# EDGAR Filing Document

**Accession Number:** 0001914244
**File Stem:** 0001096906-23-000135
**Filing Date:** 2023-1
**Character Count:** 487360
**Document Hash:** f0c6c0dec9576b47c0f51dfc8417517a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-23-000135.hdr.sgml**: 20230118

**ACCESSION NUMBER**: 0001096906-23-000135

**CONFORMED SUBMISSION TYPE**: 1-A POS

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20230118

**DATE AS OF CHANGE**: 20230118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OneDoor Studios Entertainment Properties LLC
- **CENTRAL INDEX KEY:** 0001914244
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MOTION PICTURE & VIDEO TAPE PRODUCTION [7812]
- **IRS NUMBER:** 874069830
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A POS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-11836
- **FILM NUMBER:** 23534393

**BUSINESS ADDRESS:**
- **STREET 1:** 4320 MODOC ROAD, SUITE F
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93110
- **BUSINESS PHONE:** (530) 556-0218

**MAIL ADDRESS:**
- **STREET 1:** 4320 MODOC RD.
- **STREET 2:** SUITE F
- **CITY:** SANTA BARBARA
- **STATE:** CA
- **ZIP:** 93110

## Part

**Post-Qualification Amendment No. 2**

**File No. 024-11836**

**This Post-Qualification Amendment No. 2 amends the Offering Statement of OneDoor Studios Entertainment Properties LLC originally qualified on February 28, 2022, as previously amended and supplemented, to add, update and/or replace information contained in the Offering Statement.**

**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 SUCH STATE. THE COMPANY MAY ELECT TO SATISFY ITS OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF THE COMPANY'S SALE TO YOU THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING STATEMENT IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

**POST-QUALIFICATION AMENDMENT NO. 2 DATED JANUARY 18, 2023 TO**

**OFFERING CIRCULAR DATED SEPTEMBER 1, 2022 OF**

**ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES LLC**

**4320 Modoc Road, Suite F**<br>**Santa Barbara, CA 93110**<br>**Tel: (805) 380-7731**

![](oned1apos_1.jpg)

**www.onedoorstudios.com**

**UP TO 150,000 CLASS A PROFITS UNITS OF** 

**ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES LLC**

**SERIES CALCULATED SEQUELS**

<br>**SEE "SECURITIES BEING OFFERED" AT PAGE** **[28](#sb)**

**MINIMUM INVESTMENT: $100.00 (1 CLASS A PROFITS UNIT)**

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| | | | |
|:---|:---|:---|:---|
|  | **Price to Public** | **Commissions (1)** | **Proceeds to Issuer Before Expenses (2)** |
| **Per Class A Profits Unit:** | $100 | $1 | $99 |
| **Total Maximum:** | $15000000 | $150000 | $14850000 |

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(1) The Company has engaged Dalmore Group, LLC, member FINRA/SIPC ("Dalmore"), to perform administrative and compliance related functions in connection with this offering, but not for underwriting or placement agent services. This includes the 1% commission but it does not include the one-time expense allowance of $5,000, or consulting fees of $20,000 payable by the Company to Dalmore. See "Plan of Distribution" for details.

(2) The Company expects the amount of expenses it will pay in connection with this Offering, assuming the maximum amount of the Offering is sold, to be approximately $646,140. See "Use of Proceeds" below.

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**The Profits Units offered hereby are non-voting. Our Manager, as the only holder of voting Membership Units in the Series, has sole voting power over all decisions affecting the Series and your Profits Units. Investors will not be entitled to any vote or consent on almost all matters, including to remove the Manager for cause or for any amendment that would have a material adverse effect on the rights or preferences of your Units, including your right to receive any preferred returns or to share in the profits of the Series.** 

**This offering (this "Offering") will terminate at the earlier of (i) the date at which the maximum offering amount of all Profits Units has been sold, (ii) the date at which the Offering is earlier terminated by the company, in our Manager's sole discretion or (iii) the date that is three years from this Offering being qualified by the United States Securities and Exchange Commission (the "Commission" or "SEC"). At least every 12 months after this offering has been qualified by the SEC the Company will file a post-qualification amendment to include the Company's recent financial statements. In addition, the Company intends to periodically file a post-qualification amendment to include profits units of additional Series in this Offering.** 

**This Offering is being conducted on a best-efforts basis. The Company has not engaged an escrow agent for this Offering. There is no minimum number of shares that needs to be sold in order for funds to be released to the Company and for this Offering to close, which may mean that the Company does not receive sufficient funds to cover the cost of this Offering. The Company may undertake one or more closings on a rolling basis, as detailed below. As of each closing, funds tendered by Investors in connection with such closing will be immediately available to the Company.** 

**THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "COMMISSION") DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL OF ANY SECURITIES OFFERED OR THE TERMS OF THIS 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.**

**GENERALLY, NO SALE MAY BE MADE IN THIS OFFERING IF THE AGGREGATE PURCHASE PRICE ANY INVESTOR PAYS IS MORE THAN 10% OF THE GREATER OF SUCH INVESTOR'S ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT AN INVESTOR'S INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, SUCH INVESTOR IS ENCOURAGED TO REVIEW RULE 251(d)(2)(i)(C) OF REGULATION A ("REGULATION A") PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). FOR GENERAL INFORMATION ON INVESTING, REFER TO www.investor.gov.**

**This Offering is inherently risky. See "Risk Factors" on page** **[5](#rf)** **.**

**Offers of these securities commenced on approximately September 8, 2022.**

**The Company is following the "Offering Circular" format of disclosure under Regulation A.**

**In the event that we become a reporting company under the Securities Exchange Act of 1934, we intend to take advantage of the provisions that relate to "Emerging Growth Companies" under the JOBS Act of 2012. See "Implications of Being an Emerging Growth Company."**

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**NOTICE TO FOREIGN INVESTORS**

WITH RESPECT TO ANY INVESTOR THAT (A) IS NOT A U.S. RESIDENT AND (B) IS LOCATED OUTSIDE THE U.S. AND ITS TERRITORIES (A "FOREIGN INVESTOR"), THIS OFFERING CIRCULAR AND ANY RELATED MATERIALS ARE TRANSMITTED TO YOU ACCORDING TO APPLICABLE U.S. SECURITIES LAWS AND REGULATIONS. THE SECURITIES CONTEMPLATED HEREIN ARE NOT REGISTERED, AND SHALL NOT BE REGISTERED, WITH ANY FOREIGN REGULATOR, AND FOREIGN INVESTORS ARE RESPONSIBLE FOR ADHERING TO THE RELEVANT SECURITIES, INVESTMENT, AND FINANCIAL SERVICES LAWS AND REGULATIONS IN THEIR RESPECTIVE JURISDICTIONS.

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [SUMMARY](#sum) | 1 |
| [RISK FACTORS](#rf) | 5 |
| [DILUTION](#dil) | 12 |
| [PLAN OF DISTRIBUTION](#pd) | 13 |
| [USE OF PROCEEDS](#use) | 18 |
| [COMPANY'S BUSINESS](#cb) | 19 |
| [COMPANY'S PROPERTY](#cp) | 21 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS](#mda) | 22 |
| [COMPANY'S MANAGEMENT](#cm) | 24 |
| [COMPENSATION OF MANAGEMENT](#com) | 27 |
| [SECURITY OWNERSHIP OF MANAGEMENT](#som) | 27 |
| [INTEREST OF MANAGEMENT IN CERTAIN TRANSACTIONS](#imc) | 27 |
| [SECURITIES BEING OFFERED](#sb) | 28 |
| [UNAUDITED](#fin1)[INTERIM](#fin1)[FINANCIAL STATEMENTS](#fin1) | FS-1 |
| [AUDITED FINANCIAL STATEMENTS](#fin2) | FS-10 |
| [INDEX TO EXHIBITS](#ind) | III-1 |

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*In this Offering Circular, the terms "OneDoor Studios Entertainment Properties," "we," "us" or "the Company" refer to OneDoor Studios Entertainment Properties LLC, a Delaware series limited liability company, and "SCS" refers to OneDoor Studios Entertainment Properties LLC Series Calculated Sequels, the initial series of the Company. Further, references to "Investor" refers to investors in this Offering.*

THIS OFFERING CIRCULAR 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 EXPERIENCE OF, BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY'S MANAGEMENT. WHEN USED IN THE OFFERING MATERIALS, WORDS LIKE "ESTIMATE," "PROJECT," "BELIEVE," AND "EXPECT" CONSTITUTE FORWARD-LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT'S EXPERIENCE AND 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 ITS FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

**Implications of Being an Emerging Growth Company**

The company is not subject to the ongoing reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") because the company is not registering its securities under the Exchange Act. Rather, the company will be subject to the more limited reporting requirements under Regulation A, including the obligation to electronically file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●annual reports (including disclosure relating to our business operations for the preceding two fiscal years, or, if in existence for less than two years, since inception, related party transactions, beneficial ownership of the issuer's securities, executive officers and directors and certain executive compensation information, management's discussion and analysis ("MD&A") of the issuer's liquidity, capital resources, and results of operations, and two years of audited financial statements),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●semiannual reports (including disclosure primarily relating to the issuer's interim financial statements and MD&A) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●current reports for certain material events.

In addition, at any time after completing reporting for the fiscal year in which the company's offering statement was qualified, if the securities of each class to which this offering statement relates are held of record by fewer than 300 persons and offers or sales are not ongoing, the company may immediately suspend its ongoing reporting obligations under Regulation A.

If and when the company becomes subject to the ongoing reporting requirements of the Exchange Act, as an issuer with less than $1.07 billion in total annual gross revenues during its last fiscal year, it will qualify as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and this status will be significant. An emerging growth company may take advantage of certain reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. In particular, as an emerging growth company, the company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●will not be required to obtain an auditor attestation on its internal controls over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●will not be required to provide a detailed narrative disclosure discussing its compensation principles, objectives and elements and analyzing how those elements fit with its principles and objectives (commonly referred to as "compensation discussion and analysis");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●will not be required to obtain a non-binding advisory vote from its unit holders on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay," "say-on-frequency" and "say-on-golden-parachute" votes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●will be exempt from certain executive compensation disclosure provisions requiring a pay-for-performance graph and CEO pay ratio disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●may present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations, or MD&A; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●will be eligible to claim longer phase-in periods for the adoption of new or revised financial accounting standards.

The company intends to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under Section 107 of the JOBS Act. The company's election to use the phase-in periods may make it difficult to compare its financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the phase-in periods under Section 107 of the JOBS Act.

Under the JOBS Act, the company may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after its initial sale of common equity pursuant to a registration statement declared effective under the Securities Act of 1933, as amended, or such earlier time that the company no longer meets the definition of an emerging growth company. Note that this offering, while a public offering, is not a sale of common equity pursuant to a registration statement, since the offering is conducted pursuant to an exemption from the registration requirements. In this regard, the JOBS Act provides that the company would cease to be an "emerging growth company" if it has more than $1.07 billion in annual revenues, have more than $700 million in market value of its common stock held by non-affiliates, or issue more than $1 billion in principal amount of non-convertible debt over a three-year period.

Certain of these reduced reporting requirements and exemptions are also available to us due to the fact that the company may also qualify, once listed, as a "smaller reporting company" under the Commission's rules. For instance, smaller reporting companies are not required to obtain an auditor attestation on their assessment of internal control over financial reporting; are not required to provide a compensation discussion and analysis; are not required to provide a pay-for-performance graph or CEO pay ratio disclosure; and may present only two years of audited financial statements and related MD&A disclosure.

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**SUMMARY**

*The following summary is qualified in its entirety by the more detailed information appearing elsewhere herein. Prospective investors should read the entire Offering Circular and carefully consider, among other things, the matters set forth in the section captioned "Risk Factors." Investors are encouraged to seek the advice of their attorneys, tax consultants, and business advisors with respect to the legal, tax, and business aspects of an investment in the Securities. All references in this Offering Circular to "$" or "dollars" are to United States dollars.*

**Company Overview**

OneDoor Studios Entertainment Properties was founded in 2021 to open the door for everyone to have an opportunity to invest in studio-level motion picture and television series projects. Coordinating with leading global territory distributors, the Company intends to develop motion pictures and television series that successfully compete on global box-office and other sized screens.

The Company's initial Series, SCS, is currently developing three feature-length motion pictures or streaming series based on the three sequel novels (each a "Project") that follow the book *Calculated*, the first novel in this four-book series. This Offering is for Class A Profits Units (the "Securities" or "Profits Units") of SCS, a registered series of the Company (SCS along with each other series of the Company, if any, a "Series"). SCS expects to develop *Simulated*, *Activated*, and *Liberated,* the three sequels to *Calculated*.

**Business Process** 

The process of making a film or television series involves three major stages: development, production and distribution / promotion. The business of SCS is to develop up to three film Projects with the expectation that the rights, title and interest to each fully-developed Project would then be purchased by a company formed by our Manager to produce the Project for distribution. The form of purchase agreement between SCS and the production company provides that the purchase price for a project will be equal to 1.12 times the total development funding provided by investors in SCS. The Series would also be entitled under the purchase agreement to 50% of the profits generated by the production company. Please see the form of purchase agreement, attached as an exhibit to the Offering Statement of which this Offering Circular forms a part, for the terms upon which SCS would sell a Project to the Manager-affiliated production company.

Following successful film-industry business models, the Company believes separating each Project's development, from its production provides each project the business and creative time and financial resources during the development period to enable the Project to become creatively mature and completely ready for production.

The development ("greenlighting") process to reach a fully developed Project consists of the following key steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Purchasing the literary rights and motion picture option of an existing literary work, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hiring A-list (studio-level) screenwriters to best position each motion picture's script to become acceptable to major distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Attaching a director and cast for the project that typically would be pre-approved by major potential distributors for the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Securing a customary production completion bond to guarantee the film is produced on time and on budget; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Packaging the Project to provide sufficient collateral to enable the production company to secure bank financing for its complete production budget, currently estimated to be $60,000,000.

Following its purchase of all right, title and interest in a Project, the production company is obligated, under the proposed form of purchase agreement, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Produce the project's feature film, series or other audiovisual depictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Exploit the rights, title and interests in and to the project, worldwide; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Collect and account for all profits, and manage the disbursement to all profit participants.

Our Manager, as the owner of the production company, will be principally responsible to oversee and otherwise manage the Project from the time of its purchase by the production company. It will be obligated under the purchase agreement to use commercially reasonable best efforts to govern the production company and the project's global exploitation with the highest fidelity, in order to optimize all aspects of the project's production and global distribution for the benefit of the Series, its investors, and all other profit participants in the Project.

Together, we believe the above process produces higher quality, more audience-satisfying projects and may mitigate investor risk of loss from each project by taking into account financing and distributor requirements beginning at the development stage. This bifurcated structure also provides a means of making distributions to investors from the proceeds of the sale of a project, conditioned on the production company's securing production financing, while remaining entitled to share in the profits from the exploitation of the project

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by the production company. This process is similar to that developed and used by studios and major independent production companies. The Company's goal is that each project's projected net global profits will be at least twice its production costs, although there can be no assurances that any project will be successfully developed, financed and sold, or that, if produced, it will be successfully exploited to generate profits.

The Company expects SCS to earn revenue initially from the sale of the rights, title and interest in each Project and then from its share of the profit generated by the production and global exploitation of each Project and all other related products and licenses.

**Our Series LLC Structure**

The Company is organized as a series limited liability company pursuant to Section 18-215 of the Delaware Limited Liability Company Act. This structure allows the Company to provide investors with the ability to invest in distinct motion picture projects (or, as in the case of SCS, a fixed slate of Projects) instead of investing in the entire Company. Though this Offering is only with respect to SCS, the Company is currently preparing and intends to offer additional film and television projects in the future, through other Series of the Company.

OneDoor Studios LLC (our "Manager") is the manager of the Company and each Series. 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. This would include all contractual obligations of a Series such as the obligations to pay fees to our Manager under our Amended and Restated Series Limited Liability Company Agreement dated as of January 6, 2023 ("Operating Agreement") and the Series Agreement of the relevant Series (each a "Series Agreement"). This would also include the portion of any shared fees, costs or expenses that have been allocated among Series by our Manager.

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**Compensation Paid to our Manager**

SCS will not pay any compensation to the Manager other than the Manager's right to receive 50% of the Distributable Cash of SCS following the payment in full of the preferred returned to which holders of SCS profits units are entitled as discussed under "Securities Being Offered."

**The Current Offering**

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| ***Securities Being Offered:*** | We are offering up to 150,000 Class A Profits Units of OneDoor Studios Entertainment Properties LLC Series Calculated Sequels, or SCS, at price of $100 per Unit. <br>SCS is a separate Series of our Company for purposes of assets and liabilities. The Profits Units being offered hereby are non-voting except with respect to certain matters set forth in our Operating Agreement, the Series Agreement for this Series and the applicable Series Designation. The purchase of Profits Units is an investment only in SCS and not an investment in our Company as a whole.  |
| *.* |  |
| ***Units Outstanding Before this Offering:*** | SCS has 9,424.61 Class CF Profits Units and 0 Class A Profits Units outstanding as of the date hereof. See "Securities Being Offered" for more information. |

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| ***Preferred Return*** | Each Investor in Class A Profits Units would be entitle to receive aggregate preferred returns, payable on a pro rata basis with holders of Class CF Profits Units and in priority to any other distributions or the payment of the Service Fee to the Manager, in an amount determined by the number of Projects that are successfully developed and sold to a production company, as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Following the first sale of a Project by SCS, a preferred return equal to 36.66% of such Profits Member's total Capital Contributions (i.e. his or her original aggregate purchase price) related to such Class A Profits Units, <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Following the second sale of a Project by SCS, a preferred return equal to 73.32% of such Profits Member's total Capital Contributions related to such Class A Profits Units, and <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Following the third sale of a Project by SCS, a preferred return equal to 110% of such Profits Member's total Capital Contributions related to such Class A Profits Units. <br>For example, if SCS only sells one Project to a production company and fails to sell any other Projects, the total amount of the preferred return payable to a holder of Class A Profits Units that he or she purchased for $1,000 would be equal to $366.60, or 36.66%, and if all three Projects are sold, the total amount of his or her preferred return would be equal to $1,100.00.<br>The sale of a Project to a production company will only occur once the Project has been fully developed and packaged (i.e. securing a screenwriter, distributor-approved director and cast and production completion bond) to provide sufficient collateral to secure production financing for the production company, currently estimated to be $60,000,000 per Project.<br>See "Securities Being Offered" for more detailed information. |
| ***Profit Distributions and our Manager's Service Fee*** | Investors in Class A Profits Units will be entitled to receive, on a pro rata basis with holders of Class CF Profits Units, 50% of the Distributable Cash (as defined under "Securities Being Offered") of the Series. The Manager will be entitled to receive the other 50% of Distributable Cash as a Service Fee.<br>Distributions of Distributable Cash will only be made after the Series has either issued the maximum number of Class A Profits offered hereby (or has otherwise determine to cease issuing additional SCS Profits Units) and the preferred return payable with respect to all SCS Profits Units has been paid in full. <br>Under the form of purchase agreement for each Project, the Series itself would be entitled to receive 50% of the profits of the distribution company, if any. The Manager will evaluate Distributable Cash at such intervals as it determines in its sole discretion.  |
| ***Minimum and Maximum Subscription:*** | The minimum subscription by an Investor is one Profit Interest and the maximum subscription by any Investor is for 10% of the total outstanding Units of a Series, which may be waived by our Manager in its sole discretion. See "Plan of Distribution" for additional information.  |

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| ***Use of Proceeds:*** | The proceeds received from this Offering, after paying for the fees and expenses associated with this Offering, will be used to fund development of the films, principally by turning the script for each film Project into a production-ready "shooting script" and attaching, if practicable, an A-list director, actor, and other talent to the Project. Thus, in addition to fees and expenses of this Offering, working capital, and reserves, the proceeds will be used to pay for literary rights, motion picture options and writing fees, director and actor production retainers, production manager and casting director fees, marketing and distribution expenses, and development talent and professional fees. |

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**RISK FACTORS**

*This section identifies risks that are specific to the Company's business and financial condition. The Company is also subject to the risks common to all development, production, and distribution companies in the entertainment industry, including those that all companies are exposed to. These risks include, but are not limited to, risks relating to economic downturns, political and economic events, and natural disasters. Additionally, development-stage companies are inherently riskier than more developed companies. Investors should consider general risks as well as specific risks when deciding whether to invest.*

**Risks Related to the Company's Business**

***We have a limited operating history which makes it difficult to evaluate our business and prospects.***

The Company's limited operating history makes evaluating the business and future prospects difficult and may increase the risk of investment. While the principals of Company's Manager have deep experience in film development, production, and distribution, the Company was only formed on December 20, 2021 and SCS was only formed on January 10, 2022. Therefore, the Company has limited history that prospective investors can use to evaluate its performance. Although the Manager's principals have extensive experience in the Company's industry, each motion picture Project is unique from all other projects. Past performance is not necessarily indicative of future results.

***The Projects may not be successfully developed, produced or distributed and the Company may not generate profits or be able to make distributions to Investors.***

There can be no assurance that all or any of the motion picture Projects will produce profitable results. The Company's development approach may not be successful in realizing the Company's objectives.

The Company's financial success is dependent on a number of factors both within and beyond its control. The market appeal and profitability of each Project depends upon the creation of compelling campaigns, the purchase of adequate advertising saturation, the execution of social media campaigns, and acceptance by audiences and critics, all of which require skills and none of which can be delivered with certainty. Only a small percentage of film and television projects are distributed, and even those projects that are distributed are not always profitable. Any Project developed by the Company, whether alone or in conjunction with the other Projects, may not generate sufficient revenue from its distribution and other exploitation to generate a profit, repay development expenses or provide any return to Investors. It is possible the Company could incur significant development and operating costs with respect to a Project without ever reaching a sale and/or distribution agreements with respect to the Project. No assurance can be given that the efforts by the Manager or its principals with respect to the Projects will ultimately be profitable.

The Company was only recently formed and is subject to various risks associated with new businesses. Though the Manager's principals have previously developed other film and television projects, the Company and its Manager lack a "track record" in the entertainment industry, which could pose additional obstacles to the Company's business.

The Company intends to sell each developed Project, at its development conclusion, to a separate production company established for the purpose of producing a single Project, which sale is expected to be made to a special purpose entity owned by the Manager for a fixed price, all of which depends upon the ability of the Manager and its affiliates to obtain the financing necessary to purchase each of the developed Projects at that price and to cover the costs of production. Further, once a Project has been produced, the Company's share of future income from the exploitation of each Project may vary substantially. If these affiliated development companies are unable to obtain sufficient financing to purchase the Projects from SCS and produce the related films, SCS may never generate sufficient funds to make any distributions to Investors. Furthermore, even if produced, a Project may not ultimately generate any net profits.

***The terms on which we have agreed to sell a fully developed Project to a production company affiliated with our Manager may not be as favorable as a sale to any unaffiliated producer or distributor.***

The Company intends to sell all rights, title, and interest to each fully-developed Project to a special purpose entity owned by the Manager, conditioned on receipt by such entity of production financing. While the Company and the Manager determined the pricing terms, set at a multiple of 1.12 times the total development funding received from investors in the relevant Series, at a level sufficient to pay preferred returns to investors, there is a risk that the Projects could have been sold for more favorable pricing terms to an unaffiliated producer or distributor.

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***The ability of any Project to generate profits will be dependent on securing distribution arrangements with third party distributors.***

The commercial success of a Project depends on obtaining one or more distribution agreements with one or multiple distributors for that Project. Distributors considering such an arrangement will conduct their own internal "greenlight" study or valuation of the Project. There is no guarantee any of the Projects will successfully secure distributors, which would have a material adverse effect on the profitability of SCS and its ability to pay distributions to Investors.

***Success in the entertainment industry is highly unpredictable and there is no guarantee our content will be successful in the market.***

Our success will depend on the popularity of our projects. Viewer tastes, trends and preferences frequently change and are notoriously difficult to predict. If we fail to anticipate future viewer preferences in the entertainment business, our business and financial performance will likely suffer. The entertainment industry is fiercely competitive. We may not be able to develop projects that will become profitable. We may invest in projects that end up losing money.

***SCS's concentration in three specific Projects within the same genre and based on a single book series may increase our risk of loss compared to more diversified development companies.***

Other, larger film and television development and production businesses may be able to partially reduce their risk of incurring operating losses by simultaneously developing numerous projects that span multiple genres, audiences, markets, and platforms. The Projects to be developed by SCS consist of only three motion picture Projects (all adapted from the same novel series). This concentration makes an investment in SCS more susceptible to the risk of loss if a particular motion picture Project is unsuccessful.

***Entertainment projects can be risky, and often budgets run over*.**

The entertainment industry is generally affected by the same risk factors of other industries but due to its nature, the development, production, distribution and marketing of content can require large capital investments. Developing and monetizing entertainment projects, such as movies and television shows, usually require significant capital investment to fund expenditures on activities such as producing a television pilot, producing or co-producing a movie or creating a virtual reality experience. There is often budget over-run which could reduce or even eliminate any profits and, therefore, our ability to make distributions to Investors.

***If we are unable to raise the maximum offering amount in a timely manner or at all, we will likely need to secure additional financing.***

If we are unable to raise the maximum offering amount in a timely manner or at all, we will likely need to secure additional financing, which may include issuing addition interests in the Series or obtaining debt financing. While this Offering is ongoing, we may seek debt financing to manage our cash flow or accelerate the development of one or more Projects. If such debt is secured by rights to a Project and the Company is unable to meet its obligations under the financing arrangements, the secured party may be able to foreclose on its rights to the Project or the Company may be forced to dispose of the Project prematurely. These occurrences could force the Company to incur substantial losses. Additionally, we may raise additional equity within a Series and the terms of such financing may be more or less favorable than the terms of the Securities, as determined by the Manager in its sole discretion. There can be no assurance that additional financing, if required, will be available to the Company.

***Because the development and production of film and television projects can take several years or more, a significant amount of time may elapse between raising funds for development of the Projects and the receipt of revenue by a Series.***

The development and production of film and television projects can take several years or more. A significant amount of time may elapse between raising funds for development of the Projects and the receipt of revenue by a Series. Other investment opportunities may offer greater returns after discounting for time. Furthermore, the longer the Company spends developing the Projects (and the longer the Manager spends producing the Projects), the probability of experiencing other risks described in this section will increase.

***We are dependent on the skills, judgment and expertise of the principals of our Manager and other talent providers.***

The authority to make all business decisions is vested in the Manager and is primarily carried out by the Manager's principals. The Company's operations substantially depend upon the skill, judgment, and expertise of these principals of the Manager. In the event of any of their death, disability, or departure, the business of the Company could be adversely affected. The Manager and its principals will devote such time and effort as it deems necessary for the efficient conduct of the Company's business. However, the Manager and its principals are involved with other entertainment production activities and will not devote all of their time to the business of the Company.

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The Company also depends on other entertainment talent providers, who may or may not have yet been engaged by the Company, and who generally will not be investors in the Company or any of its Series. Though our Manager and its principals maintain relationships with a broad array of industry veterans, the loss of any independent talent providers, particularly members of the development team, could adversely affect the Company's ability conduct its operations and realize its projections.

***We may not be able to protect all our intellectual property.***

Our profitability may depend in part on our ability to effectively protect our intellectual property including any original entertainment content in our projects and our ability to operate without inadvertently infringing on the proprietary rights of others. Theft of any original entertainment content prior to release could adversely affect our revenue. Policing and protecting our intellectual property against piracy and unauthorized use by third parties is time-consuming and expensive and certain countries may not even recognize our intellectual property rights. Any litigation protecting our intellectual property and defending our original content could have a material adverse effect on our business, operating results and financial condition regardless of the outcome of such litigation. Furthermore, we may not have the resources to defend our intellectual property rights from theft or infringement.

**Risks Related to the Company's Industry**

***The failure of the Manager and its principals to navigate the complexities of the motion picture business successfully could have a materially adverse effect on the Company and its Series.***

The motion picture business is complex. Negotiating with major motion picture directors and performing talent is a sophisticated process. Likewise, negotiating a position for a Project on distributor release schedules in "major territories" is logistically challenging. Negotiating production-incentive relationships, brand relationships, ancillary rights, international licensing and pre-sales of a Project, qualifying a Project for production completion bonds, and "banking" a Project's respective licenses and contracts are complex processes that are highly reliant on the expertise and personal relationships of the Manager and its principals. The failure of the Manager and its principals to navigate these complexities successfully could have a materially adverse effect on the Company and its Series.

***Natural disasters and other events beyond our control could materially adversely affect us.***

Natural disasters or other catastrophic events may cause damage or disruption to our or our affiliated production company's operations, international commerce and the global economy, and thus could have a strong negative effect on us. Our business and to a greater extent our production company's business is subject to interruption by natural disasters, fire, power shortages, pandemics and other events beyond our control and could make it difficult or impossible to meet the development or production schedule, could result in significant cost increases and could decrease demand for our projects. To the extent the entertainment industry is impacted by either the ability to create new content (e.g., the halting of productions) or the ability to monetize the content (e.g., theater sales), our business prospects could be severely hampered.

In addition, as an early stage startup, we rely on investments to fund our business. To the extent our investment flow is interrupted by disasters and/or the effect they have on the economy, our ability to maintain operations could be severely hampered.

In December 2019, a novel strain of coronavirus, COVID-19, was reported in Wuhan, China. The World Health Organization has since declared the outbreak to constitute a pandemic. The extent of the impact of COVID-19 on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on the global economy as well as the impact on our current and potential investors, customers, employees, vendors, and industry events, all of which are uncertain and cannot be predicted. At this point, the extent to which COVID-19 may impact our financial condition or results of operations is uncertain. If the COVID-19 outbreak continues to spread, we may need to further limit operations and/or substantially modify our business practices. Please see the subsection "COVID-19" in the section "Management's Discussion and Analysis of Financial Condition and Results of Operations." There is a risk that other countries or regions may be less effective at containing COVID-19, or it may be more difficult to contain if the outbreak reaches a larger population or broader geography, in which case the risks described herein could be elevated significantly.

***Our industry is highly competitive; we may not be able to compete effectively for talent; and any Project, if developed, may not be able to successfully compete with other media content.***

Motion picture, streaming, and television content development, production, and distribution are highly competitive. Industry competitors include other companies developing and producing such content and other forms of entertainment media. The Company's primary competitors are "major" film studios, numerous independent motion picture, streaming, and television production companies, television networks, and subscription-based television services, all of which will compete with the Company in certain topical or popular genres, the services of writers, performing artists, directors, producers, and other creative and technical personnel, and production financing. Many of these competitors have significantly greater financial and other resources than the Company.

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For any Project, it is possible that the unique writing, acting, or directing talent necessary for such Project may be unavailable or that the Company is unable to successfully negotiate for the services of such personnel. Furthermore, obtaining a position for a Project on the theatrical, streaming, and/or television network distributor release schedules in a "major territory" is also highly competitive. The commercial success of each Project depends on the relative quality and market acceptance of other competing media content released at or near the same time as the Project, the availability of alternative forms of entertainment and leisure activities, general economic conditions at the time, and other tangible and intangible factors, all of which are subject to change and generally cannot be predicted in advance.

***A decrease in the demand for and value ascribed to entertainment media, regardless of the cause, may increase the cost of financing and / or negatively affect our profitability.***

The success of the Company in achieving its objectives depends on the demand for and value of other entertainment media that is comparable to the Projects (primarily theatrically-released films, streaming video and home media, and cable and network television) in the U.S. and major international territories. If the demand for and value of comparable entertainment media decreases relative to current market values, the Company may not be profitable.

Compounding this risk, each Project must obtain production financing, which is generally secured by a Project's production incentive programs, brand relationships, pre-sold ancillary and theatrical licensing agreements, and the value of unsold international territories. Decreases in the market value of these items may raise the cost of such financing or even preclude the Company from obtaining such funding, in which case the Company may not be profitable.

The Company may also incur major losses in the event of certain macroeconomic or other extraordinary events, which may affect markets and consumer behavior in ways that are unexpected, unprecedented, or inconsistent with historical trends or results.

**Risks Related to Ownership of the Securities**

***An investment in a Series of the Company is risky and Investors may lose part or all of their investments.***

Risk is inherent in all investing. No guarantee or representation is made that the business of the Company or any Series will be successful, and there is no assurance that any Series will be able to realize any revenue. All business conducted by a Series risks the loss of capital and Investors may lose part or all of their investments.

***Our ability to make distributions depends initially on the ability of the production company affiliated with the Manager to receive sufficient production financing to purchase the Projects from SCS and complete production of the Projects.***

The Securities provide that Investors are entitled to preferred returns only if one or more Projects are sold to a production company and thereafter to receive a portion of the cash flow and profits arising from the production, distribution, and exploitation of the Projects by that production company. SCS will only be able to make distributions as payment of the preferred return obligations if sufficient production financing, currently estimated at $60 million per Project, is secured for the purchase and production of one or more Projects. Furthermore, the amount of cash flow and profits arising from the production, distribution, and exploitation of any Project is speculative and variable and there is no guarantee that any Project will generate sufficient cash flow to distribute profits to SCS. Depending upon the profitability of a Project, the relative portion allocable to the Manager may be materially greater than amounts paid to managers in comparable businesses. In addition, the structure of the Securities may provide an incentive to the Manager to engage in more speculative or riskier business strategies in an effort to maximize its income.

***This investment is illiquid.***

Investors may not pledge, mortgage, hypothecate, give, sell, exchange, or otherwise dispose of or encumber the Securities without the consent of the Manager. Furthermore, no secondary market for the Securities currently exists, and there can be no guarantee that a market for such Securities will ever develop. Consequently, Investors may not be able to liquidate their investment in the Securities in the event of an emergency or for any other reason or rely on the Securities as collateral for a loan. Even if a secondary market does develop, the market price for the Securities could decline below the amount originally paid by Investors for such Securities. Investors must be prepared to bear the risk of their investment in the Securities for an indefinite period of time.

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***The Profits Units are non-voting and Investors will effectively have no vote over any matters.***

Our Operating Agreement provides that, other than an amendment that would increase the obligations of any holder of units, Investors will not be entitled to any vote or consent on any matter, including to remove the Manager for cause or for any amendment that would have a material adverse effect on the rights or preferences of your Profits Units. Our Manager, as the only holder of voting Membership Units in the Series, has sole voting power over all decisions affecting the Series and your Profits Units. Although our Manager has no intention of doing so, it could amend any of the terms of the Units, including your right to receive any preferred returns or share in the profits of the Company, without your consent.

***The Securities being offered are subject to a right of first refusal, drag-along rights and lock-up restrictions on transfer in the event of an IPO.***

The Profits Units you are purchasing in this Offering are subject to right of first refusal provisions, drag-along provisions and lock-up restrictions on transfer in the event of an IPO, all as set forth in our Operating Agreement. The rights of first refusal provisions provide that if any Investor receives an offer to purchase his or her Profits Units, our Manager, our Company or the applicable Series has the right to purchase those Units on the same terms. This provision may dissuade a prospective purchaser from purchasing your Profits Units or may lower the price of the Units from what you may have received without this provision.

The drag-along provisions provide that if our Manager, as the sole member of the company and the sole holder of voting Membership Units in each Series, receives an offer to purchase all or a part of its Units, it can require Investors to sell their Units on substantially the same terms, on a pro rata basis. This means that if our Manager decides to sell the Company or any Series, you agree to go along with that sale, even if you don't agree with it, oppose it, or feel that your interests are not being represented.

Finally, in the event that either the Company or a Series conducts an initial public offering pursuant to a registration statement filed with the SEC, you will not be able to sell, or transfer your economic interest in, your Securities for 180 days following the initial public offering, with limited exceptions. This means that, even if an IPO would provide you trading liquidity, you will need to wait until this period is over, during which time the trading price of your Securities could decline significantly.

***Decisions for our Company and each Series will be made by our Manager in its discretion, including those involving conflicts of interest, and may not be resolved in a manner favorable to Investors.***

All management authority of the Company is vested in the Manager. The Investors have no authority to make operational decisions or to participate in the management of or to exercise business discretion with respect to the Company and are not entitled to vote on any matter other than in very limited circumstances. Where the Manager's authority is subject to "discretion," the Manager may consider only those interests and factors it chooses, including its own interests, and has no duty (including any fiduciary duty) or obligation to give any consideration to any interest of or factors affecting the Company, any Series, or any Investor. Thus, the Manager may choose to take, or not take, certain actions on behalf of the Company when one or more Investors would have chosen differently.

Because the Manager is the sole manager of the Company and each Series, including SCS, and has a significant financial interest in the Company as the sole member of the Company, and is permitted to conduct related business activities outside of the Company, certain conflicts of interest with respect to the Manager may arise from time to time, particularly with respect to its affiliated production company and transactions or negotiations between the production company and the Series.. There is no guarantee these conflicts will be resolved in a manner favorable to Investors.

***Any valuation at this stage is difficult to assess.***

The valuation for the offering was established by the Manager based primarily upon the amount of capital the Manager has determined is necessary to fully and successfully develop each of SCS's Projects. This amount is not related to SCS's assets, book value, or results from operations. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment.

***There is no escrow agent in this offering and moneys will not be held in any segregated or secured account pending acceptance or rejection.***

Subscription funds will be susceptible to rights of third party creditors without protection. Furthermore, subscription commitments will generally be irrevocable, with limited exceptions, until such time as subscriptions are accepted or rejected. The Company may reject any subscriptions in whole or in part for any reason or for no reason. Funds for any subscription, or any portion thereof, that is rejected

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will be returned to the applicable Investor without any payment of interest on such funds and, as a result, such investors will not receive returns on subscription funds that may have been available if such funds were invested elsewhere.

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

Investors in this offering have the option of paying for their Profit Units 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 Profit Units you buy.

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, 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.

***This Offering involves "rolling closings," which may mean that earlier Investors may not have the benefit of information that later Investors have.***

We may conduct a closing at any time and from time to time. At that point, Investors whose subscription agreements have been accepted will become holders of Profits Units. In light of our early stage of development, our business is likely to change significantly during the offering period. We may file supplements to our Offering Circular reflecting material changes and Investors whose subscriptions have not yet been accepted will have the benefit of that additional information. These Investors may withdraw their subscriptions and get their money back. Investors whose subscriptions have already been accepted, however, will already be members of a Series and will have no such right.

