# EDGAR Filing Document

**Accession Number:** 0001935190
**File Stem:** 0001669191-23-000265
**Filing Date:** 2023-3
**Character Count:** 169733
**Document Hash:** fc57f382ad71a8a2a724b41fdd2a2af3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669191-23-000265.hdr.sgml**: 20230320

**ACCESSION NUMBER**: 0001669191-23-000265

**CONFORMED SUBMISSION TYPE**: C/A

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20230320

**DATE AS OF CHANGE**: 20230320

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Solib Solutions LLC
- **CENTRAL INDEX KEY:** 0001935190
- **IRS NUMBER:** 881513059
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-30388
- **FILM NUMBER:** 23746253

**BUSINESS ADDRESS:**
- **STREET 1:** 232 HIGH HOUSE RD
- **CITY:** CARY
- **STATE:** NC
- **ZIP:** 27513
- **BUSINESS PHONE:** 9197201761

**MAIL ADDRESS:**
- **STREET 1:** 232 HIGH HOUSE RD
- **CITY:** CARY
- **STATE:** NC
- **ZIP:** 27513

## Ex-99

html![](offeringpage.jpg)

### Attached PDF Documents

**Attachment 1:** `offeringstatement.pdf`

# Offering Statement for Solib Solutions LLC

('Solib Solutions LLC,' 'we,' 'our,' or the 'Company')

This document is generated by a website that is operated by Netcapital Systems LLC ('Netcapital'), which is not a registered broker-dealer. Netcapital does not give investment advice, endorsement, analysis or recommendations with respect to any securities. All securities listed here are being offered by, and all information included in this document are the responsibility of, the applicable issuer of such securities. Netcapital has not taken any steps to verify the adequacy, accuracy or completeness of any information. Neither Netcapital nor any of its officers, directors, agents and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information in this document or the use of information in this document.

All Regulation CF offerings are conducted through Netcapital Funding Portal Inc. ('Portal'), an affiliate of Netcapital, and a FINRA/SEC registered funding-portal. For inquiries related to Regulation CF securities activity, contact Netcapital Funding Portal Inc.:

**Paul Riss:**

paul@netcapital.com

Netcapital and Portal do not make investment recommendations and no communication, through this website or in any other medium, should be construed as a recommendation for any security offered on or off this investment platform. Equity crowdfunding investments in private placements, Regulation A, D and CF offerings, and start-up investments in particular are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investments through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Additionally, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. In the most sensible investment strategy for start-up investing, start-ups should only be part of your overall investment portfolio. Further, the start-up portion of your portfolio may include a balanced portfolio of different start-ups. Investments in startups are highly illiquid and those investors who cannot hold an investment for the long term (at least 5-7 years) should not invest.

The information contained herein includes forward-looking statements. These statements relate to future events or to future financial performance, and involve known and unknown risks, uncertainties, and other factors, that may cause actual results to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond the company's control and which could, and likely will, materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects the current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. No obligation exists to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

## The Company

**1. What is the name of the issuer?**

Solib Solutions LLC

232 High House Rd

Cary, NC 27513

## Eligibility

**2. The following are true for Solib Solutions LLC:**

- 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 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer format).
- Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a 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.

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

No.

## Directors, Officers and Promoters of the Company

**4. The following individuals (or entities) represent the company as a director, officer or promoter of the offering:**

*Name*

Xiangwu Zhang

*Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates*

| Start Date | End Date | Company | Position / Title |
| --- | --- | --- | --- |
| 01/06/2022 | Present | Solib Solutions LLC | Chief Technology Officer |
| 08/01/2006 | Present | North Carolina State University | Professor; Associate Dean for Research |
| Short Bio: Xiangwu Zhang is the Samuel S. Walker Distinguished Professor at North Carolina State University. Zhang's research interests focus on nanostructured and multifunctional polymer, composite, |  |  |  |

fiber, and textile materials with an emphasis on energy storage and conversion. His research encompasses both fundamental materials studies such as synthesis and physical characterization, as well as system design and fabrication. Zhang has published two books, twelve book chapters, and more than 250 peer-reviewed journal articles. Work Experience: https://www.linkedin.com/in/xiangwu-zhang-2291755/

**Name**

Liang Chang

**Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates**

| Start Date | End Date | Company | Position / Title |
| --- | --- | --- | --- |
| 04/01/2021 | Present | North Carolina State University | Assistant Research Professor |
| 09/01/2018 | 03/01/2020 | The University of Texas at Austin | Postdoctoral Fellow |
| 01/06/2022 | Present | Solib Solutions LLC | Chief Scientist |

Short Bio: Liang Chang is a Research Assistant Professor at North Carolina State University. Liang's research interests focus on designing, synthesizing, and characterizing 2D and 3D materials, such as graphene, transition metal oxides/sulfides, polymer, and emulsion, for i) energy storage and conversion, ii) water treatment, and iii) catalysis. Liang has published one book chapter and 23 peer-reviewed journal articles. Work Experience: https://www.linkedin.com/in/liang-chang-942bb294

**Name**

Yuan Wang

**Principal occupation and employment responsibilities during at least the last three (3) years with start and ending dates**

| Start Date | End Date | Company | Position / Title |
| --- | --- | --- | --- |
| 01/06/2022 | Present | Solib Solutions LLC | President |
| 06/01/2002 | Present | CE Precision Inc | Managing Director |

Short Bio: For over 20 years, Yuan has been designing and managing projects on machinery, especially injection molds. He also has extensive experience in project management, team building, etc. Before co-founding SoliB, Yuan was the Managing Director for the Mold Making Business. Education: Yuan earned a B.S. in Mechanical Engineering in China and a Master of Applied Science from Concordia University in Montreal, Canada. Work Experience: www.linkedin.com/in/yuan-wang-444412b4

## Principal Security Holders

5. 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. 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 direction or control - as, for example, a co-trustee) they should be included as being “beneficially owned.” You should include an explanation of these circumstances in a footnote to the “Number of and Class of Securities Now Held.” To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.

### **Yuan Wang**

| Securities: | 650,000 |
| --- | --- |
| Class: | Common Units |
| Voting Power: | 65.0% |

### **Xiangwu Zhang**

| Securities: | 300,000 |
| --- | --- |
| Class: | Common Units |
| Voting Power: | 30.0% |

## Business and Anticipated Business Plan

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

Driven by research, innovation, and technology, our company aims to revolutionize the battery industry. We are developing solid-state hybrid batteries and transferring our battery technology from lab research to pilot-scale production. We plan for our solid-state hybrid batteries to achieve high energy density, fast charging, long cycle life, and low-temperature performance. We aim to lower the cost in terms of materials, batteries, and manufacturing lines. The safe, affordable, and high-performance hybrid batteries will bridge the gap between manufacturers, consumers, and the growing automotive, medical device and portable electronic markets. Solid-state batteries (SSBs) use solid electrodes and a solid electrolyte. The solid-state structure can ensure a stable form during battery usage. While concerning safety, SSBs are the perfect alternative for liquid-electrolyte batteries. The key component of an SSB is the solid electrolyte, which ensures easy transport of ions but is highly resistant to electrons. In an ideal case, solid electrolytes should have the features of high Li-ion conductivity, wide electro-chemical windows against cathode and anode materials, and easy synthesis.

Solib Solutions LLC currently has 4 employees.

## 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.

7. Material factors that make an investment in Solib Solutions LLC speculative or risky:

1. Risks from Pandemics. We face risks related to health epidemics and other outbreaks, which could significantly disrupt the Company's operations and could have a material adverse impact on us. The outbreak of pandemics and epidemics could materially and adversely affect the Company's business, financial condition, and results of operations. If a pandemic occurs in areas in which we have material operations or sales, the Company's business activities originating from affected areas, including sales, materials, and supply chain related activities, could be adversely affected. Disruptive activities could include the temporary closure of facilities used in the Company's supply chain processes, restrictions on the export or shipment of products necessary to run the Company's business, business closures in impacted areas, and restrictions on the Company's employees' or consultants' ability to travel and to meet with customers, vendors or other business relationships. The extent to which a pandemic or other health outbreak impacts the Company's results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of a virus and the actions to contain it or treat its impact, among others. Pandemics can also result in social, economic, and labor instability which may adversely impact the Company's business. If the Company's employees or employees of any of the Company's vendors, suppliers or customers become ill or are quarantined and in either or both events are therefore unable to work, the Company's operations could be subject to disruption. The extent to which a pandemic affects the Company's results will depend on future developments that are highly uncertain and cannot be predicted.
2. The Company has the right to extend the Offering deadline. The Company may extend the Offering deadline beyond what is currently stated herein. This means that your investment may continue to be held in escrow while the Company attempts to raise the maximum offering amount even after the Offering deadline stated herein is reached. Your investment will not be accruing interest during this time and will simply be held until such time that Offering is closed, at which time it will be released to the Company to be used as set forth herein. Upon or shortly after release of such funds to the Company, the Securities will be issued and distributed to you.
3. No governmental agency has reviewed the Company's offering and no state or federal agency has passed upon either the adequacy of the disclosure contained herein or the fairness of the terms of this offering. The exemptions relied upon for this offering are significantly dependent upon the accuracy of the representations of the investors to be made to the Company in connection with this offering. In the event that any such representations prove to be untrue, the registration exemptions relied upon by the Company in selling the securities might not be available and substantial liability to the Company would result under applicable securities laws for rescission or damages.
4. Any valuation at this stage is difficult to assess. Unlike listed companies that are valued publicly through market-driven stock prices, the valuation of private companies, especially startups, is difficult to assess and you may risk overpaying for your investment. In addition, there may be additional classes of equity with rights that are superior to the class of equity being sold.
5. The Company does not anticipate paying any cash dividends for the foreseeable future. The Company currently intends to retain future earnings, if any, for the foreseeable future, to repay indebtedness and

to support its business. The Company does not intend in the foreseeable future to pay any dividends to holders of its shares of common stock.

1. 6. The failure to attract and retain key employees could hurt our business, and our management does not have extensive experience in the operation of businesses such as ours. Our success also depends upon our ability to attract and retain numerous highly qualified employees. Our failure to attract and retain skilled management and employees may prevent or delay us from pursuing certain opportunities. If we fail to successfully fill many management roles, fail to fully integrate new members of our management team, lose the services of key personnel, or fail to attract additional qualified personnel, it will be significantly more difficult for us to achieve our growth strategies and success.
2. 7. We are highly dependent on the services of our founder. Our future business and results of operations depend in significant part upon the continued contributions of our CEO and founder. If we lose those services or if they fail to perform in their current position, or if we are not able to attract and retain skilled employees in addition to our CEO and the current team, this could adversely affect the development of our business plan and harm our business. In addition, the loss of any other member of the board of directors or executive officers could harm the Company's business, financial condition, cash flow and results of operations.
3. 8. Our management may not be able to control costs in an effective or timely manner. The Company's management anticipates it can use reasonable efforts to assess, predict and control costs and expenses. However, implementing our business plan may require more employees, capital equipment, supplies or other expenditure items than management has predicted. Likewise, the cost of compensating employees and consultants or other operating costs may be higher than management's estimates, which could lead to sustained losses.
4. 9. Start-up investing is risky. Investing in early-stage companies is very risky, highly speculative, and should not be made by anyone who cannot afford to lose their entire investment. Unlike an investment in a mature business where there is a track record of revenue and income, the success of a startup or early-stage venture often relies on the development of a new product or service that may or may not find a market. Before investing, you should carefully consider the specific risks and disclosures related to both this offering type and the Company.
5. 10. Your units are not easily transferable. You should not plan on being able to readily transfer and/or resell your security. Currently there is no market or liquidity for these units and the Company does not have any plans to list these units on an exchange or other secondary market. At some point the Company may choose to do so, but until then you should plan to hold your investment for a significant period of time before a 'liquidation event' occurs. A 'liquidation event' is when the Company either lists their shares on an exchange, is acquired, or goes bankrupt.
6. 11. Third parties might infringe upon our technology. We cannot assure you that the steps we have taken to protect our property rights will prevent misappropriation of our technology. To protect our rights to our intellectual property, we plan to rely on a combination of trade secrets, confidentiality agreements and other contractual arrangements with our employees, affiliates, strategic partners and others. We may be unable to detect inappropriate use of our technology. Failure to adequately protect our intellectual property could materially harm our brand, devalue our proprietary content and affect our ability to compete effectively. Further, defending any technology rights could result in significant financial expenses and managerial resources.
7. 12. *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.*

You should not rely on the fact that our Form C, and if applicable Form D is accessible through the U.S. Securities and Exchange Commission's EDGAR filing system as an approval, endorsement or guarantee of compliance as it relates to this Offering.

13. *Neither the Offering nor the Securities have been registered under federal or state securities laws, leading to an absence of certain regulation applicable to the Company.*

The securities being offered have not been registered under the Securities Act of 1933 (the 'Securities Act'), in reliance on exemptive provisions of the Securities Act. Similar reliance has been placed on apparently available exemptions from securities registration or qualification requirements under applicable state securities laws. No assurance can be given that any offering currently qualifies or will continue to qualify under one or more of such exemptive provisions due to, among other things, the adequacy of disclosure and the manner of distribution, the existence of similar offerings in the past or in the future, or a change of any securities law or regulation that has retroactive effect. If, and to the extent that, claims or suits for rescission are brought and successfully concluded for failure to register any offering or other offerings or for acts or omissions constituting offenses under the Securities Act, the Securities Exchange Act of 1934, or applicable state securities laws, the Company could be materially adversely affected, jeopardizing the Company's ability to operate successfully. Furthermore, the human and capital resources of the Company could be adversely affected by the need to defend actions under these laws, even if the Company is ultimately successful in its defense.

