates, representing
 a $4,000 purchase price for the royalty rights, and $5,000 to for various offering expenses related to this Series DaylinXL offering,
 including legal, accounting, marketing, filing, compliance costs, and certain fees (but not commissions) payable to Dalmore. If Series
 DaylinXL raises less than this amount, any remaining Underwriting Debt at closing will be converted into Series DaylinXL TalentShares
 at a price per TalentShare equal to the price per TalentShare investors are paying in this offering for Series DaylinXL TalentShares,
 less a discount to the price per TalentShare of 7.5%. A form of our standard TRIA (which is substantially the same as the Series DaylinXL
 TRIA) is included as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(2) The Underwriting Debt accrues interest at 1.5% per calendar month, pro rata for any partial months, while outstanding. For purposes of this offering, we have assumed 6 months of interest will accrue on the Underwriting Debt prior to closing. If, at the closing of the offering, less interest has accrued than the amount estimated above, only the amount of proceeds sufficient to satisfy the accrued interest will be applied. However, if accrued interest at closing exceeds this estimated amount, the Company will not apply proceeds from the offering in excess of this amount towards repayment of interest. The terms of the Underwriting Debt are substantially the same as set forth in Exhibit A our standard TRIA, which is filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(3) Represents the 1% commission payable to Dalmore.

(4) Series DaylinXL believes that funding marketing and promotional activities related to the TRA underlying the Series DaylinXL TRIA could potentially result in increased revenues generated from the royalty rights owned by Series DaylinXL. Series DaylinXL has established a marketing budget for this purpose – however, priority of investors' funds will go towards repayment of the Underwriting Debt (Principal and Interest), the Sourcing Fee, and Dalmore's Commission prior to funding the Marketing Budget. Additionally, this offering may close without funding all or any portion of the Marketing Budget.

**Series Envy**

We are offering up 4,917 TalentShares of Series Envy for maximum gross offering proceeds of $14,861. Assuming the maximum amount of TalentShares is sold, we intend to use the proceeds from this offering as follows:

---

| | | |
|:---|:---|:---|
| **Uses** | **Dollar Amount** | **Percentage of Gross Cash Proceeds** |
| Underwriting Debt (Principal) <sup>(1)</sup> | $9000.00 | 61.0% |
| Underwriting Debt (Estimated Interest) <sup>(2)</sup> | $405.00 | 2.7% |
| Sourcing Fee | $200.00 | 1.4% |
| Dalmore Commissions and Fees <sup>(3)</sup> | $146.00 | 1.0% |
| Marketing Budget <sup>(4)</sup> | $5000.00 | 33.9% |
| &nbsp;&nbsp;&nbsp;**Total Proceeds** | $**14751.00** | **100.0%** |

---

(1) Series Envy entered into the Series Envy TRIA
 with the Managing Member on December 8, 2022. Pursuant to this agreement, Series Envy acquired the royalty rights set forth in the Series
 Envy TRIA in exchange for assuming $9,000 in Underwriting Debt owed by the Managing Member to one of its affiliates, representing a $4,000
 purchase price for the royalty rights, and $5,000 to for various offering expenses related to this Series Envy offering, including legal,
 accounting, marketing, filing, compliance costs, and certain fees (but not commissions) payable to Dalmore. If Series Envy raises less
 than this amount, any remaining Underwriting Debt at closing will be converted into Series Envy TalentShares at a price per TalentShare
 equal to the price per TalentShare investors are paying in this offering for Series Envy TalentShares, less a discount to the price per
 TalentShare of 7.5%. A form of our standard TRIA (which is substantially the same as the Series Envy TRIA) is included as Exhibit 6.1
 to the offering statement of which this offering circular forms a part.

(2) The Underwriting Debt accrues interest at 1.5% per calendar month, pro rata for any partial months, while outstanding. For purposes of this offering, we have assumed 6 months of interest will accrue on the Underwriting Debt prior to closing. If, at the closing of the offering, less interest has accrued than the amount estimated above, only the amount of proceeds sufficient to satisfy the accrued interest will be applied. However, if accrued interest at closing exceeds this estimated amount, the Company will not apply proceeds from the offering in excess of this amount towards repayment of interest. The terms of the Underwriting Debt are substantially the same as set forth in Exhibit A our standard TRIA, which is filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

(3) Represents the 1% commission payable to Dalmore.

(4) Series Envy believes that funding marketing and promotional activities related to the TRA underlying the Series Envy TRIA could potentially result in increased revenues generated from the royalty rights owned by Series Envy. Series Envy has established a marketing budget for this purpose – however, priority of investors' funds will go towards repayment of the Underwriting Debt (Principal and Interest), the Sourcing Fee, and Dalmore's Commission prior to funding the Marketing Budget. Additionally, this offering may close without funding all or any portion of the Marketing Budget.

**THE UNDERLYING ASSETS OF OUR SERIES**

*The discussions contained in this offering circular relating to the various TRAs underlying the TRIAs of our series and the music industry are taken from third-party sources that we believe to be reliable and we believe that the information from such sources contained herein regarding the TRAs and the music industry are reasonable, and that the factual information therein is fair and accurate.*

 

**Series Bedtime**

***Summary Overview***

 ****

Series Bedtime, pursuant to the Series Bedtime TRIA, has acquired certain rights to the song "Bedtime" by recording Artist Lil' Durk.

***About Lil Durk***

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Lil Durk is one of today's most popular hip-hop artists with over a billion streams, 12 certified Platinum songs and 30 certified Gold songs. These certifications are from the Recording Industry Association of America (RIAA) awards certification based on the number of albums and singles sold through retail and other ancillary markets. Platinum equaling 1,000,000 sold, and Gold equaling 500,000 sold.

In 2015, he released his debut studio album "Remember My Name". The album peaked at the number 2 spot on the Billboard US Rap and US R&B/Hip-Hop charts as well as number 14 on the Billboard 200 chart. Around the same time as the album's release, he signed a deal with the popular label Def Jam Records.

In 2016, Lil Durk dropped his second studio album called "Lil Durk 2x", which peaked at the number 4 spot on the US Rap chart and number 5 on the US R&B/Hip-Hop chart. The album also included the breakthrough track "My Beyonce" (featuring Dej Loaf) which made it to number 21 on the US Rap chart. He then grabbed the attention of several rappers and collaborated with French Montana, Travi$ Scott, will.i.am, Young Thug, Boosie Badazz, RiFF RaFF, and Meek Mill, among others. In 2016, he went on to receive a nomination by BET for Best Rapper.

In 2018, Durk left Def Jam Records and was quickly picked up by Interscope Records where he dropped his third studio album "Signed to the Streets 3". In April 2020, Durk reached the Billboard Hot 100 by making his first appearance with the release of his hit track "Viral Moment" from his fifth studio album, "Just Cause Y'all Waited 2". The album climbed even higher to the number 2 spot.

The rapper gained further recognition in the industry with the release of singles such as "3 Headed Goat" featuring Lil Baby and Polo G, Backdoor, and The Voice. Lil Durk collaborated with fellow rapper Lil Baby to release the 2021 joint studio album "The Voice of the Heroes", which became a commercial success as well as becoming his first release to debut at the top of the Billboard 200 charts.

In August 2021, Lil Durk also made his guest appearance on Kanye West's 10th studio album, Donda, on the track "Jonah". He released his most recent song "Ahhh Ha" in February 2022, amassing more than 40 million views within a month of its release. After that, he dropped his seventh studio album, 7220, which consists of 17 tracks, including guest features from rappers Future, Gunna, Morgan Wallen, and Summer Walker.

***The Series "Bedtime" TRIA***

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The Series "Bedtime" TRIA is between Series Bedtime and the Managing Member, and provides Series Bedtime with the right to receive 50% of the streaming revenues associated with the song "Bedtime" recorded by Lil Durk and featuring Doodie Lo, a rising hip hop artist, intended to be released in January 2023 as collected by the exclusive distributor of the song, Empire Distribution Inc for a purchase price of $870,000, which includes certain offering and operational costs related to Series Bedtime previously paid by the Managing Member that were reimbursed to the Managing Member as part of the purchase price.

Additionally, Series Bedtime will have the right to receive 15% of any revenues generated from the minting and sale of a series of NFTs connected to Lil Durk and his creative output. The Managing Member will be solely responsible for the release and collection and any funds relating to such NFTs, and will be responsible for paying Series Bedtime its share of revenues from these NFT activities.

***Performance History of Lil Durk Song Releases***

"Bedtime" by Lil Durk and featuring Doodie Lo is intended to be released in December, 2022, and therefore there is no significant performance history to provide to investors on this song. The following tables summaries the streaming performance of some of Lil Durk's releases over the past two years, based on published data in Luminate, a music industry database that collects data from various streaming platforms such as YouTube, Apple, Spotify, Amazon, Pandora, Facebook, Peloton, and Deezer.

It is important to note that past performance does not guarantee future results and this data does not relate to the "Bedtime" song. There is no guarantee that the past performance information shown below will be indicative of the performance of "Bedtime".

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*Lil Durk Top Singles Released in 2021*

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| | | |
|:---|:---|:---|
| **Song** | **1 Year Streams (2021)** | **1 Year Estimated Implied Streaming Revenues\*** |
| Hellcats | 250000.000 | $1250000 |
| Hats Off | 247000000 | $1235000 |
| Broadway Girls | 195000000 | $975000 |
| The Voice of Heroes | 185000000 | $925000 |
| How it Feels | 169000000 | $845000 |
| Every Chance I Get | 162785000 | $813925 |
| 2040 | 135000000 | $675000 |
| Okay | 132000000 | $660000 |
| Still Runnin | 114000000 | $570000 |

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*\*"Estimated Implied Streaming Revenues" assumes $0.005/stream based on weighted average of data provided by Headphonesty report of various streaming platforms published in January 2022. Revenues shown are gross, and exclude any deductions made by distributors or other parties.* 

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*Lil Durk Solo Album: 7220 released in 2022 (Based on 5 Months of Data)*

 

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| | | |
|:---|:---|:---|
| **Song** | **Estimated 5 Months Streams (5 month period, measured from March 2022)** | **Estimated Implied Streaming Revenues\* (5 month period measured from March 2022)** |
| What Happened to Virgil | <br> 163000000 | $815000 |
| Ahhh Ha | 159000000 | $795000 |
| Petty Too | 77000000 | $385000 |
| No Interviews | 58000000 | $290000 |
| Pissed Me off | 56000000 | $280000 |
| Golden Child | 51000000 | $255000 |
| Barbarian | 51000000 | $255000 |
| Computer Murderers | 48000000 | $240000 |
| Smoking & Thinking | 47000000 | $235000 |
| Difference is | 44000000 | $220000 |
| Blocklist | 43000000 | $215000 |
| Headtaps | 42000000 | $210000 |
| Start From | 39000000 | $195000 |
| Shoot out @ my crib | 39000000 | $195000 |
| Grow up/Keep it on | 34000000 | $170000 |
| Federal Nightmares | 31500000 | $157500 |
| Love Dior Banks | 19900000 | $99500 |

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*\* "Estimated Implied Streaming Revenues" assumes $0.005/stream based on weighted average of data provided by Headphonesty report of various streaming platforms published in January 2022. Revenues shown are gross, and exclude any deductions made by distributors or other parties.*

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***Social Media Analysis***

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We believe that a talent's social media presence can be a major contributing factor to the success of their works. The following is a summary of Lil Durk's social media footprint as of October 2022.

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| | |
|:---|:---|
| *Instagram* | 28,000,000 listeners |
| *Spotify* | 25,000,000 monthly listeners |
| *Twitter* | 7,000,000 followers |
| *YouTube* | 5,000,000 subscribers |
| *Facebook* | 5,000,000 subscribers |
| *TikTok* | 2,000,000 followers |

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**<u>Series "Big Havi"</u>**

***Summary Overview***

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Series Big Havi, pursuant to the Series Big Havi TRIA, has acquired certain rights to the album "Personal Problems 3" by recording artist Javier Hardemann (p/k/a Big Havi).

***About Big Havi***

***About the Series "Big Havi" TRA***

The Series "Big Havi" TRIA is between Series Big Havi and the Managing Member, and provides Series Big Havi with the right to receive 50% of the streaming revenues associated with the album Personal Problems 3 recorded by Javier Hardemann (p/ka/ Big Havi) intended to be released in January 2023 as collected by the exclusive distributor of the song, Slipstream for a purchase price of $15,000, which includes certain offering and operational costs related to Series Big Havi previously paid by the Managing Member that were reimbursed to the Managing Member as part of the purchase price.

Additionally, Series Big Havi will have the right to receive 20% of any revenues generated from the minting and sale of a series of NFTs connected to Big Havi and his creative output. The Managing Member will be solely responsible for the release and collection and any funds relating to such NFTs, and will be responsible for paying Series Big Havi its share of revenues from these NFT activities.

***Performance History of Big Havi Song Releases***

The following tables summaries the streaming performance of some of Big Havi's releases over the past two years, based on published data in Music Industry Database: Luminate Music Connect collected from various DSPs such as YouTube, Apple, Spotify, Amazon, Pandora, Facebook, Peloton, and Deezer. It is important to note that past performance does not guarantee future results, and this data does not relate to PP3 as it has not yet been released.

<u>Summary of Big Havi Song Releases</u>

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| | | | |
|:---|:---|:---|:---|
| **Song** | **Release Date** | **Total Streams Since Release** | **\*Est. Implied 1 Yr. Streaming Revenues** |
| 9 times out of 10 | 2019 | 46861000 | $75991 |
| Dope SH\*T | 2020 | 1443817 | $3208 |
| Personal Problems | 2020 | 752442 | $1456 |
| Vibez'N | 2020 | 564162 | $1410 |
| Bout A Bag | 2020 | 263214 | $509 |
| Bout A Bag | 2020 | 263214 | $509 |
| Love Gone | 2020 | 169450 | $328 |
| Grimey As Eva | 2020 | 167291 | $324 |
| 808 | 2020 | 141882 | $275 |
| Narcotix | 2020 | 140487 | $272 |
| Back In My Ways | 2020 | 95293 | $212 |
| Over Wit | 2020 | 93389 | $208 |
| Real Nigga Cry | 2020 | 57478 | $150 |
| Do The Same 4 Me | 2020 | 45701 | $119 |

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*\* Estimated Implied Streaming Revenues assumes $0.005/stream based on weighted average of data provided by Headphonesty report of DSPs January 2022. Income is stated gross and excludes any payments to distributors and others.*

 

***Social Media Analysis***

We believe that a talent's social media presence can be a major contributing factor to the success of their works. The following is a summary of Big Havi's social media footprint as of October 2022.

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| | |
|:---|:---|
| *Spotify* | 200,000+ monthly listeners |
| *Facebook* | c. 70,000 subscribers |
| *TikTok* | 50,000+ followers |
| *YouTube* | 21,000+ subscribers |

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**<u>Series Luh Moody</u>**

 

***Summary Overview***

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Series Luh Moody, pursuant to the Series Luh Moody TRIA, has acquired certain rights to 15 songs to be released by recording artist Jonathan Schiever (p/k/a Luh Moody), in single, EP or LP format.

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***About Luh Moody***

Luh Moody is a twenty-one year old recording artist from Chicago, Illinois. After his parents separated at an early age, Moody experienced chronic instability, as he was constantly uprooted and separated from his siblings. As a result, Moody displayed severe behavioral problems throughout his formative years. His nickname was coined by a close relative, as his emotional temperament was ever-changing.

As a songwriter, Luh Moody is extremely introspective, as his songs are reminiscent of the many traumatic experiences he endured as a child. Despite a turbulent past, Moody's music also contains optimistic undertones, as he yearns to obtain and share his success with his loved ones. Stylistically, Moody is incredibly versatile, as balances the prowess of his melodic choruses alongside gritty drill raps. His first ever single, "Heartache at 3AM", was a melodic ode that paid homage to a close friends who was senselessly murdered. The music video was directed by Chris Peterson who is a notable videographer who worked with many prominent artists based in the Midwest.

His forthcoming debut project, Trauma Bonds, is scheduled to release in November and will feature more than fifteen songs, accompanied by ten separate music videos. The rollout will commence with his lead single, "Traumatized."

***About Series Luh Moody TRIA***

The Series "Luh Moody" TRIA is between Series Luh Moody and the Managing Member, and provides Series Luh Moody with the right to receive 30% of the streaming revenues associated with 15 songs recorded and released by Jonathan Schieber (p/ka/ Luh Moody) intended to be released in 2023 as collected by the exclusive distributor of the song, Distrokids LLC for a purchase price of $10,000, which includes certain offering and operational costs related to Series Luh Moody previously paid by the Managing Member that were reimbursed to the Managing Member as part of the purchase price.

Additionally, Series Luh Moody will have the right to receive 20% of any revenues generated from the minting and sale of a series of NFTs connected to Luh Moody and his creative output. The Managing Member will be solely responsible for the release and collection and any funds relating to such NFTs, and will be responsible for paying Series Luh Moody its share of revenues from these NFT activities.

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***Performance History of Luh Moody Releases***

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Since Luh Moody is an emerging artist, there is no significant performance history to disclose.

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**<u>Series DaylinXL</u>**

 

***Summary Overview***

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Series DaylinXL, pursuant to the Series DaylinXL TRIA, has acquired certain rights to 15 songs to be recorded and released by Dailon Little (p/ka/ DaylinXL), in single, EP or LP format.

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***About DaylinXL***

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DaylinXL is a rising artist based out of Milwaukee. Before music, DaylinXL was a standout basketball player, as he led the nation in scoring (38ppg) during his senior year in high school. After graduation, DaylinXL attended Mississippi Valley State University and was coached by former NBA player Lindsey Hunter.

During the pandemic, DaylinXL put the ball down to pursue music. He moved back to Milwaukee, began recording with local engineers, and was discovered by Creambridge, a full service music company operating between Milwaukee and Los Angeles.

DaylinXL is incredibly versatile, as he creates music that blends genres by means of melodic croons, witty lyricism, and poignant storytelling. He just released his debut EP, Before it's 2 Late, available now on all streaming platforms.

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***About Series DaylinXL TRIA***

The Series "DaylinXL" TRIA is between Series DaylinXL and the Managing Member, and provides Series DaylinXL with the right to receive 30% of the streaming revenues associated with 15 songs recorded by Dailon Little (p/ka/ DaylinXL) intended to be released in 2023 as collected by the exclusive distributor of the song, Distrokids LLC for a purchase price of $10,000, which includes certain offering and operational costs related to Series DaylinXL previously paid by the Managing Member that were reimbursed to the Managing Member as part of the purchase price

Additionally, Series DaylinXL will have the right to receive 20% of any revenues generated from the minting and sale of a series of NFTs connected to DaylinXL and his creative output. The Managing Member will be solely responsible for the release and collection and any funds relating to such NFTs, and will be responsible for paying Series DaylinXL its share of revenues from these NFT activities.

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***Performance History of DaylinXL Releases***

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Since DaylinXL is an emerging artist, there is no significant performance history to disclose.

**<u>Series Envy</u>**

***Summary Overview***

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Series Envy, pursuant to the Series Envy TRIA, has acquired certain rights to 15 songs to be recorded and released by Dailon Little (p/ka/ Envy), in single, EP or LP format.

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***About Envy***

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Alex Envy is an eighteen year old singer-songwriter from Milwaukee who developed his musical inclination at an early age, as he used to beat on lunch tables and belch out melodies in middle school. As a songwriter, Alex leans into his vulnerability, as his lyricism vividly details experiences of heartache and emotional devastation. Visually, Alex embraces an uncanny aesthetic to represent the jarred emotions he experiences within his personal life. Despite only having a few singles released, Alex has already positioned himself as a rising figure within Milwaukee's alternative music scene, as he's worked closely with Stok3y and Run Along Forever. Alex is gearing up to release his debut project, *Bad for Us,* which is scheduled to be available across streaming platforms in January 2023

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***About Series Envy TRIA***

The Series "Envy" TRIA is between Series Envy and the Managing Member, and provides Series Envy with the right to receive 30% of the streaming revenues associated with 15 songs recorded by Dailon Little (p/ka/ Envy) intended to be released in 2023 as collected by the exclusive distributor of the song, Distrokids LLC for a purchase price of $10,000, which includes certain offering and operational costs related to Series Envy previously paid by the Managing Member that were reimbursed to the Managing Member as part of the purchase price.

Additionally, Series Envy will have the right to receive 20% of any revenues generated from the minting and sale of a series of NFTs connected to Envy and his creative output. The Managing Member will be solely responsible for the release and collection and any funds relating to such NFTs, and will be responsible for paying Series Envy its share of revenues from these NFT activities.

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***Performance History of Envy Releases***

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Envy is an emerging artist, there is no significant performance history to disclose.

 

**THE COMPANY'S BUSINESS**

**Overview of our Company**

Our Company is a limited liability company formed on July 14, 2022 pursuant to the Delaware Limited Liability Company Act, or the LLC Act. Our Company was founded with the mission to combine crowdfunding, investing, and a social network to create a robust online marketplace where fans can financially participate in the success of their idols. Our anticipated business plan and strategy is to create series of our Company that will enter into contractual relationships – or Talent Related Income Agreements ("TRIAs") – that provide the right to certain revenues generated by talented artists through exploitation of various related IP and activities of these talents. To enable the participation of the public, we are offering "TalentShares" - ownership interests in particular series of our Company. Investors in the TalentShares of our series will be owners of our series, and as such, will have the right to receive net income (after payment of certain fees and expenses) generated pursuant to the particular series' TRIA.

Our goal is to allow holders of TalentShares to benefit from the talent's success, as well as engage in a meaningful way through various gamified engagement mechanisms, ranging from NFTs to social media promotion of these talents.

**Market Opportunity**

Global recorded music revenues reached $25.9 bn in 2021, an increase of 18.5% versus 2020 based on the Global Music Report 2022 from IFPI, the organization that represents the recorded music industry worldwide. Goldman Sachs in their 2021 Music Industry report believe that the recorded music industry will grow to $80 billion by 2030 with 90% derived from streaming and digital music. This Goldman Sachs report explains attributes this growth to the "Gen Z" age group (18-34), who they estimate are spending more than double of any other age group on music.

According to the 2022 Global Music Report published by IFPI, a major contributing factor in the growth of global recorded music revenues is the increase of streaming revenues from $0.6 billion in 2011 to $16.9 billion in 2021, which is a 2.7-fold increase. While digital downloads of recorded music accounted for only 4.2% of global recorded music revenue in 2021, streaming accounted for 65.3% of global recorded music revenues

**Key Aspects of Our Business**

***Talent Related Income Agreements (TRIAs)***

Our series intend to enter into "Talent Related Income Agreements" (each, a "TRIA") pursuant to which the series will obtain rights to all or a portion of the income generated by the TRA.

The Managing Member will acquire, or enter into agreements to acquire, TRAs. The Managing Member will then enter into a TRIA with a series of our pursuant to which the series will acquire the TRA from the Managing Member. We expect that such TRIAs will either be structured as a standard purchase (if Underwriting Debt has been utilized by the series to purchase the TRA) or a purchase option agreement, which will give the series the right, but not the obligation, to purchase the TRA, typically through the proceeds of the offering for the series related to that TRIA. In cases where the TRIA is executed and in place prior to the closing of an offering, the proceeds from an offering will be used pay off the Underwriting Debt utilized to purchase the TRA.

It is our intention that each TRIA we enter into with our series will be based on a template agreement that acts as a standard baseline, however, variations may occur. The form of this baseline TRIA is included as an exhibit to the offering statement of which this offering circular forms a part, along with the specific TRIAs related to each TRA that is related to an series offering we are conducting. Generally, only certain terms of the baseline royalty agreement will be subject to negotiation with each owner of TRAs. Our TRIAs will entitle the series to all or a certain percentage of the TRA royalty income and for a certain period of time. We are expecting 30 to 40 year terms. We may also offer shorter term offerings with 3 to 10 year terms for sellers with a shorter term and/or smaller financial need.

***NFT Sales***

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The Managing Member intends to mint and release certain Non-Fungible Tokens, or NFTs related to the talent with whom the Managing Member contracts. Utilizing creative input from the talent themselves, the Managing Member will offer one or more collections of NFTs related to the talent, primarily as a method of fan engagement. The type of fan engagement could be the release of exclusive content and merchandise, access to tickets for future performances, or other benefits determined with the input from the talent. As such, the NFTs will function as a digital representation of a fan club for the talent. Releases of NFTs are conducted on the Exceed Platform and vary in price based on the Managing Member's estimation of interest in the specific talent's NFT.

Ownership of these NFTs will also confer to the owner "Exceed Member" status on the Exceed Platform without the need to purchase membership separately. As such, NFT owners will receive all the same benefits as Exceed Members described in the "[Plan of Distribution](#a_008)" section of this offering circular.

For the avoidance of doubt – none of the Company's series have any involvement in the minting or sale of NFTs. Pursuant to the TRIAs entered into between the Managing Member and the series, the series has the passive right to receive a portion of the income generated from the activities conducted through the released NFTs, as set forth in the applicable TRIA. The NFTs provide no rights to any TalentShares of our Company.

**Competition** 

Our closest competitors are Royal.io, Royalty Exchange, Opulous, and SongVest. We believe our primary competitive advantage over these competitors is that we offer an immersive fan engagement environment that enables fans to enter the world of the talent they love, while potentially receiving financial benefits. Additionally, we believe our Manager brings a very high level of industry knowledge, experience and contacts, and is able to source attractive and compelling TRAs to our Company.

**Our Managing Member** 

Under the operating agreement, Exceed Talent Capital LLC has been appointed as the Managing Member of our Company, with the full power and authority to do all things necessary or appropriate to conduct the business of our Company and each series, without the consent of our Investor Members.

As the Managing Member, Exceed Talent Capital LLC be responsible for identifying works of various talent for our series to acquire utilizing the proceeds from the series offerings we conduct. The Managing Member will also be the investor liaison to our Company, and will, among other things, assist with communications to our investors, provide shareholder services to our investors, handle distributions to investors, and oversee our shareholder records.

See "[Directors, Executive Officers and Significant Employees](#a_014)" for additional information regarding our Managing Member.

**Indemnification of our Managing Member**

The operating agreement provides that none of our Managing Member, nor any current or former directors, officers, employees, partners, shareholders, members, controlling persons, agents or independent contractors of our Managing Member, nor persons acting at the request of our Company in certain capacities with respect to other entities will be liable to our Company, any series or any TalentShare holders for any act or omission taken by them in connection with the business of our Company or any series that has not been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to constitute fraud, willful misconduct or gross negligence.

**TRA Selection**

***Criteria***

Our asset selection criteria were established by our Managing Member and are continually influenced by investor demand and current industry trends. The criteria are subject to change from time to time in the sole discretion of our Managing Member. Although we cannot guarantee positive investment returns on the assets we acquire, we endeavor to select assets that are projected to generate positive return on investment, primarily based upon the asset's historical performance data and assumptions about its ability to produce future royalty income. Our Managing Member will endeavor to select assets with known royalty income history that have the opportunity to continue to produce royalty income for years to come. Our Managing Member considers the artist, the release date, top chart position, current social media statistics and other data points that might influence the future earnings of the song or songs subject to the TRIA agreement.

We will partner with artists, songwriters, producers, royalty owners and record labels to select songs, albums, and catalogs to be subject to a TRIA. Our Managing Member may select and bundle artists and albums for certain series' TalentShares based on genre, relative success of past albums, fan base demographics, or other factors that make such assets fit together as a cohesive package.

***Sourcing***

Our Managing Member is responsible for finding talented artists that are willing to sell the rights to their works, or TRAs. The Managing Member will market to songwriters, producers, publishers and record labels to build the pipeline for investments by our series. The Managing Member will also secure the rights to the works of talents so that the series of our Company may acquire them pursuant to a TRIA using the proceeds from our series offerings. While songwriters, producers and publishers are more likely to want to monetize their assets, we believe record labels will see this as a way to directly connect with fans in ways they have not been able to before. We believe the real upside is in being able to educate record labels that this new way to have a direct connection with fans will allow them not only to increase current album revenue but also provide other forms of upsell and cross-sell opportunities to drive more revenue.

Our Managing Member has engaged with individuals that will identify potential artists, record labels and songwriters who are interested in participating in one of our offerings. They will qualify potential prospects and work with them to understand the opportunity and pull the appropriate materials together.

As compensation for these services, our Managing Member will collect a fee for sourcing each TRA (which we refer to as the "Sourcing Fee"). The Sourcing Fee will be comprised of (i) a cash fee equal to 5% of the purchase price of the TRA being acquired pursuant to the TRIA; and (ii) an equity fee equal to 5% of the TalentShares issued in a series as of the closing of the offering of that series, such that immediately after closing, the Managing Member will own 5% of all the TalentShares issued in a series. The Sourcing Fee (or either of its components) may be waived or reduced by our Managing Member on per series basis.

***Underwriting***

When sourcing potential TRAs, the Managing Member may decide to utilize debt ("Underwriting Debt") to acquire a TRA prior to a series raising proceeds from an offering to purchase the TRA (via a TRIA). Such Underwriting Debt will, in most cases, be provided by an affiliate of the Managing Member. When the series and the Managing Member enter into the TRIA utilizing Underwriting Debt, the series will assume the Underwriting Debt from the Managing Member in exchange for acquiring the TRA asset under the TRIA. By utilizing Underwriting Debt to purchase the TRA in advance of any offering to the public, investors will have more certainty over the outcome of the series offering – i.e. the series will always enter into the TRIA and acquire the TRA, no matter the amount raised in the offering.

The terms of any Underwriting Debt will be set forth in the loan agreement between the lender and the Managing Member – but in general, is expected to have the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;· Accrues interest at 1.5% per month

&nbsp;&nbsp;&nbsp;&nbsp;· Upon closing of a series offering, offering proceeds are used by the series to repay the Underwriting
Debt (including accrued interest). Any amount of the Underwriting Debt that remains unpaid after closing will be converted into TalentShares
of the series at a 7.5% discount to the price per TalentShare offered to investors

While we use the term "underwriter" in the context of the "Underwriting Debt", the lender is not an underwriter as defined under Section 2(a)(11) of the Securities Act of 1933, as amended, as the lender is not participating in the distribution and sale of securities.

A form of the standard loan agreement between the Managing Member and a lender governing the terms of the Underwriting Debt is included as Exhibit A to the form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

***Due Diligence***

When evaluating an asset, our Managing Member will consider the growth, its potential, historical significance, past valuation of the asset and comparable assets. Our Managing Member's diligence process will include a review of public data, opinions from entertainment industry experts in our network, precedent and comparable transactions, among other metrics. Our Managing Member will also complete reasonable diligence on the royalty owners themselves and their assets, to include factors that might reasonably encumber or impact the future revenue streams that may be generated by the TRA.

***Asset Management***

Management of TRAs we acquire will involve management of the relationship with the owner of the TRAs, as well as oversight of compliance with the terms of the TRIAs entered into by our series and the talent, to ensure that the series is receiving all payments owed to it pursuant to the terms of the applicable TRIA. The Managing Member will monitor revenues that are due to series from exploitation of TRAs pursuant to the applicable TRIA.

As compensation for such services, the Managing Member will receive a Management Fee equal to 5% of the gross income generated by the series. Such gross income is anticipated to be solely from revenues collected by the series pursuant to the series' TRIA. We note that the Management Fee is paid out of the gross income of a series, and therefore will reduce Free Cash Flow of a series available to distribute to holders of a series' TalentShares.

**Employees**

The Company does not have any employees. The Company and its series will rely on the staff of the Managing Member for its operations.

**Government Regulation**

The types of music royalties available to our Company are generally governed by U.S. copyright law. The Copyright Act establishes compulsory license fees for musical works categorized as "mechanical royalties" along with the writers share and publishers share of music copyright. Additionally, we may utilize other types of royalty streams, like producers share or other specific royalty generating areas that can be contractually secured.

**Legal Proceedings**

None of our Company or our Managing Member is presently subject to any material legal proceedings.

**Allocations of Expenses**

To the extent relevant, Offering Expenses, Acquisition Expenses, and Operating Expenses, will be allocated among the various series of our Company in accordance with our Managing Member's allocation policy. The allocation policy requires our Managing Manager to allocate items that are allocable to a specific series to be borne by, or distributed to (as applicable), the applicable series. By way of example, as of the date of this offering circular, it is anticipated that expenses will be allocated as follows:

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| | | |
|:---|:---|:---|
| **Revenue or Expense Item** | **Details** | **Allocation Policy (if revenue or expense is not clearly allocable to a specific series)** |
| *Offering Expenses* | Filing expenses related to submission of regulatory paperwork for a series' TalentShares | Allocatable in equal share to the series in which they relate. |
|  | Professional expenses related to the submission of regulatory paperwork for a series' TalentShares | Allocatable in equal share to the series in which they relate. |
|  | Audit and accounting work related to the regulatory paperwork |  |
|  | Escrow agent fees for the administration of escrow accounts related to each series' TalentShares | Allocatable in equal share to the series in which they relate. |
|  | Compliance work including diligence related to the preparation of a series | Allocatable in equal share to the series in which they relate. |
|  | Fees to Dalmore (excluding commissions payable to Dalmore, which are not allocable and will be paid from offering proceeds at the time of investment). | Allocatable in equal share to the series in which they relate. |
| *Acquisition Expenses* | Fees, costs and expenses not otherwise paid for or assumed by the Managing Member and incurred in connection with the evaluation, discovery, investigation, development and acquisition of a TRA.<br>Appraisal fees;<br>Research fees;<br>Transfer taxes;<br>Third party industry and due diligence expert fees;<br>Insurance fees;<br>Financing fees and interest (if the series asset was acquired using debt);<br>Travel and lodging related to acquisitions of series assets<br>Photography and videography expenses in order to prepare the online investment profile for the series asset;<br>Similar costs and expenses incurred in connection with the evaluation, discovery, investigation, development and acquisition of a series asset. | To the extent Acquisition Expenses are assumed by the Managing Member and not the series directly, those Acquisition Expenses incurred by the Managing Member to acquire a TRA will be allocated to the series that acquires the TRA. |

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| | | |
|:---|:---|:---|
| *Operating Expenses* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management of a TRA (including import taxes, income taxes, storage, security, valuation, custodial, marketing and utilization of the TRA)<br>Preparation of marketing materials<br>Insurance<br>Taxes and governmental fees<br>Legal fees related to litigation or regulatory investigation instituted against the Company,<br>Custodial fees<br>Transfer Agent fees<br>Indemnification payments under the operating agreement.<br>Audit, accounting and bookkeeping related to the reporting requirements of the series<br>The costs related to efforts to monetize and/or increase the value of a TRA, including, but not limited to, marketing and promotional activities as deemed appropriate in the Managing Member's reasonable judgment<br>Appraisal and valuation fees<br>| To the extent Operating Expenses are assumed by the Managing Member, those Operating Expenses incurred by the Managing Member will be allocated to the series for which the Managing Member assumed those particular Operating Expenses. |

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Notwithstanding the foregoing, our Managing Member may revise and update the allocation policy from time to time in its reasonable discretion without further notice to investors.

It should be noted that fees and commissions payable to Dalmore are not allocable expenses – rather, these fees will be paid from offering proceeds at the time of investment.

**DESCRIPTION OF PROPERTY**

The Manager currently leases office space at 106 Varick Street, New York, NY 10013, which is the headquarters of the Company.

We believe that all this property is suitable and adequate for our business as most employees are working remotely.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION**

**Overview**

Since its formation on July 14, 2022, our Company has been engaged primarily in organizational matters and preparing for the offerings of its series pursuant to this offering statement. As of the date of this offering circular, our Series have acquired the royalty rights pursuant to the various TRIA agreements that our series have entered into with our Managing Member described in "[The Underlying Assets Of Our Series](#a_010)" section of this offering circular.

**Emerging Growth Company**

Upon the completion of our initial offering, we may elect to become a public reporting Company under the Exchange Act. We will qualify as an "emerging growth Company" under the JOBS Act. As a result, we will be permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth Company, we will not be required to:

· have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

· comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

· submit certain executive compensation matters to shareholder advisory votes, such as "say-on-pay" and "say-on-frequency;" and

· disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO's compensation to median employee compensation.

In addition, Section 107 of the JOBS Act also provides that an emerging growth Company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth Company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

We will remain an "emerging growth Company" for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1.07 billion, (ii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our common shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1.07 billion in non-convertible debt during the preceding three year period.

**Operating Results**

None of our series have commenced any offerings of TalentShares, and therefore none of our series have received any proceeds from such offerings, nor have our series generated any revenues from TRAs pursuant to their related TRIAs.

We do not expect our series to generate any revenues until June 2023, assuming the SEC has qualified this offering statement of which this offering circular forms a part by that date.

We have normal operating expenses as well as planned additional expenses related to obtaining qualification of the offering statement of which this offering circular forms a part and the infrastructure investment needed to support our business operations.

**Liquidity and Capital Resources**

As of July 14, 2022, neither our Company nor any series had any cash or cash equivalents or financial obligations. As of the date of this offering circular, the Company's Series (Series Bedtime, Series Big Havi, Series Luh Moody, Series DaylinXL, and Series Envy) have each entered into TRIAs with our Managing Member in exchange for a grand total of $912,000 in Underwriting Debt, which is owed by the series to an affiliate of the Managing Member. See "[Interest Of Management And Others In Certain Transactions](#a_017)" for a description of the terms of these agreements.

The majority of the proceeds of each series' offering will go towards repayment of the associated Underwriting Debt of that series.

The Company does not owe any amounts to its Managing Member as of the date of this offering circular.

**Plan of Operations**

Each series intends to generate revenues from the TRA as set forth in the applicable TRIA. We estimate that a series of our Company may generate enough revenues to make distributions to investors within twenty four months of the closing date of that series' offering.

We believe that the proceeds from the offerings will satisfy our cash requirements for at least the next six months to implement the foregoing plan of operations.

**DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

**The Managing Member**

Our Company operates under the direction of Exceed Talent Capital LLC, our Managing Member. The Managing Member is responsible for directing the operations of our business, directing our day-to-day affairs, and implementing our investment strategy. The Managing Member is responsible for identifying the assets to be purchased from the offerings of the series of our Company, as well as directing or performing the day-to-day business affairs of our Company and its series. The Managing Member is a wholly-owned subsidiary of Exceed Talent Capital Ltd., which is the owner of the Exceed Platform. Exceed Talent Capital Ltd., however, has no role in the management of our Company or the Managing Member.

**Directors, Executive Officers and Key Employees of our Managing Member**

The authority and functions of the Managing Member for our Company and its series are similar to the authority and functions of the board of directors and executive officers, respectively, of a corporation organized under the General Corporation Law of the State of Delaware. The following table sets forth the name and position of each of the current executive officers, directors and significant employees of our Managing Member.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office (Beginning)** | **Approximate hours per week for part-time employees** |
| Anthony Martini | President, Chief Executive Officer | 43 | October 21, 2022 | 20 |
| <br> Philip Schajer<br>| Chief Financial Officer | 47 | October 21, 2022 | 20 |
| Julian Menkin | Head of Strategy and Marketing | 30 | October 21, 2022 | 20 |

---

 ****

***Anthony Martini, President, Chief Executive Officer***

Anthony Martini began as an artist manager skilled in developing unknown talent into worldwide superstars. After years managing successful clients like Tyga and Lil Dicky, Martini saw an emerging opportunity in music streaming and founded his own independent record label called Commission Records in 2015. He quickly built Commission Records into a successful enterprise, amassing billions of streams, multiple platinum releases, and a top 10 ranking among urban labels (ahead of notable labels like Rocnation and 300ent) earning recognition by Billboard magazine as an R&B/ Hip-Hop Power Player. With a company valuation of $20 million, he sold Commission Records to Big Noise Music Group in 2019 before taking over as CEO of Royalty Exchange, the world's largest royalty investment platform., in March of 2021 With the rise of music royalties as an alternative asset class Royalty Exchange has closed over $90 million in deals across over 1,000 transactions to date. Throughout his career, Martini has consistently found ways to disrupt old music business models while empowering Artists.

***Philip Schajer, Chief Financial Officer***

Philip is a CFO with 25 years of experience across a range of entities and sectors. His wide range of experience has allowed him to take a central role at Exceed in transaction structuring and execution, international tax, regulatory compliance, investor relations and financial operations. Philip also has many years of experience in corporate governance matters and has advised the boards of a number of investment entities around the world, as well as taking senior roles within charitable organizations. Prior to joining Exceed in 2020, Philip was CFO/COO at Excellion Capital, a corporate finance firm, which he helped establish from the ground up after joining in 2007. There he assisted with a wide range of cross-border strategic advisory and investment transactions, across several diverse industries. He then added a focus on the fintech, alternative credit and marketplace industries, and in this capacity was instrumental in launching Fintex Capital in 2015, an affiliate of Excellion Capital, and a firm recognized as one of Europe's leading alternative credit Asset Managers. Before joining Excellion, Philip was CFO in a PE backed luxury retail business, which he joined shortly after qualifying as a Chartered Accountant in the UK back in 2002. He graduated from Leeds University with a BA (Hons.) in International Studies.

