# EDGAR Filing Document

**Accession Number:** 0001880579
**File Stem:** 0001670254-23-000132
**Filing Date:** 2023-2
**Character Count:** 292716
**Document Hash:** 183d7239cefad23f42a4ec8ea8d7f322
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000132.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001670254-23-000132

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Brick Work LLC
- **CENTRAL INDEX KEY:** 0001880579
- **IRS NUMBER:** 830532363
- **STATE OF INCORPORATION:** CA

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31821
- **FILM NUMBER:** 23640054

**BUSINESS ADDRESS:**
- **STREET 1:** 660 S FIGUEROA ST
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017
- **BUSINESS PHONE:** 5106982462

**MAIL ADDRESS:**
- **STREET 1:** 660 S FIGUEROA ST
- **STREET 2:** SUITE 1780
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90017

## Ex-99

### Attached PDF Documents

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

# Form C

## Cover Page

Name of Issuer:

Brick Work LLC

Legal status of Issuer:

Form: Limited Liability Company
Jurisdiction of Incorporation/Organization: CA
Date of organization: 4/27/2018

Physical address of Issuer:

660 S Figueroa St
Suite 1780
Los Angeles CA 90017

Website of Issuer:

http://www.brickwork.la

Name of intermediary through which the offering will be conducted:

Wefunder Portal LLC

CIR number of intermediary:

0001670254

SEC file number of intermediary:

007-00033

CRD number, if applicable, of intermediary:

283503

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

75% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.

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

No

Type of security offered:

☐ Common Stock
☐ Preferred Stock
☐ Debt
☑ Other

If Other, describe the security offered:

Simple Agreement for Future Equity (SAFE)

Target number of securities to be offered:

50,000

Price:

$1.00000

Method for determining price:

Pro-rated portion of the total principal value of $50,000; interests will be sold in increments of $1; each investment is convertible to one unit as described under Item 13.

Target offering amount:

$50,000.00

Oversubscriptions accepted:

☑ Yes
☐ No

If yes, disclose how oversubscriptions will be allocated:

☐ Pro-rata basis
☐ First-come, first-served basis
☑ Other

If other, describe how oversubscriptions will be allocated:

As determined by the issuer

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

$475,000.00

Deadline to reach the target offering amount:

4/30/2023

NOTE: If the sum of the investment commitments does not equal or exceed the target offering amount at the offering deadline, no securities will be sold in the offering. Investment commitments will be cancelled and committed funds will be returned.

Current number of employees:

3

|  | Most recent fiscal year-end: | Prior fiscal year-end: |
| --- | --- | --- |
| Total Assets: | $1,445.00 | $2,675.00 |
| Cash & Cash Equivalents: | $1,445.00 | $2,675.00 |
| Accounts Receivable: | $0.00 | $0.00 |
| Short-term Debt: | $15,933.00 | $0.00 |
| Long-term Debt: | $0.00 | $0.00 |
| Revenues/Sales: | $60,818.00 | $34,601.00 |
| Cost of Goods Sold: | $505.00 | $2,772.00 |
| Taxes Paid: | $0.00 | $0.00 |
| Net Income: | ($15,364.00) | ($24,187.00) |

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

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, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, BS, GU, FR, VI, IV

## Offering Statement

Respond to each question in each paragraph of this part. Set forth each question and any notes, but not any instructions thereon, in their entirety. If disclosure in response to any question is responsive to one or more other questions, it is not necessary to repeat the disclosure. If a question or series of questions is inapplicable or the response is available elsewhere in the Form, either state that it is inapplicable, include a cross-reference to the responsive disclosure, or omit the question or series of questions.

Be very careful and precise in answering all questions. Give full and complete answers so that they are not misleading under the circumstances involved. Do not discuss any future performance or other anticipated event unless you have a reasonable focus to believe that it will actually occur within the foreseeable future. If any answer requiring significant information is materially inaccurate, incomplete or misleading, the Company, its management and principal shareholders may be liable to investors based on that information.

### THE COMPANY

1. Name of Issuer:

Brick Work LLC

### COMPANY ELIGIBILITY

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

- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- Not subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 501(a) of Regulation Crowdfunding.
- Has filed with the Commission and provided to investors, to file extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

INSTRUCTION TO QUESTION 2: If any of these statements are not true, then you are NOT eligible to rely on this exemption under Section 4(a)(6) of the Securities Act.

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

☐ Yes ☑ No

### DIRECTORS OF THE COMPANY

4. Provide the following information about each director (and any persons occupying a similar status or performing a similar function) of the issuer.

| Director | Principal Occupation | Main Employer | Year Joined as Director |
| --- | --- | --- | --- |
| Christina Kim | Realtor | Keller Williams | 2018 |
| Alexander Irvine | President | Irvine & Associates | 2018 |
| John Jung | Founder | Brick Work LLC | 2018 |

For three years of business experience, refer to Appendix D: Director & Officer Work History.

### OFFICERS OF THE COMPANY

5. Provide the following information about each officer (and any persons occupying a similar status or performing a similar function) of the issuer.

| Officer | Positions Held | Year Joined |
| --- | --- | --- |
| Christina Kim | Vice President | 2018 |
| Alexander Irvine | CEO | 2018 |
| John Jung | CMO | 2018 |

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

INSTRUCTION TO QUESTION 5. For purposes of the Question 5, the term officer means a president, vice president, secretary, treasurer or principal financial officer, comptroller or principal accounting officer, and any person that routinely performing similar functions.

#### PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power.

| Name of Holder | No. and Class of Securities New Held | % of Voting Power Prior to Offering |
| --- | --- | --- |
| John Jung | 350.0 Member Units | 33.2 |
| Irvine & Associates, Inc. (100% owned by Alexander Irvine) | 670.0 Member Units | 63.5 |

INSTRUCTION TO QUESTION 6. The above information must be provided as of a date that is no more than 120 days prior to the date of filing of this offering statement.

To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such domains or events) - as, for example, a co-owner, they should be included as being 'incorporated owned.' You should include an explanation of these circumstances in a promise to the 'Member of and Class of Securities New Held.' To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities connected.

#### BUSINESS AND ANTICIPATED BUSINESS PLAN

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

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

INSTRUCTION TO QUESTION 7. Webster will provide your company's Webster profile as an appendix (Appendix A) to the Form C or PDF format. The submission will include all Q&A items and 'read more' links in an uncollapsed format. All values will be transmitted.

This means that any information provided in your Webster profile will be provided to the SEC in response to this question. As a result, your company will be potentially liable for misstatements and omissions in your profile under the Securities Act of 1933, which requires you to provide material information related to your business and anticipated business plan. Please review your Webster profile carefully to ensure a provision of material information, in any form or misleading, and does not omit any information that would cause the information included to be false or misleading.

#### RISK FACTORS

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

In making an investment decision, investors must rely on their own examination of the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

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

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

8. Discuss the material factors that make an investment in the issuer speculative or risky.

One of our competitors could provide deeper analysis per city, which is what currently separates our service, and at a comparable cost.

We may not be able to create enough value for real estate agents to becoming paid users. It is a crowded space for their attention and dollars.

We may not be able to execute the correct sales strategy to hit our metrics while expanding to new cities.

We may not properly QC our data and could theoretically become involved in litigation from developers who relied on our information to make a decision on a large multifamily project.

There may be too many options for realtors and developers that provide similar data and services, thus narrowing the chances that clients want to work with us.

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

The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in perpetuity. The Securities have numerous transfer restrictions and will likely be highly illiquid, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company's assets or profits and have no voting rights or ability to direct the Company or its actions.

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

INSTRUCTION TO QUESTION 8. Avoid generalized statements and include only those factors that are unique to the issuer. Discussion should be tailored to the issuer's business and the offering and should not repeat the factors addressed in the appendix or forth above. No specific number of risk factors is required to be identified.

## The Offering

# USE OF FUNDS

9. What is the purpose of this offering?

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

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

If we raise: $50,000

Use of 60% towards Map Development, 7.5% Wefunder fees, 32.5% sales and Marketing.

If we raise: $475,000

Use of 30% Map Development, 30% Sales and Marketing, 7.5% Wefunder fees, 10% Website development, 22.5% runway.

INSTRUCTION TO QUESTION 10: An issuer must provide a reasonably detailed description of any intended use of proceeds, such that investors are provided with an adequate amount of information to understand how the offering proceeds will be used. If an issuer has identified a range of possible uses, the issuer should identify and describe each probable use and the factors the issuer may consider in allocating proceeds among the potential uses. If the issuer will accept proceeds in excess of the target offering amount, the issuer must describe the purpose, method for allocating overvalued proceeds, and intended use of the excess proceeds with similar specificity. Please include all potential uses of the proceeds of the offering, including any that may apply only to the case of overvalued proceeds. If you do not do so, you may have be required to amend your Form C. Wefunder is not responsible for any failure by you to describe a potential use of offering proceeds.

# DELIVERY & CANCELLATIONS

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

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

12. How can an investor cancel an investment commitment?

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

The intermediary will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment).

If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment.

If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

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

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

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

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

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

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

# Ownership and Capital Structure

## THE OFFERING

13. Describe the terms of the securities being offered.

To view a copy of the SAFE you will purchase, please see

Appendix B, Investor Contracts.

The main terms of the SAFEs are provided below.

The SAFEs. We are offering securities in the form of a Simple Agreement for Future Equity ("SAFE"),

which provides investors the right to preferred units in the Company ("Preferred Units"),

when and if the Company sponsors an equity offering that involves Preferred Units, on the standard terms offered to other investors.

Conversion to Preferred Equity. Based on our SAFEs, when we engage in an offering of equity interests involving preferred units,

Investors will receive a number of preferred units calculated using the method that results in the greater number of preferred units:

i. the total value of the investor's investment, divided by

a. the price of preferred units issued to new investors multiplied by

b. the discount rate (75%), or

ii. if the valuation for the company is more than $10,000,000.00 (the "Valuation Cap"), the amount invested by the investor divided by the quotient of

a. the Valuation Cap divided by

b. the total amount of the Company's capitalization at that time.

Additional Terms of the Valuation Cap. For purposes of option (ii) above, the Company's capitalization calculated as of immediately prior to the Equity Financing and (without double-counting, in each case calculated on an as-converted to Member Units basis):

- Includes all Member Units issued and outstanding;

- Includes all Converting Securities;

- Includes all (i) issued and outstanding Options and (ii) Promised Options; and

- Includes the Unissued Option Pool, except that any increase to the Unissued Option Pool in connection with the Equity Financing shall only be included to the extent that the number of Promised Options exceeds the Unissued Option Pool prior to such increase.

Liquidity Events. If the Company has an initial public offering or is acquired by, merged with, or otherwise taken over by another company or new owners prior to investors in the SAFEs receiving preferred units, investors will receive

- proceeds equal to the greater of (i) the Purchase Amount (the "Cash-Out Amount") or (ii) the amount payable on the number of Member Units equal to the Purchase Amount divided by the Liquidity Price (the "Conversion Amount").

Liquidity Promises. In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard nonparticipating Preferred Member Units. The investor's right to receive its Cash-Out Amount is:

1. Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Member Units);

2. On par with payments for other Safes and/or Preferred Member Units, and if the applicable Proceeds are insufficient to permit full payments to the investor and such other Safes and/or Preferred Member Units, the applicable Proceeds will be distributed pro rata to the investor and such other Safes and/or Preferred Member Units in proportion to the full payments that would otherwise be due; and

3. Senior to payments for Common Member Units.

## Securities Issued by the SPV

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

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

## Voting Rights

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

## Proxy to the Lead Investor

The SPV securities have voting rights. With respect to those voting rights, the investor and his, her, or its transferees or assignees (collectively, the "Investor"), through a power of attorney granted by investor in the Investor Agreement, has appointed or will appoint the Lead Investor as the Investor's true and lawful proxy and attorney (the "Proxy") with the power to act alone and with full power of substitution, on behalf of the Investor to: (i) vote all securities related to the Company purchased in an offering hosted by Wefunder Portal, and (ii) execute, in connection with such voting power, any instrument or document that the Lead Investor determines is necessary and appropriate in the exercise of his or her authority. Such Proxy will be irrevocable by the Investor unless and until a successor lead investor ("Replacement Lead Investor") takes the place of the Lead Investor. Upon notice that a Replacement Lead Investor has taken the place of the

Lead Investor, the Investor will have five (5) calendar days to revoke the Proxy. If the Proxy is not revoked within the 5-day time period, it shall remain in effect.

## Restriction on Transferability

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

14. Do the securities offered have voting rights?

☐ Yes
☑ No

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

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

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

Any provision of this Safe may be amended, waived or modified by written consent of the Company and either:

i. the Investor or
ii. the majority-in-interest of all then-outstanding Safes with the same "Post-Money Valuation Cap" and "Discount Rate" as this Safe (and Safes lacking one or both of such terms will be considered to be the same with respect to such term(s)), provided that with respect to clause (ii):
A. the Purchase Amount may not be amended, waived or modified in this manner;
B. the consent of the Investor and each holder of such Safes must be solicited (even if not obtained), and
C. such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of Safes whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of Safes.

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

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

## RESTRICTIONS ON TRANSFER OF THE SECURITIES BEING OFFERED:

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

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

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

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

## DESCRIPTION OF ISSUER'S SECURITIES

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

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Member Units | 1058 | 1058 | Yes |

Securities Reserved for
Issuance upon Exercise or Conversion

Warrants:

Options:

Describe any other rights:

If these SAFEs convert, they will convert to Preferred Units in the Company, which will have liquidation preferences over Member units. The Company hasn't authorized any Preferred Units yet.

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

The holders of a majority-in-interest of voting rights in the Company could limit the Investor's rights in a material way. For example, those interest holders could vote to change the terms of the agreements governing the Company's operations or cause the Company to engage in additional offerings (including potentially a public offering).

These changes could result in further limitations on the voting rights the Investor will have as an owner of equity in the Company, for example by diluting those rights or limiting them to certain types of events or consents.

To the extent applicable, in cases where the rights of holders of convertible debt,

SAFE, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an Investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the Investor's securities will decrease, which could also diminish the Investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional equity, an Investor's interest will typically also be diluted.

Based on the risk that an Investor's rights could be limited, diluted or otherwise qualified, the Investor could lose all or part of his or her investment in the securities in this offering, and may never see positive returns.

Additional risks related to the rights of other security holders are discussed below, in Question 20.

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

No.

20. How could the exercise of rights held by the principal shareholders identified in Question 6 above affect the purchasers of the securities being offered?

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

For example, the **unitholders** may change the terms of the operating agreement for the company, change the terms of securities issued by the Company, change the management of the Company, and even force out minority holders of securities. The **unitholders** may make changes that affect the tax treatment of the Company in ways that are unfavorable to you but favorable to them. They may also vote to engage in new offerings and/or to register certain of the Company's securities in a way that negatively affects the value of the securities the Investor owns. Other holders of securities of the Company may also have access to more information than the Investor, leaving the Investor at a disadvantage with respect to any decisions regarding the securities he or she owns.

The **unitholders** have the right to redeem their securities at any time. **Unitholders** could decide to force the Company to redeem their **securities** at a time that is not favorable to the Investor and is damaging to the Company. Investors' exit may affect the value of the Company and/or its viability.

In cases where the rights of holders of convertible debt, SAFE, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an Investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the Investor's securities will decrease, which could also diminish the Investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional units, an Investor's interest will typically also be diluted.

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

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

The initial amount invested in a SAFE is determined by the Investor, and we do not guarantee that the SAFE will be converted into any particular number of **units**. As discussed in Question 13, when we engage in an offering of equity interests involving **Preferred Units**, investors may receive a number of **Preferred Units** calculated as either (i) the total value of the Investor's investment, divided by the price of the **Preferred Unit** being issued to new investors, or (ii) if the valuation for the company is more than the Valuation Cap, the amount invested divided by the quotient of (a) the Valuation Cap divided by (b) the total amount of the Company's capitalization at that time.

Because there will likely be no public market for our securities prior to an initial public offering or similar liquidity event, the price of the **Preferred Units** that investors will receive, and/or the total value of the Company's capitalization, will be determined by our **management**. Among the factors we may consider in determining the price of **Preferred Units** are prevailing market conditions, our financial information, market valuations of other companies that we believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

In the future, we will perform valuations of our **units** that take into account, as applicable, factors such as the following:

- - unrelated third party valuations;
- - the price at which we sell other securities in light of the relative rights, preferences and privileges of those securities;
- - our results of operations, financial position and capital resources;
- - current business conditions and projections;
- - the marketability or lack thereof of the securities;
- - the hiring of key personnel and the experience of our management;
- - the introduction of new products;
- - the risk inherent in the development and expansion of our products;
- - our stage of development and material risks related to our business;
- - the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company given the prevailing market conditions and the nature and history of our business;
- - industry trends and competitive environment;
- - trends in consumer spending, including consumer confidence;
- - overall economic indicators, including gross domestic product, employment, inflation and interest rates; and
- - the general economic outlook.

We will analyze factors such as those described above using a combination of

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

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

An investor in the Company will likely hold a minority position in the Company, and thus be limited as to its ability to control or influence the governance and operations of the Company.

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

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

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

23. What are the risks to purchasers associated with corporate actions, including additional issuances of securities, issuer repurchases of securities, a sale of the issuer or of assets of the issuer or transactions with related parties?

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

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

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

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

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

*Loss*

| Lender | Stripe Capital |
| --- | --- |
| Issue date | 01/19/23 |
| Amount | $12,500.00 |
| Outstanding principal plus interest | $13,177.00 as of 02/09/23 |
| Maturity date | 07/20/24 |
| Current with payments | Yes |

*This is their revenue basis and they take 20% off of such payment/interest in us. Fixed fee of $1,997, as interest rate.*

None.

*DISTRIBUTION TO QUOTATION 24: same for creative, service, event, interest rate, security date, and any other material terms.*

25. What other exempt offerings has the issuer conducted within the past three years?

| Offering Date | Exemption | Security Type | Amount Sold | Use of Proceeds |
| --- | --- | --- | --- | --- |
| 12/2020 | Other |  | $43,559 | General operations |
| 5/2022 | Regulation | SAFE | $143,350 | General |

Growth/Ending

operations

26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 40(03) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:

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

☑ Yes
☐ No

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

Name Alexander Irvine and John Jung

Amount invested $19,889.00

Transaction type Other

Issue date 12/30/19

Relationship Founders

Founder contributions

Name Alexander Irvine and John Jung

Amount invested $43,559.00

Transaction type Other

Issue date 12/30/20

Relationship Founders

Founder contributions

INSTRUCTIONS TO QUESTION 26. The term transaction includes, but is not limited to, any financial transaction, arrangement or relationship including any indebtedness or guarantee of indebtedness or any sense of similar transactions, arrangements or relationships.