14. *The Company has the right to extend the Offering Deadline, conduct multiple closings, or end the Offering early.*

The Company may extend the Offering Deadline beyond what is currently stated herein. This means that your investment may continue to be held in escrow while the Company attempts to raise the Minimum Amount even after the Offering Deadline stated herein is reached. While you have the right to cancel your investment up to 48 hours before an Offering Deadline, if you choose to not cancel your investment, your investment will not be accruing interest during this time and will simply be held until such time as the new Offering Deadline is reached without the Company receiving the Minimum Amount, at which time it will be returned to you without interest or deduction, or the Company receives the Minimum Amount, at which time it will be released to the Company to be used as set forth herein. Upon or shortly after release of such funds to the Company, the Securities will be issued and distributed to you. If the Company reaches the target offering amount prior to the Offering Deadline, they may conduct the first of multiple closings of the Offering prior to the Offering Deadline, provided that the Company gives notice to the investors of the closing at least five business days prior to the closing (absent a material change that would require an extension of the Offering and reconfirmation of the investment commitment). Thereafter, the Company may conduct additional closings until the Offering Deadline. The Company may also end the Offering early; if the Offering reaches its target offering amount after 21-calendar days but before the deadline, the Company can end the Offering with 5 business days' notice. This means your failure to participate in the Offering in a timely manner, may prevent you from being able to participate - it also means the Company may limit the amount of capital it can raise during the Offering by ending it early.

15. *The Company's management may have broad discretion in how the Company uses the net proceeds of the Offering.*

Despite that the Company has agreed to a specific use of the proceeds from the Offering, the Company's management will have considerable discretion over the allocation of proceeds from the Offering. You may not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.

16. *The Securities issued by the Company will not be freely tradable until one year from the initial purchase date. Although the Securities may be tradable under federal securities law, state securities regulations may apply, and each Investor should consult with his or her attorney.*

You should be aware of the long-term nature of this investment. There is not now and likely will not be a public market for the Securities. Because the Securities offered in this Offering have not been registered under the Securities Act or under the securities laws of any state or non-United States jurisdiction, the Securities have transfer restrictions and cannot be resold in the United States except pursuant to Rule 501 of Regulation CF. It is not currently contemplated that registration under the

Securities Act or other securities laws will be affected. Limitations on the transfer of the shares of Securities may also adversely affect the price that you might be able to obtain for the shares of Securities in a private sale. Investors should be aware of the long-term nature of their investment in the Company. Investors in this Offering will be required to represent that they are purchasing the Securities for their own account, for investment purposes and not with a view to resale or distribution thereof.

17. *Investors will not be entitled to any inspection or information rights other than those required by Regulation CF.*

Investors will not have the right to inspect the books and records of the Company or to receive financial or other information from the Company, other than as required by Regulation CF. Other security holders of the Company may have such rights. Regulation CF requires only the provision of an annual report on Form C and no additional information - there are numerous methods by which the Company can terminate annual report obligations, resulting in no information rights, contractual, statutory or otherwise, owed to Investors. This lack of information could put Investors at a disadvantage in general and with respect to other security holders.

18. *The shares of Securities acquired upon the Offering may be significantly diluted as a consequence of subsequent financings.*

Company equity securities will be subject to dilution. Company intends to issue additional equity to future employees and third-party financing sources in amounts that are uncertain at this time, and as a consequence, holders of Securities will be subject to dilution in an unpredictable amount. Such dilution may reduce the purchaser’s economic interests in the Company.

19. The amount of additional financing needed by Company will depend upon several contingencies not foreseen at the time of this Offering. Each such round of financing (whether from the Company or other investors) is typically intended to provide the Company with enough capital to reach the next major corporate milestone. If the funds are not sufficient, Company may have to raise additional capital at a price unfavorable to the existing investors. The availability of capital is at least partially a function of capital market conditions that are beyond the control of the Company. There can be no assurance that the Company will be able to predict accurately the future capital requirements necessary for success or that additional funds will be available from any source. Failure to obtain such financing on favorable terms could dilute or otherwise severely impair the value of the investor’s Company securities.

20. *There is no present public market for these Securities and we have arbitrarily set the price.*

The offering price was not established in a competitive market. We have arbitrarily set the price of the Securities with reference to the general status of the securities market and other relevant factors. The Offering price for the Securities should not be considered an indication of the actual value of the Securities and is not based on our net worth or prior earnings. We cannot assure you that the Securities could be resold by you at the Offering price or at any other price.

21. In addition to the risks listed above, businesses are often subject to risks not foreseen or fully appreciated by the management. It is not possible to foresee all risks that may affect us. Moreover, the Company cannot predict whether the Company will successfully effectuate the Company’s current business plan. Each prospective Investor is encouraged to carefully analyze the risks and merits of an investment in the Securities and should take into consideration when making such analysis, among other, the Risk Factors discussed above.

22. THE SECURITIES OFFERED INVOLVE A HIGH DEGREE OF RISK AND MAY RESULT IN THE LOSS OF YOUR ENTIRE INVESTMENT. ANY PERSON CONSIDERING THE PURCHASE

OF THESE SECURITIES SHOULD BE AWARE OF THESE AND OTHER FACTORS SET FORTH IN THIS OFFERING STATEMENT AND SHOULD CONSULT WITH HIS OR HER LEGAL, TAX AND FINANCIAL ADVISORS PRIOR TO MAKING AN INVESTMENT IN THE SECURITIES. THE SECURITIES SHOULD ONLY BE PURCHASED BY PERSONS WHO CAN AFFORD TO LOSE ALL OF THEIR INVESTMENT.

## The Offering

Solib Solutions LLC (“Company”) is offering securities under Regulation CF, through Netcapital Funding Portal Inc. (“Portal”). Portal is a FINRA/SEC registered funding portal and will receive cash compensation equal to 4.9% of the value of the securities sold through Regulation CF. Investments made under Regulation CF involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest.

The Company plans to raise between $10,000 and $1,000,001 through an offering under Regulation CF. Specifically, if we reach the target offering amount of $10,000, we may conduct the first of multiple or rolling closings of the offering early if we provide 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). Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

In the event The Company fails to reach the offering target of $10,000, any investments made under the offering will be cancelled and the investment funds will be returned to the investor.

### 8. What is the purpose of this offering?

The majority of allocation of funds aims to be spent on two projects: 1) R&D: Lab-Scale Battery Assembly and Testing - salaries and materials; 2) Pilot-Scale Battery Production Line - equipment, raw materials, salaries, infrastructure renovation, and product line assembly;

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

| Uses | If Target Offering Amount Sold | If Maximum Amount Sold |
| --- | --- | --- |
| Intermediary Fees | $490 | $49,000 |
| Salaries | $0 | $174,182 |
| R&D: Lab-Scale Battery Assembly and Testing | $9,510 | $53,774 |
| Equipment | $0 | $523,045 |
| Raw Materials | $0 | $50,000 |
| Infrastructure Renovation | $0 | $50,000 |
| Product Line Assembly | $0 | $100,000 |
| Total Use of Proceeds | $10,000 | $1,000,001 |

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

In entering into an agreement on the Netcapital Funding Portal to purchase securities, both investors and Solib Solutions LLC must agree that a transfer agent, which keeps records of our outstanding Common Units (the 'Securities'), will issue digital Securities in the investor's name (a paper certificate will not be printed). Similar to other online investment accounts, the transfer agent will give investors access to a web site to see the number of Securities that they own in our company. These Securities will be issued to investors after the deadline date for investing has passed, as long as the targeted offering amount has been reached. The transfer agent will record the issuance when we have received the purchase proceeds from the escrow agent who is holding your investment commitment.

#### **11. How can an investor cancel an investment commitment?**

You may cancel an investment commitment for any reason until 48 hours prior to the deadline identified in the offering by logging in to your account with Netcapital, browsing to the Investments screen, and clicking to cancel your investment commitment. Netcapital 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.

#### **12. Can the Company perform multiple closings or rolling closings for the offering?**

If we reach the target offering amount prior to the offering deadline, we may conduct the first of multiple closings of the offering early, if we provide notice about the new offering deadline at least five business days prior (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Thereafter, we may conduct additional closings until the offering deadline. We will issue Securities in connection with each closing. Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

## Ownership and Capital Structure

### The Offering

#### **13. Describe the terms of the securities being offered.**

We are issuing Securities at an offering price of $8.89 per share.

#### **14. Do the securities offered have voting rights?**

The Securities are being issued with voting rights. However, so that the crowdfunding community has the opportunity to act together and cast a vote as a group when a voting matter arises, a record owner will cast your vote for you. Please refer to the record owner agreement that you sign before your purchase is complete.

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

You are giving your voting rights to the record owner, who will vote the Securities on behalf of all investors who purchased Securities on the Netcapital crowdfunding portal.

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

Any provision of the terms of the Securities being offered may be amended, waived or modified by written consent of the majority owner(s) of the Company. We may choose to modify the terms of the Securities before the offering is completed. However, if the terms are modified, and we deem it to be a material change, we need to contact you and you will be given the opportunity to reconfirm your investment. Your reconfirmation must be completed within five business days of receipt of the notice of a material change, and if you do not reconfirm, your investment will be canceled and your money will be returned to you.

### Restrictions on Transfer of the Securities 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:

- to the issuer;
- to an accredited investor;
- as part of an offering registered with the U.S. Securities and Exchange Commission; or
- 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.

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.

#### Securities

| Class of Security | Amount Authorized | Amount Outstanding | Voting Rights | Other Rights |
| --- | --- | --- | --- | --- |
| Common Units | 2,000,000 | 1,000,000 | Yes |  |

#### Options, Warrants and Other Rights

None.

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

There is no debt convertible into equity, and there are no warrants, options or other convertible instruments outstanding.

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

The Company has granted a perpetual waiver of the transfer restrictions listed in the Operating Agreement of Solib Solutions LLC for all Securities sold in this Offering.

**20. How could the exercise of rights held by the principal owners identified in Question 5 above affect the purchasers of Securities being offered?**

The Company's Operating Agreement can be amended by the holders of the Member Units. As minority owners, you are subject to the decisions made by the majority owners. The issued and outstanding membership interest units give management voting control of the Company. As a minority owner, you may be outvoted on issues that impact your investment, such as the issuance of new units, or the sale of debt, convertible debt or assets of the Company.

**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 price of the Securities was determined solely by the management and bears no relation to traditional measures of valuation such as book value or price-to-earnings ratios. We expect that any future valuation will take the same approach.

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

As the holder of a majority of the voting rights in the Company, our Members may make decisions with which you disagree, or that negatively affect the value of your investment in the Company, and you will have no recourse to change those decisions. Your interests may conflict with the interests of other investors, and there is no guarantee that the Company will develop in a way that is advantageous to you. For example, the majority members may decide to issue additional membership interest units to new investors, sell convertible debt instruments with beneficial conversion features, or make decisions that affect the tax treatment of the Company in ways that may be unfavorable to you. Based on the risks described above, you may lose all or part of your investment in the securities that you purchase, and you may never see positive returns.

**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?

The issuance of additional shares of our common units will dilute your ownership. As a result, if we achieve profitable operations in the future, our net income per share will be reduced because of dilution, and the market price of our common units, if there is a market price, could decline as a result of the additional issuances of securities. If we repurchase securities, so that the above risk is mitigated, and there are fewer shares of common units outstanding, we may not have enough cash available for marketing expenses, growth, or operating expenses to reach our goals. If we do not have enough cash to operate and grow, we anticipate the market price of our units would decline. A sale of our company or of the assets of our company may result in an entire loss of your investment. We cannot predict the market value of our company or our assets, and the proceeds of a sale may not be cash, but instead, unmarketable securities, or an assumption of liabilities. In addition to the payment of wages and expense reimbursements, we may need to engage in transactions with officers, directors, or affiliates. By acquiring an interest in the Company, you will be deemed to have acknowledged the existence of any such actual or potential related party transactions and waived any claim with respect to any liability arising from a perceived or actual conflict of interest. In some instances, we may deem it necessary to seek a loan from related parties. Such

financing may not be available when needed. Even if such financing is available, it may be on terms that are materially averse to your interests with respect to dilution of book value, dividend preferences, liquidation preferences, or other terms. No assurance can be given that such funds will be available or, if available, will be on commercially reasonable terms satisfactory to us. If we are unable to obtain financing on reasonable terms, we could be forced to discontinue our operations. We anticipate that any transactions with related parties will be vetted and approved by executives(s) unaffiliated with the related parties.

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

Not applicable.

**25. What other exempt offerings has Solib Solutions LLC conducted within the past three years?**

None.

**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 4(a)(6) 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; or
4. any immediate family member of any of the foregoing persons.

No.

## Financial Condition of the Issuer

**27. Does the issuer have an operating history?**

Yes.

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

Solib Solutions LLC ("the Company") was formed in North Carolina on January 6th, 2022. The Company aims to revolutionize the battery industry. The Company is developing solid-state hybrid batteries and transferring their battery technology from lab research to pilot-scale production. The Company is in the pre-revenue stage. For the period between January 6th, 2022 and April 30th, 2022, the Company generated a net loss of $3,727. These expenses consisted of consulting fees of $2,500 and other expenses of $1,227. During this period, $12,774 was put into the Company via investment by owner. No cash was spent during this period, resulting in a cash balance of $12,774. With this raise, the Company plans to use the proceeds primarily for equipment, raw materials, and salaries.

## Financial Information

29. Include the financial information specified by regulation, covering the two most recently completed fiscal years or the period(s) since inception if shorter.

See attachments:

**CPA Audit Report:** auditreport.pdf

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, calculated in the same form as described in Question 6 of this Question and Answer format, 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:
1. in connection with the purchase or sale of any security?
2. involving the making of any false filing with the Commission?
3. 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?

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 enjoins such person from engaging or continuing to engage in any conduct or practice:
1. in connection with the purchase or sale of any security?;
2. involving the making of any false filing with the Commission?
3. 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?

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:
1. at the time of the filing of this offering statement bars the person from:
1. association with an entity regulated by such commission, authority, agency or officer?
2. engaging in the business of securities, insurance or banking?
3. engaging in savings association or credit union activities?

2. 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?

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(e) or (f) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:
1. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding portal?
2. places limitations on the activities, functions or operations of such person?
3. bars such person from being associated with any entity or from participating in the offering of any penny stock?

