# EDGAR Filing Document

**Accession Number:** 0002089980
**File Stem:** 0002089980-26-000001
**Filing Date:** 2026-3
**Character Count:** 611765
**Document Hash:** d475c4caf00ccca441cdbe607ed3631d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002089980-26-000001.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0002089980-26-000001

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 55

**FILED AS OF DATE**: 20260320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vestfundr, LLC
- **CENTRAL INDEX KEY:** 0002089980

**ORGANIZATION NAME:**
- **EIN:** 393824011
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12726
- **FILM NUMBER:** 26777816

**BUSINESS ADDRESS:**
- **STREET 1:** 8 THE GREEN SUITE A
- **CITY:** DOVER
- **STATE:** DE
- **ZIP:** 19901
- **BUSINESS PHONE:** 302-288-0670

**MAIL ADDRESS:**
- **STREET 1:** 100 S 2ND AVE S
- **CITY:** ST PETERSBURG
- **STATE:** ID
- **ZIP:** 33701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Propfundr, LLC
- **DATE OF NAME CHANGE:** 20251002

## Part

THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE 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.

THE SECURITIES OFFERED HAVE NOT BEEN APPROVED OR DISAPPROVED BY ANY STATE REGULATORY AUTHORITY NOR HAS ANY STATE REGULATORY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THIS OFFERING CIRCULAR. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

Form 1-A Offering Circular

Regulation A Tier 2 Offering

**Offering Circular**

For

**VestFundr, LLC**

A Delaware Series Limited Liability Company

**March 20, 2026**

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| | |
|:---|:---|
| SECURITIES OFFERED | Equity in the form of LLC membership interests in a Company Series denominated as Class A Units. |
| MAXIMUM OFFERING AMOUNT | $75000000.00 |
| MINIMUM OFFERING AMOUNT | None or Specific to Individual Company Series (if any) |
| MINIMUM INVESTMENT AMOUNT | $1,500.00 per Investor for fifteen (15) Class A Units |
| CONTACT INFORMATION | 100 2<sup>nd</sup> Avenue South – Suite 205<br> St. Petersburg, Florida 33701<br> Ronald Walsh (208) 867-8682<br> Robert Croak (419) 340-7472<br> VestFundr.com |

---

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

VestFundr, LLC, is a Delaware series limited liability company ("LLC") formed on August 13, 2025 (the "Company" or "Issuer") for the purpose of acquiring, developing, improving, operating and potentially disposing of real property assets including, but not limited to, development and redevelopment of residential and mixed-use property, retail, commercial and light-industrial properties, and storage facilities that are identified by the Company's Manager VestFundr Management, LLC, a Wyoming Limited Liability Company.

The Company is offering by means of this offering circular (the "Offering Circular"), equity in the form of Class A LLC Membership Interests in a specific Series of the Company denominated as Class A Units (the "Units," or in the singular, a "Unit") on a best-efforts basis to those who meet the investor suitability standards (the "Investor(s)") as set forth herein. See "Investor Suitability Standards" below.

The minimum investment amount per Investor is one thousand five hundred U.S. dollars ($1,500.00), in exchange for fifteen (15) Class A LLC Membership Interests at the Offering price of one hundred U.S. dollars ($100.00) per Class A Unit. Individual Class A Unit Offering prices are intended to be the same across any Company Series. The Company reserves the right, in the Manager's sole discretion, to increase or decrease the minimum investment amount for any individual Company Series. The Company does not intend to list the Class A Units for trading on any exchange or other trading market, no market for the Company Units may exist in the future and any transfer of the Class A Units requires the prior written authorization of the Manager based upon the discretion of the Manager. See "Securities Being Offered" below.

The Company is managed by VestFundr Management, LLC, a Wyoming limited liability company, and any Company Series LLC thereunder shall also be managed by VestFundr Management, LLC (the "Manager"). The Company intends to use the proceeds of this Offering (the "Proceeds") to fund Company Series investments in real property development, construction, or improvement opportunities sourced by the Manager and affiliates of the Company and Manager.

Sales of Class A Units in any Company Series pursuant to this Regulation A Tier 2 Offering (the "Offering") will commence immediately upon qualification by the Securities and Exchange Commission (the "Effective Date") and will terminate on the earliest of: (a) the date the Company, in its sole discretion, elects to terminate the offering (the "Offering Termination Date"), (b) the date upon which all Units up to the Maximum Offering Amount for any Company Series have been sold, or (c) exactly twelve (12) months after the Effective Date (the "Offering Period"). The Company can offer up to seventy-five million U.S. dollars ($75,000,000) within a rolling twelve (12) month period pursuant to Regulation A. The Company intends to offer additional series within such limit and will file post qualification amendments for the subsequent offerings of such series.

The Company will be responsible for all activities associated with the administration and execution of this Offering and the offering and subscription of Class A Units in any Company Series will occur via the Company Series specific subdomain of the website VestFundr.com (the "Platform") on a continuous and ongoing basis. Texture Capital, Inc. ("Texture"), a Financial Industry Regulatory Authority ("FINRA") broker-dealer, will act as the Broker-of-Record and administrative broker-dealer for this Offering. Proceeds received during this Offering will be held in escrow until the subscription process is completed for the Investor and the Minimum Offering Amount specified for any specific Company Series has been met, if any. As of the date of this Offering Circular, the Company has engaged Kore Transfer USA ("Kore") as the transfer agent for this Offering and the escrow account is administered by Enterprise Bank & Trust ("Enterprise"). The Company will undertake an initial closing for Investors once the offering proceeds for a particular Company series reaches the Minimum Offering Amount for that particular Company series, if any. In the event there is no Minimum Offering Amount for a particular Company series, the initial closing will occur as soon as practicable after completion of the subscription process for the inaugural Investors. After each initial closing related to a particular Company series, funds tendered by Investors will be made available to the relevant Company series. In the event proceeds from this Offering do not exceed the Minimum Offering Amount for a Company Series at either the Offering Termination Date or the end of the Offering Period, the Company intends to timely return all funds received from prospective investors that are held in escrow to the individual subscribers within ten (10) business days of either the (i) Offering Termination Date or (ii) end of Offering Period, respectively. See "Plan of Distribution" below.

Persons who purchase Class A Units in any Company Series will be members of the Company subject to the terms of the Operating Agreement of the Company and the relevant Series Designation ("Members" or in the singular a "Member"). The Company intends to use the proceeds of this Offering to commence operations and execution of the Company's business plan as identified in the offering circular. The acceptance of Investor funds may be briefly paused at times to allow the Company to effectively and accurately process and settle subscriptions that have been received. There are no selling securityholders in this Offering.

Prior to this Offering, there has been no public market for any class of the Membership Interests or Units of the Company or any Company Series, and none is expected to develop. The Offering price for the Class A Units of any Company Series is arbitrary, determined by the Manager and may not bear any relationship to the value of the underlying asset(s), if any, of the Company Series. The Company does not currently have plans to list any Units, either in the Company or any Company Series, on any securities market. The Manager and Affiliates will receive compensation and income from the Company and any Company Series, and these transactions may involve certain conflicts of interest. See "Risk Factors," "Compensation of Manager and Affiliates" and "Conflicts of Interest" below. Investing in the Units of any Company Series is speculative and involves substantial risks, including risk of complete loss. Prospective purchasers and Investors should purchase securities in the Company only if they can afford a complete loss of their investment. **See "Risk Factors" below.** There are material income tax risks associated with investing in the Company that prospective investors should consider. See "Federal Tax Treatment" below.

**RULE 251(D)(3)(I)(F) DISCLOSURE**. RULE 251(D)(3)(I)(F) PERMITS REGULATION A OFFERINGS TO CONDUCT ONGOING CONTINUOUS OFFERINGS OF SECURITIES FOR MORE THAN THIRTY (30) DAYS AFTER THE QUALIFICATION DATE IF: (1) THE OFFERING WILL COMMENCE WITHIN TWO (2) DAYS AFTER THE QUALIFICATION DATE; (2) THE OFFERING WILL BE MADE ON A CONTINUOUS AND ONGOING BASIS FOR A PERIOD THAT MAY BE IN EXCESS OF THIRTY (30) DAYS OF THE INITIAL QUALIFICATION DATE; (3) THE OFFERING WILL BE IN AN AMOUNT THAT, AT THE TIME THE OFFERING CIRCULAR IS QUALIFIED, IS REASONABLY EXPECTED TO BE OFFERED AND SOLD WITHIN TWO (2) YEARS FROM THE INITIAL QUALIFICATION DATE; AND (4) THE SECURITIES MAY BE OFFERED AND SOLD ONLY IF NOT MORE THAN THREE (3) YEARS HAVE ELAPSED SINCE THE INITIAL QUALIFICATION DATE OF THE OFFERING, UNLESS A NEW OFFERING CIRCULAR IS SUBMITTED AND FILED BY THE COMPANY PURSUANT TO RULE 251(D)(3)(I)(F) WITH THE SEC COVERING THE REMAINING SECURITIES OFFERED UNDER THE PREVIOUS OFFERING; THEN THE SECURITIES MAY CONTINUE TO BE OFFERED AND SOLD UNTIL THE EARLIER OF THE QUALIFICATION DATE OF THE NEW OFFERING CIRCULAR OR ONE HUNDRED EIGHTY (180) CALENDAR DAYS AFTER THE THIRD ANNIVERSARY OF THE INITIAL QUALIFICATION DATE OF THE PRIOR OFFERING CIRCULAR. THE COMPANY INTENDS TO OFFER THE SHARES DESCRIBED HEREIN ON A CONTINUOUS AND ONGOING BASIS PURSUANT TO RULE 251(D)(3)(I)(F). THE COMPANY INTENDS TO COMMENCE THE OFFERING IMMEDIATELY AND NO LATER THAN TWO (2) DAYS FROM THE INITIAL QUALIFICATION DATE. THE COMPANY REASONABLY EXPECTS TO OFFER AND SELL THE SECURITIES STATED IN THIS OFFERING CIRCULAR WITHIN TWO (2) YEARS FROM THE INITIAL QUALIFICATION DATE.

The Company will commence sales of the Class A Units in any Company Series immediately upon qualification of the Offering and any potential future amendments thereto by the SEC.

**OFFERING PROCEEDS TABLE**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Price to Public\* | &nbsp;&nbsp;Underwriting Discounts and Commissions\*\* | &nbsp;&nbsp;Proceeds to the Company\*\*\* | &nbsp;&nbsp;Proceeds to other Persons\*\*\*\* |
| Amount to be Raised per Unit | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;1% | &nbsp;&nbsp;$99.00 | &nbsp;&nbsp;$0.00 |
| Minimum Investment Amount Per Investor | &nbsp;&nbsp;$1500.00 | &nbsp;&nbsp;1% | &nbsp;&nbsp;$1485.00 | &nbsp;&nbsp;$0.00 |
| Maximum Offering Amount | &nbsp;&nbsp;$75000000.00 | &nbsp;&nbsp;1% | &nbsp;&nbsp;$74250000.00 | &nbsp;&nbsp;$0.00 |

---

\*The Offering price to Investors was arbitrarily determined by the Manager.

\*\* The Company is not using an underwriter for the sale of the Class A Units. The commissions listed are those for Texture Capital, Inc. ("Texture"), a FINRA broker-dealer, acting as the Broker of Record and administrative broker-dealer for this Offering on a best-efforts basis. Texture will receive a one percent (1%) commission on the aggregate sales of Class A Units and a five percent (5%) Direct Sales commission for capital raised by the direct efforts of Texture up to $15,000,000 of Class A Units. Direct Sales compensation to Texture is not to exceed $750,000 and the total potential sales compensation to Texture is not to exceed $1,500,000. Texture will further receive a one-time consulting fee ("Consulting Fee") of $10,000 to cover expenses anticipated to be incurred by Texture such as due diligence expenses, working with the Company's counsel in providing information to the extent necessary, and any other services necessary and required prior to the approval of the Offering. In the event of additional Series LLC entities proposed in connection with this Offering, Texture shall receive an additional Consulting Fee in the amount of $750 for each new Series LLC entity up to a maximum of one hundred (100) entities. To the extent any such expenses are not actually incurred, the balance of this one-time fee will be reimbursed to the Company, pursuant to FINRA Rule 5110(g)(4)(A).

\*\*\* Class A Units will be offered and sold directly by the Company, the Manager and the Manager's respective members, Officers and employees. No commissions for selling Class A Units will be paid to the Company, the Manager or the Manager's respective members, Officers or employees.

\*\*\*\* There are no selling securityholders in this Offering. The Company shall pay the Manager an amount equaling one hundred twenty thousand dollars ($120,000), designated as the Organizational Expenses, to reimburse the Manager for the costs and resources expended in forming and organizing the Company, any initial Company Series and offering-related tasks. Reimbursement shall occur upon the successful raising of aggregate gross Offering proceeds in excess of one million dollars ($1,000,000) across any Company Series. See "Compensation of Manager and Affiliates" below.

i

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | &nbsp;&nbsp;<u>Page</u> |
| &nbsp;&nbsp;[SUMMARY OF THE OFFERING](#a_001) | &nbsp;&nbsp;[1](#a_001) |
| &nbsp;&nbsp;[FORWARD LOOKING STATEMENTS](#a_002) | &nbsp;&nbsp;[2](#a_002) |
| &nbsp;&nbsp;[INVESTOR SUITABILITY STANDARDS](#a_003) | &nbsp;&nbsp;[2](#a_003) |
| &nbsp;&nbsp;[RISK FACTORS](#a_004) | &nbsp;&nbsp;[3](#a_004) |
| &nbsp;&nbsp;[DILUTION](#a_005) | &nbsp;&nbsp;[19](#a_005) |
| &nbsp;&nbsp;[PLAN OF DISTRIBUTION](#a_006) | &nbsp;&nbsp;[20](#a_006) |
| &nbsp;&nbsp;[SELLING SECURITYHOLDERS](#a_007) | &nbsp;&nbsp;[21](#a_007) |
| &nbsp;&nbsp;[SERIES OFFERING TABLE](#a_008) | &nbsp;&nbsp;[21](#a_008) |
| &nbsp;&nbsp;[COMPANY SERIES SECURITIES BEING OFFERED](#a_009) | &nbsp;&nbsp;[21](#a_009) |
| &nbsp;&nbsp;[USE OF PROCEEDS](#a_010) | &nbsp;&nbsp;[22](#a_010) |
| &nbsp;&nbsp;[DESCRIPTION OF THE BUSINESS](#a_011) | &nbsp;&nbsp;[23](#a_011) |
| &nbsp;&nbsp;[AFFILIATES](#a_012) | &nbsp;&nbsp;[36](#a_012) |
| &nbsp;&nbsp;[CONFLICTS OF INTEREST](#a_013) | &nbsp;&nbsp;[36](#a_012) |
| &nbsp;&nbsp;[FIDUCIARY RESPONSIBILITY OF THE MANAGER](#a_016) | &nbsp;&nbsp;[37](#a_016) |
| &nbsp;&nbsp;[DESCRIPTION OF PROPERTY](#a_014) | &nbsp;&nbsp;[37](#a_014) |
| &nbsp;&nbsp;[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_015) | &nbsp;&nbsp;[38](#a_015) |
| &nbsp;&nbsp;[BAD ACTOR DISCLOSURE](#a_017) | &nbsp;&nbsp;[38](#a_017) |
| &nbsp;&nbsp;[BANKRUPTCY AND LEGAL PROCEEDINGS](#a_018) | &nbsp;&nbsp;[38](#a_018) |
| &nbsp;&nbsp;[PRINCIPALS AND SIGNIFICANT PERSONNEL OF MANAGER](#a_019) | &nbsp;&nbsp;[39](#a_019) |
| &nbsp;&nbsp;[COMPENSATION OF MANAGER AND AFFILIATES](#a_020) | &nbsp;&nbsp;[40](#a_020) |
| &nbsp;&nbsp;[SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS](#a_021) | &nbsp;&nbsp;[41](#a_021) |
| &nbsp;&nbsp;[INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#a_022) | &nbsp;&nbsp;[42](#a_022) |
| &nbsp;&nbsp;[FEDERAL TAX TREATMENT](#a_023) | &nbsp;&nbsp;[42](#a_023) |
| &nbsp;&nbsp;[ERISA CONSIDERATIONS](#a_024) | &nbsp;&nbsp;[45](#a_024) |
| &nbsp;&nbsp;[SECURITIES BEING OFFERED](#a_025) | &nbsp;&nbsp;[46](#a_025) |
| &nbsp;&nbsp;[PART F/S](#a_026) | &nbsp;&nbsp;[51](#a_026) |
| &nbsp;&nbsp;[EXHIBIT INDEX](#a_027) | &nbsp;&nbsp;[54](#a_027) |
| &nbsp;&nbsp;[SIGNATURE PAGE](#a_028) | &nbsp;&nbsp;[55](#a_028) |

---

ii

**SUMMARY OF THE OFFERING**

The following information is only a brief summary of, and is qualified in its entirety by, the detailed information appearing elsewhere in this Offering. This Offering Circular, together with all the exhibits attached including, but not limited to, the Operating Agreement and form of a Series Designation, a copy of which are attached hereto within Exhibit 3 and the form of the Company's Subscription Agreement attached hereto as Exhibit 4 should be carefully read in their entirety before any investment decision is made. If there is a conflict between the terms contained in this Offering Circular and the Operating Agreement or a Series Designation, the Operating Agreement and relevant Series Designation shall prevail and control, and no Investor should rely on any reference herein to the Operating Agreement or Series Designation without consulting the actual underlying document.

The Company was organized as a series limited liability company under the laws of Delaware on August 13, 2025. The Company has not produced any revenue and has not commenced revenue generating operations as of the date of this Offering Circular. The Company intends to participate in the funding of select residential real estate development projects sourced by the Manager and affiliates throughout the United States. See "Description of the Business" below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**COMPANY INFORMATION AND BUSINESS** | &nbsp;&nbsp;VestFundr, LLC is a Delaware series limited liability company with a principal place of business located at 8 The Green, Suite A, Dover Delaware. Through this Offering, the Company will offer equity in the form of Class A Membership Interests in either a single or multiple Company Series on a "best-efforts" and ongoing basis to qualified Investors who meet the Investor suitability standards as set forth herein. See "Investor Suitability Standards." As further described in the Offering Circular, the Company has been organized to form and fund multiple Company Series which will invest in select real property development projects, potentially from various property classes, sourced by and through the Manager, VestFundr Management, LLC, and affiliates of the Company and Manager. |
| &nbsp;&nbsp;**MANAGEMENT THROUGH AND EXCLUSIVE TO MANAGER** | &nbsp;&nbsp;The Company is a Delaware series limited liability company managed by a Manager. The Manager, VestFundr Management LLC, is a Wyoming limited liability company. All investment and operating decisions and the management of the day-to-day activities of the Company and any Company Series are vested solely in the Manager. |
| &nbsp;&nbsp;**THE OFFERING** | &nbsp;&nbsp;This Offering is the first capital raise by the Company in its history. The Company is exclusively selling equity in the form of Class A LLC membership interests in each Company Series thereunder, denominated as Class A Units of the relevant Company Series. The Company will use the Proceeds of this Offering to begin operations and execution of the Company business plan and those plans for each Company Series. |
| &nbsp;&nbsp;**SECURITIES BEING OFFERED** | &nbsp;&nbsp;The Class A Units for each Company Series are being offered at a purchase price, per Class A Unit, that is specific to the relevant Company Series. The Offering price for each Class A Unit is intended to be the same across any Company Series and correspond to one hundred U.S. dollars ($100.00) per Class A Unit. The Minimum Investment to become a Class A Member in any Company Series is anticipated to be one thousand five hundred U.S. dollars ($1,500.00) for fifteen (15) Class A Units based upon the intended Company Series Offering price of one hundred U.S. dollars ($100.00) per Class A Unit. Upon purchase of Class A Units in a Company Series, a Class A Member is granted certain rights detailed in the "Securities Being Offered" section below.<br> The Class A Units are non-transferrable without the prior written consent of Manager except in limited circumstances specified within the Operating Agreement and the relevant Series Designation. No public market currently exists nor is any public market expected to form with respect to the Units of the Company or any Company Series. |
| &nbsp;&nbsp;**COMPENSATION TO MEMBERS AND MANAGER** | &nbsp;&nbsp;Neither the Company, Manager nor the members, Officers or employees of the Manager will be compensated through commissions for the sale of any Class A Units through this Offering.<br>Class A Members possessing Class A Units in any Series will receive a (i) Preferred Return consisting of a fixed percentage per annum return, accruable and non-compounding, on any Unrecovered Capital Contributions and (ii) fixed percentage of Net Distributable Proceeds for the life of the Company Series. Class B Members possessing Class B Units will not receive a Preferred Return and will receive a fixed percentage of the Company's Series Net Distributable Proceeds for the life of the Company Series. Class C Members possessing Class C Units will not receive a Preferred Return and will receive a fixed percentage of the Company's Series Net Distributable Proceeds for the life of the Company Series. The fixed percentages comprising the (i) Class A Unit Preferred Return and (ii) aggregate equity assigned to the Class A Units, Class B Units and Class C Units shall be defined in the relevant Company Series Designation.<br> The Manager will be compensated by the Company and any Company Series through the reimbursement of Organizational Expenses to recover the costs and resources expensed to form and organize the Company and prepare this Offering, an annual Asset Management Fee and potentially compensated, each levied in Manager's sole discretion, through a Credit Facility Guarantee Fee and Loan Service Fee. The Manager will also be entitled to compensation from any Company Series as the owner of Class C Units.<br> See "Compensation of the Manager and Affiliates" below for a more comprehensive description of these fees and see also the Operating Agreement and Series Designations for Preferred Allocations and Distributions from Net Distributable Proceeds for that relevant Company Series. |
| &nbsp;&nbsp;**PRIOR EXPERIENCE OF COMPANY MANAGER** | &nbsp;&nbsp;The Company's Manager, VestFundr Management, LLC, was formed in the State of Wyoming on August 11, 2025. The Manager and its Managing Principals consist of experienced and successful construction and real estate professionals and entrepreneurial business executives. Managing Principal Ronald Walsh possesses forty-five (45) years of experience working with multiple firms in real estate development from property identification and acquisition through the design, development, construction and disposition processes. Managing Principal Robert Croak is highly recognized entrepreneur, consultant and podcaster that continues to be an active investor in real estate, consumer product brands, technology companies, and blockchain. See "Principals and Significant Personnel of Manager" below |
| &nbsp;&nbsp;**INVESTOR SUITABILITY STANDARDS** | &nbsp;&nbsp;The Class A Units of any Company Series will not be sold to any person or entity unless such person or entity is a "Qualified Purchaser." A Qualified Purchaser includes: (1) an "Accredited Investor" as that term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933 (the "Securities Act"); or (2) all other Investors who meet the investment limitations set forth in Rule 251(d)(2)(i)(C) of Regulation A. Such persons as stated in (2) above must conform with the "Limitations on Investment Amount" section as described below.<br> Each person purchasing Class A Units will be subject to the terms and conditions specified within the Company's Operating Agreement, the relevant Series Designation, and the Subscription Agreement, copies of which are provided in Exhibits 3a and 3b, and Exhibit 4, respectively.<br> Each person or entity acquiring Class A Units in any Company Series may be required to represent that he, she, or the entity is purchasing the Class A Units for his, her, or entity's own account for investment purposes and not with a view to resell or distribute these securities.<br>Each prospective purchaser and Investor of Class A Units may be required to furnish such information or certification as the Company may require in order to determine whether any person or entity purchasing Class A Units in any Company Series is an Accredited Investor, if such is claimed by the prospective purchaser or Investor, or is a Qualified Purchaser. |
| &nbsp;&nbsp;**LIMITATIONS ON INVESTMENT AMOUNTS** | &nbsp;&nbsp;For Qualified Purchasers who are Accredited Investors, there is no limitation as to the amount invested in any Company Series through the purchase of Class A Units. For non-Accredited Investors, the aggregate purchase price paid to the Company for the purchase of the Class A Units cannot be more than ten percent (10%) of the greater of the purchaser's (1) annual income or net worth, if purchaser is a natural person; or (2) revenue or net assets for the Investor's most recently completed fiscal year if purchaser is a non-natural person.<br> The Manager reserves the right to accept or reject any prospective purchaser's subscription for Class A Units, in whole or in part, in any individual Company Series in the Manager's sole and absolute discretion.<br> Different rules apply to Accredited Investors and non-natural persons. Each Investor should review to review Rule 251(d)(2)(i)(C) of Regulation A before purchasing the Class A Units of any Company Series. |
| &nbsp;&nbsp;**COMMISSIONS FOR SELLING LLC Membership SHARES** | &nbsp;&nbsp;The Class A Units in any Company Series will be offered and sold directly by the Company, the Manager, and the members, Directors, Officers and employees of the Manager. No commissions will be paid to the Company, Manager, or the members, Directors, Officers or employees of the Manager for selling Units in any Company Series.<br> Texture is the Broker of Record and administrative broker dealer for this Offering and will charge a one percent (1%) fee on the aggregate sales of Class A Units, up to seven hundred fifty thousand U.S. dollars ($750000) if the Maximum Offering Amount of seventy-five million U.S. dollars ($75000000) is met. Texture is also entitled to an additional five percent (5%) commission on amounts raised as a result of Texture's direct introductions and sales efforts, up to a maximum compensation to Texture of seven hundred fifty thousand U.S. dollars ($750000). The maximum total sales compensation payable to Texture in connection with this Class A Unit offering is one million five hundred thousand U.S. dollars ($1500000).<br> Texture will also receive a one-time consulting fee ("Consulting Fee") of ten thousand U.S. dollars ($10000) to cover expenses anticipated to be incurred by Texture such as due diligence expenses, working with the Company's counsel in providing information to the extent necessary, and any other services necessary and required prior to the approval of the Offering. To the extent any such expenses are not actually incurred, the balance of this one-time fee will be reimbursed to the Company, pursuant to FINRA Rule 5110(g)(4)(A). In the event of additional Series LLC entities proposed in connection with this Offering, Texture shall receive an additional Consulting Fee in the amount of seven hundred fifty U.S. dollars ($750) for each new Series LLC entity up to a maximum of one hundred (100) entities. |
| &nbsp;&nbsp;**NO LIQUIDITY** | &nbsp;&nbsp;There is no public market for the Class A Units of any Company Series, and none is expected to develop. Additionally, the Class A Units will be non-transferable, except as may be permitted in the Operating Agreement, Series Designation or required by law. Company Units may not be listed for trading on any exchange or automated quotation system. See "Risk Factors" and "Securities Being Offered" below. The Company may not facilitate or otherwise participate in the secondary transfer of any Units. Prospective purchasers and Investors are urged to consult their own legal advisors with respect to secondary trading or transfer of the Company's Units. See "Risk Factors" below. |
| &nbsp;&nbsp;**CONFLICTS OF INTEREST**<br>| &nbsp;&nbsp;A Member of the Company's Manager is a minority owner of a development and construction firm that may be anticipated to either perform or manage development and improvement activities executed at any of the Company's Series projects or assets. A Member of the Manager is also related by marriage to a minority owner of a real estate brokerage firm that may participate in the disposition of real property assets that the Company or any Company Series has made a capital investment. See "Affiliates" and "Conflicts of Interest" below.<br>|
| &nbsp;&nbsp;**COMPANY EXPENSES** | &nbsp;&nbsp;Except as otherwise provided herein, the Company shall bear all costs and expenses associated with the costs associated with the Offering and the operation of the Company, including, but not limited to, the annual tax preparation of the Company's and Series' tax returns, any state and federal income tax due, accounting fees, filing fees, independent audit reports, costs and expenses associated with the acquisition, holding, development, leasing, and management of real estate property and costs and expenses associated with the disposition of real estate property.<br>|

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<u>**If no Minimum Offering Amount, investment funds are immediately available for Company use**</u>

The Offering is not underwritten by any FINRA broker-dealer and any Class A Units are offered on a "best efforts" basis by the Company through the actions of its Manager and employees, if any. In the event the Company has not set a Minimum Offering Amount for any Company series, the initial closing will occur as soon as practicable after completion of the subscription process for the inaugural Investors. and any proceeds received by the Company for that Company series will not be held in trust utilizing an escrow account conditioned on the aggregate amount of Proceeds raised for that particular Company series; therefore, any proceeds delivered to the Company for that Company series following successful subscription for the Class A Units will be immediately available for any corporate purpose at the Company Series' sole discretion.

**FORWARD LOOKING STATEMENTS**

This Offering Circular contains forward-looking statements that involve risks and uncertainties. The use of words such as "anticipated," "projected," "forecasted," "estimated," "pro forma," "prospective," "believes," "expects," "plans," "future," "intends," "should," "can," "could," "might," "potential," "continue," "may," "will," "targeted" and similar expressions identify these forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which may apply only as of the date of this Offering Circular, and the Company undertakes no obligation to publicly update or revise any ‎forward-looking information, ‎other than as required by applicable law.

**INVESTOR SUITABILITY STANDARDS**

All persons who purchase the Class A Units of a Company Series pursuant to a Subscription Agreement, a form of which is attached hereto within Exhibit 4, must comply with the Investor Suitability Standards as provided below. It is the responsibility of the prospective purchaser of the Class A Units in any Company Series to verify compliance with the Investor Suitability Standards. The Company may request that Investor verify compliance, but the Company is under no obligation to do so. By purchasing Class A Units in a Company Series pursuant to this or any future Offering hereunder, the Investor self-certifies compliance with the Investor Suitability Standards. If, after the Company receives Investor's funds and transfers ownership of the Class A Units in a Company Series, the Company discovers that the Investor does not comply with the Investor Suitability Standards as provided, the transfer will be deemed null and void *ab initio* and the Company will return Investor's funds to the purported purchaser. The amounts returned to the purported purchaser will be equal to the purchase price paid for the Class A Units in the Company Series less any costs incurred by the Company in the initial execution of the null and void *ab initio* purchase and any costs incurred by the Company in returning the Investor's funds. These Company incurred costs may include any transfer fees, sales fees or commissions, or other fees paid to transfer agents or brokers.

The Company's Class A Units in any Company Series are being offered and sold only to "Qualified Purchasers" as defined in Regulation A.

**<u>Qualified Purchasers</u>** include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Accredited Investors" defined under Rule 501(a) of Regulation D (as explained below); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All other Investors so long as their investment in the Company's Interests does not represent more than ten percent (10%) of the greater of the Investor's, alone or together with a spouse or spousal equivalent, 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 Interests are offered hereby and sold to Investors that meet one of the two categories above, to qualify as an Accredited Investor, for purposes of satisfying one of the tests in the Qualified Purchaser definition, an Investor must meet one of the following conditions:

1) An **<u>Accredited Investor</u>**, in the context of a natural person, includes anyone who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Earned income that exceeded $200,000 (or $300,000 together with a spouse or spousal equivalent) in each of the prior two years, and reasonably expects the same for the current year, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Has a net worth over $1,000,000, either alone, or together with a spouse or spousal equivalent (excluding the value of the person's primary residence), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Holds in good standing a Series 7, 65, or 82 license.

2) **<u>Additional Accredited Investor categories</u>** include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 Securities Act, whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities and Exchange Act of 1934 (the "Exchange Act"); any investment advisor registered pursuant to Section 203 of the Investment Advisers Act of 1940 (the "Investment Advisors Act") 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) under the Investors Advisers Act; any insurance company as defined in Section 2(a)(13) of the Securities Act; any investment company registered under the Investment Fund Act of 1940 or a business development company as defined in Section 2(a)(48) of that Act; any Small Business Investment Company (SBIC) 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 who are Accredited Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any director or 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) 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 Section 506(b)(2)(ii) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Any entity in which all of the equity owners are Accredited Investors as defined above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any natural person who is a "knowledgeable employee," as defined in Rule 3c-5(a)(4) under the Investment Company Act (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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any "family office," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act (17 CFR 275.202(a)(11)(G)-1):

&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) With assets under management in excess of $5,000,000;

&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) 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Any "family client," as defined in Rule 202(a)(11)(G)-1 under the Investment Advisers Act (17 CFR 275.202(a)(11)(G)-1)), of a family office meeting the requirements defined in the immediately preceding criterion and whose prospective investment in the issuer is directed by such family office pursuant to the "family office" sub-criterion (c) above; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Any entity, of a type not listed in criteria (i), (ii), (iii), (v) or (vi) above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000 where "investments" for the purposes of this criterion is defined in Rule 2a51-1(b) under the Investment Company Act (17 CFR 270.2a51-1(b)).

Each prospective purchaser of Class A Units in any Company Series may be required to furnish such information as the Company may demand to determine whether any person or entity purchasing Class A Units is an Accredited Investor.

**RISK FACTORS**

The Company commenced preliminary business development operations on August 13, 2025 and is organized as a series limited liability company under the laws of the State of Delaware. Accordingly, the Company has only a limited history upon which an evaluation of its prospects and future performance can be made. The Company's proposed operations are subject to all business risks associated with new enterprises. The likelihood of the Company's and any Company's Series success must be considered in light of the problems, expenses, difficulties, complications, and delays frequently encountered in connection with the development, improvement and operation of real property in a competitive industry. There is a possibility that the Company and any individual Company Series could sustain losses in the future.

There can be no assurances that any individual Company Series will operate profitably. An investment in the Class A Units of any Company Series involves a number of risks. Prospective purchasers and Investors should carefully consider the following risks and other information in this Offering Circular before purchasing any Class A Units. Without limiting the generality of the foregoing, Investors should consider, among other things, the following risk factors:

***Inadequacy Of Funds***

Gross Offering Proceeds up to seventy-five million dollars ($75,000,000.00) may be realized. Gross Offering Proceeds for each Company Series may vary depending upon the Company's anticipated capital requirements to fulfill the business goal of that particular Company Series. The Company's Manager believes that any such Gross Offering Proceeds will capitalize and sustain the Company Series thereunder sufficiently to allow for the implementation of its business plan for the acquisition, development, operation, management and anticipated disposition of real property assets. If only a fraction of this Offering and any Series Designation is sold, or if certain assumptions contained in Company Manager's business plans for a Company Series prove to be incorrect, the Company or any Company Series may have inadequate funds to fully develop its respective business in accordance with the proposed business model for that particular Series and may need debt financing or other capital investment to fully implement its business plans. Furthermore, if the funds raised through this Offering and any Series Designation are inadequate, the percentage ownership of an Investor may be reduced in the future if the Company is required to raise additional capital for any Company Series through the issuance of additional membership units with rights and preferences that are determined in the sole discretion of the Company.

***Dependence On the Manager***

In the early stages of development, the Company's business will be significantly dependent on the experience, knowledge, relationships, skills and abilities of Company's Manager and the Manager's principal members, Officers and employees. The loss of the Manager or any of the Manager's principal members, Officers or employees could have a material adverse effect on the Company and any Company Series business, results of operations and financial condition.

***Limited Operating History Which Makes Future Performance Difficult to Predict***

The Company and any Company Series formed thereunder has a limited operating history. A prospective Investor should consider an investment in any Class A Units of any Company Series through this Offering in light of the risks, uncertainties and difficulties frequently encountered by other newly formed companies with similar business objectives. The Company and any Company Series possesses minimal operating capital and for the foreseeable future will be dependent upon the ability to finance any investment or operations from the sale of equity or other financing alternatives. The failure to successfully raise operating capital, could result in the Company or a specific Company Series' bankruptcy or other event which would have a material adverse effect on the Company, an individual Company Series and subsequently its Investors. There can be no assurance that the Company or any individual Company Series will achieve its investment or operating objectives.

***Prospective Investors Should Seek Their Own Independent Counsel***

Prospective Investors in the Company and any individual Company Series have not been represented by independent counsel with respect to this Offering. Attorneys assisting in the formation of the Company, any Company Series and the preparation of this Offering Circular have represented only the Company, the Company Series and its principals and Affiliates. Further, the terms of the Company's Operating Agreement, including the Manager's rights and obligations and the compensation payable to the Manager and its affiliates, the Series Designations and the Subscription Agreement were not negotiated at arm's length. Potential Investors are advised to seek the opinions of independent legal and tax counsel prior to investing in the Company and any Company Series. (See also "Conflicts of Interest" below.)

***Company is Not Subject to Sarbanes-Oxley Regulations and May Lack the Financial Controls and Procedures of Public Companies***

The Company and any individual Company Series may not have the internal control infrastructure that would meet the standards of a public company, including the requirements of the Sarbanes-Oxley Act of 2002. As a privately-held (non-public) Company, the Company and any Company Series thereunder are currently not subject to the Sarbanes-Oxley Act of 2002, and the financial and disclosure controls and procedures reflect its status as a development stage, non-public company. There can be no guarantee that there are no significant deficiencies or material weaknesses in the quality of the Company's or any individual Company Series' financial and disclosure controls and procedures. If it were necessary to implement such financial and disclosure controls and procedures of the Sarbanes-Oxley Act of 2002, the cost to the Company and any Company Series of such compliance could be substantial and could have a material adverse effect on the Company's or any individual Company Series' business, results of operations and financial conditions.

***Compliance With Securities Laws***

The Company's Class A Units are being offered for sale in reliance upon certain exemptions from the registration requirements of the Securities Act, applicable Delaware securities laws, and other applicable state securities laws. If the sale of any Class A Units were to fail to qualify for these exemptions, purchasers may seek rescission of their purchases of Units. If a number of purchasers were to obtain rescission, the Company and any affected Company Series would face significant financial demands which could adversely affect the Company and Company Series as a whole, as well as any non-rescinding purchasers who are Members of the Company or relevant Company Series. Recission, possible government enforcement action, monetary penalties and additional civil claims would be expected to adversely impact the Company's business, results of operations and financial condition.

***Lack Of Firm Underwriter for Offering***

The Company's Class A Units are offered on a "best efforts" basis by the Company, Manager and the Members, Officers and employees of the Manager without compensation and on a "best efforts" basis through a FINRA registered broker-dealer via a Participating Broker-Dealer Agreement with the Company. Accordingly, there is no assurance that the Company, Manager or any FINRA broker-dealer, will sell the maximum Class A Units offered for a particular Company Series or any lesser amount thereof which would inherently limit the amount of proceeds available to execute the Company's business plan for that particular Company Series.

***The U.S. Securities and Exchange Commission (SEC) Does Not Pass Upon the Merits of the Securities or the Terms of the Offering, Nor Does the SEC Pass Upon the Accuracy or Completeness of any Offering Document or Literature***

A prospective purchaser or Investor of the Company's securities should not rely on the fact that a Form 1-A and any amendments thereto, filed by the Company to the SEC providing notice of an exempt offering of securities under Regulation A of the Securities Act, is accessible through the SEC's Electronic Data Gathering, Analysis and Retrieval (EDGAR) filing system as an approval, endorsement or guarantee of compliance as it relates to this Offering.

***Broker Dealer Sales of Units***

None of the Company's Units are presently included for trading on any exchange, and there can be no assurances that the securities of the Company or any Company Series will ultimately be registered on any exchange. No assurance can be given that any of the Units of the Company will ever qualify for inclusion on the NASDAQ System or any other trading market. As a result, the Company's Units are covered by a SEC rule that imposes additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and investors. For transactions covered by the rule, the broker-dealer must make a special suitability determination for the purchaser and receive the purchaser's written agreement to the transaction prior to the sale. Consequently, the rule may affect the ability of broker-dealers to sell the Company's securities and may also affect the ability of Investors to sell their Units in the secondary market.

***Sensitivity to General Economic Conditions***

The financial success of the Company and any individual Company Series may be sensitive to adverse changes in general economic conditions in the United States, such as recession, inflation, unemployment, interest rates, taxation rates and the imposition of import or export tariffs or other trade restrictions or embargoes. Such changing economic conditions could reduce demand in the marketplace for the Company's and any Company Series' real estate assets; cause an increase in vacancy rates; cause a reduction in rental rates or purchase prices for residential or commercial property; increase development, construction, renovation, maintenance and management costs; and, reduce the overall demand, revenues and income derived from any Company and Company Series products or services. The Company has no control over these general economic conditions and changes thereto may cause a material adverse effect on the Company's or any Company Series' business, operating results and financial condition.

***Possible Fluctuations in Company Series Operating Results***

Any Company's Series operating results may fluctuate significantly from period to period as a result of a variety of factors, including many factors that are not in the control of the Company or Manager. Some factors, in addition to general economic conditions, that may contribute to operating result fluctuations include, but are not limited to: purchasing patterns of real property market participants and amenity demands; competitive substitute-residential or commercial unit pricing; debt service requirements; debt principal-reduction payments, real estate market variances in sales prices, capitalization rates, and future rental rates; market interest rates may negatively affect property values; credit risks that property residents or commercial tenants may default on payments; elevated vacancy rates; potential liabilities associated with accidents or other losses that could happen on the premises of any Company-related real property; inability to obtain favorable financing; market illiquidity for any Company asset; and general economic conditions. Consequently, the Company and any Company Series revenues and expenses may vary by fiscal quarter, and the Company's business, operating results and financial condition may experience fluctuations.

***Risks Of Borrowing and Indebtedness***

Since the Company and any Company Series is likely to incur or utilize indebtedness in the execution of the business plan, a portion of the relevant Company Series' cash flow will have to be dedicated to the payment of principal and interest on such indebtedness. There is no guarantee that Company or any Company Series will be able to refinance outstanding indebtedness or refinance the indebtedness at terms that are advantageous or acceptable to the Company or the relevant Company Series. Typical loan agreements also might contain restrictive covenants which may impair the Company's or the Company Series' operating flexibility. Such loan agreements would also be expected to provide for default under certain circumstances, such as the failure to meet certain financial covenants contained therein. A default under a loan agreement could result in the loan becoming immediately due and payable and, if unpaid, a judgment in favor of such lender which would be senior to the rights of owners of the Company or relevant Company Series. A judgment creditor would have the right to foreclose on Company's or the Company Series' asset(s) resulting in a material adverse effect on the Company's or Company Series' business, operating results and financial condition.

***Changes to Execution of The Business Plan Possible***

The Company and the Manager's business plan for individual Company Series will primarily focus on segments of real property markets located in the northwestern United States and northern Rocky Mountain regions including eastern Washington, eastern Oregon, southern Idaho and western Montana and that primary focus may change. The Company's primary business endeavor of investing in and developing residential, commercial and mixed-use real property can be capital intensive and may be subject to additional regulatory and code requirements as well as variable market conditions. The Company's Manager believes that the Company's chosen activities and strategies are achievable in light of current economic and legal conditions with the background, experience, relationships, knowledge, skills and abilities of the Company's Manager, members, Officers, employees and advisors. The Company's Manager reserves the right to make significant modifications to the Company's stated investment strategies and business operations depending on future events.

***Manager's Discretion as To Use of Proceeds***

The net proceeds from this Offering relative to a Company Series will be used for the purposes described under the "Use of Proceeds" section. The Company and Company's Manager reserves the right to use the funds obtained from this Offering for other similar purposes not presently contemplated which it deems to be in the best interests of the Company, Company Series and its Members in order to address changed circumstances or opportunities. As a result of the foregoing, the success of the Company and any individual Company Series will be substantially dependent upon the discretion and judgment of the Manager with respect to application and allocation of the net proceeds of this Offering. Investors in the Class A Units of any Company Series offered hereby will be entrusting their funds to the Company's Manager, upon whose judgment and discretion the Investors must depend.

***Company and Company Series Control by Management and Exclusive to Manager***

The Company's Manager and its members, Officers and employees shall possess managerial control on the day-to-day activities of the Company and any Company Series. Investors in this Offering and any Company Series will have no control or input in determining the investment strategies implemented by Manager, the operations or any of the day-to-day activities of the Company or any Company Series thereunder. The Manager may change investment strategies or operations from time-to-time at the sole discretion of the Manager without the input of Members and Investors and no assurances can be given that any such change in investment strategy or operations would not be adverse to the interests of the Members and Investors in any Company Series or result in a material adverse effect on the Company's or Company Series' business, operating results and financial condition.

***The Company's or Any Company Series' Success Depends on Performance of Co-Investors, Partners, Distributors, Contractors and Suppliers***

The performance of the Company and any Company Series will be dependent on its co-investors, corporate partners, distributors, contractors and suppliers during the execution of the Company's business plan. The loss of or lack of performance by the Company's or any Company Series' co-investors, corporate partners, distributors, contractors or suppliers that provide key products or services associated with the acquisition, development, construction or operation of a Company Series property could harm the Company's or Company Series' business, financial condition, cash flow and performance. In the event a Company or Company Series' project co-investor is unable to timely provide funds in accordance with any investment agreements or construction contracts, the Company or Company Series may be required to provide additional funds to a project or possibly lose its investment in the project if adequate funds are not reasonably available and the project is abandoned. Similarly, in the event that a key supplier of either labor or products to the operations of a Company or Company Series property were to be unable to perform their duties, the Company or Company Series may experience increased expenses or possibly the inability to complete a project or operate until the labor or products are replaced. Loss of or non-performance of a co-investor, corporate partner, distributor, contractor or supplier may cause adverse material effect on the Company's or any Company Series' operating results and financial condition. Consequently, a prospective purchaser should not invest in the Company or any Company Series unless the Member and Investor is willing to entrust the Company Manager's selection of co-investors and the selection and contracting of corporate partners, contractors and suppliers to provide key products and services to the Company and any Company Series' properties or projects.

***Damage to Reputation Could Negatively Impact Company Business, Results of Operations and Financial Condition***

The Company's reputation and the quality of the Company's brand, operations and real properties are critical to our business success and will be instrumental to the Company's future success as it forms and enters into new projects and markets. Any incident that erodes confidence in the Company's brand, operations or properties could significantly reduce the Company's value and damage the Company's brand, business and future business opportunities. The Company and any Company Series may be adversely affected by any negative publicity, regardless of its source or accuracy. Also, there has been a marked increase in the use of social media platforms and similar devices, including blogs, social media websites and other forms of internet-based communications that provide individuals with access to a broad audience. The availability of information on social media platforms is virtually immediate as is its impact. Information posted may be adverse to the Company's interests or may be inaccurate, each of which may harm the Company's or a Company Series' brand, performance, prospects or business. The harm may be immediate and may disseminate rapidly and broadly, without affording us an opportunity for redress or correction. The costs to the Company or a Company Series to correct inaccuracies or attempt to repair any reputational damage to Company's or Company Series' brand, operations or properties may be significant and require material expenditures over an unknown duration. Reputational damage could result in a material adverse effect on the Company's or a Company Series' brand, business, operating results and financial condition.

***The Company Possesses Right to Change and Mix its Investment Profile***

The Company reserves the right, in the sole and absolute discretion of Manager, to modify, change or revise the typical investment profile and the mix of real properties that the Company or a Company Series invests in or otherwise participates in the acquisition, development or operation thereof. Company Series may materially differ in the type, size, source of revenue and location of real property and what projects that the Manager may seek to invest. Accordingly, Investors have no guarantee, and should not assume that the real property-class mix, investment mix and profile of the Company and any Company Series thereunder will not change substantially over time.

***The Company Series Real Property Portfolio May Not Be Diversified***

The Company and a Company Series' potential profitability and the ability to diversify Company investments may be limited, both geographically and by the type or size of real properties acquired, developed and operated. The Company will be able add further Company Series to purchase real property or develop additional property only to the extent that additional funds are raised to execute the Company's business plan. Given the limited number of desirable or available real property assets in the geographic areas the Company is targeting, the Company's and Company Series' properties may not be well diversified either geographically or by real property class, and the economic performance thereof could be affected by changes in local economic conditions or changes uniquely affecting one or more particular asset classes. Similarly, if adverse environmental events occur such as surface water flooding or an extreme high-wind event impact a wide geographic area in which the Company has real property or active projects, the Company and specific Company Series may incur material expenses or losses associated with those regional assets. The Company and any Company Series performance is therefore linked to the prevailing conditions in the geographic regions in which the Company will acquire, develop and operate real property assets and in the target market for real estate properties generally. Therefore, to the extent that there are adverse environmental, political or economic conditions in the geographic region in which Company properties are located and in the market for the class of real estate properties the individual Company Series own, such conditions could result in a material adverse effect on the Company's or Company Series' business, operating results and financial condition.

***Individual Company Series Investments Are Not Expected to be Diversified***

Each Company Series is intended to own and operate a single real property or invest in a single development project as its sole asset. Each Company's Series' return on investment will depend on the revenues generated by such single real property or project and the anticipated appreciation of the economic value of that Company Series' asset over time. These, in turn, are determined by such factors including but not limited to, national and local economic cycles and conditions, financial markets and the economy, competition from existing properties as well as future properties and government regulation (such as tax and building code charges). The market value of a real property or project, for a variety of reasons, may decline substantially after a Company Series purchases it. Each Company Series will participate or own a single real property or real property project and as a result of this non-diversified investment strategy, unanticipated capital expenditures could lead to a Company Series' inability to pay dividends or distributions to Members or the loss of Members' investment entirely. Further, each Company Series' distributable proceeds stream will depend on the revenues generated by such real property or project and the anticipated appreciation of the economic value thereof over time of the Company Series ownership therein. Additionally, a Company Series might not be able to fund an unexpected major capital expenditure or uninsured loss in the single property or project and this could lead to a material or complete loss of a Member's investment in any particular Company Series.

***Limited Transferability and Liquidity***

To satisfy the requirements of certain exemptions from registration under the Securities Act, and to conform with applicable state securities laws, each Investor must acquire the Class A Units for investment purposes only and not with a view towards sale or distribution. Consequently, certain conditions of the Securities Act may need to be satisfied prior to any sale, transfer, or other disposition of the Class A Units. Some of these conditions may include a minimum holding period, availability of certain reports, including financial statements from the Company, limitations on the percentage of Class A Units sold and the manner in which they are sold. The Company can prohibit any sale, transfer or disposition unless it receives an opinion of counsel provided at the holder's expense, in a form satisfactory to the Company, stating that the proposed sale, transfer or other disposition will not result in a violation of applicable federal or state securities laws and regulations. The Company's Units are not presently included for trading on any exchange, and there can be no assurances that the Company will ultimately be registered on any exchange. No assurance can be given that any of the Units of the Company will ever qualify for inclusion on the NASDAQ System or any other trading market. No public market exists for the Company's Units and no market is expected to develop. Consequently, owners of the Class A Units may have to hold their investment indefinitely and may not be able to liquidate their investments in the Company or pledge them as collateral for a loan in the event of an emergency. Further, additional limitations on any potential or contemplated transfer of Units may be expressly defined in the Company's Operating Agreement or Series Designation.

***Long Term Nature of Investment in Company***

An investment in the Class A Units of this Offering may be long term and illiquid. As discussed above, the offer and sale of the Class A Units will not be registered under the Securities Act or any foreign or state securities laws by reason of exemptions from such registration which depends in part on the investment intent of the investors. Prospective investors will be required to represent in writing that they are purchasing the Class A Units for their own account as a long-term investment and not with a view towards resale or distribution. Accordingly, purchasers of Class A Units must be willing and able to bear the economic risk of their investment in the Company for an indefinite time period. It is likely that any investor will not be able to liquidate their investment in the Class A Units the event of an emergency.

***No Current or Expected Future Market for Units***

There is no current market for the Class A Units offered in this Offering and no market for any of the Company's Units is expected to develop in the near future.

***Offering Price***

The price of the Company's Class A Units offered has been arbitrarily established by the Company, considering such matters as the state of the Company's business development and the general condition of the industry in which it operates. The Offering price bears little relationship to the assets, net worth, or any other objective criteria of value applicable to the Company or a Company Series.

***The Company's Operating Agreement contains Choice of Forum, Mandatory Mediation and Arbitration, Waiver of Jury Trial Provisions***

The Company's Operating Agreement requires that all suits and comparable legal actions relating to the Operating Agreement and between Members be solely the exclusive jurisdiction of the Chancery Court in the State of Delaware (and of the appropriate appellate courts therefrom). The Operating Agreement requires that any and all disputes, claims or controversies arising out of or relating to the Operating Agreement shall be submitted for mediation through the assistance of a practiced litigator, and if the matter is not resolved through mediation, then it shall be submitted to JAMS, or its successor, for final and binding arbitration to be performed, either in person or virtually, in Denver, Colorado. The Operating Agreement further limits the right of Company Members to litigate claims through a court solely before a judge, and Members voluntarily waive their rights to a trial by jury in any litigation relating to the Operating Agreement, the Class A Units, or the Company, not including claims under U.S. federal securities laws. These provisions may (1) increase the costs for an investor to bring a claim, (2) limit access to information relative to litigation, (3) discourage the bringing of claims, and (4) limit investors' ability to bring a claim in a judicial forum that they find favorable.

***Projections: Forward Looking Information***

The Manager has prepared projections regarding the Company's or Company Series' anticipated financial performance. The Company's projections are hypothetical and based upon factors influencing the business of the Company and any Company Series. The projections are based on the Manager's best estimate of the probable results of operations of the Company Series, based on present circumstances, and have not been reviewed by the Company's independent accountants. These projections are based on several assumptions, set forth therein, which the Manager believes are reasonable. Some assumptions upon which the projections are based, however, invariably will not materialize due to the inevitable occurrence of unanticipated events and circumstances beyond the Company Manager's control. Therefore, actual results of operations will vary from the projections, and such variances may be material. Assumptions regarding future changes in revenues and costs are necessarily speculative in nature.