Beneficial ownership for purposes of paragraph (2) shall be determined as of a date that is no more than 150 days prior to the date of filing of this offering statement and using the same subsidiaries described in Question 4 of the Question and Answer format.

The term "number of the family" includes any child, stepchild, grandchild, parent, neighbours, grandparents, spouse or spousal equivalent, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the person, and includes category relationships. The term "spousal equivalent" means a subsidiary occupying a relationship generally equivalent to that of a spouse.

Compare the amount of a related party's interest in any transaction without respect to the amount of the profit or loss involved in the transaction. Where it is not practicable to raise the approximate amount of the interest, disclose the approximate amount involved in the transaction.

## FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating history?

☑ Yes
☐ No

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

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

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

### Overview

Brick Work unfolds development potential for properties by interpreting zoning. We take the complication out of city zoning and state housing bills. We tell you the housing you can build, how many unit apartments, how many sq ft on a duplex, if you need to provide parking, etc.

Our mission is to revolutionize the way we build sustainable housing in major cities across the United States. Our innovative map harnesses cutting-edge technology to empower you with a dynamic tool that effortlessly navigates and interprets your local city zoning laws, providing you with the information you need to make informed decisions.

We aim to empower developers to create environmentally friendly and efficient housing that enhances, rather than disrupts, neighborhoods.

### Milestones

Brick Work LLC was incorporated in the State of California in April 2018.

Since then, we have:

- Our digital map integrates newly passed housing bills to prospect for development.

- 10x projected revenue growth (can't be guaranteed).

- Help homeowners utilize a new CA housing bill SB-9 to split lots and build duplexes

- Our solution is environmentally friendly, cost-effective, and sustainable in the long-term

- Founded by serial entrepreneurs with 16+ years of land use consultation experience

### Historical Results of Operations

- Revenue & Gross Margin. For the period ended December 31, 2021, the Company had revenues of $60,818 compared to the year ended December 31, 2020, when the Company had revenues of $34,601. Our gross margin was 89.17% in fiscal year 2021, compared to 91.99% in 2020.

- Assets. As of December 31, 2021, the Company had total assets of $1,445, including $1,445 in cash. As of December 31, 2020, the Company had $2,875 in total assets, including $2,875 in cash.

- Net Loss. The Company has had net losses of $15,164 and net losses of $24,187 for the fiscal years ended December 31, 2021 and December 31, 2020, respectively.

- Liabilities. The Company's liabilities totaled $13,933 for the fiscal year ended December 31, 2021 and $0 for the fiscal year ended December 31, 2020.

### Related Party Transaction

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

### Liquidity & Capital Resources

To-date, the company has been financed with $12,300 in debt, $63,448 in founder contributions, and $143,350 in SAFEs.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 18 months before we need to raise further capital.

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

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 6 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

### Runway & Short/Mid Term Expenses

Brick Work LLC cash in hand is $20,000, as of February 2023. Over the last three months, revenues have averaged $7,000/month, cost of goods sold has averaged $0/month, and operational expenses have averaged $7,800/month, for an average burn rate of $800 per month. Our intent is to be profitable in 6 months.

Since we raised $143,500 in our previous Reg CF offering, we have used the funds to hire a full time analyst, work with our GIS developer to build both SB-9 and Arbitrage maps, attended conferences and networking mixers, work with two architect interns to provide SB-9 and ADU massing reports and redesigned our website. We have since created two new product lines (SB 9 and ADU), starting to bring on realtors and developers as users and creating our blueprint to expand to new cities.

A majority of our current revenue comes from subscriptions. We expect a steady monthly increase once we launch our maps. We are charging annual subscriptions only for our arbitrage maps and in 6 months expect to be at a 700k annual run rate. We anticipate incurring $675k in expenses in the next 6 months. We plan on launching out Maps feature 1 month after we close this round. The first Map one will be the SB-9 map and then the Arbitrage Map.

We are not profitable now. We only require our minimum target to become profitable, as that will be enough to launch our maps and thus increase our revenue without having to hire more employees. That said, raising our minimum will not enable us to grow as quickly as we would like, so we will try and hit our maximum and raise a larger priced round next year.

Outside of funds raised on Wefunder, we have 20K in the bank, and one of our prior investors have indicated they will invest 25K into this new campaign (this is a verbal agreement and not a signed contract).

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

INSTRUCTIONS TO QUESTION 29: The discussion must cover each year for which financial statements are provided. For issuers with no prior operating history, the discussion should focus on financial information and operational, liquidity and other challenges. For issuers with an operating history, the discussion should focus on whether historical trends and cash flows are representative of what investors should expect to be future. This area is used for proceeds of the offering and any other income or pending sources of capital. Issuers have the proceeds from the offering will affect liquidity, whether incurring these funds and any other additional funds is necessary to the realtors of the business, and how quickly the issuer anticipates using its available cash. Describe the other available sources of capital to the business, such as those of credit or required contributions by shareholders. References to the issuer in this Question 29 and these transactions refer to the issuer and its predecessors, if any.

## FINANCIAL INFORMATION

29. Include financial statements covering the two most recently completed fiscal years or the period(s) since inception, if shorter:

Refer to Appendix C, Financial Statements

I, John Jung, certify that:

(1) the financial statements of Brick Work LLC included in this Form are true and complete in all material respects; and
(2) the financial information of Brick Work LLC included in this Form reflects accurately the information reported on the tax return for Brick Work LLC filed for the most recently completed fiscal year.

John Jung
Founder

## STAKEHOLDER ELIGIBILITY

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

(1) Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:

I. In connection with the purchase or sale of any security? ☐ Yes ☑ No
II. Involving the making of any false filing with the Commission? ☐ Yes ☑ No
III. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(2) Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, restrains or enjoys such person from engaging or continuing to engage in any conduct or practice:

I. In connection with the purchase or sale of any security? ☐ Yes ☑ No
II. Involving the making of any false filing with the Commission? ☐ Yes ☑ No
III. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(3) Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:

I. at the time of the filing of this offering statement bars the person from:
A. association with an entity regulated by such commission, authority, agency or officer? ☐ Yes ☑ No
B. engaging in the business of securities, insurance or banking? ☐ Yes ☑ No
C. engaging in savings association or credit union activities? ☐ Yes ☑ No
II. constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement? ☐ Yes ☑ No

(4) Is any such person subject to an order of the Commission entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(b) or (1) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:

I. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding portal? ☐ Yes ☑ No
II. places limitations on the activities, functions or operations of such person? ☐ Yes ☑ No
III. bars such person from being associated with any entity or from participating in the offering of any policy stock? ☐ Yes ☑ No

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

I. any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 10(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder? ☐ Yes ☑ No
II. Section 5 of the Securities Act? ☐ Yes ☑ No

(6) Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?

☐ Yes ☑ No

(7) Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?

☐ Yes ☑ No

(8) Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

☐ Yes ☑ No

If you would have answered "Yes" to any of these questions had the conviction, order, judgment, decree, suspension, expulsion or bar occurred or been issued after May 16, 2016.

then you are NOT eligible to rely on this exemption under Section 4(a)(6) of the Securities Act.

INSTRUCTIONS IN QUESTION 10: Final order means a written directive or the advisory statement issued by a federal or state agency, described in Rule 30(a)(3) of Regulation Crowdfunding, under applicable statutory authority that provides for notice and an opportunity for hearing, which constitutes a final disposition or action by that federal or state agency.

No matters are required to be disclosed with respect to events relating to any affiliated issuer that occurred before the affiliation either if the affiliated entity is not (i) in control of the issuer or (ii) under common control with the issuer by a third party that was in control of the affiliated entity at the time of such events.

## OTHER MATERIAL INFORMATION

31. In addition to the information expressly required to be included in this Form, include:

- (1) any other material information presented to investors; and

- (2) such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

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

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

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

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

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

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

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

INSTRUCTIONS IN QUESTION 10: If information is presented to investors in a format, media or other means set after it is reflected in text or portfolio document format, the issuer should include:

(a) a description of the material content of such information;

(b) a description of the format to which such disclosure is presented; and

(c) in the case of disclosure to either, audio or other dynamic media or format, a transcript or description of such disclosure.

## ONGOING REPORTING

32. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its website, no later than:

120 days after the end of each fiscal year covered by the report.

33. Once posted, the annual report may be found on the issuer's website at:

http://www.brickwork.la/invest

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

1. the issuer is required to file reports under Exchange Act Sections 13(a) or 15(d);

2. the issuer has filed at least one annual report and has fewer than 300 holders of record;

3. the issuer has filed at least three annual reports and has total costs that do not exceed $10.

3. the issuer has made at least three million deposit and has been down to the excess $10 million.
4. the issuer or another party purchases or repurchases all of the securities issued pursuant to Section 4(a)(6), including any payment in full of debt securities or any complete redemption of redeemable securities; or the issuer liquidates or dissolves in accordance with state law.

## APPENDICES

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement

SAFE (Simple Agreement for Future Equity)

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Alexander Irvine

Christina Kim

John Jung

Appendix E: Supporting Documents

Brick_Work_Operating_Statement.pdf

## Signatures

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

The following documents will be filed with the SEC.

Cover Page XML

Offering Statement (this page)

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement

SAFE (Simple Agreement for Future Equity)

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Alexander Irvine

Christina Kim

John Jung

Appendix E: Supporting Documents

Brick_Work_Operating_Statement.pdf

*Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form C and has duly caused this Form to be signed on its behalf by the duly authorized undersigned.*

Brick Work LLC

By

John Jung

Co-Founder

Pursuant to the requirements of Sections 4(a)(6) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), this Form C and Transfer Agent Agreement has been signed by the following persons in the capacities and on the dates indicated.

Alexander Irvine

CEO & Co-Founder
2/15/2023

John Jung

Co-Pounder  
2/14/2023

*The Form C must be signed by the issuer, its principal executive officer or officers, its principal financial officer, its controller or principal accounting officer and in brief a majority of the board of directors or persons performing similar functions.*

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

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

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

brickwork

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Brick Work

# Point and Click. We underwrite and generate what you can build on your property.

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INVEST IN BRICK WORK

## Brick Work unlocks development potential for properties by interpreting zoning.

LEAD INVESTOR

**Filip Niculete**

I think SB-9 in Los Angeles will be a game changer. It will provide more housing, especially affordable housing, which the city desperately needs. I believe this will also create more affordable for sale product in areas that up to this point presented a high barrier to entry for the first time home buyer. It will also create opportunities to build for rent properties and open the door to many more investors. This will allow Brickwork to be one of the first groups targeting these properties at scale and they will able to do so with their technology and market knowledge.

Invested $1,000 this round & $20,000 previously

brickwork.la

Los Angeles CA

Technology

B2B

SaaS

B2C

Minority Founder

# Highlights

1. Our digital map integrates newly passed housing bills to prospect for development.
2. 10x projected revenue growth (can't be guaranteed).
3. Help homeowners utilize a new CA housing bill SB-9 to split lots and build duplexes
4. Our solution is environmentally friendly, cost effective, and sustainable in the long-term
5. Founded by serial entrepreneurs with 16+ years of land use consultation experience

# Our Team

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

John Jung Co-Founder

Served US Army 82nd Airborne deployed to two peacekeeping missions. Started Trupath Lending a fintech mortgage start-up.

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

Alexander Irvine CEO

Founder of Irvine & Associates, Inc. with over 16 years experience as a land use consultant in the City of Los Angeles, has entitled several commercial and residential projects throughout the city.

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

Anton Amirkhanian Land Use Analyst

Land Use Analyst for Brick Work. Works with team to create SB9, ADU, and Multifamily reports. Graduated from USC with a Bachelor of Science in Urban Planning.

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

### **Carlos Lovato** Senior Analyst

Leads the analyst team at Brick Work to provide accurate Property and ADU reports. Graduated from UCLA for undergrad and USC for a Master's of Planning degree.

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

### **Anahi Chavarria** Analyst

Current undergraduate student at USC pursuing a degree in Geodesign with a minor in Landscape Architecture

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

### **Sergio Gardea** GIS Analyst

Lead consultant in GIS for Brick Work. Graduated from Cal Poly Pomona with a Bachelor of Science in Geography with a GIS emphasis.

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

### **Imani Etile** Architectural Intern

Undergraduate student pursuing a Bachelor in Science of Architecture at the University of Southern California.

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

### **John Jung**

Co-founder of Brick Work. Loan and real estate brokerage owner at Trupath. Laser focused on housing solutions in CA and abroad!

## Rapidly Growing Housing Crisis

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

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

**POINT AND CLICK.  
WE UNDERWRITE AND  
GENERATE WHAT YOU  
CAN BUILD ON YOUR  
LOT/PARCEL/  
PROPERTY**

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

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

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

**WE ARE NOT BUILDING ENOUGH HOUSING.**

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

# **HOUSING CRISIS**

CA has a shortage of **900,000** affordable units. According to Freddie Mac, the U.S. is short 3.8 million housing units.

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

# **BARRIER TO ENTRY**

Highly localized outdated zoning laws that are politicized create a myriad of rules that is **difficult to understand** and time-consuming.

![img-15.jpeg](img-15.jpeg)

# **DISRUPTION**

The global supply chain crisis and labor shortage have **increased costs to build**, creating a bottleneck in an already exacerbated market.

# WE ARE LAND USE EXPERTS

Our customized GIS map will automate the prospecting and underwriting powered by AI to help find the developer's next project.

![img-16.jpeg](img-16.jpeg)

Search Features by zone, unit count, lot size, etc.

Recommended build type, rent, and sales comps.

Los Angeles SB-9 qualified properties, buildable sq ft and architectural massing.

Urban In-fill multifamily and new housing bills that help find arbitrage.

## MARKET OPPORTUNITIES

64,000

Housing Developers in the U.S.

![img-17.jpeg](img-17.jpeg)

![img-18.jpeg](img-18.jpeg)

2,000,000

Realtors in the U.S.

![img-19.jpeg](img-19.jpeg)

![img-20.jpeg](img-20.jpeg)

410,000

SB-9 Market Feasible Homes in California

![img-21.jpeg](img-21.jpeg)

![img-22.jpeg](img-22.jpeg)

## SENATE BILL 9

**ALLOWS YOU  
TO BUILD UP  
TO 4 UNITS ON**

![img-23.jpeg](img-23.jpeg)

# A SINGLE FAMILY LOT

![img-24.jpeg](img-24.jpeg)

## PAID PLANS

Novice

0 Credits
Per Month

$100 Per
Additional Lot

$0 /month

Specialist

4 Credits
Per Month

$100 Per
Additional Lot

$100 /month

Pro

10 Credits
Per Month

$100 Per
Additional Lot

$250 /month

## TEAM

![img-25.jpeg](img-25.jpeg)

ALEX IRVINE, CEO

Founder of Irvine & Associates, Inc.
with over 16 years of experience as a
land use consultant in the City of Los
Angeles, has entitled several
commercial and residential projects
throughout the city.

![img-26.jpeg](img-26.jpeg)

JOHN JUNG, CMO

Founder of Trupath Real Estate and
Lending, creating efficiencies by leveraging
technology in an antiquated industry. Has
over 13 years of experience and closed $257
million in loan volume.

OUR ADVISORS

![img-27.jpeg](img-27.jpeg)

**BRIAN DONAHUE**
CFO of Ember Technologies

![img-28.jpeg](img-28.jpeg)

**FILIP NICULTE**
First Vice President at Marcus
Millichap

![img-29.jpeg](img-29.jpeg)

**JOHN WEST**
Managing Director at Syneos
Health

![img-30.jpeg](img-30.jpeg)

**DANIEL TABAN**
Developer at JADE Enterprises

![img-31.jpeg](img-31.jpeg)

**IAN SANDOVAL**
Full Stack Developer

![img-32.jpeg](img-32.jpeg)

**JEFF TSO**
Product Manager at Fortress
Information Systems

# COMPANY TIMELINE

![img-33.jpeg](img-33.jpeg)

*Forward looking projections can't be guaranteed.

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

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

# Brick Work LLC

# SAFE
(Simple Agreement for Future Equity)

THIS CERTIFIES THAT in exchange for the payment by [INVESTOR NAME] (the "Investor") of [INVESTMENT AMOUNT] (the "Purchase Amount") on or about [EFFECTIVE DATE], Brick Work LLC, a California limited liability company (the "Company"), hereby issues to the Investor the right to certain units, subject to the terms described below.

This Safe is one of the forms available at http://ycombinator.com/documents and the Company and the Investor agree that neither one has modified the form, except to fill in blanks and bracketed terms, and remove the requirement to be accredited investor and make the form applicable to a limited liability company.

The "Post-Money Valuation Cap" is $10,000,000

The "Discount Rate" is 75%

See Section 2 for certain additional defined terms.

# 1. Events

(a) Equity Financing. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the number of Safe Preferred Units equal to the Purchase Amount divided by the Conversion Price.

In connection with the automatic conversion of this Safe into Safe Preferred Units, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing, provided, that such documents (i) are the same documents to be entered into with the purchasers of Standard Preferred Units, with appropriate variations for the Safe Preferred Units if applicable, and (ii) have customary exceptions to any drag-along applicable to the Investor, including (without limitation) limited representations, warranties, liability and indemnification obligations for the Investor.

(b) Liquidity Event. If there is a Liquidity Event before the termination of this Safe, this Safe will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the greater of (i) the Purchase Amount (the "Cash-Out Amount") or (ii) the amount payable on the number of units of Common Units equal to the Purchase Amount divided by the Liquidity Price (the "Conversion Amount"). If any of the Company's securityholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, provided that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's securityholders, or under any applicable laws.

Notwithstanding the foregoing, in connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 1(d).