If Yes to any of the above, explain:

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:

1. 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 15(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder?
2. Section 5 of the Securities Act?
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?
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?
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?

Solib Solutions LLC answers 'NO' to all of the above questions.

## Other Material Information

31. In addition to the information expressly required to be included in this Form, include: any other material information presented to investors; and 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 following documents are being submitted as part of this offering:

Governance:

Certificate of Formation: certificateofformation.pdf

Operating Agreement: operatingagreement.pdf

Opportunity:

Offering Page JPG: offeringpage.jpg

Financials:

Additional Information: otherfinancial.pdf

## Ongoing Reporting

32. The issuer will file a report electronically with the Securities & Exchange Commission annually and post the report on its web site, no later than 120 days after the end of each fiscal year covered by the report:

Once posted, the annual report may be found on the issuer's web site at: https://www.solibsolutions.com

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

- the issuer is required to file reports under Section 13(a) or Section 15(d) of the Exchange Act;
- the issuer has filed at least one annual report pursuant to Regulation Crowdfunding and has fewer than 300 holders of record and has total assets that do not exceed $10,000,000;
- the issuer has filed at least three annual reports pursuant to Regulation Crowdfunding;
- the issuer or another party repurchases all of the securities issued in reliance on Section 4(a)(6) of the Securities Act, including any payment in full of debt securities or any complete redemption of redeemable securities; or
- the issuer liquidates or dissolves its business in accordance with state law.

**Attachment 2:** `auditreport.pdf`

## Independent Auditor's Report

To Management
SOLIB SOLUTIONS, LLC

I have audited the accompanying statement of the financial position of SOLIB SOLUTIONS, LLC for the period of January 6th, 2022 to April 30th, 2022. This financial statement is the responsibility of the Company's management. My responsibility is to express an opinion on this financial statement based on my audits.

I conducted my audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

I believe that my audits provide a reasonable basis for the opinion concluded. In my opinion, the financial statements referred to above, present fairly, in all material respects, the financial position of SOLIB SOLUTIONS, LLC for period of January 6th, 2022 to April 30th, 2022 in conformity with accounting principles generally accepted in the United States of America.

Xiaoxia Larson, CPA

Durham, North Carolina
NC State Board of CPA Number: 33379

May 12, 2022

# SOLIB SOLUTIONS, LLC.
BALANCE SHEET
FOR THE PERIOD OF JANUARY 6, 2022 - APRIL 30, 2022

Current Assets

| Cash & Cash Equivalents | $12,774.00 |
| --- | --- |
| A/R |  |
| Total Current Assets | 12,774.00 |
| Building and Land |  |
| Accu. Depreciation |  |
| Net Assets | - |
| Land |  |
| Total Assets | $12,774.00 |

Liabilities and Equity

| Inter-co payables | $3,727.00 |
| --- | --- |
| Total Liabilities | 3,727.00 |

Equity

| Partner's Capital | 12,774.00 |
| --- | --- |
| Retained Earnings | -3,727.00 |
| Total Equity | 9,047.00 |
| Total Liabilities and Equity | $12,774.00 |

# SOLIB SOLUTIONS, LLC.
STATEMENT OF INCOME STATEMENT
FOR THE PERIOD OF JANUARY 6, 2022 - APRIL 30, 2022

| Revenue | 0 |
| --- | --- |
| Expenses: |  |
| Consulting | $2,500 |
| Others | 1,227 |
| Total Expenses | 3,727 |
| Net Income | - $3,727 |

# SOLIB SOLUTIONS, LLC.
STATEMENT OF CASH FLOWS
FOR THE PERIOD OF JANUARY 6, 2022 - APRIL 30, 2022

| Cash Flow from Operating Activities |  |  |
| --- | --- | --- |
| Net Income | $(3,727) |  |
| Increase of liabilities | $3,727 |  |
| Cash Provided by/Used in Operating Activities | 0 |  |
| Cash Flow from Investing Activities |  |  |
| Cash Provided by/Used in Investing Activities | 0 |  |
| Cash Flow from Financing Activities |  |  |
| Investment by Owner | $12,774 |  |
| Cash Provided by Financing Activities | $12,774 | 0 |
| Net Increase in Cash | 12,774 |  |
| Beginning Cash Balance | 0 |  |
| Cash at 04/30/2022 | $12,774 |  |

# SOLIB SOLUTIONS, LLC.  
STATEMENT OF CHANGE IN STOCKHOLDERS' EQUITY  
FOR THE PERIOD OF JANUARY 6, 2022 - APRIL 30, 2022

| Stockholders' Equity Balance at 01/06/2022 | $0 |
| --- | --- |
| Shareholder (partner) Contribution | $12,774 |
| Net Income/(loss) for the period | $(3,727) |
| Stockholders' Equity balance at 4/30/2022 | $9,047 |

# Notes to the Statement of Financial Position

## NOTE 1 - ORGANIZATION AND NATURE OF ACTIVITIES

SOLIB SOLUTIONS, LLC ('the Company') was formed in North Carolina January 6th, 2022. The Company aims to revolutionize the battery industry. They are developing solid-state hybrid batteries and transferring their battery technology from lab research to pilot-scale production.

The solid-state hybrid batteries will achieve high energy density, fast charging, long cycle life, and low-temperature performance. They will lower the cost in terms of materials, batteries, and manufacturing lines. The safe, affordable, and high-performance hybrid batteries will bridge the gap between manufacturers, consumers, and the growing automotive, medical device and portable electronic markets. Their high performance battery technology increases power density so that device manufacturers can make more powerful devices, use larger screens or make devices work longer between charges.

The company is a - Multi-Member LLC. The company has 3 members.

**Member #1: Yuan Wang, President, with ownership of 65% of the Company.** For over 20 years, Yuan has been designing and managing projects on machinery, especially injection molds. He also has extensive experience in project management, team building, etc. Before co-founding SOLIB SOLUTIONS, LLC, Yuan was the Managing Director for the Mold Making Business. Yuan earned a B.S. in Mechanical Engineering in China and a Master of Applied Science from Concordia University in Montreal, Canada.

**Member #2: Xiangwu Zhang, Chief Technology Officer, with ownership of 30% of the Company.** Xiangwu Zhang is the Samuel S. Walker Distinguished Professor at North Carolina State University. Zhang's research interests focus on nanostructured and multifunctional polymer, composite, fiber, and textile materials with an emphasis on energy storage and conversion. His research encompasses both fundamental materials studies such as synthesis and physical characterization, as well as system design and fabrication. Zhang has published two books, twelve book chapters, and more than 250 peer-reviewed journal articles.

**Member #3: Liang Chang, Chief Scientist, with ownership of 5% of the Company.** Liang Chang is a Research Assistant Professor at North Carolina State University. Liang's research interests focus on designing, synthesizing, and characterizing 2D and 3D materials, such as graphene, transition metal oxides/sulfides, polymer, and emulsion, for i) energy storage and conversion, ii) water treatment, and iii) catalysis. Liang has published one book chapter and 23 peer-reviewed journal articles.

The Company will conduct a crowdfunding campaign under regulation CF('Crowdfunding') in 2022 to raise its 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'). The audited financial statement covers the activities since inception date Jan 6, 2022 through April 30th, 2022.

## 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.

## Income Taxes

The Company is subject to Corporate income and state income taxes in the state it does business.

## 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 - SUBSEQUENT EVENTS**

The Company has evaluated events subsequent to January 6, 2022 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through April 30th, 2022, the date these financial statements were available to be issued.

## **NOTE 7 - GOING CONCERN**

The accompanying financial statement has been prepared on a going concern basis, which reflects the current financial position in the normal course of business.

The entity has not commenced principal operations and will likely realize losses prior to generating positive working capital for an unknown period of time. During the next twelve months, the Company intends to finance its operations with funds from a crowdfunding campaign.

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 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 8 - 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. Note: this disclosure assumes there is no significant doubt about the entity's ability to continue as a going concern.

**Attachment 3:** `certificateofformation.pdf`

[LOGO]

# NORTH CAROLINA

## Department of the Secretary of State

To all whom these presents shall come, Greetings:

I, ELAINE F. MARSHALL, Secretary of State of the State of North Carolina, do hereby certify the following and hereto attached to be a true copy of

ARTICLES OF ORGANIZATION

OF

SOLIB SOLUTIONS LLC

the original of which was filed in this office on the 6th day of January, 2022.

[LOGO]

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

Scan to verify online.

IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal at the City of Raleigh, this 6th day of January, 2022.

Elaine F. Marshall

Secretary of State

Certification# C202200301409-1 Reference# C202200301409-1 Page: 1 of 5

Verify this certificate online at https://www.sosnc.gov/verification

State of North Carolina
Department of the Secretary of State

SOSID: 2331202
Date Filed: 1/6/2022 9:20:00 AM
Elaine F. Marshall
North Carolina Secretary of State
C2022 003 01409

## Limited Liability Company
## ARTICLES OF ORGANIZATION

Pursuant to §57D-2-20 of the General Statutes of North Carolina, the undersigned does hereby submit these Articles of Organization for the purpose of forming a limited liability company.

1. The name of the limited liability company is: Solib Solutions LLC
(See Item 1 of the Instructions for appropriate entity designation)

2. The name and address of each person executing these articles of organization is as follows: (State whether each person is executing these articles of organization in the capacity of a member, organizer or both by checking all applicable boxes.) Note: This document must be signed by all persons listed.

| Name | Business Address | Capacity |
| --- | --- | --- |
| Yuan Wang - 232 High House Road Cary NC, 27513-4203 United States |  | ☑ Member ☐ Organizer |
| Xiangwu Zhang - 1737 Pantego Trail Cary NC, 27519-2605 United States |  | ☑ Member ☐ Organizer |
| Liang Chang - 4309 Avent Ferry Road, Apt 2 Raleigh NC, 27606-4768 United States |  | ☑ Member ☐ Organizer |

3. The name of the initial registered agent is: Yuan Wang

4. The street address and county of the initial registered agent office of the limited liability company is:

Number and Street 232 High House Road
City Cary State: NC ZipCode: 27513-4203 County: Wake

5. The mailing address, if different from the street address, of the initial registered agent office is:

Number and Street
City State: NC ZipCode: County:

6. Principal office information: (Select either a or b.)

a. ☑ The limited liability company has a principal office.

The principal office telephone number: (919) 720-1761

The street address and county of the principal office of the limited liability company is:

Number and Street: 232 High House Road

City: Cary State: NC Zip Code: 27513-4203 County: Wake

BUSINESS REGISTRATION DIVISION
(Revised August, 2017)

P.O. BOX 29622

Raleigh, NC 27626-0622
Form L-01

Certification# C202200301409-1 Reference# C202200301409- Page: 2 of 5

The mailing address, if different from the street address, of the principal office of the company is:

Number and Street: 232 High House Road

City: Cary State: NC Zip Code: 27513-4203 County: Wake

b. ☐ The limited liability company does not have a principal office.

7. Any other provisions which the limited liability company elects to include (e.g., the purpose of the entity) are attached.
8. (Optional): Listing of Company Officials (See instructions on the importance of listing the company officials in the creation document.

| Name | Title | Business Address |
| --- | --- | --- |
| Yuan Wang | President | 232 High House Road Cary NC, |
| Xiangwu Zhang | Chief Technology Officer | 1737 Pantego Trail Cary NC, 27519-2605 |

9. (Optional): Please provide a business e-mail address: Privacy Redaction
The Secretary of State's Office will e-mail the business automatically at the address provided above at no cost when a document is filed. The e-mail provided will not be viewable on the website. For more information on why this service is offered, please see the instructions for this document.
10. These articles will be effective upon filing, unless a future date is specified:

This is the 3rd day of January, 2022.

Yuan Wang
Signature

Yuan Wang Member/Organizer
Type or Print Name and Title

The below space to be used if more than one organizer or member is listed in Item #2 above.

Xiangwu Zhang
Signature

Liang Chang
Signature

Xiangwu Zhang Member/Organizer
Type or Print Name and Title

Liang Chang Member/Organizer
Type or Print Name and Title

# NOTE:

1. Filing fee is $125. This document must be filed with the Secretary of State.

BUSINESS REGISTRATION DIVISION
(Revised August. 2017)

P.O. BOX 29622

Raleigh, NC 27626-0622
Form L-01

Certification# C202200301409-1 Reference# C202200301409- Page: 3 of 5

**Attachment 4:** `operatingagreement.pdf`

# OPERATING AGREEMENT

OF

Solib Solutions LLC

(A North Carolina Limited Liability Company)

DATED: May __, 2022

THE MEMBERSHIP INTERESTS REPRESENTED BY THIS OPERATING AGREEMENT HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE NORTH CAROLINA SECURITIES ACT, OR SIMILAR LAWS OR ACTS OF OTHER STATES IN RELIANCE UPON EXEMPTIONS UNDER THOSE ACTS. THE SALE OR OTHER DISPOSITION OF THE MEMBERSHIP INTERESTS IS RESTRICTED AS STATED IN THIS OPERATING AGREEMENT, AND IN ANY EVENT IS PROHIBITED UNLESS THE COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO IT AND ITS COUNSEL THAT SUCH SALE OR OTHER DISPOSITION CAN BE MADE WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY APPLICABLE STATE SECURITIES ACTS AND LAWS. BY ACQUIRING THE MEMBERSHIP INTERESTS REPRESENTED BY THIS OPERATING AGREEMENT, THE MEMBER REPRESENTS THAT IT WILL NOT SELL OR OTHERWISE DISPOSE OF ITS MEMBERSHIP INTERESTS WITHOUT REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID ACTS AND THE RULES AND REGULATIONS ISSUED THEREUNDER.

# **OPERATING AGREEMENT  
OF  
SOLIB SOLUTIONS LLC**

THIS OPERATING AGREEMENT (this “Agreement”) of Solib Solutions LLC, a limited liability company organized pursuant to the North Carolina Limited Liability Company Act (the “Company”), is executed effective as of May __, 2022 (the “Effective Date”), by and among the Company and the Persons executing this Agreement as the Members and Manager.