***Our Operating Agreement requires disputes be resolved through an alternate dispute resolution process involving first required negotiations between the parties followed, if unsuccessful, by arbitration; and Investors will only be able to seek recourse in the courts with the consent of the opposing party to the dispute.* **

Our Operating Agreement provides that any dispute, claim, question, or disagreement among Series members or among the Manager and/or one or more Series members, or any other parties to the Operating Agreement or a Series Agreement, arising from or relating to the Operating Agreement, any Series Agreement, other than allegations of violations of federal or state securities laws, will be subject to, first, a required negotiation process between the parties followed, if unsuccessful, by arbitration. Litigation over any such disputes may only be initiated if all of the disputing parties agree. Furthermore, our Operating Agreement includes a provision under which Investors waive the right to a jury trial as to any matter under the Operating Agreement or any Series Agreement or in any other way relating to the Company, a Series or the relations under the Operating Agreement or otherwise as to the Company or any Series.

We believe these provisions are important because the goal of the Company and its Series is to generate profits to share with Investors and disputes involving the Company, a Series or the Manager could materially negatively impact the profitability of our Series and divert the attention of our Manager from the business of the Company and its Series. Nevertheless, Investors may have a less favorable resolution of any dispute that would be available through litigation. Furthermore, these provisions will effectively prevent Investors from bringing any class action lawsuit or seek remedy as a class, which could significantly increase an Investors individual costs in connection with any dispute.

In addition, if we opposed a jury trial demand based on the waiver in the Operating Agreement, a court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. We believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Delaware, which governs the agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to our Operating Agreement. If you bring a claim against in connection with our Operating Agreement, you may not be entitled to a jury trial, which may have the effect of limiting and discouraging lawsuits against the Company or any Series. If a lawsuit is brought, it may be heard only by a judge or justice of a court in Los Angeles, California or in the Chancery Court in the State of Delaware or the applicable trial court, which would be conducted according to different civil procedures and may result in different outcomes than a

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trial by jury would have had, including results that could be less favorable to the plaintiff(s) in such an action. You should consult legal counsel regarding the jury waiver provision before entering into the subscription agreement.

***Our subscription agreement has a forum selection provision that requires disputes be resolved in certain jurisdictions regardless of convenience or cost to you, the Investor.***

This forum selection provision may limit your ability to obtain a favorable judicial forum for disputes with us. Although we believe the provision benefits us by limiting our litigation costs, to the extent it is enforceable, the forum selection provision may limit Investors' ability to bring claims in judicial forums that they find favorable to such disputes, may increase Investors' costs of bringing suit and may discourage lawsuits with respect to such claims. Alternatively, if a court were to find either provision inapplicable to, or unenforceable in an action, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business, financial condition or results of operations.

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***Investors in this offering may not be entitled to a jury trial with respect to claims arising under the subscription agreement, which could result in less favorable outcomes to the plaintiff(s) in any action under the agreement.***

Investors in this offering will be bound by the subscription agreement, which includes a provision under which Investors waive the right to a jury trial of any claim they may have against the Company or the Series arising out of or relating to the agreement, including any claims made under the federal securities laws. By signing the agreement, the Investor warrants that the Investor has reviewed this waiver with his or her legal counsel, and knowingly and voluntarily waives the Investor's jury trial rights following consultation with the Investor's legal counsel. If we opposed a jury trial demand based on the waiver in the subscription agreement, a court would determine whether the waiver was enforceable based on the facts and circumstances of that case in accordance with the applicable state and federal law. To our knowledge, the enforceability of a contractual pre-dispute jury trial waiver in connection with claims arising under the federal securities laws has not been finally adjudicated by a federal court. However, we believe that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the State of Delaware, which governs the agreement, by a federal or state court in the State of Delaware. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether the visibility of the jury trial waiver provision within the agreement is sufficiently prominent such that a party knowingly, intelligently and voluntarily waived the right to a jury trial. We believe that this is the case with respect to the subscription agreement. You should consult legal counsel regarding the jury waiver provision before entering into the subscription agreement.

If you bring a claim against the Company or a Series under the subscription agreement, including claims under the Securities Act, you may not be entitled to a jury trial with respect to those claims, which may have the effect of limiting and discouraging lawsuits against the Company. If a lawsuit is brought against the Company or a Series, it may be heard only by a judge or justice of the federal or state courts in California, which would be conducted according to different civil procedures and may result in different outcomes than a trial by jury would have had, including results that could be less favorable to the plaintiff(s) in such an action.

Nevertheless, if the jury trial waiver provision of our subscription agreement is not permitted by applicable law, an action could proceed with a jury trial. No condition, stipulation or provision of the subscription agreement serves as a waiver by any holder of the Company's Securities or by the Company or a Series of compliance with any substantive provision of the federal securities laws and the rules and regulations promulgated under those laws.

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**DILUTION**

Our Manager, as the sole holder of voting units of the Company and each Series, has the ability to amend our Operating Agreement and each Series Agreement to authorize additional profits units or other securities in each series. After your purchase in this offering, the Manager may elect to: (i) authorize and sell additional profits units or other equity interests in the Series in this or future public offerings (whether on Form 1-A or otherwise), (ii) authorize and issue profits units or other equity interests in private offerings or (iii) authorize and issue profits units or other equity securities for payment as compensation to our Manager or third parties. To the extent we issue additional equity securities in a Series after your purchase shares of that series in this offering, your percentage ownership interest in that series will be diluted. In addition, to the extent that we issue additional profits units that, collectively, entitle holders to a certain percentage of the profits of that Series, your pro rata share of such profits will be reduced. In addition, depending upon the terms and pricing of any additional offerings and the value of our investments, you could also experience dilution in the book value and fair value of your Profits Units.

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**PLAN OF DISTRIBUTION**

**Plan of Distribution**

The Company is offering up to 150,000 Class A Profits Units of on a best efforts basis, as described in this Offering Circular. There is no minimum offering amount that must be reached before subscriptions can be accepted by the Company.

The cash price per Unit is $100.00. The minimum subscription by an Investor in this Offering is $100, or one Class A Profits Unit.

The company will publicly market the offering using general solicitation through methods that include emails to potential investors, online advertisements, and press releases. We will use the website www.onedoorstudios.com, blogs, and other social media to provide notification of the Offering. Persons who desire information will be directed to a landing page for the specific Series, found at www.onedoorstudios.com/projects, which describes the Offering and is operated by the company.

This Offering Circular will be furnished to prospective investors via download 24 hours per day, 7 days per week on the company's websites, www.onedoorstudios.com, on a landing page that relates to the offering.

This Offering will terminate on (i) the date at which the maximum Offering amount of all Profits Units has been sold, (ii) the date at which the Offering is earlier terminated by the Company, in our Manager's sole discretion or (iii) the date that is three years from this Offering being qualified by the SEC (as applicable, the "Termination Date").

Those persons who want to invest in the Securities must sign a subscription agreement (the "Subscription Agreement"), which will contain representations, warranties, covenants, and conditions customary for private placement investments in limited liability companies. See "– Subscription Process" below for further details. A copy of the form of Subscription Agreement is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

The Company has engaged Dalmore Group, LLC ("Broker"), a broker-dealer registered with the Commission and a member of FINRA, to act as the broker-dealer of record for this Offering, but not for underwriting or placement agent services. As compensation, the Company has agreed to pay Broker a commission equal to 1% of the amount raised in the Offering to support the Offering on all invested funds after the issuance of a No Objection Letter by FINRA. In addition, the Company has paid Broker a one-time advance set up fee of $5,000 to cover reasonable out-of-pocket accountable expenses actually anticipated to be incurred by Broker, such as, among other things, preparing the FINRA filing. Broker will refund any fee related to the advance to the extent it is not used, incurred, or provided to the Company. In addition, the Company will pay a one-time $20,000 consulting fee that will be due immediately after FINRA issues a No Objection Letter.

Any Investor desiring to engage separate legal counsel or other professional advisors in connection with this Offering will be responsible for the fees and costs of such separate representation.

**Selling Investors**

No Securities are being sold for the account of any existing investors or members of the Company or its Series. All net proceeds of this Offering (after payment as described in this Offering Circular) will be paid to SCS.

**Investor Suitability Standards**

The Securities in this Offering are being offered and sold only to "qualified purchasers" (as defined by Regulation A), which include: (i) "accredited investors" as defined in Rule 501(a) of Regulation D promulgated under the Securities Act and (ii) all other investors so long as their investment in any securities (in connection with this Offering or any other offering under Regulation A) does not represent more than ten percent (10%) of the greater of their annual income or net worth (for natural persons), or ten percent (10%) of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). The Company reserves the right to reject any Investor's subscription in whole or in part for any reason, including if the Company determines in its 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 potential investor must be a natural person who has:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·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 potential investor is not a natural person, different standards apply. See the form of Subscription Agreement for the full definition of "accredited investor".

The Securities in the Offering will not be offered or sold to prospective investors subject to the Employee Retirement Income Security Act of 1974 and regulations thereunder, as amended ("ERISA").

If a potential investor lives outside the United States, it is his/her/its 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.

The Manager and Broker, in its capacity as broker of record for this Offering, will be permitted to make a determination that the Investors in this Offering are "qualified purchasers" in reliance on the information and representations provided by such Investor regarding the Investor's financial situation. Before making any representation that this investment does not exceed applicable federal thresholds, prospective investors should review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, prospective investors should refer to http://www.investor.gov.

An investment in the Securities 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 the Securities. See "Risk Factors," above.

**Broker**

Broker will serve as the broker of record for this Offering pursuant to a broker-dealer agreement by and among the Broker and the Company, effective as of October 26, 2021 (the "Brokerage Agreement"). A copy of the Brokerage Agreement is attached as an exhibit to the Offering Statement of which this Offering Circular forms a part.

The Broker is a registered broker-dealer, member of FINRA and SIPC, and is registered with the Commission and in each state where the Offering and sale of the Securities will occur. The Broker is located at 525 Green Place, Woodmere, New York 11598.

The Broker performs the following operations and compliance services in connection with the sale of the Securities as a broker-of-record:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Make any required FINRA filings related to the Offering, including filings required under Rule 5110;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Accept Investor data from the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Review and process Investor information, including Know Your Customer (KYC) data, perform Anti-Money Laundering (AML) and other compliance background checks, and provide a recommendation to the Company whether or not to accept each Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Review each Investor's Subscription Agreement to confirm such Investor's participation in the Offering, and provide a determination to the Company whether or not to accept the Subscription Agreement for the Investor's participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Contact and/or notify the Company, if needed, to gather additional information or clarification regarding any Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Keep Investor details and data confidential and not disclose such information to any third party except as required by regulators or in performance of its obligations under the Brokerage Agreement (e.g., as needed for AML and background checks); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Coordinate with third-party service providers to ensure adequate review and compliance.

The Broker will not act as a finder, placement agent, or underwriter in connection with this Offering. The Broker will receive a Brokerage Fee (see below) but will not purchase or solicit the purchase of any Securities and, therefore, will not be eligible to receive any finder's fees or any underwriting or placement agent discounts or commissions in connection with this Offering of Securities. In addition, the Broker will not provide any investment advice nor any investment recommendations to any Investor or prospective investor.

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**No Escrow**

The Company has not engaged an escrow agent in connection with the Offering and moneys will not be held in any segregated or secured account pending acceptance or rejection of an Investor's subscription.

**Transfer Agent**

Colonial Stock Transfer Company, Inc. ("Colonial") serves as the transfer agent for the Securities pursuant to an agreement by and between Colonial and the Company, effective as of October 12, 2022 (the "Transfer Agent Agreement"). Colonial is headquartered in Salt Lake City, Utah.

Colonial maintains a record of ownership, including contact information, of the Company's Investors. Colonial is also responsible for transfer, issuance, and cancellation of the Profits Units, including assisting registered Investors and fulfilling their requests for transferring their Profits Units. The Company must indemnify Colonial against any losses arising out of the Company's breach of its obligations, representations, or warranties.

The Company will generally be responsible for fees due to Colonial, which are categorized as part of the Offering Expenses described in the "Fees and Expenses" section below.

**Fees and Expenses**

*Brokerage Expenses*

As compensation for providing certain broker-dealer services to the Company and its Series in connection with this Offering, Each Series will pay the Broker a fee equal to one percent (1%) of the aggregate amount raised by such Series through this Offering (the "Brokerage Fee"). The Brokerage Fee will be payable from the proceeds of this Offering applicable to such Series. In addition to the Brokerage Fee, the Company has agreed to pay the Broker a one-time advance set-up fee of $5,000. The Company will also fund $11,750 in FINRA Corporate Finance filing fees which represents the fee for the maximum offering size of $75,000,000 of issuance in the upcoming twelve-month period. The set-up fee is to facilitate the Offering, including conducting due diligence and covering out-of-pocket expenses. Any unused portion of these fees will be reimbursed to the Company. The Company will also pay the Broker a one-time consulting fee of $20,000 in exchange for general consulting services provided in connection to the Offering upon the issuance of No Objection Letter by FINRA.

*Other Offering Expenses*

The Company expects to allocate all expenses of the Offering, other than the Brokerage Fees, among all of the Series of the Company, including the additional fees payable to the Broker, as discussed above. These other Offering expenses consist of legal, accounting, transfer and recording, filing, banking, and compliance costs, as applicable, related to the Offering and are estimated to be $496,140.

If SCS is the only Series established by the Company, SCS would be allocated 100% of all Offering expenses and would reimburse the Manager for all Offering expenses out of the net proceeds (after Brokerage Fees) from the Offering of its Profits Units.

**Additional Information**

The Company has not authorized anyone to provide information other than as set forth in this Offering Circular. Except as otherwise indicated, all information contained in this Offering Circular is accurate only as of the date of this Offering Circular, regardless of the time of delivery of this Offering Circular or any sale of Securities.

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 the Company's affairs since the date of this Offering Circular.

From time to time, the Company may provide an "Offering Circular Supplement" or other amendment that may add, update, or change information contained in this Offering Circular. Any statement made in this Offering Circular will be modified or superseded by any inconsistent statement made by the Company in a subsequent Offering Circular Supplement or amendment. The Offering Statement filed with the Commission, of which this Offering Circular forms a part, includes exhibits that provide more detailed descriptions of the matters discussed in this Offering Circular. Investors should read this Offering Circular and the related exhibits filed with the Commission and any Offering Circular Supplement or amendment, together with additional information contained in the Company's annual reports, semiannual reports, and other reports and information statements that the Company will file periodically with the Commission.

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The Offering Statement and all amendments, supplements, and reports that the Company has filed or will file in the future can be read on the Commission website at www.sec.gov. The contents of the Platform (other than the Offering Statement, this Offering Circular, and the exhibits thereto) are not incorporated by reference in or otherwise a part of this Offering Circular.

**Subscription Process**

After the Commission has qualified the Offering Statement, the Company will accept tenders of funds to purchase the Securities. The company may close on investments on a "rolling" basis (so not all Investors will receive their Units on the same date).

In order to invest you will be required to subscribe to the offering via the Series-specific landing page found at www.onedoorstudios.com/projects and agree to the terms of the Offering, the Subscription Agreement and any other relevant exhibit attached thereto.

Investors will be required to submit payment for the Profits Units at the time of subscription by tendering funds via check, credit card, debit card, wire or ACH.

The Manager and the Broker will review the completed and signed subscription documentation. Investors may be asked to provide additional information. The Manager or the Broker will contact such Investor directly or through the Platform. The Company and its agents reserve the right to reject any subscriptions, in whole or in part, for any or no reason, and to withdraw the Offering or any portion thereof at any time prior to the Termination Date.

Once the review is complete, the Manager will inform Investors whether or not their application to subscribe for the Profits Units is approved or denied and if approved, the amount of Profits Units for which they are entitled to subscribe, which notice may be provided by accepting the subscription on the Platform. If a subscription is rejected in whole or in part, then any subscription payments (being the entire amount if the application is rejected in whole or the payments associated with those subscriptions rejected in part) will be refunded promptly, without interest or deduction.

If all or a part of a subscription is approved, then the Profits Units for which such Investor has subscribed will be issued to such Investor at the applicable Closing, and the subscription monies therefor may be immediately transferred from the Company to the account of SCS as consideration for the Profits Units.

If any information about "qualified purchaser" status changes prior to issuance of any Profits Units, such Investor must notify the Manager immediately using the contact details set out in the Subscription Agreement.

**Investor Perks**

To encourage participation in the offering, the Company is providing specific perks for Investors. The Company is of the opinion that these perks do not alter the sales price or cost basis of the securities in this offering. Instead, the perks are promotional items intended as a "thank you" to Investors that help the company achieve its mission. However, it is recommended that investors consult a tax professional to fully understand any tax implications of receiving any perks before investing. The perks available to Investors that make a minimum investment of at least $250 are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $250 — A special "Thank You" with Investor's name in the credits of each film. Plus, an author signed copy of your choice of book in the Calculated Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $500: Investor's photo included in the Company's mosaic in the "Thank You" credits of each film. Plus previous perk and your choice of an Investor exclusive Calculated Series Snapback hat or T-shirt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,000: Online access to exclusive members only video footage and updates during development and production of each film. Plus, previous perks. Plus a 2nd author signed book and another choice of investor exclusive Calculated Series Snapback hat or T-shirt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $2,500: A digital autographed picture of the main cast, and a signed hardback sequel of your choice from the author Nova McBee. Plus, previous perks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $5,000: An invitation for two to the cast and crew screening of one film. Plus, previous perks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $10,000: An invitation to be an extra cast member in one picture. Travel and accommodation not included. Plus, previous perks.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $25,000: An invitation to an exclusive Actors and Producers Meet & Greet Event. Plus, previous perks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $100,000: An Associate Producer credit on one film. Plus, previous perks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $500,000: An Associate Producer Credit on all three films. Plus previous perks.

• $1,000,000: An Executive Producer credit on one film. Plus, previous perks.

These rewards are subject to availability and we reserve the right to change these rewards at any time as needed.

**Provisions of Note in the Subscription Agreement**

***Forum Selection Provision***

The Subscription Agreement includes a forum selection provision that requires any claims against the Company or a Series based on the Subscription Agreement to be brought in a state or federal court of competent jurisdiction in the State of California, for the purpose of any suit, action or other proceeding arising out of or based upon the Subscription Agreement. Although we believe the provision benefits us in limiting our litigation costs, to the extent it is enforceable, 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 the Manager and its principals to challenge any such claims.

***Jury Trial Waiver***

The Subscription Agreement provides that Investors waive the right to a jury trial of any claim they may have against us arising out of or relating to the Subscription Agreement, including any claim under federal securities laws. By signing the Subscription Agreement an Investor will warrant that the Investor has reviewed this waiver with the investor's legal counsel, and knowingly and voluntarily waives his or her jury trial rights following consultation with the Investor's legal counsel. If we opposed a jury trial demand based on the waiver, a court would determine whether the waiver was enforceable given the facts and circumstances of that case in accordance with applicable case law. In addition, by agreeing to the provision, Investors will not be deemed to have waived the company's compliance with the federal securities laws and the rules and regulations promulgated thereunder.

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**USE OF PROCEEDS**

The net proceeds of a fully subscribed offering to the Class A Profits Units of SCS will be approximately $14,353,860, after deducting the estimated offering expenses of approximately $646,140.

The following table sets forth the planned use of the net proceeds under various funding scenarios:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | ***25% of Maximum Offering Amount*** | ***50% of Maximum Offering Amount*** | ***75% of Maximum Offering Amount*** | ***Maximum Offering Amount*** |
| **Gross Offering Proceeds** | $3750000 | $7500000 | $11250000 | $15000000 |
| Less:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brokerage Fees | $37500 | $75000 | $112500 | $150000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated Offering Expenses | $124035 | $248070 | $372105 | $496140 |
| **Estimated Net Offering Proceeds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Literary rights, motion picture options, and writing fees (1) | $562500  | $1125000 | $1687500  | $2250000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director and actor production retainers | $1200000 | $2400000  | $3600000  | $4800000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Production manager and casting director fees | $75000 | $150000  | $225000  | $300000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketing and distribution expenses | $340440 | $680880  | $1021320  | $1361760  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Buy | $562500 | $1125000  | $1687500  | $2250000  |
| &nbsp;&nbsp;&nbsp;&nbsp;Development talent and professional fee | $562500  | $1125000  | $1687500  | $2250000  |
| &nbsp;&nbsp;&nbsp;&nbsp;General overhead | $306744  | $613488  | $920232 | $1226976  |
| **Total**  | $3609684  | $7219368  | $10829052  | $14438736 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating reserve  | $140316 | $280632  | $420948  | $561264  |

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(1) Includes amounts to be reimbursed to the Manager or its affiliates for expenses incurred on behalf of SCS.

Because the Offering is a "best efforts" offering, we may close the offering of Class A Profits Units in SCS without sufficient funds for all the intended purposes set out above, or even to cover the costs of the Offering.

The above figures represent only estimated costs. This expected use of net proceeds from this Offering represents our intentions based upon our current plans and business conditions. The amounts and timing of our actual expenditures may vary significantly depending on numerous factors. As a result, our Manager will retain broad discretion over the allocation of the net proceeds from this Offering. Our Manager may find it necessary or advisable to cause SCS to use the net proceeds from this Offering for other purposes, and our Manager will have broad discretion in the application of net proceeds from this Offering.

**We reserve the right to change the above use of proceeds if our Manager believes it is in the best interests of the Company and SCS.**

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**COMPANY'S BUSINESS**

**History and Structure**

The Company was founded in 2021 by Stephen Wollwerth, Jason Brents, and John Lee, through One Door Studios LLC, to open the door for qualified investors to invest in and own an interest in major-studio-caliber motion picture and television series projects.

The Company is organized as a series limited liability company pursuant to Section 18-215 of the Delaware Limited Liability Company Act. This structure allows the Company to provide investors with the ability to invest in distinct motion picture projects (or, as in the case of SCS, a fixed slate of Projects) instead of investing in the entire Company. Though this Offering is only with respect to SCS, the Company is currently preparing and intends to offer additional film and television projects in the future, through other Series of the Company.

OneDoor Studios LLC (our "Manager") is the manager of the Company and each Series. 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. This would include all contractual obligations of a Series such as the obligations to pay fees to our Manager under our Operating Agreement") and the Series Agreement of the relevant Series. This would also include the portion of any shared fees, costs or expenses that have been allocated among Series by our Manager.

**Business Process** 

The process of making a film or television series involves three major stages: development, production and distribution / promotion. The business of SCS is to develop up to three film Projects with the expectation that the rights, title and interest to each fully-developed Project would then be purchased by a company formed by our Manager to produce the Project for distribution. The form of purchase agreement between SCS and the production company provides that the purchase price for a Project will be equal to 1.12 times the total development funding received from investors in SCS. The Series would also be entitled under the purchase agreement to 50% of the profits generated by the production company. Please see the form of purchase agreement, attached as an exhibit to the Offering Statement of which this Offering Circular forms a part, for the terms upon which SCS would sell a Project to the Manager-affiliated production company.

Following successful film-industry business models, the Company believes separating each Project's development, from its production provides each project the business and creative time and financial resources during the development period to enable the Project to become creatively mature and completely ready for production.

The development ("greenlighting") process to reach a fully developed Project consists of the following key steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Purchasing the literary rights and motion picture option of an existing literary work, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Hiring A-list (studio-level) screenwriters to best position each motion picture's script to become acceptable to major distributors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Attaching a director and cast for the project that typically would be pre-approved by major potential distributors for the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Securing a customary production completion bond to guarantee the film is produced on time and on budget; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Packaging the Project to provide sufficient collateral to enable the production company to secure bank financing for its complete production budget, currently estimated to be $60,000,000.

Following its purchase of all right, title and interest in a Project, the production company is obligated, under the proposed form of purchase agreement, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Produce the project's feature film, series or other audiovisual depictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Exploit the rights, title and interests in and to the project, worldwide; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Collect and account for all profits, and manage the disbursement to all profit participants.

Our Manager, as the owner of the production company, will be principally responsible to oversee and otherwise manage the Project from the time of its purchase by the production company. It will be obligated under the purchase agreement to use commercially reasonable best efforts to govern the production company and the project's global exploitation with the highest fidelity, in order to optimize all aspects of the project's production and global distribution for the benefit of the Series, its investors, and all other profit participants in the Project.

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Together, we believe the above process produces higher quality, more audience-satisfying projects and may mitigate investor risk of loss from each project by taking into account financing and distributor requirements beginning at the development stage. This bifurcated structure also provides a means of making distributions to investors from the proceeds of the sale of a project, conditioned on the production company's securing production financing, while remaining entitled to share in the profits from the exploitation of the project by the production company. This process is similar to that developed and used by studios and major independent production companies. The Company's goal is that each project's projected net global profits will be at least twice its production costs, although there can be no assurances that any project will be successfully developed, financed and sold, or that, if produced, it will be successfully exploited to generate profits.

The Company expects SCS to earn revenue initially from the sale of the rights, title and interest in each Project and then from its share of the profit generated by the production and global exploitation of each Project and all other related products and licenses.

**Current Film Projects**

SCS's three current motion picture Projects are each adapted from the novel *Calculated'*s three sequels: *Simulated*, *Activated* (released in April 2022), and *Liberated* (scheduled for release in 2023). The Manager has purchased the motion picture and related rights to the entire series and is currently developing the first novel, *Calculated*, in conjunction with a separate development company controlled by the Manager.

All three of the film Projects described below–*Simulated*, *Activated*, and *Liberated*–are the projects of SCS. The Profits Units give Investors rights to participate in the net profits and other cash flows from these three films, as more fully described in "Securities Being Offered," below and in the Operating Agreement and the Series Agreement.

While *Calculated* is not being developed by any Series of the Company and the Profits Units do not give Investors any economic or other rights with respect to *Calculated*'s future profits, we believe that our Manager's role in managing the development and production of *Calculated* provides artistic continuity for the sequels. It also provides important insights that inform our Manager to benefit the development, production and exploitation of the sequels.

For each Project described below, projected timelines are based on industry standards, and are likely to change as the development and production of each Project progresses.

*Simulated*

Josephine Rivers is a calculating prodigy with a near-supernatural ability to look at the world through a purely mathematical lens, even at times predicting the future. In *Calculated*, Jo Rivers, when she's only 15, is kidnapped and taken to China by the sinister Maxima who forces her to use her gift to increase Maxima's fortune. Her only close company is older captive Hong Rui, nicknamed "Red," whose wisdom and support change how she views her own power and teaches her what she needs to survive. By 17, she's working for a wealthy man whose captivating son Kai starts to chip away at her emotional defenses and she has the fate of the world in her hands.

In *Simulated*, Jo Rivers, safely back in Seattle, asks the same question daily–how does a math genius go from taking down international criminals and saving the world economy to living a normal teenage life? The only answer she can come up with is–she doesn't. With an overprotective father on her back and Kai on the other side of the world, Jo accepts an offer from Prodigy Stealth Solutions (PSS), who may have found a way to get her gift back. Using a newly developed technology, PSS tries a simulation process on Jo to restore her abilities, but during the attempt, PSS is hacked, and a blacklist file containing some of PSS's most sensitive secrets is stolen. Meanwhile, a mysterious caller who seems to know more than he should delivers a warning to Jo about Kai, who then goes missing. Despite her father's concerns, Jo sets off on a risky trip to Tunisia with a PSS team of teen prodigies to find an urgently needed solution for PSS and locate Kai. All the while, Jo has to trust the mysterious informant who, frighteningly, is like no one she has ever met before.

*Simulated* is currently expected to begin screenplay development in the second quarter of 2023. Ann Peacock, who has been contracted to write *Calculated,* has a right of first negotiation with respect to the sequels and has verbally indicated to our Manager that she would be interested in writing the screenplay for *Simulated*, although she is not committed to doing so at this point and may not be available to do so in the future. Furthermore, we would not expect to agree to contractual terms with Ms. Peacock, if at all, until she has completed the screenplay for *Calculated.* Ms. Peacock is an Emmy-award-winning screenwriter renowned for adapting Disney's *The Lion, the Witch and the Wardrobe.* If screenplay development begins in the second quarter of 2023, we expect the script to be ready for production (known as a "shooting script") by the first quarter of 2024 and for the Project to be purchased and production to begin in the third quarter of 2024, subject to production financing. If development and production meets this projected schedule, then we are optimistic that *Simulated* could be released to the global marketplace in the third quarter of 2025.

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*Activated*

In *Activated*, after her exploits in Tunisia, Jo Rivers knows she'll never lead a normal life. She also can't move on until she grasps the unexpected evolution of her mathematical gift and confronts her unresolved feelings after meeting Noble. With Kai undercover, Noble is the only one who has the answers Jo needs. There's just one small problem: Noble has vanished, leaving only a coded message in the stars. When Rafael, a friend from Jo's days in China, goes missing, it coincides with a new PSS assignment involving a potentially catastrophic satellite breakdown. Jo suspects something more sinister is at play and has no choice but to track down Noble, who may be her only hope to find Rafael and prevent global chaos. Traveling to the perilous Arctic of Finland, Jo and her band of prodigies team up with unlikely allies from her past to find out what or who is interfering with the satellites – before it's too late. Trusting her gift, Jo follows a path of numbers that light the way . . . which leads to answers she didn't predict.

We currently expect *Activated* to begin screenplay development in the second quarter of 2024, with the shooting script ready by the second quarter of 2025 and production to start in the third quarter of 2025, subject to production financing. If development and production meets this projected schedule, then we are optimistic that *Activated* could be released to the global marketplace in the third quarter of 2026.

*Liberated*

*Liberated* is based on the forthcoming fourth novel in the *Calculated* series.

We currently expect *Liberated* to begin screenplay development in the third quarter of 2025, with the shooting script ready by the second quarter of 2026 and production to start in the third quarter of 2026, subject to production financing. If development and production meets this projected schedule, then we are optimistic that *Liberated* could be released to the global marketplace in the fourth quarter of 2027.

**Competition**

While films have existed for over 100 years, and entertainment is as old as civilization itself, the modes and manner of media consumption is rapidly evolving. Physical media formats saw rapid technological progress but are now becoming obsolete. Streaming platforms and services have proliferated. DVRs and streaming platforms have resulted in changes to how and when media is consumed at home. Even one of the few industry constants–the theatrical premiere and exclusive release–was upended by the closures of movie theaters during the COVID-19 pandemic, which led to distributors introducing entirely new avenues of income from direct-to-consumer streaming of major motion pictures. The Company's business depends not only on developing quality film and television series projects, but also on the successful promotion of each film or television series project, navigating through these rapid market changes and numerous distribution channels, to attract enough viewer interest to become profitable.

**Government Regulation**

The Company must deal with an extensive array of federal, state, and local regulations as it develops, and eventually produces, its motion picture Projects. The development and production of motion pictures will occur in multiple locations, each of which may require separate licenses and permits and have unique tax, labor, insurance, and other requirements.

**Intellectual Property**

The motion picture and television industry, including the Company, is heavily reliant upon intellectual property. The Manager, on behalf of the Company, entered into an option purchase agreement granting it the right to purchase an exclusive and irrevocable option for the film rights to the three motion picture Projects associated with SCS. The Manager exercised its options for *Simulated* and *Activated* and assigned these options and its other rights under the option agreement with respect to the three motion picture Projects to SCS for $66,325. The Company expects that its other Series will acquire, through assignment by our Manager or otherwise, similar films rights for projects to be developed by additional Series in the future. As a result, the Company's business is and will continue to be highly dependent upon the film rights it acquires, particularly with regard to their exclusivity and their enforcement in a manner consistent with the Company's expectations.

**Employees**

The Company does not have any employees.

**COMPANY'S PROPERTY**

Neither the Company, SCS, nor any other Series own or leases any significant real property or other material physical property.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

*The following discussion of the Company's financial condition and results of operations should be read in conjunction with its financial statements and the related notes included in this Offering Circular. The following discussion contains forward-looking statements that reflect the Company's plans, estimates, and beliefs. The actual results from operations could differ materially from those discussed in the forward-looking statements.*

Since its formation in December 2021, the Company has been engaged primarily in developing the financial, offering, and other materials to begin fundraising. It is considered a "development-stage" company because substantially all of its efforts are dedicated to establishing its business, and planned principal operations have only recently commenced. In addition to the motion pictures Projects of SCS described in this Offering Circular, the Company is in the process of preparing and negotiating additional projects.

The Company had no financial activity during the period beginning on the date of formation on December 20, 2021 through December 31, 2021. During the period beginning January 1, 2022 through June 30, 2022, the Company became obligated to certain development costs, including the option fees to acquire the motion picture and series rights to the books *Simulated* and *Activated*. The Company owes $293,770 to an affiliate of the Manager related to Company expenses financed by such affiliate.

**Operating Results**

**Liquidity and Capital Resources**

As of June 30, 2022, neither the Company nor any of its Series, including SCS, had any cash or cash equivalents other than cash received from the Crowdfunding Offering described below, and the Company had no financial obligations, other than as set forth on the Interim Balance Sheet for June 30, 2022, below.

No Series has any obligation to repay a loan incurred by another Series, but the Company is obligated to repay advances from an affiliate that were used to pay SCS expenses in the amount of $548,877, all of which relates to SCS and its Projects and either has been or will be allocated by the Company to SCS. The Manager, on behalf of the Company, entered into an option purchase agreement granting it the right to purchase an exclusive and irrevocable option for the film rights to the three motion picture Projects associated with SCS. The Manager exercised its options for *Simulated* and *Activated* and assigned these options and its other rights under the option agreement with respect to the three motion picture Projects to SCS.

*Development Capital*

On May 26, 2022, the Company began offering Profits Units of SCS pursuant to Regulation Crowdfunding promulgated under the Securities Act (the "CF Offering"). That offering closed on August 24, 2022. Through that offering, the Company raised approximately $942,461, all of which was allocated to SCS. After offering expenses, the net proceeds to the Company were approximately $895,337.95.

The Company intends to use the proceeds from its CF Offering, as well as the proceeds from this Offering, to repay advances provided by an affiliate of the Manager, to purchase the film and option rights to the three sequels (including repaying the Manager for its prior purchase of these rights) and to finance the remaining development costs of the three *Calculated* sequel films. For more information about these film projects, see "Company's Business," above. For more information about the development expenses of these film projects, see "Use of Proceeds," above.

*Production Financing*

As part of the development phase for each of the Company's film Projects, it plans to package a fully-developed Project sufficient to serve as collateral for an affiliated production company to obtain bank financing from the entertainment branch of a major U.S. bank (e.g., Chase Bank or East West Bank) using entertainment industry-standard forms of global collateral in concert with a film completion bond from a film guarantor (e.g. Film Finances Inc.), chiefly from nine categories commonly used in production financing. Each of these areas of collateral represents documented business arrangements that the Company or applicable Series would coordinate, including global territory tax incentive programs, major international distribution licenses, licenses from major brands, and profit offsets with the director and one or more actors. These are planned and engaged as part of each Project's development process

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and the agreements are expected to be finalized once the script is complete, in preparation for sale of a Project to the production company. Each Project's budget, and the amount of required production financing, is expected to be about $60 million.

**Plan of Operations**

At the time of the qualification of this Offering, the Company and SCS have only recently commenced operations. The Company has minimal capitalization, assets, and liabilities. The Company's first major objective will be retaining a screenwriter for *Simulated*. As described in the "Current Film Projects" subsection of "Company's Business," the Company currently plans to commence development of the three films associated with SCS, beginning with *Simulated*, in May 2023.

Initially, during the period following the commencement of this Offering, the Company will be developing the business elements and relationships vital to the success for all three film Projects associated with SCS. These activities include negotiations with major territory distributors, production-incentive relationships, brand relationships, ancillary rights, international licensing and pre-sales for each Project in order to position the Projects to qualify for production completion bonds, and "banking" a Project's respective licenses and contracts.

We expect the proceeds from the Offering, assuming we raise the maximum offering amount, to be sufficient to cover the costs of developing *Simulated*, *Activated*, and *Liberated* into production-ready films. As described in "Use of Proceeds," even if the Company raises less than the maximum Offering, it still anticipates being able to complete development of these three titles, by reducing expenditures, delaying certain activities, and/or seeking other sources of capital. Assuming the Company raises at least $400,000 in this Offering, the Company does not anticipate the need to raise additional funds in the next six months to implement its planned operations.

**Trends**

In January 2020, the World Health Organization has declared the outbreak of a novel coronavirus (COVID-19) as a "Public Health Emergency of International Concern," which continues to spread throughout the world and has adversely impacted global commercial activity and contributed to significant declines and volatility in financial markets. The coronavirus outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of the coronavirus outbreak. Nevertheless, the outbreak presents uncertainty and risk with respect to the Company, its performance, and its financial results.

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**COMPANY'S MANAGEMENT**

The Manager of the Company is One Door Studios LLC, a Utah limited liability company formed on July 18, 2018.

The Company and each of its Series, including SCS, operate under the direction of the Manager, which is responsible for directing the operations of the business, overseeing day-to-day affairs, and implementing film development and production strategy. The Manager is managed by managers, elected by the Manager's members. The members of the Manager have also appointed officers of the Manager who are responsible for, operate, and make decisions with respect to the Company and its Series. The Manager and its managers and officers are not required to devote all of their time to the Company, but are only required to devote such time as their duties require. In addition, the Manager and its managers and officers spend some of their time working on other projects, including on Manager's own behalf and for other affiliates of the Manager. While the Manager feels its small management team is sufficient to properly manage the Company and its Series currently, the Manager expects to expand this team in the future. Though the Manager's managers and officers are experienced, the Manager itself has a limited track record and is relying on the track record of its individual managers and officers.

The Manager performs its duties and responsibilities pursuant to the Operating Agreement and Series Agreement. The Manager maintains a contractual, as opposed to a fiduciary, relationship, with the Company, its Series, and Investors. Furthermore, the Company has agreed to limit the liability of the Manager and to indemnify the Manager against certain liabilities.

