# EDGAR Filing Document

**Accession Number:** 0002069560
**File Stem:** 0001096906-25-000958
**Filing Date:** 2025-6
**Character Count:** 538276
**Document Hash:** 869997c7fee201723fe985fa3c91ba41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001096906-25-000958.hdr.sgml**: 20250616

**ACCESSION NUMBER**: 0001096906-25-000958

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20250616

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIC Diversification Fund, LLC
- **CENTRAL INDEX KEY:** 0002069560

**ORGANIZATION NAME:**
- **EIN:** 331830356
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12627
- **FILM NUMBER:** 251047944

**BUSINESS ADDRESS:**
- **STREET 1:** 245 LAUREL RD.
- **CITY:** LEXINGTON
- **STATE:** SC
- **ZIP:** 29073
- **BUSINESS PHONE:** 803-381-4811

**MAIL ADDRESS:**
- **STREET 1:** 245 LAUREL RD.
- **CITY:** LEXINGTON
- **STATE:** SC
- **ZIP:** 29073

## Part

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

**Preliminary Offering Circular Dated June 13, 2025**

**PIC Diversification Fund, LLC**

245 Laurel Rd.

Lexington, South Carolina 29073

803-381-4811

PIC Diversification Fund, LLC ("we," "our," "us," and the "Company") is offering up to $74,257,425,000 ("Maximum Offering Amount") of our unsecured promissory notes (each a "Bond" and collectively as, "Bonds"). The Company is offering up to 74,257,425,000 of $1.00 increments of Bonds. The Company will also charge investors a fee ("Investor Processing Fee") of 1% of their investment amounts. The minimum investment for any investor is $1,000 in Bonds, $1,010 with the Investor Processing Fee. There is no minimum offering amount and no provision to return or escrow investor funds if any minimum amount of Bonds is not sold.

The Company is offering demand Bonds with one-year, two-year, and three-year lock-up periods. One-year Bonds will earn interest of 6% per annum. Two-year Bonds will earn interest of 7% per annum. Three-year Bonds will earn interest of 8% per annum. The Company estimates that it will offer an equal amount ($24,752,475) of one-year, two-year, and three-year Bonds. Each Bond is payable within 30 days from demand by its holder made following its lock up period ("Maturity"). All interest and principal will be due at Maturity, with unpaid interest compounding daily. Bonds may be prepaid at any time.

Bonds will be offered on a "best-efforts" basis. The sale of Bonds will commence within two days from the date the offering statement of which this offering circular a part, as amended, is qualified by the Securities and Exchange Commission (the "SEC"). We may undertake one or more closings on a "rolling" basis. Closings will occur promptly after receiving investor funds, but in no case less frequently than every 30 days. This offering will terminate on the earlier to occur of (i) the date that all Bonds hereby offered have been sold, (ii) the date three years from the date this offering circular is initially qualified by the SEC (notwithstanding the foregoing, the Company reasonably expects to sell all Bonds within two years from qualification), or (iii) such earlier date as terminated by the Company.

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| | | | |
|:---|:---|:---|:---|
| **Price of Bonds** | **Price to**<br> **Public [1]** | **Underwriting**<br> **Discount and**<br> **Commissions [2]**  | **Proceeds to**<br> **Issuer [3]** |
| Per Bond | $1.00 | $0.04 | $0.96 |
| Investor Processing Fee[4] | $0.01 | $0.0004 | $0.0096 |
| Total Maximum | $75000000.00 | $3051500 | $71948500 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) All amounts in this chart and circular are in U.S. dollars unless otherwise indicated. All investor funds will be held in a segregated processing account until an investor's subscription is accepted by the Company, after which time such funds will become available for the Company's use. In this table and throughout the offering circular, we have rounded the maximum offering amount, with Investor Processing Fee included, to the nearest whole dollar to $75,000,000.

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(2) We have engaged DealMaker Securities LLC, referred to herein as the "Broker," as broker-dealer of record, to perform broker-dealer administrative and compliance related functions in connection with this offering. The Broker and its affiliates will receive one-time advances of accountable expenses totaling $27,500, and monthly payments of $2,000 for up to three months of accountable expenses ($6,000). Once the SEC has qualified the Offering Circular and this offering commences, there will be monthly payments of $2,000 for account maintenance/management and advisory fees up to a maximum of $18,000, and the Broker will receive a cash commission equal to 4.0% of the amount raised in the offering. In the case of a fully subscribed offering, the maximum compensation to be paid to Broker and affiliates for offering related services is $3,051,500. The Company has also engaged an affiliate of the Broker to provide transfer agent services outside of this offering. Please see "Plan of Distribution" for additional information.

(3) We expect to incur expenses relating to this offering, including, but not limited to, legal, accounting, marketing, technology, travel, and other miscellaneous expenses, that are not included in the foregoing table. See "Use of Proceeds" for more detail.

(4) Our Broker will earn its 4.0% commission on the Investor Processing Fee collected by the Company. The Investor Processing Fee will be rounded to the nearest whole cent.

No public market has developed nor is expected to develop for our Bonds, and we do not intend to list Bonds on a national securities exchange or interdealer quotational system.

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

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

**Investing in our securities involves a high degree of risk, including the risk that you could lose all of your investment. Please read the section entitled "Risk Factors" beginning on page 4 of this offering circular about the risks you should consider before investing.**

**THE SEC DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"); HOWEVER, THE SEC HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;[OFFERING CIRCULAR SUMMARY](#ocs) | 1 |
| &nbsp;&nbsp;&nbsp;[RISK FACTORS](#rf) | 3 |
| &nbsp;&nbsp;&nbsp;[PLAN OF DISTRIBUTION](#pd) | 16 |
| &nbsp;&nbsp;&nbsp;[USE OF PROCEEDS](#up) | 20 |
| &nbsp;&nbsp;&nbsp;[DESCRIPTION OF](#db)[BUSINESS](#db) | 21 |
| &nbsp;&nbsp;&nbsp;[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#mda) | 26 |
| &nbsp;&nbsp;&nbsp;[MANAGEMENT](#man) | 27 |
| &nbsp;&nbsp;&nbsp;[MANAGEMENT COMPENSATION](#mc) | 28 |
| &nbsp;&nbsp;&nbsp;[INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#imo) | 28 |
| &nbsp;&nbsp;&nbsp;[SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS](#som) | 30 |
| &nbsp;&nbsp;&nbsp;[SECURITIES BEING OFFERED](#sbo) | 30 |
| &nbsp;&nbsp;&nbsp;[EXPERTS](#EX)  | 32 |
| &nbsp;&nbsp;&nbsp;[WHERE YOU CAN FIND ADDITIONAL INFORMATION](#wyc) | 32 |
| &nbsp;&nbsp;&nbsp;[FINANCIAL STATEMENTS](#fs) | F-1 |

---

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**OFFERING CIRCULAR SUMMARY**

*This summary highlights certain information about us and this offering contained elsewhere in this offering circular. Because it is only a summary, it does not contain all the information that you should consider before investing in our securities and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing elsewhere in this offering circular. Before you decide to invest in our securities, you should read the entire offering circular carefully, including "Risk Factors" and our financial statements and the accompanying notes included in this offering circular. Unless the context otherwise indicates, when used in this offering circular, the terms "the Company," "we," "us," "our" and similar terms refer to PIC Diversification Fund, LLC, a Wyoming limited liability company, and our subsidiaries.*

**Our Company**

PIC Diversification Fund, LLC was incorporated under the laws of the State of Wyoming on November 6, 2024. We have been formed to purchase or otherwise acquire mortgages and other liens on and interests in real estate. Our investments will be primarily focused on non-owner occupied, commercial real estate assets. We may also make other secured commercial loans, such as, but not limited to, warehouse loans, equipment loans, and factoring advances; however, we anticipate that (i) at least 55% of our assets will consist of "mortgages and other liens on and interests in real estate" ("Qualifying Interests"), (ii) up to an additional 25% of our assets will consist of "real estate-type interests" (subject to proportionate reduction if greater than 55% of our assets are Qualifying Interests), and (iii) not more than 20% of our total assets consist of assets that have no relationship to real estate provided the amount and nature of such activities do not cause us to lose our exemption from regulations as an investment company pursuant to the Investment Company Act of 1940 ("Investment Company Act"). Qualifying Interests are assets that represent an actual interest in real estate or are loans or liens "fully secured by real estate" but exclude securities in other issuers engaged in the real estate business. Real estate-type interests include certain mortgage-related instruments including loans where 55% of the fair market value of the loan is secured by real property at the time the issuer acquired the loan and agency partial-pool certificates. The proceeds from the sale of Bonds in this offering will provide the capital for these activities.

**Contact**

Our address is 245 Laurel Rd., Lexington, South Carolina 29073. Our telephone number is 803-381-4811.

**Manager**

We are managed by PIC Diversification Manager, LLC, a Wyoming limited liability company (the "Manager"). The Manager owns all of our membership interests. The Manager will oversee and direct the management of the Company, evaluate and monitor the financial performance of the Company's assets, and undertake strategic planning in the effort to achieve the goals and objectives of the Company. The Manager will be entitled to receive all Company profits after payment currently due Bond payments.

**The Bonds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Sold in $1.00 increments in a minimum amount of $1,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Bear interest at 6%-8% per annum, compounded daily;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Payable within 30 days from demand by holder after applicable one, two, or three-year lock up period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Can by prepaid by us at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Are not transferable without Company approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Are unsecured.

For more information on the terms of Bonds being offered, please see the "*Securities Being Offered"* section of this offering circular.

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**The Offering**

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| | |
|:---|:---|
| *Securities offered by us:* | Up to $74,257,425,000 of Bonds on a "best efforts" basis. The Company will also charge investors and receive an Investor Processing Fee equal to 1% of the principal amount of Bonds purchased, for total potential proceeds to the Company of $75,000,000 from the sale of Bonds and the Investor Processing Fee. There is no minimum offering amount and no provision to return or escrow investor funds if any minimum amount of Bonds is not sold. The minimum investment amount per Bond is $1,000 or $1,010 with the Investor Processing Fee. <br>The Company is offering demand Bonds with one-year, two-year, and three-year lock-up periods. One-year Bonds will earn interest of 6% per annum. Two-year Bonds will earn interest of 7% per annum. Three-year Bonds will earn interest of 8% per annum.<br>|
| *Manner of offering:* | Bonds are being offered on a best-efforts basis. We have engaged DealMaker Securities, LLC to act as the Broker of record in connection with this offering, but not for underwriting or placement agent services. We have also engaged affiliates of the Broker to provide technology, transfer agent, and marketing services.<br>In order to subscribe to purchase the Bonds, a prospective investor must select a rate and maturity for the bond purchase, complete a Bond Purchase Agreement and send payment by wire transfer, ACH, or other method accepted by the Company through our subscription portal. |

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| | |
|:---|:---|
| *Investment Amount Restrictions* | Generally, no sale may be made to an investor in this offering if the aggregate purchase price the investor pays is more than 10% of the greater of the investor's annual income or net worth. Different rules apply to accredited investors and non-natural persons. Investors are encouraged to review Rule 251(d)(2)(i)(c) of Regulation A.  |
| *Voting Rights* | The Bonds do not have any voting rights and Bond holders will not be members of the Company. |
| *Risk Factors* | Purchasing the Bonds and our business in general is subject to numerous risks and uncertainties, including those highlighted in the section titled "Risk Factors" beginning on page 4. |
| *How to invest:* | Please visit our offering platform at www.cashflowbonds.com and follow the prompts to invest. |
| *Use of proceeds:* | We intend to use the net proceeds from this offering to implement the business model described herein and for general corporate purposes including the costs of this offering. Proceeds from this offering may be used to reimburse our Manager and its affiliates for organizational and offering expenses incurred on our behalf. See "Use of Proceeds." |
| *Termination of the offering* | The termination of the offering will occur on the earlier of (i) the date that all Bonds hereby offered have been sold (ii) three years from the date this offering circular, as amended, is qualified by the SEC, or (iii) such time as earlier terminated by the Company. |

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**ABOUT THIS CIRCULAR**

We have prepared this offering circular to be filed with the SEC for our offering of securities. The offering circular includes exhibits that provide more detailed descriptions of the matters discussed in this offering circular.

You should rely only on the information contained in this offering circular and its exhibits. We have not authorized any person to provide you with any information different from that contained in this offering circular. The information contained in this offering circular is complete and accurate only as of the date of this offering circular, regardless of the time of delivery of this offering circular or sale of Bonds. This offering circular contains summaries of certain other documents, but reference is hereby made to the full text of the actual documents for complete information concerning the rights and obligations of the parties thereto. All documents relating to this offering and related documents and agreements will be made available to a prospective investor or its representatives upon request.

**TAX CONSIDERATIONS**

No information contained herein, nor in any prior, contemporaneous or subsequent communication should be construed by a prospective investor as legal or tax advice. We are not providing any tax advice as to the acquisition, holding or disposition of the securities offered herein. In making an investment decision, investors are strongly encouraged to consult their own tax advisor to determine the U.S. Federal, state and any applicable foreign tax consequences relating to their investment in our securities. This written communication is not intended to be "written advice," as defined in Circular 230 published by the U.S. Treasury Department

**RISK FACTORS**

*Any investment in our Bonds involves a high degree of risk. Investors should carefully consider the risks described below and all of the information contained in this offering circular before deciding whether to purchase our Bonds. Our business, financial condition or results of operations could be materially adversely affected by these risks if any of them actually occur. This offering circular also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks described below and elsewhere in this offering circular. In addition to the other information provided in this offering circular, you should carefully consider the following risk factors in evaluating our business before purchasing our Bonds. Material risks identified by the Company are discussed in this section; however, discussion may not include all risks applicable to an investment in Bonds to the extent such risks have not been contemplated by the Company.*

**Risks Related to the Company**

***We are an early-stage startup with limited operating history.***

We are newly formed without operations, which makes an investment in us speculative. We do not expect to be profitable for the near future. If we are unable to obtain or maintain profitability, we may not be able to attract investments, compete, or maintain operations or repay the Bonds or the interest due thereon.

***Our management has raised substantial doubt about our ability to continue as a going concern and our independent public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern in its audit report with respect to our audited consolidated financial statements for the year ended December 31, 2024.***

We are an early-stage startup with limited operating history, and we may never become profitable. Our management has raised substantial doubt about our ability to continue as a going concern and our independent public accounting firm has included an explanatory paragraph in their opinion on our audited consolidated financial statements for the year ended December 31, 2024, that states that there is a substantial doubt about our ability to continue as a going concern. The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. There is substantial doubt about our ability to continue as a going concern. We cannot assure you that we will generate sufficient revenue or obtain necessary financing to continue as a going concern. We cannot assure you that we will achieve success in selling the Bonds.

***We are dependent on the funds to be raised in this offering in order to be able to implement our business plan.***

We have not generated any revenues and we are dependent on the proceeds from this offering to provide funds to implement our business model. Given the uncertainty of the amount of Bonds that we will sell, it is difficult to predict our planned operations. If we do not raise sufficient funds in this offering, we will not be able to fully implement our business plan, or may have to cease operations altogether.

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***We may need additional capital, which may be on terms more or less favorable than those offered in this offering.***

We may require additional capital and may require additional cash resources due to changed business conditions or other future developments. If our resources are insufficient to satisfy our cash requirements, we may seek to sell additional equity or debt securities or incur debt. The incurrence of additional indebtedness would result in increased debt service obligations and could result in operating and financing covenants that would restrict our operations. We cannot assure you that financing will be available in amounts or on terms acceptable to us, if at all, or that the terms provided won't be more or less favorable than those hereby offered.

***We have no operating history, which makes it difficult to evaluate our future prospects and may increase the risk that we will not be successful.***

We have no operating history. Assessing our business and future prospects is challenging in light of the risks and difficulties we may encounter. These risks and difficulties include our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Acquire assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Sell our assets at a profit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Favorably compete with other companies that may have more resources and recognition than the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Successfully navigate economic conditions and fluctuations in the market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Effectively manage the growth of our business.

We may not be able to successfully address these risks and difficulties, which could harm our business and cause our operating results to suffer.

***Competition for employees is intense, and we may not be able to attract and retain the employees whom we need to support our business.***

Competition for personnel is extremely intense, and we or our Manager could face difficulty identifying and hiring qualified individuals in many areas of our business. We or our Manager may not be able to hire and retain such personnel. Many of the companies with which we or our Manager will compete for experienced employees have greater resources than we have and may be able to offer more attractive terms of employment. In addition, we or our Manager may invest significant time and expense in training our employees, which increases their value to competitors who may seek to recruit them.

***We operate in a competitive market which may intensify, and competition may limit our ability to implement our business model and have a material adverse effect on our business, financial condition, and results of operations.***

We operate in a competitive market which may intensify, and competition may limit our ability to implement our business model and have a material adverse effect on our business, financial condition, and results of operations. Our competitors may be able to have a lower cost for their services which would lead to borrowers choosing such other competitors over the Company. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of loans and investments, offer more attractive pricing or other terms and establish more relationships than us.

***The amount of repayments to Bond holders at a given time may exceed the amount of funds we have available to make such payments, which may result in a delay in repayment or loss of investment to the Bond holders.***

We will use our commercially reasonable efforts to maintain sufficient cash and cash equivalents on hand to honor repayment of Bonds, but we will not create a "sinking fund" from which to repay bonds. In the event there is more requirement for repayment than our cash and cash equivalents on hand available, we may be required to (i) liquidate some of investments, (ii) seek commercial banks and non-bank lending sources, such as insurance companies, private equity funds and private lending organizations, for the provision of credit facilities, including, but not limited to, lines of credit, pursuant to which funds would be advanced to us, or (iii) seek capital contributions from our Manager. But note, there is no agreement with our Manager to provide additional capital contributions in such circumstances, and our Manager may not have sufficient financial resources to do so. If the above sources of funds to honor repayments cannot be realized within the time frame of the repayment requirements, Bond holders might have to wait for repayment until the above sources are realized. Although the Bonds will continue accruing interest, if the above sources do not generate enough funds for repayment, there is a risk that the Bond holders may lose some or all of their investment in the Bonds. By failing to make timely payment, the Company will be in default on the Bonds. As a result, there is also the risk that one or more investors will sue us. If one or more investors sue us

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and are successful in obtaining a judgment, the investors may have the ability to foreclose on our assets. The Company may not have enough assets to support all judgments and/or ongoing operations, and we may have to file bankruptcy.

***Our risk management efforts may not be effective.***

We could incur substantial losses, and our business operations could be disrupted if we are unable to effectively identify, manage, monitor, and mitigate financial risks as well as operational risks related to our business, assets, and liabilities. Our risk management policies, procedures, and techniques may not be sufficient to identify all of the risks we are exposed to, mitigate the risks that we have identified, or identify concentrations of risk or additional risks to which we may become subject in the future.

***Our ability to protect the confidential information of our investors may be adversely affected by cyber-attacks, computer viruses, physical or electronic break-ins or similar disruptions.***

We process certain sensitive data from our investors. While we have taken steps to protect confidential information that we receive or have access to, our security measures could be breached. Any accidental or willful security breaches or other unauthorized access to our or our service providers' systems could cause confidential borrower and investor information to be stolen and used for criminal purposes. Security breaches or unauthorized access to confidential information could also expose us to liability related to the loss of the information, time-consuming and expensive litigation and negative publicity. If security measures are breached because of third-party action, employee error, malfeasance or otherwise, or if design flaws in our software are exposed and exploited, our relationships with investors could be severely damaged, and we could incur significant liability.

Because techniques used to sabotage or obtain unauthorized access to systems change frequently and generally are not recognized until they are launched against a target, we may be unable to anticipate these techniques or to implement adequate preventative measures. In addition, federal regulators and many federal and state laws and regulations require companies to notify individuals of data security breaches involving their personal data. These mandatory disclosures regarding a security breach are costly to implement and often lead to widespread negative publicity, which may cause borrowers and investors to lose confidence in the effectiveness of our data security measures. Any security breach, whether actual or perceived, would harm our reputation, we could lose borrowers and investors and our business and operations could be adversely affected.

Any significant disruption in our computer systems, including events beyond our control, could result in a loss of investors. The satisfactory performance, reliability and availability of our technology are critical to our reputation and our ability to attract new and retain existing investors.

Any interruptions or delays in our service, whether as a result of third-party error, our error, natural disasters or security breaches, whether accidental or willful, could harm our relationships with our investors and our reputation. Additionally, in the event of damage or interruption, our insurance policies may not adequately compensate us for any losses that we may incur. We may not have sufficient capacity to recover all data and services in the event of an outage.

***We are reliant on the efforts of the managers and officers of our Manager.***

We rely on our management team and need additional key personnel to grow our business, and the loss of key employees or inability to hire key personnel could harm our business. We believe our success will depend on the efforts and talents of our Manager's managers, whose expertise could not be easily replaced if we were to lose their services.

***Compliance with Regulation A and reporting to the SEC could be costly.***

Compliance with Regulation A could be costly and will require legal and accounting expertise. After qualifying this Form 1-A, we will be required to file an annual report on Form 1-K, a semiannual report on Form 1-SA, and current reports on Form 1-U.

Our legal and financial staff may need to be increased in order to comply with Regulation A. Compliance with Regulation A will also require greater expenditures on outside counsel, outside auditors, and financial printers in order to remain in compliance. Failure to remain in compliance with Regulation A may subject us to sanctions, penalties, and reputational damage and would adversely affect our results of operations.

***We will be required to publicly report on an ongoing basis under the reporting rules set forth in Regulation A for Tier 2 issuers. Therefore, we will be subject to ongoing public reporting requirements that are less rigorous than Exchange Act rules for companies that are not "emerging growth companies," and our investors could receive less information than they might expect to receive from exchange traded public companies.***

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We will be required to publicly report on an ongoing basis under the reporting rules set forth in Regulation A for Tier 2 issuers. The ongoing reporting requirements under Regulation A are more relaxed than for "emerging growth companies" under the Exchange Act. The differences include, but are not limited to, being required to file only annual and semiannual reports, rather than annual and quarterly reports. Annual reports are due within 120 calendar days after the end of the issuer's fiscal year, and semiannual reports are due within 90 calendar days after the end of the first six months of the issuer's fiscal year. Therefore, our investors could receive less information than they might expect to receive from exchange traded public companies.

***The profitability of our investments is uncertain.***

Investment in real estate entails risks that investments will fail to perform in accordance with expectations. In undertaking these investments, we will incur certain risks, including the expenditure of funds on, and the devotion of management's time to, transactions that may not come to fruition. Additional risks inherent in real estate investments include risks that the properties will not achieve anticipated sales price and that estimated operating expenses and costs of construction may prove inaccurate.

***Our investments will not be diversified.***

Our investments may not be diversified by type and/or geographic location. Our performance is therefore linked to economic conditions affecting assets and the regions in which we will invest and in the market for real estate loans and properties generally. Such conditions could result in a reduction of our income.

***If we fail to comply with government laws and regulations it could have a materially adverse effect on our business.***

We may be subject to federal, state and local laws and regulations that are extremely complex. We will exercise care in structuring our operations to comply in all material respects with applicable laws to the extent possible. The laws, rules and regulations applicable to our operations are complex and subject to interpretation. In the event of a determination that we are in violation of such laws, rules or regulations, or if further changes in the regulatory framework occur, any such determination or changes could have a material adverse effect on our business. There can be no assurance however that we will not be found in noncompliance in any particular situation.

***We may not maintain sufficient business insurance coverage for the risks associated with our business operations.***

Risks associated with our business and operations include, but are not limited to, claims for wrongful acts committed by our officers, directors, and other representatives, loss from unpaid Loans and foreclosures, damage to properties, the loss of key personnel, risks posed by natural disasters, and risks of lawsuits from our employees. Any of these risks may result in significant losses. We cannot provide any assurance that our insurance coverage is sufficient to cover any losses that we may sustain, or that we will be able to successfully claim our losses under our insurance policies on a timely basis or at all. If we incur any loss not covered by our insurance policies, or the compensated amount is significantly less than our actual loss or is not timely paid, our business, financial condition and results of operations could be materially and adversely affected.

***We might obtain lines of credit and other borrowings, which increases our risk of loss due to potential foreclosure.***

We may obtain lines of credit or other financing that may be secured or unsecured by our assets. As with any liability, there is a risk that we may be unable to repay our obligations from the cash flow or sale of our assets. Therefore, with borrowing and securing such borrowing with our assets, we risk losing such assets in the event we are unable to repay such obligations or meet such demands. If we lose these assets, it could materially affect our ability to pay amounts owed to investors.

***We may change our investment strategy without Bond holder consent, which may result in riskier investments than our current investments.***

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We may change our investment strategy and guidelines at any time without the consent of our Bond holders, which could result in our making investments that are different from, and possibly riskier than, the investments described in this offering circular. A change in our investment strategy or guidelines may increase our exposure to interest rate and real estate market fluctuations.

***Current global financial conditions have been characterized by increased volatility which could negatively impact our business, prospects, liquidity and financial condition.***

Current global financial conditions and recent market events have been characterized by increased volatility and the resulting tightening of the credit and capital markets has reduced the amount of available liquidity and overall economic activity. We cannot guaranty that debt or equity financing, the ability to borrow funds or cash generated by our investments will be available or sufficient to meet or satisfy our initiatives, objectives or requirements.

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***We intend to grow the size of our organization, and we may experience difficulties in managing any growth we may achieve.***

As our development and commercialization plans and strategies develop, we expect to need additional managerial, operational, financial, accounting, legal, and other resources. Future growth would impose significant added responsibilities on members of management. Our management may not be able to accommodate those added responsibilities, and our failure to do so could prevent us from effectively managing future growth, if any, and successfully growing our company.

***We engage in transactions with related parties and such transactions present possible conflicts of interest that could have an adverse effect on us.***

***Our ability to service our indebtedness will depend on our ability to generate cash in the future.***

Our ability to make payments on our indebtedness, if any, will depend on our ability to generate cash in the future. If we are unable to service our debt obligations, fund our other liquidity needs and maintain compliance with our financial and other covenants, we could be forced to curtail our operations, our creditors could accelerate our indebtedness and exercise other remedies and we could be required to pursue one or more alternative strategies, such as selling assets or refinancing or restructuring our indebtedness. However, such alternatives may not be feasible or adequate.

**Risks Related to Bonds and this Offering**

***The characteristics of the Bonds, including interest rate, maturity date, lack of collateral security or guarantee, and lack of liquidity, may not satisfy your investment objectives.***

The Bonds may not be a suitable investment for you, and we advise you to consult your investment, tax and other professional financial advisors prior to purchasing Bonds. The characteristics of the Bonds, including maturity date, redeemable by us, interest rate, lack of collateral security or guarantee, and lack of liquidity, may not satisfy your investment objectives. The Bonds may not be a suitable investment for you based on your ability to withstand a loss of interest or principal or other aspects of your financial situation, including your income, net worth, financial needs, investment risk profile, return objectives, investment experience and other factors. Prior to purchasing any Bonds, you should consider your investment allocation with respect to the amount of your contemplated investment in the Bonds in relation to your other investment holdings and the diversity of those holdings.

***Holders of Bonds are exposed to the credit risk of the Company.***

Bonds are our full and unconditional obligations. If we are unable to make payments required by the terms of the Bonds, you will have an unsecured claim against us. Bonds are therefore subject to non-payment by us in the event of our bankruptcy or insolvency. In an insolvency proceeding, we cannot assure you that you will recover any remaining funds. Moreover, your claim may be subordinate to that of any senior creditors and any secured creditors to the extent of the value of their security.

***The Bonds are unsecured obligations.***

The Bonds do not represent an ownership interest in any specific assets or their proceeds. The Bonds are unsecured general obligations of the Company. The Bonds will rank equally with all of our other unsecured debt unless such debt is senior to or subordinate to the Bonds by their terms. We may issue secured debt in our sole discretion without notice to or consent from the holders of Bonds. Therefore, as unsecured obligations, there is no security to be provided to the holders of the Bonds.

***There is no public market for Bonds, and none is expected to develop.***

Bonds are newly issued securities. Although under Regulation A the securities are not "restricted securities," Bonds are still highly illiquid securities. No public market has developed nor is expected to develop for Bonds, and we do not intend to list Bonds on a national securities exchange or interdealer quotational system. You should be prepared to hold your Bonds until at least Maturity, as Bonds are expected to be highly illiquid investments.

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***Holders of the Bonds will have no voting rights.***

Holders of the Bonds will have no voting rights and therefore will have no ability to control the Company. The Bonds do not carry any voting rights and therefore the holders of the Bonds will not be able to vote on any matters regarding the operation of the Company. As a bondholder purchaser in this offering will have no right to vote upon or receive notice of any corporate actions we may undertake which you might otherwise have if you owned equity in our Company.

***There is no limit on the amount of leverage the Company may utilize.***

While management intends to operate the Company in a responsible manner, there is no limit on the amount of leverage the Company may incur. If the Company takes on significant amounts of debt, it could reduce or eliminate the Company's ability to make timely payments on the Bonds, if at all. You may lose your investment.

***The Bond holders are subject to fees.***

Bond investors that purchase Bonds will be charged an Investor Processing Fee for their investment. This fee will not be credited towards investors' bond amounts and will decrease Bond holders' overall return on the Bonds as compared to if there were no fee.

***Because the Bonds will have no sinking fund, insurance, nor guarantee, you could lose all or a part of your investment if we do not have enough cash to pay.***

There is no sinking fund, insurance, nor guarantee of our obligation to make payments on the Bonds. We will not contribute funds to a separate account, commonly known as a sinking fund, to make interest or principal payments on the Bonds. The Bonds are not certificates of deposit or similar obligations of, and are not guaranteed or insured by, any depository institution, the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation, or any other governmental or private fund or entity. Therefore, if you invest in the Bonds, you will have to rely only on our cash flow from operations for repayment of principal and interest. There is significant risk that our cash flow from operations may not be sufficient to pay any amounts owed under the Bonds. If this occurs and we are unable to generate additional revenue through the sale of assets, then you may lose all or part of your investment.

***By purchasing Bonds in this Offering, you are bound by the arbitration provisions contained in our Bond Purchase Agreement to be used for subscriptions in this offering which limits your ability to bring class action lawsuits or seek remedies on a class basis and waives the right a trial by jury.***

By purchasing Bonds in this offering, you agree to be bound by the arbitration, jury waiver and class action waiver provisions contained in our Bond Purchase Agreement to be used for subscriptions on this offering. Pursuant to the terms of the Bond Purchase Agreement, the holders of Bonds and the Company will agree to (i) resolve disputes of the holders of Bonds through binding arbitration, instead of through courts of general jurisdiction or through a class action and (ii) waive the right to a trial by jury and to participate in any class action. Pursuant to the terms of the Bond Purchase Agreement, if a holder of Bonds does not agree to the terms of the arbitration provision, the holder of Bonds may opt-out of the arbitration provision by sending an arbitration opt-out notice to the Company within thirty (30) days of the holder's first electronic acceptance of the Bond Purchase Agreement. If the opt-out notice is not received within thirty (30) days, the holder of Bonds will be deemed to have accepted all terms of the arbitration provision, including the class action and jury waiver. If the investor opts out of the arbitration provision, the investor has also opted out of the jury trial and class action waivers.

The Bond Purchase Agreement provides that, to the extent permitted by law, each party to the Bond Purchase Agreement waives the right to a jury trial or class action of any claim they may have against us arising out of or relating to our Bonds or the Bond Purchase Agreement. If we were to oppose a jury trial or class action demand based on such waiver, the court would determine whether the waiver was enforceable based upon the facts and circumstances of that case in accordance with applicable state and federal law, including whether a party knowingly, intelligently and voluntarily waived the right to a jury trial or class action. The bondholders of Bonds will be subject to these provisions of the Bond Purchase Agreement to the extent permitted by applicable law.

THE ARBITRATION PROVISION OF THE BOND PURCHASE AGREEMENT IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF BONDS OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION CONTAINED IN THE BOND PURCHASE AGREEMENT IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF BONDS OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

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If the investor opts out of the arbitration provision, the investor has also opted out of the jury trial and class action waivers. If an investor does not opt-out, as described above, the rights of the adverse Bond holder to seek redress in court would be severely limited. These restrictions on the ability to bring a class action lawsuit may result in increased costs and/or reduced remedies, to individual investors who wish to pursue claims against the Company.

**Risks Related to Loans**

***We will be impacted by interest rates. Changes in prevailing interest rates may have an adverse effect on our financial results.***

 

The financial performance of our Loans will be directly affected by changes in prevailing interest rates. The financial performance of our Loans may be adversely affected or be subject to substantial volatility because of changes in prevailing interest rates, which may be impacted by a number of factors. For example, due to the COVID-19 pandemic and associated government and market responses, there is an increased degree of uncertainty and unpredictability concerning current interest rates, future interest rates and potential negative interest rates, which may have an adverse effect on the results of our operations.

***We will be materially negatively impacted if any borrower files bankruptcy.***

Upon discharge of Chapter 7 bankruptcy, a borrower will no longer be held personally liable for the obligations of a note held by the Company, unless the borrower reaffirms the debt while in bankruptcy. However, in any case, the Company will retain the right to foreclose on the collateral, as granted in the mortgage or deed of trust, in the event a mutually acceptable alternative cannot be worked out between the Company and the borrower.

***Foreclosure by a senior lienholder could materially impact our collateral for that loan.***

In the event a senior lienholder forecloses on the subject real estate before the Company, the Company's interest in the subject real estate may be eliminated. If a borrower's performance on a first lien fails, the Company can begin foreclosure ahead of the first lien, which may result in taking the property subject to the first lien. If the first lien starts foreclosure ahead of the Company, the Company, as junior lienholder, has the right to protect its secured interest in the property by bringing the payments current on the first lien, and then may elect to foreclose ahead of the first lien. In some instances, it may not be profitable for the Company to expend additional funds to enforce such protections, in which case the Company's lien would be removed from the property, leaving the Company with an unsecured debt worth significantly less than when it was secured.

***Inadequate property insurance could materially impact our collateral for our loans.***

In the event there is damage to, or losses involving properties that secure our loans, such properties may not be fully covered by insurance. While the collateral properties have property insurance policies with customary coverage features and insured limits, market forces beyond our control may limit the scope of the insurance coverage the SPE can obtain. Certain types of losses, generally of a catastrophic nature, such as wildfires, earthquakes, hurricanes and floods, or terrorist acts, may be uninsurable or too expensive to warrant obtaining insurance. As a result, in the event of a substantial loss, the insurance coverage may not be sufficient to pay the full market value of any lost property or in some cases could result in certain losses being totally uninsured and as a result, we could lose the value of that collateral for our loans.

***Failure of the Company and/or our servicer to comply with regulations could have a material negative impact on our business.***

Our business is subject to multiple laws including regulations applicable to mortgage lenders and note servicers. The lending industry is heavily regulated by laws governing lending practices at the federal, state, and local levels. In addition, changes in these laws, regulations and policies, as well as proposals for new laws, regulations and policies proposals for further regulating of the financial services industry are continually being introduced. Failure of the Company or our servicer to comply with these laws could lead to loss of the property, legal fees, and other unexpected costs that could adversely affect investments. Some of the laws and regulations to which the Company and its Servicer are subject include those pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●real estate settlement procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●fair lending, mortgage disclosures, and lender licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●compliance with federal and state disclosure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●fair debt collection and credit reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the establishment of maximum interest rates, finance charges, and other charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●secured transactions and foreclosure proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●private regulations providing for the use and safeguarding of non-public personal financial information of borrowers.

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***We are subject to the risk of loan defaults and foreclosures.***

Our borrowers may default on our loans. We will also be subject to other risks that lenders typically face, many of which are detailed in this offering circular. Loans may generally provide for a monthly payment from the borrower followed by a "balloon" payment at the loan's maturity. Borrowers may be unable to pay such a balloon payment and are compelled to refinance the balloon amount into a new loan. Fluctuations in the interest rates, unavailability of mortgage funds, and a decrease in the value of the real property securing the loan could adversely affect the borrower's ability to refinance their loans at maturity.

The Company will generally look to the underlying property securing the loan to determine whether to make the loan to the borrower. To determine the fair market value of the property securing the loan, the Company will primarily rely on an appraisal, management's opinion of value of the property, or other similar opinion. Appraisals are a judgment of an individual appraiser's interpretation of a property's value. Due to the differences in individual opinions, values may vary from one appraiser to another. Furthermore, the appraisal is merely the value of the real property at the time the loan is originated. Market fluctuations and other conditions could cause the value of real property to decline over time.

If the borrower defaults on the loan, the Company may be forced to purchase the property at a foreclosure sale. If the Company cannot quickly sell the real property and the property does not produce significant income, the Company's profitability will be adversely affected.

Due to certain provisions of state law that may apply to all real estate loans, if real property security proves insufficient to repay amounts owed to the Company, it is unlikely that the Company will be able to recover any deficiency from the borrower.

Finally, the recovery of sums advanced by the Company in making or investing in mortgage loans and protecting its security may also be delayed or impaired by the operation of the federal bankruptcy laws or by irregularities in the manner in which the loan was made. Any borrower may delay a foreclosure sale for a period ranging from several months to several years by filing a petition in bankruptcy which automatically stays any actions to enforce the terms of the loan. It can be assumed that such delays and the costs associated therewith will reduce the Company's profitability.

***We will be subject to risks associated with borrowers' activities.***

In the event that borrowers or their owners are found to have been out of conformity with the pertinent laws, including those affecting the use of a property and sale of interests in the borrower, they could be subject to government actions, including, without limitation, fines or forfeiture of the underlying properties. In such an event, the Company could be adversely impacted, leading to loss of capital and/or returns.