# **ARTICLE I FORMATION OF THE COMPANY**

**1.1. Formation.** The Company was formed on January 1, 2022, upon the filing of the Articles of Organization of the Company with the Secretary of State. In consideration of the mutual promises and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree that the rights and obligations of the parties and the administration and dissolution and winding-up of the Company shall be governed by this Agreement, the Articles of Organization and the Act.

**1.2. Name.** The name of the Company is **Solib Solutions LLC**.

**1.3. Registered Office and Registered Agent.** The Company’s registered office shall be at the office of its registered agent at 232 High House Road, Cary, North Carolina, Wake County, North Carolina 27513-4203. The name of such Registered Agent at such address is **Yuan Wang**. The registered agent and registered office may be changed from time to time by filing the address of the new registered office and/or the name of the new registered agent with the Secretary of State of North Carolina pursuant to the Act and the applicable rules promulgated thereunder.

**1.4. Principal Place of Business.** The principal place of business of the Company shall be 232 High House Road, Cary, North Carolina, Wake County, North Carolina 27513-4203. The Company may locate its place(s) of business and registered office at any other place or places as the Managers may from time to time deem necessary or advisable.

# **1.5. Purposes and Powers.**

(a) The purpose and business of the Company shall be to engage in any lawful business for which limited liability companies may be organized under the Act.

(b) The Company shall have any and all powers which are necessary or desirable to carry out the purposes and business of the Company, to the extent the same may be legally exercised by limited liability companies under the Act.

**1.6. Term.** The Company shall continue in existence perpetually until it is dissolved and its affairs wound up in accordance with the provisions of this Agreement and the Act.

**1.7. Nature of Members’ Interests.** The interests of the Members in the Company shall be personal property for all purposes. Legal title to all Property shall be held in the name of the Company. Neither any Member nor a successor, representative or assign of any Member, shall have any right, title or interest in or to any Property or the right to partition any Property.

**1.8. Classification of the Company.** The Members acknowledge and agree that (i) the Company will not make an election under Treasury Regulations Section 301.7701-3 to be classified as an

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association taxable as a corporation, and, therefore, will be classified as a partnership for federal income tax purposes and (ii) no Member is authorized to make such an election on behalf of the Company without the prior written consent of all of the Members.

## ARTICLE II - DEFINITIONS

**2.1. Definitions.** The following terms used in this Agreement shall have the following meanings (unless otherwise expressly provided herein) or the meanings ascribed to them in Appendix A, as the case may be:

“Act” means the North Carolina Limited Liability Company Act, as amended from time to time.

“Affiliate” of any particular Person means (a) any other Person controlling, controlled by or under common control with such particular Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, by contract or otherwise, (b) if such Person is a partnership or limited liability company, any partner or member thereof, and (c) an immediate family member, as applicable.

“Articles of Organization” means the Articles of Organization of the Company filed with the Secretary of State, as amended or restated from time to time.

“Capital Contribution” means all contributions of cash or property to the Company made by a Member or the Member’s predecessor in interest.

“Capital Transaction” means (i) any voluntary or involuntary sale, exchange or other disposition of all or any part of any real property owned by the Company, including, but not limited to, the disposition of any easements, partial condemnation, or receipt of payments from insurance (not including rent insurance) because of damage to or destruction of all or any part of the Property; and (ii) any original financing or refinancing or a Company loan secured by any real property owned by the Company.

“Code” means the Internal Revenue Code of 1986, as amended from time to time (and any corresponding provisions of succeeding law).

“Disinterested Member” means a Member who is not the Member whose Membership Interest is to be transferred as provided in Article VIII or the proposed transferee of such Membership Interest.

“Distribution” means any money or other property distributed to a Member with respect to the Member’s Membership Interest.

“Encumbrance” means any lien, pledge, encumbrance, collateral assignment or hypothecation.

“Fiscal Year” means an annual accounting period ending December 31 of each year during the term of the Company, unless otherwise specified by the Manager.

“Majority in Interest” means any combination of a specified group of Members whose Percentage Interests, in the aggregate, exceed fifty percent (50%) of the issued and outstanding Units.

“Manager” means each Person executing this Agreement as a Manager, any other Person that succeeds such Manager or any other Person elected to act as Manager of the Company as provided in this Agreement.

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“Member” means each Person designated as a member of the Company on Schedule I hereto or any other Person admitted as a member of the Company in accordance with this Agreement or the Act. “Members” refers to such Persons as a group.

“Membership Interest” means all of a Member’s rights in the Company, including without limitation, the Member’s share of the Profits and Losses of the Company, the right to receive Distributions, any right to vote and any right to participate in the management of the Company as provided in the Act and this Agreement.

“Net Cash Flow” means with respect to any Fiscal Year of the Company, cash funds provided from operations of the Company (but excluding proceeds from Capital Transactions), without deductions for depreciation or amortization or expenses, but after deduction of cash funds from operations used to pay, or establish a reserve for, all other expenses debt payments and capital improvements and replacements.

“Percentage Interest” means, with respect to any Member, the percentage set forth for each Member in the column labeled “Percentage Interest” on Schedule I hereto.

“Person” means an individual, a trust, an estate, a domestic or foreign corporation, a partnership, a limited partnership, a limited liability company, a foreign limited liability company, an unincorporated association or any other entity.

“Property” means (i) any and all property owned by the Company, real and/or personal (including, without limitation, intangible property) and (ii) any and all of the improvements constructed on any real property.

“Secretary of State” means the Secretary of State of North Carolina.

“Transfer” means sale, assignment, transfer, lease, or other disposition of a Membership Interest in the Company.

“Unit” means the measure used to reflect a Member’s Membership Interest. As to any Member, the term “Units” means the number of membership units set forth opposite such Member’s name on Exhibit A hereto.

**2.2. Terms Defined Elsewhere.** Each of the following capitalized terms, when used in this Agreement, has the meaning provided for such term in the Section of this Agreement set forth beside such term below. If a defined term is not listed below, it is defined in the Section in which it is used.

| Term | Section |
| --- | --- |
| Additional Capital Contribution | Section 5.2 |
| Agreed Valuation | Section 9.4 |
| Buy-Sell Event | Section 9.1 |
| Buy-Sell Notice | Section 9.2 |
| Closing | Section 9.5 |
| Initial Capital Contribution | Section 5.1 |
| Liquidator | Section 10.2 |
| Purchase Option | Section 9.3 |
| Purchasing Members | Section 9.3 |
| Securities Act | Section 8.2 |
| Tax Distribution | Section 7.1 |
| Withdrawing Member | Section 9.2 |

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### ARTICLE III - MANAGEMENT OF THE COMPANY

**3.1. Managers; Appointment and Removal.** Except as otherwise may be expressly provided in this Agreement, the Articles of Organization, or the Act, all decisions with respect to the management of the business and affairs of the Company shall be made by the Managers. The Company shall be managed by one or more Managers who shall be appointed from as provided in this Agreement. There shall be one (1) Manager of the Company, who shall be **Yuan Wang**. Such Manager shall serve until their respective deaths or disabilities, or their removal by unanimous vote all of the Members of the Company. If at any time the Company shall have only one Manager, references herein to “Managers” and all provisions herein for multiple Managers shall be deemed to refer to a single Manager.

**3.2. Actions by Manager.** Except as otherwise may be expressly provided in this Agreement, the Articles of Organization or the Act, all decisions with respect to the management of the business and affairs of the Company shall be made by the Manager. Each Manager shall have full and complete authority, power and discretion to manage and control the business of the Company, to make all decisions regarding those matters and to perform any and all other acts customary or incident to the management of the Company’s business, except only as to those acts as to which approval by the Members is expressly required by the Articles of Organization, this Agreement, the Act or other applicable law. At any time when there is more than one (1) Manager, a majority of the Managers shall be required to take any action permitted to be taken by the Managers, unless the approval of a greater number of the Managers is expressly required pursuant to this Agreement or the Act. The Managers may delegate responsibility for the day-to-day management of the Company to any Person retained by the Managers who shall have and exercise on behalf of the Company all powers and rights necessary or convenient to carry out such management responsibilities.

**3.3. Limitations on Power and Authority of Manager.** Without the consent of a Majority in Interest of the Members, the Manager shall have no authority to do any of the following:

- (a) Any act in contravention of this Agreement;
- (b) Possess Property of the Company or assign the Company’s rights in specific Property for other than Company purposes;
- (c) merge or consolidate the Company with or into any other Person (other than an Affiliate);
- (d) acquire securities or all or substantially all of the assets of another Person (other than an Affiliate);
- (e) admit Members to the Company or issue any additional Membership Interests to any Person not already a Member, except as expressly provided herein;
- (f) redeem the Membership Interest of any Member;
- (g) Approve any transfer of Membership Interests between Members.

**3.4. Compensation and Expenses.** No Manager shall receive any compensation from the Company for serving as Manager, but the Company will reimburse a Manager for expenses incurred by the Manager in connection with his service to the Company. Nothing contained in this Section 3.4 is intended to affect the Percentage Interests of a Manager who is also a Member or Distributions to be made to a Manager who is also a Member by reason of such Person’s Membership Interests.

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**3.5. Indemnification of Manager.** The Company shall indemnify the Managers to the fullest extent permitted or required by the Act, as amended from time to time, and the Company may advance expenses incurred by a Manager upon the approval of the remaining managers and the receipt by the Company of the signed statement of the Manager agreeing to reimburse the Company for such advance in the event it is ultimately determined that the Manager is not entitled to be indemnified by the Company against such expenses. The provisions of this Section 3.5 shall apply also to any Person to whom the Manager has delegated management authority as provided in Section 3.2, whether or not such Person is a Manager or Member.

**3.6. Limitation on Liability.** No Manager of the Company shall be liable to the Company for monetary damages for an act or omission in such Person's capacity as a Manager. Any repeal or modification of this Section shall not adversely affect the right or protection of a Manager existing at the time of such repeal or modification. The provisions of this Section 3.6 shall apply also to any Person to whom the Manager has delegated management authority as provided in Section 3.2, whether or not such Person is a Manager or Member.

**3.7. Liability for Return of Capital Contribution.** The Manager shall not be liable for the return of the Capital Contributions of the Members, and upon dissolution, the Members shall look solely to the Property.

**3.8. Resignation.** Any Manager of the Company may resign at any time by giving written notice to all of the Members of the Company. The resignation of any Manager shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

**3.9. Removal.** At any special meeting of the Members called expressly for that purpose, any Manager may be removed at any time, either with or without cause, by the affirmative vote of a Majority in Interest of the Members. In case any vacancy so created shall not be filled by the Members at such meeting, such vacancy may be filled by the Managers as provided in Section 3.10. The removal of a Manager who is also a Member shall not affect the Manager's rights as a Member and shall not constitute a withdrawal of a Member.

**3.10. Vacancies.** Any vacancy occurring for any reason in the Managers of the Company may be filled by the affirmative vote of a Majority in Interest of the Members, except for a vacancy occurring in the Managers by reason of any increase in the number of Managers, which shall be filled by the affirmative vote of a Majority in Interest of all the Members at an annual meeting of Members or at a special meeting of Members called for such purpose.

**3.11. Unanimous Consent.** Notwithstanding anything to the contrary contained herein, the Company's Manager and/or Members may not act on behalf of the Company without the unanimous consent of the Members of the Company holding all of the then issued and outstanding Units with respect to the following transactions concerning the Company:

- (a) To authorize the sale of all or substantially all of the assets of the Company, any real property or land owned by the Company, and/or liquidation or distribution of the assets of the Company.
- (b) To enter into any contract or loan with any company or entity that would obligate or commit the Company to expend funds in excess of Twenty Thousand Dollars ($20,000).
- (c) To modify or amend the terms and provisions of this Operating Agreement.
- (d) Acquiring any land or other real property for the Company.

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(e) Making any tax elections that would adversely affect the Members.

## ARTICLE IV - RIGHTS AND OBLIGATIONS OF MEMBERS

**4.1. Names, Addresses and Percentage Interests of Members.** The names and Percentage Interests and Units of the Members are as reflected in Schedule A attached hereto and made a part hereof, which Schedule shall be amended by the Company as of the effectiveness of any Transfer or subsequent issuance of any Membership Interest.

**4.2. Liang Chang Membership.** The Manager shall establish such vesting criteria for the Units of Liang Chang as he determines in his discretion and shall include such vesting criteria in the applicable Award Agreement for the grant of Units to her. As of the date hereof, none of the issued and outstanding Units for Liang Chang shall be deemed vested, and as such she shall have no ability to vote on behalf of such Units.

**4.3. No Management by Members.** The Members in their capacity as Members shall not take part in the management or control of the business, nor transact any business for the Company, nor shall they have power to sign for or to bind the Company.

**4.4. Action by Members.** Any action to be taken by the Members under the Act or this Agreement may be taken (i) by vote of the requisite Members at a meeting of Members held on such terms, and after such notice as the Manager may establish; provided, that notice of a meeting of Members must be given to all Members entitled to vote at the meeting at least five days before the date of the meeting or (ii) by written action of a Majority in Interest of the Members, unless a greater proportion shall be otherwise required by this Agreement or the Act; and, provided further, that any action requiring the consent of all Members under this Agreement, the Act or other applicable law taken by written action must be signed by all Members. A Member may vote in person or by written proxy filed with the Company before or at the time of the meeting. No notice need be given of action proposed to be taken by written action, or an approval given by written action, unless specifically required by this Agreement, the Act or other applicable law. Such written actions must be kept with the records of the Company.

**4.5. Limited Liability.** The Members shall not be required to make any contribution to the capital of the Company except as set forth in Article V, nor shall the Members in their capacity as such be bound by, or personally liable for, any expense, liability or obligation of the Company except to the extent of their interest in the Company and the obligation to return Distributions made to them under certain circumstances as required by the Act. The Members shall be under no obligation to restore a deficit Capital Account upon the dissolution of the Company or the liquidation of any of their Membership Interests.