The following table sets out the Manager's managers and executive officers:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office** |
| John J. Lee, Jr. | Chief Executive Officer, Manager | 75 | December 2020 |
| Jason Brents | President, Chief Operating Officer, Manager | 46 | December 2020 |
| Stephen Wollwerth | Executive Vice President, Chief Creative Officer, Manager | 46 | December 2020 |

---

The following is a brief summary of the background of each executive officer and manager of the Manager:

**John J. Lee, Jr.**

*Chief Executive Officer, Manager*

John J. Lee, Jr. is a global media and entertainment executive in distribution and finance, and architect of streaming services and systems. John has provided business, funding, and distribution services for 23 motion pictures, television network series, and specials, with combined production costs of over $470 million and global rights earnings exceeding $4 billion. He has successfully led the vision, launch, and/or expansion of five entertainment and media entities. He also writes, produces, and directs. His *The Producer's Business Handbook*, used by film and business schools the world over, is a standard professional media reference, a best seller in its obscure category, released in its fourth edition at The American Film Market (AFM) and co-branded by AFM.

John's early career started as a business systems analyst and designer with the NCR Corporation by day, while in the evenings writing scripts and sponging up everything he could from everyone who would share of entertainment's creative and business craft. John co-founded the highly successful San Diego Repertory Theatre, where he provided business planning and funding and directed. He executive produced and partially funded his first motion picture, *Where's Willy?* in 1976, doing most things contrary to his better business and creative judgment.

This clarifying learning experience led John into international motion picture sales as Business Affairs Vice President for global motion picture sales company Goldfarb Distribution; then in the same position for Heart Entertainment, where he directed distribution and funding of in-house and client projects and helped measure the value of their pictures' rights and plan/engage their licensing and sales.

Though participating throughout his career in the business and creative aspects of motion picture and television productions, John also led four new-media companies including the direct broadcast satellite entity Impression Delivery Corporation (acquired by CapCities) and advanced the ad sales units of Times-Mirror Cable Television (acquired by Cox Communications).

In 1996, John joined the faculty of BYU's Film School, established and taught their Business of Film curricula, and authored *The Producer's Business Handbook* for Focal Press. The book continues to benefit many in understanding the hybrid demands of global distribution and finance, and has brought him, "More recognition, speaking engagements, and enjoyable experiences than I deserve."

In 1999 John co-founded and was CEO of Entertainment Business Group, providing motion picture global finance, distribution, and related business services to independent producers and industry entities, until it was acquired by The Gillen Group.

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In 2004, John became the co-founder and CEO of iCommunication Dynamics and i.TV, Internet streaming television technology entities, eventually selling a majority interest and his concept and i.TV domain, which became a top 100 iPhone and iPad application company.

In 2011, John became Managing Director of Entertainment Strategy, where he developed the business architecture for emerging Streaming Systems and directed the development, global distribution, funding, and oversight of in-house and client entertainment projects.

In 2018, John's Simple Little Stories co-ventured with Jason Brents' Lady of the Lake Studios in concert with its China distribution relationships to form One Door Studios LLC, with each partner company contributing three global, wide-audience projects and soon after drawing in Stephen Wollwerth's 3Gates Films, as an equal partner and the third and crucial component of physical production's writer, director, and producer talent. All three are well-matched partners with a fire-in-their-belly to create audience-celebrating entertainment worthy of receiving major global distribution.

**Jason Brents**

*President, Chief Operating Officer, Manager*

In 2015, Jason began to lay the foundation of the mini-studio, which would eventually become One Door Studios LLC. He astutely applied his lifetime of studying and acquiring great world literature, researching and becoming deeply oriented in the business of global motion picture and series development, production, financing, and distribution, as well as engaging relationships with bright key-entertainment industry players.

In July 2018, Jason founded One Door Studios LLC with his friend and partner John Lee; and they were joined a year later by their friend and third partner Stephen Wollwerth. Since then, Jason has been developing IP for the company, setting up and closing development financing, and setting up the Company, which may be the first entertainment industry "Series Regulation A+" development funding platform. As President of the Manager, Jason continues to oversee all of the Company's and Manager's affiliated entities, developing their in-house story properties and connecting them with various production partners, which include a global community of film-industry professionals.

Along with continuing to develop industry partnerships, Jason leads the Company's public development funding, bank production financing, and expanding the partners' overall vision of becoming a mini-studio.

Jason began his career as an educator in 2001 teaching in the Bay Area, CA.

Jason developed his entrepreneurial skills in 2005 when he launched a real estate development company, fixing and flipping homes on the Big Island.

In 2009 Jason moved his family to China to teach at Tianjin International School, instructing some of China's top international students from over 20 countries in comparative government, philosophy, film-making, and ancient history. For the next six years Jason taught at this flagship school in China while he continued to mine the history of many cultures for rich stories worthy to be developed into successful global motion pictures and series.

Jason continues to acquire and develop great literature, write, compose music, snow ski, cliff dive, and work together with his wife Rose in their most rewarding production of raising their five children in the foothills of Northern California.

**Stephen Wollwerth**

*Executive Vice President, Chief Creative Officer, Manager*

Chiefly through his *3Gates Films,* Stephen became a polished producer, known as a Renaissance Man through the many projects that he produced and contributed to as a producer, writer, director, director of photography, editor–and even an FAA licensed drone pilot in motion picture, television, and live-event production. Stephen has established multi-cam streaming systems, and has served as a media broadcasting facility director. He is currently co-founder and owner, President, and lead producer at One Door Studios LLC.

Stephen started *3Gates Films* in 2010 as designer, engineer, builder, and cinematographer of the first aerial platforms that opened the liberating era of drones. Stephen's innovative breakthrough aerial systems were featured in *Scientific American* magazine and many other publications and television programs. For a multi-million-dollar Fox Sports television commercial, Stephen became the first person to fly a cinema camera from a Blackmagic Design on a remote-controlled platform. He currently holds multiple FAA certifications, including Part 107.39 for flights over people, a certification held today by only 18 individuals in the United States.

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Stephen was the director of photography and editor on the 8.4/10 IMDB-rated 2020 Film *Hope for the Holidays* released on Amazon Prime Video. He was also director of photography and editor for the 13th season of a PBS docu-series called *Healing Quest*. Stephen's stock footage has been sold thousands of times to companies, primarily for commercials worldwide. His footage has been purchased by National Geographic, Valvoline, Mahindra Tractors, Cenovas Energy, Spike TV, and hundreds of other companies.

In 2019 Stephen amassed a quarter of a million followers on TikTok with tens of millions of views of videos which told stories of miracles in people's lives.

Stephen's reputation as a world class editor is significantly enabled by his substantial production of live, multi-camera concerts, and his degree in music performance, with a minor in voice.

Stephen speaks Mandarin Chinese with a level of fluency from his 2 years living in Kunming and Xian, China. He is also an instrument rated private pilot, is fascinated with aviation, has continuing electrical engineering projects as a hobby, is an extreme mountain biker, and is a father of three sons and one daughter.

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**COMPENSATION OF MANAGEMENT**

The Company is managed by the Manager, and the managers and executive officers of the Manager lead the operations of the Company's business, oversee its day-to-day affairs, and implement its film development and production strategy and achievements. The Company does not pay any compensation directly to these individuals for their management services to the Company. Rather, the Company will pay fees to the Manager as described in "Securities Being Offered" below.

**SECURITY OWNERSHIP OF MANAGEMENT**

The Company is managed by its Manager, which is presently the sole member of the Company and the only voting member of each of the Company's Series, including SCS. All profits units of the Series are non-voting. The table below shows, as of the date hereof, ownership of the Company's and its Series voting securities:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Title of class** | **Name and address of owner** | **Amount/nature of ownership** | **Amount/nature of ownership acquirable** | **Percent of class** |
| Company Unit | One Door Studios LLC<br>4320 Modoc Road<br>Suite F<br>Santa Barbara, CA 93110 | 1 Company Unit | - | 100% |
| Membership Unit of SCS | One Door Studios LLC<br>4320 Modoc Road<br>Suite F<br>Santa Barbara, CA 93110 | 1 Membership Unit | - | 100% |

---

**INTEREST OF MANAGEMENT IN CERTAIN TRANSACTIONS**

The Company was formed on December 20, 2021 by the Manager. Under the terms of the Operating Agreement, the Manager is the sole member of the Company and the only voting member of each of the Company's Series, including SCS.

The Company's operations were financed by an affiliate of our Manager, which advanced us $548,877 to pay our expenses. Repayment, without interest, has been remitted in part, and is expected to be fully repaid within the next twelve months.

During 2022, the Manager, on behalf of the Company, entered into an option purchase agreement granting it the right to purchase an exclusive and irrevocable option for the film rights to the three motion picture Projects associated with SCS. The Manager exercised its options for *Simulated* and *Activated* and assigned these options and its other rights under the option agreement with respect to the three motion picture Projects to SCS for $66,375.

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**SECURITIES BEING OFFERED**

*The following is a summary of the principal terms of the Offering, and is qualified by reference to the Operating Agreement, the applicable Series Agreement and the applicable Series Designation, each attached as an exhibit to the Offering Statement of which this Offering Circular forms a part. This summary is qualified in its entirety by reference to the detailed provisions of those agreements, which should be reviewed in their entirety by each prospective investor. In the event that the provisions of this summary differ from the provisions of the Operating Agreement, the applicable Series Agreement, or the applicable Series Designation, the provisions of the Operating Agreement, the Series Agreement, or the Series Designation shall apply.* 

**General**

Under our Operating Agreement, the Company is authorized to issue an unlimited number of units and one or more classes of units, which may be common, preferred, profits interest, incentive, performance, or other units, whether voting or nonvoting, as determined by the Manager from time to time. SCS, under its Series Agreement, is authorized to issue one voting Membership Unit and 159,424.61 Profits Units, which are comprised of 150,000 Class A Profits Units and 9,424.61 Class CF Profits Units. The Company and each Series is authorized to issue fractional Units.

The Company has only one Company Unit outstanding which is held by our Manager. SCS has only one Membership Unit outstanding which is owned by our Manager. There are 9,424.61 Class CF Profits Units outstanding and no Class A Profits Units outstanding as of the date hereof.

The Company is offering Class A Profits Units of SCS, a registered series of the Company, to Investors in this Offering. The Company is qualifying 150,000 Class A Profits Units under this Offering.

**Distributions**

***Preferred Return***

As discussed under "Company's Business" above, SCS was established to develop three separate film Projects. The Manager intends, once each Project is fully developed, to sell the Project to a newly formed company that is controlled by our Manager. The sale would be on the terms described in the form of purchase agreement attached as an exhibit to the Offering Statement of which this Offering Circular is a part. That form of purchase agreement provides that the purchase price for a Project will be equal to 1.12 times the total development funding received from investors in SCS. There would be a separate production company established for each fully-developed Project. Any such sale of a Project will be contingent on the production company's receipt of sufficient production financing.

Each Investor in Class A Profits Units would be entitle to receive aggregate preferred returns, payable on a pro rata basis with holders of Class CF Profits Units and in priority to any other distributions or the payment of the Service Fee to the Manager, in an amount determined by the number of Projects that are successfully developed and sold to a production company, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Following the first sale of a Project by SCS, a preferred return equal to 36.66% of such Profits Member's total Capital Contributions (i.e. his or her original aggregate purchase price) related to such Class A Profits Units,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Following the second sale of a Project by SCS, a preferred return equal to 73.32% of such Profits Member's total Capital Contributions related to such Class A Profits Units, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·Following the third sale of a Project by SCS, a preferred return equal to 110% of such Profits Member's total Capital Contributions related to such Class A Profits Units.

For example, if SCS only sells one Project to a production company and fails to sell any other Projects, the total amount of the preferred return payable to a holder of Class A Profits Units that he or she purchased for $1,000 would be equal to $366.60, or 36.66%, and if all three Projects are sold, the total amount of his or her preferred return would be equal to $1,100.00 .

Holders of Class CF Profits Units outstanding as of the date hereof are entitled to preferred returns, payable on a pro rata basis with holders of Class A Profits Units, based on the same three-tiered approach and representing, in the aggregate, 373,569 following the sale of each Project, or, $1,120,707 if all three Projects are sold. The Series is not authorized to issue any additional Class CF Profits Units.

The sale of a Project to a production company will only occur once the Project has been fully developed and packaged (i.e. securing a screenwriter, distributor-approved director and cast and production completion bond) to provide sufficient collateral to secure production financing for the production company, currently estimated to be $60,000,000 per Project.

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Although the Company expects that the purchase price for each Project will enable the Series to pay these preferred returns shortly following the sale of each Project, the Company's ability to pay these or any distributions, as well as the timing of any such distributions, may be limited by the Delaware Limited Liability Company Act. The Delaware limited Liability Company Act would generally prohibit distributions to Series Members if, after giving effect to the distribution, the liabilities of the Series or the Company exceed the fair value of the assets of the Series or the Company.

***Distributions of Distributable Cash***

Provided that the Series has either issued the maximum number of Class A Profits offered hereby (or has otherwise determine to cease issuing additional SCS Profits Units) and the preferred return payable with respect to the SCS Profits Units has been paid in full, holders of SCS Profits Units will be entitled to receive, on a pro rata basis, 50% of the Distributable Cash of the Series and the Manager will be entitled to receive the other 50% of Distributable Cash as a Service Fee.

"**Distributable Cash**" means all monies actually received by SCS, including in connection with the worldwide exhibition of any of SCS's film Projects in all mediums inclusive of those known and those hereafter devised, and all markets, net of an industry standard reserve percentage to cover residual payments as required by applicable guild and/or union agreements (by way of an example, the Screen Actors Guild and the Writers Guild of America), sales fees/sales expenses, and third-party sales and distribution-related contractual expenses and costs, deferments approved by the Manager, industry-standard development and production contractual obligations (including financing repayment obligations), non-investor third-party net profit payments, if any, and development sunk costs reimbursements, if any; minus the base distributions discussed above, all operating expenses of SCS (to the extent not duplicative) and any reserves (to the extent not duplicative) in amounts determined by the Manager, to cover the payment of all current or future expenses, liabilities and obligations of SCS and contingencies, as applicable.

Under the form of purchase agreement for each Project, the Series itself would be entitled to receive 50% of the profits of the distribution company, if any. The Manager will evaluate Distributable Cash at such intervals as it determines in its sole discretion.

**Voting**

Profits Members are not entitled to vote on any matter related to the Company or any of its Series, including SCS. The Manager is the sole member of the Company and the sole voting member (i.e. the sole holder of voting Membership Units) of each of its Series. In addition to the broad powers granted to the Manager over the Company and each Series, nearly all actions that require Member approval only require a majority of the voting Membership Units to vote in favor, i.e. the Manager as the sole holder of such Units. As a result, the holders of Profits Units will not have any voting or consent rights with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·amendments to the Operating Agreement or the Series Agreement, including any amendment that would have a material adverse effect on the rights or preferences of any Units, including Profits Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·changing the term of the Company or providing another person with the right to dissolve the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·removal of the Manager upon the Manager's willful misconduct, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·dissolve the Company or any Series.

Consent of the relevant holder of Profits Units would be required to enlarge the obligations of such holder, with very limited exceptions.

**Liquidation**

In connection with the liquidation of the Company or a Series, whether as a result of the dissolution of the Company or the termination of such Series, the liquidator (which may be the Manager) shall proceed to dispose of the assets of the Series, discharge its liabilities, and otherwise wind up its affairs in such manner and over such period as determined by the liquidator, subject to the Delaware Limited Liability Company Act.

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 deems appropriate or establish a reserve for its payment. When paid, any unused portion of the reserve shall be applied to other liabilities or distributed as additional liquidation proceeds. All property and all Distributable Cash in excess of that required to discharge liabilities of the Series or the Company shall be distributed to the holders of the Units of the Series and to the Manager (as a Service Fee) as provided under "– Distributions" above.

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**Restrictions on Transfer**

No Units, or any rights to distributions therefrom, may be transferred unless the Manager approves such proposed transfer. Transfers made without such approval will be void and not binding upon the Company, any Series, any Member, or any Series Member. The Manager may withhold its consent to the admission of any person as a Member or Series Member for any reason, including, without limitation, if it determines in its sole discretion that such admission could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·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 units of a Series, unless such units have been registered under the Exchange Act or the Company is otherwise an Exchange Act reporting company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·cause such person's holdings to be in excess of the Aggregate Ownership Limit (as defined below),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·adversely affect the Company or any Series or subject the Company, the Manager, any Series, 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, the Manager, any Series, 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;·result in the Company being required to register as an investment company under the Investment Company Act,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·cause the Manager or any of its affiliates to be required to register under the Investment Advisers Act,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·cause the assets of the Company to be treated as "plan assets" as defined in Section 3(42) of ERISA, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·result in a loss of:

o"partnership" or "disregarded entity" status, as applicable, for the Company for U.S. federal income tax purposes or the termination of the Company for U.S. federal income tax purposes or

ocorporation taxable as an "association" status for U.S. federal income tax purposes of any Series or termination of any Series for U.S. federal income tax purposes.

"Aggregate Ownership Limit" means, in respect of a transfer, not more than 19.99% of the aggregate outstanding units of a Series, which may be waived by the Manager in its sole discretion.

**Right of First Refusal**

If at any time any Series Member desires to transfer all or any part of his/her/its units pursuant to a bona fide offer from a third party, the Company, the applicable Series, or the Manager may acquire all or any portion of such units for the same price and upon the same terms and conditions.

**Drag-Along Provisions**

If at any time the holder of the majority of Company Units or the majority of the Membership Units of any Series (which is currently our Manager in both cases) receives an offer from a third party to buy all or a portion of its Units, and it desires to accept the offer, such holder (the Manger) has the right to require that each other member of the Company or Series Member of the applicable Series participate pro rata in the sale upon substantially the same terms and conditions.

**Redemption**

The Company or applicable Series has the option, but not the obligation, as determined by the Manager in its sole discretion, to purchase all or a portion of a Series Member's Units for their fair market value, as determined by the Manager in good faith using its reasonable business judgment, upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the long-term incapacity of a Series Member or a natural person that controls a Series Member that is an association, partnership, or other entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·expulsion or dissociation of a Series Member pursuant to the Delaware Limited Liability Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the inability or refusal of a Series Member to pay his/her/its debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·any assignment of units by a Series Member for the benefit of the Series Member's creditors in violation of the terms of the Operating Agreement or applicable Series Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the filing by a Series Member of a voluntary petition in bankruptcy or similar insolvency proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the irrevocable dissolution or termination of a Series Member who is an association, partnership, or other entity; provided, however, the foregoing does not include the domestication of any entity that is a Series Member or the conversion of such entity to another entity type, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the filing against a Series Member of an involuntary petition in bankruptcy or similar insolvency proceeding that is not dismissed within sixty (60) days.

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**Other Provisions of Note** 

***Capital Contributions***

Profits Members are not required to make additional contributions to the Company or any of its Series.

***On-Screen Credits***

SCS Profits Members who invest at least $250 in the Offering are entitled to an on-screen credit for each motion picture Project associated with SCS. This credit will appear in each motion picture Project's end-credits.

***Choice of Law and Dispute Resolution***

Because the nature of the Company and its Series is to generate profits to share with its Series Members, the Company believes it is important that a Series Member's dispute with the Company, the Manager, and/or other Series Members is not allowed to diminish the profits available to other Series Members or resources necessary to operate the Company or its Series. In the event of a dispute, claim, question, or disagreement among Series Members or between the Company, the Manager and/or one or more Series Members, or any other parties to the Operating Agreement or to a Series Agreement, arising from or relating to the Operating Agreement, any Series Agreement, the breach thereof, or any associated transaction, or to interpret or enforce any rights or duties under the Delaware Limited Liability Company Act (each of the foregoing, a "**Dispute**"), except allegations of violations of federal or state securities laws, the Manager, Member, and Series Members will resolve such Dispute by strictly adhering to the procedures set forth in the Operating Agreement, which are summarized below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Negotiation*. Written notice of a Dispute must be sent to the Manager or Series Member by the aggrieved party and the parties are required to use their best efforts to settle any Dispute through negotiation before resorting to any other means of resolution. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to all parties thereto. If, within a period of sixty (60) days after written notice of such Dispute has been served by a party on the other, the parties have not reached a negotiated solution, then upon further notice by either party, the Dispute will be submitted to arbitration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·*Arbitration*. Any Dispute that remains unresolved after good faith negotiation shall be settled by binding arbitration in Los Angeles, California, in accordance with the Independent Film & Television Alliance Rules for International Arbitration then in effect, or any successor thereto. Judgment on the award rendered by the arbitrator(s) shall be final and may be entered in any court having jurisdiction thereof.

Notwithstanding the foregoing, upon unanimous consent of all parties to a Dispute, or as may be required to effect enforcement of this Agreement by the Manager, the disputing party may initiate a litigation in lieu of mediation and arbitration. Any such suit, action, or proceeding shall be brought in Los Angeles, California or in the Chancery Court in the State of Delaware, and each Series Member consents to the jurisdiction of the courts located in Los Angeles, California or 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 that 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 that is brought in any such court has been brought in an inconvenient forum.

Furthermore, each Investor, by investing in Profits Units and any transferee or assignee thereof, waives any right to a jury trial as to any matter under the Operating Agreement or any Series Agreement or in any other way relating to the Company or its Series or the relations under the Operating Agreement or otherwise as to the Company or its Series as between or among any said persons.

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 **One Door Studios Entertainment Properties LLC** 

 **Unaudited Financial Statements** 

 **Periods Ended June 30, 2022 and December 31, 2021** 

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**OneDoor Studio Entertainment Properties LLC**

**BALANCE SHEETS**

**June 30, 2022 and December 31, 2021**

**(Unaudited)**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Series Calculated Sequels** | **Unallocated** | **Consolidated** | **Unallocated** | **Consolidated** |
| **ASSETS** |  |  |  |  |  |
| **Current Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $705739  | $-  | $705739  | $-  | $-  |
| **Total Current Assets** | **705739**  | **-**  | **705739**  | **-**  | **-**  |
| **Other Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Motion Picture Option fees | 66325  | -  | 66325  | -  | **-**  |
| **Total Other Assets** | **66325**  | **-**  | **66325**  | **-**  | **-**  |
| **Total Assets** | **$** **772064**  | **$** **-**  | **$** **772064**  | **$** **-**  | **$** **-**  |
| **LIABILITIES AND MEMBER'S EQUITY** |  |  |  |  |  |
| **Current Liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Calculated Development | $175416  | $-  | $175416  | $-  | $-  |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to Member | 66325  | -  | 66325  | -  | -  |
| **Total Current Liabilities** | **241741**  | **-**  | **241741**  | **-**  | **-**  |
| **Long-Term Liabilities** | **-**  | **-**  | **-**  |  | **-**  |
| **Total Liabilities** | **241741**  | **-**  | **241741**  | **-**  | **-**  |
| **Member's Equity** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contributions advance | 705739  | -  | 705739  | -  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings/ (Accumulated deficit) | (175416)  | -  | (175416)  | -  | -  |
| **Total Member's Equity** | **530323**  | **-**  | **530323**  | **-**  | **-**  |
| **Total Liabilities and Member's Equity**  | **$** **772064**  | **$** **-**  | **$** **772064**  | **$** **-**  | **$** **-**  |

---

**No Assurance Provided - Compilation Engagement Only**

------

**OneDoor Studio Entertainment Properties LLC**

**INCOME STATEMENTS**

**For the Periods Ended June 30, 2022 and December 31, 2021**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Series Calculated Sequels** | **Unallocated** | **Consolidated** | **Unallocated** | **Consolidated** |
| Revenues | $-  | $-  | $-  | $-  | $-  |
| Cost of revenues | -  | -  | -  | -  | -  |
| **Gross Profit** | **-**  | **-**  | **-**  | **-**  | **-**  |
| **Operating Expenses** |  |  |  |  |  |
| General and administrative | 20702  | -  | 20702  | -  | -  |
| Professional fees | 103734  | -  | 103734  | -  | -  |
| Advertising and marketing | 46083  | -  | 46083  | -  | -  |
| Development Talent | 4896  | -  | 4896  | -  | -  |
| **Total Operating Expenses** | **175416**  | **-**  | **175416**  | **-**  | **-**  |
| **Net Income (Loss)** | **$** **(175416)**  | **$** **-**  | **$** **(175416)**  | **$** **-**  | **$** **-**  |

---

**No Assurance Provided - Compilation Engagement Only**

------

**OneDoor Studio Entertainment Properties LLC**

**STATEMENTS OF CHANGES IN MEMBER'S EQUITY**

**For the Periods Ended June 30, 2022 and December 31, 2021**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Series Calculated Sequels** | **Unallocated** | **Consolidated** |
| **Balance as of December 20, 2021** | **$** **-**  | **$** **-**  | **$** **-**  |
| Net Income (Loss) | **-**  | **-**  | **-**  |
| **Balance as of December 31, 2021** | **-**  | **-**  | **-**  |
| Crowdfunding contributions advance | 705739  | -  | 705739  |
| Net Income (Loss) | (175416)  | -  | (175416)  |
| **Balance as of June 30, 2022** | **$** **530323**  | **$** **-**  | **$** **530323**  |

---

**No Assurance Provided - Compilation Engagement Only**

------

**OneDoor Studio Entertainment Properties LLC**

**STATEMENTS OF CASH FLOWS**

**For the Periods Ended June 30, 2022 and December 31, 2021**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **June 30, 2022** | **June 30, 2022** | **June 30, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Series Calculated Sequels** | **Unallocated** | **Consolidated** | **Unallocated** | **Consolidated** |
| **Cash Flows from Operating Activities** |  |  |  |  |  |
| Net Income (Loss) | $(175416)  | $-  | $(175416)  | $-  | $-  |
| Changes in operating assets and liabilities | -  | -  | -  | -  | **-**  |
| **Net cash provided by (used in) operating activities** | **(175416)**  | **-**  | **(175416)**  | **-**  | **-**  |
| **Cash Flows from Investing Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of motion picture options | (66325)  | -  | (66325)  | -  | **-**  |
| **Net cash used in investing activities** | **(66325)**  | **-**  | **(66325)**  | **-**  | **-**  |
| **Cash Flows from Financing Activities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from affiliates | 175416  | -  | 175416  | -  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances from member | 66325  | -  | 66325  | -  | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contribution advances | 705739  | -  | 705739  | -  | -  |
| **Net cash provided by (used in) financing activities** | **947480**  | **-**  | **947480**  | **-**  | **-**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents** | **705739**  | **-**  | **705739**  | **-**  | **-**  |
| Cash and cash equivalents at beginning of period | -  | -  | -  | -  | -  |
| **Cash and cash equivalents at end of period** | **$** **705739**  | **$** **-**  | **$** **705739**  | **$** **-**  | **$** **-**  |

---

**No Assurance Provided - Compilation Engagement Only**

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES, LLC** 

**NOTES TO THE FINANCIAL STATEMENTS**

**JUNE 30, 2022 AND DECEMBER 31, 2021**

**(Unaudited)**

------

**NOTE 1 – NATURE OF OPERATIONS**

OneDoor Studios Entertainment Properties LLC, (which may be referred to as the "Company", "we," "us," or "our") develops, produces, and distributes motion pictures. The Company was incorporated in Delaware on December 20, 2021. The Company's headquarters are in Santa Barbara, California.

OneDoor Studios LLC ("1DS LLC") is the sole manager of the Company . The Company is the umbrella/parent LLC which will house future series LLCs for each film as they are formed. Each company will maintain its own books and records.

In January 2022, the Company created Series Calculated Sequels as a series of the Company. In March 2022, the Company and the Manager entered into a Series Agreement setting forth terms specific to the series. In April 2022, the series was converted from a protected series to a registered series under Delaware law and its name was changed to OneDoor Studios Entertainment Properties LLC Series Calculated Sequels ("SCS").

The financials presented are reflective of the balances of the Company and its underlying series LLC as of June 30, 2022 and December 31, 2021.

Since inception, the Company has relied on contributions from owners to fund its operations. As of June 30, 2022 the Company has incurred an operating loss and will likely incur losses prior to generating positive retained earnings. During the next twelve months, the Company intends to fund its operations with funding from additional capital raises, (See Note 7) and funds from revenue producing activities, if and when such can be realized.

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

**Basis of Presentation**

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("US GAAP"). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board ("FASB").

**Use of Estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.

Significant estimates inherent in the preparation of the accompanying financial statements include valuation of provision for refunds and chargebacks, equity transactions and contingencies.

**Risks and Uncertainties**

The Company has a limited operating history. The Company's business and operations are sensitive to general business and economic conditions in the United States. A host of factors beyond the Company's control could cause fluctuations in these conditions. Adverse conditions may include recession, downturn or otherwise, local competition or changes in consumer taste. These adverse conditions could affect the Company's financial condition and the results of its operations.

**Concentration of Credit Risk**

The Company maintains its cash with a major financial institution located in the United States of America, which it believes to be credit worthy. The Federal Deposit Insurance Corporation insures balances up to $250,000. At times, the Company may maintain balances in excess of the federally insured limits.

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES, LLC** 

**NOTES TO THE FINANCIAL STATEMENTS**

**JUNE 30, 2022 AND DECEMBER 31, 2021**

**(Unaudited)**

------

**Cash and Cash Equivalents**

The Company considers short-term, highly liquid investment with original maturities of three months or less at the time of purchase to be cash equivalents. Cash consists of funds held in the Company's checking account.

**Fair Value Measurements**

Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable.

There were no assets or liabilities requiring fair value measurements as of June 30, 2022 and December 31, 2021.

**Income Taxes**

The Company is taxed as a passthrough entity and is disregarded for federal income tax purposes. No income taxes are levied on the Company, rather such taxes are levied on the individual members. Therefore, no provision or liability for federal income taxes has been reflected in the accompanying financial statements.

**Revenue Recognition**

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee for the arrangement is fixed or determinable and collectability is reasonably assured. The company is still pre-revenue and has not yet recognized revenue.

**Organizational Costs**

In accordance with FASB ASC 720, organizational costs, including accounting fees, legal fee, and costs of incorporation, are expensed as incurred.

**Advertising**

The Company expenses advertising costs as they are incurred.

**Recent Accounting Pronouncements**

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

**NOTE 3 – FILM DEVELOPMENT**

Thus far, development costs incurred include the balance due to OneDoor Studios LLC (the Company's member) for option fees incurred to acquire the motion picture and series rights to the books SIMULATED and ACTIVATED. These costs are capitalized until the film is ready for amortization, consistent with ASC 926, Entertainment—Films—Other Assets—Film Costs.

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES, LLC** 

**NOTES TO THE FINANCIAL STATEMENTS**

**JUNE 30, 2022 AND DECEMBER 31, 2021**

**(Unaudited)**

------

**NOTE 4 – DUE TO AFFILATE & MEMBER**

The Company's operations were financed by Calculated Development, LLC, an entity owned by One Door Studios LLC. During the six months ended June 30, 2022 Calculated Development paid for Company expenses totaling $175,416. Repayment is expected within the next twelve months.

In June 2022, OneDoor Studios Entertainment Properties LLC Series Calculated Sequels purchased the motion picture and series rights to the books SIMULATED and ACTIVATED for $66,325 from OneDoor Studios, LLC.

**NOTE 5 – EQUITY**

The authorized Units that the Company or its Series has authority to issue consist of such number of Units and such class of Units, which may be common, preferred, profits interest, incentive, performance, or other units, whether voting or nonvoting, as determined by the Manager from time to time.

**Company Units**

The Company is authorized to sell and issue Company Units. Each "Company Unit" represents a voting interest in the Company and is entitled to (A) allocations of Profits and Losses of the Company and Distributions of Distributable Cash of the Company as declared in accordance with this Agreement, and (B) one (1) vote on all matters to be voted upon by the Member(s) of the Company.

**Series Membership Units** 

Each Series is authorized to sell and issue Membership Units. Each "Membership Unit" represents a voting interest in an applicable Series, and is entitled to (A) allocations of Profits and Losses of such Series and Distributions of Distributable Cash of such Series as declared in accordance with this Agreement and/or the applicable Series Agreement for such Series, and (B) one (1) vote on all matters to be voted upon by such Series' Voting Member(s).

**Series Profits Units**

Each Series is authorized to sell and issue Profits Units. Each "Profits Unit" represents a non-voting, solely economic interest in an applicable Series, and is entitled to only allocations of Profits and Losses of such Series and Distributions of Distributable Cash of such Series as declared in accordance with this Agreement and/or the applicable Series Agreement for such Series.

As of June 30, 2022, the Company has issued 1 Company Unit to One Door Studios, LLC and received advances for Class CF SCS series profit units in totaling $705,739 (See Note 7).

As of December 31, 2021, the Company has issued 1 Company Unit to One Door Studios, LLC.

**NOTE 6 – COMMITMENTS AND CONTINGENCIES**

**Litigation**

The Company is not currently involved with and does not know of any pending or threatening litigation against the Company.

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES, LLC** 

**NOTES TO THE FINANCIAL STATEMENTS**

**JUNE 30, 2022 AND DECEMBER 31, 2021**

**(Unaudited)**

------

**COVID 19**

In January 2020, the World Health Organization has declared the outbreak of a novel coronavirus (COVID-19) as a "Public Health Emergency of International Concern," which continues to spread throughout the world and has adversely impacted global commercial activity and contributed to significant declines and volatility in financial markets. The coronavirus outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of the coronavirus outbreak. Nevertheless, the outbreak presents uncertainty and risk with respect to the Company, its performance, and its financial results.

**NOTE 7 – SUBSEQUENT EVENTS**

**Series Creation**

In July 2022, the Company created OneDoor Studios Entertainment Properties LLC Series Messiah ("Series Messiah") and OneDoor Studios Entertainment Properties LLC Series Cyrus ("Series Cyrus"), each as a registered series of the Company. These two entities had no operations or business activities to the date of Management's review.

**Amendment to the Company's Limited Liability Company Agreement and the Series Agreement of SCS** 

In January 2023, the Company amended and restated the Series Agreement of SCS to (1) reclassify its Profits Units issued in its Crowdfunded Offering as Class CF Profits Units of which 9,424.61 of such units are authorized, (2) to create an additional class of Profits Units, Class A Profits Units, and authorize 150,000 of such units and (3) to make certain clarifying amendments to provisions of the Series Agreement.

In January 2023, the Company amended and restated its limited liability company agreement to make certain clarifying amendments.

**Crowdfunding Offering**

The Company concluded its Crowdfunded Offering of Profit Units in SCS in August 2022 and issued a total of 9,424.61 Profit units. In total the Company received $895,338, net of fees totaling $47,123.

**Regulation A Offering**

The Company intends to offer additional Class A Profit Units up to $15,000,000 or 150,000 units pursuant to Regulation A under the Securities Act (the "Regulation A Offering").

The Company's Series Regulation A funding offering will be made through the company website, OneDoorStudios.com.

No Class A Profits Units have been issued to date.

**Management's Evaluation**

Management has evaluated subsequent events through January 6, 2023, the date the financial statements were available to be issued. Based on this evaluation, no additional material events were identified which require adjustment or disclosure in the financial statements.

------

**One Door Studios Entertainment Properties LLC**

(a Delaware Series Limited Liability Company)

**Audited Financial Statements**

Period of December 20, 2021 (Inception)

through December 31, 2021

Audited by:

![](oned1apos_2.jpg)

TaxDrop LLC

A New Jersey CPA Company

------

**One Door Studios Entertainment Properties LLC**

**Table of Contents**

---

| | |
|:---|:---|
| [Independent Accountant's Audit Report](#report2) | FS-12 |
| Financial Statements and Supplementary Notes |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Balance Sheet as of December 31, 2021](#bs2) | FS-14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Income Statement for the period of December 20, 2021 (Inception) through December 31, 2021](#is2) | FS-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Changes in Members' Equity for the period of December 20, 2021 (Inception) through December 31, 2021](#sse2) | FS-16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statement of Cash Flows for the period of December 20, 2021 (Inception) through December 31, 2021](#soc2) | FS-17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes and Additional Disclosures to the Financial Statements as of December 31, 2021](#note2) | FS-18 |

---

------

![](oned1apos_2.jpg)

**Independent Auditor's Report**

January 6, 2023

**To:** Management of OneDoor Studios Entertainment Properties LLC

**Attn:** Jason Brents, CEO

**Re:** 2021 Financial Statement Audit – OneDoor Studios Entertainment Properties LLC

**Report on the Audit of the Financial Statements**

**Opinion**

We have audited the financial statements of OneDoor Studios Entertainment Properties LLC, which comprise the balance sheet as of December 31, 2021, and the related statements of income, changes in stockholders' equity, and cash flows for the period then ended, and the related notes to the financial statements. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of OneDoor Studios Entertainment Properties LLC as of December 31, 2021, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audits 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 Statements section of our report. We are required to be independent of OneDoor Studios Entertainment Properties LLC 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.

**Other Matter**

As described in Note 2, Restatements, the Company has revised its financial statements to correct an error in the presentation and valuation of member's units in equity. The previously issued financial statements as of December 31, 2021 have been restated. Our opinion is not modified with respect to this matter

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements 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 financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about OneDoor Studios Entertainment Properties LLC's ability to continue as a going concern.

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

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are 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 GAAS 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 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 statements.

In performing an audit in accordance with GAAS, we:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Identify and assess the risks of material misstatement of the financial statements, 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;&nbsp;&nbsp;&nbsp;&nbsp;&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 OneDoor Studios Entertainment Properties LLC's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about OneDoor Studios Entertainment Properties LLC'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.