***Julian Menkin, Head of Strategy and Marketing***

Julian Menkin is a composer, executive, and entrepreneur with more than a decade of experience working at the intersection of technology and intellectual property. As a composer, he has written music for primetime and syndicated programming across networks such as HBO, FOX, History Channel, Showtime, ABC and Fox. Julian has overseen the production and publishing administration of a team of over a dozen writers creating music across the spectrum of US based television programming. He is co-founder and CEO of Persona Music, a music catalog administrator and SaaS platform with over 10,000 copyrights under management spanning film score, top trailer houses for Marvel and Disney, primetime television programming, artist driven music, and Blue Chip heritage music. Persona Music was founded in 2020, and its proprietary licensing and administration platform allows digital creators to license high volumes of music for digital content while automating multi-platform copyright clearance and royalty payouts to hundreds of composers on a quarterly basis. Julian has advised international brands in Web3 and blockchain integration, most notably the Ultraman franchise owned by Tsuburaya. Julian Studied music composition at Columbia College Chicago.

There are no family relationships between any director, executive officer, person nominated or chosen to become a director or executive officer or any significant employee of our Managing Member.

To the best of our knowledge, none of the directors or executive officers of the Managing Member has, during the past five years:

· been convicted in a criminal proceeding (excluding traffic violations and other minor offences); or

· had any petition under the federal bankruptcy laws or any state insolvency law was filed by or against, or a receiver, fiscal agent or similar officer was appointed by a court for the business or property of such person, or any partnership in which he was general partner at or within two years before the time of such filing, or any corporation or business association of which he was an executive officer at or within two years before the time of such filing.

***Responsibilities of our Managing Member***

The Managing Member is responsible for directing the operations of our business, directing our day-to-day affairs, and implementing our investment strategy. The Managing Member is responsible for identifying the assets to be purchased from the offerings of the series of our Company, as well as directing or performing the day-to-day business affairs of our Company and its series. Certain of its responsibilities include:

· evaluating TRA acquisitions and terms of related TRIAs;

· evaluating any third party offers for TRA acquisitions;

***Advisory Board***

 ****

Our Managing Member will establish an Advisory Board that will assist our Company in its business decisions (such as the creation of a new series) and will assist our series in making decisions with respect to asset acquisitions and management of series assets. The members of the Managing Member are not required to devote all of their time to our business and are only required to devote such time to our affairs as their duties require.

**COMPENSATION OF THE MANAGING MEMBER**

We do not currently have any employees nor do we currently intend to hire any employees who will be compensated directly by our Company. The Managing Member manages our day-to-day affairs, oversees the review, selection and recommendation of investment opportunities, manages acquired investments of our series, and monitors the performance of these investments to ensure that they are consistent with our investment objectives. As compensation for the Managing Member's services, the Managing Member is entitled to the "Management Fee" and "Sourcing Fee", as described below.

**Management Fee**

5% of gross income of a series, payable to the Managing Member each quarter.

**Sourcing Fee**

The Managing Member of our Company will receive a one-time fee equal to (i) 5% of the TalentShares issued in a series' offering as compensation for due diligence services in evaluating, investigation and discovering the underlying assets; and (ii) a cash fee equal to 5% of the cash value of the TRA being acquired pursuant to the TRIA (together, the "Sourcing Fee"). The TalentShares issued in satisfaction of the Sourcing Fee will be issued at the final closing of a series' offering.

Neither our Managing Member nor its affiliates will receive any selling commissions or dealer manager fees in connection with any offering of our series. See "[Plan of Distribution and Selling Securityholders](#a_008)—Fees and Expenses" and "[Use of Proceeds](#a_009)" for further details.

To date, the Managing Member has not received any Sourcing Fee or Management Fee.

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

As of the date of this offering circular, there are no outstanding membership interests in our Company our any of its series.

Our Managing Member is owned by Exceed Talent Capital Ltd, and is managed by the individuals set forth under the "[Directors, Executive Officers and Key Employees of our Managing Member](#a_014)" subsection of this offering circular.

**INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS**

**TRIAs**

*Series Bedtime*

On December 8, 2022, Series Bedtime and the Managing Member entered into the Series Bedtime TRIA, pursuant to which Series Bedtime acquired the royalty rights described in "[The Underlying Assets Of Our Series](#a_010)" section of this offering circular in exchange for agreeing to a debt assignment from the Managing Member to Series Bedtime of $870,000 in Underwriting Debt.

The terms of the Series Bedtime TRIA are substantially the same as the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part. Additionally, the terms of the Underwriting Debt assumed by Series Bedtime are substantially the same as the Form of Underwriting Agreement set forth in Exhibit A to the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

 

*Series Big Havi*

 

On December 8, 2022, Series Big Havi and the Managing Member entered into the Series Big Havi TRIA, pursuant to which Series Big Havi acquired the royalty rights described in "[The Underlying Assets Of Our Series](#a_010)" section of this offering circular in exchange for agreeing to a debt assignment from the Managing Member to Series Big Havi of $15,000 in Underwriting Debt.

The terms of the Series Big Havi TRIA are substantially the same as the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part. Additionally, the terms of the Underwriting Debt assumed by Series Big Havi are substantially the same as the Form of Underwriting Agreement set forth in Exhibit A to the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

 

*Series Luh Moody*

 

On December 8, 2022, Series Luh Moody and the Managing Member entered into the Series Luh Moody TRIA, pursuant to which Series Luh Moody acquired the royalty rights described in "[The Underlying Assets Of Our Series](#a_010)" section of this offering circular in exchange for agreeing to a debt assignment from the Managing Member to Series Luh Moody of $9,000 in Underwriting Debt.

The terms of the Series Luh Moody TRIA are substantially the same as the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part. Additionally, the terms of the Underwriting Debt assumed by Series Luh Moody are substantially the same as the Form of Underwriting Agreement set forth in Exhibit A to the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

 

*Series DaylinXL*

 

On December 8, 2022, Series DaylinXL and the Managing Member entered into the Series DaylinXL TRIA, pursuant to which Series DaylinXL acquired the royalty rights described in "[The Underlying Assets Of Our Series](#a_010)" section of this offering circular in exchange for agreeing to a debt assignment from the Managing Member to Series DaylinXL of $9,000 in Underwriting Debt.

The terms of the Series DaylinXL TRIA are substantially the same as the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part. Additionally, the terms of the Underwriting Debt assumed by Series DaylinXL are substantially the same as the Form of Underwriting Agreement set forth in Exhibit A to the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

 

 

 

 

*Series Envy*

 

On December 8, 2022, Series Envy and the Managing Member entered into the Series Envy TRIA, pursuant to which Series Envy acquired the royalty rights described in "[The Underlying Assets Of Our Series](#a_010)" section of this offering circular in exchange for agreeing to a debt assignment from the Managing Member to Series Envy of $9,000 in Underwriting Debt.

The terms of the Series Envy TRIA are substantially the same as the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part. Additionally, the terms of the Underwriting Debt assumed by Series Envy are substantially the same as the Form of Underwriting Agreement set forth in Exhibit A to the Form of TRIA filed as Exhibit 6.1 to the offering statement of which this offering circular forms a part.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**SECURITIES BEING OFFERED**

*The following is a summary of the principal terms of our TalentShares, and is qualified by reference to, the operating agreement, a form of which attached hereto as Exhibit 2.2, and the subscription agreements, a form of which is attached hereto as Exhibit 4, relating to the purchase of the TalentShares offered hereby. The operating agreement will be executed prior to qualification. Capitalized terms used in this summary that are not defined shall have the meanings ascribed thereto in the operating agreement.*

**General**

Our Company is offering on limited liability company membership interests, or TalentShares, in each series of our Company. Investing in TalentShares is an investment only in the particular series that is issuing those TalentShares, and not an investment in our Company as a whole. In accordance with the LLC Act, any series of TalentShares established by our Company will be a separate series of TalentShares of our Company and not in a separate legal entity.

TalentShares of a series provide an ownership interest in that particular series only. An investor who invests in a particular series' offering of TalentShares will not have any ownership interest in any other series of our Company (or such series' assets) by virtue of that investment alone. Investors may, however, purchase TalentShares in multiple series of our Company.

Section 18-215(b) of the LLC Act provides that, if certain conditions are met (including that certain provisions are in the formation and governing documents of the series limited liability company, and if the records maintained for any such series account for the assets associated with such series separately from the assets of the limited liability company, or any other series), then the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable only against the assets of such series and not against the assets of the limited liability company generally or any other series. Accordingly, our Company expects our Managing Member to maintain separate, distinct records for each series and its associated assets and liabilities. As noted in the "[Risk Factors](#a_006)" section, the limitations on inter-series liability provided by Section 18-215(b) have never been tested in federal bankruptcy courts and it is possible that a bankruptcy court could determine that the assets of one series should be applied to meet the liabilities of the other series or the liabilities of our Company generally where the assets of such other series or of our Company generally are insufficient to meet our Company's liabilities.

Section 18-215(c) of the LLC Act provides that a series established in accordance with Section 18-215(b) may carry on any lawful business, purpose or activity, other than the business of banking, and has the power and capacity to, in its own name, contract, hold title to assets (including real, personal and intangible property), grant liens and security shares, and sue and be sued. We intend for each series to conduct its business and enter into contracts in its own name to the extent such activities are undertaken with respect to a particular series and title to the relevant underlying assets will be held by, or for the benefit of, the relevant series.

All of the TalentShares offered by this offering circular will be duly authorized and validly issued. Upon payment in full of the consideration payable with respect to the TalentShares, as determined by our Managing Member, the holders of the TalentShares will not be liable to our Company to make any additional capital contributions (except for the return of distributions under certain circumstances as required by Sections 18-215, 18-607 and 18-804 of the LLC Act). Holders of the TalentShares offered hereby have no conversion, exchange, sinking fund, redemption or appraisal rights, no pre-emptive rights to subscribe for any shares and no preferential rights to distributions.

In general, the holders of each series of our TalentShares (which may include the Managing Member, its affiliates, or other third parties to which our Managing Member issues TalentShares) will participate in the available Free Cash Flow derived from the underlying assets related to the series, less any Management Fees payable to our Managing Member (as described in "—[Distribution Rights](#a_023)" below). Our Managing Member may sell TalentShares from time to time.

**Distribution Rights**

To the extent there is Free Cash Flow for a series, our Managing Member intends to declare and pay distributions to the holders of TalentShares of that series on a pro-rata basis of such Free Cash Flow after (a) payment of accrued Management Fees, (b) repayment of any amounts outstanding under Operating Expenses Reimbursement Obligations, including any accrued interest as there may be, and (c) the creation of such reserves as the Managing Member deems necessary, in its sole discretion, to meet future Operating Expenses.

The "Free Cash Flow" of a series consists of the net income (as determined under GAAP) generated by such series *plus* any change in net working capital and depreciation and amortization (and any other non-cash Operating Expenses and *less* any capital expenditures related to the underlying assets related to such series and/or any non-operating income resulting from a monetization event (i.e. the sale of series assets).

All revenues earned by a series is expected to be generated pursuant to that series' TRIA. As revenues (from royalties or otherwise) are paid to a series pursuant to a TRIA, our Managing Member will place all those royalties in a designated bank account for that series.

*Timing and Amount of Distributions*

Our Managing Member has sole discretion in determining the timing and amount of distributions of Free Cash Flow, if any, made to holders of each series' TalentShares except as otherwise limited by law or the operating agreement.

To the extent there is Free Cash Flow available, the Managing Member intends to make distributions to holders of TalentShares on a quarterly basis.

Investors do not have any rights under our operating agreement to audit, or otherwise receive an explanation regarding, decisions regarding their distribution rights. There is no guarantee that there will be sufficient Free Cash Flow of a series to make distributions to holders of TalentShares.

*Example of Distributions*

By way of example: Artist X is the creator of a number of songs for which Owner X owns the royalties. Distributor Y pays Owner X royalties on a quarterly basis, and Owner X receives payments each quarter resulting from proceeds generated from his streaming activity. In January 2023, our Managing Member enters into a contract with Artist X pursuant to which the Managing Member purchases the royalty streaming income rights to an Artist X song or album. After consummating such purchase, our Managing Member is entitled to receive those quarterly royalty payments from Distributor Y. Investors are invited to purchase TalentShares in the Series Artist X, with the goal of raising funds to purchase, through a TRIA with the Managing Member, the royalty streaming income rights acquired by the Managing Member, entitling the investors to a portion of the payments paid by Distributor Y to our Company. Assuming the offering is successful, the offering of Series Artist X TalentShares will close, Series Artist X will enter into the Series Artist X TRIA, and investors will receive Series Artist X TalentShares. At the end of the quarter (March 31, 2023), $5,000 of streaming income is paid to Series Artist X by Distributor Y. Those funds are deposited into a designated bank account for the benefit of the Series Artist X TalentShareholders and will remain there until distributed to the Artist X TalentShareholders (maximum of 45 days after March 31, 2022). On the day the $5,000 is distributed, a Management Fee of 5% will be deducted and paid to the Manager, and then each Artist X TalentShareholder will receive his or her pro rata share of the $4,750 based on number of TalentShares owned, less any deductions as determined by the Managing Member for Series Artist X's operating reserves or amounts owed to the Managing Member). If there are 100 Artist X TalentShares, and 10 investors each have 10 TalentShares, then each TalentShareholder would receive $47.50 (less such holder's pro-rata share of Series Artist X's reimbursement obligations to the Managing Member or reserves as determined by the Managing Member). Each investor at 10 TalentShares would receive $475 in total (less such investor's pro-rata share of Series Artist X's reimbursement obligations to the Managing Member or reserves as determined by the Managing Member).

A further source of income for the Series Artist X TalentShareholders may be derived from an NFT release related to the Artist X's work by the Managing Member. By way of example, if the NFT release earns $5,000 on February 28, 2023, 15% ($750) of this will accrue to Series Artist X (less the 5% Management Fee of $37.50). Owner X will receive their 85% of the NFT release proceeds within 45 days, with the timings of all payments, and applicable deductions for Series Artist X's reimbursement obligations to the Managing Member or reserves as determined by the Managing Member, being made alongside the TalentShareholder distributions described above.

**Electronic Issuance**

All TalentShares will be issued in electronic form only, and maintained through the Exceed Platform.

**Minimum Purchase Amount**

Investments may be made in denominations of $10 and integral multiples of $10.

**Expected Rate of Return**

There is no expected rate of return for the TalentShares because of the variable nature of the income streams we expect to collect pursuant to the TRIAs that we enter into.

**Management Fee**

For its management services, each series will pay the Managing Member a Management Fee equal to 5% of the income generated and received by that series quarterly.

**No Redemption Provisions**

No series of our TalentShares are redeemable.

**No Registration Rights**

There are no registration rights in respect of any series of our TalentShares.

**Limited Voting Rights**

Our Managing Member is not required to hold an annual meeting of TalentShare holders. The operating agreement provides that meetings of TalentShare holders may be called by our Managing Member and a designee of our Managing Member will act as chairman at such meetings. TalentShare holders do not have any voting rights as a shareholder in our Company or a series except with respect to:

· the removal of our Managing Member for cause as described below;

· the dissolution of our Company upon the for-cause removal of our Managing Member; and

· an amendment to the operating agreement that would:

○ adversely affect the rights of a TalentShare holder in any material respect;

○ reduce the voting percentage required for any action to be taken by the TalentShare holders in our Company under the operating agreement;

○ change the situations in which our Company and any series can be dissolved or terminated;

○ change the term of our Company (other than the circumstances provided in the operating agreement); or

○ give any person the right to dissolve our Company.

Our Managing Member can only be removed as Managing Member of our Company and each series in the event our Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with a series or our Company which has a material adverse effect on our Company.

When entitled to vote on a matter, each TalentShare holder will be entitled to one vote per TalentShare held by it on all matters submitted to a vote of the TalentShare holders of an applicable series or of the TalentShare holders of all series of our Company, as applicable. The removal of our Managing Member as Managing Member of our Company and all series must be approved by two-thirds of the votes that may be cast by all TalentShare holders in any series of our Company. All other matters to be voted on by the TalentShare holders must be approved by a majority of the votes cast by all TalentShare holders in any series of our Company present in person or represented by proxy.

Our Managing Member or its affiliates (if they hold TalentShares) may not vote as a shareholder in respect of any matter put to the TalentShare holders. However, the submission of any action of our Company or a series for a vote of the TalentShare holders shall first be approved by our Managing Member and no amendment to the operating agreement may be made without the prior approval of our Managing Member that would decrease the rights of our Managing Member or increase the obligations of our Managing Member thereunder.

Our Managing Member has broad authority to take action with respect to our Company and any series. See "[Directors, Executive Officers and Significant Employees](#a_014)—The Managing Member" for more information. Except as set forth above, our Managing Member may amend the operating agreement without the approval of the TalentShare holders to, among other things, reflect the following:

· the merger of our Company, or the conveyance of all of the assets to, a newly-formed entity if the sole purpose of that merger or conveyance is to effect a mere change in the legal form into another limited liability entity;

· a change that our Managing Member determines to be necessary or appropriate to implement any state or federal statute, rule, guidance or opinion;

· a change that our Managing Member determines to be necessary or appropriate for our Company to qualify as a limited liability company under the laws of any state or to ensure that each series will continue to qualify as a corporation for U.S. federal income tax purposes;

· an amendment that our Managing Member determines, based upon the advice of counsel, to be necessary or appropriate to prevent our Company, our Managing Member, or the officers, agents or trustees from in any manner being subjected to the provisions of the Investment Company Act, the Investment Advisers Act or "plan asset" regulations adopted under ERISA, whether or not substantially similar to plan asset regulations currently applied or proposed;

· any amendment that our Managing Member determines to be necessary or appropriate for the authorization, establishment, creation or issuance of any additional series;

· an amendment effected, necessitated or contemplated by a merger agreement that has been approved under the terms of the operating agreement;

· any amendment that our Managing Member determines to be necessary or appropriate for the formation by our Company of, or its investment in, any corporation, partnership or other entity, as otherwise permitted by the operating agreement;

· a change in the fiscal year or taxable year and related changes; and

· any other amendments which our Managing Member deems necessary or appropriate to enable our Managing Member to exercise its authority under the Agreement.

In each case, our Managing Member may make such amendments to the operating agreement provided our Managing Member determines that those amendments:

· do not adversely affect the TalentShare holders (including any particular series of TalentShares as compared to other series of TalentShares) in any material respect;

· are necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;

· are necessary or appropriate to facilitate the trading of TalentShares or to comply with any rule, regulation, guideline or requirement of any securities exchange on which the TalentShares may be listed for trading, compliance with any of which our Managing Member deems to be in the best TalentShares of our Company and the TalentShare holders;

· are necessary or appropriate for any action taken by our Managing Member relating to splits or combinations of TalentShares under the provisions of the operating agreement; or

· are required to effect the intent expressed in this prospectus or the intent of the provisions of the operating agreement or are otherwise contemplated by the operating agreement.

Furthermore, our Managing Member retains sole discretion to create and set the terms of any new series and will have the sole power to acquire, manage and dispose of underlying asset of each series.

**Liquidation Rights**

*Liquidation of our Company*

The operating agreement provides that our Company will remain in existence until the earlier of the following: (i) the election of our Managing Member to dissolve it; (ii) the sale, exchange or other disposition of substantially all of the assets of our Company; (iii) the entry of a decree of judicial dissolution of our Company; (iv) at any time that our Company no longer has any members, unless the business is continued in accordance with the LLC Act; and (v) a vote by a majority of all TalentShare holders of our Company following the for-cause removal of our Managing Member. Under no circumstances may our Company be wound up in accordance with Section 18-801(a)(3) of the LLC Act (i.e., the vote of members who hold more than two-thirds of the TalentShares in the profits of our Company).

*Liquidation of a Series*

 

A series will remain in existence until the earlier of the following: (i) the dissolution of our Company, (ii) the election of our Managing Member to dissolve such series; (iii) the sale, exchange or other disposition of substantially all of the assets of the series; or (iv) at any time that the series no longer has any members, unless the business is continued in accordance with the LLC Act. Under no circumstances may a series of TalentShares be wound up in accordance with Section 18-801(a)(3) of the LLC Act (i.e., the vote of members holding more than two-thirds of the TalentShares in the profits of the series).

In connection with the liquidation of a series, whether as a result of the dissolution of our Company or the termination of such series, any amounts remaining after payment of accrued Management Fees outstanding as of the date of the liquidation, and net of any fees, costs and liabilities (as determined by the Managing Member in its sole discretion), will be applied and distributed as follows:

· Unless otherwise specified in a Series Designation, 5% to Managing Member of such series and 95% to the holders of TalentShares of the series on an equal per TalentShare basis.

Upon the occurrence of any such event, our Managing Member (or a liquidator selected by our Managing Member) is charged with winding up the affairs of the series, as applicable, and liquidating its assets. Upon the liquidation of a series or our Company as a whole, as applicable, the underlying assets will be liquidated, and all remaining property and all Free Cash Flows in excess of that required to discharge liabilities will be distributed to the holders of the TalentShares of the series on an equal per TalentShare basis.

**Monetization Event**

A "Monetization Event" means a final sale or disposition of the assets held by a particular series of our Company. Pursuant to our operating agreement, any amounts available for distribution following a Monetization Event after payment to the Managing Member of accrued Management Fees up to the date of the Monetization event, Operating Expenses, the creation of such reserves as the Managing Member deems necessary, and after payment of any other fees, costs and liabilities (as determined by the Managing Member in its sole discretion), will be applied and distributed as follows:

· Unless otherwise specified in a Series Designation, 5% to Managing Member of such series and 95% to the holders of TalentShares of the series on an equal per TalentShare basis.

As a matter of practice, we generally does not expect to sell the assets acquired by our series. But the Managing Member may decide to sell a series' assets if the Managing Member deems it to be in the best interest of the series.

**Transfer Restrictions**

Each series of TalentShares are subject to restrictions on transferability. A holder of TalentShares may not transfer, assign or pledge its TalentShares without the consent of our Managing Member. Our Managing Member may withhold consent in its sole discretion, including when our Managing Member determines that such transfer, assignment or pledge would result in (a) there being more than 2,000 beneficial owners in such series or more than 500 beneficial owners in such series that are not "accredited investors" (provided that our Managing Member may waive such limitations), (b) the assets of such series being deemed "plan assets" for purposes of ERISA, (c) a change of U.S. federal income tax treatment of our Company and/or such series, or (d) our Company, such series or our Managing Member being subject to additional regulatory requirements. The transferring holder is responsible for all costs and expenses arising in connection with any proposed transfer (regardless of whether such sale is completed) including any legal fees incurred by us or any broker or dealer, any costs or expenses in connection with any opinion of counsel and any transfer taxes and filing fees. The restrictions on transferability listed above will also apply to any resale of TalentShares via on PPEX (see further below).

Our Managing Member may transfer all or any portion of the TalentShares held by it from time to time, in accordance with applicable securities laws, either directly or through brokers or otherwise.

Additionally, unless and until the TalentShares are listed or quoted for trading, there are restrictions on the holder's ability to the pledge or transfer the TalentShares. There can be no assurance that we will, or will be able to, register our TalentShares for resale. Therefore, investors may be required to hold their TalentShares indefinitely. Please refer to the subscription agreement for additional information regarding these restrictions. To the extent certificated, the TalentShares issued in each offering will bear a legend setting forth these restrictions on transfer and any legends required by state securities laws.

Finally, any transferees will be required to agree to adhere to the terms of our operating agreement, including the jury trial waiver and forum selection provisions contained in the operating agreement.

**Trading on PPEX**

We intend to seek a quotation of each of our series' TalentShares on PPEX, the ATS operated by North Capital Investment Technology, Inc. ("North Capital"). In order to do so, we will enter into a listing agreement with North Capital, and a secondary market trading agreement with Dalmore. Assuming that our application is successful, sellers will be able to have TalentShares that they wish to sell quoted on PPEX. Dalmore, as the secondary market trading broker, will be entitled to a commission on sales made on PPEX. There can be no assurance as to the volume of pricing of any trading on PPEX. Any sales on PPEX will be subject to the conditions of and restrictions on transfer set out above, and will also be subject to any applicable fees related to such sales on the PPEX.

The Company may enter into other arrangements with one or more additional ATS operators, including those that may be affiliates of the Company, depending on certain factors such as, but not limited to, pricing, liquidity and technology.

**Agreement to be Bound by the Operating Agreement; Power of Attorney**

By purchasing TalentShares, the investor will be admitted as a member of our Company and will be bound by the provisions of, and deemed to be a party to, the operating agreement. Pursuant to the operating agreement, each investor grants to our Managing Member a power of attorney to, among other things, execute and file documents required for our qualification, continuance or dissolution. The power of attorney also grants our Managing Member the authority to make certain amendments to, and to execute and deliver such other documents as may be necessary or appropriate to carry out the provisions or purposes of, the operating agreement.

**Duties of Officers**

The operating agreement provides that, except as may otherwise be provided by the operating agreement, the property, affairs and business of each series of our Company will be managed under the direction of our Managing Member. Our Managing Member has the power to appoint the officers and such officers have the authority and exercise the powers and perform the duties specified in the operating agreement or as may be specified by our Managing Member.

We may decide to enter into separate indemnification agreements with the directors and officers of our Company or our Managing Member. If entered into, each indemnification agreement is likely to provide, among other things, for indemnification to the fullest extent permitted by law and the operating agreement against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements may also provide for the advancement or payment of all expenses to the indemnitee and for reimbursement to our Company if it is found that such indemnitee is not entitled to such indemnification under applicable law and the operating agreement.

**Exclusive Jurisdiction**

Under Section 15.08 of our operating agreement, any dispute in relation to the operating agreement is subject to the exclusive jurisdiction of the Court of Chancery of the State of Delaware, and each investor will covenant and agree not to bring any such claim in any other venue. If a holder of the TalentShares were to bring a claim against our Company or our Managing Member pursuant to the operating agreement, it would have to do so in the Delaware Court of Chancery. Notwithstanding the foregoing, if, for any reason, the Delaware Chancery Court does not have jurisdiction over an action, then the action may be brought in other federal or state courts located in Delaware.

We believe the provision benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies and in limiting our litigation costs, the forum selection provision may limit investors' ability to bring claims in judicial forums that they find favorable to such disputes and may discourage lawsuits with respect to such claims. The Company has adopted the provision to limit the time and expense incurred by its management to challenge any such claims. As a company with a small management team, this provision allows its officers to not lose a significant amount of time travelling to any particular forum so they may continue to focus on operations of the Company.

**Waiver of Right to Trial by Jury**

Our operating agreement provides that each investor waives the right to a jury trial for any claim they may have against us arising out of, or relating to, the operating agreement and any transaction arising under that agreement, which could include claims under federal securities law.

Further, our subscription agreement that investors will execute when investing a series of our Company also provides that subscribers waive the right to a jury trial of any claim they may have against us arising out of or relating to the subscription agreement. This jury trial waiver also applies to claims arising under federal securities laws.

If we opposed a jury trial demand based on either waiver, a court would determine whether such waiver was enforceable given the facts and circumstances of that case in accordance with applicable case law. Meaning that if either jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the subscription agreement or operating agreement, as applicable, with a jury trial. Furthermore, no condition, stipulation or provision of either agreement serves as a waiver by any holder of our TalentShares or by us of compliance with any substantive provision of the federal securities laws and the rules and regulations promulgated under those laws.

The jury trial waiver in both our operating agreement and subscription agreement will also be apply to purchasers of investors' TalentShares in secondary transactions (i.e. TalentShares sold on PPEX).

**FINANCIAL STATEMENTS**

**OF**

**EXCEED TALENT CAPITAL HOLDINGS LLC**

Financial Statements with

Independent Auditor's Report

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[Independent Auditor's Report](#fy_001)** | F-3 |
| **Financial Statements** |  |
| [Balance Sheet](#fy_002) | F-5 |
| [Notes to Financial Statements](#fy_003) | F-6 |

---

![](image_010.jpg)

To the Managing Member of

Exceed Talent Capital Holdings, LLC

Lewes, Delaware

**INDEPENDENT AUDITOR'S REPORT**

**Opinion**

We have audited the accompanying financial statement of Exceed Talent Capital Holdings, LLC (the "Company") which comprise the balance sheet as of July 14, 2022 (inception), and the related notes to the financial statement.

In our opinion, the financial statement referred to above presents fairly, in all material respects, the financial position of the Company as of July 14, 2022 (inception) in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statement section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Substantial Doubt About the Company's Ability to Continue as a Going Concern**

The accompanying financial statement has been prepared assuming that the Company will continue as a going concern. As described in Note 3 to the financial statement, the Company has not commenced planned principal operations, plans to incur significant costs in pursuit of its capital financing plans, and has not generated any revenues or profits as of July 14, 2022 (inception). These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 3. The financial statement does not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Financial Statement**

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

In preparing the financial statement, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statement is available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statement**

Our objectives are to obtain reasonable assurance about whether the financial statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statement.

In performing an audit in accordance with generally accepted auditing standards, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional
skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement
of the financial statement, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies
used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the
financial statement.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude whether, in our judgment, there are
conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going
concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

**/s/ Artesian CPA, LLC**

Artesian CPA, LLC

Denver, Colorado

December 7, 2022

**Artesian CPA, LLC**

1624 Market Street, Suite 202 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

**EXCEED TALENT CAPITAL HOLDINGS, LLC**

**BALANCE SHEET**

**As of July 14, 2022 (inception)**

---

| | |
|:---|:---|
| *(US$)* |  |
| **Assets:** |  |
| Cash | $– |
| **Total Assets** | $– |
| **Liabilities and Member's Equity** |  |
| Liabilities: |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $– |
| &nbsp;&nbsp;&nbsp;Due to related party | – |
| **Total Liabilities** | – |
| **Member's Equity** | – |
| **Total Liabilities and Member's Equity** | $– |

---

See accompanying Independent Auditor's Report and accompanying notes, which are an integral part of this financial statement.

**EXCEED TALENT CAPITAL HOLDINGS, LLC**

**NOTES TO FINANCIAL STATEMENTS**

**As of July 14, 2022 (inception)**

**NOTE 1: NATURE OF OPERATIONS** 

Exceed Talent Capital Holdings, LLC (the "Company") is a Delaware series limited liability company formed on July 14, 2022 under the laws of Delaware. The Company was formed to offer an opportunity for fans to invest, earn, interact, influence, and celebrate talent through public investment in, and acquisition of, underlying income streams generated by musicians and creative artists, each of which will be owned by separate series of the Company, or "Series", that management of the Company intends to establish. As a Delaware series limited liability company, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series are segregated and enforceable only against the assets of such Series, as provided under Delaware law.

The Company is managed by Exceed Talent Capital LLC, a Delaware series limited liability company (the "Manager" or "Managing Member").

As of July 14, 2022 (inception), the Company has not yet commenced operations. Once the Company commences its planned principal operations, it will incur significant additional expenses. The Company is dependent upon additional capital resources for the commencement of its planned principal operations and is subject to significant risks and uncertainties, including failing to secure funding to comments the Company's planned operations or failing to profitably operate the business.

**NOTE 2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Basis of Presentation</u>

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). The Company has adopted a calendar year as its fiscal year.

<u>Use of Estimates</u>

The preparation of the financial statement in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ significantly from those estimates.

<u>Cash Equivalents and Concentration of Cash Balance</u>

The Company considers all highly liquid securities with an original maturity of less than three months to be cash equivalents. The Company's cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits.

<u>Deferred Offering Costs</u>

The Company complies with the requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to members' equity/(deficit) upon the completion of an offering or to expense if the offering is not completed. Offering costs include offering expense reimbursements as noted below. The Company will reimburse the Manager for any offering costs incurred by the Manager from the proceeds from each Series offering.

**EXCEED TALENT CAPITAL HOLDINGS, LLC**

**NOTES TO FINANCIAL STATEMENTS**

**As of July 14, 2022 (inception)**

<u>Fair Value of Financial Instruments</u> 

Financial Accounting Standards Board ("FASB") guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts reported in the balance sheet approximates their fair value.

<u>Organizational Costs</u>

In accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 720, organizational costs, including accounting fees, legal fees, and costs of incorporation, are expensed as incurred.

<u>Acquisition and Offering Expenses</u>

All asset acquisition expenses, offering expenses, sourcing fees, and brokerage fees in connection with any initial offering and the sourcing and acquisition of Series Assets shall be borne by the relevant Series, except an unsuccessful offering in which case all abort costs shall be borne by the Manager.

<u>Allocation Policy</u>

The Manager will allocate revenues and costs among the various Series. The allocation policy requires that items not related to a specific Series will be allocated in accordance with its allocation policy, in equal shares to the Series in which they relate, as determined by the Manager. The Manager may amend the allocation policy in its sole discretion from time to time.

All, offering expenses, acquisition expenses and operating expenses shall be allocated by the Manager in accordance with the allocation policy.

The Manager, in its sole discretion may defer or waive any fee payable to it under the operating agreement. All or any portion of any deferred fees will be deferred without interest and paid when the Manager determines.

**EXCEED TALENT CAPITAL HOLDINGS, LLC**

**NOTES TO FINANCIAL STATEMENTS**

**As of July 14, 2022 (inception)**

<u>Operating Expenses</u>

Each Series shall be responsible for its operating expenses. The Manager will bear its own expenses of an ordinary nature. If there are not sufficient cash reserves of, or revenues generated by, a Series to meet its operating expenses, the Manager may: (a) issue additional interests in such Series; (b) pay such excess operating expenses and not seek reimbursement; and/or (c) enter into an agreement pursuant to which the Manager loans to the Company an amount equal to the remaining excess operating expenses (the "Operating Expenses Reimbursement Obligation"). The Manager, in its sole discretion, may impose a reasonable rate of interest (a rate no less than the applicable federal rate on any operating expenses reimbursement obligation). The Operating Expenses Reimbursement Obligation shall become repayable when cash becomes available.

<u>Income Taxes</u>

The Company is a limited liability company. Accordingly, under the Internal Revenue Code, all taxable income or loss flows through to its members. Therefore, no provision for income tax has been recorded in this financial statement. Income from the Company is reported and taxed to the members on their individual tax returns.

The Company complies with FASB ASC 740 for accounting for uncertainty in income taxes recognized in a company's financial statement, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. FASB ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. Based on the Company's evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company's financial statement. The Company believes that its income tax positions would be sustained on audit and does not anticipate any adjustments that would result in a material change to its financial position.

The Company may in the future become subject to federal, state and local income taxation though it has not been since its inception. The Company is not presently subject to any income tax audit in any taxing jurisdiction. The Company intends for each Series to make an election to be taxed as a corporation, though it may, in its sole discretion, elect to maintain taxation as a disregarded entity.

**NOTE 3: 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 Company is a business that has not commenced planned principal operations, plans to incur significant costs in pursuit of its capital financing plans, and has not generated any revenues or profits as of July 14, 2022 (inception). 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 Company's ability to continue as a going concern in the next twelve months is dependent upon its ability to obtain capital financing from investors sufficient to meet current and future obligations and deploy such capital to produce profitable operating results. No assurance can be given that the Company will be successful in these efforts. The balance sheet does not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

**EXCEED TALENT CAPITAL HOLDINGS, LLC**

**NOTES TO FINANCIAL STATEMENTS**

**As of July 14, 2022 (inception)**

**NOTE 4: MEMBER'S EQUITY**

Pursuant to the terms of the operating agreement, the Manager will provide certain management and advisory services, as well as management team and appropriate support personnel to the Company and to each of the Company's series and subsidiaries, if any.

The Manager will be responsible for directing the management of our business and affairs, managing our day-to-day affairs, and implementing our investment strategy. The Manager has a unilateral ability to amend the operating agreement and the allocation policy in certain circumstances without the consent of the investors. The investors only have limited voting rights with respect to the Series in which they are invested.

Any amounts available for distribution following a monetization event after (a) payment of accrued management fees up to the date of the monetization event, (b) repayment of any amounts outstanding under operating expenses reimbursement obligations including any accrued interest as there may be, (c) the creation of such reserves as the Managing Member deems necessary, in its sole discretion, to meet future operating expenses and (d) after payment of any other fees, costs and liabilities (as determined by the Managing Member in its sole discretion), shall be applied and distributed as follows: 5% to the Managing Member and 95% to the members pro rata to their interests.

Any amounts available for distribution following the liquidation of a Series, after payment of management fees payable through the date of liquidation, net of any fees, costs and liabilities (as determined by the Managing Member in its sole discretion), shall be distributed as follows: 5% to the Managing Member and 95% to the members pro rata to their interests.

The Manager has sole discretion in determining what distributions, if any, are made to interest holders except as otherwise limited by law or the operating agreement. The Manager may change the timing of distributions or determine that no distributions shall be made, in its sole discretion.

The debts, obligations, and liabilities of the Company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the Company, and no member of the Company is obligated personally for any such debt, obligation, or liability.

**NOTE 5: RELATED PARTY TRANSACTIONS**

Each Series may retain certain of the Managing Member's Affiliates for necessary services relating to our investments or our operations, including any administrative services and other management services.

Unless otherwise set forth in the applicable Series designation, the Managing Member or its Affiliates shall, as at the closing of any initial offering of a Series, acquire 5% of the interests of the Series being issued pursuant to such initial offering.

Unless otherwise set forth in the applicable Series designation, the Managing Member shall be entitled to payment of a management fee upon receipt of gross income by a Series, equal to 5% of the gross income. The Managing Member, in its sole discretion, may accept payment of the management fee by causing the Series to accrue such management fees, which shall be paid to the Managing Member prior to any distributions to members.

**EXCEED TALENT CAPITAL HOLDINGS, LLC**

**NOTES TO FINANCIAL STATEMENTS**

**As of July 14, 2022 (inception)**

**NOTE 6: RECENT ACCOUNTING PRONOUNCEMENTS**

In February 2016, the FASB issued ASU 2016-02, "Leases" (Topic 842). This ASU requires a lessee to recognize a right-of-use asset and a lease liability under most operating leases in its balance sheet. The ASU is effective for annual and interim periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted. We are continuing to evaluate the impact of this new standard on our financial reporting and disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statement. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.

**NOTE 7: COMMITMENTS AND CONTINGENCIES**

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome, if any, arising out of any such matters will have a material adverse effect on its business, financial condition or results of operations.

**NOTE 8: SUBSEQUENT EVENTS**

The Company intends to initiate a Regulation A offering of its series membership interests in 2022.

Management has evaluated all subsequent events through December 7, 2022, the date the financial statement was available to be issued. There are no other material events requiring disclosure or adjustment to the financial statement.

**PART III – EXHIBITS**

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 1.1 | [Broker-Dealer Agreement with Dalmore Group LLC](exceedtalent_ex0101.htm) |
| 2.1 | [Certificate of Formation of Exceed Talent Capital Holdings LLC](exceedtalent_ex0201.htm) |
| 2.2 | [Limited Liability Company Operating Agreement of Exceed Talent Capital Holdings LLC](exceedtalent_ex0202.htm) |
| 2.3 | [Form of Series Designation](exceedtalent_ex0203.htm) |
| 4.1 | [Form of Subscription Agreement](exceedtalent_ex0401.htm) |
| 6.1 | [Form of TRIA between our Series and our Managing Member (including Form of Underwriting Debt Agreement as Exhibit A)](exceedtalent_ex0601.htm) |
| 8.1 | [Form of Escrow Agreement](exceedtalent_ex0801.htm) |
| 11.1 | [Consent of Auditor](exceedtalent_ex1101.htm) |
| 12.1 | Opinion on legality of the offered TalentShares\* |
| 13.1 | [Testing the Waters Materials](exceedtalent_ex1301.htm) |

---

______________

\* To be filed by amendment

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on January 5, 2023.

---

| | |
|:---|:---|
| **EXCEED TALENT CAPITAL HOLDINGS LLC** | **EXCEED TALENT CAPITAL HOLDINGS LLC** |
| By: | */s/ Anthony Martini* |
|  | Anthony Martini<br> President |

---

This offering statement has been signed by the following persons, in the capacities, and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| */s/ Anthony Martini* | President of the Managing Member, principal executive officer | on January 5, 2023 |
| Anthony Martini |  |  |
| */s/ Philip Schajer* | Chief Financial Officer of the Managing Member, principal financial officer, and principal accounting officer. | on January 5, 2023 |
| Philip Schajer |  |  |

---

## Ex1A-1

**Exhibit 1.1**

![](image_001.jpg)

**<u>Broker-Dealer Agreement</u>**

This agreement (together with exhibits and schedules, the "<u>Agreement</u>") is entered into by and between Exceed Talent Capital Holdings LLC ("<u>Client</u>"), a Delaware Company, and Dalmore Group, LLC., a New York Limited Liability Company ("Dalmore"). Client and Dalmore agree to be bound by the terms of this Agreement, effective as of August 24, 2022 (the "<u>Effective Date</u>"):

**WHEREAS,** Dalmore is a registered broker-dealer providing services in the equity and debt securities market, including offerings conducted via exemptions from registration with the Securities Exchange Commission ("<u>SEC</u>");

**WHEREAS,** Client is offering securities directly to the public in an offering exempt from registration under Regulation A (the "<u>Offering</u>"); and

**WHEREAS**, Client recognizes the benefit of having Dalmore as a broker dealer of record and service provider for investors who participate in the Offering (collectively, the "<u>Investors</u>").