**4.6. Bankruptcy or Incapacity of a Member.** A Member shall cease to have any power as a Member or Manager, any voting rights or rights of approval hereunder upon the Member's death, bankruptcy, insolvency, dissolution, assignment for the benefit of creditors, or legal incapacity; and upon the occurrence of any such event such Member's legal representative, estate or successor, shall have only the rights, powers and privileges of a transferee enumerated in Section 8.4 and shall be liable for all of the Member's obligations under this Agreement. In no event shall a legal representative, estate or successor become a substitute Member unless the requirements of Section 8.3 are satisfied.

**4.7. Indemnification.** Each Member agrees to indemnify, defend and hold the other Members and the Company, and each of the Members' and the Company's respective members, managers, shareholders, directors, officers, representatives, employees and agents harmless from and against any and all losses resulting or arising from, relating to or incurred in connection with (i) any breach of any representation or warranty of such Member contained in this Agreement or any other document delivered

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by such Member in connection herewith; or (ii) any breach of or failure to comply with any covenant of such Member contained in this Agreement or any other document delivered by such Member in connection herewith.

**4.8. Non-competition.** Each Member agrees not to directly or indirectly compete with the Company in a similar or substantially similar type of business as the Company while he or she remains a Member of the Company through working for or owning a competing business.

## ARTICLE V - CAPITAL CONTRIBUTIONS AND LOANS

**5.1. Capital Account Balances.** As of the Effective Date of this Agreement, the Members either have contributed or hereby agree to contribute the capital indicated opposite their names on Schedule I attached hereto, based upon their respective Percentage Interests (the “Initial Capital Contributions”).

**5.2. Additional Capital Contributions.** If the Manager determines that the Initial Capital Contributions are insufficient to carry out the purposes of the Company, the Managers may request that the Members make additional contributions to the capital of the Company (each an “Additional Capital Contribution”) in proportion to their respective Percentage Interests. No Member shall be required to make any Additional Capital Contributions, provided that, if the Additional Capital Contributions are approved by all of the Members, to the extent any Member makes an Additional Capital Contribution to the Company at the request of the Managers in excess of such Member’s Percentage Interest, the Managers shall cause Schedule I of this Agreement to be revised to reflect an increase in the Capital Contribution of each contributing Member, and the corresponding pro rata decrease in the Percentage Interest of each non-contributing Member, that fairly and equitably reflects the value of the contributing Member’s additional Capital Contribution in relation to the aggregate amount of all Capital Contributions made by the Members.

**5.3. No Interest on Capital Contributions.** No interest shall be paid by the Company on any Capital Contributions.

## ARTICLE VI - ALLOCATIONS, ELECTIONS AND REPORTS

**6.1. Profits and Losses.** After first giving effect to any required special allocations provided in Appendix A, for purposes of maintaining capital accounts and in determining the rights of the Members among themselves, Profit or Loss, if any, as determined for book purposes within the meaning of Regulations section 1.704-1(b), for all years or other periods, shall be allocated to the Members in such a manner so as to ensure, to the extent possible, that the Capital Account of each Member as of the end of each Fiscal Year equals each such Member’s Target Capital Account. For purposes of this Section 6.1, the “Target Capital Account” for a Fiscal Year means an amount equal to (i) the aggregate distributions that each Member would be entitled to receive if all of the assets of the Company were sold for their Gross Asset Values and the proceeds were distributed as of the end of such Fiscal Year in accordance with Section 10.2 of this Agreement, less (ii) such Member’s share of Company Minimum Gain and Member Nonrecourse Debt Minimum Gain computed immediately prior to the hypothetical sale of the Company’s assets (as all such terms are defined in Appendix A hereto).

**6.2. Allocations Between Transferor and Transferee.** In the event of the Transfer of all or any part of a Member’s Membership Interest (in accordance with the provisions of this Agreement) at any time other than at the end of a Fiscal Year, or the admission of a new Member (in accordance with the terms of this Agreement), the transferring Member or new Member’s share of the Company’s income, gain, loss, deductions and credits, as computed both for accounting purposes and for federal income tax purposes, shall be allocated between the transferor Member and the transferee Member, or the new Member and the other Members, as the case may be, in the same ratio as the number of days in such Fiscal Year before and

7

after the date of the Transfer or admission; provided that if there has been a sale or other disposition of the assets of the Company (or any part thereof) during such Fiscal Year, then upon the mutual agreement of all the Members (excluding the new Member and the transferring Member), the Company shall treat the periods before and after the date of the Transfer or admission as separate Fiscal Years and allocate the Company's income, gain, loss, deductions and credits for each of such deemed separate Fiscal Years. Notwithstanding the foregoing, the Company's 'allocable cash basis items,' as that term is used in Code Section 706(d)(2)(B), shall be allocated as required by Code Section 706(d)(2) and the Treasury Regulations thereunder.

**6.3. Tax Withholding.** The Company shall be authorized to pay, on behalf of any Member, any amounts to any federal, state or local taxing authority, as may be necessary for the Company to comply with tax withholding provisions of the Code or of any applicable state or local tax laws, rules or regulations. To the extent the Company pays any such amounts that it may be required to pay on behalf of a Member, such amounts shall be treated as a cash Distribution to such Member and shall reduce the amount otherwise distributable to such Member.

## ARTICLE VII - DISTRIBUTIONS

### 7.1. Tax Distributions; Distributions of Net Cash Flow; Distributions of Cash from Capital Transactions.

(a) As determined by the Manager, a reserve will be established to support the capital improvement of the property prior to any Distributions to the Members. To the extent of its Net Cash Flow, the Company shall make cash Distributions to the Members at such times and in such amounts as are determined by the Manager. Distributions pursuant to this Section 7.1(a) shall be made among the Members pro rata in accordance with their respective Percentage Interests; provided that no Distribution otherwise required to be made to a Member shall be made to the extent that such Distribution would create or increase an Adjusted Capital Account Deficit with respect to such Member.

(b) The Company shall make Distributions of cash proceeds from Capital Transactions in such amounts as are determined by the Managers. Distributions pursuant to this Section 7.1(b) shall be among the Members as follows:

(i) First, among the Members in proportion to and to the extent of their respective positive Capital Account balances until such Capital Account balances are reduced to zero;

(ii) Then, among the Members in proportion to their respective Percentage Interests.

Provided, that no Distribution otherwise required to be made to a Member shall be made to the extent that such Distribution would create or increase an Adjusted Capital Account Deficit with respect to such Member.

(c) Notwithstanding Sections 7.1(a) and (b) above, to the extent of Available Cash, the Managers shall distribute to the Members a minimum amount intended to equal the aggregate federal and state income tax liability of the Members computed with respect to the Company's income, loss, gain and credit for each fiscal year (or a portion thereof). The Company shall determine the amount of such distributions (each a 'Tax Distribution'), if any, and deliver such distributions quarterly and sufficiently in advance of the due date for payment of individual estimated taxes so that the Members can fund their timely remittances for such estimated taxes from such distributions. All Tax Distributions shall be calculated for all Members based upon the highest marginal income tax rates applicable to any Member's ordinary

8

income, or, as applicable, long term capital gain, adjusted to reflect the effect of the deductibility of state taxes, determined by using the highest marginal income tax rate in the state of residence of any Member having the highest marginal income tax rate, for federal income tax purposes. All Tax Distributions made by the Company to or on behalf of a Member shall, for purposes of determining future distributions to be made to such Member under Section 7.1(a), be treated as a prepayment of distributions otherwise to have been made to such Member under Section 7.1(a), by reducing the amount of the next succeeding distribution or distributions otherwise distributable to such Member under Section 7.1(a) by the amount of Tax Distributions for which no prior reduction under Section 7.1(a) has been made. Furthermore, no Tax Distributions are to be paid in connection with the dissolution and liquidation of the Company.

**7.2. Liquidating Distributions.** Upon liquidation of the Company, all of the Property shall be sold as provided in Section 10.2 and Profits and Losses shall be allocated in accordance with Section 6.1. Proceeds from the liquidation of the Company shall be distributed in accordance with Section 10.2.

**7.3. Limitation Upon Distributions.** No Distribution shall be declared and paid if payment of such Distribution would cause the Company to violate any limitation on distributions provided in the Act.

## **ARTICLE VIII - TRANSFER OF INTERESTS AND ADMISSION OF MEMBERS**

**8.1. Restrictions on Transfer.** Except as otherwise provided in this Article VIII and Article IX, without the prior written consent of all Members (which consent may be given or withheld in their sole discretion), (a) no Member may voluntarily or involuntarily Transfer, or create or suffer to exist any Encumbrance against, all or any part of such Member's Membership Interest and (b) no Person may be admitted to the Company as a Member. Except for withdrawals in connection with a Transfer of a Membership Interest permitted by this Agreement, no Member may withdraw from the Company without the consent of all Members.

**8.2. Conditions Precedent to Transfer.** Any purported Transfer or Encumbrance otherwise complying with Section 8.1 will be ineffective until the transferor and the proposed transferee furnish to the Company the instruments and assurances the Manager may reasonably request, including without limitation, if requested, an opinion of counsel satisfactory to the Company that the interest in the Company being Transferred or Encumbered has been registered or is exempt from registration under the Securities Act of 1933, as amended (the 'Securities Act'), and applicable state securities laws. No Transfer or Encumbrance will be effective if it would result in the 'termination' of the Company under Code Section 708 unless the Manager gives his prior written consent to the Transfer or Encumbrance.

**8.3. Substituted Members.** No assignee or transferee of a Membership Interest shall be admitted as a substituted Member of the Company unless, in addition to compliance with the conditions set forth in Sections 8.1 and 8.2, all of the following conditions are satisfied:

(a) The assignee or transferee has executed and delivered all documents reasonably deemed appropriate by the Manager to reflect the assignee's or transferee's admission to the Company and agreement to be bound by this Agreement;

(b) The Manager, or if the Manager is a transferor, all of the Disinterested Members, shall have consented in writing to such substitution, as applicable, provided, however, that no consent shall be required for a transfer pursuant to Section 8.5 hereof; and

(c) If requested by the Manager, payment has been made to the Company of all reasonable costs and expenses of admitting such transferee or assignee as a substituted Member.

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**8.4. Rights of Transferee.** Except as otherwise set forth in Section 8.5, unless admitted to the Company in accordance with Section 8.3, the transferee of that Membership Interest or a part thereof shall not be entitled to any of the rights, powers or privileges of its predecessor in interest, except such transferee shall be entitled to receive and be credited or debited with its proportionate share of Profits, Losses, Distributions of Available Cash, and Distributions in liquidation.

**8.5. Permitted Transfers.** Notwithstanding the foregoing provisions of this Article VIII and nothing in this Agreement to the contrary withstanding, a Member shall be permitted to transfer his / her / its Membership Interest, in whole or in part, in the following circumstances without the prior approval or consent of the Company or any other Member, and without causing a Buy-Sell Event under this Agreement:

(a) to any other Person who is then a current Member of the Company. In the event of any such transfer, the transferee Member shall become a Member of the Company with respect to the transferred Membership Interest without any further action or consent of the remaining Member(s) or the Company. In the event of such transfer, the transferring Member shall notify the other Members of the transfer.

(b) to a revocable trust, limited liability company, or other entity or association, that is wholly owned and exclusively controlled by such transferring Member. In the event of any such transfer, the transferee entity or association, acting by and through the transferring Member, shall become a Member of the Company without further action or consent of the remaining Member(s) or the Company. Any subsequent transfer by such transferring Member of any ownership interest and/or control relative to the transferee entity or association shall be deemed to be a transfer of Membership Interest not classified as a permitted transfer under this Section 8.5.

## ARTICLE IX - BUY-SELL

**9.1. Buy-Sell.** Each of the following events shall constitute a 'Buy-Sell Event' for purposes of this Agreement:

(a) The death of a Member that is an individual, or the dissolution of a Member that is an entity;

(b) A judicial determination of the insolvency of any Member;

(c) Any filing of a petition or suit under the bankruptcy laws by or against a Member that is not dismissed within sixty (60) days;

(d) Any purported voluntary or involuntary Transfer of all or any part of a Member's Membership Interest in a manner not expressly permitted by this Agreement (including, but not limited to, transfers pursuant to operation of law, to judicial process, to proceedings in bankruptcy or receivership, and/or a court ordered transfer in a proceeding for an equitable distribution of marital property, or otherwise, whether voluntary or involuntary);

(e) Any material breach of this Agreement by a Member which is not cured within 10 days after the Company delivers written notice of such breach to the Member;

(f) Any withdrawal by a Member from the Company other than as may be expressly permitted by this Agreement.

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**9.2. Buy-Sell Notice.** Upon the occurrence of a Buy-Sell Event, the Member as to whom such event has occurred (the “Withdrawing Member”), or its executor, administrator or other legal representative in the event of death or declaration of legal incompetency, shall give notice of the Buy-Sell Event (the “Buy-Sell Notice”) to the Company and the other Members within ten (10) days after its occurrence. If the Withdrawing Member fails to give the Buy-Sell Notice, the Company or any other Member (other than a Withdrawing Member) may give the notice at any time thereafter and by so doing commence the buy-sell procedure provided for in this Article IX.

**9.3. Member Purchase Option.** Upon the occurrence of a Buy-Sell Event, the remaining Members shall have an option to purchase (the “Purchase Option”) all, but not less than all, of the Withdrawing Member’s Membership Interest at Closing on the terms and conditions set forth in this Article IX. The remaining Members shall give notice to the Withdrawing Member and all other Members of its election to exercise the Purchase Option within ten (10) days following receipt of the Buy-Sell Notice (the “Purchase Notice”). The Purchase Option of the remaining Members under this Section 9.3 shall be allocated among the remaining Members in the proportion to the respective Percentage Interests of the remaining Members with regards to the total Membership Interests held by all remaining Members. In the event a remaining Member would decline or fail to exercise its Purchase Option hereunder, such declining Member’s Purchase Option shall be allocated *pro rata* among the remaining Members who have elected to exercise their Purchase Option.