In connection with Section 1(b)(i), the Purchase Amount will be due and payable by the Company to the Investor immediately prior to, or concurrent with, the consummation of the Liquidity Event. If there are not enough funds to pay (i) holders of units of any series of Preferred Units issued before the date of this instrument ("Senior Preferred Holders") and (ii) the Investor and holders of other Safes (collectively, the "Cash-Out Investors") in full, then all of the Company's available funds will be distributed (i) first to the Senior Preferred Holders and (ii) second with equal priority and pro rata among the Cash-Out Investors in proportion to their Purchase Amounts, and the Cash-Out Investors will automatically receive the number of units of Common Units equal to the remaining unpaid Purchase Amount divided by the Liquidity Price. In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce, pro rata, the Purchase Amounts payable to the Cash-Out Investors by the amount determined by the Board in good faith to be advisable for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, and in such case, the Cash-Out Investors will automatically receive the number of units of Common Units equal to the remaining unpaid Purchase Amount divided by the Liquidity Price.

(c) Dissolution Event. If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

(d) Liquidation Priority. In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard non-participating Preferred Units. The Investor's right to receive its Cash-Out Amount is:

(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Units);

(ii) On par with payments for other Safes and/or Preferred Units, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes and/or Preferred Units, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or Preferred Units in proportion to the full payments that would otherwise be due; and

(iii) Senior to payments for Common Units.

The Investor's right to receive its Conversion Amount is (A) on par with payments for Common Units and other Safes

and/or Preferred Units who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Common Units basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

(e) Termination. This Safe will automatically terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Units to the Investor pursuant to the automatic conversion of this Safe under Section 1(a); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(b) or Section 1(c).

2. Definitions

"Capital Stock" means the capital stock of the Company, including, without limitation, the "Common Units" and the "Preferred Units."

"Change of Control" means (i) a transaction or series of related transactions in which any "person" or "group" (within the meaning of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"Company Capitalization" is calculated as of immediately prior to the Equity Financing and (without double-counting, in each case calculated on an as-converted to Common Units basis):

- Includes all Units issued and outstanding;
- Includes all Converting Securities;
- Includes all (i) issued and outstanding Options and (ii) Promised Options; and
- Includes the Unissued Option Pool, except that any increase to the Unissued Option Pool in connection with the Equity Financing shall only be included to the extent that the number of Promised Options exceeds the Unissued Option Pool prior to such increase.

"Conversion Price" means either: (1) the Safe Price or (2) the Discount Price, whichever calculation results in a greater number of Safe Preferred Units.

"Converting Securities" includes this Safe and other convertible securities issued by the Company, including but not limited to: (i) other Safes; (ii) convertible promissory notes and other convertible debt instruments; and (iii) convertible securities that have the right to convert into Units.

"Direct Listing" means the Company's initial listing of its Common Units (other than Common Units not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing Units of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten offering and shall not involve any underwriting services.

"Discount Price" means the price per units of the Standard Preferred Units sold in the Equity Financing multiplied by the Discount Rate.

"Dissolution Event" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (excluding a Liquidity Event), whether voluntary or involuntary.

"Dividend Amount" means, with respect to any date on which the Company pays a dividend on its outstanding Common Units, the amount of such dividend that is paid per share of Common Units multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"Equity Financing" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Units at a fixed valuation, including but not limited to, a pre-money or post-money valuation.

"Initial Public Offering" means the closing of the Company's first firm commitment underwritten initial public offering of Common Units pursuant to a registration statement filed under the Securities Act.

"Liquidity Capitalization" is calculated as of immediately prior to the Liquidity Event, and (without double-counting, in each case calculated on an as-converted to Common Units basis):

- Includes all Units issued and outstanding;
- Includes all (i) issued and outstanding Options and (ii) to the extent receiving Proceeds, Promised Options;
- Includes all Converting Securities, other than any Safes and other convertible securities (including without limitation of Preferred Units) where the holders of such securities are receiving Cash-Out Amounts or similar liquidation preference payments in lieu of Conversion Amounts or similar "as-converted" payments; and
- Excludes the Unissued Option Pool.

"Liquidity Event" means a Change of Control or an Initial Public Offering.

"Liquidity Price" means the price per unit equal to the Valuation Cap divided by the Liquidity Capitalization.

"Options" includes options, RSUs, SARs, warrants or similar securities, vested or unvested.

"Proceeds" means cash and other assets (including without limitation stock consideration) that are proceeds from the Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"Promised Options" means promised but ungranted Options that are the greater of those (i) promised pursuant to agreements or understandings made prior to the execution of, or in connection with, the term sheet or letter of

intent for the Equity Financing or Liquidity Event, as applicable (or the initial closing of the Equity Financing or consummation of the Liquidity Event, if there is no term sheet or letter of intent), (ii) in the case of an Equity Financing, treated as outstanding Options in the calculation of the Standard Preferred Unit's price per unit, or (iii) in the case of a Liquidity Event, treated as outstanding Options in the calculation of the distribution of the Proceeds.

"Safe" means an instrument containing a future right to Units, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"Safe Preferred Units" means the units of the series of Preferred Units issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences and restrictions as the Standard Preferred Units, other than with respect to: (i) the per unit liquidation preference and the initial conversion price for purposes of price-based anti-dilution protection, which will equal the Conversion Price; and (ii) the basis for any dividend rights, which will be based on the Conversion Price.

"Safe Price" means the price per unit equal to the Post-Money Valuation Cap divided by the Company Capitalization.

"Standard Preferred Units" means the shares of the series of Preferred Units issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

"Unissued Option Pool" means all Units that are reserved, available for future grant and not subject to any outstanding Options or Promised Options (but in the case of a Liquidity Event, only to the extent Proceeds are payable on such Promised Options) under any equity incentive or similar Company plan.

"Units" means the equity interests of the Company, including, without limitation, the "Common Units" and "Preferred Units".

# 3. Company Representations

(a) The Company is a limited liability company duly organized, validly existing and in good standing under the laws of its state of limited liability company (the "Company"), hereby issues to the Investor the right to certain formation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.
(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its certificate of formation or operating agreement; (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.
(c) The performance and consumption of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.
(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Units issuable pursuant to Section 1.
(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

# 4. Investor Representations

(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.
(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

# 5. Miscellaneous

(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and either (i) the Investor or (ii) the majority-in-interest of all then-outstanding Safes with the same "Post-Money Valuation Cap" and "Discount Rate" as this Safe (and Safes lacking one or both of such terms will be considered to be the same with respect to such term(s)), provided that with respect to clause (ii): (A) the Purchase Amount may not be amended, waived or modified in this manner; (B) the consent of the Investor and each holder of such Safes must be solicited (even if not obtained); and (C) such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of Safes whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of Safes.

(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on their Wefunder account, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on their Wefunder account, as subsequently modified by written notice.

(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Units for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company member or rights to vote for the election of directors or on any matter submitted to Company members, or to give or withhold consent to any corporate action or to receive notice of meetings, until units have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Units (that is not payable in shares of Common Units) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other, provided, however, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor, and provided, further, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reorganization to change the Company's domicile or convert the Company into a corporation.

(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

(f) All rights and obligations hereunder will be governed by the laws of the State of California, without regard to the conflicts of law provisions of such jurisdiction.

(g) The parties acknowledge and agree that for United States federal and state income tax purposes this Safe is, and at all times has been, intended to be characterized equity for all income tax purposes of. Accordingly, the parties agree to treat this Safe consistent with the foregoing intent for all United States federal and state income tax purposes (including, without limitation, on their respective tax returns or other informational statements).

*(Signature page follows)*

IN WITNESS WHEREOF, the undersigned have caused this instrument to be duly executed and delivered.

**COMPANY:**

Brick Work LLC

By: *Founder Signature*

Name:

Title:

**INVESTOR:**

[INVESTOR NAME]

By: *Investor Signature*

Name: [INVESTOR NAME]

Title:

☐ Accredited Investor
☐ Unaccredited Investor

**Read and Approved (for IRA use only)**

By:

Name:

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

# **Brick Work II (THE "SPV"),**
a series of Wefunder SPV, LLC, a Delaware limited
liability company (the "LLC")

# Subscription Agreement

**[INVESTMENT AMOUNT]**

**[INVESTMENT DATE]**

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

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

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

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

# Subscription Agreement

# SCOPE OF AGREEMENT AND INVESTOR ELIGIBILITY
REPRESENTATIONS

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

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

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

INVESTOR'S REPRESENTATIONS AND COVENANTS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

# 6. Key Risk Factors

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

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

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

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

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

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

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

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

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

# 7. Compliance With Anti-Money Laundering Laws.

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

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

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

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

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

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

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

# 8. Regulatory Provisions

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

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

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

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

# 9. Miscellaneous Provisions

# 9.1. Indemnification

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

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

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

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

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

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

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

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

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

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

# 9.5. Confidentiality

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

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

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

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

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

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

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

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

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

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

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

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

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

SPV

Brick Work II, as series of Wefunder SPV, LLC
By: Wefunder Admin, LLC, its Manager

By: Founder Signature

Date:

Name: Nicholas Tommarello

Title: Chief Executive Officer

Investor

[INVESTOR NAME]

By: Investor Signature

Date:

CONTACT INFORMATION:

Name: [INVESTOR NAME]

Mailing Address:

City:

Country:

E-mail:

# TERMS APPENDIX FOR THE PURCHASE OF Brick
Work LLC SECURITIES BY Brick Work II, A SERIES OF
WEFUNDER SPV, LLC, A DELAWARE LIMITED
LIABILITY COMPANY

**Type of Security:** Future Equity

**Terms** $10M valuation cap and 25% discount

To view a copy of the contract, please see **Appendix B, Investor Contracts** of
the Form C. The latest Form C or C/A filing be found here:
https://www.sec.gov/cgi-bin/srch-edgar?text=%28FORM-
TYPE%3DC%2FA+or+FORM-
TYPE%3DC%29+and+CIK%3D0001880579&first=2016

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

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

**Brick Work, LLC** (the “Company”) a California Limited Liability Company

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

Years ended December 31, 2020 & 2021

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

## INDEPENDENT ACCOUNTANT'S REVIEW REPORT

Brick Work, LLC

We have reviewed the accompanying financial statements of the Company which comprise the statement of financial position as of December 31, 2020 & 2021 and the related statements of operations, statement of changes in member equity, and statement of cash flows for the years and months then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management’s financial data and making inquiries of Company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

### Management’s Responsibility for the Financial Statements

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

### Accountant’s Responsibility

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

### Accountant’s Conclusion

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

### Going Concern

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

Vince Mongio, CPA, CIA, CFE, MACC

*Vincenzo Mongio*

# **Statement of Financial Position**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| ASSETS |  |  |
| Current Assets |  |  |
| Cash and Cash Equivalents | 1,445 | 2,875 |
| Total Current Assets | 1,445 | 2,875 |
| TOTAL ASSETS | 1,445 | 2,875 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Accounts Payable | 10,175 | - |
| Payroll Liabilities | 3,759 | - |
| Total Current Liabilities | 13,933 | - |
| TOTAL LIABILITIES | 13,933 | - |
| EQUITY |  |  |
| Member's Capital/(Deficit) | (12,489) | 2,875 |
| TOTAL LIABILITIES AND CAPITAL | 1,445 | 2,875 |

# **Statement of Operations**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| Revenue | 60,818 | 34,601 |
| Cost of Revenue | 505 | 2,772 |
| Gross Profit | 60,313 | 31,829 |
| Operating Expenses |  |  |
| Advertising and Marketing | 7,062 | 6,498 |
| General and Administrative | 61,103 | 49,517 |
| Software Development | 7,600 | - |
| Total Operating Expenses | 75,765 | 56,015 |
| Operating Income | (15,452) | (24,187) |
| Other Income | 150 | - |
| Other Expenses | (62) | - |
| Net Loss | (15,364) | (24,187) |

### Statement of Cash Flows

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| OPERATING ACTIVITIES |  |  |
| Net Income | (15,364) | (24,187) |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| Accounts Payable | 10,175 | - |
| Payroll Liabilities | 3,759 | - |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | 13,933 | - |
| Net Cash provided by Operating Activities | (1,430) | (24,187) |
| FINANCING ACTIVITIES |  |  |
| Member Contributions | - | 23,660 |
| Net Cash provided by Financing Activities | - | 23,660 |
| Cash at the beginning of period | 2,875 | 3,402 |
| Net Cash increase (decrease) for period | (1,430) | (527) |
| Cash at end of period | 1,445 | 2,875 |

### Statement of Changes in Member Equity

|  | Total Member Equity |
| --- | --- |
| Beginning Balance at 1/1/2020 | 3,402 |
| Capital Contributions | 23,660 |
| Net Loss | (24,187) |
| Ending Balance 12/31/2020 | 2,875 |
| Capital Contributions | - |
| Net Loss | (15,364) |
| Ending Balance 12/31/2021 | (12,489) |

# **Brick Work, LLC**  
**Notes to the Unaudited Financial Statements**  
**December 31st, 2021**  
**SUSD**

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

Brick Work, LLC (“the Company”) was formed in California on April 27th, 2018. The Company earns revenue using a SAAS model by providing jurisdictional zoning analysis for properties initially in Los Angeles but will be building a customized GIS map to expand coverage to major cities across the U.S. The Company’s headquarters is in Los Angeles, California. The Company’s customers will be located in the United States.

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

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

# Basis of Presentation

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

# Use of Estimates and Assumptions

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

# Cash and Cash Equivalents

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

# Fair Value of Financial Instruments

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

These tiers include:

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

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

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

# Concentrations of Credit Risks

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

### Revenue Recognition

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

- Step 1: Identify the contract(s) with customers
- Step 2: Identify the performance obligations in the contract
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price to performance obligations
- Step 5: Recognize revenue when or as performance obligations are satisfied

The Company's primary performance obligation is the delivery of real estate zoning due diligence reports. Revenue is recognized at the time of request.

### Advertising Costs

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

### General and Administrative

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

### Income Taxes

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

### Recent accounting pronouncements

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

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

The Company follows ASC 850, 'Related Party Disclosures,' for the identification of related parties and disclosure of related party transactions. No transactions require disclosure.

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

We are currently not involved with or know of any pending or threatening litigation against the Company or any of its officers. Further, the Company is currently complying with all relevant laws and regulations.

## **NOTE 5 - DEBT**

None.

## **NOTE 6 - EQUITY**

The Company is a multi-member LLC with a single class of ownership interest. Profits and losses are allocated in accordance with the operating agreement.

## **NOTE 7 - SUBSEQUENT EVENTS**

The Company has evaluated events subsequent to December 31, 2021 to assess the need for potential recognition or disclosure in this report. February 7, 2023

Simple Agreements for Future Equity (SAFE) - Following the period ending December 31, 2021, the Company entered into numerous SAFE agreements (Simple Agreement for Future Equity) with third parties for approximately $143,000. The SAFE agreements have no maturity date and bear no interest. The agreements provide the right of the investor to future equity in the Company during a qualified financing or change of control event at a 25% discount. Each agreement is subject to a valuation cap. The valuation caps of the agreements entered were $9M - 10M.

The Company entered into a revenue-based financing loan for a total of $15,000. The amounts are to be repaid automatically out of future receipts.

## **NOTE 8 - GOING CONCERN**

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

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

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

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

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

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

Contact

www.linkedin.com/in/christina-kim-43799b159 (LinkedIn)

# Christina Kim

Realtor, ALC Member at Keller Williams Realty Larchmont
Manhattan Beach, California, United States

## Summary

Leading Real Estate producer, ALC Member, & Marketing Director for Brick+work.

## Experience

Keller Williams Realty Larchmont
Realtor, ALC Member
January 2019 - Present (4 years 2 months)
Los Angeles, California, United States

Top Producing Agent
DRE 01431281

Brick+Work
Marketing Director
2018 - Present (5 years)
Los Angeles, California, United States

BRICK+WORK brings together the technology and people needed to meet the challenges of rapid urbanization by providing a platform that encourages collaboration between developers, real estate agents, and municipalities.

As the Marketing Director, I lead the way to achieve new exciting opportunities for real estate agents, owners, developers, and our cities.

Keller Williams Realty
Licensed Realtor
October 2016 - Present (6 years 5 months)
DRE 01431281

Page 1 of 1

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

Contact

www.linkedin.com/in/alexander-irvine-60588217 (LinkedIn)
irvineassoc.com (Company)

Top Skills

Land Use

Zoning

Urban Planning

# Alexander Irvine

President at Irvine & Associates, Inc., and CEO / Co-Founder at Brick+Work

Los Angeles, California, United States

## Experience

Irvine and Associates, Inc.

President

November 2016 - Present (6 years 4 months)

660 S. Figueroa St., Suite 1780, Los Angeles, CA 90017

Irvine & Associates, Inc. is a land use consulting firm that specializes in providing quality entitlement and zoning services to the real estate development community, including non-profit organizations, investors, land use law firms, individual home owners and more within the City and County of Los Angeles. The firm President, Alex Irvine, has 14 years of experience preparing and processing highly complex land use entitlement applications for high-rise, mixed-use, residential, commercial, retail, industrial, institutional, non-profit and high-profile projects. We also understand that time is of the essence for most development projects and specialize in working with City Staff to Expedite entitlement applications.

Irvine & Associates, Inc. provides the following services:

- Zoning and Land Use Due Diligence
- Preparation and Processing of Land Use Entitlements
- Building Permit Expediting
- Project Management
- Government and Community Relations
- Provide Representation at Public Hearings, Community and Government Agency Meetings

Brick+Work

CEO / Co-Founder

March 2018 - Present (5 years)

Providing real estate development feasibility in Los Angeles to empower agents and brokers to better market properties and provide more inventory for developers looking to build.

Craig Lawson & Co., LLC, Land Use Consultants

Senior Project Manager I

Page 1 of 2

May 2005 - November 2016 (11 years 7 months)

8758 Venice Boulevard, Suite 200, Los Angeles, CA 90034

Involves but is not limited to: Zoning research, feasibility analysis, entitlement application preparation and processing, government relations, and mitigation monitoring. Work closely with project architects, land use attorneys, engineers, and other consultants. Project Management, Managing several active projects at a time, participated in such projects as 8th & Grand, Concerto, 611 W. 6th Street, Ralphs Sherman Oaks redevelopment.

- Preparation and processing land use entitlement applications (i.e. variances, conditional use permits, zone changes, subdivisions, etc.), and permit expediting.
- Has developed an expertise in zoning research and land use analysis, pre-development strategies, project timelines, and processing discretionary approvals and permits.
- Managed the land use entitlement process for large and small development projects, including: Ventura Boulevard 'Ralphs Sherman Oaks' project, which included a series of controversial entitlement requests in the Ventura/Cahuenga Boulevard Corridor Specific Plan area; the Astani Enterprises 9th & Figueroa project (629 condo units in three towers) and 8th & Grand project (700 units above ground floor commercial), the Adaptive Reuse of the 611 W. 6th Street building (432 JLWQ condo units and 135 commercial condos), and the Abode Communities 'Ivy Terrace' project (52 low and very low income units).