Sincerely,

![](oned1apos_3.jpg)

TaxDrop LLC Robbinsville,

New Jersey January 6, 2023

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES LLC.**

**BALANCE SHEET**

**As of December 31, 2021**

**(Audited)**

---

| | |
|:---|:---|
| **ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2021** |
| **Current Assets** |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $-  |
| **Total Current Assets** | -  |
| Other Assets | -  |
| **Total Other Assets** | -  |
| **Total Assets** | $-  |
| <br> **LIABILITIES AND MEMBERS' EQUITY** |  |
| **Current Liabilities** |  |
| &nbsp;&nbsp;&nbsp;Accounts Payable | $-  |
| **Total Current Liabilities** | -  |
| **Long-Term Liabilities** | -  |
| &nbsp;&nbsp;&nbsp;Loans | -  |
| **Total Long-Term Liabilities** | -  |
| **Other Liabilities** | -  |
| **Total Liabilities** | -  |
| **MEMBER'S EQUITY** |  |
| Capital contributions | -  |
| Retained earnings (Accumulated deficit) | -  |
| **Total Member's Equity** | -  |
| **Total Liabilities and Member's Equity** | $-  |

---

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES LLC.**

**Income Statement**

**For the Period from December 20, 2021 (Inception) to December 31, 2021**

**(Audited)**

---

| | |
|:---|:---|
|  | **2021** |
| **Revenues** | $-  |
| Cost of revenues | -  |
| **Gross profit (loss)** | -  |
| **Operating expenses** |  |
| &nbsp;&nbsp;&nbsp;General and administrative | -  |
| &nbsp;&nbsp;&nbsp;Professional fees | -  |
| &nbsp;&nbsp;&nbsp;Advertising | -  |
| **Total operating expenses** | -  |
| **Other Income** |  |
| &nbsp;&nbsp;&nbsp;Other income/expense | -  |
| **Total Other Income** | -  |
| **Net Income (Loss)** | $-  |

---

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES LLC.**

**STATEMENT OF MEMBER'S EQUITY**

**For the Period from December 20, 2021 (Inception) to December 31, 2021**

**(Audited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Member**<br>**Units** | **Capital** <br>**Contributions** | **Retained Earnings/** <br>**(Accumulated Deficit)** | **Total Members'** <br>**Equity** |
| **Balance as of December 20, 2021 (Inception)** | **-**  | **$** **-**  | **$** **-**  | **$** **-**  |
| Issuance of Member Units | 1  | -  | -  | -  |
| Net Income (Loss) | -  | -  | -  | -  |
| **Balance as of December 31, 2021** | **1**  | **$** **-**  | **$** **-**  | **$** **-**  |

---

------

**ONE DOOR STUDIOS ENTERTAINMENT PROPERTIES LLC.**

**STATEMENT OF CASH FLOWS**

**For the Period from December 20, 2021 (Inception) to December 31, 2021**

**(Audited)**

---

| | |
|:---|:---|
|  | **2021** |
| &nbsp;&nbsp;&nbsp;**Cash Flows from Operating Activities** |  |
| &nbsp;&nbsp;&nbsp;Net Income (Loss) | $-  |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in other assets | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (Decrease) in accounts payable | -  |
| &nbsp;&nbsp;&nbsp;**Net Cash provided by (used in) operating activities** | **-**  |
| &nbsp;&nbsp;&nbsp;**Cash Flows from Investing Activities** |  |
| &nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **-**  |
| &nbsp;&nbsp;&nbsp;**Cash Flows from Financing Activities** |  |
| &nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | **-**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net change in cash and cash equivalents** | -  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents at beginning of period | -  |
| &nbsp;&nbsp;&nbsp;**Cash and cash equivalents at end of period** | $-  |

---

------

**ONEDOOR STUDIO ENTERTAINMENT PROPERTIES LLC.** 

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2021**

------

**NOTE 1 – NATURE OF OPERATIONS**

OneDoor Studios Entertainment Properties LLC, (which may be referred to as the "Company", "we," "us," or "our") develops, produces, and distributes motion pictures. The Company was incorporated in Delaware on December 20, 2021. The Company's headquarters are in Santa Barbara, California.

OneDoor Studios LLC ("1DS LLC") is the sole manager of the Company. The Company is the umbrella/parent LLC which will house future series LLCs for each film as they are formed. Each series company will maintain its own books and records and, as of December 31, 2021, have not engaged in any intercompany transactions. The financials presented are reflective of the balances of the Company as no underlying series LLCs existed as of December 31, 2021.

Since inception, the Company has relied on contributions from owners to fund its operations. As of December 31, 2021, the Company had not begun operations and will likely incur losses prior to generating positive retained earnings. During the next twelve months, the Company intends to fund its operations with funding from a crowdfunding campaign and Reg A+ capital campaign (see Note 5).

**NOTE 2 – RESTATEMENT**

**Restatement**

Upon subsequent discovery of facts existing at the date of the auditor's report, the Company has restated its equity section of the balance sheet to correct units issued and outstanding, which were previously incorrectly stated. The Company previously incorrected stated that it had 72,000 member units issued and outstanding, for a capital contribution equivalent that was not yet paid of $7,200,000, as of December 31, 2021. The financials herein list the corrected balance which is 1 member unit issued and outstanding as of December 31, 2021, with a capital contribution equivalent of $0.

**NOTE 3 – BASIS OF PRESENTATION, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS**

**Basis of Presentation**

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("US GAAP"). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification ("ASC") and Accounting Standards Updates ("ASU") of the Financial Accounting Standards Board ("FASB").

**Use of Estimates**

The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and footnotes thereto. Actual results could materially differ from these estimates. It is reasonably possible that changes in estimates will occur in the near term.

**Risks and Uncertainties**

The Company has a limited operating history. The Company's business and operations are sensitive to general business and economic conditions in the United States. A host of factors beyond the Company's control could cause fluctuations in these conditions. Adverse conditions may include recession, downturn or otherwise, local competition or changes in consumer taste. These adverse conditions could affect the Company's financial condition and the results of its operations.

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**ONEDOOR STUDIO ENTERTAINMENT PROPERTIES LLC.** 

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2021**

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**Cash and Cash Equivalents**

The Company considers short-term, highly liquid investment with original maturities of three months or less at the time of purchase to be cash equivalents. The Company had $0 of cash and cash equivalents as of December 31, 2021.

**Fair Value Measurements**

Generally accepted accounting principles define fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and such principles also establish a fair value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority):

\*Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

\*Level 2 – Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means.

\*Level 3 – Prices or valuation techniques requiring inputs that are both significant to the fair value measurement and unobservable.

There were no assets or liabilities requiring fair value measurement as of December 31, 2021.

**Income Taxes**

The Company is taxed as a passthrough entity and is disregarded for federal income tax purposes. No income taxes are levied on the Company, rather such taxes are levied on the individual members. Therefore, no provision or liability for federal income taxes has been reflected in the accompanying financial statements.

**Revenue Recognition**

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the fee for the arrangement is fixed or determinable and collectability is reasonably assured. The Company is still pre-revenue and has not yet recognized revenue.

**Organizational Costs**

In accordance with FASB ASC 720, organizational costs, including accounting fees, legal fee, and costs of incorporation, are expensed as incurred.

**Advertising**

The Company expenses advertising costs as they are incurred.

**Recent Accounting Pronouncements**

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

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**ONEDOOR STUDIO ENTERTAINMENT PROPERTIES LLC.** 

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2021**

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**NOTE 4 – EQUITY**

The authorized Units that the Company or its Series has authority to issue consist of such number of Units and such class of Units, which may be common, preferred, profits interest, incentive, performance, or other units, whether voting or nonvoting, as determined by the Manager from time to time.

**Company Units**

The Company is authorized to sell and issue Company Units. Each "Company Unit" represents a voting interest in the Company and is entitled to (A) allocations of Profits and Losses of the Company and Distributions of Distributable

Cash of the Company as declared in accordance with this Agreement, and (B) one (1) vote on all matters to be voted upon by the Member(s) of the Company.

**Series Membership Units**

Each Series is authorized to sell and issue Membership Units. Each "Membership Unit" represents a voting interest in an applicable Series, and is entitled to (A) allocations of Profits and Losses of such Series and Distributions of Distributable Cash of such Series as declared in accordance with this Agreement and/or the applicable Series Agreement for such Series, and (B) one (1) vote on all matters to be voted upon by such Series' Voting Member(s).

**Series Profits Units**

Each Series is authorized to sell and issue Profits Units. Each "Profits Unit" represents a non-voting, solely economic interest in an applicable Series, and is entitled to only allocations of Profits and Losses of such Series and Distributions of Distributable Cash of such Series as declared in accordance with this Agreement and/or the applicable Series Agreement for such Series.

As of December 31, 2021, the Company has issued 1 Company unit to its sole member, One Door Studios, LLC.

**NOTE 5 – COMMITMENTS AND CONTINGENCIES**

**Litigation**

The Company is not currently involved with and does not know of any pending or threatening litigation against the Company.

**COVID 19**

In January 2020, the World Health Organization has declared the outbreak of a novel coronavirus (COVID-19) as a "Public Health Emergency of International Concern," which continues to spread throughout the world and has adversely impacted global commercial activity and contributed to significant declines and volatility in financial markets. The coronavirus outbreak and government responses are creating disruption in global supply chains and adversely impacting many industries. The outbreak could have a continued material adverse impact on economic and market conditions and trigger a period of global economic slowdown. The rapid development and fluidity of this situation precludes any prediction as to the ultimate material adverse impact of the coronavirus outbreak. Nevertheless, the outbreak presents uncertainty and risk with respect to the Company, its performance, and its financial results.

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**ONEDOOR STUDIO ENTERTAINMENT PROPERTIES LLC.** 

**NOTES TO FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2021**

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**NOTE 6 – SUBSEQUENT EVENTS**

**Series Creation**

In January 2022, the Company created Series Calculated Sequels as a series of the Company. In March 2022, the Company and the Manager entered into a Series Agreement setting forth terms specific to the series. In April 2022, the series was converted from a protected series to a registered series under Delaware law and its name was changed to OneDoor Studios Entertainment Properties LLC Series Calculated Sequels ("SCS").

In July 2022, the Company created OneDoor Studios Entertainment Properties LLC Series Messiah ("Series Messiah") and OneDoor Studios Entertainment Properties LLC Series Cyrus ("Series Cyrus"), each as a registered series of the Company. These two entities had no operations or business activities to the date of Management's review.

**Film Development Rights**

In June 2022, OneDoor Studios Entertainment Properties LLC Series Calculated Sequels purchased the motion picture and series rights to the books SIMULATED and ACTIVATED for $66,325 from OneDoor Studios, LLC.

**Amendment to the Company's Limited Liability Company Agreement and the Series Agreement of SCS**

In January 2023, the Company amended and restated the Series Agreement of SCS to (1) reclassify its Profits Units issued in its Crowdfunded Offering as Class CF Profits Units of which 9,424.61 of such units are authorized, (2) to create an additional class of Profits Units, Class A Profits Units, and authorize 150,000 of such units and (3) to make certain clarifying amendments to provisions of the Series Agreement.

In January 2023, the Company amended and restated its limited liability company agreement to make certain clarifying amendments.

**Crowdfunding Offering**

The Company concluded its Crowdfunded Offering of Profit Units in SCS in August 2022 and issued a total of 9,424.61 Profit units. In total the Company received $895,338, net of fees totaling $47,123.

**Regulation A Offering**

The Company intends to offer additional Class A Profit Units up to $15,000,000 or 150,000 units pursuant to Regulation A under the Securities Act (the "Regulation A Offering").

The Company's Series Regulation A funding offering will be made through the company website, OneDoorStudios.com.

No Class A Profits Units have been issued to date.

**Management's Evaluation**

Management has evaluated subsequent events through January 6, 2023, the date the financial statements were available to be issued. Based on this evaluation, no additional material events were identified which require adjustment or disclosure in the financial statements.

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**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| Exhibit 2.1 | [Certificate of Formation](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex2-1.htm)\* |
| Exhibit 2.2 | [Amended and Restated Series Limited Liability Company Agreement](oned_ex2z2.htm) |
| Exhibit 2.3 | [Certificate of Conversion of Protected Series to Registered Series](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex2-3.htm)\* |
| Exhibit 2.4 | [Certificate of Registered Series of Limited Liability Company](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex2-4.htm)<br>[(Series Calculated Sequels)](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex2-4.htm)\* |
| Exhibit 2.5 | [Certificate of Registered Series of Limited Liability Company (Series Messiah)](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex2-5.htm)\* |
| Exhibit 2.6 | [Certificate of Registered Series of Limited Liability Company (Series Cyrus)](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex2-6.htm)\* |
| Exhibit 3.1 | [Series Designation of Series Calculated Sequels](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex3-1.htm)\* |
| Exhibit 3.2 | [Amended and Restated Series Agreement of Series Calculated Sequels](oned_ex3z2.htm) |
| Exhibit 3.3 | [INTENTIONALLY OMITTED] |
| Exhibit 4.1 | [Form of Profits Units Subscription Agreement](oned_ex4z1.htm) |
| Exhibit 6.1 | [Broker-Dealer Agreement](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex6.1.htm)\* |
| Exhibit 6.2 | [Form of Project Purchase Agreeme](oned_ex6z2.htm)[n](oned_ex6z2.htm)[t](oned_ex6z2.htm) |
| Exhibit 6.3 | [1DS Assignment and Transfer of Calculated Sequels Rights](oned_ex6z3.htm) |
| Exhibit 6.4 | Option Purchase Agreement between the Manager and Nova McBee\*\* |
| Exhibit 6.5 | [Writing Letter Agreement with Ann Peacock](oned_ex6z5.htm) D |
| Exhibit 11.1 | [Consent of Independent Public Accounting Firm](oned_ex11z1.htm) |
| Exhibit 12.1 | Opinion of CrowdCheck Law LLP\*\* |
| Exhibit 13.1 | [Testing-the-Waters Materials](http://www.sec.gov/Archives/edgar/data/1914244/000191424422000003/1ds_ex13-1.htm)\* |

---

\*previously filed.

\*\*to be filed by amendment.

DCertain identified information has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.

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**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 State of California, on January 18, 2023.

**OneDoor Studios Entertainment Properties LLC**

**a Delaware series limited liability company**

---

| | | |
|:---|:---|:---|
| By | *OneDoor Studios, a Utah limited liability company*<br> Its: Manager | *OneDoor Studios, a Utah limited liability company*<br> Its: Manager |
|  | By:  | */s/ Jason Brents* |
|  | Name:  | Jason Brents |
|  | Title:  | Manager |

---

This Offering Statement has been signed by the following persons in the capacities and on the dates indicated.

***OneDoor Studios, a Utah limited liability company***

---

| | |
|:---|:---|
| By:  | */s/ Jason Brents*  |
| Name:  | Jason Brents |
| Title:  | Manager |

---

Date: January 18, 2023

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## Ex1A-2A

**AMENDED AND RESTATED SERIES LIMITED LIABILITY COMPANY AGREEMENT**

of

**ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES LLC**

dated as of

January 6, 2022

THE UNITS REPRESENTED BY THIS LIMITED LIABILITY COMPANY AGREEMENT OR ANY SERIES AGREEMENT OF ITS SERIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

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**SERIES LIMITED LIABILITY COMPANY AGREEMENT**

**of**

**ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES LLC**

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this "**Agreement**") is dated as of the 6th day of January 2023 ("**Effective Date**"), by and among (i) OneDoor Studios Entertainment Properties LLC, a Delaware limited liability company ("**Company**"), (ii) One Door Studios LLC, a Utah limited liability company ("**Manager**"), and (iii) certain other Persons from time to time that become Members or Series Members (in each case as defined below) in accordance with the terms hereof (each of the foregoing a "**Party**" and collectively the "**Parties**"). This Agreement was amended by the Manager pursuant to Section 13.1 and supersedes and replaces the original limited liability company agreement of the Company dated March 18, 2022.

**RECITALS**

**WHEREAS**, the parties hereto desire to form a series limited liability company pursuant to the Delaware Limited Liability Company Act by having filed a Certificate of Formation of the Company with the office of the Secretary of State of the State of Delaware on December 21, 2021 and entering into this Agreement;

**WHEREAS**, it is intended by the parties hereto that the Company establish separate Series and that the debts, liabilities and obligations incurred, contracted for or otherwise existing with respect to a particular Series of the Company will be enforceable against the assets of such Series only, and not against the assets of the Company generally or any other Series thereof, and not of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Company generally or any other Series thereof shall be enforceable against the assets of such Series; and

**NOW THEREFORE**, in consideration of the mutual promises and obligations contained herein, the parties, intending to be legally bound, hereby agree as follows:

**ARTICLE I**<br>**GENERAL PROVISIONS**

**Section 1.1** **Name**. The name of this limited liability company is **OneDoor Studios Entertainment Properties LLC**. The business of the Company and its Series may be conducted under any other name or names, as determined by the Manager.

**Section 1.2** **Effect of the Act**. The full and complete provisions of the Act are incorporated herein by reference. As contemplated by the Act, except as otherwise provided for in this Agreement, the business and internal affairs of the Company and its Series, including the rights and duties of the Members, Series Members, and Manager, will be governed by the Act as in effect on the Effective Date of this Agreement and as may be amended thereafter from time to time.

**Section 1.3** **Definitions**. The following terms have the following meanings herein, unless otherwise clearly indicated to the contrary, or as otherwise defined in a Series Agreement with respect to an applicable Series.

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

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"**Acquisition Expenses**" means, in respect of a 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) and incurred in connection with the evaluation, discovery, investigation, development, acquisition, or disposition of an Asset, including brokerage and sales fees and commissions (but excluding the Brokerage Fee), appraisal fees, registration fees, research fees, transfer taxes, third party industry and due diligence experts, bank fees and interest, transportation costs, travel and lodging for inspection purposes, technology costs, photography and videography expenses, and any blue sky filings required in order for the Units of such Series to be made available to Profits Members in certain states, and similar costs and expenses incurred in connection with the evaluation, discovery, investigation, development, acquisition, or disposition of any Assets.

"**Act**" means the Delaware Limited Liability Company Act (Title 6, Chapter 18 of the Delaware Code), as may be amended from time to time, and any successor thereto.

"**Adjusted Capital Account**" means the Capital Account of a Member or Series Member reduced by any adjustments, allocations, or distributions described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6) and increased by any amounts that such Member or Series Member is obligated by law or the terms of this Agreement to restore.

"**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 direct or indirect common control with such Person. As used in this definition, the term "**control**" (including, with correlative meanings, the terms "**controlled by**" and "**under common control with**"), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract, by agreement, or otherwise.

"**Affiliate Transactions**" has the meaning set forth in Section 6.7 of this Agreement.

"**Aggregate Ownership Limit**" means, in respect of an issuance of Units hereunder, not more than ten percent (10%) of the aggregate Outstanding Units of a Series, and in respect of a Transfer, not more than Nineteen and 99/100 percent (19.99%) of the aggregate Outstanding Units of a Series, or in both cases, such other percentage set forth in the applicable Series Designation or Series Agreement or as determined by the Manager in its sole discretion and as may be waived by the Manager in its sole discretion.

"**Agreement**" has the meaning set forth in the preamble hereto.

"**Asset Management Fee**" has the meaning set forth in Section 6.4(b) of this Agreement.

"**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.

"**Broker**" means any Person who has been appointed on behalf of the Company or its Series (as the Manager may select in its sole discretion) and specified in any Series Designation or Offering Document to provide execution and other services relating to an offering of Units by the Company or its Series, or its successors from time to time, or any other broker in connection therewith.

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"**Brokerage Fee**" means any fee payable to a Broker for the purchase by any Person of Unit(s) in an offering by the Company or a Series equal to an amount agreed between the Manager and the Broker from time to time.

"**business day**" means any day other than a Saturday, a Sunday, or a day on which commercial banks in the State of Delaware are authorized or required to close.

"**Capital Account**" has the meaning set forth in Section 7.1 of this Agreement.

"**Capital Contribution**" means, with respect to any Member or Series Member, the amount of cash and the initial value, as determined by the Manager, of any other property contributed or deemed contributed to the capital of the Company or a Series by or on behalf of such Member or Series Member, reduced by the amount of any liability assumed by Company or 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, as amended or restated from time to time.

"**Code**" means the Internal Revenue Code of 1986, as amended and in effect from time to time, or any successor thereto.

"**Company**" has the meaning set forth in the preamble hereto.

"**Company Management Fee**" has the meaning set forth in Section 6.4(b) of this Agreement.

"**Company Unit**" has the meaning set forth in Section 4.3(a)(i) of this Agreement.

"**Confidential Information**" has the meaning set forth in Section 10.4 of this Agreement.

"**Conversion**" has the meaning set forth in Section 14.6 of this Agreement.

"**Covered Person**" means the Manager, Member(s), Voting Member(s), each of the foregoing Person's Affiliates, any officers, directors, managers, members, employees, shareholders, partners, agents, and consultants of any of the foregoing, in such Person's capacity as such, if serving at the request of the Manager.

"**Dispute**" has the meaning set forth in Section 14.8(b) of this Agreement.

"**Distributable Cash**" means net proceeds of the Company or a particular Series, as applicable, minus, if and as applicable, any Management Fee, Asset Management Fee, Sourcing Fee, Operating Expenses, any amounts paid or payable to, or reserved by, the Manager in accordance with Section 6.4, and the Unpaid Yield, as applicable; provided, however, that if "Distributable Cash" is otherwise defined in any Series Agreement with respect to a particular Series, the definition in the Series Agreement shall control.

"**Distribution**" means cash paid to Member(s), Voting Members, or Profits Members on account of their Units in the Company or a Series, in accordance with this Agreement and any applicable Series Agreement.

"**Drag-Along Member**" has the meaning set forth in Section 9.7(a) of this Agreement.

"**Drag-Along Notice**" has the meaning set forth in Section 9.7(b) of this Agreement.

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"**Drag-Along Right**" has the meaning set forth in Section 9.7(a) of this Agreement.

"**Drag-Along Sale**" has the meaning set forth in Section 9.7(a) of this Agreement.

"**Effective Date**" has the meaning set forth in the preamble hereto.

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

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

"**Expenses**" has the meaning set forth in Section 6.5(a) of this Agreement.

"**Fair Market Value**" means, with respect to any Units or other property, an amount determined by the Manager in good faith using its reasonable business judgment to be the fair market value of those Units or property based upon the relevant facts and circumstances existing at the applicable time of determination. For the avoidance of doubt, the determination of Fair Market Value may be based on (among other things) the amounts that would be distributable in respect of such Units under the terms of this Agreement, and any adjustments necessary to reflect the portion of any Distributions that were previously made in respect of such Units, and the purchase price that a willing buyer having all relevant knowledge would pay a willing seller for the Units in an arms' length transaction, with any applicable discounts for illiquidity, lack of control, or non-transferability.

"**Fiscal Year**" means the fiscal year of the Company, which shall be the calendar year, or such other fiscal year as determined by the Manager.

"**Indemnified Person**" means (a) any Person who is or was an Officer of the Company or a Series, (b) any Person who is or was a Manager, together with its officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents, representatives, or independent contractors, (c) any Person who is or was serving at the request of the Company or its Series 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, and (d) any Person the Manager designates as an "Indemnified Person" for purposes of this Agreement.

"**Initial Capital Contribution**" has the meaning set forth in Section 4.2(a) of this Agreement.

"**Initial Public Offering**" means an initial public offering and sale of the equity securities of the Company or its Series pursuant to an effective registration statement filed with the SEC under the Securities Act or any other registration (or similar filing) with any internationally recognized stock exchange of the Company.

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

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

"**Joinder**" means a Joinder Agreement in substantially the form attached hereto as **Exhibit A**.

"**Liabilities**" means all debts, liabilities, expenses, costs, charges, obligations, and reserves incurred by, contracted for, or otherwise existing.

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"**Liquidator**" means one or more Persons selected by the Manager to perform the functions described in Section 12.2 as liquidating trustee of the Company or a Series, as applicable, within the meaning of the Act.

"**Majority Approval**" has the meaning set forth in Section 4.7 of this Agreement.

"**Manager**" means, as the context requires, the manager of the Company set forth in the preamble hereto or as otherwise determined in accordance with this Agreement.

"**Member**" means, as of any date of determination, any owner of one (1) or more Company Unit(s) as reflected on Company's books and records, subject to the requirements set forth herein for admission as a Member of the Company.

"**Membership Unit**" has the meaning set forth in Section 4.3(a)(ii) of this Agreement.

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

"**Offer**" has the meaning set forth in Section 9.7(a) of this Agreement.

"**Offered Units**" has the meaning set forth in Section 9.5(a) of this Agreement.

"**Offering Document**" means, with respect to any Series or the Units of any Series, the prospectus, offering memorandum, offering circular, private placement memorandum, or other offering documents related to the offering of such Units, in the form approved by the Manager.

"**Offeror**" has the meaning set forth in Section 9.7(a) of this Agreement.

"**Officers**" has the meaning set forth in Section 6.1(i) of this Agreement.

"**Operating Account**" has the meaning set forth in Section 7.2 of this Agreement.

"**Operating Expenses**" means in respect of each Series, all 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, including, without limitation, the following:

(i)any and all fees, costs, and expenses incurred in connection with the management of an Asset, including import taxes, income taxes, annual registration fees, transportation, storage, marketing, security, maintenance, refurbishment, perfection of title, and utilization of the Asset;

(ii)any and all insurance premiums or expenses, including directors and officers insurance of the directors and officers of the Manager, in connection with the Series;

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

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

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(v) any other taxes applicable to such Series or on account of its operations or ownership;

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

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

(viii)fees incurred in connection with the maintenance of bank or custodian accounts;

(ix)all custodial fees, costs, and expenses in connection with the holding of an Asset or Units;

(x)any fees, costs and expenses incurred in connection with formation of the Company or the Series and the offering and issuance of Units of the Series, consisting of legal, accounting, escrow and compliance costs related to a specific offering

(xi)any fees, costs, and expenses of a third party registrar and transfer agent appointed by the Manager in connection with a Series;

(xii) fees, costs, and expenses incurred in connection with making any tax filings on behalf of each Series;

(xiii) fees related to or associated with the development, licensing, operation, utilization, or otherwise related to the Platform;

(xiv)the cost of audit of the Company's financial statements and the preparation of its tax returns and circulation of reports to Profits Members as may be required hereunder or under any applicable Series Agreement;

(xv)any indemnification payments to be made pursuant to Section 6.5;

(xvi)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;

(xvii)the costs of any outside appraisers, valuation firms, accountants, attorneys, or other experts or consultants engaged by the Manager in connection with the operations of the Company or a Series; and

(xviii)any similar expenses that may be determined by the Manager in its sole discretion to be Operating Expenses.

"**Option Event**" means any of the following events: (i) the long-term incapacity of a Series Member or a natural person that controls a Series Member that is an association, partnership, or other entity; (ii) expulsion or dissociation of a Series Member pursuant to the Act; (iii) the inability or refusal of a Series Member to pay his/her/its debts generally as they become due; (iv) any assignment of Units by a Series Member for the benefit of the Series Member's creditors in violation of the terms of this Agreement or applicable Series Agreement; (v) the filing by a Series Member of a voluntary petition in bankruptcy or similar insolvency proceedings; (vi) the irrevocable dissolution or termination of a Series Member who is

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an association, partnership, or other entity; provided, however, the foregoing does not include the domestication of any entity that is a Series Member or the conversion of such entity to another entity type, or (vii) the filing against a Series Member of an involuntary petition in bankruptcy or similar insolvency proceeding that is not dismissed within sixty (60) days.

"**Option Member**" has the meaning set forth in Section 9.2(a) of this Agreement.

"**Outstanding**" means all Units (or Units of a particular Unit Class or with respect to a particular Series) that are issued by the Company or its Series, as applicable, and reflected as outstanding on its books and records as of the date of determination.

"**Party**" or "**Parties**" has the meaning set forth in the preamble hereto.

"**Permitted Transfers**" means, subject to approval of the Manager, (i) a Transfer by a Member to another Member and (ii) any other Transfer properly completed through the Platform.

"**Person**" means an individual, corporation, firm, partnership, joint venture, association, limited liability company, estate, trust, business association, organization, unincorporated entity, governmental entity, or other entity.

"**Platform**" means a web-based investment platform through which the Company presents details regarding any offering of its Units or provides Members or potential Members with information and subscription and qualification documents related thereto, as may be developed or implemented by or on behalf of the Company or a Series from time to time, and any successor or alternative platform made available by the Company for such foregoing purposes, in the sole and absolute discretion of the Manager.

"**Preferred Return**" means, with respect to each Series and each Profits Member of such Series, as of any date of determination, a percentage as set forth in such Series Agreement or in the applicable Profits Member's Subscription Agreement with respect to such Profits Units, of the Capital Contribution of such Profits Member allocable to such Series.

"**Procedure**" has the meaning set forth in Section 14.8(b) of this Agreement.

"**Proceeding**" means any action, claim, suit, investigation, or arbitration or proceeding involving the Company's activities, whether at law or in equity, and whether by or before any court, arbitrator, governmental body, or other administrative, regulatory, or other agency or commission.

"**Profit**" or "**Loss**" means the income or loss of the Company or a Series, as applicable, as determined under the capital accounting rules of Regulations Section 1.704-1(b)(2)(iv) for purposes of adjusting the Capital Accounts of Member(s) or Series Members, as applicable, including, without limitation, the provisions of Sections 1.704-1(b)(2)(iv)(g) and 1.704-1(b)(4) of those Regulations relating to the computation of items of income, gain, deduction, and loss.

"**Profits Member**" means, as of any date of determination, any owner of one (1) or more Profits Unit(s) of a particular Series as reflected on Company's or such Series' books and records, subject to the requirements set forth herein for admission as a Series Member of such Series.

"**Profits Unit**" has the meaning set forth in Section 4.3(a)(iii) of this Agreement.

"**Proposed Transferee**" has the meaning set forth in Section 9.5(a) of this Agreement.

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"**Redemption Notice**" has the meaning set forth in Section 9.2(b) of this Agreement.

"**Redemption Option**" has the meaning set forth in Section 9.2(b) of this Agreement.

"**Regulations**" means the applicable provisions of the income tax regulations, including temporary regulations, promulgated under the Code.

**"Reserves"** means for each Series the funds set aside and held by such Series or any Series Subsidiary in amounts determined by the Manager, to cover the payment of all current or future expenses, liabilities and obligations of such Series or any of its Series Subsidiaries (whether for expense items, capital expenditures, improvements, retirement of indebtedness, operations, or otherwise, and including any fees payable by the Company under this Agreement or the relevant Series Agreement) and contingencies, known or unknown, liquidated or unliquidated, including liabilities that may be incurred in litigation and Expenses pursuant to the indemnification provisions of this Agreement.

"**ROFR Notice**" has the meaning set forth in Section 9.5(a) of this Agreement.

"**ROFR Party**" has the meaning set forth in Section 9.5(b) of this Agreement.

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

"**Selling Member**" has the meaning set forth in Section 9.7(a) of this Agreement.

"**Selling Member's Offered Units**" has the meaning set forth in Section 9.7(a) of this Agreement.

"**Selling Party**" has the meaning set forth in Section 9.5(a) of this Agreement.

"**Series**" has the meaning set forth in Section 3.1 of this Agreement.

"**Series Account**" has the meaning set forth in Section 7.2 of this Agreement.

"**Series Agreement**" means a separate, abbreviated limited liability company agreement of a Series, to be executed by the Manager and adopted by the Series Members either by execution, Joinder or otherwise.

"**Series Designation**" has the meaning set forth in Section 3.1 of this Agreement.

"**Series Member**" means, as of any date of determination, any owner of one (1) or more Membership Unit(s) or Profits Unit(s) of a particular Series as reflected on Company's or such Series' books and records, subject to the requirements set forth herein for admission as a Series Member of such Series, and includes, without limitation, Voting Members and Profits Members.

"**Series Subsidiary**" means any single purpose limited liability company formed by the Manager to take title to individual Assets.

"**Service Fee**" has the meaning set forth in Section 6.4(a) of this Agreement.

"**Sourcing Fee**" means any sourcing fee paid or payable as consideration for assisting in the sourcing of Asset(s), to the extent not waived by the Manager in its sole discretion.

"**Spousal Consent**" has the meaning set forth in Section 14.13 of this Agreement.

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"**Subscription Agreement**" means a subscription agreement, investment agreement, award agreement, or other documentation evidencing or describing the Company's or its Series' issuance of Unit(s) to a Person.

"**Successor**" has the meaning set forth in Section 14.6 of this Agreement.

"**Tax Matters Member**" has the meaning set forth in Section 8.2 of this Agreement.

"**Transfer**" or "**Transferred**" means and includes a sale, transfer, assignment, gift, donation, exchange, conveyance, conversion, pledge, hypothecation, subjection to a security interest, encumbrance, or other disposition of legal or equitable rights associated with a Unit, whether voluntarily, involuntarily, by operation of law, and whether in whole or in part.

"**Unit**" means an interest representing a fractional part of the aggregate interests in the Profits, Losses, and Distributions of the Company or its Series and includes, as of the Effective Date, Company Unit(s) with respect to the Company and Membership Unit(s) and Profits Unit(s) with respect to its Series; provided, however, each holder of any Unit Class that is a Member or Series Member has the relative rights, powers, duties, and obligations specified with respect to such Unit Class in this Agreement or in any applicable Series Agreement or in such other authorization adopted by the Manager from time to time in accordance herewith attributable to such Unit Class.

"**Unit Class**" has the meaning set forth in Section 4.3(a) of this Agreement.

"**Unpaid Yield**" means, with respect to each Series and each Profits Member of such Series, as of any date of determination, the aggregate Preferred Return earned by such Profits Member on the Capital Contributions made by such Profits Member attributable to such Series minus the total amount previously distributed to that Profits Member of such Series with respect to such Capital Contribution pursuant to this Agreement.

"**Voting Member**" means, as of any date of determination, any owner of one (1) or more Membership Unit(s) of a particular Series as reflected on such Series' books and records, subject to the requirements set forth herein for admission as a Series Member of such Series.

**Section 1.4** **Construction**. Unless the context requires otherwise: (a) any pronoun used in this Agreement includes the corresponding masculine, feminine, or neuter forms, and the singular form of nouns, pronouns, and verbs 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) references to agreements and other documents include all subsequent amendments and other modifications thereto; (g) references to any Person includes 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, whether before, on, or after the Effective Date, 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 this instrument or causing any instrument to be drafted.

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**ARTICLE II**<br>**ORGANIZATION**

**Section 2.1** **Formation**. The Company has been formed as a series limited liability company pursuant to Section 18-215 of the Act. Except as expressly provided to the contrary in this Agreement or an applicable Series Agreement with respect to a Series, the rights, duties, liabilities, and obligations of the Member(s) and Series Members and the administration, dissolution, and termination of the Company and each Series shall be governed by the Act.

**Section 2.2** **Not a Partnership under the Act**. The Member(s) and Series Members have not, and expressly do not, intend to form a partnership under the Act. The Member(s), Series Members, or assignee(s) of Unit(s), do not intend to be partners to one another, or partners to any third party. To the extent any Member, Series Member, or assignee of Unit(s), by work or action, represents to another Person that any Member, Series Member, or assignee of Unit(s), is a partner or that the Company or any of its Series is a partnership, the Person making such wrongful representation is liable to any other Member or Series Member who incurs personal liability by reason of such wrongful representation.

**Section 2.3** **Principal Office and Registered Agent**. The Company may locate its principal place of business at any place or places as the Manager may from time to time deem advisable. The Manager is authorized to execute and file on behalf of the Company and any Series all necessary or appropriate documentation required to establish a Series or transact or continue to transact business within any state in which the nature of the activities or property ownership requires qualification. The registered agent and office of the Company for service of process within the State of Delaware is that statutory agent as set forth in the Company's Certificate of Formation or other appointment of agent filed with the Delaware Secretary of State, as may be amended by the Manager in its sole discretion from time to time.

**Section 2.4** **Purpose**. The purpose of the Company and, unless otherwise provided in the applicable Series Designation or Series Agreement, each Series, is to (a) 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 Act, (b) acquire, develop, create, produce, hold, or monetize interests in Assets that are within the objectives of a particular Series, and exercise all of the rights and powers conferred upon the Company and each Series with respect to such Assets, and (c) conduct any and all activities necessary, appropriate, advisable, convenient, related, or incidental to the foregoing purposes.

**Section 2.5** **Powers**. The Company, each Series, and, subject to the terms of this Agreement and any applicable Series Agreement, the Manager are empowered to do any and all acts and things necessary and appropriate for the furtherance and accomplishment of the purposes described in Section 2.4.

**Section 2.6** **Term**. The term of the Company commenced on the day on which the Certificate of Formation was filed with the Delaware Secretary of State pursuant to the provisions of the Act. The existence of each Series shall commence upon the effective date of the Series Designation establishing such Series, as provided in Section 3.1. 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 XII.

**Section 2.7** **Title to Assets**. Title to any Assets, whether real, personal, or mixed and whether tangible or intangible, shall be deemed to be owned by the Series actually owning such Assets, and no Member or Series Member, individually or collectively, will have any ownership interest in such Assets or any portion thereof by virtue of their ownership of Units. Title to any or all of the Assets of a Series may be held in the name of the relevant Series or one or more nominees or Series Subsidiaries, as the Manager may determine. All Assets allocable to a Series shall be recorded by the Manager as the property of the applicable Series in

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the books and records maintained for such Series, irrespective of the name in which record title to the Assets is actually held.

**Section 2.8** **Certificate of Formation**. The Certificate of Formation has been filed with the Delaware Secretary of State, such filing being hereby confirmed, ratified, and approved in all respects. The Manager will 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 is required to register. To the extent that the Manager determines such action to be necessary or appropriate, the Manager will, or will direct the appropriate Officers or agents 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 Act or the laws of any other state in which the Company or any Series is required to register or qualify to do business, and if an Officer or other Person is so directed, such Officer or Person shall be an "authorized person" of the Company and, unless otherwise provided in a Series Designation, each Series, within the meaning of the Act for purposes of filing any such certificate with the Delaware Secretary of State. The Company is not required, before or after filing, to deliver or mail a copy of the Certificate of Formation, any qualification document, any Series Designation, or any amendment to any of the foregoing to any Member or Series Member.

**ARTICLE III**<br>**SERIES OF THE COMPANY**

**Section 3.1** **Establishment of Series**. Subject to the provisions of this Agreement, the Manager may, at any time and from time to time, by a written action or actions (each a "**Series Designation**"), establish one (1) or more series of the Company as provided in Section 18-215 of the Act, including one (1) or more registered series as provided in Section 18-218 of the Act (each a "**Series**"). The Series Designation establishing a Series shall relate solely to the Series established thereby and shall not be construed (a) to affect the terms and conditions of any other Series, or (b) to designate, fix, or determine the rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities, and obligations in respect of Units associated with the Company or any other Series, or the Members or Series Members of any other Series. The terms and conditions for each Series established pursuant to this Section 3.1 shall be as set forth in this Agreement and the Series Designation and Series Agreement, if any, for the Series. Upon approval of any Series Designation by the Manager, such Series Designation shall be kept with the Company records and the records of such Series. In establishing a Series, the Manager may also, but is not required to, create and execute a Series Agreement, designate and obtain fictitious names or other filings, employer identification numbers, bank accounts, and such other acts to differentiate a Series from the Company and its other Series, as the Manager may determine in its sole and absolute discretion from time to time.