**NOW, THEREFORE**, in consideration of the mutual promises and covenants contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. Appointment, Term, and Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. **Services**. Client hereby engages Dalmore to perform the services listed on <u>Exhibit A</u> attached hereto and made apart
 hereof, in connection with the Offering (the " <u>Services</u> "). Unless otherwise agreed to in writing by the parties,
 the services to be performed by Dalmore are limited to those Services.

b. **Term**. The Agreement will commence on the Effective Date and will remain in effect for a period of twelve (12) months and
 will renew automatically for successive renewal terms of twelve (12) months each unless any party provides notice to the other party
 of non-renewal at least sixty (60) days prior to the expiration of the current term. If Client defaults in performing the obligations
 under this Agreement, the Agreement may be terminated (i) upon thirty (30) days written notice if Client fails to perform or observe
 any material term, covenant or condition to be performed or observed by it under this Agreement and such failure continues to be unremedied,
 (ii) upon written notice, if any material representation or warranty made by Client proves to be incorrect
 at any time in any material respect, or (iii) upon thirty (30) days' written notice if Client or Dalmore commences a voluntary
 proceeding seeking liquidation, reorganization or other relief, or is adjudged bankrupt or insolvent or has entered against it a final
 and unappealable order for relief, under any bankruptcy, insolvency or other similar law, or either party executes and delivers a general
 assignment for the benefit of its creditors.

![](image_003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Compensation.** As compensation for the Services, Client shall pay to Dalmore the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. a fee
 equal to one percent (1%) on the aggregate amount raised by the Client (the " <u>Offering Fee</u> "). The Offering Fee shall only be payable after the Financial Industry Regulatory
 Authority (" <u>FINRA</u> ") department of Corporate Finance issues a no objection
 letter (the " <u>No Objection Letter</u> ") for the Offering. Client authorizes
 Dalmore to deduct the Offering Fee directly from the Client's third-party escrow or
 payment account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. a
 one-time expense fee of five thousand ($5,000) for out-of-pocket expenses incurred by Dalmore (the " <u>Expense Fee</u> "). The Expense Fee is due and payable upon execution of this Agreement. The Expense Fee shall cover expenses anticipated
to be incurred by the firm such as FINRA filings and any other expenses incurred by Dalmore in connection with the Offering. Notwithstanding
the foregoing, Dalmore will refund to the Client any portion of the Expense Fee that remains unused.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. A one-time
 consulting fee of twenty thousand ($20,000) (the " <u>Consulting Fee</u> "), due
 and payable within five (5) days of receipt of the No Objection Letter. In the event the
 Consulting Fee is not paid by the first closing, Client authorizes Dalmore to deduct the
 Consulting Fee directly from the Client's third-party escrow or payment account upon
 the first closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Regulatory
 Compliance

---

| | |
|:---|:---|
| a. | Client and all its third-party providers shall at all times (i) maintain all required registrations and licenses, including foreign qualification, if necessary; and (iii) pay all related fees and expenses (including all fees associated with FINRA filings), in each case that are necessary or appropriate to perform their respective obligations under this Agreement. |
|  | FINRA Corporate Filing Fee for this $75,000,000, best efforts offering will be $11,750 and will be a pass-through fee payable to Dalmore, from the Client, who will then forward it to FINRA as payment for the filing. Since this Offering involves ongoing filings, Dalmore will invoice the Client for the FINRA fee due and the $1,000 1-APOS filing fee prior to each filing. This fee is due and payable prior to any submission by Dalmore to FINRA. |
| b. | Client and Dalmore will each be responsible for supervising the activities and training of their respective sales employees, as well as all of their other respective employees in the performance of functions specifically allocated to them pursuant to the terms of this Agreement. |
| c. | Client and Dalmore agree to promptly notify the other concerning any material communications from or with any Governmental Authority or Self-Regulatory Organization with respect to this Agreement or the performance of its obligations unless such notification is expressly prohibited by the applicable Governmental Authority. |

---

4. **Role of Dalmore.** Client acknowledges and agrees that Dalmore's sole responsibilities in connection with an Offering are set forth on Exhibit A, and that Dalmore is strictly acting in an administrative and compliance capacity as the broker dealer of record, and is not being engaged by the Client to act as an underwriter or placement agent in connection with the Offering. Dalmore will use commercially reasonable efforts to perform the Services. Dalmore (i) makes no representations with respect to the quality of any investment opportunity; (ii) does not guarantee the performance of any Investor; (iii) is not soliciting or approaching investors in connection with the Offering, (iv) is not an investment adviser, does not provide investment advice and does not recommend securities transactions, (v) in performing the Services is not making any recommendation as to the appropriateness, suitability, legality, validity or profitability of the Offering, and (vi) does not take any responsibility for any documentation created and used in connection with the Offering.

![](image_004.jpg)

5. **Indemnification.** Client shall indemnify and hold Dalmore, its affiliates and their representatives and agents harmless from, any and all actual or direct losses, liabilities, judgments, arbitration awards, settlements, damages and costs (collectively, "<u>Losses</u>"), resulting from or arising out of any third party suits, actions, claims, demands or similar proceedings (collectively, "Proceedings") to the extent they are based upon (i) a breach of this Agreement by Client, (ii) the wrongful acts or omissions of Client, or (iii) the Offering.

6. **Confidentiality.** For purposes of this Agreement, the term "Confidential Information" means all confidential and proprietary information of a party, including but not limited to (i) financial information, (ii) business and marketing plans, (iii) the names of employees and owners, (iv) the names and other personally-identifiable information of users of the third-party provided online fundraising platform, (v) security codes, and (vi) all documentation provided by Client or Investor, but shall not include (i) information already known or independently developed by the recipient without the use of any confidential and proprietary information, or (ii) information known to the public through no wrongful act of the recipient. During the term of this Agreement and at all times thereafter, neither party shall disclose Confidential Information of the other party or use such Confidential Information for any purpose without the prior written consent of such other party. Without limiting the preceding sentence, each party shall use at least the same degree of care in safeguarding the other party's Confidential Information as it uses to safeguard its own Confidential Information. Notwithstanding the foregoing, a party may disclose Confidential Information (i) if required to do by order of a court of competent jurisdiction, provided that such party shall notify the other party in writing promptly upon receipt of knowledge of such order so that such other party may attempt to prevent such disclosure or seek a protective order; or (ii) to any applicable governmental authority as required by applicable law. Nothing contained herein shall be construed to prohibit the SEC, FINRA, or other government official or entities from obtaining, reviewing, and auditing any information, records, or data. Client acknowledges that regulatory record-keeping requirements, as well as securities industry best practices, require Dalmore to maintain copies of practically all data, including communications and materials, regardless of any termination of this Agreement.

7. **Notices**. Any notices required by this Agreement shall be in writing and shall be addressed, and delivered or mailed postage prepaid, or faxed or emailed to the other parties hereto at such addresses as such other parties may designate from time to time for the receipt of such notices. Until further notice, the address of each party to this Agreement for this purpose shall be the following:

If to the Client:

Exceed Talent Capital Holdings LLC

2810 N Church St, PMB 16517

Wilmington, Delaware 19802-4447

Attn: Philip Schajer, CFO

Tel:

Email:

If to Dalmore:

Dalmore Group, LLC

530 7th Avenue, Suite 902

New York, NY 10018

Attn: Etan Butler, Chairman

Tel:

Email:

![](image_005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. ANY DISPUTE OR CONTROVERSY BETWEEN THE CLIENT AND PROVIDER RELATING TO OR ARISING OUT OF THIS AGREEMENT WILL BE SETTLED BY ARBITRATION BEFORE AND UNDER THE RULES OF THE ARBITRATION COMMITTEE OF FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement is non-exclusive and shall not be construed to prevent either party from engaging in any other business activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. This Agreement will be binding upon all successors, assigns or transferees of Client. No assignment of this Agreement by either party will be valid unless the other party consents to such an assignment in writing. Either party may freely assign this Agreement to any person or entity that acquires all or substantially all of its business or assets. Any assignment by the either party to any subsidiary that it may create or to a company affiliated with or controlled directly or indirectly by it will be deemed valid and enforceable in the absence of any consent from the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Neither party will, without prior written approval of the other party, reference such other party in any advertisement, website, newspaper, publication, periodical or any other communication, and shall keep the contents of this Agreement confidential in accordance with the provisions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. THE CONSTRUCTION AND EFFECT OF EVERY PROVISION OF THIS AGREEMENT, THE RIGHTS OF THE PARTIES UNDER THIS AGREEMENT AND ANY QUESTIONS ARISING OUT OF THE AGREEMENT, WILL BE SUBJECT TO THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES TO THE EXTENT SUCH APPLICATION WOULD CAUSE THE LAWS OF A DIFFERENT STATE TO APPLY. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. If any provision or condition of this Agreement is held to be invalid or unenforceable by any court, or regulatory or self-regulatory agency or body, the validity of the remaining provisions and conditions will not be affected and this Agreement will be carried out as if any such invalid or unenforceable provision or condition were not included in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement sets forth the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior agreement relating to the subject matter herein. The Agreement may not be modified or amended except by written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. This Agreement may be executed in multiple counterparts and by facsimile or electronic means, each of which shall be deemed an original but all of which together shall constitute one and the same agreement.

**[SIGNATURES APPEAR ON FOLLOWING PAGE(S)]**

![](image_006.jpg)

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| |
|:---|
| **CLIENT:** Exceed Talent Capital Holdings LLC |
| By <u>/s/ Philip Schajer</u> |
| Name: Philip Schajer |
| Its: CFO |
| <br> **Dalmore Group, LLC:** |
| By <u>/s/ Etan Butler</u> |
| Name: Etan Butler |
| Its: Chairman |

---

![](image_007.jpg)

**Exhibit A**

**Services:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Review Investor information, including
 KYC (Know Your Customer) data, AML (Anti-Money Laundering), OFAC compliance background checks
 (it being understood that KYC and AML processes may be provided by a qualified third party);

ii. Review each Investor's subscription
 agreement to confirm such Investor's participation in the Offering, and provide confirmation
 of completion of such subscription documents to Client;

iii. Contact and/or notify the issuer,
 if needed, to gather additional information or clarification on an Investor;

iv. Keep Investor information
 and data confidential and not disclose to any third-party except as required by regulatory
 agencies or in our performance under this Agreement (e.g. as needed for AML and background
 checks);

v. Coordinate with third party providers
 to ensure adequate review and compliance;

vi. Provide, or
 coordinate the provision by a third party, of an "invest now" payment processing
 mechanism, including connection to a qualified escrow agent.

## Ex1A-2A

**Exhibit 2.1**

**CERTIFICATE OF FORMATION**

**OF**

**Exceed Talent Capital Holdings LLC**

A DELAWARE SERIES LIMITED LIABILITY COMPANY

**FIRST:** The name of the limited liability company is: Exceed Talent Capital Holdings LLC

**SECOND:** The Corporation's registered office in the State of Delaware is located at 16192 Coastal Highway, Lewes, Delaware 19958, County of Sussex. The registered agent in charge thereof is Harvard Business Services, Inc.

**THIRD:** The limited liability company is established pursuant to the Delaware Limited Liability Company Act (the "<u>Act</u>") and, pursuant to Section 18-215 or Section 18-218 of that Act, may establish separate and distinct series of members, managers, and interests, each having separate rights, powers or duties with respect to specified property or obligations of the limited liability company or profits and losses associated with specified property or obligations. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets of such series only, and not against the assets of the limited liability company generally or any other series thereof, and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the limited liability company generally or any other series thereof shall be enforceable against the assets of such series. These series may be established as "protected series" or "registered series" as such terms are used in the Act.

IN WITNESS WHEREOF, the undersigned, being fully authorized to execute and file this document have signed below and executed this Certificate of Formation on this July 14, 2022.

---

| |
|:---|
| <u>/s/ Michael J. Bell</u> |
| Harvard Business Services, Inc., Authorized Person By: Michael J. Bell, President |

---

![](image_036.jpg)

## Ex1A-2A

**Exhibit 2.2**

**LIMITED LIABILITY COMPANY AGREEMENT**

**OF**

**EXCEED TALENT CAPITAL HOLDINGS LLC**

**Table of Contents**

---

| | |
|:---|:---|
| **ARTICLE I – DEFINITIONS** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 1.01 Definitions** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 1.02 Construction** | **6** |
| **ARTICLE II - ORGANIZATION** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.01 Formation** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.02 Name** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.03 Registered Office; Registered Agent; Principal Office; Other Offices** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.04 Purpose** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.05 Powers** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.06 Power of Attorney** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.07 Term** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.08 Title to Assets** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 2.09 Certificate of Formation** | **8** |
| **ARTICLE III - MEMBERS, SERIES AND INTERESTS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.01 Members** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.02 Capital Contributions** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.03 Series of the Company** | **10** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.04 Authorization to Issue Interests** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.05 Voting Rights of Interests Generally** | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.06 Record Holders** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.07 Splits** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 3.08 Agreements** | **13** |
| **ARTICLE IV - REGISTRATION AND TRANSFER OF INTERESTS** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 4.01 Maintenance of a Register** | **13** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 4.02 Ownership Limitations** | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 4.03 Transfer of Interests and Obligations of the Managing Member** | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 4.04 Remedies for Breach** | **16** |

---

ii

---

| | |
|:---|:---|
| **ARTICLE V - MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.01 Power and Authority of Managing Member** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.02 Determinations by the Managing Member** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.03 Delegation** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.04 Advisory Board** | **18** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.05 Exculpation, Indemnification, Advances and Insurance** | **19** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.06 Duties of Officers** | **21** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.07 Standards of Conduct and Modification of Duties of the Managing Member** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.08 Reliance by Third Parties** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.09 Certain Conflicts of Interest** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 5.10 Appointment of an Asset Manager** | **22** |
| **ARTICLE VI - FEES AND EXPENSES** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 6.01 Management Fee.** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 6.02 Cost to Acquire the Series Asset; Offering Expenses** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 6.03 Operating Expenses; Dissolution Fees** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 6.04 Excess Operating Expenses; Reimbursement Obligation(s)** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 6.05 Allocation of Expenses** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 6.06 Overhead of the Managing Member** | **23** |
| **ARTICLE VII - DISTRIBUTIONS** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 7.01 Application of Cash** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 7.02 Application of Amounts upon a Monetization Event or the Liquidation of a Series** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 7.03 Timing of Distributions** | **24** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 7.04 Distributions in Kind** | **24** |
| **ARTICLE VIII - BOOKS, RECORDS, ACCOUNTING AND REPORTS** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 8.01 Records and Accounting** | **25** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 8.02 Fiscal Year** | **25** |

---

iii

---

| | |
|:---|:---|
| **ARTICLE IX - TAX MATTERS** | **25** |
| **ARTICLE X - REMOVAL OF THE MANAGING MEMBER** | **26** |
| **ARTICLE XI - DISSOLUTION, TERMINATION AND LIQUIDATION** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 11.01 Dissolution and Termination** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 11.02 Liquidator** | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 11.03 Liquidation of a Series** | **27** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 11.04 Cancellation of Certificate of Formation** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 11.05 Return of Contributions** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 11.06 Waiver of Partition** | **28** |
| **ARTICLE XII - AMENDMENT OF AGREEMENT, SERIES DESIGNATION** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 12.01 General** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 12.02 Certain Amendment Requirements** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 12.03 Amendment Approval Process** | **29** |
| **ARTICLE XIII - MEMBER MEETINGS** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.01 Meetings** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.02 Quorum** | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.03 Chairman** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.04 Voting Rights** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.05 Extraordinary Actions** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.06 Managing Member Approval** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.07 Action By Members without a Meeting** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 13.08 Managing Member** | **30** |
| **ARTICLE XIV - CONFIDENTIALITY** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 14.01 Confidentiality Obligations** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 14.02 Exempted Information** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 14.03 Permitted Disclosures** | **30** |

---

iv

---

| | |
|:---|:---|
| **ARTICLE XV - GENERAL PROVISIONS** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.01 Addresses and Notices** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.02 Further Action** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.03 Binding Effect** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.04 Integration** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.05 Creditors** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.06 Waiver** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.07 Counterparts** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.08 Applicable Law and Jurisdiction** | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.09 Invalidity of Provisions** | **33** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Section 15.10 Consent of Members** | **33** |

---

v

**LIMITED LIABILITY COMPANY AGREEMENT OF EXCEED TALENT CAPITAL HOLDINGS LLC**

This LIMITED LIABILITY COMPANY AGREEMENT OF EXCEED TALENT CAPITAL HOLDINGS LLC (this **"Agreement"**) is dated as of December 7, 2022. Capitalized terms used herein without definition shall have the respective meanings ascribed to them in Section 1.01.

**RECITALS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Company was formed as a series limited liability company under Section 18-215 of the Delaware Act pursuant to a certificate of formation filed with the Secretary of State of the State of Delaware on July 14, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Managing Member, being the sole Member of the Company, has authorized and approved this Agreement on the terms set forth herein.

**AGREEMENT**

**NOW THEREFORE**, the limited liability company agreement of the Company is hereby adopted to read in its entirety as follows:

**ARTICLE I – DEFINITIONS**

**Section 1.01 Definitions**. The following definitions shall be for all purposes, unless otherwise clearly indicated to the contrary, applied to the terms used in this Agreement.

**"Abort Costs"** means all fees, costs and expenses incurred in connection with any Series Asset proposals pursued by the Company, the Managing Member or a Series that do not proceed to completion.

**"Acquisition Expenses"** means in respect of each Series, the following fees, costs and expenses allocable to such Series (or such Series pro rata share of any such fees, costs and expenses allocable to the Company) not otherwise paid for or assumed by the Managing Member and incurred in connection with the evaluation, discovery, investigation, development and acquisition of a Series Asset:

· brokerage and sales fees and commissions (but excluding the Brokerage Fee);

· appraisal fees;

· research fees;

· transfer taxes;

· third party industry and due diligence expert fees;

· insurance fees;

· financing fees and interest (if the Series Asset was acquired using debt prior to completion of the Initial Offering);

· travel and lodging related to acquisitions of Series Assets;

· photography and videography expenses in order to prepare the profile for the Series Asset to be accessible to Investor Members via an online platform;

· similar costs and expenses incurred in connection with the evaluation, discovery, investigation, development and acquisition of a Series Asset.

**"Additional Economic Member"** means a Person admitted as an Economic Member and associated with a Series in accordance with Article III as a result of an issuance of Interests of such Series to such Person by the Company.

**"Advisory Board"** has the meaning assigned to such term in Section 5.04(a).

**"Affiliate"** means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the Person in question. As used herein, the term **"control"** means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise.

**"Agreement"** has the meaning assigned to such term in the preamble.

**"Allocation Policy"** means the allocation policy of the Company adopted by the Managing Member in accordance with Section 5.01.

**"Broker"** means any Person who has been appointed by the Company (and as the Managing Member may select in its reasonable discretion) and specified in any Series Designation to provide execution and other services relating to an Initial Offering to the Company, or its successors from time to time, or any other broker in connection with any Initial Offering.

**"Brokerage Fee"** means the fee payable to the Broker for the purchase by any Person of Interests in an Initial Offering equal to an amount agreed between the Managing Member and the Broker from time to time and specified in any Series Designation.

**"Business Day"** means any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are authorized or required to close.

**"Capital Contribution"** means with respect to any Member, the amount of cash and the initial Gross Asset Value of any other property contributed or deemed contributed to the capital of a Series by or on behalf of such Member, reduced by the amount of any liability assumed by such Series relating to such property and any liability to which such property is subject.

**"Certificate of Formation"** means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware.

**"Code"** means the Internal Revenue Code of 1986, as amended and in effect from time to time. Any reference herein to a specific section or sections of the Code shall be deemed to include a reference to any corresponding provision of any successor law.

**"Company"** means Exceed Talent Capital Holdings LLC, a Delaware series limited liability company, and any successors thereto.

**"Conflict of Interest"** means any matter that the Managing Member believes may involve a conflict of interest that is not otherwise addressed by the Allocation Policy.

**"Delaware Act"** means the Delaware Limited Liability Company Act, 6 Del. C. Section 18 101, *et seq*.

**"DGCL"** means the General Corporation Law of the State of Delaware, 8 Del. C. Section 101, *et seq*.

**"Economic Member"** means together, the Investor Members, Additional Economic Members (including any Person who receives Interests in connection with any goods or services provided to a Series (including in respect of the sale of a Series Asset to that Series)) and their successors and assigns admitted as Additional Economic Members and Substitute Economic Members, in each case who is admitted as a Member of such Series, but shall exclude the Managing Member in its capacity as Managing Member. For the avoidance of doubt, the Managing Member or any of its Affiliates shall be an Economic Member to the extent it purchases Interests in a Series.

**"ERISA"** means the Employee Retirement Income Security Act of 1974, as amended.

**"Exchange Act"** means the Securities Exchange Act of 1934, as amended.

**"Expenses and Liabilities"** has the meaning assigned to such term in Section 5.05(a).

**"Free Cash Flow"** means any available cash for distribution generated from the net income received by a Series, as determined by the Managing Member to be in the nature of income as defined by U.S. GAAP, *plus* (i) any change in the net working capital (as shown on the balance sheet of such Series), (ii) any amortization to the relevant Series Asset (as shown on the income statement of such Series), (iii) any depreciation to the relevant Series Asset (as shown on the income statement of such Series), and (iv) any other non-cash Operating Expenses *less* (a) any non-operating income (or *plus* any non-operating loss) resulting from a Monetization Event and included in net income, (b) any capital expenditure related to the Series Asset (as shown on the cash flow statement of such Series), (c) any other liabilities or obligations of the Series, in each case to the extent not already paid or provided for, and (d) upon the termination and winding up of a Series or the Company, all costs and expenses incidental to such termination and winding as allocated to the relevant Series in accordance with Section 6.05.

**"Form of Adherence"** means, in respect of an Initial Offering or Subsequent Offering, a subscription agreement or other agreement substantially in the form appended to the Offering Document pursuant to which an Investor Member or Additional Economic Member agrees to adhere to the terms of this Agreement or, in respect of a Transfer, a form of adherence or instrument of Transfer, each in a form satisfactory to the Managing Member from time to time, pursuant to which a Substitute Economic Member agrees to adhere to the terms of this Agreement.

**"Governmental Entity"** means any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof.

**"Gross Asset Value"** means, with respect to any asset contributed by an Economic Member to a Series, the gross fair market value of such asset as determined by the Managing Member.

**"Indemnified Person"** means (a) any Person who is or was an Officer of the Company or associated with a Series, (b) any Person who is or was a Managing Member or Liquidator, together with its officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors, (c) any Person who is or was serving at the request of the Company as an officer, director, member, manager, partner, fiduciary or trustee of another Person; *provided*, that, except to the extent otherwise set forth in a written agreement between such Person and the Company or a Series, a Person shall not be an Indemnified Person by reason of providing, on a fee for services basis, trustee, fiduciary, administrative or custodial services, (d) any member of the Advisory Board appointed by the Managing Member pursuant to Section 5.04, and (e) any Person the Managing Member designates as an Indemnified Person for purposes of this Agreement.

**"Initial Member"** means the Person identified in the Series Designation of such Series as the Initial Member associated therewith.

**"Initial Offering"** means the first offering or private placement and issuance of any Series, other than the issuance to the Initial Member.

**"Interest"** means an interest in a Series issued by the Company that evidences a Member's rights, powers and duties with respect to the Company and such Series pursuant to this Agreement and the Delaware Act.

**"Interest Designation"** has the meaning ascribed in Section 3.03(f).

**"Investment Advisers Act"** means the Investment Advisers Act of 1940, as amended.

**"Investment Company Act"** means the Investment Company Act of 1940, as amended.

**"Investor Members"** mean those Persons who acquire Interests in the Initial Offering or Subsequent Offering and their successors and assigns admitted as Additional Economic Members.

**"Liquidator"** means one or more Persons selected by the Managing Member to perform the functions described in Section 11.02 as liquidating trustee of the Company or a Series, as applicable, within the meaning of the Delaware Act.

**"Management Fee"** means, in respect of each Series, a fee equal to five percent (5%) (or such other amount specified in the applicable Series Designation) of the gross income received by the Series, as determined by the Managing Member to be in the nature of income as defined by U.S. GAAP.

**"Managing Member"** means, as the context requires, the managing member of the Company or the managing member of a Series.

**"Member"** means each member of the Company associated with a Series, including, unless the context otherwise requires, the Initial Member, the Managing Member, each Economic Member (as the context requires), each Substitute Economic Member and each Additional Economic Member.

"**Monetization Event**" means a final sale or disposition of one or more Series Assets of a Series, and designated a Monetization Event by the Managing Member of such Series.

**"National Securities Exchange"** means an exchange registered with the SEC under Section 6(a) of the Exchange Act.

**"Offering Document"** means, with respect to any Series or the Interests of any Series, the prospectus, offering memorandum, offering circular, offering statement, offering circular supplement, private placement memorandum or other offering documents related to the Initial Offering of such Interests, in the form approved by the Managing Member and, to the extent required by applicable law, approved or qualified, as applicable, by any applicable Governmental Entity, including without limitation the SEC.

**"Offering Expenses"** means fees, costs and expenses incurred in connection with executing an offering of Interests in one or more Series, consisting of broker fees and commissions, legal, accounting, escrow and compliance costs related to such offering, but excluding the Brokerage Fee.

**"Officers"** means any president, vice president, secretary, treasurer or other officer of the Company or any Series as the Managing Member may designate (which shall, in each case, constitute managers within the meaning of the Delaware Act).

**"Operating Expenses"** means in respect of each Series, the following fees, costs and expenses allocable to such Series or such Series pro rata share (as determined by the Allocation Policy, if applicable) of any such fees, costs and expenses allocable to the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all fees, costs and expenses incurred in connection with the management of a Series Asset, including import taxes, income taxes, storage, security, valuation, custodial, marketing and utilization of the Series Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any fees, costs and expenses, excluding all Offering Expenses, incurred in connection with preparing any reports and accounts of each Series of Interests, including any blue sky filings required in order for a Series of Interest to be made available to investors in certain states and any annual audit of the accounts of such Series of Interests (if applicable) and any reports to be filed with the SEC including periodic reports on Forms 1-K, 1-SA and 1-U;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all insurance premiums or expenses, including directors and officer's insurance of the directors and/or officers of the Managing Member, in connection with the Series Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any withholding or transfer taxes imposed on the Company or a Series or any of the Members as a result of its or their earnings, investments or withdrawals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any governmental fees imposed on the capital of the Company or a Series or incurred in connection with compliance with applicable regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any legal fees and costs (including settlement costs) arising in connection with any litigation or regulatory investigation instituted against the Company, a Series or the Managing Member in connection with the affairs of the Company or a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the fees and expenses of any administrator, if any, engaged to provide administrative services to the Company or a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all custodial fees, costs and expenses in connection with the holding of a Series Asset or Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any fees, costs and expenses of a third-party registrar and transfer agent appointed by the Managing Member in connection with a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the cost of the audit of the Company's annual financial statements and the preparation of its tax returns and circulation of reports to Economic Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the cost of any audit of a Series annual financial statements, the fees, costs and expenses incurred in connection with making of any tax filings on behalf of a Series and circulation of reports to Economic Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any indemnification payments to be made pursuant to Section 5.05;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the fees and expenses of the Company's or a Series counsel in connection with advice directly relating to the Company's or a Series' legal affairs, other than Offering Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the costs of any other outside appraisers, valuation firms, accountants, attorneys or other experts or consultants engaged by the Managing Member in connection with the operations of the Company or a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the costs related to efforts to monetize and/or increase the value of Series Assets, including, but not limited to, marketing and promotional activities as deemed appropriate in the Managing Member's reasonable judgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any similar expenses that may be determined to be Operating Expenses, as determined by the Managing Member in its reasonable discretion.

"**Operating Expenses Reimbursement Obligation(s)**" has the meaning ascribed in Section 6.04(c).

"**Outstanding**" means all Interests that are issued by the Company and reflected as outstanding on the Company's books and records as of the date of determination.

"**Person**" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, Governmental Entity or other entity.

"**Record Date**" means the date established by the Managing Member for determining (a) the identity of the Record Holders entitled to notice of, or to vote at, any meeting of Members associated with any Series or entitled to exercise rights in respect of any lawful action of Members associated with any Series or (b) the identity of Record Holders entitled to receive any report or distribution or to participate in any offer.

"**Record Holder** or **holder**" means the Person in whose name such Interests are registered on the books of the Company as of the opening of business on a particular Business Day, as determined by the Managing Member in accordance with this Agreement.

"**SEC**" means the U.S. Securities and Exchange Commission.

"**Securities Act**" means the Securities Act of 1933, as amended.

"**Series**" has the meaning assigned to such term in Section 3.03(a).

"**Series Assets**" means, at any particular time, all assets, properties (whether tangible or intangible, and whether real, personal or mixed) and rights of any type contributed to or acquired by a particular Series and owned or held by or for the account of such Series, whether owned or held by or for the account of such Series as of the date of the designation or establishment thereof or thereafter contributed to or acquired by such Series.

"**Series Designation**" has the meaning assigned to such term in Section 3.03(a).

**"Sourcing Fee"** means the sourcing fee which is paid to the Managing Member at the closing of the Initial Offering of a Series as consideration for assisting in the sourcing of such Series Asset and as specified in each Series Designation, to the extent not waived by the Managing Member in its sole discretion.

**"Subsequent Offering"** means any further issuance of Interests in any Series, excluding any Initial Offering or Transfer.

**"Substitute Economic Member"** means a Person who is admitted as an Economic Member of the Company and associated with a Series pursuant to Section 4.01(b) as a result of a Transfer of Interests to such Person.

**"Super Majority Vote"** means, the affirmative vote of the holders of Outstanding Interests of all Series representing at least two-thirds of the total votes that may be cast by all such Outstanding Interests, voting together as a single class.

**"Transfer"** means, with respect to an Interest, a transaction by which the Record Holder of an Interest assigns such Interest to another Person who is or becomes a Member, and includes a sale, assignment, gift, exchange or any other disposition by law or otherwise, including any transfer upon foreclosure of any pledge, encumbrance, hypothecation or mortgage.

**"U.S. GAAP"** means United States generally accepted accounting principles consistently applied, as in effect from time to time.

**Section 1.02 Construction**. Unless the context requires otherwise: (a) any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa; (b) references to paragraphs, Articles and Sections refer to paragraphs, Articles and Sections of this Agreement; (c) the term **"**include**"** or **"**includes**"** means includes, without limitation, and **"**including**"** means including, without limitation; (d) the words herein, hereof and hereunder and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision; (e) or has the inclusive meaning represented by the phrase and/or; (f) unless the context otherwise requires, references to agreements and other documents shall be deemed to include all subsequent amendments and other modifications thereto; (g) references to any Person shall include all predecessors of such Person, as well as all permitted successors, assigns, executors, heirs, legal representatives and administrators of such Person; and (h) any reference to any statute or regulation includes any implementing legislation and any rules made under that legislation, statute or statutory provision, whenever before, on, or after the date of the Agreement, as well as any amendments, restatements or modifications thereof, as well as all statutory and regulatory provisions consolidating or replacing the statute or regulation. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.

**ARTICLE II - ORGANIZATION**

**Section 2.01 Formation**. The Company has been formed as a series limited liability company pursuant to Section 18-215 of the Delaware Act. Except as expressly provided to the contrary in this Agreement, the rights, duties, liabilities and obligations of the Members and the administration, dissolution and termination of the Company and each Series shall be governed by the Delaware Act.

**Section 2.02 Name**. The name of the Company shall be Exceed Talent Capital Holdings LLC. The business of the Company and any Series may be conducted under any other name or names, as determined by the Managing Member. The Managing Member may change the name of the Company at any time and from time to time and shall notify the Economic Members of such change in the next regular communication to the Economic Members or by press release or the filing of a report with the SEC disclosing such change.

**Section 2.03 Registered Office; Registered Agent; Principal Office; Other Offices**. Unless and until changed by the Managing Member in its sole discretion, the registered office of the Company in the State of Delaware shall be as set forth in the Certificate of Formation, and the registered agent for service of process on the Company and each Series in the State of Delaware shall be as set forth in the Certificate of Formation. The principal office of the Company shall be located at 160 Varick Street, New York, New York 10013 or such other place as the Managing Member may from time to time designate by notice to the Economic Members associated with the applicable Series or by press release or the filing of a report with the SEC disclosing the location of such principal office. The Company and each Series may maintain offices at such other place or places within or outside the State of Delaware as the Managing Member determines to be necessary or appropriate. The Managing Member may change the registered office, registered agent or principal office of the Company or of any Series at any time and from time to time and shall notify the applicable Economic Members of such change in the next regular communication to such Economic Members or by press release or the filing of a report with the SEC.

**Section 2.04 Purpose**. The purpose of the Company and, unless otherwise provided in the applicable Series Designation, each Series shall be to promote, conduct or engage in, directly or indirectly, any business, purpose or activity that lawfully may be conducted by a series limited liability company organized pursuant to the Delaware Act, and to conduct any and all activities related or incidental to the foregoing purpose.

**Section 2.05 Powers**. The Company, each Series and, subject to the terms of this Agreement, the Managing Member shall be empowered to do any and all acts and things necessary or appropriate for the furtherance and accomplishment of the purposes described in Section 2.04.

**Section 2.06 Power of Attorney**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Economic Member hereby constitutes and appoints the Managing Member and, if a Liquidator shall have been selected pursuant to Section 11.02, the Liquidator, and each of their authorized officers and attorneys in fact, as the case may be, with full power of substitution, as his or her true and lawful agent and attorney in fact, with full power and authority in his or her name, place and stead, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including this Agreement and the Certificate of Formation and all amendments or restatements hereof or thereof) that the Managing Member, or the Liquidator, determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Company as a series limited liability company in the State of Delaware and in all other jurisdictions in which the Company or any Series may conduct business or own property; (B) all certificates, documents and other instruments that the Managing Member, or the Liquidator, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments that the Managing Member or the Liquidator determines to be necessary or appropriate to reflect the dissolution, liquidation or termination of the Company or a Series pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or substitution of any Economic Member pursuant to, or in connection with other events described in, Article III or Article XI; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Series of Interest issued pursuant to Section 3.03; (F) all certificates, documents and other instruments that the Managing Member or Liquidator determines to be necessary or appropriate to maintain the separate rights, assets, obligations and liabilities of each Series; and (G) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger, consolidation or conversion of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments that the Managing Member or the Liquidator determines to be necessary or appropriate to (A) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by any of the Members hereunder or is consistent with the terms of this Agreement or (B) effectuate the terms or intent of this Agreement; *provided*, that when any provision of this Agreement that establishes a percentage of the Members or of the Members of any Series required to take any action, the Managing Member, or the Liquidator, may exercise the power of attorney made in this Section 2.06(a) only after the necessary vote, consent, approval, agreement or other action of the Members or of the Members of such Series, as applicable.

Nothing contained in this Section 2.06 shall be construed as authorizing the Managing Member, or the Liquidator, to amend, change or modify this Agreement except in accordance with Article XII or as may be otherwise expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Economic Member and the transfer of all or any portion of such Economic Members Interests and shall extend to such Economic Members heirs, successors, assigns and personal representatives. Each such Economic Member hereby agrees to be bound by any representation made by any officer of the Managing Member, or the Liquidator, acting in good faith pursuant to such power of attorney; and each such Economic Member, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Managing Member, or the Liquidator, taken in good faith under such power of attorney in accordance with this Section 2.06. Each Economic Member shall execute and deliver to the Managing Member, or the Liquidator, within 15 days after receipt of the request therefor, such further designation, powers of attorney and other instruments as the Managing Member or the Liquidator determines to be necessary or appropriate to effectuate this Agreement and the purposes of the Company.

**Section 2.07 Term**. The term of the Company commenced on the day on which the Certificate of Formation was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Act. The existence of each Series shall commence upon the effective date of the Series Designation establishing such Series, as provided in Section 3.03. The term of the Company and each Series shall be perpetual, unless and until it is dissolved or terminated in accordance with the provisions of Article XI. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate of Formation as provided in the Delaware Act.

**Section 2.08 Title to Assets**. All Interests shall constitute personal property of the owner thereof for all purposes and a Member has no interest in specific assets of the Company or applicable Series Assets. Title to any Series Assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Series to which such asset was contributed or by which such asset was acquired, and none of the Company, any Member, Officer or other Series, individually or collectively, shall have any ownership interest in such Series Assets or any portion thereof. Title to any or all of the Series Assets may be held in the name of the relevant Series or one or more nominees, as the Managing Member may determine. All Series Assets shall be recorded by the Managing Member as the property of the applicable Series in the books and records maintained for such Series, irrespective of the name in which record title to such Series Assets is held.

**Section 2.09 Certificate of Formation**. The Certificate of Formation has been filed with the Secretary of State of the State of Delaware, such filing being hereby confirmed, ratified and approved in all respects. The Managing Member shall use reasonable efforts to cause to be filed such other certificates or documents that it determines to be necessary or appropriate for the formation, continuation, qualification and operation of a series limited liability company in the State of Delaware or any other state in which the Company or any Series may elect to do business or own property. To the extent that the Managing Member determines such action to be necessary or appropriate, the Managing Member shall, or shall direct the appropriate Officers, to file amendments to and restatements of the Certificate of Formation and do all things to maintain the Company as a series limited liability company under the laws of the State of Delaware or of any other state in which the Company or any Series may elect to do business or own property, and if an Officer is so directed, such Officer shall be an authorized person of the Company and, unless otherwise provided in a Series Designation, each Series within the meaning of the Delaware Act for purposes of filing any such certificate with the Secretary of State of the State of Delaware. The Company shall not be required, before or after filing, to deliver or mail a copy of the Certificate of Formation, any qualification document or any amendment thereto to any Member.

**ARTICLE III - MEMBERS, SERIES AND INTERESTS**

**Section 3.01 Members**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.01(b), a Person shall be admitted as an Economic Member and Record Holder either as a result of an Initial Offering, Subsequent Offering, a Transfer or at such other time as determined by the Managing Member, and upon (i) agreeing to be bound by the terms of this Agreement by completing, signing and delivering to the Managing Member, a completed Form of Adherence, which is then accepted by the Managing Member, (ii) the prior written consent of the Managing Member, and (iii) otherwise complying with the applicable provisions of Article III and Article IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Managing Member may withhold its consent to the admission of any Person as an Economic Member for any reason, including when it determines in its reasonable discretion that such admission could: (i) result in there being 2,000 or more beneficial owners (as such term is used under the Exchange Act) or 500 or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series of Interests, as specified in Section 12(g)(1)(A)(ii) of the Exchange Act (which limitations may be waived by the Managing Member in its sole discretion), (ii) could adversely affect the Company or a Series or subject the Company, a Series, the Managing Member or any of their respective Affiliates to any additional regulatory or governmental requirements or cause the Company to be disqualified as a limited liability company, or subject the Company, any Series, the Managing Member or any of their respective Affiliates to any tax to which it would not otherwise be subject, (iii) cause the Company to be required to register as an investment company under the Investment Company Act, (iv) cause the Managing Member or any of its Affiliates being required to register under the Investment Advisers Act, (v) cause the assets of the Company or any Series to be treated as plan assets as defined in Section 3(42) of ERISA, or (vi) result in a loss of (A) partnership status by the Company for US federal income tax purposes or the termination of the Company for US federal income tax purposes or (B) corporation taxable as an association status for US federal income tax purposes of any Series or termination of any Series for US federal income tax purposes. A Person may become a Record Holder without the consent or approval of any of the Economic Members. A Person may not become a Member without acquiring an Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The name and mailing address (or other identifying information as deemed appropriate by the Managing Member) of each Member shall be listed on the books and records of the Company and each Series maintained for such purpose by the Company and each Series. The Managing Member shall update the books and records of the Company and each Series from time to time as necessary to reflect accurately the information therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided in the Delaware Act and subject to Section 3.01(e) and Section 3.03 relating to each Series, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Members shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as otherwise provided in the Delaware Act, the debts, obligations and liabilities of a Series, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of such Series, and not of any other Series. In addition, the Members shall not be obligated personally for any such debt, obligation or liability of any Series solely by reason of being a Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise provided herein, and subject to Article XI, Members may not be expelled from or removed as Members of the Company. Members shall not have any right to resign or redeem their Interests from the Company; *provided* that when a transferee of a Members Interests becomes a Record Holder of such Interests, such transferring Member shall cease to be a Member of the Company with respect to the Interests so transferred and that Members of a Series shall cease to be Members of such Series when such Series is finally liquidated in accordance with Section 11.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as may be otherwise agreed between the Company or a Series, on the one hand, and a Member, on the other hand, any Member shall be entitled to and may have business interests and engage in business activities in addition to those relating to the Company or a Series, including business interests and activities in direct competition with the Company or any Series. None of the Company, any Series or any of the other Members shall have any rights by virtue of this Agreement in any such business interests or activities of any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Exceed Talent Capital LLC was appointed as the Managing Member of the Company with effect from the date of the formation of the Company and shall continue as Managing Member of the Company until the earlier of (i) the dissolution of the Company pursuant to Section 11.01(a), or (ii) its removal or replacement pursuant to Section 4.03 or Article X. Except as otherwise set forth in the Series Designation, the Managing Member of each Series shall be Exceed Talent Capital LLC until the earlier of (i) the dissolution of the Series pursuant to Section 11.01(b) or (ii) its removal or replacement pursuant to Section 4.03 or Article X.