***We may experience an increase in loss rates.***

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Loss rates on loans may be significantly affected by economic downturns or general economic conditions beyond the Company's control, and beyond the control of individual borrowers. In particular, loss rates on corresponding loans may increase due to factors such as (among other things) local real estate market conditions, prevailing interest rates, the rate of unemployment, the level of consumer confidence, the value of the U.S. dollar, energy prices, changes in consumer spending, the number of personal bankruptcies, disruptions in the credit markets, and other factors.

***The Company's Loans may not be diversified.***

The Company's lending activities may not be widely diversified. As a consequence, the Company's aggregate return may be substantially adversely affected by the unfavorable performance of even a single investment. The ability of the Company to diversify the risks of making investments will depend upon a variety of factors, including the size, characteristics, type and class of the investments being made, and with regard to loans, the number and quality of borrowers in need of financing. The Company may not be able to make investments that would provide a desired level of diversification.

***The Company may experience risks if it elects to sell its loans.***

The Company may participate in the sale of loans with affiliates or third-parties, including institutions. In certain sales contracts there may be a buy-back clause which may be enforced by the purchaser of the loans in the event that the Company has breached a representation or warranty contained in such sale agreement. In that instance, the Company may be forced to repurchase one or more loans sold to the purchaser. The breach of a representation or warranty by the Company may impact the Company's ability to originate new loans, collect fees, and strip interest income which the Company use to fund its operations and distribute returns to the investors.

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***Prepayment rates can increase, thus adversely affecting yields***.

The value of our assets may be affected by prepayment rates on mortgage loans. Prepayment rates on loans are influenced by changes in current interest rates and a variety of economic, geographic and other factors beyond our control, and consequently, such prepayment rates cannot be predicted with certainty. In periods of declining interest rates, prepayments on loans generally increase. If general interest rates decline as well, the proceeds of such prepayments received during such periods are likely to be reinvested by us in assets yielding less than the yields on the assets that were prepaid.

***The geographic concentration of the properties underlying our investments may increase our risk of loss.***

We have not established any limit upon the geographic concentration of properties underlying our loans and investments. As a result, properties underlying our loans and investments may be overly concentrated in certain geographic areas, and we may experience losses as a result. A worsening of economic conditions in these states could have an adverse effect on our business, limiting the ability of borrowers to pay financed amounts and impairing the value of our collateral.

***Possible repeal of usury exemptions could negatively impact us.***

Depending on the state, loans arranged by or through a mortgage lending licensee are generally exempt from the otherwise applicable state's usury limitation. Should this exemption be repealed, the Company would not be able to originate loans in excess of the usury limit, potentially reducing its return on investment or forcing it to limit its lending or investing activities. In addition, some states have maximum interest rates that may be charged on a loan by a lender. If the Company were to exceed the maximum interest rate allowed by law in any of those states, it could become subject to penalties and fees, thus potentially reducing the Company's return on its investment on a Loan, or forcing the Company to limit its lending or investing activities.

***We may be subject to Dodd-Frank Wall Street Reform and Consumer Protection Act (amending the Federal Truth in Lending, Real Estate Settlement Procedures, and Equal Credit Opportunity Acts).***

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Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") created the Consumer Financial Protection Bureau ("CFPB") and transferred regulatory and rulemaking authority for the federal laws regulating consumer mortgage lending to the CFPB. Title XIV of Dodd-Frank, the Mortgage Reform and Anti-Predatory Lending Act, provides for substantial amendments to the statutes and regulations which govern consumer-purpose loans secured by one to four residential properties.

Many of the final rules implementing the Dodd-Frank amendments took effect in January 2014. In part, the new rules require creditors to document and verify a consumer's ability to repay the mortgage loan; require appraisals for all higher-cost and high cost loan transactions; restrict prepayment penalties on higher-cost loans and prohibit them on high-cost loans; require creditors to establish escrow accounts for all higher-cost and high-cost loan transactions; and require creditors to obtain written certification that a consumer has received homeownership counseling prior to closing a high-cost mortgage loan. Failure to comply with the new rules implemented in Regulation Z may subject the Company to, among other things, rescission of the loan and a loss of all finance charges and fees paid by the consumer.

**Risks Related to Real Estate**

*To the extent that we acquire real property assets, through foreclosure or direct investment, which is not guaranteed, we would be subject to, inter alia, the following risks:* 

***We will experience general risks of real estate investing.***

Factors which could affect the Company's ownership of real property might include, but are not limited to any or all of the following: changing environmental regulations, adverse use of adjacent or neighboring real estate, changes in the demand for or supply of competing property, local economic factors which could result in the reduction of the fair market value of a property, uninsured losses, significant unforeseen changes in general or local economic conditions, inability of the Company to obtain any required permits or entitlements for a reasonable cost or on reasonable conditions or within a reasonable time frame or at all, inability of the Company to obtain the services of appropriate consultants at the proposed cost, changes in legal requirements for any needed permits or entitlements, problems caused by the presence of environmental hazards on a property, changes in federal or state regulations applicable to real property, failure of a lender to approve a loan on terms and conditions acceptable to the Company, lack of adequate availability of liability insurance or all-risk or other types of required insurance at a commercially-reasonable price, shortages or reductions in available energy, acts of God or other calamities, inflation or deflation, inability to control future operating costs, inability to attract tenants, vandalism, rent strikes, collection difficulties, uncertainty of cash flow, the availability and costs of borrowed funds, the general level of real estate values, competition from other properties, residential patterns and uses, general economic conditions (national, regional,

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and local), the general suitability of a property to its market area, governmental rules and fiscal policies, and other factors beyond the control of the Company. Furthermore, there could be a loss of liquidity in the capital markets such that a refinance or sale of a property may be hindered.

***We may not have control over costs arising from construction on our properties.***

We may retain general contractors to renovate our properties and will be subject to risks in connection with a contractor's ability to control construction costs, the timing of completion of construction, and a contractor's ability to build in conformity with plans and specification.

***Inventory or available properties might not be sufficient to realize our investment goals.***

We may not be successful in identifying suitable real estate properties or other assets that meet our investment criteria, or consummating acquisitions or investments on satisfactory terms. Failures in identifying or consummating acquisitions or investments would impair the pursuit of our business plan. Moreover, our investment strategy could involve significant risks that could inhibit our growth and negatively impact our operating results, including the following: increases in asking prices by acquisition candidates to levels beyond our financial capability or to levels that would not result in the returns required by our investment criteria; diversion of management's attention to expansion efforts; unanticipated costs and contingent or undisclosed liabilities associated with investments; failure of the assets we invest in to achieve expected results; and difficulties entering markets in which we have no or limited experience.

***The consideration paid for our investments may exceed fair market value, which may harm our financial condition and operating results.***

The consideration that we pay will be based upon numerous factors, and the assets may be purchased in a negotiated transaction rather than through a competitive bidding process. We cannot assure anyone that the purchase price that we pay for an asset, or its appraised value will be a fair price, that we will be able to generate an acceptable return on such property.

***Illiquidity of real estate investments could significantly impede our ability to respond to adverse conditions.***

Because real estate investments are relatively illiquid, our ability to promptly sell one or more properties or investments in our portfolio in response to changing economic, financial and investment conditions may be limited. These risks could arise from weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations, or fiscal policies of jurisdictions in which the property is located. We may be unable to realize our investment objectives by sale, other disposition, or refinance at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. An exit event is not guaranteed and is subject to our Manager's discretion.

***We may experience uninsured or underinsured losses.***

Our properties may be located throughout the United States. Depending on the location of a specific property, that geographic area may be at risk for damage to property due to certain weather-related and environmental events, including hurricanes, severe thunderstorms, wildfires, tornados, earthquakes, and flooding. To the extent possible, our Manager will attempt to acquire insurance against fire or environmental hazards. However, such insurance may not be available in all areas, nor are all hazards insurable as some may be deemed acts of God or be subject to other policy exclusions.

All decisions relating to the type, quality, and amount of insurance to be placed on each property are made exclusively by our Manager. Certain types of losses, generally of a catastrophic nature (such as hurricanes, earthquakes, and floods) may be uninsurable, not fully insured or not economically insurable. Additionally, a property may now contain or come to contain mold, which may not be covered by insurance and has been linked to health issues. This may result in insurance coverage that, in the event of a substantial loss, would not be sufficient to pay the full prevailing market value or prevailing replacement cost of each property. Inflation, changes in building codes and ordinances, environmental considerations, and other factors also might make it unfeasible to use insurance proceeds to replace a property after the property has been damaged or destroyed. Under such circumstances, the insurance proceeds received might not be adequate to restore that property.

Recently, the cost of certain types of extraordinary insurance coverage for such things as hurricanes, floods and earthquake has risen substantially. These types of losses are not generally covered in a standard hazard and liability insurance policy. In certain locations, this type of insurance may be unavailable or cost prohibitive. The Company may proceed without insurance coverage for certain extraordinary risks if it cannot secure an appropriate policy or if our Manager believes that the cost of the policy is too high with respect to the risks to be insured.

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Furthermore, an insurance company may deny coverage for certain claims, and/or determine that the value of the claim is less than the cost to restore a property, and a lawsuit could have to be initiated to force them to provide coverage, resulting in further losses in income to the Company. Additionally, a property may now contain or come to contain mold, which may not be covered by insurance and has been linked to health issues.

***We may experience liability for environmental issues.***

Under various federal, state and local environmental and public health laws, regulations and ordinances, the Company may be required, regardless of knowledge or responsibility, to investigate and remediate the effects of hazardous or toxic substances or petroleum product releases (including in some cases natural substances such as methane or radon gas) and may be held liable under these laws or common law to a governmental entity or to third-parties for property, personal injury or natural resources damages and for investigation and remediation costs incurred as a result of the real or suspected presence of these substances in soil or groundwater beneath a property. These damages and costs may be substantial and may exceed insurance coverage the Company has for such events.

Buildings and structures on a property may have contained hazardous or toxic substances or have released pollutants into the environment; or may have known or suspected asbestos-containing building materials, lead based paint, mold, or insect infestations (such as roaches or bed bugs), that the Company may be required to mitigate. Undetected or unmitigated conditions such as these may cause (or be suspected to cause) personal injury and/or property damage, which could subject the properties, our Manager, and/or the Company to litigation with and liability to third parties.

Our Manager will attempt to limit exposure to such conditions by conducting due diligence on a property, however, all or some of these conditions may not be discovered or occur until after that property has been acquired by the Company.

***Federal, state, and local regulations may change.***

There is a risk of a change in the current federal, state and local regulations as it may relate to the operations of a property in the area of fuel or energy requirements or regulations, construction and building code regulations, approved property use, zoning and environmental regulations, or property taxes, among other regulations.

***Title insurance may not cover all title defects.***

Our Manager intends to acquire title insurance on each property, but it is possible that uninsured title defects could arise in the future, which the Company may have to defend or otherwise resolve, the cost of which may impact the profitability of each property and/or the Company as a whole.

***Due diligence may not uncover all material facts.***

Our Manager will endeavor to obtain and verify material facts regarding the properties. It is possible, however, that our Manager will not discover certain material facts about a property, because information presented by the sellers may have been prepared in an incomplete or misleading fashion, and material facts related to such property may not yet have been discovered.

**Risks Related to the Investment Company Act**

***We intend to avoid being classified as an investment company.***

Under the Investment Company Act, an "investment company" is defined as an issuer which is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40% of the value of such issuer's total assets (exclusive of Government securities and cash items) on an unconsolidated basis. Under the Investment Advisers Act of 1940, an "investment adviser" is defined, in relevant part, as any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities.

We intend to operate in such manner as not to be classified as an "investment company" within the meaning of the Investment Company Act of 1940 as we intend to acquire mortgages and other liens on and interests in real estate. In addition, our Manager is not an investment adviser registered with the SEC, will not be governed by the Investment Advisers Act of 1940, and will not be acting in such capacity with respect to the Company because the Company will not be investing in assets which fall within the definition of a security under U.S. federal securities laws. Our management and our investment practices and policies are not supervised or regulated by any federal

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or state authority. As a result, investors will be exposed to certain risks that would not be present if we were subjected to a more restrictive regulatory situation.

If we are deemed to be an investment company, we may be required to register as an investment company, dispose of disqualifying assets on disadvantageous terms, or to cease operations. Any of these outcomes would have a material adverse effect on the Company which may result in the Company not having, and not being able to acquire, the funds to repay the Bonds being issued in this offering.

***We could be materially and adversely affected if we are deemed to be an investment company under the Investment Company Act.***

Our intent is that at any time we will not be deemed an "investment company" under the Investment Company Act. However, if at any time we may be deemed an "investment company," we intend to rely on the exception set forth in Section 3(c)(5)(C) of the Investment Company Act, which excludes from the definition of investment company "any person who is not engaged in the business of issuing redeemable securities, face-amount certificates of the installment type or periodic payment plan certificates, and who is primarily engaged in one or more of the following businesses… (C) purchasing or otherwise acquiring mortgages and other liens on and interests in real estate." The SEC Staff generally requires that, for the exception provided by Section 3(c)(5)(C) to be available, at least 55% of an entity's assets be comprised of mortgages and other liens on and interests in real estate, also known as "qualifying interests," and at least another 25% of the entity's assets must be comprised of additional qualifying interests or real estate-type interests (with no more than 20% of the entity's assets comprised of miscellaneous assets). We intend to acquire assets with the proceeds of this offering in satisfaction of such SEC requirements to fall within the exception provided by Section 3(c)(5)(C) and limit our non-real estate assets in accordance with the foregoing. Notwithstanding, the staff of the SEC could possibly disagree with any of our determinations. If the staff of the SEC were to disagree with our analysis under the Investment Company Act, we would need to adjust our investment strategy. Any such adjustment in our strategy could have a material adverse effect on us. If we are deemed to be an investment company, we may be required to register as an investment company if we are unable to dispose of the disqualifying assets, which could have a material adverse effect on us, which may result in the Company not having, and not being able to acquire, the funds to repay the Bonds being issued in this offering.

Registration under the Investment Company Act would require us to comply with a variety of substantive requirements that impose, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●limitations on capital structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●restrictions on specified investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●restrictions on leverage or senior securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●restrictions on unsecured borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●prohibitions on transactions with affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●compliance with reporting, record keeping, voting, proxy disclosure and other rules and regulations that would significantly increase our operating expenses.

If we were required to register as an investment company but failed to do so, we could be prohibited from engaging in our business, and criminal and civil actions could be brought against us. Registration with the SEC as an investment company would be costly, would subject us to a host of complex regulations and would divert attention from the conduct of our business, which could materially and adversely affect us. In addition, we would no longer be eligible to offer our securities under Regulation A of the Securities Act of 1933, as amended (the "Securities Act") if we were required to register as an investment company.

***If we are deemed to be an investment company under the Investment Company Act and are therefore ineligible to rely on Regulation A to sell securities, the unregistered issuance of our securities to investors pursuant to this Offering would be considered in violation of Section 5 of the Securities Act if there was no other available exemption from registration for this issuance giving the investors a right of rescission.***

We rely on the exception set forth in Section 3(c)(5)(C) of the Investment Company Act, however, if the Company is deemed to be an investment company under the Investment Company Act, we would no longer be eligible to offer our securities under Regulation A of the Securities Act in this Offering, or at all. If this occurs, the Company will have to immediately terminate this Offering. The unregistered issuance of our securities to investors pursuant to this Offering would be considered in violation of Section 5 of the Securities Act if there was no other available exemption from registration for this issuance. The securities sold in this Offering prior to such termination would be subject to a private right of action for rescission or damages by the purchasing investors. Additionally, the

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Company may not have the funds required to address all rescissions if a large number of investors seek rescission at the same time, and as a result, we may be delayed in the delivery of funds for such rescissions and may be required to sell some of our assets, which may take significant amounts of time and may yield less than is needed to meet our rescission obligations. Additionally, the Company would not be able to raise funds in any other offering pursuant to Regulation A to meet such rescission obligations, as the Company would not be eligible to do so.

***If we are deemed to be an investment company under the Investment Company Act and are therefore ineligible to rely on Regulation A for this Offering, it could result in a large number of investors demanding repayment in a short period of time, and the Company may not have funds to satisfy those demands.***

We rely on the exception set forth in Section 3(c)(5)(C) of the Investment Company Act, however, in the event that the Company is deemed to be an investment company under the Investment Company Act, we would no longer be eligible to offer our Bonds under Regulation A of the Securities Act in this Offering, or at all. If this occurs, it could result in a large number of investors demanding repayment in a short period of time, and the Company may not have funds to satisfy those demands. As a result, we may be delayed in the delivery of funds and may be required to sell some of our assets, which may take significant amounts of time and may yield less than is needed to meet our obligations. Additionally, the Company would not be able to raise funds in any other offering pursuant to Regulation A to meet such demands, as the Company would not be eligible to do so.

***If we are deemed to be an investment company under the Investment Company Act and sell securities in reliance on Regulation A and operate as an unregistered investment company, we could be subject to liability under Section 5 of the Securities Act.***

If the Company is deemed to be an investment company under the Investment Company Act, and if we sell securities in reliance on Regulation A and operate as an unregistered investment company due to a failure to qualify for the Section (3)(c)(5)(C) exception of the Investment Company Act, for any Bonds sold by us in reliance on Regulation A, the Company could be liable for violating Section 5 of the Securities Act if any of the securities issued in this offering would be considered to be an unregistered issuance of securities if no other exemption from registration is available. Section 5 allows purchasers to sue the Company for selling a non-exempt security without registering it; the purchasers may seek rescission with interest, or damages if the purchaser sold his securities for less than he purchased them. The Company could also be subject to enforcement action by the SEC that claims a violation of Section 5 of the Securities Act. Additionally, if the Company was required to register as an investment company but failed to do so and therefore operated as an unregistered investment company, the Company could be subject to monetary penalties and injunctive relief in an action brought by the SEC.

***Qualifying for an exception from the Investment Company Act may restrict our operating flexibility.***

As stated above, if at any time we may be deemed an "investment company," we believe we will be afforded an exception under Section 3(c)(5)(C) of the Investment Company Act. Maintaining this exception may adversely impact our ability to acquire or hold investments, to engage in future business activities that we believe could be profitable, or could require us to dispose of investments that we might prefer to retain

**SPECIAL INFORMATION REGARDING FORWARD LOOKING STATEMENTS**

Some of the statements in this offering circular are "forward-looking statements." These forward-looking statements involve certain known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among others, the factors set forth above under "Risk Factors." The words "believe," "expect," "anticipate," "intend," "will," "plan," and similar expressions identify forward-looking statements. We caution you not to place undue reliance on these forward-looking statements.

We will only update and revise any forward-looking statements or publicly announce the result of any revisions to any of the forward-looking statements in this document to reflect any future or developments to the extent required by law. Note that the Private Securities Litigation Reform Act of 1995 is not available to us as a non-reporting issuer. Further, Section 27A(b)(2)(D) of the Securities Act and Section 21E(b)(2)(D) of the Exchange Act expressly state that the safe harbor for forward looking statements does not apply to statements made in connection with an initial public offering.

**DILUTION**

The Company is not offering equity and, therefore, investors will not experience dilution.

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**PLAN OF DISTRIBUTION**

We are offering up to $74,257,425,000 of our Bonds in $1.00 increments pursuant to this offering circular. Investors will also be charged and the Company will receive an Investor Processing Fee of 1% of the amount of Bonds purchased by investors, for potential gross proceeds to the Company of $75,000,000. There is no minimum offering amount and no provision to return or escrow investor funds if any minimum amount of Bonds is not sold. The minimum investment for any investor is $1,000 in Bonds, or $1,010 with the Investor Processing Fee.

The Company is offering demand Bonds with one-year, two-year, and three-year lock-up periods. One-year Bonds will earn interest of 6% per annum. Two-year Bonds will earn interest of 7% per annum. Three-year Bonds will earn interest of 8% per annum. After the applicable lock up period, each Bond will be repaid within 30 days from demand by its holder. All interest and principal will be due at Maturity. Bonds may be prepaid at any time.

We will offer and sell our Bonds described in this offering circular continuously on a best-efforts, beginning within two days from the date this offering circular, as amended, is qualified by the SEC. We may undertake one or more closings on a rolling basis. We intend to hold closings at least every 30 days, and the first closing within 30 days from being qualified by the SEC. The termination of the offering will occur on the earlier of: (i) the date that the maximum number of Bonds offered hereby is sold, (ii) the date three years from the date this offering circular, as amended, is initially qualified by the SEC, or (iii) such earlier date as terminated by the Company.

No public market has developed nor is expected to develop for Bonds, and we do not intend to list Bonds on a national securities exchange or interdealer quotational system.

**Fees, Commissions and Discounts**

We have engaged DealMaker Securities, LLC as our Broker of record to assist in our self-driven capital raise in those states where Broker is registered to undertake such activities. The Broker will not solicit potential investors and is under no obligation to purchase any securities or arrange for the sale of any specific number or dollar amount of securities.

The Company has also engaged affiliates of the Broker to provide technology, marketing, and transfer agent services. Broker and its affiliates provide separate services to the Company to help facilitate the offering, from establishment of the platform to be used for subscription processing, through back-office operations/compliance. Although orchestrated through the Broker, each affiliate has separate compensation, and agreements embedded into the Broker's services agreement. With the services provided by the Broker and its affiliates there are different fee types associated with the specific services, which are routine for those service providers.

Broker has not investigated the desirability or advisability of investment in the interests, nor approved, endorsed or passed upon the merits of purchasing the interests. Broker is not participating as an underwriter and under no circumstance will it recommend our Company's securities or provide investment advice to any prospective investor or make any securities recommendations to investors. Broker is not distributing any offering circulars or making any oral representations concerning this offering circular or this offering. Based upon Broker's anticipated limited role in this offering, it has not and will not conduct extensive due diligence of this offering and no investor should rely on the involvement of Broker in this offering as any basis for a belief that it has done extensive due diligence. Broker does not expressly or impliedly affirm the completeness or accuracy of the offering statement and/or offering circular presented to investors by our Company. All inquiries regarding this offering should be made directly to our Company.

Each of the fees to be charged by Broker and its affiliates have their own set maximum, and in no case will the fees charged by Broker and its affiliates in aggregate for services relating to this offering exceed $3,051,500. In the event the Offering is partially subscribed, the fees described above shall not exceed the following maximums:

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| | |
|:---|:---|
| Total Offering Amount | Maximum Compensation to Broker and affiliates (as % of Offering proceeds) |
| Up to $18,750, 000 | 4.27% |
| From $18,751,000 to $37,500,000 | 4.14% |
| From $37,501,000 to $56,250,000 | 4.09% |
| Over $56,251,000 up to $75,000,000.00 | 4.07% |

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*Administrative and Compliance Related Functions*

a.)Administrative and Compliance Related Functions

Our Broker has agreed to provide the following services in advance of the offering for a one-time $17,500 advance against accountable expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Reviewing and performing due diligence on our Company and our management and principals and consulting with us regarding same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Consulting with our Company on best business practices regarding this raise in light of current market conditions and prior self-directed capital raises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●White labelled platform customization to capture investor acquisition through the Broker's platform's analytic and communication tools;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Consulting with our Company on question customization for investor questionnaire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Consulting with our Company on selection of webhosting services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Consulting with our Company on completing template for the Offering campaign page;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Advising us on compliance of marketing materials and other communications with the public with applicable legal standards and requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Providing advice to our Company on preparation and completion of this offering circular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Advising our Company on how to configure our website for the offering working with prospective investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Assisting our Company in the preparation of state, Commission and FINRA filings related to the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Working with our personnel and counsel in providing information to the extent necessary.

Our Broker will also receive a cash commission equal to four percent (4.0%) of the amount raised in the offering, including the Investor Processing Fee, for providing the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Reviewing investor information, including identity verification, performing Anti-Money Laundering ("AML") and other compliance background checks, and providing issuer with information on an investor in order for issuer to determine whether to accept such investor into the Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●If necessary, discussions with us regarding additional information or clarification on a Company-invited investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Coordinating with third party agents and vendors in connection with performance of services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Reviewing each investor's subscription agreement to confirm such investor's participation in the Offering and provide a recommendation to us whether or not to accept the subscription agreement for the investor's participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Contacting and/or notifying us, if needed, to gather additional information or clarification on an investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Providing a dedicated account manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Providing ongoing advice to us on compliance of marketing material and other communications with the public, including with respect to applicable legal standards and requirements.

The maximum compensation to be collected by Broker is $3,017,500.

b) Technology Services

The Company has also engaged Novation Solutions Inc. O/A DealMaker ("DealMaker"), an affiliate of our Broker, to create and maintain the online subscription processing platform for the offering.

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After the qualification by the Commission of the offering statement of which this offering circular is a part, this offering will be conducted using DealMaker's online subscription processing platform through our website whereby investors will receive, review, execute and deliver subscription agreements electronically as well as make payment of the purchase price through a third-party processor by ACH debit transfer or wire transfer or credit card to an account we designate.

For these services, we have agreed to pay DealMaker a one-time advance of $10,000, and a $2,000 monthly payment for up to three months ($6,000) prior to the offering for accountable expenses. After the commencement of the Offering there will be a monthly platform hosting and maintenance fee of $2,000, not to exceed $18,000. DealMaker's compensation will not exceed $34,000.

The maximum compensation to be collected by Broker and affiliates is $3,051,500.

**Investor Qualification**

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

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

1. an individual net worth, or joint net worth with the person's spouse, that exceeds $1,000,000 at the time of the purchase, excluding the value of the primary residence of such person and the mortgage on that primary residence (to the extent not underwater), but including the amount of debt that exceeds the value of that residence and including any increase in debt on that residence within the prior 60 days, other than as a result of the acquisition of that primary residence (this definition of net worth will also apply to investors that are non-accredited natural persons for purposes of determining whether they are qualified purchasers); or

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

If the investor is not a natural person, different standards apply. See Rule 501 of Regulation D for more details. For purposes of determining whether a potential investor is a "qualified purchaser," annual income and net worth should be calculated as provided in the "accredited investor" definition under Rule 501 of Regulation D.

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

In addition to the foregoing, each prospective investor must represent in writing that they meet, among other things, all of the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The prospective investor has received this offering circular and its exhibits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The prospective investor acknowledges that an investment in Bonds involves substantial risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The prospective investor has adequate means of providing for their financial requirements, both current and anticipated, and has no need for liquidity in this investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The prospective investor can bear the economic risk of losing their entire investment in Bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●The prospective investor has such knowledge and experience in business and financial matters as to be capable of evaluating the merits and risks of an investment in Bonds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●Except as set forth in the Bond Purchase Agreement, no representations or warranties have been made to the prospective investor by the Company or any partner, agent, employee, or affiliate thereof, and in entering into this transaction the prospective investor is not relying upon any information, other than that contained in the offering statement of which this offering circular is a part, including its exhibits.

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In addition, within the Bond Purchase Agreement, investors must agree to indemnify the Company for their misrepresentations to the Company. Notwithstanding the foregoing, the Company is not requiring, and cannot require, investors to waive any of their rights to bring claims against the Company under the Securities Act, Exchange Act or similar state laws.

Our Manager will be permitted to make a determination that the subscribers of Bonds in this offering are qualified purchasers in reliance on the information and representations provided by the subscriber. Before making any representation that your investment does not exceed applicable federal thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. For general information on investing, we encourage you to refer to http://www.investor.gov. Our Manager may accept or reject any subscription, in whole or in part, for any reason or no reason at all.

An investment in our Bonds interests may involve significant risks. Only investors who can bear the economic risk of the investment for an indefinite period of time and the loss of their entire investment should invest in our Bonds.

**Offering Expenses**

Our Manager and/or its affiliates have incurred and will incur certain fees, costs and expenses incurred in connection with this offering and the Company's operations. Such offering expenses consist of legal, accounting, marketing, technology, marketing, filing and compliance costs, as applicable. We will reimburse our Manager and its affiliates for such expenses through offering proceeds.

**How to Subscribe**

After the SEC has qualified the offering statement of which this offering circular is a part, the offering will be conducted using DealMaker's online subscription processing platform through our website at cashflowbonds.com. On this site, investors in the offering will receive, review, select, execute, and deliver Bond Purchase Agreements electronically. Payment of the purchase price for the interests will be made through a third-party processor by ACH debit transfer or wire transfer or credit card to an account designated by us. Funds will be held in the Company's payment processor account until the Broker has reviewed the proposed subscription, and the Company has accepted the subscription. Funds released to the Company's bank account will be net funds (investment less payment for processing fees). DealMaker will not solicit any investments, recommend our securities, provide investment advice to any prospective investor, or distribute this offering circular or other offering materials to potential investors. All inquiries regarding this offering should be made directly to us.

The Company will be responsible for payment processing fees, but is collecting Investor Processing Fees of 1% from each investor to help offset these expenses. Upon each closing, funds tendered by investors will be made available to the Company for its use.

The Company maintains the right to accept or reject subscriptions in whole or in part, for any reason or for no reason, including, but not limited to, in the event that an investor fails to provide all necessary information, even after further requests from the Company, in the event an investor fails to provide requested follow up information to complete background checks or fails background checks, and in the event the Company receives oversubscriptions in excess of the maximum offering amount.

**Electronic Book-Entry of Bonds**

Bonds will be maintained in your name in book-entry form. Physical Bond certificates are not available. Interest does not accrue until your subscription has been accepted. The Company will maintain its Bond registry.

**Tax and Legal Treatment**

Bonds will receive interest income. At the end of the calendar year, investors with over $10 of realized interest will receive a form 1099-INT. These will need to be filed in accordance with the United States Tax Code. Investor's tax situations will likely vary greatly and all tax and accounting questions should be directed towards a certified public accountant.

**Additional Information Regarding this Offering Circular**

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

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

The offering statement and all supplements and reports that we have filed or will file in the future can be read on the SEC website at www.sec.gov.

**USE OF PROCEEDS**

The following table illustrates the amount of net proceeds to be received by the Company on the sale of the Bonds offered hereby and the intended uses of such proceeds. It is possible that we may not raise the entire offering amount through this offering circular. In such case, we will reallocate the use of proceeds as the Manager deems. The intended use of proceeds are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 100% | 75% | 50% | 25% |
| Gross Offering Proceeds[1] | $75000000 | 56250000 | 37500000 | 18750000 |
| Offering Costs [2] | $4551500 | 3426500 | 2301500 | 1176500 |
| Use of Net Proceeds: |  |  |  |  |
| Acquisition of Assets | $63948500 | 47948500 | 31948500 | 15948500 |
| Ongoing legal and accounting fees | $500000 | 375000 | 250000 | 125000 |
| Marketing | $2250000 | 1687500 | 1125000 | 562500 |
| Working capital reserves[3] | $3750000 | 2812500 | 1875000 | 937500 |
| Total Use of Net Proceeds | $70448500 | 52823500 | 35198500 | 17573500 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Gross offering proceeds includes a 1% Investor Processing Fee to be charged by the Company based on the amount of Bonds purchased by an investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We have engaged DealMaker Securities LLC, referred to herein as the Broker, for administrative and compliance related services in connection with this offering, but not for underwriting or placement agent services. Once the SEC has qualified the offering statement and this offering commences, the Broker will receive a maximum cash compensation equal to 4.0% of the amount raised in the offering, including the Investor Processing Fee. Additionally, the Broker and its affiliates will receive certain other fees, which fees will represent no more than the percentages listed in the table in "Plan of Distribution – Broker Dealer Services." The most the Broker and its affiliates will receive for services related to this offering is $3,051,500. Our Company also expects to incur other expenses relating to this offering, including, but not limited to, legal, accounting, compliance, travel, marketing, technology, printing and other miscellaneous fees. The amounts listed above include reimbursement of such expenses to our Manager and its affiliates. There is also a cost to process payments that the Company is responsible for paying. This is estimated to be 2% on proceeds raised. The Company is collecting 1% Investor Processing Fees to be used to offset this expense. Any monies budgeted for but not spent on offering expenses will be reallocated pro rata among the other categories in the above table.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Working capital reserves may be used to pay general company expenses such as overhead, utilities, rent, general administrative and accounting expenses, and servicing our assets. Working capital reserves may be allocated to pay interest on the Bonds, if necessary.

The allocation of the use of proceeds among the categories of anticipated expenditures represents management's best estimates based on the current status of the Company's proposed operations, plans, investment objectives, capital requirements, and financial conditions. Future events, including changes in economic or competitive conditions of our business plan or the completion of less than the total offering, may cause the Company to modify the above-described allocation of proceeds. The Company's use of proceeds may vary significantly in the event any of the Company's assumptions prove inaccurate. We reserve the right to change the allocation of net proceeds from the offering as unanticipated events or opportunities arise.

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**DESCRIPTION OF BUSINESS**

**Our Company**

We were incorporated under the laws of the State of Wyoming on November 6, 2024. to purchase or otherwise acquire mortgages and other liens on and interests in real estate. Our investments will be primarily focused on non-owner occupied, commercial real estate assets. We may also make other secured commercial loans, such as warehouse loans, equipment loans, factoring advances, and [what other types of investments]; however, we anticipate that (i) at least 55% of our assets will consist of "mortgages and other liens on and interests in real estate", (ii) up to an additional 25% of our assets will consist of "real estate-type interests" (subject to proportionate reduction if greater than 55% of our assets are Qualifying Interests), and (iii) not more than 20% of our total assets consist of assets that have no relationship to real estate provided the amount and nature of such activities do not cause us to lose our exemption from regulations as an investment company pursuant to the Investment Company Act. Qualifying Interests are assets that represent an actual interest in real estate or are loans or liens "fully secured by real estate" but exclude securities in other issuers engaged in the real estate business. Real estate-type interests include certain mortgage-related instruments including loans where 55% of the fair market value of the loan is secured by real property at the time the issuer acquired the loan and agency partial-pool certificates.

We have not begun operations or acquired any assets. The proceeds from the sale of Bonds in this offering will provide the capital for these activities.

Our address is 245 Laurel Rd., Lexington, South Carolina 29073. Our telephone number is 803-381-4811.

**Investment Objectives**

Our primary investment objective is to provide investor interest payments on the Bonds through the acquisition and ownership of senior debt instruments and real estate investments. Our senior debt instruments will be by way of a promissory note secured by a first position deed of trust or mortgage on non-owner occupied real property assets. Our real estate investments are expected to be non-owner occupied properties that the Company may purchase for the purpose of rehabbing and selling, rehabbing and holding or selling to another real estate investor. We may also invest in non-real estate backed loans such as warehouse loans, factoring advances, and equipment loans, as determined in our Manager's sole discretion.

The Company may take advantage of some of the opportunities afforded by the use of land trusts. If the Company elects to use land trusts, there may be certain costs and expenses the Company may incur to properly use land trusts to the full advantage of the Company. No more than 20% of our assets may be comprised of such non-real estate assets.

Our Manager will have the sole discretion to determine the terms and mix of our asset acquisitions.

We may facilitate our investment objectives through the use of special purpose entities, wholly or majority owned by the Company. The special purpose entities may undertake the funding, acquisition and/or subsequent management and/or disposition of target assets. The Company may sell minority interests in such special purpose entities to investors outside this offering, affiliates, or joint venture partners.

**Our Business**

*Senior Debt Instruments*

The Company intends to lend money to real estate investors via promissory notes secured by the underlying real property assets. We will originate and acquire loans on purchase transactions, construction and refinance transactions. Our loans will each be secured by a mortgage or deed of trust in first position. We may occasionally make loans junior to a senior lender or that are secured by assets that are not real estate. The Company intends to limit its lending activities to the U.S. in any jurisdiction where it becomes licensed as required or does not require a license. Loans are intended for business or commercial purposes, including investment. The Company will not make loans that are for personal, family or household use. In most instances, the Company will not allow a borrower to obtain cash out at the closing of a Loan; however, the Manager may allow an initial draw to be distributed from the closing to the borrower for rehabilitation work previously completed or to begin the rehabilitation work. The Company does not generally intend any one loan to exceed 10% of its committed capital.

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Generally, our minimum loan size will be $50,000, although the Manager may waive such minimum. Our typical loan to value ("LTV") on any loan will not exceed 75% of the after repair appraised value of a property as determined by a 3rd party appraisal or broker's price opinion. Acceptance of the appraisal or BPO used will be at the sole and absolute discretion of the Manager.

Interest and points for each loan will be subject to the Manager's discretion and as allowed by applicable law. Loans will generally be interest only with the full principal balance due at maturity. Our standard loan term is expected to be 12 months, although any loan may have a shorter or longer term, as decided by our Manager.

The Company is predominately an asset-based lender and as a result, the Company will not always require the evaluation of a borrower or the borrower's principals through a credit report. However, the Company may use credit considerations in offering more attractive rates or a higher loan to value if the borrower's principals have strong credit. The Company may require the delivery of a 3rd party appraisal or BPO of the property that will serve as the collateral. In instances where a borrower has strong financials, high credit scores, substantial assets, positive payment history for prior loans, and/or high annual income as identified through a 4506-T tax return transcript, the Manager may waive the necessity of an appraisal and instead accept a BPO from a licensed real estate broker who is a member of the national association of realtors, a member of the local board of realtors and Multiple Listing Service ("MLS") in the county or territory that the subject property(ies) is/are located. The Company may also require all key principals of the borrowing entity to execute a personal payment guaranty. At the Manager's discretion the Company may also require a borrower to meet a specific reserve requirement.

Loan terms are subject to change based upon numerous factors, including prevailing market circumstances, and will be determined on a case-by-case basis in the sole discretion of our Manager.