In addition, projections do not and cannot take into account such factors as general economic conditions, unforeseen regulatory changes, the entry into the Company's target market of additional competitors, the terms and conditions of future capitalization, and other risks inherent to the Company's business. While the Manager believes that the projections accurately reflect possible future results of the Company's operations, those results cannot be guaranteed.

***The Company's Success Will Depend Upon the Acquisition and Development of Real Property by the Manager Who May be Unable to Consummate Land Acquisition or Development on Advantageous Terms, and the Developed Properties May Not Perform as Expected***

The Company and Company Series intend to participate in the acquisition, development, construction, operation and disposition of real property assets. The acquisition, development and disposition of real property entails various risks, including the risks that the real estate assets may not perform as expected, that Company or Manager may be unable to quickly and efficiently integrate new assets into its existing operations and the cost estimates for the development, construction, lease, operation or sale of any real property asset may prove inaccurate. These risks may result in a material adverse effect on Company's business, which in turn would result in a material adverse effect on the Company's or Company Series' business, operating results and financial condition.

***Reliance on the Manager to Select Appropriate Properties and Investments***

The Company's and any Company Series' ability to achieve its investment objectives is dependent upon the performance of the Manager's team in the selection of appropriate real property for acquisition or investment and the development and operation of real properties. Investors in the Class A Units offered may have no meaningful opportunity to evaluate the terms of any proposed real property transactions or other economic or financial data concerning Company's investments after Series proceeds have been invested. Investors in the Class A Units must rely entirely on the Manager's knowledge, skill and ability and Manager's members, Officers, employees and advisors in their processes related to real property selection, investment and disposition.

***Company Expects to Invest in Properties Operating in a Highly-Regulated Environment***

The Company expects to invest in real properties related to and the development of single-family and multi-family residential structures and communities, mixed-use structures and commercial properties that when being constructed, and thereafter operating, are subject to a wide range of Federal, State, and local laws and regulations. Multi-family and mixed-use communities as well as some types of commercial facilities in which the Company may invest are highly regulated by government entities and rules including, but not limited to, building departments and construction codes, environmental codes, health codes and food safety inspections, hazardous material identification and storage, pharmaceutical storage and distribution, and health-care personnel licensing. The violation of these or future requirements or laws and regulations could result in administrative, civil, or criminal sanctions against the Company or a Company Series, which may adversely impact the Company's business, results of operations and financial condition.

***Delays in Real Property Development, Construction or Operations***

Delays the Company and Manager may encounter in the development of residential properties and any other type of real property include government-related delay such as the permitting, inspection or certificate-of-occupancy processes; construction-related delays such as weather, adverse site conditions and material- or labor-supply disruptions; and finance-related delays such as extended due diligence processes, funding and closing procedures. Delays in initiating or completing any acquisition, development or renovation project or the operations of a Company Series property could result in a material adverse effect on the Company's business, operating results and financial condition.

***Manager's Discretion in the Future Disposition or Company's Exit of Properties or Investments***

The Company's Manager cannot predict with any certainty the various market conditions affecting any Company real property or real estate investments which will exist at any particular time in the future. Due to the uncertainty of various market conditions which may affect the future market value or disposition of any of the Company's or Company Series' properties, the Company cannot assure the Investor that a Company Series will be able to sell any specific real property or exit a real property investment at a profit in the future. Accordingly, the timing of liquidation of any Company Series real property or real estate investment will be dependent upon fluctuating market conditions which in turn could result in a material adverse effect on the Company's business, operating results and financial condition.

***Real Property Investments are Not as Liquid as Other Types of Assets, Which May Reduce Economic Returns to Investors***

Real property and real estate investments are not easily converted into cash (a.k.a. "liquid") as other types of investments, and this lack of liquidity may limit the Company Manager's ability to react promptly to changes in economic, financial, investment or other conditions. In addition, significant expenditures associated with real property and real estate investments, such as mortgage payments, real estate taxes and maintenance costs, are generally not reduced when circumstances cause a reduction in income or cash flow from the investments. Thus, the Company Manager's ability at any time to sell or liquidate Company or Company Series assets or exit a real property investment may be restricted. This lack of liquidity may limit the Company's ability to vary its portfolio promptly in response to rapid changes in economic financial, investment or other conditions and, as a result, could cause a material adverse effect on the Company's business, operating results and financial condition.

***The Company May be Unable to Lease or Sell a Property If or When Manager Decides to Do So, Including as a Result of Uncertain Market Conditions, Which Could Adversely Affect the Return on an Investment in the Company***

The Company Manager's ability to lease or sell real properties on advantageous terms depends on factors beyond the Company's control, including competition from other sellers and investors, and the availability of attractive financing for potential buyers of the Company's real property assets or investments. The Company's Manager cannot predict the various market conditions affecting real estate investments which will exist at any particular time in the future. Due to the uncertainty of market conditions which may affect the future disposition of the properties Company acquires, the Company cannot assure its Investors that a Company Series will be able to lease or sell such properties at a profit in the future. Accordingly, the extent to which the Company's Members will receive cash distributions and realize potential appreciation on Company's or Company Series' real estate investments will be dependent upon fluctuating market conditions. Furthermore, the Company or Company Series may be required to expend funds to correct defects or to make improvements before a property can be leased or sold. The Company or any Company Series cannot assure the Investors that it will have funds available to correct such defects or to make such improvements. In developing real property, the Company may agree to restrictions that prohibit the sale of that property for a specified period or impose other restrictions, such as a limitation on the amount of debt that can be placed or repaid on that real property. These provisions would restrict the Company or Company Series' ability to sell a real property asset, which in turn could result in a material adverse effect on the Company or any Company Series' business, operating results and financial condition.

***Illiquidity of Real Estate Investments Could Significantly Impede Company's Ability to Respond to Adverse Changes in the Company Performance and Harm Company's Financial Condition***

Since real property and real estate investments are relatively illiquid, the Company's or Manager's ability to promptly sell the real property asset(s) of any Company Series in response to changing economic, financial and investment conditions may be limited. In particular, these risks could arise from weakness in, or even the lack of an established market for a real property asset, changes in the financial condition or prospects of prospective purchasers, changes in local, regional national or international economic conditions, and changes in laws, regulations or fiscal policies of jurisdictions in which the real property asset is located. The Company may be unable to realize its investment objectives by sale, other disposition or refinance of any real property asset at attractive prices within any given period of time or may otherwise be frustrated or unable to complete any exit strategy. The inability to quickly dispose of any real property due to rapidly changing market conditions could result in a material adverse effect on the Company or any Company Series' business, operating results and financial condition.

***The Terms of New or Renewal Leases May Result in a Reduction in Income and Valuation***

The terms of new or renewal leases at a Company Series property or real property investment may be less favorable to the Company or Company Series than the initial or preceding lease terms in which the property operated under. Certain significant expenditures that the Company or Company Series, as a landlord, may be responsible for, such as loan payments, real estate taxes, utilities and maintenance costs generally are not reduced as a result of a reduction in rental revenues. If lease rates for new or renewal leases are substantially lower than those for the previous leases, the Company's or Company Series' rental income and the real property's market value might suffer a significant reduction. Additionally, the Company may not be able to sell the affected property at the price, on the terms or within the time frame the Company or Company Series may seek due to the reduction(s) in the lease revenue and operating income. Changes in lease terms at any Company real property asset or investment may result in a material adverse effect on the Company's business, operating results and financial condition.

***The Company May Be Unable to Lease Company Properties***

If real property owned by a Company Series experiences a significant decrease in demand, for any reason, or the Company Series is not able to sufficiently develop and then lease and relet a significant portion of available and soon-to-be-available residential or commercial space, the Company Series' financial condition, results of operations, cash flow, the market value of Company interests and the ability to satisfy debt obligations and make distributions to members could be adversely affected. An inability to lease all or portions of Company real property assets or investments may result in a material adverse effect on the Company or a Company Series' business, operating results and financial condition.

***Real Property Acquired by Company May Have Liabilities or Other Encumbrances***

The Company's Manager intends to perform appropriate due diligence for each property it acquires, develops and operates or where the Company may possess a financial interest therein through capital investment. The Company also will seek to obtain appropriate representations and indemnities from sellers in respect of such properties or other investments. The Company and Manager may, nevertheless, acquire properties or other real property investments that are subject to uninsured liabilities or that otherwise have encumbrances potentially affecting their value. In some instances, the Company or Company Series may have only limited or perhaps even no recourse for any such liabilities or other encumbrances or, if the Company Series has received indemnification from a seller, the resources of such seller may not be adequate to fulfill seller's indemnity obligation. As a result, the Company or Company Series could be required to resolve or cure any such liability or other encumbrance, and such efforts and expenses could have an adverse effect on Company's resources or cash flow available to meet other expenses, which in turn could result in a material adverse effect on the Company's or Company Series' business, operating results and financial condition.

***The Company's Investments May be Subject to Risks from the Use of Borrowed Funds***

The Company's Manager expects at various times during business plan execution to develop or acquire real property by borrowing funds. Company and Manager may also incur or increase its indebtedness by obtaining loans secured by certain properties in order to use the proceeds for further development of a property or other Company business purpose. In general, for any particular real property, the Company and Manager expect that the property's cash flow will be sufficient to pay the cost of its mortgage indebtedness, in addition to the operating and related costs of the real property. However, if there is insufficient cash flow from the property, Company or Company Series may be required to use funds from other sources to make the required debt service payments, which generally would reduce the amount available for distribution to the Company or Company Series, which in turn would reduce the amount of distributions made to Investors. The incurrence of mortgage indebtedness increases the risk of loss from Company's investments since one or more defaults on mortgage loans secured by its properties could result in foreclosure of those mortgage loans by the lenders with a resulting loss of the Company or Company Series' investment in the property securing the loan(s). For tax purposes, a foreclosure of one (1) of Company Series' properties would be treated as a sale of the property for a purchase price equal to the outstanding balance of the indebtedness secured by the mortgage. If that outstanding balance exceeds the Company Series' tax basis in the property, the Company Series would recognize a taxable gain as a result of the foreclosure, but it would not receive any cash proceeds as a result of the foreclosure transaction. This in turn could result in a material adverse effect on the Company Series operating results and financial condition.

Mortgage loans or other financing arrangements with balloon payments in which all or a substantial portion of the original principal amount of the loan is due at maturity, may involve greater risk of loss than those financing arrangements in which the principal amount of the loan is amortized over its term.

At the time a balloon payment is due, the Company or Company Series may or may not be able to obtain alternative financing on favorable terms, or at all, to make the balloon payment or to sell the property in order to make the balloon payment out of the sale proceeds. If interest rates are higher when the Company or any Company Series obtains replacement financing for its existing loans, the cash flows from its properties, as well as the amounts Company or Company Series may be able to distribute to its Investors, including the Company, could be reduced, which in turn would reduce the amount available to the Company to distribute to Investors. If interest rates are higher when the Company or Company Series obtains replacement financing for its existing loans, the cash flows from its properties could be materially reduced, which in turn would reduce the amount available to the Company or Company Series to distribute to Investors. In some instances, the Company or Series may only be able to obtain recourse financing, in which case, in addition to the property or other investments securing the loan, the lender may also seek to recover against Company's other assets for repayment of the debt. Accordingly, if the Company or Company Series does not repay a recourse loan from the sale or refinancing of the property or other investment securing the loan, the lender may seek to obtain repayment from one or more of Company's other assets. This in turn could result in a material adverse effect on the Company's business, operating results and financial condition.

***Uninsured Losses Relating to Real Property May Adversely Affect Company***

The Company's Manager will attempt to assure that all of Company's and Company Series' real properties are comprehensively insured (including but not limited to liability, fire, and extended coverage) in amounts sufficient to permit replacement in the event of a total loss or cover incurred liabilities, subject to applicable deductibles. However, to the extent of any such deductible is incurred and in the event that any of the Company's or Company Series' properties incurs a casualty loss or operating liability which is not fully covered by insurance, the value of Company's or Company Series' assets will be reduced by any such loss or liability. Also, certain types of losses, generally of a catastrophic nature, resulting from, among other things, earthquakes, floods, tornados, hurricanes, riots, mayhem or terrorist acts may not be insurable or even if they are, such losses may not be insurable on terms commercially reasonable to the Company or Company Series. Further, the Company or any Company Series may not have a sufficient external source of funding to repair or reconstruct a damaged property or pay the outstanding liability; there can be no assurance that any such source of funding will be available to Company or any Company Series for such purposes in the future. In the event of a loss or liability not covered by insurance policies could result in a material adverse effect on the Company's business, operating results and financial condition.

***Competition For Real Property Investments May Increase Costs and Reduce Returns***

The Company and Manager will experience competition for real property and real property investments from various sources including individuals, corporations, and bank and insurance company investment accounts, as well as other real estate limited partnerships, real estate investment funds, commercial developers, pension plans, other institutional and foreign investors and other entities engaged in real estate investment activities. The Company and Manager may experience competition from other developers and the sophisticated investors in those competing real-property developers and investors. The Company and Manager will likely compete against other potential purchasers of high-quality commercial properties leased to credit-worthy tenants, residential properties and developable land, and because of a numerous economic factors, there may be greater competition for the properties of the type in which Company and Manager will seek to acquire and develop. Some of these competing entities may have greater financial and other resources allowing them to compete more effectively than the Company or any Company Series. This competition may result in the Company or a Company Series paying higher prices to acquire and develop real properties than it otherwise would, or the Company may be unable to acquire properties that the Manager believes meet its investment objectives and are otherwise desirable investments. Competition may increase the costs of land, labor and materials for any Company investments and decrease the intended lease rates or the potential return on invested capital from the real property assets developed or owned and operated by the Company or any Company Series. These market participants and competitors could cause material adverse effects on the Company's or any Company Series' operating results and financial condition.

In addition, the Company or any Company Series real property may be located close to other properties that are owned by other real estate investors that compete with any Company Series for tenants or buyers. These competing properties may be better located and more suitable for desirable tenants or buyers than the Company Series' properties, resulting in a competitive advantage for these other non-Company affiliated real properties. This competition may limit any Company Series' ability to lease space, increase its costs of securing tenants, limit its ability to charge rents and/or require it to make capital improvements it otherwise might not make to lease or dispose of its properties. As a result, alternative market offerings and products could cause a material adverse effect on the Company Series' business, operating results and financial condition.

***Risks of Real Property Ownership that Could Affect the Marketability and Profitability of Company or Company Series Properties***

There is no assurance that any Company Series real properties will be profitable or that the income and cash generated from operations of any Company Series real property will be available for distribution, which in turn may decrease the distributions the Company or any Company Series may be able to make to its Members. Real property, like many other types of long-term investments, historically has experienced significant fluctuations and cycles in value and specific-market conditions may result in occasional or permanent reductions in the value of real property interests. The marketability and value of real property will depend upon many factors beyond the control of the Company and Manager, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Changes in general or local economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;2. Changes in supply or demand of competing real property in a geographic area or property type (e.g., as
a result of over-building);

&nbsp;&nbsp;&nbsp;&nbsp;3. Changes in interest or tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;4. Promulgation and enforcement of governmental regulations relating to land use and zoning restrictions,
environmental protection and occupational safety;

&nbsp;&nbsp;&nbsp;&nbsp;5. Condemnation and other taking of property by the government;

&nbsp;&nbsp;&nbsp;&nbsp;6. Unavailability of mortgage funds that may increase borrowing costs and/or render the sale of a real property
difficult;

&nbsp;&nbsp;&nbsp;&nbsp;7. Unexpected environmental conditions;

&nbsp;&nbsp;&nbsp;&nbsp;8. Financial condition of tenants, ground lessees, ground lessors, buyers and sellers of real property;

&nbsp;&nbsp;&nbsp;&nbsp;9. Changes in real estate taxes and any other operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;10. Energy and supply shortages and the resulting increases in operating costs or the costs of materials and
construction;

&nbsp;&nbsp;&nbsp;&nbsp;11. Various uninsured, underinsurance or uninsurable risks (such as losses from terrorist acts), including
risks for which insurance is unavailable at reasonable rates or with reasonable deductibles; and,

&nbsp;&nbsp;&nbsp;&nbsp;12. Imposition of unfavorable tenancy laws or government-mandated rent controls.

***Environmental Regulation and Issues, Certain of Which the Company May Have No Control Over, May Adversely Impact the Company's Business***

Federal, State, City and local environmental laws, ordinances and regulations impose environmental controls, disclosure rules and zoning restrictions which directly impact the use, or sale of real property. Such laws and regulations tend to discourage sales and leasing activities and mortgage lending with respect to some properties and may therefore adversely affect the Company specifically, and the real estate industry in general. A current or previous owner or operator of real property may be liable for the cost of removal or remediation of hazardous or toxic substances on, under or in such property. Such laws often impose liability whether or not the owner or operator knew of, or was responsible for, the presence of such hazardous or toxic substances. Failure by the Company Manager to uncover and adequately protect against environmental issues in connection with the acquisition or development of real property may subject a Company Series to liability as the buyer of such real property or asset. Environmental laws and regulations impose liability on current or previous real property owners or operators for the cost of investigating, cleaning up or removing contamination caused by hazardous or toxic substances at the property. Environmental laws also may impose restrictions on the manner in which property may be used or businesses may be operated, and these restrictions may require expenditures.

Liability for environmental issues can be imposed even if the original actions were legal and the former owner or the Company or Company Series had no knowledge of, or was not responsible for, the presence of the hazardous or toxic substances. Environmental laws provide for sanctions in the event of non-compliance and may be enforced by governmental agencies or, in certain circumstances, by private parties. In connection with the development and ownership of properties, the Company and Company Series may be potentially liable for compliance-related costs. The cost of defending against claims of liability, complying with environmental regulatory requirements or remediation any contaminated property could materially adversely affect the business, assets or results of operations of the Company or Company Series. The Company or Company Series may also be held responsible for the entire payment of the liability if the Company or Company Series is subject to joint and several liability and the other responsible parties are unable to pay. Further, the Company or Company Series may be liable under common law to third parties for damages and injuries resulting from environmental contamination emanating from the site. Insurance for such environmental matters may not be available or available on terms acceptable to Company. Environmental issues and matters could result in a material adverse effect on the Company's business, operating results and financial condition.

***Americans with Disabilities Act (ADA) Compliance***

Under the Americans with Disabilities Act of 1990 (the "ADA"), all public properties are required to meet certain federal requirements related to access and use by disabled persons. Properties acquired by the Company or Company Series or in which the Company and a Company Series makes an investment may not be in full compliance with the ADA. If a property is not in compliance with the ADA, the Company Series may be required to make modifications to such property to bring it into compliance with the ADA, or face the possibility of imposition, or an award, of damages to private litigants. In addition, changes to administrative rules and regulations or enforcement policies affecting the use or operation of any Company Series real property, including changes to building, fire and life-safety codes, may occur which could result in the Company Series experiencing increased expenses or capital investment and causing a material adverse effect on the Company or Company Series' business, operating results and financial condition.

***Adverse Weather Events Could Cause Property Damage, Increase Costs or Delay Projects***

Real property owned or invested in by the Company or a Company Series may experience adverse weather events, such as but not limited to, extended extreme low-temperature freezing, high winds, hail storms or surface water flooding, which could cause direct or indirect damage to Company's real estate assets or materially delay development and construction projects. Direct or indirect damage caused during adverse weather events may require unanticipated repairs, maintenance, and tenant dislocation, all of which could increase costs for the Company Series and reduce profitability or asset values. Even in the event insurance policies cover the event causing property damage or loss(es), the expense of any applicable deductible and the damage repair or loss of property use may not be fully covered by insurance, and the value of the Company Series asset(s) will be reduced by any such loss(es). The Company Series may be required to expend funds to remedy damage to real property, delay or increase the cost of development or construction, or possibly cause the Company Series to abandon the development of a real property. Adverse weather events could result in a material adverse effect on the Company or any Company Series' business, operating results and financial condition.

***Loss of Property Utilities Could Cause Property Damage and Increase Costs***

Any Company Series real property may experience short-term or long-term loss of utilities such as electric, natural gas, potable water, wastewater sewer and storm sewer systems. In the event there is a loss of electric or natural gas utilities during a sustained period of below-freezing temperatures, the loss of heating systems could cause direct or indirect damage to Company Series' real estate assets. Similarly, failure of a storm sewer system not owned or controlled by the Company Series during a high-rainfall event may cause flooding either in the vicinity of, on or inside a Company property thereby causing direct or indirect damage to the Company Series real estate assets due to flooding that may not be covered by an insurance policy. Lastly, loss of electricity for an extended period of time can shut down air-conditioning systems such that humidity levels increase and allow for conditions that are conducive for mold growth. Such direct or indirect damage may require unanticipated repairs, maintenance, and tenant dislocation, all of which could increase costs for Company Series and reduce its profitability. Insurance policies may cover the event causing property, though the expense of any deductible and the damage repair or loss of property use is not fully covered by insurance, the value of Company Series asset(s) will be reduced by any such loss(es). Loss of utilities, especially for an extended period of time, could result in a material adverse effect on a Company Series' business, operating results and financial condition

***Real Estate May Develop Harmful Mold, Which Could Lead to Liability for Adverse Health Effects and Costs of Remediating the Problem***

When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Concern about indoor exposure to mold has been increasing as exposure to mold may cause a variety of adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold at any Company property could require the Company Series to undertake a costly remediation program to contain or remove the mold from the affected property. In addition, the presence of significant mold could expose a Company Series to liability from its tenants, employees of such tenants, Company agents or employees and other persons present on the property if health concerns arise. The presence of excessive mold or certain types of mold at a Company Series property could result in a material adverse effect on the Company or Company Series' business, operating results and financial condition.

***Real Estate May Contain Radon Gas, Which Could Increase Maintenance Costs or Incur Costs of Remediation***

Radon is a naturally occurring radioactive gas caused by the degradation of uranium in soil, found in low-average concentrations in ambient air, can increase in concentration inside an enclosed structure and recognized as a cause of lung cancer. Laws regarding testing and disclosure of radon-related information known to a property owner or landlord to prospective buyers or tenants are different in, and specific to, each state. The USEPA has set an indoor air concentration of four (4.0) pCi/L as a threshold in which remedial action to lower the indoor air concentration should be instituted. While no uniform radon testing, disclosure or remediation requirements currently exist across all states, some states and financial institutions do require or compel radon testing and remediation systems where site conditions require compliance with regulatory or lender requirements. Future radon-related compliance activity, liabilities or potential sanctions could result in a material adverse effect on the Company or a Company Series' business, operating results and financial condition.

***Real Estate May Contain Lead Pipes or Lead-based Paint, Which Could Increase Maintenance Costs or Cause Liability for Adverse Health Effects and Costs of Remediation***

Lead pipes, pipe fittings, fixtures and solder were commonly utilized throughout the United States prior to being banned in 1986. Lead-based paint was commonly utilized in and on structures throughout the United States prior to it being banned from production and use in 1978. Lead is a serious health-hazard for humans of all ages, especially children, with predominant exposure routes being ingestion or inhalation. Ingestion sources can come from the metal leaching from pipes and fixtures into domestic water or lead-based paint chips and dust. Inhalation sources can come from lead-based paint chips and dust. Property containing lead-based paint or lead pipes are suitable residences and businesses but require additional maintenance programs and procedures to limit the potential for lead exposure to occupants. Excessive lead exposure to occupants at any of Company's properties could require Company to undertake a costly remediation program to contain or remove the lead source from the affected property. In addition, the presence of significant lead-exposure sources could expose Company to liability from its tenants, employees of such tenants and other third parties if property damage or health concerns arise. In extreme circumstances, properties with high-lead exposure rates can be declared health hazards and their use, or remediation requirements, governed by applicable state agencies.

Property owners and landlords, agents and property managers are required to disclose any information the property owner possesses related to the existence of lead-based paint in a property constructed prior to 1978 and they may face material financial sanctions for noncompliance with the disclosure requirements. Lead-related liabilities or sanctions could result in a material adverse effect on the Company or Company Series' business, operating results and financial condition.

***Real Estate May Contain Asbestos, Which Could Increase Maintenance Costs or Cause Liability for Adverse Health Effects and Costs of Remediation***

Many products commonly utilized in construction projects throughout the United States contained asbestos prior to manufacturing limitations and the ban on certain uses being promulgated in the 1970s and 1980s. Asbestos-containing material (ACM) product categories include, but not limited to, roofing, siding, flooring, insulation, drywall-finishing, decorative-surface finishes and heating systems. Asbestos is a health-hazard and known carcinogen with predominant exposure being through inhalation. Inhalation sources are generally recognized as the release fibers and dust from ACM during maintenance, repair and renovation activities. Property containing ACM are suitable residences and businesses when the ACM remains in good condition or encapsulated but also require additional maintenance programs and procedures to limit the potential for asbestos exposure to occupants, employees and workers.

While no uniform ACM testing, disclosure or remediation requirements currently exist across all states, some states and financial institutions do require or compel testing for the presence of ACM under certain circumstances and the USEPA provides guidance on the institution of an operations and maintenance plans for ACM where they have been identified. Demolition or renovation activities at a property that include disturbing ACM require the participation and actions of licensed professionals including health and safety protocols, remediation and proper disposal of the ACM at additional costs beyond the proposed construction activity. Future asbestos-related compliance activity, liabilities or potential sanctions could result in a material adverse effect on the Company Series' operating results and financial condition. Asbestos exposure to occupants or employees at any Company Series property could require the Company Series to undertake a costly remediation program to contain or remove the asbestos source from the affected property. In addition, significant exposure to asbestos could expose the Company and Company Series to liability from its tenants, Company employees, employees of tenants and other third parties if property damage or health concerns arise. Asbestos-related property management, remediation, liabilities or sanctions could result in a material adverse effect on the Company and Company Series' business, operating results and financial condition.

***Terrorist Attacks or Other Acts of Violence or War May Affect the Industry or Region in Which the Company Operates, Company Operations and Profitability***

Terrorist attacks, acts of violence, riots, mayhem or war may harm a Company's Series real property assets or the results of operations and either directly or indirectly an Investor's investment. There can be no assurance that there will not be more terrorist attacks against the United States or U.S. businesses. These attacks, riots, mayhem or armed conflicts may directly or indirectly impact the value of the real property the Company or a Company Series owns or that secure its loans. Losses resulting from these types of intentional and violent events may be uninsurable or not insurable to the full extent of the loss suffered. Moreover, any of these events could cause local or regional consumer confidence and spending to decrease or result in increased volatility in the local, regional or national and worldwide financial markets and economies. These violent events could also result in economic uncertainty in the location or region of the events or the United States as nation or abroad. Adverse economic conditions resulting from terrorist activities could reduce demand for space in the Company's properties due to the adverse effect on the local, regional or national economy and thereby reduce the value of the affected properties or real estate investments in real property projects. Terrorist attacks, riots, mayhem or other violent events could result in a material adverse effect on the Company's business, operating results and financial condition.

***The Company Will be Subject to Risks Related to the Geographic Location of the Real Property the Company Acquires or Makes Investments***

The Company and any Company Series thereunder intends to acquire, develop, lease, operate and dispose of real property assets. If the commercial or residential real estate markets or general economic conditions in the geographic area of a Company Series real property asset declines, the Company or a Company Series may experience a greater rate of default by tenants on their leases with respect to properties in this area and the value of some or all of the real properties in the geographic area could decline. Similarly, environmental, weather or any other extreme event such as mayhem or riots can affect the region or specific location in which a Company Series owns or invests in real property. Any of these events could materially adversely affect the Company or Company Series' business, financial condition or results of operations.

***Unforeseen Changes***

While the Company has enumerated certain material risk factors herein, it is impossible to know all risks which may arise in the future. In particular, Investors may be negatively affected by changes in any of the following: (i) laws, rules, and regulations; (ii) regional, national, and/or global economic factors and/or real estate trends; (iii) the capacity, circumstances, and relationships of partners of Affiliates, the Company or the Manager; (iv) general changes in financial or capital markets, including (without limitations) changes in interest rates, investment demand, valuations, or prevailing equity or bond market conditions; or (vi) the presence, availability, or discontinuation of real estate and/or housing incentives.

***Potential Conflicts of Interest***

Potential conflicts of interest exist among the Company, Manager, members of Manager and Affiliates. The Manager of the Company and any Company Series thereunder are also potentially owners and managers or Officers for Affiliates of the Company such as a property management company that will manage the Company's real estate assets and a general contractor that will be managing construction work on the Company Series' real property assets and likely an owner of a Company Series' Class B Units. The Manager and members, Officers and employees of Manager and affiliates are permitted to devote their time to these Affiliates to the detriment of the Company or Company Series if deemed reasonable or necessary by the Manager and members, Officers and employees of Manager. See also "Conflicts of Interest" and "Affiliates" below.

***COVID-19 and Future Pandemics***

In December 2019, the 2019 novel coronavirus ("Covid19") surfaced in Wuhan, China. The World Health Organization ("WHO") declared a global emergency on January 30, 2020, with respect to the outbreak and several countries, including the United States, have initiated travel restrictions. On May 5, 2023, the WHO declared Covid19 is now an established and ongoing health issue which no longer constitutes a public health emergency. The final impacts of the outbreak, and economic consequences, are unknown and still evolving. The Covid19 health crisis adversely affected the U.S. and global economy, resulting in an economic downturn. A similar new pandemic occurrence could impact demand for the Company's services. The future impact of the outbreak remains highly uncertain and cannot be predicted and there is no assurance that the outbreak will not have a material adverse impact on the future results of the Company. The extent of the impact, if any, will depend on future developments, including actions taken to contain the coronavirus or other rapidly transmitted viruses. Any future novel virus or pandemic could result in a material adverse effect on the Company's business, operating results and financial condition.

***Changes in Governmental Rules and Regulations Could Affect Company Series Profitability***

Changes in governmental rules and regulations or enforcement policies affecting the development, use or operation of any Company Series property, could include, and are not limited to, changes to building, fire and life-safety codes; licensing and permitting requirements; labor laws; product import restrictions or tariffs; or other governing regulations may occur which could have negative economic consequences to the Company or any Company Series, which in turn could result in a material adverse effect on the Company's or any Company Series' business, operating results and financial condition.

***Cyber Security Threats, Attacks and Other Disruptions Could Negatively Impact Company***

The Company may face advanced and persistent attacks on our information infrastructure where the Company and any Company Series may manage and store various proprietary information and sensitive/confidential data relating to Company and Company Series operations. These attacks may include sophisticated malware (viruses, worms, and other malicious software programs) and phishing emails that attack Company or Company Series products or otherwise exploit any security vulnerabilities. These intrusions sometimes may be zero-day malware that are difficult to identify because they are not included in the signature set of commercially available antivirus scanning programs. Experienced computer programmers and hackers may be able to penetrate Company network security and misappropriate or compromise our confidential information or that of Company Members or other third parties, create system disruptions, or cause shutdowns. Additionally, sophisticated software and applications that the Company or Company Series produces or procures from third parties may contain defects in design or manufacture, including "bugs" and other problems that could unexpectedly interfere with the operation of the information infrastructure. A disruption, infiltration or failure of our information infrastructure systems or any of our data centers as a result of software or hardware malfunctions, computer viruses, cyber-attacks, employee theft or misuse, power disruptions, natural disasters or accidents could cause breaches of data security, loss of critical data and performance delays, which in turn could materially adversely affect the Company's or any Company Series' business, results of operations and financial condition.

***The Company May Not Be Able to Obtain Trademark Protection for Company Marks Which Could Impede Efforts to Build Brand Identity and Goodwill***

The Company may file trademark applications with the United States Patent and Trademark Office ("USPTO") seeking registration of Company marks. There can be no assurance that the applications will be successful or that the Company will be able to secure significant protection for the Company trademarks in the United States or elsewhere. Company competitors or others could adopt product or service marks similar to the Company marks, or try to prevent the Company from using the Company marks, thereby impeding the Company's ability to build brand identity and possibly leading to customer confusion. Any claim by another party against the Company or customer confusion related to the Company trademarks, or the Company's failure to obtain trademark registration, could harm the Company business, operations and financial condition.

**Operating Agreement Provides for Binding Arbitration to Settle Disputes Between Company and Members, and Members Waive Their Right to Choice of Venue and Jury Trial.**

Each Investor and Company Series Member will covenant and agree to settle any controversy, dispute or claim arising out of or relating in any way to the Operating Agreement or the performance of any obligations thereunder, by having representatives of the parties meeting in good-faith with a third-party mediator who has previously practiced law as a litigator, to resolve the controversy, dispute or claim. If unresolved following good-faith mediation, the parties agree that any continuing any controversy, dispute or claim arising out of or relating in any way to the Operating Agreement or the performance of any obligations thereunder shall be settled exclusively by arbitration filed in and administered by the American Arbitration Association (AAA) Miami, Florida office. Such arbitration shall be settled by arbitration administered by the AAA in accordance with its then prevailing Commercial (or other) Arbitration Rules, by one (1) independent and impartial arbitrator selected in accordance with such rules.

In the event a Class A Member were to bring a claim against the Company, any Company Series or the Manager pursuant to the Operating Agreement and such claim was governed by state law, the Member would have to bring such claim in the Fourth Judicial District Court for the State of Idaho in Boise, Idaho. The Operating Agreement, to the fullest extent permitted by applicable law and subject to limited exceptions, provides for investors to consent to exclusive jurisdiction to Fourth Judicial District Court for the State of Idaho in Boise, Idaho and for a waiver of the right to a trial by jury, if such waiver is allowed by the court where the claim is brought.

In the event the Company opposed a jury trial demand based on the waiver, the 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 the Company's 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 the United States Supreme Court. However, the Company believes that a contractual pre-dispute jury trial waiver provision is generally enforceable, including under the laws of the Delaware, which govern the Operating Agreement, by a federal or state court in the State of Idaho, which has exclusive jurisdiction over matters arising under the Operating Agreement. In determining whether to enforce a contractual pre-dispute jury trial waiver provision, courts will generally consider whether a party knowingly, intelligently and voluntarily waived the right to a jury trial.

The Company believes that this is the case with respect to the Operating Agreement and the Company's and any Company Series' interests. It is advisable that any prospective purchaser of any Class A Units consult legal counsel regarding the jury waiver provision before entering into the Operating Agreement. Nevertheless, if the jury trial waiver provision is not permitted by applicable law, an action could proceed under the terms of the Operating Agreement with a jury trial. No condition, stipulation or provision of the Operating Agreement or the Company's interests serves as a waiver by any or beneficial owner of Company interests or by the Company of compliance with the U.S. federal securities laws and the rules and regulations promulgated thereunder. Additionally, the Company does not believe that claims under the federal securities laws shall be subject to the jury trial waiver provision, and the Company believes that the provision does not impact the rights of any or beneficial owner of Company interests to bring claims under the federal securities laws or the rules and regulations thereunder.

These provisions may have the effect of limiting the ability of Investors and Members to bring a legal claim against the Company, any Company Series or the Manager due to geographic limitations and may limit a Member's ability to bring a claim in a judicial forum that the Member finds favorable for disputes with the Company, Company Series or Manager. Furthermore, waiver of a trial by jury may disadvantage an Investor and Member to the extent a judge might be less likely than a jury to resolve an action in the Member's favor. Further, if a court were to find the exclusive forum provision inapplicable to, or unenforceable in respect of, an action or proceeding against Company, Company Series or Manager, then there would be an expectation of the incurrence of additional costs associated with resolving these matters in other jurisdictions, which could materially and adversely affect the Company and Company Series' business, results of operations and financial condition.

***Tax Risks to Investors Due to Company Structure and Designations***

There are a number of substantial federal income tax risks relating to the intended business of the Company and any Company Series which affect the advisability or suitability in investing in Class A Units from this Offering. No rulings have been sought from the Internal Revenue Service (IRS) with respect to any tax-related matters and each potential Investor should consult his, her or the entity's own tax advisor as to the relevant tax considerations and as to how those considerations may affect any investment and to determine whether an investment in Company is a suitable investment for that person or entity. Set forth below are some of the tax risks relating to an investment in Company and this list is intended to be informative through not all-inclusive regarding tax-related matters. POTENTIAL INVESTORS ARE NOT TO CONSTRUE ANY OF THE CONTENTS OF THIS OFFERING CIRUCLAR AS TAX ADVICE AND ARE URGED TO CONSULT WITH THEIR OWN TAX ADVISORS CONCERNING THE TAX ASPECTS RELATING TO AN INVESTMENT IN COMPANY.

Significant and fundamental changes in the federal income tax laws have been made in recent years and additional changes are likely in the future. Any such change may affect Company, any Company Series and the Members. Moreover, judicial decisions, regulations, or administrative pronouncements could unfavorably affect the tax consequences of an investment in the Company.

Treasury Regulations under Section 7701 of the Internal Revenue Code of 1986, as amended provide that a domestic business entity, other than a "corporation," may elect whether to be treated as a partnership or an association (taxable as a corporation) for federal income tax purposes. Treasury Regulation Section 301.7701-2(b) defines "corporations" to include corporations denominated as such under applicable law, associations (that elect to be classified as such), joint stock companies, insurance companies, and other business entities, not including partnerships. Under a default rule in the Treasury Regulations, partnerships formed under a state statute, such as the Company, are treated as partnerships for federal income tax purposes, unless such entities affirmatively elect to be treated as associations taxable as corporations. The Company and Company Series does not intend to elect to be treated as an association nor taxable as a corporation for federal income tax purposes.

The proper federal income tax treatment of all Company or Company Series items will be determined at the member level. Adjustments, if any, resulting from a Company or Company Series audit will result in corresponding adjustments of Company and Company Series items reflected on the Members' own tax returns. In addition, the Manager will be initially designated as the "Tax Matters Member," and, as such, has primary responsibility for member level matters involving the IRS, including the power to extend the statute of limitations for all members as to Company or Company Series items.

Each Investor and Member must include in his, her or the entity's gross income for federal income tax purposes their distributive share of Company Series income. Such income is subject to taxation without regard to whether any cash or property is distributed to such Member. Taxable income may exceed distributable cash because of differences in timing and possible expenditure of cash for nondeductible items. Taxable income also may exceed distributable cash because of amounts paid by Company or Company Series to lenders to repay principal on any Company or Company Series borrowings.

**RISKS RELATED TO EMPLOYEE BENEFIT PLANS AND INDIVIDUAL RETIREMENT ACCOUNTS**

***In Some Cases, if the Investors Fails to Meet the Fiduciary and Other Standards Under the Employee Retirement Income Security Act of 1974, as Amended ("ERISA"), the Code or Common Law as a Result of an Investment in the Company's Units, the Investor Could be Subject to Liability for Losses as Well as Civil Penalties.***

There are special considerations that apply to investing in the Company's Units on behalf of pension, profit sharing or 401(k) plans, health or welfare plans, individual retirement accounts or Keogh plans. If the investor is investing the assets of any of the entities identified in the prior sentence in the Company's Units, the Investor should satisfy themselves that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The investment is consistent with the Investor's fiduciary obligations under applicable law, including
common law, ERISA and the Code;

&nbsp;&nbsp;&nbsp;&nbsp;2. The investment is made in accordance with the documents and instruments governing the trust, plan or IRA,
including a plan's investment policy;

&nbsp;&nbsp;&nbsp;&nbsp;3. The investment satisfies the prudence and diversification requirements of Sections 404(a)(1)(B) and
404(a)(1)(C) of ERISA, if applicable, and other applicable provisions of ERISA and the Code;

&nbsp;&nbsp;&nbsp;&nbsp;4. The investment will not impair the liquidity of the trust, plan or IRA;

&nbsp;&nbsp;&nbsp;&nbsp;5. The investment will not produce "unrelated business taxable income" for the plan or IRA;

&nbsp;&nbsp;&nbsp;&nbsp;6. The Investor will be able to value the assets of the plan annually in accordance with ERISA requirements
and applicable provisions of the applicable trust, plan or IRA document; and,

&nbsp;&nbsp;&nbsp;&nbsp;7. The investment will not constitute a prohibited transaction under Section 406 of ERISA or Section 4975
of the Code.

Failure to satisfy the fiduciary standards of conduct and other applicable requirements of ERISA, the Code, or other applicable statutory or common law may result in the imposition of civil penalties and can subject the fiduciary to liability for any resulting losses as well as equitable remedies. In addition, if an investment in the Company's Units constitutes a prohibited transaction under the Code, the "disqualified person" that engaged in the transaction may be subject to the imposition of excise taxes with respect to the amount invested.

**DILUTION**

A total of seven hundred fifty thousand (750,000) Class A Units of the Company and all Company Series thereunder are authorized and unissued prior to this Offering. Class A Units are offered at a price of one hundred U.S. dollars ($100.00) per Class A Unit and the amount of Class A Units authorized and issuable for a particular Company Series will be specified within the relevant Series Designation. The aggregate percentage interests of the Class A Units in a Company Series shall represent a fixed percentage of the total equity interests in that Company Series and the specific aggregate percentage interests of the Class A Units shall be defined in the relevant Series Designation in which an Investor subscribes.

Class B Units are authorized and issuable by the Company to Class B Members. Class B Units are anticipated to be offered at a price of one hundred U.S. dollars ($100.00) per Class B Unit though the offering price for a particular Company Series shall be specified within the relevant Series Designation. The amount of Class B Units authorized and issuable for a particular Company Series will be specified within the relevant Series Designation. Class B Units are reserved for and authorized to be issued to a material project participant and supporter at the founding of a Company Series for cash consideration, if any, in amounts specified within the Series Designation. The amount of cash consideration, if any, contributed to a Company Series by the Class B Member and the aggregate percentage interests of the Class B Units in a Company Series shall be negotiated and agreed to between the Manager and the project participant and supporter prior to entering into any formal agreements between the parties to perform any activity on behalf of a Company Series. Class B Units are anticipated to represent a fixed percentage of the total equity interests in a particular Company Series and the capital contribution for the specified aggregate percentage interests of the Class B Units in the Company Series shall be defined in the relevant Series Designation. Class B Units are not offered to the public in this Offering.

One thousand (1,000) Class C Units were authorized and issued to the Manager, VestFundr Management LLC, as the initial member at the founding of the VestFundr, LLC for no cash consideration. The amount of Class C Units authorized and issued for a particular Company Series will be specified within the relevant Series Designation. The Class C Units, in the aggregate, shall represent a fixed percentage of the equity interests in any Company Series thereunder and the aggregate percentage interests of the Class C Units in the particular Company Series shall be defined in the relevant Series Designation. Class C Units are not offered to the public in this Offering.

As a result, the relative economic value of the Class A Units of any Company Series issued through this Offering will be immediately diluted by the total aggregate percentage equity interests of the Class B Units and the Class C Units as those aggregate percentage interests are defined in a particular Company Series Designation.

With respect to the VestFundr, LLC Series Sagemont Subdivision, the Class A Members possess a twenty-six percent (26%) aggregate Percentage Interest, the Class B Members possess a forty-nine percent (49%) aggregate Percentage Interest, and the Class C Members possess a twenty-five percent (25%) aggregate Percentage Interest; therefore, the Class A Members economic value as an equity claimant on the economic value of the VestFundr, LLC Series Sagemont Subdivision is diluted by approximately seventy-four percent (74%) without consideration for any Preferred Return accruing to Class A Members or priority on capital recovery under certain conditions.

The Company may engage in other financings including future equity raises for the Company or any Company Series. In the event the Company sells equity securities subsequent to an Investor's purchase of Class A Units in any Company Series through this Offering or future offerings, the Investor's proportionate ownership of the specific Company Series in which the Investor has subscribed will be diluted.

**PLAN OF DISTRIBUTION**

The Offering will be made through general solicitation, direct solicitation, and marketing efforts whereby Investors will be directed to the Company Series specific subdomain of VestFundr.com (the "Platform") to invest. The Company has engaged Texture Capital, Inc. ("Texture"), an independent FINRA broker-dealer to assist with the Class A Units sales in exchange for a one percent (1%) commission fee on the aggregate Class A Units sales not to exceed seven hundred fifty thousand U.S. dollars ($750,000). Texture will be entitled to an additional five percent (5%) Direct Sales commission fee for capital raised for the Company through the direct efforts of Texture up to fifteen million U.S. dollars ($15,000,000) of Class A Units with a Direct Sales commission fee to Texture not to exceed seven hundred fifty thousand U.S. dollars ($750,000). The total compensation amount payable to Texture via aggregate sales and Direct Sales commissions in connection with this Offering is not to exceed one million five hundred thousand U.S. dollars ($1,500,000).

The Offering is conducted on a "best-efforts" basis through the efforts of the Company, Manager and the members, Officers and employees of the Company and Manager. No Commissions or any other remuneration for the Class A Unit sales will be provided to the Company, the Manager, the members, any Officer, or any employee of the Company or the Manager, relying on the safe harbor from broker-dealer registration set forth in Rule 3a4-1 under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended.

The Company will not limit or restrict the sale of the Class A Units during this twelve (12) month Offering other than any ownership limitations specified in the Company Operating Agreement or a Company Series Designation, if any. While the Manager does not anticipate designating the Company or any Company Series as a real estate investment trust (REIT), ownership limitations on either (i) the number of, or (ii) the value of Class A Units in a specific Company Series may be limited to a threshold percentage of the aggregate value of a specific Company Series if the Company and Manager has designated the Company or a specific Company Series as a REIT. Ownership limitations in the Company or any Company Series can be waived or modified by the Company and Manager in accordance with the terms of the Operating Agreement.

No market exists for any Company Class A Units and no market is anticipated or intended to exist in the near future, therefore there is no plan to stabilize the market for any of the Class A Unit securities to be offered.

The Company, Manager and members, Directors, Officers, and employees of the Manager are primarily engaged in the Company's business of real estate development and management, and none of them are, or have ever been, brokers or dealers of securities in the United States. The Company, Manager and members, Directors, Officers, and employees of the Manager will not be compensated in connection with the sale of securities through this Offering. The Company believes that the Manager and the members, Directors, Officers, and employees of the Manager are associated persons of the Company not deemed to be brokers under Exchange Act Rule 3a4-1 because: (1) neither the Company nor any member, Director, Officer, or employee of Manager is subject to a statutory disqualification, as that term is defined in section 3(a)(39) of the Exchange Act at the time of their participation; (2) neither the Company nor any member, Director, Officer, or employee of Manager will be compensated in connection with his or her participation by the payment of commissions or by other remuneration based either directly or indirectly on transactions in connection with the sale of securities through this Offering; (3) neither the Company nor any member, Director, Officer, or employee of Manager is an associated person of a broker or dealer; (4) the Company and the members, Directors, Officers, and employees of Manager primarily perform substantial duties for the Company other than the sale or promotion of securities; (5) neither the Company nor any member, Director, Officer, or employee of Manager has acted as a broker or dealer within the preceding twelve months of the date of this Offering Circular; (6) neither the Company nor any member, Director, Officer, or employee or Manager is anticipated to participate in selling this Offering after more than twelve months from the Effective Date of the Offering.

Texture has agreed to act as the Broker of Record and placement agent to assist the Company with the sales of the Class A Unit securities in connection with this Offering. Texture is not purchasing or selling any securities offered by this Offering Circular, nor is it required to arrange the purchase or sale of any specific number or dollar amount of securities. However, Texture has agreed to use their best efforts to arrange for the sale of the Class A Units offered through this Offering Circular.

The Company will also publicly market the Offering using general solicitation through methods that include e-mails to potential Investors, the internet, social media, and any other means of widespread communication. This Offering Circular will be furnished to prospective investors via download twenty-four (24) hours per day, seven (7) days per week at the Company Series specific subdomain on the Platform at VestFundr.com and via the SEC EDGAR filing system.

The following table shows the total discounts and commissions payable to Texture in connection with this Offering by the Company:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Price Per Unit</u>** | &nbsp;&nbsp;**<u>Total Offering</u>** |
| **Public Offering Price** | $100.00 | $75000000.00 |
| **Placement Agent Commissions** | $1.00 | $750000.00 |
| **Proceeds, Before Expenses** | $99.00 | $74250000.00 |

---

**Other Broker-Dealer Terms**

Texture has also agreed to perform the following services in exchange for the compensation discussed above:

* Consultation
regarding fundraising strategy, development of messaging, and advise on pitch deck content,

* Identify prospective
Investors and arrange introductions,

* Assist with
use of the Client Platform website where potential and current Investors begin the process of on-boarding/investing by entering their
interest, required personal information and review and sign all Offering related documentation,

* Coordination
with the registered transfer agent, escrow agent, and legal partners of the Company,

* Performing
Anti-Money Laundering (AML)/Know Your Customer (KYC) checks on all Investors, and,

* Providing
other financial advisory services normal and customary for Regulation A offerings as may be mutually agreed upon by Texture and the Company. 

In addition to the compensation derived from the Class A Units sales described above, there will be a one-time consulting fee ("Consulting Fee") of ten thousand U.S. dollars ($10,000), due and payable to Texture upon execution of the Broker-Dealer Agreement. The Consulting Fee will cover expenses anticipated to be incurred by Texture such as due diligence expenses, working with the Company's counsel in providing information to the extent necessary, and any other services necessary and required prior to the approval of the Offering. In the event the Company seeks to include additional Series LLC entities in this Offering, Texture shall receive an additional Consulting Fee in an amount of seven hundred fifty U.S. dollars ($750) for each new Series LLC entity up to a maximum of one hundred (100) additional entities. To the extent any such expenses are not actually incurred, the balance of this one-time fee will be reimbursed to the Company, pursuant to FINRA Rule 5110(g)(4)(A).

The Company will also be responsible for all FINRA filing fees associated with the offering ("Filing Fees"). The Filing Fees are estimated to be eleven thousand seven hundred fifty U.S. dollars ($11,750), comprising the one-time FINRA standard document fee of five hundred dollars ($500), plus 0.015% of the proposed maximum aggregate offering of seventy-five million dollars ($75,000,000) equaling eleven thousand two hundred fifty U.S. dollars ($11,250).

**SELLING SECURITYHOLDERS**

There are no selling securityholders in this Offering.

**SERIES OFFERING TABLE**

The table below shows key information related to the offering of each Company Series, as of the date of this Offering Circular.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Series Name** | &nbsp;&nbsp;**Offering Price per Series Class A Unit** | &nbsp;&nbsp;**Minimum Subscription per Investor** | **Minimum Offering Amount** | &nbsp;&nbsp;**Maximum Offering Amount** | &nbsp;&nbsp;**Maximum Series Interests\*** |
| &nbsp;&nbsp;Sagemont Subdivision | &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;15 Class A Units ($1,500.00) | $1000000 | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;50000 |

---

\*: Assumes subscription for and the issuance of the Maximum Offering Amount

**COMPANY SERIES SECURITIES BEING OFFERED**

**<u>VestFundr, LLC Series Sagemont Subdivision</u>**

The formation of VestFundr, LLC Series Sagemont Subdivision aims to provide an opportunity for investors to own a stake in the proposed Sagemont Subdivision represents a unique opportunity to bring high-quality housing to Star, Idaho, one of the fastest-growing cities in the Treasure Valley region of Idaho. The approximately sixty-eight and sixty-five hundredths (68.65) acre project site located at 4401 N. Pollard Lane and 4453 N. Pollard Lane is intended to deliver a livable, community-focused neighborhood totaling approximately one hundred sixty-two (162) residential units designed to meet growing demand for attainable housing in the region. The project is anticipated to include the development and sale of sixty-one (61) lots, construction and sale of sixty-five (65) single-family homes and the construction and sale of thirty-six (36) townhomes contained within six (6) independent structures. The project will be developed under the VestFundr investment platform, enabling capital to flow directly into the subdivision through the structured Regulation A Series offering of VestFundr, LLC. The Company is offering to prospective investors Class A LLC Membership Interests in the form of Class A Units in the VestFundr, LLC Series Sagemont Subdivision.

The VestFundr, LLC Series Sagemont Subdivision is defined by the terms and specifications included within the Series Designation provided herewith as Exhibit 3c. The VestFundr, LLC Series Sagemont Subdivision will possess three (3) classes of members; Class A for investors, Class B for material participants and Class C for the Series Manager. The Class B member is anticipated to be Cedar & Sage, LLC who will be the entity providing the on-site development and construction management service provider enabling execution of the Sagemont Subdivision project. The Class A members will receive twelve percent (12%) per annum, non-compounded return on their outstanding and unreturned capital contributions (the "Preferred Return"). As specified in the VestFundr, LLC Series Sagemont Subdivision Series Designation, the aggregate Percentage Interests, or equity ownership on economic value, shall be twenty-six percent (26%) for Class A members, forty-nine percent (49%) for Class B members and twenty-five percent (25%) for Class C members. Please see "Securities Being Offered" section below for greater detail regarding VestFundr, LLC Series Sagemont Subdivision Class A Units.

**USE OF PROCEEDS**

The net proceeds to the Company will vary depending upon the total number of Class A Units sold. There is no guarantee that the Company will be successful at selling any of the securities being offered in this Offering. Accordingly, the actual amount of proceeds the Company raises in this Offering, if any, may differ.