City of Los Angeles

Student Internship

November 2004 - May 2005 (7 months)

200 N. Spring Street, Room 763, Los Angeles, CA 90012

City of Los Angeles Department of City Planning, Office of Zoning Administration

## Education

California State University, Northridge

Urban Studies & Planning, Public Administration · (2003 - 2005)

Page 2 of 2

**Attachment 8:** `document_8.pdf`

Contact

www.linkedin.com/in/john-jung-79727816 (LinkedIn)

Top Skills

Loans

Mortgage Lending

FHA

# John Jung

Co-Founder at Brick Work and Trupath Lending
Los Angeles, California, United States

## Summary

Brick Work is an online platform that provides on-demand real estate development feasibility to real estate professionals and developers. We are launching our SB-9 and Multifamily Development maps Q1 2023 and raising our seed round on Wefunder.

California is experiencing a severe housing shortage so we want to help by interpreting state and city zoning code and bills and empowering developers, brokers and investors with correct information when prospecting for new development sites.

## Experience

Brick+Work

Co-Founder

March 2018 - Present (5 years)

Los Angeles, California, United States

Building a platform that helps real estate professionals navigate real estate zoning code that is confusing and highly localized. Working to launch a GIS map that automates our analysis starting in Los Angeles but expanding to major cities experiencing rapid urbanization and affordable housing issues.

TruPath Real Estate and Lending

Broker

January 2017 - Present (6 years 2 months)

660 S Figueroa St Suite 1780

Leveraging technology to create a more pleasant experience for our clientele whether its for real estate or lending services. Access to multiple lenders that offer a broad array of loan programs from portfolio, hard money, to traditional real estate mortgage loans. Working with developers looking to locate their next project or investors who purchase land to entitle.

SK Global Investments

Vice President Business Development

May 2013 - January 2017 (3 years 9 months)

Page 1 of 2

Helping clients navigate the more adverse mortgage lending landscape. The simple guiding philosophy of being attentive, transparent and an advocate throughout.

As a mortgage broker we are approved through numerous direct lenders with the full spectrum of loan products from FHA, VA, Conventional (Fannie Mae and Freddie Mac) to Alternative Income and Hard Money.

Wall Financial

Senior Loan Officer and Wholesale Account Rep

April 2011 - March 2013 (2 years)

Direct Lender

FHA, VA, 3% ~ 20% Conventional, Jumbo up to $3 million, VOE only, Hard Money

Quick turn times on approval, docs and funding

Gotmortgage

Sales Manager

April 2009 - April 2011 (2 years 1 month)

Jules and Associates

Account Executive

March 2006 - April 2009 (3 years 2 months)

## Education

Santa Monica College

Associate's Degree, Business Administration · (2003 - 2006)

California State University-Los Angeles

Accounting · (2011)

Page 2 of 2

**Attachment 9:** `document_9.pdf`

# LLC AGREEMENT

OF

BRICK WORK, LLC

THE UNITS REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS, AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE SECURITIES LAWS, OR AN EXEMPTION FROM SUCH REGISTRATION. IN ADDITION, TRANSFER OF SUCH UNITS IS RESTRICTED BY, AND SUBJECT TO, THE TERMS AND PROVISIONS OF THIS AGREEMENT.

BrickWorkOperatingK(3).doc

Doc ID: eec35c33a43e19bb3281b840de783ad299f49bfb

# TABLE OF CONTENTS

Page

ARTICLE 1 DEFINITIONS... 1

1.1 Definitions... 1

ARTICLE 2 ORGANIZATIONAL MATTERS... 7

2.1 Organization... 7
2.2 Name... 7
2.3 Purposes and General Powers... 7
2.4 Qualification... 7
2.5 Nature of Entity... 7
2.6 Principal Office and Place of Business... 8
2.7 Agent... 8
2.8 Tax Matters Partner... 8
2.9 Term... 8

ARTICLE 3 FINANCIAL AND ACCOUNTING MATTERS... 8

3.1 Capital Structure and Capital Contributions... 8
3.2 Limitations... 9
3.3 No Credit to Capital Account... 10
3.4 Loans... 10
3.5 Fiscal Year and Accounting Methods... 10
3.6 Fundamental Allocations... 10
3.7 Distributions... 12
3.8 Company Property; Waiver of Partition; Nature of Interests in the Company... 13

ARTICLE 4 MANAGEMENT... 14

4.1 Actions by the Members... 14
4.2 Management of the Company... 15
4.3 Expenses of the Company; Payments to Managers, Officers and Members... 21

ARTICLE 5 FUNDAMENTAL CHANGES... 23

5.1 Restrictions on Transfer... 23
5.2 Permitted Transfers... 24
5.3 Transfer of Units Other Than to a Permitted Transferee... 24
5.4 Transferee Not Member... 26
5.5 Indebtedness... 27
5.6 Withdrawal... 27
5.7 Dissolution... 27
5.8 Amendments... 28

ARTICLE 6 COVENANTS OF MEMBERS... 29

6.1 Confidentiality... 29
6.2 Restricted Activities... 30
6.3 Intellectual Property... 31
6.4 Blue Pencil... 31
6.5 Officers and Managers Covered... 31
6.6 Survival... 32

ARTICLE 7 MISCELLANEOUS... 32

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# TABLE OF CONTENTS

# (Continued)

Page

7.1 Notices...32
7.2 Entire Agreement...32
7.3 Successors in Interest...32
7.4 Counterparts and Facsimiles...32
7.5 Severability...32
7.6 Captions...32
7.7 Additional Documents...32
7.8 No Third Party Benefit...33
7.9 Investment Representations...33
7.10 No Conflicts...33
7.11 Waiver...33
7.12 Survival...34
7.13 Applicable Law...34
7.14 Arbitration...34
7.15 Remedies...34
7.16 Interpretation...35
7.17 Reliance on Outside Advisors...35

BrickWorkOperatingK(3).doc

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# LIMITED LIABILITY COMPANY AGREEMENT

OF

# BRICK WORK, LLC

This LLC Agreement of BRICK WORK, LLC, a California limited liability company (the "Company"), is made and entered into as of July 16, 2018 by and among the Persons identified as Members on the attached Schedule A (such Persons and any additional Members as may be admitted to the Company pursuant to Section 5.4 hereof and its or their respective permitted successors in interest being hereinafter referred to individually as "Member" or collectively as "Members").

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Members, intending to be legally bound, hereby agree as follows:

## ARTICLE 1
## DEFINITIONS

1.1 Definitions. Whenever used in this Agreement, the following terms shall have the meanings assigned to them in this Article I unless otherwise expressly provided herein or unless the context otherwise requires:

1.1.1 "Act" means the California Revised Uniform Limited Liability Company Act, as it may be amended from time to time.
1.1.2 "Additional Member" means any additional Person admitted to the Company as a Member in accordance with this Agreement.
1.1.3 "Adjusted Capital Account Deficit" means, with respect to any Member, the deficit balance, if any, in such Member's Capital Account as of the end of the relevant Tax Period, after giving effect to the following adjustments:

(i) credit to such Capital Account any amounts that such Member is obligated to restore or is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c), the penultimate sentences in Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), or otherwise; and

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

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

1.1.4 "Affiliate" means, (i) with respect to any specified Person other than a natural person, a Person that directly or indirectly controls, is controlled by or is under common control with such specified Person and (ii) with respect to a Person that is a natural person, any

BrickWorkOperatingK(3).doc

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Permitted Transferee of such Person. For the purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of securities, by contract or otherwise.

1.1.5 “Agreement” means this LLC Agreement, as amended from time to time as provided herein.

1.1.6 “Annual Tax Liability Amount” means, with respect to each Tax Period, minimum aggregate distributions in an amount equal to the excess, if any, of (i) the estimated hypothetical combined federal and state tax liability of a Member attributable to its allocable share of Profits for the immediately preceding Tax Period, assuming that the Member is taxable at the highest federal and state and local income tax rates applicable to such Member, but taking into account the income tax character of such Profits over (ii) the total amount of cash distributions to such Member during the immediately preceding Tax Period (exclusive of advances under Section 3.7.1(b)). If the amount referenced in the foregoing sentence is negative, the Annual Tax Liability Amount shall be $0 for such Tax Period. The determination of a Member’s taxable income for the current Tax Period shall be reduced by any cumulative taxable loss previously allocated to each Member (including Losses allocated to a predecessor of a Member) in prior Tax Periods which has not been offset by subsequent allocations of taxable income.

1.1.7 “Articles of Organization” means the Articles of Organization of the Company, as filed on April 27, 2018 with the California Secretary of State, and as amended from time to time as provided herein.

1.1.8 “Available Cash” as of any date, means the excess of all cash received by the Company from its operations and investments (including any capital transactions) for a particular fiscal period over total current operating expenses for such fiscal period and reasonable reserves for future operating expenses, including payments in respect of indebtedness of the Company, capital improvements, and contingencies (in each case, without reduction for non-cash charges).

1.1.9 “Book Value” means, with respect to any asset of the Company, the Company’s adjusted basis in such asset for federal income tax purposes, except as follows:

(i) The initial Book Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset;

(ii) The Book Values of all Company assets may, in the discretion of the Managers, be adjusted to equal their respective gross fair market values (taking Code Section 7701(g) into account) as of any of the following times: (A) concurrently with the issuance of service Units, or the acquisition of an additional ownership interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (B) the distribution by the Company to a Member of more than a de minimis amount of Company property as consideration for an ownership interest in the Company; (C) the

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liquidation of the Company within the meaning of Regulations Section 1.704-1 (b)(2)(ii)(g); and (D) the occurrence of any other event described in Regulations Section 1.704-1(b)(2)(iv)(f)(5);

(iii) The Book Value of any item of Company assets distributed to any Member shall be adjusted to equal the gross fair market value (taking Code Section 7701(g) into account) of such asset on the date of distribution; and
(iv) The Book Values of Company assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m); provided, however, that Book Values shall not be adjusted pursuant to this subparagraph (iv) to the extent that an adjustment pursuant to subparagraph (ii) is made in connection with a transaction that would otherwise result in an adjustment pursuant to this subparagraph (iv).

If the Book Value of an asset has been determined or adjusted pursuant to subparagraph (i), (ii), or (iv), such Book Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset, for purposes of computing Profits and Losses.

1.1.10 "Capital Account" means, with respect to any Member, the book-entry account maintained for such Member in accordance with Regulations Section 1.704-1(b)(2)(iv), which includes (among other rules) the following provisions:

(i) To each Member's Capital Account there shall be credited (A) subject to Section 3.6.5 hereof, such Member's Capital Contribution, (B) such Member's allocable share of Profits and any items in the nature of income or gain that are allocated pursuant to Section 3.6 hereof, and (C) the amount of any Company liabilities assumed by such Member or that are secured by any property distributed to such Member;
(ii) To each Member's Capital Account there shall be debited (A) the amount of cash and the Book Value of any Company property distributed to such Member, (B) such Member's allocable share of Losses and any items in the nature of expenses or losses that are allocated pursuant to Section 3.6 hereof, and (C) the amount of any liabilities of such Member assumed by the Company or that are secured by any property contributed by such Member to the Company; and
(iii) In the event Units are Transferred in accordance with this Agreement, the Transferee shall succeed to the Capital Account of the Transferor to the extent it relates to the Transferred Units (or portion thereof).

The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b)(2)(iv), and shall be interpreted and applied in a manner consistent with such Regulations. In the event the Managers determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto, are determined or adjusted, the Company may make such modification, provided that it is not likely to have a material effect on the amounts distributed to any Member upon the liquidation of the Company.

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1.1.11 "Capital Contribution" means, with respect to any Member, the cumulative aggregate amount of cash and the Book Value of any property other than cash contributed by such Member to the Company as of the date in question, net of any liabilities assumed by the Company from such Member in connection with such contribution and net of any liabilities to which any tangible or intangible property contributed by such Member is subject.

1.1.12 "Change of Control Transaction" means: (a) the sale of all or substantially all of the consolidated assets of the Company to a Third Party Purchaser; (b) a sale resulting in no less than a majority of the outstanding voting equity interest of the Company being sold to a Third Party Purchaser; or (c) a merger, consolidation, conversion, recapitalization or reorganization of the Company where a Third Party Purchaser holds at least a majority of the outstanding voting equity interests of the surviving entity immediately after such transaction.

1.1.13 "Code" means the United States Internal Revenue Code of 1986, as amended from time to time, together with the Regulations.

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

1.1.15 "Covered Persons" means, collectively, at any time (a) each current or former Manager and/or Officer; (b) each current or former Member that provides services to the Company and (c) each current or former Affiliate of such Manager, Officer and/or Member.

1.1.16 "Depreciation" means, for each Tax Period, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such Tax Period, except that, if the Book Value of an asset differs from its adjusted basis for United States federal income tax purposes at the beginning of such Tax Period, Depreciation shall be an amount that bears the same ratio to such beginning Book Value as the United States federal income tax depreciation, amortization, or other cost recovery deduction for such Tax Period bears to such beginning adjusted tax basis, provided, however, that, if the adjusted basis for United States federal income tax purposes of an asset at the beginning of such Tax Period is zero, Depreciation shall be determined with reference to such beginning Book Value using any reasonable method selected by the Company.

1.1.17 "Fair Value" means, as of the effective date of a Triggering Event, the fair value on such date of the Units being Transferred within the meaning of Section 18-604 of the Act. Unless expressly provided to the contrary herein: (a) the Fair Value of such Units shall be determined by an independent appraisal performed by a qualified appraiser selected by the Managers; (b) the decision of such appraiser shall be conclusive on all parties; and (c) the fees and costs of such appraiser shall be paid by the Transferring Member.

1.1.18 "Insolvency Proceeding" means (a) a voluntary or involuntary case or proceeding under the United States Bankruptcy Code (as amended from time to time), (b) a petition of any action for liquidation, dissolution, receivership or similar relief, (c) the application for, or consent to the appointment of, a trustee, receiver, liquidator, conservator, custodian, or other representative for its assets, or (d) the making of a general assignment for the benefit of creditors.

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1.1.19 “Irvine” means Alexander Irvine, an individual.

1.1.20 “Irvine & Associates” means Irvine & Associates, Inc., a Member of the Company.

1.1.21 “Jung” means John Chung, a Member of the Company.

1.1.22 “Losses,” as used in Section 4.3.5, means any and all claims, damages, penalties, fines, losses, expenses, and other liabilities of any nature whatsoever, including reasonable legal fees and expenses.

1.1.23 “Manager” means any Person elected as a Manager of the Company as provided in Section 4.2.3.

1.1.24 “Majority-In-Interest of the Members” means, at any time, one or more of the Members who own, in the aggregate, more than fifty percent (50%) of the outstanding Units owned by all the Members.

1.1.25 “Members” means, collectively, the Original Members and all Persons admitted as Additional Members or Substituted Members in accordance with this Agreement, in each case so long as they remain Members as provided herein. References to a “Member” mean any of the Members.

1.1.26 “Original Members” means the individuals originally entering into this Agreement as set forth on the signature page hereto.

1.1.27 “Percentage Interest” means, as to a Member, the ratio, stated as a percentage, that the total number of Units held by such Member bears to the total number of Units held by all of the Members, as reflected on Annex 1 hereto.

1.1.28 “Permitted Transferee” means any one or more of the following: (i) the Company; (ii) another Member; (iii) a lineal ancestor or descendant of a Member (including the spouse of such Member); (iv) a trust the terms of which provide that any Units are held, at the time of the Transfer of the Units to the trust, exclusively for the benefit of one or more of the persons listed in this Section; (v) (b) the estate of any such Member who is a natural Person upon such individual’s death; (vi) an entity, the beneficial owner or owners of which is a person or trust described in this Section and (vii) in the event the transferring Member is Irvine & Associates, a Transfer to Irvine in event of Irvine & Associates’ dissolution; provided that any such Transfer does not give rise to a default under any obligation of the Company ; provided, however, that the Company shall be given written notice of any Transfer to a Permitted Transferee hereunder, along with the identity of such Permitted Transferee.

1.1.29 “Person” means any individual, general partnership, limited partnership, limited liability company, joint venture, trust, business trust, association, corporation, unincorporated organization, country, state, city or other political subdivision, governmental agency or instrumentality, or other entity.

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1.1.30 "Proceeding" means any threatened, pending or completed action, suit, investigation, inquiry or proceeding, whether civil, criminal, administrative or arbitrative or in the nature of an alternative dispute resolution in lieu of any of the foregoing.

1.1.31 "Profits" and "Losses" mean, for each Tax Period, an amount equal to the Company's taxable income or loss for such Tax Period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss). Notwithstanding any other provision of this definition, any items that are allocated pursuant to Section 3.6.2 and Section 3.6.3 hereof shall not be taken into account in computing Profits or Losses.

1.1.32 "Regulations" mean the United States Income Tax Regulations, including Temporary Regulations, promulgated under the Code, as such regulations are amended from time to time.

1.1.33 "Substituted Member" means a Transferee that has been admitted and has all obligations and rights of a Member.

1.1.34 "Tax Period" means each fiscal year of the Company and each other period for which allocations may be required under Section 3.6.

1.1.35 "Third Party Purchaser" means any Person who (a) immediately prior to the contemplated transaction, is not an Affiliate of the Company or (b) is not a Permitted Transferee.

1.1.36 "Triggering Event" with respect to any Member, shall mean its (a) disability, adjudication of incompetency, dissolution (except for Irvine & Associates' dissolution), or removal, as applicable; (b) Insolvency Proceeding; or (c) any other event that terminates a Member's membership in the Company pursuant to this Agreement.

1.1.37 "Transfer", "Transferred" or "Transferring" means, with respect to any Units, a sale, transfer, assignment, pledge, hypothecation or other disposition or encumbrance of any nature of or on such Units or any beneficial interest therein (including a transfer as a result of a merger, consolidation or sale of all or substantially all of the Transferor's assets), whether directly or indirectly, and, in the case of an individual, whether during life or at death.