All loans will initially be serviced by or through our Manager except those secured by real property located in states where licensing is required or prohibitively expensive to obtain. If we use a third party, the loan servicing company will receive compensation for performing loan servicing activities. Loan Servicing

Certain Legal Considerations Regarding Loans

If a loan secured by a deed of trust is in default, the Company may protect its rights by foreclosing via a non-judicial sale. Deeds of trust differ from mortgages in form, but are in most other ways, similar to mortgages. Deeds of trust will contain specific provisions (i.e. power of sale clause) enabling non-judicial foreclosure in addition to those provided for in applicable statutes upon any material default by the borrower. Applicable state law controls the extent that the lender will have to give notice to interested parties and the amount of foreclosure expenses and costs, including attorneys' fees, which may be covered by the lender, and charged to the borrower.

Foreclosure under security instruments other than deeds of trust is more commonly accomplished by judicial foreclosure initiated by the service of legal pleadings. When the mortgagee's right to foreclose is contested, the legal proceedings necessary to resolve the issue can be time-consuming. A judicial foreclosure is subject to most of the delays and expenses of other litigation, sometimes requiring up to several years to complete. The Company or a Project SPE's may abandon its rights in certain collateral and not pursue a judicial foreclosure in certain circumstances due to the incremental time and expense involved in these procedures.

When foreclosing under a security instrument, the sale by the designated official is often a public sale. The willingness of third parties to purchase the mortgaged property will depend to some extent on the status of the borrower's title, existing redemption rights, and the physical condition of the mortgaged property. It is common for the lender to purchase the mortgaged property at a public sale where no third party is willing to purchase the mortgaged property, for an amount equal to the outstanding principal amount of the indebtedness and all accrued and unpaid interest and foreclosure expenses. In this case, the debt owed to the mortgagee will be extinguished. Thereafter, the mortgagee would assume the burdens of ownership, including paying operating expenses, real estate taxes, and costs and expenses of making repairs. The lender is then obligated as the owner until it can arrange a sale of the mortgaged property to a third party. If the Company forecloses on the mortgaged property, the Company would expect to obtain the services of a real estate broker and pay the broker's commission in connection with the sale of the mortgaged property. Depending upon market conditions, the ultimate proceeds of the sale of the mortgaged property may not equal the Company or a Project SPE's investment in the mortgaged property. A lender commonly incurs substantial legal fees and court costs in acquiring a mortgaged property through contested foreclosure and/or bankruptcy proceedings. The Company shall bear all of the costs and expenses associated with a contested foreclosure or bankruptcy proceedings.

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In foreclosure proceedings, courts frequently apply equitable principles, which are designed to relieve the borrower from the legal effects of his immaterial defaults under the loan documents or the exercise of remedies that would otherwise be unjust in light of the default. These equitable principles and remedies may impede the Company's efforts to foreclose.

After a foreclosure sale pursuant to a mortgage or, in certain circumstances, a deed of trust, the borrower and/or foreclosed junior lien holders may have a statutory period in which to redeem the mortgaged property from the foreclosure sale. The right of redemption varies based upon federal and state law. Redemption may be limited to where the mortgagee receives payment of all or the entire principal balance of the loan, accrued interest and expenses of foreclosure. The statutory right of redemption diminishes the ability of the lender to sell the foreclosed property. The right of redemption may defeat the title of any purchaser at a foreclosure sale or any purchaser from the lender subsequent to a foreclosure sale. One remedy the Company may have to avoid a post-sale redemption is to waive the Company's right to a deficiency judgment. Consequently, as noted above, the practical effect of the redemption right is often to force the lender to retain the mortgaged property and pay the expenses of ownership until the redemption period has run.

The Company SPE may have loans which limit the Company's recourse to foreclosure upon the mortgaged property, with no recourse against the borrower's other assets. Even if recourse is available pursuant to the terms of the Target Asset's documentation against the borrower's other assets, the Company may confront statutory prohibitions which impose prohibitions against or limitations on this recourse. For example, the right of the mortgagee to obtain a deficiency judgment against the borrower may be precluded following foreclosure. A deficiency judgment is a personal judgment against the former borrower equal in most cases to the difference between the net amount realized upon the public sale of the security and the amount due to the lender. Other statutes require the mortgagee to exhaust the security afforded under a mortgage by foreclosure in an attempt to satisfy the full debt before bringing a personal action against the borrower. The Company may elect, or be deemed to have elected, between exercising the Company's remedies with respect to the mortgaged property or the deficiency balance. The practical effect of this election requirement is that lenders will usually proceed first against the security rather than bringing personal action against the borrower. Other statutory provisions limit any deficiency judgment against the former borrower following a judicial sale to the excess of the outstanding debt over the fair market value of the mortgaged property at the time of the public sale.

In some jurisdictions, the Company can pursue a deficiency judgment against the borrower or any guarantor if the value of the mortgaged property securing the loan is insufficient to pay back the debt owed to the Company. In other jurisdictions, however, if the Company desires to seek a judgment in court against the borrower or any guarantor for the deficiency balance, the Company may be required to seek judicial foreclosure and/or have other security from the borrower. The Manager would expect this to be a more prolonged procedure, and is subject to most of the delays and expenses that affect other lawsuits.

A loan's secured collateral may be subject to potential environmental risks. This environmental risk is less with residential properties, but cannot be ruled out completely. Environmental risks may give rise to a diminution in value of the mortgaged property or liability for clean-up costs or other remedial actions. This liability could exceed the value of the mortgaged property or the principal balance of the loan. For this reason, the Manager may recommend that in such an instance the Company choose not to foreclose on contaminated mortgaged property rather than risk incurring liability for remedial actions.

Under the laws of certain states, an owner's failure to perform remedial actions required under environmental laws may give rise to a lien on the mortgaged property to ensure the reimbursement of remediation costs. In some states this lien has priority over the lien of an existing mortgage against the real property. Because the costs of remedial action could be substantial, the value of the mortgaged property as collateral for specific Target Assets could be adversely affected by the existence of an environmental condition giving rise to a lien.

The state of law varies as to whether and under what circumstances clean-up costs, or the obligation to take remedial actions, can be imposed on a secured lender. If a secured lender does become liable for clean-up costs, it may bring an action for contribution against the current owners or operators, the owners or operators at the time of on-site disposal activity or any other party who contributed to the environmental hazard, but these Persons may be bankrupt or otherwise judgment-proof. Furthermore, an action against the borrower may be adversely affected by the limitations on recourse in the loan documents.

The Company's forms of promissory notes and security instruments, like those of many lenders, contain "due-on-sale" clauses permitting the Company to accelerate the maturity of a loan if the borrower sells, conveys or transfers all or any portion of the mortgaged property. Except in certain limited circumstances, Federal law permits the enforcement of due-on-sale clauses contained in mortgage loan documents. Due-on-sale clauses will not be enforceable in bankruptcy proceedings.

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State courts also are known to apply various legal and equitable principles to avoid enforcement of the forfeiture provisions of installment contracts. For example, a lender's practice of accepting late payments from the borrower may be deemed a waiver of the forfeiture clause. State courts also may impose equitable grace periods for payment of arrearage or otherwise permit reinstatement of the contract following a default. If a borrower under an installment contract has significant equity in the mortgaged property, a court may apply equitable principles to reform or reinstate the contract or to permit the borrower to share in the proceeds upon a foreclosure sale of the mortgaged property if the sale price exceeds the debt. Typically, the right to redemption is limited rights of the property owner when the subject property is owner- occupied. The Company will not fund loans secured by owner- occupied, residential real property.

The Company may be subject to delays from statutory provisions that afford relief to debtors from the Company's ability to obtain payment of the loan, to foreclose upon the collateral, and/or to enforce a deficiency judgment. Under the United States Bankruptcy Code of 1978 ("Bankruptcy Code"), and analogous state laws, foreclosure actions and deficiency judgment proceedings are automatically suspended upon the filing of the bankruptcy petition and often no interest or principal payments are made during the course of the bankruptcy proceeding. The delay and consequences in obtaining a remedy can be significant. Also under the Bankruptcy Code, the filing of a petition in bankruptcy by or on behalf of the holder of a second mortgage may prevent the senior lender from taking action to foreclose out the junior lien.

Under the Bankruptcy Code, the amount and terms of a security instrument on mortgaged property of the debtor may be modified under equitable principles or otherwise. Under the terms of an approved bankruptcy plan, the court may reduce the outstanding amount of the loan secured by the mortgaged property to the then current value of the mortgaged property in tandem with a corresponding partial reduction of the amount of the lender's security interest. This leaves the lender having the status of a general unsecured creditor for the differences between the mortgaged property value and the outstanding balance of the loan. Other modifications may include the reduction in the amount of each monthly payment, which may result from a reduction in the rate of interest and/or the alteration of the repayment schedule, and/or change in the final maturity date. A court may approve a plan, based on the particular facts of the reorganization case that effected the curing of a mortgage loan default by paying arrearage over time. Also, under the Bankruptcy Code, a bankruptcy court may permit a debtor to de-accelerate a mortgage loan and to reinstate the loan even though the lender accelerated the mortgage loan and final judgment of foreclosure had been entered in state court prior to the filing of the debtor's petition. This may be done even if the full amount due under the original loan is never repaid. Other types of significant modifications to the terms of the mortgage or deed of trust may be acceptable to the bankruptcy court, often depending on the particular facts and circumstances of the specific case.

In a bankruptcy or similar proceeding, action may be taken seeking the recovery as a preferential transfer of any payments made by the mortgagor under the related mortgage loan to the lender. Payments on long-term debt may be protected from recovery as preferences if they are payments in the ordinary course of business made on debts incurred in the ordinary course of business. Whether any particular payment would be protected depends upon the facts specific to a particular transaction.

*Real Estate Investments* 

Our real estate investments are expected to be non-owner occupied investment properties that the Company may purchase for the purpose of rehabbing and selling, rehabbing and holding or selling to a third-party. The Company will not invest in residential properties. We generally intend to hold our real estate investments for approximately 24 months or less, although the ultimate hold time will be determined by our Manager in its sole discretion. The Company does not generally intend any one real estate investment to exceed 25% of its committed capital.

**Employees**

We do not have any direct employees. We are dependent upon the services provided through our Manager.

**Legal Proceedings**

From time to time, we may become party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. We are not currently a party, as plaintiff or defendant, nor are we aware of any threatened or pending legal proceedings, that we believe to be material or which, individually or in the aggregate, would be expected to have a material effect on our business, financial condition or results of operation if determined adversely to us.

**Government Regulation**

The Company's real estate business is subject to multiple laws, including regulations applicable to ownership, rental and construction of properties. Regulations may vary from jurisdiction to jurisdiction and from state to state. In any jurisdictions or states in which we operate, we may be required to obtain licenses and permits to conduct business.

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The federal government and the state and local jurisdictions in which the Company operates have enacted extensive laws, regulations and policies that affect the lending and servicing of loans manner in which the Company's business is conducted, including but not limited to we conduct our other business operations. The Company's business is subject to multiple laws including regulations applicable to note servicers. The lending industry is heavily regulated by laws governing lending practices at the federal, state, and local levels. In addition, changes in these laws, regulations and policies, as well as proposals for new laws, regulations and policies proposals for further regulation of the financial services industry are continually being introduced. Failure of the Company or its Servicer to comply with these laws could lead to loss of the property, legal fees, and other unexpected costs that could adversely affect investments. Some of the laws and regulations to which the Company and its servicer are subject include those pertaining to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●real estate settlement procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●fair lending, mortgage disclosures, and lender licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●compliance with federal and state disclosure requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●fair debt collection and credit reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●the establishment of maximum interest rates, finance charges, and other charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●secured transactions and foreclosure proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●private regulations providing for the use and safeguarding of non-public personal financial information of borrowers.

While the Company will use its best efforts to comply with all laws, including federal, state, and local laws and regulations, claims arising out of actual or alleged violations of law could be asserted against us by individuals or governmental authorities. These legal actions could expose the Company to significant damages, legal fees or other penalties that would adversely affect the Company and its ability to distribute income to Investors.

**Competition**

The Company competes with many others engaged in real estate investment including but not limited to individuals, corporations, bank and insurance company investment accounts, real estate investment trusts, and private real estate funds. Significant increases in the number of listings for entry level housing in the geographic areas where the Company's properties are located, if not met by a similar increase in demand, is likely to cause downward pressure on rental rates and, potentially, impact the value of our real estate assets.

**Reporting**

Our Manager must keep appropriate books and records with respect to the business of the Company. The books of the Company shall be maintained, for tax and financial reporting purposes, on an accrual basis in accordance with U.S. GAAP, unless otherwise required by applicable law or other regulatory disclosure requirement. For financial reporting purposes and tax purposes, the fiscal year and the tax year are the calendar year, unless otherwise determined by our Manager in accordance with the Internal Revenue Code. The Company will be required to make annual and semi-annual filings with the SEC. The Company will make annual filings on Form 1- K, and will include audited financial statements for the previous fiscal year. The Company will make semi-annual filings on Form 1-SA, which will include unaudited financial statements for the six months to June 30. The Company will also file a Form 1-U to announce important events such as the loss of a senior officer, a change in auditors, or certain types of capital-raising. The Company will be required to keep making these reports unless it files a Form 1-Z to exit the reporting system, which it will only be able to do if it has less than 300 investors of record and have filed at least one Form 1-K.

Under the Securities Act, the Company must update this offering circular upon the occurrence of certain events, such as asset acquisitions. At least every 12 months, the Company will file a post-qualification amendment to the offering statement of which this offering circular forms a part, to include the Company's recent financial statements and updated disclosures. The Company may supplement the information in this offering circular by filing a supplement with the SEC.

All these filings will be available on the SEC's EDGAR filing system and the Company's website. You should read all the available information before investing.

**No Public Market**

Although under Regulation A the Bonds are not "restricted securities," Bonds are still highly illiquid securities. No public market has developed nor is expected to develop for Bonds, and we do not intend to list Bonds on a national securities exchange or interdealer quotational system. You should be prepared to hold your Bonds until at least Maturity.

**DESCRIPTION OF PROPERTY**

The Company does not own any real property. We currently share office space with our Manager and its affiliates without written agreement or payment to a landlord. We may in the future contribute to rent and/or utilities for any shared spaces.

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

*The following discussion of our financial condition and results of operations should be read in conjunction with the consolidated financial statements and the notes to those statements that are included elsewhere in this offering circular. Our discussion includes forward-looking statements based upon current expectations that involve risks and uncertainties, such as our plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors, including those set forth under the Risk Factors, Cautionary Notice Regarding Forward-Looking Statements and Business sections in this offering circular. We use words such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions to identify forward-looking statements. Our future operating results, however, are impossible to predict and no guaranty or warranty is to be inferred from those forward-looking statements*.

**Overview**

We were incorporated under the laws of the State of Wyoming on November 6, 2024. To date, we have focused mainly on creating our business plan and preparing for this offering. We have not begun operations or acquired any assets.

**Results of Operations**

We have not had any revenues to date and do not expect to generate revenues for approximately the first three months from the date this offering circular is qualified by the SEC. For the fiscal year ended December 31, 2024, we had $233 in organizational expenses, for a net loss of $233 for the fiscal year.

**Liquidity and Capital Resources**

Due to its recent formation and limited operating history, the Company has limited assets on its balance sheet. As of December 31, 2024, we had $40,100 in assets, consisting mainly of prepaid offering expenses. We had liabilities of $40,333 due to a related party as of December 31, 2024.

The Company's financial statements have been prepared assuming the Company will continue as a going concern. The Company is newly formed and has not generated revenue from operations. The Company will require additional capital until revenue from operations is sufficient to cover operational costs. These matters raise substantial doubt about the Company's ability to continue as a going concern.

**Plan of Operations**

To fund operations, the Company will initially rely on proceeds from this offering to pay for expenses related to its assets. There are no assurances that management will be able to raise capital on terms acceptable to the Company. If we are unable to obtain sufficient amounts of additional capital, we may be required to reduce the scope of our planned operations, which could harm our business, financial condition and operating results.

The Company intends to repay the bonds and any interest owed with the proceeds from interest payments, lease income, the repayment of loans and sale of real estate investments. During the next 12 months, assuming sufficient capital is raised through this offering or otherwise, we intend to acquire $3,000,000.00 in loans and $3,000,000.00 in real estate investments. We do not intend to sell any assets during our first year of operating after this offering circular is qualified.

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**Trends**

The Company has a limited operating history and no significant historical operating data for trend analysis. Nonetheless, the Company's business is subject to general business and economic conditions in the U.S. and worldwide along with local, state, and federal governmental policy decisions. Events including, but not limited to, recession; inflation; downturn or otherwise; government regulations and political policies; travel restrictions; changes in the real estate market; and interest-rate fluctuations could have a material adverse effect on the Company's financial condition and the results of its operations.

**Significant Accounting Policies**

Our management's discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or "GAAP." The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions. Our significant accounting policies are fully described in Note 3 to our financial statements appearing elsewhere in this offering circular, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our financial statements.

**MANAGEMENT**

We are managed by our Manager, PIC Diversification Manager, LLC. The following table provides information on the managers of our Manager:

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Age** | **Positions** | **Term of Office** |
| Dan Handford | 42 | Manager of our Manager | November 2024 – Present |
| Danny Randazzo | 36 | Manager of our Manager | November 2024 – Present |
| Kelli Garrett | 57 | Manager of our Manager | November 2024 – Present |

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**Dan Handford** –

Dan is a seasoned entrepreneur with a track record of launching and scaling multiple seven-figure businesses, including a successful group of non-surgical orthopedic medical clinics. He is a managing partner at PassiveInvesting.com, a private equity real estate firm with a portfolio exceeding $1 billion since its inception in 2018. The firm strategically invests in large multifamily communities, self-storage facilities, a hotel, and a brand of 31 express car washes. Dan plays a key leadership role in investor relations, marketing, and overall strategic direction. He is also one of the founding partners of the firm's first Regulation D real estate debt fund, which has raised over $100 million from accredited investors since 2020. Dan lives and works in Lexington, South Carolina.

**Danny Randazzo** –

Danny brings over a decade of high-level financial experience, including his tenure as a financial consultant with one of the nation's premier consulting firms, where he advised multi-billion-dollar companies on optimizing revenue, profitability, and technology utilization. As a managing partner of PassiveInvesting.com, Danny has helped grow the company's real estate portfolio to over $1 billion in assets under management. The firm manages more than $600 million in private equity from non-institutional, retail investors. Danny is a co-founder of the firm's inaugural Regulation D real estate debt fund and has overseen the financial management of more than $100 million in investor capital since 2020. He lives and works in Charleston, South Carolina.

**Kelli Garrett** –

Kelli is a veteran of the mortgage industry, having successfully operated a multi-location mortgage brokerage firm for nearly a decade. At its peak, her firm brokered 60–70 loans monthly across residential and commercial sectors. Kelli previously held Series 6 and 63 securities licenses and worked with over fifty lenders during her brokerage career. As a co-founder of PassiveInvesting.com's first Regulation D real estate debt fund, she has played a pivotal role in managing rolling debt instruments, deploying over $100 million in capital. Kelli has funded more than $400 million across 2,000+ real estate rehab loans with a portfolio default rate under 1%. Known for her conservative underwriting approach, she consistently places between $8–12 million in loans per month. Kelli lives and works in Charleston, South Carolina.

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Neither our Manager nor its any of its managers has, during the past five years:

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

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

**MANAGEMENT COMPENSATION** 

Our Manager has not received any compensation to date and we do not intend to pay compensation in the future. As our sole member, our Manager will be entitled to receive profit distributions after payment of our expenses and Bond payments. Notwithstanding the foregoing, our Manager may elect to be compensated by the Company in the future in such amounts as determined by the Manager.

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

Except as described herein, none of the following parties (each a "Related Party") has, since inception to the date of this offering circular, had any material interest, direct or indirect, in any transaction with us or in any presently proposed transaction that has or will materially affect us:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●any of our Manager or its managing members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●any person who beneficially owns, directly or indirectly, shares carrying more than 10% of the voting rights attached to our outstanding interests; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●any member of the immediate family (including spouse, parents, children, siblings and in- laws) of any of the above persons.

As of December 31, 2024, our Manager and/or its affiliates had advanced the Company $40,333 for organizational and offering expenses, which will be reimbursed through proceeds from the sale of Bonds.

**Conflicts of Interest**

The Company is subject to various conflicts of interest arising from its relationship with its Manager and the Manager's affiliates. The conflicts include, but are not limited to the following:

Competition. The Manager and its affiliates will not be required to devote any fixed amount of time to the affairs of the Company, and they will continue to engage in business activities, including real estate activities, that may involve a conflict of interest with the business of the Company. There will be competing demands on the Manager, its employees and representatives, the Manager's Affiliates and each Affiliate's employees and representatives because of the nature of the businesses in which each of the Manager, its employees and representatives, the Manager's affiliates, and each affiliate's employees and representatives are engaged.

The Manager, its employees and representatives, and the Manager's affiliates each affiliate's employees and representatives will continue to engage for their own account, or for the account of others, in other business ventures, real estate or otherwise, and neither the Company nor any Member will be entitled to any interest therein. There may be conflicts of interest on the part of the Manager or its affiliates between the relevant Company and other real estate investments with which the Manager or those affiliates are involved in.

Specifically, our Manager's managing members serve as managing members to an entity that manages a real estate fund with investment objectives that makes loans secured by real estate and real estate investments. The managing members of the Manager will allocate assets between the two funds in a manner that believe to be fair and equitable, taking into consideration such factors as capital available from each fund, asset mix, risk exposure, targeted return, diversification, and such other factors as they deem appropriate. It is also possible that the two affiliated funds could buy and sell assets from each other, the terms of which transactions will not be the result of arms' length transactions and could favor one fund over the other.

Non-Negotiated Transactions. The Company may enter into transactions with the Manager or the Manager's affiliates that will not be negotiated at arms' length. Although the Manager of the Company will not commission surveys or studies to determine the competitiveness or fairness of fees or other compensation payable to the Manager or its affiliates, the Manager will only enter into such transactions if it believes that such fees and compensation are fair and reasonable.

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PIC Diversification Manager, LLC was formed in November 2024, and is organized as a limited liability company under the laws of the State of Wyoming and commenced operations immediately upon its formation.

For purposes of the Company, the Manager, when applicable, will underwrite all potential assets, prepare the documents necessary for the closing of an asset, schedule the closing of an asset, maintain all original documents, perform post-closing audits of the loan file by ensuring that all previously recorded liens recorded against the mortgaged property have been properly released, and obtain the final lender's or owner's title policy (or the assignment thereof) after the closing of the asset transaction.

The Manager will continue to perform the above services outside of the work performed on behalf of the Company. The Manager will continue to devote time and energy to funding transactions that fall outside of the Company's lending parameters as described herein. Neither the Company nor any investor will be entitled to any ownership or profit interest in the Manager's activities.

Employees of the Manager devote time and energy to Manager's activities. Manager shall continue to service and perform loss mitigation services for private money loan transactions originated or brokered by unaffiliated 3rd parties. Neither the Company nor any investor will be entitled to any ownership interest or profit interest in Manager or its activities.

Potential conflicts of interest will exist among the Company and its Manager and the Manager's affiliates. These parties are not prohibited from engaging in competitive undertakings and transactions. However, the Manager intends that transactions with affiliates of the Manager will be commercially reasonable under the circumstances. The Manager intends that such arrangements will be comparable to, and not less favorable to the Company than, those arrangements that could be obtained from an independent party in the area where the transaction is to be performed.

The Company does not have any formal policies in place to resolve conflicts of interest.

**Allocation of Investment Opportunities**

Our Manager expects to offer other investment opportunities including offerings that acquire or invest in real estate, real estate backed loans, and recovery centers. Each such offering is referred to as a "Project." To the extent that those other entities have investment objectives that compete with the Company, our Manager will allocate opportunities between the Company and these other entities using its business judgement. These additional Projects may have investment criteria that compete with us. If a sale, financing, investment or other business opportunity would be suitable for more than one Project, our Manager will allocate it using its business judgment. Any allocation of this type may involve the consideration of a number of factors that our Manager determines to be relevant. The factors that our Manager could consider when determining the entity for which an investment opportunity would be the most suitable include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the investment objectives and criteria of the entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the cash requirements of the entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the effect of the investment on the diversification of the entities' portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the policy of the entities relating to leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the anticipated cash flow of the asset to be acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·whether the asset is being acquired from an affiliated entity or third-party seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the income tax effects of the purchase on the entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the size of the investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·the amount of funds available to the entities.

If a subsequent event or development causes any investment, in the opinion of our Manager, to be more appropriate for another entity, they may offer the investment to such entity. In addition, third parties may require as a condition to their arrangements or agreements with or related to any one particular Project that such arrangements or agreements include or not include another Project, as the case may be. Any of these decisions may benefit one Project more than another.

Except under any policies that may be adopted by our Manager, which policies are designed to minimize conflicts among the Projects and other investment opportunities, no Project has any duty, responsibility or obligation to refrain from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·engaging in the same or similar activities or lines of business as any Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·doing business with any potential or actual tenant, lender, purchaser, supplier, customer or competitor of any Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·engaging in, or refraining from, any other activities whatsoever relating to any of the potential or actual tenants, lenders, purchasers, suppliers or customers of any Project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·establishing material commercial relationships with another Project; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·making operational and financial decisions that could be considered to be detrimental to another Project.

------

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

As of the date of this offering circular, our Manager is our sole member. The following table sets out, as of the date of this offering circular, our beneficial ownership. The business address for our beneficial holders is 245 Laurel Rd., Lexington, South Carolina 29073. Except as otherwise indicated, the persons listed below have sole voting and investment power with respect to all shares of common stock owned by them, except to the extent that power may be shared with a spouse. Our Manager may transfer its membership interests at any point and its members may transfer heir interests in the Manager, subject to certain restrictions in the companies' respective governing documents.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address of Beneficial Owner(1_** | **Title of**<br>**class** | **Amount and**<br>**nature of**<br>**beneficial**<br>**ownership** | **Amount and**<br>**nature of**<br>**beneficial**<br>**ownership**<br>**acquirable** | **Percent of**<br>**class** |
| &nbsp;&nbsp;&nbsp;Dan Handford | Membership Interests | 1/3 | n/a | 33.33% |
| &nbsp;&nbsp;&nbsp;Danny Randazzo | Membership Interests | 1/3 | n/a | 33.33% |
| &nbsp;&nbsp;&nbsp;Kelli Garrett | Membership Interests | 1/3 | n/a | 33.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)We have issued one membership interest in the Company, which was issued to our Manager. Our Manager is ratably owned and managed by Daniel Handford, Danny Randazzo, and Kelli Garrett.

**SECURITIES BEING OFFERED**

**Bonds**

*General.* We may offer Bonds, with a total value of up to $74,257,425,000 under this offering circular. The Bonds will be offered in increments of $1.00.

*Maturity*. Bonds are payable within 30 days from written demand by a holder following an applicable one, two or three year lock up period. All unpaid interest and principal will be due at Maturity.

*Interest*. The Company is offering demand Bonds with one-year, two-year, and three-year lock-up periods. One-year Bonds will earn interest of 6% per annum. Two-year Bonds will earn interest of 7% per annum. Three-year Bonds will earn interest of 8% per annum. Interest will be compounded daily. All interest will be due at Maturity. Interest will begin to accrue on the date the Bond is issued by the Company. Bonds will be deemed issued on the date the related subscription for the Bond is accepted by the Company.

*Redemption by Company*. We may prepay any Bond in whole or in part, at any time, without penalty or premium.

*Security; Ranking; Sinking Fund*. The Bonds will be general unsecured obligations, and will rank equally with all of our other unsecured debt unless such debt is senior to or subordinate to the Bonds by their terms. We may issue secured debt in our sole discretion without notice to or consent from the holders of Bonds. There is no sinking fund.

*Fees.* Bond investors that purchase our Bonds are not charged a servicing fee for their investment. Investors may be charged a transaction fee if your method of payment requires us to incur an expense. The transaction fee will be equal to the amount that the Company will be charged by the payment processor. Other financial intermediaries, however, if engaged by you, may charge you commissions or fees. These fees include the following:

*Form and Custody*. Bonds will be issued electronically signed by us in favor of the investor. The Bonds will be digitally stored by us and will remain in our or our agent's custody for ease of administration with a copy available in each investor's Bond account.

*Transfer.* The Bonds are not transferrable without written consent from the Company. In order to transfer a Bond, its holder must request transfer from the Company, including the identification of the transferee. The Company will have 30 days from request to approve or reject the request for transfer. The Company is not obligated to approve any transfer and Bond holders should be prepared to hold their Bonds indefinitely.

*Conversion or Exchange Rights*. The Bonds are not convertible or exchangeable into any other securities.

------

*Events of Default*. The following will be events of default under the Bonds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●if we fail to pay principal interest when due and our failure continues for 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●if we breach a material covenant owed to a holder under the Bond, and such breach continues for 90 days from receipt of written notice of the breach from holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●if we file, or have an involuntary case filed against us, for bankruptcy, are insolvent or make a general assignment in favor of our creditors.

Upon an Event of Default, the Bonds will continue to accrue interest if the Company fails to make a required payment. The Bond holder will have the right to declare all amounts due under the Bond immediately due and payable. The occurrence of an event of default of Bonds may constitute an event of default under any bank credit agreements the Company may have in existence from time to time. In addition, the occurrence of certain events of default may constitute an event of default under certain of the Company's other indebtedness outstanding from time to time. Therefore, the investor will have the ability to sue the Company. If one or more investors sue and is successful in obtaining a judgment, the investors may have the ability to foreclose on its assets. The Company may not have enough assets to support all judgments and/or ongoing operations, and it may have to file bankruptcy.

*No Personal Liability of Directors, Officers, Employees and Stockholders*. No incorporator, stockholder, employee, agent, officer, director, affiliate or subsidiary of ours will have any liability for any obligations of ours due to the issuance of any Bonds.

*Governing Law.*

Bonds and the Bond Purchase Agreement will be governed and construed in accordance with the laws of the State of Wyoming.

*Arbitration.*

Pursuant to the terms of the Bond Purchase Agreement, the holders of Bonds and the Company will agree to (i) resolve disputes of the holders of Bonds through binding arbitration, instead of through courts of general jurisdiction or through a class action and (ii) waive the right to a trial by jury and to participate in any class action.

Pursuant to the terms of the Bond Purchase Agreement, if a holder of Bonds does not agree to the terms of the arbitration provision, the holder of Bonds may opt-out of the arbitration provision by sending an arbitration opt-out notice to the Company within 30 days of the holder's first electronic acceptance of the Bond Purchase Agreement. If the opt-out notice is not received within 30 days, the holder of Bonds will be deemed to have accepted all terms of the arbitration provision, including the class action and jury waiver. If the investor opts out of the arbitration provision, the investor has also opted out of the jury trial and class action waivers.

As arbitration provisions in commercial agreements have generally been respected by federal courts and state courts of Wyoming, we believe that the arbitration provision in the Bond Purchase Agreement is enforceable under federal law and the laws of the State of Wyoming. Although holders of Bonds will be subject to the arbitration provisions of the Bond Purchase Agreement, the arbitration provisions do not preclude holders of Bonds from pursuing claims under the Exchange Act and Securities Act in federal courts. THE ARBITRATION PROVISION OF THE BOND PURCHASE AGREEMENT IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF BONDS OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

*Jury Trial and Class Action Waivers.*

The Bond Purchase Agreement provides that, to the extent permitted by law, each party to the Bond Purchase Agreement waives the right to a jury trial or class action of any claim they may have against us arising out of or relating to our Bonds or the Bond Purchase Agreement. If we were to oppose a jury trial or class action demand based on such waiver, the court would determine whether the waiver was enforceable based upon the facts and circumstances of that case in accordance with applicable state and federal law, including whether a party knowingly, intelligently and voluntarily waived the right to a jury trial or class action. The bondholders of Bonds will be subject to these provisions of the Bond Purchase Agreement to the extent permitted by applicable law. THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION CONTAINED IN THE BOND PURCHASE AGREEMENT IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF BONDS OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE JURY WAIVER AND CLASS ACTION WAIVER PROVISIONS OF THE BOND PURCHASE AGREEMENT DO NOT APPLY TO CLAIMS BROUGHT UNDER THE EXCHANGE ACT AND SECURITIES ACT. If the investor opts out of the arbitration provision, the investor has also opted out of the jury trial and class action waivers.

The form of Bonds are filed as exhibits to the offering statement of which this offering circular forms a part.

------

**EXPERTS**

Our financial statements for the period from inception to December 31, 2024 included in this offering circular have been audited by Assurance Dimensions, LLC, as stated in its report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon its authority as an expert in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

We have filed with the SEC an offering statement on Form 1-A under the Securities Act with respect to the interests offered by this Offering Circular. This Offering Circular does not contain all of the information included in the Offering Statement, portions of which are omitted as permitted by the rules and regulations of the SEC. For further information pertaining to us and the interests to be sold in this offering, you should refer to the offering statement and its exhibits. Whenever we make reference in this offering circular to any of our contracts, agreements or other documents, the references are not necessarily complete, and you should refer to the exhibits attached to the offering statement for copies of the actual contract, agreement or other document filed as an exhibit to the offering statement or such other document, each such statement being qualified in all respects by such reference. Upon the qualification of this offering, we will be subject to the informational requirements of Tier 2 of Regulation A and will be required to file annual reports, semi-annual reports, current reports and other information with the SEC. We anticipate making these documents publicly available, free of charge, on our website as soon as reasonably practicable after filing such documents with the SEC.

You can read the Offering Statement and our future filings with the SEC over the Internet at the SEC's website at www.sec.gov. You may also read and copy any document we file with the SEC at its public reference facility at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference facilities.

We will answer inquiries from potential investors concerning the interests, the Company and other matters relating to the offer and sale of the Shares under this Offering Circular. We will afford the potential investors the opportunity to obtain any additional information to the extent we possess such information or can acquire such information without unreasonable effort or expense that is necessary to verify the information in this Offering Circular.

Requests and inquiries regarding this offering circular should be directed to:

**PIC Diversification Fund, LLC**

245 Laurel Rd.

Lexington, South Carolina 29073

803-381-4811

Email: info@cashflowbonds.com

We will provide requested information to the extent that we possess such information or can acquire it without unreasonable effort or expense.

------

**FINANCIAL STATEMENTS**

**INDEX OF FINANCIAL INFORMATION**

---

| | |
|:---|:---|
| [Independent Accountant's Audit Report on Financial Statements](#report)  | F-3 |
| [Statement of Financial Condition December 31, 2024 (audited)](#bs) | F-5 |
| [Statement of Operations December 31, 2024 (audited)](#sop) | F-6 |
| [Statement of Cash Flows December 31, 2024 (audited)](#soc) | F-7 |
| [Statement of Changes in Members' Capital December 31, 2024 (audited)](#scm) | F-8 |
| [Notes to Financial Statements December 31, 2024 (audited)](#note) | F-9 |

---

------

**PIC DIVERSIFICATION FUND, LLC**

**FINANCIAL STATEMENTS**

For the period from November 6, 2024 (Date of Incorporation)

to December 31, 2024

*(Expressed in United States Dollars)*

------

**PIC DIVERSIFICATION FUND, LLC**

**Independent Auditor's Report**

To the Board of Directors and

Member of **PIC Diversification Fund, LLC**

**Opinion**

We have audited the accompanying financial statements of **PIC Diversification Fund, LLC.**, which comprise the balance sheet as of December 31, 2024 and the related statements of operations, member's equity and cash flows for the period from November 06, 2024 (inception) to December 31, 2024, and the related notes to the financial statements (collectively the "financial statements").

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of **PIC Diversification Fund, LLC.** as of December 31, 2024, and the results of its operations and its cash flows for the period from November 06, 2024 (inception) to December 31, 2024 in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 4 to the financial statements, the Company has not yet begun operation and had a member's deficit of approximately $233 as of December 31, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to that matter.