**Section 3.02 Capital Contributions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The minimum number of Interests a Member may acquire is one (1) Interest or such higher amount as the Managing Member may determine from time to time and as specified in each Series Designation, as applicable. Persons acquiring Interests through an Initial Offering or Subsequent Offering shall make a Capital Contribution to the Company in an amount equal to the per share price determined in connection with such Initial Offering or Subsequent Offering and multiplied by the number of Interests acquired by such Person in such Initial Offering or Subsequent Offering, as applicable. Persons acquiring Interests in a manner other than through an Initial Offering or Subsequent Offering or pursuant to a Transfer shall make such Capital Contribution as shall be determined by the Managing Member in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly permitted by the Managing Member, in its sole discretion (i) initial and any additional Capital Contributions to the Company or Series as applicable, by any Member shall be payable in cash and (ii) initial and any additional Capital Contributions shall be payable in one installment and shall be paid prior to the date of the proposed acceptance by the Managing Member of a Person's admission as a Member to a Series (or a Member's application to acquire additional Interests) (or within five business days thereafter with the Managing Member's approval). No Member shall be required to make an additional capital contribution to the Company or Series but may make an additional Capital Contribution to acquire additional interests at such Member's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except to the extent expressly approved by the Managing Member or provided in this Agreement (including any Series Designation): (i) no Member shall be entitled to the withdrawal or return of its Capital Contribution, except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution or termination of the Company or any Series may be considered as such by law and then only to the extent provided for in this Agreement; (ii) no Member holding any Interests of a Series shall have priority over any other Member holding Interests of the same Series either as to the return of Capital Contributions or as to distributions; (iii) no interest shall be paid by the Company or any Series on any Capital Contributions; and (iv) no Economic Member, in its capacity as such, shall participate in the operation or management of the business of the Company or any Series, transact any business in the Company or any Series name or have the power to sign documents for or otherwise bind the Company or any Series by reason of being a Member.

**Section 3.03 Series of the Company**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Series</u>. Subject to the provisions of this Agreement, the Managing Member may, at any time and from time to time and in compliance with Section 3.03(c), cause the Company to establish in writing (each, a "**Series Designation**") one or more series as such term is used under Section 18-215 of the Delaware Act (each a "**Series**"). The Series Designation shall relate solely to the Series established thereby and shall not be construed: (i) to affect the terms and conditions of any other Series, or (ii) to designate, fix or determine the rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests associated with any other Series, or the Members associated therewith. The terms and conditions for each Series established pursuant to this Section 3.03(a) shall be as set forth in this Agreement and the Series Designation, as applicable, for the Series. Upon approval of any Series Designation by the Managing Member, such Series Designation shall be attached to this Agreement as an Exhibit until such time as none of such Interests of such Series remain Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Series Operation</u>. Each of the Series shall operate to the extent practicable as if it were a separate limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Series Designation</u>. The Series Designation establishing a Series may: (i) specify a name or names under which the business and affairs of such Series may be conducted; (ii) designate, fix and determine the relative rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests of such Series and the Members associated therewith (to the extent such terms differ from those set forth in this Agreement) and (iii) designate or authorize the designation of specific Officers to be associated with such Series. A Series Designation (or any resolution of the Managing Member amending any Series Designation) shall be effective when a duly executed Series Designation is included by the Managing Member among the permanent records of the Company, and shall be annexed to, and constitute part of, this Agreement (it being understood and agreed that, upon such effective date, the Series described in such Series Designation shall be deemed to have been established and the Interests of such Series shall be deemed to have been authorized in accordance with the provisions thereof). The Series Designation establishing a Series may set forth specific provisions governing the rights of such Series against a Member associated with such Series who fails to comply with the applicable provisions of this Agreement (including, for the avoidance of doubt, the applicable provisions of such Series Designation). In the event of a conflict between the terms and conditions of this Agreement and a Series Designation, the terms and conditions of the Series Designation shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Assets and Liabilities Associated with a Series</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Assets Associated with a Series</u>. All consideration received by the Company for the issuance or sale of Interests of a particular Series, together with all assets in which such consideration is invested or reinvested, and all income, earnings, profits and proceeds thereof, from whatever source derived, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, shall, subject to the provisions of this Agreement, be held for the benefit of the Series or the Members associated with such Series, and not for the benefit of the Members associated with any other Series, for all purposes, and shall be accounted for and recorded upon the books and records of the Series separately from any assets associated with any other Series. In the event that there are any assets in relation to the Company that, in the Managing Member's reasonable judgment, are not readily associated with a particular Series, the Managing Member shall allocate such assets to, between or among any one or more of the Series, in such manner and on such basis as the Managing Member deems fair and equitable, and in accordance with the Allocation Policy, and any asset so allocated to a particular Series shall thereupon be deemed to be an asset associated with that Series. Each allocation by the Managing Member pursuant to the provisions of Section 3.03(d)(i) shall be conclusive and binding upon the Members associated with each and every Series. Separate and distinct records shall be maintained for each and every Series, and the Managing Member shall not commingle the assets of one Series with the assets of any other Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Liabilities Associated with a Series</u>. All debts, liabilities, expenses, costs, charges, obligations and reserves incurred by, contracted for or otherwise existing with respect to a particular Series shall be charged against the assets associated with that Series. In the event that there are any liabilities in relation to the Company that, in the Managing Members reasonable judgment, are not readily associated with a particular Series, the Managing Member shall allocate and charge (including indemnification obligations) such liabilities to, between or among any one or more of the Series, in such manner and on such basis as the Managing Member deems fair and equitable and in accordance with the Allocation Policy, and any liability so allocated and charged to a particular Series shall thereupon be deemed to be a liability associated with that Series. Each allocation by the Managing Member pursuant to the provisions of this Section 3.03(d)(ii) shall be conclusive and binding upon the Members associated with each and every Series. All liabilities associated with a Series shall be enforceable against the assets associated with that Series only, and not against the assets associated with the Company or any other Series, and except to the extent set forth above, no liabilities shall be enforceable against the assets associated with any Series prior to the allocation and charging of such liabilities as provided above. Any allocation of liabilities that are not readily associated with a particular Series to, between or among one or more of the Series shall not represent a commingling of such Series to pool capital for the purpose of carrying on a trade or business or making common investments and sharing in profits and losses therefrom. The Managing Member has caused notice of this limitation on inter-series liabilities to be set forth in the Certificate of Formation, and, accordingly, the statutory provisions of Section 18-215(b) of the Delaware Act relating to limitations on inter-series liabilities (and the statutory effect under Section 18-207 of the Delaware Act of setting forth such notice in the Certificate of Formation) shall apply to the Company and each Series. Notwithstanding any other provision of this Agreement, no distribution on or in respect of Interests in a particular Series, including, for the avoidance of doubt, any distribution made in connection with the winding up of such Series, shall be effected by the Company other than from the assets associated with that Series, nor shall any Member or former Member associated with a Series otherwise have any right or claim against the assets associated with any other Series (except to the extent that such Member or former Member has such a right or claim hereunder as a Member or former Member associated with such other Series or in a capacity other than as a Member or former Member).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Ownership of Series Assets</u>. Title to and beneficial interest in Series Assets shall be deemed to be held and owned by the relevant Series and no Member or Members of such Series, individually or collectively, shall have any title to or beneficial interest in specific Series Assets or any portion thereof. Each Member of a Series irrevocably waives any right that it may have to maintain an action for partition with respect to its interest in the Company, any Series or any Series Assets. Any Series Assets may be held or registered in the name of the relevant Series, in the name of a nominee or as the Managing Member may determine; *provided, however*, that Series Assets shall be recorded as the assets of the relevant Series on the Company**'**s books and records, irrespective of the name in which legal title to such Series Assets is held. Any corporation, brokerage firm or transfer agent called upon to transfer any Series Assets to or from the name of any Series shall be entitled to rely upon instructions or assignments signed or purporting to be signed by the Managing Member or its agents without inquiry as to the authority of the person signing or purporting to sign such instruction or assignment or as to the validity of any transfer to or from the name of such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Prohibition on Issuance of Preference Interests</u>. No Interests shall entitle any Member to any preemptive, preferential or similar rights unless such preemptive, preferential or similar rights are set forth in the applicable Series Designation on or prior to the date of the Initial Offering of any interests of such Series (the designation of such preemptive, preferential or similar rights with respect to a Series in the Series Designation, the **"Interest Designation"**).

**Section 3.04 Authorization to Issue Interests**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may issue Interests, and options, rights and warrants relating to Interests, for any Company or Series purpose at any time and from time to time to such Persons for such consideration (which may be cash, property, services or any other lawful consideration) or for no consideration and on such terms and conditions as the Managing Member shall determine, all without the approval of the Economic Members. Each Interest shall have the rights and be governed by the provisions set forth in this Agreement (including any Series Designation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 6.04(a), and unless otherwise provided in the applicable Series Designation, the Company is authorized to issue in respect of each Series an unlimited number of Interests. All Interests issued pursuant to, and in accordance with the requirements of, this Article III shall be validly issued Interests in the Company, except to the extent otherwise provided in the Delaware Act or this Agreement (including any Series Designation).

**Section 3.05 Voting Rights of Interests Generally**. Unless otherwise provided in this Agreement or any Series Designation, (i) each Record Holder of Interests shall be entitled to one vote per Interest for all matters submitted for the consent or approval of Members generally, (ii) all Record Holders of Interests (regardless of Series) shall vote together as a single class on all matters as to which all Record Holders of Interests are entitled to vote, (iii) Record Holders of a particular Series of Interest shall be entitled to one vote per Interest for all matters submitted for the consent or approval of the Members of such Series and (iv) the Managing Member or any of its Affiliates shall not be entitled to vote in connection with any Interests they hold pursuant to Section 3.01(h) and no such Interests shall be deemed Outstanding for purposes of any such vote.

**Section 3.06 Record Holders**. The Company shall be entitled to recognize the Record Holder as the owner of an Interest and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Interest on the part of any other Person, regardless of whether the Company shall have actual or other notice thereof, except as otherwise provided by law or any applicable rule, regulation, guideline or requirement of any National Securities Exchange, over-the-counter market or other secondary trading platform on which such Interests are listed for trading (if ever). Without limiting the foregoing, when a Person (such as a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing) is acting as nominee, agent or in some other representative capacity for another Person in acquiring or holding Interests, as between the Company on the one hand, and such other Persons on the other, such representative Person shall be the Record Holder of such Interests.

**Section 3.07 Splits**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.07(c) and Section 3.04, and unless otherwise provided in any Interest Designation, the Company may make a pro rata distribution of Interests of a Series to all Record Holders of such Series, or may effect a subdivision or combination of Interests of any Series, in each case, on an equal per Interest basis and so long as, after any such event, any amounts calculated on a per Interest basis or stated as a number of Interests are proportionately adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever such a distribution, subdivision or combination of Interests is declared, the Managing Member shall select a date as of which the distribution, subdivision or combination shall be effective. The Managing Member shall send notice thereof at least 20 days prior to the date of such distribution, subdivision or combination to each Record Holder as of a date not less than 10 days prior to the date of such distribution, subdivision or combination. The Managing Member also may cause a firm of independent public accountants selected by it to calculate the number of Interests to be held by each Record Holder after giving effect to such distribution, subdivision or combination. The Managing Member shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 3.04 and unless otherwise provided in any Series Designation, the Company shall not issue fractional Interests upon any distribution, subdivision or combination of Interests. If a distribution, subdivision or combination of Interests would otherwise result in the issuance of fractional Interests, each fractional Interest shall be rounded to the nearest whole Interest (and a 0.5 Interest shall be rounded to the next higher Interest).

**Section 3.08 Agreements**. The rights of all Members and the terms of all Interests are subject to the provisions of this Agreement (including any Series Designation).

**ARTICLE IV - REGISTRATION AND TRANSFER OF INTERESTS**

**Section 4.01 Maintenance of a Register**. Subject to the restrictions on Transfer and ownership limitations contained below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall keep or cause to be kept on behalf of the Company and each Series a register that will set forth the Record Holders of each of the Interests and information regarding the Transfer of each of the Interests. The Managing Member is hereby initially appointed as registrar and transfer agent of the Interests, provided that the Managing Member may appoint such third party registrar and transfer agent as it determines appropriate in its sole discretion, for the purpose of registering Interests and Transfers of such Interests as herein provided, including as set forth in any Series Designation. The Managing Member has full authority to determine the method through which the Company's register shall be maintained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon acceptance by the Managing Member of the Transfer of any Interest, each transferee of an Interest (i) shall be admitted to the Company as a Substitute Economic Member with respect to the Interests so transferred to such transferee when any such transfer or admission is reflected in the books and records of the Company, (ii) shall be deemed to agree to be bound by the terms of this Agreement by completing a Form of Adherence to the reasonable satisfaction of the Managing Member in accordance with Section 4.02(g)(ii), (iii) shall become the Record Holder of the Interests so transferred, (iv) grants powers of attorney to the Managing Member and any Liquidator of the Company and each of their authorized officers and attorneys in fact, as the case may be, as specified herein, and (v) makes the consents and waivers contained in this Agreement. The Transfer of any Interests and the admission of any new Economic Member shall not constitute an amendment to this Agreement, and no amendment to this Agreement shall be required for the admission of new Economic Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing contained in this Agreement shall preclude the settlement of any transactions involving Interests entered into through the facilities of any National Securities Exchange, over-the-counter market or other secondary trading platform on which such Interests are listed for trading, if any.

**Section 4.02 Ownership Limitations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Transfer of any Economic Members Interest, whether voluntary or involuntary, shall be valid or effective, and no transferee shall become a substituted Economic Member, unless the written consent of the Managing Member has been obtained, which consent may be withheld in its sole and absolute discretion as further described in this Section 4.02. In the event of any Transfer, all of the conditions of the remainder of this Section 4.02 must also be satisfied. Notwithstanding the foregoing but subject to Section 3.06, assignment of the economic benefits of ownership of Interests may be made without the Managing Members consent, provided that the assignee is not an ineligible or unsuitable investor under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Transfer of any Economic Member's Interests, whether voluntary or involuntary, shall be valid or effective unless the Managing Member determines, after any consultation in the sole discretion of the Company with legal counsel acting for the Company, that such Transfer will not, unless waived by the Managing Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) result in there being 2,000 or more beneficial owners (as such term is used under the Exchange Act) or 500 or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series of Interests, as specified in Section 12(g)(1)(A)(ii) of the Exchange Act, unless such Interests have been registered under the Exchange Act or the Company is otherwise an Exchange Act reporting company; provided that such limitations may be waived by the Managing Member in its sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cause all or any portion of the assets of the Company or any Series to constitute plan assets for purposes of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) adversely affect the Company or such Series, or subject the Company, the Series, the Managing Member or any of their respective Affiliates to any additional regulatory or governmental requirements or cause the Company to be disqualified as a limited liability company or subject the Company, any Series, the Managing Member or any of their respective Affiliates to any tax to which it would not otherwise be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) require registration of the Company, any Series or any Interests under any securities laws of the United States of America, any state thereof or any other jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) violate or be inconsistent with any representation or warranty made by the transferring Economic Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The transferring Economic Member, or such Economic Members legal representative, shall give the Managing Member prior written notice before making any voluntary Transfer and notice within thirty (30) days after any involuntary Transfer (unless such notice period is otherwise waived by the Managing Member), and shall provide sufficient information to allow the Company and legal counsel acting for the Company to make the determination that the proposed Transfer will not result in any of the consequences referred to in Section 4.02(b) above. If a Transfer occurs by reason of the death of an Economic Member or assignee, the notice may be given by the duly authorized representative of the estate of the Economic Member or assignee. The notice must be supported by proof of legal authority and valid assignment in form and substance acceptable to the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event any Transfer permitted by this Section 4.02 shall result in beneficial ownership by multiple Persons of any Economic Members interest in the Company, the Managing Member may require one or more trustees or nominees to be designated to represent a portion of or the entire interest transferred for the purpose of receiving all notices which may be given and all payments which may be made under this Agreement, and for the purpose of exercising the rights which the transferor as an Economic Member had pursuant to the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A transferee shall be entitled to any future distributions attributable to the Interests transferred to such transferee and to transfer such Interests in accordance with the terms of this Agreement; provided, however, that such transferee shall not be entitled to the other rights of an Economic Member as a result of such Transfer until he or she becomes a Substitute Economic Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company and each Series shall incur no liability for distributions made in good faith to the transferring Economic Member until a written instrument of Transfer has been received by the Company and recorded on its books and the effective date of Transfer has passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any other provision of this Agreement to the contrary notwithstanding, any Substitute Economic Member shall be bound by the provisions hereof. Prior to recognizing any Transfer in accordance with this Section 4.02, the Managing Member may require, in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the transferring Economic Member and each transferee to execute one or more deeds or other instruments of Transfer in a form satisfactory to the Managing Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each transferee to acknowledge its assumption (in whole or, if the Transfer is in respect of part only, in the proportionate part) of the obligations of the transferring Economic Member by executing a Form of Adherence (or any other equivalent instrument as determined by the Managing Member);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) each transferee to provide all the information required by the Managing Member to satisfy itself as to anti-money laundering, counter-terrorist financing and sanctions compliance matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) payment by the transferring Economic Member, in full, of the costs and expenses referred to in Section 4.02(h), and no Transfer shall be completed or recorded in the books of the Company, and no proposed Substitute Economic Member shall be admitted to the Company as an Economic Member, unless and until each of these requirements has been satisfied or, at the sole discretion of the Managing Member, waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The transferring Economic Member shall bear all costs and expenses arising in connection with any proposed Transfer, whether or not the Transfer proceeds to completion, including any legal fees incurred by the Company or any broker or dealer, any costs or expenses in connection with any opinion of counsel, and any transfer taxes and filing fees.

**Section 4.03 Transfer of Interests and Obligations of the Managing Member**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member may Transfer all Interests acquired by the Managing Member (including all Interests acquired by the Managing Member in the Initial Offering pursuant to Section 3.01(h)) at any time and from time to time following the closing of the Initial Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Economic Members hereby authorize the Managing Member to assign its rights, obligations and title as Managing Member to an Affiliate of the Managing Member without the prior consent of any other Person, and, in connection with such transfer, designate such Affiliate of the Managing Member as a successor Managing Member; provided that the Managing Member shall notify the applicable Economic Members of such change in the next regular communication to such Economic Members or by press release or the filing of a report with the SEC disclosing such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in Section 4.03(b) above, in the event of the resignation of the Managing Member of its rights, obligations and title as Managing Member, the Managing Member shall elect a successor Managing Member. The Managing Member shall continue to serve as the Managing Member of the Company until such date as a successor Managing Member is elected pursuant to the terms of this Section 4.03(c).

**Section 4.04 Remedies for Breach**. If the Managing Member shall at any time determine in good faith that a Transfer or other event has taken place that results in a violation of this Article IV, the Managing Member shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer on the books of the Company or instituting proceedings to enjoin such Transfer or other event.

**ARTICLE V - MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES**

**Section 5.01 Power and Authority of Managing Member**. Except as explicitly set forth in this Agreement, the Managing Member as appointed pursuant to Section 3.01(h) of this Agreement, shall have full power and authority to do, and to direct the Officers to do, all things and on such terms as it determines to be necessary or appropriate to conduct the business of the Company and each Series, to exercise all powers set forth in Section 2.05 and to effectuate the purposes set forth in Section 2.04, in each case without the consent of the Economic Members, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness and other liabilities, the issuance of indebtedness, including entering into on behalf of a Series, an Operating Expenses Reimbursement Obligation, or indebtedness that is convertible into Interests, and the incurring of any other obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Company or any Series (including, but not limited to, the filing of periodic reports on Forms 1-K, 1-SA and 1-U with the SEC), and the making of any tax elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Company or any Series or the merger or other combination of the Company with or into another Person and for the avoidance of doubt, any action taken by the Managing Member pursuant to this sub-paragraph shall not require the consent of the Economic Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the use of the assets of the Company (including cash on hand) for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of the Company and the repayment of obligations of the Company, and the use of the assets of a Series (including cash on hand) for any purpose consistent with the terms of this Agreement, including the financing of the conduct of the operations of such Series and the repayment of obligations of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the negotiation, execution and performance of any contracts, conveyances or other instruments (including instruments that limit the liability of the Company or any Series under contractual arrangements to all or particular assets of the Company or any Series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the declaration and payment of distributions of cash or other assets to Members associated with a Series pursuant to the terms hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the election and removal of Officers of the Company or associated with any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the engagement of, and delegation of any of the powers and authority vested in the Managing Member hereunder to, such Person or Persons as the Managing Member deems appropriate pursuant to Section 5.03;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the selection, retention and dismissal of employees, agents, outside attorneys, accountants, consultants and contractors and the determination of their compensation and other terms of employment, retention or hiring, and the payment of fees, expenses, salaries, wages and other compensation to such Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the solicitation of proxies from holders of any Series of Interests issued on or after the date of this Agreement that entitles the holders thereof to vote on any matter submitted for consent or approval of Economic Members under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the maintenance of insurance for the benefit of the Company, any Series and the Indemnified Persons and the reinvestment by the Managing Member in its sole discretion, of any proceeds received by such Series from an insurance claim in a replacement Series Asset which is substantially similar to that which comprised the Series Asset prior to the event giving rise to such insurance payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the formation of, or acquisition or disposition of an interest in, and the contribution of property and the making of loans to, any limited or general partnership, joint venture, corporation, limited liability company or other entity or arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the placement of any funds in deposit accounts in the name of a Series or of a custodian for the account of a Series, or to invest those funds in any other investments for the account of such Series, in each case pending the application of those funds in meeting liabilities of the Series or making distributions or other payments to the Members (as the case may be);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the control of any matters affecting the rights and obligations of the Company or any Series, including the bringing, prosecuting and defending of actions at law or in equity and otherwise engaging in the conduct of litigation, arbitration or remediation, and the incurring of legal expense and the settlement of claims and litigation, including in respect of taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the indemnification of any Person against liabilities and contingencies to the maximum extent permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the giving of consent of or voting by the Company or any Series in respect of any securities that may be owned by the Company or such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the waiver of any condition or other matter by the Company or any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the entering into of listing agreements with any National Securities Exchange, over-the-counter market or other secondary trading platform and the delisting of some or all of the Interests from, or requesting that trading be suspended on, any such exchange, market or platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the issuance, sale or other disposition, and the purchase or other acquisition, of Interests or options, rights or warrants relating to Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) the registration of any offer, issuance, sale or resale of Interests or other securities or any Series issued or to be issued by the Company under the Securities Act and any other applicable securities laws (including any resale of Interests or other securities by Members or other security holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) the execution and delivery of agreements with Affiliates of the Company or other Persons to render services to the Company or any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the adoption, amendment and repeal of the Allocation Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) the selection of auditors for the Company and any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the selection of any transfer agent or depositor for any securities of the Company or any Series, and the entry into such agreements and provision of such other information as shall be required for such transfer agent or depositor to perform its applicable functions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) unless otherwise provided in this Agreement or the Series Designation, the calling of a vote of the Economic Members as to any matter to be voted on by all Economic Members of the Company or of a particular Series, as applicable.

The authority and functions of the Managing Member, on the one hand, and of the Officers, on the other hand, shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the DGCL in addition to the powers that now or hereafter can be granted to managers under the Delaware Act. No Economic Member, by virtue of its status as such, shall have any management power over the business and affairs of the Company or any Series or actual or apparent authority to enter into, execute or deliver contracts on behalf of, or to otherwise bind, the Company or any Series.

**Section 5.02 Determinations by the Managing Member**. In furtherance of the authority granted to the Managing Member pursuant to Section 5.01, the determination as to any of the following matters, made in good faith by or pursuant to the direction of the Managing Member consistent with this Agreement, shall be final and conclusive and shall be binding upon the Company and each Series and every holder of Interests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of Free Cash Flow of any Series for any period and the amount of assets at any time legally available for the payment of distributions on Interests of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of paid in surplus, net assets, other surplus, annual or other cash flow, funds from operations, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to distributions, qualifications or terms or conditions of redemption of any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by any Series or of any Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the number of Interests within a Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any matter relating to the acquisition, holding and disposition of any assets by any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the evaluation of any competing interests among the Series and the resolution of any conflicts of interests among the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each of the matters set forth in Section 5.01(a) through Section 5.01(y); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other matter relating to the business and affairs of the Company or any Series or required or permitted by applicable law, this Agreement or otherwise to be determined by the Managing Member.

**Section 5.03 Delegation**. The Managing Member may delegate to any Person or Persons any of the powers and authority vested in it hereunder, and may engage such Person or Persons to provide asset management, administrative, compliance, technological and accounting services to the Company, on such terms and conditions as it may consider appropriate.

**Section 5.04 Advisory Board**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member may establish an advisory board comprised of members of the Managing Member's expert network and external advisors (the "**Advisory Board**"). The Advisory Board will be available to provide guidance to the Managing Member on the strategy and progress of the Company. Additionally, the Advisory Board may: (i) be consulted with by the Managing Member in connection with the acquisition and disposal of a Series Asset, (ii) conduct an annual review of the Company's acquisition policy, (iii) provide guidance with respect to material conflicts arising or that are reasonably likely to arise with the Managing Member, on the one hand, and the Company, a Series or the Economic Members, on the other hand, or the Company or a Series, on the one hand, and another Series, on the other hand, (iv) approve any material transaction between the Company or a Series and the Managing Member or any of its Affiliates, another Series or an Economic Member (other than the purchase of interests in such Series), (v) provide guidance with respect to the appropriate levels of insurance costs and maintenance costs specific to each individual Series Asset, and review fees, expenses, assets, revenues and availability of funds for distribution with respect to each Series on an annual basis and (vi) approve any service providers appointed by the Managing Member in respect of the Series Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Advisory Board determines that any member of the Advisory Board's interests conflict to a material extent with the interests of a Series or the Company as a whole, such member of the Advisory Board shall be excluded from participating in any discussion of the matters to which that conflict relates and shall not participate in the provision of guidance to the Managing Member in respect of such matters, unless a majority of the other members of the Advisory Board determines otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The members of the Advisory Board shall not be entitled to compensation by the Company or any Series in connection with their role as members of the Advisory Board (including compensation for attendance at meetings of the Advisory Board), *provided*, *however,* the Company or any applicable Series shall reimburse a member of the Advisory Board for any out of pocket expenses or Operating Expenses actually incurred by it or any of its Affiliates on behalf of the Company or a Series when acting upon the Managing Member's instructions or pursuant to a written agreement between the Company or a Series and such member of the Advisory Board or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The members of the Advisory Board shall not be deemed managers or other persons with duties to the Company or any Series (under Sections 18-1101 or 18-1104 of the Delaware Act or under any other applicable law or in equity) and shall have no fiduciary duty to the Company or any Series. The Managing Member shall be entitled to rely upon, and shall be fully protected in relying upon, reports and information of the Advisory Board to the extent the Managing Member reasonably believes that such matters are within the professional or expert competence of the members of the Advisory Board, and shall be protected under Section 18-406 of the Delaware Act in relying thereon.

**Section 5.05 Exculpation, Indemnification, Advances and Insurance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to other applicable provisions of this Article V including Section 5.07, the Indemnified Persons shall not be liable to the Company or any Series for any acts or omissions by any of the Indemnified Persons arising from the exercise of their rights or performance of their duties and obligations in connection with the Company or any Series, this Agreement or any investment made or held by the Company or any Series, including with respect to any acts or omissions made while serving at the request of the Company or on behalf of any Series as an officer, director, member, partner, fiduciary or trustee of another Person, other than such acts or omissions that have been determined in a final, non-appealable decision of a court of competent jurisdiction to constitute fraud, willful misconduct or gross negligence. The Indemnified Persons shall be indemnified by the Company and, to the extent Expenses and Liabilities are associated with any Series, each such Series, in each case, to the fullest extent permitted by law, against all expenses and liabilities (including judgments, fines, penalties, interest, amounts paid in settlement with the approval of the Company and counsel fees and disbursements on a solicitor and client basis) (collectively, "**Expenses and Liabilities**") arising from the performance of any of their duties or obligations in connection with their service to the Company or each such Series or this Agreement, or any investment made or held by the Company, each such Series, including in connection with any civil, criminal, administrative, investigative or other action, suit or proceeding to which any such Person may hereafter be made party by reason of being or having been a manager of the Company or such Series under Delaware law, an Officer of the Company or associated with such Series, a member of the Advisory Board or an officer, director, member, partner, fiduciary or trustee of another Person, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Persons fraud, willful misconduct or gross negligence. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnified Person, pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any Series (including any indebtedness which the Company or any Series has assumed or taken subject to), and the Managing Member or the Officers are hereby authorized and empowered, on behalf of the Company or any Series, to enter into one or more indemnity agreements consistent with the provisions of this Section 5.05(a) in favor of any Indemnified Person having or potentially having liability for any such indebtedness. It is the intention of this Section 5.05(a) that the Company and each applicable Series indemnify each Indemnified Person to the fullest extent permitted by law, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Persons fraud, willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Agreement, to the extent they restrict the duties and liabilities of an Indemnified Person otherwise existing at law or in equity, including Section 5.07, are agreed by each Member to modify such duties and liabilities of the Indemnified Person to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any indemnification under this Section 5.05 (unless ordered by a court) shall be made by each applicable Series. To the extent, however, that an Indemnified Person has been successful on the merits or otherwise in defense of any action, suit or proceeding described above, or in defense of any claim, issue or matter therein, such Indemnified Person shall be indemnified against expenses (including attorneys fees) actually and reasonably incurred by such Indemnified Person in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Indemnified Person may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under Section 5.05(a). The basis of such indemnification by a court shall be a determination by such court that indemnification of the Indemnified Person is proper in the circumstances because such Indemnified Person has met the applicable standards of conduct set forth in Section 5.05(a). Neither a contrary determination in the specific case under Section 5.05(c) nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the Indemnified Person seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this Section 5.05(d) shall be given to the Company promptly upon the filing of such application. If successful, in whole or in part, the Indemnified Person seeking indemnification shall also be entitled to be paid the expense of prosecuting such application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by law, expenses (including attorneys fees) incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding may, at the option of the Managing Member, be paid by each applicable Series in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by each such Series as authorized in this Section 5.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnification and advancement of expenses provided by or granted pursuant to this Section 5.05 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under this Agreement, or any other agreement (including without limitation any Series Designation), vote of Members or otherwise, and shall continue as to an Indemnified Person who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnified Person unless otherwise provided in a written agreement with such Indemnified Person or in the writing pursuant to which such Indemnified Person is indemnified, it being the policy of the Company that indemnification of the persons specified in Section 5.05(a) shall be made to the fullest extent permitted by law. The provisions of this Section 5.05(f) shall not be deemed to preclude the indemnification of any person who is not specified in Section 5.05(a) but whom the Company or an applicable Series has the power or obligation to indemnify under the provisions of the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company and any Series may, but shall not be obligated to, purchase and maintain insurance on behalf of any Person entitled to indemnification under this Section 5.05 against any liability asserted against such Person and incurred by such Person in any capacity to which they are entitled to indemnification hereunder, or arising out of such Persons status as such, whether or not the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section 5.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 5.05 shall, unless otherwise provided when authorized or ratified, inure to the benefit of the heirs, executors and administrators of any person entitled to indemnification under this Section 5.05.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company and any Series may, to the extent authorized from time to time by the Managing Member, provide rights to indemnification and to the advancement of expenses to employees and agents of the Company or such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If this Section 5.05 or any portion of this Section 5.05 shall be invalidated on any ground by a court of competent jurisdiction each applicable Series shall nevertheless indemnify each Indemnified Person as to expenses (including attorney's fees), judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding or investigation, whether civil, criminal or administrative, including a grand jury proceeding or action or suit brought by or in the right of the Company, to the full extent permitted by any applicable portion of this Section 5.05 that shall not have been invalidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Each of the Indemnified Persons may, in the performance of his, her or its duties, consult with legal counsel, accountants, and other experts, and any act or omission by such Person on behalf of the Company or any Series in furtherance of the interests of the Company or such Series in good faith in reliance upon, and in accordance with, the advice of such legal counsel, accountants or other experts will be full justification for any such act or omission, and such Person will be fully protected for such acts and omissions; *provided* that such legal counsel, accountants, or other experts were selected with reasonable care by or on behalf of such Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) An Indemnified Person shall not be denied indemnification in whole or in part under this Section 5.05 because the Indemnified Person had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any liabilities which an Indemnified Person incurs as a result of acting on behalf of the Company or any Series (whether as a fiduciary or otherwise) in connection with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether such liabilities are in the form of excise taxes assessed by the Internal Revenue Service, penalties assessed by the Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities indemnifiable under this Section 5.05, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Managing Member shall, in the performance of its duties, be fully protected in relying in good faith upon the records of the Company and any Series and on such information, opinions, reports or statements presented to the Company by any of the Officers or employees of the Company or associated with any Series, or by any other Person as to matters the Managing Member reasonably believes are within such other Persons professional or expert competence (including, without limitation, the Advisory Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Any amendment, modification or repeal of this Section 5.05 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of or other rights of any indemnitee under this Section 5.05 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted and provided such Person became an indemnitee hereunder prior to such amendment, modification or repeal.

**Section 5.06 Duties of Officers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in Section 5.05 and Section 5.07, as otherwise expressly provided in this Agreement or required by the Delaware Act, (i) the duties and obligations owed to the Company by the Officers shall be the same as the duties and obligations owed to a corporation organized under DGCL by its officers, and (ii) the duties and obligations owed to the Members by the Officers shall be the same as the duties and obligations owed to the stockholders of a corporation under the DGCL by its officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Managing Member shall have the right to exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it thereunder either directly or by or through the duly authorized Officers of the Company or associated with a Series, and the Managing Member shall not be responsible for the misconduct or negligence on the part of any such Officer duly appointed or duly authorized by the Managing Member in good faith.

**Section 5.07 Standards of Conduct and Modification of Duties of the Managing Member**. Notwithstanding anything to the contrary herein or under any applicable law, including, without limitation, Section 18-1101(c) of the Delaware Act, the Managing Member, in exercising its rights hereunder in its capacity as the managing member of the Company and any Series, shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company, any Series or any Economic Members, and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby, under the Delaware Act or under any other applicable law or in equity. The Managing Member shall not have any duty (including any fiduciary duty) to the Company, any Series, the Economic Members or any other Person, including any fiduciary duty associated with self-dealing or corporate opportunities, all of which are hereby expressly waived. This Section 5.07 shall not in any way reduce or otherwise limit the specific obligations of the Managing Member expressly provided in this Agreement or in any other agreement with the Company or any Series.

**Section 5.08 Reliance by Third Parties**. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Company or any Series shall be entitled to assume that the Managing Member and any Officer of the Company or any Series has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company or such Series and to enter into any contracts on behalf of the Company or such Series, and such Person shall be entitled to deal with the Managing Member or any Officer as if it were the Company's or such Series sole party in interest, both legally and beneficially. Each Economic Member hereby waives, to the fullest extent permitted by law, any and all defenses or other remedies that may be available against such Person to contest, negate or disaffirm any action of the Managing Member or any Officer in connection with any such dealing. In no event shall any Person dealing with the Managing Member or any Officer or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the Managing Member or any Officer or its representatives. Each and every certificate, document or other instrument executed on behalf of the Company or any Series by the Managing Member or any Officer or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement were in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Company or any Series and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company or the applicable Series.

**Section 5.09 Certain Conflicts of Interest**. The resolution of any Conflict of Interest approved by the Advisory Board shall be conclusively deemed to be fair and reasonable to the Company and the Members and not a breach of any duty hereunder at law, in equity or otherwise.

**Section 5.10 Appointment of an Asset Manager**. The Managing Member exercises ultimate authority over the Series Assets. Pursuant to Section 5.03, the Managing Member has the right to delegate its responsibilities under this Agreement in respect of the management of the Series Assets; provided, however, that the Person or Persons to whom such delegation is made shall be under the supervision and authority of the Managing Member and any amounts payable to such person shall be paid by the Managing Member out of its Sourcing Fee.

**ARTICLE VI - FEES AND EXPENSES**

**Section 6.01 Management Fee.** The Managing Member shall be entitled to payment of the Management Fee upon receipt of gross income by a Series, as determined by the Managing Member to be in the nature of income as defined by U.S. GAAP. The Managing Member, in its sole discretion, may accept payment of the Management Fee by causing the Series to accrue such Management Fees, which shall be paid to the Managing Member prior to any distributions to Members pursuant to Section 7.01 or Section 7.02.

**Section 6.02 Cost to Acquire the Series Asset; Offering Expenses**. The following fees, costs and expenses in connection with any Initial Offering and the sourcing and acquisition of a Series Asset shall be borne by the relevant Series (except in the case of an unsuccessful Offering in which case all Abort Costs shall be borne by the Managing Member, and except to the extent assumed by the Managing Member in writing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Cost to acquire the Series Asset; provided however that it is understood that the Series Asset may be contributed by third parties to the Company in a tax-free manner for the purposes of reducing costs to the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Brokerage Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Offering Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Acquisition Expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Sourcing Fee.

**Section 6.03 Operating Expenses; Dissolution Fees**. Each Series shall be responsible for its Operating Expenses, all costs and expenses incidental to the termination and winding up of such Series and its share of the costs and expenses incidental to the termination and winding up of the Company as allocated to it in accordance with Section 6.03.

**Section 6.04 Excess Operating Expenses; Reimbursement Obligation(s)**. If there are not sufficient cash reserves of, or revenues generated by, a Series to meet its Operating Expenses (other than accrued Management Fees payable pursuant to Section 6.01), the Managing Member may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue additional Interests in such Series in accordance with Section 3.04. Economic Members shall be notified in writing at least 10 Business Days in advance of any proposal by the Managing Member to issue additional Interests pursuant to this Section 6.04(a); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) pay such excess Operating Expenses and not seek reimbursement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into an agreement pursuant to which the Managing Member loans to the Company an amount equal to the remaining excess Operating Expenses (the "**Operating Expenses Reimbursement Obligation(s)**"). The Managing Member, in its sole discretion, may impose a reasonable rate of interest (a rate no less than the Applicable Federal Rate (as defined in the Code)) on any Operating Expenses Reimbursement Obligation. The Operating Expenses Reimbursement Obligation(s) shall become repayable when cash becomes available for such purpose in accordance with Article VII.

**Section 6.05 Allocation of Expenses**. Any Offering Expenses, Acquisition Expenses or Operating Expenses shall be allocated by the Managing Member in accordance with the Allocation Policy, except to the extent assumed by the Managing Member in writing.

**Section 6.06 Overhead of the Managing Member**. The Managing Member shall pay and the Economic Members shall not bear the cost of: (a) any annual administration fee to the Broker or such other amount as is agreed between the Broker and the Managing Member from time to time, (b) all of the ordinary overhead and administrative expenses of the Managing Member including, without limitation, all costs and expenses on account of rent, utilities, insurance, office supplies, office equipment, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, travel, entertainment, salaries and bonuses, but excluding any Acquisition Expenses or Operating Expenses, (c) any Abort Costs, and (d) such other amounts in respect of any Series as it shall agree in writing or as is explicitly set forth in any Offering Document.

**ARTICLE VII - DISTRIBUTIONS**

**Section 7.01 Application of Cash**. Subject to Section 7.03, Article XI and any Interest Designation, any Free Cash Flows of each Series after (a) payment of accrued Management Fees, (b) repayment of any amounts outstanding under Operating Expenses Reimbursement Obligations including any accrued interest as there may be and (c) the creation of such reserves as the Managing Member deems necessary, in its sole discretion, to meet future Operating Expenses, shall be applied and distributed by way of distribution to the Members of such Series (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member or its Affiliates).

**Section 7.02 Application of Amounts upon a Monetization Event or the Liquidation of a Series**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 7.02 (b), Section 7.03 and any Interest Designation, any amounts available for distribution following a Monetization Event after (a) payment of accrued Management Fees payable up to the date of the Monetization Event, (b) repayment of any amounts outstanding under Operating Expenses Reimbursement Obligations including any accrued interest as there may be, (c) the creation of such reserves as the Managing Member deems necessary, in its sole discretion, to meet future Operating Expenses and (d) after payment of any other fees, costs and liabilities (as determined by the Managing Member in its sole discretion), shall be applied and distributed 5% to the Managing Member and 95% to the Members (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates if the Managing Member or any Affiliates acquired Interests or received Interests as a Sourcing Fee or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 7.03 and Article XI and any Interest Designation, any amounts available for distribution following the liquidation of a Series, after payment of Management Fees payable up to the date of liquidation, net of any fees, costs and liabilities (as determined by the Managing Member in its sole discretion), shall be applied and distributed 5% to the Managing Member and 95% to the Members (pro rata to their Interests and which, for the avoidance of doubt, may include the Managing Member and its Affiliates if the Managing Member or any Affiliates acquired Interests or received Interests as a Sourcing Fee or otherwise).