**Section 3.2** **Series Operation**. Each Series shall operate to the extent practicable as if it were a separate limited liability company. Accordingly, references to the Company herein will, unless and only to the extent the context otherwise requires, be interpreted to treat each individual Series severally.

**Section 3.3** **Series Designation and Series Agreement**. The Series Designation establishing a Series, or its Series Agreement, 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 Units of such Series and the Series 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 Manager amending any Series Designation) shall be effective when a duly executed original of the same is included by the Manager among the permanent records of the

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Company. The Series Designation establishing a Series or its Series Agreement may set forth specific provisions governing the rights of such Series against a Series Member of such Series who fails to comply with the applicable provisions of this Agreement or the applicable Series Agreement. In the event of a conflict between the terms and conditions of this Agreement and a Series Designation or Series Agreement, the terms and conditions of the Series Designation or Series Agreement with respect to such Series shall prevail.

**Section 3.4** **Series Agreements**. Upon the establishment of a Series, the Manager may cause to be drafted a Series Agreement, with such provisions as may be necessary, appropriate, or desirable for operation of such Series and meeting its specific business objectives, including Unit Classes that may have preferential rights to return of capital over other Unit Classes, all as determined by the Manager in its sole and absolute discretion. A Series Agreement may also include, without limitation, the following information with respect to such Series: business purpose; Assets; characteristics; Capital Contribution requirements; investment strategies; and rights, powers, and duties with respect to management, control, and disposition of Assets.

**Section 3.5** **Recordkeeping**. The Manager will maintain a list of all Series created hereunder and the respective Series Members (and category of Series Members) and Units (and the Unit Class of such Units) owned by such Series Members. The Manager shall periodically update such lists as necessary to keep the information contained therein up-to-date, including, without limitation, the establishment of additional Series, the admission or disassociation of Series Members, and all relevant contact information. The Manager shall cause each Series to maintain separate and distinct records for itself and its Subsidiaries and Assets. All Assets and Liabilities associated with a Series shall be accounted separately from the other Assets and Liabilities of the Company or any other Series.

**Section 3.6** **Assets and Liabilities Associated with a Series**.

(a)*Assets Associated with a Series*. All Assets of a Series shall, subject to the provisions of this Agreement, be held for the benefit of the Series Members associated with such Series, and not for the benefit of the Members or Series Members associated with any other Series, for all purposes, and shall be accounted for and recorded upon the books and records of the Company separately from any Assets associated with the Company generally or any other Series. Such Assets are herein referred to as "Assets associated with" such particular Series. In the event there are any Assets in relation to the Company that, in the Manager's reasonable judgment, are not readily associated with a particular Series, the Manager may allocate such Assets to, between, or among any one (1) or more of the Company and its Series in such manner and on such basis as the Manager deems fair and equitable, 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 Manager pursuant to the provisions of this Section 3.6(a) shall be conclusive and binding upon the Member(s) and the Series Members associated with each and every Series. Separate and distinct records will be maintained for each and every Series, and the Manager will not commingle the Assets of one Series with the Assets of any other Series. Each Series Member of a particular Series irrevocably waives any right that he/she/it may have to maintain an action for partition with respect to his/her/its Units in the Company or any Series or any Assets. Any corporation, brokerage firm, or transfer agent called upon to transfer any 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 Manager 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.

(b)*Liabilities Associated with a Series*. All Liabilities with respect to a particular Series shall be charged against the Assets associated with that Series. Such Liabilities are herein referred to as "Liabilities associated with" such particular Series. In the event there are any Liabilities in relation to the Company that, in the Manager's reasonable judgment, are not readily associated with a particular Series,

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the Manager may allocate and charge such Liabilities (including indemnification obligations) to, between, or among any one or more of the Company and its Series, in such manner and on such basis as the Manager deems fair and equitable, 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 Manager pursuant to the provisions of this Section 3.6(b) shall be conclusive and binding upon the Member(s) and the Series 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 any other Series or the Company generally, 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 herein. Any allocation of Liabilities that are not readily associated with a particular Series to, between, or among one or more of the Company and its 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 Manager 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 Act relating to limitations on inter-series liabilities (and the statutory effect under Section 18-207 of the 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 or any Series Agreement, no Distribution on or in respect of Units in a particular Series, including, for the avoidance of doubt, any Distribution made in connection with the winding up of such Series, will be effected by the Company other than from the Assets associated with that Series, nor shall any Series Member or former Series Member associated with such Series have any right or claim against the Assets associated with any other Series. Each Series Member shall nevertheless be liable for his/her/its obligations to make Capital Contributions pursuant to the applicable Series Agreement and his/her/its Subscription Agreement.

**Section 3.7** **Subsidiaries of Series**. The Manager may, but is not required to, form Series Subsidiary(ies) on behalf of a Series as necessary or convenient to (i) purchase Assets in accordance with the objectives of such Series, (ii) dispose of Assets of the Series, (iii) collect revenue from Asset performance, (iv) take title to Assets, (v) borrow money in order to finance Assets, or (vi) any other purpose as determined by the Manager. If a Series Subsidiary is formed, the sole member of the Series Subsidiary will be the Series, and the Manager shall retain management control of the Series Subsidiary on behalf of the Series and its Series Members.

**Section 3.8** **Affiliates of the Manager**. The Manager or any Affiliate of the Manager may provide or participate in management, Asset management, or other Asset-related services or any other services for any Series or Series Subsidiaries, or may be a party to contracts related to developing, selling, or purchasing Assets. Such services and contracts shall not be considered a conflict of interest nor will contracts related thereto require the consent of any Person other than as specifically provided herein or in an applicable Series Agreement with respect to such Series.

**ARTICLE IV**<br>**MEMBERS AND UNITS**

**Section 4.1** **Members**.

(a)In order for a Person to become a Member of the Company following the Effective Date or a Series Member of a Series following the establishment of such Series by a Series Designation, in consideration of becoming a Member or Series Member, as applicable, (i) such Person must acquire Unit(s) of the Company or a particular Series in accordance with the terms of this Agreement and/or the applicable Series Agreement (whether directly from the Company or such Series or by Transfer in accordance with this Agreement), (ii) such Person must agree to be bound by the terms of this Agreement and, if applicable,

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the applicable Series Agreement, by completing, signing, and delivering to the Manager a completed Joinder or other agreement, which may include a Subscription Agreement, in form satisfactory to the Manager, (iii) the Manager, in its sole and absolute discretion, must approve the admittance of such Person as a Member of the Company or a Series Member of the Series, as applicable, and (iv) such Person must be listed by the Manager on the books and records of the Company as a Member of the Company or a Series Member of the Series. If items (i), (ii), (iii), and (iv) above have not been satisfied with respect to a Person, such Person will not be deemed to be a Member or Series Member, as applicable, and will have no rights with respect to any Units of the Company or its Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Manager may withhold its consent to the admission of any Person as a Member or Series Member for any reason, including, without limitation, if it determines in its sole 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 Units of a Series, as specified in Section 12(g)(1)(A)(ii) of the Exchange Act, unless such Units have been registered under the Securities Act or the Company is otherwise an Exchange Act reporting company, (ii) cause such Person's holdings to be in excess of the Aggregate Ownership Limit, (iii) adversely affect the Company or any Series or subject the Company, the Manager, any Series, 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, the Manager, any Series, or any of their respective Affiliates to any tax to which it would not otherwise be subject, (iv) result in the Company being required to register as an investment company under the Investment Company Act, (v) cause the Manager or any of its Affiliates to be required to register under the Investment Advisers Act, (vi) cause the assets of the Company to be treated as "plan assets" as defined in Section 3(42) of ERISA, or (vii) result in a loss of (A) "partnership" or "disregarded entity" status, as applicable, for the Company for U.S. federal income tax purposes or the termination of the Company for U.S. federal income tax purposes or (B) corporation taxable as an "association" status for U.S. federal income tax purposes of any Series or termination of any Series for U.S. federal income tax purposes.

(b)The name, mailing address, and electronic mail address of each Member and Series Member will be listed on the books and records of the Company and each Series maintained for such purpose by the Company and each Series. The Manager will update the books and records of the Company and each Series from time to time as necessary to reflect accurately the information therein.

(c)Except as otherwise provided in the Act and subject to Section 4.1(e) and the Series Designation establishing such 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 Member(s) and Series Members shall not be obligated personally for any such debt, obligation, or liability of the Company solely by reason of being a Member or Series Member.

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

(e)If a Member or Series Member ceases to be a Member or Series Member, as applicable, whether as a result of the Transfer or redemption of all of his/her/its Units or the liquidation in accordance with Section 12.3 of the only Series of which a Series Member is actually a Series Member, the Manager will update the records of the Company to reflect the change in roster of Members or Series

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Members, as applicable. Upon such update by the Manager, any Units issued to or otherwise owned by and retained by such former Member or Series Member will be null and void.

(f)Except as may be otherwise agreed between the Company or a Series, on the one hand, and a Member or Series Member, on the other hand, any Member or Series 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. None of the Company, any Series, or any of the other Member(s) or Series Members shall have any rights by virtue of this Agreement or any Series Agreement in any such business interests or activities of any such Member or Series Member in accordance with the foregoing.

**Section 4.2** **Capital Contributions**.

(a)*Initial Capital Contributions*. The Member(s) and Series Members have made or shall make an initial Capital Contribution in the amount recorded in the Company's books and records, reflecting the purchase price of the Units shown on such Member's or Series Member's applicable Subscription Agreement(s) for the purchase of Unit(s) (the "**Initial Capital Contribution**" for each such Member or Series Member).

(b)*Additional Capital Contributions*. No Member or Series Member shall be required to make Capital Contributions other than their Initial Capital Contributions.

(c)Except to the extent expressly provided in this Agreement or any Series Agreement: (i) no Member or Series Member will be entitled to the withdrawal or return of his/her/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 so provided; (ii) no interest shall be paid by the Company or any Series on any Capital Contributions; and (iii) no Member or Series Member, in his/her/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's 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 or Series Member, as applicable.

**Section 4.3** **Authorization to Issue Units**.

(a)A Member's ownership of the Company or a Series Member's ownership of a Series will be denominated and represented in the form of a numerical amount of Units of the Company or such Series as recorded in the books and records of the Company and will be uncertificated, unless otherwise determined by the Manager, and may be issued or managed by the Platform if authorized by the Manager. The Company is authorized to issue fractional Units. The authorized Units that the Company or its Series has authority to issue consist of such number of Units and such class of Units, which may be common, preferred, profits interest, incentive, performance, or other units, whether voting or nonvoting, as determined by the Manager from time to time (each a "**Unit Class**"). The Manager has the sole discretion to authorize the creation of Unit Classes and the issuance by the Company or any Series of equity securities, including Units, and to update the books and records of the Company to reflect such authorizations or issuances or change in the roster of Members, Voting Members, or Profits Members, as applicable. As of the Effective Date, the authorized Unit Classes are as follows:

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(i)*Company Units*. The Company is authorized to sell and issue Company Units. Each "**Company Unit**" represents a voting interest in the Company and is entitled to (A) allocations of Profits and Losses of the Company and Distributions of Distributable Cash of the Company as declared in accordance with this Agreement, and (B) one (1) vote on all matters to be voted upon by the Member(s) of the Company.

(ii)*Series Membership Units*. Each Series is authorized to sell and issue Membership Units. Each "**Membership Unit**" represents a voting interest in an applicable Series, and is entitled to (A) allocations of Profits and Losses of such Series and Distributions of Series Distributable Cash remaining after (i) the Distribution to Profit Members of the applicable Preferred Return and (ii) Distribution of Series Distributable Cash to Profit Members and as payment of the Service Fee to the Manager, each in accordance with the applicable Series Agreement for such Series, and (B) one (1) vote on all matters to be voted upon by such Series' Voting Member(s).

(iii)*Series Profits Units*. Each Series is authorized to sell and issue one (1) or more classes of Profits Units (each a "**Profits Unit**" and collectively "Profits Units"). Each Profits Unit represents a non-voting, solely economic interest in an applicable Series, and is entitled to only allocations of Profits and Losses of such Series and Distributions of Series Distributable Cash of such Series as declared in accordance with this Agreement and/or the applicable Series Agreement for such Series.

(b)The Company or any Series may issue Units and options, rights, and warrants relating to Units, 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 Manager determines from time to time, all without the need for approval of the Members or Series Members. Each Unit has the rights and will be governed by the provisions set forth in this Agreement or the applicable Series Agreement.

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(d)Unless otherwise provided in the applicable Series Agreement, a Series is authorized to issue in respect of such Series an unlimited number of Units. All Units issued pursuant to, and in accordance with the requirements of, this Article IV and an applicable Series Agreement will be validly issued Units of the Company or its Series.

(e)The Manager may, without the consent or approval of any Members or Series Members, amend this Agreement or any Series Agreement and make any filings under the Act or otherwise to the extent the Manager determines that it is necessary or desirable in order to effectuate any acts it is authorized to perform pursuant to this Article IV.

**Section 4.4** **Voting Rights of Units Generally**. Unless otherwise provided in this Agreement or any applicable Series Agreement, Company Units and Membership Units shall entitle Members or Voting Members, as applicable to one (1) vote per Company Unit or Membership Unit on any and all matters submitted for the consent or approval of Members or Series Members of a Series. In furtherance of the foregoing, all Profits Units will be non-voting, and Profits Members will have no voting rights hereunder or under any Series Agreement with respect to such Profits Units.

**Section 4.5** **Record Holders**. The Company may recognize the Member or Series Member admitted by the Company or any Series, as applicable, as the owner of a Unit and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Unit on the part of any other Person, regardless of whether the Company has actual or other notice thereof, except as otherwise provided in this Agreement, any Series Agreement, by law, or any applicable rule, regulation, guideline, or requirement of any National Securities Exchange on which such Unit is listed for trading (if ever). Without limiting the foregoing, if 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 Units, as between the Company on the one hand, and such representative Person on the other, such representative Person shall be the owner of such Units.

**Section 4.6** **Splits**. Subject to Section 4.3, and unless otherwise provided in any applicable Series Agreement, the Company or a Series may make a pro rata distribution of Units of any Unit Class to all Members or Series Members owning such Unit Class of Company or such applicable Series, or may effect a subdivision or combination of Units of any Unit Class, in each case, on an equal per-Unit basis and so long as, after any such event, any amounts calculated on a per-Unit basis or stated as a number of Units of such Unit Class of Company or such applicable Series are proportionately adjusted. The Manager may determine the number of Units to be held by each Member or Series Member after giving effect to such distribution, subdivision, or combination.

**Section 4.7** **Required Consent for Action**. The decision of the Members owning a majority of the Company Units of the Company then Outstanding, or with respect to a particular Series the decision of the Voting Members owning a majority of the Membership Units of such Series then Outstanding, whether represented at a meeting of the Members or Voting Members, as applicable, or by written consent in lieu thereof (collectively, as applicable, "**Majority Approval**") from time to time will prevail and be the decision of the Company or a Series, as applicable, with respect to any matter regarding the affairs of the Company or such Series that requires the determination, consent, approval, or agreement of the Members of the Company or the Series Members of a Series, as applicable, unless this Agreement or applicable Series Agreement specifically provides otherwise. By way of example and not limitation, any provision in this Agreement or any Series Agreement that requires the consent or determination of the Member(s) of the Company or the Series Members of a Series as to a particular matter but does not specify a particular percentage or number or Units or Unit Class or percentage or number or type of Member(s) or Series Members necessary for such consent or determination will be interpreted to require the applicable Majority Approval.

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**Section 4.8** **Relationship of Member(s) and Series Members to Third Persons**. The liability of the Member(s), Series Members, Manager, and other agents of the Company or its Series is limited to the fullest extent permitted under the Act. No Member or Series Member, other than in its capacity as the Manager, shall take part in the control, management, direction, or operation of the affairs of the Company or any Series, unless otherwise expressly provided in this Agreement or applicable Series Agreement or specifically required under the Act, nor shall any Member or Series Member have power to bind the Company or a Series in his/her/its capacity as a Member or Series Member.

**ARTICLE V**<br>**POWER OF ATTORNEY**

**Section 5.1** **Manager as Attorney-in-Fact**. Each Member and Series Member hereby constitutes and appoints (and by execution of a Joinder, constitutes and appoints) the Manager and, if a Liquidator has been selected pursuant to Section 12.2, the Liquidator and each of their authorized officers and attorneys-in-fact, as the case may be, with full power of substitution, as such Member's or Series Member's true and lawful agent and attorney-in-fact, with full power and authority in his/her/its name, place, and stead, to:

(a)execute, swear to, acknowledge, deliver, file, and record in the appropriate public offices: (i) all certificates, documents, and other instruments (including this Agreement, any Series Agreement, the Certificate of Formation, any Series Designation, and all amendments or restatements hereof or thereof) that the Manager or the Liquidator, as applicable, 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; (ii) all certificates, documents, and other instruments that the Manager or the Liquidator, as applicable, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification, or restatement of this Agreement; (iii) all certificates, documents, and other instruments that the Manager or the Liquidator, as applicable, 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; (iv) all certificates, documents, and other instruments relating to the admission, withdrawal, or substitution of any Member or Series Member pursuant to or in connection with other events described in Article IV or Article XII; (v) all certificates, documents, and other instruments relating to the determination of the rights, preferences, and privileges of any Unit or Unit Class issued or created pursuant to Section 4.3; (vi) all certificates, documents, and other instruments that the Manager or Liquidator, as applicable, determines to be necessary or appropriate to maintain the separate rights, Assets, obligations, and Liabilities of each Series; and (vii) all certificates, documents, and other instruments (including agreements and a certificates of merger) relating to a merger, consolidation, or conversion of the Company, its Series, or Series Subsidiaries; and

(b)execute, swear to, acknowledge, deliver, file, and record all ballots, consents, approvals, waivers, certificates, documents, and other instruments that the Manager or the Liquidator, as applicable, determines to be necessary or appropriate to (i) make, evidence, give, confirm, or ratify any vote, consent, approval, agreement, or other action that is made or given by any of the Member(s) or Series Members hereunder or is consistent with the terms of this Agreement or applicable Series Agreement or (ii) effectuate the terms or intent of this Agreement or applicable Series Agreement.

Nothing contained in this Section 5.1 shall be construed as authorizing the Manager or the Liquidator, as applicable, to amend, change, or modify this Agreement except in accordance with Article XIII or as may be otherwise expressly provided for in this Agreement.

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**Section 5.2** **Irrevocability**. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and 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 Member or Series Member and the transfer of all or any portion of such Member's or Series Member's Units and shall extend to such Member's or Series Member's heirs, successors, assigns, and personal representatives. Each such Member or Series Member hereby agrees to be bound by any representation made by the Manager or the Liquidator or their authorized representatives, as applicable, acting in good faith pursuant to such power of attorney; and each such Member and Series 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 Manager or the Liquidator, as applicable, taken in good faith under such power of attorney in accordance with this Article V. Each Member and Series Member shall execute and deliver to the Manager or the Liquidator, as applicable, within fifteen (15) days after receipt of the request therefor, such further designation, powers of attorney, and other instruments as the Manager or the Liquidator, as applicable, determines to be necessary or appropriate to effectuate this Agreement, any Series Agreement, or the purposes of the Company or its Series.

**ARTICLE VI**<br>**MANAGEMENT AND OPERATION OF THE COMPANY AND ITS SERIES**

**Section 6.1** **Power and Authority of Manager**. Other than as otherwise expressly provided in this Agreement or any Series Agreement with respect to such Series, the Manager has the absolute, exclusive, and complete right, power, authority, and responsibility vested in or assumed by a manager of a limited liability company under the Act and as otherwise provided by applicable law, including those powers necessary or convenient to make all decisions regarding the business of the Company and to take the actions specified in this Agreement, and the Manager is hereby vested with absolute, exclusive, and complete right, power, and authority to operate, manage, and control the affairs of the Company and its Series and to carry out the business of the Company and its Series. The Manager need not be a Member of the Company or a Series Member of such Series. Without limiting the foregoing or any other rights of the Manager in this Agreement or any Series Agreement, the Manager has the authority to bind the Company and its Series to any obligation consistent with the provisions of this Agreement and any applicable Series Agreement and has the exclusive power and is authorized to do any or all of the following, in its sole and absolute discretion, from time to time:

(a)prepare and give reports of operations of the Company or any Series;

(b)supervise and manage the Company's and its Series' business and affairs;

(c)enter into, execute, and perform, in the Company's or any Series' name, any contracts, agreements, notes, or other documents as necessary or desirable in the Manager's sole discretion in connection with the operation of the Company or any Series;

(d)borrow money, on the Company's or a Series' credit, for use in the Company's or its Series' business, from banks, other lending institutions, other Members or Series Members, or the Manager, on such terms as the Manager deems appropriate, and in connection therewith, to hypothecate, encumber, and grant security interests in Assets of a Series to secure repayment of the borrowed sums;

(e)execute on behalf of Company or a Series all instruments and documents, including, without limitation, checks, drafts, notes, and other negotiable instruments, mortgages or deeds of trust, security agreements, financing statements, documents providing for the acquisition, mortgage, or disposition of property, assignments, allonges, releases of deed, contracts of deed, bills of sale, leases, and

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any other instruments or documents necessary, appropriate, convenient, advisable, or incidental to the business of the Company or such Series;

(f)purchase personal property or Assets for use by the Company or a Series and, in connection with such a purchase, grant a security interest in the property or Asset purchased;

(g)make and undertake all necessary and reasonable expenditures to acquire and improve the Company's or Series' Assets and pay the fees described herein;

(h)hire or retain employees, agents, service providers, attorneys, consultants, advisors, custodians, placement agents, accountants, and other professionals in connection with the furtherance of the Company's or its Series' best interests for the purpose of advising the Manager and the Company or its Series with its operations and affairs or operating the day-to-day management of the Company or such Series;

(i)create and dissolve one (1) or more committees, board of directors, or officer positions (collectively, "**Officers**") and authorize such Persons to act for and on behalf of the Company or such Series;

(k)select, retain, and dismiss employees, agents, outside attorneys, accountants, consultants, and contractors, and determine their compensation and other terms of employment, retention, or hiring, and pay fees, expenses, salaries, wages, and other compensation to such Persons;

(l)enter into commercially reasonable agreements with any Affiliate or control Person of the Company, a Series, Manager, Member, Series Member, or beneficial owner of any of the foregoing, including, without limitation, acquiring title or management control of an Asset from any such Person;

(m)open, maintain, and close bank, brokerage, and money market accounts and draw checks and other orders for the payment of moneys;

(n)bring, sue, prosecute, defend, settle, or compromise Proceedings and pay, collect, compromise, litigate, arbitrate, or otherwise adjust or settle any and all other claims or demands of or against Company or its Series or hold such proceeds against the payment of contingent liabilities;

(o)have and maintain offices and in connection therewith rent or acquire office space and engage personnel;

(p)execute, deliver, and perform all agreements in connection with the creation of Unit Classes or sale or issuance of Units, including, but not limited to, Subscription Agreements and any side letters with one or more Members or Series Members or prospective Members or Series Members;

(q)form one or more subsidiary companies or partnerships or other entities of the Company or Series Subsidiaries of a Series for the purpose of taking title to or management control of a specific Asset, so long as the Series Subsidiary is managed by the Manager or an Affiliate;

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(r)make any and all elections under the Code or any state or local tax law (except as otherwise provided herein), including, without limitation, pursuant to Sections 734(b), 743(b), and 754 of the Code;

(s)maintain cash reserves for anticipated investment and operational expenses, liabilities, and obligations of the Company or its Series, whether actual or contingent, in such amounts as the Manager in its reasonable discretion deems necessary or advisable (which may reduce Distributable Cash hereunder);

(t)subject to Section 4.1(a), admit Persons as Members of the Company or Series Members of a Series;

(u)modify the Company's or a Series' books and records to reflect any additional Members, Series Members, Units, Unit Classes, and Capital Contributions, and associated changes to the relative percentage interests of each Member or Series Member, as applicable;

(v)declare and pay Distributions in accordance with this Agreement and any applicable Series Agreement;

(w)maintain insurance for the benefit of the Company, a Series, or the Indemnified Persons, and reinvest or otherwise treat in its sole discretion any proceeds received from an insurance claim;

(x)indemnify any Person against Liabilities and contingencies to the extent permitted hereunder and by law;

(y)give consent of or vote on behalf of the Company or a Series or Series Subsidiary any securities that may be owned by the Company or such Series or Series Subsidiary;

(z)waive any condition or other matter by the Company or a Series;

(aa)enter into listing agreements with any National Securities Exchange and delist some or all of the Units from, or request that trading be suspended on, any such exchange;

(bb)issue, sell, or otherwise dispose, or purchase or otherwise acquire, Units or options, rights, or warrants relating to Units;

(cc)register any offer, issuance, sale, or resale of Units or other securities of any Series issued or to be issued by the Company or Series under the Securities Act and any other applicable securities laws (including any resale of Units or other securities by Member(s), Series Members, or other security holders);

(dd)purchase liability and other insurance to protect Assets and business of the Company or its Series, directors and officers of a Series, the Series itself, the Manager, or the Company;

(ee)hold, own, and operate such real and personal properties in the name of the Company, a Series, Series Subsidiary(ies), or any of their Affiliates, as applicable;

(ff)enter into joint ventures with other companies to accomplish the objectives of a Series;

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(gg)sell or otherwise dispose of all or substantially all of the Assets of the Company or a Series as part of a single transaction or plan or series of related transactions; and

(hh)carry on any other activities necessary to, in connection with, or incidental to, any of the foregoing or the Company's or a Series' business, investments, and other activities.

**Section 6.2** **Term of Manager**. The Manager will serve as manager until its removal or resignation in accordance with Section 6.3.

**Section 6.3** **Removal; Resignation**. The Manager may be removed only by Majority Approval of the Member(s) upon Manager's willful misconduct. For purposes of determining the number of votes in the foregoing sentence, a Member who is also a Manager or otherwise controls, is controlled by, or is under common control with a Manager will also have its votes included in the determination of removal, and not precluded from casting and having its vote deemed required to carry out the removal of Manager. The Manager may resign at any time upon written notice to the Company. Such resignation will be effective upon receipt by the Company unless it is specified to be effective at some other time or upon the happening of some other event.

**Section 6.4** **Compensation and Expenses of Manager**.

(a)Each Series shall pay the Manager a service fee (the "**Service Fee**") equal to 50% of the Distributable Cash of that Series. The Service Fee will be paid at the same time as the distributions under Section 7; however, no Service Fee shall be paid until the aggregate Unpaid Yield with respect to all Profits Members of such Series has been reduced to zero (0).

(b)The Manager may be compensated for services rendered to the Company from time to time (if applicable, "**Company Management Fee**"). The Manager may also be entitled to receive from each Series as compensation for the management of its Assets, and in such cases, such Series would be obligated to pay to the Manager, as applicable, a fee in respect thereto, as may be set forth in the Series Agreement with respect to such Series (if applicable, the "**Asset Management Fee**"). The Manager may waive or reduce any of the foregoing Fees in its sole discretion from time to time. The Manager is also entitled to be reimbursed under the terms of this Agreement or any Series Agreement for any expenses described in Section 6.4(b)-(c) below incurred by it on behalf of the Company or a Series. The Manager shall bear all of the normal expenses incurred by it, except for expenses described in Section 6.4(b)-(c) below. Such normal management expenses to be borne by the Manager include expenditures on account of: (i) salaries and wages of the Manager's employees and consultants; (ii) rentals payable for space used by the Manager; and (iii) expenditures for equipment and supplies used by the Manager.

(c)Other than as expressly provided in Section 6.4(a)(i)-(iii), the Company or applicable Series shall bear all costs and expenses incurred by the Company or such Series, or the Manager or their Affiliates on behalf of the Company or such Series, including as described in Section 6.4(c).

(d)Each Series is responsible for the following with respect to such Series, if and to the extent applicable: (i) its Operating Expenses, (ii) all costs and expenses incidental to the termination and winding up of such Series, (iii) such Series' share of the costs and expenses incidental to the termination and winding up of the Company allocated to such Series in accordance with this Agreement, (iv) Brokerage Fees, (v) Acquisition Expenses, (vi) Service Fees and any Management Fees, Asset Management Fees and/or Sourcing Fees, and (vii) Abandonment Costs.

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**Section 6.5** **Exculpation, Indemnification, Advances, and Insurance**.

(a)Subject to other applicable provisions of this Article VI, to the fullest extent permitted by applicable law, the Indemnified Persons shall not be liable to the Company or any Series or its or their Member(s) or Series Members 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 Manager or on behalf of any Series as an officer, director, member, partner, fiduciary, advisor, agent, representative, 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 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**") 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, or an officer, director, member, partner, fiduciary, advisor, agent, representative, or trustee of another Person, provided that this indemnification does not cover Expenses that arise out of the acts or omissions of any Indemnified Person 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 Person's fraud, willful misconduct, or gross negligence. Without limitation, the foregoing indemnity extends 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 that the Company or such Series has assumed or taken subject to), and the Manager 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 6.5 in favor of any Indemnified Person having or potentially having liability for any such indebtedness. It is the intention of this Section 6.5(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 that arise out of the acts or omissions of any Indemnified Person 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 Person's fraud, willful misconduct, or gross negligence.

(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, are agreed by each Member and Series Member to modify such duties and liabilities of the Indemnified Person to the extent permitted by law.

(c)Any indemnification under this Section 6.5 (unless ordered by a court) shall be made by the 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.

(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 6.5(a). The basis of such indemnification by a court shall be a

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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 6.5(a). Neither a contrary determination in the specific case under Section 6.5(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 6.5(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.

(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 Manager, be paid by the 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 is ultimately determined that such Indemnified Person is not entitled to be indemnified by each such Series as authorized in this Section 6.5.

(f)The indemnification and advancement of Expenses provided by or granted pursuant to this Section 6.5 is not exclusive of any other rights to which those seeking indemnification or advancement of Expenses may be entitled under this Agreement, or any other agreement, or otherwise, and will continue as to an Indemnified Person who has ceased to serve in such capacity and inures 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 and its Series that indemnification of the Persons specified in Section 6.5(a) shall be made to the fullest extent permitted by law. The provisions of this Section 6.5 shall not be deemed to preclude the indemnification of any Person who is not specified in Section 6.5(a) but whom the Company or an applicable Series has the power or obligation to indemnify under the provisions of the Act.

(g)The Company and any Series may, but is not obligated to, purchase and maintain insurance on behalf of any Person entitled to indemnification under this Section 6.5 or elsewhere in this Agreement 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 Person's status as such, regardless of whether the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section 6.5.

(h)If this Section 6.5 or any portion of this Section 6.5 is invalidated on any ground by a court of competent jurisdiction, the Company and each applicable Series shall nevertheless indemnify each Indemnified Person as to expenses (including attorneys' 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 6.5 that has not been invalidated.

(i)Each of the Indemnified Persons may, in the performance of his, her, or its duties, consult with legal counsel and accountants, 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 or accountants 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 or accountants were selected with reasonable care by or on behalf of such Indemnified Person.

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(j)An Indemnified Person will not be denied indemnification in whole or in part under this Section 6.5 as a result of the Indemnified Person having an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by this Agreement and any applicable Series Agreement.

(k)Any liabilities that 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 Expenses indemnifiable under this Section 6.5, to the maximum extent permitted by law.

(l)The Manager shall, in the performance of its duties, be fully protected in relying in good faith upon the records of the Company and its Series and on such information, opinions, reports, or statements presented to the Company by any of the Officers or employees or representatives or advisors of the Company or associated with any Series, or by any other Person as to matters the Manager reasonably believes are within such other Person's professional or expert competence.

(m)Any amendment, modification, or repeal of this Section 6.5 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 Indemnified Person under this Section 6.5 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 Indemnified Person hereunder prior to such amendment, modification, or repeal.

**Section 6.6** **Limitation of Liability of Manager**.

(a)This Agreement is not intended to and does not create or impose any fiduciary duty of any Covered Person except as required by law. Furthermore, each of the Member(s), Series Members, Company, and its Series hereby waives any and all fiduciary duties of Covered Persons that, absent such waiver, may be implied by applicable law, and in doing so, acknowledge and agree that the duties, including, without limitation, any fiduciary duties, and obligations of Covered Persons owed to the Company, Member(s), and its Series and Series Members, if any, are only as expressly set forth herein. No Covered Person is liable to the Company, Member(s), or its Series or Series Members for any loss, damage, or claim incurred by reason of any action taken or omitted to be taken by such Covered Person in good faith reliance in accordance with the provisions of this Agreement, so long as such action or omission does not constitute fraud or willful misconduct by such Covered Person.

(b)Each Covered Person is deemed to have fully exercised his/her/its duty of care in performing his/her/its duties and exercising his/her/its rights when he/she/it takes action or omits from taking action upon relying in good faith upon the records of the Company or upon such information, opinions, reports, or statements delivered or made available by any of the following Persons: (i) another Member or Series Member; (ii) one or more officers or employees of the Company or its Series; (iii) any attorney, independent accountant, appraiser, or other expert or professional employed or engaged by or on behalf of the Company or its Series or any Affiliate thereof; or (iv) any other Person selected or contracted with in good faith by or on behalf of the Company or its Series or the Manager, in each case as to matters that such Covered Person reasonably believes to be within such other Person's profession or general competence.

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(c)In furtherance and not in limitation of Sections 6.6(a)-(b), unless the Manager's actions (i) are intentional, adverse acts with the goal of acting against the interests of the Company or its Series, or (ii) constitute reckless indifference with respect to the interests of the Company or its Series, the Manager will not be liable, responsible, or accountable in any way at law or in equity to any of the Member(s), Series Members, the Company, or any Series for any act or omission on behalf of the Company or its Series performed in good faith and in a manner reasonably believed by the Manager, in its sole good faith discretion, to be within the scope of the authority granted to the Manager by this Agreement, any Series Agreement, or applicable law. The Manager is not liable at law or in equity for omitting to do any act that the Manager is not specifically required to do under this Agreement, and the Manager owes no duties or liabilities, express or implied, to the Company, Member(s), Series, or Series Members, except as specifically set forth in this Agreement or any applicable Series Agreement.

**Section 6.7** **Affiliate Transactions**. The Member(s), Series Members, Company, and each Series acknowledge and agree (a) the Member(s), Series Members, and Manager, including, without limitation, Indemnified Persons and Affiliates, own or control, both directly and indirectly, Persons engaged in businesses or affairs that may compete with or otherwise engage in transactions, contracts, or agreements with the Company or its Series to provide or purchase goods, services, or Assets; (b) the Manager, on behalf of the Company or its Series, may enter into or bind the Company or its Series to transactions, contracts, or agreements with Persons it controls or with which it is affiliated, including itself; and (c) such foregoing described transactions, contracts, or agreements may not be at arms' length (each of the foregoing defined as an "**Affiliate Transaction**"). In furtherance of the foregoing acknowledgements and agreements, the Company, each Series, the Member(s), and the Series Members acknowledge and agree that, to the extent any fiduciary duty of loyalty or fiduciary duty of care is not otherwise waived or disclaimed under the terms of this Agreement, the Manager's performance of any Affiliate Transaction that (i) contain terms determined by the Manager in good faith, and (ii) serves an interest of the Company's or its Series' business or affairs, will not be deemed nor qualify, to the extent not otherwise waived or disclaimed under this Agreement, as a breach of any such fiduciary duty of loyalty or fiduciary duty care that may be owed by the Manager to the Company or its Series. The Company, its Series, the Member(s), and the Series Members hereby acknowledge and agree that, to the extent any fiduciary duty of loyalty or fiduciary duty of care is not otherwise waived or disclaimed under the terms of this Agreement, any of the Member(s), Series Members, Manager, or any Indemnified Person or Affiliate of the foregoing may engage in other business ventures of every nature and description, independently or with other Persons, even if such ventures are competitive with the Company's or its Series' business, and the engagement in such activities will not be deemed to be wrongful, improper, or a breach of any fiduciary duty of loyalty or care, to the extent the same exists. Neither the Company, its Series, Member(s), nor any Series Members, by virtue of their interest in the Company or its Series, as applicable, have any rights in or to such ventures or the income or profits derived therefrom, including, without limitation, any income or profits created or resulting from any Affiliate Transactions.

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**Section 6.9** **Exclusion by the Manager**. The Manager may, in its sole and absolute discretion, exclude any particular proposed or existing Member or Series Member from participating in all or any part of a Series if the Manager determines that such participation by such Member or Series Member in all or part of such Series could (i) have a reasonable likelihood of violating applicable law, (ii) result in a significant delay, extraordinary expense, or adverse effect with respect to such Series or the Company, (iii) increase the risk that the creation and implementation of such Series would not be consummated, or (iv) impose any material filing, tax, regulatory, or other business burden to which the Company, its Series, or any other Member or Series Member, or any of the foregoing Persons' Affiliates would not otherwise be subject.

**Section 6.10** **Determinations by the Manager**. In furtherance of the authority granted to the Manager pursuant to this Article VI, the determination as to any of the following matters, made in good faith by or pursuant to the direction of the Manager consistent with this and any Series Agreement, shall be final and conclusive and shall be binding upon the Company, this Series and every holder of Units in this Series:

(a)the calculation and amount of Distributions and Distributable Cash for the Company or any Series and the amount of assets at any time legally available for the payment of distributions on Shares of any Series

(b)The calculation and amount of any Service Fee, Company Management Fees, Asset Management Fees, Sourcing Fees, Operating Expenses, and Reserves;

(c)all costs and expenses incidental to the termination and winding up of a Series and its share of the costs and expenses incidental to the termination and winding up of the Company;

(d)the amount and classification of any Abandonment Costs, Acquisition Expenses, Operating Expenses and Reserves;

(e)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);

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(f)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;

(g)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 Shares;

(h)the number of Units within a Series;

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

(j)the evaluation of any competing interests among the Series and the resolution of any conflicts of interests among the Series;

(k)each of the matters set forth in Section 6.1; or

(l)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 Manager.

**Section 6.11** **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 Manager and any Officer authorized by the Manager to act on behalf of and in the name of the Company or applicable 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 to the extent permitted by this Agreement, and such Person shall be entitled to deal with the Manager or any Officer as if it were the Company's or such Series' sole party in interest, both legally and beneficially. Each Member and Series 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 Manager or any Officer in connection with any such dealing. In no event shall any Person dealing with the Manager 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 Manager 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 Manager 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 was 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 applicable 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.