1.1.38 "Transferee" means, with respect to Units, the Person to whom a Transfer of such Units or any beneficial interest therein takes place (or is to take place) for any reason or by any means. For the avoidance of doubt, a Transferee of Units shall have no right to vote or participate in the management of the Company, or to exercise any rights of a Member, with respect to such Units, which rights shall be reserved to the Transferor-Member, and shall be entitled only to receive the allocable share of Profits and Losses with respect to the Units transferred and to such information regarding the Company as is required by the Act to be afforded to transferees.

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1.1.39 "Transferor" means, with respect to Units, the Member or other Person who Transfers (or desires to Transfer) such Units or any beneficial interest therein for any reason or by any means.

1.1.40 "Units" means, with respect to each Member, the basic unit of ownership interest in the Company subscribed for, or Transferred to, such Member, as expressed in individual Units, the aggregate of which equals the entire ownership interest of a Member in the Company (including the Member's Percentage Interest and any and all rights, powers, and benefits accorded a Member under this Agreement, together with the duties and obligations of such Member hereunder), as reflected on Annex 1 hereto. The Managers shall amend Annex 1 hereto from time to time to reflect all outstanding Units.

## ARTICLE 2
ORGANIZATIONAL MATTERS

2.1 Organization. The Members hereby ratify and approve the Articles of Organization of the Company, and enter into, adopt, and approve this Agreement as the Company's agreement within the meaning of the Act. The rights and obligations of the Members shall be as set forth in this Agreement and the Act. To the extent any provision of this Agreement conflicts with the provisions of the Act, the provisions hereof shall, to the extent permitted by the Act, control.

2.2 Name. The name of the Company shall be "BRICK WORK, LLC." The Managers shall file on the Company's behalf all fictitious name certificates and similar filings, and any amendments thereto, that the Managers consider necessary or advisable.

2.3 Purposes and General Powers. The Company shall have and may exercise all powers and rights which a limited liability company may legally exercise pursuant to the Act. To this end, the Company may exercise all rights, powers and privileges and may engage in any activities and transactions that may be necessary, suitable, or proper to accomplish or further the Company's business and do any and all other acts incidental to, arising from, or connected with, its business.

2.4 Qualification. Prior to the Company's commencement of business in any jurisdiction other than the State of California, the Managers shall cause the Company to comply with all requirements necessary to qualify the Company as a foreign limited liability company authorized to do business in such jurisdiction and each Member shall cooperate and take any actions reasonably requested by the Managers or appropriate in order to qualify, continue or terminate the qualification of the Company as a limited liability company in California or as a foreign limited liability company authorized to do business in jurisdictions other than California.

2.5 Nature of Entity. It is the intention of the Members that the Company, as a limited liability company, shall not constitute or be treated as a partnership, limited partnership or joint venture for any purpose other than for federal and state tax purposes. Except as otherwise specifically provided in this Agreement or required by the Act, no Member or Manager shall be liable for any debts, obligations or liabilities of the Company, whether arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and the Members

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(including any Member that is also a Manager or Officer) shall not be obligated personally for any such debts, obligations or liabilities solely by reason of being a Member. The Company shall be treated as a partnership for United States federal tax purposes, and, neither the Company nor any of its Members or Managers shall intentionally take any action inconsistent with such treatment.

2.6 Principal Office and Place of Business. The principal place of business of the Company shall be 22647 Ventura Blvd #448, Woodland Hills, California 91364. The Managers may change the Company's principal place of business; provided, however, that the Company shall promptly notify the Members of any change in the principal place of business of the Company.

2.7 Agent. The Company shall at all times maintain a registered agent as required under the Act, who shall be as stated in the Articles of Organization or as otherwise may be determined from time to time by the Managers.

2.8 Tax Matters Partner. One of the Managers shall be designated on the Company's annual federal income tax return as the "tax matters partner" pursuant to Section 6231 of the Code (the "Tax Matters Partner"), and shall have all powers and responsibilities necessary in connection therewith, including the ability to make elections for the Company for federal, state and local tax purposes; provided, however, that the Tax Matters Partner shall not elect to have the Company treated as an association taxable as a corporation for federal or state tax purposes. If for any reason the Managers shall cease to be the Tax Matters Partner, then the Members shall appoint a new Tax Matters Partner. The initial Tax Matters Partner shall be Irvine.

2.9 Term. The term of the Company commenced on April 27, 2018, and the existence of the Company shall continue on a perpetual basis unless and until the Company is terminated and liquidated and its affairs wound up pursuant to applicable provisions of the Act and this Agreement.

### ARTICLE 3
### FINANCIAL AND ACCOUNTING MATTERS

3.1 Capital Structure and Capital Contributions.

3.1.1 Capital Structure. Upon the execution of this Agreement, the Original Members shall be admitted to the Company with respect to the number of Units set forth opposite their respective names on Annex 1 hereto. The Members' ownership of Units shall be evidenced by this Agreement.

3.1.2 Creation of Additional Units. Additional or new Units may be created and issued to existing Members or to new Persons, and such Persons may be admitted to the Company as Members, with the approval of the Managers, on such terms and conditions as the Managers may determine. The Managers shall thereafter reflect such an admission of any new Member or the creation of any new class or group of Members or Units in an amendment to this Agreement which shall be valid and binding on all Members.

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3.1.3 Initial Capital Contributions. Concurrently with the execution and delivery of this Agreement, the Original Members each shall pay and contribute to the Company, in cash, or property rendered in the amounts set forth on Annex 1 hereto.

# 3.1.4 Additional Capital Contributions.

(a) If the Managers determine at any time or from time to time that the Company requires additional Capital Contributions to pay expenses of the Company or otherwise carry on the business of the Company, the Managers shall, provide a notice to the Members setting forth the additional Capital Contributions required by the Company, the reasons therefor, each Member's proportionate share, based upon his Percentage Interest, of such additional Capital Contributions and the Company's offer to sell and issue to the Members Units or other membership interests in the Company in exchange for the Members' providing such needed additional Capital Contributions. Except as otherwise provided in this Section 3.1.3, the terms and provisions of each such offer shall be determined by the Managers in its discretion. Such terms and conditions shall apply equally to all of the Members, and no Member shall be treated disparately vis-à-vis the other Members without the consent of the Member receiving such disparate treatment.

(b) In response to each offer pursuant to Section 3.1.3, each Member may, but shall not be obliged to, elect, in the manner and within the election period specified in such notice from the Managers, to pay and provide to the Company all or any portion of such Member's proportionate share of such additional Capital Contributions in exchange for additional Units or other membership interests in the Company as provided in the offer. The Managers also shall afford each of the Members the opportunity to indicate whether they are willing to provide more than such Member's proportionate share of such additional Capital Contributions to the extent that any other Member elects to provide less than all of such other Member's proportionate share of such additional Capital Contributions. To the extent that more than one Member indicates its willingness to do so, the Managers shall permit such Member to provide, on a pro rata basis in accordance with the ratio that each such Member's Percentage Interest bears to the total Percentage Interests of all such Members, the additional Capital Contributions not provided by such other Member.

(c) Each of the Members acknowledges and agrees that, to the extent such Member does not elect to participate in such additional Capital Contribution or elects to participate, but fails to pay and provide all such Member's proportionate share of any additional Capital Contributions called for from time to time by the Managers, its Percentage Interest will be diluted accordingly.

(d) Except as provided in Sections 3.1.2 and 3.1.3, no Member shall be required or permitted to make any additional Capital Contributions to the Company.

3.2 Limitations. Except as otherwise specifically provided in this Agreement or required by applicable law, (a) no Member shall be required to make any further contribution to the capital of the Company to restore any loss of the Company, to discharge any liability of the Company, to eliminate any negative Capital Account or for any other purpose; (b) no Member or Manager shall be personally liable for any liabilities of the Company; (c) no contribution or other

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amount credited to the Capital Account of any Member shall earn interest at any time; (d) no Member shall have the right to demand the return of any Capital Contribution or any other amount credited to the Capital Account of such Member; (e) no Member shall be personally liable for the return of all or any part of any Capital Contribution or any other amount credited to the Capital Account of any Member, it being expressly understood by each Member that any such return shall be made solely from the assets of the Company; and (f) no Member shall have any right to demand or receive property, other than cash, in return for such Member's Capital Contribution or any other amount credited to the Capital Account of such Member.

3.3 No Credit to Capital Account. Notwithstanding any provision of this Agreement to the contrary, the value of any services provided to the Company by any Member shall be treated as zero for purposes of computing the Capital Account of such Member.

3.4 Loans. Upon request of the Managers, any Member may (but shall not be obligated to) loan funds to the Company for use in the business operations of the Company. Any such loan (a "Member Loan") made to the Company by any Member shall be at a commercially reasonable interest rate and on other commercially reasonable terms as shall be determined by agreement of the lending Member and the Managers on the Company's behalf, and such lending Member shall be treated as a creditor of the Company with respect to each such loan.

3.5 Fiscal Year and Accounting Methods. The fiscal year of the Company shall be January 1 to December 31. The books of the Company shall be kept by the Company in a manner consistent with the provisions of this Section 3.5 and Section 3.6 hereof and as otherwise determined to be appropriate by the Managers.

3.6 Fundamental Allocations.

3.6.1 Allocations. The Profits and Losses of the Company shall be allocated to and among the Members as follows:

(a) Except as otherwise provided in Section 3.6.2 through Section 3.6.5, Profits for each Tax Period shall be allocated to the Members in the following amounts and in the following order of priority:

(i) First, to the Members in the amounts, and in proportion to such amounts, as would cause the cumulative Profits allocated to the respective Members under this Section 3.6.1(a)(i) for the current and all prior Tax Periods to be equal to the cumulative Losses previously allocated to the respective Members for the current and all prior Tax Periods under Section 3.6.1(b) hereof

(ii) Thereafter, the balance, if any, to the Members, in accordance with their respective Percentage Interests.

(b) Except as otherwise provided in Section 3.6.2 through Section 3.6.5, Losses for each Tax Period shall be allocated to the Members in the following amounts and in the following order of priority:

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(i) First, to the Members in the amounts, and in proportion to such amounts, as would cause the cumulative Losses allocated to the respective Members under this Section 3.6.1(b)(i) for the current and all prior Tax Periods to be equal to the cumulative Profits previously allocated to the respective Members for the current and all prior Tax Periods under Section 3.6.1(a) hereof;

(ii) Second, to the Members to the amount of, and in proportion to, their respective positive Capital Account balances.

(iii) Thereafter, the balance, if any, to the Members, in accordance with their respective Percentage Interests.

3.6.2 Loss Limitation. Losses allocated pursuant to Section 3.6.1 hereof shall not exceed the maximum amount of Losses that can be allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any Tax Period. In the event some, but not all, of the Members would have Adjusted Capital Account Deficits as a consequence of an allocation of Losses pursuant to Section 3.6.1 hereof, the limitation set forth in this Section 3.6.2 shall be applied on a Member by Member basis, and Losses not allocable to any Member as a result of such limitation shall be allocated to the other Members in accordance with the positive balances in such Members' Capital Accounts so as to allocate the maximum permissible Losses to each Member under Regulations Section 1.704-1(b)(2)(ii)(d).

3.6.3 Qualified Income Offset. If during any Tax Period a Member unexpectedly receives (i) a distribution of cash or property from the Company, or (ii) an adjustment or allocation described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(5) as in effect on the date hereof (concerning allocations of loss and deduction if Members' Units change during the year, if Units are acquired by gift or if a Member receives certain Company property in redemption of part or all of his or its Units in the Company), and if such adjustment, allocation or distribution would cause at the end of the Tax Period an Adjusted Capital Account Deficit for such Member, then a pro-rata portion of each item of Company income, including gross income, and gain for such Tax Period (and, if necessary, subsequent Tax Periods) shall be allocated to such Member in an amount and in a manner sufficient to eliminate such deficit balance as quickly as possible; provided, however, that for this purpose, a Capital Account shall be increased by the Member's share of Company Minimum Gain (as defined in the Regulations) as of the end of the Tax Period. It is the intention of the Members that this Section 3.6.3 be treated as a "qualified income offset" within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(d).

3.6.4 Tax Allocations. Except as otherwise provided herein, as of the end of each Tax Period, items of Company income, gain, loss, deduction and expense shall be allocated for federal, state and local income tax purposes among the Members in accordance with the allocation of such items of income, gain, loss, deduction and expense among the Members for computing their Capital Accounts. In accordance with Code Section 704(c) and the Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for United States federal income tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company for United States federal income tax purposes and its initial Book

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Value (computed in accordance with the definition of Book Value). In the event the Book Value of any Company asset is adjusted pursuant to subparagraph (ii) of the definition of "Book Value," subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for United States federal income tax purposes and its Book Value in the same manner as under Code Section 704(c) and the Regulations thereunder. Allocations of tax credit, tax credit recapture, and any items related thereto shall be allocated to the Members according to their Percentage Interests in such items as determined by the Managers, taking into account the principles of Regulations Section 1.704-1(b)(4)(ii). Allocations pursuant to this Section 3.6.4 are solely for purposes of United States federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Member's Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement. The Members acknowledge that they are aware of the tax consequences of the allocations made by this Section 3.6.4 and hereby agree to be bound by the provisions of this Section 3.6.4 in reporting their respective allocable shares of items of Company income, gain, loss, deduction, expense, and credit.

3.6.5 Tax-Savings Provision. The allocations of Company income, gain, loss, deduction, and credit for federal income tax purposes described in this Agreement are intended to be recognized under Code Section 704(b) and the applicable Regulations thereunder or Code Section 704(c) and the applicable Regulations thereunder. To the extent that any of such allocations are not recognized under Code Section 704(b) and the applicable Regulations thereunder or Code Section 704(c) and the applicable Regulations thereunder, the Managers on the Company's behalf shall make appropriate adjustments to such allocations (and, if necessary, adjustments to any Member's Capital Account) so as to cause all of such allocations to be recognized under Code Section 704(b) and the applicable Regulations thereunder or Code Section 704(c) and the applicable Regulations thereunder, to the extent possible.

3.7 Distributions. Except in the case of the winding-up distributions described in Section 3.7.2 hereof, distributions shall be made by the Company as follows:

3.7.1 General. Subject to the Act, from time to time, the Managers shall determine whether, and to what extent, the Company has Available Cash sufficient to permit distributions to the Members.

(a) Current Distributions. Distributions, if any, pursuant to Section 3.7.1 shall be made to the Members in proportion to their respective Percentage Interests.

(b) Tax Distributions. Notwithstanding anything to the contrary in Section 3.7.1(a), the Company shall, to the extent of its Available Cash, make to each Member, quarterly distributions of cash as soon as is practicable following the close of each of the first three calendar quarters of each Tax Period, in amounts equal to the estimated Annual Tax Liability Amount with respect to each Member relating to such quarter (as estimated by the Members based on the results of such quarter). With respect to the fourth quarter of each such Tax Period, the Company's accountants shall compute each Member's actual Annual Tax Liability Amount and, to the extent of Available Cash, shall distribute within ninety (90) days after such Tax Period to each Member an amount equal to the excess (if any) of such actual Annual Tax Liability Amount over the three previous quarterly distributions with respect to such

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Member set forth above. Distributions made pursuant to this Section 3.7.1(b) shall be deemed advances against all other distributions due the Members pursuant to Sections 3.7.1(a) and 3.7.2 and shall reduce, dollar-for-dollar, the amounts distributable thereunder to such Member. The Members acknowledge and agree that the purpose of this Section 3.7.1(b) is to enable the Company to distribute sufficient cash to each Member to permit each Member to satisfy its federal, state and local income tax obligations, if any, arising from allocations to such Member of the Member's allocable share of the Company's taxable income.

3.7.2 Distributions Upon Winding-Up. Upon dissolution of the Company and the winding-up of the Company's affairs in accordance with Section 5.7.2 hereof, the assets of the Company shall, subject to the requirements of applicable law, be applied and distributed in the following order of priority:

(a) First, to the payment of debts and liabilities of the Company (including any Member who is a creditor of the Company), including, without limitation, the expenses of dissolution, winding-up and liquidation;

(b) Then, to the establishment of any reserves which the liquidator shall deem reasonably necessary for payment of such other debts and liabilities of the Company (contingent or otherwise) as are specified by the liquidator, such reserves to be held by a bank or trust company selected by the liquidator, as escrow holder, to be disbursed as directed by the liquidator in payment of any of the specified debts and liabilities or, at the expiration of such period as the liquidator may deem advisable, to be distributed in the manner hereinafter provided; and

(c) Then, to the Members in accordance with their positive Capital Account balances, after giving effect to all contributions, distributions and allocations for all periods.

The distributions in this Section 3.7.2 shall be made by the later of (i) the end of the Tax Period during which such liquidation occurs or (ii) 90 days after the date of such liquidation.

3.7.3 Deficit Capital Accounts. In the event of a liquidation of a Member's Units (as described in Section 3.7.2 or elsewhere in this Agreement) within the meaning of Regulations Section 1.704 1(b)(2)(ii)(g), distributions shall be made to the Members who have positive Capital Accounts in compliance with Regulations Section 1.704-1(b)(2)(ii)(b)(2). If any Member has a deficit balance in his, her or its Capital Account (after giving effect to all contributions, distributions and allocations for all Tax Periods, including the Tax Period during which such liquidation occurs), such Member shall have no obligation to make any contribution to the capital of the Company with respect to such deficit or to otherwise restore the deficit balance in such Member's Capital Account, and such deficit shall not be considered a debt owed to the Company or to any other Person for any purpose whatsoever.

3.8 Company Property; Waiver of Partition; Nature of Interests in the Company. All Company property shall be owned by the Company, subject to the terms and provisions of this Agreement. No Member shall have any interest in any specific property of the Company. The interests of all Members in the Company are personal property. Except as otherwise expressly

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provided for in this Agreement, each of the Members, in its capacity as a Member, hereby irrevocably waives any right or power that such Member might have to cause the Company or any of its assets to be partitioned.

## ARTICLE 4
## MANAGEMENT

# 4.1 Actions by the Members.

4.1.1 Member Meetings. No annual or regular meetings of the Members as such shall be required; if convened, however, meetings of the Members may be held at such date, time, and place as the Managers or as the Member or Members who properly called and noticed such meeting, as the case may be, may fix from time to time. At any meeting of the Members, the Members shall appoint an individual to preside at the meeting and another individual to act as secretary of the meeting. The secretary of the meeting shall prepare written minutes of the meeting, which shall be maintained in the books and records of the Company.