#### **9.4. Agreement on Valuation.**

(a) Unless otherwise agreed in writing by the Members, within sixty (60) days of the receipt of the Buy-Sell Notice or the Purchase Notice, as applicable, the purchase price for the Withdrawing Member’s Membership Interest shall be determined by a single appraisal of the value of the Withdrawing Member’s Membership Interest, as of the date the Buy-Sell Event occurred, made by an appraiser agreed upon by the remaining Members and the Withdrawing Member, which appraisal shall be final. If the parties cannot agree on a single appraiser, the purchase price shall be determined by three appraisers, one selected by the remaining Members, one selected by the Withdrawing Member and the third selected by the two appraisers. In such event, the purchase price shall be determined by taking the average of the two closest appraisals, which purchase price shall be final. The costs of appraisal shall be borne equally between the remaining Members and the Withdrawing Member. The purchase price to be paid for the Withdrawing Member’s Membership Interest will be reduced by the amount of any Distributions made by the Company to the Withdrawing Member from the date the Buy-Sell Event occurred with respect to the Withdrawing Member to the Closing.

(b) Notwithstanding the foregoing, the Members may unanimously agree to a value of the Company (an “Agreed Valuation”), which Agreed Valuation shall be valid for twelve (12) months from the date of such determination. In the event there exists an Agreed Valuation dated not more than twelve (12) months preceding the date of the Buy-Sell Event, such Agreed Valuation shall be used in lieu of the appraisal process outlined above; provided, however, that if the Company has suffered, subsequent to the date of the applicable Agreed Valuation, an event that has had, or is reasonably expected to have (in the discretion of the Manager), a material effect (either positive or negative), on the Company’s business the fair market value shall be determined as set forth as provided in Section 9.4(a) above. The Agreed Valuation shall be set forth on Schedule II of this Agreement from time to time and shall be signed by all of the Members.

#### **9.5. Closing.**

(a) The closing (the “Closing”) of the purchase of any Membership Interest pursuant to this Article IX shall take place on the date agreed upon by the remaining Members and the Withdrawing

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Member, but not later than the later of (i) ninety (90) days after the delivery of the Buy-Sell Notice, as applicable, or (ii) ten (10) days following the determination of the purchase price pursuant to Section 9.4. The purchase price will be payable in any combination of cash, promissory note or other consideration in the discretion of the Company, provided; however, that the full amount of the purchase price shall be paid to the Withdrawing Member prior to the five (5) year anniversary of the date of the occurrence of the Buy-Sell Event, unless otherwise agreed by the parties and a down payment in cash shall be required at a minimum of three percent (3%) of the purchase price. For clarity, the remaining Members may make payment by endorsing without recourse any note of the Withdrawing Member held by the Company. If the consideration proposed to be paid for the Membership Interest is property, services or other non-cash consideration, the fair market value of the consideration shall be as determined in good faith by the Managers. If the Company or any Member cannot for any reason pay for the Membership Interest in the same form of non-cash consideration, the Company or such Member may pay the cash value equivalent thereof, as determined in good faith by the Manager. The payment to the Withdrawing Member shall also be contingent upon the Company's receipt of the resignation of the Withdrawing Member, as service provider and/or Manager of the Company, if applicable.

(b) The purchase price will bear interest from the date of the occurrence of the Buy-Sell Event until the Closing at an interest rate equal to the prime rate of interest charged by Wells Fargo Bank, N.A., last published prior to the occurrence of the Buy-Sell Event. Upon payment of the purchase price, the Withdrawing Member shall execute and deliver such assignments and other instruments as may be reasonably necessary to evidence and carry out the Transfer of its Membership Interests to the remaining Members. In connection with the sale of any Membership Interest under this Article IX, unless otherwise agreed by the remaining Members and the Withdrawing Member, the remaining Members will assume the Withdrawing Member's allocable portion of any Company obligations to the extent related to the Withdrawing Member's Membership Interests as well as the Withdrawing Member's individual obligations to the extent related to the Withdrawing Member's Membership Interests, other than income tax liabilities of the Withdrawing Member. Notwithstanding any other provision of this Article IX, any transferee, assignee or purchaser of a Member's interest, as provided herein, shall only have those rights as specified in Section 8.4 above, and shall not be admitted as a substitute Member without full compliance with Section 8.3.

**9.6. Effect on Withdrawing Member's Interest.** From the date of the occurrence of the Buy-Sell Event to the earlier of (i) the date the Purchase Option lapses as provided in Section 9.7, or (ii) the date of the Transfer of the Withdrawing Member's Membership Interest at Closing under this Article IX, the Percentage Interest represented by the Withdrawing Member's Membership Interest will be excluded from any calculation of aggregate Percentage Interests for purposes of any approval required of Members under this Agreement. Without limiting the generality of any other provision of this Agreement, upon the exercise of the Purchase Option, the Withdrawing Member, without further action, will have no rights in the Company or against the Company, any Member or the Manager with respect to such Withdrawing Member's Membership Interest sold pursuant to such Purchase Option other than the right to receive payment for its Membership Interest in accordance with this Article IX.

**9.7. Failure to Exercise Purchase Option.** In the event the remaining Members do not give notice of exercise of the Purchase Option during the applicable time period set forth in Section 9.3, such Purchase Option shall lapse and the Withdrawing Member or its executor, administrator or other legal representative in the event of death or declaration of legal incompetency, may transfer its economic rights in the Membership Interest of the Withdrawing Member to any Person; provided that any transferee of the Withdrawing Member's Membership Interests, as provided herein, (i) shall only have those rights as specified in Section 8.4, (ii) shall not be admitted as a substitute Member without full compliance with Section 8.3 and (iii) shall be subject to the buy-sell restrictions imposed under this Article IX.

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# ARTICLE X - DISSOLUTION AND LIQUIDATION OF THE COMPANY

**10.1. Dissolution Events.** The happening of an event of withdrawal with respect to a Member shall not cause the dissolution of the Company. The Company will be dissolved only upon the happening of any of the following events:

(a) All or substantially all of the assets of the Company are sold, exchanged or otherwise transferred (unless the Manager notifies the Members that he has elected to continue the business of the Company, in which event the Company will continue until the Manager gives notice that he elects to dissolve the Company);

(b) All Members sign a document stating their election to dissolve the Company;

(c) The entry of a final judgment, order or decree of a court of competent jurisdiction adjudicating the Company to be bankrupt and the expiration without appeal of the period, if any, allowed by applicable law in which to appeal; or

(d) The entry of a decree of judicial dissolution or the issuance of a certificate for administrative dissolution under the Act.

**10.2. Liquidation.** Upon the happening of any of the events specified in Section 10.1, the Manager, or any liquidating trustee elected by the Manager, will commence as promptly as practicable to wind up the Company's affairs unless the Manager or the liquidating trustee (either, the 'Liquidator') determines that an immediate liquidation of Company assets would cause undue loss to the Company, in which event the liquidation may be deferred for a time determined by the Liquidator to be appropriate. Assets of the Company may be liquidated or distributed in kind, as the Liquidator determines to be appropriate. The Members will continue to share Profits and Losses and items of income, gain, loss, deduction and expense during the period of liquidation in the manner set forth in Article VI and Appendix A. The proceeds from liquidation of the Company, including repayment of any debts of Members to the Company, and any Company assets that are not sold in connection with the liquidation will be applied in the following order of priority:

(a) To payment of the debts and satisfaction of the other obligations of the Company, including without limitation debts and obligations to Members;

(b) To the establishment of any reserves deemed appropriate by the Liquidator for any liabilities or obligations of the Company, which reserves will be held for the purpose of paying liabilities or obligations and, at the expiration of a period the Liquidator deems appropriate, will be distributed in the manner provided in Section 10.2(c);

(c) To the payment to the Members of the positive balances in their respective Capital Accounts, pro rata, in proportion to the positive balances in those Capital Accounts after giving effect to all allocations under Article VI and Appendix A; and

(d) Finally, among the Members in proportion to their respective Percentage Interests..

**10.3. Articles of Dissolution.** Upon the dissolution and commencement of the winding up of the Company, the Manager shall cause the Articles of Dissolution to be executed on behalf of the Company and filed with the Secretary of State, and the Manager shall execute, acknowledge and file any and all other instruments necessary or appropriate to reflect the dissolution of the Company.

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# ARTICLE XI - MISCELLANEOUS

**11.1. Other Activities of Members and Manager.** Any Member and the Managers may engage in or possess an interest in other business ventures of any nature or description, independently or with others without having or incurring any obligation to offer any interest in such activities to the Company or any Member, and neither the Company nor any Member or Manager shall have any rights in or to such independent ventures or the income or profits derived therefrom by virtue of this Agreement. Provided, however, that no Member or Manager shall engage in activities that are competitive with the specific business activities of the Company.

**11.2. Records.** The records of the Company will be maintained at the Company's principal place of business or at any other place the Manager selects, provided the Company keeps at its principal place of business the records required by the Act to be maintained there. Appropriate records in reasonable detail will be maintained to reflect income tax information for the Members. Each Member, at its expense, may inspect and make copies of the records maintained by the Company and may require an audit of the books of account maintained by the Company to be conducted by the independent accountants for the Company.

**11.3. Confidentiality.** Each Member agrees that such Member will not at any time, directly or indirectly, disclose or divulge any trade secrets or other proprietary or non-public information of a business, financial, marketing, technical or other nature pertaining to the Company or any subsidiary, or make use, directly or indirectly, of any such information for any purpose other than as required in connection with the affairs of the Company and each Member separately agreed to such confidentiality in the Mutual Non-Disclosure Agreement dated February 21, 2022. The fact that a Person is a Member and the general business which the Company and its Affiliates are in shall not be considered confidential information, nor will the fact that any Person or an Affiliate has made a loan to the Company or any subsidiary, the amount of any such loan and the rate of interest payable thereon.

**11.4. Reserves.** The Managers may cause the Company to create reasonable reserve accounts to be used exclusively to fund Company operating deficits and for any other valid Company purpose. The Manager shall determine the amount of payments to such reserve accounts.

**11.5. Notices.** The Managers will notify the Members of any change in the name, principal or registered office or registered agent of the Company. Any notice or other communication required by this Agreement must be in writing and may be given either by personal delivery, by facsimile transmission or other form of electronic communication or by mail or private carrier. Notices and other communications will be deemed to have been given when delivered by personal delivery or dispatched by means of facsimile transmission or other form of electronic communication. If mailed, such notice shall be deemed to have been given on the third business day after being deposited in the United States mail, postage prepaid. In each case, notice hereunder shall be addressed to the Member to whom the notice is intended to be given at its address set forth on Schedule I to this Agreement or, in the case of the Company, to its principal place of business. A Member may change its notice address by notice in writing to the Company and to each other Member given in accordance with this Section 11.5.

**11.6. Amendments.** The consent of the Managers and all of the Members shall be required to amend any provision of this Agreement or the Articles of Organization or to waive any term of this Agreement; provided, that any amendment that disproportionately adversely affects the economic rights of any Member shall require the consent of such Member; and, provided further, that any provision of this Agreement requiring the consent, approval or action of more than a Majority in Interest of the Members (or any provision of the Articles of Organization affecting any such provision of this Agreement) may be

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amended or waived only by a written action signed by the Manager and by Members holding the required percentage of Percentage Interests.

**11.7. Additional Documents.** Each party hereto agrees to execute and acknowledge all documents and writings which the Manager may deem necessary or expedient in the creation of the Company and the achievement of its purposes, including but not limited to the Articles of Organization and any amendments or cancellation thereof.

**11.8. Representations of Members.** Each Member represents and warrants to the Company and every other Member that it (i) is fully aware of, and is capable of bearing, the risks relating to an investment in the Company; (ii) understands that its interest in the Company has not been registered under the Securities Act or the securities law of any jurisdiction in reliance upon exemptions contained in those laws; and (iii) has acquired its interest in the Company for its own account, with the intention of holding the interest for investment and without any intention of participating directly or indirectly in any redistribution or resale of any portion of the interest in violation of the Securities Act or any applicable law.

**11.9. Survival of Rights.** Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns.

**11.10. Interpretation.** When the context in which words are used in this Agreement indicates that such is the intent, words in the singular number shall include the plural and vice versa. The masculine gender shall include the feminine and neuter. The Article and Section headings or titles shall not define, limit, extend or interpret the scope of this Agreement or any particular Article or Section.

**11.11. Severability.** If any provision, sentence, phrase or word of this Agreement or the application thereof to any Person or circumstance shall be held invalid, the remainder of this Agreement, or the application of such provision, sentence, phrase or word to Persons or circumstances, other than those as to which it is held invalid, shall not be affected thereby.

**11.12. Agreement in Counterparts.** This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which shall constitute one and the same instrument.

# **11.13. Partnership Representative.**

(a) To the extent that such a designation is required pursuant to the Code or the Treasury Regulations, the parties hereto agree to the designation of **Yuan Wang** as the “Partnership Representative” of the Company who shall fulfill the role of a “Partnership Representative” pursuant to Code Section 6231 with full power and authority to act on behalf of the Company and the Members in such capacity. If any state or local tax law provides for a Partnership Representative or person having similar rights, powers, authorities or obligations, the Partnership Representative shall also serve in such capacity.