**Section 7.03 Timing of Distributions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the applicable provisions of the Delaware Act and except as otherwise provided herein, the Managing Member shall pay distributions to the Members associated with such Series pursuant to Section 7.01 and Section 7.02(a), at such times as the Managing Member shall reasonably determine, and pursuant to Section 7.02(b), as soon as reasonably practicable after the relevant amounts have been received by the Series; *provided that*, the Managing Member shall not be obliged to make any distribution pursuant to this Section 7.03: (i) unless there are sufficient amounts available for such distribution or (ii) which, in the reasonable opinion of the Managing Member, would or might leave the Company or such Series with insufficient funds to meet any future contemplated obligations or contingencies including to meet any Operating Expenses and outstanding Operating Expenses Reimbursement Obligations (and the Managing Member is hereby authorized to retain any amounts within the Company to create a reserve to meet any such obligations or contingencies), or which otherwise may result in the Company or such Series having unreasonably small capital for the Company or such Series to continue its business as a going concern. Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the applicable Series), distributions shall be paid to the holders of the Interests of a Series on an equal per Interest basis as of the Record Date selected by the Managing Member. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to any Member on account of its interest in any Series if such distribution would violate the Delaware Act or other applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 7.02(b) and Section 7.03(a), in the event of the termination and liquidation of a Series, all distributions shall be made in accordance with, and subject to the terms and conditions of, Article XI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each distribution in respect of any Interests of a Series shall be paid by the Company, directly or through any other Person or agent, only to the Record Holder of such Interests as of the Record Date set for such distribution. Such payment shall constitute full payment and satisfaction of the Company's and such Series' liability in respect of such payment, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

**Section 7.04 Distributions in Kind**. Distributions in kind of the entire or part of a Series Asset to Members are prohibited.

**ARTICLE VIII - BOOKS, RECORDS, ACCOUNTING AND REPORTS**

**Section 8.01 Records and Accounting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Managing Member shall keep or cause to be kept at the principal office of the Company or such other place as determined by the Managing Member appropriate books and records with respect to the business of the Company and each Series, including all books and records necessary to provide to the Economic Members any information required to be provided pursuant to this Agreement or applicable law. Any books and records maintained by or on behalf of the Company or any Series in the regular course of its business, including the record of the Members, books of account and records of Company or Series proceedings, may be kept in such electronic form as may be determined by the Managing Member; *provided*, that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Company shall be maintained, for tax and financial reporting purposes, on an accrual basis in accordance with U.S. GAAP, unless otherwise required by applicable law or other regulatory disclosure requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member shall have the right, upon reasonable demand for any purpose reasonably related to the Members Interest as a member of the Company (as reasonably determined by the Managing Member) to such information pertaining to the Company as a whole and to each Series in which such Member has an Interest, as provided in Section 18-305 of the Delaware Act; provided, that prior to such Member having the ability to access such information, the Managing Member shall be permitted to require such Member to enter into a confidentiality agreement in form and substance reasonably acceptable to the Managing Member. For the avoidance of doubt, except as may be required pursuant to Article X, a Member shall only have access to the information (including any Series Designation) referenced with respect to any Series in which such Member has an Interest and not to any Series in which such Member does not have an Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise set forth in the applicable Series Designation, within 120 calendar days after the end of the fiscal year and 90 calendar days after the end of the semi-annual reporting date, the Managing Member shall use its commercially reasonable efforts to circulate to each Economic Member electronically by e-mail or made available via an online platform:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a financial statement of such Series prepared in accordance with U.S. GAAP, which includes a balance sheet, profit and loss statement and a cash flow statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) confirmation of the number of Interests in each Series Outstanding as of the end of the most recent fiscal year;

provided that, in either case and notwithstanding the foregoing, if the Company or any Series is required to disclose financial information pursuant to the Securities Act or the Exchange Act (including without limitations periodic reports under the Exchange Act or under Rule 257 under Regulation A of the Securities Act), then compliance with such provisions shall be deemed compliance with this Section 8.01(c) and no further or earlier reports shall be required to be provided to the Economic Members of the applicable Series with such reporting requirement.

**Section 8.02 Fiscal Year**. Unless otherwise provided in a Series Designation, the fiscal year for tax and financial reporting purposes of each Series shall be a calendar year ending December 31 unless otherwise required by the Code. The fiscal year for financial reporting purposes of the Company shall be a calendar year ending December 31.

**ARTICLE IX - TAX MATTERS**

The Company intends to be taxed as a partnership or a disregarded entity for federal income tax purposes and will not make any election or take any action that could cause it to be treated as an association taxable as a corporation under Subchapter C of the Code. The Company will make an election on IRS Form 8832 for each Series to be treated as an association taxable as a corporation under Subchapter C of the Code and not as a partnership under Subchapter K of the Code, unless the Managing Member, in its sole discretion, elects to maintain the tax status of a Series as a disregarded entity.

**ARTICLE X - REMOVAL OF THE MANAGING MEMBER**

Economic Members of the Company acting by way of a Super Majority Vote may elect to remove the Managing Member at any time if the Managing Member is found by a non-appealable judgment of a court of competent jurisdiction to have committed willful fraud in connection with a Series or the Company and which has a material adverse effect the Company. The Managing Member shall call a meeting of all of the Economic Members of the Company within 30 calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Economic Members may (i) by Super Majority Vote, remove the Managing Member of the Company and each relevant Series in accordance with this Article X and (ii) if the Managing Member is so removed, by a plurality, appoint a replacement Managing Member or the liquidation and dissolution and termination the Company and each of the Series in accordance with Article XI. If the Managing Member fails to call a meeting as required by this Article X, then any Economic Member shall have the ability to demand a list of all Record Holders of the Company pursuant to Section 8.01(b) and to call a meeting at which such a vote shall be taken. In the event of its removal, the Managing Member shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit its right to any future distributions. Prior to its admission as a Managing Member of any Series, any replacement Managing Member shall acquire the Interests held by the departing Managing Member in such Series for fair market value and in cash immediately payable on the Transfer of such Interests. For the avoidance of doubt, if the Managing Member is removed as Managing Member of the Company it shall also cease to be Managing Member of each of the Series.

**ARTICLE XI - DISSOLUTION, TERMINATION AND LIQUIDATION**

**Section 11.01 Dissolution and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall not be dissolved by the admission of Substitute Economic Members or Additional Economic Members or the withdrawal of a transferring Member following a Transfer associated with any Series. The Company shall dissolve, and its affairs shall be wound up, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an election to dissolve the Company by the Managing Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, exchange or other disposition of all or substantially all of the assets and properties of all Series (which shall include the obsolesce of the Series Assets) and the subsequent election to dissolve the Company by the Managing Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Delaware Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the Delaware Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a vote by the Economic Members to dissolve the Company following the for-cause removal of the Managing Member in accordance with Article X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Series shall not be terminated by the admission of Substitute Economic Members or Additional Economic Members or the withdrawal of a transferring Member following a Transfer associated with any Series. Unless otherwise provided in the Series Designation, a Series shall terminate, and its affairs shall be wound up, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the dissolution of the Company pursuant to Section 11.01(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, exchange or other disposition of all or substantially all of the assets and properties of such Series (which shall include the obsolesce of the Series Asset) and the subsequent election to dissolve the Company by the Managing Member (the termination of the Series pursuant to this sub-paragraph shall not require the consent of the Economic Members);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an event set forth as an event of termination of such Series in the Series Designation establishing such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an election to terminate the Series by the Managing Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) at any time that there are no Members of such Series, unless the business of such Series is continued in accordance with the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The dissolution of the Company or any Series pursuant to Section 18-801(a)(3) of the Delaware Act shall be strictly prohibited.

**Section 11.02 Liquidator**. Upon dissolution of the Company or termination of any Series, the Managing Member shall select one or more Persons (which may be the Managing Member) to act as Liquidator. In the case of a dissolution of the Company, (a) the Liquidator shall be entitled to receive compensation for its services as Liquidator; (b) the Liquidator shall agree not to resign at any time without 15 days prior notice to the Managing Member and may be removed at any time by the Managing Member; and (c) upon dissolution, death, incapacity, removal or resignation of the Liquidator, a successor and substitute Liquidator (who shall have and succeed to all rights, powers and duties of the original Liquidator) shall within 30 days be appointed by the Managing Member. The right to approve a successor or substitute Liquidator in the manner provided herein shall be deemed to refer also to any such successor or substitute Liquidator approved in the manner herein provided. Except as expressly provided in this Article XI, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the Managing Member under the terms of this Agreement (but subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers) necessary or appropriate to carry out the duties and functions of the Liquidator hereunder for and during the period of time required to complete the winding up and liquidation of the Company as provided for herein. In the case of a termination of a Series, other than in connection with a dissolution of the Company, the Managing Member shall act as Liquidator.

**Section 11.03 Liquidation of a Series**. In connection with the liquidation of a Series, whether as a result of the dissolution of the Company or the termination of such Series, the Liquidator shall proceed to dispose of the assets of such Series, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the Liquidator, subject to Sections 18-215 and 18-804 of the Delaware Act, the terms of any Series Designation and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 11.03(c), the assets may be disposed of by public or private sale on such terms as the Liquidator may determine. The Liquidator may defer liquidation for a reasonable time if it determines that an immediate sale or distribution of all or some of the assets would be impractical or would cause undue loss to the Members associated with such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liabilities of each Series include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 11.02) as well as any outstanding Operating Expenses Reimbursement Obligations and any other amounts owed to Members associated with such Series otherwise than in respect of their distribution rights under Article VII. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of Free Cash Flows or other assets to provide for its payment. When paid, any unused portion of the reserve shall be applied to other liabilities or distributed as additional liquidation proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the applicable Series), all property and all Free Cash Flows in excess of that required to discharge liabilities as provided in Section 11.03(b) shall be distributed to the holders of the Interests of the Series on an equal per Interest basis.

**Section 11.04 Cancellation of Certificate of Formation**. In the case of a dissolution of the Company, upon the completion of the distribution of all Free Cash Flows and property in connection the termination of all Series (other than the reservation of amounts for payments in respect of the satisfaction of liabilities of the Company or any Series), the Certificate of Formation and all qualifications of the Company as a foreign limited liability company in jurisdictions other than the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Company shall be taken by the Liquidator or the Managing Member, as applicable.

**Section 11.05 Return of Contributions**. None of any Member, the Managing Member or any Officer of the Company or associated with any Series or any of their respective Affiliates, officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors will be personally liable for, or have any obligation to contribute or loan any monies or property to the Company or any Series to enable it to effectuate, the return of the Capital Contributions of the Economic Members associated with a Series, or any portion thereof, it being expressly understood that any such return shall be made solely from Series Assets.

**Section 11.06 Waiver of Partition**. To the maximum extent permitted by law, each Member hereby waives any right to partition of the Company or Series Assets.

**ARTICLE XII - AMENDMENT OF AGREEMENT, SERIES DESIGNATION**

**Section 12.01 General**. Except as provided in Section 12.02, the Managing Member may amend any of the terms of this Agreement or any Series Designation as it determines in its sole discretion and without the consent of any of the Economic Members. Without limiting the foregoing, the Managing Member, without the approval of any Economic Member, may amend any provision of this Agreement or any Series Designation, and execute, swear to, acknowledge, deliver, file and record whatever documents may be required in connection therewith, to reflect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change that the Managing Member determines to be necessary or appropriate in connection with any action taken or to be taken by the Managing Member pursuant to the authority granted in Article V hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the admission, substitution, withdrawal or removal of Members in accordance with this Agreement, any Series Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a change that the Managing Member determines to be necessary or appropriate to qualify or continue the qualification of the Company as a limited liability company under the laws of any state or to ensure that each Series will continue to be taxed as an entity for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a change that the Managing Member determines to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute (including the Delaware Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change that the Managing Member determines to be necessary, desirable or appropriate to facilitate the trading of the Interests (including, without limitation, the division of any class or classes or series of Outstanding Interests into different classes or Series to facilitate uniformity of tax consequences within such classes or Series) or comply with any rule, regulation, guideline or requirement of any National Securities Exchange, over-the-counter market or other secondary trading platform on which Interests are or will be listed for trading, compliance with any of which the Managing Member deems to be in the best interests of the Company and the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a change that is required to effect the intent expressed in any Offering Document or the intent of the provisions of this Agreement or any Series Designation or is otherwise contemplated by this Agreement or any Series Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a change in the fiscal year or taxable year of the Company or any Series and any other changes that the Managing Member determines to be necessary or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an amendment that the Managing Member determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company, the Managing Member, any Officers or any trustees or agents of the Company from in any manner being subjected to the provisions of the Investment Company Act, the Investment Advisers Act, or plan asset regulations adopted under ERISA, regardless of whether such are substantially similar to plan asset regulations currently applied or proposed by the United States Department of Labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an amendment that the Managing Member determines to be necessary or appropriate in connection with the establishment or creation of additional Series pursuant to Section 3.03 or the authorization, establishment, creation or issuance of any class or series of Interests of any Series pursuant to Section 3.04 and the admission of Additional Economic Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other amendment other than an amendment expressly requiring consent of the Economic Members as set forth in Section 12.02; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any other amendments substantially similar to the foregoing.

**Section 12.02 Certain Amendment Requirements**. Notwithstanding the provisions of Section 12.01, no amendment to this Agreement shall be made without the consent of the Economic Members holding of a majority of the Outstanding Interests, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) decreases the percentage of Outstanding Interests required to take any action hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) materially adversely affects the rights of any of the Economic Members (including adversely affecting the holders of any particular Series of Interests as compared to holders of other series of Interests);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) modifies Section 11.01(a) or gives any Person the right to dissolve the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) modifies the term of the Company.

**Section 12.03 Amendment Approval Process**. If the Managing Member desires to amend any provision of this Agreement or any Series Designation, other than as permitted by Section 12.01, then it shall first adopt a resolution setting forth the amendment proposed, declaring its advisability, and then call a meeting of the Members entitled to vote in respect thereof for the consideration of such amendment. Amendments to this Agreement or any Series Designation may be proposed only by or with the consent of the Managing Member. Such meeting shall be called and held upon notice in accordance with Article XIII of this Agreement. The notice shall set forth such amendment in full or a brief summary of the changes to be effected thereby, as the Managing Member shall deem advisable. At the meeting, a vote of Members entitled to vote thereon shall be taken for and against the proposed amendment. A proposed amendment shall be effective upon its approval by the affirmative vote of the holders of not less than a majority of the Interests of all Series then Outstanding, voting together as a single class, unless a greater percentage is required under this Agreement or by Delaware law. The Company shall deliver to each Member prompt notice of the adoption of every amendment made to this Agreement or any Series Designation pursuant to this Article XII.

**ARTICLE XIII - MEMBER MEETINGS**

**Section 13.01 Meetings**. The Company shall not be required to hold an annual meeting of the Members. The Managing Member may, whenever it thinks fit, convene meetings of the Company or any Series, whether in person or through electronic means. The non-receipt by any Member of a notice convening a meeting shall not invalidate the proceedings at that meeting.

**Section 13.02 Quorum**. No business shall be transacted at any meeting unless a quorum of Members is present at the time when the meeting proceeds to business. In respect of meetings of the Company, Members holding a majority of Interests, and in respect of meetings of any Series, Members holding a majority of Interests in such Series, present in person or by proxy shall be a quorum. In the event a meeting is not quorate, the Managing Member may adjourn or cancel the meeting, as it determines in its sole discretion.

**Section 13.03 Chairman**. Any designee of the Managing Member shall preside as chairman of any meeting of the Company or any Series.

**Section 13.04 Voting Rights**. Subject to the provisions of any class or series of Interests of any Series then Outstanding, the Members shall be entitled to vote only on those matters provided for under the terms of this Agreement.

**Section 13.05 Extraordinary Actions**. Except as specifically provided in this Agreement, notwithstanding any provision of law permitting or requiring any action to be taken or authorized by the affirmative vote of the holders of a greater number of votes, any such action shall be effective and valid if taken or approved by the affirmative vote of holders of Interests entitled to cast a majority of all the votes entitled to be cast on the matter.

**Section 13.06 Managing Member Approval**. Other than as provided for in Article X, the submission of any action of the Company or a Series to Members for their consideration shall first be approved by the Managing Member.

**Section 13.07 Action By Members without a Meeting**. Any action required or permitted to be taken by the holders of the Interests may be taken without a meeting by the written consent of such holders or Members entitled to cast a sufficient number of votes to approve the matter as required by statute or this Agreement, as the case may be.

**Section 13.08 Managing Member**. Unless otherwise expressly provided in this Agreement, the Managing Member or any of its Affiliates who hold any Interests shall not be entitled to vote in its capacity as holder of such Interests on matters submitted to the Members for approval, and no such Interests shall be deemed Outstanding for purposes of any such vote.

**ARTICLE XIV - CONFIDENTIALITY**

**Section 14.01 Confidentiality Obligations**. All information contained in the accounts and reports prepared in accordance with Article VIII and any other information disclosed to an Economic Member under or in connection with this Agreement is confidential and non-public and each Economic Member undertakes to treat that information as confidential information and to hold that information in confidence. No Economic Member shall, and each Economic Member shall ensure that every person connected with or associated with that Economic Member shall not, disclose to any person or use to the detriment of the Company, any Series, any Economic Member or any Series Assets any confidential information which may have come to its knowledge concerning the affairs of the Company, any Series, any Economic Member, any Series Assets or any potential Series Assets, and each Economic Member shall use any such confidential information exclusively for the purposes of monitoring and evaluating its investment in the Company. This Section 14.01 is subject to Section 14.02 and Section 14.03.

**Section 14.02 Exempted Information**. The obligations set out in Section 14.01 shall not apply to any information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is public knowledge and readily publicly accessible as of the date of such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes public knowledge and readily publicly accessible, other than as a result of a breach of this Article XIV; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been publicly filed with the SEC.

**Section 14.03 Permitted Disclosures**. The restrictions on disclosing confidential information set out in Section 14.01 shall not apply to the disclosure of confidential information by an Economic Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any person, with the prior written consent of the Managing Member (which may be given or withheld in the Managing Members sole discretion);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if required by law, rule or regulation applicable to the Economic Member (including without limitation disclosure of the tax treatment or consequences thereof), or by any Governmental Entity having jurisdiction over the Economic Member, or if requested by any Governmental Entity having jurisdiction over the Economic Member, but in each case only if the Economic Member (unless restricted by any relevant law or Governmental Entity): (i) provides the Managing Member with reasonable advance notice of any such required disclosure; (ii) consults with the Managing Member prior to making any disclosure, including in respect of the reasons for and content of the required disclosure; and (iii) takes all reasonable steps permitted by law that are requested by the Managing Member to prevent the disclosure of confidential information (including (a) using reasonable endeavors to oppose and prevent the requested disclosure and (b) returning to the Managing Member any confidential information held by the Economic Member or any person to whom the Economic Member has disclosed that confidential information in accordance with this Section 14.03(b)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to its trustees, officers, directors, employees, legal advisers, accountants, investment managers, investment advisers and other professional consultants who would customarily have access to such information in the normal course of performing their duties, but subject to the condition that each such person is bound either by professional duties of confidentiality or by an obligation of confidentiality in respect of the use and dissemination of the information no less onerous than this Article XIV.

**ARTICLE XV - GENERAL PROVISIONS**

**Section 15.01 Addresses and Notices**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice to be served in connection with this Agreement shall be served in writing (which, for the avoidance of doubt, shall include e-mail) and any notice or other correspondence under or in connection with this Agreement shall be delivered to the relevant party at the address given in this Agreement (or, in the case of an Economic Member, in its Form of Adherence) or to such other address as may be notified in writing for the purposes of this Agreement to the party serving the document and that appears in the books and records of the relevant Series. The Company intends to make transmissions by electronic means to ensure prompt receipt and may also publish notices or reports on a secure electronic application to which all Members have access, and any such publication shall constitute a valid method of serving notices under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice or correspondence shall be deemed to have been served as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of hand delivery, on the date of delivery if delivered before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of service by U.S. registered mail, on the third Business Day after the day on which it was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of email (subject to oral or electronic confirmation of receipt of the email in its entirety), on the date of transmission if transmitted before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of notices published on an electronic application, on the date of publication if published before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following publication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In proving service (other than service by e-mail), it shall be sufficient to prove that the notice or correspondence was properly addressed and left at or posted by registered mail to the place to which it was so addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any notice to the Company (including any Series) shall be deemed given if received by any officer or member of the Managing Member at the principal office of the Company designated pursuant to Section 2.03. The Managing Member and the Officers may rely and shall be protected in relying on any notice or other document from an Economic Member or other Person if believed by it to be genuine.

**Section 15.02 Further Action**. The parties to this Agreement shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

**Section 15.03 Binding Effect**. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

**Section 15.04 Integration**. This Agreement, together with the applicable Form of Adherence and any applicable Series Designation, constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

**Section 15.05 Creditors**. None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company or any Series.

**Section 15.06 Waiver**. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty, agreement or condition.

**Section 15.07 Counterparts**. This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto (which signature may be provided electronically) or, in the case of a Person acquiring an Interest, upon acceptance of its Form of Adherence.

**Section 15.08 Applicable Law and Jurisdiction**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware. Non-contractual obligations (if any) arising out of or in connection with this agreement (including its formation) shall also be governed by the laws of the State of Delaware. The rights and liabilities of the Members in the Company and each Series and as between them shall be determined pursuant to the Delaware Act and this Agreement. To the extent the rights or obligations of any Member are different by reason of any provision of this Agreement than they would otherwise be under the Delaware Act in the absence of any such provision, or even if this Agreement is inconsistent with the Delaware Act, this Agreement shall control, except to the extent the Delaware Act prohibits any particular provision of the Delaware Act to be waived or modified by the Members, in which event any contrary provisions hereof shall be valid to the maximum extent permitted under the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with this Agreement, or the transactions contemplated hereby, including, without limitation, any suit, action, or proceeding brought under federal securities law, shall be brought in Chancery Court in the State of Delaware and each Member hereby consents to the exclusive jurisdiction of the Chancery Court in the State of Delaware (and of the appropriate appellate courts therefrom) in any suit, action or proceeding, and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum; provided, that if the Chancery Court in the State of Delaware shall not have jurisdiction over such matter, then such suit, action or proceeding may be brought in other federal or state courts located in the State of Delaware. Each Member hereby waives the right to commence an action, suit or proceeding seeking to enforce any provisions of, or based on any matter arising out of or in connection with this Agreement, or the transactions contemplated hereby or thereby in any court outside of the Chancery Court in the State of Delaware. Process in any suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any court. Without limiting the foregoing, each party agrees that service of process on such party by written notice pursuant to Section 15.01 will be deemed effective service of process on such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EVERY PARTY TO THIS AGREEMENT AND ANY OTHER PERSON WHO BECOMES A MEMBER OR HAS RIGHTS AS AN ASSIGNEE OF ANY PORTION OF ANY MEMBERS MEMBERSHIP INTEREST HEREBY WAIVES ANY RIGHT TO A JURY TRIAL AS TO ANY MATTER UNDER THIS AGREEMENT OR IN ANY OTHER WAY RELATING TO THE COMPANY OR THE RELATIONS UNDER THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, MATTERS ARISING UNDER FEDERAL SECURITIES LAW, OR OTHERWISE AS TO THE COMPANY AS BETWEEN OR AMONG ANY SAID PERSONS.

**Section 15.09 Invalidity of Provisions**. If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby.

**Section 15.10 Consent of Members**. Each Member hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of less than all of the Members, such action may be so taken upon the concurrence of less than all of the Members and each Member shall be bound by the results of such action.

 

*[remainder of page intentionally left blank]*

**IN WITNESS WHEREOF**, this Agreement has been executed as of the date first written above.

---

| | |
|:---|:---|
| **MANAGING MEMBER:** | **MANAGING MEMBER:** |
| Exceed Talent Capital LLC | Exceed Talent Capital LLC |
| By: | */s/ Philip Schajer* |
| <br> Name:<br>Title:  | <br> Philip Schajer<br>Manager |

---

## Ex1A-2A

**Exhibit 2.3**

**<br> [Series Name], a Series of Exceed Talent Capital Holdings LLC**

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Limited Liability Company Agreement of Exceed Talent Capital Holdings LLC, as amended from time to time, and as in effect as of the effective date set forth below (the "**Operating Agreement**"). References to Sections and Articles set forth herein are references to Sections and Articles of the Operating Agreement.

---

| | |
|:---|:---|
| **Name of Series** | [Series Name], a Series of Exceed Talent Capital Holdings LLC ("**[Series Name]**").<br>|
| **Effective Date of Establishment** | [Date].<br>|
| **Managing Member**<br>| Exceed Talent Capital LLC was appointed as the Managing Member of [Series Name] as of the "Effective Date of Establishment" set forth above, and shall continue to act as the Managing Member of [Series Name] until dissolution of [Series Name] pursuant to Section 11.01(b) or its removal and replacement pursuant to Section 4.03 or ARTICLE 10.<br>|
| **Initial Member** | Exceed Talent Capital LLC.<br>|
| **[Series Name] Assets**<br>| The assets of [Series Name] include: (i) the [Series Name] Talent Related Income Agreement (the "**[Series Name] TRIA**"), which [has / has not] been acquired as of the date of this Series Designation; and (ii) any assets and liabilities associated with the [Series Name] TRIA.<br>The assets of [Series Name] going forward may include such other assets and liabilities acquired by [Series Name] from time to time, as determined by the Managing Member in its sole discretion.<br>|
| **Authorized Interests** | There is no maximum amount of Interests that may be issued by [Series Name].<br>|
| **Broker** | Dalmore Group, LLC.<br>|
| **Brokerage Fee** | One percent (1.0%) of the proceeds raised from the sale of Interests of [Series Name] (the **"[Series Name] Interests**" in the Initial Offering of [Series Name].<br>|
| **Other Rights** | Holders of [Series Name] Interests shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of [Series Name] Interests.<br>|
| **Officers** | There shall initially be no specific officers associated with [Series Name], although the Managing Member may appoint officers of [Series Name] from time to time, in its sole discretion.<br>|
| **Minimum Interests to be a Member** | One (1) Interest (or TalentShare) per Member.<br>|
| **Managing Member** <br> **Sourcing Fee** | The Managing Member will receive (i) cash in the amount of five percent (5.0%) of the purchase price paid to acquire the [Series Name] TRIA; and (ii) five percent (5.0%) of [Series Name]'s Interests at the closing of the Initial Offering, so that the Managing Member will own 5% of [Series Name]'s Interests at the closing of the Initial Offering - although this Sourcing Fee may be waived or modified by the Managing Member in its sole discretion.<br>|
| **Managing Member Management Fee** | The Management Fee payable to the Managing Member of [Series Name] shall be the same as the Management Fee set forth in the Operating Agreement. |

---

---

| |
|:---|
| **MANAGING MEMBER:** |
| **Exceed Talent Capital LLC** |
| By: |

---

## Ex1A-4

**Exhibit 4.1**

**SUBSCRIPTION AGREEMENT**

THIS INVESTMENT INVOLVES A HIGH DEGREE OF RISK. THIS INVESTMENT IS SUITABLE ONLY FOR PERSONS WHO CAN BEAR THE ECONOMIC RISK FOR AN INDEFINITE PERIOD OF TIME AND WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. FURTHERMORE, INVESTORS MUST UNDERSTAND THAT SUCH INVESTMENT IS ILLIQUID AND IS EXPECTED TO CONTINUE TO BE ILLIQUID FOR AN INDEFINITE PERIOD OF TIME. NO PUBLIC MARKET EXISTS FOR THE SECURITIES, AND NO PUBLIC MARKET IS EXPECTED TO DEVELOP FOLLOWING THIS OFFERING.

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "***SECURITIES ACT***"), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND STATE SECURITIES OR BLUE SKY LAWS. ALTHOUGH AN OFFERING STATEMENT HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "***SEC***"), THAT OFFERING STATEMENT DOES NOT INCLUDE THE SAME INFORMATION THAT WOULD BE INCLUDED IN A REGISTRATION STATEMENT UNDER THE ACT. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON THE MERITS OF THIS OFFERING OR THE ADEQUACY OR ACCURACY OF THE SUBSCRIPTION AGREEMENT OR ANY OTHER MATERIALS OR INFORMATION MADE AVAILABLE TO INVESTOR IN CONNECTION WITH THIS OFFERING, OVER THE WEB-BASED PLATFORM MAINTAINED BY EXCEED TALENT CAPITAL LTD (THE "***PLATFORM***") OR THROUGH DALMORE GROUP, LLC (THE "***BROKER***"). ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

THE SECURITIES CANNOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE SECURITIES ACT. IN ADDITION, THE SECURITIES CANNOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH APPLICABLE STATE SECURITIES OR "BLUE SKY" LAWS.

INVESTORS WHO ARE NOT "ACCREDITED INVESTORS" (AS THAT TERM IS DEFINED IN SECTION 501 OF REGULATION D PROMULGATED UNDER THE SECURITIES ACT) ARE SUBJECT TO LIMITATIONS ON THE AMOUNT THEY MAY INVEST, AS SET OUT IN SECTION 5(g). THE COMPANY IS RELYING ON THE REPRESENTATIONS AND WARRANTIES SET FORTH BY EACH INVESTOR IN THIS SUBSCRIPTION AGREEMENT AND THE OTHER INFORMATION PROVIDED BY INVESTOR IN CONNECTION WITH THIS OFFERING TO DETERMINE THE APPLICABILITY TO THIS OFFERING OF EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

PROSPECTIVE INVESTORS MAY NOT TREAT THE CONTENTS OF THE SUBSCRIPTION AGREEMENT, THE OFFERING CIRCULAR OR ANY OF THE OTHER MATERIALS AVAILIBLE ON THE PLATFORM OR PROVIDED BY THE COMPANY AND/OR BROKER (COLLECTIVELY, THE "***OFFERING MATERIALS***"), OR ANY PRIOR OR SUBSEQUENT COMMUNICATIONS FROM THE COMPANY OR ANY OF ITS OFFICERS, EMPLOYEES OR AGENTS (INCLUDING "TESTING THE WATERS" MATERIALS) AS INVESTMENT, LEGAL OR TAX ADVICE. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE COMPANY AND THE TERMS OF THIS OFFERING, INCLUDING THE MERITS AND THE RISKS INVOLVED.

EACH PROSPECTIVE INVESTOR SHOULD CONSULT THE INVESTOR'S OWN COUNSEL, ACCOUNTANTS AND OTHER PROFESSIONAL ADVISORS AS TO INVESTMENT, LEGAL, TAX AND OTHER RELATED MATTERS CONCERNING THE INVESTOR'S PROPOSED INVESTMENT.

THE OFFERING MATERIALS MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY'S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, THE WORDS "ESTIMATE," "PROJECT," "BELIEVE," "ANTICIPATE," "INTEND," "EXPECT" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

THE COMPANY MAY NOT BE OFFERING THE SECURITIES IN EVERY STATE. THE OFFERING MATERIALS DO NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY STATE OR JURISDICTION IN WHICH THE SECURITIES ARE NOT BEING OFFERED.

THE INFORMATION PRESENTED IN THE OFFERING MATERIALS WAS PREPARED BY THE COMPANY SOLELY FOR THE USE BY PROSPECTIVE INVESTORS IN CONNECTION WITH THIS OFFERING. NOTHING CONTAINED IN THE OFFERING MATERIALS IS OR SHOULD BE RELIED UPON AS A PROMISE OR REPRESENTATION AS TO THE FUTURE PERFORMANCE OF THE COMPANY.

THE COMPANY RESERVES THE RIGHT IN ITS SOLE DISCRETION AND FOR ANY REASON WHATSOEVER TO MODIFY, AMEND AND/OR WITHDRAW ALL OR A PORTION OF THE OFFERING AND/OR ACCEPT OR REJECT IN WHOLE OR IN PART ANY PROSPECTIVE INVESTMENT IN THE SECURITIES OR TO ALLOT TO ANY PROSPECTIVE INVESTOR LESS THAN THE AMOUNT OF SECURITIES SUCH INVESTOR DESIRES TO PURCHASE. EXCEPT AS OTHERWISE INDICATED, THE OFFERING MATERIALS SPEAK AS OF THEIR DATE. NEITHER THE DELIVERY NOR THE PURCHASE OF THE SECURITIES SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THAT DATE.

TO: [SERIES NAME], a Series of Exceed Talent Capital Holdings LLC <br> 160 Varick Street <br> New York, NY 10013

Ladies and Gentlemen:

<u>1. Subscription</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) You ("  ***Subscriber***") hereby irrevocably subscribe for and agree to purchase limited
liability company interests, which we refer to herein as TalentShares (the "  ***Securities***") of [SERIES NAME], a
Series of Exceed Talent Capital Holdings LLC, a Delaware limited liability company (the "  ***Company*** "), at
a purchase price of $[_] per TalentShare (the "  ***Per Security Price*** "), upon the terms and conditions set forth
herein. The minimum subscription is $[_], or [_] TalentShares. The rights and preferences of the TalentShares are as set forth in the
Limited Liability Company Agreement of Exceed Talent Capital Holdings LLC dated December 7, 2022, as amended from time to time (the "  ***Operating Agreement*** "), and the Series Designation for [SERIES NAME] described in the Offering Statement of the Company filed
with the SEC (the "  ***Offering Statement*** ").

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subscriber understands that the Securities are being offered pursuant to an offering circular dated [DATE]
(the "  ***Offering Circular***") filed with the SEC as part of the Offering Statement. By subscribing to the Offering,
Subscriber acknowledges that Subscriber has received this Subscription Agreement, copies of the Offering Circular and Offering Statement
including exhibits thereto and any other information required by the Subscriber to make an investment decision. Effective upon the Company's
acceptance of this Subscription Agreement, the Subscriber shall become a member of the Company, and the Subscriber agrees to adhere to
and be bound by, the terms and conditions of the Operating Agreement as if the Subscriber were a party to it (and grants to the Managing
Manager the power of attorney described therein).

&nbsp;&nbsp;&nbsp;&nbsp;(c) The Subscriber's subscription may be accepted or rejected in whole or in part, at any time prior
to a Closing Date (as hereinafter defined), by the Company at its sole discretion. In addition, the Company, at its sole discretion, may
allocate to Subscriber only a portion of the number of Securities Subscriber has subscribed for. The Company will notify Subscriber whether
this subscription is accepted (whether in whole or in part) or rejected. If Subscriber's subscription is rejected, Subscriber's
payment (or portion thereof if partially rejected) will be returned to Subscriber without interest and all of Subscriber's obligations
hereunder shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;(d) The aggregate number of Securities sold shall not exceed $[ ] (the "  ***Maximum Offering*** ").
The Company may accept subscriptions until the termination of the Offering in accordance with its terms (the "  ***Termination Date*** "). The Company may elect at any time to close all or any portion of this Offering, on various dates at or prior to
the Termination Date (each a "Closing Date").

&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event of rejection of this subscription in its entirety, or in the event the sale of the Securities
(or any portion thereof) is not consummated for any reason, this Subscription Agreement shall have no force or effect, except for Section 5
hereof, which shall remain in force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms of this Subscription Agreement shall be binding upon Subscriber and its transferees, heirs,
successors and assigns (collectively, "  ***Transferees*** "); provided that for any such transfer to be deemed effective,
the Transferee shall have executed and delivered to the Company in advance an instrument in a form acceptable to the Company in its sole
discretion, pursuant to which the proposed Transferee shall be acknowledge, agree, and be bound by the representations and warranties
of Subscriber, terms of this Subscription Agreement.

<u>2. Purchase Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment.</u> The purchase price for the Securities shall be paid simultaneously with the Subscriber's
subscribing to the offering of TalentShares of [SERIES NAME] (the "  ***Offering*** "). Payment for the aggregate purchase
price of the Securities shall be made by credit card, debit card, ACH electronic transfer or wire transfer to an account designated by
the Company or by any combination of such methods.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Escrow arrangements.</u> Payment for the Securities shall be received by North Capital Private
Securities Corporation (the "**Escrow Agent**") from the Subscriber by transfer of immediately available funds or other
means approved by the Company at least two days prior to the applicable Closing Date, in the amount of Subscriber's subscription.
Upon such Closing Date, the Escrow Agent shall release such funds to the Company. Subscriber shall receive notice and evidence of the
digital entry of the number of the Securities owned by Subscriber reflected on the books and records of the Company and verified by Vertalo
(the "  ***Transfer Agent*** "), which books and records shall bear a notation that the Securities were sold in reliance
upon Regulation A.

<u>3. Representations and Warranties of the Company</u>.

The Company represents and warrants to Subscriber that the following representations and warranties are true and complete in all material respects as of the date of each Closing Date, except as otherwise indicated. For purposes of this Agreement, an individual shall be deemed to have "knowledge" of a particular fact or other matter if such individual is actually aware of such fact. The Company will be deemed to have "knowledge" of a particular fact or other matter if one of the Company's current officers has, or at any time had, actual knowledge of such fact or other matter.

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Standing.</u> The Company is a Series of Exceed Talent Capital Holdings
LLC, duly formed, validly existing and in good standing under the laws of the State of Delaware. The Company has all requisite power and
authority to own and operate its properties and assets, to execute and deliver this Subscription Agreement, Series Designation, the
Operating Agreement and any other agreements or instruments required hereunder. The Company is duly qualified and is authorized to do
business and is in good standing as a foreign corporation in all jurisdictions in which the nature of its activities and of its properties
(both owned and leased) makes such qualification necessary, except for those jurisdictions in which failure to do so would not have a
material adverse effect on the Company or its business.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Issuance of the Securities</u>. The issuance, sale and delivery of the Securities in accordance with
this Subscription Agreement has been duly authorized by all necessary corporate action on the part of the Company. The Securities, when
so issued, sold and delivered against payment therefor in accordance with the provisions of this Subscription Agreement, will be duly
and validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Authority for Agreement</u>. All limited liability company action on the part of the Company necessary
for the authorization of this Subscription Agreement, the performance of all obligations of the Company hereunder at a Closing and the
authorization, sale, issuance and delivery of the Securities pursuant hereto has been taken or will be taken prior to the applicable Closing
Date.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The acceptance by the Company of this Subscription Agreement and the consummation of the transactions
contemplated hereby (including the issuance, sale and delivery of the Securities) are within the Company's powers and have been
duly authorized by all necessary company action on the part of the Company. Upon acceptance of this Subscription Agreement, this Subscription
Agreement shall constitute a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting
enforcement of creditors' rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies and (iii) with respect to provisions relating to indemnification and contribution, as limited
by considerations of public policy and by federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No filings.</u> Assuming the accuracy of the Subscriber's representations and warranties
set forth in Section 4 hereof, no order, license, consent, authorization or approval of, or exemption by, or action by or in respect
of, or notice to, or filing or registration with, any governmental body, agency or official is required by or with respect to the Company
in connection with the acceptance, delivery and performance by the Company of this Subscription Agreement except (i) for such filings
as may be required under Regulation A or under any applicable state securities laws, (ii) for such other filings and approvals as
have been made or obtained, or (iii) where the failure to obtain any such order, license, consent, authorization, approval or exemption
or give any such notice or make any filing or registration would not have a material adverse effect on the ability of the Company to perform
its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Capitalization</u>. The authorized and outstanding securities of the Company immediately prior to the
initial investment in the Securities is as set forth "Securities Being Offered" in the Offering Circular. Except as set forth
in the Offering Circular, there are no outstanding options, warrants, rights (including conversion or preemptive rights and rights of
first refusal), or agreements of any kind (oral or written) for the purchase or acquisition from the Company of any of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Financial statements.</u> Complete copies of the Company's financial statements meeting
the requirements of Form 1-A under the Securities Act (the "  ***Financial Statements***") have been made available
to the Subscriber and appear in the Offering Circular. The Financial Statements are based on the books and records of the Company and
fairly present in all material respects the financial condition of the Company as of the respective dates they were prepared and the results
of the operations and cash flows of the Company for the periods indicated. The auditing firm, or each firm, which has audited the
Financial Statements, is an independent accounting firm within the rules and regulations adopted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Proceeds</u>. The Company shall use the proceeds from the issuance and sale of the Securities as set
forth in "Use of Proceeds to Issuer" in the Offering Circular.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Litigation</u>. Except as set forth in the Offering Circular, there is no pending action, suit, proceeding,
arbitration, mediation, complaint, claim, charge or investigation before any court, arbitrator, mediator or governmental body, or to the
Company's knowledge, currently threatened in writing (a) against the Company or (b) against any consultant, officer, manager,
director or key employee of the Company arising out of his or her consulting, employment or board relationship with the Company or that
could otherwise materially impact the Company.