**<u>VestFundr, LLC Series Sagemont Subdivision</u>**

The total cost to acquire an ownership interest in the real property parcels identified and participate in the development of the planned Series Sagemont Subdivision, including applicable fees, expenses and reserves is approximately five million U.S. dollars ($5,000,000).

The Company estimates that gross proceeds derived from the offering of VestFundr, LLC Series Sagemont Subdivision Class A Units will be five million U.S. dollars ($5,000,000), assuming the Maximum Offering Amount of this Series offering is sold, the gross proceeds are anticipated to be used in the following order of priority:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Use** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp; **Percentage of** <br> **Gross Proceeds** |
| &nbsp;&nbsp;Gross Offering Proceeds | &nbsp;&nbsp;$5000000 | &nbsp;&nbsp;100% |
| &nbsp;&nbsp; Selling Commissions **<sup>1</sup>** | &nbsp;&nbsp;$60000 | &nbsp;&nbsp;1.2% |
| &nbsp;&nbsp;Net Offering Proceeds | &nbsp;&nbsp;$4940000 | &nbsp;&nbsp;98.8% |
| &nbsp;&nbsp;Capital Expenditures and Reserves |  |  |
| &nbsp;&nbsp; Equity Funding for Development Activity **<sup>2</sup>** | &nbsp;&nbsp;$4640000 | &nbsp;&nbsp;92.8% |
| &nbsp;&nbsp;Operating Expenses |  |  |
| &nbsp;&nbsp; Legal, Accounting and Administrative | &nbsp;&nbsp;$80000 | &nbsp;&nbsp;1.6% |
| &nbsp;&nbsp; Organizational Expenses **<sup>3</sup>** | &nbsp;&nbsp;$120000 | &nbsp;&nbsp;2.4% |
| &nbsp;&nbsp; Asset Management Fee **<sup>4</sup>** | &nbsp;&nbsp;$100000 | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Total Net Offering Proceeds | &nbsp;&nbsp;$4940000 | &nbsp;&nbsp;98.8% |

---

1. The Company shall pay a one-time consulting fee ("Consulting Fee") of ten thousand U.S. dollars ($10,000) and selling commissions in an amount equal to one percent (1%) to the FINRA Broker of Record, Texture, for all capital raised through this Offering and potentially five percent (5%) for capital raised for the Company Series by direct efforts of Texture.

2. Estimated equity funding required to secure development-related financing for the site development activities and construction of real property improvements for retail sales.

3. The Company, through funds raised from Company Series offerings, shall reimburse Manager, VestFundr Management LLC, for costs related with forming the Company and preparing and filing the Form 1-A Offering Circular and those expenses related to the services of a transfer agent, escrow fees, marketing costs, audited financial statements, and legal expenses. The Company will reimburse these organizational expenses to the Manager without interest or fee. The Manager will only request reimbursement once the Company has raised more than $1,000,000 and will limit such fees to $120,000 should only $1,000,000 be raised.

4. The Company Series shall pay the Manager an annual Asset Management Fee equal to two percent (2%) of the total value of Company assets under management. The Asset Management Fee shall be paid at times at the sole discretion of the Manager. It is anticipated that the Asset Management Fee will be paid from cash generated from Sagemont Subdivision residential unit sales and income.

Acquisition and operating expenses and certain other administrative costs that are advanced by the Manager will be reimbursed out of the net proceeds of the VestFundr, LLC Series Sagemont Subdivision offering. See "Manager Expense Reimbursement" below.

**The Company hereby reserves the right to change the anticipated or intended Use of Proceeds of this Offering as described in this Section and as described elsewhere within this Offering Circular.** 

**DESCRIPTION OF THE BUSINESS**

**VestFundr Summary and Purpose**

<br> VestFundr was founded by seasoned entrepreneurs and real estate investors Ronald Walsh and Robert Croak, who quickly connected during an inspiring meeting in Boise, Idaho. United by a shared belief that high-quality real estate investments shouldn't be limited to the wealthy, they set out to create a platform that gives everyday investors a real opportunity to build wealth.

VestFundr's mission is to democratize real estate investing. The platform provides access to institutional-grade opportunities—traditionally reserved for insiders—empowering everyone from first-time investors to seasoned professionals to participate in real estate ownership.

Backed by over seventy-five (75) years of combined successful business experience, the VestFundr leadership team brings a proven track record in acquiring, developing, and managing high-performing assets nationwide, including multifamily housing, luxury rentals, and self-storage facilities. With a disciplined, data-driven approach and a national footprint, VestFundr is built to unlock long-term value for its investors.

As a Regulation A+ offering, VestFundr is built around accessibility, transparency, and growth. Whether you invest one thousand five hundred U.S. dollars ($1,500) or five hundred thousand U.S. dollars ($500,000), the platform is designed to offer a smarter, simpler way to diversify your portfolio with tangible, income-generating real estate assets.

**Real estate investing, reimagined—one property at a time.**

**History of the Business**

VestFundr, LLC (the "Company") is a Delaware series limited liability company formed on August 11, 2025, pursuant to the Delaware Limited Liability Company Act. The Company's principal office is located at 8 The Green, Dover Delaware. The Company is managed by a Manager, VestFundr Management, LLC, which is controlled and operated by its two (2) Managing Principals, Ronald Walsh and Robert Croak who collectively have significant experience in real estate investment, construction and development, corporate finance, marketing, and entrepreneurial business operations.

Since inception, the Company has been engaged in the organizational and administrative development necessary to operate as a real estate investment platform for investors to participate in a variety real estate assets or projects. The Company has adopted an Operating Agreement that provides for the establishment of separate series of limited liability interests (each, a "Series" and collectively, the "Series") under the Company. Each Company Series is intended to participate in one or more phases of a real property project including acquisition, development, construction, management, operation or disposition of a single real estate asset or development project or a portfolio of related real estate assets. Each Company Series may possess different expected periods of investment ranging from a short-term period of months up to a longer-term period of multiple years. This Company Series structure is intended to allow investors to choose from individual real property-related investment opportunities that align with their individual investment preferences and risk profiles.

Each Series will maintain separate books, records, and bank accounts, and its liabilities and obligations will be separate and distinct from those of the Company and any other Series of the Company, to the extent required under Delaware law and as set forth in the Company's Operating Agreement. In furtherance of this "separate and distinct" entity status, each Series is intended to be a registered Series in accordance with Delaware law. In the discretion of the Manager, each Series may be structured to qualify and elect to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended, provided the Series meets all applicable requirements.

**Perceived Business Opportunity**

The Company was formed to provide investors with access to individual real estate investment opportunities across multiple U.S. states. These opportunities are expected to offer potential for capital appreciation, geographic diversification, and exposure to real estate projects and markets identified by the Manager as having favorable risk and return characteristics.

The Company is structured to offer interests in individual and separate Company Series, each of which will acquire and hold a distinct real estate asset or participate in a specific real estate development project. The Manager intends to identify and evaluate investment opportunities sourced from a pipeline of private real estate transactions, with the objective of selecting projects that offer attractive risk-adjusted returns.

Each Company Series is expected to provide capital—primarily equity financing—to real estate developers, builders, or project sponsors at various stages of project development, including land acquisition, entitlement, construction, or stabilization. In return for such capital contributions, each Series anticipates receiving a negotiated equity interest or other participation rights in the applicable real estate project. Subject to the terms of each transaction and Series Designation, Members of the applicable Series may be entitled to share in the economic proceeds of the project, including distributions of profits or returns generated upon asset sale, refinancing, or other liquidity events.

The Company's structure is intended to offer investors the ability to allocate capital to specific Series based on their individual investment objectives and preferences, while benefiting from professional management, deal sourcing, and risk evaluation conducted by the Manager.

**The Company's Business Plan**

VestFundr, LLC (the "Company") was organized to operate as a real estate investment platform through which investors may participate in specific real property and real estate-related investment opportunities. The Company's primary objective is to generate current income and/or capital appreciation through the acquisition, improvement, management, and eventual disposition of real property and related assets. Investment targets may include residential, commercial, mixed-use, and light industrial properties located within regions identified by the Manager as having favorable investment characteristics.

The Company will leverage the industry experience, market knowledge, and professional networks of the Manager to source and evaluate investment opportunities. Subject to the discretion of the Manager, the Company may invest across multiple asset classes, including but not limited to:

* Single-family
and multi-family residential properties

* Office
and commercial buildings

* Mixed-use
developments

* Light industrial
and warehouse properties

* Age-restricted
housing and apartment communities

* Multi-tenant
commercial and self-storage facilities

In certain instances, the Company may also provide capital to opportunistic real estate development or acquisition projects sponsored or co-sponsored by the Manager or its affiliates. Investments may be structured as equity interests, preferred equity, or secured loans, depending on the specific project and risk profile. The Company may seek to earn rental income from ownership interests in real property and/or capital appreciation from the eventual sale or refinancing of such properties. The Company may also participate in secured, short-term real estate loans, which are expected to provide higher interest rate yields.

Lastly, the Company may participate in the development entitlement process, or the land use entitlement process, which are the legal processes in which a real estate developer or landowner seeks to obtain government approval for their development plans. The developer must secure all required entitlements, including zoning, density, design, use, and occupancy permits before they can begin to build. The entitlement processes are another avenue where the Company can participate in adding value to real property and also participate in the receipt of the economic value when the entitled property is transferred or disposed at an increased market value.

As of the date of this Offering Circular, the Company has not liquidated any Company Series and has not sponsored any prior programs resulting in the liquidation of any real property investment.

**Anticipated Partnerships**

The Company anticipates forming strategic relationships with experienced real estate sponsors, property owners, developers, builders, and operators in connection with the acquisition, development, management, operation or disposition of real property assets held by each Series of the Company. These mutually beneficial are expected to provide the Company with access to high-quality real estate projects, local market expertise, and operational efficiencies.

The founders of VestFundr, LLC have extensive experience in various real estate asset classes and geographic markets across the United States. Their background includes both direct ownership and collaboration with institutional and privately held firms, including those with established operational structures and formal management systems. This experience is expected to support the Company's ability to evaluate and align with reputable and experienced counterparties for each Series investment.

Through these anticipated mutually beneficial relationships, the Company intends to leverage third-party participant's expertise in areas such as asset acquisition, construction, property management, leasing, and project disposition. The Manager will maintain oversight and final decision-making authority with respect to all Series-level partnerships, and each such relationship will be subject to due diligence and review to ensure alignment with the investment objectives of the applicable Company Series.

**Company Target Markets**

The Company intends to build a diversified portfolio of real property investments through the establishment of individual Series, each of which will acquire or participate in a distinct real estate asset or development project. Initially, the Company expects to pursue investment opportunities through ventures with quality sponsors with extensive experience in the selected asset class and immersed in target markets. VestFundr LLC founders have extensive experience in the states of Ohio, Arizona, Texas, Idaho, Washington, and Montana. These markets have been identified by the Principals of the Manager as offering attractive fundamentals and potential for long-term value creation.

The Company's investment strategy includes mitigating risk through geographic diversification, investment in varied asset classes and property types, flexible investment structures, strategic exit planning, and adaptable capital allocation on a per-Series basis.

As the Company's operations expand, it intends to further diversify its real estate holdings by engaging with additional experienced development partners vetted by the Manager. These future investments may involve co-sponsorships or joint ventures with local landowners, builders, and developers in regions with strong demographic and economic growth indicators.

The Company anticipates that future target markets may include, but are not limited to, selected metropolitan and suburban areas in the states of Florida, California, and Texas. All investment opportunities will be subject to due diligence by the Manager and assessed for alignment with the risk and return objectives of the applicable Series.

**Acquisition Process**

The acquisition of real property assets will generally be sourced, evaluated, and negotiated by the Company's Manager. Real property or any real property-related project determined to be appropriate for Company capital investment may be acquired directly by the applicable Series of the Company or, in certain cases, by the Manager or one or more of its affiliates with the intention of transferring such assets to the appropriate Series following completion of the applicable offering.

Each Company Series will be established for a real property investment related purpose including acquiring, holding, managing, or improving and eventually disposing of a specific real estate asset or investment. Upon identification of an asset, the Company intends to raise capital through an offering of membership interests in the applicable Series in the form of Class A Units and may also obtain additional funding through debt financing or equity partnerships, to facilitate the acquisition, development, and/or improvement of real property for future disposition.

In circumstances where the Manager or an affiliate initially acquires real property on behalf of a Company Series, such property may subsequently be sold to the Series upon successful completion of its offering. The purchase price paid by the Series in such instances will generally be equal to the original acquisition cost, including but not limited to:

* The purchase price paid by the
Manager or affiliate

* Closing and transaction-related
expenses

* Reasonable holding costs

* Any documented improvements
or renovation expenditures

* Any fees payable to the Manager
in accordance with the Operating Agreement or applicable Series Designation or agreements

Alternatively, if a Company Series acquires a property directly from a third-party seller, the Series will likely utilize proceeds from its offering to fund the acquisition. The Manager or its affiliates may elect to provide bridge financing to the Series in the form of a short-term loan to facilitate the acquisition. Such loans, if provided, may be unsecured and non-interest bearing, and are intended to be repaid in full upon completion of the offering. The Manager or an affiliate may also arrange or guarantee third-party financing on behalf of the Series, and may receive reasonable fees for such services, which would be disclosed in the offering materials for the relevant Series.

The Manager and its affiliates may invest in one or more Company Series, either by purchasing interests on the same terms as offered to other investors or by leaving a portion of advanced funds invested in the Series. In such cases, the Manager or affiliate may seek reimbursement for any amounts not designated as equity investment, subject to the terms and limitations set forth in the Series Designation and the Company's Operating Agreement.

**The Sagemont Subdivision**

**Project and Property Summary**

The proposed Sagemont Subdivision development project is anticipated to include the development and sale of sixty-one (61) lots, construction and sale of sixty-five (65) single-family homes and the construction and sale of thirty-six (36) townhomes contained within six (6) independent structures with various common amenities over a total of sixty-eight and sixty-five hundredths (68.65) acres that consists of three (3) adjacent parcels land: S0333220000, S0333212580, and S0333212510. Parcel S0333220000 is approximately forty (40) acres of open grazing land, Parcel S0333212580 consists of approximately thirteen and one tenth (13.1) acres possessing a single-family residence built in approximately 1978 and the street address of 4401 N. Pollard Lane, Star, Idaho, and Parcel S0333212510 consists of approximately fifteen and one-half (15.5) acres of open grazing land and possessing the street address of 4453 N. Pollard Lane, Star, Idaho. The combined project parcel is located within both unincorporated Ada County, Idaho and the Star, Idaho city limits. The Star, Idaho zoning for the eastern edge of the proposed residential project is identified as a high-density zone (R-14-DA). Portions of the parcels are as identified as potentially containing "Hillside Area Slope >25%" which by Star City Building Code is not suitable for improvements and the location of these sloped areas within the proposed project parcel will influence the subdivision's design and development decisions. The Comprehensive Plan Future Land Use Map approved by Star City Council on June 7, 2022 identifies the location of the project parcel as intended to be "High Density Residential 10+ Units/Acre." Source: City of Star Comprehensive Plan, Last Updated June 7, 2022, p.40, https://www.staridaho.org/DocumentCenter/View/292/2022-Star-Comprehensive-Plan---Approved-6-7-22-PDF

The figure below illustrates the combined project parcels relative to their surrounding features in northern Star, Idaho.

![](vestfundr1a_sagemontparcels.jpg)

Parcel S0333220000 is currently titled to the D'Agostino Joyce living Trust 4/25/23 and is secured for the Sagemont Subdivision project under an option to purchase agreement held by Boglan Development, LLC, a wholly-owned subsidiary of Cedar and Sage Companies, LLC the anticipated Class B Member of the VestFundr, LLC Series Sagemont Subdivision. Parcel S0333212580 is currently titled to the Boise Valley Land Holdings, LLC and is secured for the Sagemont Subdivision project under an option to purchase agreement held by Cedar and Sage Companies, LLC. Parcel S0333212510 is currently titled to the D'Agostino Joyce living Trust 4/25/23 and is secured for the Sagemont Subdivision project under an option to purchase agreement held by Boglan Development, LLC, a wholly-owned subsidiary of Cedar and Sage Companies, LLC.

This project includes proposing to the City of Star and receiving permission for the annexation of the Sagemont Subdivision into the City of Star, a request for initial rezone of the site to R-2 zoning, and approval of a preliminary plat. The project also seeks the use of two (2) shared driveways in "hard to reach" areas of the planned subdivision. The Sagemont Subdivision is planned to possess one hundred twenty-six (126) single family residential lots and thirty-six (36) townhomes units within six (6) individual structures along North Pollard Lane. The topography of Sagemont Subdivision creates a beautiful area for view lots along the ridges and natural open spaces along the slopes and valleys. Amenities are anticipated to include a club house with in-ground pool, pickleball courts, walking trails through the natural areas and picnic shelters for a variety of social gatherings. The lots will range in size from one (1) acre along the northwest boundary, larger three-tenths (0.3) to half (0.5) acre view lots looking out from the ridges and smaller two-tenths (0.2) to one-third (0.34) acre clustered lots in the center areas of the project parcel. This residential development is intended to add value to the surrounding area, provide new housing opportunities for individuals and families, and enhance the character and beauty of this part of the City of Star.

The plat plan for the proposed Sagemont Subdivision is provided below:

**Project Location, Market and Population Growth**

The community of Star, Idaho offers small-town character, excellent schools, and close proximity to the larger cities of Boise and Meridian, Idaho. Amenities in the City of Star include the Star Riverwalk, greenbelt, parks, and retail located throughout the Central Business District. The project site provides easy access to local schools, employment centers, the Emmett Highway and Highway 44 intersection and the newly widened and extended Highway 16 for ease of commuting to other areas of the Treasure Valley Idaho region.

The population of Star, Idaho has doubled over the past decade, fueled by in-migration and strong economic fundamentals. The population of Star, Idaho has increased from 648 in 1997<sup>1</sup> to 5,793 according to the 2010 Census<sup>2</sup>, to 11,117 in 2020 according to the United States Census Bureau<sup>3</sup> and most recently to approximately 16,333 in 2023<sup>4</sup>. This population growth is indicative of the overall desirability to reside in this area and the increased demand for suitable housing within the city limits of Star, Idaho.

Sources: (1) City of Star Comprehensive Plan, Last Updated June 7, 2022, p.16; https://www.staridaho.org/DocumentCenter/View/292/2022-Star-Comprehensive-Plan---Approved-6-7-22-PDF

(2) Idaho Department of Labor; https://lmi.idaho.gov/wp-content/uploads/publications/2010/Census/Race-by-Place-2010.pdf

(3) United States Census Bureau: https://data.census.gov/all?q=Star+Idaho

(4) Neilsburg Research; https://www.neilsberg.com/insights/star-id-population-by-year/

**Proposed Sagemont Subdivision Project** 

The Development Plan for the Sagemont Subdivision includes the following steps:

1. Secure entitlements & preliminary plat approval<br> 2. Close on land post-entitlement<br> 3. Complete construction drawings & approvals<br> 4. Install horizontal improvements (roads, utilities, amenities)<br> 5. Gain final plat approval<br> 6. Secure building permits<br> 7. Begin phased vertical construction in ten (10) to fifteen (15) unit blocks<br> 8. Deliver and sell homes in phases until project completion

To date, the Sagemont Subdivision is fully immersed in steps one (1) through (3) and anticipates initiating step four (4) on or about August 2026.

**Sagemont Subdivision Project Summary**

The following is a summary of the proposed Sagemont Subdivision project comprising the VestFundr, LLC Series Sagemont Subdivision opportunity:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Project Name:** | &nbsp;&nbsp;Sagemont Subdivision |
| &nbsp;&nbsp;**Project Location:** | &nbsp;&nbsp;Star, Idaho |
| &nbsp;&nbsp;**Project Total Acres:** | &nbsp;&nbsp;68.65 |
| &nbsp;&nbsp;**Total Plat Lot Count:** | &nbsp;&nbsp;162 |
| &nbsp;&nbsp;**Residential Unit Types:** | &nbsp;&nbsp;Single-family & Townhomes |
| &nbsp;&nbsp;**Project Density:** | &nbsp;&nbsp;2.4 homes per acre |
| &nbsp;&nbsp;**Total Residential Units in SqFt:** | &nbsp;&nbsp;216790 |
| &nbsp;&nbsp;**Project Length:** | &nbsp;&nbsp;4.1 years |
| &nbsp;&nbsp;**Projected Development Start Date:** | &nbsp;&nbsp;8/1/26 |
| &nbsp;&nbsp;**Projected Development End Date:** | &nbsp;&nbsp;8/1/30 |

---

**Proposed Development of Sagemont Subdivision Plat**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Real Property Unit Type** | &nbsp;&nbsp;**Floorplan Sq Ft** | &nbsp;&nbsp;**Unit Count** | &nbsp;&nbsp;**% of Subdivision Plat** |
| &nbsp;&nbsp;Townhomes | &nbsp;&nbsp;1750 | &nbsp;&nbsp;36 | &nbsp;&nbsp;22% |
| &nbsp;&nbsp;Single-Family Residential (SFR) | &nbsp;&nbsp;2366 | &nbsp;&nbsp;65 | &nbsp;&nbsp;40% |
| &nbsp;&nbsp;Vacant Lots | &nbsp;&nbsp;N/A | &nbsp;&nbsp;61 | &nbsp;&nbsp;38% |

---

N/A: Not Applicable

**Proposed Sagemont Subdivision Timeline – Summaries**

The Sagemont Subdivision is projected to consist of three (3) stages which include the (i) land development or horizontal stage, (ii) residential construction or vertical stage, and (iii) unit sales stage. The three (3) stages are broken down into periods of various length and expected to run concurrent at times. The following tables summarize the anticipated numbers and length of the phases within the stages as well as the anticipated details for associated each stage.

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Number<br> of Phases** | &nbsp;&nbsp;**Avg. Months of Construction<br> Per Phase** | &nbsp;&nbsp;**Avg. Homes<br> Per Month** |
| &nbsp;&nbsp;Land Development (Horizontal) Stage | &nbsp;&nbsp;2 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Residential (Vertical) Construction Stages | &nbsp;&nbsp;4 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;Unit (Lot & Residential) Sales Stages | &nbsp;&nbsp;4 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;9.9 |

---

**Proposed Sagemont Subdivision Timeline – Construction Phases**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Starting Month** | &nbsp;&nbsp;**Months in Phase** | &nbsp;&nbsp;**Ending Month** | &nbsp;&nbsp;**Financing Phase** | &nbsp;&nbsp;**Financed By** | &nbsp;&nbsp;**Cost Allocation** |
| &nbsp;&nbsp;Land Purchase 1 | &nbsp;&nbsp;1 | &nbsp;&nbsp;NA | &nbsp;&nbsp;NA | &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;Primary Loan |  |
| &nbsp;&nbsp;Phase 1 Land Development | &nbsp;&nbsp;1 | &nbsp;&nbsp;8 | &nbsp;&nbsp;8 | &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;Primary Loan | &nbsp;&nbsp;Straight-Line |
| &nbsp;&nbsp;Phase 1 Vertical | &nbsp;&nbsp;9 | &nbsp;&nbsp;6 | &nbsp;&nbsp;14 | &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;Primary Loan | &nbsp;&nbsp;Straight-Line |
| &nbsp;&nbsp;Phase 2 Vertical | &nbsp;&nbsp;15 | &nbsp;&nbsp;6 | &nbsp;&nbsp;20 | &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;Secondary Loan | &nbsp;&nbsp;Straight-Line |
| &nbsp;&nbsp;Land Purchase 2 | &nbsp;&nbsp;21 | &nbsp;&nbsp;NA | &nbsp;&nbsp;NA | &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;Primary Loan |  |
| &nbsp;&nbsp;Phase 2 Land Development | &nbsp;&nbsp;21 | &nbsp;&nbsp;8 | &nbsp;&nbsp;28 | &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;Primary Loan | &nbsp;&nbsp;Straight-Line |
| &nbsp;&nbsp;Phase 3 Vertical | &nbsp;&nbsp;29 | &nbsp;&nbsp;6 | &nbsp;&nbsp;34 | &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;Primary Loan | &nbsp;&nbsp;Straight-Line |
| &nbsp;&nbsp;Phase 4 Vertical | &nbsp;&nbsp;35 | &nbsp;&nbsp;8 | &nbsp;&nbsp;42 | &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;Secondary Loan | &nbsp;&nbsp;Straight-Line |

---

**Proposed Sagemont Subdivision Timeline – Sales Phases**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Starting Month** | &nbsp;&nbsp;**Months in Phase** | &nbsp;&nbsp;**Ending Month** | &nbsp;&nbsp;**Townhomes** | &nbsp;&nbsp;**Single-Family** | &nbsp;&nbsp;**Lots** |
| &nbsp;&nbsp;Phase 1 Sales | &nbsp;&nbsp;14 | &nbsp;&nbsp;6 | &nbsp;&nbsp;19 | &nbsp;&nbsp;0 | &nbsp;&nbsp;21 | &nbsp;&nbsp;30\* |
| &nbsp;&nbsp;Phase 2 Sales | &nbsp;&nbsp;20 | &nbsp;&nbsp;6 | &nbsp;&nbsp;25 | &nbsp;&nbsp;0 | &nbsp;&nbsp;21 | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Phase 3 Sales | &nbsp;&nbsp;34 | &nbsp;&nbsp;6 | &nbsp;&nbsp;39 | &nbsp;&nbsp;0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Phase 4 Sales | &nbsp;&nbsp;40 | &nbsp;&nbsp;10 | &nbsp;&nbsp;49 | &nbsp;&nbsp;36 | &nbsp;&nbsp;3 | &nbsp;&nbsp;0 |

---

\*: Lot sales are anticipated to begin after completion of Phase I of Horizontal Development in approximately Month 9 of the overall Sagemont Subdivision project.

**VestFundr, LLC Series Sagemont Subdivision Pro Forma - Members and Sources of Capital**

The Company has produced pro forma forecasts to estimate the revenues, development and construction expenses, financing costs and estimated net profit from the completion of the Sagemont Subdivision as identified in the proposed plat. The Company has produced pro forma forecasts to estimate the funding requirements, sources and timing of those funding requirements for each of the construction phases identified above. The following tables identify these estimated equity and secured debt funding requirements for the Sagemont Subdivision project and the timing thereof.

**Proposed Sagemont Subdivision Timeline – Equity Funding**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Month of Phase Beginning** | &nbsp;&nbsp;**Month of Phase End** | &nbsp;&nbsp;**Total Equity Required** | &nbsp;&nbsp;**Class A Unit Equity Required** | &nbsp;&nbsp;**Class B Unit Equity Required** |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;Primary Loan | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 | $&nbsp;&nbsp;3046761 | $&nbsp;&nbsp;2742084 | $&nbsp;&nbsp;304676 |
| &nbsp;&nbsp;Phase 1 | &nbsp;&nbsp;Secondary Loan | &nbsp;&nbsp;15 | &nbsp;&nbsp;20 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- |
| &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;Primary Loan | &nbsp;&nbsp;21 | &nbsp;&nbsp;34 | $&nbsp;&nbsp;2104989 | $&nbsp;&nbsp;1894490 | $&nbsp;&nbsp;210499 |
| &nbsp;&nbsp;Phase 2 | &nbsp;&nbsp;Secondary Loan | &nbsp;&nbsp;35 | &nbsp;&nbsp;49 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- |

---

**Proposed Sagemont Subdivision Timeline – Debt Funding**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Phase 1 Debt Financing** |  |  |  | &nbsp;&nbsp;**Phase 2 Debt Financing** |  |  |  |
| &nbsp;&nbsp;**Phase 1 - Primary Loan** |  |  |  | &nbsp;&nbsp;**Phase 2 - Primary Loan** |  |  |  |
| &nbsp;&nbsp;Loan-to-Value (LTV) | &nbsp;&nbsp;70% | &nbsp;&nbsp;Loan-to-Cost (LTC) | &nbsp;&nbsp;90% | &nbsp;&nbsp;Loan-to-Value (LTV) | &nbsp;&nbsp;70% | &nbsp;&nbsp;Loan-to-Cost (LTC) | &nbsp;&nbsp;90% |
| &nbsp;&nbsp;Average Finished Lot Value | $&nbsp;&nbsp;294378 | &nbsp;&nbsp;Loan Interest Rate | &nbsp;&nbsp;9.75% | &nbsp;&nbsp;Average Finished Lot Value | $&nbsp;&nbsp;215670 | &nbsp;&nbsp;Loan Interest Rate | &nbsp;&nbsp;9.75% |
| &nbsp;&nbsp;Remaining Finished Lots | &nbsp;&nbsp;62 | &nbsp;&nbsp;Loan Origination Fee | &nbsp;&nbsp;1.75% | &nbsp;&nbsp;Remaining Lots | &nbsp;&nbsp;59 | &nbsp;&nbsp;Loan Origination Fee | &nbsp;&nbsp;1.75% |
| &nbsp;&nbsp;Average Entitled Lot Value | $&nbsp;&nbsp;83876 | &nbsp;&nbsp;Loan Guarantor Fee | &nbsp;&nbsp;0.50% | &nbsp;&nbsp;Average Entitled Lot Value | $&nbsp;&nbsp;69729 | &nbsp;&nbsp;Loan Guarantor Fee | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Remaining Entitled Lots | &nbsp;&nbsp;79 |  |  | &nbsp;&nbsp;Remaining Lots | &nbsp;&nbsp;0 |  |  |
| &nbsp;&nbsp;**Value** |  | &nbsp;&nbsp;**Cost** |  | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Cost** |  |  |
| &nbsp;&nbsp;Homes | $&nbsp;&nbsp;17850000 | &nbsp;&nbsp;Lot Costs | $&nbsp;&nbsp;19000515 | &nbsp;&nbsp;Value Homes | $&nbsp;&nbsp;17000000 | &nbsp;&nbsp;Lot Costs | $&nbsp;&nbsp;11881767 |
| &nbsp;&nbsp;Remaining Finished Lots | $&nbsp;&nbsp;18251423 | &nbsp;&nbsp;Home Costs | $&nbsp;&nbsp;8658904 | &nbsp;&nbsp;Remaining Finished Lots | $&nbsp;&nbsp;12724526 | &nbsp;&nbsp;Home Costs | $&nbsp;&nbsp;8246576 |
| &nbsp;&nbsp;Remaining Entitled Lots | $&nbsp;&nbsp;6626169 | &nbsp;&nbsp;Loan Costs | $&nbsp;&nbsp;2808186 | &nbsp;&nbsp;Remaining Entitled Lots | $&nbsp;&nbsp;- | &nbsp;&nbsp;Loan Costs | $&nbsp;&nbsp;921546 |
| &nbsp;&nbsp;Total Value | $&nbsp;&nbsp;42727592 | &nbsp;&nbsp; Total Cost | $&nbsp;&nbsp;30467605 | &nbsp;&nbsp;Total Value | $&nbsp;&nbsp;29724526 | &nbsp;&nbsp;Total Cost | $&nbsp;&nbsp;21049889 |
| &nbsp;&nbsp;Max Loan Proceeds | $&nbsp;&nbsp;29909314 | &nbsp;&nbsp; Max Loan Proceeds | $&nbsp;&nbsp;27420845 | &nbsp;&nbsp;Max Loan Proceeds | $&nbsp;&nbsp;20807168 | &nbsp;&nbsp; Max Loan Proceeds | $&nbsp;&nbsp;18944900 |
| &nbsp;&nbsp;Loan Proceeds | $&nbsp;&nbsp;27420845 | &nbsp;&nbsp; LTC Constrained |  | &nbsp;&nbsp;Loan Proceeds | $&nbsp;&nbsp;18944900 | &nbsp;&nbsp; LTC Constrained |  |
| &nbsp;&nbsp;Equity Required | $&nbsp;&nbsp;3046761 |  |  | &nbsp;&nbsp;Equity Required | $&nbsp;&nbsp;2104989 |  |  |
| &nbsp;&nbsp;Less Cashflow | $&nbsp;&nbsp;- |  |  | &nbsp;&nbsp;Less Cashflow | $&nbsp;&nbsp;- |  |  |
| &nbsp;&nbsp;Net Equity Needed | $&nbsp;&nbsp;3046761 |  |  | &nbsp;&nbsp;Net Equity Needed | $&nbsp;&nbsp;2104989 |  |  |
| &nbsp;&nbsp;Excess Equity | $&nbsp;&nbsp;- |  |  | &nbsp;&nbsp;Excess Equity | $&nbsp;&nbsp;- |  |  |
| &nbsp;&nbsp;**Phase 1 - Secondary Loan** |  |  |  | &nbsp;&nbsp;**Phase 2 - Secondary Loan** |  |  |  |
| &nbsp;&nbsp;LTV | &nbsp;&nbsp;70% | &nbsp;&nbsp;LTC | &nbsp;&nbsp;100% | &nbsp;&nbsp;LTV | &nbsp;&nbsp;70% | &nbsp;&nbsp;LTC | &nbsp;&nbsp;100% |
|  |  | &nbsp;&nbsp;Loan Interest Rate | &nbsp;&nbsp;10.00% |  |  | &nbsp;&nbsp;Loan Interest Rate | &nbsp;&nbsp;10.25% |
|  |  | &nbsp;&nbsp;Loan Origination Fee | &nbsp;&nbsp;1.75% |  |  | &nbsp;&nbsp;Loan Origination Fee | &nbsp;&nbsp;1.75% |
|  |  | &nbsp;&nbsp;Loan Guarantor Fee | &nbsp;&nbsp;0.50% |  |  | &nbsp;&nbsp;Loan Guarantor Fee | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Value |  | &nbsp;&nbsp;Cost |  | &nbsp;&nbsp;Value |  | &nbsp;&nbsp;Cost |  |
| &nbsp;&nbsp;Value Homes | $&nbsp;&nbsp;17850000 | &nbsp;&nbsp;Home Costs | $&nbsp;&nbsp;8658904 | &nbsp;&nbsp;Value Homes | $&nbsp;&nbsp;21450000 | &nbsp;&nbsp;Home Costs | $&nbsp;&nbsp;10954644 |
| &nbsp;&nbsp;Total Value | $&nbsp;&nbsp;17850000 | &nbsp;&nbsp;Total Cost | $&nbsp;&nbsp;8658904 | &nbsp;&nbsp;Total Value | $&nbsp;&nbsp;21450000 | &nbsp;&nbsp;Total Cost | $&nbsp;&nbsp;10954644 |
| &nbsp;&nbsp;Max Loan Proceeds | $&nbsp;&nbsp;12495000 | &nbsp;&nbsp;Max Loan Proceeds | $&nbsp;&nbsp;8658904 | &nbsp;&nbsp;Max Loan Proceeds | $&nbsp;&nbsp;15015000 | &nbsp;&nbsp;Max Loan Proceeds | $&nbsp;&nbsp;10954644 |
| &nbsp;&nbsp;Loan Proceeds | $&nbsp;&nbsp;8658904 | &nbsp;&nbsp; LTC Constrained |  | &nbsp;&nbsp;Loan Proceeds | $&nbsp;&nbsp;10954644 | &nbsp;&nbsp; LTC Constrained |  |
| &nbsp;&nbsp;Equity Required | $&nbsp;&nbsp;- |  |  | &nbsp;&nbsp;Equity Required | $&nbsp;&nbsp;- |  |  |
| &nbsp;&nbsp;Less Cashflow |  |  |  | &nbsp;&nbsp;Less Cashflow |  |  |  |
| &nbsp;&nbsp;Net Equity Needed | $&nbsp;&nbsp;- |  |  | &nbsp;&nbsp;Net Equity Needed | $&nbsp;&nbsp;- |  |  |
| &nbsp;&nbsp;Excess Equity | $&nbsp;&nbsp;- |  |  | &nbsp;&nbsp;Excess Equity | $&nbsp;&nbsp;- |  |  |

---

**VestFundr, LLC Series Sagemont Subdivision Pro Forma - Sources of Capital and Projected Expenses**

The following table summarizes the proposed sources of capital, both equity and secured debt, and the estimated expenses to complete the Sagemont Subdivision project.

**Summary of Sagemont Subdivision Pro Forma Capital Sources and Projected Expenses** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sources of Capital** |  | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Per Lot** | &nbsp;&nbsp;**Per SqFt** |
| &nbsp;&nbsp;Debt | $&nbsp;&nbsp;67010519 | &nbsp;&nbsp;93% | $&nbsp;&nbsp;413645 | $&nbsp;&nbsp;309 |
| &nbsp;&nbsp;Equity | $&nbsp;&nbsp;5151749 | &nbsp;&nbsp;7% | $&nbsp;&nbsp;31801 | $&nbsp;&nbsp;24 |
| &nbsp;&nbsp;**Total Sources of Capital** | $&nbsp;&nbsp;**72162269** | &nbsp;&nbsp;**100%** |  |  |
| &nbsp;&nbsp;**Uses of Capital** |  | &nbsp;&nbsp;**% of Total** | &nbsp;&nbsp;**Per Lot** | &nbsp;&nbsp;**Per SqFt** |
| &nbsp;&nbsp;**Land & Site (Horizontal) Costs** |  |  |  |  |
| &nbsp;&nbsp;**Land Cost** | $&nbsp;&nbsp;**7000000** | &nbsp;&nbsp;**10%** | $&nbsp;&nbsp;**43210** | $&nbsp;&nbsp;**32** |
| &nbsp;&nbsp;**Site (Horizontal) Costs** | &nbsp;&nbsp;**Site (Horizontal) Costs** |  |  |  |
| &nbsp;&nbsp;Hard Costs | $&nbsp;&nbsp;20189400 | &nbsp;&nbsp;28% | $&nbsp;&nbsp;124626 | $&nbsp;&nbsp;93 |
| &nbsp;&nbsp;Soft Costs | $&nbsp;&nbsp;3692882 | &nbsp;&nbsp;5% | $&nbsp;&nbsp;22796 | $&nbsp;&nbsp;17 |
| &nbsp;&nbsp;**Total Site (Horizontal) Costs** | $&nbsp;&nbsp;**23882282** | &nbsp;&nbsp;**33%** | $&nbsp;&nbsp;**147421** | $&nbsp;&nbsp;**110** |
| &nbsp;&nbsp;**Residence Construction (Vertical) Costs** | &nbsp;&nbsp;**Residence Construction (Vertical) Costs** |  |  |  |
| &nbsp;&nbsp;Hard Costs | $&nbsp;&nbsp;33519395 | &nbsp;&nbsp;46% | $&nbsp;&nbsp;206910 | $&nbsp;&nbsp;155 |
| &nbsp;&nbsp;Soft Costs | $&nbsp;&nbsp;2999634 | &nbsp;&nbsp;4% | $&nbsp;&nbsp;18516 | $&nbsp;&nbsp;14 |
| &nbsp;&nbsp;**Total Vertical Costs** | $&nbsp;&nbsp;**36519029** | &nbsp;&nbsp;**51%** | $&nbsp;&nbsp;**225426** | $&nbsp;&nbsp;**168** |
| &nbsp;&nbsp;**Total Financing Costs** | $&nbsp;&nbsp;**4760958** | &nbsp;&nbsp;**7%** | $&nbsp;&nbsp;**29385** | $&nbsp;&nbsp;**22** |
| &nbsp;&nbsp;**Total Uses of Capital** | $&nbsp;&nbsp;**72162269** | &nbsp;&nbsp;**100%** | $&nbsp;&nbsp; | $&nbsp;&nbsp; |

---

**VestFundr, LLC Series Sagemont Subdivision Pro Forma - Sales Revenue and Projected Cost of Sales**

The following tables summarize the anticipated gross revenue derived from retail sales of the vacant lots, single-family residences and townhomes within the completed Sagemont Subdivision and the estimated expenses, as a percentage of the unit's retail price, related to unit retail sales.

**Sagemont Subdivision Estimated Gross Sales Revenue per Unit**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Floorplan** | &nbsp;&nbsp;**Unit Sq Ft** | &nbsp;&nbsp;**Sales Price** | &nbsp;&nbsp;**Sales Price Per Sq Ft** |
| &nbsp;&nbsp;36 | &nbsp;&nbsp;Townhome | &nbsp;&nbsp;1750 | $&nbsp;&nbsp;525000 | $&nbsp;&nbsp;300.00 |
| &nbsp;&nbsp;65 | &nbsp;&nbsp;Single-Family | &nbsp;&nbsp;2366 | $&nbsp;&nbsp;850000 | $&nbsp;&nbsp;359.26 |
| &nbsp;&nbsp;61 | &nbsp;&nbsp;Lots | &nbsp;&nbsp;N/A | $&nbsp;&nbsp;279,753\* | &nbsp;&nbsp;N/A |

---

N/A: Not Applicable

\*: Estimated Average Sales Price

**Sagemont Subdivision Estimated Cost of Retail Sales**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fee Category** | &nbsp;&nbsp;**Estimated Fee<sup>\*</sup>** |
| &nbsp;&nbsp;Listing Fee | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;Marketing Fee | &nbsp;&nbsp;1.50% |
| &nbsp;&nbsp;Selling Fee | &nbsp;&nbsp;3.00% |
| &nbsp;&nbsp;Concessions | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Closing Costs | &nbsp;&nbsp;0.50% |
| &nbsp;&nbsp;Total Sales Cost | &nbsp;&nbsp;7.50% |

---

**VestFundr, LLC Series Sagemont Subdivision Pro Forma - Summary**

The Company has produced pro forma forecasts to estimate the revenues, development and construction expenses, financing costs and estimated net profit from the completion of the Sagemont Subdivision as identified in the proposed plat. The Company and anticipated participants have modeled the Sagemont Subdivision and estimate total net revenues from the sales of the sixty-one (61) vacant lots, sixty-five (65) single-family residences and thirty-six (36) townhomes will be approximately eighty-four million three hundred seventy-three thousand seven hundred thirty-eight U.S. dollars ($84,373,738). Total land development and horizontal costs are estimated to be thirty-four million six hundred twelve thousand fourteen U.S. dollars ($34,612,014), total vertical construction costs are estimated to be thirty-six million five hundred nineteen thousand twenty-nine U.S. dollars ($36,519,029) and total vertical construction financing costs are estimated to be one million thirty-one thousand two hundred twenty-six U.S. dollars ($1,031,226) for total Sagemont Subdivision expenses of approximately seventy-two million one hundred sixty-two thousand two hundred sixty-nine U.S. dollars ($72,162,269). Details with respect to total land development and horizontal costs (including financing expenses) and total vertical construction costs are provided in summary tables below. The estimated net profit derived from the completion of the Sagemont Subdivision is twelve million two hundred eleven thousand four hundred seventy U.S. dollars ($12,211,470).

The following table summarizes the pro forma anticipated net sales revenues, development, construction and financing expenses and net profit of the Sagemont Subdivision on an annual basis through completion of the project.

**VestFundr, LLC Series Sagemont Subdivision Pro Forma – Income Summary by Year**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Total Projected** |
| &nbsp;&nbsp;**Project Month:** | &nbsp;&nbsp;(1 - 12) | &nbsp;&nbsp;(13 - 24) | &nbsp;&nbsp;(25 - 36) | &nbsp;&nbsp;(37 - 48) | &nbsp;&nbsp;(49 - 60) |  |
| &nbsp;&nbsp;**Projected Period End Date:** | &nbsp;&nbsp;Aug 2027 | &nbsp;&nbsp;Aug 2028 | &nbsp;&nbsp;Aug 2029 | &nbsp;&nbsp;Aug 2030 | &nbsp;&nbsp;Aug 2031 |  |
| &nbsp;&nbsp;**Net Sales Revenue** | $&nbsp;&nbsp;4516701 | $&nbsp;&nbsp;35927278 | $&nbsp;&nbsp;17012260 | $&nbsp;&nbsp;25460625 | $&nbsp;&nbsp;1456875 | $&nbsp;&nbsp;84373738 |
| &nbsp;&nbsp;**Costs** |  |  |  |  |  |  |
| &nbsp;&nbsp;Land & Development Costs\* | $&nbsp;&nbsp;(20931265) | $&nbsp;&nbsp;(8483091) | $&nbsp;&nbsp;(5197658) | $&nbsp;&nbsp; | $&nbsp;&nbsp;- | $&nbsp;&nbsp;(34612014) |
| &nbsp;&nbsp;Vertical Construction Costs | $&nbsp;&nbsp;(5772603) | $&nbsp;&nbsp;(11545206) | $&nbsp;&nbsp;(10985237) | $&nbsp;&nbsp;(8215983) | $&nbsp;&nbsp;- | $&nbsp;&nbsp;(36519029) |
| &nbsp;&nbsp;Vertical Loan/Financing Costs | $&nbsp;&nbsp;- | $&nbsp;&nbsp;(654058) | $&nbsp;&nbsp;(109886) | $&nbsp;&nbsp;(267282) | $&nbsp;&nbsp;- | $&nbsp;&nbsp;(1031226) |
| &nbsp;&nbsp;**Net Profit** | $&nbsp;&nbsp;(22187167) | $&nbsp;&nbsp;15244923 | $&nbsp;&nbsp;719479 | $&nbsp;&nbsp;16977359 | $&nbsp;&nbsp;1456875 | $&nbsp;&nbsp;12211470 |

---

\*: Includes financing costs as detailed in Land Development Costs by Phase table below.

**VestFundr, LLC Series Sagemont Subdivision Pro Forma – Class A Units**

The Preferred Return and aggregate Percentage Interest of the Class A Units of the VestFundr, LLC Series Sagemont Subdivision are specified within the VestFundr, LLC Series Sagemont Subdivision Series Designation provided as Exhibit 3c and are twelve percent (12%) per annum and twenty-six percent (26%), respectively. The Preferred Return for Class A members is accruable and non-compounding and is anticipated to be paid to the Class A members after the return of their total Capital Contributions. The pro forma estimates anticipated a Class A Unit project equity contribution of approximately four million six hundred thirty-six thousand five hundred seventy-four U.S. dollars ($4,636,574) and earn a cumulative Preferred Return of approximately one million four hundred twenty-one thousand six hundred thirty-six U.S. dollars ($1,421,636) on this Class A Unit project equity contribution. Based upon the estimated net profit derived from the completion of the Sagemont Subdivision of twelve million two hundred eleven thousand four hundred seventy U.S. dollars ($12,211,470) and the Class A members possessing an aggregate Percentage Interest or equity ownership of twenty-six percent (26%), it is anticipated that the Class A members will receive total net distributable proceeds derived from the projected net income of the Sagemont Subdivision project of approximately three million one hundred eighty-nine thousand five hundred sixty-two U.S. dollars ($3,189,562).

The Company predicts from its Sagemont Subdivision pro forma cash flow analysis that the Class A members of VestFundr, LLC Series Sagemont Subdivision will begin to receive a return of their capital contributions during project year three (3) and with all capital contributions being returned by the end of project year four (4). The Company further predicts that the Class A members of VestFundr, LLC Series Sagemont Subdivision will receive payment of their accrued Preferred Returns during project year four (4). Lastly the Company believes the Class A members of VestFundr, LLC Series Sagemont Subdivision will begin to receive their allocation of the net profit from the completion of the Sagemont Subdivision during project year four (4) with all remaining project net profits being disbursed during project year five (5). The Class A member internal rate of return (IRR) over the assumed five (5) year life of the Sagemont Subdivision project, based upon the pro forma projections, is calculated to be approximately twenty-seven percent (27%).

**VestFundr, LLC Series Sagemont Subdivision Pro Forma – Cashflow Summary for Class A Units**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Year 1** | &nbsp;&nbsp;**Year 2** | &nbsp;&nbsp;**Year 3** | &nbsp;&nbsp;**Year 4** | &nbsp;&nbsp;**Year 5** | &nbsp;&nbsp;**Total Projected** |
| &nbsp;&nbsp;**Project Month:** | &nbsp;&nbsp;(1 - 12) | &nbsp;&nbsp;(13 - 24) | &nbsp;&nbsp;(25 - 36) | &nbsp;&nbsp;(37 - 48) | &nbsp;&nbsp;(49 - 60) |  |
| &nbsp;&nbsp;Equity Contribution | $&nbsp;&nbsp;(2742084) | $&nbsp;&nbsp;(1894490) | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;(4636574) |
| &nbsp;&nbsp;Equity Return | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;324980 | $&nbsp;&nbsp;4311595 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;4636574 |
| &nbsp;&nbsp;Preferred Return | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;1421636 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;1421636 |
| &nbsp;&nbsp;Allocation of Net Profit (26%) | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;- | $&nbsp;&nbsp;2752500 | $&nbsp;&nbsp;437063 | $&nbsp;&nbsp;3189562 |
| &nbsp;&nbsp;Total Cashflow | $&nbsp;&nbsp;(2742084) | $&nbsp;&nbsp;(1894490) | $&nbsp;&nbsp;324980 | $&nbsp;&nbsp;8485731 | $&nbsp;&nbsp;437063 | $&nbsp;&nbsp;4611198 |

---

**VestFundr, LLC Series Sagemont Subdivision Pro Forma – Expense and Net Revenue Summaries**

In support of the Sagemont Subdivision pro forma summary tables provided above, the following tables provide additional detail from the Sagemont Subdivision pro forma projections as they relate to (i) land purchase expense and timing, (ii) land development expenses per horizontal phase, (iii) net revenue generated by lot sales, (iv) vertical construction costs and net revenues from residential unit sales and (v) net revenues from residential unit sales by vertical construction phase.

**Proposed Sagemont Subdivision Land Purchase Summary**

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| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Month** | &nbsp;&nbsp;**Dollar Amount** | &nbsp;&nbsp;**Financed By** |
| &nbsp;&nbsp;Land Purchase 1 | &nbsp;&nbsp;1 | $&nbsp;&nbsp;4240876 | &nbsp;&nbsp;Primary Loan |
| &nbsp;&nbsp;Land Purchase 2 | &nbsp;&nbsp;21 | $&nbsp;&nbsp;2759124 | &nbsp;&nbsp;Primary Loan |

---

**Proposed Sagemont Subdivision Land Development (Horizontal) Costs by Phase**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Month(s):** |  | &nbsp;&nbsp;1 - 8 | &nbsp;&nbsp;9 - 28 | &nbsp;&nbsp;28 |  |
|  | &nbsp;&nbsp;**Development Phase:** |  | &nbsp;&nbsp;**Phase 1** | &nbsp;&nbsp;**Phase 2** | &nbsp;&nbsp;**Total Project** | &nbsp;&nbsp;**per Lot** |
| &nbsp;&nbsp;**Land Expense** | &nbsp;&nbsp;**Land Expense** |  | $&nbsp;&nbsp;**4240876** | $&nbsp;&nbsp;**2759124** | $&nbsp;&nbsp;**7000000** | $&nbsp;&nbsp;43210 |
| &nbsp;&nbsp;**Hard Costs** |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Offsite & Sewer/Water Extension |  | $&nbsp;&nbsp;2000000 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;2000000 | $&nbsp;&nbsp;12346 |
|  | &nbsp;&nbsp;Water Tank |  | $&nbsp;&nbsp;1500000 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;1500000 | $&nbsp;&nbsp;9259 |
|  | &nbsp;&nbsp;Lot Improvements **<sup>1</sup>** |  | $&nbsp;&nbsp;7802000 | $&nbsp;&nbsp;7426000 | $&nbsp;&nbsp;15228000 | $&nbsp;&nbsp;94000 |
|  | &nbsp;&nbsp;Amenities |  | $&nbsp;&nbsp;500000 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;500000 | $&nbsp;&nbsp;3086 |
|  | &nbsp;&nbsp;Contingency | &nbsp;&nbsp;5.0% | $&nbsp;&nbsp;492569 | $&nbsp;&nbsp;468831 | $&nbsp;&nbsp;961400 | $&nbsp;&nbsp;5935 |
| &nbsp;&nbsp;**Total Hard Costs** | &nbsp;&nbsp;**Total Hard Costs** |  | $&nbsp;&nbsp;**12294569** | $&nbsp;&nbsp;**7894831** | $&nbsp;&nbsp;**20189400** | $&nbsp;&nbsp;124626 |
| &nbsp;&nbsp;**Soft Costs** |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Loan Origination Fees |  | $&nbsp;&nbsp;479865 | $&nbsp;&nbsp;331536 | $&nbsp;&nbsp;811401 | $&nbsp;&nbsp;5009 |
|  | &nbsp;&nbsp;Loan Guarantor Fees |  | $&nbsp;&nbsp;180399 | $&nbsp;&nbsp;149498 | $&nbsp;&nbsp;329896 | $&nbsp;&nbsp;2036 |
|  | &nbsp;&nbsp;Loan Interest |  | $&nbsp;&nbsp;2147922 | $&nbsp;&nbsp;440513 | $&nbsp;&nbsp;2588435 | $&nbsp;&nbsp;15978 |
|  | &nbsp;&nbsp;Asset Management Fee | &nbsp;&nbsp;2.0% | $&nbsp;&nbsp;101559 | $&nbsp;&nbsp;161707 | $&nbsp;&nbsp;263266 | $&nbsp;&nbsp;1625 |
|  | &nbsp;&nbsp;Developer Fee | &nbsp;&nbsp;5.0% | $&nbsp;&nbsp;836563 | $&nbsp;&nbsp;478295 | $&nbsp;&nbsp;1314858 | $&nbsp;&nbsp;8116 |
|  | &nbsp;&nbsp;City Fees (plat, permits & inspections) |  | $&nbsp;&nbsp;245670 | $&nbsp;&nbsp;233830 | $&nbsp;&nbsp;479500 | $&nbsp;&nbsp;2960 |
|  | &nbsp;&nbsp;Civil Engineering |  | $&nbsp;&nbsp;92222 | $&nbsp;&nbsp;87778 | $&nbsp;&nbsp;180000 | $&nbsp;&nbsp;1111 |
|  | &nbsp;&nbsp;Architect/Drafting Fees |  | $&nbsp;&nbsp;51235 | $&nbsp;&nbsp;48765 | $&nbsp;&nbsp;100000 | $&nbsp;&nbsp;617 |
|  | &nbsp;&nbsp;Land Option Fees |  | $&nbsp;&nbsp;804091 | $&nbsp;&nbsp;- | $&nbsp;&nbsp;804091 | $&nbsp;&nbsp;4964 |
|  | &nbsp;&nbsp;Ancillary Soft Costs **<sup>2</sup>** |  | $&nbsp;&nbsp;120914 | $&nbsp;&nbsp;115086 | $&nbsp;&nbsp;236000 | $&nbsp;&nbsp;1457 |
|  | &nbsp;&nbsp;Soft Cost Contingency | &nbsp;&nbsp;5.0% | $&nbsp;&nbsp;212817 | $&nbsp;&nbsp;102350 | $&nbsp;&nbsp;315168 | $&nbsp;&nbsp;1945 |
| &nbsp;&nbsp;**Total Soft Costs** | &nbsp;&nbsp;**Total Soft Costs** |  | $&nbsp;&nbsp;**5273256** | $&nbsp;&nbsp;**2149358** | $&nbsp;&nbsp;**7422614** | $&nbsp;&nbsp;45819 |
| &nbsp;&nbsp;**Total Development Costs** | &nbsp;&nbsp;**Total Development Costs** |  | $&nbsp;&nbsp;**21808701** | $&nbsp;&nbsp;**12803313** | $&nbsp;&nbsp;**34612014** | $&nbsp;&nbsp;213654 |
| &nbsp;&nbsp;**Number of Lots** | &nbsp;&nbsp;**Number of Lots** |  | &nbsp;&nbsp;83 | &nbsp;&nbsp;79 | &nbsp;&nbsp;162 |  |

---

1: **Lot Improvement** category includes: Domestic Water Supply and Sewer Systems; Storm Water Pollution Prevention Plan (SWPPP); Earthwork, Grading and Paving; Storm Drainage; Concrete Improvements (i.e. sidewalks, curb and gutters, valley gutters, and collars); Street Striping and Signage; Subdivision Landscaping and Components (i.e. monuments and signage, gravity and pressurized irrigation, fencing. electrical/lighting and mailbox stations); and Neighborhood Amenities (i.e. common area improvements, picnic and sport activity areas)

2: **Ancillary Soft Costs** category includes: Appraisal Fee, Title, Escrow & Closing Fees; Property Taxes; Insurances and Performance Bonds; Architect and Drafting Fees; Traffic Impact Study; Legal and Organizational Fees; Homeowner Association Setup and Deficit Funding; Material Testing & Reports; Bank and Accounting Fees; Temporary Utilities; and Land Maintenance (i.e. weed control, street sweeping and nuisance-issue mitigation).