4.1.2 Call of Meeting. A meeting of the Members may be called at any time by the Managers, or by Majority-In-Interest of Members, for the purpose of addressing any matter on which the vote, consent or approval of the Members is required or permitted under this Agreement. Meetings of Members may be held by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and participation in a meeting pursuant to this Section shall constitute presence in person at the meeting

4.1.3 Notice. Notice of any meeting of the Members shall be sent or otherwise given to the Members in accordance with this Agreement not less than ten (10) nor more than sixty (60) days before the date of the meeting. The notice shall specify the place, date, and hour of the meeting and the general nature of the business to be transacted. Except as the Managers or the Member or Members who properly called such meeting, as the case may be, may otherwise determine at the meeting, no business other than that described in the notice may be transacted at the meeting.

4.1.4 Waiver of Notice. Attendance in person of a Member at a meeting shall constitute a waiver of notice of that meeting, except when the Member objects, at the beginning of the meeting, to the transaction of any business because the meeting is not duly called or convened, and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made at the meeting. Neither the business to be transacted nor the purpose of any meeting of Members need be specified in any written waiver of notice. The Members may participate in any meeting of the Members by means of conference telephone or similar means as long as all Members can hear and be heard by one another. A Member so participating shall be deemed to be present for all purposes at the meeting.

4.1.5 Written Consent. Any action that can be taken at a meeting of the Members may be taken without a meeting if a consent in writing setting forth the action so taken is signed and delivered to the Company by a Member or Members representing not less than the

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minimum Members necessary under this Agreement to approve the action. All such consents shall be maintained in the books and records of the Company.

4.1.6 Voting Rights. Except as specifically set forth in this Agreement, the Members shall have no rights to take action on the Company's behalf or to vote, approve or consent with respect to any Company matter.

4.1.7 Quorum; Member Approval. At every meeting of the Members, the presence, in person or by proxy, of a Majority-In-Interest of the Members shall constitute a quorum for the transaction of business at the meeting. In this regard, the interest, financial or otherwise, of a Manager or Member in any resolution, decision, action or matter to be acted upon by the Members shall not disqualify such Member from voting, consenting, or otherwise acting thereon on his or her capacity as a Member. Except as otherwise specifically provided in this Agreement, in all matters in which the action, vote, approval or consent of the Members is required or permitted under this Agreement, the action, vote, consent or approval of a Majority-In-Interest of the Members shall be necessary and sufficient to authorize, determine or approve such matter.

4.1.8 Proxies. Any Member entitled to vote on any matter shall have the right to do so either in person or by one or more agents authorized by a written proxy signed by the Member and delivered to the Company. A proxy shall be deemed signed if the Member's name is placed on the proxy (by manual signature (scanned copy or original)) by the Member or the Member's attorney-in-fact. A validly executed proxy which does not state that it is irrevocable shall continue in force and effect unless revoked by the Member executing it, before the vote pursuant to that proxy, by a writing delivered to the Company stating that the proxy is revoked, or by a subsequent proxy executed by, or attendance at the meeting and voting in person by, the Member executing the proxy; provided, however, that no proxy shall be valid after the expiration of eleven months from the date of the proxy, unless otherwise provided in the proxy.

### 4.2 Management of the Company.

4.2.1 General. Except for matters as to which this Agreement specifically reserves to the Members the authority to act, or to grant or withhold their consent or approval of an action, the Managers shall have full, complete, and exclusive authority to manage and control the business, affairs, properties, and assets of the Company, to make all decisions regarding the same, and to perform any and all other acts or activities customary or incident to the management of the Company's business.

4.2.2 Powers and Authority. Except as otherwise provided herein or by nonwaivable provisions of applicable law, the powers and authority of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed exclusively under the direction of, the Managers. Subject to the foregoing, the powers and authority of the Managers shall include, without limitation, the power and authority to, on behalf of the Company.

(a) Enter into, make and perform contracts, agreements, and other undertakings binding upon the Company that exceeds $50,000, that may be necessary,

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appropriate or advisable in the Managers' judgment in furtherance of the purposes of the Company and to make all decisions and waivers thereunder;

(b) Manage the business and affairs of the Company and for this purpose to employ, retain or appoint any officers, employees, consultants, agents, brokers, professionals or other Persons in any capacity whose annual compensation exceeds $50,000 and on such terms as the Managers deem necessary or desirable, as designated by Managers from time to time, and to delegate to such Persons such of its duties and responsibilities as the Managers shall determine;

(c) Open and maintain bank and investment accounts and arrangements to draw checks and other orders for the payment of money in excess of $50,000 and to designate individuals with authority to sign or give instructions with respects to those accounts and arrangements;

(d) Acquire property from any Person where such property, whether tangible or intangible, exceeds a value of $50,000 and maintain the assets of the Company in good order;

(e) Pay debts and obligations of the Company in excess of $50,000, to the extent that the funds of the Company are available therefor, and collect sums due to the Company;

(f) Borrow money on a secured or unsecured basis from banks or any other Person in excess of $50,000 or otherwise commit the credit of the Company for Company activities in excess of $50,000, and voluntarily prepay or extend indebtedness of the Company in excess of $50,000;

(g) Obtain insurance for the Company;

(h) Authorize distributions by the Company of Available Cash and other property as provided herein;

(i) Sell all or substantially all of the assets or business of the Company in excess of $50,000, with or without the goodwill, during or outside the ordinary course of the Company's activities;

(j) Admit an Additional or Substitute Member as a Member of the Company or issue any additional Units or other securities of the Company;

(k) Commence an Insolvency Proceeding on behalf of the Company, except where the failure to do so immediately would result in a material adverse effect;

(l) Initiate any litigation on behalf of the Company, execute a confession of a judgment against the Company; or enter into a settlement or compromise of any litigation, claim, or cause of action; and

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(l) Do and perform any and all other lawful acts as may be necessary or appropriate to conduct the business of the Company.

### 4.2.3 Managers.

(a) The Managers shall be two (2) Persons who shall initially be Irvine and Jung. Such number of Managers may be changed with the approval of the Managers. The Managers, if more than one, shall act by majority consent. Each Manager shall serve until such Manager's death, removal, or resignation, as provided herein. Each Member shall do or cause to be done all such actions as are necessary or appropriate to fully effectuate the provisions of this Section 4.2.3. No Individual Manager shall be considered a "Manager" of the Company (as such term is defined under the Act) or have any individual authority in respect of the management of the Company whatsoever except as expressly granted by the Managers.

(b) Managers may be removed at any time with cause by a Majority-in-Interest of the Members, upon providing immediate written notice to such Managers and to the Company. Managers may be removed at any time without cause by seventy-five percent (75%) of the outstanding Units owned by all the Members, upon providing thirty (30) days prior written notice to such Managers and to the Company. In the event the Manager is also a Member, then upon ceasing to be a Member of the Company, such Manager shall automatically be deemed to have resigned as a Manager, without any action on the part of the Company or any Member.

(c) The Managers may resign at any time upon notice to the Company. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time is specified, at the time of its receipt by the Company. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. In the event the Manager is also a Member, such resignation shall not impact its standing as a Member.

(d) Vacancies or newly created Manager positions resulting from any increase in the authorized number of Managers may be filled by a majority of the Managers then in office, though less than a quorum, or by a sole remaining Manager.

(e) The Managers shall have no duty to record in writing or otherwise any decision in the Managers' capacity as Managers of the Company within the scope of authority provided to Managers under this Agreement, and any failure by the Managers to make any such record shall not impair the validity of any such decision.

### 4.2.4 Duties of the Managers, Compensation.

(a) Fiduciary Duties. The sole extent of each Manager's fiduciary duties to the Members and the Company shall be as required under the Act, subject to the reasonable limitations on such duties set forth in this Agreement, and the Manager shall not, to the maximum extent permitted by the Act and other applicable law, owe any other duties (including any fiduciary duties) as a manager or Member to the other Members or the Company, notwithstanding anything to the contrary existing at law, in equity or otherwise.

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(b) Except as otherwise set forth in Section 6.2 or provided in any other contractual arrangements between the Company and one or more Members or Manager, any Member or Manager may engage in or possess any interest in another business or venture of any nature and description, independently or with others, provided that if such activities would breach a Member's or Manager's fiduciary duties to the Company under the Act and this Agreement, the consent of the holders of a Majority-In-Interest after full disclosure to all Members of all material facts shall be required. Neither the Company nor any other Member or Manager shall have any rights in or to any such independent business or venture or the income or profits derived therefrom, and the doctrine of corporate opportunity or any analogous doctrine shall not apply to the Members or Manager or the respective Affiliates thereof to the extent permissible under the Act. The pursuit of any such business or venture as permitted in this Section shall not be deemed wrongful, improper or a breach of any duty hereunder, at law, in equity or otherwise. Any Member or Manager or affiliate thereof shall be able to transact business or enter into agreements with the Company to the fullest extent permissible under the Act, subject to the terms and conditions of this Agreement.

(c) The Managers shall manage or cause to be managed the affairs of the Company in a prudent and businesslike manner, devoting such portion of such Manager's time and effort to the Company affairs as may reasonably be required for the effective management of such affairs; provided, however, that it is expressly understood and agreed that the Managers shall not be required to devote its full time or effort, to the business of the Company and shall not be restricted in any manner from participating in any other business or activities, subject to the covenants set forth in Article 6.

(d) Except to the extent approved by the Members in accordance with this Agreement, the Managers shall not be compensated by the Company for its services.

4.2.5 Bank Accounts. All cash receipts and other funds of the Company shall be deposited to one or more bank accounts in the name of the Company at one or more banks or other depositories selected by the Managers from time to time. Checks and other withdrawals from such accounts may be signed by the Managers or by any one or more other Persons who may be designated by the Managers from time to time.

### 4.2.6 Records and Reports.

(a) All books of account, with all other written records and other documents of the Company, shall be maintained at the principal office of the Company or at any other location that may be selected by the Managers from time to time, and shall be open to the reasonable inspection and copying by any Member or such Member's duly authorized representative.

(b) Within 90 days after the end of each Tax Period, the Managers shall cause to be prepared and delivered to each Member (i) unaudited financial statements of the Company for that year, including an income statement and balance sheet; and (ii) federal and other applicable income tax returns of the Company for that period, including Schedules K-1 for all Members.

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(c) Any Member shall have the right to inspect and copy, at such Member's own expense, any of the Company's records required to be maintained pursuant to the Act, at such Member's reasonable request and during regular business hours.

### 4.2.7 Officers.

(a) The Managers may, from time to time, designate one or more Persons to be officers of the Company (each, an "Officer"), with such titles and terms of the office as the Managers may assign to such Persons. Officers so designated shall have such authority and perform such duties as the Managers may, from time to time, delegate to them. Any number of offices may be held by the same Person. The salaries or other compensation, if any, of Officers shall be determined by the Managers in accordance with the terms of this Agreement. Unless otherwise provided herein, an Officer may be removed as such by the Managers, either with or without cause, at any time. An Officer may resign as such at any time and such resignation shall be made in writing and shall take effect at the time specified therein, or if no time be specified, at the time of its receipt by the Managers. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. The designation of an Officer hereunder shall not of itself create any contract rights. In the event the Officer is also a Member, then upon ceasing to be a Member of the Company, such Officer shall automatically be deemed to have resigned as Officer, without any action on the part of the Company, the Managers or any Member. Any vacancy occurring in any Officer position may be filled by the Managers. The provisions of this Section 4.2.7 are subject to any contrary provisions of any written employment agreement or other written contract between the Company and any Officer.

(b) Irvine is hereby designated as an Officer of the Company, with the title of Chief Executive Officer, and shall serve in such capacity until his successor has been duly elected and qualified or his earlier death or resignation. The Chief Executive Officer shall be primarily responsible for making major corporate decisions, managing the overall operations and resources of the Company. It is expressly understood and agreed that Irvine shall be required to devote his substantial time or effort to providing services or duties in such capacity, subject to the covenants set forth in Article 6. Irvine shall have such power and authority as is consistent with the positions of Chief Executive Officer which permit him to carry out his duties in such capacity.

(c) Jung is hereby designated as an Officer of the Company, with the title of Chief Marketing Officer, and shall serve in such capacity until his successor has been duly elected and qualified or his earlier death or resignation. The Chief Marketing Officer shall be primarily responsible for overseeing the planning, development and execution of the Company's sales strategy. The Chief Marketing Officer shall ensure that the organization's message is distributed across channels and to targeted audiences in order to meet Company sales objectives. It is expressly understood and agreed that Jung shall be required to devote his substantial time or effort to providing services or duties in such capacity, subject to the covenants set forth in Article 6. Jung shall have such power and authority as is consistent with the positions of Chief Marketing Officer which permit him to carry out his duties in such capacity.

### 4.2.8 Authorized Persons.

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In addition to Officers, the Managers may (a) authorize any Person to enter into and perform any agreement on behalf of the Company, and (b) appoint Persons, with such titles as they may select, as employees or agents of the Company to act on behalf of the Company, for such reasonable compensation as the Managers shall determine, and with such power and authority as the Managers may delegate, from time to time to any such Person. Any such Person, individual, officer, employee and/or agent (each “Authorized Person”) may be removed by the Managers at any time and from time to time, with or without cause.

The CEO and each of the Authorized Persons shall have the right to act for and bind the Company and may execute documents, instruments and contracts in the name of and on behalf of the Company. Any Person dealing with the Company, the Members, the Managers, any officer or any Authorized Person may rely upon a certificate signed by the CEO as to the identity of the Members, the Managers, the officers or the Authorized Persons and as to the authority of the CEO or such Authorized Persons to execute and deliver any agreement or other instrument or document on behalf of the Company. No Person dealing with the CEO or an Authorized Person need inquire into the validity or propriety of any agreement, instrument or document executed in the name of the Company by the CEO or an Authorized Person, or as to the authority of the CEO or Authorized Person executing the same. Notwithstanding anything to the contrary contained, no Member shall have authority to manage or specifically bind the Company except as specifically provided in this Agreement.

An Authorized Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the Company by any Person as to matters the Authorized Person reasonably believes are within such Person’s professional or expert competence.

4.2.9 Other Activities; No Exclusive Duty. Subject to the covenants set forth in Article 6, the Manager or Officer may, for his own account, without liability to the Company, be employed by a third party, engage in other businesses, investments, and other activities, in addition to those relating to the Company, and neither the Company nor its Affiliates, shall have any right, by virtue of this Agreement, or the relationship of the parties hereunder, in or to such other employment, positions, businesses, investments or activities of the Manager or Officer, or to any income or proceeds derived therefrom. The Company hereby agrees that any of the foregoing other activities shall not be deemed a breach of any duty owed to the Company or the Members by the Manager or Officer.

4.2.10 Acts of Managers as Conclusive Evidence of Authority. Any note, mortgage, evidence of indebtedness, contract, agreement, certificate (including, without, limitation, the Certificate), statement, conveyance, or other instrument in writing, and any assignment or endorsement thereof, executed or entered into between the Company and any other Person, when signed by the Managers reasonably believing that it is acting within the scope of its authority, shall not be rendered invalid as to the Company solely by any lack of authority, unless the other Person had actual knowledge that the Managers had no authority to execute the same. In this respect, the Managers shall be an “authorized person” within the meaning of the Act.

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4.3 Expenses of the Company; Payments to Managers, Officers and Members.

4.3.1 All expenses incurred by or on behalf of the Company in connection with the formation of the Company, the preparation of this Agreement and the carrying on of the Company's business and operations shall be borne and paid by the Company.

4.3.2 The Company shall reimburse for any payment made for any debt, obligation, or other liability incurred by a Manager in the course of the manager's activities on behalf of the Company, if, in making the payment or incurring the debt, obligation, or other liability, the Manager complied with the fiduciary duties stated in Section 17704.09 of the Act, and provides the Company with documentation sufficient to account for such expenses.

4.3.3 Each Member shall bear such Member's own costs and expenses, if any, incurred in connection with the formation of the Company, the preparation of this Agreement and the transactions contemplated hereby.

4.3.4 Except as authorized by the Managers, no Officer or Member is entitled to remuneration for services rendered to the Company.

4.3.5 Reliance on Acts of the Managers. No financial institution or any other Person dealing with the Managers of the Company shall be required to ascertain whether the Manager is acting in accordance with this Agreement, but such financial institution or such other Person shall be protected in relying solely upon the assurances of, and the execution and delivery of documents by, the Managers.

4.3.6 Indemnification and Insurance.

(a) Liability of Covered Persons.

(i) Except as expressly set forth herein or in any other written contracts, agreements or undertakings, no Manager shall have any duty to any Member or the Company, and no Covered Person shall be liable to the Company or any Member for any act or omission or error in judgment in performing such Covered Person's duties under this Agreement or the operation or affairs of the Company, if such Covered Person acted in good faith and in a manner it reasonably believed to be within such Covered Person's scope of the authority and such Covered Person complied with the fiduciary duties as stated in Section 17704.09 of the Act.

(ii) Each Covered Person shall be entitled to rely in good faith on the advice of counsel, public accountants and other independent advisors experienced in the matter at issue and selected, employed or engaged with reasonable care by or on behalf of such Covered Person or the Company, and any act or omission of any Covered Person in reliance on such advice shall in no event subject any Covered Person to liability to the Company or any Member.

(b) Indemnification of Covered Persons.

(i) The Company shall, to the maximum extent permitted by applicable law, indemnify, defend, and hold harmless each Covered Person from and against any

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and all Losses to which such Covered Person may become subject in connection with or arising out of or related to this Agreement, the operation or affairs of the Company, or by reason of the fact that such Covered Person is or was a Manager, officer, employee, agent, or similar functionary of the Company, or is or was serving at the request of the Company as a Manager, officer, director, partner, venturer, proprietor, trustee, employee, agent or similar functionary of other limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, in each case whether or not such Covered Person continues to be acting in such capacity at the time any such Losses are asserted, paid or incurred, provided that such Covered Person complied with the fiduciary duties as stated in Section 17704.09 of the Act (each, an "Indemnified Matter").