**Responsibilities of Management for the Financial Statements**

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

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

**ASSURANCE DIMENSIONS, LLC**

**also d/b/a McNAMARA and ASSOCIATES, LLC**

**TAMPA BAY**: 4920 W Cypress Street, Suite 102 \| Tampa, FL 33607 \| Office: 813.443.5048 \| Fax: 813.443.5053

**JACKSONVILLE**: 7800 Belfort Parkway, Suite 290 \| Jacksonville, FL 32256 \| Office: 888.410.2323 \| Fax: 813.443.5053

**ORLANDO:** 1800 Pembrook Drive, Suite 300 \| Orlando, FL 32810 \| Office: 888.410.2323 \| Fax: 813.443.5053

**SOUTH FLORIDA**: 3111 N. University Drive, Suite 621 \| Coral Springs, FL 33065 \| Office: 754.800.3400 \| Fax: 813.443.5053

www.assurancedimensions.com

------

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

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

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

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

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

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

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

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

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

![Picture 1](pic1a_1.jpg)

Coral Springs, Florida

January 20, 2025

**ASSURANCE DIMENSIONS, LLC**

**also d/b/a McNAMARA and ASSOCIATES, LLC**

**TAMPA BAY**: 4920 W Cypress Street, Suite 102 \| Tampa, FL 33607 \| Office: 813.443.5048 \| Fax: 813.443.5053

**JACKSONVILLE**: 7800 Belfort Parkway, Suite 290 \| Jacksonville, FL 32256 \| Office: 888.410.2323 \| Fax: 813.443.5053

**ORLANDO:** 1800 Pembrook Drive, Suite 300 \| Orlando, FL 32810 \| Office: 888.410.2323 \| Fax: 813.443.5053

**SOUTH FLORIDA**: 3111 N. University Drive, Suite 621 \| Coral Springs, FL 33065 \| Office: 754.800.3400 \| Fax: 813.443.5053

www.assurancedimensions.com

------

**PIC DIVERSIFICATION FUND, LLC**

**BALANCE SHEET**

---

| | |
|:---|:---|
|  | As of <br>December 31, 2024 |
| **ASSETS** |  |
| Cash and cash equivalents | $100  |
| Deferred offering costs | 40000  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$** **40100**  |
| **LIABILITIES AND MEMBER'S EQUITY (DEFICIT)** |  |
| Due to related parties | $40333  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **$** **40333**  |
| Accumulated deficit | $(233)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Member's equity (deficit)** | **$** **(233)**  |
| **Total liabilities and member's equity (deficit)** | **$** **40100**  |

---

See accompanying notes and independent auditor's report

------

**PIC DIVERSIFICATION FUND, LLC**

**STATEMENT OF OPERATIONS**

For the period from November 6, 2024 (Date of incorporation) to December 31, 2024

---

| | |
|:---|:---|
| **REVENUE** |  |
| &nbsp;&nbsp;&nbsp;Gross revenue | $-  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | -  |
| **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp;Organizational costs | $233  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | $233  |
| **Net income (loss)** | $(233)  |

---

See accompanying notes and independent auditor's report

------

**PIC DIVERSIFICATION FUND, LLC**

**STATEMENT OF CASH FLOWS**

For the period from November 6, 2024 (Date of incorporation) to December 31, 2024

---

| | |
|:---|:---|
| **Cash flows from operating activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) for the period | $(233)  |
| **Adjustments to reconcile change in net income to net cash used by operations:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease (increase) in deferred offering costs  | $(40000)  |
| **Net cash provided (used) by operating activities**  | $(40000)  |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in due to related parties | $40333  |
| **Net cash provided (used) by financing activities** | 40333  |
| **Net increase (decrease) in cash** | $100  |
| **Cash at beginning of period** | $-  |
| **Cash at end of period** | $100  |
| **Supplemental disclosure of cash flow information** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the year for interest | $-  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid during the year for tax | $-  |

---

See accompanying notes and independent auditor's report

------

**PIC DIVERSIFICATION FUND, LLC**

**STATEMENT OF CHANGES IN MEMBER'S EQUITY (DEFICIT)**

For the period from November 6, 2024 (Date of incorporation) to December 31, 2024

---

| | |
|:---|:---|
| **Balance at November 6, 2024** | **$** **-**  |
| Net Income (Loss) | (233)  |
| **Balance at December 31, 2024** | **$** **(233)**  |

---

See accompanying notes and independent auditor's report

------

**PIC DIVERSIFICATION FUND, LLC**

**NOTES TO FINANCIALS STATEMENTS**

**For the period November 6, 2024 (Date of incorporation) to December 31, 2024**

**NOTE 1: NATURE OF OPERATIONS**

PIC Diversification Fund, LLC (the "Company"), is a limited liability company organized in November 2024 under the laws of Wyoming. The Company was organized to invest primarily in real estate secured loans. We refer to PIC Diversification Fund, LLC as "PIC Diversification Fund, LLC," the "Company," "us," "we" and "our" in these financial statements.

As of December 31, 2024, the Company has not commenced planned principal operations nor generated revenue. The Company's activities since inception have consisted of formation activities and preparations for debt offerings. The Company is pursuing offerings pursuant to Regulation A ("Reg A") under the Securities Act and

is selling debt instruments directly to investors. The maximum amounts that can be raised through Reg A (Tier 2)

offerings are $75,000,000 in a 12-month period.

The Company is not registered as an Investment Company under the Investment Company Act of 1940, as amended.

**NOTE 2: SIGNIFICANT ACCOUNTING POLICIES**

***Basis of Presentation***

The accompanying financial statements are prepared in accordance with generally accepted accounting principles in the United States ("GAAP") as detailed in the Financial Accounting Standards Board's Accounting Standards Codification ("FASB ASC"). The Company adopted the calendar year as its basis of reporting.

***Use of estimates and judgments***

The preparation of the Company's financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts in the financial statements and the footnotes thereto. Actual results could differ from those estimates.

***Cash and Cash Equivalents***

The Company considers short-term, highly liquid investments with original maturities of three months or less at the time of purchase to be cash equivalents. Cash consists of funds held in the Company's checking account. The Company maintains its cash with a major financial institution located in the United States of America.

The Company is exposed to credit risk on its cash and cash equivalents in the event of default by the financial institutions to the extent account balances exceed the amount insured by the FDIC, which is $250,000. At December 31, 2024, the Company did not have any cash in excess of the insured FDIC limit.

------

**PIC DIVERSIFICATION FUND, LLC**

**NOTES TO FINANCIALS STATEMENTS**

**For the period November 6, 2024 (Date of incorporation) to December 31, 2024**

**NOTE 2: SIGNFICANT ACCOUNTING POLICIES (Continued)**

***Fair Value Recognition, Measurement and Disclosure***

The carrying amounts of cash reported on our balance sheet approximates fair value as we maintain them with various high-quality financial institutions.

We disclose the fair value of our financial instruments based on the fair value hierarchy using the following three categories:

Level 1 — Valuations based on quoted prices for identical assets and liabilities in active markets.

Level 2 — Valuations based on observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Valuations based on unobservable inputs reflecting the Company's own assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require

significant judgment.

***Startup Costs***

In accordance with GAAP, the Company classifies its startup costs into two categories: (a) organization costs and (b) deferred offering costs. Organization costs are expensed as incurred and deferred offering costs, which consist of certain costs incurred in connection with investment offering, are capitalized and amortized over the debt term. For the November 6, 2024 (inception) through December, 31, 2024 period, the Company incurred

$40,000 in deferred costs and $233 in organization costs.

***Income Taxes***

The Company is a limited liability company that is treated as a disregarded entity for tax purposes. Accordingly, under the Internal Revenue Code, all taxable income or loss flow through to the managing member and any resulting Federal and/or State income taxes are assessed and paid by the managing member. Therefore, no provision for income tax has been recorded in the statements.

The Company addresses uncertain tax positions in accordance with ASC Topic 740, Income Taxes, which provides guidance on the recognition, measurement, presentation, and disclosure of uncertain tax positions in the financial statements. Management has not identified the existence of any uncertain tax positions.

The Company may in the future become subject to federal, state and local income taxation though it has not been since its inception. The Company is not presently subject to any income tax audit in any taxing jurisdiction.

***Member's Equity Structure***

The Company is organized as a limited liability company that is owned by a single member. The member is allocated ownership by being provided 100% of membership interest. The member is allocated Managing Member holds 100% of the member's equity of the Company as of December 31, 2024.

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**PIC DIVERSIFICATION FUND, LLC**

**NOTES TO FINANCIALS STATEMENTS**

**For the period November 6, 2024 (Date of incorporation) to December 31, 2024**

**NOTE 2: SIGNFICANT ACCOUNTING POLICIES (Continued)**

***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 the Company, or (iv) are not expected to have a material impact the Company's financial statements.

**NOTE 3: GOING CONCERN**

These financial statements are prepared on a going concern basis. The Company has not yet begun operation as of December 31, 2024. These factors raise substantial doubt about the Company's ability to continue as a going concern within the twelve-month period subsequent to the date that these financial statements are issued. During the next 12 months, the Company intends to fund its operations with funding from its proposed Regulation A campaign and any additional related party financing as deemed necessary. There are no assurances that management will be able to raise capital on terms acceptable to the Company. The accompanying financial statements do not take into account any adjustments that could result from these uncertainties.

**NOTE 4: RELATED PARTY TRANSACTIONS**

The Company occasionally incurs expenses that are paid by related parties. As of December 31, 2024, the Company recorded $40,333 due to related parties.

**NOTE 5: SUBSEQUENT EVENTS**

Management has assessed subsequent events through January 20, 2025, the date on which the financial statements were available to be issued. There are no material events.

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**PART III - EXHIBITS**

**Index to Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Exhibit Description**  |
| 2.1 | [Certificate of Organization](pic_ex2z1.htm)  |
| 2.3 | [Operating Agreement](pic_ex2z3.htm)  |
| 3.1 | [Form of 1 Year Bond](pic_ex3z1.htm)  |
| 3.2 | [Form of 2 Year Bond](pic_ex3z2.htm)  |
| 3.3 | [Form of 3 Year Bond](pic_ex3z3.htm)  |
| 4.1 | [Form of Bond Purchase Agreement](pic_ex4z1.htm) |
| 6.1 | [Agreement](pic_ex6z1.htm)[with DealMaker](pic_ex6z1.htm)  |
| 11 | [Consent of Auditor](pic_ex11.htm) |
| 12 | [Opinion of Dodson Robinette, PLLC](pic_ex12.htm) |

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**SIGNATURES**

Pursuant to the requirements of Regulation A, the registrant has duly caused this Form 1-A to be signed on its behalf by the undersigned, thereunto duly authorized, in the State of South Carolina, on June 13, 2025.

---

| | |
|:---|:---|
| PIC Diversification Fund, LLC | PIC Diversification Fund, LLC |
| By: | */s/ Dan Handford* |
|  | Dan Handford, co-manager of PIC Diversification Manager, LLC, the Company's Manager |

---

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

---

| | | |
|:---|:---|:---|
| **Name** | **Positions** | **Date** |
| */s/ Dan Handford* | Manager of our Manager | June 13, 2025 |
| Daniel Handford | (principal executive officer and principal financial and accounting officer) |  |

---

---

| | | |
|:---|:---|:---|
| */s/ Danny Randazzo* | Manager of our Manager | June 13, 2025 |
| Danny Randazzo |  |  |

---

---

| | | |
|:---|:---|:---|
| */s/ Kelli Garrett* | Manager of our Manager | June 13, 2025 |
| Kelli Garrett |  |  |

---

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## Ex1A-2A

![Picture 567865043](picex2z1_1.jpg)

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![Picture 139612921](picex2z1_2.jpg)

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![Picture 1562874389](picex2z1_3.jpg)

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![Picture 583185925](picex2z1_4.jpg)

## Ex1A-2A

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COMPANY AGREEMENT OF

**PIC DIVERSIFICATION FUND, LLC**

A Wyoming Limited Liability Company

This Company Agreement of PIC DIVERSIFICATION FUND, LLC, dated as of March 18, 2025, is adopted by the Manager (as defined below) and executed and agreed to, for good and valuable consideration, by and among the Members (as defined below).

**ARTICLE I** 

**DEFINITIONS**

1.1**Definitions.** As used in this Company Agreement, the following terms have the following meanings:

*"Act"* means the Wyoming Limited Liability Company Act and any successor statute, as amended from time to time (or any corresponding provisions of succeeding law).

*"Additional  Capital Contributions"* has the meaning set forth in Section 4.2.

*"Adjusted Capital Account"* means, with respect to any Member, the Member's Capital Account balance, increased by the Member's share of Member Minimum Gain.

*"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 or other period, after giving effect to the following adjustments: (i) any amounts that such Member is, or is deemed to be, obligated to restore pursuant to Section 1.704-1(b)(2)(ii)(c) of the Treasury Regulations, the penultimate sentence of Section 1.704-2(g)(l) of the Treasury Regulations, or the penultimate sentence of Section 1.704-2(i)(5) of the Treasury Regulations, shall be credited to such Capital Account; and (ii) the items described in Sections 1.704- l(b)(2)(ii)(d)(4), (5), and (6) of the Treasury Regulations shall be debited to such Capital Account. For these purposes, no Member who has an unconditional obligation to restore any deficit balance in his or its Capital Account in accordance with the requirements of Section 1.704-1(b)(2)(ii)(b)(3) of the Treasury Regulations shall have an Adjusted Capital Account Deficit. The foregoing definition of Adjusted Capital Account Deficit is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted consistently therewith.

*"Affiliate"* means any Person that directly or indirectly controls, is controlled by, or is under common control with the Person in question. As used in this definition, the term "control" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. The generality of the foregoing notwithstanding, Affiliates of the Manager include PIC DIVERSIFICATION FUND MANAGER, LLC, HC Apts, LLC, RC Apts, LLC, and GVG Lending, LLC.

*"Articles"* has the meaning set forth in Section 2.1.

*"Bankrupt"* means (i) a general assignment for the benefit of creditors; (ii) declaration of

insolvency in any state insolvency proceeding; (iii) subject of an order for relief under Chapter 7 of the United States Bankruptcy Code, 11 U.S.C. §101 et seq., or successor statute (the "Bankruptcy Code"); (iv) voluntary debtor in a case under Chapter 11 of the Bankruptcy Code and fails to achieve

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confirmation of a plan of reorganization within 180 days; (v) involuntary debtor in a case under either Chapter 7 or 11 of the Bankruptcy Code and fails to achieve a dismissal of the case within 90 days, or, with respect to a Chapter 11 case in which an order for relief is entered prior to the expiration of 90 days, fails to achieve confirmation of a plan of reorganization within 180 days of the commencement of the involuntary case; or (vi) the appointment of a trustee, receiver or liquidator with respect to all or substantially all of his or its properties, and, where such appointment was contested, there has been a failure to vacate such appointment within 90 days of appointment.

*"Book  Depreciation"* means for any asset for any fiscal year or other period an amount that bears the same ratio to the Gross Asset Value of that asset at the beginning of such fiscal year or other period as the federal income tax depreciation, amortization, or other cost recovery deduction allowable for that asset for such year or other period bears to the adjusted tax basis of that asset at the beginning of such year or other period. If the federal income tax depreciation, amortization, or other cost recovery deduction allowable for any asset for such year or other period is zero, the Book Depreciation for that asset shall be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Members.

*"Business Day"* means any day other than a Saturday, a Sunday, or a holiday on which national banking associations in the State of Wyoming are closed.

*"Capital  Account"* means the capital account maintained for a Member pursuant to Section

4.5 of this Company Agreement.

*"Capital Contribution"* means any contribution by a Member to the capital of the Company.

*"Change  of  Control"* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Company is merged or consolidated with another entity and as a result of such merger or consolidation less than 50% of the outstanding voting securities of the surviving or resulting entity are owned in the aggregate by the Members of the Company as determined immediately prior to the Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Company sells all or substantially all of its assets to another entity, that is not a wholly owned subsidiary of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)any Person acquires 50% or more of the aggregate outstanding Membership Interests of the Company (whether directly, indirectly, beneficially, or of record) pursuant to any transaction or combination of transactions.

*"Code"* means the Internal Revenue Code of 1986 and any successor statute, as amended from time to time.

*"Company"* means PIC DIVERSIFICATION FUND, LLC, a Wyoming limited liability company.

*"Company Minimum Gain"* has the meaning set forth in Section 1.704-2(b)(2) of the Treasury Regulations.

*"Default Interest Rate"* means a rate per annum equal to the lesser of (a) twelve percent (12%) per annum and (b) the maximum rate permitted by applicable law.

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*"Dispose,"  "Disposing,"* or *"Disposition"* means a sale, assignment, transfer, exchange, mortgage, pledge, grant of a security interest, or other disposition or encumbrance (including, without limitation, by operation of law), or the acts thereof, whether or not for consideration.

*"Event  of Default"* has the meaning set forth in Section 13.1.

*"General Interest Rate"* means a rate per annum equal to the lesser of (a) any rate as set forth by the Managers, or (b) the maximum rate permitted by applicable law.

*"Gross  Asset Value"* has the meaning set forth in Section 4.5(c).

*"Losses"* has the meaning set forth in Section 4.5(b).

*"Majority Interest"* means one or more Members having among them more than fifty percent (50%) of the Sharing Ratios of all Members.

*"Manager"* means any Person or Persons named in the Articles as an initial Manager of the Company and any Person or Persons hereafter elected as a Manager of the Company as provided in this Company Agreement, but does not include any Person who has ceased to be a Manager of the Company. Currently, PIC DIVERSIFICATION FUND MANAGER, LLC is the sole Manager of the Company.

*"Member"* means any Person executing this Company Agreement as of the date of this Company Agreement as a member or hereafter admitted to the Company as a member as provided in this Company Agreement, but does not include any Person who has ceased to be a member in the Company.

*"Member  Capital"* means with respect to each Member, the amount of such Member's Capital Contributions to the Company as set forth in the Company's books and records.

*"Membership Interest"* means the interest of a Member in the Company, including, without limitation, rights to distributions (liquidating or otherwise) and allocations.

*"Member Minimum Gain"* means partnership minimum gain attributable to partner nonrecourse debt as determined under the rules of Section 1.704-2(i) of the Treasury Regulations.

*"Member Nonrecourse Deductions"* has the meaning set forth in Section 1.704-2(i)(2) of the Treasury Regulations.

*"New Securities"* has the meaning set forth in Section 3.4.

*"New  Securities Notice"* has the meaning set forth in Section 3.4.

*"Person"* means an individual or a corporation, limited liability company, partnership, trust, estate, unincorporated organization, association, or other entity.

*"Pledge"* or *"Pledging"* means a mortgage, pledge, grant of a security interest, or other encumbrance (including, without limitation, by operation of law), or the acts thereof, whether or not for consideration.

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*"Profits"* has the meaning set forth in Section 4.5(b).

*"Company Agreement"* means this Company Agreement of PIC Diversification Fund, LLC, including all Exhibits and Schedules attached hereto, as amended from time to time. Words such as "herein," "hereinafter," "hereof," "hereto," and "hereunder" refer to this Company Agreement as a whole, unless the context otherwise requires.

*"Required Interest"* means one or more Members having among them more than fifty percent (50.00%) of the Sharing Ratios of all Members.

*"Required  Supermajority Interest"* means one or more Members having among them more than sixty-six and sixty-seven hundredths percent (66.67%) of the Sharing Ratios of all Members.

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

*"Sell," "Selling,"* or *"Sale"* means a sale, assignment, transfer, exchange, or other disposition (including, without limitation, by operation of law), or the acts thereof, whether or not for consideration.

*"Sharing  Ratio"* with respect to any Member means the percentage set forth opposite each Member's name on Exhibit A to this Company Agreement, as such Exhibit may be amended from time to time in accordance with this Company Agreement.

*"Transfer," "Transferring,"* or *"Transferred'* means Sell or Pledge, Selling or Pledging, or the completion of a Sale or Pledge.

*"Treasury Regulations"* means the Department of Treasury Regulations promulgated under the Code, whether proposed, temporary, or final, as amended and in effect (including corresponding provisions of succeeding Company Agreement).

*"Unit"* means a unit of membership (ownership) in the Company. Other terms defined herein have the meanings so given them.

1.2 **Construction.** Whenever the context requires, the gender of all words used in this Company Agreement includes the masculine, feminine, and neuter. All references to an article or a section refer to articles and sections of this Company Agreement, and all references to exhibits are to exhibits attached hereto, each of which is made a part hereof for all purposes. Whenever the words "include," "includes," and "including" are used in this Company Agreement, such words shall be deemed to be followed by the words "without limitation." The language used in this Company Agreement shall be deemed to be the language that the parties hereto have chosen to express their mutual intent, and no rule of strict construction will be applied against any party hereto.

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**ARTICLE II**

**ORGANIZATION**

2.1**Formation.** The Company has been organized as a Wyoming limited liability company by the filing of the Articles of Organization (the *"Articles")* under and pursuant to the Act. The rights and liabilities of the Members shall be as provided under the Act, the Articles and this Company Agreement.

2.2**Name.** The name of the Company is "PIC DIVERSIFICATION FUND, LLC" and all Company business must be conducted in that name or such other names that comply with applicable law as the Manager may select from time to time.

2.3**Registered Office; Registered Agent; Principal Office in the United States; Other Offices.** The registered office of the Company required by the Act to be maintained in the State of Wyoming shall be the office of the initial registered agent named in the Articles or such other office as the Managers may designate from time to time in the manner provided by law. The registered agent of the Company in the State of Wyoming shall be the initial registered agent named in the Articles or such other Person or Persons as the Managers may designate from time to time in the manner provided by law. The principal office of the Company in the United States shall be at such place as the Managers may designate from time to time, which need not be in the State of Wyoming, and the Company shall maintain records there as required by Title 8 of the Wyoming Code and shall keep the street address of such principal office at the registered office of the Company in the State of Wyoming. The Company may have such other offices as the Managers may designate from time to time.

2.4**Purpose.** The purpose of this limited liability company is to engage in any lawful activity for which a limited liability company may be organized in Wyoming.

2.5**Foreign Qualification.** The Managers shall cause the Company to comply, to the extent procedures are available and those matters are reasonably within the control of the Managers, with all requirements necessary to qualify the Company as a foreign limited liability company in that jurisdiction. At the request of the Managers, each Member shall execute, acknowledge, swear to, and deliver all certificates and other instruments conforming with this Company Agreement that are necessary or appropriate to qualify, continue, and terminate the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business.

2.6**Term.** The Company shall continue in existence until the end of the period fixed in the Articles for the duration of the Company, or such earlier time as this Company Agreement may specify.

2.7**No State-Law Partnership.** The Members intend that the Company not be a partnership (including, without limitation, a limited partnership) or joint venture, and that no Member or Managers be a partner or joint venturer of any other Member or Managers, for any purposes other than federal and state tax purposes, and this Company Agreement may not be construed to suggest otherwise. This Section 2.7 shall not, however, prohibit the Company from becoming a partner or joint venturer of a partnership or joint venture with one or more other Persons.

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2.8**Mergers and Exchanges.** The Company may be a party to a merger, consolidation, or other reorganization of the types permitted by Title 17, Chapter 29 of the Act, subject to the requirements of Section 6.10.

**ARTICLE** **III**

**MEMBERSHIP; DISPOSITIONS OF INTERESTS**

3.1**Initial Members.** The initial Members of the Company are the Persons executing this Company Agreement as of the date of this Company Agreement as Members, each of which is admitted to the Company as a Member effective contemporaneously with the execution by such Person of this Company Agreement. The Company may admit additional or substitute Members, with the sole approval of the Manager. Except as set forth herein, the Manager may withhold approval of the admission of any person or entity for any or no reason. The Manager will not permit any person to become a member until such person has agreed to be bound by all the provisions of this Operating Agreement as amended as of the date of the proposed admission, and the terms of the Private Placement Memorandum, and has delivered to the Company a completed Subscription Agreement along with a check in the amount of such investment. A Person admitted as an additional or substitute Member has all the rights and powers, and is subject to all the restrictions and obligations of a Member under this Agreement and the Act.

3.2**Representations and Warranties.** Each Member hereby represents and warrants to the Company and each other Member that (a) if that Member is a corporation, it is duly organized, validly existing, and in good standing under the law of the state of its incorporation and is duly qualified and in good standing as a foreign corporation in the jurisdiction of its principal place of business (if not incorporated therein); (b) if that Member is a limited liability company, it is duly organized, validly existing, and (if applicable) in good standing under the law of the state of its organization and is duly qualified and (if applicable) in good standing as a foreign limited liability company in the jurisdiction of its principal place of business (if not organized therein); (c) if that Member is a partnership, trust, or other entity, it is duly formed, validly existing, and (if applicable) in good standing under the law of the state of its formation, and if required by law is duly qualified to do business and (if applicable) in good standing in the jurisdiction of its principal place of business (if not formed therein), and the representations and warranties in clause (a), (b), or (c), as applicable, are true and correct with respect to each partner (other than limited partners), trustee, or other member thereof; (d) that Member has full corporate, limited liability company, partnership, trust, or other applicable power and authority to execute and agree to this Company Agreement and to perform its obligations hereunder and all necessary actions by the board of directors, shareholders, Managers, members, partners, trustees, beneficiaries, or other Persons necessary for the due authorization, execution, delivery, and performance of this Company Agreement by that Member have been duly taken; (e) that Member has duly executed and delivered this Company Agreement; and (f) that Member's authorization, execution, delivery, and performance of this Company Agreement do not conflict with any other agreement or arrangement to which that Member is a party or by which it is bound.

3.3**Restrictions on Transfer of Membership Interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than a Transfer by a Member to an Affiliate, no Member may Transfer all or any portion of his or its Membership Interest in the Company without the consent of the Managers. Any attempted Transfer by a Member of an interest or right, or any part thereof, in or in respect of the Company other than in accordance with this Section 3.3 shall be, and is hereby declared,

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null, and void *ab initio.* Any proposed Transfer which violates the Loan Agreement shall also be declared null and void *ab initio.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of Section 3.3(c), 3.3(d), and 3.3(e), a Person to whom an interest in the Company is Transferred in accordance with Section 3.3(a) hereof has the right to be admitted to the Company as a Member with the Sharing Ratio so Transferred to such Person, only if (i) the Member making such Transfer grants the transferee the right to be so admitted, and (ii) such admission is consented to by the Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may not recognize for any purpose any purported Transfer of all or part of the Membership Interest unless and until the other applicable provisions of this Section 3.3 have been satisfied and the Managers has received, on behalf of the Company, a document (i) executed by both the Transferring Member (or if the Transfer is on account of the death, incapacity, or liquidation of the transferor, his or its representative) and the Person to whom or which the Membership Interest or part thereof is being Transferred, (ii) including the notice address of any Person to be admitted to the Company as a Member and his or its agreement to be bound by this Company Agreement in respect of the Membership Interest or part thereof being obtained, (iii) setting forth the Sharing Ratios after the Transfer of the Transferring Member and the Person to whom or which the Membership Interest or part thereof is Transferred (which together must total the Sharing Ratio of the Transferring Member prior to the Transfer), and (iv) containing a representation and warranty that the Transfer was made in accordance with all applicable laws and Company Agreement (including federal and state securities laws) and, if the Person to which the Membership Interest or part thereof is Transferred is to be admitted to the Company, its representation and warranty that the representations and warranties in Section 3.2 are true and correct with respect to that Person. Each Transfer and, if applicable, admission complying with the provisions of this Section 3.3(c) is effective as of the first day of the calendar month immediately succeeding the month in which the Managers receives the notification of Transfer and the other requirements of this Section 3.3 have been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the right of a Member to Transfer a Membership Interest or any part thereof or of any Person to be admitted to the Company in connection therewith to exist or be exercised, (i) either (A) the Membership Interest or part thereof subject to the Transfer or admission must be registered under the Securities Act and any applicable state securities laws or (B) the Company must receive a favorable opinion of the Company's legal counsel or of other legal counsel acceptable to the Managers to the effect that the Transfer or admission is exempt from registration under those laws and (ii) the Company must receive a favorable opinion of the Company's legal counsel or of other legal counsel acceptable to the Managers to the effect that the Transfer or admission, when added to the total of all other sales, assignments, or other Transfers within the preceding twelve (12) months, would not result in the Company's being considered to have terminated within the meaning of Section 708 of the Code. The Managers, however, may at their discretion waive the requirements of this Section 3.3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Member effecting a Transfer and any Person admitted to the Company in connection therewith shall pay, or reimburse the Company for, all costs incurred by the Company in connection with the Transfer or admission (including, without limitation, the legal fees incurred in connection with the legal opinions referred to in Section 3.3(d)) on or before the tenth (10th) day after the receipt by that Person of the Company's invoice for the amount due. If

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payment is not made by the date due, the Person owing that amount shall pay interest on the unpaid amount from the date due until paid at a rate per annum equal to the Default Interest Rate.

3.4**New Securities.** The Managers may accept new Members into the Company after the date of this Company Agreement and issue New Securities represented by a Membership Interest in order to raise ]capital. Collectively, any new issuance of Membership Interests shall be referred to as ("New Securities"). Upon the issuance of New Securities, the Managers will provide written notice of same to the Members ("New Securities Notice").

35**Interests in a Member.** A Member that is not a natural person may not cause or permit an interest, direct or indirect, in itself to be Disposed of such that, after the Disposition,

the Company would be considered to have terminated within the meaning of section 708 of the Code, or (b) without the consent of the Managers, that Member shall cease to be controlled by substantially the same Persons who control it as of the date of its admission to the Company. On any breach of the provisions of clause (b) of the immediately preceding sentence, the Company shall have the option to buy, and on exercise of that option the breaching Member shall sell, the breaching Member's Membership Interest, all in accordance with Section 11.1 as if the breaching Member were a Bankrupt Member.

3.6**Information.** In addition to the other rights specifically set forth in this Company Agreement, each Member is entitled to all information to which that Member is entitled to have access pursuant to Section 16-4-204 of the Act under the circumstances and subject to the conditions therein stated.

3.7**Liability to Third Parties.** No Member or Managers shall be liable for the debts, obligations, or liabilities of the Company, including under a judgment decree or order of a court.

3.8**Withdrawal.** A Member does not have the right or power to withdraw from the

Company as a Member except in connection with a Disposition of the entirety of such Member's Membership Interest or as otherwise approved by the Manager.

3.10**Lack of Authority.** No Member (other than a Manager or an officer acting in that capacity) has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company, or to incur any expenditures on behalf of the Company.

**ARTICLE IV**

**CAPITAL CONTRIBUTIONS AND ACCOUNTS**

**4.1** **Initial Contributions.** Contemporaneously with the execution by such Member of this Company Agreement, each Member shall make the Capital Contributions described for that Member in their subscription documents.

**4.3** **Subsequent Contributions.** No Additional Capital Contributions will be required by the Members.

**4.4** **Return of Contributions at the Discretion of the Manager.** The Company may return all or a portion of a Member's capital at the Manager's discretion. Any such return of capital

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would not be considered a distribution and would not be included in the determination of such Member's return on investment. A Member is not required to contribute or to lend any cash or property to the Company to enable the Company to return any Member's Capital Contributions.

**4.5** **Advances by Members.** If the Company does not have sufficient cash to pay its obligations, any Member(s) that agrees to do so, with the Manager's consent, may advance all or part of the needed funds to or on behalf of the Company. An advance described in this Section constitutes a loan from the Member to the Company, bears interest at the General Interest Rate from the date of the advance until the date of payment, and is not a Capital Contribution. Notwithstanding anything to the contrary in this Agreement, no Member loans shall be done in violation of the Loan documents.

**4.6** **Capital Accounts**.

(a)A Capital Account shall be established and maintained for each Member in accordance with the following provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Member's Capital Account shall be increased by (A) the amount of money contributed by that Member to the Company, (B) the Gross Asset Value of property contributed by that Member to the Company (net of liabilities secured by the contributed property that the Company is considered to assume or take subject to under Section 752 of the Code), and (C) allocations to that Member of Profits (or items thereof), including income and gain exempt from tax and income and gain described in Section 1.704-l(b)(2)(iv)(g) of the Treasury Regulations, but excluding income and gain described in Section 1.704-l(b)(4)(i) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a capital event, each Member's Capital Account shall be decreased by (A) the amount of money distributed to that Member of the Company, (B) the Gross Asset Value of property distributed to that Member by the Company (net of liabilities secured by the distributed property that the Member is considered to assume or take subject to under Section 752 of the Code), (C) allocations to that Member of expenditures of the Company described in Section 705(a)(2)(B) of the Code, and (D) allocations of Losses (or items thereof), including loss and deduction described in Section 1.704-l(b)(2)(iv)(g) of the Treasury Regulations, but excluding items described in clause (C) above and loss or deduction described in Sections 1.704-1(b)(4)(i) or 1.704-1(b)(4)(iii) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Members' Capital Accounts also shall be maintained and adjusted as permitted by the provisions of Section 1.704-l(b)(2)(iv)(t) of the Treasury Regulations and as required by the other provisions of Sections 1.704-l(b)(2)(iv) and 1.704(b)(4) of the Treasury Regulations, including adjustments to reflect the allocations to the Members of depreciation, depletion, amortization, and gain or loss as computed for book purposes rather than the allocation of the corresponding items as computed for tax purposes, as required by Section 1.704(b)(2)(iv)(g) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)* A Member that has more than one Membership Interest shall have a single Capital Account that reflects all his or its Membership Interests, regardless of the class of Membership Interests owned by that Member and regardless of the time or manner in which those Membership Interests were acquired. On the transfer of all or

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part of a Membership Interest, the Capital Account of the transferor that is attributable to the transferred Membership Interest or part thereof shall carry over to the transferee Member in accordance with the provisions of Section 1.704-1(b)(2)(iv)(l) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) "Profits"* and *"Losses"* mean, 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 Section 703(a) of the Code (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(l) of the Code shall be included in taxable income or loss), but with the following adjustments for such fiscal year or other period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Income of the Company that is exempt from federal income tax as described in Section 705(a)(l)(B) of the Code and not otherwise taken into account in computing Profits and Losses pursuant to this Section 4.5(b) shall be added to such taxable income or loss as if it were taxable income.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Gross Asset Value of any Company asset is adjusted pursuant to this Company Agreement, the amount of the adjustment shall be taken into account as gain or loss from the disposition of the asset for purposes of computing such taxable income or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Gain or loss resulting from any disposition of 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 the property differs from the Gross Asset Value of the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In lieu of the deduction for depreciation, cost recovery, or amortization taken into account in computing such taxable income or loss, there shall be taken into account Book Depreciation for such fiscal year or other period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding any other provision of this Company Agreement, any items that are specially allocated pursuant to Section 5.3(a) or 5.3(b) of this Company Agreement shall not be taken into account as taxable income or loss for purposes of computing Profits and Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) If the Company's taxable income or taxable loss for the year or period, as adjusted pursuant to subparagraphs (i)-(vi) above, is a positive amount, that amount shall be the Company's Profit for such fiscal year or other period; and if negative, that amount shall be the Company's Loss for such fiscal year or other period.

(c)"*Gross Asset Value"* means, for any asset, the asset's adjusted basis for federal income tax purposes, except as set forth below:

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(i)The initial Gross Asset Value of any asset contributed by a Member to the Company shall be the gross fair market value of the asset on the date of determination, as determined by the contributing Member and the Company. The Gross Asset Values of all assets shall be adjusted to equal their gross fair market values, as determined by the Members, as of the following times: (A) the contribution of more than a *de minimis* amount of money or other property to the Company as a Capital Contribution by a new or existing Member, or the distribution by the Company to a retiring or continuing Member of more than a *de minimis* amount of property as consideration for an interest in the Company, if the Members reasonably determine that such adjustment is necessary or appropriate to reflect the relative economic interests of the Members in the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the liquidation of the Company within the meaning of Section 1.704-l(b)(2)(ii)(g) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Gross Asset Value of any Company asset distributed to any Member shall be the gross fair market value of such asset on the date of distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Gross Asset Values of Company assets shall be increased (or decreased) to reflect any adjustment to the adjusted basis of such assets pursuant to Section 734(b) of the Code or Section 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Section 1.704-l(b)(2)(iv)(m) of the Treasury Regulations; provided, however, that Gross Asset Values shall not be adjusted pursuant to this Section 4.5(c)(iv) to the extent the Managers determine that an adjustment pursuant to Section 4.5(c)(ii) is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this Section 4.5(c)(iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Gross Asset Value of an asset has been determined or adjusted pursuant to Section 4.5(c)(i), (ii), or (iv), such Gross Asset Value shall thereafter be adjusted by the Book Depreciation taken into account with respect to such asset for purposes of computing Profits and Losses.

**ARTICLE V**

**ALLOCATIONS OF PROFITS AND LOSSES AND DISTRIBUTIONS**

**5.1** **Allocations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a) General Allocations.*** Except as may be required by Section 704(c) of the Code and Section 1.704-1(b)(2)(iv)(f)(4) of the Treasury Regulations, Profits and Losses of the Company shall be allocated among the Members as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as otherwise provided in Section 5.3 of this Company Agreement, Profits shall be allocated to the Members first to offset prior allocations or losses and then in proportion to their respective Sharing Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Except as otherwise provided in Sections 5.1(a)(iii) and 5.3 of this Company Agreement, Losses for any fiscal year or other period shall be allocated to the Members in proportion to their aggregate Sharing Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The aggregate amount of Losses allocated pursuant to Section 5.l(a)(ii) hereof and the next sentence of this Section 5.l(a)(iii) to any Member for any fiscal year shall not exceed the maximum amount of losses that may be allocated to such Member without

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causing such Member to have an Adjusted Capital Account Deficit at the end of such fiscal year. All Losses in excess of the limitation in this Section 5.1(a)(iii) with respect to any Member shall be allocated solely to the other Members in proportion to their Sharing Ratios. If no other Member may receive an additional allocation of Losses pursuant to this Section 5.1(a)(iii), such additional Losses not allocated pursuant to Section 5.1(a)(ii) of this Company Agreement or the preceding sentence shall be allocated solely to those Members that bear the economic risk for such additional Losses within the meaning of Section 704(b) of the Code and the Treasury Regulations thereunder. If it is necessary to allocate Losses under the preceding sentence, the Managers shall determine those Members that bear the economic risk for such additional Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Transfer.*** All items of Profit, Loss, income, gain, loss, deduction, and credit allocable to any Membership Interest that may have been transferred shall be allocated between the transferor and the transferee based on the portion of the calendar year during which each was recognized as owning that Membership Interest, without regard to the results of Company operations during any particular portion of that calendar year and without regard to whether cash distributions were made to the transferor or the transferee during that calendar year; provided, however, that this allocation must be made in accordance with a method permissible under Section 706 of the Code and the Treasury Regulations thereunder.