**Proposed Sagemont Subdivision Estimated Net Revenue per Lot**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Unit Type:** | &nbsp;&nbsp;**Lot** | &nbsp;&nbsp;**Project Total** |
| &nbsp;&nbsp;**Number of Units:** | &nbsp;&nbsp;61 | &nbsp;&nbsp;61 |
| &nbsp;&nbsp;**Average Sales Price/Unit** | $&nbsp;&nbsp;279753 | $&nbsp;&nbsp;17064933 |
| &nbsp;&nbsp; Less Sales Cost/Unit | $&nbsp;&nbsp;20981 | $&nbsp;&nbsp; |
| &nbsp;&nbsp;**Net Sales Revenue/Unit** | $&nbsp;&nbsp;**258772** | $&nbsp;&nbsp;**15785092** |
| &nbsp;&nbsp;**Average Land Cost/Unit** | $&nbsp;&nbsp;43210 |  |
| &nbsp;&nbsp;**Average Site Cost/Unit\*** | $&nbsp;&nbsp;147421 | $&nbsp;&nbsp;8992681 |
| &nbsp;&nbsp;**Total Average Development Cost/Unit\*** | $&nbsp;&nbsp;**190631** | $&nbsp;&nbsp;**11628491** |
| &nbsp;&nbsp;**Net Profit/Unit** | $&nbsp;&nbsp;**68141** | $&nbsp;&nbsp;**4156601** |

---

\*: Does not include loan-related soft costs

**Proposed Sagemont Subdivision Estimated Vertical Costs and Net Revenue per Residential Unit Summary**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Unit Type:** | &nbsp;&nbsp;**Townhomes** | &nbsp;&nbsp;**Single-family** | &nbsp;&nbsp;**Project Total** |
| &nbsp;&nbsp;**Sq Ft per Unit:** | &nbsp;&nbsp;1750 | &nbsp;&nbsp;2366 |  |
| &nbsp;&nbsp;**Number of Units:** | &nbsp;&nbsp;36 | &nbsp;&nbsp;65 | &nbsp;&nbsp;101 |
| &nbsp;&nbsp;**Sales Price / Unit** | $&nbsp;&nbsp;525000 | $&nbsp;&nbsp;850000 | $&nbsp;&nbsp;74150000 |
| &nbsp;&nbsp;**Sales Price / SF** | $&nbsp;&nbsp;300 | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;342 |
| &nbsp;&nbsp; Less Sales Cost / Unit | $&nbsp;&nbsp;39375 | $&nbsp;&nbsp;63750 | $&nbsp;&nbsp;5561250 |
| &nbsp;&nbsp; Less Sales Cost / SF | $&nbsp;&nbsp;23 | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;26 |
| &nbsp;&nbsp;**Net Sales Revenue / Unit** | $&nbsp;&nbsp;**485625** | $&nbsp;&nbsp;**786250** | $&nbsp;&nbsp;**68588750** |
| &nbsp;&nbsp;**Net Sales Revenue / SF** | $&nbsp;&nbsp;278 | $&nbsp;&nbsp;332 | $&nbsp;&nbsp;316 |
| &nbsp;&nbsp;Vertical Construction Costs | $&nbsp;&nbsp;211575 | $&nbsp;&nbsp;331240 | $&nbsp;&nbsp;29147300 |
| &nbsp;&nbsp;Builder Fee | $&nbsp;&nbsp;31736 | $&nbsp;&nbsp;49686 | $&nbsp;&nbsp;4372095 |
| &nbsp;&nbsp;**Total Hard Costs:** | $&nbsp;&nbsp;**243311** | $&nbsp;&nbsp;**380926** | $&nbsp;&nbsp;**33519395** |
| &nbsp;&nbsp;Staging-Model Unit | $&nbsp;&nbsp;175 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;21679 |
| &nbsp;&nbsp;Temp Utilities | $&nbsp;&nbsp;175 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;21679 |
| &nbsp;&nbsp;Water Meter | $&nbsp;&nbsp;350 | $&nbsp;&nbsp;473 | $&nbsp;&nbsp;43358 |
| &nbsp;&nbsp;Building Permits | $&nbsp;&nbsp;9000 | $&nbsp;&nbsp;10500 | $&nbsp;&nbsp;1006500 |
| &nbsp;&nbsp;Utility Connection & Impact Fees | $&nbsp;&nbsp;11000 | $&nbsp;&nbsp;11000 | $&nbsp;&nbsp;1111000 |
| &nbsp;&nbsp;Developer Fee | $&nbsp;&nbsp;5399 | $&nbsp;&nbsp;8247 | $&nbsp;&nbsp;730381 |
| &nbsp;&nbsp;Plan & Design Fees | $&nbsp;&nbsp;525 | $&nbsp;&nbsp;710 | $&nbsp;&nbsp;65037 |
| &nbsp;&nbsp;**Total Soft Costs:** | $&nbsp;&nbsp;**26624** | $&nbsp;&nbsp;**31403** | $&nbsp;&nbsp;**2999634** |
| &nbsp;&nbsp;**Total Vertical Costs** | $&nbsp;&nbsp;**269935** | $&nbsp;&nbsp;**412329** | $&nbsp;&nbsp;**36519029** |
| &nbsp;&nbsp;**Net Profit / Unit** | $&nbsp;&nbsp;**215690** | $&nbsp;&nbsp;**373921** | $&nbsp;&nbsp;**32069721** |
| &nbsp;&nbsp;**Net Profit / SF** | $&nbsp;&nbsp;123 | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;148 |

---

**Proposed Sagemont Subdivision Estimated Net Revenue by Vertical Construction Phase**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Phase 1** |  | &nbsp;&nbsp;**Phase 2** |  | &nbsp;&nbsp;**Phase 3** |  | &nbsp;&nbsp;**Phase 4** |  |  |
|  | &nbsp;&nbsp;**Single-Family** | &nbsp;&nbsp;**Phase 1 Total** | &nbsp;&nbsp;**Single-Family** | &nbsp;&nbsp;**Phase 2 Total** | &nbsp;&nbsp;**Single-Family** | &nbsp;&nbsp;**Phase 3 Total** | &nbsp;&nbsp;**Townhomes** | &nbsp;&nbsp;**Single-Family** | &nbsp;&nbsp;**Phase 4 Total** |
| &nbsp;&nbsp;**Square Feet (SF)/Unit**: | &nbsp;&nbsp;2366 | &nbsp;&nbsp;49686 | &nbsp;&nbsp;2366 | &nbsp;&nbsp;49686 | &nbsp;&nbsp;2366 | &nbsp;&nbsp;47320 | &nbsp;&nbsp;1750 | &nbsp;&nbsp;2366 | &nbsp;&nbsp;70098 |
|  | &nbsp;&nbsp;21 |  | &nbsp;&nbsp;21 |  | &nbsp;&nbsp;20 |  | &nbsp;&nbsp;36 | &nbsp;&nbsp;3 | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;Sales Price/Unit | $&nbsp;&nbsp;850000 | $&nbsp;&nbsp;17850000 | $&nbsp;&nbsp;850000 | $&nbsp;&nbsp;17850000 | $&nbsp;&nbsp;850000 | $&nbsp;&nbsp;17000000 | $&nbsp;&nbsp;525000 | $&nbsp;&nbsp;850000 | $&nbsp;&nbsp;21450000 |
| &nbsp;&nbsp;Sales Price/SF | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;300 | $&nbsp;&nbsp;359 | $&nbsp;&nbsp;306 |
| &nbsp;&nbsp; Less Sales Cost/Unit | $&nbsp;&nbsp;63750 | $&nbsp;&nbsp;1338750 | $&nbsp;&nbsp;63750 | $&nbsp;&nbsp;1338750 | $&nbsp;&nbsp;63750 | $&nbsp;&nbsp;1275000 | $&nbsp;&nbsp;39375 | $&nbsp;&nbsp;63750 | $&nbsp;&nbsp;1608750 |
| &nbsp;&nbsp; Less Sales Cost/SF | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;23 | $&nbsp;&nbsp;27 | $&nbsp;&nbsp;23 |
| &nbsp;&nbsp;Net Sales Revenue/Unit | $&nbsp;&nbsp;786250 | $&nbsp;&nbsp;16511250 | $&nbsp;&nbsp;786250 | $&nbsp;&nbsp;16511250 | $&nbsp;&nbsp;786250 | $&nbsp;&nbsp;15725000 | $&nbsp;&nbsp;485625 | $&nbsp;&nbsp;786250 | $&nbsp;&nbsp;19841250 |
| &nbsp;&nbsp;Net Sales Revenue/SF | $&nbsp;&nbsp;2189 | $&nbsp;&nbsp;45960 | $&nbsp;&nbsp;2189 | $&nbsp;&nbsp;45960 | $&nbsp;&nbsp;2189 | $&nbsp;&nbsp;43771 | $&nbsp;&nbsp;1619 | $&nbsp;&nbsp;2189 | $&nbsp;&nbsp;64841 |
| &nbsp;&nbsp;**Net Sales Revenue** | $&nbsp;&nbsp;**16511250** |  | $&nbsp;&nbsp;**16511250** |  | $&nbsp;&nbsp;**15725000** |  | $&nbsp;&nbsp;**17482500** | $&nbsp;&nbsp;**2358750** |  |
| &nbsp;&nbsp;Vertical Construction Costs | $&nbsp;&nbsp;331240 | $&nbsp;&nbsp;6956040 | $&nbsp;&nbsp;331240 | $&nbsp;&nbsp;6956040 | $&nbsp;&nbsp;331240 | $&nbsp;&nbsp;6624800 | $&nbsp;&nbsp;211575 | $&nbsp;&nbsp;331240 | $&nbsp;&nbsp;8610420 |
| &nbsp;&nbsp;Builder Fee | $&nbsp;&nbsp;49686 | $&nbsp;&nbsp;1043406 | $&nbsp;&nbsp;49686 | $&nbsp;&nbsp;1043406 | $&nbsp;&nbsp;49686 | $&nbsp;&nbsp;993720 | $&nbsp;&nbsp;31736 | $&nbsp;&nbsp;49686 | $&nbsp;&nbsp;1291563 |
| &nbsp;&nbsp;Hard Costs Sub-Total | $&nbsp;&nbsp;380926 | $&nbsp;&nbsp;7999446 | $&nbsp;&nbsp;380926 | $&nbsp;&nbsp;7999446 | $&nbsp;&nbsp;380926 | $&nbsp;&nbsp;7618520 | $&nbsp;&nbsp;243311 | $&nbsp;&nbsp;380926 | $&nbsp;&nbsp;9901983 |
| &nbsp;&nbsp;Staging-Model Unit | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;4969 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;4969 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;4732 | $&nbsp;&nbsp;175 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;7010 |
| &nbsp;&nbsp;Temp Utilities | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;4969 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;4969 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;4732 | $&nbsp;&nbsp;175 | $&nbsp;&nbsp;237 | $&nbsp;&nbsp;7010 |
| &nbsp;&nbsp;Water Meter | $&nbsp;&nbsp;473 | $&nbsp;&nbsp;9937 | $&nbsp;&nbsp;473 | $&nbsp;&nbsp;9937 | $&nbsp;&nbsp;473 | $&nbsp;&nbsp;9464 | $&nbsp;&nbsp;350 | $&nbsp;&nbsp;473 | $&nbsp;&nbsp;14020 |
| &nbsp;&nbsp;Building Permits | $&nbsp;&nbsp;10500 | $&nbsp;&nbsp;220500 | $&nbsp;&nbsp;10500 | $&nbsp;&nbsp;220500 | $&nbsp;&nbsp;10500 | $&nbsp;&nbsp;210000 | $&nbsp;&nbsp;9000 | $&nbsp;&nbsp;10500 | $&nbsp;&nbsp;355500 |
| &nbsp;&nbsp;Utility Connection & Impact Fees | $&nbsp;&nbsp;11000 | $&nbsp;&nbsp;231000 | $&nbsp;&nbsp;11000 | $&nbsp;&nbsp;231000 | $&nbsp;&nbsp;11000 | $&nbsp;&nbsp;220000 | $&nbsp;&nbsp;11000 | $&nbsp;&nbsp;11000 | $&nbsp;&nbsp;429000 |
| &nbsp;&nbsp;Developer Fee | $&nbsp;&nbsp;8247 | $&nbsp;&nbsp;173178 | $&nbsp;&nbsp;8247 | $&nbsp;&nbsp;173178 | $&nbsp;&nbsp;8247 | $&nbsp;&nbsp;164932 | $&nbsp;&nbsp;5399 | $&nbsp;&nbsp;8247 | $&nbsp;&nbsp;219093 |
| &nbsp;&nbsp;Plan & Design Fees | $&nbsp;&nbsp;710 | $&nbsp;&nbsp;14906 | $&nbsp;&nbsp;710 | $&nbsp;&nbsp;14906 | $&nbsp;&nbsp;710 | $&nbsp;&nbsp;14196 | $&nbsp;&nbsp;525 | $&nbsp;&nbsp;710 | $&nbsp;&nbsp;21029 |
| &nbsp;&nbsp;Soft Costs Sub-Total | $&nbsp;&nbsp;31403 | $&nbsp;&nbsp;659458 | $&nbsp;&nbsp;31403 | $&nbsp;&nbsp;659458 | $&nbsp;&nbsp;31403 | $&nbsp;&nbsp;628056 | $&nbsp;&nbsp;26624 | $&nbsp;&nbsp;31403 | $&nbsp;&nbsp;1052661 |
| &nbsp;&nbsp;Total Vertical Costs | $&nbsp;&nbsp;412329 | $&nbsp;&nbsp;8658904 | $&nbsp;&nbsp;412329 | $&nbsp;&nbsp;8658904 | $&nbsp;&nbsp;412329 | $&nbsp;&nbsp;8246576 | $&nbsp;&nbsp;269935 | $&nbsp;&nbsp;412329 | $&nbsp;&nbsp;10954644 |
| &nbsp;&nbsp;**Total Vertical Costs Phase** | $&nbsp;&nbsp;**8658904** |  | $&nbsp;&nbsp;**8658904** |  | $&nbsp;&nbsp;**8246576** |  | $&nbsp;&nbsp;**9717658** | $&nbsp;&nbsp;**1236986** |  |
| &nbsp;&nbsp;Net Revenue/Unit | $&nbsp;&nbsp;373921 | $&nbsp;&nbsp;7852346 | $&nbsp;&nbsp;373921 | $&nbsp;&nbsp;7852346 | $&nbsp;&nbsp;373921 | $&nbsp;&nbsp;7478424 | $&nbsp;&nbsp;215690 | $&nbsp;&nbsp;373921 | $&nbsp;&nbsp;8886606 |
| &nbsp;&nbsp;Net Revenue/SF | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;123 | $&nbsp;&nbsp;158 | $&nbsp;&nbsp;127 |
| &nbsp;&nbsp;**Net Revenue** | $&nbsp;&nbsp;**7852346** |  | $&nbsp;&nbsp;**7852346** |  | $&nbsp;&nbsp;**7478424** |  | $&nbsp;&nbsp;**7764842** | $&nbsp;&nbsp;**1121764** |  |

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**Management Fees**

Assuming the Company raises the maximum offering amount for the VestFundr, LLC Series Sagemont Subdivision, the Company anticipates that the yearly Asset Management Fee earned and paid to VestFundr Management LLC, will be approximately one hundred thousand U.S. dollars ($100,000) per annum and equates to approximately two percent (2%) of the Series' initial capital investment into the Sagemont Subdivision on an annual basis. This amount is expected to be paid from cash generated from Sagemont Subdivision residential unit sales and is due and owing to the Manager on an annualized basis every fiscal quarter, if sufficient liquid funds are available. Asset Management Fees due and owing to the Manager yet not paid by the Company to the Manager shall accrue in an account for the benefit of the Manager designated as the Deferred Asset Management Fees for future disbursement to the Manager, in such amounts and at times in the sole discretion of the Manager.

**AFFILIATES**

The following entities are affiliated with the Company, and are either managed or controlled by the Manager of the Company or a member, Director, Officer or employee of the Manager ("Affiliates"):

VestFundr Management, LLC, is the Manager of the Company and is fifty percent (50%) owned by Ronald Walsh and fifty percent (50%) owned by Robert Croak. Ronald Walsh is designated as the Managing Member of VestFundr Management, LLC.

**CONFLICTS OF INTEREST**

The following transactions may result in a conflict between the interests of an Investor and those of the Manager, member of Manager, Affiliates, or other members:

VestFundr Management, LLC, as Manager of the Company and any Company Series, will receive compensation for its services pursuant to the "Manager Fee Schedule" provided below and may be paid a greater amount than the fees listed. The potential conflict is mitigated by limiting any such greater amounts to what is reasonable and not in excess of the customary management fees which would be paid to an independent third party in connection with the development and management of similar real estate projects and any further potential conflict is mitigated by the terms of the LLC operating agreement.

The Walsh Group, LLC is an entity possessing experience identifying real property suitable for commercial or residential development and the processes of obtaining the necessary entitlements for commercial or residential development. Ronald Walsh is a minority owner with an approximate forty-nine percent (49%) equity ownership interest in the firm and is not a managing member thereof. The firm is majority and fifty-one percent (51%) owned by the Managing Member, Nicholas Walsh. The Walsh Group is an entity anticipated to participate in the identification, analysis and potential purchase of property parcels suitable to the Company's business objectives prior to transferring title of the parcel(s) to the Company or associated project participants for subsequent development or construction activities. The potential conflict is mitigated by limiting any professional service fees or compensation in excess of the purchase price to what is commercially reasonable and not in excess of the customary finder's fees or commission which would be paid to an independent third party in connection with the professional services provided or the acquisition of a parcel(s) or property suitable for the business objectives of the Company.

Cedar and Sage Companies, LLC is a real estate development company and general contractor based in Eagle, Idaho with operations in the states of Idaho, Washington and Montana and is expected to be the sole owner of VestFundr, LLC Series Sagemont Subdivision Class B membership interests (Class B Units). Ronald Walsh is a minority owner with an approximate eleven percent (11%) equity ownership interest in the firm and also identified as the Acquisitions Manager for the firm. Cedar and Sage Companies, LLC, as the contractor that may perform the site development and construction services or the construction oversight for the improvement of Company Series real estate assets on behalf of the Manager will be compensated for its services via an agreement with either a Company Series or the Manager. The potential conflict is mitigated by limiting the fees Cedar and Sage Companies, LLC receives to industry-standard, market rates for those services as if it was an unaffiliated third party conducting similar work. Ronald Walsh is compensated as a member of Cedar and Sage Companies LLC and will not receive any additional compensation or fees from Cedar and Sage Companies, LLC for activities related to VestFundr, LLC Series Sagemont Subdivision.

Silvercreek Realty Group, is an Idaho-based real estate brokerage with multiple offices and agents located throughout the grater Idaho area and includes Marla Walsh, spouse of Ronald Walsh, as a licensed agent with the firm. Silvercreek Realty Group may assist the Company with licensed real estate agent services during real property acquisition and disposition activity and is expected to receive compensation for its efforts in assisting the Company executing real property transactions. The potential conflict is mitigated by limiting the compensation Silvercreek Realty, LLC and its participating agents receive to what is commercially reasonable and not in excess of the customary commissions and fees which would be paid to an independent third party for providing comparable real estate brokerage services.

Some or all of the Company's Series may acquire their properties from the Manager or from an affiliate of the Manager. Prior to a sale to a Series, the Manager may acquire a property, repair, or improve the property. The Manager will then resell the property to a Series at a value determined by the Manager or affiliate of the Manager which may reflect a premium over the Manager's investment in the property. Accordingly, because the Manager will be an interested party with respect to a sale of a property that it owns to a Series, the Manager's interests in such a sale may not be aligned with the interests of the Series or its investors. There can be no assurance that a property purchase price that a Series will pay to the Manager or affiliate will be comparable to that which a series might pay to an unaffiliated third-party seller.

The terms of the Company's Operating Agreement (including the Manager's rights and obligations and the compensation payable to the Manager and its affiliates) were not negotiated at arm's length.

Pursuant to the Operating Agreement, the resolution of any conflict of interest by the Manager shall be conclusively deemed to be fair and reasonable to the Company, any Company Series and the Members thereof and not a breach of any duty at law, in equity or otherwise.

**FIDUCIARY RESPONSIBILITY OF THE MANAGER**

A manager of a Delaware series limited liability company may be accountable to the Company and a Company Series as a fiduciary and consequently must exercise good faith, fair dealing and integrity in handling the Company's affairs. The Operating Agreement specifies to the extent that, at law or in equity, the Manager or any other indemnitee would have duties (including fiduciary duties) to the Company, to any Member, to any Person who acquires an interest in the Company or to any other Person bound by this Agreement, all such duties (including fiduciary duties) are waived and eliminated, to the fullest extent permitted by law, and replaced with the duties expressly set forth within the Operating Agreement. This is a rapidly developing and changing area of the law and potential Investors who have questions concerning the duties of the Manager relative to the Company, a Company Series and its Members should consult with their legal counsel.

Exculpation. The Manager may not be liable to the Company, a Company Series or its Members for errors in judgment or other acts or omissions not amounting to fraud, bad faith or willful misconduct, since provision has been made in the Company's Operating Agreement for exculpation of the Manager when the Manager reasonably believed to be acting in or not opposed to the best interests of the Company and did not constitute fraud, bad faith or willful misconduct. Similarly, the Manager is not liable for the negligence, dishonesty or bad faith of any employee, broker or other agent of the Company, provided that such employee, broker or agent was selected, engaged or retained with reasonable care. Therefore, Investors have a more limited right of action available to them than they would absent the limitation specified in the Operating Agreement. Further, disputes regarding the operation of the Company shall be subject to mediation and if necessary, thereafter binding arbitration as set forth in the Operating Agreement.

Indemnification. The Operating Agreement provides for indemnification of the Manager by the Company for liabilities it incurs in dealings with other Members or third parties on behalf of the Company so long as the Manager or such other Persons reasonably believed to be acting in or not opposed to the best interests of the Company and did not constitute fraud, bad faith or willful misconduct. The Manager and its members, officers, directors, employees and agents and the employees and agents of the Company shall be entitled to be indemnified and held harmless by the Company, at the expense of the Company, against any loss, expense, claim or liability (including reasonable attorneys' fees, which shall be paid as incurred) resulting from the assertion of any claim or legal proceeding relating to the performance or nonperformance of any act concerning the activities of the Company, including claims or legal proceedings brought by a third-party or by Members, on their own behalf or as a Company derivative suit, so long as the party to be indemnified acted in good faith and in a manner which such party reasonably determined to be in or not opposed to the best interests of the Company and did not constitute fraud, bad faith or willful misconduct; provided, that any such indemnity shall be paid solely from the assets of the Company or Company Series. To the extent that the indemnification provisions purport to include indemnification for liabilities arising under the Securities Act of 1933, in the opinion of the Securities Exchange Commission, such indemnification is contrary to the public policy and therefore unenforceable with respect to alleged securities law violations.

Pursuant to the Operating Agreement, the Manager shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company or any Members, and shall not be subject to any other or different standards imposed by the Operating Agreement, any other agreement contemplated hereby, under Delaware law or under any other applicable law or in equity. The Manager shall not have any duty (including any fiduciary duty) other than the duties of a good faith and fair dealing Member to the Company, or any other Member or Person, including any fiduciary duty associated with self-dealing or corporate opportunities, all of which are expressly waived to the fullest extend allowed by law.

**DESCRIPTION OF PROPERTY**

The Company does not currently own any business personal property or real property of any material significance. The Company does not currently lease any business personal property or real property.

The Company intends to begin building its real property asset portfolio by using the Proceeds of this Offering as soon as the funds are released from escrow when the gross Proceeds exceed the relevant Series Minimum Offering Amount, if any.

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

**Plan of Operations** 

The Company's first twelve (12) months plan of operations will entail directing approximately one hundred percent (100%) of the net proceeds received through this Offering to the Manager to begin corporate operations, starting as soon as the Minimum Investment Amount, if any, is reached. The Company will employ the funds it receives from this Offering in the manner described in the "Use of Proceeds" section above. Please refer to the "Use of Proceeds" and "Description of the Business" sections for a detailed discussion of how the Company intends to execute the Plan of Operations with respect to any identified Company Series.

**BAD ACTOR DISCLOSURE**

The Company, Manager and members of Manager are not subject to bad actor disqualifications under any relevant U.S. securities laws including those specified in 17 CFR 230.506(d).

**BANKRUPTCY AND LEGAL PROCEEDINGS**

**No Bankruptcy, Investigations, or Criminal Proceedings**

Neither the Company, Manager nor members of the Manager have been part of any bankruptcy proceedings, any proceedings whereby there was a material evaluation of the integrity or ability of the Manager's members, any investigations regarding moral turpitude, nor any criminal proceedings or convictions (excluding traffic violations).

**No Legal Proceedings Material to Company**

The Company, Manager and members of Manager are not part of any legal proceedings which are material to the business or financial condition of the Company.

**PRINCIPALS AND SIGNIFICANT PERSONNEL OF MANAGER**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position/Title** | **Age** | **Term of Office** | **Approximate Hours per week** |
| Ronald Walsh | Managing Principal | 74 | June 2025 – present | 30 |
| Robert Croak | Managing Principal | 59 | June 2025 – present | 20 |

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**Business Experience of Manager Principals**

**Ronald Walsh, Managing Principal**. Mr. Walsh serves as a Managing Principal of VestFundr Management LLC, the Company's Manager and has forty-five (45) years of experience in Real Estate Development with various firms that includes property identification and acquisition, securing land entitlements for development and participating in the design, development, construction and disposition processes. Mr. Walsh began his real estate journey with Richard B. Smith in the Treasure Valley are of Idaho after attending Boise State University. Throughout his career, he has played a key role in the development of residential subdivisions, suburban office spaces, multi-family housing, and industrial facilities.

Between 1986 and 1992, Mr. Walsh oversaw the development of over six hundred thousand (600,000) square feet of multi-family residential units, commercial properties, high-bay flex buildings, and suburban office spaces in the greater Seattle, Washington area where he was managing every stage of the projects from site acquisition and design to construction management, leasing, and sales. From 2001 to 2024, Mr. Walsh led the acquisition, planning, and processes to secure the land entitlements that enabled the subsequent development of twenty-five (25) residential subdivisions in the Treasure Valley area of Idaho by multiple home builders. During that two (2) decade period, the contractors and home builders in those various Treasure Valley subdivisions delivered single-family residences on a total of approximately two thousand four hundred (2,400) individual lots.

Since 2010, Mr. Walsh has focused his professional efforts on site acquisition, development, and securing land entitlements for senior living communities and projects located in Texas, Arizona, Idaho, Washington and Montana, as well as an age-restricted single-family subdivision in southwestern Idaho. As a specialist in identifying and acquiring desirable land and then obtaining land entitlements for development projects, his extensive expertise in project management, sales, and strategic planning continues to shape thriving communities across multiple markets currently and into the foreseeable future.

**Robert Croak, Managing Principal**. Mr. Croak serves as a Managing Principal of VestFundr Management LLC, the Company's Manager and is a highly recognized entrepreneur, consultant and podcaster that continues to be an active investor in real estate, consumer product brands, technology companies, and blockchain. Mr. Croak's journey started out with his lower-class upbringing in the Eastside of Toledo, Ohio and at the young age of twenty-two (22) years made his first full-time jump into owning his own business through the purchase of the family bar and restaurant "Frankie's" following the demise of his grandfather, Frankie Andriaccio. Throughout the years, Mr. Croak continued to open more bars and restaurants, and his passion for the business and the "business of business" only grew.

With a wild entrepreneur instinct, Mr. Croak forged ahead with the design and manufacturing of an unknown and unexpected "silly silicone bracelet" called Sillybandz and catapulted his little Toledo, Ohio company into the limelight and went from twelve (12) employees to over three hundred (300) in a matter of months. Sillybandz partnered with the Kardashians, Justin Bieber, Hello Kitty, Barbie, Spongebob Squarepants, and Angry Birds for exclusively licensed bracelets generating unpurchaseable product exposure, over two hundred million dollars ($200,000,000) in sales of Sillybandz and priceless personal and professional experiences. Mr. Croak has continued inventing, investing, and launching many new products and brands utilizing his accomplished reputation as a master brand-builder and infrastructure for product development.

Mr. Croak has developed many new products, and has also further diversified into real estate, technology, and fast casual pizza enterprises. With no plans on retiring, Mr. Croak instead continually creates and consults with other budding entrepreneurs and brands, excitedly continues building his "Money Mindset" financial literacy community and co-hosts the wildly successful and Spotify chart topping podcast "Rich Habits" that he co-hosts with Austin Hankwitz. Mr. Croak strives to provide easy-to-digest episodes to help people take their business, finances, and investing knowledge and abilities to their next level.

**Nature of Family Relationship**

There are no familial relationships between members or persons within the Company or between members or persons within the Manager.

**COMPENSATION OF MANAGER AND AFFILIATES**

The Manager's members, Directors, Officers or employees will not receive salaries or compensation from the Offering Proceeds within their roles as Manager of the Company.

The Manager entity will receive fees for the operation of the Company, as described below. The members, Directors, Officers and employees of the Manager will be compensated directly by the Manager entity. Any Affiliate performing services for the benefit of the Company or a Company Series will then be compensated by the Company or Company Series.

**Manager Fee Schedule**

**Manager Fee Schedule – Obligatory Fees**

**Asset Management Fee** – The Asset Management Fee is a fee paid to the Manager by the Company or any Company Series for the management of and administration efforts associated with all Company and Series assets. The Manager shall be entitled to receive a fee not to exceed two percent (2.0%) of the aggregate amount of the total book value of the Company's and all Company Series' assets, annualized and paid quarterly at the sole discretion of the Manager.

**Manager Fee Schedule – Discretionary Fees**

**Credit Facility Guarantee Fee** – The Credit Facility Guarantee Fee is a fee paid to the Manager by Company or any Company Series for securing funds for the Company or any Company Series use by submitting personal guarantees on behalf of the Company or any Company Series. The Manager shall be entitled to receive a fee, levied in the Manager's sole discretion, in an amount not to exceed two percent (2%) of the Company's or Series' total credit facilities or capacity that is personally guaranteed by either the Manager, any principal(s) or member(s) of the Manager or Affiliate. The Credit Facility Guarantee Fee will be payable to Manager in arrears at a rate of one-half of one percent (0.50%) of the prorated total balance of the Company or all Series credit facilities or capacity that are personally guaranteed by the Manager, the Manager's principal(s) or member(s) or Affiliate on the first day of that fiscal quarter.

**Loan Service Fee** – The Loan Service Fee is a fee paid to the Manager by the Company or any Company Series for the management and administration of a Company or Company Series asset that is an instrument in the form of secured indebtedness such as a mortgage and deed of trust. The Manager shall be entitled to receive a fee, levied in the Manager's sole discretion, equal to one-half of one percent (0.5%) of the total unpaid principal balance of any loan obligation(s) or indebtedness underwritten and serviced by the Company or a Company Series per annum. The Loan Servicing Fee shall be calculated, prorated, and paid by the Company or the Series to the Manager at the end of each fiscal quarter while the relevant indebtedness is unpaid and outstanding.

**Manager Share of Company Series Net Distributable Proceeds**

The Preferred Allocations and Distributions from the Net Distributable Proceeds to the members of any particular Company Series shall be defined in an **Exhibit "1"** made part of the relevant Series Designation. Prior to the return of all capital contributions made by the members, the Manager, as the Class C Member, may be entitled to receive a fixed percentage of the net distributable proceeds generated by the operations of any Company Series and disbursed to the members and designated as a return of the member's invested capital (the "Incentive Allocation"). The Incentive Allocation, if applicable, shall be identified in the relevant Series Designation and more particularly described in the **Exhibit "1"** of the relevant Series Designation. After (i) the payment of any Preferred Returns to Company Series members and (ii) the return of all capital contributions made by Company Series members and their respective unrecovered capital contribution account balances are zero, the Class C Member is entitled to receive a fixed percentage of the Net Distributable Proceeds of the Company Series for the remaining operating life of the Company Series as specified in the relevant Series Designation.

**Manager Expense Reimbursement**

The Manager shall be reimbursed by the Company and any Company Series for the costs and resources expensed in the formation and organization of the Company and any Company Series and the preparation and execution of this Offering and related tasks. The Manager shall receive one hundred twenty thousand U.S. dollars ($120,000) upon the successful raise and the Company's receipt of aggregate Company Series offering proceeds in excess of one million U.S. dollars ($1,000,000).

The Manager shall be reimbursed by the Company and any Company Series for all operating expenses, fees, or costs incurred on behalf of the Company or a Company Series, including, without limitation, organizational expenses, legal fees, filing fees, accounting fees, costs of reporting to any governmental agencies, insurance premiums, travel, identification of real property, due diligence efforts, underwriting of assets for the Company, costs associated with evaluating any potential real estate-related investments, sales commissions and expenses such as real estate commissions, leasing agent fees, mortgage brokerage fees, costs associated with communication with Members, "broken deal" costs and fees, closing costs related to each real property or real estate-related investment vehicle, consulting fees related to the Company or any Company Series, and any other Company-related costs and expenses. The Manager may subcontract due diligence functions to third parties (e.g. appraisers, inspectors, subcontractors, real estate brokers, etc.) for the benefit of the Company or any Company Series and the costs of which will be Company or the relevant Company Series' expenses.

**Compensation to Affiliates**

Manager will engage and utilize affiliates of the Company and Manager to perform various service on behalf of Company and any Company Series such as performing real property due diligence efforts, real property administration, oversight and management of real property development and the construction of improvements, and real property management and maintenance. Any affiliate utilized by the Manager will be compensated by the Company for any activity performed for the benefit of the Company or any Company Series based upon then current market rates for any of the services rendered to the Company or Company Series by the affiliate. The affiliate will also be reimbursed by the Company or Company Series for the reasonable expenses incurred by the affiliate while performing services for the benefit of the Company or any Company Series.

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

The following table contains certain information as of the Effective Date as to the number of voting Units beneficially owned by (i) each person or entity known by the Company to own beneficially more than ten percent (10%) of the Company's or any Company Series Units, (ii) each person or entity who is a Manager of the Company, (iii) all persons as a group who are Managers and/or Officers of the Company, and as to the percentage of the outstanding Company or Company Series Units held by them on such dates and as adjusted to give effect to this Offering.

As of the date of this Offering there are no option agreements or any other instruments in place providing for the purchase of any Company Series' Class A Units or Class B Units.

**VestFundr, LLC in Aggregate**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Title of Class** | &nbsp;&nbsp;<br> **Name and Address of Beneficial Owner** | **Amount and Nature of Beneficial Ownership\*** | **Amount and Nature of Beneficial Ownership Acquirable** | &nbsp;&nbsp;<br> **Percent of Class** |
| &nbsp;&nbsp;Class B<br> Units | &nbsp;&nbsp;Cedar and Sage Companies, LLC<br> 1059 E Iron Eagle Dr. – Suite 175<br> Eagle, Idaho 83616 | &nbsp;&nbsp;14,725 Units | &nbsp;&nbsp;- | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Class C<br> Units | &nbsp;&nbsp;VestFundr Management, LLC<br> 30 N Gould Street – Suite R<br> Sheridan, WY 82801 | &nbsp;&nbsp;41,000 Units | &nbsp;&nbsp;- | &nbsp;&nbsp;100% |

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\*: Anticipated Number of Units based upon the VestFundr, LLC Series Sagemont Subdivision Series Designation and the subscription of the Minimum Offering Amount for Class A Units in amount of $1,000,000 required to establish the VestFundr, LLC Series Sagemont Subdivision.

**VestFundr, LLC Series Sagemont Subdivision**

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br> **Title of Class** | &nbsp;&nbsp;<br> **Name and Address of Beneficial Owner** | **Amount and Nature of Beneficial Ownership\*** | **Amount and Nature of Beneficial Ownership Acquirable** | &nbsp;&nbsp;<br> **Percent of Class** |
| &nbsp;&nbsp;Class B<br> Units | &nbsp;&nbsp;Cedar and Sage Companies, LLC<br> 1059 E Iron Eagle Dr. – Suite 175<br> Eagle, Idaho 83616 | &nbsp;&nbsp;14,725 Units | &nbsp;&nbsp;- | &nbsp;&nbsp;100% |
| &nbsp;&nbsp;Class C<br> Units | &nbsp;&nbsp;VestFundr Management, LLC<br> 30 N Gould Street – Suite R<br> Sheridan, WY 82801 | &nbsp;&nbsp;40,000 Units | &nbsp;&nbsp;- | &nbsp;&nbsp;100% |

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\*: Anticipated Number of Units based upon the VestFundr, LLC Series Sagemont Subdivision Series Designation and the subscription of the Minimum Offering Amount for Class A Units in amount of $1,000,000 required to establish the Company Series.

The Manager or an affiliate of the Manager may purchase any class of interests in any series of the Company on the same terms as offered to prospective purchasers and investors. No fees or commissions will be paid on any interests purchased by the Manager or its affiliates. Additionally, the Manager may acquire any class of interests in any Company Series in the event that a promissory note issued to the Manager or an affiliate in connection with the acquisition of any series property, if outstanding, is not repaid on or prior to its maturity date, at which point, the outstanding balance of the Company Series promissory note may be converted into Company Series Interests under the same terms as in the applicable Company Series offering at the promissory note holder's discretion.

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

The Company has not had any related-party transactions within the previous two (2) fiscal years.

**FEDERAL TAX TREATMENT**

The following is a summary of certain relevant federal income tax considerations resulting from an investment in the Company and any Company Series but does not purport to cover all of the potential tax considerations applicable to any specific purchaser. Prospective investors are urged to consult with and rely upon their own tax advisors for advice on these and other tax matters with specific reference to their own tax situation and potential changes in applicable law discussion is a general summary of certain federal income tax consequences of acquiring, holding and disposing of partnership interests in the Company and is directed to individual investors who are United States citizens or residents and who will hold their interests in the Company as "capital assets" (generally, property held for investment). It is included for general information only and is not intended as a comprehensive analysis of all potential tax considerations inherent in making an investment in the Company. The tax consequences of an investment in the Company are complex and will vary depending upon each investor's individual circumstances, and this discussion does not purport to address federal income tax consequences applicable to all categories of investors, some of whom may be subject to special or other treatment under the tax laws (including, without limitation, insurance companies, qualified pension plans, tax-exempt organizations, financial institutions or broker-dealers, traders in securities that elect to mark to market, Members owning capital stock as part of a "straddle," "hedge" or "conversion transaction," domestic corporations, "S" corporations, REITs or regulated investment companies, trusts and estates, persons who are not citizens or residents of the United States, persons who hold their interests in the Company through a company or other entity that is a pass-through entity for U.S. federal income tax purposes or persons for whom an interest in the Company is not a capital asset or who provide directly or indirectly services to the Company). Further, this discussion does not address all of the foreign, state, local or other tax laws that may be applicable to the Company or its partners.

Prospective Investors also should be aware that uncertainty exists concerning various tax aspects of an investment in the Company. This summary is based upon the IRS Code, the Treasury Regulations (the "Treasury Regulations") promulgated thereunder (including temporary and proposed Treasury Regulations), the legislative history of the IRS Code, current administrative interpretations and practices of the Internal Revenue Service ("IRS"), and judicial decisions, all as in effect on the date of this offering circular and all of which are under continuing review by Congress, the courts and the IRS and subject to change or differing interpretations. Any such changes may be applied with retroactive effect. Counsel to the Company has not opined on the federal, state or local income tax matters discussed herein, and no rulings have been requested or received from the IRS or any state or local taxing authority concerning any matters discussed herein. Consequently, no assurance is provided that the tax consequences described herein will continue to be applicable or that the positions taken by the Company in respect of tax matters will not be challenged, disallowed or adjusted by the IRS or any state or local taxing authority.

**Prospective Investors are urged to consult with and rely upon their own tax advisors for advice on these and other tax matters with specific reference to their own tax situation and potential changes in applicable law.**

FOREIGN INVESTORS: NON-U.S. INVESTORS ARE SUBJECT TO UNIQUE AND COMPLEX TAX CONSIDERATIONS. THE COMPANY AND THE MANAGER MAKE NO DECLARATIONS AND OFFER NO ADVICE REGARDING THE TAX IMPLICATIONS TO SUCH FOREIGN INVESTORS, AND SUCH INVESTORS ARE URGED TO SEEK INDEPENDENT ADVICE FROM ITS OWN TAX COUNSEL OR ADVISORS BEFORE MAKING ANY INVESTMENT.

**Tax Classification of the Company as a Partnership**

**General Partnership Discussion**

The federal income tax consequences to the investors of their investment in the Company and any Company Series will depend upon the classification of the Company and any Company Series as a "Partnership" for federal income tax purposes, rather than as an association taxable as a corporation. For federal income tax purposes, a partnership is not an entity subject to tax, but rather a conduit through which all items of partnership income, gain, loss, deduction and credit are passed through to its partners. Thus, income and deductions resulting from Company Series operations are allocated to the investors in the Company Series and are taken into account by such investors on their individual federal income tax returns. In addition, a distribution of money or marketable securities from the Company Series to a partner generally is not taxable to the partner unless the amount of the distribution exceeds the partner's tax basis in his interest in the Company Series. In general, an unincorporated entity formed under the laws of a state in the United States with at least two members, such as the Company Series, will be treated as a partnership for federal income tax purposes provided that (i) it is not a "publicly traded partnership" under Section 7704 of the IRS Code and (ii) does not affirmatively elect to be classified as an association taxable as a corporation under the so-called "check the box" regulations relating to entity classification. The Company and any Company Series is not currently a "publicly traded partnership" within the meaning of Section 7704 of the IRS Code for the reasons discussed below. In addition, the Manager does not intend to affirmatively elect classification of the Company and any Company Series thereunder as an association taxable as a corporation unless in the best interests of the Company or any individual Company Series to make the corporation election. Accordingly, the Manager expects that the Company and all individual Company Series will be classified as a partnership for federal income tax purposes until that partnership designation is revoked and Manager elects to have that specific Company Series classified as a corporation.

**Publicly Traded Partnership Rules**

Under Section 7704 of the IRS Code, a partnership that meets the definition of a "publicly traded partnership" may be treated as a corporation depending on the nature of its income. If the Company were so treated as a corporation for federal income tax purposes, the Company would be a separate taxable entity subject to corporate income tax, and distributions from the Company to a partners would be taxable to the partners in the same manner as a distribution from a corporation to a shareholder (i.e., as dividend income to the extent of the current and accumulated earnings and profits of the Company, as a nontaxable reduction of basis to the extent of the partner's adjusted tax basis in his interests in the Company, and thereafter as gain from the sale or exchange of the investors interests in the Company). The effect of classification of the Company as a corporation would be to reduce substantially the after-tax economic return on an investment in the Company.

A partnership will be deemed a publicly traded partnership if (a) interests in such partnership are traded on an established securities market, or (b) interests in such partnership are readily tradable on a secondary market or the substantial equivalent thereof. As discussed in this offering circular, interests in the Company (i) will not be traded on an established securities market; and (ii) will be subject to transfer restrictions set forth in the Operating Agreement. Specifically, the Operating Agreement generally prohibits any transfer of a partnership interest without the prior consent of the Manager except in connection with an Exempt Transfer. The Manager will consider prior to consenting to any transfer of an interest in the Company or Company Series if such transfer would or could reasonably be expected to jeopardize the status of the Company or the Company Series as a partnership for federal income tax purposes.

The remaining discussion assumes that the Company and all Company Series will be treated as a Partnership and not as an association taxable as a corporation for federal income tax purposes.

**Allocation of Partnership Income, Gains, Losses, Deductions and Credits**

Profits and Losses are allocated to the partners under the Operating Agreement. In general, Profits or Losses during any fiscal year will be allocated as of the end of such fiscal year to each partner in accordance with their ownership interests. Certain allocations may be effected to comply with the "qualified income offset" provisions of applicable Treasury Regulations relating to partnership allocations (as referenced below).

Under Section 704(b) of the IRS Code, a Company's or Company Series' allocations will generally be respected for federal income tax purposes if they have "substantial economic effect" or are otherwise in accordance with the "member's interests in the partnership." The Company and Company Series will maintain a capital account for each Member in accordance with federal income tax accounting principles as set forth in the Treasury Regulations under Section 704(b), and the Operating Agreement does contain a qualified income offset provision. The Operating Agreement requires liquidating distributions to be made in accordance with the economic intent of the transaction and the allocations of Company or Company Series income, gain, loss and deduction under the Operating Agreement are designed to be allocated to the members with the economic benefit of such allocations and are in a manner generally in accord with the principles of Treasury Regulations issued under Section 704(b) of the IRS Code relating to the partner's interest in the partnership. As a result, although the Operating Agreement may not follow in all respects applicable guidelines set forth in the Treasury Regulations issued under Section 704(b), the Manager anticipates that the Company's or Company Series' allocations would generally be respected as being in accordance with the Member's interest in the Company. However, if the IRS were to determine that the Company's or Company Series' allocations did not have substantial economic effect or were not otherwise in accordance with the Members' interests in the Company or Company Series, then the taxable income, gain, loss and deduction of the Company might be reallocated in a manner different from that specified in the Operating Agreement and such reallocation could have an adverse tax and financial effect on Members.

**Limitations on Deduction of Losses**

The ability of a Member to deduct the Member's share of the Company's or Company Series' losses or deductions during any particular year is subject to numerous limitations, including the basis limitation, the at-risk limitation, the passive activity loss limitation and the limitation on the deduction of investment interest. Each prospective investor should consult with its own tax advisor regarding the application of these rules to it in respect of an investment in the Company or Company Series.

**Basis Limitation**. Subject to other loss limitation rules, a Member is allowed to deduct its allocable share of the Company's or Company Series' losses (if any) only to the extent of such Member's adjusted tax basis in its interests in the Company or Company Series at the end of the Company's or Company Series' taxable year in which the losses occur.

**At-Risk Limitation**. In the case of a Member that is an individual, trust, or certain type of corporation, the ability to utilize tax losses allocated to such Member under the Operating Agreement may be limited under the "at-risk" provisions of the IRS Code. For this purpose, a Member who acquires a Company or Company Series interest pursuant to the Offering generally will have an initial at-risk amount with respect to the Company's or Company Series' activities equal to the amount of cash contributed to the Company in exchange for its interest in the Company or Company Series. This initial at-risk amount will be increased by the Member's allocable share of the Company's or Company Series' income and gains and decreased by their share of the Company's or Company Series' losses and deductions and the amount of cash distributions made to the Member. Liabilities of the Company or Company Series, whether recourse or nonrecourse, generally will not increase a Member's amount at-risk with respect to the Company or Company Series. Any losses or deductions that may not be deducted by reason of the at-risk limitation may be carried forward and deducted in later taxable years to the extent that the Member's at-risk amount is increased in such later years (subject to application of the other loss limitations). Generally, the at-risk limitation is to be applied on an activity-by-activity basis. If the amount for which a Member is considered to be at-risk with respect to the activities of the Company or Company Series is reduced below zero (e.g., by distributions), the Member will be required to recognize gross income to the extent that their at-risk amount is reduced below zero.

**Passive Loss Limitation**. To the extent that the Company or Company Series is engaged in trade or business activities, such activities will be treated as "passive activities" in respect of any Member to whom Section 469 of the IRS Code applies (individuals, estates, trusts, personal service corporations and, with modifications, certain closely-held C corporations), and, subject to the discussion below regarding portfolio income, the income and losses in respect of those activities will be "passive activity income" and "passive activity losses." Under Section 469 of the IRS Code, a taxpayer's losses and income from all passive activities for a year are aggregated. Losses from one passive activity may be offset against income from other passive activities. However, if a taxpayer has a net loss from all passive activities, such taxpayer generally may not use such net loss to offset other types of income, such as wage and other earned income or portfolio income (e.g., interest, dividends and certain other investment type income). Member income and capital gains from certain types of investments are treated as portfolio income under the passive activity rules and are not considered to be income from a passive activity. Unused passive activity losses may be carried forward and offset against passive activity income in subsequent years. In addition, any unused loss from a particular passive activity may be deducted against other income in any year if the taxpayer's entire interest in the activity is disposed of in a fully taxable transaction.

**Non-Business Interest Limitation**. Generally, a non-corporate taxpayer may deduct "investment interest" only to the extent of such taxpayer's "net investment income." Investment interest subject to such limitations may be carried forward to later years when the taxpayer has additional net investment income. Investment interest is interest paid on debt incurred or continued to acquire or carry property held for investment. Net investment income generally includes gross income and gains from property held for investment reduced by any expenses directly connected with the production of such income and gains. To the extent that interest is attributable to a passive activity, it is treated as a passive activity deduction and is subject to limitation under the passive activity rules and not under the investment interest limitation rules.

**Limitation on Deductibility of Capital Losses**. The excess of capital losses over capital gains may be offset against ordinary income of a non-corporate taxpayer, subject to an annual deduction limitation of three thousand dollars ($3,000.00). A non-corporate taxpayer may carry excess capital losses forward indefinitely.

**Taxation of Undistributed Company Income (Individual Investors)**

Under the laws pertaining to federal income taxation of limited liability companies that are treated as partnerships, no federal income tax is paid by the Company or Company Series as an entity. Each individual Member reports on his federal income tax return his distributive share of Company income, gains, losses, deductions and credits, whether or not any actual distribution is made to such member during a taxable year. Each individual Member may deduct his distributive share of Company or Company Series losses, if any, to the extent of the tax basis of the Member's Class A Units at the end of the Company or Company Series year in which the losses occurred. The characterization of an item of profit or loss will usually be the same for the member as it was for the Company or Company Series. Since individual Members will be required to include Company or Company Series income in their personal income without regard to whether there are distributions of Company or Company Series income, such investors will become liable for federal and state income taxes on Company or Company Series income even though they have received no cash distributions from the Company or Company Series with which to pay such taxes.