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**ARTICLE VII**<br>**CAPITAL ACCOUNTS; DISTRIBUTIONS**

**Section 7.1** **Capital Accounts**. As used herein, "**Capital Account**" means the capital accounts to be established on the books of the Company and its Series for each Member or Series Member, maintained at all times during the term of the Company in accordance with the capital accounting rules set forth in the Code and accompanying Regulations Section 1.704-1(b)(2)(iv). The Manager will make all adjustments required by Regulations Section 1.704-1(b), as modified and supplemented by Regulations Section 1.704-2, including, without limitation, the adjustments contained in Regulations Section 1.704-1(b)(2)(iv)(g). If it is determined that the Capital Accounts have not been maintained as required by Regulations Section 1.704-1(b), as modified and supplemented by Regulations Section 1.704-2, then the Capital Accounts will be retroactively adjusted by the Manager so that they so conform. Without limiting Section 7.2, the Company will maintain a separate Capital Account for each Member and Series Member, maintained in such a manner to correspond with the capital of the Members and Series Members as reported for federal income tax purposes (in accordance with the requirements of Regulations Section 1.704-1(b)(2)(iv)), if applicable. The Capital Accounts will not bear interest. Neither the Company nor its Series will make a distribution or allocation to a Member or Series Member that would cause such Member or Series Member to have a negative Capital Account. If any such distribution occurs (i) the negative Capital Account in question will be treated as a loan from the Company or Series to the Member or Series Member in question; and (ii) the Member or Series Member on the one hand and the Company or Series on the other hand will promptly agree on commercially reasonable terms of repayment. At no time during the term of the Company or upon the dissolution and liquidation thereof will any Member or Series Member with a deficit balance in his/her/its Capital Account have any obligation to the Company, any Series, or the other Members or Series Members to restore such deficit balance, except as provided for herein. Notwithstanding any other provision of this Agreement, if any Member or Series Member has a deficit balance in his/her/its Adjusted Capital Account from an unexpected adjustment, allocation, or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6), there will be specially allocated to such Member or Series Member such items of income and gain in an amount and manner sufficient to eliminate as quickly as possible the deficit balance, to the extent required by the Regulations, in his/her/its Adjusted Capital Account without creating or increasing a deficit balance in the Adjusted Capital Account of any other Member or Series Member. To the extent permitted by the Code and the Regulations, any special allocations of items of income or gain pursuant to this Section will be taken into account in computing subsequent allocations of income, gain, loss, and deduction pursuant to this Article VII, so that the net amounts so allocated will, to the extent possible, be equal to the net amounts that would have been allocated to each such Member or Series Member pursuant to the provisions of this Article VII if such special allocations had not occurred. With respect to (i) any Transfer permitted under this Agreement, and (ii) any other change in any Member's or Series Member's Units in the Company or its Series, the determination of each Member's or Series Member's distributive share of Profits or Losses will take into account the varying interests of the Members or Series Members in the Company or its Series during the taxable year pursuant to Section 706(d) of the Code and the Regulations thereunder. In the event that at any time during the term of the Company it is determined that the convention adopted by the Company or its Series to allocate Profits or Losses of the Company or its Series is not in compliance with Section 706(d) of the Code as modified by the Regulations promulgated under such section, then the Manager may revise the method of allocation to comply with such Regulations.

**Section 7.2** **Series Capital Accounts**. Without limiting any other terms and conditions of this Article VII, the Company may maintain with respect to each Series Member and for each Series a separate sub-account (a "**Series Account**") showing each Series Member's interest in the respective Series and a sub-account with respect to the Company's activities not specifically related to any Series, if applicable (an "**Operating Account**"). In general, a Series Member's Series Accounts are intended to reflect the Series

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Member's ownership in each Series, and a Member's Operating Account is intended to reflect the Member's interest in the Company not attributable to any Series. Each Series shall be treated as a separate Series with separate Series Accounts. Each Series Member's Series Account with respect to a specific Series will be credited by the Series Member's Capital Contributions with respect to such Series and his/her/its share of any Profits with respect to such Series and its Assets, and debited by the Series Member's share of any Losses and Liabilities with respect to such Series, all as more fully set forth in this Article VII. Each Member's Operating Account shall be credited with his/her/its Capital Contributions and his/her/its share of any Profits, in each case with respect to the Company generally or not attributable to any particular Series, and shall be debited by Losses and Liabilities with respect to the Company generally or not attributable to any particular Series. For the avoidance of doubt, all items credited or debited to a Series Member's Series Accounts and a Member's Operating Account will also be credited or debited to the Member's or Series Member's Capital Account. A Member will have a Series Account only with respect to a Series in which such Member is a Series Member.

**Section 7.3** **Distributions**.

(a)If a Series Agreement provides for a distribution procedure, then the Series Agreement will prevail with respect to such Series. If a Series Agreement for a particular Series does not otherwise provide for a distribution procedure, and except as otherwise provided in this Agreement with respect to the dissolution of the Company or any Series, any Distribution of a Series shall be made as follows:

(i)First, to the Profits Members of such Series (ratably among such Profits Members based upon such Profits Members' Unpaid Yield relative to the aggregate Unpaid Yield with respect to all Profits Members of such Series), until the aggregate Unpaid Yield, if any, with respect to all Profits Members of such Series has been reduced to zero (0).

(ii)Thereafter, (A) 50% of Distributable Cash to the Profits Members of such Series (ratably among such Profits Members in proportion to their percentage of Capital Contributions allocable to such Series relative to the total Capital Contributions by all Profits Members allocable to such Series), and (B) 50% of Distributable Cash as a Service Fee to the Manager.

(b)All Distributions to Member(s) or Series Members pursuant to this Agreement or any Series Agreement shall made be at such times and in such amounts as determined solely by the Manager. In determining Distributable Cash available for Distribution in accordance with this Section 7.3, the Manager may take into account retention of reasonable working capital reserves, which may include maintenance or other fees related to Assets.

(c)All amounts withheld pursuant to the Code or any provision of any state or local tax law with respect to any payment, Distribution, or allocation to Series Members shall be treated as amounts distributed to the Series Members pursuant to this Agreement for all purposes of this Agreement and the Series Agreements. Accordingly, the Manager is authorized to withhold from Distributions to the respective Series Members and to pay over to any federal, state, or local government any amounts required to be so withheld pursuant to the Code or any provision of any other federal, state, or local law and shall allocate such amounts to those Series Members with respect to which such amounts were withheld.

(d)Notwithstanding any provision to the contrary contained in this Agreement, a Series shall not make any Distribution to any Person if such Distribution would violate the Act or other applicable law.

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(e)Notwithstanding any provision to the contrary contained in this Agreement, no Series Member shall be entitled to interest on his/her/its Capital Contributions or to return of their Capital Contributions.

(f)Unless otherwise approved by the Manager, a Series Member who resigns as a Series Member following the Transfer of all Units held by such Series Member in accordance with the terms hereof or any Series Agreement shall not be entitled to receive any further Distributions with respect to such Series.

**Section 7.4** **Timing of Distributions**.

(a)Subject to the applicable provisions of the Act and except as otherwise provided herein, the Manager may pay Distributions to the Series Members associated with such Series pursuant to Section 7.3 at such times as the Manager reasonably determines or as soon as reasonably practicable after the relevant amounts have been received by the Series; provided, however, the Manager is not obligated to make any Distribution unless there is sufficient Distributable Cash available for such Distribution or such amounts that, in the reasonable opinion of the Manager, would not leave the Company or such Series with insufficient funds to meet any future contemplated obligations or contingencies including to meet any Operating Expenses, Management Fees, Asset Management Fees and/or Sourcing Fees (and the Manager is hereby authorized to retain any amounts within the Company or a Series to create a reserve to meet any such obligations or contingencies) or that otherwise may result in the Company or such Series having insufficient capitalization for the Company or such Series to continue its business as a going concern.

(b)Notwithstanding Section 7.4(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 XII.

(c)Each Distribution in respect of any Units of a Series shall be paid, directly or through any other Person or agent, only to the Series Member owning such Units as of the date set for such Distribution as set forth in the records of the such Series. Such payment shall constitute full payment and satisfaction of the Company's and such Series' liability in respect of such payment, if any, regardless of any claim of any Person who may have an interest in such payment by reason of an assignment or otherwise.

**ARTICLE VIII**<br>**TAX MATTERS**

**Section 8.1** **Elections**. It is the intent of this Agreement that the Company be taxed for federal, state, and local purposes as a disregarded entity if there is only one Member of the Company, or as a partnership if there is more than one (1) Member of the Company, as applicable, pursuant to the Code and any corresponding rules and Regulations thereunder. 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.

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**Section 8.2** **Tax Matters Member**. The Manager is hereby designated as the Company's "tax matters partner" under Section 6231(a)(7) of the Code and the Company's "partnership representative," within the meaning of Section 6223 of the BBA Partnership Audit Provisions (collectively, the "**Tax Matters Member**") and will serve as such at the expense of the Company with all powers granted to a tax matters partner under the Code. The Tax Matters Member may, in its reasonable discretion, make or refrain from making any tax elections for the Company and its Series allowed under the Code, the Regulations, or any state, local, or non-U.S. tax laws that it deems reasonably necessary or advisable, including, without limitation, any elections under the BBA Partnership Audit Provisions.

**Section 8.3** **Tax Examinations and Audits**. The Tax Matters Member is authorized to represent the Company, which may be performed by engaging counsel of its selection, in connection with all examinations of the affairs of the Company and its Series by any taxing authority, including any resulting Proceedings, and to expend funds of the Company or its applicable Series for professional services and costs associated therewith. Each Member and Series Member agrees that any action taken by the Tax Matters Member in connection with audits of the Company shall be binding upon such Member or Series Member and that such Member or Series Member shall not independently act with respect to tax audits or tax Proceedings affecting the Company. The Tax Matters Member has sole discretion to determine whether the Company or its Series (either on its own behalf or on behalf of the Members or Series Members) will contest or continue to contest any tax deficiencies assessed or proposed to be assessed by any taxing authority. Each Member and Series Member agrees to cooperate with the Tax Matters Member and to do or refrain from doing any or all things reasonably requested by the Tax Matters Member with respect to the conduct of examinations by taxing authorities and any resulting Proceedings.

**Section 8.4** **Revised Partnership Audit Rules**. Except as otherwise set forth herein, and to the extent applicable, in the event of an audit of the Company that is subject to the Revised Partnership Audit Rules or any analogous provision of state or local law, the Tax Matters Member, in its sole discretion, has the right to make any and all elections and to take any actions that are available to be made or taken by the Tax Matters Member or the Company under the Revised Partnership Audit rules (or analogous provisions of state or local law).

**Section 8.5** **Tax Returns and Tax Deficiencies**. Each Member and Series Member agrees that he/she/it shall not treat any Company or Series item inconsistently on his/her/its federal, state, foreign, or other income tax return with the treatment of the item on the Company's return. Any deficiency for taxes imposed on any Member or Series Member (including, without limitation, penalties, additions to tax, or interest imposed with respect to such taxes and any tax deficiency imposed pursuant to Section 6226 of the Code) will be paid by such Member or Series Member, as applicable, and if required to be paid (and actually paid) by the Company or a Series, will be recoverable from such Member or Series Member, as applicable.

**Section 8.6** **Tax Returns**. The Manager shall cause to be prepared and timely filed, which includes performing any filings using any filing extensions provided by applicable taxing authorities, all U.S. and non-U.S. tax returns required to be filed by or for the Company and its Series.

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**ARTICLE IX**<br>**REGISTRATION AND TRANSFER OF UNITS**

**Section 9.1** **Absolute Prohibition**. Notwithstanding any other provision of this Agreement, unless in satisfaction of the terms and conditions of this Agreement, each Member and Series Member agrees and covenants that no Units held by him/her/it, in whole or in part, or any rights to distributions therefrom, may be Transferred unless, without limitation, the Manager delivers prior written consent and authorization to such Member or Series Member authorizing the proposed Transfer. Absent compliance with the foregoing and all other requirements provided in this Agreement, any such Transfer is void ab initio and not binding upon the Company, any Series, any Member, or any Series Member. Notwithstanding the foregoing, the Manager may authorize Permitted Transfers, including Transfers through the Platform, from time to time, by notifying all or a portion of the Members or the Series Members of a particular Series that the Manager intends to authorize such Permitted Transfers, along with information in reasonable detail regarding the terms of such Platform use and the parameters of such Permitted Transfers.

**Section 9.2** **Redemption of Units**.

(a)Upon any Option Event occurring with respect to any Member or Series Member (an "**Option Member**"), the Option Member shall deliver written notice of the occurrence to the Manager as soon as reasonably possible, but not later than five (5) days after Option Member has knowledge of the Option Event. If Option Member fails to deliver written notice of the Option Event within the timeframe set forth herein, any Member or Series Member with knowledge of the Option Event may deliver written notice of the occurrence of the Option Event to the Manager.

(b)Upon the occurrence of an Option Event, regardless of whether notice is provided, the Company or applicable Series has the option, but not the obligation, as determined by the Manager in its sole discretion, to purchase all or a portion of the Option Member's Units for the Fair Market Value of such Units at any time, but in any event no later than sixty (60) days following the date on which the Manager has written notice of the occurrence of the Option Event (the "**Redemption Option**"). The Redemption Option may be exercised by the Manager's delivery of: (i) a written notice to the Option Member no later than the sixty (60) day period described in this Section 9.2(b), notifying such Option Member of the exercise of the Redemption Option; and (ii) the Manager's determination and opinion of the Fair Market Value of the Option Member's Units (collectively, the "**Redemption Notice**").

(c)If the foregoing Redemption Option is not exercised with respect to all or a portion of the Option Member's Units, but the Manager notifies such Option Member of Option Member's triggering of any Option Event, the business of the Company and its Series will continue and the Option Member will retain, if anything, only an economic interest based on the Units previously owned by and vested in such Option Member prior to the Option Event.

(d)If the Redemption Option is exercised, the Company or applicable Series shall make a distribution of cash or property to the Option Member with a value equal in amount to the Fair Market Value of Option Member's Units subject to the Redemption Option. The Manager has the option to cause the Company or applicable Series to make the distribution of Fair Market Value in five (5) equal, unsecured, nonrecourse annual installments, the first (1<sup>st</sup>) of which to be made to the Option Member on or before the sixtieth (60<sup>th</sup>) day after delivery by the Manager of the Redemption Notice. The four (4) subsequent payments would be delivered to the Option Member on the same date each year thereafter. The Manager retains the right to cause the acceleration, without penalty, of all or any part of the installment payments at any time. The Company or applicable Series will pay additional amounts computed as if the Option Member were entitled to interest on the undistributed amount of the total distribution to which the

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Option Member is entitled under this Section 9.2 to an annual simple interest rate equal to the prime interest rate published by the Wall Street Journal as determined on the day of delivery of the Redemption Notice.

(e)In order to fund any obligations under this Agreement, whether pursuant to this Section 9.2 or any other section of this Agreement, the Manager may cause the Company or Series to maintain such life insurance policies on the lives of one (1) or more Members or Series Members as the Manager, in its sole discretion, determines to be desirable.

**Section 9.3** **Resignation**. No Member or Series Member may resign from the Company or any Series, as applicable, other than in connection with a Transfer in accordance with the terms of this Agreement or any applicable Series Agreement.

**Section 9.4** **Right of Assignee to Become Member or Series Member**. No transferee or assignee of a Unit in the Company or its Series, other than an existing Member or Series Member, has any rights of a Member or Series Member hereunder, including access or rights to Company or Series information, books, or records, or to become a substitute Member or Series Member, unless all of the requirements set forth in Section 4.1 above are satisfied. Rather, the transferee or assignee of the Units is entitled to receive only the share of the Distributable Cash to which the transferring Member or Series Member would otherwise be entitled with respect to the Unit(s) so Transferred. Whether an assignee of a Unit becomes a substituted Member or Series Member hereunder, the transferring Member or Series Member is not released from any of the transferring Member's or Series Member's liabilities owed to the Company or such Series incurred prior to the date of such Transfer.

**Section 9.5** **Right of First Refusal**.

(a)Except for Permitted Transfers as may be permitted by the Manager from time to time in accordance with Section 9.1 above, if at any time any Member or Series Member desires to Transfer (a "**Selling Party**") all or any part of his/her/its Units pursuant to a bona fide offer from a third party (the "**Proposed Transferee**"), the Selling Party shall provide written notice (the "**ROFR Notice**") to the Manager. The ROFR Notice shall disclose the identity of the Proposed Transferee, the quantity and type of such Units proposed to be Transferred (the "**Offered Units**"), the total quantity of Units owned by the Selling Party, the name and mailing address of the Proposed Transferee, the terms and conditions, including price, of the proposed Transfer, whether the Offered Units are Units of the Company or a particular Series, and any other material facts relating to the proposed Transfer.

(b)The Company, applicable Series, or the Manager (as applicable, the "**ROFR Party**") may acquire, in accordance with the provisions of this Agreement, all or any portion of the Offered Units for the price and upon the other terms and conditions set forth in the ROFR Notice by delivering written notice of such intention to the Selling Party within twenty (20) days after the ROFR Notice is deemed to have been received by the Manager.

(c)Any Transfer of such Offered Units to be sold to the ROFR Party pursuant to this Section 9.5 will be made at the offices of the ROFR Party or virtually within sixty (60) days following the date of the ROFR Notice.

(d)If the ROFR Party does not purchase all of the Offered Units within the time frame above, then the Selling Party may Transfer all or any portion of the Offered Units at any time within ninety (90) days after the expiration or completion of the time period above, subject to the other provisions of this Agreement, including, without limitation, Section 9.1. Any such Transfer, if any, will be to the Proposed Transferee, at not less than the price and upon other terms and conditions, if any, not more favorable to the Proposed Transferee than those specified in the ROFR Notice. Any remaining Offered Units not

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Transferred within such ninety (90) day period will continue to be subject to the requirements of a prior offer pursuant to this Section 9.5.

**Section 9.6** **Specific Enforcement**. Each Member and Series Member expressly agrees that the Company and its Series will be irreparably harmed if this Agreement is not specifically performed. Upon a breach or threatened breach of the terms, covenants, and/or conditions of this Agreement by any Member or Series Member, the Company, its Series, and the Manager are, in addition to all other remedies, entitled to apply for a temporary or permanent injunction, or a decree for specific performance, in accordance with the provisions hereof. Further, each Member, Series Member, the Company, and each Series hereby waive any requirement under the Act or any statute, law, or regulation of the State of Delaware that such Member(s) or Series Member(s) or the Company or Series seeking enforcement of the terms of this Agreement or any dispute relating to the Company or its Series pursuant to this Section 9.6 post an injunction or specific performance bond.

**Section 9.7** **Drag-Along Rights**.

(a)*Participation*. If at any time the Member(s) or Series Members comprising the Majority Approval (whether one (1) or more, the "**Selling Member**") receive an offer from a third party (the "**Offeror**") to buy (an "**Offer**") all or a portion of such Selling Member's Units (the "**Selling Member's Offered Units**"), and such Selling Member desires to accept the Offer (a "**Drag-Along Sale**"), the Selling Member has the right to require that each other Member or Series Member of such applicable Series (each a "**Drag-Along Member**") participate pro rata in any sale of the Selling Member's Offered Units (the "**Drag-Along Right**") to the Offeror, in accordance with the procedures set forth in this Section 9.7. Such Drag-Along Right will be upon substantially the same terms and conditions as the Offer.

(b)*Sale Notice*. The Selling Member shall send written notice of the Drag-Along Right (the "**Drag-Along Notice**") to each Drag-Along Member no later than ten (10) business days after the execution and delivery by all of the parties thereto of the definitive agreement entered into with respect to the Drag-Along Sale and, in any event, no later than five (5) business days prior to the closing date of such Drag-Along Sale, which Drag-Along Notice shall state the amount and type of Units included in the Selling Member's Offered Units, the proposed purchase price, and the nature of the consideration (whether cash, securities, or a combination thereof). The Drag-Along Notice shall also state all of the material terms and conditions of the Offer and the name of the Offeror and shall include a copy of all executed letters of intent or agreements between the Offeror and the Selling Member necessary to establish the terms of the Offer.

(c)*Units to be Sold*. Each Drag-Along Member shall sell in the Drag-Along Sale, upon the terms set forth in the Offer, all of the Units of the Company or such applicable Series owned by such Drag-Along Member.

(d)*Conditions of Sale*. The consideration to be received by a Drag-Along Member will be the same form and amount of consideration per one (1) Unit of the same Unit Class and with respect to Company or the same Series to be received by the Selling Member (or, if the Selling Member is given an option as to the form and amount of consideration to be received, the same option shall be given), and the terms and conditions of such sale will, except as otherwise provided in the immediately succeeding sentence, be the same or substantially similar as those upon which the Selling Member sells the Selling Member's Offered Units. Each Drag-Along Member shall make or provide the same representations, warranties, covenants, indemnities, and agreements as the Selling Member makes or provides in connection with the Drag-Along Sale (except that in the case of representations, warranties, covenants, indemnities, and agreements pertaining specifically to the Selling Member, each Drag-Along Member shall make the comparable representations, warranties, covenants, indemnities, and agreements pertaining specifically to itself); provided, all representations, warranties, covenants, and indemnities will be made by the Selling

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Member and each Drag-Along Member severally and not jointly and any indemnification obligation will be pro rata based on the consideration received by the Selling Member and each Drag-Along Member, in each case in an amount not to exceed the aggregate proceeds received by the Selling Member and each such Drag-Along Member in connection with the Drag-Along Sale.

(e)*Expenses*. The fees and expenses of the Selling Member incurred in connection with a Drag-Along Sale and for the benefit of all Member(s) or Series Members of such Series (it being understood that costs incurred by or on behalf of Selling Member for his/her/its sole benefit will not be considered to be for the benefit of all Member(s) or Series Members of such Series), to the extent not paid or reimbursed by the Company or the Offeror, will be shared by all Member(s) or Series Members of such Series on a pro rata basis, based on the consideration received by each such Member or Series Member; provided, no Member or Series Member will be obligated to make any out-of-pocket expenditure prior to the consummation of the Drag-Along Sale.

(f)*Cooperation*. Each applicable Member and Series Member of such Series shall take all actions as may be reasonably necessary or convenient, as determined by the Selling Members, to consummate the Drag-Along Sale, including, without limitation, entering into agreements and delivering certificates and instruments, in each case, consistent with the agreements being entered into and the certificates being delivered by the Selling Member.

(g)*Consummation of the Sale*. The Selling Member will have ninety (90) days following the date of the Drag-Along Notice in which to consummate and close the Drag-Along Sale, on the terms set forth in the Drag-Along Notice (which such ninety (90) day period may be extended for a reasonable time not to exceed one hundred eighty (180) days to the extent reasonably necessary to obtain any regulatory or third-party approvals). If at the end of such period the Selling Member has not completed the Drag-Along Sale, the Selling Member may not then effect a transaction subject to this Section 9.7 without again fully complying with the provisions of this Section 9.7.

**Section 9.8** **Lock-Up**. In the event of an Initial Public Offering, without the prior written consent of the underwriters managing any such Initial Public Offering, for a period beginning seven (7) days immediately preceding and ending on the one hundred eightieth (180<sup>th</sup>) day following the effective date of the registration statement used in connection with such Initial Public Offering, no applicable Member or Series Member may (a) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise Transfer, directly or indirectly, any equity securities of the Company or its Series, as applicable, or any securities convertible into or exercisable or exchangeable for such equity securities or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any equity securities of the Company or its Series, as applicable, whether any such transaction described in clause (a) or (b) above is to be settled by delivery of such equity securities or such other securities, in cash or otherwise. The foregoing provisions of this Section 9.8 do not apply (i) to transactions relating to any equity securities of the Company or its Series, as applicable, or other securities acquired in open market transactions after the completion of such Initial Public Offering, (ii) during the period preceding the execution of the underwriting agreement in connection with an underwritten offering, (iii) to transfers to a charitable organization, (iv) to the sale of any securities to an underwriter pursuant to an underwriting agreement, or (v) if the Manager and all holders of greater than two percent (2%) of the Company's or its Series', as applicable, Outstanding Units on the date thereof do not enter into similar agreements. In the event that either (x) during the last seventeen (17) days of the one hundred eighty (180) day period referred to above, the Company or its Series, as applicable, issues an earnings release or a press release announcing a significant event or (y) prior to the expiration of such one hundred eighty (180) day period, the Company or its Series, as applicable, announces that it will release earnings results or issue a press release announcing a significant event during the seventeen (17) day period beginning on the last day of such one hundred

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eighty (180) day period, the restrictions described above will continue to apply until the expiration of the seventeen (17) day period beginning on the date of the earnings release or the significant event press release. The underwriters in connection with the Initial Public Offering are intended third-party beneficiaries of this Section 9.8 and have the right, power, and authority to enforce the provisions hereof as though they were a Party hereto. Each Member and Series Member further agrees to execute such agreements as may be reasonably requested by the underwriters in the Initial Public Offering that are consistent with this Section 9.8 and that are necessary to give further effect thereto.

**Section 9.9** **Maintenance of a Register**. Subject to the restrictions on Transfer and ownership limitations contained herein:

(a)The Manager will keep or cause to be kept on behalf of the Company and each Series a register to provide for the registration and Transfer of Units, which, in the sole determination of Manager, may be done using the Platform. The Manager is hereby appointed registrar and transfer agent of the Units, or may appoint such third-party registrar and transfer agent as it determines appropriate in its sole discretion, for the purpose of registering Units and Transfers of such Units as herein provided.

(b)Upon written consent by the Manager to the Transfer of any Unit(s), each transferee of such Unit(s) (including any nominee holder or an agent or representative acquiring such Units for the account of another Person) (i) shall qualify for admission to the Company or its Series as a Member or Series Member with respect to the Units so Transferred when any such Transfer or admission is reflected in the books and records of the Company or its Series, (ii) shall be deemed to agree to be bound by the terms of this Agreement and any applicable Series Agreement by completing a Joinder to the reasonable satisfaction of the Manager, (iii) shall become the Member or Series Member owning the Units so transferred, (iv) grants powers of attorney to the Manager and any Liquidator of the Company, as specified herein, and (v) makes the consents and waivers contained in this Agreement. The Transfer of any Units and the admission of any new Member or Series Member shall not constitute an amendment to this Agreement or any Series Agreement, and no amendment to this Agreement or any Series Agreement shall be required for the admission of new Members or Series Members to the Company or any Series.

(c)Nothing contained in this Agreement precludes the settlement of any transactions involving Units entered into through the facilities of any National Securities Exchange on which such Units are listed for trading, if any.

**Section 9.10** **Transfer by the Manager**. The Manager may Transfer its Units in the Company or any Series without the approval of the Member(s) or Series Members, and in such instance, unless otherwise provided for pursuant to this Agreement, such Transfer shall not result in the Manager ceasing to act as Manager of the Company and its Series.

**Section 9.11** **Remedies for Breach**. If the Manager at any time determines in good faith that a Transfer or other event has taken place that is or results in a violation of this Article IX, the Manager may 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 or its Series to redeem Units, refusing to give effect to such Transfer on the books of the Company or its Series, or instituting proceedings to enjoin such Transfer or other event; provided, however, any Transfer or attempted Transfer or other event in violation of this Article IX shall automatically be void ab initio irrespective of any action (or non-action) by the Manager.

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**ARTICLE X**<br>**BOOKS, RECORDS, ACCOUNTING, AND REPORTS**

**Section 10.1** **Books and Records**. The Company will maintain at its principal office, or at such other office or format as the Manager determines (including, if determined by the Manager, on the Platform) all of the following:

(a)a current list of the full name and last known business or residential address of each Member and Series Member;

(b)information regarding the Capital Contributions of each Member and Series Member, and the date on which each Member or Series Member became a Member or Series Member and made such Capital Contributions to the Company or its Series, as applicable;

(c)a copy of this Agreement and the Certificate of Formation, including any amendments hereof or thereof;

(d)a copy of each Certificate of Registered Series of Limited Liability Company (if any), Series Designation and Series Agreement, including any amendments thereof;

(e)copies of the Company's federal, state, and local income tax or information returns and reports;

(f)copies of each Member's and Series Member's K-1 or 1099-MISC with respect to the Company or its Series, as applicable; and

(g)summary of financial statements of the Company and its Series, as determined by the Manager.

**Section 10.2** **Member Examination**. Each Member has the right to examine all of the information described in Sections 10.1(c) and (g) with respect to the Company, and such information described in Sections 10.1(a), (b), and (f) that is applicable to the examining Member; and each Series Member has the right to examine all information described in Section 10.1(c) with respect to the Company, such information described in Sections 10.1(d) and (g) with respect to the applicable Series of which such Series Member owns Units, and such information described in Sections 10.1(a), (b), and (f) that is applicable to such examining Series Member; it being intended that no Member or Series Member will receive access to information described in Sections 10.1(a), (b), or (f) by virtue of this Section 10.2 with respect to any Member or Series Member other than the examining Member or Series Member. Notwithstanding the foregoing, the Manager may condition access to any such information on such Member's or Series Member's execution and delivery of a confidentiality agreement in form and substance reasonably acceptable to the Manager, and such right or access shall be during normal business hours and shall not unreasonably disrupt the business of the Company or its Series.

**Section 10.3** **Fiscal Year**. Unless otherwise determined by the Manager or required by applicable law, the Fiscal Year of the Company ends on December 31 of each year.

**Section 10.4** **Non-Disclosure**. Each Member and Series Member, on behalf of himself/herself/itself and his/her/its Affiliates, hereby agrees to treat as confidential, and to use only in connection with the business of the Company or its Series, all non-public and/or proprietary information of the Company and its Series, including the books and records described in Section 10.1 and any information pertaining to Assets of any

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Series or any other party to which the Company is under an obligation of confidentiality (collectively, "**Confidential Information**"); provided, however, Member(s) and Series Members may disclose any such information (a) that has become generally available to the public through no violation of this Section 10.4, (b) as to which such Member or Series Member has received from a third party to which neither such Member or Series Member, as applicable, nor the Company owes any confidentiality obligation, (c) as may be required or appropriate in any report, statement, or testimony submitted to any governmental authority having jurisdiction over such Member or Series Member, but only that portion of the data and information that, in the written opinion of counsel to such Member or Series Member, is required or would be required to be furnished to avoid liability for contempt or the imposition of any material judicial or governmental penalty or censure, (d) as may be required or appropriate in response to any summons or subpoena or in connection with a Proceeding, or (e) as to which the Manager has given its informed consent in writing.

**ARTICLE XI**<br>**REPRESENTATIONS AND COVENANTS BY THE PROFITS MEMBERS**

Each Profits Member, severally as to himself/herself/itself and not jointly, hereby represents and warrants to, and agrees with, the Manager, the other Member(s) and Series Members, and the Company and its Series, as follows:

**Section 11.1** **Investment Intent; Securities Regulation**.

(a)Such Profits Member acquired or is acquiring such Profits Units with the intent of holding the same for investment for such Profits Member's own account and without the intent or a view of participating directly or indirectly in any distribution of such Profits Units within the meaning of the Securities Act or any applicable state securities laws.

(b)Such Profits Member acknowledges and agrees that such Profits Units were or are being issued and sold in reliance on an exemption from registration under the Securities Act and exemptions contained in applicable state securities laws, and that such Profits Units cannot and will not be sold or transferred except in a transaction that is exempt under the Securities Act and applicable state securities laws or pursuant to an effective registration statement under the Securities Act and applicable state securities laws.

(c)Such Profits Member (i) is knowledgeable and experienced in financial and business matters, (ii) is capable of evaluating the merits and risks of an investment in the Profits Units, (iii) is able to bear the economic risk of loss of such Profits Member's investment in such Profits Units, and (iv) is either (A) an "accredited investor" within the meaning of Rule 501 of Regulation D under the Securities Act; or (B) a qualified investor by virtue of such Profits Member's Capital Contributions not exceeding ten percent (10%) of the greater of such Profits Member's annual income or net worth (or in the case that Profits Member is a non-natural person, its revenue or net assets for such Profits Member's most recently completed fiscal year). To the extent such Profits Member has any questions with respect to his/her/its status as an accredited investor, or the application of the foregoing investment limits, he/she/it has sought professional advice.

(d)Such Profits Member understands that except as provided in this Agreement or applicable Series Agreement, such Profits Member has no contractual right for the registration under the Securities Act of his/her/its Profits Units for public sale and that, unless such Profits Units are registered or an exemption from registration is available, such Profits Units may be required to be held indefinitely.

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(e)Such Profits Member acknowledges and agrees that no representations or warranties have been made to such Profits Member by the Company, any Series, or any of its or their Manager, Officers, employees, agents, sub-agents, Affiliates, or Subsidiaries, or any other Member or Series Member, in each case, other than any representations of the Company or its Series contained herein or in his/her/its respective Subscription Agreement or Offering Document, and in purchasing its Profits Units such Profits Member is not relying upon any representations other than those contained herein or therein. Such Profits Member further acknowledges that the Company, its Series, and the Manager has not made any representations to such Profits Member regarding the Company's or such Series' business prospects or the Company's or such Series' ability to generate revenues in the future.

(f)Such Profits Member understands and acknowledges that his/her/its purchase of the Profits Units is a speculative investment that involves a high degree of risk and the potential loss of his/her/its entire investment, and, in particular, acknowledges that the Company and its Series is and will be engaged in a highly competitive business.

(g)Such Profits Member's overall commitment to investments that are not readily marketable is not disproportionate to such Profits Member's net worth, and an investment in the Profits Units will not cause such overall commitment to become excessive.

(h)Such Profits Member is not subscribing for the Profits Units as a result of, or pursuant to, any advertisement, article, notice, or other generalized communication published in any newspaper, magazine, or similar media or broadcast over television or radio or presented at any seminar or meeting, or any other "general solicitation" as defined and promulgated under the Securities Act and any other applicable federal and state laws and regulations, other than if and to the extent such advertisement(s) are permissible under Regulation A of Section 3(b) of the Securities Act.

(i)Such Profits Member has taken no action that would give rise to any claim by any Person for brokerage commissions, finders' fees, or the like relating to this Agreement or the Profits Units or the transactions contemplated hereby.

(j)Such Profits Member has discussed with, and relied upon the advice of, such Profits Member's counsel with regard to the meaning and legal consequences of such Profits Member's representations and warranties in this Agreement and the considerations involved in making an investment in the Company, and such Profits Member understands that the Company is relying on the information set forth herein and therein.

**Section 11.2** **Organization and Binding Agreement**. Such Profits Member (a) if an entity, is duly formed, validly existing, and in good standing under the laws of its jurisdiction of organization and has all requisite power and authority to enter into, deliver, and perform this Agreement, and (b) if an individual, has all legal capacity and authority to enter into, deliver, and perform this Agreement. This Agreement has been duly authorized by all necessary action and does not contravene any provision of the Profits Member's certificate of formation, partnership agreement, operating agreement, or similar organizational or governance documents, if applicable, or any law, regulation, rule, decree, order, judgment, or contractual restriction binding on such Profits Member or any of its assets. All consents, approvals, authorizations, permits of, filings with, and notifications to, any Person necessary for the due execution, delivery, and performance of this Agreement by such Profits Member have been obtained or made and all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with, any Person is required in connection with the execution, delivery, or performance of this Agreement by such Profits Member. This Agreement constitutes a legal, valid, and binding obligation of such Profits Member enforceable against such Profits Member in accordance with its terms.

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**Section 11.3** **Tax Position**. Unless otherwise required by applicable law, no Profits Member will take a position on such Profits Member's income tax return, in any claim for refund, or in any administrative or legal Proceedings that is inconsistent with this Agreement or with any return filed by the Company or its Series. If any Profits Member believes that such a position is required by applicable law, such Profits Member will promptly notify the Manager in writing, citing such applicable law or any interpretation thereof.

**Section 11.4** **Information**. Such Profits Member has received all documents, books, and records pertaining to an investment in the Company or applicable Series requested by such Profits Member. Such Profits Member has had a reasonable opportunity to ask questions of and receive answers concerning the Company and its Series, and all such questions have been answered to such Profits Member's satisfaction, and such Profits Member acknowledges that other Members or Series Members may have received additional and/or different disclosure materials relating to the Company or its Series and there is no guarantee that all Members and Series Members have received the same information.

**Section 11.5** **Licenses and Permits**. Such Profits Member will use commercially reasonable efforts to cooperate in providing such information, in signing such documents, and in taking any other action as may reasonably be requested by the Manager in connection with obtaining any foreign, federal, state, or local license or permit needed to operate its business or the business of any Series.

**ARTICLE XII**<br>**DISSOLUTION, TERMINATION, AND LIQUIDATION**

**Section 12.1** **Dissolution and Termination**.

(a)The Company shall not be dissolved by the admission of new Members or Series Members or the withdrawal of a transferring Member or Series Member following a Transfer. The Company shall dissolve, and its affairs shall be wound up, only 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;&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 Manager;

(ii)the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Act;

(iii)at any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the Act; or

(iv)a vote by the Member(s) to dissolve the Company following the for-cause removal of the Manager in accordance with Section 6.3.

(b)A Series shall not be terminated by the admission of new Profits Members or Voting Members or the withdrawal of a transferring Profits Member or Voting Member following a Transfer associated with any Series. Unless otherwise provided in the applicable Series Designation or Series Agreement, 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;&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 12.1(a).

(ii)an event set forth as an event of termination of such Series in the applicable Series Designation or Series Agreement;

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(iii)an election to terminate the Series by the Manager;

(iv)at any time that there are no Members of such Series, unless the business of such Series is continued in accordance with the Act; or

(v)a vote by the Voting Member(s) to dissolve the Series following the for-cause removal of the Manager in accordance with Section 6.3.

(c)The dissolution of the Company or any Series pursuant to Section 18-801(a)(3) of the Act is strictly prohibited and will be void ab initio.

**Section 12.2** **Liquidator**. Upon dissolution of the Company or termination of any Series, the Manager shall select one or more Persons to act as Liquidator, which Liquidator may be the Manager. In the case of a dissolution of the Company, (i) the Liquidator is entitled to receive compensation for its services; (ii) the Liquidator (if other than the Manager) agrees not to resign at any time without ten (10) business says' prior notice and may be removed at any time by the Manager; (iii) 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 fifteen (15) business days be appointed by the Manager. 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 XII, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the Parties, all of the powers conferred upon the Manager 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 Manager shall act as Liquidator.