**5.2** **Distributions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***General.*** From time to time, the Managers shall determine in its reasonable judgment to what extent (if any) the Company's cash on hand exceeds its current and anticipated needs, including, without limitation, for operating expenses, debt service, acquisitions, and a reasonable contingency reserve. Except as otherwise provided in Articles VI and XII, if such an excess exists, the Managers may in their sole discretion cause the Company to distribute distributable cash to the Members in proportion to their Sharing Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Overriding Distribution.*** Notwithstanding the provisions of Section 5.2(a) above, if at any time distributions to a Member would create or increase an Adjusted Capital Account Deficit and if another Member has a positive Capital Account balance (after such Adjusted Capital Account Deficit and Capital Account balances have been adjusted to reflect the allocations of Profits, Losses, income, gains, and losses pursuant to this Article V, and taking into account interim Profits, Losses, income, gains, and losses (determined using such accounting methods as shall be selected by the Managers) for the period ending on or before such distribution), such cash or assets shall be distributed first to the Member having a positive Capital Account balance in an amount equal to such positive balance, and the remaining cash or assets, if any, shall be distributed in accordance with Section 5.2(a) including the obligation for this to be subordinated to any debt service on the property as referenced i this Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Payments Not Deemed Distributions.*** Any amounts paid pursuant to Section 6.9 or Article VIII of this Company Agreement shall not be deemed to be distributions for purposes of this Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***Withheld Amounts.* **Notwithstanding any other provision of this Section 5.2 to the contrary, each Member hereby authorizes the Company to withhold and to pay over, or otherwise pay, any withholding or other taxes payable by the Company with respect to the Member as a result of the Member's participation in the Company; if and to the extent that the Company shall be required to withhold or pay any such taxes, such Member shall be deemed for all purposes of this Company Agreement to have received a payment from the Company as of the time such withholding or tax is paid, which payment shall be deemed to be a distribution with respect to such Member's Membership

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Interest to the extent that the Member (or any successor to such Member's Membership Interest) is then entitled to receive a distribution. To the extent that the aggregate amount of such payments to a Member for any period exceeds the distributions to which such Member is entitled for such period, the amount of such excess shall be considered a loan from the Company to such Member. Such loan shall bear interest (which interest shall be treated as an item of income to the Company) at the General Interest Rate until discharged by such Member by repayment, which may be made by the Company out of distributions to which such Member would otherwise be subsequently entitled. Any withholdings authorized by this Section 5.2(d) shall be made at the maximum applicable statutory rate under the applicable tax law unless the Company shall have received an opinion of counsel or other evidence satisfactory to the Managers to the effect that a lower rate is applicable, or that no withholding is applicable.

(e) ***Distributions in Liquidation of Member's Membership Interest.*** For purposes of this Company Agreement, a liquidation of a Member's Membership Interest means the termination of the Member's entire Membership Interest other than in connection with the dissolution, winding up, and termination of the Company. Where a Member's Membership Interest is to be liquidated by a series of distributions, the Membership Interest shall not be considered as liquidated until the final distribution has been made. If a Member's Membership Interest is to be liquidated, liquidating distributions shall be made in accordance with the positive Capital Account balance of that Member (as determined after taking into account all Capital Account adjustments with respect to that Member's Membership Interest for the taxable year during which the liquidation occurs, as determined in accordance with Section 706 of the Code). A distribution in liquidation of a Member's Membership Interest shall be made by the end of the taxable year in which such liquidation occurs, or, if later, within 90 days after the Member's Membership Interest is liquidated.

5.3**Special Allocations of Profits and Losses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Special Allocations.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***Qualified Income Offset.*** If any Member has an Adjusted Capital Account Deficit, items of income and gain shall be specially allocated (on a gross basis) to each such Member in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit of such Member as quickly as possible; provided, however, that an allocation pursuant to this Section 5.3(a)(i) shall be made only if and to the extent that a Member would have an Adjusted Capital Account Deficit after all other allocations provided for in this Article V have been tentatively made as if this Section 5.3(a)(i) were not in this Company Agreement. It is intended that this Section 5.3(a)(i) constitute a "qualified income offset" within the meaning of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted and applied in a manner consistent with such Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ***Gross Income Allocation.*** If any Member has a deficit Capital Account at the end of any fiscal year, and such deficit Capital Account is in excess of the sum of (A) the amount such Member is obligated to restore pursuant to any provisions of this Company Agreement and (B) the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Sections 1.704-2(g)(l) and 1.704-2(i)(5) of the Treasury Regulations, each such Member shall be specially allocated items of income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section 5.3(a)(ii) shall be made only if and 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 V have been made as if Section 5.3(a)(i) hereof and this Section

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5.3(a)(ii) were not in this Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ***Minimum Gain Chargeback*** - ***Company Nonrecourse Liabilities.*** If there is a net decrease in Company Minimum Gain during any Company taxable year, certain items of income and gain shall be allocated (on a gross basis) to the Members in the amounts and manner described in Section 1.704-2(±) of the Treasury Regulations. This Section 5.3(a)(iii) is intended to comply with the minimum gain chargeback requirement (set forth in Section 1.704-2(±) of the Treasury Regulations) relating to Company nonrecourse liabilities (as defined in Section 1.704-2(b)(3) of the Treasury Regulations) and shall be so interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ***Minimum Gain Chargeback-Member Nonrecourse Debt.*** If there is a net decrease in Member Minimum Gain during any Company taxable year, certain items of income and gain shall be allocated (on a gross basis) as quickly as possible to those Members who had a share of the Member Minimum Gain (determined pursuant to Section 1.704-2(i)(5) of the Treasury Regulations) in the amounts and manner described in Section 1.704-2(i)(4) of the Treasury Regulations. This Section 5.3(a)(iv) is intended to comply with the minimum gain chargeback requirement (set forth in Section 1.704-2(i)(4) of the Treasury Regulations) relating to Member nonrecourse debt (as defined in Section 1.704- 2(b)(4) of the Treasury Regulations) and shall be so interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ***Basis Adjustments.*** To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to Section 1.704-l(b)(2)(iv)(m) of the Treasury Regulations, to be taken into account in determining Capital Accounts, 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 a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)** *Nonrecourse Deductions.* **Member Nonrecourse Deductions shall be allocated in accordance with Section 1.704-2(i)(l) of the Treasury Regulations to the Member who bears the economic risk of loss with respect to such deductions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) ***Allocation of Proceeds of Nonrecourse Liability.*** The determination of whether any distribution by the Company is allocable to the proceeds of a nonrecourse liability of the Company shall be made by the Member under any reasonable method that is in compliance with Section 1.704-2(h) of the Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) *Curative Allocations.*** The allocations set forth in Sections 5.1(a)(iii) and 5.3(a) hereof (the "Regulatory Allocations") are intended to comply with certain requirements of Section 1.704-1(b) of the Treasury Regulations. The Members hereby acknowledge and agree that the Regulatory Allocations may not be consistent with the manner in which the Members intend to make Company distributions. Accordingly, the Managers are hereby authorized and directed to make other allocations of Profit, Loss, or Book Depreciation among the Members in any reasonable manner that the Managers deem appropriate, in their sole discretion, so as to prevent the Regulatory Allocations from distorting the manner in which the Company distributions would otherwise be divided among the Members pursuant to Sections 5.2 and 12.2 hereof. In general, the Members anticipate that this will be accomplished by specially allocating other Profits, Losses, or Book Depreciation among the Members so that, after such offsetting special allocations are made, the amount of each Member's Capital

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Account will be, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not a part of this Company Agreement and all Company items had been allocated to the Members solely pursuant to Section 5.l(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) *Tax Allocations: Code Section 704(c).*** In accordance with Section 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss, and deduction with respect to any property contributed to the capital of 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 such property to the Company for federal income tax purposes and the initial Gross Asset Value of such property (determined in accordance with Section 4.5(c)(i) hereof). In accordance with the requirements of Section 1.704-1(b)(4)(i) of the Treasury Regulations, if the Gross Asset Value of any Company asset is adjusted pursuant to Section 4.5(c)(ii) hereof, subsequent allocations of income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and the Gross Asset Value of such asset in the same manner as such variations are taken into account under Section 704(c) of the Code and the Treasury Regulations thereunder with respect to property contributed to the Company. Any elections or other decisions relating to such allocation shall be made by the Managers in any manner that reasonably reflects the purpose and intention of this Company Agreement. Allocations pursuant to this Section 5.3(c) are solely for purposes of federal, state, and local taxes and shall not affect or be taken into account in computing any Member's Capital Account or share of Profits, Losses, other items, or distributions pursuant to this Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d) Other Allocation Rules.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of determining the Profits, Losses, or any other item allocable to any period (including periods before and after the admission of a new Member), Profits, Losses, and any such other item shall be determined on a daily, monthly, or other basis, as determined and allocated by the Managers using any permissible method under Section 706 of the Code and the Treasury Regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For federal income tax purposes, every item of income, gain, loss, and deduction shall be allocated among the Members in accordance with the allocations under Sections 5.1, 5.3(a), 5.3(b), and 5.3(c) of this Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Members are aware of the income tax consequences of the allocations made by this Section 5.3 and Section 5.1 and hereby agree to be bound by the provisions of this Section 5.3 and Section 5.1 in reporting their shares of Company income and loss for income tax purposes.

(iv)To the extent permissible under Section 704 of the Code and the Treasury Regulations thereunder, in making allocations provided for in this Section 5.3 and Section 5.1, ordinary income realized by the Company from recapture of previously reported deductions shall be allocated to those Members (or their successors in interest) to whom such deductions were originally allocated and in proportion to such original allocations. Any obligation relating to the recapture of previously reported credits shall be allocated to those Members (or their successors in interest) to whom such credits were originally allocated and in proportion to such original allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) It is intended that the allocations in Sections 5.1, 5.3(a), 5.3(b), and 5.3(c) of this Company Agreement effect an allocation for federal income tax purposes consistent with Section 704 of the Code and comply with any limitations or restrictions therein. The

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Managers shall have complete discretion to make the allocations pursuant to this Section 5.3 and Section 5.1 in any reasonable manner consistent with Section 704 of the Code and to amend the provisions of this Company Agreement as appropriate to comply with the Treasury Regulations promulgated under Section 704 of the Code, if in the opinion of counsel to the Company, such an amendment is advisable to reflect allocations among the Members consistent with those Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Members agree that their Membership Interests represent their interests in Company profits for purposes of allocating excess nonrecourse liabilities pursuant to Section 1.752-3(a)(3) of the Treasury Regulations.

5.4**Reinvestment of Capital**: At the discretion of the Manager, proceeds received by the Company from the following: (i) a borrower for a pay-off of a Target Asset; (iii) an insurance company due to a loss of a property securing a specific trust deed; or (iii) principal proceeds received by the Company from the sale of Real Estate Investments or REO properties, may be reinvested into new Target Assets as long as the Company received the proceeds and can Re-Deploy the proceeds during the Investment Period. If the Company receives these proceeds or cannot re-Deploy the proceeds until after the Investment Period, said proceeds may, at the election of the Member which must occur on or before January 1st of each calendar year, be distributed to the Members (as Net Capital Transaction Proceeds) pro-rata based upon each Member's ownership percentage. The Manager may choose to not Re-Deploy the Member(s) proceeds, which will result in the Company distributing to the Member the balance of their invested funds and any unpaid but accrued preferred return. Upon repayment of the Member(s) initial invested capital and the preferred return, the Member(s) shall have no further ownership or rights in the Company.

**ARTICLE VI** 

**MANAGER**

**6.1** **Management by Manager.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for situations in which the approval of the Members is required by the Articles, this Company Agreement or by nonwaivable provisions of applicable law, and subject to the provisions of Sections 6.2, 7.1(d) and 7.1(e), (1) the powers of the Company shall be exercised by or under the authority of, and the business and affairs of the Company shall be managed under the direction of, the Manager; and (2) the Manager may make all decisions and take all actions for the Company not otherwise provided for in this Company Agreement, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) entering into, making, and performing contracts, agreements, and other undertakings binding the Company that may be necessary, appropriate, or advisable in furtherance of the purposes of the Company and making all decisions and waivers thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) opening and maintaining financial institution and investment accounts and arrangements, drawing checks and other orders for the payment of money, and designating individuals with authority to sign or give instructions with respect to those accounts and arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintaining or causing to be maintained the assets of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) collecting sums due the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent that funds of the Company are available therefor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) paying debts and obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) acquiring, utilizing for Company purposes, and Disposing of any asset of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) selecting, removing, and changing the authority and responsibility of lawyers, accountants, and other advisers and consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) borrowing money or otherwise committing the credit of the Company for Company activities and voluntary prepayments or extensions of debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) obtaining insurance for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) determining distributions of Company cash and other property as provided in Section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) instituting, prosecuting, defending, and settlingany legal, arbitration, or administrative actions or proceedings on behalf of or against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) establishing a seal for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) accept new Members into the Company after the date of this Company Agreement and issue New Securities represented by a Membership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Amend the Articles or this Agreement with regard to matters not specifically restricted herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Borrow funds on behalf of the Company secured by the Company's assets or refinance existing debt held by the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Assigning the fees owing to the Manager to any entity or individual at the Manager's Sole Discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) sell, lease, exchange, or otherwise dispose of (other than by way of a pledge, mortgage, deed of trust, or trust indenture) all or substantially all the Company's property and assets (with or without good will), outside the usual and regular course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the provisions of Section 6.1(a), the Managers may not cause the Company to do any of the following without a Required Supermajority Interest vote of the Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be a party to a merger or an exchange or acquisition of the type described in Title 17, Chapter 29 of the Act; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend or restate the Articles with regard to matters material to the financial interests and voting of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager shall be entitled to receive all excess revenue over the Members receipt of their preferred return on their invested capital and repayment to the Members of their initial invested capital.

Whenever in this Company Agreement a reference is made to the Manager, such reference shall include a sole Manager, who shall have all the authority of the Manager set forth herein.

6.2 **Actions by Manager; Committees; Delegation of Authority and Duties.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In managing the business and affairs of the Company and exercising its powers, the Managers shall act (i) collectively through meetings and written consents pursuant to Sections 6.5 and 6.7 and (ii) through committees pursuant to Section 6.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Managers may, from time to time, designate one or more committees, each of which shall be comprised of one or more Managers. Any such committee, to the extent provided in such resolution or in the Articles or this Company Agreement, shall have and may exercise all of the authority of the Managers, subject to the limitations set forth in the Act and the Wyoming Code. At every meeting of any such committee, the presence of a majority of all the members thereof shall constitute a quorum, and the affirmative vote of a majority of the members present shall be necessary for the adoption of any resolution. The Managers may dissolve any committee at any time, unless otherwise provided in the Articles or this Company Agreement.

6.3 Any Person dealing with the Company, other than a Member, may rely on the authority of any Managers or officer in taking any action in the name of the Company without inquiry into the provisions of this Company Agreement or compliance herewith, regardless of whether that action actually is taken in accordance with the provisions of this Company Agreement.

6.4 **Number and Term of Office.** The number of Managers of the Company shall be one. The Managers shall hold office until its death or resignation. Unless otherwise provided in this Company Agreement, Managers need not be Members or residents of the State of Wyoming. The number of Managers may be increased or decreased from time to time by a Required Supermajority Interest.

6.5**Vacancies; Removal; Resignation.** Subject to the other provisions of this Section 6.4, any vacancy occurring in the Managers may be filled by a Required Interest of the Member(s). A Managers elected to fill a vacancy shall be elected for the term set forth in the vote. Any Managers position to be filled by reason of an increase in the number of Managers shall be filled by election at any meeting of Members by a vote of Members holding a Required Interest. Notwithstanding any other provisions of this Agreement, so long as the Loan by the Lender to the Company is outstanding, the Managers shall not be removed or replaced without the written approval of the Lender. A Manager may be removed only for cause by a Required Interest. Cause shall mean conviction of a crime involving moral turpitude of the Managers or any of its members, shareholders, partners, Managers, officers, or directors. In the event of a vote to remove a Managers, the Managers along with its members, shareholders, partners, Managers, officers, or

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directors, if any are also a Members of the Company, shall be excluded from the vote and the required percentage to carry the vote will be applied to those Members not excluded from the vote. Any such removal shall be effective immediately upon such Member action electing successors. Any Managers may resign at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time be specified, at the time of its receipt by the remaining Managers. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. Notwithstanding anything to the contrary in this Agreement, the Lender must consent to the addition or reduction of Managers and to any resignation by or change to the Managers."

6.6**Expulsion.** A Member or Manager may be expelled from the Company by unanimous vote of all other Members and Managers (not including the Member or Manager to be expelled) if that Member or Manager (a) has willfully violated any provision of this Agreement;

(b) committed a financial felony that results in conviction by a Member or Manager against the Company or one or more Members or Managers of the Company, or (c) engaged in wrongful conduct that adversely and materially affects the business or operation of the Company. Such a Member or Manager shall be considered a Defaulting Member or Manager, and the Company or other Members and Managers may also exercise any one or more of the remedies provided for in this Company Agreement. The Company may offset any damages to the Company or its Members occasioned by the misconduct of the expelled Member against any amounts distributable or otherwise payable by the Company to the expelled Member. Notwithstanding anything to the contrary in this Agreement, the Lender must consent to the addition or reduction of Managers and to any expulsion of or change to the Managers.

6.7**Meetings**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise required by law or provided in the Articles or this Company Agreement, a majority of the total number of Managers fixed by, or in the manner provided in, the Articles or this Company Agreement shall constitute a quorum for the transaction of business of the Managers, and the act of the Managers present at a meeting at which a quorum is present shall be the act of the Managers. A Managers who is present at a meeting of the Managers at which action on any Company matter is taken shall be presumed to have assented to the action unless his dissent shall be entered in the minutes of the meeting or unless he shall file his written dissent to such action with the Person acting as secretary of the meeting before the adjournment thereof or shall deliver such dissent to the Company immediately after the adjournment of the meeting. Such right to dissent shall not apply to a Managers who voted in favor of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Meetings of the Managers may be held at such place or places as shall be determined from time to time by resolution of the Managers. At all meetings of the Managers, business shall be transacted in such order as shall from time to time be determined by resolution of the Managers. Attendance of a Managers at a meeting shall constitute a waiver of notice of such meeting, except where a Managers attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any annual meeting of Members at which Managers were elected, the Managers may, if a quorum is present, hold their first meeting for the transaction of business immediately after and at the same place as such annual meeting of the Members. Notice of such meeting at such time and place shall not be required.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Special meetings of the Managers may be called by any Managers on at least twenty-four (24) hours notice to each other Managers. Such notice need not state the purpose or purposes of, nor the business to be transacted at, such meeting, except as may otherwise be required by law or provided for by the Articles or this Company Agreement.

6.8 **Approval or Ratification of Acts or Contracts by Members.** The Managers in their discretion may submit any act or contract for approval or ratification at any annual meeting of the Members, or at any special meeting of the Members called for the purpose of considering any such act or contract, and any act or contract that shall be approved or be ratified by a Majority Interest shall be as valid and as binding upon the Company and upon all the Members as if it shall have been approved or ratified by every Member of the Company. Failure of the Managers for any reason (or for no reason) to submit any act or contract to the Members for approval or ratification shall not in any way act to, or be deemed to, make such act or contract void or voidable.

6.9 **Action by Written Consent or Telephone Conference.** Any action permitted or required by the Act, the Articles or this Company Agreement to be taken at a meeting of the Managers or any committee designated by the Managers may be taken without a meeting if a consent in writing, setting forth the action to be taken, is signed by all the Managers or members of such committee, as the case may be. Such consent shall have the same force and effect as a unanimous vote at a meeting and may be stated as such in any document or instrument filed with the Secretary of State of Wyoming, and the execution of such consent shall constitute attendance or presence in person at a meeting of the Managers or any such committee, as the case may be. Subject to the requirements of the Act, the Articles, or this Company Agreement for notice of meetings, unless otherwise restricted by the Articles, Managers, or members of any committee designated by the Managers, may participate in and hold a meeting of the Managers or any committee of Managers, as the case may be, by means of a conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in such meeting shall constitute attendance and presence in person at such meeting, except where a Person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

6.10 **Officers**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Generally.*** The Managers may, from time to time, designate one or more Persons to be officers of the Company. No officer need be a resident of the State of Wyoming, a Member or a Managers. Any officers so designated shall have such authority and perform such duties as the Managers may, from time to time, delegate to them. The Managers may assign titles to particular officers. Unless the Managers decide otherwise, if the title is one commonly used for officers of a business corporation formed under the Wyoming Code, the assignment of such title shall constitute the delegation to such officer of the authority and duties that are normally associated with that office, subject to (i) any specific delegation of authority and duties made to such officer by the Managers or (ii) any delegation of authority and duties made to one or more Managers pursuant to this Section 6.8. Each officer shall hold office until his successor shall be duly designated and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. Any number of offices may be held by the same Person. The salaries or other compensation, if any, of the officers and agents of the Company shall be fixed from time to time by the Managers and shall be reasonable with respect to the Services rendered. Notwithstanding anything to the contrary in this Agreement, there will be no officers of the Company during the term of the Loan and all authority to manage the Company shall be vested in the Managers during the term of the Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Resignation; Removal.*** Any officer may resign as such at any time. Such resignation shall be made in writing and shall take effect at the time specified therein, or if no time be specified, at the time of its receipt by the Managers. The acceptance of a resignation shall not be necessary to make it effective, unless expressly so provided in the resignation. Any officer may be removed as such, either with or without cause, by the Managers whenever in their judgment the best interests of the Company will be served thereby; provided, however, that such removal shall be without prejudice to the contract rights, if any, of the Person so removed. Designation of an officer shall not of itself create contract rights. Any vacancy occurring in any office of the Company (other than Managers) may be filled by the Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Chairman of the Managers.*** Subject to the provisions of this Company Agreement, the Chairman of the Managers shall preside, when present, at all meetings of Members and at all meetings of the Managers. He shall see that all orders and resolutions of the Managers and the Members are carried into effect. The Chairman shall be the Chief Executive Officer of the Company and, subject to the provisions of this Company Agreement and the directives of the Managers, shall have the general supervision of the affairs of the Company and shall have general and active control of all of its business. He shall have general authority to execute bonds, deeds, and contracts in the name of the Company and affix the Company seal thereto; to sign Membership Interest certificates; to cause the employment or appointment of such employees and agents of the Company as the proper conduct of operations may require, and to fix their compensation, subject to the provisions of this Company Agreement; to remove or suspend any employee or agent who shall have been employed or appointed under his authority or under authority of an officer subordinate to him; to suspend for cause, pending final action by the authority which shall have elected or appointed him, any officer subordinate to the Chairman; and, in general, to exercise all the powers and authority usually appertaining to the chief executive officer of a corporation, except as otherwise provided in this Company Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) ***President.*** In the absence of a Chairman of the Managers, the President shall be the ranking and Chief Executive Officer of the Company, and shall have the duties and responsibilities, and the authority and power, of the Chairman of the Managers. The President shall be the Chief Operating Officer of the Company and as such shall have, subject to review and approval of the Chairman of the Managers, if one be elected, the responsibility for the operation of the Company and the authority of the Chairman of the Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) ***Vice Presidents.*** In the absence of the President or in the event of his inability or refusal to act, the Vice President, if any (or in the event there be more than one, the Vice Presidents in the order designated or, in the absence of any designation, then in the order of their election), shall perform the duties of the President, and when so acting, shall have all the powers of and be subject to all the restrictions upon the President. The Vice President shall perform such other duties and have such other powers as the Managers, the Chief Executive Officer or the Chief Operating Officer may from time to time prescribe. The Vice President in charge of finance, if any, shall also perform the duties and assume the responsibilities described in this Article for the Treasurer, and shall report directly to the Chief Executive Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) ***Assistant Vice Presidents.*** In the absence of a Vice President or in the event of his inability or refusal to act, the Assistant Vice President, if any (or, if there be more than one, the Assistant Vice Presidents in the order designated or, in the absence of any designation, then in the order of their election), shall perform the duties and exercise the powers of that Vice President, and shall perform such other duties and have such other powers as the Managers, the Chief Executive Officer, the Chief Operating Officer, or the Vice President under whose supervision he is appointed may from time to time prescribe.

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(g) ***Secretary.*** The Secretary shall attend and record minutes of the proceedings of all meetings of the Managers and any committees thereof and all meetings of the Members. He shall file the records of such meetings in one or more books to be kept by him for that purpose. Unless the Company has appointed a transfer agent or other agent to keep such a record, the Secretary shall also keep at the Company's registered office or principal place of business a record of the original issuance of Membership Interests issued by the Company and a record of each transfer of those Membership Interests that have been presented to the Company for registration or transfer. Such records shall contain the names and addresses of all past and current Members of the Company and the Sharing Ratios of Membership Interests held by each of them. He shall give, or cause to be given, notice of all meetings of the Members and special meetings of the Managers, and shall perform such other duties as may be prescribed by the Managers or the Chief Executive Officer, under whose supervision he shall be. He shall have custody of the company seal of the Company and he, or an Assistant Secretary, shall have authority to affix the same to any instrument requiring it, and when so affixed, it may be attested by his signature or by the signature of such Assistant Secretary. The Managers may give general authority to any other officer to affix the seal of the Company and to attest the affixing by his signature. The Secretary shall keep and account for all books, documents, papers, and records of the Company except those for which some other officer or agent is properly accountable. He shall have authority to sign Membership Interest certificates and shall generally perform all the duties usually appertaining to the office of the secretary of a corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ***Assistant Secretaries.*** In the absence of the Secretary or in the event of his inability or refusal to act, the Assistant Secretary, if any (or, if there be more than one, the Assistant Secretaries in the order designated or, in the absence of any designation, then in the order of their election), shall perform the duties and exercise the powers of the Secretary and shall perform such other duties and have such other powers as the Managers, the Chief Executive Officer, or the Secretary may from time to time prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ***Treasurer.*** The Treasurer, if any (or the Vice President in charge of finance, if one be elected), shall have the custody of the Company funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Managers or the Chief Executive Officer. He shall disburse the funds of the Company as may be ordered by the Managers, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer and the Managers, at its regular meetings, or when the Managers so require, an account of all his transactions as Treasurer and of the financial condition of the Company. If required by the Managers, he shall give the Company a bond (which shall be renewed every six years) in such sum and with such surety or sureties as shall be satisfactory to the Managers for the faithful performance of the duties of his office and for the restoration of the Company, in case of his death, resignation, retirement, or removal from office, of all books, papers, vouchers, money, and other property of whatever kind in his possession or under his control belonging to the Company. The Treasurer shall be under the supervision of the Vice President in charge of finance, if any, and he shall perform such other duties as may be prescribed by the Managers, the Chief Executive Officer, or any such Vice President in charge of finance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) ***Assistant Treasurers.*** In the absence of the Treasurer or in the event of his inability or refusal to act, the Assistant Treasurer, if one be elected (or, if there shall be more than one, the Assistant Treasurer in the order designated or, in the absence of any designation, then in the order of their election), shall perform the duties and exercise the powers of the Treasurer and shall perform such other duties and have such other powers as the Managers, the Chief Executive Officer, or the Treasurer may from time to time prescribe.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) ***Bonding.*** If required by the Managers, all or certain of the officers shall give the Company a bond, in such form, in such sum and with such surety or sureties as shall be satisfactory to the Board, for the faithful performance of the duties of their office and for the restoration to the Company, in case of their death, resignation, retirement, or removal from office, of all books, papers, vouchers, money, and other property of whatever kind in their possession or under their control belonging to the Company.

6.11**Reimbursement.** The Managers and the officers of the Company shall be entitled to be reimbursed for reasonable out-of-pocket costs and expenses incurred in the course of their service hereunder.

6.12**Necessity of Approval by Required Interest.** Notwithstanding the provisions of Section 6. l(a) or any provision of this Company Agreement to the contrary, neither the Managers nor officers shall have authority to do or cause the Company to do any of the following without the approval of a Required Interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cause the Company to become Bankrupt, to dissolve, or to liquidate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) amend any provision of this Company Agreement with regard to matters material to the financial interests and voting of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be a party to a merger or consolidation or acquire a material amount of assets or securities of another entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) cause a change in the scope of business activities of the Company as described in Section 2.4 of this Company Agreement.

**ARTICLE VII** 

**MEETINGS OF MEMBERS**

7.1 **Meetings**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A quorum shall be present at a meeting of Members if Members holding Membership Interests with Sharing Ratios not less than the amount required to approve the action proposed to be taken are represented at the meeting in person or by proxy. With respect to any matter, other than a matter for which the affirmative vote of the holders of a specified portion of the aggregate Sharing Ratios of all Members entitled to vote is required by this Company Agreement or the Act, the affirmative vote of a Required Interest at a meeting of Members at which a quorum is present shall be the act of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All meetings of the Members shall be held at the principal place of business of the Company or at such other place within or without the State of Wyoming as shall be specified or fixed in the notices or waivers of notice thereof; provided that any or all Members may participate in any such meeting by means of conference telephone or similar communications

equipment pursuant to Section 7.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the other provisions of the Articles or this Company Agreement, the chairman of the meeting or the Members required to approve the action proposed to be taken shall have the power to adjourn such meeting from time to time, without any notice other than

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announcement at the meeting of the time and place of the holding of the adjourned meeting. If such meeting is adjourned by the Members required to approve the action proposed to be taken, such time and place shall be determined by a vote of the Members necessary to approve the action proposed to be taken. Upon the resumption of such adjourned meeting, any business may be transacted that might have been transacted at the meeting as originally called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An annual meeting of the Members for the transaction of such business as may properly come before the meeting, shall be held at such place, within or without the State of Wyoming, on such date and at such time as the Managers shall fix and set forth in the notice of the meeting, which date shall be within thirteen (13) months subsequent to the date of organization of the Company or the last annual meeting of Members, whichever most recently occurred; provided, however, that the Managers may elect not to hold annual meetings of the Members if it deems in its sole discretion such meeting or meetings to be unnecessary or burdensome. Any action taken at an annual meeting of Members pursuant to this Section 7.1(d) must be approved by the vote of Members required to approve such action as provided for in this Company Agreement, and if so approved, shall be the action of the Company and shall not require the approval of the Managers, notwithstanding the provisions of Section 6.l(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Special meetings of the Members for any proper purpose or purposes may be called at any time by the Managers or the holders of at least ten percent (10%) of the Sharing Ratios of all Members. If not otherwise stated in or fixed in accordance with the remaining provisions hereof, the record date for determining Members entitled to call a special meeting is the date any Member first signs the notice of that meeting. Only business within the purpose or purposes described in the notice (or waiver thereof) required by this Company Agreement may be conducted at a special meeting of the Members. Any action taken at a special meeting of Members pursuant to this Section 7.1(e) must be approved by the vote of Members required to approve such action as provided for in this Company Agreement, and if so approved, shall be the action of the Company and shall not require the approval of the Managers, notwithstanding the provisions of Section 6.l(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Written or printed notice stating the place, day, and hour of the meeting and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than ten (10) nor more than sixty (60) days before the date of the meeting, either personally or by mail, by or at the direction of the Managers or Person calling the meeting, to each Member entitled to vote at such meeting. If mailed, any such notice shall be deemed to be delivered when deposited in the United States mail, addressed to the Member at his address provided for in Section 15.2, with postage thereon prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The date on which notice of a meeting of Members is mailed or the date on which the resolution of the Managers declaring a distribution is adopted, as the case may be, shall be the record date for the determination of the Members entitled to notice of or to vote at such meeting, including any adjournment thereof, or the Members entitled to receive such distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The right of Members to cumulative voting in the election of Managers is expressly prohibited.

7.2**Voting List.** The Managers shall make, at least ten (10) days before each meeting of Members, a complete list of the Members entitled to vote at such meeting or any adjournment thereof, arranged in alphabetical order, with the address of and the Sharing Ratios held by each, which list, for a period of ten (10) days prior to such meeting, shall be kept on file at the registered office or principal place of business of the Company and shall be subject to inspection by any Member at any time during usual business hours. Such list shall also be produced and kept open at the time and place of the meeting and shall be subject to the inspection of any Member during the whole

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time of the meeting. The original membership records shall be prima- facie evidence as to who are the Members entitled to examine such list or transfer records or to vote at any meeting of Members. Failure to comply with the requirements of this Section shall not affect the validity of any action taken at the meeting.

7.3**Proxies.** A Member may vote either in person or by proxy executed in writing by the Member. A telegram, telex, cablegram, or similar transmission by the Member, or a photographic, photostatic, facsimile, or similar reproduction of a writing executed by the Member shall be treated as an execution in writing for purposes of this Section. Proxies for use at any meeting of Members or in connection with the taking of any action by written consent shall be filed with the Managers, before or at the time of the meeting or execution of the written consent, as the case may be. All proxies shall be received and taken charge of and all ballots shall be received and canvassed by the Managers, who shall decide all questions touching upon the qualification of voters, the validity of the proxies, and the acceptance or rejection of votes, unless an inspector or inspectors shall have been appointed by the chairman of the meeting, in which event such inspector or inspectors shall decide all such questions. No proxy shall be valid after eleven (11) months from the date of its execution unless otherwise provided in the proxy. A proxy shall be revocable unless the proxy form conspicuously states that the proxy is irrevocable and the proxy is coupled with an interest. Should a proxy designate two (2) or more Persons to act as proxies, unless that instrument shall provide to the contrary, a majority of such Persons present at any meeting at which their powers thereunder are to be exercised shall have and may exercise all the powers of voting or giving consents thereby conferred, or if only one be present, then such powers may be exercised by that one; or, if an even number attend and a majority do not agree on any particular issue, the Company shall not be required to recognize such proxy with respect to such issue if such proxy does not specify how the Sharing Ratios that are the subject of such proxy are to be voted with respect to such issue.

7.4**Conduct of Meetings.** All meetings of the Members shall be presided over by the chairman of the meeting, who shall be the Chairman of the Managers or another Managers approved by the Managers. The chairman of any meeting of Members shall determine the order of business and the procedure at the meeting, including such regulation of the manner of voting and the conduct of discussion as seem to him in order.

7.5**Action by Written Consent or Telephone Conference**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any action required or permitted to be taken at any annual or special meeting of Members may be taken without a meeting, without prior notice, and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holder or holders of not less than the minimum Sharing Ratios that would be necessary to take such action at a meeting at which the holders of all Sharing Ratios entitled to vote on the action were present and voted. No written consent shall be effective to take the action that is the subject to the consent unless, within sixty (60) days after the date of the earliest dated consent delivered to the Company in the manner required by this Section, a consent or consents signed by the holder or holders of not less than the minimum Sharing Ratios that would be necessary to take the action that is the subject of the consent are delivered to the Company by delivery to its registered office, its principal place of business, or the Managers. Delivery shall be by hand or certified or registered mail, return receipt requested. Delivery to the Company's principal place of business shall be addressed to the Managers. A telegram, telex, cablegram, or similar transmission by a Member, or a photographic, photostatic, facsimile, or similar reproduction of a writing signed by a Member, shall be regarded as signed by the Member for purposes of this Section. Prompt notice of the taking of any action by Members without a meeting by less than unanimous written consent shall be given to those Members who did not consent in writing to the action. The record date for determining Members entitled to consent to action in writing without a meeting shall be the first date

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on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Company by delivery to its registered office, its principal place of business, or the Managers. Delivery to the Company's principal place of business shall be addressed to the Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any action by Members is taken by written consent, any articles or documents filed with the Secretary of State of Wyoming as a result of the taking of the action shall state, in lieu of any statement required by the Act concerning any vote of Members, that written consent has been given in accordance with the provisions of the Act and that any written notice required by the Act has been given.

Members may participate in and hold a meeting by means of conference telephone or similar communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in such meeting shall constitute attendance and presence in person at such meeting, except where a Person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**ARTICLE VIII** 

**INDEMNIFICATION**

8.1**Actions Other Than by or in the Right of the Company.** The Company shall indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative (other than an action by or in the right of the Company), by reason of the fact that he is or was a Managers, officer, employee, or agent of the Company, or is or was serving at the request of the Company as a Managers, director, officer, employee, or agent of another limited liability company, corporation, partnership, joint venture, trust, or other enterprise (all of such persons being hereafter referred to in this Article as a "Company Functionary"), against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit, or proceeding, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal action or proceeding, that he had reasonable cause to believe that his conduct was unlawful.

8.2**Actions by or in the Right of the Company.** The Company shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending, or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that he is or was a Company Functionary against expenses (including attorneys' fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit, if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, except that no indemnification shall be made in respect of any claim, issue, or matter as to which such person shall have been adjudged to be liable to the Company, unless and only to the extent that the Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

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8.3**Determination of Right to Indemnification.** Any indemnification under Sections

8.1 or 8.2 (unless ordered by a court) may be made by the Company only as authorized in the specific case upon a determination that indemnification of the Company Functionary is proper in the circumstances and that he has met the applicable standard of conduct set forth in Sections 8.1 or 8.2. Such determination shall be made by the Managers.

8.4**Prepaid Expenses.** Expenses incurred by a Company Functionary in defending a civil, criminal, administrative, or investigative action, suit, or proceeding may be paid by the Company in advance of the final disposition of such action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the Company Functionary to repay such amount if it shall ultimately be determined he is not entitled to be indemnified by the Company as authorized in this Article VIII.

8.5**Other Rights and Remedies.** The indemnification and advancement of expenses provided by or granted pursuant to this Article VIII shall not be deemed exclusive of any other rights to which any person seeking indemnification and for advancement of expenses may be entitled under this Company Agreement, or any agreement, determination of the Managers, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a Company Functionary and shall inure to the benefit of the heirs, executors, and administrators of such a person. Any repeal or modification of this Company Agreement or relevant provisions of the act and other applicable law, if any, shall not affect any then existing rights of a Company Functionary to indemnification or advancement of expenses.

8.6**Insurance.** Upon approval by the Manager, the Company may purchase and maintain insurance on behalf of any person who is or was a Manager, officer, employee, or agent of the Company, or is or was serving at the request of the Company as a Manager, director, officer, employee, or agent of another limited liability company, corporation, partnership, joint venture, trust, or other enterprise against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Company would have the power to indemnify him against such liability under the provisions of this Article VIII or the Act.