**Tax Returns**

Annually, the Company or Company Series will provide the Members sufficient information from the Company's or Company Series' informational tax return for such persons to prepare their individual federal, state and local tax returns. The Company's or Company Series' informational tax returns will be prepared by a tax professional selected by the Manager.

**ERISA CONSIDERATIONS**

**In Some Cases, if the Investors Fails to Meet the Fiduciary and Other Standards Under the Employee Retirement Income Security Act of 1974, as Amended ("ERISA"), the Code or Common Law as a Result of an Investment in the Company's Units, the Investor Could be Subject to Liability for Losses as Well as Civil Penalties:**

There are special considerations that apply to investing in the Company's or Company Series' Class A Units on behalf of pension, profit sharing or 401(k) plans, health or welfare plans, individual retirement accounts or Keogh plans. If the investor is investing the assets of any of the entities identified in the prior sentence in the Company's or Company Series Class A Units, the Investor should satisfy themselves that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 investment is consistent with the Investor's fiduciary obligations under applicable
 law, including common law, ERISA and the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 investment is made in accordance with the documents and instruments governing the trust,
 plan or IRA, including a plan's investment policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 investment satisfies the prudence and diversification requirements of Sections 404(a)(1)(B) and
 404(a)(1)(C) of ERISA, if applicable, and other applicable provisions of ERISA and the
 Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 investment will not impair the liquidity of the trust, plan or IRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 investment will not produce "unrelated business taxable income" for the plan
 or IRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Investor will be able to value the assets of the plan annually in accordance with ERISA requirements
 and applicable provisions of the applicable trust, plan or IRA document; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The
 investment will not constitute a prohibited transaction under Section 406 of ERISA or
 Section 4975 of the Code.

Failure to satisfy the fiduciary standards of conduct and other applicable requirements of ERISA, the Code, or other applicable statutory or common law may result in the imposition of civil penalties and can subject the fiduciary to liability for any resulting losses as well as equitable remedies. In addition, if an investment in the Company's or Company Series' Class A Units constitutes a prohibited transaction under the Code, the "disqualified person" that engaged in the transaction may be subject to the imposition of excise taxes with respect to the amount invested.

**SECURITIES BEING OFFERED**

The securities being offered are equity interests in a Company Series of VestFundr, LLC. The equity interests are in the form of Class A LLC membership interests represented by Class A Units.

Class A Units, as a Class of Company Series Members, will possess a fixed aggregate Percentage Interest in a particular Company Series as specified in the relevant Series Designation. Aggregate Percentage Interest equates to the fixed equity ownership of the Company Series.

Each Class A Unit in any Company Series is being offered at a unit price of one hundred U.S. dollars ($100.00) per Class A Unit. The Minimum Investment Amount in any Company Series is one thousand five hundred dollars ($1,500.00) or fifteen (15) Class A Units, unless otherwise specified in the relevant Series Designation, or increased or decreased by the Company Manager.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Company Series** | &nbsp;&nbsp;**Class A Unit Offering Price** | &nbsp;&nbsp;**Minimum Investment Amount** | &nbsp;&nbsp;**Minimum Investment Amount ($)** | &nbsp;&nbsp;**Preferred Return (per annum) 1** | &nbsp;&nbsp;**Aggregate Percentage Interest** |
| &nbsp;&nbsp;Sagemont Subdivision | &nbsp;&nbsp;$100.00/Unit | &nbsp;&nbsp;15 Class A Units | &nbsp;&nbsp;$1,500/Class A Member | &nbsp;&nbsp;12% | &nbsp;&nbsp;26% |

---

1: Accruable, non-compounding annual return on Class A Member Unrecovered Capital Contribution(s).

By purchasing Class A Units in a Company Series through this Offering, an Investor will become a Member of the Company within a Company Series and will be granted rights as stated below.\*

\*Please note that the following is a summary of the rights granted to an Investor and Member and the summary may not be exhaustive. For a complete description of all rights associated with Company Membership and Membership in a specific Company Series, please see Exhibit 3a for the "Limited Liability Company Operating Agreement of VestFundr, LLC," and Exhibit 3c for the "Series Designation of VestFundr, LLC Series Sagemont Subdivision, a registered series of VestFundr, LLC."

For purposes of this Section, all defined terms (as indicated by capital letters) shall have the same meaning as set forth in the Company's Operating Agreement (Exhibit 3a) and relevant Series Designation included with Exhibit 3.

**Right to Participate in Company Management**

The business and affairs of the Company and any Series shall be managed, operated, and controlled by or under the exclusive direction of the Manager in accordance with Article V of the Operating Agreement. The Manager shall have full and complete power, authority and discretion for, on behalf of and in the name of the Company and any Series to take such actions as the Manager may deem necessary or advisable to carry out any and all of the objectives and purposes of the Company, without the consent, approval, or knowledge of any other Members. All investment and operational decisions of the Company are made by the Manager.

No Member, in its capacity as being a Member, is an agent of the Company or any Company Series solely by virtue of being a Member thereof and no Member shall possess any form of title or authority to (i) act for or on behalf of the Company or any Company Series; (ii) participate in the activity, operation or management of the business of the Company or any Company Series; or (iii) have the power to sign documents for or otherwise bind the Company or any Company Series.

Further, no Member shall possess the right to identify or represent themselves as an agent or affiliate of the Company or any Company Series without express written approval by the Manager which includes the explicit definition and limits of the Member's limited authority sanctioned by the Manager. The authorization and limits of the agency defined within the written approval shall be determined and expressed in Manager's sole discretion

**Distribution Rights** 

Subject to Article VII and Article XI of the Operating Agreement, the Manager shall distribute Net Distributable Proceeds for any Company Series to the Members, in such amounts and at such times as determined by the Manager in its sole discretion, which distributions, if made, shall be in accordance with the Operating Agreement and the Preferred Allocation and Distributions specified within **Exhibit "1"** of the relevant Series Designation. Disbursement priority for Net Distributable Proceeds payable to Company Members shall also be specified within **Exhibit "1"** of the relevant Series Designation.

No Member has any right to demand and receive any distribution from the Company in any form other than money in the form of U.S. currency. No Member may be compelled to accept from the Company or any Company Series a distribution of any asset in kind.

With respect to the VestFundr, LLC Series Sagemont Subdivision, Class A Members shall possess the following distribution rights:

&nbsp;&nbsp;&nbsp;&nbsp;· First,
 at all times when Members' Capital Contributions accounts possess a positive balance,
 one hundred percent (100%) of Net Distributable Proceeds shall be disbursed to Members as
 a return of Capital Contributions. Class A Members shall receive on a pro rata basis of their
 Percentage Interest in Class A Interests, ninety percent (90%) of any Net Distributable Proceeds
 disbursed as a return of capital and the remaining ten percent (10%) of the Net Distributable
 Proceeds shall be disbursed to the Class B Members on a pro rata basis of their Percentage
 Interest in Class B Interests as a return of capital.

&nbsp;&nbsp;&nbsp;&nbsp;· Second,
 after all Capital Contributions are returned to Members through Net Distributable Proceeds
 and the Members Unrecovered Capital Contribution account balances are zero, one hundred percent
 (100%) of Net Distributable Proceeds shall be disbursed to Class A Members on a pro rata
 basis of their Percentage Interest in Class A Interests to pay any accrued and outstanding
 Preferred Return(s) until each Member's Preferred Return account balance is zero.

&nbsp;&nbsp;&nbsp;&nbsp;· Lastly,
 after all (i) Member's Capital Contributions are returned and their respective Unrecovered
 Capital Contribution account balances are zero, and (ii) Class A Members have received all
 accrued and outstanding Preferred Return(s) and each Class A Member's Preferred Return
 account are zero, any further Net Distributable Proceeds for the remaining life of the Company,
 payable in amounts and at times that are at the sole discretion of Manager, shall be disbursed
 to the Members in accordance with their aggregate Percentage Interests.

**Voting Rights** 

Each Class A Unit shall be entitled to one vote per Class A Unit (or such percentage vote equal to the applicable fraction of one (1) Unit) on all matters to be voted upon by the Members. For example, if a Class A Member owns forty (40) Class A Units and there are two thousand (2,000) Class A Units then outstanding, that Class A Member would be entitled to a vote equal to two percent (2.0%) of Class A Membership Interests in that Company Series. For further example, if a Class A Member owns forty (40) Class A Units and there are forty thousand (40,000) total Membership Units then outstanding, that Class A Member would be entitled to a vote equal to one tenth of one percent (0.1%) of all Membership Interests.

The affirmative vote of a Super Majority Vote consisting of no less than two thirds (2/3) of the total votes that may be cast by all Company Outstanding Interests, voting together as a single class, not including the Manager, is required remove the Manager "for cause" as defined in Section 10.4 of the Operating Agreement.

In the event the Manager is removed "for cause," a plurality vote of all Outstanding Interests may appoint a Replacement Manager or the affirmative vote of a majority of all Outstanding Interests is required to approve the liquidation, dissolution and termination of the Company and each of the series in accordance with Article XI of the Operating Agreement after the Manager has been removed "for cause."

In the event the Manager desires to amend any provision of the Operating Agreement or any Series Designation, other than as permitted by Section 12.1 of the Operating Agreement, the affirmative vote of the holders of not less than a majority of all Outstanding Interests voting together as a single class is required to (i) decrease the percentage of Outstanding Interests required to take any action; (ii) cause material adverse affects on the rights of all Members; (iii) modify Section 11.1(a) as it relates to the dissolution or termination of the Company or gives any Person the right to dissolve the Company; or, (iv) modifies the term of the Company.

With respect to amending Series Designations, no amendment to a Series Designation shall be made without the affirmative consent of the Members holding no less than a Super Majority Vote of the Outstanding Interests of a particular Company Series that materially adversely affects the rights of any of the holders of Interests of that particular Series or as compared to holders of Interests of other Series.

Class A Membership Interests or Class A Units have very limited voting rights and have waived his, her or the entity's right to vote on any matter other than those explicitly identified within the Operating Agreement in which Members of the Company and any Series are entitled to vote. Please refer to the Operating Agreement provided as Exhibit 4a for a full definition and description of the voting rights associated with Class A Membership Interests. Please further refer to the Series Designation of VestFundr, LLC Series Sagemont Subdivision provided as Exhibit 4c for any supplementary specification regarding the voting rights associated with Class A Units in the Series Sagemont Subdivision.

**Liquidation Rights**

Upon dissolution and termination, proceeds from the liquidation of the assets of the Company or a Company Series and collection of all property, receivables, and Free Cash Flows of the Company or a Series, to the extent sufficient therefore, shall be applied and distributed in the following descending order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Liabilities
 and expenses of each Series including Liquidator compensation (if applicable), Operating
 Expenses Reimbursement Obligations, Manager fees, conditional or contingent liabilities and
 any other liabilities for amounts due to Members not connected to distribution rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Class A Interest Holders on an equal per Interest basis until all Unrecovered Capital Contributions
 are returned; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 holders of the other Classes of Interests on an equal per Interest basis until all their
 Unrecovered Capital Contributions are returned; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 Members in accordance with the Preferred Allocation provided for in "**Exhibit 1** "
 of the relevant Series Designation.

This is the anticipated order of priority but changes to the anticipated order of priority may occur as a result of court order, administrative ruling, change in law, or agreement of the affected parties.

**Preemptive rights**

No Member shall possess any preemptive rights in connection with the issuance of additional Interests by the Company or any Company Series with the exception of (i) a Contributing Member participating in the Manager's request for additional capital made in accordance with Section 3.3 of the Operating Agreement, or (ii) specification within a relevant Series Designation.

**Withdrawal and Redemption Provisions** 

**Withdrawal**

No Class A Member may have the right to voluntarily or involuntarily withdraw, resign or otherwise disassociate from the Company, or receive a return of its Capital Contribution from the Company except on the prior written consent of the Manager, which may be withheld, conditioned or delayed in Manger's sole discretion. Furthermore, no transfer of any Series Interests, whether voluntary or involuntary, will be valid or effective unless the Manager determines, after consultation with legal counsel acting for the company that such transfer will not, unless waived or modified by the Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· result
 in there being two thousand (2,000) or more beneficial owners (as such term is used under
 the Exchange Act) or five hundred (500) or more beneficial owners that are not accredited
 investors (as defined under the Securities Act) of any Series, as specified in Section 12(g)(1)(A)(ii)
 of the Exchange Act, unless the Series Interests 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
 all or any portion of the assets of the Company or any Series to constitute plan assets for
 purposes of the Employee Retirement Income Security Act of 1974;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adversely
 affect the Company or such Series, or subject the Company, the Series, the Manager or any
 of their respective affiliates to any additional regulatory or governmental
requirements or cause the company to be disqualified as a limited liability company or subject the Company, any Series, the Manager 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;· require
 registration of the Company, any Series or any Series Interests under any securities laws
 of the United States of America, any state thereof or any other jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· violate
 or be inconsistent with any representation or warranty made by the transferring Member.

**Redemption**

Members do not possess the right to make any request to Company to redeem any outstanding Interests in the Company or any Company Series thereunder. Notwithstanding anything contained herein to the contrary, the Company's ability to meet a redemption request is wholly contingent upon the sufficiency and availability of cash available for redemption and shall be subject to Manager's sole and absolute discretion. Any transferring Member shall cease to be a Member of the company with respect to the Interests so transferred and any Members of a Series shall cease to be Members of such Series when such Series is liquidated in accordance with the Operating Agreement. Redemptions and Withdrawals from the Company or any Company Series are subject to the Operating Agreement provided as Exhibit 4a.

No Redemption provisions are provided to the Class A Units within the Sagemont Subdivision Series Designation provided as Exhibit 4c.

**Mandatory Redemptions**

If as a result of a Member Withdrawal, redemption or otherwise or issuance of additional Membership Units, the Company violates or will violate the ERISA Investor Restriction, the Company has the right, exercisable in its sole discretion, to cause the Company to redeem outstanding Units that are then held by ERISA Investors, on a pro rata basis, as is or may be necessary to ensure that the Company does not violate the ERISA Investor Restriction. In the event the Company determines to exercise its rights, the Company shall give each ERISA Investor immediate written notice of said determination, and in such writing shall advise each ERISA Investor of the number of Class A Units to be redeemed from said Investor, the effective date of such redemption and the Redemption Price to be paid to such Investor. Upon the effective date of such redemption, the Company shall tender to each ERISA Investor the Redemption Price applicable to said Investor as directed by said Investor. No Surrender Fee or Processing Fee shall be assessed on a redemption occurring pursuant to this Section.

**No Sinking Fund Provisions**

No sinking fund provisions are applicable to any Class A Interests unless otherwise specified within a Series Designation.

No sinking fund provisions are associated with the Class A Units within the Sagemont Subdivision Series Designation.

**No Liability to further calls or to assessment by the Company**

Class A Members shall not be obligated to contribute additional capital to the Company nor to any Company Series, unless otherwise specified in a Series Designation, though the Company Manager does possess the right to request additional capital contributions in accordance with Section 3.3 of the Operating Agreement. No Class A Member shall be permitted nor authorized to make any additional capital contribution without the prior approval of the Manager.

**Liabilities of the Members under the Operating Agreement and State Law**

Except as expressly set forth in the Operating Agreement or required by law, no Member shall be personally liable for any debt, obligation or liability of the Company, whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company or any Company Series.

**Restrictions on alienability of the securities being offered – VestFundr, LLC Series Sagemont Subdivision**

No Class A Member or Class B Member may voluntarily sell, exchange, transfer, assign, make a gift of, pledge, encumber, hypothecate or alienate (each a "transfer") his, her or the entity's Interest in the Company to any Person, and no transferee of a Member's Interest may be admitted as a Member, unless a "Permitted Transfer" or with the prior express written consent of the Manager and such approval may withheld, conditioned or delayed in Manager's sole and absolute discretion.

No Transfer or Withdrawal. No Class A Member or Class B Member, shareholder (direct or indirect) of a corporate Member, partner (whether general or limited) of a Member which is a partnership (general or limited), member of a Member which is a limited liability company or owner of all or any portion of any other entity which is a Member or which has a beneficial interest, either direct or indirect, in a Member, may sell, assign, transfer, give, hypothecate or otherwise encumber (any such sale, assignment, transfer, gift, hypothecation or encumbrance being hereinafter referred to as a "Transfer"), directly or indirectly, or by operation of law or otherwise, any interest in the Company or in such corporation, partnership or other entity (each an "Intermediary"), except as hereinafter set forth in the Series Designation or otherwise with the prior express written consent of the Manager. Any Transfer of any interest in the Company or an Intermediary in contravention of the Series Designation shall be null and void ab initio. No Member, without the prior written consent provided in the sole discretion of the Manager, shall retire or withdraw from the Company, except as a result of such Member's (i) involuntary withdrawal through death, disability, insanity, incompetency, the final adjudication of such Member as Bankrupt, (ii) the permitted Transfer of any Member's Interests in accordance with Article IV of the Operating Agreement, or (iii) the Permitted Transfer of the Member's Interests.

"Permitted Transfer." Any Class A Member may, from time to time and in its sole discretion, Transfer its Interest, in whole or in part, to (i) such Member's spouse, parent, siblings, descendants (including adoptive relationships and stepchildren) and the spouses of each such natural persons (collectively, "Family Members"), (ii) a trust under which the distribution of Units may be made only to such Member and/or any Family Member of such Member, (iii) a charitable remainder trust, the income from which will be paid to such Member during his or her life, and (iv) a corporation, partnership or limited liability company, the stockholders, partners or members of which are only such Member and/or Family Members of such Member (a "Permitted Transfer" with any (i)-(iv) Person being a "Permitted Transferee"). Members agree that any Permitted Transfer provided for above shall terminate all rights and interests of the Permitted Transferee in the Company and Company Series, other than the right to the transferee's share of the Company Series' distributions and allocations, including such Permitted Transferee's right, if any, to vote and participate in the management of the Company or Company Series, except those rights, if any, that cannot be waived by an assignee of an economic interest in the Company or Company Series pursuant to the Act. All Permitted Transfers requested by any Member shall be at the expense of the transferring Member in accordance with Section 4.2(h) of the Operating Agreement.

Involuntary Transfer or Succession by Operation of Law. In the event of the death or incapacity of an individual Member or any divorce decree, separation agreement, settlement, judgment or equivalent instrument transferring the Interest of an individual Member or in the event of the involuntary merger, consolidation, dissolution or liquidation of any Member not an individual, all of such Member's rights hereunder, including such Member's Interest, shall, subject to the remaining provisions of the Agreement, pass to such Member's personal representative, heir, distribute or transferee, in the case of an individual Member, or to such Member's legal successor, in the case of any Member not an individual (all being a "Successor Transferee"). Upon and contemporaneously with any such transfer of a Member's Interest by operation of law, the Company shall purchase from the transferee of such Interest, and the Successor Transferee shall sell to the Company for a purchase price of One U.S. dollar ($1.00) for each Unit of the Interest transferred, all rights and interests of the Successor Transferee in the Company, other than the right to the Successor Transferee's share of the Company's distributions and allocations, including such Successor Transferee's right, if any, to vote and participate in the management of the Company or Company Series, except those rights, if any, that cannot be waived by an assignee of an economic interest in the Company or Company Series pursuant to the Act.

**Provision discriminating against any existing or prospective holder of Class A Interests as a result of such Member owning a substantial amount of Class A Interests**

Provisions in the Operating Agreement discriminating against any existing or prospective holder of Class A Units as a result of such Member owning a substantial amount of Class A Units include ownership limitations related to REIT qualification.

An Aggregate Ownership Limit may be established for all investors and Members, other than the Manager, of the aggregate Outstanding Interests of the Company or any Company Series. The Aggregate Ownership Limit may be (i) modified for a specified Member through the establishment of an Excepted Holder Limit pursuant to Section 4.5(d) of the Operating Agreement, or (ii) waived in writing by the Manager, both determined in the Manager's sole discretion. The Aggregate Ownership Limit includes the Beneficial Ownership or Constructively Ownership of Interests.

Company remedies for exceeding the Aggregate Ownership Limits and thereafter possessing Excessive Holdings include allowing for the Manager to take action as it deems advisable to refuse to give effect to or to prevent such as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, (a) causing the Company to redeem Interests, (b) refusing to give effect to such Transfer on the books or Register of the Company, (c) instituting proceedings to enjoin such Transfer or other event, or (d) deposit the Interests at issue in the proposed Transfer into the Charitable Trust Account until the Member has, in the sole determination of the Manager, adequately remediated the breach of Article IV of the Operating Agreement.

**Any rights of Members that may be modified otherwise than by a vote of a majority or more of the then Units outstanding, voting as a class.** 

No amendments to the Company's Operating Agreement or Series Designation that materially adversely affects the rights of all of the Members may be made otherwise than by the affirmative consent of Members holding no less than a majority of all Outstanding Interests in either the Company or the Company Series, respectively.

**PART F/S**

**Independent Auditor's Report**

To the Member of

**VestFundr, LLC**

**Opinion**

We have audited the accompanying financial statements of **VestFundr, LLC** (the "Company"), which comprise the balance sheet as of December 31, 2025, and the related statements of operations, changes in shareholder's deficit, and cash flow for the period from August 13, 2025 (inception) to December 31, 2025 and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the related statements of operations, changes in shareholder's deficit, and cash flow for the period from August 13, 2025 (inception) to December 31, 2025, 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. 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 the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**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 the Company's ability to continue as a going concern within one year after the date that the financial statements are available to be issued.

**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 generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements 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 generally accepted auditing standards, we:

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

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

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

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 the financial statements include no assets or equity. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding those matters are also described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

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.<br>

![](assurancesig.jpg)

Coral Springs, Florida

March 6, 2026

VestFundr, LLC

**BALANCE SHEET**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **AS OF DECEMBER 31, 2025** |  |  |
| &nbsp;&nbsp;ASSETS |  |  |
| &nbsp;&nbsp; CURRENT ASSETS |  | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;LIABILITIES AND MEMBERS' EQUITY |  |  |
| &nbsp;&nbsp; LIABILITIES |  |  |
| &nbsp;&nbsp; CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp; DUE TO RELATED PARTIES | &nbsp;&nbsp;<u>78021</u> |  |
| &nbsp;&nbsp; TOTAL CURRENT LIABILITIES |  | &nbsp;&nbsp;<u>78021</u> |
| &nbsp;&nbsp;TOTAL LIABILITIES |  | &nbsp;&nbsp;78021 |
| &nbsp;&nbsp;MEMBERS' EQUITY |  |  |
| &nbsp;&nbsp; MEMBERS' CONTRIBUTIONS | &nbsp;&nbsp;- |  |
| &nbsp;&nbsp; ACCUMULATED EARNINGS (DEFICIT) | &nbsp;&nbsp;<u>(78021)</u> |  |
| &nbsp;&nbsp;TOTAL MEMBERS' EQUITY |  | &nbsp;&nbsp;<u>(78021)</u> |
| &nbsp;&nbsp;**TOTAL LIABILITIES AND EQUITY** |  | &nbsp;&nbsp;<u>**$-**</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying notes are an integral part of this financial statement.

VestFundr, LLC

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FOR THE PERIOD FROM AUGUST 13, 2025 TO DECEMBER 31, 2025** |  |
| &nbsp;&nbsp;REVENUES | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;OPERATING EXPENSES |  |
| &nbsp;&nbsp; BRANDED APPAREL | &nbsp;&nbsp;1000 |
| &nbsp;&nbsp; PRINTING | &nbsp;&nbsp;$110 |
| &nbsp;&nbsp; RENT | &nbsp;&nbsp;1800 |
| &nbsp;&nbsp; SOCIAL MEDIA SETUP | &nbsp;&nbsp;1500 |
| &nbsp;&nbsp; STATE FILING FEES | &nbsp;&nbsp;487 |
| &nbsp;&nbsp; WEBSITE DESIGN | &nbsp;&nbsp;2000 |
| &nbsp;&nbsp; OFFERING COSTS | &nbsp;&nbsp;<u>71124</u> |
| &nbsp;&nbsp;TOTAL OPERATING EXPENSES | &nbsp;&nbsp;<u>78021</u> |
| &nbsp;&nbsp;LOSS FROM OPERATIONS | &nbsp;&nbsp;<u>(78021)</u> |
| &nbsp;&nbsp; LOSS FROM OPERATIONS BEFORE INCOME TAXES | &nbsp;&nbsp;<u>(78021)</u> |
| &nbsp;&nbsp; INCOME TAXES | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**NET LOSS** | &nbsp;&nbsp;<u>**($78021)**</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying notes are an integral part of this financial statement.

VestFundr, LLC

**STATEMENT OF CHANGES IN MEMBERS" EQUITY (DEFICIT)**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **FOR THE PERIOD FROM AUGUST 13, 2025 TO DECEMBER 31, 2025** | &nbsp;&nbsp;**MEMBER CONTRIBUTIONS** | &nbsp;&nbsp;**ACCUMULATED<br> EARNINGS (DEFICIT)** | &nbsp;&nbsp;**MEMBERS' TOTAL EQUITY<br> (DEFICIT)** |
| &nbsp;&nbsp;BALANCE,<br> AUGUST 13, 2025 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;NET LOSS FOR THE PERIOD | &nbsp;&nbsp;- | &nbsp;&nbsp;(78021) | &nbsp;&nbsp;(78021) |
| &nbsp;&nbsp;BALANCE, DECEMBER 31, 2025 | &nbsp;&nbsp;<u>-</u> | &nbsp;&nbsp;<u>($78021)</u> | &nbsp;&nbsp;<u>($78021)</u> |

---

The accompanying notes are an integral part of this financial statement.

VestFundr, LLC

**STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FOR THE PERIOD FROM AUGUST 13, 2025 TO DECEMBER 31, 2025** |  |
| &nbsp;&nbsp;**NET LOSS** | &nbsp;&nbsp;**$(78021)** |
| &nbsp;&nbsp;ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH USED IN OPERATIONS: | &nbsp;&nbsp; <u>-</u> |
| &nbsp;&nbsp;**NET CASH USED IN OPERATING ACTIVITIES** | &nbsp;&nbsp;**($78021)** |
| &nbsp;&nbsp;**CASH FLOWS FROM INVESTING ACTIVITIES** | &nbsp;&nbsp;**-** |
| &nbsp;&nbsp;CASH FLOWS FROM FINANCING ACTIVITIES |  |
| &nbsp;&nbsp;PROCEEDS FROM RELATED PARTIES | &nbsp;&nbsp;<u>78021</u> |
| &nbsp;&nbsp;**NET CASH PROVIDED BY FINANCING ACTIVITIES** | &nbsp;&nbsp;**$78021** |
| &nbsp;&nbsp;NET INCREASE (DECREASE) IN CASH | &nbsp;&nbsp;<u>-</u> |
| &nbsp;&nbsp;CASH - BEGINNING OF PERIOD | &nbsp;&nbsp;<u>-</u> |
| &nbsp;&nbsp;CASH - END OF PERIOD | &nbsp;&nbsp;<u>-</u> |

---

The accompanying notes are an integral part of this financial statement.

VestFundr, LLC

**NOTES TO THE FINANCIAL STATEMENTS**

**NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS**

VestFundr, LLC (the "Company") was organized as a Delaware series limited liability company on August 13, 2025, under the name PropFundr, LLC and subsequently amended its name to VestFundr, LLC on October 12, 2025.

The Company was formed to establish and operate multiple registered series (each, a "Series") through which investors may participate in real estate investment opportunities in the United States. Each Series is expected to be organized for the purpose of acquiring, developing, holding, managing, and disposing of designated real estate assets. The Company will provide administrative, management, and platform-level services to each Series.

Under the Delaware Limited Liability Company Act, each Series may have separate rights, powers, duties, assets, liabilities, and members. The debts, liabilities, obligations, and expenses incurred with respect to a particular Series are enforceable only against the assets of that Series and not against the assets of the Company generally or any other Series.

As of December 31, 2025, no Series had commenced operations or incurred any financial activity. Accordingly, the accompanying financial statements reflect only the accounts and operations of VestFundr, LLC.

The Company intends to file an offering statement on Form 1-A with the U.S. Securities and Exchange Commission pursuant to Regulation A to offer Class A LLC Membership Interests in one or more designated Series. The Company intends to raise up to $75,000,000 through such offerings at an initial offering price of $100 per Class A Unit. The anticipated minimum investment amount for investors in any Series offering is expected to be $1,500.

As of December 31, 2025, the Company had not commenced revenue-generating operations.

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

**Basis of Presentation**

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") as set forth in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and applicable Accounting Standards Updates ("ASUs"). The financial statements are presented in U.S. dollars.

The financial statements include the accounts of the Company from its date of organization, August 13, 2025, through December 31, 2025.

**Accrual Basis of Accounting**

The Company maintains its accounting records on the accrual basis of accounting, whereby revenues are recognized when earned, and expenses are recognized when incurred.

**Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

**Organizational Costs and Offering Costs**

Organizational costs consist primarily of legal, accounting, and other costs incurred in connection with the formation of the Company and preparing for a capital raise. Such costs are expensed as incurred.

**Income Taxes**

The Company is treated as a disregarded entity for federal and applicable state income tax purposes. Accordingly, the Company is not subject to federal or state income taxes, and the Company's taxable income or loss is included in the tax returns of its sole member. Therefore, no provision for income taxes has been recorded in the accompanying financial statements.

Management has evaluated the Company's tax positions and determined that there are no uncertain tax positions requiring recognition or disclosure as of December 31, 2025.

**Fair Value of Financial Instruments**

The carrying amounts of financial instruments, including accounts payable and related party liabilities, approximate fair value due to the short-term nature of these instruments. The Company does not have any financial instruments measured at fair value on a recurring or nonrecurring basis as of December 31, 2025.

**Recent Accounting Pronouncements**

Management has recently evaluated the issued accounting standards and determined that none are expected to have a material impact on the Company's financial statements.

**NOTE 3 – GOING CONCERN**

The accompanying financial statements have been prepared assuming the Company will continue as a going concern.

As of December 31, 2025, the Company had not commenced revenue-generating operations and had incurred expenses related to its formation and offering activities. The Company's continued operations are dependent upon its ability to successfully complete its planned Regulation A offering and raise sufficient capital to implement its business plan.

The founders have funded organizational and offering costs to date and have indicated their intent and ability to provide financial support as necessary to meet the Company's obligations. Based on this support and management's capital-raising plans, management believes the Company will have sufficient liquidity to meet its obligations within one year from the date the financial statements are issued.

Accordingly, management has concluded that substantial doubt about the Company's ability to continue as a going concern has been alleviated.

**NOTE 4 – COMMITMENTS AND CONTINGENCIES**

As of December 31, 2025, the Company was not a party to any material legal proceedings and was not aware of any pending or threatened claims requiring recognition or disclosure in the accompanying financial statements.

The Company had not entered into any material contractual commitments or obligations as of December 31, 2025.

**NOTE 5 – MEMBER'S CAPITAL**

VestFundr, LLC is a Delaware series limited liability company. As of December 31, 2025, the sole member of the Company is VestFundr Management, LLC.

The rights and obligations of the sole member are governed by the Company's Operating Agreement.

The Company has not issued any membership interests to public investors as of December 31, 2025. Future issuances of Class A LLC Membership Interests are expected to occur at the individual Series level in connection with planned Regulation A offerings.

Net profits and losses of the Company are allocated to the sole member in accordance with the Operating Agreement. Distributions, if any, are made at the discretion of the Manager. No distributions were made during the period ended December 31, 2025.

 **NOTE 6 – RELATED PARTY TRANSACTIONS**

The founders of the Company have paid certain organizational and offering costs on behalf of the Company. Amounts advanced by the founders are recorded as 'Due to Related Parties' within liabilities in the accompanying balance sheet until reimbursed or otherwise settled.

Upon the successful completion of a Series offering, the Company expects to reimburse the founders for offering costs previously advanced, which is non-interest-bearing.

VestFundr Management, LLC is the sole member and Manager of the Company.

In connection with planned operations, the Company expects to receive an asset management fee from each Series equal to 2% annually of the aggregate investor capital contributed and outstanding in the applicable Series, as defined in the respective Series operating agreements.

As of December 31, 2025, no Series had commenced operations, no investor funds had been raised, and no asset management fees had been earned.

 **NOTE 7 – SUBSEQUENT EVENTS**

Management has evaluated subsequent events through March 6, 2026, the date the financial statements were issued. No other events have occurred that would require recognition or disclosure in the accompanying financial statements.

**EXHIBIT INDEX**

Exhibit 2a: Certificate of Formation – VestFundr, LLC

Exhibit 2b: Certificate of Registered Series of Limited Liability Company – VestFundr, LLC Series Sagemont Subdivision

Exhibit 3a: Limited Liability Company Operating Agreement for VestFundr, LLC

Exhibit 3b: Form of Series Designation

Exhibit 3c: VestFundr, LLC Series Sagemont Subdivision Series Designation

Exhibit 4a: Form of Subscription Agreement

Exhibit 4b: Subscription Agreement - VestFundr, LLC Series Sagemont Subdivision

Exhibit 8: Form of Escrow Agreement

Exhibit 11: Consent of Independent Auditor

Exhibit 12: Attorney Letter Certifying Legality

**Signature Page**

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 St. Petersburg, Florida on March 20, 2026.

ISSUER COMPANY LEGAL NAME AND ADDRESS:

**VestFundr, LLC**

8 The Green, Suite A

Dover, Delaware 19901

By: VestFundr Management, LLC

 **/s/ Ronald Walsh**

Name: Ronald Walsh

Title: Managing Principal

Date: March 20, 2026

Location signed: St. Petersburg, Florida

This Offering Statement has been signed by the following principals in the capacities and on the dates indicated:

 **/s/ Ronald Walsh**

Ronald Walsh

Managing Principal of the Company Manager and acting as the principal accounting officer

Date: March 20, 2026

Location Signed: St. Petersburg, Florida

 **/s/ Robert Croak**

Robert Croak

Managing Principal of the Company Manager

Date: March 20, 2026

Location Signed: St. Petersburg, Florida

## Ex1A-2A

Exhibit 2a: Certificate of Formation – VestFundr, LLC

![](vestfundr1a_ex2apage1.jpg)

## Ex1A-2A

Exhibit 2b: Certificate of Registered Series of Limited Liability Company – VestFundr, LLC Series Sagemont Subdivision

![](vestfundr1a_ex2bpage1.jpg)

## Ex1A-3

Exhibit 3a: Limited Liability Company Agreement for VestFundr, LLC

**LIMITED LIABILITY COMPANY OPERATING AGREEMENT**

**of**

**VestFundr, LLC**

**a Delaware series limited liability company**

This Limited Liability Company Operating Agreement of VestFundr, LLC (the "Agreement") is made and entered into effective as of October 14, 2025, the date the Certificate of Amendment to the Certificate of Formation was filed with the Delaware Secretary of State, by the Initial Member and among the Manager(s) and the several persons whose names and addresses are set forth in the Register, and whose signatures appear on the counterpart signature pages attached hereto, and any other Person who shall hereafter execute this Agreement as a Member of VestFundr, LLC, (the "Company") pursuant to and in accordance with the Delaware Limited Liability Company Act, as amended from time to time.

**W I T N E S S E T H**

WHEREAS the parties hereto, wishing to form and become members of a limited liability company called VestFundr, LLC under and pursuant to the laws of the State of Delaware;

WHEREAS, the Company was initially formed as PropFundr, LLC on August 13, 2025 pursuant to, and in accordance with, the Delaware Limited Liability Company Act (6 Del. C. ?? 18-101 et seq.), as amended from time to time (the "Act"), by an authorized person, by the filing of a Certificate of Formation of the Company with the Secretary of State of the State of Delaware, and the Manager and the Initial Member hereby adopt and ratify the Certificate of Formation, as amended thereafter, and all acts taken by the authorized person in connection therewith;

WHEREAS, the Company was formed pursuant to, and in accordance with, the Act and the Certificate of Formation identifies that the Company intends to operate as a series limited liability company by establishing one (1) or more registered series in accordance with ? 18-218 of the Act wherein the assets of any individual registered series shall be solely liable for any debts, liabilities, obligations and expenses incurred by that individual registered series and any debts, liabilities, obligations and expenses incurred by a individual registered series shall not affect any other assets of the Company nor any other Company series;

WHEREAS the parties agree that their respective rights, powers, duties and obligations as members of the Company, and the management, operations and activities of the Company, shall be governed by this Agreement.

NOW, THEREFORE, in consideration of the mutual terms, covenants and conditions contained herein, the parties hereby agree as follows:

**Article I**

**DEFINITIONS**

1.1 <u>Definitions</u>. Capitalized terms used in this Agreement without other definition shall, unless expressly stated otherwise, have the meanings specified in this Section 1.1:

**Act** means the Delaware Limited Liability Company Act (6 Del. C. ?? 18-101 et seq.), as from time to time in effect in the State of Delaware, or any corresponding provision(s) of any succeeding or successor law of such State; provided, however, that in the event that any amendment to the Act, or any succeeding or successor law, is applicable to the Company only if the Company has elected to be governed by the Act as so amended or by such succeeding or successor law, as the case may be, the term "Act" shall refer to the Act as so amended or to such succeeding or successor law only after the appropriate election by the Company, if made, has become effective.

**Accredited Investor** means a Person meeting the investor specification as defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

**Acquisition Expenses** means in respect of each Company Series, the fees, costs and expenses allocable to such Company Series (or such Series pro rata share of any such fees, costs and expenses allocable to the Company) and incurred in connection with the discovery, evaluation, investigation, development and acquisition of a Series Property, including but not limited to real estate or financing brokerage and sales fees and commissions, appraisal fees, research fees, transfer taxes, third party industry and due diligence experts, bank fees and interest (if the Series Property was acquired using debt prior to completion of the closing on a Series property), technology costs, photography and videography expenses in order to prepare the profile for the Series Property to be accessible to investors via an online platform and any blue sky filings required in order for such Series to be made available to Members in certain states and other similar costs and expenses incurred in connection with the evaluation, discovery, investigation and acquisition of a Series Property.

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

**Affiliate** of a Member, Manager or Person means any Person, directly or indirectly, through one (1) or more intermediaries, controls, is controlled by, or under common control with the Member or a Manager or a Person, as applicable. The term "control," as used in the immediately preceding sentence, means with respect to a corporation, limited liability company, or other entity with voting securities, the right to exercise, directly or indirectly, more than fifty percent (50%) of the voting rights attributable to such controlled corporation, limited liability company or other entity with voting securities and, with respect to any individual, partnership, trust, estate, association or other entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of the controlled entity by contract or otherwise.

**Agreement** or **Operating Agreement** means this Limited Liability Company Operating Agreement, as originally executed and as may be hereafter amended, modified or supplemented from time to time. Words such as "herein," "hereinafter," "hereof," "hereto," "hereby" and "hereunder," when used with reference to this Agreement, refer to this Agreement as a whole, unless the context otherwise requires.

**Aggregate Ownership Limit** means, for all Company Members, such aggregate Percentage Interests threshold in all Company Series as set forth by the Manager or Series Designation, unless such Aggregate Ownership Limit is otherwise (i) modified for a specified Member through the establishment of an Excepted Holder Limit pursuant to Section 4.5(d), or (ii) waived in writing by the Manager, both determined in its sole discretion.

**Allocation Policy** means the expense apportionment policy of the Company adopted by the Manager in accordance with Section 5.1(v), pursuant to which the Manager will allocate revenues and costs among the various Series. The Allocation Policy requires that items not related to a specific Series will be allocated across all Series pro rata based upon the value of the underlying Series Properties or the number of Series Properties, as determined by the Manager in its sole discretion. The Manager may amend the Allocation Policy in its sole discretion from time to time.

**Assets** has the meaning assigned to such term in Section 3.4(d)(i).

**Asset(s) associated with that Series** has the meaning assigned to such term in Section 3.4(d)(i).

**Asset Management Fee** means a fee paid to the Manager by the Company or any Company Series for the management of and administration efforts associated with all Company and Company Series assets. The Manager shall be entitled to receive a fee not to exceed two percent (2.0%) of the aggregate amount of the book value of the Company's and all Company Series' assets, including Capital Contributions, annualized and paid quarterly at the sole discretion of the Manager. Asset Management Fees due and owing to the Manager yet not paid by the Company to the Manager when due and owing shall accrue in an account for the benefit of the Manager designated as Deferred Asset Management Fees for future disbursement to the Manager, in such amounts and at times in the sole discretion of the Manager.

**Bankruptcy** means, with respect to a Member: (i) such Member makes an assignment for the benefit of creditors; (ii) such Member files a voluntary petition in bankruptcy; (iii) such Member is adjudged as bankrupt or insolvent, or has entered against him, her or it an order for relief, in any bankruptcy or insolvency proceeding; (iv) such Member files a petition or answer seeking for himself or itself any reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation; (v) such Member files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against him, her or it in any proceeding of a nature described in this definitional subsection; (vi) such Member seeks, consents to or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or of all or any substantial part of his, her, or its properties; or (vii) one hundred twenty (120) days after the commencement of any proceeding against the Member seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or if within ninety (90) days after the appointment without the Member's consent or acquiescence of a trustee, receiver or liquidator of the Member or of all or any substantial part of his, her or its properties, the appointment is not vacated or stayed, or within ninety (90) days after the expiration of any such stay, the appointment is not vacated.

**Beneficial Ownership** shall mean ownership of Membership Interests in a Series by a Person, whether the Membership Interests are held directly or indirectly (including by a nominee), and shall include Interests that would be treated as owned through the application of Sections 856(h)(1) and/or 544 of the Code, as modified by Sections 856(h)(1)(B) and 856(h)(3) of the Code, *provided, however,* that in determining the number of Membership Interests Beneficially Owned by a Person, no Interest shall be counted more than once. The terms "**Beneficial Owner,**" "**Beneficially Owns**" and "**Beneficially Owned**" shall have the correlative meanings.

**Broker** means any SEC registered and FINRA member broker-dealer who has been appointed by the Company (and as the Manager may select in its reasonable discretion) and specified in any Series Designation to provide execution and other services relating to an Offering to the Company, or its successors from time to time, or any other broker in connection with any Offering.

**Brokerage Fee** means the fee payable to any Broker for the purchase by any Person of Series Interests in an Offering equal to an amount agreed to between the Manager and a Broker from time to time and may be specified in any Series Designation.

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

**Capital Account** means with respect to any Member, the aggregate Capital Contribution(s) of such Member to a Series, reduced by the total amount of Series distributions disbursed to the Member declared by Manager as a return of Member capital.

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

**Capital Transaction Event** means the sale or refinance of a Company Series Property or asset(s), or sale of substantially all of the assets of the Company Series or upon dissolution of the Company Series (or net proceeds of refinance or liquidation, as the case may be).

**Certificate of Formation** means the Certificate of Formation of the Company or with respect to a Company Series, the Certificate of Formation of any particular Company Series, and any amendments thereto filed with the Secretary of State of the State of Delaware.

**Charitable Trust Account** means the segregated account defined in Section 4.6 that shall act as a repository to hold in trust for (i) any relevant Holder their Interests that are determined to be Excessive Holdings, or (ii) the Interests associated with a proposed Transfer that is not in accordance with Article IV. Any distributions due and owing to any Interests held in this segregated trust account shall be distributed to charitable organizations determined in the sole discretion of the Manager. Class A Interest means a membership share in any Company Series, measured in Units, which is acquired by a Person(s) and held by a Class A Member. The unit price for any Company Series Class A Unit shall be One Hundred U.S. Dollars ($100.00) unless (i) decreased or increased at the discretion of the Manager or (ii) specified in a Series Designation.

**Class A Member(s)** means the Person(s) admitted as a Class A Member by the Manager and whose name is listed in the Register for the Company Series. The minimum investment requirement to become a Class A Member in any Company Series is intended to be One Thousand Five Hundred U.S. Dollars ($1,500.00) unless (i) decreased or increased at the discretion of the Manager or (ii) specified in a Series Designation. The aggregate Percentage Interest of Class A Members in any Company Series shall be as provided in the relevant Company Series Designation.

**Class B Interest** means a membership share in any Company Series, measured in Units, which is held by a Class B Member. Class B Interests shall be reserved for and held by Company Series affiliates or project participants and shall not offered for sale to the public by the Company through a Company Series Offering. In the event Class B Interests require a Capital Contribution from a Class B Member, the unit price for any Company Series Class B Unit shall be One Hundred U.S. Dollars ($100.00) unless (i) decreased or increased at the discretion of the Manager or (ii) otherwise specified in a Series Designation.

**Class B Member(s)** means the Person(s) admitted as a Class B Member by the Manager and whose name is listed in the Register for the Company Series. The aggregate Percentage Interest of Class B Members in any Company Series shall be as provided in the relevant Company Series Designation.

**Class C Interest** means a membership share in the Company or any Company Series, measured in Units, which is held by a Class C Member. Class C Interests shall be solely reserved for and held by the Company Manager or Affiliates and shall not offered for sale to the public by the Company through a Company Series Offering.

**Class C Member(s)** means the Person(s) executing this Agreement as the Class C Member and whose names are listed in the Register as the Initial Member for the Company and any Company Series. The aggregate Percentage Interest of Class C Members in any Company Series shall be as provided in the relevant Company Series Designation.

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

**Company** means VestFundr, LLC, a Delaware series limited liability company, formed in compliance with ?18-218 of the Act and any successors thereto.

**Constructively Ownership** means ownership of Membership Interests in a Company Series by a Person, whether the Membership Interests are held directly or indirectly (including by a nominee), and shall include Membership Interests that would be treated as owned through the application of Sections 856(d)(5) of the Code. The terms "**Constructive Owner,**" "**Constructively Owns**" and "**Constructively Owned**" shall have the correlative meanings. The term "Constructive Owner" is intended to be interpreted in the context of Section 856(h) of the Code so that the Constructive Owners of Membership Interests held by an entity shall be the Individuals (as defined in Section 544 of the Code) who are treated as owners of Membership Interests for purposes of Section 856(h) of the Code, rather than the entity itself.

**Contributing Member** has the meaning assigned to such term in Section 3.3(c).

**Contribution Loan** has the meaning assigned to such term in Section 3.3(f).

**Credit Facility Guarantee Fee** means a fee paid to the Manager by the Company or any Company Series for securing funds through indebtedness for the Company's or a Company Series' use by the Manager or members of the Manager submitting a personal guarantee(s) on behalf of the Company or a Company Series. The Manager shall be entitled to receive a fee, levied in the Manager's sole discretion, in an amount not to exceed two percent (2.0%) of the Company's or relevant Company Series' total credit facilities or capacity that is personally guaranteed by either the Manager or any principal(s) or member(s) of the Manager. The Credit Facility Guarantee Fee will be payable to Manager in arrears at a rate of one-half of one percent (0.5%) of the prorated total balance of the Company or relevant Company Series credit facilities or capacity that are personally guaranteed by the Manager or any principal(s) or member(s) of the Manager on the first day of that fiscal quarter. Credit Facility Guarantee Fees due and owing to the Manager yet not paid by the Company to the Manager when due and owing shall accrue in an account for the benefit of the Manager designated as Deferred Credit Facility Guarantee Fees for future disbursement to the Manager, in such amounts and at times in the sole discretion of the Manager.

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

**ERISA** means the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time.

**Excepted Holder Limit** means, provided that the affected Excepted Holder agrees to comply with any requirements established by the Manager pursuant to Section 4.5, the percentage limit established by the Manager pursuant to Section 4.5(d).

**Excessive Holdings** means the number of Interests, in the Company or any Company Series, owned either actually or constructively by a Holder that (i) exceeds the Interest ownership limits specified through the Holder's Excepted Holder Limit, or (ii) causes the Company or any Company Series to be non-compliant with the specifications for a REIT, if applicable, as determined in the sole discretion of the Manager.

**Exchange Act** means the Securities Exchange Act of 1934, as amended and in effect from time to time.

**Expenses and Liabilities** has the meaning assigned to such term in Section 5.4(a).

**FINRA** means the Financial Industry Regulatory Authority.

**Free Cash Flow** means any available cash for distribution generated from the net income received by a Company Series, as determined in the sole discretion of the Manager to be in the nature of income as defined by U.S. GAAP, *plus* (i) any change in the net working capital (as shown on the balance sheet of such Series) (ii) any amortization to the relevant Series Property (as shown on the income statement of such Series), (iii) any depreciation to the relevant Series Property (as shown on the income statement of such Series) and (iv) any other non-cash Operating Expenses *less* (a) any capital expenditure related to the Series Property (as shown on the cash flow statement of such Series) (b) any other liabilities or obligations of the Series, in each case to the extent not already paid or provided for and (c) upon the termination and winding up of a Series or the Company, all costs and expenses incidental to such termination and winding up as allocated to the relevant Series in accordance with Section 6.4.

**Form of Adherence** means, with respect to the Initial Offering or any Subsequent Offering, a subscription agreement or other agreement substantially in the form appended to the Offering Document pursuant to which a Member agrees to adhere to the terms of this Agreement or, in respect of a valid Transfer, a form of adherence or instrument of Transfer, each in a form satisfactory to the Manager from time to time, pursuant to which a Substitute Member agrees to adhere to the terms and conditions contained within this Agreement.

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

**Gross Asset Value** means, with respect to any asset contributed by a Member to a Company Series, the gross fair market value of such asset as determined in the sole discretion of the Manager.

**Incentive Allocation** means, when applicable and specified within a Series Designation, the portion of Net Distributable Proceeds the Class C Member(s) is entitled to receive when Net Distributable Proceeds are classified as a return of Capital Contributions to Class A Members. Class C Member shall be entitled to receive a fixed percentage of the total Net Distributable Proceeds being classified as a Capital Contribution return to applicable Members until all applicable Member Unrecovered Capital Contribution account balances are zero. Incentive Allocation percentage of Net Distributable Proceeds shall be defined in the Company Series Designation and **Exhibit "1"** of the Company Series Designation.

**Income Tax Regulations** means, unless the context clearly indicates otherwise, the regulations in force as final or temporary that have been issued by the U.S. Department of the Treasury pursuant to its authority under the Code, and any successor regulations.

**Indemnified Person** means (a) any Person who is or was an Officer of the Company or associated with a Company Series, (b) any Person who is or was a Manager or Liquidator, together with its officers, directors, members, shareholders, employees, managers, partners, controlling persons, agents or independent contractors, (c) any Person who is or was serving at the request of the Company as an officer, director, member, manager, partner, fiduciary or trustee of another Person; *provided*, that, except to the extent otherwise set forth in a written agreement between such Person and the Company or a Company 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.

**Individual Aggregate 12-Month Investment Limit** means, with respect to any individual Person who is not qualified as an Accredited Investor, in any trailing twelve-month period, ten percent (10%) of the greater of such Person's annual income or net worth or, with respect to any entity, ten percent (10%) of the greater of such Person's annual revenue or net assets at fiscal year-end.

**Initial Member** means the Person identified in the Series Designation of such Series as the Initial Member associated therewith and who shall be issued Units of Class C Interests in such Company Series, for either no cash consideration or other consideration, as specified in the relevant Series Designation. The Initial Member of the Company is VestFundr Management, LLC and shall be issued one thousand (1,000) Units of Class C Interests in the Company.

**Initial Date** means the date of the closing of the Initial Offering of the Company.

**Initial Offering** means the first offering and issuance of Membership Interests of any Company Series, other than the issuance to the Initial Member.

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

**Interest Designation** has the meaning ascribed in Section 3.4(f).

**Investment Advisers Act** means the Investment Advisers Act of 1940, as amended and in effect from time to time.

**Investment Company Act** means the Investment Company Act of 1940, as amended and in effect from time to time.

**IRR** means the internal rate of return, specifically the percentage rate earned on each dollar invested, as a Capital Contribution, for each period that it is invested. The Company will calculate the internal rate of return using the Excel IRR function, or similar function and/or software.

**IRS** means the Internal Revenue Service.

**Liabilities** has the meaning assigned to such term in Section 3.4(d)(ii).

**Liabilities associated with that Series** has the meaning assigned to such term in Section 3.4(d)(ii).

**Liquidator** means one or more Persons selected by the Manager to perform the functions described in Section 11.2 as liquidating trustee of the Company or a Series, as applicable, within the meaning of the Act.

**Loan Service Fee** means a fee paid to the Manager by the Company or any Company Series for the management and administration of a Company or Company Series asset that is an instrument in the form of secured indebtedness such as a mortgage and deed of trust. The Manager shall be entitled to receive a fee, levied in the Manager's sole discretion, equal to one-half of one percent (0.5%) of the total unpaid principal balance of any loan obligation(s) or indebtedness underwritten and serviced by the Company or a Series per annum. The Loan Service Fee shall be calculated, prorated, and paid by the Company or the Series to the Manager at the end of each fiscal quarter while the relevant indebtedness is unpaid and outstanding. Loan Service Fees due and owing to the Manager yet not paid by the Company to the Manager when due and owing shall accrue in an account for the benefit of the Manager designated as Deferred Loan Service Fees for future disbursement to the Manager, in such amounts and at times in the sole discretion of the Manager.

**Manager** means, as the context requires, the Manager of the Company or the Manager of a Company Series. The initial Manager of the Company and any Company Series thereunder shall be VestFundr Management, LLC until a new Manager is named pursuant to the terms of Section 4.3 or Article X of this Agreement.