**Section 12.3** **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 Act, the terms of any Series Designation or Series Agreement, and the following:

(a)Subject to Section 12.3(c), the Assets may be disposed of by public or private sale, including, without limitation, purchase by the Liquidator or Manager, 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 Series Members associated with such Series.

(b)Liabilities of each Series include amounts owed to the Liquidator as compensation for serving in such capacity (subject to the terms of Section 12.2) and amounts to Series Members associated with such Series otherwise than in respect of their distribution rights under Section 7.3. 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 deems appropriate or establish a reserve of Distributable Cash 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.

(c)Subject to the terms of any Series Designation or Series Agreement (including, without limitation, the preferential rights, if any, of holders of any other Unit Class of the applicable Series), all property and all Distributable Cash in excess of that required to discharge Liabilities as provided in

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Section 12.3(b) shall be distributed to the holders of the Units of the Series and to the Manager as provided in Section 7.3(a).

**Section 12.4** **Cancellation of Certificate of Formation**. In the case of a dissolution of the Company, upon the completion of the distribution of all Distributable Cash and property in connection with 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 and its Series will be taken by the Liquidator or the Manager, as applicable.

**Section 12.5** **Return of Contributions**. None of any Member, Series Member, the Manager, the Liquidator, 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 any Series Members with respect to a Series, or any portion thereof, it being expressly understood that any such return shall be made solely from Assets associated with the applicable Series, if any, after payment or reservation for Liabilities or other amounts described in this Agreement.

**Section 12.6** **Waiver of Partition**. To the maximum extent permitted by law, each Member and Series Member hereby waives any right to partition of the Company or Assets of a Series.

**ARTICLE XIII**<br>**AMENDMENT OF AGREEMENT OR SERIES AGREEMENT**

**Section 13.1** **Amendments to be Adopted Solely by the Manager**. Except as provided in Section 13.2, the Manager may amend any of the terms of this Agreement, any Series Designation, or any Series Agreement as it determines in its sole discretion and without the consent of any of the Members or Series Members. Without limiting the foregoing, the Manager, without the approval of any Member or Series Member, may execute, swear to, acknowledge, deliver, file, and record whatever documents may be required in connection with the foregoing, to reflect:

(a)a change in the name of the Company or a Series, the location of the principal place of business of the Company or a Series, the registered agent of the Company, or the registered office of the Company;

(b)the admission, substitution, withdrawal, or removal of Member(s) or Series Members in accordance with this Agreement, any Series Designation, or any Series Agreement;

(c)a change that the Manager 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 pursuant to the terms of this Agreement as determined by Manager;

(d)a change that, in the sole discretion of the Manager, (i) does not uniquely adversely affect the Profits Members (including adversely affecting the holders of any Unit Class of a Series as compared to other Unit Classes of such Series) in any material respect, (ii) is 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

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(including the Act), (iii) is necessary, desirable, or appropriate to facilitate the Transfer of Units (including, without limitation, the division of any Unit Class into different or same Unit Classes to facilitate uniformity of tax consequences within such Unit Classes) or comply with any rule, regulation, guideline, or requirement of any National Securities Exchange on which Units are or will be listed for trading, the Platform, or any other Permitted Transfer authorized by the Manager, compliance with any of which the Manager deems to be in the best interests of the Company, its Series, or the Member(s) or Series Members, (iv) is necessary or appropriate in connection with action taken pursuant to Section 4.7, or (v) is required to effect the intent expressed in any Offering Document or Subscription Agreement or the intent of the provisions of this Agreement or any Series Designation or Series Agreement or is otherwise contemplated by this Agreement or any Series Designation or Series Agreement;

(e)a change in the Fiscal Year or taxable year of the Company or any Series and any other similar changes that the Manager determines to be necessary or appropriate;

(f)an amendment that the Manager determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company, the Manager, 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;

(g)an amendment that the Manager determines to be necessary or appropriate in connection with the establishment or creation of additional Series pursuant to Section 3.1 or the authorization, establishment, creation, or issuance of any Unit Class pursuant to Section 4.3 and the admission of new Members or Series Members;

(h)any other amendment permitted in this Agreement to be made by the Manager; and

(i)any other amendments substantially similar to the foregoing.

**Section 13.2** **Certain Amendment Requirements**.

(a)Notwithstanding the provisions of Section 13.1, no provision of this Agreement that establishes a percentage of Outstanding Units or Unit Class required to take any action, including Section 4.7, shall be amended, altered, changed, repealed, or rescinded in any respect that would have the effect of reducing such voting percentage unless such amendment is approved by the affirmative vote of at least such percentage of Outstanding Units entitled to vote thereon.

(b)Notwithstanding the provisions of Section 13.1, no amendment to this Agreement may (i) enlarge the obligations of any Member or Series Member without his/her/its consent, unless such shall be deemed to have occurred as a result of an amendment approved pursuant to Section 13.1(c) or (ii) change Section 12.1(a), the term of the Company, or except as set forth in Section 12.1(a), give any Person the right to dissolve the Company, unless such amendment is approved by Majority Approval.

(c)Subject to Section 4.3(a), and without limitation of the Manager's authority to adopt amendments to this Agreement without the approval of any Member(s) or Series Members as generally contemplated in Section 13.1, any amendment that would have a material adverse effect on the rights or preferences of any Unit Class or Series Members of a Series in relation to other Unit Classes or Series Members of a Series must be approved by Majority Approval of such Series.

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**Section 13.3** **Amendment Approval Process**. Amendments to this Agreement or any Series Designation or Series Agreement may be proposed only by or with the consent of the Manager. The Company will deliver to each Member or Series Member, as applicable, prompt notice of the adoption of every amendment made to this Agreement or any Series Designation or Series Agreement pursuant to this Article XIII to the extent appropriate and practicable.

**ARTICLE XIV**<br>**GENERAL PROVISIONS**

**Section 14.1** **Addresses and Notices**.

(a)Any notice to be served in connection with this Agreement or any Series Agreement shall be served in writing (which, for the avoidance of doubt, may include email), and any notice or other correspondence under or in connection with this Agreement or any Series Agreement shall be delivered to the relevant party at the address given in this Agreement or any Series Agreement (or a Joinder) or to such other address as may be notified in writing for the purposes of this Agreement or Series Agreement to the party serving the document and that appears in the books and records of the Company or 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 and applicable Series Members have access, which may include the Platform, and any such publication shall constitute a valid method of serving notices under this Agreement and any Series Agreement.

(b)Any notice or correspondence shall be deemed to have been served as follows:

(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;

(ii)in the case of service by U.S. registered mail, on the third business day after the day on which it was posted;

(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

(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.

(c)In proving service (other than service by email), 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.

(d)Any notice to the Company (including any Series) shall be deemed given if received by the Manager at the principal office of the Company. The Manager and the Officers may rely and shall be protected in relying on any notice or other document from a Profits Member or other Person if believed by it to be genuine.

**Section 14.2** **Successors; Assigns; Entire Agreement**. This Agreement is binding upon and inures to the benefit of the Parties. Any and all of the rights of a Member or Series Member under this Agreement or a Series Agreement may be assigned or otherwise conveyed by any Member only as expressly provided by

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the terms and conditions of this Agreement and any applicable Series Agreement. This Agreement may be executed in counterparts (including by electronic transmission or electronic signature or Joinder), all of which together constitute one (1) agreement. This Agreement, including the Exhibits attached hereto and any Series Designations and Series Agreements, contains the entire agreement among the Parties as to the subject matter hereof and supersedes any prior or contemporaneous oral or written agreement or understanding among the Parties with respect to the subject matter hereof. The waiver of any of the provisions, terms, or conditions contained in this Agreement shall not be considered as a waiver of any of the other provisions, terms, or conditions hereof. If any one (1) or more of the provisions of this Agreement are for any reason held to be excessively broad as to time, duration, geographical scope, activity, or subject, each such provision shall be construed by limiting and reducing it so as to be enforceable to the extent compatible with applicable law then in effect.

**Section 14.3** **Further Action**. From time to time after the Effective Date, upon the request of the Manager, each Member and Series Member shall perform, or cause to be performed, all such additional acts, and shall execute and deliver, or cause to be executed and delivered, all such additional instruments and documents, as may be required to effectuate the purposes of this Agreement.

**Section 14.4** **Headings**. The headings used in this Agreement are used for convenience only and do not constitute substantive matters to be considered in construing this Agreement.

**Section 14.5** **No Third-Party Rights**. Except for Section 6.5 and Section 9.8, the provisions of this Agreement are for the benefit of the Company, its Series, the Manager, the Members, and the Series Members and no other Person, including creditors of the Company or any Series, has any right or claim against the Company or its Series, the Manager, any Member, or Series Member by reason of this Agreement or any Series Agreement or any provision hereof nor is such Person entitled to enforce any provision of this Agreement or any Series Agreement.

**Section 14.6** **Right to Convert**. If the Manager elects to undertake a Conversion (as defined below) with respect to the Company or any of its Series, then the Member(s) and Series Members, as applicable, shall use commercially reasonable efforts to cooperate with the Company, its Series, and the Manager to effectuate such Conversion, which may require the conversion of their Units into or exchange of their Units for limited partnerships interests, membership interests, or shares of common stock or other securities in the Company or the Successor in accordance with this Section 14.6. As used herein, "**Conversion**" means the conversion of the Company or its Series from a limited liability company to, or exchanging Company or Series securities for securities of, a partnership, limited liability company, or corporation organized under the laws of the State of Delaware or any other state (the "**Successor**"), whether by merger, a tax-free contribution under Section 351 of the Code, or by such other form of transaction as may be available under applicable law. Upon the Manager's decision to effectuate a Conversion, the Member(s) and applicable Series Members shall, at the sole expense of the Company, as soon as practicable thereafter execute, acknowledge, and deliver, or cause to be executed, acknowledged, and delivered, all instruments and documents that may be reasonably requested by the Manager to best effectuate the Conversion while continuing in full force and effect, to the extent consistent with such conversion, the terms, provisions, and conditions of this Agreement, including all rights, protections, and benefits afforded to Parties to this Agreement, and including, without limitation, those provisions (i) granting the Manager exclusive authority to manage the operations and affairs of the Company and its Series, (ii) restricting the Transfer of Units, (iii) granting rights to repurchase or sell Units or rights to participate in certain transactions, and (iv) relating to confidentiality, indemnification, and limitation of the Company's activities. It is the intent of the Member(s) and Series Members that any Conversion, however accomplished, is part of the Members' and Series Members' investment decision with respect to the Units.

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**Section 14.7** **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 14.8** **Applicable Law, Dispute Resolution, and Jurisdiction**.

(a)*Governing Law*. This Agreement and its Series Agreements 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 Member(s) and Series Members and as between them shall be determined pursuant to the Act and this Agreement and any applicable Series Agreement. To the extent the rights or obligations of any Member or Series Member are different by reason of any provision of this Agreement than they would otherwise be under the Act in the absence of any such provision, or even if this Agreement is inconsistent with the Act, this Agreement shall control, except to the extent the Act prohibits any particular provision of the Act to be waived or modified, in which event any contrary provisions hereof shall be valid to the extent permitted under the Act.

(b)*Alternative Dispute Resolution*. Because the nature of the Company and its Series is to generate profits to share with its Series Members, it is imperative that a Series Member's dispute with the Company, the Manager, and/or other Series Members is not allowed to diminish the profits available to other Series Members or resources necessary to operate the Company or its Series. Litigation could require diversion of Company or Series profits to pay attorneys' fees or could tie up Company or Series funds necessary for operation of the Company or the affected Series or its Assets, impacting the profitability of the investment for all such Series Members. One way to mitigate such expense is to have a dispute resolution procedure (the "**Procedure**") in place, to which each of the Series Members have specifically agreed in advance of ownership in the Company or in a Series. The Procedure described below requires an aggrieved party to take a series of steps designed to amicably resolve a dispute on terms that will preserve the interests of the Company or Series, and the other non-disputing Series Members, before invoking a costly remedy. In the event of a dispute, claim, question, or disagreement among Series Members or among the Manager and/or one or more Series Members, or any other parties hereto or to a Series Agreement, arising from or relating to this Agreement, any Series Agreement, the breach thereof, or any associated transaction, or to interpret or enforce any rights or duties under the Act (each of the foregoing, a "**Dispute**"), except allegations of violations of federal or state securities laws, the Manager, Member, and Series Members hereby agree to resolve such Dispute by strictly adhering to the Procedure provided herein below.

(c)*Negotiation*. Written notice of a Dispute must be sent to the Manager or Series Member by the aggrieved party as described in the notice requirements herein. The parties thereto shall use their best efforts to settle any Dispute through negotiation before resorting to any other means of resolution. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to all parties thereto. If, within a period of sixty (60) days after written notice of such Dispute has been served by a party on the other, the parties have not reached a negotiated solution, then upon further notice by either party, the Dispute shall be submitted to arbitration. The onus is on the complaining party to initiate each next step in this Procedure as provided below.

(d)*Arbitration*. Any Dispute that remains unresolved after good faith negotiation shall be settled by binding arbitration in Los Angeles, California, in accordance with the Independent Film & Television Alliance Rules for International Arbitration then in effect, or any successor thereto. Judgment on the award rendered by the arbitrator(s) shall be final and may be entered in any court having jurisdiction thereof.

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(e)*Jurisdiction*. Notwithstanding the foregoing, upon unanimous consent of all parties to a Dispute, or as may be required to effect enforcement of this Agreement by the Manager, including, without limitation, pursuant to Section 9.6, the disputing party may initiate a small claims action or other litigation in lieu of mandatory mediation and arbitration in a court of competent jurisdiction as provided herein. Any such suit, action, or proceeding shall be brought in Los Angeles, California or in the Chancery Court in the State of Delaware, and each Series Member hereby consents to the jurisdiction of the courts located in Los Angeles, California or 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 that 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 that is brought in any such court has been brought in an inconvenient forum. Each Series 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 courts located in Los Angeles, California or in 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 14.1 will be deemed effective service of process on such party. EVERY PARTY TO THIS AGREEMENT AND ANY OTHER PERSON WHO BECOMES A MEMBER OR SERIES MEMBER OR HAS RIGHTS AS AN ASSIGNEE OF ANY PORTION OF ANY UNITS HEREBY WAIVES ANY RIGHT TO A JURY TRIAL AS TO ANY MATTER UNDER THIS AGREEMENT OR ANY SERIES AGREEMENT OR IN ANY OTHER WAY RELATING TO THE COMPANY OR ITS SERIES OR THE RELATIONS UNDER THIS AGREEMENT OR OTHERWISE AS TO THE COMPANY OR ITS SERIES AS BETWEEN OR AMONG ANY SAID PERSONS.

**Section 14.9** **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 14.10** **Attorneys' Fees**. If the Company, the Manager, or a Series brings or defends an action against another Party to enforce its rights under this Agreement, the Company, the Manager, or such Series shall be entitled to recover its reasonable fees, costs, and expenses, including reasonable attorneys' fees and costs, incurred in connection with such action and any appeal thereof, provided a judgment, order, or decree is rendered or entered in favor of Company, the Manager, or such Series in such action or Proceeding.

**Section 14.11** **Consent of Members**. Each Member and Series 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 or Series Members, such action may be so taken upon the concurrence of less than all of the Members or Series Members, as applicable, and each Member and Series Member, as applicable, shall be bound by the results of such action.

**Section 14.12** **Certain Acknowledgments**. Upon execution and delivery of a counterpart to this Agreement or a Series Agreement or a Joinder, each Member and Series Member is deemed to acknowledge to the other Parties as follows: (a) the determination of such Member or Series Member to acquire Units in connection with this Agreement or any Series Agreement or Subscription Agreement has been made by such Member or Series Member independent of any other Member or Series Member and independent of any statements or opinions as to the advisability of such purchase or as to the properties, business, prospects, or condition (financial or otherwise) of the Company or its Series that may have been made or given by any other Member or Series Member, by the Manager, or by any agent or employee of any other Member or Series Member; (b) no other Member or Series Member has acted as an agent of such Member or Series

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Member in connection with making his/her/its investment hereunder and no other Member or Series Member will be acting as an agent of such Member or Series Member in connection with monitoring his/her/its investment hereunder; (c) this Agreement is the result of negotiations among, and has been reviewed by, the Member(s) and Series Members and will be deemed to be the product of the Member(s) and Series Members, and no ambiguity shall be construed in favor of or against any Party, and this Agreement shall be interpreted fairly, in accordance with the plain meaning of its terms; and (e) all references in this Agreement to any law shall be to such law as amended, supplemented, modified, and replaced from time to time.

**Section 14.13** **Spousal Consent**. Each Member or Series Member who resides in a community property state and who has a spouse on the Effective Date of this Agreement shall cause such Member's or Series Member's spouse to execute and deliver to the Company a spousal consent in the form of **Exhibit B,** attached hereto and incorporated herein (a "**Spousal Consent**"), pursuant to which the Member's spouse acknowledges that he or she has read and understood this Agreement and any applicable Series Agreement and agrees to be bound by its terms and conditions. If any Member or Series Member marries or engages in a marital relationship or any Person becomes a Member or Series Member following the Effective Date of this Agreement, such Member or Series Member shall cause his or her spouse to execute and deliver to the Company a Spousal Consent as a condition precedent to such Member or Series Member becoming or maintaining his or her rights as a Member or Series Member owning Units of the Company.

[*Remainder of this page intentionally left blank*]

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IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the Effective Date.

**COMPANY:**

**OneDoor Studios Entertainment Properties LLC**

a Delaware limited liability company

---

| | | |
|:---|:---|:---|
| By: | **One Door Studios LLC** | **One Door Studios LLC** |
|  | A Utah limited liability company | A Utah limited liability company |
|  | its Manager | its Manager |
|  | By: | /s/ Jason Brents |
|  | Name:  | Jason Brents |
|  | Title: | Manager |

---

Address: 4320 Modoc Road, Suite F

Santa Barbara, CA 93110

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[*Company Signature Page to Limited Liability Company Agreement*]

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IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the Effective Date.

**MANAGER:**

**One Door Studios LLC**

a Utah limited liability company

---

| | |
|:---|:---|
| By: | /s/ Jason Brents |
| Name:  | Jason Brents |
| Title: | Manager |

---

Address: 4320 Modoc Road, Suite F

Santa Barbara, CA 93110

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[*Manager Signature Page to Limited Liability Company Agreement*]

------

IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the Effective Date.

**MEMBER:**

**One Door Studios LLC**

a Utah limited liability company

---

| | |
|:---|:---|
| By: | /s/ Jason Brents |
| Name:  | Jason Brents |
| Title: | Manager |

---

Address: 4320 Modoc Road, Suite F

Santa Barbara, CA 93110

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[*Member Signature Page to Limited Liability Company Agreement*]

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**Exhibit A**

**Form of Joinder Agreement**

This Joinder, dated as of [______________], is delivered in connection with the receipt of [INSERT NUMBER OF UNITS] [TYPE OF UNITS] Units of [OneDoor Studios Entertainment Properties LLC, a Delaware limited liability company] [OR INSERT NAME OF SERIES] (the "**Company**" ["**Series**"]). By execution of this Joinder, upon acknowledgement of same by the Manager, and payment of any applicable subscription price, the undersigned hereby becomes a "**Party**" to that certain Limited Liability Company Agreement of the Company, dated as of March 18, 2022 (as amended, modified, and/or restated from time to time, the "**Agreement**") [AND THAT CERTAIN SERIES AGREEMENT OF THE SERIES DATED AS OF [ ] (THE "**SERIES AGREEMENT**")] and has the rights of and shall observe all the obligations applicable to a "[TYPE OF MEMBER] Member" under the Agreement [AND THE SERIES AGREEMENT], in each case, in the same manner as if the undersigned were an original signatory to the Agreement [AND THE SERIES AGREEMENT].

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| | |
|:---|:---|
| a/an |  |
| By: |  |
|  | <br> Date |
| Name: |  |
| Title (if applicable): |  |
| Address: |  |

---

**SEEN, ACKNOWLEDGED, AND AGREED TO BY:**

**COMPANY**

**OneDoor Studios Entertainment Properties LLC**

a Delaware limited liability company

---

| | | | |
|:---|:---|:---|:---|
| By: | **One Door Studios LLC** | **One Door Studios LLC** |  |
|  | a Utah limited liability company | a Utah limited liability company |  |
|  | its Manager | its Manager |  |
|  | By: |  | Date: |
|  | <br> Name: |  |  |
|  | Title: | Manager |  |

---

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[*Form of Joinder Agreement*]

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**Exhibit B**

**Form of Spousal Consent**

Each undersigned spouse of a Member or Series Member, as applicable, has read and hereby agrees to perform and be bound by the terms and conditions of the Limited Liability Company Agreement dated March 18, 2022 (the "**Company Agreement**") of OneDoor Studios Entertainment Properties LLC, a Delaware limited liability company (the "**Company**") [AND THAT CERTAIN SERIES AGREEMENT DATED [ ] (THE "**SERIES AGREEMENT**") OF [NAME OF SERIES] (THE "**SERIES**")]. In consideration of the Manager's having granted a Member or Series Member the right to acquire Units in accordance with the Company Agreement, the undersigned hereby agrees to be irrevocably bound by all the terms of such Company Agreement [AND SERIES AGREEMENT].

By signing below, you hereby agree that you and any interest, including any community property interest, that you may have in any Units subject to the Company Agreement shall be irrevocably bound by the Company Agreement [AND SERIES AGREEMENT], including any restrictions on the transfer or other disposition of any Units, valuation methods, or agreed values for the Units or other obligations as set forth in the Company Agreement [OR SERIES AGREEMENT]. You hereby irrevocably appoint your spouse as your attorney-in-fact with respect to the exercise of any rights and obligations under the Company Agreement [OR SERIES AGREEMENT].

**SPOUSE**:

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| | |
|:---|:---|
| By: |  |
|  | Date |
| Spouse Name: |  |
| Member/Series Member Name: |  |

---

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[*Form of Spousal Consent for Community Property State Members*]

## Ex1A-3

**AMENDED AND RESTATED SERIES AGREEMENT**

of

**ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES LLC**

**SERIES CALCULATED SEQUELS**

dated as of

January 6, 2023

THE UNITS REPRESENTED BY THIS SERIES AGREEMENT AND THE LIMITED LIABILITY COMPANY AGREEMENT OF ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES LLC HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH UNITS MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

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**SERIES AGREEMENT**

**of**

**ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES LLC**

**SERIES CALCULATED SEQUELS**

THIS AMENDED AND RESTATED SERIES AGREEMENT (this "**Series Agreement**") is dated as of the 6th day of January 2023 ("**Effective Date**"), by and among (i) OneDoor Studios Entertainment Properties LLC, a Delaware limited liability company ("**Company**"), (ii) One Door Studios LLC, a Utah limited liability company ("**Manager**"), and (iii) the Series Members (each of the foregoing a "**Party**" and collectively the "**Parties**"). This Series Agreement was amended by the Manager pursuant to Section 13. 1 of the Company Agreement (as defined below) and supersedes and replaces the original Series Agreement dated March 18, 2022, as amended April 1, 2022 (the "**Original Series Agreement**").

Capitalized terms used herein without definition shall have the respective meanings ascribed to them in Section 1.3 of the Company Agreement (as defined below).

**RECITALS**

**WHEREAS**, the Company was formed on December 20, 2021 upon the filing of the Company's Certificate of Formation with the Delaware Secretary of State, and the Company, the Manager, and the sole member of the Company entered into that certain limited liability company agreement dated on or about March 18, 2022 (as amended, the "**Company Agreement**"), of which this Series Agreement represents a Series Agreement under such Company Agreement;

**WHEREAS**, on January 10, 2022, this Series (as defined below) of the Company was created, pursuant to the terms of the Company Agreement, to acquire, own, and manage certain assets separate from assets owned by the Company or associated with any other series of the Company ("**Separate Assets**");

**WHEREAS**, on March 18, 2022, the Parties entered into the Original Series Agreement;

**WHEREAS**, the Manager desires to amend and restate the Original Series Agreement in accordance with the terms of the Company Agreement, as and to the extent set forth herein; and

**WHEREAS**, the Parties desire that the debts, liabilities, and obligations incurred, contracted for, or otherwise existing with respect to this Series and its Separate Assets be enforceable against the assets of this Series and its Separate Assets only, and not against the assets of the Company generally or any other series created under the Company Agreement.

**NOW, THEREFORE**, in consideration of the mutual promises and obligations herein contained, the Parties, intending to be legally bound, hereby agree as follows:

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**ARTICLE I**<br>**FORMATION AND PURPOSE**

**Section 1.1** **Formation**. The Manager, by the Establishment and Designation of Series attached hereto and incorporated herein as **Exhibit A** (the "**Series Designation**"), created this Series on January 10, 2022 pursuant to the terms of the Company Agreement, entered into the Original Series Agreement, and filed with the Secretary of Stated of Delaware a Certificate of Conversion of Protected Series to Registered Series with respect to this Series on April 1, 2022 and a Certificate of Registered Series. The name of the series limited liability company created hereunder is called OneDoor Studios Entertainment Properties LLC Series Calculated Sequels (this "**Series**").

**Section 1.2** **Term**. The term of this Series commenced upon the Series' establishment in the Series Designation and shall be perpetual unless earlier dissolved in accordance with the Delaware Limited Liability Company Act (Title 6, Chapter 18 of the Delaware Code), as may be amended from time to time, and any successor thereto (the "**Act**"), and the Company Agreement.

**Section 1.3** **Purpose**. The sole business of this Series is to engage in the following activities and exercise the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)developing three (3) feature-length motion pictures based on novels from the book series *Calculated* (each a "**Project**"), which collectively constitute Assets (as defined in the Company Agreement) consistent with the Company Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)transacting any and all lawful business for which a limited liability company may be formed under the Act in furtherance of the business objectives described in the Company Agreement and herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)transacting all business necessary, appropriate, advisable, convenient, or incidental to the foregoing provisions and objectives.

**Section 1.4** **On-Screen Credits**. In furtherance of the purposes set forth in Section 1.3 above, this Series intends to provide on-screen credit to Profits Members who make Capital Contributions to this Series in an amount of at least Two Hundred Fifty and 00/100 Dollars ($250.00).

**Section 1.5** **Principal Place of Business**. The principal office of this Series is 4320 Modoc Road, Suite F, Santa Barbara, CA 93110. This Series may locate its place of business at any other place as the Manager deems advisable; provided, however, this Series shall at all times maintain a registered agent within the State of Delaware and the state of the Series' principal place of business. The initial registered agent for service of process in Delaware is the same as the registered agent for the Company set forth in its Certificate of Formation or appointment of registered agent, as either may be amended, filed with the Secretary of State of the State of Delaware.

**Section 1.6** **Qualification in Foreign Jurisdiction**. The Manager is authorized to execute and file on behalf of this Series all necessary or appropriate documents required to qualify this Series to transact or to continue to transact business within any state in which the nature of the activities or property ownership requires qualification.

**Section 1.7** **Defined Terms**. All capitalized terms used in this Series Agreement that are not otherwise defined herein shall have the meanings ascribed to such terms in the Company Agreement.

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**ARTICLE II**<br>**MANAGEMENT**

**Section 2.1** **Management of Series**. The management of this Series is vested in the Manager. The Manager has the power to do any and all acts necessary, convenient, or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise, possessed by managers of a series limited liability company under the laws of the State of Delaware. The Manager has the authority to bind this Series to any legally binding agreement, including setting up and operating separate bank accounts on behalf of this Series and raising capital on behalf of this Series.

**Section 2.2** **Power of the Manager**. In addition to any powers granted to the Manager in the Company Agreement, the Manager is authorized to make all decisions as to (a) the sale, development, and disposition of the Series' assets (including disposition to the Manager or any affiliate thereof), (b) entering into contracts with respect to Assets or the purposes of the Series (including contracts with the Manager or any affiliate thereof), (c) the purchase or acquisition of other assets of all kinds, (d) the management of all or any part of the Series' assets, (e) the borrowing of money and the granting of security interests in the Series' assets, (f) the prepayment, refinancing, or extension of any loan affecting the Series' assets, (g) the hiring or releasing of any or all persons for the purpose of developing the Series' assets, (h) the compromise or release of any of the Series' claims or debts, and (i) the employment of persons, firms, or corporations for the operation and management of the Series' business. In the exercise of its management powers, the Manager is authorized to execute and deliver (i) all contracts, conveyances, assignments leases, sub-leases, franchise agreements, licensing agreements, management contracts, contractor agreements, employment agreements, development agreements, and maintenance contracts covering or affecting the Series' assets, including any of the foregoing that constitute Affiliate Transactions, (ii) all checks, drafts, and other orders for the payment of the Series' funds, (iii) all promissory notes, loans, security agreements, and other similar documents, (iv) all other instruments of any other kind relating to the Series' affairs, whether like or unlike the foregoing, and (v) any other authority granted to the Manager under the Company Agreement with respect to a Series.

**Section 2.3** **Compensation and Fees**. This Series shall reimburse the Manager for all direct out-of-pocket expenses incurred by the Manager in managing this Series. Further, any Affiliates of the Manager who incur out-of-pocket expenses on behalf of the Company or this Series shall also be reimbursed by this Series. The Series shall pay the Manager Service Fees as set forth in Section 3.3(c). There are no Management Fees, Asset Management Fees or Sourcing Fee associated with this Series.

**Section 2.4** **Bookkeeping**. The Manager shall maintain complete and accurate books of account of this Series' affairs at its principal place of business or other agreed location, including the Platform if determined by the Manager in its sole discretion. Such books shall be kept in such method of accounting as the Manager selects. This Series' accounting period shall be the calendar year.

**Section 2.5** **Officers**. The Manager may, from time to time appoint officers of this Series ("**Officers**") and assign in writing titles (including, without limitation, President, Vice President, Chief Financial Officer, and Secretary) to any such Person. Unless the Manager decides otherwise, if the title is one commonly used for officers of a business corporation formed under the Act, the assignment of such title constitutes the delegation to such person of the authorities and duties that are normally associated with that office, including, without limitation, the execution of documents, instruments, and agreements in the name of and on behalf of this Series. Any delegation pursuant to this Section 2.5 may be revoked at any time by the Manager in writing.

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**Section 2.6** **Exculpation and Indemnification**. Except for acts of fraud or reckless or willful misconduct, to the fullest extent permitted by applicable law, the Manager and each Officer and employee of this Series, and the officers, directors, members, managers, and employees of the Manager and any authorized person on behalf of this Series (each of the foregoing an "**Indemnified Person**") shall be indemnified, defended, and held harmless by this Series from and against any and all claims, demands, liabilities, costs, damages, expenses, and causes of action of any nature whatsoever arising out of or incidental to any act performed or omitted to be performed by any one or more of such Indemnified Persons in connection with the business of this Series; provided, however, an indemnity under this Section 2.6 shall be paid solely out of and to the extent of the assets of this Series, and shall not be a personal obligation of the Manager or any Member or Series Member. All judgments against the Series, the Manager, or such Indemnified Persons where this Series provides indemnification must be satisfied from the assets of this Series.

**Section 2.7** **Removal**. The Manager may be removed only as provided in the Company Agreement.

**ARTICLE III**<br>**MEMBERSHIP**

**Section 3.1** **Capital Contributions**. The Profits Members shall make the initial capital contributions to the Series in connection with their purchase of SCS Profits Units (as defined below), as set forth on the books and records of this Series. The Series Members shall not make any additional capital contributions to the Company other than in connection with a purchase of additional SCS Profits Units.

**Section 3.2** **Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)This Series is authorized to sell and issue 1 Membership Unit and 159,424.61 Profits Units, which shall be comprised of the following classes: 9,424.61 Class CF Profits Units ("**Class CF Profits Units**") and 150,000 Class A Profits Units ("**Class A Profits Units**" and together the "**SCS Profits Units**"). Each Profits Member's interest in this Series is represented by SCS Profits Units of this Series, and each Voting Member's interest in this Series is represented by Membership Units of this Series, each having identical rights and privileges, except as provided herein and in the Company Agreement. Outstanding Units shall be shown on the books and records of this Series. The "**Maximum Number of Profits Units**" for purposes of this Agreement shall mean the lesser of (i) 159,424.61 Profits Units and (ii) the number of Profits Units Outstanding immediately following the termination and final closing of the offering of Class A Profit Units, as determined by the Manager in its sole discretion.

**Section 3.3** **Distributions**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Preferred Returns. Distributions shall be made to holders of SCS Profits Units until the SCS Preferred Returns (as defined below) payable under this Section 3.3 have been paid in full, prior to making any distributions or payments under Section 3.3(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Class A Profit Units. Notwithstanding anything set forth in the Company Agreement, with respect to this Series, within thirty (30) days (or such longer period of time as reasonably determined by the Manager, including compliance with the Act) following this Series' sale of a Project to a production company (which may be dependent on its receipt of complete production financing for a Project), this Series, or the Manager on behalf of this Series, shall pay

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and deliver to each Profits Member who holds Class A Profits Units a cash payment equal to 36.66% (36.68% with respect to the third payment) of such Profits Member's total Capital Contributions related to such Class A Profits Units, not to exceed three (3) such payments with respect to three (3) total Projects of this Series (the "**Class A Preferred Return**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Class CF Profits Units. Notwithstanding anything set forth in the Company Agreement, with respect to this Series, within thirty (30) days (or such longer period of time as reasonably determined by the Manager) following this Series' sale of a Project to a production company (which may be dependent on its receipt of complete production financing for a Project), this Series, or the Manager on behalf of this Series, shall pay and deliver to each Profits Member who holds Class CF Profits Units a cash payment calculated based on a percentage, as set forth in such Profits Member's Subscription Agreement, of each Profits Member's total Capital Contributions related to such Class CF Profits Units, not to exceed three (3) such payments with respect to three (3) total Projects (the "**Class CF Preferred Return**" and, together with the Class A Base Distributions, the "**SCS Preferred Returns**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Payment of SCS Preferred Returns shall be made to all holders of SCS Profits Units contemporaneously and on a pro rata basis in proportion to their percentage of SCS Profits Units in this Series relative to all of the SCS Profits Units of this Series issued and Outstanding at the time of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)For avoidance of doubt, SCS Preferred Returns are only "earned," for purposes of the definition of Unpaid Yield in the Company Agreement, upon the sale of a Project as specified above. As an example, if the Series only sells one Project to a production company and fails to sell any other Projects, the total amount of the Class A Preferred Return payable to a holder of Class A Profits Units representing a total Capital Contribution of $1,000 will be equal to $366.60 and the Unpaid Yield would equal the portion of that $366.60 that remains unpaid at the relevant date of determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Distributable Cash. Notwithstanding the definition in the Company Agreement, as used in this Series Agreement, "**Distributable Cash**" means all monies actually received by this Series, including in connection with the worldwide exhibition of any of this Series' film Projects in all mediums inclusive of those known and those hereafter devised, and all markets, net of an industry standard reserve percentage to cover residual payments as required by applicable guild and/or union agreements (by way of an example, the Screen Actors Guild and the Writers Guild of America), sales fees/sales expenses, and third-party sales and distribution-related contractual expenses and costs, deferments approved by the Manager, industry-standard development and production contractual obligations (including financing repayment obligations), non-investor third-party net profit payments, if any, and development sunk costs reimbursements, if any; minus (1) any amounts paid or contractually payable to, or reserved by, the Manager in accordance with Section 6.4 of the Company Agreement (excluding the Service Fee), (2) any Unpaid Yield, (3) Operating Expenses, (to the extent not duplicative) and (4) any Reserves (to the extent not duplicative), as applicable. The Manager shall evaluate Distributable Cash at such intervals as it determines in its sole discretion. Notwithstanding anything set forth in the Company Agreement, with respect to this Series, provided that the Maximum Number of Profits Units have been issued and the aggregate Unpaid Yield with respect to all Profits Members of this Series has been reduced to zero (0), Distributable Cash, if any, will be distributed in the order described below:

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Page 6 of 11

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&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)50% to the Profits Members of the Series (ratably among such Profits Members in proportion to their percentage of SCS Profits Units in this Series relative to all of the SCS Profits Units of this Series issued and outstanding), 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)50% as a Service Fee to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Membership Units. Notwithstanding anything to the contrary in the Company Agreement, no distributions shall be made with respect to Membership Units.

**Section 3.4** **Withdrawal or Reduction of Series Members' Contributions to Capital**. Except as otherwise provided herein, a Series Member may not receive any part of such Series Member's capital contributions until all other liabilities of the Series have been paid or there remains property of the Series sufficient to pay such other liabilities. A Series Member shall not be entitled to demand or receive from the Series the liquidation of such Series Member's Units until the Series is dissolved in accordance with the provisions hereof or other applicable provisions of the Act and the Company Agreement.

**Section 3.5** **Restrictions on Transferability**. Restrictions on transferability shall be governed by the provisions set forth in the Company Agreement.

**Section 3.6** **Information Rights**. This Series will deliver financial reports related to each Project, in such detail as determined by Manager in its sole discretion, to each Series Member, on a quarterly basis during the first two (2) years following each such Project's release and annually thereafter, until such time as, if ever, the Projects are no longer generating profits or until this Series or the Company is terminated or dissolved, whichever occurs first. Such financial report may be delivered to Series Members by filing such reports with the U.S. Securities and Exchange Commission as an exhibit to a filing on Form 1-U, Form 1-SA, Form 1-K or similar filing.

**ARTICLE IV**<br>**DISSOLUTION**

**Section 4.1** **Authority to Dissolve Series**. The Manager may dissolve this Series at any time once the Assets of the Series have been liquidated. The dissolution may only be ordered by the Manager or the Company, not by any Series Members.

**Section 4.2** **Distribution upon Dissolution**. Upon dissolution of this Series or dissolution of the Company, the assets of this Series will be distributed as set forth in Article XII of the Company Agreement.

**ARTICLE V**<br>**MISCELLANEOUS**

**Section 5.1** **Agreement to be Bound**. The Parties agree to be bound by the terms and provision of this Series Agreement and the Company Agreement.

**Section 5.2** **Headings**. The headings in this Series Agreement are included for convenience and identification only and are in no way intended to describe, interpret, define, or limit the scope, extent, or intent of this Series Agreement or any provision hereof.