8.7**Mergers.** For purposes of this Article VIII, references to "the Company" shall include, in addition to the resulting or surviving company, constituent entities (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its Managers, directors, officers, employees, or agents, so that any person who is or was a Managers, director, officer, employee, or agent of such constituent entity or is or was serving at the request of such constituent entity as a Managers, director, officer, employee, or agent of another limited liability company, partnership, joint venture, trust, or other enterprise shall stand in the same position under the provisions of this Article VIII with respect to the resulting or surviving entity as he would have with respect to such constituent entity if its separate existence had continued.

8.8**Savings Provision.** If this Article VIII or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, the Company may nevertheless indemnify each Company Functionary as to expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement with respect to any action, suit, proceeding, or investigation, whether civil, criminal, or administrative, including a grand jury proceeding or action or suit brought by or in the right of the Company, to the full extent permitted by any applicable portion of this Article VIII that shall not have been invalidated.

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**ARTICLE IX**

**TAXES**

9.1**Tax Returns.** The Managers shall cause to be prepared and filed all necessary federal and state income tax returns for the Company, including making the elections described in Section 9.2. Each Member shall furnish to the Managers all pertinent information in his or its possession relating to Company operations that is necessary to enable the Company's income tax returns to be prepared and filed.

9.2**Tax Elections.** The Company shall make the following elections on the appropriate tax returns:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to adopt the calendar year as the Company's fiscal year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if a distribution of Company property as described in Section 734 of the Code occurs or if a transfer of a Membership Interest as described in Section 743 of the Code occurs, on written request of any Member, to elect, pursuant to Section 754 of the Code, to adjust the basis of Company properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to elect to amortize the organizational expenses of the Company and the startup expenditures of the Company ratably over a period of sixty (60) months as permitted under Section 195 and Section 709(b) of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other election including, without limitation, whether the Company shall adopt a cash or accrual method of accounting as the Managers may deem appropriate and in the best interests of the Members.

Neither the Company nor any Managers or Member may make an election for the Company to be excluded from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state law, and no provision of this Company Agreement (including, without limitation, Section 2.8) shall be construed to sanction or approve such an election.

9.3**Tax Matters Partner.** The Manager shall be the "tax matters partner" of the Company pursuant to Section 6231(a)(7) of the Code. Any Member or Managers who is designated "tax matters partner" shall take such action as may be necessary to cause each other Member to become a "notice partner" within the meaning of Section 6223 of the Code. Any Member who is designated "tax matters partner" shall inform each other Member of all significant matters that may come to his or its attention in his or its capacity as "tax matters partner" by giving notice thereof on or before the fifth (5th) Business Day after becoming aware thereof and, within that time, shall forward to each other Member copies of all significant written communications he or it may receive in that capacity. Any Member who is designated "tax matters partner" may not take any action contemplated by Sections 6222 through 6232 of the Code without the consent of a Required Interest, but this sentence does not authorize such Member (or any other Member) to take any action left to the determination of an individual Member under Sections 6222 through 6232 of the Code. Each Member shall execute, certify, acknowledge, deliver, swear to, file and record all documents necessary or appropriate to evidence its approval of this designation. In such capacity the Tax Matters Member shall represent the Company in any disputes, controversies or proceedings with the Internal Revenue Service or with any state, local, or non-U.S. taxing authority and is hereby authorized to take any and all actions that it is permitted to take by applicable legal requirements when acting in that capacity. The Tax Matters Member shall be entitled to take such actions on behalf of the Company in any and all proceedings

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with the Internal Revenue Service and any other taxing authority as it reasonably determines to be appropriate and that is consistent with this Section. The Tax Matters Member shall be reimbursed by the Company for all out-of pocket costs and expenses reasonably incurred in connection with any such proceeding and shall be indemnified by the Company (solely out of Company assets) with respect to any action brought against such Tax Matters Member in connection with the settlement of any such proceeding. Each Member reserves the right to retain independent counsel of its choice at its expense (which counsel will be entitled to prior review of submissions by the Company in respect of any dispute with relevant taxing authorities). The Company shall indemnify the Tax Matters Member for, and hold it harmless against, any claims made against it in its capacity as Tax Matters Member. Nothing in this Section limits the ability of any Member to take any action in its individual capacity relating to the Company that is left to the determination of an individual Member under Sections 6222 to 6231 of the Code or any similar provision of state or local law. Expenses incurred by the Tax Matters Member shall be borne by the Company. Such expenses shall include, without limitation, fees of attorneys and other tax professionals, accountants, appraisers and experts, filing fees and reasonable out-of-pocket costs and expenses. Any decisions made by the Tax Matters Member, including, but not limited to, whether or not to settle or contest any tax matter, whether or not to extend the period of limitations for the assessment or collection of any tax and the choice of forum for such contest shall be made in the Tax Matters Member's sole and absolute discretion. Any member who is designated "partnership representative" or "tax matters partner" shall be entitled to take any and all actions authorized pursuant to the 2015 BBA (including acting on behalf of the Company in any partnership audit and causing the Company to elect out of the partnership audit rules and procedures set forth in the 2015 BBA); provided, however, that notwithstanding the foregoing the "partnership representative" shall take all such actions as are necessary or

appropriate to cause the Members of the Company in respect of each subject tax year under partnership audit or review (regardless of whether a current or former Member in the tax year in which the audit or review occurs) to be responsible for any adjustments in such tax year in accordance with Section 6226 of the Internal Revenue Code as added by the 2015 BBA.

**ARTICLE X**

**BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS**

10.1**Maintenance of Books.** The Company shall keep books and records of accounts and shall keep minutes of the proceedings of its Members, its Managers and each committee of the Managers. The books of account for the Company shall be maintained on a cash or accrual basis (as determined by the Managers) in accordance with the terms of this Company Agreement, except that the Capital Accounts of the Members shall be maintained in accordance with Section 4.5. The calendar year shall be the accounting year of the Company or such other year as may be determined by the Managers from time to time.

10.2**Reports.** The Manager shall cause each Member to be furnished with financial statements of the Company.

10.3**Account.** The Managers shall establish and maintain one or more separate bank and investment accounts and arrangements for Company funds in the Company name and with financial institutions and firms that the Managers determine. The Managers may not commingle the Company's funds with the funds of any Member; however, Company funds may be invested in a manner the same as or similar to the Managers' investment of their own funds or investments by their Affiliates.

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**ARTICLE XI** 

**BANKRUPTCY OF A MEMBER**

11.1**Bankrupt Members.** Subject to Section 12.1, if any Member becomes a Bankrupt, the Company shall have the option, exercisable by notice from the Managers to the Bankrupt Member (or his or its representative) at any time prior to the one hundred eightieth (180th) day after receipt of notice of the occurrence of the event causing him or it to become a Bankrupt, to buy, and on the exercise of this option the Bankrupt Member or his or its representative shall sell, his or its Membership Interest. The purchase price shall be an amount equal to the fair market value thereof determined by agreement by the Bankrupt Member (or his or its representative) and the Managers; however, if those Persons do not agree on the fair market value on or before the thirtieth (15th) day following the exercise of the option, either such Person, by notice to the other, may require the determination of fair market value to be made by an independent appraiser specified in that notice. If the Person receiving that notice objects on or before the tenth (10th) day following receipt to the independent appraiser designated in that notice, and those Persons otherwise fail to agree on an independent appraiser, either such Person may petition the United States District Judge in the jurisdiction of the Property then senior in service to designate an independent appraiser. The determination of the independent appraiser, however designated, is final and binding on all parties. The Bankrupt Member and the Company each shall pay one-half of the costs of the appraisal. The purchaser shall pay the fair market value as so determined in four equal cash installments, the first due on closing and the remainder (together with accumulated interest on the amount unpaid at the General Interest Rate) due on each of the first three (3) anniversaries thereof. The payment to be made to the Bankrupt Member or his or its representative pursuant to this Section 11.1 is in complete liquidation and satisfaction of all the rights and interest of the Bankrupt Member and his or its representative (and of all Persons claiming by, through, or under the Bankrupt Member and his or its representative) in and in respect of the Company, including, without limitation, any Membership Interest, any rights in specific Company property, and any rights against the Company and (insofar as the affairs of the Company are concerned) against the Members, and constitutes a compromise to which all Members have agreed pursuant to Chapter 29 of the Act.

**ARTICLE XII**

**DISSOLUTION, LIQUIDATION, REFINANCE, AND/OR TERMINATION**

12.1**Dissolution.** The Company shall dissolve and its affairs shall be wound up on the first to occur of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the vote or written consent of a Required Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the expiration of the period fixed for the duration of the Company set forth in the Articles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) entry of a decree of judicial dissolution of the Company under Section 17-29-701 of the Act.

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12.2**Liquidation, Termination, Refinance, or issuance of Supplemental Loans.** On dissolution of the Company, the Manager shall act as liquidator or may appoint one or more Members as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions or related distributions as provided herein and in the Act. The costs of liquidation shall be borne as a Company expense. Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Managers. The steps to be accomplished by the liquidator are as follows: as promptly as possible after dissolution and again after final liquidation, the liquidator shall cause a proper accounting to be made of the Company's assets, liabilities, and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the liquidator shall pay, satisfy, or discharge from Company funds all of the debts, liabilities, and obligations of the Company (including, without limitation, all expenses incurred in liquidation and any advances described in Section 4.4) or otherwise make adequate provision for payment and discharge thereof (including, without limitation, the establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All distributions in kind to the Members shall be made subject to the liability of each distributee for costs, expenses, and liabilities theretofore incurred or for which the Company has committed prior to the date of termination and those costs, expenses, and liabilities shall be allocated to the distributee pursuant to this Section 12.2. The distribution of cash and/or property to a Member in accordance with the provisions of this Section 12.2 constitutes a complete distribution to the Member with respect to his or its Membership Interest and the Member's interest in the Company's property, and constitutes a compromise to which all Members have consented. To the extent that a Member returns funds to the Company, he or it has no claim against any other Member for those funds.

12.3**Deficit Capital Account.** Notwithstanding anything to the contrary in this Company Agreement, and notwithstanding any custom or rule of law to the contrary, if any Member has a negative balance in his or its Capital Account on the date of the liquidation of such Member's "interest in the partnership" (within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Treasury Regulations) after taking into account allocations of Profits, Losses, and other items of income, gain, loss, deduction, or credit, and distributions of cash or property (in each case as provided in Article V), that Member shall have no obligation to restore the negative balance or to make any Capital Contribution by reason thereof, and the negative balance shall not be considered an asset or a liability of the Company or of any Member.

12.4**Articles of Dissolution.** On completion of the distribution of Company assets as provided herein, the Company is terminated, and the Managers (or such other Person or Persons as the Act may require or permit) shall file a Articles of Dissolution with the Secretary of State of Wyoming, cancel any other filings made pursuant to Section 2.5, and take such other actions as may be necessary to terminate the Company.

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**ARTICLE XIII**

**EVENTS OF DEFAULT**

13.1**Events of Default.** Each of the following shall be deemed an *"Event of Default"* by the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Violation or breach of any of the provisions of this Company Agreement and failure to remedy or cure the violation or breach within ten Business Days after receipt of written notice of the violation or breach from a Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Becoming Bankrupt.

13.2**Remedies Upon Event of Default.** Upon the occurrence of an Event of Default, the Managers shall have the right, in its sole discretion, to cause the Company to redeem the defaulting party's Membership Interests for the amount the Members would receive if the Company's assets were sold for fair market value (as determined in good faith by the Managers) and the proceeds distributed pursuant to Section 12.2.

**ARTICLE XIV**

**CERTIFICATES**

14.1**Form of Certificates**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may deliver certificates representing the Membership Interests to which all Members are entitled. Certificates representing Membership Interests of the Company shall be in such form as shall be approved and adopted by the Managers and shall be numbered consecutively and entered in the records of the Company as they are issued. Each certificate shall state on the face thereof that the Company is organized under the laws of the State of Wyoming, the name of the Member, and the Membership Interest. Each certificate shall also set forth on the back thereof a full or summary statement of matters required by the Act, the Articles of Organization or this Company Agreement to be described on certificates representing Membership Interests, and shall contain a conspicuous statement on the face thereof referring to the matters set forth on the back thereof. Certificates shall be signed by one or more of the Managers or, if persons be elected to such offices, by the President or any Vice President and by the Secretary or any Assistant Secretary, and may be sealed with the seal of the Company. Either the seal of the Company or the signatures of the Managers(s) or officers, or both, may be facsimiles. In case any Managers or officer who has signed, or whose facsimile signature or signatures have been used on such certificate or certificates, shall cease to be a Managers or officer of the Company, whether because of death, resignation, or otherwise, before such certificate or certificates have been delivered by the Company or its agents, such certificate or certificates may nevertheless be issued and delivered as though the person or persons who signed the certificate or certificates or whose facsimile signature or signatures have been used thereon had not ceased to be a Managers or officer of the Company.

14.2**Lost Certificates.** The Company may direct that a new certificate be issued in place of any certificate theretofore issued by the Company alleged to have been lost or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate to be lost or destroyed. When authorizing the issue of a new certificate, the Managers in their discretion and as a condition precedent to the issuance thereof, may require the owner of the lost or destroyed certificate, or his legal representative, to advertise the same in such manner as it shall require and/or give the Company a bond in such form, in such sum, and with such surety or sureties as it may direct as indemnity against any claim that may be made against the Company with respect to the certificate alleged to have been lost, stolen, or destroyed.

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14.3**Transfer of Certificates.** Certificates representing Membership Interests shall be transferable, subject to the provisions of Section 3.3, only on the records of the Company by the holder thereof in person or by his duly authorized attorney. Subject to any restrictions on transfer set forth in the Articles of Organization, this Company Agreement or any agreement among Members to which this Company is a party or has notice, upon surrender to the Company of a certificate representing a Membership Interest duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Company to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.

14.4**Registered Members.** Except as otherwise provided in the Act or other Wyoming law, the Company shall be entitled to regard the Member in whose name any certificates issued by the Company are registered in the records of the Company at any particular time as the owner of such Membership Interest and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Membership Interest on the part of any other person, whether or not it shall have express or other notice thereof.

**ARTICLE XV**

**GENERAL PROVISIONS**

15.1**Offset.** Whenever the Company is to pay any sum to any Member, any amounts that Member owes the Company may be deducted from that sum before payment.

15.2**Notices.** Except as expressly set forth to the contrary in this Company Agreement, all notices, requests, or consents provided for or permitted to be given under this Company Agreement must be in writing and must be given either by depositing that writing in the United States mail, addressed to the recipient, postage paid, and registered or certified with return receipt requested or by delivering that writing to the recipient in person, by courier, facsimile transmission; or by email, and a notice, request, or consent given under this Company Agreement is effective on receipt by the Person to receive it. All notices, requests, and consents to be sent to a Member must be sent to or made at the addresses given for that Member on Exhibit A or in the instrument described in Section 3.3(c), or such other address as that Member may specify by notice to the other Members. Any notice, request, or consent to the Company or the Managers must be given to the Managers at the address of the principal office of the Company. Whenever any notice is required to be given by law, the Articles or this Company Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

15.3**Entire Agreement.** This Company Agreement constitute the entire agreement of the Members and their Affiliates relating to the Company and supersedes all prior contracts or agreements with respect to the Company, whether oral or written. However, nothing herein shall preclude some or all of the Members from entering into one or more separate agreements concerning voting, ownership, and Disposition of Membership Interests or shall preclude the Company from becoming a party to any such agreement.

15.4**Effect of Waiver or Consent.** A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of his or its obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect

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to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of his or its rights with respect to that default until the applicable statute-of-limitations period has run.

15.5**Amendment or Modification.** This Company Agreement may be amended or modified from time to time only by a written instrument adopted by the Managers and executed and agreed to by a Required Interest, except for any provision for which the approval of a different specified portion of the Sharing Ratios of all Members entitled to vote is expressly required by this Company Agreement; provided, however, that (a) an amendment or modification decreasing a Member's Sharing Ratio other than in connection with the Sale of New Securities is effective only with that Member's consent, or (b) an amendment or modification reducing the required Sharing Ratio or other measure for any consent or vote in this Company Agreement is effective only with the consent or vote of Members having the Sharing Ratio or other measure theretofore required.

15.6**Binding Effect.** Subject to the restrictions on Dispositions set forth herein, this Company Agreement are binding on and inure to the benefit of the Members and their respective heirs, legal representatives, successors, and assigns.

15.7**Governing Law; Severability.** THIS COMPANY AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF WYOMING, EXCLUDING ANY CONFLICT-OF-LAWS RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR THE CONSTRUCTION OF THIS COMPANY AGREEMENT TO THE LAW OF ANOTHER JURISDICTION. In the event of a direct conflict between the provisions of this Company Agreement and (a) any provision of the Articles or (b) any mandatory provision of the Act or, the applicable provision of the Articles or the Act. If any provision of this Company Agreement or the application thereof to any Person or circumstance is held invalid or unenforceable to any extent, the remainder of this Company Agreement and the application of that provision to other Persons or circumstances is not affected thereby and that provision shall be enforced to the greatest extent permitted by law. The parties to this Agreement shall endeavor to resolve all disputes arising under or related to this Agreement by mediation. Any dispute not so resolved shall be resolved by BINDING ARBITRATION under the then prevailing rules of the American Arbitration Association in the county of the Company's principal place of business by a single agreed-upon Arbitrator. In the event that the Parties are unable to agree on a single Arbitrator, the dispute shall be submitted to the American Arbitration Association for the appointment of the single Arbitrator. All fees and costs shall be split equally between the Parties to the dispute.

15.8**Further Assurances.** In connection with this Company Agreement and the transactions contemplated hereby, each Member shall execute and deliver any additional documents and instruments and perform any additional acts that may be necessary or appropriate to effectuate and perform the provisions of this Company Agreement and those transactions.

15.9**Waiver of Certain Rights.** Each Member irrevocably waives any right he or it may have to maintain any action for dissolution of the Company or for any partition of the property of the Company.

15.10**Indemnification.** To the fullest extent permitted by law, each Member shall indemnify the Company, each Managers and each other Member and hold them harmless from and against all losses, costs, liabilities, damages, and expenses (including, without limitation, costs of suit and attorney's fees) they may incur on account of any breach by that Member of this Company Agreement.

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15.11**Expenses.** The Company shall pay the costs and expenses incurred in connection with the organization of the Company.

15.12**Intentionally Omitted**.

15.13**Notice to Members of Provisions of this Company Agreement.** By executing this Company Agreement, each Member acknowledges that he or it has actual notice of (a) all of the provisions of this Company Agreement, including, without limitation, the restrictions on the transfer of Membership Interests set forth in Article III and (b) all of the provisions of the Articles. Each Member hereby agrees that this Company Agreement constitute adequate notice of all such provisions.

15.14**Counterparts.** This Company Agreement may be executed in any number of counterparts with the same effect as if all signing parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. Electronic signature through Docusign or similar electronic platform shall be acceptable and each party specifically waives any ability to challenge the enforceability of this Agreement on the basis of the electronic agreement and/or signatures.

15.15**Creditors.** None of the provisions of this Company Agreement shall be for the benefit of or enforceable by any creditors of the Company.

15.16**Power of Attorney**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ***Grant of Power.*** Each Member hereby constitutes and appoints the Managers designated by the Managers to exercise this power of attorney and his authorized representatives (and any successor thereto by assignment, election, or otherwise and the authorized representatives thereof) with full power of substitution as his true and lawful agent and attorney in-fact, with full power and authority in his name, place, and stead, to execute, swear to, acknowledge, deliver, file, and record in the appropriate public offices, as applicable or appropriate (i) all certificates and other instruments and all amendments or restatements thereof that such Managers deems reasonable and appropriate or necessary to qualify or register, or continue the qualification or registration of, the Company as a limited liability company in all jurisdictions in which the Company may conduct business or own property; (ii) all instruments, including an amendment or restatement of this Company Agreement, that such Managers deems appropriate or necessary to reflect any amendment, change, or modification of this Company Agreement in accordance with its terms; (iii) all conveyances and other instruments or documents that such Managers deems appropriate or necessary to reflect the dissolution and liquidation of the Company pursuant to the terms of this Company Agreement; (iv) all instruments relating to the admission or substitution of any Member; (v) all ballots, consents, approvals, waivers, certificates, and other instruments appropriate or necessary, in the sole discretion of such Managers, to make, evidence, give, confirm, or ratify any vote, consent, approval, agreement, or other action that is made or given by Members hereunder, is deemed to be made or given by Members hereunder, or is consistent with the terms of this Company Agreement and appropriate or necessary, in the sole discretion of such Managers, to effectuate the terms or intent of this Company Agreement; provided that, with respect to any action that requires the vote, consent, or approval of a stated percentage of Members under the terms of this Company Agreement, such Managers may exercise the power of attorney granted in this subsection (v) only after the necessary vote, consent, or approval has been made or given. Nothing herein contained shall be construed as authorizing such Managers to amend this Company Agreement except as provided in this Company Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ***Irrevocability.*** The foregoing power of attorney is irrevocable and coupled with an interest, and it shall survive, and not be affected by, the death, incompetency, incapacity, disability, dissolution, bankruptcy, or termination of any Member and the transfer of all or any portion of his or its Membership Interest and shall extend to such Member's heirs, successors, assigns, and personal representatives. Each Member agrees to be bound by any representations made by the Managers acting in good faith pursuant to the power of attorney; and each Member hereby waives any and all defenses that may be available to contest, negate, or disaffirm any action of the Managers taken in good faith under the power of attorney. Each Member shall execute and deliver to the Managers within 15 days after receipt of the Managers' request therefor, further designations, powers of attorney, and other instruments the Managers deems necessary to effectuate this Company Agreement and the purposes of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ***Drag Along Rights/Dilution.*** In the event prior to the liquidation event and/or timeline specified above, the Managers approve a sale of the Company or all or substantially all of the Company's assets whether by means of a merger, consolidation or sale of Interests or Company's assets (each, an "Approved Sale"), the Members shall each consent to, vote for and raise no objection to the Approved Sale, and (A) if the Approved Sale is structured as a merger or consolidation of the Company, or a sale of all or substantially all of the Company's assets, the Members shall each waive any dissenters rights, appraisal rights or similar rights in connection with such merger, consolidation or asset sale, or (B) if the Approved Sale is structured as a sale of the Interests in the Company, the Members shall each agree to sell and Transfer their respective Interests on the terms and conditions approved by the Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Manager (the "Seller") accepts a Third-Party offer to purchase all or a portion of the Interests, such Seller shall have the right, by delivery of written notice to the other non-selling Members (the "Non-Selling Members"), to require the Non-Selling Members to sell the equivalent percent of their respective Interests to the person making the third party offer (the "Purchaser") on the same terms and conditions, if the Purchaser desires to purchase the Interests of the Non-Selling Members. The provisions of this subsection shall supersede and govern any sale rights in this Agreement. The Members understand that this has the ability to dilute their percentage of interests in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Members shall each take all necessary and desirable actions reasonably required in order to effectuate the provisions of sub-Section (c) or (d), above, including the execution of such agreements and such instruments and other actions reasonably necessary to (A) provide the representations, warranties, indemnities, covenants, conditions, non-compete, non disclosure and non-circumvention agreements, escrow agreements, restricted sale agreements, and other provisions and agreements relating to such transaction, and (B) effectuate the allocation and distribution of the aggregate consideration upon completion of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of all the Members with respect to the transaction described in sub-Section (c) or (d), above, shall be contingent upon the consideration payable with respect to the Interests being sold.

*{Signatures Follow On Next Page}*

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IN WITNESS WHEREOF, following adoption of this Company Agreement by the Managers, the Members have executed this Company Agreement as of the date first set forth above.

MANAGERS:

PIC DIVERSIFICATION FUND MANAGER, LLC

&nbsp;&nbsp;&nbsp;&nbsp;By: HC Apts, LLC, a Wyoming limited liability company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel Handford, Manager

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**MEMBER SIGNATURE PAGE**

The undersigned hereby agrees to be bound in all respects by, and hereby adopts and becomes a party to, this Company Agreement of PIC DIVERSIFICATION FUND, LLC, a Wyoming limited liability company (the *"Company"),* and agrees that execution and delivery of this Member Signature Page to the Company is a condition to issuance by the Company to the undersigned of Membership Interests in the Company. The undersigned hereby makes the representations and warranties to the Company and the other Members contained in Section 3.2 of the Agreement.

---

| | |
|:---|:---|
| **Individual Member:** | **Entity Member:** |
| Signature | Entity Name & Type |
|  | By: |
| Printed Name | Name: |
|  | Title: |
| Address: | Address: |

---

If Member is an individual:

The undersigned, being the spouse of a Member, hereby agrees to be bound in all respects by this Company Agreement of the Company.

---

| |
|:---|
| Signature of Spouse (if applicable) |
| Print Name: |

---

Member Signature Page

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## Ex1A-3

------

**THE SECURITIES REPRESENTED BY THIS BOND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED EXCEPT (I) UPON EFFECTIVE REGISTRATION OF THE SECURITIES UNDER THE ACT AND OTHER APPLICABLE SECURITIES LAWS COVERING SUCH SECURITIES, OR (II) UPON ACCEPTANCE BY THE COMPANY OF AN OPINION OF COUNSEL IN SUCH FORM AND BY SUCH COUNSEL, OR OTHER DOCUMENTATION, AS IS SATISFACTORY TO COUNSEL FOR THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.**

**TRANSFER OF THIS BOND REQUIRES CONSENT FROM THE COMPANY AND ANY TRANSFER TO THE CONTRARY IS VOID AB INITIO.**

**FORM OF BOND**

**$____________**Dated: **_____________**

**FOR VALUE RECEIVED**, the undersigned, PIC Diversification Fund, LLC, a Wyoming limited liability company (the "**Company**"), promises to pay to the order of ____________________________ (together with its successors and assigns, the "**Holder**") the principal sum of ______________________ ($__________) ("**Principal Sum**"), together with interest at the rate specified below. This Bond (the "**Bond**") is being issued pursuant to the terms of the Bond Purchase Agreement by and between the Company and the Holder. All capitalized terms used but not otherwise defined herein shall have the same meaning as in the Bond Purchase Agreement between the Company and Holder (the "**Bond Purchase Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculation; Payment of Interest. Interest shall be due and payable at Maturity (below defined) at the fixed interest rate of six percent (6%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below *.* Interest shall be computed on the basis of a year consisting of three hundred sixty-five (365) days based on the actual number of days elapsed. Interest will compound daily. Such calculations shall be made in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Redemption by Company; Repayment at Holder's Demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Redemption by Company. This Bond, or any portion hereof, may be prepaid at any time, and from time-to-time, without penalty or premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Repayment at Holder's Demand. Following a lock-up period of one (1) year from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH

------

transfer if set-up through the Pic Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unsecured. This Bond is not secured by any mortgage, lien, pledge, charge, financing statement, security interests, hypothecation, or other security device of Company of any type, and is a general unsecured obligation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Events of Default. If any one of the following events shall occur and be continuing (each, an "Event of Default"): (i) the Company shall fail to pay as and when due in accordance with the terms hereof any Outstanding Principal Balance or accrued but unpaid interest on this Bond, and such failure shall continue for ninety (90) business days; (ii) the Company shall breach a material covenant of this Bond and such breach continues for ninety (90) days from receipt of written notice of the breach from Holder, or (iii) the Company shall file a petition for relief or commence a proceeding under any bankruptcy, insolvency, reorganization or similar law (or its governing board shall authorize any such filing or the commencement of any such proceeding), have any liquidator, administrator, trustee or custodian appointed with respect to it or any substantial portion of its business or assets, make a general assignment for the benefit of creditors or generally admit its inability to pay its debts as they come due; then in any such event the Holder may, by written notice to the Company, declare the entire Outstanding Principal Balance together with all interest accrued and unpaid thereon to be immediately due and payable, whereupon this Bond and all such accrued interest shall become and be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company. Notwithstanding the foregoing, if any event described in clause (iii) above shall occur, the entire Outstanding Principal Balance together with all interest accrued and unpaid thereon shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Binding Effect; Assignment. This Bond shall be binding upon the Company and its successors and inure to the benefit of the Holder and its successors and assigns. This Bond and the rights of Holder hereunder may not be assigned or transferred without the consent of Company, and any such assignment or transfer without the Company's consent shall be null and void ab initio. The obligations of the Company under this Bond may not be delegated to or assumed by any other party, and any such purported delegation or assumption shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Both the Outstanding Principal Balance and interest are payable in lawful money of the United States of America. If any payment due hereunder does not fall on a business day, such payment shall be payable on the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company waives presentment, demand, protest and notice of any kind (including notice of presentment, demand, protest, dishonor and nonpayment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No delay on the part of the Holder in exercising any option, power or right hereunder, shall constitute a waiver thereof, nor shall the Holder be estopped from enforcing the same or any other provision at any later time or in any other instance. No waiver of any of the terms or provisions of this Bond shall be effective unless in writing, duly signed by the party to be charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Bond shall not be modified except (i) by a writing signed by both the Company and the Holder or (ii) upon the written agreement of the Company and the written consent or vote of holders holding a majority of the outstanding principal amount of Bonds purchased by investors pursuant to the Company's Offering Circular.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Bond is subject to the express condition that at no time shall Company be obligated or required to pay interest on the principal balance due hereunder at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum interest rate which Company is permitted by applicable law to contract or agree to pay. If by the terms of this Bond, Company is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the interest due hereunder, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the debt, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of this Bond until payment in full so that the rate or amount of interest on account of the debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable to the debt for so long as the debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention of Holder to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Bond and the related Bond Purchase Agreement embody the final, entire agreement of Company and Holder and supersede any and all prior commitments, agreements, representations and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of Company and Holder. There are no oral agreements between Company and Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Bond shall be governed by and construed in accordance with the internal laws of the State of Wyoming, without giving effect to principles of conflict of laws. Any dispute between the Company and Holder relating to this Bond is subject to the dispute resolution provisions of the Bond Purchase Agreement.

**IN WITNESS WHEREOF**, the Company has caused this Bond to be duly executed as of the date first above written.

---

| |
|:---|
| PIC DIVERSIFICATION FUND, LLC |
| By: |
| Name: |
| Title: |

---

------

## Ex1A-3

------

**THE SECURITIES REPRESENTED BY THIS BOND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED EXCEPT (I) UPON EFFECTIVE REGISTRATION OF THE SECURITIES UNDER THE ACT AND OTHER APPLICABLE SECURITIES LAWS COVERING SUCH SECURITIES, OR (II) UPON ACCEPTANCE BY THE COMPANY OF AN OPINION OF COUNSEL IN SUCH FORM AND BY SUCH COUNSEL, OR OTHER DOCUMENTATION, AS IS SATISFACTORY TO COUNSEL FOR THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.**

**TRANSFER OF THIS BOND REQUIRES CONSENT FROM THE COMPANY AND ANY TRANSFER TO THE CONTRARY IS VOID AB INITIO.**

**FORM OF BOND**

**$____________**Dated: **_____________**

**FOR VALUE RECEIVED**, the undersigned, PIC Diversification Fund, LLC, a Wyoming limited liability company (the "**Company**"), promises to pay to the order of ____________________________ (together with its successors and assigns, the "**Holder**") the principal sum of ______________________ ($__________) ("**Principal Sum**"), together with interest at the rate specified below. This Bond (the "**Bond**") is being issued pursuant to the terms of the Bond Purchase Agreement by and between the Company and the Holder. All capitalized terms used but not otherwise defined herein shall have the same meaning as in the Bond Purchase Agreement between the Company and Holder (the "**Bond Purchase Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculation; Payment of Interest. Interest shall be due and payable at Maturity (below defined) at the fixed interest rate of seven percent (7%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below *.* Interest shall be computed on the basis of a year consisting of three hundred sixty-five (365) days based on the actual number of days elapsed. Interest will compound daily. Such calculations shall be made in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Redemption by Company; Repayment at Holder's Demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Redemption by Company. This Bond, or any portion hereof, may be prepaid at any time, and from time-to-time, without penalty or premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Repayment at Holder's Demand. Following a lock-up period of two (2) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH

------

transfer if set-up through the Pic Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unsecured. This Bond is not secured by any mortgage, lien, pledge, charge, financing statement, security interests, hypothecation, or other security device of Company of any type, and is a general unsecured obligation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Events of Default. If any one of the following events shall occur and be continuing (each, an "Event of Default"): (i) the Company shall fail to pay as and when due in accordance with the terms hereof any Outstanding Principal Balance or accrued but unpaid interest on this Bond, and such failure shall continue for ninety (90) business days; (ii) the Company shall breach a material covenant of this Bond and such breach continues for ninety (90) days from receipt of written notice of the breach from Holder, or (iii) the Company shall file a petition for relief or commence a proceeding under any bankruptcy, insolvency, reorganization or similar law (or its governing board shall authorize any such filing or the commencement of any such proceeding), have any liquidator, administrator, trustee or custodian appointed with respect to it or any substantial portion of its business or assets, make a general assignment for the benefit of creditors or generally admit its inability to pay its debts as they come due; then in any such event the Holder may, by written notice to the Company, declare the entire Outstanding Principal Balance together with all interest accrued and unpaid thereon to be immediately due and payable, whereupon this Bond and all such accrued interest shall become and be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company. Notwithstanding the foregoing, if any event described in clause (iii) above shall occur, the entire Outstanding Principal Balance together with all interest accrued and unpaid thereon shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Binding Effect; Assignment. This Bond shall be binding upon the Company and its successors and inure to the benefit of the Holder and its successors and assigns. This Bond and the rights of Holder hereunder may not be assigned or transferred without the consent of Company, and any such assignment or transfer without the Company's consent shall be null and void ab initio. The obligations of the Company under this Bond may not be delegated to or assumed by any other party, and any such purported delegation or assumption shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Both the Outstanding Principal Balance and interest are payable in lawful money of the United States of America. If any payment due hereunder does not fall on a business day, such payment shall be payable on the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company waives presentment, demand, protest and notice of any kind (including notice of presentment, demand, protest, dishonor and nonpayment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No delay on the part of the Holder in exercising any option, power or right hereunder, shall constitute a waiver thereof, nor shall the Holder be estopped from enforcing the same or any other provision at any later time or in any other instance. No waiver of any of the terms or provisions of this Bond shall be effective unless in writing, duly signed by the party to be charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Bond shall not be modified except (i) by a writing signed by both the Company and the Holder or (ii) upon the written agreement of the Company and the written consent or vote of holders holding a majority of the outstanding principal amount of Bonds purchased by investors pursuant to the Company's Offering Circular.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Bond is subject to the express condition that at no time shall Company be obligated or required to pay interest on the principal balance due hereunder at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum interest rate which Company is permitted by applicable law to contract or agree to pay. If by the terms of this Bond, Company is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the interest due hereunder, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the debt, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of this Bond until payment in full so that the rate or amount of interest on account of the debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable to the debt for so long as the debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention of Holder to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Bond and the related Bond Purchase Agreement embody the final, entire agreement of Company and Holder and supersede any and all prior commitments, agreements, representations and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of Company and Holder. There are no oral agreements between Company and Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Bond shall be governed by and construed in accordance with the internal laws of the State of Wyoming, without giving effect to principles of conflict of laws. Any dispute between the Company and Holder relating to this Bond is subject to the dispute resolution provisions of the Bond Purchase Agreement.