<u>4. Representations and Warranties of Subscriber</u>. By subscribing to the Offering, Subscriber (and, if Subscriber is purchasing the Securities subscribed for hereby in a fiduciary capacity, the person or persons for whom Subscriber is so purchasing) represents and warrants, which representations and warranties are true and complete in all material respects as of such Subscriber's respective Closing Date(s):

&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Requisite Power and Authority</u>. Such Subscriber has all necessary power and authority under all
applicable provisions of law to execute and deliver this Subscription Agreement, and other agreements required hereunder and to carry
out their provisions. All action on Subscriber's part required for the lawful execution and delivery of this Subscription Agreement
and other agreements required hereunder have been or will be effectively taken prior to the Closing Date. Upon subscribing to the Offering,
this Subscription Agreement and other agreements required hereunder will be valid and binding obligations of Subscriber, enforceable in
accordance with their terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws
of general application affecting enforcement of creditors' rights and (b) as limited by general principles of equity that restrict
the availability of equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Investment Representations</u>. Subscriber understands that the Securities have not been registered
under the Securities Act of 1933, as amended (the "Securities Act"). Subscriber also understands that the Securities are being
offered and sold pursuant to an exemption from registration contained in the Securities Act based in part upon Subscriber's representations
contained in this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Illiquidity and Continued Economic Risk</u>. Subscriber acknowledges and agrees that there is no ready
public market for the Securities and that there is no guarantee that a market for their resale will ever exist. Subscriber must bear the
economic risk of this investment indefinitely and the Company has no obligation to list the Securities on any market or take any steps
(including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading
or resale of the Securities. Subscriber acknowledges that Subscriber is able to bear the economic risk of losing Subscriber's entire
investment in the Securities. Subscriber also understands that an investment in the Company involves significant risks and has taken full
cognizance of and understands all of the risk factors relating to the purchase of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Accredited Investor Status or Investment Limits</u>. Subscriber represents that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subscriber is an "accredited investor" within the meaning of Rule 501 of Regulation D
under the Securities Act and meets one or more of the criteria set forth in Appendix A attached hereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The purchase price of the Securities (including any fee to be paid by the Subscriber), together with any
other amounts previously used to purchase Securities in this Offering, does not exceed 10% of the greater of the Subscriber's annual
income or net worth.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Subscriber represents that to the extent it has any questions with respect to its status as an accredited
investor, or the application of the investment limits, it has sought professional advice.

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>TalentShare holder information.</u> Within five days after receipt of a request from the Company,
the Subscriber hereby agrees to provide such information with respect to its status as a TalentShare holder (or potential TalentShare
holder) and to execute and deliver such documents as may reasonably be necessary to comply with any and all laws and regulations to which
the Company is or may become subject. **Subscriber further agrees that in the event it transfers any Securities, it will require the transferee of such Securities to agree to provide such information to the Company as a condition of such transfer.** 

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Company Information</u>. Subscriber understands that the Company is subject to all the risks that apply
to early-stage companies, whether or not those risks are explicitly set out in the Offering Circular. Subscriber has had such opportunity
as it deems necessary (which opportunity may have presented through online chat or commentary functions) to discuss the Company's
business, management and financial affairs with managers, officers and management of the Company and has had the opportunity to review
the Company's operations and facilities. Subscriber has also had the opportunity to ask questions of and receive answers from the
Company and its management regarding the terms and conditions of this investment. Subscriber acknowledges that except as set forth herein,
no representations or warranties have been made to Subscriber, or to Subscriber's advisors or representative, by the Company or
others with respect to the business or prospects of the Company or its financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Valuation.</u> The Subscriber acknowledges that the price of the Securities was set by the Company
on the basis of the Company's internal valuation and no warranties are made as to value. The Subscriber further acknowledges that
future offerings of Securities may be made at lower valuations, with the result that the Subscriber's investment will bear a lower
valuation.

&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Domicile</u>. Subscriber maintains Subscriber's domicile (and is not a transient or temporary
resident) at the address provided with Subscriber's subscription.

&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>No Brokerage Fees</u>. There are no claims for brokerage commission, finders' fees or similar
compensation in connection with the transactions contemplated by this Subscription Agreement or related documents based on any arrangement
or agreement binding upon Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Foreign Investors</u>. If Subscriber is not a United States person (as defined by Section 7701(a)(30)
of the Internal Revenue Code of 1986, as amended), Subscriber 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 Securities or any use of this Subscription Agreement,
including (i) the legal requirements within its jurisdiction for the purchase of the Securities, (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, or transfer of the Securities. Subscriber's
subscription and payment for and continued beneficial ownership of the Securities will not violate any applicable securities or other
laws of the Subscriber's jurisdiction.

5. <u>Survival of Representations and Indemnity</u>. The representations, warranties and covenants made by the Subscriber herein shall survive the Termination Date of this Agreement. The Subscriber agrees to indemnify and hold harmless the Company and its respective officers, directors and affiliates, and each other person, if any, who controls the Company within the meaning of Section 15 of the Securities Act against any and all loss, liability, claim, damage and expense whatsoever (including, but not limited to, any and all reasonable attorneys' fees, including attorneys' fees on appeal) and expenses reasonably incurred in investigating, preparing or defending against any false representation or warranty or breach of failure by the Subscriber to comply with any covenant or agreement made by the Subscriber herein or in any other document furnished by the Subscriber to any of the foregoing in connection with this transaction.

6. <u>Governing Law; Jurisdiction</u>. This Subscription Agreement shall be governed and construed in accordance with the laws of the State of Delaware without regard to principles of conflict of laws.

EACH OF THE SUBSCRIBER AND THE COMPANY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION LOCATED WITHIN DELAWARE AND NO OTHER PLACE AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS SUBSCRIPTION AGREEMENT NOT ARISING UNDER THE FEDERAL SECURITIES LAWS MAY BE LITIGATED IN SUCH COURTS.

EACH OF SUBSCRIBER AND THE COMPANY ACCEPTS FOR ITSELF AND HIMSELF AND IN CONNECTION WITH ITS AND HIS RESPECTIVE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS SUBSCRIPTION AGREEMENT NOT ARISING UNDER THE FEDERAL SECURITIES LAWS. EACH OF SUBSCRIBER AND THE COMPANY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN THE MANNER AND IN THE ADDRESS SPECIFIED IN SECTION 7 AND THE SIGNATURE PAGE OF THIS SUBSCRIPTION AGREEMENT.

EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED IN CONTRACT, TORT BUT NOT INCLUDING CLAIMS UNDER THE FEDERAL SECURITIES LAWS) ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE ACTIONS OF EITHER PARTY IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF. EACH OF THE PARTIES HERETO ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE REQUIRED OF SUCH PARTY. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT. IN THE EVENT OF LITIGATION, THIS SUBSCRIPTION AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. BY AGREEING TO THIS WAIVER, THE SUBSCRIBER IS NOT DEEMED TO WAIVE THE COMPANY'S COMPLIANCE WITH THE FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

7. <u>Notices</u>. Notice, requests, demands and other communications relating to this Subscription Agreement and the transactions contemplated herein shall be in writing and shall be deemed to have been duly given if and when (a) delivered personally, on the date of such delivery; or (b) mailed by registered or certified mail, postage prepaid, return receipt requested, in the third day after the posting thereof; or (c) emailed, telecopied or cabled, on the date of such delivery to the address of the respective parties as follows:

If to the Company, to: 160 Varick Street New York, NY 10013 (917) 985 8551 with a required copy to :

If to a Subscriber, to Subscriber's address as provided with Subscriber's subscription or to such other address as may be specified by written notice from time to time by the party entitled to receive such notice. Any notices, requests, demands or other communications by telecopy or cable shall be confirmed by letter given in accordance with (a) or (b) above.

<u>8. Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular
or plural, as the identity of the person or persons or entity or entities may require.

&nbsp;&nbsp;&nbsp;&nbsp;(b) This Subscription Agreement is not transferable or assignable by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations, warranties and agreements contained herein shall be deemed to be made by and be binding
upon Subscriber and its heirs, executors, administrators and successors and shall inure to the benefit of the Company and its successors
and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the provisions of this Subscription Agreement may be waived, changed or terminated orally or otherwise,
except as specifically set forth herein or except by a writing signed by the Company and Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event any part of this Subscription Agreement is found to be void or unenforceable, the remaining
provisions are intended to be separable and binding with the same effect as if the void or unenforceable part were never the subject of
agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The invalidity, illegality or unenforceability of one or more of the provisions of this Subscription Agreement
in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Subscription Agreement in such
jurisdiction or the validity, legality or enforceability of this Subscription Agreement, including any such provision, in any other jurisdiction,
it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;(g) This Subscription Agreement supersedes all prior discussions and agreements between the parties with respect
to the subject matter hereof and contains the sole and entire agreement between the parties hereto with respect to the subject matter
hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(h) The terms and provisions of this Subscription Agreement are intended solely for the benefit of each party
hereto and their respective successors and assigns, and it is not the intention of the parties to confer, and no provision hereof shall
confer, third-party beneficiary rights upon any other person.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The headings used in this Subscription Agreement have been inserted for convenience of reference only
and do not define or limit the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;(j) This Subscription Agreement may be executed in any number of counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;(k) If any recapitalization or other transaction affecting the stock of the Company is effected, then any
new, substituted or additional securities or other property which is distributed with respect to the Securities shall be immediately subject
to this Subscription Agreement, to the same extent that the Securities, immediately prior thereto, shall have been covered by this Subscription
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(l) No failure or delay by any party in exercising any right, power or privilege under this Subscription Agreement
shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the
exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any
rights or remedies provided by law.

9. <u>Subscription Procedure</u>. Each Subscriber, by providing his or her name and subscription amount and clicking "accept" and/or checking the appropriate box on the Platform ("***Online Acceptance***"), confirms such Subscriber's investment through the Platform and confirms such Subscriber's electronic signature to this Agreement. Subscriber agrees that his or her electronic signature as provided through Online Acceptance is the legal equivalent of his or her manual signature on this Agreement and Online Acceptance establishes such Subscriber's acceptance of the terms and conditions of this Agreement.

**APPENDIX A**

*An accredited investor, as defined in Rule 501(a) of the Securities Act of 1933, as amended, includes the following categories of investor:*

(a)(1) Any bank as defined in section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the Act whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to section 15 of the Securities Exchange Act of 1934; any investment adviser registered pursuant to section 203 of the Investment Advisers Act of 1940 or registered pursuant to the laws of a state; any investment adviser relying on the exemption from registering with the Commission under section 203(l) or (m) of the Investment Advisers Act of 1940; any insurance company as defined in section 2(a)(13) of the Act; any investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined in section 384A of the Consolidated Farm and Rural Development Act; any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000; any employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974 if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such act, which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors;

(2) Any private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940;

(3) Any organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

(4) Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

(5) Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in paragraph (a)(5)(ii) of this section, for purposes of calculating net worth under this paragraph (a)(5):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The person's primary residence shall not be included as an asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Paragraph (a)(5)(i) of this section will not apply to any calculation of a person's net worth made in connection with a purchase of securities in accordance with a right to purchase such securities, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Such right was held by the person on July 20, 2010;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The person qualified as an accredited investor on the basis of net worth at the time the person acquired such right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The person held securities of the same issuer, other than such right, on July 20, 2010.

Note 1 to paragraph (a)(5): For the purposes of calculating joint net worth in this paragraph (a)(5): Joint net worth can be the aggregate net worth of the investor and spouse or spousal equivalent; assets need not be held jointly to be included in the calculation. Reliance on the joint net worth standard of this paragraph (a)(5) does not require that the securities be purchased jointly.

(6) Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

(7) Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in §230.506(b)(2)(ii); and

(8) Any entity in which all of the equity owners are accredited investors;

Note 1 to Paragraph (a)(8): It is permissible to look through various forms of equity ownership to natural person in determining the accredited investor status of entities under this paragraph (a)(8). If those natural persons are themselves accredited investors, and if all other equity owners of the entity seeking accredited investor status are accredited investors, then this paragraph (a)(8) may be available.

(9) Any entity, of a type of not listed in paragraphs (a)(1), (2), (3), (7), or (8), not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000;

Note 1 to Paragraph (a)(9): For the purposes of this paragraph (a)(9), "investments" is defined in rule 2a51-1(b) under the Investment Company Act of 1940 (17 CFR 270.2a51-1(b)).

(10) Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status. In determining whether to designate a professional certification or designation or credential from an accredited educational institution for purposes of this paragraph (a)(10), the Commission will consider, among others, the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The certification, designation, or credential arises out of an examination of series of examinations administered by a self-regulatory organization or other industry body or is issued by an accredited educational institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The examination or series of examinations is designed to reliably and validly demonstrate an individual's comprehension and sophistication in the areas of securities and investing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Persons obtaining such certification, designation, or credential can reasonably be expected to have sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of a prospective investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) An indication that an individual holds the certification or designation is either made publicly available by the relevant self-regulatory organization or other industry body or is otherwise independently verifiable;

Note 1 to paragraph (a)(10): The Commission will designate professional certifications or designations or credentials for purposes of this paragraph (a)(10), by order, after notice and an opportunity for public comment. The professional certifications or designations or credentials currently recognized by the Commission as satisfying the above criteria will be posted on the Commission's website.

(11) Any natural person who is a "knowledgeable employee," as defined in rule 3c-5(a)(4) under the Investment Company Act of 1940 (17 CFR 270.3c-5(a)(4)), of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act;

(12) Any "family office," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With assets under management in excess of $5,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) That is not formed for the specific purpose of acquiring the securities offered, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment; and

(13) Any "family client," as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940 (17 CFR 275.202(a)(11)(G)-1)), of a family office meeting the requirements in paragraph (a)(12) of this section and whose prospective investment in the issuer is directed by such family office pursuant to paragraph (a)(12)(iii).

\* \* \* \* \*

(j) *Spousal equivalent.* The term *spousal equivalent* shall mean a cohabitant occupying a relationship generally equivalent to that of a spouse.

## Ex1A-6

**Exhibit 6.1**

**TALENT RELATED INCOME AGREEMENT**

This Talent Related Income Agreement (the "**Agreement**") is made and entered into on [DATE] (the "**Effective Date**") by and between **Exceed Talent Capital LLC**, a series limited liability company incorporated under Section 18-215 of the Delaware Limited Liability Company Act (the "**Delaware LLC Act**") with Delaware State File Number 7096152, and with its registered office at 16192 Coastal Highway, Lewes, Delaware 19958 (the "**Manager**"); and **[Series Name]**, a series designated by **Exceed Talent Capital Holdings LLC**, a series limited liability company incorporated under the Delaware LLC Act with Delaware State File Number 6913324, and with its registered office at 16192 Coastal Highway, Lewes, Delaware 19958 (the "**Series**" and the "**Company**" respectively). Each of the Manager, Company and the Series is referred hereto as a "**Party**" and collectively the "**Parties**".

Whereas, Manager owns [Royalty Revenue Percentage]% of the revenue stream derivable from all versions of the sound recording embodying the performance of the musical composition (notes and lyrics) currently entitled "[Composition Title]" (the "**Recording**"), including the rights to stream, telecast, broadcast, digitize, encode, copy, reproduce, exploit, distribute, disseminate, modify, display, perform, synchronize, sample, license and otherwise use the Recording or any element thereof, in whole or in part, and any underlying musical compositions in any and all media (the "**Music Rights**") - performed by [Artist(s) Name(s)] (the "**Artist(s)**"), and being distributed worldwide exclusively by [Distributor Name] (the "**Distributor**") (collectively, the "**Recording Revenue**");

Whereas, Manager further owns [NFT Proceeds Percentage]% of the revenue stream derivable from the sale of a collection of non-fungible tokens to be created and sold by the Manager (each, a "**[Artist] Collectible NFT**") and associated content that features the name, voice, likeness, image, performance or other publicity rights of the Artists (collectively, the "**NFT Revenue**"); and

Whereas, Series intends to offer shares of its interests (or other securities representing a stake in its economic substance, in each case – "**Shares**") to the general public in an offering pursuant to Regulation A+ under the U.S. Securities Act, 1933, as amended (the "**Reg A Offering**"); and

Whereas, in order to facilitate the Reg A Offering and induce investors to participate in it, Manager wishes to assign and sell to Series, and Series wishes to purchase from Manager, Manger's rights to the Recording Revenue and NFT Revenue (collectively, the "**Revenue Stream**"), in consideration for the payments set out in <u>Section ‎2</u> below – all in accordance with the terms and conditions set out herein.

Now, therefore, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Grant of Rights to Revenue Stream</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Manager's Representations</u>. Manager hereby represents and warrants to Series that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. it has entered into an agreement with the owners of the Music Rights to receive all Recording Revenue
from the Music Rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2. it has further acquired the applicable intellectual property to the [Artist] Collectible NFTs, including
all commercial rights to receive the NFT Revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3. it currently owns the rights set out in <u>Sections ‎1.1.1 and ‎1.1.2</u> above free and clear
of any liens, charges, pledges, claims, options or other security interests or third party rights of any kind; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.4. the owners of the Music Rights are aware and acknowledge that the Series intends to carry out a Reg A
Offering, and such owners have undertaken toward Manager to assist the Series in any manner reasonably required by Manager in such offering,
including by supporting the widespread distribution and promotion of the Recording and [Artist] Collectible NFTs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Grant of Rights in Net Revenue Stream to Series</u>. Manager hereby irrevocably and unconditionally
conveys, transfers and assigns to the Series all of its rights to any Revenue Stream actually received by Manager (or entity designated
by Manager for such purpose), net of any taxes or other mandatory charges that may be payable by Manager in respect of such Revenue Stream,
including, inter alia, sale tax, VAT and other withholding and transfer taxes (such net amount – the "**Net Revenue Stream** ")
and such Net Revenue Stream shall, as of the Effective Date, become income of the Series. Manager will promptly notify Series of the receipt
of any proceeds forming part of the Revenue Stream, and will pay Series the amount constituting the Net Revenue Stream out of such proceeds
within [ten (10) business days] of receipt thereof. Manager may, in its sole discretion, also request that Distributor pay any amounts
due to Series hereunder directly to such Series in satisfaction of Manager's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Company's Covenants</u>. Manager undertakes toward the Series to (a) perform all of its covenants
and conditions under its agreements in connection with the Revenue Stream in all material respects and avoid committing any material breach
of such agreements; (b) make all reasonable efforts to collect from the owners of the Music Rights to the Recording and/or from the Artists,
his affiliates or the Distributor, as applicable (collectively, the "**Music Rights Owners** "), all Revenue Stream to which
Company may be entitled per its agreements with such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Lack of Privity between Series and Music Owners; Limited Recourse toward Company</u>. Series acknowledges
that (a) it is not a third party beneficiary of any agreement between the Manager and any of the Music Rights Owners, and it does not
and will not have any right or claim whatsoever toward any of them with regard to such agreements or the Revenue Stream payable thereunder;
(b) Manager is not providing any representation or warranty as to the timing at which any proceeds comprising Net Revenue Stream may be
received, the rate of their flow or the total volume thereof, if any, and (c) the Series hereby irrevocably and unconditionally waives
any right, claim or other recourse of any kind toward Manager with respect to Manager's failure to collect any portion of the Revenue
Stream to which it may be entitled from the Music Rights Owners or to enforce its rights toward such parties, other than if (and then
strictly to the extent by which) such failure resulted from breach of Manager's warranties under <u>Section ‎1.3</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Transaction Consideration</u>** 

*[If Cash Purchase:*

In consideration for the grant to the Series of its rights to the Net Revenue Stream pursuant to <u>Section ‎1.2</u> above, Manager shall be entitled to receive USD [Purchase Price], to include the acquisition of the Revenue Stream, and an allowance for legal and marketing costs to assist with the Reg A Offering and Series operating costs as may be required to develop and promote the Music Rights and [Artist] Collectible NFT (the "**Transaction Consideration**"). The Transaction Consideration shall become due to the Manager from the Series on the date of the final closing of the Reg A Offering of [Series Name], or as soon as practicable thereafter – and the purchase of the Net Revenue Stream by [Series Name] shall be deemed effective as of the time the Transaction Consideration is received by the Manager.]

*[If Debt Purchase:*

 

In consideration for the grant to the Series of its rights to the Net Revenue Stream pursuant to <u>Section ‎1.2</u> above, the Manager hereby assigns to Series, and Series hereby agrees to be assigned, the Underwriting Agreement attached hereto as <u>Exhibit A</u>, with the effect of [Series Name] taking the place of the Manager as "Borrower" under the Underwriting Debt Agreement (the "**Debt Assignment**"). The Debt Assignment shall be effective on the Effective Date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Mutual Representations and Warranties</u>** 

Each Party further represents and warrants to the other Party that it has the full right, power, legal capacity and authority to perform its obligations under this Agreement, and there is no action, suit or proceeding at law or in equity which would substantially impair its right to carry on its business as contemplated herein or to enter into or perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Entire Agreement</u>. This Agreement reflects the entire agreement of the Parties with respect to its
subject matter and supersedes all previous agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Dispute Resolution</u>. The Parties will attempt to settle any claim or controversy arising out of
this Agreement through good faith negotiation. If a dispute occurs, the Parties will first submit the dispute in writing to a senior executive
from each Party to be resolved between them within thirty (30) days. This Agreement and any dispute or claim arising out of, or in connection
with, it shall be governed by and construed in accordance with the laws of the State of Delaware, USA. Each Party irrevocably agrees that
the courts of Delaware, USA shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Notice</u>. All notices in connection with this Agreement or the transactions contemplated hereunder
shall be in writing, and shall be delivered by e-mail to [Series Name]@exceedtc.com in the case of the Series, and to legal@exceedtc.com
in the case of the Manager. Notices sent by e-mail shall be deemed delivered when sent, if transmitted during business hours of the recipient
Party, and at the start of business on the first business day thereafter if sent outside such business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. <u>Amendment</u>. This Agreement shall not be modified except by a written instrument signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. <u>Waiver</u>. No waiver of any rights arising under this Agreement shall be effective unless executed
in writing and signed by the Party against whom such waiver is sought to be enforced, and any failure or delay of a Party, to demand performance
of any provision of this Agreement, shall not constitute a waiver of any of its rights under the Agreement. The waiver of any breach of
any provision herein contained shall not be deemed to be a waiver of such breach, or of any subsequent breach of the same or other provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. <u>Severability</u>. If any provision of this Agreement shall be declared by any court of competent jurisdiction
to be illegal, void or unenforceable, all other provisions of this Agreement shall not be affected and shall remain in full force and
effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. <u>Counterparts</u>. This Agreement may be executed in two counterparts, each of which shall be deemed
to be an original and together shall be deemed to be one and the same instrument.

*[Signature Page Follows]*

IN WITNESS WHEREOF, this Revenue Share Agreement has been signed by the Parties as of the Effective Date set out above.

_________________________________ Exceed Talent Capital LLC, as Manager By/Title: ________________ _________________________________ Exceed Talent Capital Holdings LLC [Series Name], as Series By/Title: ________________

*[Signature Page of Revenue Share Agreement]*

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Exhibit A**

**<u>UNDERWRITING AGREEMENT</u>**

This Underwriting Agreement ("Agreement") is entered into on [DATE] (the "Effective Date") by and between Exceed Talent Capital LLC, a company organized under the laws of Delaware, USA, whose registered address is located at 16192 Coastal Highway, Lewes, Delaware 19958 (the "Borrower"), and [_] (the "Lender"). Each a "Party" and together the "Parties".

Whereas, Borrower is interested in borrowing funds in the amount of up to $[●] (the "**Principal Amount**") from Lender, subject to the terms of this Agreement (the "**Loan**"), and Lender is willing to lend such sum to Borrower, subject to the terms and conditions of this Agreement;

Now, therefore, in consideration of the mutual promises and covenants set forth herein, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Disbursement</u>** . Lender shall disburse to Borrower the Principal Amount, in immediately available
funds denominated in US dollars, by wire transfer to a bank account designated by Borrower in writing, as soon as practicable after Borrower
delivers to Lender a resolution of the Borrower's Manager (as defined in its operating agreement) approving the Loan. The above
notwithstanding, Lender may disburse the Principal Amount to Borrower in several installments, as Lender may consider appropriate, at
its sole discretion, to allow Borrower to meet its capital expenses as they fall due, and Lender will notify Borrower in writing of each
such installment as it is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Use of Proceeds</u>** . Borrower shall use the proceeds of the Loan strictly for payment of advances
to talents, purchase of intellectual property (or rights to revenue derived from commercialization of such intellectual property), as
well as various legal, marketing and other applicable offering and operating costs which Borrower may incur in connection with any intended
future offerings by an Affiliate (as later defined) of the Borrower, or a duly constituted series of such Affiliate (a "**Series** ",
and each such purchase, a "**Series Investment Amount**") – all in accordance with Borrower's approved business
plan and budget.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Arrangement Fee.</u>** Subject to agreement of a Series, upon assignment of this Agreement to
a Series of the Borrower, the Lender shall be entitled to receive shares, or other equivalent units of economic ownership, in a Series
in an amount equal to 5% (five percent) of the amount of the Series Investment Amount (the "**Fee Shares)** ". The Fee Shares
shall be issued to the Lender at a per-share price at which such securities were offered in the Series Public Offering (as later defined).
The Arrangement Fee is not payable in cash, or cash equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Interest.</u>** The Principal Amount shall bear a simple monthly interest rate of 1.5% ()"**Interest** ",
and together with the Principal Amount – the "**Loan Amount** "). Interest shall be calculated separately for each
installment on the basis of the amount of such installment, the number of days elapsed from the date of disbursement of such installment,
any amounts subsequently repaid to the Lender, and a 365-day year. The interest rate is linked pro-rata to any changes in the Federal
Reserve Interest Rate. The Lender will notify the Borrower in writing of any changes to the applicable interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Repayment; Conversion</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>Repayment upon Series Public Offering</u>. If, within twelve (12) months of the disbursement of the
Principal Amount or any installment on account thereof, any Series of the Borrower which had received from Borrower any rights or other
assets that were funded, in whole or in part, by the Principal Amount, completes a crowdfunding offering of any class of its securities
pursuant to Regulation A+ under the U.S. Securities Act, 1933, as amended, or pursuant to any other regulatory framework, whether through
a broker-dealer or an SEC-registered funding portal (a "**Series Public Offering**") – an amount equal the Principal
Amount plus all Interest accrued thereon (the "**Series Contributed Amount** "), shall become due and payable by Borrower
to Lender immediately following the completion of such Series Public Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Conversion of Uncovered Series Contributed Amount</u>. If the total proceeds (net of commissions and
other direct offering fees and expenses) from a Series Public Offering, taken in the aggregate with other income generated by a Series
during the period from its operational activities, and net of any funds required by the Series to meet its reasonable future working capital
needs as determined by the Borrower(the "**Series General Net Income** "), are insufficient to cover the relevant Series
Contributed Amount in full, the balance of the Series Contributed Amount remaining uncovered by the net proceeds from such Series Public
Offering shall automatically be converted into securities of the Series, of the same class and having the same rights and privileges as
those offered in the Series Public Offering, based on a conversion price equal to the per-share price at which such securities were offered
in the Series Public Offering, less a discount of 7.5%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>Repayment or Conversion in case of No Series Public Offering</u>. If, by the end of 12 months following
the disbursement of the Principal Amount or any installment on account thereof (the "**Cut Off Date**") , any portion of
such disbursed amount was used for the benefit of a Series that eventually did not carry out a Series Public Offering – such portion
of the disbursed amount, including all Interest accrued thereon, shall, at the Lender's sole option exercisable in writing, in the
first instance, on or before the Cut Off Date (the "**Lender Option** "), be either (i) converted into securities of the
Series of the same class and having the same rights and privileges as those intended to be offered in the Series Public Offering, based
on a conversion price equal to the per-share price at which such securities were intended to be offered in the Series Public Offering,
less a discount of 7.5%; or (ii) remain outstanding and payable by the Series subject to the same rate of Interest, and repayable from
the Series General Net Income. In the circumstances described in this Section 5.3, unless and until the Loan Amount has been fully repaid
to the Lender, or otherwise converted to securities of the Series, the Lender Option shall be exercisable once during each 12-month period
following the Cut Off Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Conversion upon Exit Event</u>. Unless previously converted or repaid in accordance with <u>Sections ‎5.1 - ‎5.3</u> above, immediately prior to the consummation of an Exit Event (as defined below) by either Borrower or any Series,
the Loan Amount in full (or the relevant Series Contributed Amount, as the case may be), shall automatically be converted into shares
of the Borrower or the relevant Series undergoing the Exit Event at a price per share equal to the price paid by the purchaser or surviving
entity in such Exit Event (or the volume-weighted average price paid by the purchasers in a public offering, as the case may be). For
purposes of this Agreement, an "**Exit Event**" shall mean (a) the acquisition of Borrower or any Series by another entity
by means of a share acquisition, merger, reverse merger or any other transaction or series of related transactions in which the holders
of the voting shares of the Borrower or the relevant Series outstanding immediately prior to such transaction will hold less than fifty
percent (50%) of the total voting power represented of the Borrower, the Series or the relevant surviving entity immediately following
the closing of such transaction or series of transactions; (b) the sale, lease or other conveyance of all or substantially all of the
assets or intellectual property of Borrower or the relevant Series, or (c) an initial public offering of the Borrower's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. <u>Rights as Shareholder</u>. From the date of occurrence of a conversion of the Loan Amount into shares
of the Borrower or any Series thereof, Lender shall be deemed to be the holder of such conversion shares (as described in Sections 5.2
– 5.4) , and shall be deemed to have all rights, preferences, powers, privileges, restrictions, qualifications and limitations required
to be granted in connection with such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. <u>Approval of Conversion</u>. Should the conversion of the Loan Amount require the prior approval of
any regulatory body or authority or registration with any such body or authority, the Parties shall cooperate in exercising any measure
or action required to obtain all such approvals and registrations. From the time of conversion under this Agreement and until such approval
or registration is obtained, the conversion shares shall be held in trust for the benefit of Lender or anyone on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Maturity upon Event of Default</u>** . Notwithstanding anything to the contrary in this Agreement,
the Lender shall be entitled to demand that any portion of the Loan Amount then outstanding be immediately repaid upon the occurrence
of any of the following events: (a) the commencement by Borrower or any Series of any liquidation proceedings, or the adoption by Borrower
or any Series of a resolution for their winding up or dissolution, or the appointment of a receiver, liquidator or trustee over the whole
or any part of Borrower's or any Series' assets, or the calling by Borrower or any Series of a meeting of creditors for the
purpose of entering into a scheme of arrangement with them ()"**Liquidation Proceedings** "); (b) the commencement by a third
party of any Liquidation Proceedings, which have not been terminated within forty five (45) days thereafter; or (c) cessation of Borrower's
or any Series' business operations for any reason for forty five (45) consecutive business days or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Borrower Representations</u>** . Borrower represents and warrants to the Lender as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Organization</u>. Borrower is a corporation duly organized, validly existing and in good standing under
the laws of Delaware, USA, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Authority</u>. The execution, delivery and performance by Borrower of this Agreement is within the
power of Borrower and, other than with respect to the actions to be taken when equity is to be issued to Lender, has been duly authorized
by all necessary actions on the part of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. <u>Binding Effect & Enforceability</u>. This instrument constitutes a legal, valid and binding obligation
of Borrower, enforceable against Borrower in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. <u>Non-Contravention</u>. The performance and consummation of the transactions contemplated by this Agreement
do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to Borrower; (ii) result in the acceleration
of any material indenture or contract to which Borrower is a party or by which it is bound; or (iii) result in the creation or imposition
of any lien upon any property, asset or revenue of Borrower, or the suspension, forfeiture, or nonrenewal of any material permit, license
or authorization applicable to the Borrower, its business, or operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Lender Representations</u>** . Lender hereby represents and warrants to Borrower as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Authority</u>. Lender has full legal capacity, power and authority to execute and deliver this Agreement
and to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Binding Effect & Enforceability</u>. This Agreement constitutes valid and binding obligation of
the Lender, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application
relating to or affecting the enforcement of creditors' rights generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Miscellaneous</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Interpretation</u>. In this Agreement, an "**Affiliate**" of an entity shall mean any
individual or entity directly or indirectly controlling, controlled by, or under common control with such entity, and an Affiliate of
an individual will further include such individual's parents, spouse, siblings and descendants. For the purpose of this definition,
" **control**" (including, with correlative meanings, the terms "controlling", "controlled by" and
"under common control with") means the power to manage or direct the affairs of the person or entity in question, whether
by ownership of voting securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Cost & Expenses</u>. Each Party shall bear its costs and expenses in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Further Actions</u>. The Parties shall perform such further acts and execute such further documents
as may be necessary or favorable to carry out and give full effect to the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4. <u>Assignment</u>. Neither Party may assign its rights or obligations under this Agreement. Notwithstanding
the foregoing, Borrower may assign this Agreement to any of its Affiliates, or series of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5. <u>Taxes</u>. Any tax consequences for either Party in regards to this Agreement shall be borne by such
Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6. <u>Governing Law & Jurisdiction</u>. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Israel, without regards to the conflict of law provisions thereof. Any dispute arising under or in relation
to this Agreement shall be resolved exclusively in the competent courts in Tel-Aviv-Jaffa, Israel, and each of the Parties hereby irrevocably
submits to the exclusive jurisdiction of such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7. <u>Notices</u>. All notices and communications required or permitted hereunder to be given to a Party
shall be in writing and delivered to the address or email address set forth in the signature page to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8. <u>Entire Agreement</u>. This Agreement constitutes the entire understanding of the Parties with respect
to the subject matter hereof. This Agreement may only be modified or amended upon written consent of both Parties. No delay or omission
to exercise any right, or remedy accruing to any Party upon any breach or default under this Agreement, shall be deemed a waiver of any
other breach or default therefore or thereafter occurring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9. <u>Severability</u>. If any provision of this Agreement is held by a court of competent jurisdiction to
be unenforceable under applicable law, then such provision shall be excluded from this Agreement and the remainder of this Agreement shall
be enforced in accordance with its terms; *provided, however*, that this Agreement shall be interpreted so as to give effect, to
the greatest extent possible, to the meaning and intention of the excluded provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall
be deemed to be an original, but shall together constitute one and the same instrument.

*[Signature page follows]*

IN WITNESS WHEREOF, the parties hereto have duly executed this Underwriting Agreement as of the Effective Date set out above.

---

| | | | |
|:---|:---|:---|:---|
| ______________________________<br> Exceed Talent Capital LLC | ______________________________<br> Exceed Talent Capital LLC | ______________________________<br> [Lender] | ______________________________<br> [Lender] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | ________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | ________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | ________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | ________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: | ________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Address: | ________________ |
|  | ________________ |  | ________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: | ________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Email: | ________________ |

---

*[Signature Page of Underwriting Agreement]*

## Ex1A-8

**Exhibit 8.1**

![](image_008.jpg)

**ESCROW AGREEMENT**

This Escrow Agreement (this "**Agreement**"), effective as of the effective date set forth on the signature page hereto ("**Effective Date**"), is entered into by the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuer set forth on the signature page hereto ()"**Issuer** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the broker-dealer for Issuer's offering set forth on the signature page hereto ()"**Manager** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the operator of an online technology platform being used to facilitate Issuer's offering set forth
on the signature page hereto ()"**Platform** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) North Capital Private Securities Corporation, a Delaware corporation, as the facilitator of escrow as
set forth herein through the institution in Section 1(d) below as escrow agent ()"**NCPS** ").

For purposes of this Agreement: (a) the above parties other than and excluding NCPS are referred to herein as "**Issuer Party**"; (b) references to "**Issuer Party**" in this Agreement shall include references to each Issuer Party individually, together and collectively, jointly and severally; and (c) Issuer Party, collectively with NCPS, are referred to herein as the "**Parties**" and each, a "**Party**".

The following Exhibits are incorporated by reference into this Agreement:

<u>Exhibit A</u> – Contingent Offering (if applicable)

<u>Exhibit B</u> – Fees and Expenses

**<u>Recitals</u>**

A. NCPS is a broker-dealer registered with the U.S. Securities and Exchange Commission ()"**SEC** ")
and a member of the Financial Industry Regulatory Authority, Inc. ()"**FINRA**") and the Securities Investor Protection
Corporation ()"**SIPC** ").

B. Issuer Party is engaging NCPS to serve as the facilitator of escrow as set forth herein through the institution
in Section 1(d) below as escrow agent in connection with Issuer's sale of debt, equity or hybrid securities ()"**Securities** ")
in an offering exempt from registration under the U.S. Securities Act of 1933, as amended ()"**Securities Act** "), pursuant
to Rule 506(b) of Regulation D, 506(c) of Regulation D, Regulation A or Regulation Crowdfunding, as indicated on the signature page hereto
(" **Offering** ").

C. In accordance with the private placement memorandum, offering memorandum, Form 1-A or Form C applicable
to the Offering provided by Issuer Party for dissemination to investors in connection with the Offering ()"**Offering Document** "),
subscribers to the Securities ()"**Subscribers**") will be required to submit full payment for their respective investments
at the time they enter into subscription agreements.

D. In accordance with the Offering Document, all payments by Subscribers subscribing for Securities shall
be sent directly to NCPS as the facilitator of escrow as set forth herein through the institution in Section 1(d) below as escrow agent,
and NCPS by this Agreement agrees to accept, hold and promptly disburse or transmit such funds deposited with it with respect thereto
(" **Escrow Funds**") in accordance with the terms of this Agreement and in compliance with Rule 15c2-4 of the U.S. Securities
Exchange Act of 1934, as amended ()"**Exchange Act** "), or Regulation Crowdfunding Rule 303(e), as applicable, and related
SEC guidance and FINRA rules.

E. If the Offering is being made by Issuer on an "all-or-none" basis or on any other basis that
contemplates payments to be made to Issuer only upon the occurrence of some further event or contingency as set forth in <u>Exhibit A</u>,
as applicable, NCPS will promptly deposit any and all Escrow Funds NCPS receives into a separate bank escrow account as set forth in <u>Section 1(d)</u> below, for the persons or entities with a beneficial interest therein, until the appropriate event or contingency has occurred,
at which time the Escrow Funds will be promptly transmitted to Issuer, else promptly returned to the persons or entities entitled thereto
pursuant to <u>Section 3</u> and <u>4</u> below.

F. NCPS will be a participant in the Offering for the limited purpose of facilitating escrow described in
this Agreement, and in the case of an Offering pursuant to Regulation Crowdfunding, NCPS will be the "qualified third party",
as defined in Regulation Crowdfunding Rule 303(e)(2). NCPS accepts no other role and assumes no other responsibilities related to the
Offering, such as managing broker-dealer, placement agent, selling group member or referring broker-dealer, unless and until the roles
and responsibilities are expressly delineated in a separately executed placement, managing broker, selling or referral agreement, as the
case may be, if any.

In consideration of the mutual representations, warranties and covenants contained in this Agreement, the Parties, intending to incorporate the foregoing Recitals into this Agreement and to be legally bound, agree as follows:

**<u>Agreement</u>**

1. **Definitions.** Capitalized terms used in this Agreement and not otherwise defined above or elsewhere in this Agreement shall have the meanings as set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**ACH**" means Automated Clearing House.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Business Day**" means a calendar day other than Saturday, Sunday or any public holiday
when banks are closed for business in Delaware, Pennsylvania or Utah.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Cash Investment**" means an amount in US Dollars equal to (i) the number of Securities
to be purchased by a Subscriber, multiplied by (ii) the offering price per Security as set forth in the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Cash Investment Instrument**" means, in full payment of the Cash Investment for the
Securities to be purchased by a Subscriber, a check, money order or similar instrument made payable by Subscriber to the order of or endorsed
to the order of:

NCPS/____________________________/________________ - Escrow Account

(Offering Name\*) (Subscriber Name\*\*)

or wire transfer or ACH transmitted by Subscriber to the following account ("**Escrow Account"):**

Institution: [_]

ABA: [_]

Account Name: [_]

Account Number: [_]

For Further Credit To: ________________________

(Offering Name\*)

________________________

(Subscriber Name\*\*)

or, if applicable to the Offering, funds transmission by credit or debit card or ACH through and subject to the terms and conditions of NCPS's payment processing facilitation services.

\*Offering Name as set forth on the signature page hereto.

\*\*Subscriber Name as completed by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Expiration Date**" means 12 months from the Effective Date, unless mutually extended
by the Parties in writing (which may be via email).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Instruction Letter**" means written instructions in a form acceptable to NCPS and executed
by Issuer Party with Issuer Party directing NCPS to promptly disburse the Escrow Funds to Issuer pursuant to <u>Section 4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Minimum Offering**" has the meaning as set forth on the signature page hereto.

(h) "**Minimum Offering Notice**" means, if applicable
to an Offering, a written notification in a form acceptable to NCPS and signed by Issuer Party with Issuer Party representing to NCPS
that: (i) subscriptions for at least the Minimum Offering have been received by Issuer; (ii) to the best of Issuer Party's
knowledge after due inquiry and review of Issuer Party's records, Cash Investment Instruments in full payment for that number of
Securities equal to or greater than the Minimum Offering have been received, deposited with and collected by NCPS; (iii) such subscriptions
have not been withdrawn, rejected or otherwise terminated; and (iv) Subscribers have no statutory or regulatory rights of rescission
without cause or all such rights have expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**NACHA**" means National Automated Clearing House Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Subscription Accounting**" means an accounting of all subscriptions for Securities received
and accepted by Issuer Party as of the date of such accounting, indicating for each subscription Subscriber's name and address,
the number and total purchase price of subscribed Securities, the date of receipt by Issuer of the Cash Investment Instrument and notations
of any nonpayment of the Cash Investment Instrument submitted with such subscription, any withdrawal of such subscription by Subscriber,
any rejection of such subscription by Issuer Party or other termination, for whatever reason, of such subscription.