**Member** means each individual constitutent of the Company associated with any Company Series, including, unless the context otherwise requires, the Initial Member, the Manager, each Member (as the context requires), each Substitute Member and each Additional Member which are (i) parties to this Agreement, (ii) listed in the Register, and (iii) has not ceased to be a Member for any reason.

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

**Net Distributable Proceeds** means, the excess of Free Cash Flows of any Company Series over operating expenses and other expenditures for such fiscal period (including but not limited to present and anticipated debts and obligations, capital needs and expenses, the payment of any management or administrative fees and expenses, including without limitation, the Asset Management Fee, Credit Facility Guarantee Fee and Loan Service Fee) decreased by any amounts added to Company Series Reserves during such fiscal period. The Manager shall determine, in its sole and absolute discretion, both the amount and timing of any Net Distributable Proceeds disbursed to Company Series Members.

**Non-Contributing Member** has the meaning assigned to such term in Section 3.3(c).

**Non-Transfer Event** means any event or other changes in circumstances other than a purported Transfer, including, without limitation, any change in the value of any Interests.

**Offering** means the offering for sale or issuance of membership Interests of any Series, other than the issuance to the Initial Member.

**Offering Document** means, with respect to any Company Series or the Interests of any Company Series, the prospectus, offering memorandum, offering circular, offering statement, offering circular supplement, private placement memorandum or other offering disclosure documents related to an Offering of such embership Interests, in the form approved by the Manager and, to the extent required by applicable law, approved or qualified, as applicable, by any applicable Governmental Entity, including without limitation the U.S. Securities and Exchange Commission.

**Offering Expenses** means in respect of each Company Series, the following fees, costs and expenses allocable to such Series or such Series pro rata share (as determined by the Allocation Policy, if applicable) of any such fees, costs and expenses allocable to the Company incurred in connection with executing the Offering, consisting of underwriting, legal, accounting, escrow and compliance costs related to a specific Offering.

**Officer** means any executive, president, vice president, secretary, treasurer or other officer of the Company or any Company Series as the Manager may designate which shall, in each case, constitute managers within the meaning of the Act.

**One Hundred Members Date** means the first day on which Interests, whether for the Company or any individual Series, are beneficially owned by one hundred (100) or more Persons within the meaning of Section 856(a)(5) of the Code.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any and all fees, costs and expenses incurred in connection with the management of a Series Property, including Homeowners Association (the "**HOA**") fees, if any, income taxes, marketing, security and maintenance;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all insurance premiums or expenses, including directors and officers insurance of the directors and officers of the Manager or a Property Manager, in connection with the Series Property;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any indemnification payments to be made pursuant to Section 5.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the costs of any other 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the fees and expenses of the Company's or a Series' Manager; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) any other expenses that may be determined to be Operating Expenses, as determined by the Manager in its reasonable discretion.

**Operating Expenses Reimbursement Obligation(s)** has the meaning assigned to such term in Section 6.3.

**Organization Expenses** means in respect of the Company and each Company Series, the following fees, costs and expenses allocable to the Company or such Series incurred in connection with forming and organizing the governance of the Company or Company Series consisting of filing fees and the legal, accounting, and compliance expenses related to the formation, governance and operation of a corporate entity.

**Outstanding** means all Interests that are issued by the Company and reflected as remaining on the Company's or relevant Series' books, records or Register as of the date of determination.

**Partnership Audit Rules** means the authority, duties and responsibilities as set forth in Code ??6221 – 6241 and the regulations thereunder.

**Partnership Representative** means the Member that possesses the sole authority to act on behalf of the Company as such term is used in Code ?6223 and further specified within Section 9.3.

**Percentage Interest** means with respect to a particular Member, the designation of that Member's pro-rata share of the aggregate percentage interests in the specific Company Series allocated to that specific class of Interest held by such Member calculated as (i) the number of the Company Series Interests, as applicable, held by such Member as of the date of calculation, divided by (ii) the aggregate number of issued and outstanding Company Series Interests, as applicable, or (iii) the aggregate number of all classes of issued and outstanding Company Series Interests as of the date of calculation, as applicable. The Percentage Interests of the Members in any Company Series are set forth on the relevant Company Series Register, as amended from time to time in accordance with the terms of this Operating Agreement.

**Permitted Transfer** means any Transfer of a Member's Interests completed in accordance with all terms, conditions and restrictions provided in Article IV.

**Person** means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, private foundation, organization, Governmental Entity, any other type of entity or a group as that term is used for purposes of Rule 13d-5(b) or Section 13(d)(3) of the Exchange Act.

**Preferred Return** means a non-compounded per annum IRR as provided in a Series Designation based on a Class A Members' Unrecovered Capital Contribution(s) minus any return of capital from Net Distributable Proceeds or a Capital Transaction Event, if any. The Preferred Return shall be paid from Net Distributable Proceeds of the Company Series, if at all, at times and amounts in the sole discretion of the Manager. The Preferred Return is not guaranteed, meaning that the Preferred Return will not be paid for any particular period if the Company Series does not possess sufficient capital available to pay the Preferred Return or if the Manager, in its sole and absolute discretion, determines that it is in the best interests of the Company or Company Series to retain such funds. Any Preferred Return deficiencies will accrue and roll over to the following period and shall not be classified as an additional Capital Contribution by the Member nor shall accrued Preferred Return amounts held on account by the Company for the benefit of any Member compound. The Preferred Return allocation is payable from Net Distributable Proceeds only and does not extend to net capital proceeds from a Capital Transaction Event although Preferred Return deficiencies that accrue may be distributed from net capital proceeds from a Capital Transaction Event from time to time in the sole discretion of the Manager.

**Property** means an improved or unimproved parcel of real property which the Company or any Series intends to acquire with the proceeds of the respective Offering and becomes an asset of the Company or a Series (if applicable, in the aggregate, the "**Properties**").

**Property Manager** means the Person(s) designated to manage the operation of a Series project or Property as specified in each Series Designation or its permitted successors or assigns, appointed by Manager in accordance with Section 5.9.

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

**Record Holder** or **Holder** means the Person in whose name such Interests are recorded within the Register of the Company, or its transfer agent, as of the opening of business on a particular Business Day, as determined by the Manager in accordance with this Agreement.

**Register** means the records maintained by the Company setting forth, with respect to each Member, the name, address, amount of Capital Contribution(s), Interests, Percent Interest, and Company Series associated with such Member and any other information as the Manager may deem necessary or desirable. The Manager shall from time to time update the Company or Company Series Register as the Manager shall deem necessary or advisable, including, without limitation, to reflect the admission of subsequent Members or the increase or decrease in Percentage Interest of the Members therein. Subject to the terms of the Operating Agreement, the Manager may take any action authorized hereunder in respect of the Company or any Company Series Register without any need to obtain the consent of any other Member. No action of any Member shall be required to amend or update the Company or any Series Register.

**REIT** means a real estate investment trust within the meaning of Sections 856 through 860 of the Code.

**Remaining Contribution** has the meaning assigned to such term in Section 3.3(c).

**Replacement Manager** means the Person elected by a plurality of Members to serve as the new Manager following the removal of the existing Manager in accordance with Section 10.4.

**Reserves** means the accounts established and maintained from time to time by the Manager, in amounts reasonably considered adequate and sufficient from time to time by the Manager to pay distributions, taxes, fees, insurances or any other costs and capital expenses incident to the Company's or any particular Company Series business.

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

**Securities Act** means the Securities Act of 1933, as amended and in effect from time to time.

**Series** has the meaning assigned to such term in Section 3.4(a).

**Series Property** 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 Company Series and owned or held by or for the account of such Series, whether owned or held by or for the account of such Series as of the date of the designation or establishment thereof or thereafter contributed to or acquired by such Series.

**Series Properties** means, at any particular time, the Series Property of a Company Series aggregated with the Series Property of each of the other Series.

**Series Designation** has the meaning assigned to such term in Section 3.4(a).

**Series Interest Ownership Limit** shall mean the maximum amount a Member can possess, expressed in either (i) the total dollar value or (ii) the total number of Interests of the aggregate of the Outstanding Interests in any specific Company Series, or such other ownership limitation percentage determined by the Manager and specified within a Series Designation or, in the event of a Company Series being designated a REIT by the Company, as determined in accordance with Section 4.5.

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

**Substitute Member** means a Person who is admitted as a Member of the Company and associated with a Series pursuant to Section 4.1(b) as a result of a Transfer of Interests to such Person.

**Super Majority Vote** means, the affirmative vote of the holders of Outstanding Interests of all Series representing no less than two thirds (2/3) of the total votes that may be cast by all such Outstanding Interests, voting together as a single class. When the votes cast relates to the removal of Manager in accordance with Section 10.4 below, Super Majority Vote shall not include any Interests owned by the Manager.

**Tax Matters Member** means the party acting on behalf of the Company and any Series with respect to IRS-related matters further referenced in Section 9.4.

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

**Unconsummated Transaction Costs** means all fees, costs and expenses incurred in connection with any proposed transaction for real property or an asset to potentially become a Series Property pursued by the Company, the Manager or a Series that does not proceed to a successful completion or closing thereon.

**Unrecovered Capital Contribution** shall mean a Member's aggregate Capital Contributions to the Company or a Company Series minus any return of capital from Net Distributable Proceeds.

**U.S. GAAP** means United States Generally Accepted Accounting Principles consistently applied as established by the Financial Accounts Standards Board (FASB), as amended and in effect from time to time.

**Vote** means one (1) vote for each one (1.0) Company or Company Series Interest, including the written consent, and includes the proportional reduction in a vote to reflect the fractional Interest thereof, if any.

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

**Article II**

**ORGANIZATION**

2.1 <u>Formation</u>. The Company has been formed as a series limited liability company pursuant to Section 18-215 and Section 18-218 of the Act. Except as expressly provided to the contrary in this Agreement, the rights, duties, liabilities and obligations of the Members and the administration, dissolution and termination of the Company and each Series shall be governed by the Act.

2.2 <u>Name and Office(s)</u>. The name of the Company shall be "**VestFundr, LLC**." All business of the Company shall be conducted under such name and title, and all property, real, personal, or mixed, owned by or leased by the Company shall be held in such name or in the name of a wholly owned subsidiary, which may be created at the request of the lender or for asset protection purposes to protect investor funds. The Company and any Company Series shall further possess the right to identify and operate under a pseudonym or "doing business as" name determined by Manager to facilitate marketing or Company branding purposes. The principal place of business and mailing address of the Company shall be 100 2<sup>nd</sup> Avenue South – Suite 205, St. Petersburg, Florida 33701. Unless otherwise provided in the applicable Series Designation, the principal office of each Company Series shall be located at 100 2<sup>nd</sup> Avenue South – Suite 205, St. Petersburg, Florida 33701 or such other place as Manager may from time to time designate by notice to the Members associated with the applicable Company Series. The Company and each Series may have offices and places of business as the Manager may from time to time designate.

2.3 <u>Registered Office; Registered Agent</u>. Unless and until changed by the Manager, the registered office of the Company in the State of Delaware shall be A Registered Agent, Inc., with an address of 8 The Green – Suite A, Dover, Delaware 19901, and the registered agent for service of process on the Company and each Company Series in the State of Delaware at such registered office shall be A Registered Agent, Inc.

2.4 <u>Purpose</u>. The purpose of the Company and, unless otherwise provided in the applicable Series Designation, each Company Series shall be 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, operate and maintain a portfolio of real properties or real property-related investments consisting of any combination of vacant land and improved parcels in the residential, commercial or industrial asset classes and to exercise all of the rights and powers conferred upon the Company and each Company Series with respect to the Company's interests therein, and (c) conduct any and all activities related or incidental to the foregoing purposes permitted under the laws of the State of Delaware and any other State the Manager deems to conduct business in the best interest of the Company.

2.5 <u>Powers</u>. The Company, each Company Series and, subject to the terms of this Agreement, the Manager shall be empowered to do any and all acts and things necessary or appropriate for the furtherance and accomplishment of the purposes described in Section 2.4.

2.6 <u>Power of Attorney</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Member hereby constitutes and appoints the Manager and, if a Liquidator shall have been selected pursuant to Section 11.2, the Liquidator, and each of their authorized officers and attorneys in fact, as the case may be, with full power of substitution, as his, her or the entity's true and lawful agent and attorney in fact, with full power and authority in his, her or the entity's name, place and stead, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including this Agreement and the Certificate of Formation and all amendments or restatements hereof or thereof) that the Manager, or the Liquidator, determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Company as a series limited liability company in the State of Delaware and in all other jurisdictions in which the Company or any Series may conduct business or own property; (B) all certificates, documents and other instruments that the Manager, or the Liquidator, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments that the Manager or the Liquidator determines to be necessary or appropriate to reflect the dissolution, liquidation or termination of the Company or a Series pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or substitution of any Member pursuant to, or in connection with other events described in, Article III or Article XI; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Interests of a Series issued pursuant to Section 3.4; (F) all certificates, documents and other instruments that the Manager or Liquidator determines to be necessary or appropriate to maintain the separate rights, assets, obligations and liabilities of each Series; and (G) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger, consolidation or conversion of the Company; and

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

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

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

2.7 <u>Company Term</u>. The term of the Company commenced on the day on which the Certificate of Formation was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Act. The existence of each Company Series shall commence upon the effective date of the Series Designation establishing such Series, as provided in Section 3.4. The term of the Company and each Company Series shall be perpetual, unless and until it is dissolved or terminated in accordance with the provisions of Article XI. The existence of the Company and Company Series as a separate legal entity shall continue until the cancellation of the relevant Certificate of Formation as provided in the Act.

2.8 <u>Title to Properties</u>. All Membership Interests shall constitute personal property of the owner thereof for all purposes and no Member shall possess any interest in any specific asset(s) or Property(s) of the Company or applicable Company Series. Title to any Company Series Property, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned singularly by the Series to which such asset was contributed or by which such asset was acquired, and none of the Company, any Member, Officer or other Company Series, individually or collectively, shall have any ownership interest in such Series Property or any portion thereof. Title to any or all of the Company Series Property may be held in the name of the relevant Series or one (1) or more nominees, as the Manager may determine in its sole discretion. All Company Series Property shall be recorded by the Manager as the property of the applicable Series in the books and records maintained for such Series, irrespective of the name in which record title to such Series Property is held.

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

**Article III**

**MEMBERS, SERIES AND INTERESTS**

3.1 <u>Members</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.1(b), a Person shall be admitted as a Member and Record Holder either as a result of an Initial Offering, Subsequent Offering, a Transfer or at such other time as determined by the Manager, and upon (i) agreeing to be bound by the terms of this Agreement by completing, signing and delivering to the Manager, a completed Form of Adherence, which is then accepted by the Manager, (ii) the prior written consent of the Manager, and (iii) otherwise complying with the applicable provisions of Article III and Article IV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager may withhold its consent to the admission of any Person as a Member for any reason, including when it determines in its reasonable discretion that such admission could: (i) result in there being two thousand (2,000) or more beneficial owners (as such term is used under the Exchange Act) or five hundred (500) or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series Interests, as specified in Section 12(g)(1) of the Exchange Act, (ii) cause such Persons holding to be in excess of the Aggregate Ownership Limit, (iii) in any trailing twelve (12) month period, cause the Persons' investment in all Interests (of all Series in the aggregate) to exceed the Individual Aggregate 12-Month Investment Limit, (iv) adversely affect the Company or a Series or subject the Company, a Series, the Manager or any of their respective Affiliates to any additional regulatory or governmental requirements or cause the Company to be disqualified as a limited liability company, or subject the Company, any Series, the Manager or any of their respective Affiliates to any tax to which it would not otherwise be subject, (v) cause the Company to be required to register as an investment company under the Investment Company Act, (vi) cause the Manager or any of its Affiliates to be required to register under the Investment Advisers Act, (vii) cause the assets of the Company or any Series to be treated as plan assets as defined in Section 3(42) of ERISA, or (viii) result in a loss of (1) partnership status by the Company for U.S. federal income tax purposes or the termination of the Company for U.S. federal income tax purposes or (2) 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. A Person may become a Record Holder without the consent or approval of any of the Members. A Person may not become a Member without acquiring an Interest in a Series and full compliance with Section 3.1(a).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided in the Act and subject to Sections 3.1(e) and 3.3 relating to each Company Series, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and the Members shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being a Member.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise provided herein, and subject to Article XI, Members may not be expelled from or removed as Members of the Company. Members shall not have any right to resign or redeem their Interests from the Company; *provided* that when a transferee of a Member's Interests becomes a Record Holder of such Interests, such transferring Member shall cease to be a Member of the Company with respect to the Interests so transferred, and that Members of a Series shall cease to be Members of such Series when such Series is finally liquidated in accordance with Section 11.3.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Members agree that VestFundr Management, LLC was appointed as the Manager of the Company with effect from the date of the formation of the Company on August 13, 2025 and shall continue as Manager of the Company until the earlier of (i) the dissolution of the Company pursuant to Section 11.1(a), or (ii) its resignation or removal pursuant to either Section 4.3 or Article X. Except as otherwise set forth in the Series Designation, the Manager of each Company Series shall be VestFundr Management, LLC until the earlier of (1) the dissolution of the Series pursuant to Section 11.1(b) or (2) its resignation or removal pursuant to either Section 4.3 or Article X. Unless provided otherwise in this Agreement, the Manager retains the right to purchase or hold Company or Company Series Interests and those Interests held by the Manager or any of its Affiliates shall be identical to those of a Member possessing the same class of Interests and will not have any additional distribution, redemption, conversion or liquidation rights by virtue of its status as the Manager; provided, that the Manager shall have the rights, duties and obligations of the Manager hereunder, regardless of whether the Manager shall hold any Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Member, in its capacity as being a Member, is an agent of the Company or any Company Series solely by virtue of being a Member thereof and no Member shall possess any form of title or authority to (i) act for or on behalf of the Company or any Company Series; (ii) participate in the activity, operation or management of the business of the Company or any Company Series; or (iii) have the power to sign documents for or otherwise bind the Company or any Company Series. Further, no Member shall possess the right to identify or represent themselves as an agent or affiliate of the Company or any Company Series without express written approval by the Manager which includes the explicit definition and limits of the Member's limited authority sanctioned by the Manager. The authorization and limits of the agency defined within the written approval shall be determined and expressed in Manager's sole discretion.

3.2 <u>Capital Contributions</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly permitted by the Manager, in its sole discretion (i) initial and any additional Capital Contribution(s) to the Company or a Company Series, as applicable, by any Member shall be payable solely in U.S. currency and (ii) initial and any additional Capital Contribution(s) shall be payable in one (1) installment and shall be paid prior to the date of the proposed acceptance by the Manager of a Person's admission as a Member to a Company Series, a Member's application to acquire additional Interests, or within five (5) Business Days thereafter with the Manager's written approval. No Member shall be required to make an additional Capital Contribution to the Company or a Company Series but may make an additional capital contribution to acquire additional Interests at such Member's sole discretion or request in accordance with Section 3.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except to the extent expressly provided in this Agreement and any Company Series Designation: (i) no Member shall be entitled to the withdrawal or a return of its Capital Contribution(s), except to the extent, if any, that distributions made pursuant to this Agreement or upon dissolution or termination of the Company or any Company Series may be considered as such by law and then only to the extent provided for in this Agreement; (ii) no Member holding any Interests of a Company Series shall have priority over any other Member holding Interests of the same Series either as to the return of Capital Contributions or as to distributions; and, (iii) no interest beyond a Preferred Return, if any, shall be paid by the Company or any Company Series on any Capital Contributions.

3.3 <u>Additional Capital Contributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Request for Additional Capital</u>. If the Manager at any time or from time to time determines that the Company or any Company Series requires additional Capital Contributions, then the Manager shall give notice to each Class A Member of (i) the total amount of additional Capital Contributions required, (ii) the reason the additional Capital Contribution is required, (iii) each Class A Member's proportionate share of the total additional Capital Contribution required, and (iv) the date each Class A Member's additional Capital Contribution is due and payable, which date shall be no less than ten (10) days after the notice has been given. Each Class A Member's share of the additional Capital Contribution shall be payable in cash or by certified check, or wire transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Capital Contributions Not Required</u>. Notwithstanding anything herein to the contrary, no Member shall be required to make any additional Capital Contribution(s) to Company or any Company Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Contributing and Non-Contributing Members</u>. If a Class A Member fails to pay when due all or any portion of any additional Capital Contribution required under Section 3.3(a) (each, a "**Non-Contributing Member**"), then each Class A Member other than any Non-Contributing Member (each, a "**Contributing Member**") shall have the right, but not the obligation, to contribute to the Company (in addition to its initial pro rata share of the additional Capital Contribution) its pro rata portion of those amounts that the Non-Contributing Member fails to contribute (the "**Remaining Contribution**"), and the Manager shall have the right to re-allocate the Percentage Interests amongst the Class A Members based on the then Capital Contributions made by the Contributing Members and Non-Contributing Members, including the right to issue additional Class A Interests to the Contributing Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Contributing Members</u>. Each Class A Member shall receive a credit to such Class A Member's Capital Account in the amount of any additional Capital Contribution(s) which he, she or the entity makes to the Company or a Company Series and shall receive such other rights as have been approved by the Manager in connection with such additional Capital Contribution in accordance with the terms of this Agreement or Series Designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Register Amendments</u>. Immediately following any additional Capital Contribution, additional Class A Interests may be issued and the Percentage Interests of the Class A Members may be adjusted if the Manager determines that the Percentage Interests of the Class A Members are to be altered as a result of the additional Capital Contribution, and the Register shall be revised to reflect any such additional Capital Contribution and any such adjustment of Class A Interests and the Percentage Interests of the Class A Members in the Company or Company Series. Any revision of the Register in accordance with the preceding sentence shall require only the consent of the Manager (and not any consent of the Class A or Class B Members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Contribution Loan</u>. In the event any Remaining Contribution is not fully satisfied by additional Capital Contributions of the Contributing Members, the Manager may, but shall not be required to, contribute to the Company the amount required to satisfy the Remaining Contribution as a loan (a "**Contribution Loan**") to the Non-Contributing Member(s). The Manager shall have the option of obtaining a third-party loan or using the Manager's own funds to fund the proceeds for any such Contribution Loan. Such Contribution Loan shall not be treated as a Capital Contribution by the Manager or entitle the Manager to a Percentage Interest. The Contribution Loan (or Contribution Loans if more than one), shall each be deemed a loan owing by the Non-Contributing Member to the Manager, as applicable. The Contribution Loan shall be repayable only out of the Net Distributable Proceeds of the Company or Company Series otherwise distributable to the Non-Contributing Member(s) which shall be paid directly to the Manager, as the case may be and, if more than one, then in proportion to the amounts of their Contribution Loans, until such Manager's Contribution Loan or Contribution Loans, as the case may be, and accrued and unpaid interest thereon have been paid in full. The Contribution Loan shall bear interest at the lower of fifteen percent (15%) per annum or the maximum rate permitted by law.

3.4 <u>Series of the Compan</u>y.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Establishment of Company Series</u>. Subject to the provisions of this Agreement, the Manager may, at any time and from time to time and in compliance with Section 3.4(c), cause the Company to establish in writing (each, a "**Series Designation"**) one or more series as such term is used under Section 18-215 of the Act (each a "**Series"**). Each Company Series shall be a registered series under Section 18-218 of the Act and the Series Designation shall relate solely to the Series established thereby and shall not be construed: (i) to affect the terms and conditions of any other Company Series, or (ii) to designate, fix or determine the rights, powers, authority, privileges, preferences, duties, responsibilities, liabilities and obligations in respect of Interests associated with any other Company Series, or the Members associated therewith. The terms and conditions for each Company Series established pursuant to this Section shall be as set forth in this Agreement and the Series Designation, as applicable, for the Series. Upon approval of any Series Designation by the Manager, such Series Designation shall be attached to this Agreement as an exhibit hereto until such time as none of such Interests of such Series remain Outstanding.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Liabilities Associated with a Series</u>. All debts, liabilities, expenses, costs, charges, obligations and reserves incurred by, contracted for or otherwise existing (the "**Liabilities**") with respect to a particular Company Series shall be charged against the assets associated with that Series. Such liabilities are herein referred to as "**Liabilities associated with that Series**." In the event that there are any liabilities in relation to the Company that, in the Manager's reasonable judgment, are not readily associated with a particular Company Series, the Manager shall allocate and charge (including indemnification obligations) such liabilities to, between or among any one or more of the Series, in such manner and on such basis as the Manager deems fair and equitable and in accordance with the Allocation Policy, and any liability so allocated and charged to a particular Series shall thereupon be deemed to be a liability associated with that Series. Each allocation by the Manager pursuant to the provisions of this Section shall be conclusive and binding upon the Members associated with each and every Company Series. All liabilities associated with a Company Series shall be enforceable against the assets associated with that Series only, and not against the assets associated with the Company or any other Series, and except to the extent set forth above, no liabilities shall be enforceable against the assets associated with any Series prior to the allocation and charging of such liabilities as provided above. Any allocation of liabilities that are not readily associated with a particular Company Series to, between or among one (1) or more of the Series shall not represent a commingling of such Series to pool capital for the purpose of carrying on a trade or business or making common investments and sharing in profits and losses therefrom. The 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 18-218(b) and 18-218(c) 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 Company Series. Notwithstanding any other provision of this Agreement, no distribution on or in respect of Interests in a particular Company Series, including, for the avoidance of doubt, any distribution made in connection with the winding up of such Series, shall be effected by the Company other than from the assets associated with that Series, nor shall any Member or former Member associated with a Series otherwise have any right or claim against the assets associated with any other Series (except to the extent that such Member or former Member has such a right or claim hereunder as a Member or former Member associated with such other Series or in a capacity other than as a Member or former Member).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) . Title to and beneficial interest in a Series Property shall be deemed to be held and owned solely by the relevant Company Series and no Member or Members of such Series, individually or collectively, shall have any title to or beneficial interest in a specific Series Property or any portion thereof. Each Member of a Company Series irrevocably waives any right that any Member may have to maintain an action for partition with respect to its interest in the Company, any Series or any Series Property. Any Series Property may be held or registered in the name of the relevant Company Series or in the name of a nominee as the Manager may determine in its sole discretion; *provided, however*, that Series Property shall be recorded as the asset(s) of the relevant Series on the Company's books and records, irrespective of the name in which legal title to such Series Property is held. Any corporation, brokerage firm or transfer agent called upon to transfer any Series Property to or from the name of any Company 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Failure to Establish a Series</u>. In the event (i) the minimum amount of proceeds specified within a Series Designation for an Offering is not received before the Offering is terminated by the Manager, or (ii) after Offering proceeds are received by Company, the transaction for the Property or asset proposed for the Series does not close for any reason, the Company Series shall be terminated prior to establishment and all Member Capital Contributions to the proposed Company Series shall be promptly returned to the prospective investors without deduction for any Company cost or expense attributable thereto following termination by the Manager.

3.5 <u>Authorization to Issue Interests.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may issue Interests, and options, rights and warrants relating to Interests, for any Company or Company 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 shall determine in its sole discretion, all without the input or approval of the Members. Each Interest shall have the rights and be governed by the provisions set forth in this Agreement and the Series Designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to Section 6.3(a), and unless otherwise provided in the applicable Series Designation, the Company is authorized to issue in respect of each Company Series an unlimited number of Interests. All Interests issued pursuant to, and in accordance with the requirements of, this Article III shall be validly issued Interests in the Company or particular Company Series, except to the extent otherwise provided in the Act or this Agreement and the Series Designation.

3.6 <u>Voting Rights of Interests Generally</u>. Unless otherwise provided in this Agreement or any Series Designation, (i) each Record Holder of Interests shall be entitled to one (1) vote per Interest, or the fractional equivalent held thereof, for all matters submitted for the consent or approval of Members generally, (ii) all Record Holders of Interests (regardless of the Company Series) shall vote together as a single class on all matters as to which all Record Holders of Interests are entitled to vote, (iii) Record Holders of Interests of a particular Company Series shall be entitled to one (1) vote per Interest, or the fractional equivalent held thereof, for all matters submitted for the consent or approval of the Members of such Series and (iv) the Manager or any of its Affiliates shall not be entitled to vote in connection with any Interests they hold pursuant to Section 3.1(h) and no such Interests shall be deemed Outstanding for purposes of any such vote.

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

3.8 <u>Splits and Distribution of Interests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 3.5 and Section 3.8(c), and unless otherwise provided for in any Interest Designation, the Company may make a pro rata distribution of Interests of a Company Series to all Record Holders of such Series, or may effect a subdivision or combination of Interests of any Series, in each case, on an equal per Interest basis and so long as, after any such event, any amounts calculated on a per Interest basis or stated as a number of Interests are proportionately adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever such a distribution, subdivision or combination of Interests is declared, the Manager shall select a date as of which the distribution, subdivision or combination shall be effective. The Manager shall send notice thereof at least ten (10) Business Days prior to the date of such distribution, subdivision or combination to each Record Holder as of a date not less than five (5) Business Days prior to the date of declaration for such distribution, subdivision or combination. The Manager also may cause a firm of independent public accountants selected by it to calculate the number of Interests to be held by each Record Holder after giving effect to such distribution, subdivision or combination. The Manager shall be entitled to rely on any certificate provided by such firm as conclusive evidence of the accuracy of such calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 3.5 and unless otherwise provided in any Series Designation, the Company shall not issue fractional Interests upon any distribution, subdivision or combination of Interests. If a distribution, subdivision or combination of Interests would otherwise result in the issuance of fractional Interests, each fractional Interest of 0.49 Interest or less shall be rounded down to the nearest lower whole Interest and 0.5 Interest or greater shall be rounded up to the nearest higher whole Interest.

3.9 <u>Membership Interest Certificates; Registration</u>. The Company shall not issue physical certificates symbolizing any Interest in the Company or any Company Series. Interest Holders and their respective number of Company or Company Series Interests shall be recorded in the Company's books, records or Register. Neither the Company Interests nor any Company Series Interests have been registered under the Securities Act or any applicable state securities laws. To the extent applicable, each certificate or other document or the Company-approved electronic embodiment evidencing any security or Interest issued pursuant to this Agreement, if any, shall be endorsed with the legend substantially in the form set forth below:

THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF VESTFUNDR, LLC AND THE RELEVANT SERIES DESIGNATION THEREOF, COPIES OF WHICH ARE ON FILE AT THE COMPANY'S PRIMARY BUSINESS ADDRESS. NO SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION, OR OTHER DISPOSITION OF THE SECURITIES REPRESENTED HEREBY MAY BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH LIMITED LIABILITY COMPANY OPERATING AGREEMENT AND RELEVANT SERIES DESIGNATION.

All non-certificate Company or Company Series Interests, represented as issued and outstanding on the Membership registration record for the Company or relevant Series, shall by reference herein contain and be endorsed with the legend specified in this Section 3.9. The Company and any Company Series thereof shall also endorse any certificate with any legend imposed or required by the Operating Agreement, Series Designation or any applicable state securities laws or regulations.

3.10 <u>Agreements</u>. The rights of all Members and the terms of all Interests are subject to the provisions of this Agreement and the associated Series Designation.

**Article IV**

**REGISTRATION AND TRANSFER OF INTERESTS**

4.1 <u>Maintenance of a Re</u>g<u>ister.</u> Subject to the restrictions on Transfer and ownership limitations contained below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company, or its appointee, shall keep or cause to be kept on behalf of the Company and each Company Series a Register that will set forth the Record Holders of each of the Interests and information regarding the Transfer of each of the Interests. The Manager is hereby initially appointed as registrar and transfer agent of the Interests, provided that the Manager may appoint a third-party registrar and transfer agent as the Manager determines appropriate in its sole discretion, for the purpose of registering Interests and Transfers of such Interests as herein provided, including as set forth in any Series Designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Interests are generally transferable though inclusion within the Company Register and shall be subject to the following conditions and restrictions. Upon acceptance by the Manager of the Transfer of any Interests, such acceptance not to be withheld but for the rejection of any of the following restrictions, each transferee of an Interest, (i) shall be admitted to the Company as a Substitute Member with respect to the Interests so transferred to such transferee when any such Transfer or admission is reflected in the books and records or Register of the Company or Company Series, (ii) shall be deemed to agree to be bound by the terms of this Agreement by completing a Form of Adherence to the reasonable satisfaction of the Manager in accordance with Section 4.2(g)(ii), (iii) shall become the Record Holder of the Interests so transferred, (iv) grants powers of attorney to the Manager and any Liquidator of the Company and each of their authorized officers and attorneys in fact, as the case may be, as specified herein, and (v) agrees to all the consents and waivers contained in this Agreement. The Transfer of any Interests and the admission of any new Member shall not constitute an amendment to this Agreement, and no amendment to this Agreement shall be required for the admission of new Members.

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

4.2 <u>Ownership and Transfer Limitations</u>. Subject to the restrictions on transfer contained in this Section 4.2, in any relevant Series Designation, in any subscription agreement or in any other agreement between the Company and the Members related to the transferability of Interests, the Transfer of Interests shall be valid only with the prior express written consent of the Manager (a "Permitted Transfer"), and transferees shall be admitted to the Company without the need to execute this Agreement but agree that they shall be bound hereby. Transfers shall comply with the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Transfer of any Member's Interests, whether voluntary or involuntary, shall be valid or effective unless the Manager determines, after consultation with legal counsel acting for the Company that such Transfer will not, unless waived by the Manager or expressly provided an exception by the Manager in accordance with Section 4.5(d) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) result in the transferee directly or indirectly exceeding the (A) Individual Aggregate 12-Month Investment Limit, (B) the Aggregate Ownership Limit, if any, or (C) Series Interest Ownership Limit, if any;

&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) result in there being two thousand (2,000) or more beneficial owners (as such term is used under the Exchange Act) or five hundred (500) or more beneficial owners that are not accredited investors (as defined under the Securities Act) of any Series Interests, as specified in Section 12(g)(1) of the Exchange Act, unless such Interests 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) cause all or any portion of the assets of the Company or any Company Series to constitute plan assets for purposes of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) adversely affect the Company or such Company Series, or subject the Company, the Series, the Manager 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, cause the Company to fail to qualify as a REIT, or subject the Company, any Series, the Manager or any of their respective Affiliates to any tax to which it would not otherwise be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) require registration of the Company, any Company Series or any Interests under, or cause the Company or any Series to violate, any securities laws of the United States of America, any state thereof or any other jurisdiction, domestic or foreign; or,

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event of a proposed voluntary Transfer request through provision of a written notice thereof to Manager in accordance with Section 4.2(b), the Manager shall deliver express written notice of either the (i) approval, (ii) conditional approval, or (iii) denial, all determined in the Manger's sole discretion, of the proposed voluntary Transfer within thirty (30) days of the date of receipt of the voluntary Transfer written notice from the Member or such Member's legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event any Transfer permitted by this Section 4.2 shall result in ownership by multiple Persons of any Member's Interests, the Manager may require one (1) or more trustees or nominees to be designated to represent a portion of or the entire Interest transferred for the purpose of receiving all notices which may be given and all payments which may be made under this Agreement, and for the purpose of exercising the rights which the transferor as a Member had pursuant to the provisions of this Agreement.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company and each Series shall incur no liability for distributions made in good faith to the transferring Member until a written instrument or electronic notice in the form recognized and approved by the Manager evincing the Transfer to the Substitute Member has been received by the Company and recorded on its books or Register and the effective date of Transfer has passed.

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

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

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

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

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

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

4.3 <u>Transfer of Interests and Obligations of the Manager.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager may Transfer all Interests acquired by the Manager, including all Interests acquired by the Manager in the Initial Offering pursuant to Section 3.1(h), at any time and from time to time following the closing of the Initial Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Members hereby authorize the Manager to assign its rights, obligations and title as Manager to an Affiliate of the Manager without the prior consent of any other Person, and, in connection with such transfer, designate such Affiliate of the Manager as a successor Manager provided, that the Manager shall notify the applicable Members of such change in the next regular communication to such Members.

4.4 <u>Remedies for Breach of Ownership Limitations.</u> If the Manager shall at any time determine in good faith that a Transfer or other event has taken place that results in a violation of this Article IV or any restrictions on transfer specified within a relevant Series Designation, the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, (a) causing the Company to redeem Interests, (b) refusing to give effect to such Transfer on the books or Register of the Company, (c) instituting proceedings to enjoin such Transfer or other event, or (d) deposit the Interests at issue in the proposed Transfer into the Charitable Trust Account until the Member has, in the sole determination of the Manager, adequately remediated the breach of this Article IV.

4.5 <u>Ownership Limitations related to REIT Qualification.</u> In the event the Company, or any Company Series, seeks to establish and designate itself as a REIT, the Members agree that the Company, Company Series and Manager possess the right to institute an Aggregate Ownership Limit or Series Interests Ownership Limit(s) to establish the ability to qualify as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Basic Restrictions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Interests in a Series in excess of (1) the Aggregate Ownership Limit, or (2) the Series Interests Ownership Limit. The number of Interests held in excess of the Aggregate Ownership Limit or Series Interests Ownership Limit shall be classified as excessive holdings (the "**Excessive Holdings**").

&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) No Excepted Holder shall Beneficially Own or Constructively Own Interests in a Series in excess of the Excepted Holder Limit for such Excepted Holder specified by Manager in accordance with 4.5(d) below. The number of Interests in excess of the Excepted Holder Limit or Series Interests Ownership Limit shall be classified as Excessive Holdings.

&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) No Person shall Beneficially Own or Constructively Own Interests in a Series to the extent that such Beneficial Ownership or Constructive Ownership of Interests in a Series would result in (1) the Company being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), and (2) the Company otherwise failing to qualify as a REIT (including, but not limited to, Beneficial Ownership or Constructive Ownership that (A) would result in the Company owning (actually or constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code or (B) would cause any income of the Company that would otherwise qualify as "rents from real property" for purposes of Section 856(d) of the Code to fail to qualify as such (including, but not limited to, as a result of causing any entity that the Company intends to treat as an "eligible independent contractor" within the meaning of Section 856(d)(9)(A) of the Code to fail to qualify as such), in either case causing the Company to fail to satisfy any of the gross income requirements of Section 856(c) of the Code).

&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) During the period commencing on the One Hundred Members Date, any Transfer of Interests in a Series that, if effective, would result in the Interests in a Series being beneficially owned by fewer than one hundred (100) Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void *ab initio*, and the intended transferee shall acquire no rights in such Interests in a Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Remedies for Breach of REIT Ownership Limits</u>. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of this Section 4.5 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Interests in a Series in violation of this Section 4.5 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem interests, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of this Section 4.5 (or Non-Transfer Event that results in a violation of Section 4.5) shall automatically result in the transfer to the Charitable Trust Account described Section 4.6 below, and, where applicable, such Transfer (or Non-Transfer Event) shall be void *ab initio* as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 4.5(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Restricted Transfer.</u> Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of Interests in a Series that will or may violate this Section 4.5 shall immediately give written notice to the Company of such event or, in the case of such a proposed or attempted transaction, give at least fifteen (15) days prior written notice, and shall provide to the Company such other information as the Company may request in order to determine the effect, if any, of such Transfer or Non- Transfer Event on the Company's qualification as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Exceptions to Ownership Limitations.</u> Subject to Section 4.5 the Manager, in its sole and absolute discretion, may exempt, either prospectively or retroactively, a Person from the (i) Aggregate Ownership Limit and/or (ii) Series Interest Ownership Limit, as the case may be, and (iii) may either establish or increase an Excepted Holder Limit for such Person.

4.6 <u>Charitable Trust Account</u>. The Company shall establish a segregated account within the Company Register for the purposes of retaining in trust any Excessive Holdings on the account of the Holders violating Aggregate Ownership Limits, Series Interest Ownership Limits or an Excepted Holder Limit. Any distributions attributable to the Interests held within the Company Charitable Trust Account shall be accrue to the benefit of a charitable organization(s), identified in the Manager's sole and absolute discretion, and disbursed to the charitable organization(s) on the same date as the relevant distribution is disbursed to the Members entitled to receive the distribution.

4.7 <u>Prohibited Transfers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any purported Transfer of a Person's interests in the ‎Company that is not a Permitted Transfer in accordance with this Article IV shall be null and void *ab initio* and of no force or effect whatever; ‎provided that, if the Company is required to recognize a Transfer that is not a Permitted Transfer (or if ‎the Company, in its sole discretion, elects to recognize a Transfer that is not a Permitted Transfer), ‎the Interest transferred shall be strictly limited to the transferor's economic rights with respect to the ‎transferred interests, with distributions first applied (without limiting any other legal or equitable ‎rights of the Company) to satisfy any debts, obligations, or liabilities for damages that the transferor ‎or Assignee may have to the Company.‎

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a Transfer or attempted Transfer of a Person's interests in the Company ‎that is not a Permitted Transfer, the parties engaging or attempting to engage in such Transfer shall ‎indemnify and hold harmless the Company, Manager and the other Members from all cost, liability, and damage ‎that any of such indemnified Persons may incur (including, without limitation, incremental tax liability ‎and attorneys' fees and expenses) as a result of such Transfer or attempted Transfer and efforts to ‎enforce the indemnity granted hereby.‎

4.8 <u>Distributions and Allocations Regarding Transferred Interests</u>. If any ‎Person's Interest in the Company or Company Series is Transferred during any Fiscal Year in compliance with the ‎provisions of this Article IV, Profits, Losses, each item thereof, and all other items attributable to such ‎interest for such Fiscal Year shall be divided and allocated between the transferor and the transferee by ‎taking into account their varying interests during such Fiscal Year in accordance with Code Section ‎‎706(d), using any conventions permitted by law and selected by the Manager. All distributions on or ‎before the date of such Transfer shall be made to the transferor, and all distributions thereafter shall ‎be made to the transferee. Solely for purposes of making such allocations and distributions, the ‎Company shall recognize such Transfer not later than the end of the calendar month during which it ‎is given notice of such Transfer, provided that, if the Company is given notice of a Transfer at least ‎ten (10) business days prior to the Transfer, the Company shall recognize such Transfer as the date of ‎such Transfer, and provided further that, if the Company does not receive a notice stating the date ‎such interest was Transferred and such other information as the Manager may reasonably require ‎within thirty (30) days after the end of the Fiscal Year during which the Transfer occurs, then all such items ‎shall be allocated, and all distributions shall be made, to the Person who, according to the books and ‎records of the Company, was the owner of the interest on the last day of the Fiscal Year during which ‎the Transfer occurs. Neither the Company nor any Manager shall incur any liability for making ‎allocations and distributions in accordance with the provisions of this Section 4.8, whether or not the ‎Manager or the Company has knowledge of any Transfer of ownership of any interest.

**Article V**

**MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES**

5.1 <u>Power and Authority of Manager</u>. The Manager shall devote such time to the Company's business as it, in the Manager's sole discretion, may deem to be necessary or desirable in connection with the Manager's responsibilities and duties hereunder. Except as explicitly set forth in this Agreement, the Manager, as appointed pursuant to Section 3.1(h) of this Agreement, shall have full power and authority to do, and to direct the Officers to do, all things and on such terms as the Manager determines to be necessary or appropriate to conduct the business of the Company and each Company Series, to exercise all powers set forth in Section 2.5 and to effectuate the purposes set forth in Section 2.4, in each case without the input or consent of the Members, including but not limited to the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the acquisition, disposition, mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Company or any Company Series or the merger or other combination of the Company or any Series with or into another Person;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the determination, declaration and payment of Net Distributable Proceeds from Free Cash Flows or other assets to Members associated with a Company Series;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the appointment of a Property Manager in accordance with the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the appointment of any Person to act as an agent of the Company or any Company Series for any corporate purpose in accordance with the terms of this Agreement;

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the waiver of any condition or other matter by the Company or any Company Series, including but not limited to, any Aggregate Ownership Limit or a Series Interest Ownership Limit;

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) to the extent necessary or appropriate to maintain the status of the Company as a REIT under Section 856 of the Code, and avoid the imposition of any federal income or excise tax, the exercise of any rights of the Company to require Members to take actions that result in consent dividends within the meaning of Section 565 of the Code; and,

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

The authority and functions of the Manager and of the Officers shall be identical to the authority and functions of the board of directors and officers, respectively, of a corporation organized under the DGCL in addition to the powers that now or hereafter can be granted to managers under the Act.

5.2 <u>Determinations b</u>y <u>the Manager</u>. In furtherance of the authority granted to the Manager pursuant to Section 5.1 of this Agreement, 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 Agreement, shall be final and conclusive and shall be binding upon the Company and each Company Series and every holder of any Interests:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, or limitations as to distributions, including the amount legally available for the payment of distributions of Interests;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each of the matters set forth in Section 5.1(a) through Section 5.1(z);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) resolution of any conflict of interest that arises between any parties including the Manager, Company, any Series, any Affiliates, the Members and any third-party.

5.3 <u>Dele</u>g<u>ation.</u> The Manager may delegate to any Person or Persons any of the powers and authority vested in the Manager hereunder and may engage such Person or Persons to provide administrative, compliance, technological, professional and accounting services to the Company or any Series, on such terms and conditions as the Manager may consider appropriate. The Manager may designate any Person as an Officer of the Company or any Series.

5.4 <u>Exculpation, Indemnification, Advances and Insurance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to other applicable provisions of this Article V including Section 5.6, the Indemnified Persons shall not be liable to the Company or any Company Series for any acts or omissions by any of the Indemnified Persons arising from the exercise of their rights or performance of their duties and obligations in connection with the Company or any Series, this Agreement or any investment made or held by the Company or any Series, including with respect to any acts or omissions made while serving at the request of the Company or on behalf of any Series as an officer, director, member, partner, fiduciary or trustee of another Person, other than such acts or omissions that have been determined in a final, non-appealable decision of a court of competent jurisdiction to constitute fraud, willful misconduct or gross negligence. The Indemnified Persons shall be indemnified by the Company and, to the extent Expenses and Liabilities are associated with any Company 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, the "**Expenses and Liabilities**") arising from the performance of any of their duties or obligations in connection with their service to the Company or each such Series or this Agreement, or any investment made or held by the Company, each such Series, including in connection with any civil, criminal, administrative, investigative or other action, suit or proceeding to which any such Person may hereafter be made party by reason of being or having been a manager of the Company or such Series under Delaware law, an Officer of the Company or associated with such Series, or an officer, director, member, partner, fiduciary or trustee of another Person, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Person's fraud, willful misconduct or gross negligence. Without limitation, the foregoing indemnity shall extend to any liability of any Indemnified Person, pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any Company Series (including any indebtedness which the Company or any 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 5.4 in favor of any Indemnified Person having or potentially having liability for any such indebtedness. It is the intention of this paragraph that the Company and each applicable Company Series indemnify each Indemnified Person to the fullest extent permitted by law, provided that this indemnification shall not cover Expenses and Liabilities that arise out of the acts or omissions of any Indemnified Party that have been determined in a final, non-appealable decision of a court, arbitrator or other tribunal of competent jurisdiction to have resulted primarily from such Indemnified Persons fraud, willful misconduct or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Agreement, to the extent they restrict or eliminate the duties and liabilities of an Indemnified Person otherwise existing at law or in equity, including Section 5.6, are agreed by each Member to eliminate any such duties and liabilities of the Indemnified Person to the maximum extent permitted by law including, but not limited to, those specified within Section 18-1101(e) of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any indemnification under this Section 5.4, unless modified by an order of a court, shall be made by each applicable Company 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 attorney's fees) actually and reasonably incurred by such Indemnified Person in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Indemnified Person may apply to the Court of Chancery of the State of Delaware or any other court of competent jurisdiction in the State of Delaware for indemnification to the extent otherwise permissible under Section 5.4(a). The basis of such indemnification by a court shall be a determination by such court that indemnification of the Indemnified Person is proper in the circumstances because such Indemnified Person has met the applicable standards of conduct set forth in Section 5.4(a). Neither a contrary determination in the specific case under Section 5.4(c) nor the absence of any determination thereunder shall be a defense to such application or create a presumption that the Indemnified Person seeking indemnification has not met any applicable standard of conduct. Notice of any application for indemnification pursuant to this Section 5.4(d) shall be given to the Company promptly upon the filing of such application. If successful, in whole or in part, the Indemnified Person seeking indemnification shall also be entitled to be paid the expense of prosecuting such application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by law, all reasonable direct expenses (including attorney's fees) incurred by an Indemnified Person in defending any civil, criminal, administrative or investigative action, suit or proceeding may, at the option and in the discretion of the Manager, be paid by each applicable Company Series in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by each such Series as authorized in this Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The indemnification and advancement of expenses provided by or granted pursuant to this Section shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under this Agreement, or any other agreement including without limitation any Series Designation, vote of Members or otherwise, and shall continue as to an Indemnified Person who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of the Indemnified Person unless otherwise provided in a written agreement with such Indemnified Person or in the writing pursuant to which such Indemnified Person is indemnified, it being the policy of the Company that indemnification of the Persons specified in Section 5.4(a) shall be made to the fullest extent permitted by law. The provisions of this Section 5.4 shall not be deemed to preclude the indemnification of any Person who is not specified in Section 5.4(a) but whom the Company or an applicable Series has the power or obligation to indemnify under the provisions of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company and any Company Series may, but shall not be obligated to, purchase and maintain insurance on behalf of any Person entitled to indemnification under this Section 5.4 against any liability asserted against such Person and incurred by such Person in any capacity to which they are entitled to indemnification hereunder, or arising out of such Persons status as such, whether or not the Company would have the power or the obligation to indemnify such Person against such liability under the provisions of this Section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 5.4 shall, unless otherwise provided when authorized or ratified, inure to the benefit of the heirs, executors and administrators of any Person entitled to indemnification under this Section 5.4.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If this Section 5.4 or any portion of this Section 5.4 shall be invalidated on any ground by a court of competent jurisdiction, each applicable Series shall nevertheless indemnify each Indemnified Person as to reasonable direct expenses including, attorney's fees, judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding or investigation, whether civil, criminal or administrative, including a grand jury proceeding or action or suit brought by or in the right of the Company, to the full extent permitted by any applicable portion of this Section 5.4 that shall not have been invalidated.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) An Indemnified Person shall not be denied indemnification in whole or in part under this Section 5.4 because the Indemnified Person had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Any liabilities which an Indemnified Person incurs as a result of acting on behalf of the Company or any Company 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 U.S. Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary of such plan, trust or other funding mechanism, or otherwise) shall be treated as liabilities indemnifiable under this Section 5.4, to the maximum extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Manager shall, in the performance of its duties, be fully protected in relying in good faith upon the records of the Company and any Company Series and on such information, opinions, reports or statements presented to the Company by any of the Officers or employees of the Company or associated with any Series, or by any other Person as to matters the Manager reasonably believes are within such other Person's professional or expert competence provided that such Person(s) shall have been selected with reasonable care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Any amendment, modification or repeal of this Section 5.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of or other rights of any indemnitee under this Section 5.4 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted and provided such Person became an indemnitee hereunder prior to such amendment, modification or repeal.

5.5 <u>Company or Series Officers</u>. The Manager shall have the right to exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it thereunder either directly or by or through the duly authorized Officers of the Company or associated with a Company Series or any Person(s) delegated authority in accordance with Section 5.3. The Manager shall not be responsible for the misconduct or negligence on the part of any such Officer or Person(s) duly appointed or duly authorized by the Manager in good faith and engaged or retained with reasonable care.

5.6 <u>Standards of Conduct and Modification of Duties of the Manager.</u> Notwithstanding anything to the contrary herein or under any applicable law, including, without limitation, Section 18-1101(c) of the Act, the Manager, in exercising its rights hereunder in its capacity as the Manager of the Company, shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting the Company, any Company Series or any Members, and shall not be subject to any other or different standards imposed by this Agreement, any other agreement contemplated hereby, under the Act or under any other applicable law or in equity. The Manager shall not have any duty, including any fiduciary duty, to the Company, any Company Series, the Members or any other Person, including any fiduciary duty associated with self-dealing or corporate opportunities, and all duties, including any fiduciary duty, which can be waived or eliminated are hereby expressly waived and eliminated to the fullest extent permitted by law. This Section 5.6 shall not in any way reduce or otherwise limit the specific obligations of the Manager expressly provided in this Agreement or in any other agreement with the Company or any Company Series.

5.7 <u>Reliance by Third Parties.</u> 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 of the Company or any Series has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Company or such Series and to enter into any contracts on behalf of the Company or such Series, and such Person shall be entitled to deal with the Manager or any Officer as if it were the Company's or such Series sole party in interest, both legally and beneficially. Each 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 of the Company in connection with any such dealing. In no event shall any Person dealing with the Manager or any Officer of the Company or its authorized 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 of the Company or its authorized representatives. Each and every certificate, document or other instrument executed on behalf of the Company or any Series by the Manager or any Officer of the Company or its authorized representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (a) at the time of the execution and delivery of such certificate, document or instrument, this Agreement were in full force and effect, (b) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the Company or any Series and (c) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Company or the applicable Series.

5.8 <u>Certain Conflicts of Interest.</u> The resolution of any conflict of interest made by the Manager shall be conclusively deemed to be fair and reasonable to the Company, any Company Series and the Members and not a breach of any duty hereunder at law, in equity or otherwise.