**IN WITNESS WHEREOF**, the Company has caused this Bond to be duly executed as of the date first above written.

---

| |
|:---|
| PIC DIVERSIFICATION FUND, LLC |
| By: |
| Name: |
| Title: |

---

------

## Ex1A-3

------

**THE SECURITIES REPRESENTED BY THIS BOND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY OTHER SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED, ASSIGNED, HYPOTHECATED OR OTHERWISE DISPOSED EXCEPT (I) UPON EFFECTIVE REGISTRATION OF THE SECURITIES UNDER THE ACT AND OTHER APPLICABLE SECURITIES LAWS COVERING SUCH SECURITIES, OR (II) UPON ACCEPTANCE BY THE COMPANY OF AN OPINION OF COUNSEL IN SUCH FORM AND BY SUCH COUNSEL, OR OTHER DOCUMENTATION, AS IS SATISFACTORY TO COUNSEL FOR THE COMPANY TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.**

**TRANSFER OF THIS BOND REQUIRES CONSENT FROM THE COMPANY AND ANY TRANSFER TO THE CONTRARY IS VOID AB INITIO.**

**FORM OF BOND**

**$____________**Dated: **_____________**

**FOR VALUE RECEIVED**, the undersigned, PIC Diversification Fund, LLC, a Wyoming limited liability company (the "**Company**"), promises to pay to the order of ____________________________ (together with its successors and assigns, the "**Holder**") the principal sum of ______________________ ($__________) ("**Principal Sum**"), together with interest at the rate specified below. This Bond (the "**Bond**") is being issued pursuant to the terms of the Bond Purchase Agreement by and between the Company and the Holder. All capitalized terms used but not otherwise defined herein shall have the same meaning as in the Bond Purchase Agreement between the Company and Holder (the "**Bond Purchase Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculation; Payment of Interest. Interest shall be due and payable at Maturity (below defined) at the fixed interest rate of eight percent (8%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below *.* Interest shall be computed on the basis of a year consisting of three hundred sixty-five (365) days based on the actual number of days elapsed. Interest will compound daily. Such calculations shall be made in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Redemption by Company; Repayment at Holder's Demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Redemption by Company. This Bond, or any portion hereof, may be prepaid at any time, and from time-to-time, without penalty or premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Repayment at Holder's Demand. Following a lock-up period of three (3) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH

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transfer if set-up through the Pic Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unsecured. This Bond is not secured by any mortgage, lien, pledge, charge, financing statement, security interests, hypothecation, or other security device of Company of any type, and is a general unsecured obligation of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Events of Default. If any one of the following events shall occur and be continuing (each, an "Event of Default"): (i) the Company shall fail to pay as and when due in accordance with the terms hereof any Outstanding Principal Balance or accrued but unpaid interest on this Bond, and such failure shall continue for ninety (90) business days; (ii) the Company shall breach a material covenant of this Bond and such breach continues for ninety (90) days from receipt of written notice of the breach from Holder, or (iii) the Company shall file a petition for relief or commence a proceeding under any bankruptcy, insolvency, reorganization or similar law (or its governing board shall authorize any such filing or the commencement of any such proceeding), have any liquidator, administrator, trustee or custodian appointed with respect to it or any substantial portion of its business or assets, make a general assignment for the benefit of creditors or generally admit its inability to pay its debts as they come due; then in any such event the Holder may, by written notice to the Company, declare the entire Outstanding Principal Balance together with all interest accrued and unpaid thereon to be immediately due and payable, whereupon this Bond and all such accrued interest shall become and be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company. Notwithstanding the foregoing, if any event described in clause (iii) above shall occur, the entire Outstanding Principal Balance together with all interest accrued and unpaid thereon shall automatically become due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Binding Effect; Assignment. This Bond shall be binding upon the Company and its successors and inure to the benefit of the Holder and its successors and assigns. This Bond and the rights of Holder hereunder may not be assigned or transferred without the consent of Company, and any such assignment or transfer without the Company's consent shall be null and void ab initio. The obligations of the Company under this Bond may not be delegated to or assumed by any other party, and any such purported delegation or assumption shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Both the Outstanding Principal Balance and interest are payable in lawful money of the United States of America. If any payment due hereunder does not fall on a business day, such payment shall be payable on the next succeeding business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company waives presentment, demand, protest and notice of any kind (including notice of presentment, demand, protest, dishonor and nonpayment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No delay on the part of the Holder in exercising any option, power or right hereunder, shall constitute a waiver thereof, nor shall the Holder be estopped from enforcing the same or any other provision at any later time or in any other instance. No waiver of any of the terms or provisions of this Bond shall be effective unless in writing, duly signed by the party to be charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Bond shall not be modified except (i) by a writing signed by both the Company and the Holder or (ii) upon the written agreement of the Company and the written consent or vote of holders holding a majority of the outstanding principal amount of Bonds purchased by investors pursuant to the Company's Offering Circular.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) This Bond is subject to the express condition that at no time shall Company be obligated or required to pay interest on the principal balance due hereunder at a rate which could subject Holder to either civil or criminal liability as a result of being in excess of the maximum interest rate which Company is permitted by applicable law to contract or agree to pay. If by the terms of this Bond, Company is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of such maximum rate, the interest due hereunder, as the case may be, shall be deemed to be immediately reduced to such maximum rate and all previous payments in excess of the maximum rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All sums paid or agreed to be paid to Holder for the use, forbearance, or detention of the debt, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of this Bond until payment in full so that the rate or amount of interest on account of the debt does not exceed the maximum lawful rate of interest from time to time in effect and applicable to the debt for so long as the debt is outstanding. Notwithstanding anything to the contrary contained herein, it is not the intention of Holder to accelerate the maturity of any interest that has not accrued at the time of such acceleration or to collect unearned interest at the time of such acceleration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Bond and the related Bond Purchase Agreement embody the final, entire agreement of Company and Holder and supersede any and all prior commitments, agreements, representations and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous or subsequent oral agreements or discussions of Company and Holder. There are no oral agreements between Company and Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Bond shall be governed by and construed in accordance with the internal laws of the State of Wyoming, without giving effect to principles of conflict of laws. Any dispute between the Company and Holder relating to this Bond is subject to the dispute resolution provisions of the Bond Purchase Agreement.

**IN WITNESS WHEREOF**, the Company has caused this Bond to be duly executed as of the date first above written.

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| |
|:---|
| PIC DIVERSIFICATION FUND, LLC |
| By: |
| Name: |
| Title: |

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## Ex1A-4

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "**SECURITIES ACT**"), OR ANY STATE SECURITIES OR BLUE SKY LAWS AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND STATE SECURITIES OR BLUE SKY LAWS. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION ("**SEC**"), ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON THE MERITS OF THIS OFFERING OR THE ADEQUACY OR ACCURACY OF THE SUBSCRIPTION AGREEMENT OR ANY OTHER MATERIALS OR INFORMATION MADE AVAILABLE TO INVESTOR IN CONNECTION WITH THIS OFFERING OVER THE WEB-BASED PLATFORM MAINTAINED BY THE COMPANY. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

THIS INVESTMENT INVOLVES A HIGH DEGREE OF RISK. THIS INVESTMENT IS SUITABLE ONLY FOR PERSONS WHO CAN BEAR THE ECONOMIC RISK FOR AN INDEFINITE PERIOD OF TIME AND WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. FURTHERMORE, INVESTORS MUST UNDERSTAND THAT SUCH INVESTMENT IS ILLIQUID AND IS EXPECTED TO CONTINUE TO BE ILLIQUID FOR AN INDEFINITE PERIOD OF TIME. NO PUBLIC MARKET EXISTS FOR THE SECURITIES, AND NO PUBLIC MARKET IS EXPECTED TO DEVELOP FOLLOWING THIS OFFERING.

THE COMPANY MAY NOT BE OFFERING THE SECURITIES IN EVERY STATE. THE OFFERING MATERIALS DO NOT CONSTERISAITUTE AN OFFER OR SOLICITATION IN ANY STATE OR JURISDICTION IN WHICH THE SECURITIES ARE NOT BEING OFFERED.

THE INFORMATION PRESENTED IN THE OFFERING MATERIALS WAS PREPARED BY THE COMPANY SOLELY FOR THE USE BY PROSPECTIVE INVESTORS IN CONNECTION WITH THIS OFFERING. NO REPRESENTATIONS OR WARRANTIES ARE MADE AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED IN ANY OFFERING MATERIALS, AND NOTHING CONTAINED IN THE OFFERING MATERIALS IS OR SHOULD BE RELIED UPON AS A PROMISE OR REPRESENTATION AS TO THE FUTURE PERFORMANCE OF THE COMPANY. NEITHER THE DELIVERY NOR THE PURCHASE OF THE SECURITIES SHALL, UNDER ANY CIRCUMSTANCES, CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE COMPANY SINCE THE DATE OF THE OFFERING MATERIALS.

**BOND PURCHASE AGREEMENT**

The following terms constitute a binding agreement (this "**Agreement**") between you, as an investor ("**Investor**," "**you**," or "**your**"), and the company, Diversification Fund, LLC, a Wyoming limited liability company (the "**Company**") for the purchase of Bonds (the "**Bonds**") from the Company. This Agreement is comprised of the below terms and the information you complete on the Company's website at http:// _________________ (the "**PIC Site**") relating to your purchase of Bonds pursuant to this Agreement, including, but not limited to, your identity and personal information, contact information and the amount of and lock up period for Bonds you are purchasing (collectively, "**Investor Information**"), which Investor Information is incorporated herein by reference.

In consideration of the covenants, agreements, representations, and warranties hereinafter set forth, and for other good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. PURCHASE OF BONDS**. Subject to the terms and conditions of this Agreement, you agree to purchase the amount of Bonds with the lock up period indicated in the Investor Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. ISSUANCE**. Your Bond will be issued upon the Company's acceptance of this Agreement via its s. Upon such acceptance, your Bond will begin bearing interest at the interest rate stated on the Bond.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. TERMS OF THE BONDS**. The Company is offering demand Bonds with one-year, two-year and three-year lock-up periods. One-year Bonds will earn interest of six percent (6%) per annum. Two-year Bonds will earn interest of 7% per annum. Three-year Bonds will earn interest of eight percent (8%) per annum. Each Bond is payable within thirty (30) days from demand by its holder made following the applicable lock up period Each Bond shall have the other terms and conditions described in the Bond.

**4. INVESTOR COVENANTS AND ACKNOWLEDGEMENTS**. You understand and acknowledge the following:

(a)Concurrent with the execution hereof, Investor authorizes the Company to request the purchase amount for the Bonds from Investor's bank or other financial institution. Investor has transferred funds equal to the purchase amount to the Company concurrently with submitting this Agreement, unless otherwise agreed by the Company.

(b)The Investor agrees to pay the Investor Processing Fee of one percent (1%) of the purchase amount, which fee will not be applied towards the purchase of Bonds but will partially reimburse the Company for fees payable by it as a result of Investor's purchase of Bonds.

(c)Within five (5) days after receipt of a written request from the Company, the Investor shall provide such information and execute and deliver such documents as the Company may reasonably request to comply with any and all laws and ordinances to which the Company may be subject, including the securities laws of the United States or any other applicable jurisdiction.

(d)The Company has entered into, and from time to time may enter into, separate bond purchase agreements with other investors for the sale of Bonds to such other investors. The sale of Bonds to such other investors and this sale of the Bonds shall be separate sales and this Agreement and the other bond purchase agreements shall be separate agreements.

(e)The Company may elect at any time to close all or any portion of the securities offering through which the Company is selling Bonds once it has raised the minimum offering amount, on various dates (each a "**Closing Date**").

(f)The Investor understands the meaning and legal consequences of, and that the Company intends to rely upon, the representations and warranties contained in Sections 4 and 5 hereof, and the Investor hereby agrees to indemnify and hold harmless the Company and each and any manager, member, officer, employee, agent or affiliate thereof from and against any and all loss, damage or liability due to or arising out of a breach of any representation or warranty of the Investor. The representations, warranties and covenants made by Investor herein shall survive the closing or termination of this Agreement.

(a)Investment in the Bonds is highly risky and you may lose all your investment. These are speculative securities. You should purchase these securities only if you can afford a complete loss of your investment. Before purchasing a Bond, you should review the risk disclosures and other terms of the securities offering available in the Company's Form 1-A Offering Statement on the SEC's edgar filings database free of charge at http://www.sec.gov, as amended or supplemented. Investor acknowledges it has received and has carefully reviewed all of the Company's SEC filings filed by the Company since the Company's Offering Statement was qualified by the SEC and understands the information contained therein.

(g)The Bonds do not represent an ownership interest in any specific assets or their proceeds. You understand that the Bonds are unsecured general obligations of the Company.

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(h)You understand that as the Company has a limited operating history, and is in the early stages of development, it faces increased risks, uncertainties, expenses, and difficulties, which could negatively affect your investment.

(i)Please see the Offering Circular and the Company's other filings with the SEC which are available on its website at www.sec.gov for certain risk disclosures regarding your investment in the Bonds.

(j)Bonds will not be listed on any securities exchange, nor does the Company have plans to establish any kind of trading platform to assist investors who wish to sell their Bonds. There is no public market for the Bonds, and none is expected to develop. Bonds may be subject to transfer restrictions.

(k)Bonds are not assignable or transferable without the written consent of the Company.

(l)The Company will issue the Bonds only in electronic form. Investors will be required to hold their Bonds through the Company's electronic bond register.

(m)Each Bond will be repayable upon your demand, subject to your selected lock up period, or redeemable by the Company.

(n)Bonds will not restrict the Company's ability to incur additional indebtedness, including indebtedness secured by the Company's assets.

(o)You and the Company agree that the Bonds are intended to be indebtedness of the Company for U.S. federal income tax purposes. You agree that you will not take any position inconsistent with such treatment of the Bonds for tax, accounting, or other purposes, unless required by law. You further acknowledge that the Bonds will be subject to the original issue discount rules of the Internal Revenue Code of 1986, as amended. You acknowledge that you are prepared to bear the risk of loss of your entire purchase price for any Bonds you purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. INVESTOR ACKNOWLEDGMENTS, REPRESENTATIONS, WARRANTIES, AND COVENANTS**.

(b)The Investor hereby represents and warrants that the Investor is a "qualified purchaser," as defined in Regulation A under the Securities Act, meaning Investor is an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act and indicated on the U.S. Accredited Investor Certificate attached hereto, or the Subscription Amount does not represent more than ten percent (10%) of the greater of Investor's annual income or net worth (for natural persons), or ten percent (10%) of the greater of annual revenue or net worth at fiscal year-end (for non-natural persons), with net worth calculated in the same manner as for accredited investors under Rule 501 of Regulation D under the Securities Act.

(c)You further represent and warrant to the Company, as of the date of this Agreement and as of any date that you commit to purchase Bonds that: (i) you have the power to enter into and perform your obligations under this Agreement; (ii) this Agreement has been duly authorized, executed and delivered by you and (iii) in connection with this Agreement, you have complied in all material respects with application federal, state and local laws.

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(d)The information provided by you to the Company via this Agreement or otherwise is true and correct in all respects as of the date hereof and the Investor hereby agrees to promptly notify the Company and supply corrective information to the Company if, prior to the consummation of its investment in the Company, any of such information becomes inaccurate or incomplete.

(e)Investor, if an individual, is over 18 years of age (or older if required by Investor's state in order to purchase securities), and the address set forth above is the true residence and domicile of the Investor, and the Investor has no present intention of becoming a resident or domiciliary of any other state or jurisdiction. If a corporation, trust, partnership or other entity, the Investor has its principal place of business at the address set forth on the signature page.

(f)If Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Investor hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Bonds or any use of this Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Bonds, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Bonds. Investor's subscription and payment for and continued beneficial ownership of the Bonds will not violate any applicable securities or other laws of Investor's jurisdiction.

(g)Investor has had an opportunity to ask questions of and receive answers from the Company, or a person or persons acting on its behalf, concerning the Company and the terms and conditions of this investment, and all such questions have been answered to the full satisfaction of the Investor.

(h)Except as set forth in this Agreement, no representations or warranties have been made to the Investor by the Company or any partner, agent, employee or affiliate thereof.

(i)Investor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Company and making an informed investment decision with respect thereto. The Investor has consulted its own advisers with respect to its proposed investment in the Bonds.

(j)Investor is not making this purchase of Bonds in any manner as a representative of a charitable remainder unitrust or a charitable remainder trust.

(k)Investor has the financial ability to bear the economic risk of the Investor's investment, including a complete loss thereof, has adequate means for providing for its current needs and possible contingencies and has no need for liquidity in its investment

(l)Investor further represents, warrant and covenant that if Investor elects to have interest on the Bonds paid monthly, and Investor is an IRA, that Investor consents to the Company changing the election, in the Company's sole discretion, such that interest is compounded monthly until repayment of the Bonds rather than paid monthly, immediately upon delivering written notice of such change to Investor.

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(m)If the Investor is an individual retirement account, qualified pension, profit sharing or other retirement plan, or governmental plans or units (all such entities are herein referred to as a "**Retirement Trust**"), the Investor represents that the investment in the Company by the Retirement Trust has been authorized by the appropriate person or persons and that the Retirement Trust has consulted its counsel with respect to such investment and the Investor represents that it has not relied on any advice of the Company or its affiliates in making its decision to invest in the Bonds issued by the Company.

(n)Neither the execution and delivery of this Agreement nor the fulfillment of or compliance with the terms and provisions hereof, will conflict with, or result in a breach or violation of any of the terms, conditions or provisions of, or constitute a default under, any contract, agreement, mortgage, indenture, lease, instrument, order, judgment, statute, law, rule or regulation to which Investor is subject.

(o)It is understood that this Agreement is irrevocable by Investor but is not binding on the Company until accepted by the Company by signature of its authorized representative on the acceptance page hereto. The Company may accept or reject this purchase of Bonds in whole or in part. In the event of rejection of this purchase in its entirety, or in the event the sale of the Bonds (or any portion thereof) to Investor is not consummated for any reason, this Agreement shall have no force or effect with respect to the rejected purchase (or portion thereof), except for Section 4(d) hereof, which shall remain in force and effect.

(p)The Company reserves the right to request such information as is necessary to verify the identity of the Investor. The Investor shall promptly on demand provide such information and execute and deliver such documents as the Company may request to verify the accuracy of the Investor's representations and warranties herein or to comply with the USA PATRIOT Act of 2001, as amended (the "**Patriot Act**"), certain anti-money laundering laws or any other law or regulation to which the Company may be subject (the "**Relevant Legislation**"). In addition, by executing this Agreement the Investor authorizes the Company to provide the Company's legal counsel and any other appropriate third party with information regarding the Investor's account, until the authorization is revoked by the Investor in writing to the Company.

(q)Investor represents and warrants that (i) the Bonds are to be purchased with funds that are from legitimate sources in connection with its regular business activities and which do not constitute the proceeds of criminal conduct; (ii) the Bonds are not being acquired, and will not be held, in violation of any applicable laws; (iii) the Investor is not listed on the list of Specially Designated Nationals and Blocked Persons maintained by OFAC; and (iv) the Investor is not a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure. The lists of the Office of Foreign Assets Control ("**OFAC**")OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at http://www.treas.gov/ofac. In addition, the programs administered by OFAC (the "**OFAC Programs**") prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. THE COMPANY'S REPRESENTATIONS AND WARRANTIES**. The Company represents and warrants to you, as of the date of this Agreement and as of any date that you commit to purchase Bonds, that: (a) it is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Wyoming and has the requisite corporate power to enter into and perform its obligations under this Agreement; (b) this Agreement has been duly authorized, executed, and delivered by the Company; (c) the Bonds have been duly authorized and, following payment of the purchase price by you and electronic execution, authentication, and delivery to you, will constitute valid and binding obligations

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of the Company enforceable against the Company in accordance with their terms, except as the enforcement thereof may be limited by applicable bankruptcy, insolvency, or other laws; and (d) the Company has complied in all material respects with applicable federal, state, and local laws in connection with the offer and sale of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. NO ADVISORY RELATIONSHIP**. YOU ACKNOWLEDGE AND AGREE THAT THE PURCHASE AND SALE OF THE BONDS PURSUANT TO THIS AGREEMENT IS AN ARMS-LENGTH TRANSACTION BETWEEN YOU AND THE COMPANY. THE COMPANY IS NOT AN INVESTMENT ADVISER OR BROKER/DEALER IN CONNECTION WITH THE PURCHASE AND SALE OF THE BONDS, THE COMPANY IS NOT ACTING AS YOUR AGENT OR FIDUCIARY. THE COMPANY ASSUMES NO ADVISORY OR FIDUCIARY RESPONSIBILITY IN YOUR FAVOR IN CONNECTION WITH THE PURCHASE AND SALE OF THE BONDS. THE COMPANY HAS NOT PROVIDED YOU WITH ANY LEGAL, ACCOUNTING, REGULATORY, INVESTMENT OR TAX ADVICE WITH RESPECT TO THE BONDS. YOU HAVE CONSULTED YOUR OWN LEGAL, ACCOUNTING, REGULATORY, INVESTMENT AND/OR TAX ADVISORS TO THE EXTENT YOU HAVE DEEMED APPROPRIATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. LIMITATIONS ON DAMAGES**. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL, OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. FURTHERMORE, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY TO THE OTHER REGARDING THE EFFECT THAT THIS AGREEMENT MAY HAVE UPON THE FOREIGN, FEDERAL, STATE, OR LOCAL TAX LIABILITY OF THE OTHER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. FURTHER ASSURANCES**. The parties agree to execute and deliver such further documents and information as may be reasonably required in order to effectuate the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES**. You consent to transact business with the Company online and electronically. As part of doing business with the Company, therefore, the Company also needs you to consent to the Company giving you certain disclosures electronically, either via the PIC Site or to the email address you provide to the Company. By entering into this Agreement, you consent to receive electronically all documents, communications, notices, contracts, and agreements arising from or relating in any way to you or the Company's rights, obligations, or services under this Agreement (each, a "**Disclosure**"). The decision to do business with the Company electronically is yours. This document informs you of your rights concerning Disclosures.

You will keep the Company informed of any change in your email or home mailing address so that you can continue to receive all Disclosures in a timely fashion. If your registered email address changes, you must notify the Company of the change by sending an email to _________________ .com. You also agree to update your registered residence address and telephone number on the PIC Site if they change.

You will print a copy of this Agreement for your records. You agree and acknowledge that you can access, receive, and retain all Disclosures electronically sent via email or posted on the PIC Site.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NOTICES**. All notices, requests, demands, required disclosures, and other communications to you from the Company will be transmitted to you only by email to the email address you have registered on the PIC Site or will be posted on the PIC Site, and shall be deemed to have been duly given and effective upon transmission or posting. If your registered email address changes, you must notify the Company promptly. You also agree to promptly update your registered residence/mailing address on the PIC Site if you change your residence. You shall send all notices or other communications required to be given hereunder to the Company via email at ____________ .com or in writing to the Company Diversification Fund, LLC at 245 Laurel Rd. Lexington, SC 29073.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. MISCELLANEOUS**.

(a)All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons or entity or entities may require.

(b)All section headings herein are inserted for convenience only and do not modify or affect the meaning, construction, or interpretation of any of the provisions of this Agreement.

(c)This Agreement is not transferable or assignable by Investor without the prior written consent of the Company.

(d)The representations, warranties and agreements contained herein shall be deemed to be made by and be binding upon Investor and its heirs, executors, administrators and successors and shall inure to the benefit of the Company and its successors and assigns.

(e)By signing this Agreement, you acknowledge that you have reviewed and agree to be bound by the privacy policy and terms of conditions of the PIC Site.

(f)None of the provisions of this Agreement may be waived, changed or terminated orally or otherwise, except as specifically set forth herein or except by a writing signed by the Company and Investor.

(g)The invalidity, illegality or unenforceability of one or more of the provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of this Agreement, including any such provision, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

(h)This Agreement and the Bond constitute the entire agreement between the Investor and the Company with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements, communications, promises, and proposals, and understandings whether oral, written, or electronic , if any, relating to the subject matter hereof. If there is disagreement between the terms of this Agreement and the terms of the Bonds, the terms of the Bonds shall prevail.

(i)The terms and provisions of this Agreement are intended solely for the benefit of each party hereto and their respective successors and assigns, and it is not the intention of the parties to confer, and no provision hereof shall confer, third-party beneficiary rights upon any other person.

(j)This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.

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(k)No failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. NOTICE OF DISPUTE RESOLUTION BY BINDING ARBITRATION AND CLASS ACTION/CLASS ARBITRATION WAIVER**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IMPORTANT: PLEASE READ CAREFULLY. THE FOLLOWING PROVISION ("**ARBITRATION PROVISION**") CONSTITUTES A BINDING AGREEMENT THAT LIMITS CERTAIN RIGHTS, INCLUDING YOUR RIGHT TO OBTAIN RELIEF OR DAMAGES THROUGH COURT ACTION OR AS A MEMBER OF A CLASS. THAT MEANS THAT, IN THE EVENT THAT YOU HAVE A COMPLAINT AGAINST THE COMPANY THAT THE COMPANY IS UNABLE TO RESOLVE TO YOUR SATISFACTION AND THAT CAN NOT BE RESOLVED THROUGH MEDIATION, YOU AND the Company AGREE TO RESOLVE YOUR DISPUTE THROUGH BINDING ARBITRATION, INSTEAD OF THROUGH COURTS OF GENERAL JURISDICTION OR THROUGH A CLASS ACTION. BY ENTERING INTO THIS AGREEMENT, YOU AND THE COMPANY ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY AND TO PARTICIPATE IN ANY CLASS ACTION. THE ARBITRATION PROVISION AND THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION IS NOT INTENDED TO BE DEEMED A WAIVER BY YOU OF OUR COMPLIANCE WITH THE EXCHANGE ACT AND SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE ARBITRATION, CLASS ACTION WAIVER AND JURY WAIVER PROVISIONS DO NOT APPLY TO CLAIMS BROUGHT UNDER THE EXCHANGE ACT AND SECURITIES ACT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Claim" shall mean any dispute or controversy arising out of or relating to this Agreement, your use of the PIC Site, and/or the transactions, activities, or relationships that involve, lead to, or result from any of the foregoing. Claims include breach of contract, fraud, misrepresentation, express or implied warranty, and equitable, injunctive, or declaratory relief, as well as claims relating to loan servicing, credit/collections, and securities matters, regardless of the originating source (common law, statute, constitution, regulation, etc.). Claims include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise and include those brought by or against your assigns, heirs, or beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Claim arises and such Claim cannot be settled through direct discussions, the parties hereto agree to endeavor first to settle the dispute by mediation administered by the American Arbitration Association (the "**AAA**") under its Commercial Mediation Procedures before resorting to arbitration pursuant to this Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any unresolved Claim shall be settled by binding arbitration as the sole and exclusive forum and remedy for resolution of a Claim between you and the Company. The Party initiating arbitration shall do so with the AAA. The procedure shall be governed by the AAA Commercial Arbitration Rules, and the parties stipulate that the laws of the State of Wyoming shall apply, without regard to conflict-of-law principles. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to controlling law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply. Arbitration shall take place in Lexington County, South Carolina, within the U.S. District Court for the District of South Carolina, or in such location as agreed upon by the parties. Each party will, upon written request of the other party, promptly provide the other with copies of all relevant documents. There shall be no other discovery allowed.

------

Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Absent agreement among the parties, the presiding arbitrator shall determine how to allocate the fees and costs of arbitration among the parties according to the administrator's rules or in accordance with controlling law if contrary to those rules. Each party shall bear the expense of that party's attorneys, experts, and witnesses, regardless of which party prevails in the arbitration, unless controlling law provides a right for the prevailing party to recover fees and costs from the other party. Notwithstanding the foregoing, if the arbitrator determines that your claim is frivolous or brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b)), the Company shall not be required to pay any fees or costs of the arbitration proceeding, and any previously paid fees or costs shall be reimbursed by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the amount in controversy exceeds $50,000, any party may appeal the arbitrator's award to a three-arbitrator panel within thirty (30) days of the final award. Additionally, in the event of such an appeal, any opposing party may cross-appeal within thirty (30) days after notice of the appeal. The three-arbitrator panel may consider all of the evidence and issue a new award, and the panel does not have to adopt or give any weight to the first arbitrator's findings of fact or conclusion. This is called "*de novo*" review. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator's rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act (the "**FAA**"), and may be entered as a judgment in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The parties agree that this Arbitration Provision is made pursuant to a transaction between you and the Company that involves and affects interstate commerce and therefore shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by the law of the State of Wyoming, subject to the limitations set forth in this Agreement. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The parties also agree that the proceedings shall be confidential to protect intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, YOU MAY OPT OUT OF THIS ARBITRATION PROVISION BY SENDING AN ARBITRATION OPT-OUT NOTICE TO THE COMPANY, 245 LAUREL RD. LEXINGTON, SC 29073, THAT IS RECEIVED AT THIS ADDRESS WITHIN THIRTY (30) DAYS OF YOUR FIRST ELECTRONIC ACCEPTANCE OF THIS FORM. YOUR OPT-OUT NOTICE MUST CLEARLY STATE THAT YOU ARE REJECTING ARBITRATION; IDENTIFY THE AGREEMENT TO WHICH IT APPLIES BY DATE; PROVIDE YOUR NAME, ADDRESS, AND SOCIAL SECURITY NUMBER; AND BE SIGNED BY YOU. YOUR MAY CONVEY THE OPT-OUT NOTICE BY U.S. MAIL OR ANY PRIVATE MAIL CARRIER (E.G. FEDERAL EXPRESS, UNITED PARCEL SERVICE, DHL EXPRESS, ETC.), SO LONG AS IT IS RECEIVED AT THE ABOVE MAILING ADDRESS WITHIN THIRTY (30) DAYS OF YOUR FIRST ELECTRONIC ACCEPTANCE OF THE TERMS OF THIS AGREEMENT. IF THE NOTICE IS SENT BY A THIRD PARTY, SUCH THIRD PARTY MUST INCLUDE EVIDENCE OF HIS OR HER LEGAL AUTHORITY TO SUBMIT THE OPT-OUT NOTICE ON YOUR BEHALF. IF YOUR OPT-OUT NOTICE IS NOT RECEIVED WITHIN THIRTY (30) DAYS, YOU WILL BE DEEMED TO HAVE ACCEPTED ALL TERMS OF THIS ARBITRATION AGREEMENT.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and the relationship of the parties; (ii) the bankruptcy or insolvency of any party or other person; and (iii) any transfer of any Bond which you own, or any amounts owed on such Bonds, to any other person or entity. If any portion of this Arbitration Provision other than the prohibitions on class arbitration in Sections 13(a) and 13(h) is deemed invalid or unenforceable under any law or statute consistent with the FAA, it shall not invalidate the other provisions of this Arbitration Provision or this Agreement; if the prohibition on class arbitration is deemed invalid, however, then this entire Arbitration Provision shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARITIES HERETO WAIVE A TRIAL BY JURY AND TO PARTICIPATE IN ANY CLASS ACTION IN ANY LITIGATION RELATING TO THIS AGREEMENT, OR ANY OTHER AGREEMENTS RELATED THERTO. NOTWITHSTANDING THE FOREGOING SENTENCE, THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION IS NOT INTENDED TO BE DEEMED A WAIVER BY YOU OF OUR COMPLIANCE WITH THE EXCHANGE ACT AND SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. INDEMNIFICATION BY BONDHOLDER**. YOU AGREE TO INDEMNIFY, DEFEND (WITH COUNSEL SATISFACTORY TO THE COMPANY AND HOLD HARMLESS THE COMPANY AGAINST ANY LOSS, LIAIBILTY, CLAIM OR EXPENSE, INCLUDING ATTORNEY'S FEES, THAT THE COMPANY MAY INCUR AS A RESULT OF (A) ANY MISREPRESENTATION OR BREACH OF COVENANT BY YOU HEREIN OR IN ANY OTHER DOCUMENT FURNISHED BY YOU IN CONNECTION WITH THIS AGREEMENT OR YOUR PURCHASE OF BONDS OR (B) ANY ACTION FOR SECURITIES LAW VIOLATIONS INSTITUTED BY YOU WHICH IS FINALLY RESOLVED BY JUDGMENT AGAINST YOU.

HEREOF AND SUPERSEDES ALL PRIOR OR CONTEMPORANEOUS COMMUNICATIONS, PROMISES AND PROPOSALS, WHETHER ORAL, WRITTEN OR ELECTRONIC, BETWEEN US. IF THERE IS A DISCREPANCY BETWEEN THE TERMS OF THIS AGREEMENT AND THE TERMS OF THE BONDS, THE TERMS OF THE BONDS SHALL PREVAIL.

[*signatures follow on next page*]

------

---

| |
|:---|
| Agreed and Accepted by: |
| **INVESTOR**: |
| By: |
| Name: |
| Title: |

---

---

| |
|:---|
| **THE COMPANY**:<br>DIVERSIFICATION FUND, LLC |
| By: |
| Name: |
| Title: |

---

## Ex1A-6

Exhibit 6.1 - Agreement with DealMaker

See [attached PDF](pic_ex6z1.pdf)

## Ex1A-11

CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the use of our report dated January 20, 2025, on the financial statements of **PIC Diversification Fund, LLC** (the "Company") as of December 31, 2024 included in this Regulation A Offering Statement of the Company, on Form 1-A, and to the reference to our firm under the heading "Experts".

![Picture 5](picex11_1.jpg)

Assurance Dimensions

Coral Springs, Florida

June 13, 2025

## Ex1A-12

![](picex12_1.jpg)

------

PIC Diversification Fund, LLC

245 Laurel Rd.

Lexington, South Carolina 29073

June 12, 2025

Re: Form 1-A Offering Statement

Ladies and Gentlemen:

Dodson Robinette, PLLC dba Crowdfunding Lawyers has acted as counsel to PIC Diversification Fund, LLC, a Wyoming limited liability company (the "Company"), in connection with the preparation and filing with the Securities and Exchange Commission of a Regulation A Offering Statement on Form 1-A (the "Offering Statement") relating to the sale by the Company of up to 74,257,425,000 Bonds (the "Bonds", each a "Bond") at a purchase price of $1.00 per Bond plus an investor processing fee of 1%, for total potential gross proceeds of $75,000,000 (rounded up). This opinion is being delivered in accordance with the requirements of Part III of Form 1-A.

In rendering this opinion, we have examined (i) the Offering Statement and the exhibits thereto, (ii) certain resolutions of the Company, relating to the issuance and sale of the Bonds, and (iii) such other records, instruments and documents as we have deemed advisable in order to render this opinion. In such examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies and the authenticity of the originals of such latter documents. As to certain factual matters, we have relied upon resolutions and representations of the manager of the Company and have not sought independently to verify such matters.

Based on the foregoing, we are of the opinion that when sold and issued against payment therefor as described in the Offering Statement, the Bonds will be validly authorized, legally issued, and binding obligations of the Company, enforceable against the Company in accordance with their terms.

Our opinion herein is expressed solely with respect to the laws of the State of Wyoming, as currently in effect, and we express no opinion as to whether the laws of any jurisdiction are applicable to the subject matter hereof. No opinion is being rendered hereby with respect to the truth, accuracy or completeness of the Offering Statement or any portion thereof.

Our opinion that any document is legal, valid and binding is qualified as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) limitations imposed by bankruptcy, insolvency, reorganization, arrangement, fraudulent conveyance, moratorium or other laws relating to or affecting the rights of creditors generally;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) rights to indemnification and contribution which may be limited by applicable law or equitable principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing, and the possible unavailability of specific performance or injunctive relief and limitation of rights of acceleration, regardless of whether such enforceability is considered in a proceeding in equity or at law.

The information set forth herein is as of the date hereof. We assume no obligation to supplement this opinion letter if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. Our opinion is expressly limited to the matters set forth above, and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the Bonds, the Offering Statement, or the circular included therein.

We hereby consent to the filing of this opinion as an exhibit to the Offering Statement. In giving such consent, we do not believe that we are "experts" within the meaning of such term as used in the Securities Act of 1933 or the rules and regulations of the Commission issued thereunder with respect to any part of the Offering Statement, including this opinion as an exhibit or otherwise.

---

| |
|:---|
| Sincerely, |
| /s/ Dodson Robinette, PLLC |
| DODSON ROBINETTE, PLLC |

---

### Attached PDF Documents

**Attachment 1:** `pic_ex6z1.pdf`

# DEALMAKER
## SECURITIES

### Order Form
Reg A with Special Rate Card

Prepared for: PIC Diversification Fund LLC
Quote Date: Apr 1, 2025
Contact: Dan Handford
Valid Until: Apr 1, 2025
Email: dan@passiveinvesting.com
Proposed By: Jessica Stronghill

### Billing Information

| Effective Date: | Apr 1, 2025 4:37:08 PM UTC-0400 |
| --- | --- |
| Commencement Date (if different from Effective Date): | May 1, 2025 |
| Billing Contact: | Dan Handford |
| Billing Phone: | 404-316-8550 |
| Payment Terms: | 100% Due on Signing |
| Billing Email: | dan@passiveinvesting.com |
| Billing Address: | 245 Laurel Road, Lexington South Carolina United States 29073 |

### Set Up Fees

| Set Up Fees | Net Price |
| --- | --- |
| DealMaker Securities - Reg A Onboarding Setup | $17,500 |
| DealMaker.tech Plus Setup | $10,000 |
| DealMaker Shareholder Services - Setup | $2,500 |
| Discount | 25% |
| Total Net Setup | $30,000 |

### Monthly Fees

| Monthly Fees | Net Price |
| --- | --- |
| DealMaker.tech - Plus Platform Monthly Fee | $2,000 |
| Total Net Monthly | $2,000 |

This Order Form sets forth the terms of service by which a number of separate DealMaker affiliates are engaged to provide services to Customer (collectively, the "Services"). By its signature below in each applicable section, Customer hereby agrees to the terms of service of each company referenced in such section. Unless otherwise specified above, the Services shall commence on the date hereof.

By proceeding with its order, Customer agrees to be bound contractually with each respective company. The Applicable Terms of Service include and contain, among other things, warranty disclaimers, liability limitations and use limitations.

In particular, Customer understands and agrees that it is carrying out a self-hosted capital raise and bears primary responsibility for the success of its own raise. No DealMaker entity is ever responsible for the success of Customer's campaign and no guarantees or representations are ever in place with respect to (i) capital raised (ii) investor solicitation or (iii) completion of investor transactions with Customers. Customer agrees and acknowledges that online capital formation is uncertain, and that nothing in this agreement prevents Customer from pursuing concurrent or sequential alternative forms of capital formation. Customer should use its discretion in choosing to engage the vendors described in this Agreement and agrees that such entities bear no responsibility to Customer with respect to raising capital.

There shall be no force or effect to any different terms other than as described or referenced herein (including all terms included or incorporated by reference) except as entered into by one of the companies referenced herein and Customer in writing.

A summary of Services purchased is described in the Schedule "Summary of Compensation" attached. The applicable Terms of Service are described on the Schedules thereafter, and are incorporated herein.

Services NEVER include providing any investment advice nor any investment recommendations to any investor.

| PIC Diversification Fund LLC |  |
| --- | --- |
| Name | Dan Handford |
| Title | Managing Partner |
| Signature | Dan Handford |
| Date |  |

# Schedule "Summary of Compensation"

## A. Regulation A Offering

- $27,500 Advance (an advance against accountable expenses anticipated to be incurred, and refunded to extent not actually incurred)

This advance includes:

i. $17,500 prepaid to DealMaker Securities LLC for Pre-Offering Analysis
ii. $10,000 prepaid to Novation Solutions Inc. O/A DealMaker for infrastructure for self-directed electronic roadshow

- $2,000 monthly account management compensation.

- Monthly account management and software access payments commence in the month of the Commencement date. If no Commencement date is stated on the Order Form, monthly fees commence in the first month following the Effective Date.
- To the extent services are commenced in advance of a FINRA no objection letter being received, such amounts paid are advances against accountable expenses anticipated to be incurred, and fully refunded to extent not actually incurred. A maximum of $6,000 of monthly accountable expenses will be collected.