2. **Appointment of Facilitator of Escrow.** Issuer Party hereby appoints NCPS to serve as the facilitator of escrow as set forth herein through the institution in Section 1(d) as escrow agent, and NCPS hereby accepts such appointment, in accordance with the terms of this Agreement. Issuer Party shall take all necessary steps to assure that all funds necessary to consummate the Transaction are deposited into the Escrow Account. Issuer Party shall not receive interest on the Escrow Funds and the Escrow Account shall be a non-interest bearing account as to Issuer Party.

3. **Deposits into Escrow Account.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issuer Party shall direct Subscribers to, and Subscribers shall, directly deliver to NCPS all Cash Investment Instruments for deposit in the Escrow Account. Each such direction shall be accompanied by a Subscription Accounting.

ALL FUNDS DEPOSITED INTO THE ESCROW ACCOUNT PURSUANT TO THIS <u>SECTION 3</u> SHALL REMAIN THE PROPERTY OF EACH SUBSCRIBER ACCORDING TO SUCH SUBSCRIBER'S INTEREST AND SHALL NOT BE SUBJECT TO ANY LIEN OR CHARGE BY NCPS OR BY JUDGMENT OR CREDITORS' CLAIMS AGAINST ISSUER PARTY UNTIL RELEASED OR ELIGIBLE TO BE RELEASED TO ISSUER IN ACCORDANCE WITH <u>SECTION 4(a)</u>. ISSUER PARTY SHALL NOT RECEIVE CASH INVESTMENT INSTRUMENTS DIRECTLY FROM SUBSCRIBERS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Issuer Party understands and agrees that all Cash Investment Instruments received by NCPS pursuant to this Agreement are subject to collection requirements of presentment, clearing and final payment, and that the funds represented thereby cannot be drawn upon or disbursed until such time as final payment has been made and is no longer subject to dishonor. NCPS shall process each Cash Investment Instrument for collection promptly upon receipt, and the proceeds thereof shall be held as part of the Escrow Funds until disbursed in accordance with <u>Section 4</u>. If, upon presentment for payment, any Cash Investment Instrument is dishonored, NCPS's sole obligation shall be to notify Issuer Party of such dishonor and, if applicable, to promptly return such Cash Investment Instrument to Subscriber. Notwithstanding, if for any reason any Cash Investment Instrument is uncollectible after payment or disbursement of the funds represented thereby has been made by NCPS, Issuer Party shall immediately reimburse NCPS upon receipt from NCPS of written notice thereof, including, without limitation, any fees or expenses with respect thereto, which NCPS may collect from Issuer Party pursuant to <u>Section 10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon receipt of any Cash Investment Instrument that represents payment of an amount less than or greater than the Cash Investment, NCPS's sole obligation shall be to notify Issuer Party, depending upon the source of the of the Cash Investment Instrument, of such fact and to pay to Subscriber by the same method the amount of the Cash Investment received by NCPS from such Subscriber or promptly return to Subscriber such Subscriber's Cash Investment Instrument upon receipt from Subscriber of any required payment instructions; provided that amounts in excess of $25,000 will be returned via wire transfer upon confirmation by NCPS of Subscriber's account information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) NCPS shall not be obligated to accept, or present for payment, any Cash Investment Instrument that is not properly made payable or endorsed as set forth in <u>Section 1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Issuer Party shall, or cause Subscriber to, provide NCPS with information sufficient to effect such return to Subscriber as outlined in this <u>Section 3</u>, including, without limitation, updated payment information in the event a return to Subscriber for any reason cannot be made by the same method as received by NCPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event any party other than NCPS receives a Cash Investment Instrument, Issuer Party agrees to promptly, and in no event later than one Business Day after receipt, deliver or cause to be delivered such Cash Investment Instrument to NCPS for deposit into the Escrow Account.

4. **Disbursement of Escrow Funds.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 3(b)</u> and <u>Section 10</u>, NCPS shall promptly disburse in accordance with the Instruction Letter the liquidated value of the Escrow Funds from the Escrow Account to Issuer by wire transfer no later than one Business Day following receipt of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Minimum Offering Notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subscription Accounting substantiating the fulfillment of the Minimum Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Instruction Letter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) such other certificates, notices or other documents as NCPS may reasonably require;

provided that NCPS shall not be obligated to disburse the liquidated value of the Escrow Funds to Issuer if NCPS has reason to believe that (A) Cash Investment Instruments in full payment for that number of Securities equal to or greater than the Minimum Offering have not been received, deposited with and collected by NCPS, or (B) any of the information or the certifications, representations, warranties or opinions set forth in the Minimum Offering Notice, Subscription Accounting, Instruction Letter or other certificates, notices or other documents are incorrect or incomplete. After the initial disbursement of Escrow Funds to Issuer pursuant to this <u>Section 4(a)</u>, NCPS shall promptly disburse any additional funds received with respect to the Securities to Issuer by wire transfer no later than one Business Day after NCPS receives from or on behalf of Issuer (1) Issuer's request for closing via NCPS's online portal and (2) Issuer's written verification that the subscriptions therefor are in good order.

*Any ACH transaction must comply with all applicable laws, rules, regulations, codes and orders of applicable governmental, regulatory, judicial and law enforcement authorities and self-regulatory authorities (collectively, "**Law**"), including, without limitation, NACHA's operating rules that apply to the ACH network as in effect from time to time. NCPS is not responsible for errors in the completion, accuracy or timeliness of any transfer properly initiated by NCPS in accordance with joint written instructions occasioned by the acts or omissions of any third party financial institution or a party to the transaction, or the insufficiency or lack of availability of funds on deposit in any account.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No later than three Business Days after receipt from Subscriber of any required payment instructions and receipt by NCPS of written notice: (i) from Issuer Party that Issuer Party intends to reject a Subscriber's subscription; (ii) from Issuer Party that there will be no closing of the sale of Securities to Subscribers; (iii) from any federal or state regulatory authority that any application by Issuer to conduct a banking business has been denied; or (iv) from the SEC or any other federal or state regulatory authority that a stop or similar order has been issued with respect to the Offering Document and has remained in effect for at least 20 days, NCPS shall pay to each Subscriber by the same method the amount of the Cash Investment received by NCPS from such Subscriber or promptly return to Subscriber such Subscriber's Cash Investment Instrument; provided that amounts in excess of $25,000 will be returned via wire transfer upon confirmation by NCPS of Subscriber's account information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained herein, if NCPS shall not have received an Instruction Letter on or before the Expiration Date or the Termination Date (as defined below), subject to <u>Section 5</u>, NCPS shall, within three Business Days after such Expiration Date or Termination Date and receipt from Subscriber of any required payment instructions, and without any further instruction or direction from Issuer Party, pay to each Subscriber by the same method the amount of the Cash Investment received by NCPS from such Subscriber or promptly return to Subscriber such Subscriber's Cash Investment Instrument; provided that amounts in excess of $25,000 will be returned via wire transfer upon confirmation by NCPS of Subscriber's account information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Issuer Party shall, or cause Subscriber to, provide NCPS with information sufficient to effect such payment or return to Subscriber as outlined in this <u>Section 4</u>, including, without limitation, updated payment information in the event a payment or return to Subscriber for any reason cannot be made by the same method as received by NCPS.

5. **Suspension of Performance or Disbursement Into Court.** If, at any time, (a) there shall exist any dispute between Issuer Party, NCPS, any Subscriber or any other person with respect to the holding or disposition of all or any portion of the Escrow Funds or any other obligations of NCPS hereunder, or (b) NCPS is unable to determine, to NCPS's reasonable satisfaction, the proper disposition of all or any portion of the Escrow Funds or NCPS's proper actions with respect to its obligations hereunder, or (c) Issuer Party has not within 30 days of NCPS's notice of resignation pursuant to <u>Section 7</u> appointed a successor provider of escrow services or agent to act hereunder, then NCPS may, in its reasonable discretion, take either or both of the following actions: (i) suspend the performance of any of its obligations (including, without limitation, any disbursement obligations) under this Agreement until such dispute or uncertainty shall be resolved to the sole satisfaction of NCPS or until a successor provider of escrow services or agent shall have been appointed (as the case may be); or (ii) petition (by means of an interpleader action or any other appropriate method) any court of competent jurisdiction in any venue convenient to NCPS, for instructions with respect to such dispute or uncertainty, and to the extent required or permitted by Law, pay into such court all funds held by it in the Escrow Funds for holding and disposition in accordance with the instructions of such court. NCPS shall have no liability to Issuer Party, any Subscriber or any other person with respect to any such suspension of performance or disbursement into court, specifically including any liability or claimed liability that may arise, or be alleged to have arisen, out of or as a result of any delay in the disbursement of the Escrow Funds or any delay in or with respect to any other action required or requested of NCPS.

6. **No Commingling, Investment of Funds or Interest to Issuer Party.** NCPS shall not: (a) commingle Escrow Funds received by it in escrow with funds of others that are not Escrow Funds, including funds received by NCPS in escrow in connection with any other offering of debt, equity or hybrid securities; or (b) invest such Escrow Funds. The Escrow Funds will be held in the Escrow Account, which shall not accrue interest in favor of Issuer Party or any Subscriber.

7. **Resignation of NCPS.** NCPS may resign and be discharged from the performance of its duties hereunder at any time by giving 10 days prior written notice to Issuer Party specifying a date when such resignation shall take effect. Upon any such notice of resignation, Issuer Party shall appoint a successor provider of escrow services or agent hereunder prior to the effective date of such resignation. NCPS shall transmit all records pertaining to the Escrow Funds and shall pay all Escrow Funds to the successor provider of escrow services or agent, after making copies of such records as NCPS deems advisable. After any NCPS's resignation, the provisions of this Agreement shall inure to its benefit as to any actions taken or omitted to be taken by it while it was the facilitator of escrow under this Agreement.

8. **Role of NCPS as Facilitator of Escrow.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) NCPS's sole responsibility as a participant in the Offering under this Agreement is as the facilitator of escrow as set forth herein through the institution in Section 1(d) as escrow agent to facilitate the safekeeping with, and disbursement by, the escrow agent of the Escrow Funds, in accordance with the terms hereto. NCPS shall have no implied duties or obligations and shall not be charged with knowledge or notice of any fact or circumstance not specifically set forth herein. NCPS may rely upon any notice, instruction, request or other instrument, not only as to its due execution, validity and effectiveness, but also as to the truth and accuracy of any information contained therein, which NCPS shall believe to be genuine and to have been signed or presented by the person or parties purporting to sign the same. NCPS shall not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent jurisdiction determines by final unappealed or non-appealable order pursuant to <u>Section 20(a)</u> that NCPS's fraud or gross negligence was the primary cause of any Losses (as defined below) to Issuer Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NCPS shall not be obligated to take any legal action or commence any proceeding in connection with the Escrow Funds, any account in which Escrow Funds are deposited, this Agreement or the Offering Document, or to appear in, prosecute or defend any such legal action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) NCPS shall have no liability under and no duty to inquire as to the provisions of any agreement other than this Agreement, including, without limitation, the Offering Document. Without limiting the generality of the foregoing, NCPS shall not be responsible for or required to enforce any of the terms or conditions of any subscription agreement with any Subscriber or any other agreement between Issuer Party or any Subscriber. NCPS shall not be responsible or liable in any manner for the performance by Issuer or any Subscriber of their respective obligations under any subscription agreement nor shall NCPS be responsible or liable in any manner for the failure of Issuer Party or any third party (including any Subscriber) to honor any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) NCPS is authorized, in its sole discretion, to comply with orders issued or process entered by any court with respect to the Escrow Funds, without determination by NCPS of such court's jurisdiction in the matter. If any portion of the Escrow Funds is at any time attached, garnished or levied upon under any court order, or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property or any part thereof, then and in any such event, NCPS is authorized, in its reasonable discretion, to rely upon and comply with any such order, writ, judgment or decree which it is advised by legal counsel selected by it is binding upon it without the need for appeal or other action; and if NCPS complies with any such order, writ, judgment or decree, it shall not be liable to any of the parties hereto or to any other person or entity by reason of such compliance even though such order, writ, judgment or decree may be subsequently reversed, modified, annulled, set aside or vacated. Notwithstanding the foregoing, to the extent legally permissible, NCPS shall provide Issuer Party with prompt notice of any such court order or similar demand and the opportunity to interpose an objection or obtain a protective order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) NCPS may consult legal counsel selected by it in the event of any dispute or question as to the construction of any of the provisions hereof or of any other agreement or of its duties hereunder, or relating to any dispute involving any party hereto, and shall incur no liability and shall be fully indemnified from any liability whatsoever in acting in accordance with the opinion or instruction of such counsel. Issuer Party shall promptly pay, upon demand, the fees and expenses of any such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) By this Agreement, Subscribers are not customers of NCPS and NCPS shall have no obligation to determine a Subscriber's suitability to participate in the Offering, whether the Offering complies with Law, verify a Subscriber's identity or perform anti-money laundering, know your customer or other due diligence, such responsibilities being obligations of Issuer Party or Issuer Party's agents. Notwithstanding, NCPS may ask Issuer Party to provide, and Issuer Party shall provide promptly upon NCPS's request, certain information about Subscribers, including, but not limited to, name, physical address, tax identification number, organizational documents, certificates of good standing, financial statements, licenses to do business and other information that will help NCPS to identify and verify a Subscriber's identity. Any further participation by NCPS in the Offering (if any) other than to facilitate escrow as set forth in this Agreement shall be governed by separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) NCPS makes no representation, warranty or covenant as to the compliance of any transaction related to the escrow with any Law. NCPS shall not be responsible for the application or use of any funds released from the Escrow Account pursuant to this Agreement.

9. **Indemnification of NCPS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issuer Party (including Issuer Party's affiliates, collectively, the "**Indemnifying Party**") agrees (and agrees to cause the other Indemnifying Parties) jointly and severally and at their own cost and expense to release, indemnify, defend and hold harmless NCPS and its affiliates and their respective directors, officers, employees, agents, representatives, advisors and consultants, and their respective successors and assigns (each, an "**NCPS Parties**"), to the fullest extent permitted by Law, from and against (and no NCPS Party shall be liable for) any Losses, joint or several, in connection with all actions (including equity owner actions), claims, disputes, inquiries, indemnification, proceedings, investigations and other legal process regardless of the source (collectively, "**Actions**") arising out of or relating to the offering of securities, this Agreement, the provision of NCPS's services hereunder or the engagement of NCPS hereunder (including, without limitation, any breach or alleged breach of this Agreement or any representation, warranty or covenant herein, any breach or alleged breach of Law or any rejection of a Cash Investment, or the suspension of performance or disbursement into court pursuant to <u>Section 5</u>), and will reimburse NCPS Parties for all expenses (including attorneys' fees) as they are incurred by NCPS Parties in connection with investigating, preparing, defending or appearing as a third party witness in connection with any such Action whether or not related to a pending or threatened Action in which NCPS is a party. Notwithstanding, Issuer Party will not be responsible for any Losses that are finally judicially determined by unappealed or non-appealable order pursuant to <u>Section 20(a)</u> to have resulted primarily from NCPS's fraud or gross negligence, and NCPS agrees to immediately refund any payments made to an NCPS Party upon such determination. "**Losses**" means any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards, penalties, fines, costs or expenses of whatever kind, including, without limitation, reasonable attorneys' fees, the costs of enforcing any right hereunder, the costs of pursuing any insurance providers, the costs of collection and the costs of defending against or appearing as a witness, whether direct, indirect, consequential or otherwise. Indemnifying Parties shall pay to NCPS Parties all amounts due under this <u>Section 9</u> promptly after written demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event NCPS performs any service not specifically provided hereinabove, or that there is any assignment or attachment of any interest in the subject matter of this escrow or any modification thereof, or that any controversy arises hereunder, or that NCPS is made a party to, or intervenes in, any dispute pertaining to this escrow or the subject matter hereof, NCPS shall be reasonably compensated therefor and reimbursed for all costs and expenses occasioned thereby; and Issuer Party hereto agree jointly and severally to pay the same and to jointly and severally and at their own cost and expense release, indemnify, defend and hold harmless the NCPS Parties pursuant to subsection (a) above, it being understood and agreed that NCPS may interplead the subject matter of this escrow into any court of competent jurisdiction, and the act of such interpleader shall immediately relieve NCPS of any duties, liabilities or responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the sole purpose of enforcing and otherwise giving effect to the provisions of this <u>Section 9</u>, Issuer Party hereby consents to personal jurisdiction and service and venue in any court in which any claim that is subject to this Agreement is brought against any NCPS Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an Action is commenced or threatened and is ultimately settled, Issuer Party shall use its best efforts to cause NCPS, by name, and the other NCPS Parties, by description, to be included in any release or settlement agreement, whether or not NCPS and the other NCPS Parties are named as defendants in such Action.

10. **Compensation to NCPS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issuer Party shall pay or cause to be paid to NCPS for its services as the facilitator of escrow as outlined in <u>Exhibit B</u>, which may be updated from time to time by NCPS by providing written notice to Issuer Party. Issuer Party's obligation to pay such fees to NCPS and reimburse NCPS for such expenses is not conditioned upon a successful closing. Upon Issuer Party's request, NCPS will provide Issuer Party with copies of all relevant invoices, receipts or other evidence of such expenses. The obligations of Issuer Party under this <u>Section 10</u> shall survive any termination of this Agreement and the resignation or removal of NCPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All of the compensation and reimbursement obligations shall be payable by Issuer Party upon demand by NCPS and will be charged automatically by NCPS to the credit card or other payment method indicated on the signature page to this Agreement or as otherwise agreed by the Parties. Issuer Party consents to NCPS retaining and using Issuer Party's payment information for future invoices and as provided in this Agreement. Issuer Party agrees and acknowledges that NCPS and its third party vendors may retain and use Issuer Party's payment information to facilitate the payments provided for in this Agreement. Issuer Party agrees to provide NCPS written notice (which may be via email) of any update or changes to Issuer Party's payment information. Absent current payment information, Issuer Party shall make, or cause to be made, all payments to NCPS within 10 days of receiving an invoice therefor. All payments made to NCPS shall be in US dollars in immediately available funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If Issuer Party fails to make any payment when due then, in addition to all other remedies that may be available: (a) NCPS may charge interest on the past due amount at the rate of 1.5% per month, calculated daily and compounded monthly, or if lower, the highest rate permitted under Law, which Issuer Party shall pay; such interest may accrue after as well as before any judgment relating to collection of the amount due; and (b) Issuer Party shall reimburse, or cause to be reimbursed, NCPS for all costs incurred by NCPS in collecting any late payments or interest, including attorneys' fees, court costs and collection agency fees; provided that cumulative late payments are subject to the overall limits as may be required by Law as set forth in <u>Exhibit B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Only upon the fulfillment of the Minimum Offering, and only when Escrowed Funds are released or eligible to be released to Issuer in accordance with <u>Section 4(a)</u>, and otherwise in compliance with Law, NCPS is authorized to and may disburse from time to time, to itself or to any NCPS Party from the Escrow Funds (but only to the extent of Issuer's rights thereto), the amount of any compensation and reimbursement of out-of-pocket expenses due and payable hereunder (including any amount to which NCPS or any NCPS Party is entitled to seek indemnification pursuant to <u>Section 9</u> hereof). NCPS shall notify Issuer Party of any disbursement from the Escrow Funds to itself or to any NCPS Party in respect of any compensation or reimbursement hereunder and shall furnish to Issuer copies of all related invoices and other statements..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Only upon the fulfillment of the Minimum Offering, and only when Escrowed Funds are released or eligible to be released to Issuer in accordance with <u>Section 4(a)</u>, and otherwise in compliance with Law, Issuer shall grant to NCPS and the NCPS Parties a security interest in and lien upon such Escrow Funds (but only to the extent of Issuer's rights thereto) to secure all obligations hereunder, and NCPS and the NCPS Parties shall have the right to offset the amount of any compensation or reimbursement due any of them hereunder (including any claim for indemnification pursuant to <u>Section 9</u> hereof) against the Escrow Funds (but only to the extent of Issuer's rights thereto). If for any reason the Escrow Funds available to NCPS and the NCPS Parties pursuant to such security interest or right of offset are insufficient to cover such compensation and reimbursement, Issuer Party shall promptly pay such amounts to NCPS and the NCPS Parties upon receipt of an itemized invoice.

11. **Representations and Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issuer Party jointly and severally represents, warrants and covenants to NCPS as of the Effective Date and at all times during the Term, including, without limitation, at the time of any deposit to or disbursement from the Escrow Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Issuer Party is an entity duly organized, validly existing and in good standing under the laws of the state where it was formed. Issuer Party has all requisite power and authority to own those properties and conduct those businesses presently owned or conducted by it. Issuer Party is duly qualified to do business and is in good standing in all jurisdictions in which its ownership of property or the character of its business requires such qualification, except where the failure to so qualify would not have a material adverse effect on Issuer Party or Issuer Party's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Issuer Party has full power and authority to enter into and perform this Agreement. This Agreement has been duly executed by Issuer Party and constitutes the legal, valid, binding, and enforceable obligation of Issuer Party, enforceable against Issuer Party in accordance with its terms. The execution, delivery and performance of this Agreement does not and will not: (A) conflict with or violate any of the terms of any organizational or governance document, stakeholder agreement, any court order or administrative ruling or decree to which it is a party or any of its property is subject, any agreement, contract, indenture, or other binding arrangement to which it is a party or any of its property is subject or any Law; or (B) conflict with, or result in a breach or termination of any of the terms of, or result in the acceleration of any indebtedness or obligations under, any agreement, obligation or instrument by which Issuer Party is bound or to which any property of Issuer Party is subject, or constitute a default thereunder. The execution, delivery and performance of this Agreement is consistent with and accurately described in the Offering Document as set forth in <u>Section 4(b)</u> and <u>Section 4(c)</u> and has been properly described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Issuer Party acknowledges that the status of NCPS is that of agent only for the limited purposes set forth herein to facilitate escrow as set forth herein through the institution in Section 1(d) as escrow agent, and in the case of an Offering pursuant to Regulation Crowdfunding, NCPS will be the "qualified third party", as defined in Regulation Crowdfunding Rule 303(e)(2), and hereby represents and covenants that no representation or implication shall be made that NCPS has investigated the desirability or advisability of investment in the Securities or has approved, endorsed or passed upon the merits of the investment therein and that the name of NCPS has not and shall not be used in any manner in connection with the offer or sale of the Securities other than to state that NCPS has agreed to serve as the facilitator of escrow for the limited purposes set forth herein. Issuer Party shall comply with all Law in connection with the offering of the Securities. By this Agreement, NCPS accepts no other role and assumes no other responsibilities related to the Offering, including, without limitation, managing broker-dealer, placement agent, selling group member or referring broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Issuer Party has the obligation to, and shall, determine a Subscriber's suitability to participate in the Offering, make sure the Offering complies with Law and the Offering Document, verify a Subscriber's identity and perform anti-money laundering, know your customer and any other due diligence in connection with the transactions contemplated by the Offering. The Offering and any offer or sale in the Offering complies with or is exempt from all applicable registrations or qualification requirements, including, without limitation, those of the SEC or state securities regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No person or entity other than the Parties and the prospective Subscribers have, or shall have, any lien, claim or security interest in the Escrow Funds or any part thereof. No financing statement under the Uniform Commercial Code is on file in any jurisdiction claiming a security interest in or describing (whether specifically or generally) the Escrow Funds or any part thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any deposit with NCPS by NCPS and/or Issuer Party of Cash Investment Instruments pursuant to <u>Section 3</u> shall be deemed a representation and warranty by Issuer Party that such Cash Investment Instrument represents a bona fide sale to such Subscriber of the amount of Securities set forth therein in accordance with the terms of the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) In the event Issuer is a Series LLC and/or a series of a Series LLC, Issuer Party shall allocate and/or cause to be allocated any disbursement of Escrow Funds under this Agreement to the appropriate series, and perform any reporting and sub-accounting, all as required by and in compliance with Law and the Offering Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) To the extent Issuer Party will be sharing personal or financial information of a third party with NCPS in connection with this Agreement, Issuer Party shall maintain and obtain the agreement of each such third party, which shall permit the sharing of such third party's information with NCPS and its affiliates and service providers for NCPS and its affiliates and service providers to use, disclose and retain it in connection with this Agreement and the provision of the services hereunder and as required by Law. NCPS shall be a third party beneficiary to such agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Issuer Party's representations, warranties and covenants are continuing and deemed to be reaffirmed each time Issuer Party provides NCPS with any instructions in connection with the Escrow Account. Issuer Party shall immediately notify NCPS if any representation, warranty or covenant ceases to be true, correct, accurate and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Issuer Party shall provide NCPS with immediate notice of any Action (as defined below), threatened Action or facts or circumstances that could lead to any Action involving Issuer Party, its agents or the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NCPS represents, warrants and covenants to Issuer Party as of the Effective Date and at all times during the Term, including, without limitation, at the time of any deposit to or disbursement from the Escrow Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NCPS is an entity duly organized, validly existing and in good standing under the laws of the State of Delaware. NCPS is a broker-dealer registered with the SEC and a member of FINRA and SIPC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) NCPS has full power and authority to enter into and perform this Agreement. This Agreement has been duly executed by NCPS and constitutes the legal, valid, binding, and enforceable obligation of NCPS, enforceable against NCPS in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) NCPS's representations, warranties and covenants are continuing and deemed to be reaffirmed each time Issuer Party provides NCPS with any instructions in connection with the Escrow Account. NCPS shall promptly notify Issuer Party if any representation, warranty or covenant ceases to be true, correct, accurate and complete.

12. **Disclaimer of Advice.** Issuer Party is NCPS's sole customer pursuant to this Agreement. By this Agreement, NCPS is not undertaking to provide any recommendations or advice to any party, including any Subscriber who may be a retail investor, in connection with any offering of securities, NCPS's engagement hereunder or its provision of the services contemplated by this Agreement (including, without limitation, business, investment, solicitation, legal, accounting, regulatory or tax advice). Issuer Party understands that it will be solely responsible for ensuring that any offering and any sale of securities complies with all Law. Issuer Party acknowledges and agrees that it will rely on its own judgment in using NCPS's services.

13. **Survival.** Notwithstanding the expiration or termination of this Agreement or the resignation or removal of NCPS as the facilitator of escrow, the Parties shall continue to be bound by the provisions of this Agreement that reasonably require some action or forbearance (or are required to implement such action or forbearance) after such expiration or termination, including, but not limited to, those related to fees and expenses, indemnities, limitations of and exclusions to NCPS's liability, warranties, choice of law, jurisdiction and dispute resolution and such provisions shall remain operative and in full force and effect and shall survive any disbursement of Escrow Funds and the expiration or termination of this Agreement. Except as the context otherwise requires, all representations, warranties and covenants of Issuer Party contained in this Agreement shall be deemed to be representations, warranties and covenants during the Term, and such representations, warranties and covenants shall remain operative and in full force and effect and shall survive the sale of, and payment for, the securities and the expiration or termination of this Agreement to the extent required for the enforcement thereof.

14. **Assignment.** Except as provided in <u>Section 17</u>, no Party shall assign or otherwise transfer any of its rights, or delegate or otherwise transfer any of its obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law or contract or otherwise, without each other Party's prior written consent; provided NCPS may assign or otherwise transfer its rights, or delegate or otherwise transfer its obligations or performance, under this Agreement pursuant to <u>Section 7</u> or to an affiliated provider of escrow services or agent without any other Party's consent. Any purported assignment, delegation or transfer in violation of this <u>Section 14</u> is void. Subject to this <u>Section 14</u>, this Agreement is binding upon and inures to the benefit of the Parties and their respective successors and permitted assigns irrespective of any change with regard to the name of or the personnel of any Party.

15. **Entirety.** This Agreement incorporates by reference NCPS's and its affiliates' data privacy policies and website terms of use, as posted on NCPS's and its affiliates' website from time to time, with which Issuer Party shall, and shall cause issuers to, comply. This Agreement (including all exhibits, all schedules and NCPS's and its affiliates' data privacy policies and website terms of use) constitutes the sole and entire agreement between the Parties with respect to the acceptance, collection, holding, investment and disbursement of the Escrow Funds and sets forth in their entirety the obligations and duties of NCPS with respect to the Escrow Funds and supersedes and merges all prior and contemporaneous proposals, understandings, agreements, representations and warranties, both written and oral, between the Parties relating to such subject matter.

16. **Amendment; Waiver.** Except as set forth in <u>Section 7</u>, <u>Section 14</u> and <u>Section 22</u>, no amendment to or modification of this Agreement will be effective unless it is in writing and signed by an authorized representative of each Party. No waiver by any Party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the Party so waiving. No failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

17. **Term and Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term of this Agreement commences as of the Effective Date and, unless terminated earlier pursuant to any of this Agreement's express provisions, will continue in effect until the first to occur of the final closing of the Offering and/or the disbursement of all amounts in the Escrow Funds or deposit of all amounts in the Escrow Funds into court pursuant to <u>Section 5</u> or <u>Section 8</u> hereof ("**Term**"), at which time this Agreement shall terminate and NCPS shall have no further obligation or liability whatsoever with respect to this Agreement or the Escrow Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding, NCPS may terminate this Agreement for cause immediately without notice to Issuer Party upon: (a) fraud, malfeasance or willful misconduct by Issuer Party or any of their affiliates; (b) conduct by Issuer Party or any of their affiliates that may jeopardize NCPS's current business, prospective business or professional reputation; (c) any material breach by Issuer Party of this Agreement if such breach is not cured within 10 days of receipt of written notice thereof (to the extent it can be cured), including, but not limited to, any failure to pay any amount under this Agreement when due; or (d) if Issuer Party ceases regular operations or files any petition or commences any case or proceeding under any provision or chapter of the Federal Bankruptcy Act, the Federal Bankruptcy Code, or any other federal or state law relating to insolvency, bankruptcy or reorganization; the adjudication that Issuer Party is insolvent or bankrupt or the entry of an order for relief under the Federal Bankruptcy Code with respect to Issuer; an assignment for the benefit of creditors; the convening by Issuer Party of a meeting of its creditors, or any class thereof, for purposes of effecting a moratorium upon or extension or composition of its debts; or the failure of Issuer Party generally to pay its debts on a timely basis. Any Party may terminate this Agreement for any other or no reason with 90 days' prior written notice to each other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No termination or expiration of this Agreement shall affect the ongoing obligations of Issuer Party to make payments to NCPS in accordance with the terms hereunder and such obligations shall survive. Amounts that would have become payable had this Agreement remained in effect until expiration of the Term will become immediately due and payable upon termination, and Issuer Party shall pay or shall cause to be paid such amounts, together with all previously-accrued but not yet paid fees, on receipt of NCPS's invoice therefor or as otherwise set forth in <u>Exhibit B</u>, <u>Section 9</u> or <u>Section 10</u>. In addition, Issuer Party shall remove any and all references to NCPS from any Offering Document, cease use of NCPS intellectual property and no longer refer to NCPS in connection with the offering.

18. **Dealings.** NCPS and any stockholder, director, officer or employee of NCPS may buy, sell and deal in any of the securities of Issuer Party and become pecuniary interested in any transaction in which Issuer Party may be interested, and contract and lend money to Issuer and otherwise act as fully and freely as though it were not the facilitator of escrow under this Agreement. Nothing herein shall preclude NCPS from acting in any other capacity for Issuer Party or any other entity.

19. **Compliance with Law; Further Assurances.** The Parties expressly agree that, to the extent that the existing law relating to this Agreement changes, and such change affects this Agreement, they will reform the affected portion of this Agreement to comply with the change. Each Party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes of this Agreement.

20. **Choice of Law, Jurisdiction and Dispute Resolution.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and construed under the laws of the State of Delaware, without giving effect to its choice of law, conflict of laws or "borrowing", statutes, rules, principles and precedent. The Parties irrevocably consent to the exclusive jurisdiction of the state and federal courts located in the State of Utah, County of Salt Lake.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party acknowledges and agrees that a breach or threatened breach by a Party of any of its obligations under this Agreement may cause any other Party irreparable harm for which monetary damages may not be an adequate remedy and agrees that, in the event of such breach or threatened breach, any other Party will be entitled to seek equitable relief, including a restraining order, an injunction, specific performance and any other relief that may be available from any court, without any requirement to post a bond or other security, or to prove actual damages or that monetary damages are not an adequate remedy. Such remedies and any other remedies set forth in this Agreement are not exclusive and are cumulative in addition to all other remedies that may be available at law, in equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) TO THE FULLEST EXTENT PERMITTED BY LAW, THE COLLECTIVE AGGREGATE LIABILITY OF THE NCPS PARTIES UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ITS SUBJECT MATTER, TO ISSUER PARTY, ANY OTHER PARTY OR THIRD PARTY, UNDER ANY LEGAL OR EQUITABLE THEORY, WHETHER ARISING OUT OF TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT, STRICT LIABILITY, INDEMNIFICATION, BREACH OF STATUTORY DUTY, BREACH OF WARRANTY, RESTITUTION OR OTHERWISE, WHETHER BROUGHT DIRECTLY OR AS A THIRD PARTY CLAIM, SHALL BE LIMITED TO THE LESSER OF (A) $1,000 OR (B) THE AMOUNT OF FEES PAID BY ISSUER PARTY TO AND RECEIVED BY NCPS DURING THE SIX MONTHS PRECEDING THE DATE OF THE EVENT GIVING RISE TO THE ACCRUAL OF THE ACTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any ACTION arising out of or relating to this Agreement or the transactions contemplated hereby. To the full extent permitted by law, no legal proceeding shall be joined with any other or decided on a class-action basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 20(c)</u>, in any Action, by which one Party either seeks to enforce this Agreement or seeks a declaration of any rights or obligations under this Agreement, the non-prevailing Party will pay the prevailing Party's costs and expenses, including, but not limited to, reasonable attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the NCPS Parties shall be liable to any Issuer Party or to anyone else for any special, exemplary, indirect, incidental, consequential or punitive damages of any kind or for any costs of procurement of substitution of services or any lost profits, lost business, trading losses, loss of use of data or interruption of business or services arising out of this Agreement, including, without limitation, any breach of this Agreement or any services performed, regardless of the basis of liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At NCPS's or its affiliate's determination, a breach under this Agreement by Issuer Party will constitute a default by Issuer Party or its affiliates under any other agreements any of them have then in effect with NCPS or its affiliates and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All rights and remedies of NCPS in this Agreement will be in addition to all other rights and remedies available at law or in equity and shall survive any expiration or termination of this Agreement.

21. **Notices; Consent to Electronic Communications.** All notices, requests, consents, claims, demands, waivers and other communications under this Agreement ("**notices**") have binding legal effect only if in writing and addressed to a Party as set forth on the signature page hereto (or to such other address that such Party may designate from time to time in accordance with this <u>Section 21</u>). Notices sent in accordance with this <u>Section 21</u> will be deemed effectively given: (a) when received, if delivered by hand, with signed confirmation of receipt; (b) when received, if sent by a nationally recognized overnight courier, signature required; or (c) on the third day after the date mailed by certified or registered mail, return receipt requested, postage prepaid. In addition, Issuer Party consents to the receipt of notices electronically via email.

22. **Severability.** If any provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement or invalidate or render unenforceable such provision in any other jurisdiction. Upon such determination that any provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally contemplated to the greatest extent possible.

23. **Relationship of the Parties.** Nothing contained in this Agreement shall be construed as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between the Parties, and no Party shall have authority to contract for or bind any other Party in any manner whatsoever.

24. **No Third Party Beneficiaries.** Except as otherwise set forth in <u>Section 9</u>, this Agreement is for the sole benefit of the Parties and, subject to <u>Section 14</u>, their respective successors and assigns. Nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. NCPS Parties shall be third party beneficiaries as set forth in <u>Section 9</u>.

25. **Interpretation; Headings and References.** The Parties intend this Agreement to be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting an instrument or causing any instrument to be drafted. Further, the headings used in this Agreement and the references throughout to the policies and documents constituting this Agreement are for convenience only and are not intended to be used as an aid to interpretation. All such references are subject to the full text of such policies and documents. Any decision by NCPS with respect to the interpretation or application of this Agreement shall be final and binding on Issuer Party.

26. **Gender; Number.** Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context indicates is appropriate. If one or more persons or entities constitute "**Issuer Party**", as defined in the introductory paragraph, references to "**Issuer Party**" in this Agreement shall include references to each Issuer Party individually, together and collectively, jointly and severally.

27. **Intellectual Property; Confidential Information.** All trademarks, service marks, patents, copyrights, trade secrets, confidential information, and other proprietary rights of each Party shall remain the exclusive property of such Party, whether or not specifically recognized or perfected under Law. Issuer Party shall not use, disclose or retain confidential information (including personally identifiable information or other account information) of NCPS Parties or any third parties that Issuer Party or its affiliates or their employees, directors, officers, consultants, independent contractors, advisors and auditors may receive or otherwise have access to in connection with the transactions contemplated by this Agreement except as contemplated by this Agreement or the performance hereof. NCPS and its affiliates may retain copies of and disclose and use any data or information collected from or on behalf of any Issuer Party or otherwise up to and throughout this Agreement as may be required in connection with legal, financial or regulatory filings, audits, discussions or examinations or as otherwise required by Law.

28. **Counterparts.** This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. Upon execution and delivery of a counterpart to this Agreement by the Parties, each Party shall be bound by this Agreement. A signed copy of this Agreement by facsimile, email or other means of electronic transmission or signature is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

29. **Anti-Money Laundering.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Issuer Party acknowledges that NCPS is subject to U.S. federal Law, including the CIP requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which NCPS must obtain, verify and record information that allows NCPS to identify customers of NCPS opening accounts. Accordingly, NCPS will ask Issuer Party to provide, and Issuer Party shall provide upon NCPS's request, certain information, including, but not limited to, name, physical address, tax identification number, organizational documents, certificates of good standing, financial statements, licenses to do business and other information that will help NCPS to identify and verify a person's identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree to comply with all applicable anti-money laundering Law and government guidance, including the reporting, recordkeeping and compliance requirements of the Bank Secrecy Act, as amended by the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2002, Title III of the USA PATRIOT Act, its implementing regulations, and related SEC, state regulatory organizations and FINRA rules. Each Party shall comply with all other anti-money laundering Law outside of the U.S. applicable to such Party or such Party's activities under this Agreement. NCPS is entitled to rely on Issuer Party's CIP, anti-money laundering program and OFAC Sanctions Compliance Program, and upon NCPS's request, Issuer Party shall provide customary certifications with respect thereto.

30. **Privacy.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party agrees any non-public personal information (as defined in Regulation S-P of the SEC) disclosed to it in connection with this Agreement is being disclosed for the specific purpose of permitting such Party to perform such Party's obligations and the services set forth in this Agreement. Each Party agrees that, with respect to such information, it will comply with Regulation S-P of the SEC, the Gramm-Leach-Bliley Act (15 U.S.C § 6081 et seq.) and all other applicable U.S. privacy Law and it will not disclose any non-public personal information received in connection with this Agreement to any other party (except to the other Party), except to the extent required to carry out this Agreement or as otherwise permitted or required by Law. Each Party shall comply with all other privacy Law outside of the U.S. applicable to such Party or such Party's activities in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall: (a) as applicable to such Party, comply with all applicable requirements of the CCPA (as defined below), when collecting, using, retaining or disclosing personal information; (b) limit personal information collection, use, retention and disclosure to activities reasonably necessary and proportionate to the performance of this Agreement or other compatible operational purpose; (c) only collect, use, retain or disclose personal information collected in connection with this Agreement; (d) not collect, use, retain, disclose, sell or otherwise make personal information available for such Party's own commercial purposes or in a way that does not comply with the CCPA, as applicable to such Party; (e) promptly comply with the other Party's request or instruction requiring such Party to provide, amend, transfer or delete the personal information, or to stop, mitigate, or remedy any unauthorized processing; (f) reasonably cooperate and assist the other Party in meeting any compliance obligations and responding to related inquiries, including responding to verifiable consumer requests, taking into account the nature of such Party's processing and the information available to such Party; and (g) notify the other Party immediately if it receives any complaint, notice or communication that directly or indirectly relates to either Party's compliance. For purposes of this Agreement, "**CCPA**" means the California Consumer Privacy Act of 2018, as amended (Cal. Civ. Code §§ 1798.100 to 1798.199), and any related regulations or guidance provided by the California Attorney General.

31. **Citations.** Any reference to Law are current citations. Any changes in the citations (whether or not there are any changes in the text of such Law) shall be automatically incorporated into this Agreement.

**[Signatures appear on following page(s).**]

In witness whereof, the Parties have duly executed this Agreement effective as of the Effective Date.