(ii) In the event that any Covered Person becomes involved in any capacity in any Proceeding in connection with any Indemnified Matter (including, but not limited to appearing as a witness or other participation in a Proceeding at a time when such Covered Person is not a named defendant or respondent in the Proceeding), in each case whether or not such Covered Person continues to be such at the time of such Proceeding, the Covered Person shall promptly provide the Company with written notice of such Proceeding and the Company shall be entitled to assume, at its sole option, the control of the defense, appeal or settlement of such Proceeding. The Covered Person shall fully cooperate with the Company in connection therewith. The Covered Person shall be entitled at any time to employ separate counsel to represent the Covered Person, but if the defense, appeal or settlement of such Proceeding has been assumed by the Covered Person, any separate counsel employed by the Covered Person shall be at the Covered Person's sole expense, and the Covered Person shall not settle any such Proceeding without the Company's prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

(iii) The Company shall periodically advance funds to or reimburse such Covered Person for its reasonable legal and other expenses (including the cost of any investigation and preparation) as incurred in connection with any Indemnified Matter or Proceeding relating thereto; provided, however, that such Covered Person shall provide a written undertaking to the effect that he, she or it shall promptly repay to the Company the amount of any such advanced or reimbursed expenses paid to it to the extent that it is determined by a final determination (after all appeals and the expiration of time to appeal) of a court of competent jurisdiction that such Covered Person is not entitled to indemnification by the Company pursuant to this Section 4.3.5 in connection with such Proceeding.

(iv) To the extent that a Covered Person has been successful on the merits or otherwise in defense of any Proceeding referred to in Section 4.3.5, or in connection with any appeal therein, or in defense of any claim, issue or matter therein, the Company shall indemnify that Covered Person to the fullest extent permitted by law against the expenses, including, without limitation, reasonable attorneys' and accountants' fees and disbursements, actually and reasonably incurred by that Covered Person in connection therewith. If the court in any such Proceeding finds that Covered Person liable to the Company, but, nevertheless, determines on application, that, despite such adjudication, but in view of all circumstances of the case, that Covered Person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper, the Company shall so indemnify that Covered Person.

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(v) The indemnification and advancement of expenses provided by this Section 4.3.5 shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may otherwise be entitled but shall be in addition to any similar rights to which any Covered Person may otherwise be entitled by contract or as a matter of law and shall inure to the benefit of each Covered Person's heirs, executors, administrators, personal representatives, successors and permitted assigns. The Company's indemnification obligations under this Section 4.3.5 shall be satisfied only out of the Company's assets. The rights of indemnification and advancement of expenses provided for in this Section 4.3.5 shall, with respect to a Covered Person, survive such Covered Person's withdrawal or termination as a Member of the Company and, otherwise, the dissolution and termination of the Company.

(c) Insurance. The Company may obtain and maintain, at its expense, insurance to protect the Members, the Managers, Officers, employees, and agents of the Company from Losses arising out of or in connection with such Person's status and actions as a Member, Manager, Officer, employee or agent of the Company. In addition, the Company may, without further approval, but is not obligated to, purchase and maintain insurance, at its expense, to protect itself and any Member, Manager, Officer, employee or agent of the Company who is or was serving at the request of the Company as a Manager, officer, director, partner, venturer, proprietor, trustee, employee, agent or similar functionary of a limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, against any expense, liability or loss, arising out of or in connection with such Person's status or actions as such, whether or not the Company would have the power to indemnify such Person against such expense, liability or loss under this Section 4.3.5. Upon a Member's, Officer's, or Manager's written request, the Managers shall cause the Company to furnish such Member, Officer, or Manager with copies of any such insurance policies.

(d) Savings Clause. If this Section 4.3.5 or any portion hereof is invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify, defend and hold harmless each Covered Person indemnified pursuant to this Section 4.3.5 as to any Losses incurred by such Covered Person in connection with any applicable Proceeding to the full extent permitted by any applicable portion of this Section 4.3.5 that was not invalidated and to the fullest extent permitted by applicable law.

## ARTICLE 5
### FUNDAMENTAL CHANGES

# 5.1 Restrictions on Transfer.

5.1.1 No Member shall be entitled to transfer any Units, or any interest therein, except as provided in this Agreement.

5.1.2 Notwithstanding any other provision of this Agreement, no Transfer may be made of any Units if such Transfer: (a) would violate any federal or state securities laws, (b) is made to a Person who does not execute a counterpart to this Agreement or otherwise agrees in writing to be subject to the terms of this Agreement or (c) would cause a default under the terms of any indebtedness of the Company or would otherwise violate the terms of any agreement

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between the Company and another party, and any attempted assignment in violation hereof shall be ineffective to transfer any such Units. Any Transfer of Units in contravention of this Agreement (a "Prohibited Transfer") shall be null and void and if a Member attempts to make a Prohibited Transfer, then the Managers shall be entitled to take any and all action that may be necessary or appropriate to defeat or prevent the Prohibited Transfer. Additionally, notwithstanding any other provision of this Agreement, without the consent of the Managers, no Units may be assigned or transferred if such assignment or transfer would result in the termination of the Company for federal income tax purposes.

5.2 Permitted Transfers. A Member shall be entitled to transfer all or any portion of his Units at any time, or from time to time, to a Permitted Transferee; however, a Permitted Transferee shall only receive an economic interest in the Units (without any management or voting interest) and shall not be entitled to become a Substituted Member except as provided below. A Permitted Transferee of any Member shall become a Substituted Member hereunder only with the written consent or approval of the Managers, and only if such Permitted Transferee has executed and delivered to the Company a counterpart to this Agreement pursuant to which such Permitted Transferee agrees to be bound by the terms and conditions of this Agreement. Upon the delivery of such counterpart Agreement, the Managers shall, without the need for any further consent or approval, amend Annex 1 hereto to reflect such Permitted Transferee as a Member and his, her or its Capital Contributions, Units and Percentage Interests, as well as those of the transferor-Member, after giving effect to such Transfer.

### 5.3 Transfer of Units Other Than to a Permitted Transferee.

5.3.1 Voluntary Transfers. Subject to Section 5.1.2, if any Member desires to sell all or any portion of his, her or its Units to a Person other than a Permitted Transferee (the "Offered Interest"), then such Member (the "Selling Member") shall provide written notice (the "Offer Notice") to the Company and to the other Members (the "Non-Selling Members") setting forth (i) the Offered Interest, (ii) the identity of the proposed Transferee, (iii) the price at which the Offered Interest is proposed to be transferred and (iv) in the case of a proposed sale or exchange for value, the terms of the proposed Transfer, including the consideration and other material terms and conditions. The delivery of the Offer Notice to the Company and the Non-Selling Members shall trigger the Company's and the Non-Selling Members' right (but not the obligation) to purchase part or all of the Offered Interests pursuant to Section 5.3.3.

5.3.2 Involuntary Transfers. Subject to Sections 5.1.2 and 5.2, upon the occurrence of a Triggering Event, the affected Member or such Member's legal representative, successor-in-interest, or transferee (each, an "Affected Member") shall be deemed to have made an offer to sell all (but not less than all) of such Affected Member's Units (the "Affected Interests") to the Company and the other Members (the "Non-Affected Members") in accordance with this Section. The Affected Member shall provide written notice of such Triggering Event to the Company and each Non-Affected Member within thirty (30) days of its occurrence or, if later, within twenty (20) days of when the Affected Member reasonably becomes aware of the occurrence of a Triggering Event, setting forth the identity of the Affected Member, the Affected Interests to be transferred, and all other material information (the "Triggering Event Notice"). Following the Triggering Event Notice, an appraisal of the Fair Value of the Affected Interests shall be made and delivered to the Managers within ten (10) business days of the delivery of the

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Triggering Event Notice, unless otherwise waived by the Managers. Within five (5) business days of the delivery of the appraisal for Fair Value, the Managers shall provide written notice of the Fair Value determination to the Company and each Non-Affected Member, along with any changes to the material information set forth in the Triggering Event Notice (the "Valuation Notice"). The delivery of the Valuation Notice to the Company and the Non-Affected Members shall trigger the Company's and the Non-Affected Members' right (but not the obligation) to purchase part or all of such Affected Interests pursuant to Section 5.3.3.

5.3.3 Right of First Refusal. Upon receipt of the applicable notices required by Section 5.3.1 or Section 5.3.2, the Company and the Members shall have the right (but not the obligation) to purchase (all or any part) of the Offered Interests or Affected Interests as provided in this Section.

(a) For a period of thirty (30) calendar days from the date of the Offer Notice or Valuation Notice, as the case may be (the "Company Period"), the Company shall have the right (but not the obligation) (the "First Refusal Right") to purchase all or any portion of the Offered Interests or Affected Interests, as the case may be (the "Transferred Interests") at the same price and on the same terms and conditions specified in the Transfer Notice or Valuation Notice (including the Triggering Event Notice), as the case may be (the "Transfer Notice").

(b) If the First Refusal Right has not been exercised with respect to all of the Transferred Interests upon the expiration of the Company Period, then for a period of thirty (30) calendar days immediately following the expiration of the expiration of the Company Period (the "Non-Transferring Member Period"), the Non-Selling Members or Non-Affected Members, as the case may be (the "Non-Transferring Members") shall have the First Refusal Right to purchase all or any portion of the Transferred Interests on a pro rata basis based upon their respective Percentage Interests, at the purchase price and on the terms stated in the Transfer Notice, by delivery of written notice (an "Election Notice") to the Transferring Member and the other Non-Transferring Members. If some, but not all, of the Non-Transferring Members elect to so purchase, then those Non-Transferring Members who have elected to so purchase shall be entitled to purchase all or any portion of the Transferred Interest not being purchased by the other Non-Transferring Members in accordance with the ratio that their respective Percentage Interests bear to the total Percentage Interests of all such purchasing Non-Transferring Members.

(c) If the Company or the Non-Transferring Members delivers an Election Notice or Election Notices in accordance with this Section 5.3.3 electing to purchase all or any portion of the Offered Interest, the sale shall be consummated on the terms and conditions set forth in the Transfer Notice. At the closing, the Transferring Member shall convey, transfer and assign to the Company or such Non-Transferring Members, as applicable (by assignment and such instruments of transfer as shall be reasonably requested), the Transferring Member's entire right, title and interest in and to the Transferred Interest purchased by that Person, free and clear of any liens, encumbrances or claims of any nature whatsoever other than those set forth in this Agreement, and shall, to the extent requested by the Company or such Non-Transferring Members, cooperate to effect a smooth continuation of the affairs of the Company. At the closing, the Company or such Non-Transferring Members, as applicable, shall pay to the Transferring Member, in immediately available funds, an amount equal to the total purchase

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price for the Transferred Interest purchased by that Person, unless the terms of the Transfer Notice require otherwise.

(d) If the Company and the Non-Transferring Members fail to deliver an Election Notice or Election Notices within the time periods set forth in Section 5.3.3(b) or Section 5.3.3(c), as applicable, with respect to the entire Transferred Interest, then the Transferring Member shall be entitled to Transfer such portion of the Transferred Interest as is not purchased by the Company and the Non-Transferring Members, so long as such Transfer is in accordance with all of the information set forth in the Transfer Notice. In the event such Transferring Member has not sold or Transferred such Transferred Interests within a period of ninety (90) calendar days thereafter, such Transferring Member shall not thereafter sell any of the Transferred Interests without first offering them again to the Non-Transferring Members and the Company in accordance with this Section 5.3.3.

5.3.4 Payment of Purchase Price. In the event of any permissible Transfer of Units to the Company and/or another Member pursuant to Section 5.3.3 of this Agreement, such Transferee may elect to pay the applicable purchase price for such Units as provided for in this Agreement in following manner:

(a) Twenty-five percent (25%) of the applicable purchase price shall be paid in cash at the closing of such Transfer (the "Down Payment") and the remaining portion of the purchase price shall be paid over up to a three (3) year period in equal and successive annual installments (the "Installments"), the first of which shall be due on the first day of the year following such closing and the remaining Installments shall be due on the first day of each year thereafter until the purchase price is paid in full. The Installments shall be evidenced by a promissory note (the "Note") made by the Company or Transferee(s), as the case may be, in favor of the Transferor, with interest on unpaid principal balances computed at the rate reported from time to time in the New York edition of the Wall Street Journal (or its successor) as the U. S. prime rate, but in any event not lower than the Applicable Federal Rate as of the time the Note is made. Interest payments shall be made concurrently with each payment of principal. Notwithstanding the foregoing, the Note shall be subject to complete or partial prepayment of principal or interest or both at any time or from time to time at the election of the payor without penalty on five business day's written notice, and to a right of election of the payee to require immediate payment of all amounts unpaid thereunder upon 30 days after any default in payment of principal or interest; or

(b) Payment of 100% of the purchase price at the closing of such Transfer by wire transfer to an account designated by the Transferor.

5.4 Transferee Not Member. Except as otherwise set forth herein, a Transferee of an Unit, or any part thereof, pursuant to a Transfer otherwise complying with the provisions of this Article 5 shall not be a Member, and shall have no right to participate in the management of the business of the Company or to become a Member, unless the Managers approve the admission of such transferee as a Member, which approval may be withheld in the sole discretion of the Managers. A Transferee not admitted as a Member hereunder will be deemed to be a transferee as defined under Act for all purposes, and shall be entitled to receive the share of Profits and Losses, other allocable items and distributions to which the Transferor would have been entitled

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to the extent of the Units Transferred to such Transferee. A Transferee who becomes a Member shall be treated as a Member for all purposes under this Agreement and shall be liable for the obligations of its Transferor, including any obligation of the Transferor to make Capital Contributions, in connection with any assumed Member Loans, and with respect to any unsatisfied obligation of the Transferor in respect of the Units assigned. As a condition to being admitted as a Member, a Transferee must execute a counterpart of this Agreement and any other documents or instruments reasonably requested by the Managers. Notwithstanding the foregoing, the pledge, encumbrance or hypothecation of all or any portion of a Member's Units shall not cause such Member to cease to be a Member or to have the power to exercise any rights or powers of a Member.

5.5 Indebtedness. Any indebtedness to the Company and/or the other Members of a Member Transferring all (but not less than all) of its Units shall immediately become due and payable and shall be paid by or on behalf of such Member at the closing of such Transfer; provided, however, that any indebtedness due to a purchaser of such Units shall be deducted from and set off against the applicable purchase price. Any indebtedness of a purchaser of such Units or the Company to the Member Transferring all (but not less than all) of its Units shall become immediately due and payable and shall be paid by such purchaser or the Company to such Transferring Member at the closing of such Transfer.

5.6 Withdrawal. No Member shall have the right to withdraw or resign from the Company prior to the dissolution and winding up of the Company except as set forth in this Article V.

# 5.7 Dissolution.

5.7.1 General. The Company shall be dissolved and its affairs wound up upon the first to occur of any of the following events:

(a) The determination by the unanimous vote of entire Managers or a Majority-in-Interest of the Members at any time to dissolve the Company;

(b) upon the termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining Member of the Company unless the business of the Company is continued in a manner permitted by this Agreement or the Act; or

(c) The entry of a decree of judicial dissolution of the Company under the Act.

5.7.2 Liquidation and Termination. Upon dissolution of the Company, the Managers shall act as liquidator or may appoint one or more other Persons to act as liquidator. If there is no Manager then serving, the Members shall select one or more Persons to act as liquidator. Such liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Managers. The liquidator, as promptly as possible after dissolution and again after final liquidation, shall cause a proper

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accounting to be made by a certified public accounting firm of the Company's assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable, and shall apply the proceeds of liquidation as provided in Section 3.7.2 and in accordance with the time requirements of Regulations Section 1.704-1 (b)(2)(ii)(b)(2). If, in the reasonable judgment of the liquidator, it will not be possible or prudent to complete the liquidation of the Company's assets and the distributions to the Members within that prescribed time period, the liquidator shall, on or before the last day of such period, distribute all remaining assets and liabilities of the Company to a trust, with the liquidator or such other Person as the liquidator may appoint serving as the trustee thereof, for the purpose of complying with such timing requirements. The trustee of said trust shall, thereafter, proceed with the completion of the liquidation of said remaining assets in the manner described in this Section 5.7.2 and with the application of the proceeds therefrom in the manner provided in Section 3.7.2, and the trust shall be terminated as promptly as possible after completing all such actions.

5.7.3 Final Accounting. Each of the Members shall be furnished with a statement prepared by the Company's accountants, which shall set forth the assets and liabilities of the Company as of the last day of the month which includes the date of the final liquidation of the Company's assets and shall provide relevant information concerning the application and disposition of such assets and the proceeds thereof. Upon compliance by the liquidator with the foregoing provisions, the liquidator shall execute and cause to be filed a certificate of cancellation and any and all other documents necessary to terminate the Company's existence under the Act.

### 5.8 Amendments.

5.8.1 By the Managers Without Consent or Approval. This Agreement may be amended by the Managers, without the consent or approval of the Members, if such amendment (a) is solely for the purpose of reflecting the admission of Additional Members or Substituted Members who have been admitted as Additional or Substituted Members of the Company in accordance with the terms of this Agreement, or updating Annex 1 hereto to reflect changes in the Capital Contributions, Units, Percentage Interests and any other information contained therein in accordance with the terms of this Agreement; (b) to cure any ambiguity, to correct or supplement any provision herein that may be inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Agreement that are not inconsistent with the provisions of this Agreement; (c) is, in the opinion of counsel for the Company, necessary or appropriate to satisfy requirements of the Code or Regulations or of any federal or state securities laws or regulations; or (d) to take such actions as may be necessary (if any) to ensure that the Company will be treated as a partnership for federal income tax purposes, and that each Member will be treated as a limited partner for federal income tax purposes; provided, that no amendment shall be adopted pursuant to this Section 5.8.1 unless the adoption thereof does not affect the limited liability of the Members or the status of the Company as a partnership for federal income tax purposes.

5.8.2 By Consent. Except as provided in Section 5.8.1, this Agreement may be amended only with the consent or approval of unanimous vote of the entire Managers or a Majority-in-Interest of the Members.

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5.8.3 Notice of Proposed Amendments. A copy of any amendment proposed to be made pursuant to Section 5.8.2 shall be provided to each Member by the Managers at least seven days prior to its proposed adoption date.