(b) At the request of the Partnership Representative, in connection with an adjustment of any item of income, gain, loss, deduction, or credit of the Company or any partnership in which the Company invests, directly or indirectly, each Member shall promptly file one or more amended returns in the manner contemplated by Code Section 6225(c) (as in effect following the Bipartisan Budget Act of 2015) and any Regulations or other guidance that may be promulgated or issued in the future relating thereto and pay any tax due with respect to such returns. If the Partnership Representative makes an election pursuant to Code Section 6226 (as in effect following the Bipartisan Budget Act of 2015) with respect to an imputed underpayment, each Member shall comply with the requirements under such section (and any Regulations or other guidance that may be promulgated or issued in the future relating thereto). At the request of the Partnership Representative, each Member shall provide the Partnership Representative and

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the Company with any information available to such Member and with such representations, certificates, or forms relating to such Member (or its direct or indirect owners or account holders) and any other documentation, in each case, that the Partnership Representative determines, in its reasonable discretion, are necessary to make an election under Section 6221(b)(1) of the Code (as in effect following the Bipartisan Budget Act of 2015) or the Regulations or other official guidance thereunder or to modify an imputed underpayment under Section 6225(c) of the Code (as in effect following the Bipartisan Budget Act of 2015) or the Regulations or other official guidance thereunder. Notwithstanding anything to the contrary in this Agreement, any information, representations, certificates, forms, or documentation so provided may be disclosed to any applicable taxing authority. The Partnership Representative shall reasonably consult with the Members in good faith in connection with the application of the Bipartisan Budget Act of 2015 (and actions taken in connection therewith). Each Member's obligations to comply with the requirements of this Section shall survive the Member's ceasing to be a Member of the Company and/or the termination, dissolution, liquidation and winding up of the Company, to the extent applicable.

**11.14. Governing Law.** This Agreement is made in North Carolina, and the rights and obligations of the Members hereunder shall be interpreted, construed and enforced in accordance with the laws of the state of North Carolina.

**11.15. Benefit of Agreement.** Nothing in this Agreement, expressed or implied, is intended or shall be construed to give to any creditor of the Company or any creditor of any Member or any other person or entity whatsoever, other than the Members and the Company, any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenant, condition or provisions herein contained, and such provisions are and shall be held to be for the sole and exclusive benefit of the Members and the Company.

**11.16. Waiver.** No consent or waiver, express or implied, by any Member to or for any breach or default by any other Member in the performance by such other Member of his or its obligations under this Agreement shall be deemed or construed to be a consent or waiver to or of any other breach or default in the performance by such other Member of the same or any other obligations of such other Member under this Agreement. Failure on the part of any Member to complain of any act or failure to act of any of the other Members or to declare any of the other Members in default, regardless of how long such failure continues, shall not constitute a waiver by such Member of his or its rights hereunder.

**11.17. Counterparts.** This Agreement may be executed in multiple counterparts, each of which shall be deemed an original for all purposes and all of which when taken together shall constitute a single counterpart original. Executed signature pages to any counterpart instrument may be detached and affixed to a single counterpart, which single counterpart with multiple executed signature pages affixed thereto constitutes the original counterpart instrument. All of these counterpart pages shall be read as though one and they shall have the same force and effect as if all of the parties had executed a single signature page.

[Signature page to follow]

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IN WITNESS WHEREOF, the undersigned, being the Manager and all of the Members of the Company, have caused this Agreement to be duly adopted by the Company and do hereby assume and agree to be bound by and to perform all of the terms and provisions set forth in this Agreement.

Yuan Wang, Member

Xiangwu Zhang, Member

Liang Chang, Member

BEING ALL THE MEMBERS

Yuan Wang

BEING THE MANAGER

Signature page to Operating Agreement of Solib Solutions LLC

# **APPENDIX A  
TO OPERATING AGREEMENT  
OF SOLIB SOLUTIONS LLC**

# **CAPITAL ACCOUNTS AND REGULATORY ALLOCATION PROVISIONS**

**A.1 Definitions.** The following terms used in this Agreement shall have the following meanings (unless otherwise expressly provided herein):

“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 Fiscal Year, after giving effect to the following adjustments:

(a) Credit to such Capital Account any amounts that such Member is obligated to restore or is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

(b) Debit to such Capital Account the items described in Treasury 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 of Adjusted Capital Account Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.

“Capital Account” means, with respect to any Member, the capital account maintained for such Member in accordance with Section A.2 of this Appendix A.

“Company Minimum Gain” means partnership minimum gain as defined in Treasury Regulations Section 1.704-2(d).

“Depreciation” means, for each Fiscal Year and with respect to a Company asset, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for federal income tax purposes with respect to the asset for such Fiscal Year, except that if the Gross Asset Value of the asset differs from its adjusted basis for federal income tax purposes at the beginning of such Fiscal Year, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year with respect to the asset bears to such beginning adjusted tax basis; provided, however, that if the adjusted basis for federal income tax purposes of the asset at the beginning of such Fiscal Year is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Manager.

“Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as follows:

(a) The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of such asset, as determined by the contributing Member and the Manager, provided that, if the contributing Member is a Manager, the determination of the fair market value of a contributed asset shall be determined by (i) appraisal or (ii) agreement of a Majority in Interest of the Members, excluding the Member contributed by the asset;

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(b) The Gross Asset Values of all Company assets shall be adjusted to equal their respective gross fair market values, as determined by the Manager, as of the following times: (i) the acquisition of an additional interest in the Company (other than upon the initial formation of the Company) by any new or existing Member in exchange for more than a de minimis Capital Contribution or more than a de minimis amount of services rendered or to be rendered to the Company; (ii) the distribution by the Company to a Member of more than a de minimis amount of Property as consideration for an interest in the Company; and (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to clauses (i) and (ii) above shall be made only if the Manager reasonably determines that such adjustments are necessary or appropriate to reflect the relative Membership Interests of the Members in the Company;

(c) The Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross fair market value of such asset on the date of distribution as determined by the distributee and the Manager, provided that, if the distributee is a Manager, the determination of the fair market value of the distributed asset shall be determined by (i) appraisal or (ii) agreement of a Majority in Interest of the Members, excluding the Member receiving the asset; and

(d) The Gross Asset 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 Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and subsection (f) of the definition of Profits and Losses herein and Section A.11; provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) hereof to the extent the Manager determines that an adjustment pursuant to subsection (b) hereof is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d).

If the Gross Asset Value of an asset has been determined or adjusted pursuant to subsection (a), (b), or (d) hereof, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Profits or Losses.

“Member Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulations Section 1.704-2(i).

“Member Nonrecourse Debt” means any nonrecourse debt (for purposes of Treasury Regulations Section 1.1001-2) of the Company for which any Member bears the “economic risk of loss,” within the meaning of Treasury Regulations Section 1.752-2.

“Member Nonrecourse Deductions” means deductions as described in Treasury Regulations Section 1.704-2(i). The amount of Member Nonrecourse Deductions with respect to Member Nonrecourse Debt for any Fiscal Year equals the excess, if any, of (A) the net increase, if any, in the amount of Member Minimum Gain attributable to such Member Nonrecourse Debt during such Fiscal Year, over (B) the aggregate amount of any Distributions during that Fiscal Year to the Member that bears the economic risk of loss for such Member Nonrecourse Debt to the extent such Distributions are from the proceeds of such Member Nonrecourse Debt and are allocable to an increase in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i).

“Nonrecourse Deductions” means deductions as set forth in Treasury Regulations Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a given Fiscal Year equals the excess, if any, of (A)

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the net increase, if any, in the amount of Company Minimum Gain during such Fiscal Year, over (B) the aggregate amount of any Distributions during such Fiscal Year of proceeds of a Nonrecourse Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(h).

“Nonrecourse Liability” means any Company liability (or portion thereof) for which no Member bears the “economic risk of loss,” within the meaning of Treasury Regulations Section 1.752-2.

“Profits” and “Losses” means, for each Fiscal Year or other period, an amount equal to the Company’s taxable income or loss for such year or 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), with the following adjustments:

(a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits and Losses pursuant to this definition shall be added to such taxable income or loss;

(b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in computing Profits or Losses, shall be subtracted from such taxable income or loss;

(c) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subsection (b) or (c) of the definition of Gross Asset Value hereof, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits or Losses;

(d) Gain or loss resulting from any disposition of Company Property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value;

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Fiscal Year or other period, computed in accordance with the definition of Depreciation;

(f) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining Capital Accounts as a result of a Distribution other than in liquidation of a Member’s interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the disposition of the asset and shall be taken into account for purposes of computing Profits or Losses; and

(g) Notwithstanding any other provision of this definition of Profits and Losses, any items which are specially allocated pursuant to Sections A.4, A.5, A.7, A.8, A.9, A.10, A.11 or A.12 shall not be taken into account in computing Profits or Losses.

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The amounts of the items of Company income, gain, loss or deduction available to be specially allocated pursuant to Sections A.4, A.5, A.7, A.8, A.9, A.10, A.11 or A.12 shall be determined by applying rules analogous to those set forth in subsections (a) through (f) above.

“Treasury Regulations” means the Income Tax Regulations and Temporary Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

**A.2 Capital Accounts.** A Capital Account shall be established for each Member and shall be credited with each Member’s initial and any additional Capital Contributions. All contributions of property to the Company by a Member shall be valued and credited to the Member’s Capital Account at such property’s Gross Asset Value on the date of contribution. All Distributions of property to a Member by the Company shall be valued and debited against such Member’s Capital Account at such property’s Gross Asset Value on the date of such Distribution. Each Member’s Capital Account shall at all times be determined and maintained pursuant to the principles of this Section A.2 and Treasury Regulations Section 1.704-1(b)(2)(iv). Each Member’s Capital Account shall be increased in accordance with such Treasury Regulations by:

- (i) The amount of Profits allocated, and the amount of items of income and gain specially allocated, to the Member pursuant to this Agreement; and
- (ii) The amount of any Company liabilities assumed by the Member or which are secured by any Company Property distributed to such Member.

Each Member’s Capital Account shall be decreased in accordance with such Treasury Regulations by:

- (i) The amount of Losses allocated, and the amount of items of deduction and loss specially allocated, to the Member pursuant to this Agreement;
- (ii) The amount of any Distributions to the Member; and
- (iii) The amount of any liabilities of the Member assumed by the Company or which are secured by any property contributed by such Member to the Company.

In addition, each Member’s Capital Account shall be subject to such other adjustments as may be required in order to comply with the capital account maintenance requirements of Code Section 704(b).

In the event that the Manager shall determine that it is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation, debits or credits relating to liabilities that are secured by contributed or distributed property or that are assumed by the Company or the Members), are computed in order to comply with such Treasury Regulations, the Manager may make such modification, provided that it is not likely to have a material effect on the amounts distributable to any Member upon dissolution of the Company. The Manager also shall (i) make any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount of Company capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(g) and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement not to comply with Treasury Regulations Section 1.704-1(b).

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**A.3 Reallocation of Loss.** Losses allocated pursuant to Section 6.1 shall not exceed the maximum amount of Losses that can be so allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of any Fiscal Year. 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 6.1, the limitation set forth in this Section A.3 shall be applied on a Member by Member basis so as to allocate the maximum possible Losses to each Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d).

**A.4 Nonrecourse Deductions.** Nonrecourse Deductions shall be allocated among the Members in accordance with their respective Percentage Interests.

**A.5 Member Nonrecourse Deductions.** Any Member Nonrecourse Deductions shall be specially allocated to the Member who bears the economic risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulations Section 1.704-2(i).

**A.6 Contributed Property and Book-Ups.** In accordance with Code Section 704(c) and the Treasury Regulations thereunder, as well as Treasury Regulations Section 1.704-1(b)(2)(iv)(d)(3), income, gain, loss, and deduction with respect to any property contributed (or deemed contributed) to the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of the property to the Company for federal income tax purposes and its Gross Asset Value at the date of contribution (or deemed contribution). If the Gross Asset Value of any Company asset is adjusted as provided herein, subsequent allocations of income, gain, loss, and deduction with respect to the asset shall, solely for tax purposes, take account of any variation between the adjusted basis of the asset for federal income tax purposes and its Gross Asset Value in the manner required under Code Section 704(c) and the Treasury Regulations thereunder.

Any elections or other decisions relating to such allocations shall be made by the Manager in any manner that reasonably reflects the purpose and intention of this Agreement. Allocations pursuant to this Section A.6 are solely for purposes of federal and state 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.

**A.7 Minimum Gain Chargeback.** If there is a net decrease in Company Minimum Gain during any Fiscal Year, each Member shall be specially allocated items of Company income and gain for such year (and, if necessary, subsequent years) in an amount equal to such Member's share of the net decrease in Company Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Sections 1.704-2(f) and 1.704-2(j)(2). This Section A.7 is intended to comply with the minimum gain chargeback requirement in Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

**A.8 Member Minimum Gain Chargeback.** If there is a net decrease in Member Minimum Gain attributable to a Member Nonrecourse Debt, as defined in Treasury Regulations Section 1.704-2(i)(4), during any Fiscal Year, each Member who has a share of the Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount equal to such Member's share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance with Treasury Regulations Section 1.704-2(i)(4) and (5). Allocations pursuant to the previous sentence shall be made in

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proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance with Treasury Regulations Section 1.704-2(i)(4). This Section A.8 is intended to comply with the Member Minimum Gain chargeback requirement in Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

**A.9 Qualified Income Offset.** If any Member unexpectedly receives an adjustment, allocation or distribution as described in Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4) through (6) which causes or increases an Adjusted Capital Account Deficit in such Member's Capital Account (as determined in accordance with such Treasury Regulations) items of Company income and gain shall be specially allocated to each such Member in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible, provided that an allocation pursuant to this Section A.9 shall be made if and only to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided for in Article VI and this Appendix A have been tentatively made as if this Section A.9 were not in the Agreement. This provision is intended to be a 'qualified income offset,' as defined in Treasury Regulations Section 1.704-1(b)(2)(ii)(d), such Treasury Regulations being specifically incorporated herein by reference.

**A.10 Gross Income Allocation.** In the event any Member has a deficit Capital Account at the end of any Company Fiscal Year which is in excess of the sum of (i) the amount such Member is obligated to restore and (ii) the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section A.10 shall be made if and only to the extent that such Member would have a deficit Capital Account in excess of such sum after all other allocations provided for in Article VI and this Appendix A have been tentatively made as if this Section A.10 and Section A.9 hereof were not in this Agreement.