**Effective Date:**______________________________

**Offering Name:**_____________________________

**Minimum Offering:**__________________________ (including offline investments and in kind contributions and similar creditable amounts)

**Total Offering Amount:**_______________________

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Offering Exemption:** | ☐ | Rule 506(b) of Regulation D | ☐ | Rule 506(c) of Regulation D | ☐ | Regulation A |
|  | ☐ | Regulation Crowdfunding |  |  |  |  |

---

**ISSUER (If a Series LLC, include both the Series and the Series LLC):**

---

| | |
|:---|:---|
| Entity Name: ______________________________________ | Entity Name: _______________________________________ |
| Jurisdiction: _______________________________________ | Jurisdiction: _______________________________________ |
| By: ______________________________________________ | By: ______________________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) |
| Name: ____________________________________________ | Name: ____________________________________________ |
| Title: _____________________________________________ | Title: _____________________________________________ |
| Date: _____________________________________________ | Date: _____________________________________________ |
| Email: ____________________________________________ | Email: ____________________________________________ |
| With a copy to: _____________________________________ | With a copy to: _____________________________________ |
| Address: __________________________________________ | Address: __________________________________________ |

---

---

| | |
|:---|:---|
| **MANAGER** | **PLATFORM:** |
| Entity Name: _______________________________________ | Entity Name: _______________________________________ |
| Jurisdiction: _______________________________________ | Jurisdiction: _______________________________________ |
| By: ______________________________________________ | By: ______________________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) |
| Name: ____________________________________________ | Name: ____________________________________________ |
| Title: _____________________________________________ | Title: _____________________________________________ |
| Date: _____________________________________________ | Date: _____________________________________________ |
| Email: ____________________________________________ | Email: ____________________________________________ |
| Address: __________________________________________ | Address: __________________________________________ |

---

---

| |
|:---|
| **NCPS:** |
| North Capital Private Securities Corporation |
| Jurisdiction: <u>Delaware</u>_____________________________ |
| By: ______________________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Signature) |
| Name: ____________________________________________ |
| Title: _____________________________________________ |
| Date: _____________________________________________ |
| Email: ____________________________________________ |
| With a copy to: _____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;______________________________________ |
| Address: _____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;_____________________________________ |

---

---

| | |
|:---|:---|
| Issuer Party Payment Information: |  |
| ☐ Use payment information currently on file with NCPS; or |  |
| Complete the payment information below: |  |
| &nbsp;&nbsp;&nbsp;<u>Credit Card</u> | <u>ACH/Wire Information</u> |
| &nbsp;&nbsp;&nbsp;Name on Card:____________________________________ | Bank Name:______________________________________ |
| &nbsp;&nbsp;&nbsp;Credit Card Number:________________________________ | Account Holder Name:_____________________________ |
| &nbsp;&nbsp;&nbsp;Expiration Date (MM/YY):___________________________ | Routing Number:__________________________________ |
| &nbsp;&nbsp;&nbsp;Billing Address:___________________________________ | Account Number:_________________________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ___________________________________ | Account Type (Checking/Savings):____________________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ___________________________________ |  |
|  | <u>Billing Contact Person</u> |
|  | Name:__________________________________________ |
|  | Email:__________________________________________ |
|  | Telephone Number:_______________________________ |

---

**<u>EXHIBIT A</u>**

**CONTINGENT OFFERING**

If the Offering is a contingent offering as this term is referenced under Rule 15c2-4 of the Exchange Act ("**Rule**"), the distribution is being made with the express understanding that Escrow Funds are not to be released to Issuer until some further event or contingency occurs, as described in this <u>Exhibit A</u>, in accordance with the Rule.

Investor funds will be promptly deposited in a separate bank escrow account, with NCPS serving as agent for the persons who have the beneficial interests therein, until the appropriate event or contingency has occurred.

Upon certification that all contingencies have been met, the Escrow Funds will be promptly distributed to Issuer. If the contingencies fail to be satisfied as required by the Offering, the Escrow Funds will be returned to the persons or entities entitled thereto.

The following contingencies apply to the Offering (*please check all that apply*):

&nbsp;&nbsp;&nbsp;&nbsp;□ None.

&nbsp;&nbsp;&nbsp;&nbsp;□ Issuer KYC, AML, and Bad Actor Check screening
are complete for Issuer and all Control Persons of Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;□ Certain listed events will have occurred prior to closing (*please specify*):

&nbsp;&nbsp;&nbsp;&nbsp;□ Other contingencies (*please describe*):

**<u>EXHIBIT B</u>**

**FEES AND EXPENSES**

---

| | |
|:---|:---|
| Escrow Administration Fee: | $500 set-up and administration for 12 months (or partial period); |
|  | $250 for each additional 12 months (or partial period) |
| Issuer Routable Account Number: | $150 per month |
| Out-of-Pocket Expenses: | Billed at cost |
| Check Disbursements: | $10.00 per check (incoming/outgoing) |
| Transactional Costs: | $100.00 for each additional escrow break |
|  | $100.00 for each escrow amendment |
|  | $50.00 for reprocessing a closing |
| Wire Disbursements: | $25.00 per domestic wire (incoming/outgoing) |
|  | $45.00 per international wire (incoming/outgoing) |
| ACH Disbursements: | $25.00, plus 0.1% on the amount transferred |
| ACH Dispute/Chargeback: | $25.00 per reversal/chargeback |
| ACH Failure Return Fee: | $1.50 per failure/return |
| Plaid Bank Verification Fee:\* | $1.80 per linked account |
| Credit Card Transaction Fees Percentage Rate:\* | 3.15% on the amount transferred |
| Credit Card Transaction Fees Base Rate:\* | $0.70 per each transaction |
| Credit Card Dispute/Chargeback Fee:\* | $25.00 per reversal/chargeback |

---

Issuer Party shall pay NCPS the Escrow Administration Fee upon execution of this Agreement. In the event the escrow is not funded, the Fee and all related expenses, including attorneys' fees, remain due and payable, and once paid, will not be refunded. Annual fees cover a full year in advance, or any part thereof, and thus are not pro-rated in the year of termination.

Escrow Parties shall pay such fees immediately upon NCPS's demand, or at NCPS's option, NCPS may deduct such fees from any disbursement of Escrow Funds from the Escrow Account as provided in <u>Section 10(d)</u>.

The fees quoted in this schedule apply to services ordinarily rendered in the administration of an Escrow Account and are subject to reasonable adjustment based on final review of documents, or when NCPS is called upon to undertake unusual duties or responsibilities, or as changes in law, procedures, or the cost of doing business demand. Services in addition to and not contemplated in this Agreement, including, but not limited to, document amendments and revisions, non-standard cash and/or investment transactions, calculations, notices and reports and legal fees, will be billed as extraordinary expenses and capped at $15,000.

Extraordinary fees are payable to NCPS for duties or responsibilities not expected to be incurred at the outset of the transaction, not routine or customary, and not incurred in the ordinary course of business. Payment of extraordinary fees is appropriate where particular inquiries, events or developments are unexpected, even if the possibility of such things could have been identified at the inception of the transaction.

Unless otherwise indicated, the above fees relate to the establishment of one escrow account. Additional sub-accounts governed by the same Escrow Agreement may incur an additional charge. Transaction costs include charges for wire transfers, checks, internal transfers and securities transactions.

NCPS may increase the amounts set forth in this <u>Exhibit B</u> by providing written notice to Issuer Party such increase to be effective as of such notice, and the fees will be deemed amended accordingly without further notice or consent; provided that Issuer Party may terminate this Agreement pursuant to <u>Section 17</u>.

NCPS may submit any payment information provided to it by an Issuer Party in connection with this Agreement against any fees due from such Issuer Party. Each Issuer Party consents to NCPS retaining and using such payment information for future invoices and as provided in this Agreement. All payments shall be in US dollars in immediately available funds.

\**If applicable to the Offering and subject to the terms and conditions for NCPS's payment processing facilitation services*.

\*\**The fees payable under this Agreement, plus the other relevant fees, attributable to any public offering (including any interest thereon), shall be capped at an aggregate amount not to exceed as permitted by applicable FINRA rules*.

ALL FEES AND EXPENSES PAID TO NCPS ARE NON-REFUNDABLE.

## Ex1A-11

**Exhibit 11.1**

![](image_010.jpg)

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the use in the Offering Circular constituting a part of this Offering Statement on Form 1-A, as it may be amended, of our Independent Auditor's Report dated December 7, 2022 relating to the balance sheet of Exceed Talent Capital Holdings, LLC as of July 14, 2022 (inception) and the related notes to the financial statement.

**/s/ Artesian CPA, LLC**

Denver, CO

January 5, 2023

## Ex1A-13

**Exhibit 13.1**

![](image_011.jpg)

12/22/22, 6:37 PM Exceed UPCOMING RELEASES A WHOLE NEW WAY TO INVEST IN AND ENGAGE WITH TALENT One Platform To Invest, Earn, Interact, Inﬂuence, And Celebrate Talent EXCEED ROOKIE CLASS DaylinXL, Alex Envy, Luh Moody FREE MINT https://www.exceedtc.com 1 /6

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12/22/22, 6:37 PM Exceed BEDTIME Lil Durk & Doodie Lo COMING SOON EGO Big Havi COMING SOON STAY UP TO DATE Sign Up For Exceed And Get Notiﬁed About Our Latest Releases! S I G N U P IMAGINING AN ENTERTAINMENT INDUSTRY OWNED BY ARTISTS AND THEIR FANS EARN ROYALTIES ALONGSIDE ARTISTS UNLOCK EXCLUSIVE ACCESS AND PEACE OF MIND https://www.exceedtc.com 2 /6

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12/22/22, 6:37 PM Exceed RECENT PRESS RELEASES Fans invest in talent projects and iconic IP by purchasing shares that provide ﬁnancial returns based on performance. EXTRAS Fans receive exclusive rewards, content, and beneﬁts from the artists they invest in. INVESTING On Exceed's SEC/FINRA approved trading platform. Safely invest in real talent. RESHAPING THE DYNAMICS BETWEEN CREATORS AND FANS Exceed combines fandom with real ﬁnancial investment. Fans invest in their favorite Talent, become part of an exclusive community of investors, and gain access to unique beneﬁts, along with the potential of real ﬁnancial gains driven by that Talent's success. Download the app and start investing in your favorite artists! https://www.exceedtc.com 3 /6

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12/22/22, 6:37 PM Exceed ARE YOU AN ARTIST? Want to partner with us on a project? We'd love to hear from you! C O N TACT A R T I S T T E A M ANTHONY MARTINI NAMED PRESIDENT OF EXCEED TALENT CAPITAL Read Full Stor y LIL DURK TO OFFER FANS SHARES OF ROYALTIES FROM NEXT SONG, " BEDTIME " Read Full Stor y THE DEALS: WMG PARTNERS WITH NFT PLATFORM OPENSEA; AUDIUS ACQUIRES SOUNDSTAGE.FM Read Full Stor y HAVE QUESTIONS? WE GOT YOU. What is Exceed? What payment methods can I use to buy TalentShares? How does investing in Talent work? What is meant by "Talent" as an Asset Class? What are TalentShares? When I invest, what do I get? How do I make money on my TalentShares? How do I trade my TalentShares? https://www.exceedtc.com 4 /6

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12/22/22, 6:37 PM Exceed V I S I T O U R H E L P C E N T E R How often will I receive distributions? What does AML and KYC approval mean? How does my investment support the Talent? What is " Testing the Waters " ? What is a Regulation A+ Offering? What are music royalties? Are there risks to these investments? EXCEED HOME FAQ CONTACT US© 2022 EXCEED LTD. ALL RIGHTS RESERVED https://www.exceedtc.com 5 /6 PRIVACY POLICY TERMS OF USE Exceed Does Not Give Investment Advice, Endorsement, Analysis Or Recommendations With Respect To Any Securities And/Or Offerings. The Content Of This Site Should Not Be Construed As Financial Advice Nor As An Offer Or Solicitation To Any Person In Any Jurisdiction To Purchase Or Subscribe For Any Investment Or Security. Offers Are Made Exclusively Through Exceed's Official Offering Documents And Solely To Eligible Investors In Jurisdictions Where Such Offer, Distribution, Publication, Availability Or Use Would Be Permitted Under Applicable Laws. All Information In This Site Is Provided "As Is", Neither Exceed Nor Any Of Its Affiliates, Officers, Directors, Agents, Employees And/Or Representatives Make Any Warranty, Express Or Implied, Of Any Kind, Related To The Adequacy, Accuracy Or Completeness Of That Information Or The Use Of It. Any Decision To Invest Should Be Made Only On The Basis Of The Relevant Documentation For Each Investment And The Risks Detailed Therein.

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https://www.exceedtc.com 6 /6 12/22/22, 6:37 PM Exceed Exceed Is 'Testing The Waters' To Gauge Investor Interest In An Offering Under SEC Regulation A (An IPO). No Money Or Other Consideration Is Being Solicited At This Time For The Sale Of Securities, And If Any Is Sent, It Will Not Be Accepted. No Offer To Buy Securities Is Being Accepted. Any Indication Of Interest In Purchasing Securities Involves No Obligation Or Commitment Of Any Kind By You Or Exceed. There Is No Guarantee That This, Or Any Other, Offering On The Exceed Platform Will Proceed. Details Of Platinum Club Membership Beneﬁts Are Subject To Change.

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12/22/22, 6:38 PM Exceed FREQUENTLY ASKED QUESTIONS What is Exceed? What payment methods can I use to buy TalentShares? How does investing in Talent work? What is meant by "Talent" as an Asset Class? What are TalentShares? When I invest, what do I get? How do I make money on my TalentShares? How do I trade my TalentShares? How often will I receive distributions? What does AML and KYC approval mean? How does my investment support the Talent? What is "Testing the Waters"? What is a Regulation A+ Offering? What are music royalties? Are there risks to these investments? EXCEED HOME https://www.exceedtc.com/faq 1/2

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12/22/22, 6:38 PM Exceed FAQ CONTACT US© 2022 EXCEED LTD. ALL RIGHTS RESERVED https://www.exceedtc.com/faq 2/2 PRIVACY POLICY TERMS OF USE Exceed Does Not Give Investment Advice, Endorsement, Analysis Or Recommendations With Respect To Any Securities And/Or Offerings. The Content Of This Site Should Not Be Construed As Financial Advice Nor As An Offer Or Solicitation To Any Person In Any Jurisdiction To Purchase Or Subscribe For Any Investment Or Security. Offers Are Made Exclusively Through Exceed's Official Offering Documents And Solely To Eligible Investors In Jurisdictions Where Such Offer, Distribution, Publication, Availability Or Use Would Be Permitted Under Applicable Laws. All Information In This Site Is Provided "As Is", Neither Exceed Nor Any Of Its Affiliates, Officers, Directors, Agents, Employees And/Or Representatives Make Any Warranty, Express Or Implied, Of Any Kind, Related To The Adequacy, Accuracy Or Completeness Of That Information Or The Use Of It. Any Decision To Invest Should Be Made Only On The Basis Of The Relevant Documentation For Each Investment And The Risks Detailed Therein. Exceed Is 'Testing The Waters' To Gauge Investor Interest In An Offering Under SEC Regulation A (An IPO). No Money Or Other Consideration Is Being Solicited At This Time For The Sale Of Securities, And If Any Is Sent, It Will Not Be Accepted. No Offer To Buy Securities Is Being Accepted. Any Indication Of Interest In Purchasing Securities Involves No Obligation Or Commitment Of Any Kind By You Or Exceed. There Is No Guarantee That This, Or Any Other, Offering On The Exceed Platform Will Proceed. Details Of Platinum Club Membership Beneﬁts Are Subject To Change.

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12/22/22, 6:36 PM Exceed UNCOMMON Uncommon CNDUCTR Pre - loaded with stems from a song by one of the Exceed Rookie Class Artists Whitelist spot for the upcoming Lil Durk and OTF mint on Exceed https://rookieclass.exceedtc.com 3/10

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12/22/22, 6:36 PM Exceed RARE Rare CNDUCTR Pre - loaded with stems from a song by one of the Exceed Rookie Class Artists Whitelist spot for the upcoming Lil Durk and OTF mint on Exceed "Priority list reservation" to purchase shares in each of the Rookie Class artist's intended Reg A mini IPO's https://rookieclass.exceedtc.com 4/10

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12/22/22, 6:36 PM Exceed https://rookieclass.exceedtc.com 5/10

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12/22/22, 6:36 PM Exceed LEGENDARY Legendary CNDUCTR Pre - loaded with stems from a song by one of the Exceed Rookie Class Artists Whitelist spot for the upcoming Lil Durk and OTF mint on Exceed "Priority list reservation" to purchase shares in each of the Rookie Class artist's intended Reg A mini IPO's A BREAKDOWN TOTAL TOKENS 3,333 LAUNCH DATE DECEMBER 20TH 2022 AMOUNT RAISED $ N / A USD MEET THE ARTISTS https://rookieclass.exceedtc.com 6/10

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12/22/22, 6:36 PM Exceed DaylinXL DaylinXL is a rising recording artist with a passion for both music and basketball. With a background in the sport, DaylinXL attended Mississippi Valley State on a Division 1 scholarship before pursuing his true calling in music. After relocating to Los Angeles, he joined an artist incubator program run by multi - platinum songwriter and producer Kool Kojack. It was there that he connected with fellow Milwaukee producer Jaron Tsuchiyama, and the two began working on DaylinXL's debut EP, "Before it's 2 Late". Featuring nine tracks and blending various genres, "Before it's 2 Late" was released in February and was inspired by DaylinXL's late grandmother, who passed away from breast cancer. Her voice is featured on the introduction of the song "Yellow Flowers", and the project's lead single, "We Slide", features Chicken P, a leading artist in the Milwaukee hip - hop community. DaylinXL is now focused on recording more music and launching his own fashion brand. His next project, "The Hills Revisited", is slated for release in 2023. Keep an eye out for this rising star. https://rookieclass.exceedtc.com 7/10

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12/22/22, 6:36 PM Exceed Luh Moody Luh Moody is a twenty - one year old recording artist hailing from Chicago, Illinois. Having experienced immense poverty and chronic instability as a child, Moody's music is deeply introspective, delving into the many traumatic experiences he endured. Despite his turbulent past, Moody's music also contains hopeful undertones, as he aspires to obtain success and share it with his loved ones. Stylistically, Moody is incredibly versatile, balancing melodic choruses with gritty drill raps. His ﬁrst single, "Heartache at 3AM", was a melodic ode to a close friend who was tragically murdered in Chicago. The music video was directed by Chris Peterson, a notable videographer who has worked with many prominent artists in the Midwest. Moody's debut project, "Trauma Bonds", is set to release in January 2023 and will be made available on Exceed Talent, providing fans with the opportunity to invest in the project. Keep an eye out for this talented and introspective artist. https://rookieclass.exceedtc.com 8/10

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12/22/22, 6:36 PM Exceed HAVE QUESTIONS? WE GOT YOU. Alex Envy Alex Envy is an eighteen year old singer - songwriter from Milwaukee who developed his musical inclination at an early age, as he used to beat on lunch tables and belch out melodies in middle school As a songwriter, Alex leans into his vulnerability, as his lyricism vividly details experiences of heartache and emotional devastation. Despite only having a few singles released, Alex has already positioned himself as a rising ﬁgure within Milwaukee's alternative music scene, as he's worked closely with Stok3y and Run Along Forever. Alex is gearing up to release his debut project, Bad for Us, which will be available across streaming platforms in January 2023 https://rookieclass.exceedtc.com 9/10

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12/22/22, 6:36 PM Exceed V I S I T O U R H E L P C E N T E R What is Exceed? What is the Exceed Rookie Class NFT? What does " Priority List Reservation " mean? What is the CNDUCTR Stem Player? EXCEED HOME FAQ CONTACT US© 2022 EXCEED LTD. ALL RIGHTS RESERVED https://rookieclass.exceedtc.com 10/10 PRIVACY POLICY TERMS OF USE Exceed Does Not Give Investment Advice, Endorsement, Analysis Or Recommendations With Respect To Any Securities And/Or Offerings. The Content Of This Site Should Not Be Construed As Financial Advice Nor As An Offer Or Solicitation To Any Person In Any Jurisdiction To Purchase Or Subscribe For Any Investment Or Security. Offers Are Made Exclusively Through Exceed's Official Offering Documents And Solely To Eligible Investors In Jurisdictions Where Such Offer, Distribution, Publication, Availability Or Use Would Be Permitted Under Applicable Laws. All Information In This Site Is Provided "As Is", Neither Exceed Nor Any Of Its Affiliates, Officers, Directors, Agents, Employees And/Or Representatives Make Any Warranty, Express Or Implied, Of Any Kind, Related To The Adequacy, Accuracy Or Completeness Of That Information Or The Use Of It. Any Decision To Invest Should Be Made Only On The Basis Of The Relevant Documentation For Each Investment And The Risks Detailed Therein. Exceed Is 'Testing The Waters' To Gauge Investor Interest In An Offering Under SEC Regulation A (An IPO). No Money Or Other Consideration Is Being Solicited At This Time For The Sale Of Securities, And If Any Is Sent, It Will Not Be Accepted. No Offer To Buy Securities Is Being Accepted. Any Indication Of Interest In Purchasing Securities Involves No Obligation Or Commitment Of Any Kind By You Or Exceed. There Is No Guarantee That This, Or Any Other, Offering On The Exceed Platform Will Proceed. Details Of Platinum Club Membership Beneﬁts Are Subject To Change.

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12/22/22, 6:36 PM Exceed SONG BEDTIME "Bedtime" is a song set to be released by Lil Durk's OTF collective in Q1 of 2023. The track features longtime collaborator and OTF member Doodie Lo. OTF EXCEED PASS Lil Durk has partnered with Exceed to present the OTF Exceed Pass; a digital pass in honor and celebration of Lil Durk and Doodie Lo's planned mini - IPO under Regulation A of the streaming royalty earnings from their upcoming song 'Bedtime', set to appear on the forthcoming album from Lil Durk's OTF collective. Each OTF Exceed Pass comes equipped with an CNDCTR Stem player loaded with never before heard OTF music. In addition, OTF Exceed Pass holders will receive a lifetime Exceed Platinum Club Membership . EXCEED PLATINUM CLUB MEMBERSHIP All OTF Exceed Pass holders will get an Exceed Platinum Club Membership with the following beneﬁts\*: Priority list reservation\*\* for all future planned artist Reg A IPOs and royalty sales on the Exceed platform, including the upcoming Reg A Mini IPO for "Bedtime" by Lil Durk feat. Doodie Lo. No minimum share purchase requirements for all qualiﬁed offerings on the Exceed platform. No transaction and processing fees on Exceed platform purchases of TalentShares. \*Subject to change without notice \*\*Priority list reservations grant holders access to artists' mini - IPOs and sales before the general public. https://lildurk.exceedtc.com 1/7

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12/22/22, 6:36 PM Exceed GOLD $75 Lifetime Exceed Platinum Club Membership Gold OTF CNDUCTR Web3 Stem Player to be loaded with "Bedtime" by Lil Durk. COMING SOON 2000 / 2000 TOKEN LEFT https://lildurk.exceedtc.com 2/7

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12/22/22, 6:36 PM Exceed PLATINUM $150 Lifetime Exceed Platinum Club Membership Platinum OTF CNDUCTR Web3 Stem Player to be loaded with "Bedtime" + 1 never before released OTF song. +Virtual meet and greet with Lil Durk COMING SOON 1000 / 1000 TOKEN LEFT https://lildurk.exceedtc.com 3/7

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12/22/22, 6:36 PM Exceed DIAMOND $300 Lifetime Exceed Platinum Club Membership Platinum OTF CNDUCTR Web3 Stem Player to be loaded with "Bedtime" + 2 never before released OTF songs. +Virtual meet and greet with Lil Durk +VIP ticket(s) to upcoming Lil Durk tour https://lildurk.exceedtc.com 4/7

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12/22/22, 6:36 PM Exceed LIL DURK & OTF ' S GLOBAL SOCIAL REACH 3+ BILLION STREAMS, 17+ MILLION MONTHLY LISTENERS COMBINED PERFORMANCE COMING SOON 333 / 333 TOKEN LEFT A BREAKDOWN TOTAL TOKENS 3,333 3 Tiers LAUNCH DATE TBA 2023 AMOUNT RAISED $- - USD 3+ Billion Total track streams over 3 years 12X Platinum 30X Gold Artist 17M Monthly Listeners 5M Subscribers 3.5B Video Views 14M Followers 5M Followers 7M Monthly Followers 2M Followers 3.1B Video Views https://lildurk.exceedtc.com 5/7

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12/22/22, 6:36 PM Exceed Track 1 Year Streams Est. Stream Rev Release Date HellCats 290,000,000 $1,450,000 12/17/2021 Broadway Girls 277,000,000 $1,385,000 3/5/2021 Every Chance I Get 449,000,000 $2,245,000 4/21/2021 The Voice of Heroes 119,000,000 $595,000 6/1/2021 Ahh Ha 334,000,000 $1,670,000 2/21/2022 2040 140,000,000 $700,000 6/3/2021 Hats Off 244,000,000 $1,220,000 6/3/2021 How it Feels 168,000,000 $840,000 6/3/2021 Assumes $0.005/stream based on weighted average of data provided by Headphonesty report of DSPs INVESTMENT ECONOMICS You Will Earn A Share Of The Income Potentially Generated By The Song: Series Bedtime has obtained 50% of the income rights to Bedtime, which entitles it to receive 50% of any potential future royalty payments HAVE QUESTIONS? WE GOT YOU. STREAMING DOWNLOAD SERIES BEDTIME RIGHTS HOLDERS OTHER RIGHTS HOLDERS https://lildurk.exceedtc.com 6/7

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12/22/22, 6:36 PM Exceed V I S I T O U R H E L P C E N T E R What is Exceed? What is the " OTF Exceed Pass " ? What does " Priority List Reservation " mean? What is the CNDUCTR Stem Player? What is the Exceed Platinum Club? EXCEED HOME FAQ CONTACT US© 2022 EXCEED LTD. ALL RIGHTS RESERVED https://lildurk.exceedtc.com 7/7 PRIVACY POLICY TERMS OF USE Exceed Does Not Give Investment Advice, Endorsement, Analysis Or Recommendations With Respect To Any Securities And/Or Offerings. The Content Of This Site Should Not Be Construed As Financial Advice Nor As An Offer Or Solicitation To Any Person In Any Jurisdiction To Purchase Or Subscribe For Any Investment Or Security. Offers Are Made Exclusively Through Exceed's Official Offering Documents And Solely To Eligible Investors In Jurisdictions Where Such Offer, Distribution, Publication, Availability Or Use Would Be Permitted Under Applicable Laws. All Information In This Site Is Provided "As Is", Neither Exceed Nor Any Of Its Affiliates, Officers, Directors, Agents, Employees And/Or Representatives Make Any Warranty, Express Or Implied, Of Any Kind, Related To The Adequacy, Accuracy Or Completeness Of That Information Or The Use Of It. Any Decision To Invest Should Be Made Only On The Basis Of The Relevant Documentation For Each Investment And The Risks Detailed Therein. Exceed Is 'Testing The Waters' To Gauge Investor Interest In An Offering Under SEC Regulation A (An IPO). No Money Or Other Consideration Is Being Solicited At This Time For The Sale Of Securities, And If Any Is Sent, It Will Not Be Accepted. No Offer To Buy Securities Is Being Accepted. Any Indication Of Interest In Purchasing Securities Involves No Obligation Or Commitment Of Any Kind By You Or Exceed. There Is No Guarantee That This, Or Any Other, Offering On The Exceed Platform Will Proceed. Details Of Platinum Club Membership Beneﬁts Are Subject To Change.

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**<u>Note</u>:** **the "Trenches Pass" concept referred to in this Press Release was abandoned in November 2022. No Trenches Passes were sold.** 

**------**

**LIL DURK PARTNERS WITH EXCEED FOR PLANNED IPO OF UPCOMING MUSIC**

**OFFERS EXCLUSIVE ACCESS TO CUSTOM GRAND THEFT AUTO SERVER AS PART OF FAN EXPERIENCE**

***Rapper. Entrepreneur. Investor: Lil Durk Fuses Music and Gaming with Upcoming GTA-Based Digital Collectible Release***

**(Los Angeles, CA) - October 25th, 2022** - **Exceed** Talent Capital, the top platform enabling people to purchase SEC-compliant shares of talent, announced Chicago's Voice of the Streets, Lil Durk has partnered with them to offer a planned IPO for his upcoming OTF collaboration release of the song "Bedtime" with his artist Doodie Lo, giving fans a chance to participate in the revenues of royalties from the song.

To commemorate this partnership, Lil Durk and Exceed will release the "Trenches All-Access Pass," which will enable exclusive access to the private Grand Theft Auto roleplay server custom-built by Lil Durk and his OTF Gaming company. The Exceed pre-sale grants immediate lifetime access, limited edition in-game wearables, and gives holders first dibs on shares from the intended music IPO.

Exceed's core mission, as the platform's President, Anthony Martini, explains, is to "Enable artists to IPO their work so fans can literally become partners with them," said Martini. "We believe this incentivizes the highest levels of engagement which is a win all around."

Lil Durk explains his motivation behind the partnership, "Where I'm from, few own anything. As The Voice of the Trenches and for my label OTF, I'm always looking for ways to expand and give back to my people. Exceed makes it possible for my fans to become part of my team and share in our success together."

Rita Lee, CEO of TTPMG adds, "I've always wanted to implement a fractional IP sale, but there are so many legal and regulatory barriers. Exceed is the first company that seems to have taken time to do it properly and I'm excited about how we can empower more creatives and democratize access to blue chip IP for the community and beyond. The industry needed this."

Since its release last month, Lil Durk's gaming initiative has acted as a space to promote music through the server's radio broadcasting and for players to interact with each other and their favorite artist. The experience will become an even more intimate space following the sale.

**Each Trenches Pass contains the following:**

● Priority list reservation for first dibs on Talentshares from Lil Durk's planned IPO for his upcoming OTF collaboration release
of the song "Bedtime" with his artist Doodie Lo

● Instant and lifetime access to Lil Durk's Premium Trenches GTA server, where fans can interact and game alongside Lil Durk

● Trenches GTA Online Loot Box - each Loot Box will contain limited edition in-game wearables from a collection of over 1000 custom items
made exclusively for Trenches Pass holders.

● A selection of IRL perks, like one-of-a-kind physical items, interactions with Lil Durk himself, VIP designation for in-person events,
free concert tickets and more.

While the "Trenches All-Access Pass" can technically be considered an NFT, Exceed takes a unique approach to web3. Martini explains, "We believe the blockchain is a really efficient way to deliver and authenticate digital assets. We're not talking about JPEGs that sit in your wallet; in fact, you don't even need a wallet to participate. We're simply using tokens to deliver assets that people can use in ways they're already familiar with. Think of it as web 2.5."

Lil Durk, alongside OTF Gaming Co-Founder and former FaZe Clan member Zephyr, looks forward to the upcoming release and the prospect of growing the platform further. "We wanted to create an amazingly refreshing experience for gamers and roleplayers in the RP and FiveM community with a combination of the Gaming Industry and Music Industry," said Zephyr. "The Trenches Server will host regular events and integrate them with both endemic and non-endemic brands in the gaming space to showcase them and have our players engage with their brands/products. This includes digital music festivals and a lot more."

Reserve your spot for the NFT sale and VIP access to the intended music IPO now at http://lildurk.exceedtc.com.

Exceed is 'testing the waters' to gauge investor interest in an offering under SEC Regulation A (an IPO). No money or other consideration is being solicited at this time for the sale of securities, and if any is sent, it will not be accepted. No offer to buy securities is being accepted. Any indication of interest in securities involves no obligation or commitment of any kind.

**ABOUT EXCEED**

Exceed is a platform that enables talent to create a legally compliant IPO of their work and allows everyone to invest in the talent they love. The platform's unique engagement tools enable fans to become part of the success of their favorite creators not only through financial benefits but also special exclusive rewards and activities. Unlike the current song-only royalty-sharing platforms, Exceed will offer fans a broad range of investment opportunities not just for musical artists but influencers, creators, athletes, and other talents interested in launching SEC-compliant public offerings of their work.

##

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| | |
|:---|:---|
| **Press Contact:** | Jonah Keel - jonah_keel@bhimpact.com |
|  | Greg Cortez - greg.cortez@42west.net |

---

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**Note: the "Trenches Pass" concept referred to in Discord was abandoned in November 2022. No Trenches Passes were sold.** 

**<u>EXCEED TALENT DISCORD SERVER COMMUNICATIONS - EXCERPTS</u>**

ANNOUNCEMENTS

Exceed would like to welcome you to our Discord server!

First a little about Exceed!

The Exceed Platform is a marketplace that allows fans to invest in the Talent they love.

Unlike royalty-sharing platforms, Exceed seeks to offer fans a broad range of investment opportunities from musical artists, influencers, athletes and other talents who have impacted our lives. In addition, Exceed enables fans to benefit beyond royalty-related income and extend it to live performance, physical sales, merchandise, advertising & sponsorship, and a variety of other talent income sources.

Investing is just the beginning. The relationship between Talents and their fans is a powerful dynamic. Exceeds in-app fan engagement tools allow fans to become of the success of their idols not only through financial benefits but also special exclusive rewards and activities.

We are excited that you are here, and can not wait for you all to see what is coming!

To Claim your role as an Artist react with the microphone emoji!

To Claim your role as a Fan react with a thumbs up emoji!

Twitter Spaces is experiencing technical disruptions today so we will be rescheduling our Twitter Spaces with Rainbow Alpha for this weekend!

As soon as we have a new day and time on the books the Exceed fam will be the first to know!

Thank you everyone and stay tuned! :Exceed:

**<u>FAQ</u>**

**<u> </u>**

UnstoppableBunny — Today at 04:56

**What is Exceed?**

The Exceed Platform is a marketplace that allows Fans to invest in the Talent they love.

Unlike royalty sharing platforms, Exceed seeks to offer fans a broad range of investment opportunities from musical artists, influencers, creators, athletes and other talents who have impacted our lives. In addition, Exceed enables Fans to benefit beyond royalty-related income and extend it to live performance, physical sales, merchandise, advertising & sponsorship, and a variety of other talent income sources.

Investing is just the beginning. The relationship between Talents and their Fans is a powerful dynamic. Exceed's in-app fan engagement tools allow fans to become part of the success of their idols not only through financial benefits but also special exclusive rewards.

**How do I get started?**

Firstly, you need to download the Exceed app.

The process is simple. Everything you need is in the Exceed app and it will guide you step by step.

**Who can invest?**

Anyone 18 years of age and older can invest. Because of the risks involved with this type of investing, however, you are limited in how much you should invest during any 12-month period in these transactions. The limitation on how much you can invest depends on your net worth and annual income.

**What payment methods can I use to buy TalentShares?**

Currently the Exceed App accepts ACH payments, Credit and Debit Cards

Coming soon - cryptocurrency payments.

**Why is it important that Exceed offers securities that are SEC qualified?**

There are many talent marketplaces, each offering different methods and levels of participation for fans and investors. Exceed has chosen to take a rigorous regulatory approach to creating its talent investment platform and, eventually, its exchange.

**What are TalentShares?**

TalentShares are a new way for Fans to buy a stake in the success of Talent they love and share in their success. TalentShares are offered under Regulation A+ of the U.S. Securities and Exchange Commission. In the run-up to each offering, Exceed's market experts work with the Talent and their representation to evaluate and determine what to offer to the public, the number of TalentShares to be offered, and at what price.

**How do I make money on my TalentShares?**

Fans may be able to benefit financially from their TalentShares in two ways:

1. Trading. You may make (or lose) money by buying or selling TalentShares in the market at a different price to the one that you purchased it for.

2. Collect Piece of the Pie (POPs) - similar to stock dividends, POPs provide the holders of TalentShares with the potential of a financial distribution, based on the performance of the Talent. POPs, or any form of income or capital distribution, are not guaranteed, and it is possible that the TalentShares you own will never distribute any money at all.

**How do I trade my TalentShares?**

TalentShares are, theoretically, immediately tradable following purchase. There are no mandatory holding periods, and you can sell your TalentShares privately as soon as you take possession of them. However trading in TalentShares can only take place on a suitably licensed Alternative Trading Platform. Exceed intends to offer this functionality in the near future via its app, although please note that there is no guarantee that any such trading platform will be made available to TalentShare holders, and even if it is, there is no guarantee of liquidity, or of you finding a willing buyer or seller for your TalentShares.

**How does my investment support the Talent?**

This depends on the type of investment that is being offered. Our investments range from investing in a Talent's project before it has been completed (new projects) to Talent creations that may have been completed years earlier (historical IP).

If a Fan invests in a Talent's new project, the funds are typically utilized by the Talent to complete the project and bring it to market. In this case, the funds go directly to assisting the Talent in advancing their career. Once the Fan has invested, it is then through Exceed's fan engagement app that they can promote the Talent and be part of the future of the project in which they invested.

If a Fan invests in a completed project (historical IP), then the proceeds may go to the Talent to allow them to create new projects based on the investment they received from historical ones. In this case, the fan can also promote the Talent and be part of their continuing journey using our fan engagement app.

**What are music royalties?**

Music royalties are payments received by rights holders such as songwriters, composers, and recording artists, in exchange for the licensed use of their music. These royalties are paid out by institutions that use the music (from TV channels, radio stations and venues to streaming platforms and beyond), and collected on behalf of rights holders most of the time by Performance Rights Organizations (PROs). In some cases, the user (such as major labels) will pay out the royalties directly to rights holders.

Performance royalties are licensed and collected by PROs. Songwriters and publishers register with these organizations to collect performance royalties due them whenever a song is played in public. This includes the playing of a song on radio (AM/FM, streaming, or satellite), in a concert hall or in a restaurant, and on television shows and commercials. These PROs pay both the publisher and the songwriter for their respective share of the performance royalty that they collect.

In some cases, the offerings that are presented on the Exceed platform go beyond music rights deals and often have a higher income potential. If the offering is related to an associated record label or distributor, the owners shares in such an offering will also potentially receive income from physical sales of albums & CDs and other sources of revenue such as merchandise sales

**What is "Testing the Waters"?**

Testing the Waters was introduced by the SEC in 2012 as a method of allowing companies to gauge interest in their potential public offerings, without risking their own resources on expensive and time-consuming offering processes, and without investors risking their money on offerings that may never come to fruition. In short, Testing the Waters is a mechanism that allows Exceed to gauge public interest in its TalentShare offerings without Fans committing to purchasing anything.

Exceed Is 'Testing The Waters' to gauge investor interest in an offering under SEC Regulation A (a "Mini IPO"). During the Testing Waters phase, no money or other consideration is being solicited at this time for the sale of securities, and if any is sent, it will not be accepted. No offer to buy securities is being accepted. Any indication of interest in purchasing securities involves no obligation or commitment of any kind by you or exceed. There is no guarantee that this, or any other offering on the Exceed platform will proceed.

Details Of Platinum Club Membership benefits are subject to change.

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

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Exact Talent Capital Holdings LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2022

**CIK:** 0001956060

**I.R.S. Employer Identification Number:** 92-1482684

**Primary Standard Industrial Classification Code:** 7372

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 160 Varick Street, —, New York, NY 10013

**Company Phone:** 917-985-8551

**Person to contact:** Andrew Stephenson

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount   |
|:---|:---|
| Cash and Cash Equivalents                | $0.00    |
| Investment Securities                    | $0.00    |
| Accounts and Notes Receivable            | $0.00    |
| Property, Plant and Equipment (PP&E)     | $0.00    |
| Total Assets                             | $0.00    |
| Accounts Payable and Accrued Liabilities | $0.00    |
| Long-Term Debt                           | $0.00    |
| Total Liabilities                        | $0.00    |
| Total Stockholders' Equity               | $0.00    |
| Total Liabilities and Equity             | $0.00    |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount   |
|:---|:---|
| Total Revenues                            | $0.00    |
| Costs and Expenses Applicable to Revenues | $0.00    |
| Depreciation and Amortization             | $0.00    |
| Net Income                                | $0.00    |
| Earnings Per Share - Basic                | 0.00     |
| Earnings Per Share - Diluted              | 0.00     |

**Auditor Information**

| Metric          | Amount            |
|:---|:---|
| Name of Auditor | Artesian CPA, LLC |

### Outstanding Securities

| Class                |   Outstanding | CUSIP     | Publicly Traded   |
|:---|---:|:---|:---|
| Series LLC Interests |             0 | 0000000na | N/A               |
| N/A                  |             0 | 0000000na | N/A               |
| N/A                  |             0 | 0000000na | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount      |
|:---|:---|
| Number of securities offered                                    | 95969       |
| Number of securities outstanding                                | 0           |
| Price per security                                              | $12.71      |
| Issuer's aggregate offering price                               | $1219733.00 |
| Aggregate offering price of securities held by security holders | $0.00       |
| Aggregate price of securities offered concurrently              | $0.00       |
| Total aggregate offering price                                  | $1219733.00 |

**Anticipated Fees**

| Service Provider   | Name               | Fees      |
|:---|:---|:---|
| Auditor            | Artesian CPA, LLC  | $7000.00  |
| Legal              | CrowdCheck Law LLP | $60000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $1149856.60

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, 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, DC, PR