## ARTICLE 6
## COVENANTS OF MEMBERS

### 6.1 Confidentiality.

Other than in connection with the Company's business, each Member will not at any time retain or use for the benefit, purposes or account of such Member or any other person or disclose, divulge, reveal, communicate, share, transfer or provide access to any person outside the Company, any Confidential Information without the prior written authorization of the Company. Confidential Information includes but not limited to, any (i) proprietary information (whether supplied by Company or by third parties through the Company), which includes database, data sources, concepts, slogans, designs, sketches, diagrams, notes, visual images, audio clips and other information; (ii) a whole or any portion or phase of any technical information, design, process, procedure, formula, coding or improvement relating to the development, design, construction, and operation of the Company's proprietary software and business; (iii) business partner, agent, contractor, publisher, distributor, vendor, supplier, client, customer and advertiser lists and information, price lists or pricing structures, account invoices, (iv) marketing and sales information, marketing methods, business plans or dealings and financial information, (v) Company's operational processes in particular, such operational processes relating to the soft sourcing of legal, intellectual property, accounting, technology services, client relationship management and passwords, user ID or any other access information which the Company may provide the Member with to enable the Member to access the Company's information system and plans as well as all papers, resumes and records that are disclosed to or otherwise known to the Member as a direct or indirect consequence of the Member's association with the Company of which the Member has a reasonable basis to believe Company would like to treat as confidential for any purpose, such as maintaining a competitive advantage or avoiding undesirable publicity. The Member has kept and will keep confidential information secret whether or not any document containing it is marked as confidential. Confidential Information disclosed by Company to the Member hereunder may include Confidential Information of a third party, provided that the third party has authorized such disclosure and in such event this Agreement shall apply equally to such Confidential Information and shall inure to the benefit of such third party.

6.1.1 Confidential Information shall not include any information that is: (i) generally known or becomes known to the industry or the public other than as a result of a Member's breach of this covenant; (ii) made legitimately available to a Member by such third party without breach of any confidentiality obligation by a third party; or (iii) demonstrably known to the Member prior to becoming a Member of the Company. In addition, and notwithstanding anything to the contrary in this Agreement, the provisions of Section 6.1 will not restrict a Member from disclosing the Confidential Information pursuant to an order, direction or other regulation legally enforceable against the Member, provided that (x) any such disclosure shall be only as far as necessary to reasonably comply and (y) Member shall notify the Company

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of the obligation as soon as reasonably practicable and cooperate in any effort by the Company to obtain a protective order.

6.1.2 Upon the later of: (i) the withdrawal or expulsion of a Member or the Transfer with respect to all (but not less than all) of such Member's Units; and (ii) the termination of any other role that a Member may serve with respect to the Company, including Manager, Officer, contractor, agent or employee, such Member shall cease and not thereafter use any Confidential Information of the Company, and shall return to the Company or destroy all Confidential Information in such Member's possession or control, regardless of the form or medium it is contained or where located (including, but not limited to, all originals, copies, memoranda, books, papers, plans, computer files, letters and other data that contains Confidential Information) and shall surrender any and all Company property that such Member has in its possession or control back to the Company.

## 6.2 Restricted Activities.

6.2.1 Each Member agrees with the Company that the services that the such Member will render to the Company during the time such Member owns Units or such Manager serves as the Manager of the Company (the "Restricted Period") are unique, special and of extraordinary character, that the Company will be substantially dependent upon such services to develop and market its products and services and to earn a profit, and that the application of such Member's knowledge and services to any competitive business would be substantially detrimental to the Company. Accordingly, in consideration for the Company's issuance of Units to such Member or the appointment of such Manager, as applicable, such Member will not compete with the Company or any Affiliate of the Company (or any of their successors or assigns), directly or indirectly, during the Restricted Period. The term "compete" as used herein means to engage in, assist, or have any interest in, including as a principal, consultant, employee, owner, shareholder, director, officer, partner, member, advisor, agent, or financier, any Person (other than an Affiliate of the Company) that is, or that is about to become engaged in, the business of the Company, as such business exists or is in process during the Restricted Period of which the Member has a reason to know. This Section 6.2.1 or Section 6.2.2 may be waived with respect to any specific activities at the request of a Member or the Manager, with the consent of the Managers after full disclosure to Managers of all material facts. Nothing herein shall prohibit any Member from being a passive owner of not more than 5% of the outstanding stock of any class of a corporation which is publicly traded, so long as he has no active participation in the business of such corporation.

6.2.2 Furthermore, during the Restricted Period, no Member shall, directly or indirectly, with respect to the Company or any Affiliate of the Company (or any of their successors or assigns):

(a) Directly or indirectly influence any of the Company's employees or contractors to terminate their employment with the Company or accept employment with any of the Company's competitors; or

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(b) Interfere with any of the Company's business relationships, including those with advisors, investors, customers, suppliers, consultants, attorneys, and other agents, whether or not evidenced by written or oral agreements.

### 6.3 Intellectual Property.

6.3.1 Except as otherwise provided herein and subject to the terms of any services or employment agreement between Member and the Company, each Member that has created, invented, designed, developed, contributed to or improved any works of authorship, program, software, websites, articles, slogans, logos, trademarks, service marks, domain names, graphics, audio, video, images, source code, inventions, ideas, intellectual property, materials, documents or other work product (including without limitation, research, reports, software, databases, systems, applications, presentations, textual works, content, or audiovisual materials) ("Works"), either alone or with third parties, prior to such Member's becoming admitted as a Member of the Company or such Person becoming appointed as Manager of the Company and any time during such Member's relationship with the Company, which Works are reasonably related to the Company's business, as determined by the Managers in its sole discretion ("Company Works"), hereby irrevocably grants, assigns, transfers and conveys to the Company, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret, unfair competition and related laws) to the extent ownership of any such rights does not vest originally in the Company. The Company shall have the sole right to edit, modify, revise, and reproduce the Company Work, or any portion thereof, throughout the world in any medium or media now known or hereafter developed and such Member hereby waives any and all "moral rights" which it may have in respect to the Company Work in any country of the world.

6.3.2 Such Member shall take all reasonably requested actions and execute all reasonably requested documents (including any licenses or assignments required) at the Company's expense (but without further remuneration) to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company's rights in the Company Works. If the Company is unable for any other reason to secure a Member's signature on any document for this purpose, then such Member hereby irrevocably designates and appoints the Company and its duly authorized Managers and agents as Member's agent and attorney in fact, to act for and in Member's behalf and stead to execute any documents and to do all other lawfully permitted acts in connection with the foregoing.

6.4 Blue Pencil. If, at the time of enforcement of this Article 6, a court shall hold that the duration, scope or area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law.

6.5 Officers and Managers Covered. References to Member in this Article 6 shall be deemed to cover, and the provisions of this Article 6 shall apply to, any Officer or Manager of the Company.

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6.6 Survival. The provisions of this Article 6 shall survive the termination of a Member's membership in the Company and the dissolution of the Company, and any Member shall be able to enforce the provisions of this Article 6 after such termination or dissolution. The covenants of this Article 6 shall be construed as independent of any other provisions of this Agreement and shall be enforceable regardless of whether a Member has a claim against the Company or any other Member based on this Agreement or otherwise.

## ARTICLE 7
MISCELLANEOUS

7.1 Notices. Any notice, election or other written communication required or desired to be given hereunder shall be deemed given or made (a) at such time as it is delivered personally to the intended recipient, (b) one (1) business day after it is delivered to Federal Express, UPS or any similar express delivery service, (c) three (3) business days after it is deposited in the United States mails, by registered or certified mail, return receipt requested, bearing proper postage, or (d) if sent by e-mail (and if the e-mail address of the Person to whom the notice is addressed is set forth as part of such Person's address for purposes of this Agreement) upon confirmed transmission to the recipient, addressed to the intended recipient at the address set forth on Annex 1 of this Agreement (in the case of any communication to a Member) or the address of the principal office of the Company (in the case of any communication to the Managers or the Company).

7.2 Entire Agreement. Except as otherwise specifically indicated herein, this Agreement contains the entire agreement of the parties and supersedes any and all prior understandings, agreements, representations and negotiations between them respecting the subject matters hereof.

7.3 Successors in Interest. Except as otherwise provided herein, all provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by and against the Company, the Members and their respective heirs, executors, administrators, personal representatives, successors and permitted assigns.

7.4 Counterparts and Facsimiles. This Agreement and any other documents related to this Agreement may be executed in several counterparts, including by facsimile or electronic transmission, all of which together shall be considered an original of this Agreement.

7.5 Severability. In the event any provision of this Agreement or any application thereof is held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the other provisions hereof and of any other application of the specific provision involved shall not be affected or impaired in any manner.

7.6 Captions. The captions at the beginnings of the sections and paragraphs of this Agreement are not part of the context of this Agreement, but are merely labels to assist in locating those sections and paragraphs, and shall be ignored in construing this Agreement.

7.7 Additional Documents. Each Member shall execute, acknowledge or verify and deliver any and all documents from time to time reasonably requested by the Managers or any other Member to carry out the purposes and intent of this Agreement.

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7.8 No Third Party Benefit. Except as otherwise specifically provided herein, this Agreement is intended for the exclusive benefit of the Company, the Managers, the Officers and the Members and their respective successors and permitted assigns, and nothing contained in this Agreement shall be construed as creating any right or benefit in or to any other third party.

7.9 Investment Representations. Each Member hereby represents and warrants to the Company and each other Member as follows:

(a) The Units acquired by the Member have not been registered under the Securities Act of 1933, as amended, California state securities laws or any other state securities laws (collectively, the "Securities Acts") and the Company is issuing such Units in reliance upon exemptions from the registration requirements contained in the Securities Acts for issuances not involving any public offering;

(b) Member is acquiring the Units for his or its own account, for investment purposes only, and not with a view to the resale or distribution thereof;

(c) The offer and sale of the Units was not accomplished by the publication of any advertisement, and at no time was the Member presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, publication, or any other form of general advertising in connection therewith;

(d) The Member has a pre-existing personal or business relationship with either the Company or any of its officers, members, Managers or controlling persons, of a nature and duration such as would enable a reasonable prudent investor to be aware of the character, business acumen, and general business and financial circumstances of the Company; and

(e) Before acquiring the Units, each Member investigated the Company and its business, had the opportunity to ask questions or and receive answers and all information requested from management of the Company, and the Member has such knowledge and experience in financial, tax and business matters that it is capable of evaluating the risks and merits of an investment in the Units.

7.10 No Conflicts. Except for any required blue sky or state notice filings, no consent, authorization, approval, order, license, certificate or permit of or from, or declaration or filing with, any federal, state, local or other governmental authority or any court or any other tribunal is required by the Company for the execution, delivery or performance by the Company of this Agreement or the execution, issuance, sale or delivery of the Units.

7.11 Waiver. Neither the waiver by any Member of a breach of or a default under any provision of this Agreement, nor the failure of any Member on one or more occasions to enforce any of the provisions of this Agreement or to exercise any right, remedy or privilege hereunder, shall be construed as a waiver of any subsequent breach or default of a similar nature or as a waiver of any such provision, right, remedy or privilege. No waiver of any of the provisions of this Agreement shall be valid unless it is in writing and signed by the party against whom the waiver is sought to be enforced.

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7.12 Survival. If any provision of this Agreement establishes, with respect to any Member or the Company, any rights or obligations which are to be in effect after the termination or expiration of this Agreement or, with respect to a Member, the termination of a Member's membership in the Company, such provision shall survive the termination or expiration of this Agreement or, with respect to a Member, the termination of a Member's membership in the Company and shall be binding upon all Persons affected by such provision for such period of time as may reasonably be required in order to give full effect to the intended application of such provision.

7.13 Applicable Law. This Agreement will be governed by the laws of the State of California, without regard to its conflicts of laws or choice of laws provisions thereof.

7.14 Arbitration. Except as otherwise expressly set forth herein, any dispute between the parties arising out of this Agreement, shall be decided exclusively by binding arbitration in the State of California, within Los Angeles County, conducted in accordance with the Commercial Arbitration Rules of the American Arbitration Association or any successor rules thereto (the "Rules"). The parties agree to make a good faith effort to select a mutually agreeable arbitrator, however, if the parties are unable to reach agreement on an arbitrator, one will be selected pursuant to the Rules. The arbitrator's decision and/or award will be fully enforceable and subject to an entry of judgment by any court of competent jurisdiction. All arbitral proceedings conducted pursuant to this Section and information disclosed in connection therewith shall be kept strictly confidential, except for any disclosure as may be required by law, and may not be used for any other purpose. Any provisional remedy in Section 7.15 or otherwise, which, but for this Agreement to arbitrate disputes, would be available under this Agreement or at law, shall be available to the parties hereto pending arbitration. Each party shall pay their own attorneys' fees and other expenses of such arbitration and related proceedings, except that the costs assessed by the American Arbitration Association shall be shared equally by the parties.

7.15 Remedies. Each Member acknowledges and agrees that his ability to earn a livelihood would not be impaired in any manner by his performance of, or a court's enforcement of, the covenants set forth in Article 6. Each Member further acknowledges and agrees that the Company has developed its research investment plans over an extended period of time and at a substantial investment of time and money. The Company's business is based largely upon the personal and professional relationships developed by the Company, its Managers, its Members and its Officers and its employees and/or consultants. The Members agree that most of these relationships have developed into permanent or near permanent relationships. Each Member acknowledges that the covenants set forth in Article 6 are of vital concern to the Company, that monetary damages for any violation thereof would not adequately compensate the Company and that the Company is engaged in a highly competitive business. Accordingly, it is agreed that remedies at law will not be adequate in the event of a breach of such provisions, and notwithstanding anything to the contrary as contained in this Agreement, the Company shall be entitled to the equitable remedy of specific performance and shall have the right to preliminary and permanent injunctive relief (without the necessity of posting bond or proving the inadequacy of monetary damages) at any court of competent jurisdiction, to secure specific performance and to prevent a breach or contemplated breach of such covenants. Each Member agrees to indemnify and reimburse the Company for any and all costs, expenses (including but not limited

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to reasonable attorneys' fees), losses and damages paid or incurred as a result of or arising from his breach of the provisions of Article 6. References to Member in this Section shall be deemed to cover, and the provisions of this Section shall apply to, any Officer or Manager of the Company.

7.16 Interpretation. As used in this Agreement, the word "including" means including, without limitation, the word "or" is not exclusive and the words "herein," "hereof" "hereby," "hereto" and "hereunder" refer to this Agreement as a whole. When permitted by the context, each pronoun used in this Agreement includes the same pronoun in other numbers or genders, and each noun used in this Agreement includes the same noun in other numbers. Unless the context otherwise requires, references herein: (a) to Sections and Exhibits means the Sections of, and the Exhibits attached to, this Agreement; (b) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement; and (c) to a statute means such statute as amended from time to time and includes any successor legislation thereto. Any Annex referred to herein shall be construed with and as an integral part of this Agreement to the same extent as if they were set forth verbatim herein. All references to "days" contained herein shall refer to calendar days, unless otherwise specified. The parties hereto agree that this Agreement is the product of negotiation among sophisticated parties and individuals, all of whom had the opportunity to be represented by counsel, and each of whom had an opportunity to participate and did participate in, the drafting of each provision hereof. Accordingly, ambiguities in this Agreement, if any, shall be construed without regard to any rule of construction against the drafter.

7.17 Reliance on Outside Advisors. EACH MEMBER WARRANTS AND REPRESENTS THAT, IN ENTERING INTO THIS AGREEMENT, SUCH MEMBER HAS HAD THE OPPORTUNITY TO CONSULT WITH AND HAS RELIED OR WILL RELY SOLELY ON THE PROFESSIONAL ADVICE OF HIS OWN ATTORNEYS, TAX AND ADVISORS REGARDING THE TERMS OF THIS AGREEMENT AND THE CONSEQUENCES HERETO AND THAT HE HAS NOT RELIED UPON THE ADVICE OF THE COMPANY OR ANY OTHER MEMBER, OR THE COMPANY'S OR SUCH OTHER MEMBER'S ATTORNEYS, EMPLOYEES, AGENTS OR CONSULTANTS.

*    *    *

[Signature page follows]

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IN WITNESS WHEREOF, the undersigned have executed and delivered this LLC Agreement effective as of the date below the undersigned's signature.

# ORIGINAL MEMBERS:

IRVINE & ASSOCIATES, INC.

Alexander Irvine

Alexander Irvine, CEO

Date: 07/16/2018

JOHN JUNG

John Jung

John Jung, an individual

Date: 07/16/2018

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## ANNEX 1

## BRICK WORK, LLC

SCHEDULE OF MEMBERS AS OF July 16, 2018

| Name | Capital Contribution | Number of Units | Percentage Interest |
| --- | --- | --- | --- |
| Irvine & Associates, Inc. | $9281.53 | 650 | 65% |
| John Jung | $4997.75 | 350 | 35% |
|  | $14279.28 | 1000 | 100% |

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Brick Work LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** CA

**Date of Organization:** 04-27-2018

**Physical Address:** 660 S Figueroa St, Los Angeles, CA, 90017

**Issuer Website:** http://www.brickwork.la

**Is there a Co-Issuer?:** Yes

**Intermediary Name:** Wefunder Portal LLC

**Intermediary CIK:** 0001670254

**Intermediary File Number:** 007-00033

**Intermediary CRD Number:** 283503

### Offering Information

**Compensation to Intermediary:** 7.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.

**Financial Interest in Issuer:** No

**Type of Security Offered:** Other

**Other Description of Security:** Simple Agreement for Future Equity (SAFE)

**Number of Securities Offered:** 50000

**Price per Security:** $1.00

**Method for Determining Price:** Pro-rated portion of the total principal value of $50,000; interests will be sold in increments of $1; each investment is convertible to one unit as described under Item 13.

**Target Offering Amount:** $50,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** Other

**Description of Oversubscription:** As determined by the issuer

**Maximum Offering Amount:** $475,000.00

**Deadline to Reach Target Amount:** 04-30-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 3

**Total Assets (Most Recent Fiscal Year):** $1,445.00

**Total Assets (Prior Fiscal Year):** $2,875.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $1,445.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $2,875.00

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

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

**Short-Term Debt (Most Recent Fiscal Year):** $13,933.00

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

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

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

**Revenues/Sales (Most Recent Fiscal Year):** $60,818.00

**Revenues/Sales (Prior Fiscal Year):** $34,601.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $505.00

**Cost of Goods Sold (Prior Fiscal Year):** $2,772.00

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

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

**Net Income (Most Recent Fiscal Year):** $-15,364.00

**Net Income (Prior Fiscal Year):** $-24,187.00

**Jurisdictions Offered:**

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

### Signatures

**Issuer:** Brick Work LLC

**Signature:** John Jung

**Title:** Co-Founder

---

**Signature:** Alexander Irvine

**Title:** CEO & Co-Founder

**Date:** 02-15-2023

---

**Signature:** John Jung

**Title:** Co-Founder

**Date:** 02-14-2023