**A.11 Section 754 Adjustment.** To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a Distribution to a Member in complete liquidation of its interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated to the Members in accordance with their interests in the Company in the event that Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Members to whom such Distribution was made in the event that Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

**A.12 Curative Allocations.** The allocations set forth in Sections A.3, A.4, A.5, A.7, A.8, A.9, A.10 and A.11 hereof (the 'Regulatory Allocations') are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss or deduction pursuant to this Section A.12. Therefore, notwithstanding any other provision of Article VI or this Appendix A (other than the Regulatory Allocations), the Manager shall make such offsetting special allocations of Company income, gain, loss or deduction in whatever manner they determine appropriate so that, after such offsetting allocations are made, each Member's Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement and all Company items were allocated pursuant to Section 6.1. In exercising their discretion under this Section A.12, the Manager shall take into account future Regulatory Allocations under Sections A.7 and A.8 that,

A-8

although not yet made, are likely to offset other Regulatory Allocations previously made under Sections A.4 and A.5.

**A.13 Compliance with Treasury Regulations.** The Manager may, without the consent of any Members, make such elections, tax allocations and adjustments, including without limitation amendments to this Agreement, as the Manager deems necessary or appropriate to maintain to the greatest extent possible the validity of the tax allocations set forth in this Agreement, particularly with regard to Treasury Regulations under Code Section 704(b).

A-9

**Attachment 5:** `otherfinancial.pdf`

# Record Ownership and Voting Agreement

This Record Ownership and Voting Agreement (this “Agreement”) is entered into as of the date of electronic consent by the parties using the website www.netcapital.com (the “Portal”), by and among NetCapital Funding Portal Inc., a Delaware corporation (“NetCapital”), MG Teixeira Inc, a Connecticut corporation (the “Record Owner”), and the undersigned investor (“Investor”).

The Record Owner has agreed to open and maintain the Account (as defined below) for Investor and to provide other services to Investor in connection with the Account. This Agreement sets out, among other things, the terms under which the Record Owner will provide those services to Investor and the arrangements that will apply in connection with those services.

In consideration of the mutual promises herein made and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the parties hereto agree as follows:

## 1. Interpretation

### 1.1 Definitions

In this Agreement:

- • “Account” means the account opened by the Record Owner and consisting of the beneficial interests in any Shares that were offered for sale by the Issuer on the Portal and purchased by Investor.
- • “Account Balance” means, in relation to the Account, the number of Shares of each Issuer beneficially owned by Investor, including all of Investor’s rights to and interest in the balance from time to time on that Account.
- • “Business Day” means a weekday that is not a federal holiday.
- • “Escrow Agent” means Boston Private Bank and Trust Company.
- • “Fees” means the fees and charges referred to in clause 5.1 of this Agreement.
- • “Issuer” means each issuer of the Shares.
- • “Shares” means the beneficial interests in the uncertificated shares of common stock or preferred stock or the units of convertible debt, limited liability company membership interests or limited partnership interests that were beneficially purchased by Investor on the Portal.
- • “Termination Date” means the date on which this Agreement is terminated by the Record Owner or by Investor as permitted hereunder.
- • “Transfer Agent” means Equity Stock Transfer LLC, or a successor transfer agent.
- • “Withdrawal Date” means the date referred to in clause 2.2 of this Agreement.

### 1.2. Headings

The headings in this Agreement do not affect its interpretation.

### 1.3. Singular and plural

References to the singular include the plural and vice versa.

## 2. Account

### 2.1. Opening Account

The Record Owner shall open and maintain the Account for the beneficial interests in the Shares beneficially held by Investor.

### 2.2. Deposits and withdrawals

The balance of Investor's Account shall reflect the Shares beneficially held by Investor. A deposit of Shares is made into Investor's Account when the Escrow Agent sends payment funds to the Issuer or a seller of Shares, as the case may be, and the Record Owner receives a record from the Transfer Agent of the number of Shares that Investor beneficially holds. A withdrawal occurs when the Record Owner receives notice from the Transfer Agent that the Shares have been beneficially sold or transferred.

### 2.3. Reports

Reports relating to deposits into and withdrawals from the Account and the Account Balance will be available to Investor daily by means of a section on the Portal to which Investor may log in.

## 3. Services of the Record Owner

### 3.1. General

Investor and the Record Owner understand and agree that the Record Owner will be the legal but not the beneficial owner of the Shares.

### 3.2. Ownership of Securities

The Record Owner will be the sole holder of legal title to the Shares while Investor will hold beneficial ownership of the Shares. The Record Owner will be the sole record holder of the Shares on the books and records of the Issuer. The sole dispositive record of Investor's beneficial ownership of the Shares will be in the books and records of the Transfer Agent. Investor shall be entitled to all proceeds of the sale of Shares, net of fees and commissions.

### 3.3. Voting of Securities

Prior to the Withdrawal Date, at every meeting of the equity or interest holders of the Issuer called with respect to any matter, and at every adjournment or postponement thereof, and on every action or approval by written consent or resolution of the equity or interest holders of the Issuer, Investor agrees that the Record Owner shall vote Investor's Shares, in the event Investor's Shares contain voting rights, in a manner reasonably determined to be in the best interest of Investor.

### 3.4. Insurance

The Record Owner and Investor understand and agree that the Record Owner may maintain insurance in support of the Record Owner's obligations under this Agreement, including covering any loss of the Shares. In the event that the Record Owner elects to reduce, cancel or not to renew such insurance, the Record Owner may give Investor prior written notice as follows: in the case of a reduction, the Record Owner may endeavor to provide such notice at least 30 days prior to the effective date of the reduction; and in the event of a cancellation or expiration of the insurance without renewal, the Record Owner may provide such notice at least 30 days prior to the last day of insurance coverage. Investor acknowledges that any such insurance is held for the Record Owner's benefit and not for the benefit of Investor, and that Investor may not submit any claim under the terms of such insurance.

### 3.5. Notice of Changes

The Record Owner may notify Investor promptly in writing of the following: (i) the Record Owner receives notice of any claim against the Account other than a claim for payment of safe custody or administration permitted by this Agreement; (ii) the Record Owner otherwise fails to comply with any of the provisions of this Agreement; or (iii) any of the Record Owner's representations and warranties in clause 4 shall cease to be true and correct.

## 4. Obligations of the Portal

NetCapital shall notify or cause to be notified each Issuer of Shares of the identity of the Record Owner of the Shares of such Issuer.

## 5. Representations and Warranties

### 5.1 Investor's representations

Investor represents and warrants that:

- Investor is the beneficial owner of the Shares;
- Investor has all necessary authority, powers, consents, licenses and authorizations and has taken all necessary action to enable Investor lawfully to enter into and perform Investor's duties and obligations under this Agreement; and
- This Agreement and the obligations created under it are binding upon Investor and enforceable against Investor in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the

rules or any order, charge or agreement by which Investor is bound.

## 5.2 The Record Owner's representations and warranties

The Record Owner represents and warrants to Investor that:

- this Agreement has been duly authorized, executed and delivered on the Record Owner's behalf and constitutes the Record Owner's legal, valid and binding obligation; and
- the execution, delivery and performance of this Agreement by the Record Owner does not and will not violate any agreement by which the Record Owner is bound.

## 6. Fees and Expenses

### 6.1 Fees

The Record Owner's fees will be paid in accordance with the fee agreement that has been executed by the Portal and the Record Owner. There are no fees payable by the Investor.

## 7. Scope of Responsibility

### 7.1 Exclusion of liability

The Record Owner may use reasonable care in the performance of its duties under this Agreement and will only be responsible for any loss or damage suffered by Investor as a direct result of any gross negligence, fraud or willful misconduct on the Record Owner's part in the performance of the Record Owner's duties, and in which case the Record Owner's liability will not exceed the aggregate market value of the Shares at the time of such gross negligence, fraud or willful misconduct.

### 7.2 Force majeure

Neither the Record Owner nor any of the Record Owner's directors, employees, agents or affiliates shall incur any liability to Investor if, by reason of any provision of any present or future law or regulation of any governmental or regulatory authority or stock exchange, or by reason of any act of God or war or terrorism, pandemic or other circumstances beyond the Record Owner's control, the Record Owner is prevented or forbidden from, or would be subject to any civil or criminal penalty on account of, or are delayed in, doing or performing any act or thing which by the terms of this Agreement it is provided shall be done or performed and accordingly the Record Owner does not do that thing or does that thing at a later time than would otherwise be required.

### 7.3 Exculpation in respect of offering documents

The Record Owner and its officers, directors, employees, agents and sub-record owners, if any, shall not be responsible or liable in any manner for any recitals, statements, representations or warranties made by any person other than the Record Owner including, but not limited to, statements contained in any material relating to

the offering and sale of Shares.

## 8. Termination

### 8.1 Method

The Record Owner may terminate this Agreement by giving not less than 60 Business Days' prior written notice to Investor and the Portal, provided that the Record Owner may terminate this Agreement immediately on written notice in the event that any of the statements set out in clause 4.1(a)-(c) become untrue. Clauses 6, 7.2 and 9 shall survive termination of this Agreement.

Investor may terminate this Agreement by giving not less than 60 Business Days' prior written notice to the Record Owner and the Portal in the event that the Record Owner is found, in a final determination not subject to appeal, to have committed an act of gross negligence or willful misconduct in respect of its duties as Record Owner hereunder.

### 8.2 Existing rights

Termination shall not affect rights and obligations then outstanding under this Agreement, which shall continue to be governed by this Agreement until all obligations have been fully performed.

### 8.3 Website

Effective upon the Termination Date, Investor's use of the Website will automatically be terminated and Investor will be permitted no further access to the Website until Investor has purchased other Shares.

## 9. Notices and Recordkeeping

### 9.1 Form

A notice or other communication given to Investor under or in connection with this Agreement may be given using the contact information Investor provided to the Portal.

### 9.2 Method of transmission

Any notice or other communication required to be in writing may be delivered by email, receipt confirmed, to the Portal or the Record Owner at the following email addresses:

If to the Record Owner:

MG Teixeira Inc
mannyteixeria@gmail.com

If to the Portal:

Netcapital Funding Portal Inc

## 10. General

### 10.1 No advice

The Record Owner’s duties and obligations under this Agreement do not include providing Investor with investment advice. In asking the Record Owner to open and maintain the Account, Investor does so in reliance upon Investor’s own judgment and the Record Owner shall not owe to Investor any duty to exercise any judgment on Investor’s behalf as to the merits or suitability of any deposits into, or withdrawals from, an Account.

### 10.2 Assignment

This Agreement is for the benefit of and binding upon the parties and their respective heirs, successors and assigns. Investor may not assign, transfer or encumber, or purport to assign, transfer or encumber, Investor’s right, title or interest in relation to any Account or any right or obligation under this Agreement or any part of any of the foregoing unless the Record Owner otherwise agrees in writing.

### 10.3 Amendments

Any amendment to this Agreement must be agreed in writing and be signed by all parties hereto. Unless otherwise agreed, an amendment will not affect any legal rights or obligations that may already have arisen.

### 10.4 Partial invalidity

If any of the clauses (or part of a clause) of this Agreement becomes invalid or unenforceable in any way, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.

### 10.5 Entire agreement

This document represents the entire agreement of the parties, and supersedes any previous agreements and understandings among the parties relating to the subject matter of this Agreement.

### 10.6 Joint and several liability

Investor’s responsibilities under this Agreement are joint and several if applicable.

### 10.7 Counterparts

This Agreement may be executed in any number of counterparts each of which when

executed and delivered is an original, but all the counterparts together constitute the same agreement.

### 10.8 Governing Law and Jurisdiction

This Agreement is governed by and construed in accordance with the laws of the State of Delaware without regard to its conflicts of laws principles. The parties agree that the United States District Court for the Delaware shall have sole and exclusive jurisdiction to determine any issues arising under this Agreement, and all Parties to this Agreement agree to submit to personal jurisdiction in Wilmington, Delaware, for the purpose of resolving any issue arising under or related to this Agreement.

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Solib Solutions LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** NC

**Date of Organization:** 01-06-2022

**Physical Address:** 232 High House Rd, Cary, NC, 27513

**Issuer Website:** https://www.solibsolutions.com

**Is there a Co-Issuer?:** No

**Intermediary Name:** NetCapital Funding Portal Inc.

**Intermediary CIK:** 0001669191

**Intermediary File Number:** 007-00035

**Intermediary CRD Number:** 283596

### Offering Information

**Compensation to Intermediary:** Up to 4.9% of amount raised for a successful offering and a listing fee of up to $10,000

**Financial Interest in Issuer:** None.

**Type of Security Offered:** Common Stock

**Number of Securities Offered:** 1125

**Price per Security:** $8.89

**Method for Determining Price:** The price of the Securities was determined solely by the management and bears no relation to traditional measures of valuation such as book value or price-to-earnings ratios. We expect that any future valuation will take the same approach.

**Target Offering Amount:** $10,001.25

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** First-come, first-served basis

**Maximum Offering Amount:** $1,000,000.54

**Deadline to Reach Target Amount:** 04-17-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 4

**Total Assets (Most Recent Fiscal Year):** $0.00

**Total Assets (Prior Fiscal Year):** $0.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $0.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $0.00

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

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

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

**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):** $0.00

**Revenues/Sales (Prior Fiscal Year):** $0.00

**Cost of Goods Sold (Most Recent Fiscal Year):** $0.00

**Cost of Goods Sold (Prior Fiscal Year):** $0.00

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

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

**Net Income (Most Recent Fiscal Year):** $0.00

**Net Income (Prior Fiscal Year):** $0.00

**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, 1V, PR, VI

### Signatures

**Issuer:** Solib Solutions LLC

**Signature:** Yuan Wang

**Title:** Principal Executive Officer

---

**Signature:** Yuan Wang

**Title:** Principal Executive Officer

**Date:** 03-20-2023

---

**Signature:** Yuan Wang

**Title:** Principal Financial Officer

**Date:** 03-20-2023

---

**Signature:** Yuan Wang

**Title:** Principal Accounting Officer

**Date:** 03-20-2023

---

**Signature:** Yuan Wang

**Title:** Board Member

**Date:** 03-20-2023

---

**Signature:** Xiangwu Zhang

**Title:** Board Member

**Date:** 03-20-2023

---

**Signature:** Liang  Chang

**Title:** Board Member

**Date:** 03-20-2023