5.9 <u>Appointment of a Property Mana</u>g<u>er and Agents.</u> The Manager exercises ultimate authority over the Company and any Company Series Property. Pursuant to Section 5.1 and Section 5.3, the Manager has the right to delegate its responsibilities under this Agreement in respect of the management of any specific Series Property. The Manager may agree on behalf of the Company and Company Series to appoint a Property Manager to manage a Series Property on a discretionary basis, and to exercise, to the exclusion of the Manager, but under the supervision and authority of the Manager, all the powers, rights and discretions conferred on the Manager in respect of the Series Property and, the Manager on behalf of each Series, may enter into a property management agreement pursuant to which the Property Manager is formally appointed to manage the Series Property. The consideration payable to the Property Manager for managing the Series Property will be separate from any fees paid to the Company's Manager pursuant to Section 6.6. The Manager may agree on behalf of the Company and Company Series to appoint any Person as an agent of the Company or Company Series on a discretionary basis, and to exercise, to the exclusion of the Manager, but under the supervision and authority of the Manager, all the powers, rights and discretions conferred on the Manager with respect to any Company or Company Series operations or corporate activity.

**Article VI**

**FEES AND EXPENSES**

6.1 <u>Cost to Acquire the Series Property; Offering Expenses; Acquisition Expenses</u>. The following fees, costs and expenses in connection with any Initial Offering and the sourcing and acquisition of a Series Property shall be borne by the relevant Company Series: (i) cost to acquire the Series Property; (ii) Offering Expenses (not to exceed two percent (2%) of the gross Offering proceeds per each Series Offering); and (iii) Acquisition Expenses.

6.2 <u>Operating Expenses; Dissolution Fees.</u> Each Company Series shall be responsible for its Operating Expenses, all costs and expenses incidental to the termination and winding up of such Series and its share of the costs and expenses incidental to the termination and winding up of the Company as allocated to the Series in accordance with Section 6.4.

6.3 <u>Excess Operating Expenses; Further Issuance of Interests; Operating Expense Reimbursement Obli</u>g<u>ation(s).</u> If there are not sufficient cash reserves of, or revenues generated by, a Company Series to meet its Operating Expenses, the Manager may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) issue additional Interests in such Company Series in accordance with Section 3.3, Section 3.4 and Section 3.5 above. Members shall be notified in writing at least ten (10) Business Days in advance of any proposal by the Manager to issue additional Interests pursuant to this Section; and/or,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) enter into an agreement pursuant to which the Manager loans to the Company an amount equal to the remaining excess Operating Expenses (the "**Operating Expenses Reimbursement Obligation(s)**"). The Manager, in its sole discretion, may impose a reasonable rate of interest (a rate being no less than the Short-term Applicable Federal Rate at the time of the loan as published in the most recent IRS Revenue Ruling) on any Operating Expenses Reimbursement Obligation. The Operating Expenses Reimbursement Obligation(s) shall become due and owing to Manager when cash becomes available for such purpose in accordance with Article VII.

6.4 <u>Allocation of Expenses.</u> Any Brokerage Fee, Offering Expenses, Acquisition Expenses, Operating Expenses, Unconsummated Transaction Costs and all other expenses attributable to the Company or a Company Series shall be allocated by the Manager in accordance with the Allocation Policy instituted by the Manager.

6.5 <u>Overhead of the Manager</u>. The Manager shall pay its own direct operating expenses and the Members shall not bear the cost of: (i) all of the ordinary overhead and administrative expenses of the Manager including, without limitation, all costs and expenses on account of rent, utilities, insurance, office supplies, office equipment, secretarial expenses, stationery, charges for furniture, fixtures and equipment, payroll taxes, entertainment, salaries and bonuses, (ii) such other amounts in respect of any Company Series as the Manager shall agree in writing or as is explicitly set forth in any Series Designation or Offering Document.

6.6 <u>Compensation to the Manager or Affiliates.</u> The Manager and Affiliates shall be reimbursed for any direct funds or expenses advanced by it prior to or after formation of the Company to the extent that such expenses are incurred or paid directly on behalf of the Company or any Series. The Manager or its Affiliates shall be entitled to receive fees, whose applicability shall be determined in the sole discretion of the Manager, from the Company or any Series. The respective fees Manager is entitled to receive include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Asset Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Credit Facility Guarantee Fee; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Loan Service Fee.

A Series Designation may specify additional fees payable to the Manager or modify the applicable fee specifications as they are defined in Section 1.1 of this Agreement.

The Company and each Company Series is permitted retain and contract with Affiliates of the Manager for the provisions of services or products relating to Company or Series investments or operations, including any administrative services, construction, brokerage, development, financing, title, insurance, property oversight and other property management services. Any such contractual arrangements between the Company or a Company Series and any Affiliates shall be commercially reasonable and at prevailing market terms and rates of compensation.

6.7 <u>Manager Expense Reimbursement.</u> The Manager shall be reimbursed for any direct funds or expenses advanced by Manager prior to or after formation of the Company and any Company Series to the extent that such expenses are incurred or paid directly on behalf of the Company or Company Series. The Manager(s) shall be entitled to collect funds for the reimbursement of incurred expenses including, but in no way limited to, Organizational Expenses, Offering Expenses, Acquisition Expenses and Operating Expenses.

6.8 <u>Manager Fee Deferral or Waiver; Affiliates.</u> The Manager or its Affiliates, in their sole and absolute discretion, may defer, reduce or waive any fee payable to it under this Agreement and Section 6.6. All or any portion of any deferred fees shall be deferred and held on account for the benefit of the Manager without interest and paid in amounts and at times in the sole and absolute discretion of the Manager.

**Article VII**

**DISTRIBUTIONS**

7.1 <u>General.</u> Subject to the applicable provisions of the Act and except as otherwise provided herein or in a Series Designation, the Manager may declare, make and pay distributions of cash to the Members of the Company or any Company Series from Net Distributable Proceeds. Net Distributable Proceeds shall be determined from time to time, in the Manager's sole and absolute discretion, taking into consideration the reasonably anticipated business needs and opportunities of the Company or Company Series, all debts, liabilities and obligations of the Company Series then due, working capital and other amounts which the Manager deems necessary for the Company or Series' business or to place into reserves for customary and usual claims with respect to such Series' business. Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the Company) and of Article XI herein, distributions shall be paid to the Record Holders of Interests on a pro rata basis in accordance with the Member's Percentage Interest of that particular class of Interests as of the Record Date selected by the Manager. Net Distributable Proceeds shall be disbursed to the Company Series Members in accordance with the Preferred Allocations and Distributions schedule provided in the *"**Exhibit 1**"* of the relevant Series Designation.

7.2 <u>Application of Amounts upon the Liquidation of a Series</u>. Subject to the terms of Section 7.3, Article XI and any relevant Series Designation, any amounts available for distribution following the liquidation of a Company Series, net of any fees, costs and liabilities (as determined by the Manager in its sole and absolute discretion), shall be applied and distributed one hundred percent (100%) to the Series Members thereof pro rata to their Percentage Interests and which, for the avoidance of doubt, may include the Manager and its Affiliates.

7.3 <u>Timing of Distributions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding Section 7.2, in the event of the termination and liquidation of a Company Series, all distributions shall be made in accordance with, and subject to the terms and conditions of, Article XI below.

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

7.4 <u>Distributions in Kind.</u> Distributions in kind of either the entirety or a part of a Series Property to Members are prohibited. Members shall only be entitled to receive distributions in the form of money payable in U.S. currency.

**Article VIII**

**COMPANY RECORDS AND ACCOUNTING MATTERS**

8.1 Accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager shall keep or cause to be kept at the principal office of the Company or such other place as determined by the Manager appropriate books and records with respect to the business of the Company and each Company Series, including all books and records necessary to provide to the Members any information required to be provided pursuant to this Agreement or applicable law. Any books and records maintained by or on behalf of the Company or any Company Series in the regular course of its business, including the record of the Members, books of account and records of Company or Series proceedings, may be kept in such electronic form as may be determined by the Manager; *provided*, that the books and records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Company and any Company Series shall be maintained, for tax and financial reporting purposes, on an accrual basis in accordance with U.S. GAAP, unless otherwise required by applicable law or other regulatory disclosure requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Member shall possess the right to review such information pertaining to the Company as a whole and to each individual Company Series in which that Member has an Interest, as provided in Section 18-305 of the Act, for any purpose reasonably related to the Member's Interest as a member of the relevant Company Series. The Member shall provide reasonable advance written notice to Manager for the records to review, the review shall occur at such reasonable dates and times suitable for the Company and the Company-approved review shall be completed at the Company's principal place of business at Member's sole expense. Members agree that prior to such Member having the ability to access such information, the Manager shall be permitted to require such Member to enter into a confidentiality or non-disclosure agreement in form and substance reasonably acceptable to the Manager in its sole and absolute discretion. For the avoidance of doubt, except as may be required pursuant to Article X, a Member shall only have access to the information, including any Series Designation, referenced with respect to any Company Series in which that Member is a Record Holder for that Series' Interests and not to any other Company Series in which that Member does not possess a recorded interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise set forth in the applicable Series Designation, within one hundred twenty (120) calendar days after the end of the fiscal year and ninety (90) calendar days after the end of the semi-annual reporting date, the Manager shall use its commercially reasonable efforts to circulate to each Member electronically by e-mail or made available via an online platform:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a financial statement of each Company Series prepared in accordance with U.S. GAAP, which includes a balance sheet, profit and loss statement, and a cash flow statement; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) confirmation of the number of Interests in each Series Outstanding as of the end of the most recent fiscal year; provided, that notwithstanding the foregoing, if the Company or any Company Series is required to disclose financial information pursuant to the Securities Act or the Exchange Act, including without limitations periodic reports under the Exchange Act or under Rule 257 under Regulation A of the Securities Act, then compliance with such provisions shall be deemed compliance with this Section 8.1(c) and no further or earlier financial reports shall be required to be provided to the Members of the applicable Company Series with such reporting requirement.

8.2 <u>Fiscal Year</u>. Unless otherwise provided in a Series Designation, the fiscal year for tax and financial reporting purposes of each Company Series shall be the calendar year ending December 31 unless otherwise required by the Code. The fiscal year for financial reporting purposes of the Company shall be the calendar year ending December 31.

8.3 <u>Allocations.</u> Each Member's distributive share of income, gain, loss, deduction or credit (or items thereof) of the Company or each Company Series as shown on the annual federal income tax return prepared by the Company Series' accountants or as finally determined by the IRS or the courts, and as modified by the capital accounting rules of Code ?704(b) and the Income Tax Regulations thereunder, as applicable, shall be determined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Allocations</u>*.* Except as otherwise provided in this Section 8.3:

&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) items of income, loss, deduction or credit (or items thereof) shall be allocated pro rata among the Members in accordance with their respective Percentage Interests in the respective Company Series. Except that items of loss or deduction allocated to any Member pursuant to this Section 8.3 with respect to any taxable year shall not exceed the maximum amount of such items that can be so allocated without causing such Member to have a deficit balance in his, hers, or the entity's Capital Account at the end of such year, computed in accordance with the rules of paragraph (b)(2)(ii)(d) of Section 1.704-1 of the Income Tax Regulations. Any such items of loss or deduction in excess of the limitation set forth in the preceding sentence shall be allocated as follows and in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) first, to those Members who would not be subject to such limitation, in proportion to their Percentage Interests; 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;(2) second, any remaining amount to the Members in the manner required by the Code and Income Tax Regulations.

&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) items of income and gain (or items thereof) shall be first allocated to the Members in the same manner that losses were allocated pursuant to Section 8.3(a)(i) in order to reverse any loss allocations.

Subject to the provisions of Sections 8.3(b) – 8.3(k), inclusive, of this Agreement, the items specified in this Section 8.3 shall be allocated to the Members as necessary to eliminate any deficit Capital Account balances and thereafter to bring the relationship among the Members' positive Capital Account balances in accord with their pro rata Interest(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Allocations With Respect to Property</u>. Solely for tax purposes, in determining each Member's allocable share of the taxable income or loss of the Company or Company Series, depreciation, depletion, amortization and gain or loss with respect to any contributed property, or with respect to revalued property where the Company property or Series Property is revalued pursuant to paragraph (b)(2)(iv)(f) of Section 1.704-1 of the Income Tax Regulations, shall be allocated to the Members in the manner (as to revaluations, in the same manner as) provided in Code ?704(c). The allocation shall take into account, to the full extent required or permitted by the Code, the difference between the adjusted basis of the property to the Member contributing it (or, with respect to property which has been revalued, the adjusted basis of the property to the Company or Series) and the fair market value of the property determined by the Members at the time of its contribution or revaluation, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Minimum Gain Chargeback</u>*.* Notwithstanding anything to the contrary in this Section 8.3, if there is a net decrease in the Company or Series Minimum Gain or the Company or Series Nonrecourse Debt Minimum Gain (as such terms are defined in Sections 1.704-2(b) and 1.704-2(i)(2) of the Income Tax Regulations, but substituting the term "Company" or "Series" for the term "Partnership" as the context requires) during a Series taxable year, then each Member shall be allocated items of Company or Series income and gain for such year (and, if necessary, for subsequent years) in the manner provided in Section 1.704-2 of the Income Tax Regulations. This provision is intended to be a "minimum gain chargeback" within the meaning of Sections 1.704-2(f) and 1.704-2(i)(4) of the Income Tax Regulations and shall be interpreted and implemented as therein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Gross Income Allocation</u>. In the event any Member has a deficit Capital Account at the end of any taxable year which is in excess of the sum of (i) the amount such Member is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Income Tax Regulations, each such Member shall be specially allocated items of partnership income and gain in the amount of such excess as quickly as possible; *provided* that an allocation pursuant to this Section 8.3(e) shall be made only if and to the extent that a Member would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article have been tentatively made as if Section 8.3(d) and this Section 8.3(e) were not in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Depreciation Recapture</u>. Subject to the provisions of Code ?704(c) and Sections 8.3(b) – 8.3(d), inclusive of this Agreement, gain recognized (or deemed recognized under the provisions hereof) upon the sale or other disposition of a Company property or a Series Property, which is subject to depreciation recapture, shall be allocated to the Member who was entitled to deduct such depreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Loans</u>. If and to the extent any Member is deemed to recognize income as a result of any loans pursuant to the rules of Code ??1272, 1273, 1274, 7872 or 482, or any similar provision now or hereafter in effect, any corresponding resulting deduction of the Company shall be allocated to the Member who is charged with the income. Subject to the provisions of Code ?704(c) and Sections 8.3(b) – 8.3(d), inclusive, of this Agreement, if and to the extent the Company is deemed to recognize income as a result of any loans pursuant to the rules of Code ??1272, 1273, 1274, 7872 or 482, or any similar provision now or hereafter in effect, such income shall be allocated to the Member who is entitled to any corresponding resulting deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Tax Credits</u>. Tax credits shall generally be allocated according to Section 1.704-1(b)(4)(ii) of the Income Tax Regulations or as otherwise provided by law. Investment tax credits with respect to any property shall be allocated to the Members pro rata in accordance with the manner in which Company or Series profits are allocated to the Members under Section 8.3(a) hereof, as of the time such property is placed in service. Recapture of any investment tax credit required by Code ?47 shall be allocated to the Members in the same proportion in which such investment tax credit was allocated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Change of Pro Rata Interests</u>. Except as provided in Section 8.3(f) and Section 8.3(g) hereof or as otherwise required by law, if the proportionate interests of the Members in the Company or a Series are changed during any taxable year, all items to be allocated to the Members for such entire taxable year shall be prorated on the basis of the portion of such taxable year which precedes each such change and the portion of such taxable year on and after each such change according to the number of days in each such portion, and the items so allocated for each such portion shall be allocated to the Members in the manner in which such items are allocated as provided in Section 8.3(a) during each such portion of the taxable year in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Effect of Special Allocations on Subsequent Allocations</u>. Any special allocation of income or gain pursuant to Section 8.3(c) or Section 8.3(d) hereof shall be taken into account in computing subsequent allocations of income and gain pursuant to this Section 8.3 so that the net amount of all such allocations to each Member shall, to the extent possible, be equal to the net amount that would have been allocated to each such Member pursuant to the provisions of this Section 8.3 if such special allocations of income or gain under Section 8.3(c) or Section 8.3(d) hereof had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Nonrecourse and Recourse Debt</u>. Items of deduction and loss attributable to Member nonrecourse debt within the meaning of Section 1.704-2(b)(4) of the Income Tax Regulations shall be allocated to the Members bearing the economic risk of loss with respect to such debt in accordance with Section 1704-2(i)(l) of the Income Tax Regulations. Items of deduction and loss attributable to recourse liabilities of the Company or a Series, within the meaning of Section 1.752-2 of the Income Tax Regulations, shall be allocated among the Members in accordance with the ratio in which the Members share the economic risk of loss for such liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>State and Local Items</u>. Items of income, gain, loss, deduction, credit and tax preference for state and local income tax purposes shall be allocated to and among the Members in a manner consistent with the allocation of such items for federal income tax purposes in accordance with the foregoing provisions of this Section 8.3.

**Article IX**

**TAX MATTERS**

9.1 <u>Tax Status</u>. The Company, and any applicable Company Series hereunder, shall file as a partnership for Federal income tax purposes. Any provision hereof to the contrary notwithstanding, solely for United States federal income tax purposes, each of the Members hereby recognizes that the Company and any Company Series may be subject to the provisions of Subchapter K of Chapter 1 of Subtitle A of the Code; provided, however, the filing of U.S. Partnership Returns of Income shall not be construed to extend the purposes of the Company or expand the obligations or liabilities of the Members.

9.2 <u>Tax Returns</u>. The Manager shall prepare or cause to be prepared all tax returns and statements, if any, that must be filed on behalf of the Company and any Company Series with any taxing authority and shall make timely filing thereof. Within ninety (90) days after the end of each calendar year, the Manager shall prepare or cause to be prepared and delivered to each Member a report setting forth in reasonable detail the information with respect to the Company or Company Series during such calendar year reasonably required to enable each Member to prepare such Member's federal, state and local income tax returns in accordance with applicable law then prevailing.

9.3 <u>Partnership Representative</u>. Unless otherwise provided by the Code or the Income Tax Regulations thereunder, VestFundr Management, LLC shall be the "Partnership Representative," as such term is used in Code ?6223 (the "**Partnership Representative**"). VestFundr Management, LLC shall make all decisions for the Company and any Company Series relating to tax matters including, without limitation, whether to make any tax elections (including the election under Code ?754), the positions to be taken on the Company's or Series' tax returns and the settlement, further contest or litigation of any audit matters raised by the Internal Revenue Service or any other taxing authority.

9.4 <u>Tax Matters Member</u>. The Tax Matters Member shall be the "Partnership Representative" for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authority and Duties</u>. The Partnership Representative shall have all of the authority, duties and responsibilities as set forth in Code ??6221 – 6241 and the regulations thereunder (the "**Partnership Audit Rules**") including but not limited to elections related to an audit; matters arising from the audit; the audit proceedings, including receiving notices of the commencement of an audit and requests for information; providing information to the Internal Revenue Service (the "**IRS**") with regards to the audit; meeting with IRS personnel to discuss and settle the audit; extending the statute of limitations for the Members and the Company or Company Series; binding the Company, Company Series and the Members to a settlement with respect to the audit matters; electing not to contest the notice of final Company adjustments in court or to contest all or any portion of the matter in court and to choose the court forum; filing an election out; making decisions regarding the payment of the imputed underpayment; making a push-out election; entering into a closing agreement with the IRS; requesting multiple imputed underpayments; filing an Administrative Adjustment Request; and deciding whether to settle with IRS appeals or to settle litigation and whether to appeal an adverse court decision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Acceptance and Term</u>. The Partnership Representative must accept such appointment in writing if desired by the Manager and provide a written confirmation to the partnership that it satisfies the substantial presence requirement of Code ?6223(a) and the regulations thereunder. A Partnership Representative shall serve until his, her, or the entity's death, resignation, incapacity, bankruptcy, revocation, removal, or a determination by the IRS that the designation is not effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Push-Out Election</u>. The Partnership Representative may, with the consent of the Manager, timely file such election forms, statements and other information required by the Partnership Audit Rule to make the push-out election, as provided in Code ?6226.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Resignation</u>. A Partnership Representative may resign at any time by giving written notice to the Manager. The resignation of the Partnership Representative shall take effect upon the appointment of a successor Partnership Representative or at such other time agreed upon by the Manager. The resigning Partnership Representative shall follow the directions of the Manager in connection with the appointment of a successor Partnership Representative and the filing of such statements, forms and other document with the IRS as required by the Partnership Audit Rules. Notwithstanding the foregoing, in the event such resignation is not effective for purposes of the Partnership Audit Rules, the resigning Partnership Representative shall take any and all actions and sign and deliver any and all documents, instruments, elections and agreement as directed by the Manager until such resignation is effective for purposes of the Partnership Audit Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Revocation of Designation</u>. The designation of Partnership Representative may be revoked with or without cause by a written notice from the Manager. The Partnership Representative whose designation has been revoked shall follow the directions of the Manager in connection with the appointment of a successor Partnership Representative and the filing of such statements, forms and other document with the IRS as required by the Partnership Audit Rules. Notwithstanding the foregoing, in the event such revocation is not effective for purposes of the Partnership Audit Rules and in any event prior to the effective appointment of a successor, the Partnership Representative whose designation has been revoked shall take any and all actions and sign and deliver any and all documents, instruments, elections and agreement as directed by the Manager until such revocation is effective for purposes of the Partnership Audit Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Vacancies</u>. If there is a vacancy in the position of Partnership Representative, a successor Partnership Representative shall be designated by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Compensation</u>. The Partnership Representative may receive reasonable compensation for the services rendered, to be determined by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Costs, Expenses and Professional Fees</u>. The Company and any Company Series shall reimburse the Partnership Representative for all costs and expenses reasonably incurred in connection with his, her, or the entity's actions under the Partnership Audit Rules. The Partnership Representative is hereby authorized to engage professionals, experts and advisors in connection with its performance of its duties under the Partnership Audit Rules and incur costs, expenses, professional and other fees on behalf of the Company or a Company Series. The Partnership Representative shall obtain approval of the Manager in advance of incurring any expense in excess of fifty thousand dollars ($50,000) in connection with the engaging professionals, experts, advisors, audits, appeal, and litigation through all appeals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Standard of Care</u>. The Partnership Representative shall act in good faith and shall use commercially reasonable best efforts to carry out the duties, authority and responsibilities set forth in this Agreement and the Partnership Audit Rules. The Partnership Representative does not, in any way, guarantee the results of any Company or Company Series audit. The Partnership Representative shall have no conflict of interest that would violate his, her, or the entity's fiduciary duties to the Company. The Partnership Representative shall be subject to a confidentiality requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Partnership Representative Has No Exclusive Duty to Company</u>. The Partnership Representative shall not be required to act in such capacity as his, her or the entity's sole and exclusive function. The Partnership Representative shall devote such time to this position as is commercially reasonable to fulfill their obligations, responsibilities and duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Correction of Economic Distortions</u>. The Members intend that the economic consequences of an imputed underpayment for any reviewed year shall be borne by the Members in the same manner as if the adjustments had been correctly reported on the reviewed year Membership return. Therefore, notwithstanding anything to the contrary herein, the Partnership Representative shall cause the Company or a Company Series to make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member's capital account balance at the end of the adjustment year is to the extent possible, equal to the capital balance such Members would have had if all Company or Series items in the reviewed year had been allocated to the Members in accordance with the adjustments as determined by the notice of final Membership adjustments, any settlement with the IRS, the Justice Department or the final court decision, whichever is applicable. In addition, the Manager shall have the authority to require reviewed year Members who have transferred their Interests to reimburse the Company or a Company Series for the imputed underpayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Limitation on Authority of Partnership Representative</u>. Notwithstanding anything to the contrary herein, the Partnership Representative shall not make any material agreements with the IRS (including waivers of statute of limitations), election, settlement or take any actions to settle or to litigate any adjustments set forth in the notice of final partnership adjustment under the Partnership Audit Rules without the written consent of the Manager. The Partnership Representative must receive the prior approval of the Manager prior to filling all protest, court filings, settlements, etc., and other written communications with the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Duties Owed by the Members to the Partnership Representative</u>. Each Member hereby covenants and agrees to promptly provide the Partnership Representative with all information regarding the Member's tax returns and tax liabilities as requested from time to time, including but not limited to proof that the Member has filed an amended return and paid any resulting tax, the Member's address, taxpayer identification number and current contact information, the Member's status as a tax-exempt Member, the tax rate applicable to the Member and the Member's status as an eligible Member. The Member's obligations hereunder shall continue notwithstanding the Member ceasing to be a Member whether resulting from a transfer, sale, withdrawal or other disposition of his, her, or the entity's Interests in the Company or Company Series. Each Member shall notify the Partnership Representative of any inconsistent treatment of any Membership item on the Member's return and of any settlement with the IRS regarding any Membership items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>Reliance on Advice</u>. The Partnership Representative may rely on the services and advice of attorneys, accountants and other professional advisors or experts. The Partnership Representative shall not be liable to the Company, any Company Series or to any Member for damages, losses, or costs, any loss of value or any liability arising from such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Binding Effect of Actions by Partnership Representative</u>. The Company, any Company Series and the Members hereby agree and acknowledge that (i) the actions of the Partnership Representative in connection with the Partnership Audit Rules shall be binding on the Company and the Members; and (ii) neither the Company nor any Company Series nor the Members have any right to contact the IRS or participate in an audit or proceedings under the Partnership Audit Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Communications to Members</u>. The Partnership Representative shall provide reports to the Members on a reasonable basis to keep them reasonably informed of the status, issues and resolution of any Company or Company Series income tax audit. The Partnership Representative shall provide the Manager and all Members with copies of all notices from the IRS within seven (7) calendar days of receipt. The Partnership Representative is required to inform the Manager, within seventy-two (72) hours of setting any and all meetings with the IRS. The Partnership Representative shall regularly update the Manager of the progress of the audit and any court proceeding. The Partnership Representative shall submit periodic written reports to the Manager concerning the status of the Company or Series audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Opt-Out Election</u>. If and when every Member qualifies as eligible member under the Partnership Audit Rules, the Partnership Representative shall make the "Opt-Out" election for the Company and any Company Series, as appropriate, for any year that Members remain qualified as eligible Members. If and when every Member qualifies as eligible member under the Partnership Audit Rules, the Partnership Representative shall make the "Opt-Out" election for the Company and any Company Series, as appropriate, for any year that Members remain qualified as eligible Members.

9.5 <u>REIT Election</u>. In the event the Company or any Company Series qualifies for REIT status, the Manager may, in its sole and absolute discretion, make an election for the Company or any individual Series by filing an IRS Form 1120-REIT for the Company or the qualifying Series. From the effective date of the Company's or Company Series' election to qualify as a REIT, the Manager and its Officers shall take such action from time to time as the Manager determines is necessary or appropriate in order to maintain the Company's or Series' qualification as a REIT; *provided*, *however*, if the Manager determines in good faith that it is no longer in the best interests of the Company or any Series to continue to be qualified as a REIT, the Manager may authorize the Company or the relevant Series to revoke or otherwise terminate its REIT election pursuant to Section 856(g) of the Code. It is intended that the Company or any Company Series will change their tax status to be treated as a corporation for U.S. federal income tax purposes that will elect to be taxed as a REIT prior to the initial REIT election date of the Company or Series until the revocation, if any, of the relevant REIT status. After Manager's revocation of REIT status for the Company or the relevant Series, the Company or the relevant Series shall return to partnership status for Federal income tax purposes.

**Article X**

**TERM AND REMOVAL OF THE MANAGER**

10.1 <u>Term</u>. The Manager shall serve as the Manager for an indefinite term and until the earlier of the (a) Manager's resignation; (b) Manager's withdrawal; (c) Manager's removal; (d) Manager who is a natural person, the Manager's death or adjudication of incompetency; or (e) Manager that is an entity, the Manager's dissolution.

10.2 <u>Resignation of Manager</u>. The Manager, at any time, may resign by written notice delivered to the Members no less than thirty (30) days prior to the effective date of the resignation. Members may elect a replacement Manager with a majority vote of all Outstanding Interests. However, if the then Manager of any Company Series desires to appoint an Affiliate as the new Manager of any Company Series prior to the Manager's resignation effective date, then such Affiliate may become the new Manager of the applicable Company Series in accordance with Section 4.3(b), without any Member approval.

10.3 <u>Withdrawal as Manager</u>. The Manager may withdraw as the Manager of the Company or any Company Series if the Company becomes required to register as an investment company under the Investment Company Act, with such withdrawal deemed to occur immediately before such event.

10.4 <u>Removal of Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Removal for Cause</u>. Manager may be removed by the Members of the Company or relevant Series "for cause" through the affirmative vote of no less than a Super Majority Vote of the Members, unless otherwise specified within a Series Designation and not including any Interests owned or controlled by Manager, electing to remove the Manager from the Manager position in the Company or any relevant Series. Cause shall be defined as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the event the Manager is found by a final non-appealable judgment of a court of competent jurisdiction to have committed fraud in connection with the Company or any Series, 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) the fraud has a material adverse effect on the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notice of Potential Cause Event</u>. The Manager shall call a meeting of all of the Members of the Company within thirty (30) calendar days of such final non-appealable judgment of a court of competent jurisdiction, at which the Members may:

&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) by Super Majority Vote of all Members, remove the Manager of the Company and each relevant Series in accordance with this Article X; 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) if the Manager is so removed, the Members may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) through an affirmative majority vote of all Outstanding Interests, approve the liquidation, dissolution and termination of the Company and each of the series in accordance with Article XI; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) through a plurality vote of all Outstanding Interests, appoint a Replacement Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Failure to Notice Cause Event</u>. In the event the Manager fails to call a meeting as required by this Article X, then any Member shall have the ability to demand the Register and a list of all Record Holders of the Company and all Series pursuant to Section 8.1(b) and to call a meeting at which such a vote shall be taken in accordance with Section 10.4(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Effects of Manager Removal</u>. In the event of the Manager's removal, the Manager shall be entitled to receive all amounts that have accrued and are then currently due and payable to it pursuant to this Agreement but shall forfeit all rights to any future compensation and distributions. If the Manager of a Company Series and the Property Manager of a Series shall be the same Person or controlled Affiliates, then the Manager's appointment as Property Manager of such Series shall concurrently automatically terminate with the Manager's removal. Prior to its admission as a Manager of any Company Series, any Replacement Manager shall (i) acquire the Interests held by the departing Manager in such Series, if any, for fair market value and in cash immediately payable on the Transfer of such Interests, and (ii) appoint a replacement Property Manager on the same terms and conditions set forth herein and contained within the property management agreement. For the avoidance of doubt, if the Manager is removed as Manager of the Company it shall also cease to be Manager and Property Manager of each and every Company Series.

10.5 <u>Assignment of Rights</u>. The Manager may assign its rights under this Agreement in its entirety or delegate certain of its duties under this Agreement to any of its Affiliates without the approval of the Members so long as the Manager remains liable for any such Affiliate's performance.

10.6 <u>Manager Transition</u>. In the event of the removal of the Manager, the removed Manager agrees that it shall cooperate with the Company, all Company Series Officers and the Replacement Manager and take all reasonable steps to assist in making an orderly transition of the management function to the Replacement Manager. Other than accrued fees payable to the removed Manager, no additional compensation will be paid to the removed Manager after the date of the removal of the Manager.

**Article XI**

**DISSOLUTION, TERMINATION AND LIQUIDATION**

11.1 <u>Dissolution and Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall not be dissolved by the admission of Substitute Members or Additional Members or the withdrawal of a transferring Member following a Transfer associated with any Company Series. The Company shall dissolve, and its affairs shall be wound up, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an election to dissolve the Company by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, exchange or other disposition of all or substantially all of the assets and properties of all Series, which shall include the obsolesce of a Series Property, and the subsequent election to dissolve the Company by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the entry of a decree of judicial dissolution of the Company pursuant to the provisions of the Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) at any time that there are no Members of the Company, unless the business of the Company is continued in accordance with the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an affirmative vote by the Members consisting of the majority of Outstanding Interests to dissolve the Company following the "for cause" removal of the Manager in accordance with Section 10.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Company Series shall not be terminated by the admission of Substitute Members or Additional Members or the withdrawal of a transferring Member following a Transfer associated with any Series. Unless otherwise provided in the Series Designation, a Company Series shall terminate, and its affairs shall be wound up, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the dissolution of the Company pursuant to Section 11.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sale, exchange or other disposition of all or substantially all of the assets and properties of such Series, which shall include the obsolesce of the Series Property, and the subsequent election to dissolve the Company Series by the Manager. The termination of the Company Series pursuant to this sub-paragraph shall not require the consent of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an event set forth as an event of termination of such Company Series in the Series Designation establishing such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an election to terminate the Company Series by the Manager; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) at any time that there are no Members of such Company Series, unless the business of such Series is continued in accordance with the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The dissolution of the Company or any Company Series pursuant to Section 18-801(a)(3) of the Act shall be strictly prohibited.

11.2 <u>Liquidator</u>. Upon dissolution of the Company or termination of any Company Series, the Manager shall select one or more Persons (which may be the Manager) to act as Liquidator. In the case of a dissolution of the Company, (i) the Liquidator shall be entitled to receive commercially reasonable compensation for its services as Liquidator; (ii) the Liquidator shall agree not to resign at any time without fifteen (15) days prior notice to the Manager and may be removed at any time by the Manager; and (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 thirty (30) 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 XI, the Liquidator approved in the manner provided herein shall have and may exercise, without further authorization or consent of any of the parties hereto, all of the powers conferred upon the 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 Company Series, other than in connection with a dissolution of the Company, the Manager shall act as Liquidator.

11.3 <u>Liquidation of a Series</u>. In connection with the liquidation of a Company 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 Section 18-215 and Section 18-804 of the Act, the terms of any Series Designation and the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 11.3(c), the Company Series assets may be disposed of by public or private sale on such terms as the Liquidator may determine. The Liquidator may defer liquidation for a reasonable time if it determines, in its sole discretion, that an immediate sale or distribution of all or some of the assets would be impractical or would cause undue loss to the Members associated with such Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liabilities of each Company Series include amounts owed to the Liquidator as compensation for serving in such capacity, subject to the terms of Section 11.2, as well as any outstanding Operating Expenses Reimbursement Obligations and any other amounts owed to Members associated with such Series otherwise than in respect of their distribution rights under Article VII. With respect to any liability that is contingent, conditional or unmatured or is otherwise not yet due and payable, the Liquidator shall either settle such claim for such amount as it thinks appropriate or establish a reserve of Free Cash Flows or other assets to provide for its payment. When paid, any unused portion of the reserve shall be applied to other liabilities or distributed as additional liquidation proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of any Series Designation (including, without limitation, the preferential rights, if any, of holders of any other class of Interests of the applicable Series), all property and all Free Cash Flows in excess of that required to discharge liabilities as provided in Section 11.3(b) shall be distributed to (i) the holders of the Class A Interests of the Series on an equal per Interest basis until all Unrecovered Capital Contributions are returned, (ii) the holders of the other Classes of Interests on an equal per Interest basis until all their Unrecovered Capital Contributions are returned, and thereafter (iii) distributed to all Members in accordance with the last Preferred Allocation provided for in the relevant Series Designation "***Exhibit 1***."

11.4 <u>Cancellation of Certificate of Formation</u>. In the case of a dissolution of the Company, upon the completion of the distribution of all Free Cash Flows and property in connection the termination of all Company Series, other than the reservation of amounts for payments in respect of the satisfaction of liabilities of the Company or any Series, the Certificate of Formation and all qualifications of the Company as a foreign limited liability company in jurisdictions other than the State of Delaware shall be canceled and such other actions as may be necessary to terminate the Company shall be taken by the Liquidator or the Manager, as applicable.

11.5 <u>Return of Contributions.</u> No Member, the Manager or any Officer of the Company or associated with any Company Series or any of their respective Affiliates, officers, directors, members, shareholders, employees, managers, partners, controlling Persons, agents or independent contractors shall be personally liable for, or have any obligation to contribute or loan any monies or property to the Company or any Series to enable it to effectuate the return of the Capital Contributions of the Members associated with a Series, or any portion thereof. It is expressly understood among the parties hereto that any such return of Capital Contributions shall be made solely from Company Series assets and Series Property.

11.6 <u>Waiver of Partition</u>. Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each Member hereby irrevocably waives any right or power that such Member might have to cause the Company, any Company Series or any of the Company's or Series' asset(s) or Series Property(s) to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company or any Series, to compel any sale of all or any portion of the assets of the Company or any Series pursuant to any applicable law, or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up, or termination of the Company or any Series. No Member shall have any recognizable interest in any specific asset(s) of the Company or any Company Series including any Series Property(s).

**Article XII**

**AMENDMENT OF AGREEMENT OR ANY SERIES DESIGNATION**

12.1 <u>General.</u> Except as provided in Section 12.2, the Manager may amend any of the terms of this Agreement or any Series Designation as it determines in the Manager's sole and absolute discretion without the advice or consent of any of the Members. Without limiting the foregoing, the Manager, without the approval of any Member, may amend any provision of this Agreement or any Series Designation, and execute, swear to, acknowledge, deliver, file and record any documents that may be required in connection therewith, to reflect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a change that the Manager determines to be necessary or appropriate in connection with any action taken or to be taken by the Manager pursuant to the authority granted in Article V hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a change in the name of the Company, the location of the principal place of business of the Company, the registered agent of the Company or the registered office of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the admission, substitution, withdrawal or removal of Members in accordance with this Agreement or any Series Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 Company Series will continue to be taxed as an entity for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a change that the Manager determines to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute (including the Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a change that the Manager determines to be necessary, desirable or appropriate to facilitate the trading of the Interests (including, without limitation, the division of any class or classes or series of Outstanding Interests into different classes or Company Series to facilitate uniformity of tax consequences within such classes or Series) or comply with any rule, regulation, guideline or requirement of any National Securities Exchange or over-the-counter market on which Interests are or will be listed for trading, compliance with any of which the Manager deems to be in the best interests of the Company and the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a change that is required to affect the intent expressed in any Offering Document or the intent of the provisions of this Agreement or any Series Designation or is otherwise contemplated by this Agreement or any Series Designation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a change in the fiscal year or taxable year of the Company or any Company Series and any other changes that the Manager determines to be necessary or appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) an amendment that the Manager determines to be necessary or appropriate in connection with the establishment or creation of additional Company Series pursuant to Section 3.4 or the authorization, establishment, creation or issuance of any class or series of Interests of any Company Series pursuant to Section 3.5 and the admission of Additional Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any other amendment other than an amendment expressly requiring consent of the Members as set forth in Section 12.2; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any other amendments substantially similar to the foregoing.

12.2 <u>Certain Amendment Requirements</u>. Notwithstanding the provisions of Section 12.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no amendment to this Agreement shall be made without the affirmative consent of the Members holding no less than a majority of all of the Outstanding Interests 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;(i) decreases the percentage of Outstanding Interests required to take any action hereunder;

&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) materially adversely affects the rights of all of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) modifies Section 11.1(a) or gives any Person the right to dissolve the Company; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) modifies the term of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no amendment to a Series Designation shall be made without the affirmative consent of the Members holding no less than a Super Majority Vote of the Outstanding Interests of a particular Company Series that materially adversely affects the rights of any of the holders of Interests of that particular Series or as compared to holders of Interests of other Series.

12.3 <u>Amendment Approval Process</u>. If the Manager desires to amend any provision of this Agreement or any Series Designation, other than as permitted by Section 12.1, then it shall first adopt a resolution setting forth the amendment proposed, declaring its advisability, and then call a meeting of the Members entitled to vote in respect thereof for the consideration of such Agreement or Series Designation amendment. Amendments to this Agreement or any Series Designation may be proposed only by or with the consent of the Manager. Such meeting shall be called and held upon notice in accordance with Article XIII of this Agreement. The notice shall set forth such amendment in full or a brief summary of the changes to be effected thereby, as the Manager shall deem advisable. At the meeting, a vote of Members entitled to vote thereon shall be taken for and against the proposed amendment. A proposed amendment affecting all of the Members of all of the Company Series shall be effective upon its approval by the affirmative vote of the holders of not less than a majority of the Outstanding Interests of all Company Series, voting together as a single class, unless a greater percentage is required under this Agreement or by Delaware law. A proposed amendment materially adversely affecting all of the Members of a particular Company Series shall be effective upon its approval by the affirmative vote of the Holders of not less than a majority of the Outstanding Interests of such affected Series, unless a greater percentage is required under this Agreement or by Delaware law. The Company shall deliver to each Member prompt notice of the adoption of any amendment made to this Agreement or any Series Designation pursuant to this Article XII.

**Article XIII**

**MEMBER MEETINGS**

13.1 <u>Meetings</u>. The Company shall not be required to hold an annual meeting of the Members. The Manager may, on dates and at times in its sole discretion, convene meetings of the Company or any Company Series. Any Company or Company Series meeting of Members may be held at a physical location or by utilizing commercially available electronic methods including conference telephone, video conference or other communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in a meeting shall constitute presence in person at the meeting. The Manager shall provide notice to relevant Company or Company Series Interest Holders at the electronic communications address provided within the Company Register of the date, time and location, either physical or electronic, no less than five (5) Business Days prior to the Company or Series meeting. The non-receipt by any Member of a notice convening a meeting shall not invalidate the proceedings at that meeting.

13.2 <u>Quorum; Company or Series</u>. No business shall be transacted at any meeting unless a quorum of Members is present at the time when the relevant meeting proceeds to business. Members holding no less than fifty percent (50%) of Outstanding Interests, present in person or by proxy, shall constitute a quorum for Company meetings. Members holding no less than fifty percent (50%) of Outstanding Interests in a Series, present in person or by proxy, shall constitute a quorum for that particular Company Series. In the event a Company or Series meeting is not quorate, the Manager may adjourn or cancel the meeting, as the Manager determines in its sole discretion.

13.3 <u>Chairman</u>. Any designee of the Manager shall preside as chairman of any meeting of the Company or any Company Series.

13.4 <u>Voting Rights</u>. Subject to the provisions of any class or series of Interests of any Company Series then Outstanding, the Members shall be entitled to vote only on those matters provided for under the terms of this Agreement.

13.5 <u>Extraordinary Actions</u>. Except as specifically provided in this Agreement, notwithstanding any provision of law permitting or requiring any action to be taken or authorized by the affirmative vote of the holders of a greater number of votes, any such action shall be effective and valid if taken or approved by the affirmative vote of holders of Interests constituting a majority of all the votes entitled to be cast on the matter.

13.6 <u>Manager Approval</u>. Other than as provided for in Article X, the submission of any action of the Company or a Company Series to Members for their consideration shall first be approved in writing by the Manager.

13.7 <u>Action By Members without a Meetin</u>g. Any Series Designation may provide therein that any action required or permitted to be taken by the holders of the Interests to which such Series Designation relates may be taken without a meeting by the written consent of such holders or Members entitled to cast a sufficient number of votes to approve the matter as required by statute, Series Designation or this Agreement, as the case may be.

13.8 <u>Manager Interests</u>. Unless otherwise expressly provided in this Agreement, the Manager or any of its Affiliates who hold any Interests shall not be entitled to vote in its capacity as Holder of such Interests on matters submitted to the Members for approval, and no such Interests shall be deemed Outstanding for purposes of any such vote.

**Article XIV**

**CONFIDENTIALITY**

14.1 <u>Confidentiality Obli</u>g<u>ations.</u> Members agree that all information contained in the accounts and reports prepared in accordance with Article VIII and any other information disclosed to a Member under or in connection with this Agreement is confidential and non-public and each Member undertakes to treat that information as confidential information and to hold that information in confidence. No Member shall, and each Member shall ensure that every Person connected with or associated with that Member shall not, disclose to any Person or use to the detriment of the Company, any Company Series, any Member or any Series Property any confidential information which may have come to its knowledge concerning the affairs of the Company, any Company Series, any Member, any Series Property or any potential Series Property, and each Member shall use any such confidential information exclusively for the purposes of monitoring and evaluating its investment in the Company. This Section 14.1 is subject to Section 14.2 and Section 14.3.

14.2 <u>Exempted information.</u> The obligations set out in Section 14.1 shall not apply to any information which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is public knowledge and readily publicly accessible as of the date of such disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes public knowledge and readily publicly accessible, other than as a result of a breach of this Article XIV; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been publicly filed with the U.S. Securities and Exchange Commission.

14.3 <u>Permitted Disclosures</u>. The restrictions on disclosing confidential information set out in Section 14.1 shall not apply to the disclosure of confidential information by a Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any Person with the prior written consent of the Manager, whose consent may be given or withheld in the Manager's sole and absolute discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if required by law, rule or regulation applicable to the Member, including without limitation disclosure of the tax treatment or consequences thereof, or by any Governmental Entity having jurisdiction over the Member, or if requested by any Governmental Entity having jurisdiction over the Member, but in each case only if the Member (unless restricted by any relevant law or Governmental Entity): (i) provides the Manager with reasonable advance notice of any such required disclosure; (ii) consults with the Manager prior to making any disclosure, including in respect of the reasons for and content of the required disclosure; and (iii) takes all reasonable steps permitted by law that are requested by the Manager to prevent the disclosure of confidential information including (1) using reasonable endeavors to oppose and prevent the requested disclosure and (2) returning to the Manager any confidential information held by the Member or any Person to whom the Member has disclosed that confidential information in accordance with this Section 14.3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to its trustees, officers, directors, employees, legal advisers, accountants, investment managers, investment advisers and other professional consultants who would customarily have access to such information in the normal course of performing their duties, but subject to the condition that each such Person is bound either by professional duties of confidentiality or by an obligation of confidentiality in respect of the use and dissemination of the information no less onerous than this Article XIV.

**Article XV**

**GENERAL PROVISIONS**

15.1 <u>Addresses and Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice to be served in connection with this Agreement shall be served in writing (which, for the avoidance of doubt, shall include e-mail) and any notice or other correspondence under or in connection with this Agreement shall be delivered to the relevant party at the address given in this Agreement (or, in the case of a Member, in its Form of Adherence) or to such other address as may be notified in writing for the purposes of this Agreement to the party serving the document and that appears in the books and records of the relevant Series. The Company intends to make transmissions by electronic means to ensure prompt receipt and may also publish notices or reports on a secure electronic application to which all Members have access, including without limitation the Company platform or any successor thereto, and any such publication shall constitute a valid method of serving notices under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice or correspondence shall be deemed to have been served as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the case of hand delivery, on the date of delivery if delivered before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the case of service by U.S. registered mail, on the third (3<sup>rd</sup>) Business Day after the day on which it was posted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the case of e-mail (subject to oral or electronic confirmation of receipt of the e-mail in its entirety), on the date of transmission if transmitted before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of notices published on an electronic application, on the date of publication if published before 5:00 p.m. on a Business Day and otherwise at 9:00 a.m. on the first Business Day following publication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In proving service, other than service by e-mail, it shall be sufficient to prove that the notice or correspondence was properly addressed and left at or posted by registered mail to the place to which it was so addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any notice to the Company, including any Series, shall be deemed given if received by any member of the Manager at the principal office of the Company designated pursuant to Section 2.3. The Manager and the Officers may rely and shall be protected in relying on any notice or other document from a Member or other Person if believed by it to be genuine.

15.2 <u>Further Action</u>. The parties to this Agreement shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement.

15.3 <u>Binding Effect.</u> This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

15.4 <u>Integration</u>. This Agreement, together with the applicable Form of Adherence and any applicable Series Designation, constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto.

15.5 <u>Creditors and Third Parties</u>. None of the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Company or any Company Series. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the parties hereto, and their respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein.

15.6 <u>Waiver</u>. No consent or waiver, express or implied, by the Company, a Company Series or a Member to or of any breach or default by the Manager or any Member in the performance by the Manager or such Member of his, her or the entity's obligations under this Agreement shall constitute a consent to or waiver of any similar breach or default by that or any other Manager or Member. Failure by the Company, Company Series or a Member to complain of any act or omission to act by the Manager or any Member, or to declare such Manager or Member in default, irrespective of how long such failure continues, shall not constitute a waiver by the Company, Series or such Member of his, her or the entity's rights under this Agreement.

15.7 <u>Counterparts</u>. This Agreement may be executed in counterparts, all of which together shall constitute an agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its signature hereto (which signature may be provided electronically) or, in the case of a Person acquiring an Interest, upon acceptance of its Form of Adherence.

15.8 <u>Applicable Law and Jurisdiction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement and the rights of the parties shall be governed by and construed in accordance with the laws of the State of Delaware. Non-contractual obligations (if any) arising out of or in connection with this agreement (including its formation) shall also be governed by the laws of the State of Delaware. The rights and liabilities of the Members in the Company and each Company Series and as between them shall be determined pursuant to the Act and this Agreement. To the extent the rights or obligations of any Member are different by reason of any provision of this Agreement than they would otherwise be under the 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 by the Members, in which event any contrary provisions hereof shall be valid to the maximum extent permitted under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by applicable law, any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with this Agreement that are related to U.S. securities laws and not subject to arbitration in accordance with Section 15.9, shall be brought and venued in either (i) Fourth Judicial District Court for the State of Idaho in Boise, Idaho or (ii) the United States District Court (the "**USDC**") of Idaho in Boise, Idaho and each Member hereby consents to the exclusive jurisdiction of the Fourth Judicial District Court for the State of Idaho or USDC in the District of Idaho (and of the appropriate appellate courts therefrom) in any suit, action or proceeding, and irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. To the fullest extent permitted by applicable law, each Member hereby waives the right to commence an action, suit or proceeding seeking to enforce any provisions of, or based on any matter arising out of or in connection with this Agreement, or the transactions contemplated hereby or thereby in any court outside of the Fourth Judicial District Court for the State of Idaho in Boise, Idaho or the USDC of Idaho in Boise, Idaho except to the extent otherwise explicitly provided herein. The provisions of this Section 15.8(b) shall not be applicable to an action, suit or proceeding to the extent it pertains to a matter as to which the claims are exclusively vested in the jurisdiction of a court or forum other than the Fourth Judicial District Court for the State of Idaho or the USDC of Idaho, or if the Fourth Judicial District Court for the State of Idaho or the USDC of Idaho do not have jurisdiction over such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Process in any suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any court. Without limiting the foregoing, each party agrees that service of process on such party by written notice pursuant to Section 15.1 will be deemed effective service of process on such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EVERY PARTY TO THIS AGREEMENT AND ANY OTHER PERSON WHO BECOMES A MEMBER OR HAS RIGHTS AS AN ASSIGNEE OF ANY PORTION OF ANY MEMBERS MEMBERSHIP INTEREST HEREBY WAIVES ANY RIGHT TO A JURY TRIAL AS TO ANY MATTER UNDER THIS AGREEMENT OR IN ANY OTHER WAY RELATING TO THE COMPANY OR THE RELATIONS UNDER THIS AGREEMENT OR OTHERWISE AS TO THE COMPANY AS BETWEEN OR AMONG ANY SAID PERSONS. CLAIMS UNDER THE FEDERAL SECURITIES LAWS SHALL NOT BE SUBJECT TO THIS JURY TRIAL WAIVER PROVISION.

15.9 <u>Dispute Resolution</u>. In the event of any dispute or disagreement between the parties hereto as to the interpretation of any provision of this Agreement (or the performance of obligations hereunder), the matter, upon written request of any party, shall be referred to representatives of the parties for decision. The representatives shall promptly meet, in good faith either physically or through commercially available electronic means, with the assistance of a third-party mediator who has previously practiced law as a litigator. If the representatives do not agree upon a decision within thirty (30) calendar days after reference of the matter to the mediator, any controversy, dispute or claim arising out of or relating in any way to this Agreement or the transactions arising hereunder shall be settled exclusively by arbitration filed in and administered by the American Arbitration Association (AAA) Miami, Florida office. Such arbitration shall be settled by arbitration administered by the AAA in accordance with its then prevailing Commercial (or other) Arbitration Rules, by one (1) independent and impartial arbitrator selected in accordance with such rules. The arbitration shall be governed by the United States Arbitration Act, 9 U.S.C. ? 1 et seq. The fees and expenses of AAA and the arbitrator shall be shared equally by the parties to the dispute and advanced by them from time to time as required; provided that at the conclusion of the arbitration, the arbitrator shall award costs and expenses (including the costs of the arbitration previously advanced and the reasonable fees and expenses of attorneys, accountants and other experts) to the prevailing party, so long as the prevailing party had previously engaged in good faith mediation. Failure of a party to act in good faith during the mediation process shall prohibit the prevailing party to recover any cost of the arbitration and attorney and accounting fees. No pre-arbitration discovery shall be permitted, except that the arbitrator shall have the power in his sole discretion, on application by any party, to order pre-arbitration examination solely of those witnesses and documents that any other party intends to introduce in its case-in-chief at the arbitration hearing. The parties shall instruct the arbitrator to render such arbitrator's award within thirty (30) calendar days following the conclusion of the arbitration hearing. The arbitrator shall not be empowered to award to any party any damages of the type not permitted to be recovered under this Agreement in connection with any dispute between or among the parties arising out of or relating in any way to this Agreement or the transactions arising hereunder, and each party hereby irrevocably waives any right to recover such damages. Notwithstanding anything to the contrary provided in this Section 15.9 and without prejudice to the above procedures, any party may apply to any court of competent jurisdiction for temporary injunctive or other provisional judicial relief if such action is necessary to avoid irreparable damage or to preserve the status quo until such time as the arbitrator is selected and available to hear such party's request for temporary relief. The award rendered by the arbitrator shall be final and not subject to judicial review and judgment thereon may be entered in any court of competent jurisdiction. The decision of the arbitrator shall be in writing and shall set forth findings of fact and conclusions of law. Notwithstanding anything to the contrary, this Section 15.9 Dispute Resolution provision does not apply to claims brought to enforce any liability or duty created under U.S. federal securities laws including the Securities Act or the Exchange Act.