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Page 7 of 11

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**Section 5.3** **Severability**. Each provision of this Series Agreement is severable, and if for any reason any provision or provisions herein are determined to be invalid, unenforceable, or illegal under any existing or future law, such invalidity, unenforceability, or illegality does not impair the operation of or affect those portions of this Series Agreement that are valid, enforceable, and legal.

**Section 5.4** **Entire Agreement**. This Series Agreement, the exhibits to this Series Agreement, and the Company Agreement (and any applicable Subscription Agreement) constitute the entire agreement of the Parties with respect to the subject matter hereof. The exhibits to this Series Agreement are incorporated into and made a part of this Series Agreement by reference. This Series Agreement is intended to be and shall constitute a legally binding document.

**Section 5.5** **Counterparts**. This Series Agreement may be executed in any number of counterparts or Joinders with the same effect as if all Parties had signed the same document. All counterparts and Joinders shall be construed together and shall constitute one instrument.

**Section 5.6** **Governing Law**. This Series Agreement and the rights of the Parties hereunder shall be interpreted in accordance with the laws of the State of Delaware, all rights and remedies being governed by said laws, without regard to principles of conflict of laws.

**Section 5.7** **Amendments; Consents and Approvals**. This Series Agreement may not be modified, altered, supplemented, or amended except as provided in the Company Agreement.

**Section 5.8** **No Third-Party Beneficiary**. Except as set forth in Section 2.6, any agreement to pay any amount and any assumption of liability in this Series Agreement contained, express or implied, shall be only for the benefit of the Series Members and their respective heirs, successors, and permitted assigns, and such agreements and assumptions shall not inure to the benefit of the obligees of any indebtedness of any other party, whomsoever, deemed to be a third-party beneficiary of this Series Agreement.

[*Remainder of this page intentionally left blank*]

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Page 8 of 11

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IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the Effective Date.

**COMPANY:**

**OneDoor Studios Entertainment Properties LLC**

a Delaware limited liability company

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| | | | |
|:---|:---|:---|:---|
| By: | **One Door Studios LLC** | **One Door Studios LLC** |  |
|  | A Utah limited liability company | A Utah limited liability company |  |
|  | its Manager | its Manager |  |
|  | By: | /s/ Jason Brents | Date: January 6, 2023 |
|  | Name:  | Jason Brents |  |
|  | Title: | Manager |  |

---

Address: 4320 Modoc Road, Suite F

Santa Barbara, CA 93110

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[*Company Signature Page to Series Agreement of Series Calculated Sequels*]

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IN WITNESS WHEREOF, each of the undersigned has duly executed this Agreement as of the Effective Date.

**MANAGER:**

**One Door Studios LLC**

a Utah limited liability company

---

| | | |
|:---|:---|:---|
| By: | /s/ Jason Brents | Date: January 6, 2023 |
| Name:  | Jason Brents |  |
| Title: | Manager |  |

---

Address: 4320 Modoc Road, Suite F

Santa Barbara, CA 93110

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[*Manager Signature Page to Series Agreement of Series Calculated Sequels*]

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**Exhibit A**

**Series Designation**

[See attached]

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[*Exhibit A to Series Agreement of Series Calculated Sequels*]

## Ex1A-4

**PROFITS UNITS 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 "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 SUBSCRIBER IN CONNECTION WITH THIS OFFERING OVER THE WEB-BASED PLATFORM MAINTAINED BY THE COMPANY (THE "PLATFORM") OR THROUGH DALMORE GROUP, LLC (THE "BROKER"). ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

**INVESTORS WHO ARE NOT "ACCREDITED INVESTORS" (AS THAT TERM IS DEFINED IN SECTION 501 OF REGULATION D PROMULGATED UNDER THE ACT) ARE SUBJECT TO LIMITATIONS ON THE AMOUNT THEY MAY INVEST, AS SET OUT IN SECTION 4.** THE COMPANY IS RELYING ON THE REPRESENTATIONS AND WARRANTIES SET FORTH BY EACH SUBSCRIBER IN THIS SUBSCRIPTION AGREEMENT AND THE OTHER INFORMATION PROVIDED BY SUBSCRIBER IN CONNECTION WITH THIS OFFERING TO DETERMINE THE APPLICABILITY TO THIS OFFERING OF EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT.

**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

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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 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.

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TO:OneDoor Studios Entertainment Properties Series Calculated Sequels

4320 Modoc Road, Suite F<br>Santa Barbara, CA 93110

Ladies and Gentlemen:

1. Subscription.

(a) The undersigned ("Subscriber") hereby subscribes for and agrees to purchase Class A Profits Units (the "Securities"), of OneDoor Studios Entertainment Properties Series Calculated Sequels, a Series of OneDoor Studios Entertainment Properties LLC, a Delaware limited liability company (the "Company", at a purchase price of $100.00 per Class A Profits Unit (the "Per Security Price"), upon the terms and conditions set forth herein. The minimum subscription is $100.00. The rights and preferences of the Securities are as set forth in the Amended and Restated Series Limited Liability Company Agreement of the Company, dated January 6, 2023 (the "Operating Agreement"), the Amended and Restated Series Agreement of the Series, dated January 6, 2023 (the "Series Agreement"), and the Series Designation of the Series (the "Series Designation"), each of which is filed as an exhibit to the Offering Statement of the Company filed with the SEC (the "Offering Statement").

(b) Subscriber understands that the Securities are being offered pursuant to an offering circular (the "Offering Circular") filed with the SEC as part of the Offering Statement (SEC File No. 024-11836), as may be amended from time to time. By executing this Subscription Agreement as provided herein, Subscriber acknowledges that Subscriber has received access to 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 be a Profits Member of the Company, and the Subscriber agrees to adhere to and be bound by, the terms and conditions of each of the Operating Agreement and the Series Agreement as if the Subscriber were a party to it (and grants to the Manager the power of attorney described in the Operating Agreement.

(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. Upon the expiration of the period specified in Subscriber's state for notice filings before sales may be made in such state, if any, the subscription may no longer be revoked at the option of the Subscriber. 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.

(d) The aggregate number of Securities sold shall not exceed 150,000 (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").

(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.

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2. Purchase Procedure.

(a) Payment. The purchase price for the Securities shall be paid simultaneously with the execution and delivery to the Company of the signature page of this Subscription Agreement. Subscriber shall deliver a signed copy of this Subscription Agreement, along with payment for the aggregate purchase price of the Securities by a check for available funds made payable to "OneDoor Studios Entertainment Properties Series Calculated Sequels", by ACH electronic transfer, credit card, debit card or wire transfer to an account designated by the Company, or by any combination of such methods.

(b) Escrow arrangements. Payment for the Securities shall be received by the Company from the undersigned by transfer of immediately available funds, check or other means approved by the Company at least two days prior to the applicable Closing Date, in the amount as set forth on the signature page hereto. Upon such Closing Date, the undersigned shall receive notice and evidence of the digital entry of the number of the Securities owned by undersigned reflected on the books and records of the Company and verified by Colonial Stock Transfer Company, Inc. (the "Transfer Agent"), which books and records shall bear a notation that the Securities were sold in reliance upon Regulation A.

3. Representations and Warranties of the Company.

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 the Company's Manager or one of the Manager's current managers or officers has, or at any time had, actual knowledge of such fact or other matter.

(a) Organization and Standing. The Company is a series limited liability company 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, the Operating Agreement, the Series Agreement, the Series Designation 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.

(b) Issuance of the Securities. 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.

(c) Authority for Agreement. 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.

The execution and delivery 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 corporate action on the part of the Company. Upon full execution hereof as provided herein, this Subscription Agreement shall constitute a valid and binding

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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.

(d) No filings. 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 execution, 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.

(e) Capitalization. The authorized and outstanding units of the Company immediately prior to the initial investment in the Securities is as set forth under "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.

(f) Financial statements. 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.

(g) Proceeds. The Company shall use the proceeds from the issuance and sale of the Securities as set forth in "Use of Proceeds" in the Offering Circular.

(h) Litigation. 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.

4. Representations and Warranties of Subscriber. By executing this Subscription Agreement, 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):

(a) Requisite Power and Authority. Such Subscriber has all necessary power and authority under all applicable provisions of law to execute and deliver this Subscription Agreement, the Operating Agreement, the Series 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, the Operating Agreement, the

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Series Agreement and other agreements required hereunder have been or will be effectively taken prior to the Closing Date. Upon their execution and delivery, this Subscription Agreement, the Operating Agreement, the Series 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.

(b) Investment Representations. 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.

(c) Illiquidity and Continued Economic Risk. 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.

(d) Accredited Investor Status or Investment Limits. 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. Subscriber represents and warrants that it 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.

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.

(e) Shareholder information. 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 shareholder (or potential shareholder) 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.**

(f) Valuation. 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.

(g) Domicile. Subscriber maintains Subscriber's domicile (and is not a transient or temporary resident) at the address shown on the signature page.

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(h) No Brokerage Fees. 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.

(i) Foreign Investors. 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. Survival of Representations and Indemnity. 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. Governing Law; Jurisdiction. This Subscription Agreement shall be governed and construed in accordance with the laws of the State of Delaware.

EACH OF THE SUBSCRIBER AND THE COMPANY CONSENTS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION LOCATED WITHIN CALIFORNIA AND NO OTHER PLACE AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS SUBSCRIPTION AGREEMENT 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. 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 OR OTHERWISE) 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** 

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**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. Notices. 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: | with a required copy to:<br>|
| OneDoor Studios Entertainment Properties LLC<br>| CrowdCheck Law LLP |
| 4320 Modoc Road, Suite F | 700 12<sup>th</sup> Street, NW |
| Santa Barbara, CA 93110<br>| Washington, DC 20005 |
| Attn: Jason Brents <br> (jay@onedoorstudios.com) | Attn: Heidi Mortensen<br> (heidi@crowdchecklaw.com) |
| If to a Subscriber, to Subscriber's address as shown on the signature page hereto. | If to a Subscriber, to Subscriber's address as shown on the signature page hereto. |

---

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.

8. Miscellaneous.

(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.

(b) This Subscription Agreement is not transferable or assignable by Subscriber.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

(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.

[*SIGNATURE PAGE FOLLOWS*]

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**ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES SERIES CALCULATED SEQUELS**

**SUBSCRIPTION AGREEMENT SIGNATURE PAGE**

The undersigned, desiring to purchase Class A Profits Units of OneDoor Studios Entertainment Properties Series Calculated Sequels, by executing this signature page, hereby executes, adopts and agrees to all terms, conditions and representations of the Subscription Agreement.

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| | |
|:---|:---|
| (a)The number of Class A Profits Units the undersigned hereby irrevocably subscribes for is:  |  |
|  | (print number of Securities) |
| (b)The aggregate purchase price (based on a purchase price of $100.00 per Security) for the Class A Profits Units the undersigned hereby irrevocably subscribes for is:  | $|
|  | (print aggregate purchase price) |
| (c)The Securities being subscribed for will be owned by, and should be recorded on the Company's books as held in the name of:  |  |
| <br> ___________________________________________<br> (print name of owner or joint owners) | <br> ___________________________________________<br> (print name of owner or joint owners) |

---

------

---

| | |
|:---|:---|
|  | If the Securities are to be purchased in joint names, both Subscribers must sign: |
| Signature | Signature |
| Name (Please Print) | Name (Please Print) |
| Email address | Email address |
| Address | Address |
| Telephone Number | Telephone Number |
| Social Security Number/EIN | Social Security Number |
| Date | Date |

---

---

| | | |
|:---|:---|:---|
| This Subscription is accepted  | **ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES and** | **ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES and** |
| on _____________, 202__ | **ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES SERIES CALCULATED SEQUELS**  | **ONEDOOR STUDIOS ENTERTAINMENT PROPERTIES SERIES CALCULATED SEQUELS**  |
|  | One Door Studios LLC,, as Manager | One Door Studios LLC,, as Manager |
|  | By: |  |
|  |  | Name: Jason Brents |
|  |  | Title: Manager |

---

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**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:*

(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 (5)(ii) of this section, for purposes of calculating net worth under this paragraph (5):

(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 (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.

(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);

(8) Any entity in which all of the equity owners are accredited investors;

(9) Any entity, of a type of not listed in paragraphs (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;

(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;

(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 (12) of this section and whose prospective investment in the issuer is directed by such family office pursuant to paragraph (12)(iii).

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## Ex1A-6

**Agreement to Purchase [PROJECT]**

[DATE]

Stephen Wollwerth

OneDoor Studios Entertainment Properties Series Calculated Sequels

4320 Modoc Road, Suite F

Santa Barbara, CA 93110

RE: Agreement to Purchase

Dear Stephen:

This Letter Agreement, effective as of the date first written above ("Agreement"), when mutually executed, shall represent our binding understanding ("Agreement") as between you, OneDoor Studios Entertainment Properties Series Calculated Sequels ("Sequels"), and [IDS-AFFILIATED PRODUCTION COMPANY], ("Purchaser") as to the purchase by us, of the complete rights without exception, of the motion picture project currently entitled [PROJECT], based on the novel of the same name by Nova McBee ("Project") upon the completion of its development phase, as set forth and defined below.

For the purposes of this Agreement the Project shall be fully developed by Sequels, in order to qualify for their purchase by Purchaser. Full development shall include the completion of the Project's US studio-level script, attachment of the Project's director and cast, securing the Project's usual and customary production completion bond from an acceptable bond company (Film Finances and Unifi Bond Company are pre-approved) and engagement of the Project's collateral in a sufficient aggregate amount to engage bank financing for their complete production budget, which budget is currently estimated to be $60,000,000 per picture.

In return for all perpetual, worldwide right, title and interest in and to the Project, in all media known and unknown, without qualification or exception ("Rights"), and after written confirmation of the above-referenced development completion, Purchaser shall pay to Sequels the purchase price of [_________________________] ($[____________]) [Note: Purchase Price will be equal to 1.12 times total development funding received from investors by Sequels] ("Purchase Price"), from the Project's production financing (see below); plus fifty percent (50%) of the Project's "Producer's Share of Profits" ("Profits"), as they occur annually or more often, if and when producer's profits may be distributed to Purchaser. An example of the Project's related earnings from all sources is set forth and attached hereto as "Schedule A": Producer's Global Income Share Analysis Worksheet. For the avoidance of doubt, the definition of the producer's share of "Profits", which shall be subject to the usual and customary definition which provides for Sequels to receive its 50% share of 100% of the perpetual worldwide net profits, derived from all media, whether known or hereinafter devised, with the balance 50% of 100% share of profits paid to Purchaser .

------

The exclusive purpose of Purchaser shall be to (1) purchase all of this Project's right, title and interest from Sequels, for the Purchase Price, (2) to produce the Project's feature film, series or other audiovisual depictions, (3) to exploit the Project's Rights, worldwide, (4) and thereafter to collect and account for all Profits, pursuant to a Collection Account Management Agreement, and to manage the disbursement to all profit participants. OneDoor Studios, LLC ("1DS"), as parent company of the Purchaser, shall be principally responsible to oversee and otherwise manage this purchase, and to use its most commercially reasonable best efforts to govern Purchaser and the Project's global exploitation with the highest fidelity, in order to optimize all aspects of the Project's production and global distribution for the benefit of Sequels, its investors, and all other profit participants.

1DS and Purchaser shall each utilize commercially reasonable efforts to expedite this purchase, the production of, and the exploitation and revenue collection for the Project and its worldwide rights. The Purchase Price shall be budgeted and paid from the Project's first production loan draws.

Subsequent hereto, and in the normal course of business, the parties shall cooperate in the execution of usual and customary documents, necessary for the completion of this transaction, including but not limited to a standard "Transfer of Member Interests," longform and short form assignment agreements for the transfer by assignment of all Rights, including but not limited to all related, essential Rights agreements and releases relating to the Project's chain of title.

This Agreement represents the sole understanding and agreement of the parties regarding the subject matter hereto, though it may be subsequently unanimously amended by the parties hereto in a written amendment executed by all parties. If any controversy or claim arises out of or relating to this Agreement, or if an uncured material breach of any term hereof cannot be settled through direct discussions, the parties agree to resolve the controversy or claim by binding arbitration conducted in the City of Los Angeles, California and administered by Independent Film and Television Alliance with the prevailing party entitled to reasonable attorney fees and costs.

------

We look forward to our cooperative relationship and deriving our respective benefits from our successful development, production and global distribution of this exceptional motion picture Project.

Sincerely,

[NAME]

[TITLE] of

[PURCHASER

________________________

________________________

AGREED AND ACCEPTED:

OneDoor Studios Entertainment Properties Series Calculated Series

________________________

By: Stephen Wollwerth

Title: Partner of OneDoor Studios, LLC

Manager of OneDoor Studios Entertainment Properties Series Calculated Series

OneDoor Studios LLC

________________________

By:John Lee

Title: Partner

________________________

By:Jason Brents

Title: Partner

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## Ex1A-6

**1DS ASSIGNMENT AND TRANSFER OF CALCULATED SEQUELS RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **THE PARTIES**. On September 4, 2018, Cong Stories Development, LLC of 4320 Modoc road, Suite F, Santa Barbara, California, 93110 with John J. Lee Jr. and Jason Brents acting as Co- Managing Directors, referred to as the "ASSIGNOR", purchased the exclusive and irrevocable right and option to purchase rights in and to the then unpublished manuscript entitled "Calculated" and its anticipated Sequels (the "PROPERTY"). ASSIGNOR'S original Certificate of Organization was subsequently amended on January 23, 2019, to change the ASSIGNOR'S name to One Door Studios LLC.

The second party to this agreement is OneDoor Studios Entertainment Properties LLC Series Calculated Sequels of 4320 Modoc road, Suite F, Santa Barbara, California, 93110 with John J. Lee Jr. acting as manager, referred to as the "ASSINGEE".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **THE RIGHTS.** ASSIGNOR has since, exercised its option to purchase the rights to the PROPERTY and subsequently, purchased and obtained the sole, exclusive and irrevocable right and option to purchase the same rights in and to "Simulated" the "First Sequel", "Activated" the "Second Sequel" and intends to do so for "Liberated," the third sequel, which is intended to be published in the Spring of 2023 (referenced together herein as the "SEQUELS RIGHTS") of the PROPERTY. The SEQUELS RIGHTS are defined in general with all other rights to the PROPERTY's sequels, detailed within PURCHASER'S duly executed "Option-Purchase Agreement – 'Calculated'" attached hereto as Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **TRANSFER OF RIGHTS.** ASSIGNOR hereby irrevocably assigns and transfers to ASSINGEE all of ASSIGNOR'S right, title and interest to the SEQUELS RIGHTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **PAYMENT.** In consideration of payments made by ASSIGNOR in obtaining the SEQUELS RIGHTS, ASSINGEE shall pay a fee in the sum of Sixty-six Thousand Three Hundred and Twenty- Five United States Dollars ($66,325) to ASSIGNOR. The date of payment shall be determined under the sole discretion of ASSIGNEE as is unanimously agreed to by ASSIGNOR, both parties

agreeing to be reasonable and prudent relative to this timing. All remaining option or purchase payments for the SEQUELS RIGHTS due after the signing of this ASSIGNMENT, shall be made by ASIGNEE, unless alternatively arranged between the parties.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **SECURITY**. There shall be no Security put forth by the ASIGNEE in this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **WAIVER OF PRESENTMENTS**. ASIGNEE waives presentment for payment, a notice of dishonor, protest, and notice of protest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SEVERABILITY**. In the event that any provision herein is determined to be void or unenforceable for any reason, such determination shall not affect the validity or enforceability of any other provision, all of which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **INTEGRATION**. There are no verbal or other agreements that modify or affect the terms of this Agreement. This Agreement may not be modified or amended except by a written agreement signed by ASSIGNER and ASSIGNEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **CONFLICTING TERMS**. The terms of this Agreement shall have authority and precedence over any conflicting terms in any referenced agreement or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **NOTICE**. Any notices required or permitted to be given hereunder shall be given in writing and shall be delivered (a) in person, (b) by certified mail, postage prepaid, return receipt requested, (c) by facsimile, or (d) by a commercial overnight courier that guarantees next day delivery and provides a receipt, and such notices shall be made to the parties at the addresses listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **GUARANTORS**. There shall be no person or entity, under the terms of this Agreement, that shall be responsible for the Payment, other than the ASSIGNEE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **EXECUTION**. The ASSIGNEE executes this Agreement as a principal and not as a surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **GOVERNING LAW**. This Agreement shall be governed under the laws of the State of California.

With my signature below, I affirm that I have read and understood this Agreement.

**Assigner's Signature**: /s/ Jason Brents&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

OneDoor Studios LLC with Jason Brents acting as Manager, President, and Chief Operating Officer

**Assignee's Signature**: /s/ John Lee&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;

OneDoor Studios Entertainment Properties LLC Series Calculated Sequels with John Lee acting as Manager

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## Ex1A-6

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| | |
|:---|:---|
| **RICHARD A. MORSE**<br> **Entertainment Attorney** | **260 Newport Center Dr. Suite 100** <br> **Newport Beach, California 92660** <br> **Office Direct Tel: (949) 603. 0280**<br> **Cellular Tel: (310) 351. 6877**<br> rickmorseesq@gmail.com |

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February 16, 2022

Don [\*\*\*] Esq. & David [\*\*\*]

Artists First

dg@artistsfirst-

la.com

Amended Writing Proposal/Term Sheet – Adaptation of Novel – "Calculated"

This Amended Proposal/Term Sheet ("Amended Term Sheet") is made effective as of the date above, and is in regard to that certain Proposal/Term Sheet dated February 11, 2022 as to the screenwriting services of The [\*\*\*] Corporation f.s.o. Ann Peacock (referred to as "Writer"), on the one hand and Calculated Development, LLC on the other hand ("Proposal/Term Sheet"). By way of this amendment, One Door Studios, LLC ("Producer") shall become the new party entering into this agreement with Writer in the stead of Calculated Development LLC, a wholly-owned subsidiary. As a condition to Writer's obligations and its rights, Producer shall be signatory to the current WGA minimum basic agreement) as to the adaptation of the book by Nova McBee entitled "Calculated" ("Book") into a screenplay ("Screenplay") to be produced as a feature- length motion picture or series currently under the working title of "Calculated" (the "Picture"). Producer owns the exclusive screen rights to adapt the Book into a feature film or series and thereby makes the following pay or play offer to Writer pursuant to the following proposed terms:

The first step is guaranteed, with the 2<sup>nd</sup> step conditionally guaranteed as defined below in paragraph 2.b.i and the 3rd step and 4<sup>th</sup> step being optional and being subject to the bonus provisions below at paragraph 3a, b & c.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.WRITING SERVICES.

&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;a.Writer will provide the following step materials, as required, 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;&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)First Draft

&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;(ii)2nd Draft

&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;(iii)Revision Draft

&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;(iv)Polish

&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;b.The first step is guaranteed, with the 2<sup>nd</sup> step conditionally guaranteed as defined below in paragraph 2.b.i

and the 3rd step and 4<sup>th</sup> step being optional and being subject to the bonus provisions below at paragraph 3a, b & c.

------

**Certain identified information, indicated by [\*\*\*], has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**

------

&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;c.Shanghai Background Story Scout: if Writer elects to do so, in her sole discretion, Producer will provide Writer up to a ten-day research trip to Shanghai in order to personally absorb the look/touch/feel/atmosphere/people of those locations described in the Book, providing Writer with two first-class round-trip flights to Shanghai with first class accommodations thereat and per diem ("Story Scout"). Producer to also provide a roadmap of possible locations in consultation with the Book's author.

&nbsp;&nbsp;&nbsp;&nbsp;2.FIXED COMPENSATION. Subject to full performance of the writing services as set forth hereunder, and Writer not being in material default or uncured material breach, Producer will pay Writer, as full and complete consideration for all services rendered, except as otherwise stated herein, structured 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;&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.First Draft: $[\*\*\*]. Guaranteed step.

Payable 50% upon full execution of this deal memo;

25% paid upon delivery of the screenplay Outline if Writer chooses to deliver an Outline (the same not being mandatory); and

the balance being 25% if the Outline was delivered or 50% if the Outline was not delivered paid upon delivery of the complete First Draft.

&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;b.2nd Draft: $[\*\*\*]. Conditionally guaranteed step. Payable 50% upon commencement of services for this step, following receipt of Producer notes for the First Draft; and 50% payable upon acceptable delivery of this step.

&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;i.This step is conditionally guaranteed upon Producer's reasonable approval of the Outline (if delivered) or First Draft (if the Outline is not delivered). Producer shall have 10 business days to either approve, in writing, the Outline (if delivered) or conversely provide notes and engage in a story session with Writer. Upon the approval of the Outline (if delivered), the 2<sup>nd</sup> step (2<sup>nd</sup> Draft) becomes guaranteed in addition to the guaranteed first step.

&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;c.Revision Draft: $[\*\*\*]. Optional step (exercisable only in writing within 4 weeks after delivery of the 2<sup>nd</sup> draft) at the sole discretion of Producer. Payable 50% upon commencement of services for this step, following receipt of Producer notes for the 2nd Draft (and no later than 4 weeks after exercise of the option); and 50% payable upon delivery of this step.

------

**Certain identified information, indicated by [\*\*\*], has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**

------

&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;d.Polish: $[\*\*\*]. Optional step (exercisable only in writing within 4 weeks after delivery of the optional revision draft) at the sole discretion of Producer. Payable 50% upon commencement of services for this step (and no later than 4 weeks after exercise of the option); following receipt of Producer notes for the Revision Draft; and 50% payable upon delivery of this step.

&nbsp;&nbsp;&nbsp;&nbsp;3.BONUS COMPENSATION. Subject to full performance of the writing services as set forth hereunder and Writer not being in material default or uncured material breach:

&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;a.If Producer, in its sole discretion, finds Writer's First Draft to be essentially a final draft, in need of no further rewrites or polishes, Producer will pay Writer a bonus (equating to [\*\*\*]), within 10 business days of written notice of that election and thereby Writer shall not be required to render any further writing services.

&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;b.If Producer, in its sole discretion, finds Writer's 2nd draft to be essentially a final draft, in need of no further rewrites or polishes, Producer will pay Writer a bonus (equating to [\*\*\*]) within 10 business days of written notice of that election and thereby Writer shall not be required to render any further writing services.

&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;c.If Producer, in its sole discretion, finds Writer's 3<sup>rd</sup> step, the Revisions Draft to be essentially a final draft, in need of no further rewrites or polishes, Producer will pay Writer a bonus (equating to [\*\*\*]) within 10 business days of written notice of that election and thereby Writer shall not be required to render any further writing services.

&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;d.If a feature length motion picture is greenlit/funded for production and provided that Writer is not in material breach or default, and pursuant to WGA guidelines, and Writer would be entitled to receive a Sole Credit (i.e. Sole "Screenplay By" or "Written By" credit), Producer will pay Writer in addition to the amounts set forth above a one-time production bonus compensation of [\*\*\*]% of the bonded budget (which shall not include, contingency funds, finance, interest, legal, bond fees.), with a ceiling of $[\*\*\*] and a floor of $[\*\*\*] if Writer receives a shared credit with one other writer, then Writer will receive [\*\*\*]% of the one-time production bonus compensation ("Production Bonus"). In the

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**Certain identified information, indicated by [\*\*\*], has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**

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event that there is more than one credited screenwriter (which is not anticipated), the first position writer shall be entitled to [\*\*\*]% of the production bonus and the other [\*\*\*]% shall be split on a pro rata basis between the additional writers. All such final credits shall be governed by and subject to a WGA credit determination.

&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;e.If a feature film or series is produced and receives major award nominations and awards, Writer shall be entitled to the following further bonus compensation in an amount TBN but no less than $[\*\*\*] per nomination or $[\*\*\*] per win ("Award Bonus")

&nbsp;&nbsp;&nbsp;&nbsp;4.CONTINGENT COMPENSATION. Provided that the Picture is produced and distributed, and Writer is not in material default or uncured material breach, Writer shall be entitled to receive net profit participation 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;&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.Sole Credit: [\*\*\*]% of 100% of the Net Profits, with Writer afforded MFN as to definition and calculations with all other profit participants.

&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;b.Shared Credit: [\*\*\*]% of 100% of the Net Profits, with Writer afforded MFN as to definition and calculations, with all other profit participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.READING/WRITING PERIODS.

&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;i.First Draft-writing: 14 weeks- approximately 5 weeks to delivery of outline and 9 weeks to First Draft Delivery, TOE; Producer reading/notes term: 3 weeks.

&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;ii.Second Draft-writing: 8 weeks; Producer reading/notes term: 2 weeks.

&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;iii.Revisions Draft: 6 weeks; Producer reading/notes term: 10 days.

&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;iv.Polish: 4 weeks; Producer reading/notes term: 6 days.

Writer's services will be nonexclusive (with no outside services to materially interfere) to Producer during all writing periods and non-exclusive during all reading periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.CREDIT/GUILD. The Picture shall be produced in accordance with WGA guidelines, with Producer's SPV to become a WGA signatory to the MBA prior to the commencement of active writing services as a condition to Producer's rights and Writer's obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.OWNERSHIP AND DISTRIBUTION. The Work inclusive of the screenplay is based on assigned material (the Book) by the Producer, and the Producer notes to be incorporated after each draft. Producer will be the sole and exclusive owner of the Picture, and all of the results and proceeds of Writer's services and all US and

------

**Certain identified information, indicated by [\*\*\*], has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**

------

international copyrights and extensions and renewals thereof. Any materials written or contributed by Writer are intended by Writer and Producer to be a "work-made- for-hire" by Writer pursuant to Section 201 of Title 17 of the United States Code.

Producer may change, alter, add to, subtract from, rearrange all or any part of the material written or contributed by Writer hereunder, or combine it with any other material, as Producer may elect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.NO OBLIGATION TO USE. Producer is not obligated to use the services of Writer or to produce, distribute, or exploit the Picture, or, if commenced, to continue the production, distribution or exploitation of the Picture in any territory. However, this does not relieve Producer of its obligations to pay guaranteed sums and credit/separation of rights-based entitlements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.TRAVEL AND EXPENSES: If Producer requires Writer to perform services at a location more than seventy-five (75) miles from Writer's then principal place of residence, inclusive of promotional services requested in writing, then: Transportation: Producer shall furnish one roundtrip transportation (by air if appropriate, First Class if available, and only if used) to and from such location. Accommodations: If such location is an overnight location, Producer shall provide hotel accommodations on par with the individual producers. Per Diem: $[\*\*\*] per day.

Ground Transportation: exclusive ground transportation or, alternatively at the election of Writer, Producer to provide a full-size rental car while on location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.RIGHT OF FIRST NEGOTIATION. Provided that Writer is not in uncured material breach of the long form agreement based on this Amended Term Sheet , and Writer is entitled to receive sole "screenplay by" or "written by" credit for the Picture pursuant to the WGA MBA guidelines, is then active as a writer in the theatrical motion picture or television industry and is available when reasonably required by Producer, if within seven (7) years after the initial general theatrical release of the Picture in the United States a screenplay for any theatrical sequel, theatrical prequel or initial theatrical remake (collectively, a "Theatrical Production") or a teleplay for any television motion picture (i.e. the pilot or initial episode of a television series; a movie-of-the-week or svod film; or a mini-series) (collectively, a "T.V. Production") of a Picture is to be written, then Producer will first negotiate in good faith for Writer's services, with these terms +[\*\*\*]% serving as a floor for negotiations. Rolling rights to be afforded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.PASSIVE PAYMENTS. Provided Writer is not in material breach or default, and Producer (or its successors or assigns) produces the Picture based upon the Work, and Writer is entitled to receive, pursuant to WGA guidelines, sole separation of rights or sole credit (i.e. "Written By" or "Screenplay By" or "Story By" or "Screen Story By" credit), Producer will negotiate with Writer to pay Writer passive payments for sequels, remakes and subsequent productions which shall be within the customary parameters of passive payments made by major studios, mini majors, and major independent production companies in the industry, in a similar bonded budget range, but no less than those required pursuant to WGA guidelines. Provided Writer is not in material breach or

------

**Certain identified information, indicated by [\*\*\*], has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**

------

default and Producer (or its successors or assigns) produces the Picture based upon the Work, and Writer is entitled to receive pursuant to WGA guidelines, shared separation of rights or shared credit (i.e. "Written By" or "Screenplay By" or "Story By" or "Screen Story By" credit), Producer shall pay Writer a negotiated amount to be equivalent to half of sums as would have been accorded for sole credit. Provided Writer is not in material breach or default, and Producer (or its successors or assigns) produces a limited/mini or episodic television series based in whole or in part on the Work, then Producer will negotiate with Writer in good faith, subject to industry customs and standards of the major studios and Writer's stature in the industry, to pay Writer a per episode royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.PRESS RELEASE. Subject to and conditioned upon mutual execution of this Amended Term Sheet and payment to Writer of the first step payment (as per paragraph 2a) in the amount of $[\*\*\*], the parties shall collaborate on a joint press release announcing the engagement of Writer. It is envisioned that Producer shall generate the initial draft for Writer to add to, edit, and ultimately approve in writing for release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.MISCELLANEOUS. a) Premiere/Film Festivals: Producer to provide invitations and to use commercially reasonable efforts to bind the domestic distributor to provide Writer and one guest with First Class travel/accommodations to the U.S. celebrity premiere. Producer to provide invitations and to use commercially reasonable efforts to bind the domestic distributor to provide Writer and one guest with First Class travel/accommodations to any major film festival or film market where the film is in competition, and at festivals where the Picture is being screened. b) Video/DVD: Writer to be provided two (2) complimentary DVDs and, if available, two (2) complimentary Blu-rays of the Picture, when available, subsequent to its U.S. theatrical release. c) Insurance: Writer to be named as additional insured, at no cost to Writer, on Producer's E & O and general liability insurance policies. d) Indemnification: standard mutual indemnification clause in accordance with customary industry practices amongst major and mini major studios. e) WGA Signatory: Producer represents and warrants that it is or shall become a WGA signatory.

This Amended Term Sheet supersedes and otherwise replaces in its entirety, any and all previous understandings whether written or oral, including but not limited to that certain Writing Proposal/Term Sheet dated February 11, 2022 between Writer and Calculated Development, LLC.

If these terms and conditions meet with your approval, please sign where indicated below and we shall draft a more formalized longform agreement containing these terms and those usual and customary for a screenwriting engagement in the feature film industry.

(Signatures on page to follow)

------

**Certain identified information, indicated by [\*\*\*], has been excluded from the exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**

------

---

| |
|:---|
| Warm regards,  |
| "PRODUCER" |
| <br> /s/ Stephen Wollwerth |
| By: Stephen Wollwerth, President |
| One Door Studios, LLC |
| AGREED TO AND ACCEPTED: |
| "WRITER" |
| <br> /s/ Ann Peacock |
| Ann Peacock on behalf of  |
| The [\*\*\*] Corporation. |
| AGREED TO AS FORM AND CONTENT: |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Stephen Wollwerth  |
| By: Stephen Wollwerth, President |
| Calculated Development, LLC |

---

------

## Ex1A-11

---

| | |
|:---|:---|
| **TaxDrop LLC** | 228 Park Ave S, Suite 70037, |
| *Certified Public Accountant and Advisor* | New York, NY 10003-1502 |
|  | Tel: (609) 933-2035 |

---

------

![](onedex11z1_1.jpg)

**CONSENT OF INDEPENDENT PUBLIC ACCOUNTING FIRM**

<br>January 18, 2023

To the Management of One Door Studios Entertainment Properties LLC,

We hereby consent to the inclusion of our Auditors' Report, dated January 6, 2023, on the financial statements One Door Studios Entertainment Properties LLC – which comprise the balance sheet as of December 31, 2021, and the related statements of income, changes in members' equity, and cash flows for the year then ended, and the related notes to the financial statements— in the Company's Post-qualification Amendment No. 2 to the Offering Statement on Form 1-A.

Best,

![](onedex11z1_2.jpg)

TaxDrop LLC

Robbinsville, New Jersey

January 18, 2023

### 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:** OneDoor Studios Entertainment Properties LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2021

**CIK:** 0001914244

**I.R.S. Employer Identification Number:** 87-4069830

**Primary Standard Industrial Classification Code:** 7812

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 4320 MODOC ROAD, SUITE F, —, SANTA BARBARA, CA 983110

**Company Phone:** 805-380-7731

**Person to contact:** Heidi Mortensen

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount     |
|:---|:---|
| Cash and Cash Equivalents                | $705739.00 |
| Investment Securities                    | $0.00      |
| Accounts and Notes Receivable            | $0.00      |
| Property, Plant and Equipment (PP&E)     | $0.00      |
| Total Assets                             | $772064.00 |
| Accounts Payable and Accrued Liabilities | $0.00      |
| Long-Term Debt                           | $0.00      |
| Total Liabilities                        | $241741.00 |
| Total Stockholders' Equity               | $530323.00 |
| Total Liabilities and Equity             | $772064.00 |

**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                                | $-175416.00 |
| Earnings Per Share - Basic                | -175416.00  |
| Earnings Per Share - Diluted              | -175416.00  |

**Auditor Information**

| Metric          | Amount                                                   |
|:---|:---|
| Name of Auditor | TaxDrop LLC (0nly year-end 2021 financials were audited) |

### Outstanding Securities

| Class                  |   Outstanding | CUSIP   | Publicly Traded   |
|:---|---:|:---|:---|
| Company Units          |             1 | n/a     | n/a               |
| Class CF Profits Units |          9425 | n/a     | n/a               |
| n/a                    |             0 | n/a     | 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?** Yes

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 150000       |
| Number of securities outstanding                                | 0            |
| Price per security                                              | $100.00      |
| Issuer's aggregate offering price                               | $15000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $15000000.00 |

**Anticipated Fees**

| Service Provider   | Name                 | Fees      |
|:---|:---|:---|
| Auditor            | TaxDrop LLC          | $10000.00 |
| Legal              | Chalmers & Adams LLC | $60000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $14767000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, DC, 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, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** OneDoor Studios Entertainment Properties LLC

**Title of Securities Issued:** Class CF Profits Units

**Total Amount of Securities Issued:** 9425

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** $942,461, at a per Unit price of $100 per Interest.

**Basis for aggregate consideration:** —

**Securities Act Exemption:** Regulation Crowdfunding