15.10 <u>Invalidity of Provisions.</u> 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.

15.11 <u>Currency</u>. Unless otherwise specified, all currency amounts in this Agreement refer to the lawful currency of the United States of America.

15.12 <u>Consent of Members.</u> Each Member hereby expressly consents and agrees that, whenever in this Agreement it is specified that an action may be taken upon the affirmative vote or consent of less than all of the Members, such action may be so taken upon the concurrence of less than all of the Members and each Member shall be bound by the results of such action.

***(Signatures Follow on Next Page)***

**IN WITNESS WHEREOF**, this Agreement has been executed as of the ___ day of February 2026.

MANAGER

**VestFundr Management, LLC.**

**______________________________** 

Ronald Walsh

Managing Principal

COMPANY

**VestFundr, LLC**

By: VestFundr Management, LLC, its Manager

**______________________________** 

Ronald Walsh

Managing Principal of Manager

CLASS C MEMBER

**VestFundr Management, LLC.**

**______________________________** 

Ronald Walsh

Managing Principal

[SIGNATURE PAGE FOR INDIVIDUALS ONLY]

IN WITNESS WHEREOF, the undersigned hereby executes and enters into the VestFundr, LLC Operating Agreement as a Class A Member and agrees to be bound by the terms and conditions thereof as of the date first above written. The undersigned hereby authorizes this signature page to be attached as a counterpart of the Operating Agreement.

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| |
|:---|
| &nbsp;&nbsp;**CLASS A MEMBER** |
| &nbsp;&nbsp;**Name:<u> </u>** |
| &nbsp;&nbsp; <br> Signature: ___________________ |
| &nbsp;&nbsp; <br> Address: ____________________<br>|
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp;SSN: ____________________ |

---

**Consent Of Spouse**

The undersigned, being the spouse of the above-named Member who signed the VestFundr, LLC's Operating Agreement, has read and hereby approves of the terms thereof, and consents to each of the transactions contemplated thereby, including but not limited to the restrictions on transfer of Class A Units and the repurchase provisions applicable to Class A Units. The undersigned hereby agrees that his or her spouse may join in any future amendment, restatement, modification or supplement of the Operating Agreement without any further signature, acknowledgement, agreement or consent on the undersigned's part; and further agrees that any interest which he or she may have in Units in the Company owned directly or beneficially by his or her spouse shall be subject to the provisions of the Operating Agreement.

Dated: <br>Name: ____________________________

[SIGNATURE PAGE FOR ENTITIES ONLY]

IN WITNESS WHEREOF, the undersigned hereby executes and enters into the VestFundr, LLC Operating Agreement as a Class A Member and agrees to be bound by the terms and conditions thereof as of the date first above written. The undersigned hereby authorizes this signature page to be attached as a counterpart of the Operating Agreement.

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| |
|:---|
| &nbsp;&nbsp; **CLASS A MEMBER**<br>|
| &nbsp;&nbsp;Entity:<u> </u> |
| &nbsp;&nbsp;By:<u> </u> |
| &nbsp;&nbsp;Its:<u> </u> |
| &nbsp;&nbsp;Signature:<u> </u> |
| &nbsp;&nbsp;Address: ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; EIN: ____________________<br>|

---

[SIGNATURE PAGE FOR IRAs ONLY]

IN WITNESS WHEREOF, the undersigned hereby executes and enters into the VestFundr, LLC Operating Agreement as a Class A Member and agrees to be bound by the terms and conditions thereof as of the date first above written. The undersigned hereby authorizes this signature page to be attached as a counterpart of the Operating Agreement.

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **CLASS A MEMBER**<br>|
| &nbsp;&nbsp;&nbsp;IRA:<u> </u> |
| &nbsp;&nbsp;FBO:<u> </u> |
| &nbsp;&nbsp;&nbsp;By:<u> </u> |
| &nbsp;&nbsp;&nbsp;Its: Custodian |
| &nbsp;&nbsp;Signature:<u> </u> |

---

---

| |
|:---|
| &nbsp;&nbsp;Address: ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; SSN: ____________________ (beneficial owner)<br>|

---

[SIGNATURE PAGE FOR 401Ks ONLY]

IN WITNESS WHEREOF, the undersigned hereby executes and enters into the VestFundr, LLC Operating Agreement as a Class A Member and agrees to be bound by the terms and conditions thereof as of the date first above written. The undersigned hereby authorizes this signature page to be attached as a counterpart of the Operating Agreement.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp; **CLASS A MEMBER**<br>|
| &nbsp;&nbsp;&nbsp;401K:<u> </u> |
| &nbsp;&nbsp;FBO:<u> </u> |
| &nbsp;&nbsp;&nbsp;By:<u> </u> |
| &nbsp;&nbsp;&nbsp;Its: Custodian |
| &nbsp;&nbsp;Signature:<u> </u> |

---

---

| |
|:---|
| &nbsp;&nbsp;Address: ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; SSN: ____________________ (beneficial owner)<br>|

---

[SIGNATURE PAGE FOR TRUSTS ONLY]

IN WITNESS WHEREOF, the undersigned hereby executes and enters into the VestFundr, LLC Operating Agreement as a Class A Member and agrees to be bound by the terms and conditions thereof as of the date first above written. The undersigned hereby authorizes this signature page to be attached as a counterpart of the Operating Agreement.

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| |
|:---|
| &nbsp;&nbsp;&nbsp; **CLASS A MEMBER**<br>|
| &nbsp;&nbsp;&nbsp;Trust:<u> </u> |
| &nbsp;&nbsp;&nbsp;By:<u> </u> |
| &nbsp;&nbsp;&nbsp;By:<u> </u> |
| &nbsp;&nbsp;&nbsp;Its: Trustee(s) |
| &nbsp;&nbsp; <br> Signature:<u> </u> |
| &nbsp;&nbsp;Signature:<u> </u> |

---

---

| |
|:---|
| &nbsp;&nbsp;Address: __________________________ |
| &nbsp;&nbsp; __________________________ |
| &nbsp;&nbsp; __________________________ |
| &nbsp;&nbsp; EIN: __________________________<br>|

---

[SIGNATURE PAGE FOR INDIVIDUALS ONLY]

IN WITNESS WHEREOF, the undersigned hereby executes and enters into the VestFundr, LLC Operating Agreement as a Class B Member and agrees to be bound by the terms and conditions thereof as of the date first above written. The undersigned hereby authorizes this signature page to be attached as a counterpart of the Operating Agreement.

---

| |
|:---|
| &nbsp;&nbsp;**CLASS B MEMBER** |
| &nbsp;&nbsp;**Name:<u> </u>** |
| &nbsp;&nbsp; <br> Signature: ___________________ |
| &nbsp;&nbsp; <br> Address: ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp;SSN: ____________________ |

---

**Consent Of Spouse**

The undersigned, being the spouse of the above-named Member who signed the VestFundr, LLC's Operating Agreement, has read and hereby approves of the terms thereof, and consents to each of the transactions contemplated thereby, including but not limited to the restrictions on transfer of Class B Units and the repurchase provisions applicable to Class B Units. The undersigned hereby agrees that his or her spouse may join in any future amendment, restatement, modification or supplement of the Operating Agreement without any further signature, acknowledgement, agreement or consent on the undersigned's part; and further agrees that any interest which he or she may have in Units in the Company owned directly or beneficially by his or her spouse shall be subject to the provisions of the Operating Agreement.

Dated: <br>Name: ____________________________

[SIGNATURE PAGE FOR ENTITIES ONLY]

IN WITNESS WHEREOF, the undersigned hereby executes and enters into the VestFundr, LLC Operating Agreement as a Class B Member and agrees to be bound by the terms and conditions thereof as of the date first above written. The undersigned hereby authorizes this signature page to be attached as a counterpart of the Operating Agreement.

---

| |
|:---|
| &nbsp;&nbsp; **CLASS B MEMBER**<br>|
| &nbsp;&nbsp;Entity:<u> </u> |
| &nbsp;&nbsp;By:<u> </u> |
| &nbsp;&nbsp;Its:<u> </u> |
| &nbsp;&nbsp;Signature:<u> </u> |
| &nbsp;&nbsp;Address: ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; ____________________ |
| &nbsp;&nbsp; EIN: ____________________<br>|

---

## Ex1A-3

Exhibit 3b - Form of Series Designation

![](vestfundr1a_ex3bpage1.jpg)

![](vestfundr1a_ex3bpage2.jpg)

2![](vestfundr1a_ex3bpage3.jpg)

3![](vestfundr1a_ex3bpage4.jpg)

## Ex1A-3

Exhibit 3c - VestFundr, LLC Series Sagemont Subdivision Series Designation

![](vestfundr1a_ex3cpage1.jpg)

![](vestfundr1a_ex3cpage2.jpg)

![](vestfundr1a_ex3cpage3.jpg)

![](vestfundr1a_ex3cpage4.jpg)

![](vestfundr1a_ex3cpage5.jpg)

![](vestfundr1a_ex3cpage6.jpg)

## Ex1A-4

Exhibit 4a - Form of Subscription Agreement

**VESTFUNDR, LLC**

**a Delaware series limited liability company**

**VESTFUNDR, LLC SERIES [ \* \* \* \* ]**

**a registered series of VestFundr, LLC**

**TBD Class A Membership Interests (Units)**

**REGULATION A SUBSCRIPTION AGREEMENT**

This Subscription Agreement (the "**Subscription Agreement**") is made as of the date set forth below by and between the undersigned (the "**Subscriber**") and VestFundr, LLC, a Delaware series limited liability company (the "**Company**") and is intended to set forth certain representations, covenants and agreements between Subscriber and the Company with respect to the offering (the "**Offering**") for sale by the Company of the VestFundr, LLC Series [ \* \* \* \* ] Class A LLC Membership Interests (the "**VestFundr [ \* \* \* \* ] Class A Units**") as described in the Company's offering circular (the "**Offering Circular**"), a copy of which has been delivered to Subscriber. The VestFundr [ \* \* \* \* ] Class A Units are also referred to herein as the "**Securities.**"

Investing in securities represented by the VestFundr [ \* \* \* \* ] Class A Units of the Company involves significant risks. This investment is suitable only for persons who can afford to lose their entire investment and such investment could be illiquid for an indefinite period of time. No public market currently exists for the VestFundr [ \* \* \* \* ] Class A Units and if a public market develops following this offering, it may not continue.

The VestFundr [ \* \* \* \* ] Class A Units have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), or any state securities or blue sky laws and are being offered and sold in reliance on exemptions from the registration requirements of the Securities 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 Securities Act. The VestFundr [ \* \* \* \* ] Class A Units have neither been approved nor disapproved by the SEC, any state securities commission nor other regulatory authority, nor have any of the foregoing authorities passed upon the merits of this Offering nor the adequacy or accuracy of the offering circular nor any other materials or information made available to subscriber in connection with this Offering, through a subdomain of the online website platform at VestFundr.com (the "**Portal**"), or the SEC's EDGAR website at https://www.sec.gov/edgar/search/.

No sale may be made to persons who are not "accredited investors" if the aggregate purchase price is more than ten percent (10%) of the greater of such investors' annual income or net worth. 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 compliance with this requirement.

Prospective investors may not treat the contents of this Regulation A+ Subscription Agreement, the Offering Circular or any of the other materials available (collectively, the "**Offering Materials**") or any prior or subsequent communications from the Company or any of its affiliates, officer, employees or agents as investment, legal or tax advice. In making an investment decision, investors must rely on their own examination of the Company and the terms of this Offering, including the merits and the risks involved. Each prospective investor should consult the investor's own counsel, accountant and other professional advisor as to investment, legal, tax and other related matters concerning the investor's proposed investment.

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 VestFundr [ \* \* \* \* ] Class A Units or to allot to any prospective investor less than the amount of VestFundr [ \* \* \* \* ] Class A Units 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 VestFundr [ \* \* \* \* ] Class A Units shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.

**ARTICLE I** 

**SUBSCRIPTION**

**1.01 <u>Subscription</u>**. Subject to the terms and conditions hereof, Subscriber hereby irrevocably subscribes for, and agrees to, purchase from the Company the number of VestFundr [ \* \* \* \* ] Class A Unit set forth on the Subscription Agreement Signature Page, and the Company agrees to sell such VestFundr [ \* \* \* \* ] Class A Units to Subscriber at a purchase price of One Hundred U.S. Dollars ($100.00) per VestFundr [ \* \* \* \* ] Class A Unit for the total subscription amount set forth on the Subscription Agreement Signature Page (the "**Purchase Price**"), subject to the Company's right to sell to Subscriber such lesser total number of VestFundr [ \* \* \* \* ] Class A Units as the Company may, in its sole discretion, deem necessary or desirable.

**1.02 <u>Delivery of Subscription Amount; Acceptance of Subscription; Delivery of Securities</u>**. Subscriber understands and agrees that this Subscription is made subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Contemporaneously with the execution and delivery of this Subscription Agreement through the Platform, Subscriber shall pay the Purchase Price for the VestFundr [ \* \* \* \* ] Class A Units in the form of ACH debit transfer, wire transfer, or credit card payment. Your subscription is irrevocable. The Company selected a transfer agent company (the "**Transfer Agent**") to maintain all such funds for Subscriber's benefit until the earliest to occur of: (i) the Closing of such subscription, (ii) the rejection of such subscription or (iii) the termination of the Offering by the Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment of the Purchase Price shall be (i) made by Subscriber via the Portal, (ii) received through the Transfer Agent, and (iii) held in an escrow account operated by the escrow agent the Company selected to hold funds (the "**Escrow Agent**") until the subscription process is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This subscription shall be deemed to be accepted only when this Subscription Agreement has been signed by an authorized officer or agent of the Company, and ***the deposit of the payment of the Purchase Price for clearance will not be deemed an acceptance of this Subscription Agreement***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall have the right to reject this Subscriber's subscription, in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The payment of the Purchase Price (or, in the case of rejection of a portion of the Subscriber's subscription, the part of the payment relating to such rejected portion) will be returned promptly, without interest or deduction, if Subscriber's subscription is rejected in whole or in part or if the Offering is withdrawn or canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subscriber shall receive notice and evidence of the digital entry (or other manner of record) of the number of the VestFundr [ \* \* \* \* ] Class A Units owned by Subscriber reflected on the books and records of the Company and verified by the Transfer Agent, which books and records shall bear a notation that the VestFundr [ \* \* \* \* ] Class A Units were sold in reliance upon Regulation A+.

**1.03 <u>Governance Documents</u>**. You have received and read a copy of the Company's Certificate of Formation, the Company Series' Certificate of Registered Series, the Operating Agreement and relevant Series Designation (collectively, the "**Governance Documents**") and agree that your execution of this Subscription Agreement constitutes your consent to the terms and covenants within the Governance Documents, and that upon acceptance of this Subscription Agreement by the Company, you will become a Class A Member of the Company as a holder of VestFundr [ \* \* \* \* ] Class A Units. When this Subscription Agreement is countersigned by the Company, the terms and covenants contained within the Governance Documents shall be binding upon acceptance of your subscription.

**1.04 <u>The Platform</u>**. The Offering is described in the Offering Circular, that is available through a subdomain of the online website VestFundr.com (the "**Platform**"), or the SEC's EDGAR website at https://www.sec.gov/edgar/search/. Please read this Subscription Agreement, the Offering Circular, and the Governance Documents. While they are subject to change, as described below, the Company advises you to print and retain a copy of these documents for your records.

**ARTICLE II** 

**REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER**

By executing this Subscription Agreement, Subscriber (and, if Subscriber is purchasing the Securities 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 the date of each Closing Date:

**2.01 <u>Requisite Power and Authority</u>**. Such Subscriber has all necessary power and authority under all applicable provisions of law to execute and deliver this Subscription Agreement. All action on Subscriber's part required for the lawful execution and delivery of this Subscription Agreement has been or will be effectively taken prior to the Closing. Upon execution and delivery, this Subscription Agreement will be a valid and binding obligation of Subscriber, enforceable in accordance with its 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.

**2.02 <u>Investment Representations</u>**. Subscriber understands that the Securities have not been registered under 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. Subscriber is purchasing the VestFundr [ \* \* \* \* ] Class A Units for Subscriber's own account. Subscriber has received and reviewed this Subscription Agreement, the Offering Circular and the Governance Documents. Subscriber and/or Subscriber's advisors, who are not affiliated with and not compensated directly or indirectly by the Company or an affiliate thereof, have such knowledge and experience in business and financial matters as will enable them to utilize the information which they have received in connection with the Offering to evaluate the merits and risks of an investment, to make an informed investment decision, and to protect Subscriber's own interest in connection with an investment in the VestFundr [ \* \* \* \* ] Class A Units.

**2.03 <u>Illiquidity and Continued Economic Risk</u>**. Subscriber acknowledges and agrees that there is no ready public market for the Securities and that there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely and the Company has no obligation to list the Securities on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges that Subscriber is able to bear the economic risk of losing Subscriber's entire investment in the Securities. Subscriber also understands that an investment in the Company involves significant risks and understands all of the risk factors relating to the purchase of Securities.

**2.04 <u>Accredited Investor Status or Investment Limits</u>**. Subscriber represents that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subscriber is an "**Accredited Investor**" within the meaning of Rule 501 of Regulation D under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchase Price set out below, on the signature page of this Subscription Agreement, together with any other amounts previously used to purchase Securities in this Offering, does not exceed ten percent (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.

**2.05 <u>Additional Subscriber Information; Payment Information</u>**. Subscriber agrees to provide any additional documentation the Company may reasonably request, including documentation as may be required by the Company to form a reasonable basis that the Subscriber qualifies as an "accredited investor" as that term is defined in Rule 501 under Regulation D promulgated under the Act, or otherwise as a "qualified purchaser" as that term is defined in Regulation A promulgated under the Act, or as may be required by the securities administrators or regulators of any state, to confirm that the Subscriber meets any applicable minimum financial suitability standards and has satisfied any applicable maximum investment limits. Subscriber acknowledges that Subscriber's responses to questions on the Platform (as defined in the Offering Circular) are true, complete and accurate in all respects. Payment information provided by Subscriber through the Platform is true, accurate and correct and such payment information shall be deemed to be a part of this Subscription Agreement as if, and to the same extent that, such information was set forth herein.

**2.06 <u>Company Information</u>**. Subscriber has read the Offering Circular filed with the SEC, including the section titled "**Risk Factors**." Subscriber understands that the Company is subject to all the risks that apply to early-stage companies, whether or not those risks are explicitly set out in the Offering Circular. Subscriber acknowledges that no representations or warranties have been made to Subscriber, or to Subscriber's advisors or representative, by the Company or others with respect to the business or prospects of the Company or its financial condition.

**2.07 <u>Neither the Company nor the Platform is an Investment Adviser</u>**. Subscriber understands that neither the Company nor the Platform is registered under the Investment Company Act of 1940 or the Investment Advisers Act of 1940.

**2.08 <u>Valuation</u>**. 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. 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.

**2.09 <u>Domicile</u>**. Subscriber maintains Subscriber's domicile (and is not a transient or temporary resident) at the address shown on the signature page and provided on the Platform.

**2.10 <u>Power of Attorney/Proxy Notice</u>**. Any power of attorney of the Subscriber granted in favor of any third-party to act or vote on the Subscriber's behalf has been executed by the Subscriber in compliance with the laws of the state, province or jurisdiction in which such agreements were executed and duly delivered to the Company.

**2.11 <u>No Brokerage Fees</u>**. There are no claims for brokerage commission, finders' fees or similar compensation in connection with the transactions contemplated by this Subscription Agreement or related documents based on any arrangement or agreement binding upon Subscriber. Subscriber will indemnify and hold the Company harmless against any liability, loss or expense (including, without limitation, reasonable attorneys' fees and out-of-pocket expenses) arising in connection with any such claim.

**2.12 <u>Foreign Investors</u>**. If Subscriber is not a United States person (as defined by Section 7701(a)(30) of the *Internal Revenue Code of 1986*, as amended), Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (a) the legal requirements within its jurisdiction for the purchase of the Securities, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents that may need to be obtained, and (d) 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.

**2.13 <u>Terms and Conditions of the Platform</u>**. Subscriber acknowledges that it has read, understands and agrees to the terms and conditions, privacy policy and disclaimers on the Platform.

**2.14 <u>Transfer Restrictions</u>**. Subscriber acknowledges and agrees that the VestFundr [ \* \* \* \* ] Class A Units are subject to restrictions on transfer as described in the Governance Documents. The VestFundr [ \* \* \* \* ] Class A Units shall bear a digital or physical restrictive legend in substantially the following form (and a stop transfer order may be placed against transfer of such certificates or instruments):

THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO SIGNIFICANT RESTRICTIONS ON TRANSFER PURSUANT TO THE COMPANY'S GOVERNANCE DOCUMENTS AND THE SUBSCRIPTION AGREEMENT PURSUANT TO WHICH THESE SECURITIES WERE ORIGINALLY SOLD. ANY PURPORTED TRANSFER IN VIOLATION OF SUCH PROVISIONS SHALL BE VOID, AB INITIO.

**ARTICLE III** 

**SURVIVAL; INDEMNIFICATION**

**3.01 <u>Survival; Indemnification</u>**. All representations, warranties and covenants contained in this Subscription Agreement and the indemnification contained herein shall survive (a) the acceptance of this Subscription Agreement by the Company, (b) changes in the transactions, documents and instruments described herein which are not material or which are to the benefit of Subscriber, and (c) the death or disability of Subscriber. Subscriber acknowledges the meaning and legal consequences of the representations, warranties and covenants in Article II hereof and that the Company has relied upon such representations, warranties and covenants in determining Subscriber's qualification and suitability to purchase the Securities. Subscriber hereby agrees to indemnify, defend and hold harmless the Company, its officers, directors, employees, agents and controlling persons, from and against any and all losses, claims, damages, liabilities, expenses (including attorneys' fees and disbursements), judgments or amounts paid in settlement of actions arising out of or resulting from the untruth of any representation of Subscriber herein or the breach of any warranty or covenant herein by Subscriber. Notwithstanding the foregoing, however, no representation, warranty, covenant or acknowledgment made herein by Subscriber shall in any manner be deemed to constitute a waiver of any rights granted to it under the Securities Act or state securities laws.

**ARTICLE IV** 

**MISCELLANEOUS PROVISIONS**

**4.01 <u>Captions and Headings</u>**. The Article and Section headings throughout this Subscription Agreement are for convenience of reference only and shall in no way be deemed to define, limit or add to any provision of this Subscription Agreement.

**4.02 <u>Notification of Changes</u>**. Subscriber agrees and covenants to notify the Company immediately upon the occurrence of any event prior to the consummation of this Offering that would cause any representation, warranty, covenant or other statement contained in this Subscription Agreement to be false or incorrect or of any change in any statement made herein occurring prior to the consummation of this Offering.

**4.03 <u>Assignability</u>**. This Subscription Agreement is not assignable by Subscriber, and may not be modified, waived or terminated except by an instrument in writing signed by the party against whom enforcement of such modification, waiver or termination is sought.

**4.04 <u>Binding Effect</u>**. Except as otherwise provided herein, this Subscription Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and assigns, and the agreements, representations, warranties and acknowledgments contained herein shall be deemed to be made by and be binding upon such heirs, executors, administrators, successors, legal representatives and assigns.

**4.05 <u>Obligations Irrevocable</u>**. The obligations of Subscriber shall be irrevocable, except with the consent of the Company, until the consummation or termination of the Offering.

**4.06 <u>Entire Agreement; Amendment</u>**. This Subscription Agreement states the entire agreement and understanding of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written. No amendment of the Subscription Agreement shall be made without the express written consent of the parties.

**4.07 <u>Severability</u>**. The invalidity or unenforceability of any particular provision of this Subscription Agreement shall not affect any other provision hereof, which shall be construed in all respects as if such invalid or unenforceable provision were omitted.

**4.08 <u>Notices</u>**. All notices and communications to be given or otherwise made to the Subscriber shall be deemed to be sufficient if sent by electronic mail to such address as set forth for the Subscriber at the records of the Company (or that you submitted to us via the Platform). You shall send all notices or other communications required to be given hereunder to the Company via email at investorrelations@VestFundr.com, with a copy sent either certified mail or another traceable form of delivery to the Company at the following address:

VestFundr, LLC<br> 100 2<sup>nd</sup> Avenue South – Suite 205

St. Petersburg, Florida 33701

Attention: [ \* \* \* \* ] Investor Communications

Any such notice or communication shall be deemed to have been delivered and received on the first business day following that on which the electronic mail has been sent (assuming that there is no error in delivery). As used in this Section, "business day" shall mean any day other than a day on which banking institutions in the State of Delaware are legally closed for business.

**4.09 <u>Counterparts</u>**. This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement.

**4.10** **<u>Subscription Procedure; Consent</u>**. Each Subscriber, by providing his or her information, including name, address and subscription amount, and clicking "accept" and/or checking the appropriate box on the Platform (the "**Online Acceptance**"), confirms such Subscriber's information and his or her investment through the Platform and confirms such Subscriber's electronic signature to this Subscription Agreement. Each party hereto agrees that (a) Subscriber's electronic signature as provided through Online Acceptance is the legal equivalent of his or her manual signature on this Subscription Agreement and constitutes execution and delivery of this Subscription Agreement by Subscriber, (b) the Company's acceptance of Subscriber's subscription through the Platform and its electronic signature hereto is the legal equivalent of its manual signature on this Subscription Agreement and constitutes execution and delivery of this Subscription Agreement by the Company and (c) each party's execution and delivery of this Subscription Agreement as provided in this Section 4.10 establishes such party's acceptance of the terms and conditions of this Subscription Agreement.

**4.11 <u>Consent to Electronic Delivery of Tax Documents</u>**. Please read this disclosure about how the Company will provide certain documents that it is required by the Internal Revenue Service (the "**IRS**") to send to you (the "**Tax Documents**") in connection with your Preferred Shares. Tax Documents provide important information you need to complete your tax returns. Tax Documents include Form 1099 and/or Form K-1. Occasionally, the Company is required to send you CORRECTED Tax Documents. Additionally, the Company may include inserts with your Tax Documents. The Company is required to send Tax Documents to you in writing, which means in paper form. When you consent to electronic delivery of your Tax Documents, you will be consenting to delivery of Tax Documents, including corrected Tax Documents and inserts, electronically instead of in paper form. By executing this Subscription Agreement on the Platform, you are consenting in the affirmative that the Company may send Tax Documents to you electronically and acknowledging that you are able to access Tax Documents from the site. If you subsequently withdraw consent to receive Tax Documents electronically, a paper copy will be provided. Your consent to receive the Tax Documents electronically continues for every tax year until you withdraw your consent. You can withdraw your consent before the Tax Documents are furnished by mailing a letter including your name, mailing address, effective tax year, and indicating your intent to withdraw consent to the electronic delivery of Tax Documents to the Company at:

VestFundr, LLC<br> 100 2<sup>nd</sup> Avenue South – Suite 205

St. Petersburg, Florida 33701

Attention: [ \* \* \* \* ] Investor Communications

If you withdraw consent to receive Tax Documents electronically, a paper copy will be provided. You must keep your e-mail address current with the Company. You must promptly notify the Company of a change of your email address. If your mailing address, email address, telephone number or other contact information changes, you may also provide updated information by contacting the Company.

**4.12 <u>Electronic Delivery of Information</u>**. Subscriber and the Company each hereby agree that all current and future notices, confirmations and other communications regarding this Subscription Agreement, the Governance Documents and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Subscription Agreement or as otherwise from time to time changed or updated and disclosed to the other party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to (i) such communications being diverted to the recipients spam filters by the recipients email service provider, (ii) due to a recipient's change of address, or (iii) due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire.

## Ex1A-4

Exhibit 4b - Subscription Agreement - VestFundr, LLC Series Sagemont Subdivision

**VESTFUNDR, LLC**

**a Delaware series limited liability company**

**VESTFUNDR, LLC SERIES SAGEMONT SUBDIVISION**

**a registered series of VestFundr, LLC**

**50,000 Class A Membership Interests (Units)**

**REGULATION A SUBSCRIPTION AGREEMENT**

This Subscription Agreement (the "**Subscription Agreement**") is made as of the date set forth below by and between the undersigned (the "**Subscriber**") and VestFundr, LLC, a Delaware series limited liability company (the "**Company**") and is intended to set forth certain representations, covenants and agreements between Subscriber and the Company with respect to the offering (the "**Offering**") for sale by the Company of the VestFundr, LLC Series Sagemont Subdivision Class A LLC Membership Interests (the "**VestFundr Sagemont Class A Units**") as described in the Company's offering circular (the "**Offering Circular**"), a copy of which has been delivered to Subscriber. The VestFundr Sagemont Class A Units are also referred to herein as the "**Securities.**"

Investing in securities represented by the VestFundr Sagemont Class A Units of the Company involves significant risks. This investment is suitable only for persons who can afford to lose their entire investment and such investment could be illiquid for an indefinite period of time. No public market currently exists for the VestFundr Sagemont Class A Units and if a public market develops following this offering, it may not continue.

The VestFundr Sagemont Class A Units have not been registered under the Securities Act of 1933, as amended (the "**Securities Act**"), or any state securities or blue sky laws and are being offered and sold in reliance on exemptions from the registration requirements of the Securities 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 Securities Act. The VestFundr Sagemont Class A Units have neither been approved nor disapproved by the SEC, any state securities commission nor other regulatory authority, nor have any of the foregoing authorities passed upon the merits of this Offering nor the adequacy or accuracy of the offering circular nor any other materials or information made available to subscriber in connection with this Offering, through a subdomain of the online website platform at VestFundr.com (the "**Portal**"), or the SEC's EDGAR website at https://www.sec.gov/edgar/search/.

No sale may be made to persons who are not "accredited investors" if the aggregate purchase price is more than ten percent (10%) of the greater of such investors' annual income or net worth. 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 compliance with this requirement.

Prospective investors may not treat the contents of this Regulation A+ Subscription Agreement, the Offering Circular or any of the other materials available (collectively, the "**Offering Materials**") or any prior or subsequent communications from the Company or any of its affiliates, officer, employees or agents as investment, legal or tax advice. In making an investment decision, investors must rely on their own examination of the Company and the terms of this Offering, including the merits and the risks involved. Each prospective investor should consult the investor's own counsel, accountant and other professional advisor as to investment, legal, tax and other related matters concerning the investor's proposed investment.

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 VestFundr Sagemont Class A Units or to allot to any prospective investor less than the amount of VestFundr Sagemont Class A Units 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 VestFundr Sagemont Class A Units shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since that date.

**ARTICLE I** 

**SUBSCRIPTION**

**1.01 <u>Subscription</u>**. Subject to the terms and conditions hereof, Subscriber hereby irrevocably subscribes for, and agrees to, purchase from the Company the number of VestFundr Sagemont Class A Unit set forth on the Subscription Agreement Signature Page, and the Company agrees to sell such VestFundr Sagemont Class A Units to Subscriber at a purchase price of One Hundred U.S. Dollars ($100.00) per VestFundr Sagemont Class A Unit for the total subscription amount set forth on the Subscription Agreement Signature Page (the "**Purchase Price**"), subject to the Company's right to sell to Subscriber such lesser total number of VestFundr Sagemont Class A Units as the Company may, in its sole discretion, deem necessary or desirable.

**1.02 <u>Delivery of Subscription Amount; Acceptance of Subscription; Delivery of Securities</u>**. Subscriber understands and agrees that this Subscription is made subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Contemporaneously with the execution and delivery of this Subscription Agreement through the Platform, Subscriber shall pay the Purchase Price for the VestFundr Sagemont Class A Units in the form of ACH debit transfer, wire transfer, or credit card payment. Your subscription is irrevocable. The Company selected a transfer agent company (the "**Transfer Agent**") to maintain all such funds for Subscriber's benefit until the earliest to occur of: (i) the Closing of such subscription, (ii) the rejection of such subscription or (iii) the termination of the Offering by the Company in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment of the Purchase Price shall be (i) made by Subscriber via the Portal, (ii) received through the Transfer Agent, and (iii) held in an escrow account operated by the escrow agent the Company selected to hold funds (the "**Escrow Agent**") until the subscription process is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This subscription shall be deemed to be accepted only when this Subscription Agreement has been signed by an authorized officer or agent of the Company, and ***the deposit of the payment of the Purchase Price for clearance will not be deemed an acceptance of this Subscription Agreement***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company shall have the right to reject this Subscriber's subscription, in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The payment of the Purchase Price (or, in the case of rejection of a portion of the Subscriber's subscription, the part of the payment relating to such rejected portion) will be returned promptly, without interest or deduction, if Subscriber's subscription is rejected in whole or in part or if the Offering is withdrawn or canceled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subscriber shall receive notice and evidence of the digital entry (or other manner of record) of the number of the VestFundr Sagemont Class A Units owned by Subscriber reflected on the books and records of the Company and verified by the Transfer Agent, which books and records shall bear a notation that the VestFundr Sagemont Class A Units were sold in reliance upon Regulation A+.

**1.03 <u>Governance Documents</u>**. You have received and read a copy of the Company's Certificate of Formation, the Company Series' Certificate of Registered Series, the Operating Agreement and relevant Series Designation (collectively, the "**Governance Documents**") and agree that your execution of this Subscription Agreement constitutes your consent to the terms and covenants within the Governance Documents, and that upon acceptance of this Subscription Agreement by the Company, you will become a Class A Member of the Company as a holder of VestFundr Sagemont Class A Units. When this Subscription Agreement is countersigned by the Company, the terms and covenants contained within the Governance Documents shall be binding upon acceptance of your subscription.

**1.04 <u>The Platform</u>**. The Offering is described in the Offering Circular, that is available through a subdomain of the online website VestFundr.com (the "**Platform**"), or the SEC's EDGAR website at https://www.sec.gov/edgar/search/. Please read this Subscription Agreement, the Offering Circular, and the Governance Documents. While they are subject to change, as described below, the Company advises you to print and retain a copy of these documents for your records.

**ARTICLE II** 

**REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER**

By executing this Subscription Agreement, Subscriber (and, if Subscriber is purchasing the Securities 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 the date of each Closing Date:

**2.01 <u>Requisite Power and Authority</u>**. Such Subscriber has all necessary power and authority under all applicable provisions of law to execute and deliver this Subscription Agreement. All action on Subscriber's part required for the lawful execution and delivery of this Subscription Agreement has been or will be effectively taken prior to the Closing. Upon execution and delivery, this Subscription Agreement will be a valid and binding obligation of Subscriber, enforceable in accordance with its 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.

**2.02 <u>Investment Representations</u>**. Subscriber understands that the Securities have not been registered under 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. Subscriber is purchasing the VestFundr Sagemont Class A Units for Subscriber's own account. Subscriber has received and reviewed this Subscription Agreement, the Offering Circular and the Governance Documents. Subscriber and/or Subscriber's advisors, who are not affiliated with and not compensated directly or indirectly by the Company or an affiliate thereof, have such knowledge and experience in business and financial matters as will enable them to utilize the information which they have received in connection with the Offering to evaluate the merits and risks of an investment, to make an informed investment decision, and to protect Subscriber's own interest in connection with an investment in the VestFundr Sagemont Class A Units.

**2.03 <u>Illiquidity and Continued Economic Risk</u>**. Subscriber acknowledges and agrees that there is no ready public market for the Securities and that there is no guarantee that a market for their resale will ever exist. Subscriber must bear the economic risk of this investment indefinitely and the Company has no obligation to list the Securities on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended) with respect to facilitating trading or resale of the Securities. Subscriber acknowledges that Subscriber is able to bear the economic risk of losing Subscriber's entire investment in the Securities. Subscriber also understands that an investment in the Company involves significant risks and understands all of the risk factors relating to the purchase of Securities.

**2.04 <u>Accredited Investor Status or Investment Limits</u>**. Subscriber represents that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subscriber is an "**Accredited Investor**" within the meaning of Rule 501 of Regulation D under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Purchase Price set out below, on the signature page of this Subscription Agreement, together with any other amounts previously used to purchase Securities in this Offering, does not exceed ten percent (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.

**2.05 <u>Additional Subscriber Information; Payment Information</u>**. Subscriber agrees to provide any additional documentation the Company may reasonably request, including documentation as may be required by the Company to form a reasonable basis that the Subscriber qualifies as an "accredited investor" as that term is defined in Rule 501 under Regulation D promulgated under the Act, or otherwise as a "qualified purchaser" as that term is defined in Regulation A promulgated under the Act, or as may be required by the securities administrators or regulators of any state, to confirm that the Subscriber meets any applicable minimum financial suitability standards and has satisfied any applicable maximum investment limits. Subscriber acknowledges that Subscriber's responses to questions on the Platform (as defined in the Offering Circular) are true, complete and accurate in all respects. Payment information provided by Subscriber through the Platform is true, accurate and correct and such payment information shall be deemed to be a part of this Subscription Agreement as if, and to the same extent that, such information was set forth herein.

**2.06 <u>Company Information</u>**. Subscriber has read the Offering Circular filed with the SEC, including the section titled "**Risk Factors**." Subscriber understands that the Company is subject to all the risks that apply to early-stage companies, whether or not those risks are explicitly set out in the Offering Circular. Subscriber acknowledges that no representations or warranties have been made to Subscriber, or to Subscriber's advisors or representative, by the Company or others with respect to the business or prospects of the Company or its financial condition.

**2.07 <u>Neither the Company nor the Platform is an Investment Adviser</u>**. Subscriber understands that neither the Company nor the Platform is registered under the Investment Company Act of 1940 or the Investment Advisers Act of 1940.

**2.08 <u>Valuation</u>**. 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. 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.

**2.09 <u>Domicile</u>**. Subscriber maintains Subscriber's domicile (and is not a transient or temporary resident) at the address shown on the signature page and provided on the Platform.

**2.10 <u>Power of Attorney/Proxy Notice</u>**. Any power of attorney of the Subscriber granted in favor of any third-party to act or vote on the Subscriber's behalf has been executed by the Subscriber in compliance with the laws of the state, province or jurisdiction in which such agreements were executed and duly delivered to the Company.

**2.11 <u>No Brokerage Fees</u>**. There are no claims for brokerage commission, finders' fees or similar compensation in connection with the transactions contemplated by this Subscription Agreement or related documents based on any arrangement or agreement binding upon Subscriber. Subscriber will indemnify and hold the Company harmless against any liability, loss or expense (including, without limitation, reasonable attorneys' fees and out-of-pocket expenses) arising in connection with any such claim.

**2.12 <u>Foreign Investors</u>**. If Subscriber is not a United States person (as defined by Section 7701(a)(30) of the *Internal Revenue Code of 1986*, as amended), Subscriber hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Securities or any use of this Subscription Agreement, including (a) the legal requirements within its jurisdiction for the purchase of the Securities, (b) any foreign exchange restrictions applicable to such purchase, (c) any governmental or other consents that may need to be obtained, and (d) 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.

**2.13 <u>Terms and Conditions of the Platform</u>**. Subscriber acknowledges that it has read, understands and agrees to the terms and conditions, privacy policy and disclaimers on the Platform.

**2.14 <u>Transfer Restrictions</u>**. Subscriber acknowledges and agrees that the VestFundr Sagemont Class A Units are subject to restrictions on transfer as described in the Governance Documents. The VestFundr Sagemont Class A Units shall bear a digital or physical restrictive legend in substantially the following form (and a stop transfer order may be placed against transfer of such certificates or instruments):

THE SECURITIES EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO SIGNIFICANT RESTRICTIONS ON TRANSFER PURSUANT TO THE COMPANY'S GOVERNANCE DOCUMENTS AND THE SUBSCRIPTION AGREEMENT PURSUANT TO WHICH THESE SECURITIES WERE ORIGINALLY SOLD. ANY PURPORTED TRANSFER IN VIOLATION OF SUCH PROVISIONS SHALL BE VOID, AB INITIO.

**ARTICLE III** 

**SURVIVAL; INDEMNIFICATION**

**3.01 <u>Survival; Indemnification</u>**. All representations, warranties and covenants contained in this Subscription Agreement and the indemnification contained herein shall survive (a) the acceptance of this Subscription Agreement by the Company, (b) changes in the transactions, documents and instruments described herein which are not material or which are to the benefit of Subscriber, and (c) the death or disability of Subscriber. Subscriber acknowledges the meaning and legal consequences of the representations, warranties and covenants in Article II hereof and that the Company has relied upon such representations, warranties and covenants in determining Subscriber's qualification and suitability to purchase the Securities. Subscriber hereby agrees to indemnify, defend and hold harmless the Company, its officers, directors, employees, agents and controlling persons, from and against any and all losses, claims, damages, liabilities, expenses (including attorneys' fees and disbursements), judgments or amounts paid in settlement of actions arising out of or resulting from the untruth of any representation of Subscriber herein or the breach of any warranty or covenant herein by Subscriber. Notwithstanding the foregoing, however, no representation, warranty, covenant or acknowledgment made herein by Subscriber shall in any manner be deemed to constitute a waiver of any rights granted to it under the Securities Act or state securities laws.

**ARTICLE IV** 

**MISCELLANEOUS PROVISIONS**

**4.01 <u>Captions and Headings</u>**. The Article and Section headings throughout this Subscription Agreement are for convenience of reference only and shall in no way be deemed to define, limit or add to any provision of this Subscription Agreement.

**4.02 <u>Notification of Changes</u>**. Subscriber agrees and covenants to notify the Company immediately upon the occurrence of any event prior to the consummation of this Offering that would cause any representation, warranty, covenant or other statement contained in this Subscription Agreement to be false or incorrect or of any change in any statement made herein occurring prior to the consummation of this Offering.

**4.03 <u>Assignability</u>**. This Subscription Agreement is not assignable by Subscriber, and may not be modified, waived or terminated except by an instrument in writing signed by the party against whom enforcement of such modification, waiver or termination is sought.

**4.04 <u>Binding Effect</u>**. Except as otherwise provided herein, this Subscription Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and assigns, and the agreements, representations, warranties and acknowledgments contained herein shall be deemed to be made by and be binding upon such heirs, executors, administrators, successors, legal representatives and assigns.

**4.05 <u>Obligations Irrevocable</u>**. The obligations of Subscriber shall be irrevocable, except with the consent of the Company, until the consummation or termination of the Offering.

**4.06 <u>Entire Agreement; Amendment</u>**. This Subscription Agreement states the entire agreement and understanding of the parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written. No amendment of the Subscription Agreement shall be made without the express written consent of the parties.

**4.07 <u>Severability</u>**. The invalidity or unenforceability of any particular provision of this Subscription Agreement shall not affect any other provision hereof, which shall be construed in all respects as if such invalid or unenforceable provision were omitted.

**4.08 <u>Notices</u>**. All notices and communications to be given or otherwise made to the Subscriber shall be deemed to be sufficient if sent by electronic mail to such address as set forth for the Subscriber at the records of the Company (or that you submitted to us via the Platform). You shall send all notices or other communications required to be given hereunder to the Company via email at investorrelations@VestFundr.com, with a copy sent either certified mail or another traceable form of delivery to the Company at the following address:

VestFundr, LLC<br> 100 2<sup>nd</sup> Avenue South – Suite 205

St. Petersburg, Florida 33701

Attention: Sagemont Investor Communications

Any such notice or communication shall be deemed to have been delivered and received on the first business day following that on which the electronic mail has been sent (assuming that there is no error in delivery). As used in this Section, "business day" shall mean any day other than a day on which banking institutions in the State of Delaware are legally closed for business.

**4.09 <u>Counterparts</u>**. This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement.

**4.10** **<u>Subscription Procedure; Consent</u>**. Each Subscriber, by providing his or her information, including name, address and subscription amount, and clicking "accept" and/or checking the appropriate box on the Platform (the "**Online Acceptance**"), confirms such Subscriber's information and his or her investment through the Platform and confirms such Subscriber's electronic signature to this Subscription Agreement. Each party hereto agrees that (a) Subscriber's electronic signature as provided through Online Acceptance is the legal equivalent of his or her manual signature on this Subscription Agreement and constitutes execution and delivery of this Subscription Agreement by Subscriber, (b) the Company's acceptance of Subscriber's subscription through the Platform and its electronic signature hereto is the legal equivalent of its manual signature on this Subscription Agreement and constitutes execution and delivery of this Subscription Agreement by the Company and (c) each party's execution and delivery of this Subscription Agreement as provided in this Section 4.10 establishes such party's acceptance of the terms and conditions of this Subscription Agreement.

**4.11 <u>Consent to Electronic Delivery of Tax Documents</u>**. Please read this disclosure about how the Company will provide certain documents that it is required by the Internal Revenue Service (the "**IRS**") to send to you (the "**Tax Documents**") in connection with your Preferred Shares. Tax Documents provide important information you need to complete your tax returns. Tax Documents include Form 1099 and/or Form K-1. Occasionally, the Company is required to send you CORRECTED Tax Documents. Additionally, the Company may include inserts with your Tax Documents. The Company is required to send Tax Documents to you in writing, which means in paper form. When you consent to electronic delivery of your Tax Documents, you will be consenting to delivery of Tax Documents, including corrected Tax Documents and inserts, electronically instead of in paper form. By executing this Subscription Agreement on the Platform, you are consenting in the affirmative that the Company may send Tax Documents to you electronically and acknowledging that you are able to access Tax Documents from the site. If you subsequently withdraw consent to receive Tax Documents electronically, a paper copy will be provided. Your consent to receive the Tax Documents electronically continues for every tax year until you withdraw your consent. You can withdraw your consent before the Tax Documents are furnished by mailing a letter including your name, mailing address, effective tax year, and indicating your intent to withdraw consent to the electronic delivery of Tax Documents to the Company at:

VestFundr, LLC<br> 100 2<sup>nd</sup> Avenue South – Suite 205

St. Petersburg, Florida 33701

Attention: Sagemont Investor Communications

If you withdraw consent to receive Tax Documents electronically, a paper copy will be provided. You must keep your e-mail address current with the Company. You must promptly notify the Company of a change of your email address. If your mailing address, email address, telephone number or other contact information changes, you may also provide updated information by contacting the Company.

**4.12 <u>Electronic Delivery of Information</u>**. Subscriber and the Company each hereby agree that all current and future notices, confirmations and other communications regarding this Subscription Agreement, the Governance Documents and future communications in general between the parties, may be made by email, sent to the email address of record as set forth in this Subscription Agreement or as otherwise from time to time changed or updated and disclosed to the other party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to (i) such communications being diverted to the recipients spam filters by the recipients email service provider, (ii) due to a recipient's change of address, or (iii) due to technology issues by the recipients service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire.

## Ex1A-8

Exhibit 8: Escrow Agreement

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## Ex1A-11

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the use, in this Offering Circular on Form 1-A of our independent auditor's report dated March 6, 2026 with respect to the audited balance sheet of **VestFundr, LLC** as of December 31, 2025, and the related statements of operations, changes in stockholders' deficit, and cash flows for the period from August 13, 2025 (inception) to December 31, 2025, and the related notes to the financial statements.

Very truly yours,

Assurance Dimensions

 

/s/ Assurance Dimensions

Coral Springs, Florida

March 13, 2026

## Ex1A-12

March 20, 2026

Mr. Ronald Walsh

VestFundr, LLC

100 2nd Avenue South - Suite 205

St. Petersburg, Florida 33701

Re: Regulation A Offering – VestFundr, LLC

Dear Mr. Walsh:

We have acted as counsel to VestFundr, LLC, a Delaware Series limited liability company (the "**Company**"), in connection with the filing of the Offering Statement on Form 1-A (the "**Offering Statemen**t") pursuant to 17 CFR Part 230.251 et. seq. ("**Regulation A**") promulgated under the Securities Act of 1933, as amended (the "**Securities Act**").

The Offering Statement relates to the proposed issuance and sale (the "**Offering**") by the Company of up to a maximum of seventy-five million U.S. dollars ($75,000,000) in Class A LLC Membership Interests and Class B LLC Membership Interests (the "**Interests**") of any Company series further designated to be in the form of Class A Units and Class B Units (the "**Units**") of the specific Company series. We assume that the Interests of any Company series will be sold as described in the Offering Statement pursuant to a Subscription Agreement (a "**Subscription Agreement**"), substantially in the form filed as an exhibit to the Offering Statement, to be entered into by and between the Company and each of the purchasers of the Interests.

In rendering the opinion set forth below, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of the Offering Statement; the Certificate of Formation of the Company and amendment thereto; the Certificate of Registered Series of the Company; the Operating Agreement of the Company; the Series Designation for VestFundr, LLC Series Sagemont Subdivision; and such corporate records, certificates of public officials and other documentation as we have deemed necessary or appropriate. We have assumed, without independent investigation, the genuineness of all signatures and the conformity to original documents of all documents submitted to us as certified, photostatic, reproduced, or conformed copies. As to certain matters of fact, both expressed and implied, we have relied upon representations, statements or certificates of officers of the Company.

Based upon the above, and subject to the stated assumptions, we are of the opinion that, when issued in accordance with the terms of the Offering Statement, the Interests will be duly authorized, validly issued, fully paid and non-assessable.

Our opinion set forth herein is limited to the limited liability company law of the State of Delaware and to the extent that judicial and regulatory orders or decrees or consents, approvals, licenses, authorizations, validations, filings, recordings or registrations for governmental authorities are relevant, to those required under such law. We express no opinion and make no representation with respect to any other laws or the law of any other jurisdiction.

We hereby consent to the filing of this opinion as an exhibit to the Offering Statement and Form 1-A and to any references to this firm in any prospectus contained therein. In giving this consent, we do not admit that we are experts within the meaning of Section 11 of the Securities Act or within the category of persons whose consent is required by Section 7 of the Securities Act.

Our opinion is expressly limited to the matters set forth above and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company or any other document or agreement involved with the issuance of the Interests. We assume no obligation to advise you of facts, circumstances, events or developments which may hereafter be brought to our attention, and which may alter, affect, or modify the opinions expressed herein.

Very truly yours,

Red Rock Securities Law, Inc.

/s Thomas P. DeJong

Thomas P. DeJong, Attorney

## Ex1A-13

Exhibit 13- "Testing the waters" Materials

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### 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:** Vestfundr, LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2025

**CIK:** 0002089980

**I.R.S. Employer Identification Number:** 39-3824011

**Primary Standard Industrial Classification Code:** 6500

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 100 2nd Avenue South, Suite 205, St Petersburg, FL 33701

**Company Phone:** 2088678682

**Person to contact:** Thomas P DeJong

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount     |
|:---|:---|
| Cash and Cash Equivalents                | $0.00      |
| Investment Securities                    | $0.00      |
| Accounts and Notes Receivable            | $0.00      |
| Property, Plant and Equipment (PP&E)     | $0.00      |
| Total Assets                             | $0.00      |
| Accounts Payable and Accrued Liabilities | $78021.00  |
| Long-Term Debt                           | $0.00      |
| Total Liabilities                        | $78021.00  |
| Total Stockholders' Equity               | $-78021.00 |
| Total Liabilities and Equity             | $0.00      |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount     |
|:---|:---|
| Total Revenues                            | $0.00      |
| Costs and Expenses Applicable to Revenues | $78021.00  |
| Depreciation and Amortization             | $0.00      |
| Net Income                                | $-78021.00 |
| Earnings Per Share - Basic                | -7.80      |
| Earnings Per Share - Diluted              | -7.80      |

**Auditor Information**

| Metric          | Amount               |
|:---|:---|
| Name of Auditor | Assurance Dimensions |

### Outstanding Securities

| Class                        |   Outstanding | CUSIP   | Publicly Traded   |
|:---|---:|:---|:---|
| Class C LLC Membership Units |          1000 | NA      | None              |
|  |             0 |  |  |
|  |             0 |  |  |

### 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?** No

**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                                    | 750000       |
| Number of securities outstanding                                | 0            |
| Price per security                                              | $100.00      |
| Issuer's aggregate offering price                               | $75000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $75000000.00 |

**Anticipated Fees**

| Service Provider   | Name                               | Fees      |
|:---|:---|:---|
| Auditor            | Assurance Dimensions               | $3750.00  |
| Legal              | Red Rock Securities Law and others | $61000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $74170750.00

### 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:** VestFundr LLC

**Title of Securities Issued:** Class C LLC Membership Interests

**Total Amount of Securities Issued:** 1000

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** 0

**Basis for aggregate consideration:** —

**Securities Act Exemption:** 4(a)(2); Initial Member