- Monthly compensation includes:
- $2,000 account maintenance fees payable to DealMaker (up to a maximum of $18,000 during the Offering)

- 4% Cash Compensation From All Proceeds:

- Cash compensation does not include processing investor refunds for Customers, which are chargeable at $50.00 per refund.
- Customer shall be responsible for third-party fees with respect to payment processing.*
- Customer may elect to offset all or a portion of these fees by levying an administrative fee to investors.

- $11,750 in Corporate Filing Fees (payable to FINRA)

*Fees are estimated to be approximately 2% of offering proceeds

## Fair Compensation

To ensure adherence to fair compensation guidelines, DealMaker Securities will ensure that, in any scenario, the aggregate amounts payable to DealMaker Securities and its affiliates in respect of Services related to the Offering shall never exceed the amounts set forth herein. If the Offering is fully subscribed, the maximum amount of underwriting compensation will be $3,051,500.

*In the event that the Financial Industry Regulatory Authority ("FINRA") Department of Corporate Finance does not issue a no objection letter for the Offering, all DMS Fees are fully refundable other than services actually rendered.

B. Non-Regulation A Offering Fees

- $2,500 DealMaker Shareholder Services account setup, including upload of existing shareholder list and general review and compliance (Directors’ resolutions, etc.) in respect of up to 2,500 shareholders with no additional charge. Additional services beyond the first 2,500 shareholders will be charged out at DM Shareholder Services standard hourly rates.

- DealMaker Shareholder Services:

- $250 monthly subscription fee for DealMaker Shareholder Services Management portal.
- DealMaker Shareholder Services include the issuance of securities by DealMaker Shareholder Services to investors in any Offering conducted on DealMaker, as well as the maintenance of Customer’s register of securities
- Compensation for additional DealMaker Shareholder Services is listed on the DM Shareholder Services Rate card and is subject to regular update in the ordinary course.

Note: Prices are standard base compensation and subject to additional customization compensation. A condition of the use of DealMaker Transfer Agent LLC (O/A "DealMaker Shareholder Services") is that Customer continue to pay any and all outstanding compensation owing to DealMaker, including software compensation for use of the DealMaker Shareholder Services Management portal on a monthly basis, on the fees and terms established in the Order Form entered into between Customer and DealMaker.

# Schedule "Broker Dealer Services" (DealMaker Securities LLC)

## Pre-Offering Analysis

- Reviewing Customer, its affiliates, executives and other parties as described in Rule 262 of Regulation A, and consulting with Customer regarding the same.

## Pre-Offering Consulting for Self-Directed Electronic Roadshow

- Reviewing with Customer on best business practices regarding raise in light of current market conditions and prior self-directed capital raises
- Reviewing with Customer on question customization for investor questionnaire, selection of webhosting services, and template for campaign page
- Advising Customer on compliance of marketing material and other communications with the public with applicable legal standards and requirements
- Providing advice to Customer on content of Form 1A and Revisions
- Provide extensive, review, training, and advice to Customer and Customer personnel on how to configure and use electronic platform powered by DealMaker.tech
- Assisting in the preparation of SEC and FINRA filings
- Working with the Client's SEC counsel in providing information to the extent necessary

## Advisory, Compliance and Consulting Services During the Offering

- Reviewing investor information, including identity verification, performing AML (Anti-Money Laundering) and other compliance background checks, and providing Customer with information on an investor in order for Customer to determine whether to accept such investor into the Offering;
- If necessary, discussions with the Customer regarding additional information or clarification on an Customer-invited investor;
- Coordinating with third party agents and vendors in connection with performance of services;
- Reviewing each investor's subscription agreement to confirm such investor's participation in the offering and provide a recommendation to the company whether or not to accept the subscription agreement for the investor's participation;
- Contracting and/or notifying the company, if needed, to gather additional information or clarification on an investor;
- Providing ongoing advice to Customer on compliance of marketing material and other communications with the public, including with respect to applicable legal standards and requirements;
- Reviewing with Customer regarding any material changes to the Form 1A which may require an amended filing; and
- Reviewing third party provider work-product with respect to compliance with applicable rules and regulations.

Customer hereby engages and retains DealMaker Securities LLC, a registered Broker-Dealer, to provide the applicable services described above. Customer hereby agrees to the terms set forth in the DealMaker Securities Terms, with compensation described on Schedule "Summary of Compensation" hereto.

Customer Signature

DRAFT

# Schedule

"DealMaker.tech Subscription Platform and Shareholder Services Online Portal"

## During the Offering, Subscription Processing and Payments Functionality

- Creation and maintenance of deal portal powered by DealMaker.tech software with fully-automated tracking, signing, and reconciliation of investment transactions
- Full analytics suite to track all aspects of the offering and manage the conversion of prospective investors into actual investors.

## Apart from the Offering, Shareholder Management via DealMaker Shareholder Services

- Access to DM Shareholder Management Technology to provide corporate updates, announce additional financings, and track engagement
- Document-sharing functionality to disseminate share certificates, tax documentation, and other files to investors
- Monthly compensation is payable to DealMaker.tech while the client has engaged DealMaker Shareholder Services

Subscription Management and DM Shareholder Management Technology is provided by Novation Solutions Inc. O/A DealMaker. Customer hereby agrees to the terms set forth in the DealMaker Terms of Service with compensation described on Schedule "Summary of Compensation" hereto.

| Customer Signature |  |
| --- | --- |

# Schedule "Transfer Agent Services" (DealMaker Shareholder Services)

## Account Setup:

### General onboarding and customer account setup, includes:
- Upload of existing shareholder list (2,500 shareholders or fewer)
- Issuer review and compliance package (directors resolutions, etc)

### Shareholder Services Management Portal Standard Monthly Prices with Additional discount: 20%

| Number of Shareholders | Monthly Compensation |
| --- | --- |
| 0-250 | $250 $200 minimum flat fee |
| 251-500 | $0.75 $0.60 / shareholder |
| 501-1500 | $0.50 $0.40 / shareholder |
| 1,501-5,000 | $0.20 $0.16 / shareholder |
| 5,001-10,000 | $0.10 $0.08 / shareholder |
| 10,001+ | $0.08 $0.064/ shareholder |

## Issuance Compensation (Per Action)

Electronic Record (Book Entry) security issuance compensation included

Compensation for additional services is listed on the DealMaker Shareholder Services Rate card and is subject to regular update in the ordinary course. Upload of historic shareholder list includes up to 2,500 shareholders provided that that shareholder data meets DealMaker's standard data format. Services related to onboarding historical shareholders where data is not provided in DealMaker's standard format or above and beyond the first 2,500 shareholders will be billable at DealMaker Shareholder Services standard hourly rates of $50 per hour.

A condition of the use of DealMaker Shareholder Services is that Customer continue to pay any and all outstanding compensation owing to DealMaker, including software compensation for use of the DealMaker Shareholder Services Management portal on a monthly basis, on the compensation and terms established in the Order Form entered into between Customer and DealMaker.

Customer hereby engages and retains DealMaker Transfer Agent LLC, a registered Transfer Agent, (O/A "DealMaker Shareholder Services") to provide the applicable services, with compensation described on Schedule "Summary of Compensation" hereto.

Customer Signature

5974850

# Shareholder Services Rate Card

| Account Setup & Onboarding |  |
| --- | --- |
| DealMaker Shareholder Services Onboarding includes: • Configuration of a Customer Shareholder Services portal for shareholder management • Issuer review and compliance package • Upload of historical shareholder list (must be provided in appropriate CSV Format) up to 2,500 holders | $2,500 |
| Data cleaning and reconciliation | $125/hour |
| Note: DealMaker standard hourly rates of $125 per hour will apply to: (a) uploading all historic shareholder data that is not in standard CSV format; and (b) Issuers importing greater than 2,500 historic shareholders. Requests to upload more than 2500 historic shareholders may also incur additional fees for data integration, available upon request. |  |

| Shareholder Services Management Portal Monthly Fee |  |
| --- | --- |
| 0 - 250 shareholders (minimum flat fee) | $250 $200 minimum flat fee |
| 251 - 500 shareholders | $0.75 $0.60 / shareholder |
| 501 - 1,500 shareholders | $0.50 $0.40 / shareholder |
| 1,501 - 5,000 shareholders | $0.20 $0.16 / shareholder |
| 5,001 - 10,000 shareholders | $0.10 $0.08 / shareholder |
| 10,001+ shareholders | $0.08 $0.064/ shareholder |
| Monthly Fee includes: - Portal access and use of DM Shareholder Management Technology - shareholder ledger management, shareholder inquiry and IR functionality, Community building tools, and more. - Functionality supporting corporate updates, announcements, tracking engagement. - Document-sharing functionality to disseminate book entry statements, tax documentation, and other files to shareholders. Note: Pricing is graduated - tiers apply progressively as shareholder quantity increases. |  |

| Issuance Fees |  |
| --- | --- |
| Electronic Record (Book Entry) security issuance fee | included |

| Base Usage Fees - Corporate Actions |  |
| --- | --- |
| Stock Split | $2,500 |
| Name Change | $2,500 |
| Stock Dividend | $2,500 |

| Shareholder Actions |  |
| --- | --- |
| Non-restricted share transfer (issue/cancel). Includes electronic record-keeping of documentation received for transfer | $50/transfer |
| Removal of Restrictive Legend | $100 |
| Transaction Rejection | $25 |
| Note: all shares are maintained in book-entry form, we do not issue paper certificates so significant savings on paper certificate costs (lost/stolen/mailing) |  |

| Digital Dividend |  |
| --- | --- |
| Dividend Setup | $1,500 Waived |
| Administrative Fee | $500 per disbursement |
| Per distribution (plus associated payment processing costs) | $3.00 $1.25 |
| 1099s Issue/Send* | $3.99 $1.00 |
| Note: Customer is responsible for issuing K-1s in place of 1099s. Customer's accountant can prepare K-1s. DealMaker Shareholder Services can be used to share K-1 statements with Customer's investors and FAQs prepared to easily manage investor's inquiries. |  |

| Base Shareholder Digital Voting & Annual Meetings |  |
| --- | --- |
| Voting, Website setup, Digital Meeting Hosting, Digital Q&A, Shareholder Technology Support | $15,000** |
| Email notice and Electronic ID Generation | $1.50 per shareholder |
| Vote Tabulation | $0.50 per vote tabulated |
| **Per Quarter. Voting extended beyond the quarter is subject to additional fees. |  |
| Note: By-Laws must be drafted by counsel to permit digital meetings. |  |

| Other Services |  |
| --- | --- |
| Audit Verification | $125 |
| Additional OFAC investor checks | $2.50/shareholder |
| Early Termination | Per contract term |

Warrants and Convertible Notes:

| General onboarding and customer account setup, includes: • services rendered in connection with the creation of the issue. • including, among other things, reviewing and providing our comments to counsel on the draft Warrant Indenture and other related documents. • execution of the Warrant Indenture in its final approved form in acceptance of the responsibilities and duties of the agency. • setting up records, and all telephone communications and correspondence incidental thereto. |  |
| --- | --- |
| Monthly Record Maintenance Fee | $300 per month |
| Exercise Fee • Includes review of exercise forms, confirmation of payment • Cancellation of warrants and update of warrant register • Issuance of new securities, update of new security register • AML verification included in .tech portal | $60.00 per exercise and issuance |
| Cancellation, De-Registration, Re-Registration of Warrants | $20.00 per cancellation |
| Removal of Restrictive Legend | $100 per transaction |
| Other Services Rush Fees Fractional Share Payments Audit Verification Early Termination Consulting Fee | *Customer to approve Rush Fees before rush services are rendered and Rush Fees incurred *Quoted based on Customer time limitations and project scope *Quoted upon request $125 $2,500 $50/hour * Consulting fee for issuer & investor questions outside our mandate for example, questions not directly related to the series raise for which we have been engaged. |

NOTE: Prices are standard base fees and subject to additional customization fees. A condition of the use of DealMaker Transfer Agent LLC services is that Issuer continue to pay any and all outstanding fees owing to

DealMaker, including software fees for use of the DealMaker Shareholder Services Management portal on a monthly basis, on the fees and terms established in the Order Form entered into between Issuer and DealMaker.

# DEALMAKER TERMS OF SERVICE

These Terms of Services ("Terms") govern access to the software and services provided by any of the DealMaker entities such as Novation Solutions Inc., O/A DealMaker ("DealMaker.tech"), DealMaker Reach, LLC ("DM Reach"), DealMaker Securities LLC ("DMS") and DealMaker Transfer Agent LLC, O/A DealMaker Shareholder Services ("DMTA") (individually, each a "DealMaker Entity" and collectively, the "DealMaker Entities"). Each of the entities may be referred to as "DealMaker" or the "Company" in these Terms. These Terms have legal implications. It is important that you read these terms carefully, and consult legal counsel if you determine that is appropriate, in order to understand these Terms.

The Terms, together with the DealMaker order form from which this page was linked ("Order Form"), form an agreement between the Customer (as defined in the order form) and the applicable DealMaker entit(ies) being engaged for technology or services (each an "Agreement"). Each of these Agreements may be referred to as "an Agreement" or "the Agreement" in these Terms.

Each Agreement contains, among other things, warranty disclaimers, liability limitations and use limitations. Each Agreement also contains an arbitration provision which is enforceable against the parties and may impact your rights and obligations. By signing the Order Form and using the DealMaker Entity services described in such Order Form, Customer accepts and agrees to be bound by these Terms.

These Terms apply to all DealMaker Entities unless a DealMaker Entity is explicitly excluded or alternative terms are supplemented, as indicated below.

## 1. Definitions

"Account" means Investment funds deposited in Customer's account with a financial institution by (i) Customer's investors directly, funded via wire or check or (ii) a third party payment processor, prior to the Closing of any transaction involving such investments (each, a "Transaction")

"Closing" means the resolution of all applicable AML-related exceptions or discrepancies identified through any searches provided by third parties through Company or otherwise identified by or to Company for all transactions associated with an investment and the acceptance by the Customer of the investment associated with such transactions.

"Closing Date" means the date of each Closing.

"Commencement Date" occurs in the month the Customer begins paying monthly subscription fees. If no Commencement Date is stated on the Order Form, monthly subscription fees are payable in the month following the Effective Date.

"DM Shareholder Management Technology" means DealMaker's investor communication functionality technology and/or services provided by DealMaker.tech.

"Effective Date" is the date the Agreement is signed.

"Improvements" means any improvements, updates, variations, modifications, alterations, additions, error corrections, enhancements, functional changes or other changes to the Software, including, without limitation: (i) improvements or upgrades to improve software efficiency and maintainability; (ii) improvements or upgrades to improve operational integrity and efficiency; (iii) changes or modifications to correct errors; and (iv) additional licensed computer programs to otherwise update the Software.

"Intended Purpose" means Customer's use of the Software to raise capital online via technology or services provided by DealMaker.tech.

"Offerings" refers to online capital formation transactions completed by Company's Customers or Customer's clients, using the Software.

"Software" means the DealMakerTM cloud-based software program developed by Company, including its features, functionality, performance, application and use, any related printed, electronic and online documentation, manuals, training aids, user guides, system administration documentation and any other files that may accompany the Software used by the Customer.

"TOS" means the DealMaker.tech website terms of service located at https://www.dealmaker.tech/terms

## 2. Term and Termination

### 2.1. Term.

Unless otherwise stated in the Order Form, the Agreement will remain in effect from the Effective Date until the first day of the month following the completion of an Offering (“Term”). The Term for DMTA is set forth in the DMTA terms.

### 2.2. Renewal

2.2.1. Activation Fees: Unless otherwise specified in the Order Form, activation fees do not renew. Activation fees are one-time fees. These may also be referred to as “Launch Expenses” or “Setup,” if they precede the Offering launch or commencement of Services.

2.2.2. Monthly Subscription Fees: Unless otherwise specified in the Order Form, Monthly Subscription Fees (“Subscription Fee”) automatically renew each month.

2.2.3. DM Shareholder Management Technology Fees: DM Shareholder Management Technology is a service offered by DealMaker.tech. Unless otherwise specified in the DealMaker.tech or DMTA fee schedules to your Order Form, fees for use of the DM Shareholder Management Technology, when applicable, will automatically renew each month and the services can be canceled within any month upon written notice, effective the month following cancellation of DealMaker.tech services, except for DMTA Customers. Cancellation of fees for use of DM Shareholder Management Technology for DMTA customers is governed by the DMTA terms.

2.2.4. DealMaker Transactional Fees are incurred at the time of each transaction and charged on a per use basis, as specified in the Order Form.

### 2.3. Termination

2.3.1. Termination for Cause. Customer or any DealMaker Entity may terminate this Agreement immediately for Cause, as to any or all Subscription services. “Cause” includes a determination that a party is acting, or have acted, in a way that has negatively reflected on or impacted, or may negatively reflect on or impact the other party, its prospects, or its customers, including without limitation in a way that violates or causes a violation of applicable law or regulation. Upon termination for cause, there are no additional fees incurred. All prepaid unused fees would be returned.

2.3.2. Otherwise, an Agreement may only be terminated as follows:

a. Material Breach: A party may terminate this Agreement upon sixty (60) days written notice if the breaching party fails to perform or observe any material term, covenant, or condition to be performed or observed by it under this Agreement and such failure continues to be unremedied after sixty (60) days’ written notice of such failure from Company to Customer.

For greater clarity, If the breach has not been cured within the sixty day period, the non-breaching party may terminate this Agreement upon ten days written notice of such failure and may immediately exercise any one or more of the remedies available to it under the

Terms of this Agreement, in addition to any remedy available at law.

b. Customer Default. If Customer defaults in performing its obligations under an Agreement, Company may terminate this Agreement (i) upon written notice if any material representation or warranty made by Customer proves to be incorrect at any time in any material respect or (ii) upon written notice, in order to comply with a legal requirement, if such compliance cannot be timely achieved using commercially reasonable efforts, after Company has provided Customer with as much notice as practicable.

c. Right of Termination - Insolvency/Bankruptcy: A party may terminate an Agreement immediately, if the other party becomes the subject of a petition in bankruptcy or any other proceeding relating to insolvency, cessation of business, liquidation or assignment for the benefit of creditors, reorganization or other relief, or is adjudged bankrupt or insolvent or has entered against it a final and unappealable order for relief, under any bankruptcy, insolvency, or other similar law. In the event of Company insolvency, all of the Customer's assets are immediately released.

(collectively, “Termination Reasons”)

Other than the Termination Reasons, unless explicitly stated otherwise, an Agreement may not otherwise be terminated prior to the end of the Term.

2.3.3. The termination of an Agreement as described herein shall not exclude the availability of any other remedies. Any delay or failure by either party to exercise, in whole or in part, any right, power, remedy or privilege shall not be construed as a waiver or limitation to exercise, in whole or in part, such right, power, remedy or privilege.

2.3.4. All terms of an Agreement, which should reasonably survive termination, shall survive, including, without limitation, confidentiality, limitations of liability and indemnities, arbitration and the obligation to pay fees relating to services provided by the DealMaker Entity prior to termination.

## 3. Payment &amp; Billing

DealMaker shall be compensated as set out in the Order Form. Unless otherwise specified in the schedules to the Order Form, Customer will be invoiced on a monthly basis. Payment will be automatically debited from the Customer's bank account or credit card on file, with a receipt to be automatically delivered. Invoices will be available for the Customer to review upon request. In the event that any Customer payment fails, in respect of any invoice due and payable to a DealMaker Entity ("Arrears"), Customer must re-connect its bank account or update credit card within fourteen (14) days and submit payment for any Arrears. Unless Arrears are cleared and accounts are brought back into good standing within 14 days, automated payouts and reconciliation reporting will be disabled. In the event the Arrears are not cleared or accounts are not brought back into good standing within 30 days, all services will be paused until payment is received and the Customer's bank account or credit card authorization is restored. DealMaker reserves the right to debit from Customer's payment account in respect of any Arrears aged beyond thirty days unless the Customer disputes the charges in writing.

## 4. Intellectual Property

4.1. Title. Company retains title to and sole ownership of the Software and all Improvements. Customer retains title to and sole ownership of all Customer subscriber lists including names and personal information which shall be considered "Intellectual Property" (as defined below) of the Customer.

4.2. Cloud-Based Software. The Software is cloud based. As such, the source and object code are located on servers outside of the Customer's premises. Customer shall have no access to the facilities at which the Software is hosted.

4.3. Intellectual Property. All Intellectual Property, Intellectual Property Rights and distribution rights associated with or arising from Company's Confidential Information including but not limited to the Software, remain exclusively with Company. "Intellectual Property" includes, without limitation, with respect to all DealMaker Products: all technical data, designs, specifications, software, data, drawings, plans, reports, patterns, models, prototypes, demonstration units, practices, inventions, methods and related technology, processes or other information, and all rights therein, including, without limitation, patents, copyrights, industrial designs, trade-marks and any registrations or applications for the same and all other rights of intellectual property therein, including any rights that arise from the above items being treated by the parties as trade secrets (the rights being "Intellectual Property Rights.")

4.4. Restrictions.

4.4.1. Customer may not: (i) modify, enhance, reverse-engineer, decompile, disassemble or create derivative forms of the Software; (ii) copy the Software; (iii) sell, sub-license, lease, transmit, distribute or otherwise transfer rights in/to the Software; (iv) allow third-party use of the Software installed at the Site; or (v) pledge, hypothecate, alienate or otherwise encumber the Software to any third party.

4.4.2. Use of the Software is restricted to the Intended Purpose only. Customer agrees not to engage in any activity restricted by the TOS or transfer any information restricted by the TOS.

4.4.3. Customer acknowledges that unauthorized reproduction or distribution of the Software is expressly prohibited by law, and may result in civil and criminal penalties. Violators may be prosecuted. Customer may not reverse engineer, decompile, disassemble or otherwise attempt to discover the source code of the Software, DealMaker website or any part thereof, except and only to the extent that such activity is expressly permitted by applicable law notwithstanding this limitation.

4.5. Customer represents and warrants that any Customer assets or materials provided and the intended use thereof in accordance with the terms of each Agreement, will not infringe, violate, or misappropriate any third party rights, including without limitation, any copyrights, trademarks, trade secrets, privacy, publicity, or other proprietary or intellectual property rights.

5. Confidential Information

5.1. "Confidential Information" means any and all confidential or proprietary information of DealMaker or Customer, including affiliates thereof, which has been or may be disclosed by one party to this Agreement ("Disclosing Party") to the other party ("Receiving Party"), at any time prior to and during the Agreement Term, including, without limitation, the names of employees and owners, the names or other personally identifiable information of customers, business and marketing information, technology, know-how, ideas, reports, techniques, methods, processes, uses, composites, skills, and configurations, intellectual property of any kind and all documentation provided by investors in the Offering. Without limiting the generality of the foregoing, DealMaker's Confidential Information includes: (i) the Software; (ii) the computer code underlying the Software, including source and compiled code and all associated documentation and files; (iii) information relating to the performance or quality of the Software and

services provided by the DealMaker Entity; (iv) the details of any technical assistance provided to Customer during the Term; (v) any other products or service made available to Customer by DealMaker during the Agreement Term; and (vi) information regarding DealMaker's business operations including its research and development activities. All work product, pricing, Agreement terms and process information of either party exchanged with the other party to perform the terms of the Agreement is agreed to be Confidential Information, except that any logos or marketing references are not Confidential Information.

5.2. "Confidential Information" does not include information that: (i) is or has become generally known to the public without any action by the non-disclosing party; (ii) was known by either party prior to entering into the Agreement; (iii) was independently determined by either party; or (iv) was disclosed to the relevant party without restriction by a third party who, to the best of such party's knowledge and belief, had no obligation not to disclose such information.

5.3. Neither party may disclose Confidential Information without the express written consent of the other party, except as specifically contemplated in this Agreement.

5.4. By executing this Agreement, the Customer is providing written consent for DealMaker to disclose Confidential Information but only to the extent required to carry out the terms of this Agreement. Customer's investors will be required to sign-in to the DealMaker.tech portal and agree to the DealMaker.tech TOS. The parties agree that this process shall not constitute a disclosure of "Confidential Information" as described in this section.

5.5. Notwithstanding anything in this section, Customer and DealMaker hereby agree that each party may use the other party's logo for promotional purposes ("Logo Use"). The parties acknowledge that Logo Use does not include the use of any descriptive copy, all of which must be approved by Customer and DealMaker in writing. Except as provided for in this paragraph, nothing contained in this Agreement will be construed as granting Customer or DealMaker any right, title or interest in or to any or to use any of the other party's Confidential Information. Customer or DealMaker may terminate Logo Use at any time, with or without cause, upon written notice to the other party. For any Customer conducting a public offering on the DealMaker platform (i.e. Regulation A or Regulation CF offerings), in which the offering is already in the public domain, Customer agrees that DealMaker may disclose Customer name and offering proceeds to third party data aggregators for the purpose of generating industry reports. Industry reports shall not include publication of Customer name or the amount raised.

5.6. Authorized Disclosure. Each party may, without the consent of the other party, disclose Confidential Information to the extent reasonably necessary to comply with applicable regulatory demands or orders in connection with the purpose for which the Customer enters into this Agreement. Each party may disclose the existence of this Agreement and any relationship between the parties.

## 6. Exclusion of Warranties.

6.1. Except as expressly stated in this Agreement, DealMaker makes no representations or warranties or covenants to Customer, either express or implied, with respect to the Software, services provided by the DealMaker Entity or with respect to any Confidential Information disclosed to Customer. DealMaker specifically disclaims any implied warranty or condition of non-infringement, merchantable quality or fitness for a particular purpose. Customer acknowledges that the Software is in continuous development and that it has been advised by DealMaker to undertake its own due diligence with respect to all matters arising from this Agreement. All services are provided on an "as is" and "as available" basis without any warranties, express or implied, including, without limitation, implied warranties of merchantability or fitness

for a particular purpose, and DealMaker expressly disclaims all warranties. Customer agrees and understands that no DealMaker entity has any fiduciary duty to Customer.

6.2. No Improvements. Company is under no obligation to provide Improvements to the Software during the Term.

6.3. Any Improvements Gratuitous. Any Improvements provided by DealMaker to Customer from time to time during the Term shall be, unless otherwise stated, construed as being provided on a purely gratuitous basis and shall not give rise to any right or entitlement on the part of Customer, except as otherwise specifically provided in this Agreement. Any Improvements so provided shall be governed by the same terms and conditions applicable to the Software, as described herein, unless otherwise outlined in a fee schedule or addendum to this Agreement.

6.4. No Future Entitlement. Nothing in this Agreement shall be construed as creating any obligation on DealMaker to continue to develop, commercialize, offer, make available or support (i) the Software; or (ii) any feature, functionality or Improvement as may be encompassed in the Software from time to time during the Term, beyond the duration of the Term.

6.5. Company Templates and Samples are Provided with No Warranties. Customer may request access to DealMaker's templates and resources to help organize and set up an offering or any communications related thereto. These resources may include template communications, educational packages, resources for the management of administrative and collaborative tasks, and best practices observed from other offerings and industries. Customer acknowledges and agrees that, by providing access to any documents, training, or resources, DealMaker is not rendering and shall not be deemed to have rendered any legal, tax, investment, or financial planning advice. Customer shall, as it deems necessary or advisable, consult its own legal, tax, investment, or financial planning advisers. All templates and samples are provided with no warranties whatsoever and by making use of such materials, Customer is agreeing to voluntarily assume any liability with respect thereto.

## 7. Limitation and Exclusion of Liability.

Unless otherwise specified herein, in no event is DealMaker's liability for any damages on any basis, in contract, tort or otherwise, of any kind and nature whatsoever, arising in respect of this Agreement, howsoever caused, including damages of any kind and nature caused by DealMaker's negligence or by a breach of contract or any other breach of duty whatsoever, to exceed the fees actually paid to DealMaker by Customer during the Term. Customer acknowledges that DealMaker has set its fees under this Agreement in reliance on the limitations and exclusions of liability set forth in this Agreement and such reliance forms an essential basis of this Agreement. The limitations in Section 7 shall not apply to the parties' indemnification obligations in Section 8 of this Agreement.

## 8. Indemnification.

Applicability of Indemnification Clause: Customers of DMTA are bound by the separate indemnification clauses applying only to DMTA.

8.1. Indemnification by Customer. Customer shall indemnify and hold each DealMaker Entity, its affiliates and their respective members, officers, directors and agents ("Indemnified Parties") harmless from any and all actual or direct losses, liabilities, claims, demands, judgements, arbitrations awards, settlements, damages, direct fees, costs and expenses (including attorney fees and costs) (collectively "Losses"), resulting from or arising out of any third party suits, actions, claims, demands, investigations or similar

proceedings (collectively "Claim") to the extent they are based upon (i) a breach of this Agreement by Customer, (ii) the negligence, fraud, bad faith or willful misconduct of Customer, (iii) Customer, or Customer's clients' engagement with DealMaker and any actions taken in conjunction therewith, including but no limited to usage of the Software, whether or not such activities are in accordance with Intended Usage or (iv) the Offering. unless such Losses are found to have been caused solely by the Indemnified Party in a final non-appealable judgement in accordance with the procedure set out in section 8.3. "Losses" includes, losses arising from payment processing which are losses arising from chargebacks, drawbacks, payment reversals, fraudulent charges, insufficient credit, unauthorized charges, claims of Customer or third parties regarding payment disputes, and any other problems relating to card or ACH payments made for the benefit of Customer ("Payment Processing Losses").

8.2. Indemnification by Company. The applicable DealMaker Entity shall indemnify and hold Customer, Customer's affiliates and Customer's representatives and agents harmless from any Losses resulting from or arising out of Claims to the extent they are based upon (i) such DealMaker Entity's breach of this Agreement (ii) the negligence, fraud, bad faith or willful misconduct of the DealMaker Entity or (iii) DealMaker Entity's failure to comply with any applicable laws in the performance of its obligations under this Agreement.

8.3. Indemnification Procedure. If any proceeding is commenced against a party entitled to indemnification under this section, prompt notice of the proceeding shall be given to the party obligated to provide such indemnification. The indemnifying party shall be entitled to take control of the defense, investigation or settlement of the Proceedings and the indemnified party agrees to reasonably cooperate, at the indemnifying party's cost in ensuing investigations, defense or settlement. The indemnifying party shall reimburse the indemnified party for all expenses (including reasonable fees, disbursements and other charges of counsel) as they are incurred in connection with investigating, preparing, pursuing, defending, or settling a Claim (including without limitation any shareholder or derivative action); provided, however, that indemnifying party will not be liable to indemnify and hold harmless or reimburse an indemnified party pursuant to this paragraph to the extent that an arbitrator (or panel of arbitrators) or court of competent jurisdiction will have determined by a final non-appealable judgment that such Claim resulted from the gross negligence or willful misconduct of such indemnified party. The Indemnifying Party will not settle, compromise or consent to the entry of a judgment in any pending or threatened Claim unless such settlement, compromise or consent includes a release of the indemnified parties satisfactory to the indemnified parties.

8.4. Indemnified Party Limitation Of Liability. In no event shall the Indemnified Parties be liable or obligated in any manner for any consequential, exemplary or punitive damages or lost profits incurred by Customer arising from or relating to the Agreement, an Offering, or any actions or inactions taken by an Indemnified Parties in connection with the Agreement, and the Customer agrees not to seek or claim any such damages under any circumstances.

8.5. Recovery of Payment Processing Losses. Notwithstanding anything to the contrary in this Agreement, upon giving Customer prior written notice of no less than five business days, DealMaker.tech shall have the right, in its sole discretion, to deduct funds from Customer's Account to reimburse DealMaker.tech for any Payment Processing Losses. Customer acknowledges and agrees that recovery of Losses from Customer's Account will not serve as any limitation on the indemnification obligations of Customer under this Agreement or any remedy or claim that Company may be entitled to pursue against Customer in respect of such Losses.

9. Third Party Services

Customer may request introductions to DealMaker's network of partners and vendors for the purpose of sourcing additional services (including but not limited to, a call center, marketing support, investment relations). Unless otherwise specified in writing, all engagements with third parties in this respect are to be made directly between the Customer and the vendor at the Customer's discretion. Customer acknowledges and agrees that, by making such introductions, DealMaker is not recommending and shall not be deemed to have recommended any partner or vendor's products or services or to have assumed any responsibility for Customer's selection of any partner or vendor or procurement of such products or services.

Without limiting any other protection of DealMaker under this Agreement and notwithstanding anything to the contrary, DealMaker shall bear no responsibility or liability whatsoever in connection with any third party services provided by a vendor engaged by Customer, the decision to engage such vendors rests solely with the management of the Customer on the terms contracted between the Customer and such parties.

## 10. Escrow

Customer acknowledges that if Customer opens a third-party escrow account (either by Customer's choice or as necessary to comply with applicable laws or regulations) in connection with the Company services, Customer will apply for escrow account with a DealMaker-approved escrow provider.

## 11. Customer Obligations

### 11.1. General

11.1.1. Customer shall be responsible for providing Offering terms to its subscribers. Such disclosure shall include, but is not limited to the following material information: a method of Customer valuation, a description of the security available in the Offering, the risks related to the investment, whether there are existing investors and any additional capital expectations.

11.1.2. Customer is solely responsible for ensuring that the funds raised in the Offering are used, allocated or invested in accordance with the use of funds described in the Offering disclosure.

11.1.3. Customer acknowledges that following the final closing for the Offering, Customer will have sufficient liquidity (from the proceeds raised in the Offering or alternate Customer funds) to sustain Customer operations for that period of time which is clearly identified in the Offering disclosure or alternatively, until the next Customer funding round.

11.1.4. Nothing in this Agreement shall be construed to relieve the managers or officers of Customer from the performance of their respective duties or limit the exercise of their powers in accordance with the Customer's bylaws, operating and constituent documents, written supervisory procedures, applicable law or otherwise. The Customer bears ultimately responsibility for all decisions with regard to any matter upon which Company has rendered its services. The Company shall not, and shall have no authority to control Customer or Customer's day-to-day operations, whether through the performance of the Company's duties hereunder or otherwise. The Customer's directors, managers, officers and employees shall retain all responsibility for Customer, and its operations as and to the extent required by Customer's bylaws, operating and constituent documents, and applicable law. In furtherance and not in limitation of the above, and notwithstanding any other provision of this Agreement or of any other agreement, understanding or document that purports to have any contrary effect or meaning, the DealMaker shall not control, or have the right to control, directly or indirectly, the wages, hours, or terms and conditions of

employment of the Customer.

## 11.2. Privacy.

11.2.1. Notwithstanding any other provision of this Agreement, Customer shall not knowingly take or direct any action that would contravene, or cause the other party to contravene, applicable legislation that addresses the protection of individuals' personal information (collectively, "Privacy Laws"). Customer shall, prior to transferring or causing to be transferred personal information to Company, obtain and retain required consents of the relevant individuals to the collection, use and disclosure of their personal information, or shall have determined that such consents either have previously been given upon which the parties can rely or are not required under the Privacy Laws, including any consents required from third parties pursuant to applicable Privacy Laws.

11.2.2. Customer acknowledges that, when used for an Offering, the Customer's personalized Software dashboard ("Software Dashboard") will contain personal identifying information ("PII") of Customer's investors. Customer is solely responsible for ensuring compliance with all applicable Privacy Laws when Customer (a) downloads and stores any PII obtained from the Software Dashboard and (b) provides Customer's representatives with access to the Software Dashboard.

11.2.3. Customer is solely responsible for notifying Company when any Customer representative is no longer working for the Customer and/or authorized to access the Software Dashboard for the Offering.

11.2.4 Customer shall cause all third parties with access to PII obtained from the Software Dashboard to execute agreements acknowledging the third parties' obligation to comply with applicable Privacy Laws.

## 11.3. Bad Actor Checks

Customer agrees to provide DealMaker Entity with documentation verifying completion of bad actor checks in compliance with all applicable regulations ("Bad Actor Checks"). Customer shall provide DealMaker Entity with a copy of Customer's Bad Actor Checks within thirty (30) days of the Effective Date of this Agreement, failing which, DealMaker Entity shall notify Customer in writing that it shall take steps to complete Customer's Bad Actor Checks at Customer's sole expense.

## 12. General Terms

12.1. Publications. Each party acknowledges that its name, logo(s) and a description of the general nature of this Agreement may be used in any press release, public announcement or public communication during and following the Term. Without limiting the generality of the foregoing, Company may publish such information on its websites and in its promotional materials.

12.2. General Cooperation. The parties shall with reasonable diligence do all such things and provide all such reasonable assurances and execute all such documents, agreements and other instruments as may reasonably be necessary for the purpose of carrying out the provisions and intent of any Agreement. The parties further acknowledge that the implementation of each Agreement will require the co-operation

and assistance of each of them.

12.3. No Books And Records Obligations. Any and all obligations of Customer related to the storage of books and records remains the sole obligation of Customer. Company expressly disclaims any and all responsibility with respect to any regulatory or industry requirements with respect to the Customer's obligations related to record keeping and maintenance.

12.4. Survival. These terms shall continue in effect until the expiration or termination of the Agreement, whichever is earlier. The provisions of these Terms of Service which should by their nature survive expiration or termination of this Agreement shall so survive.

12.5. Currency. All currencies referred to herein are in US dollars.

12.6. Amendment and Waiver. Amendments to any Agreement, including any schedule or attachment hereto, shall be enforceable only if in writing and signed by authorized representatives of each of the applicable parties. A party does not waive any right under this Agreement by failing to insist on compliance with any of the terms of this Agreement or by failing to exercise any right hereunder. No waiver of any breach of any terms or provisions of this Agreement is effective or binding unless made in writing and signed by the authorized representative of each of the parties.

12.7. Assignment: No party may assign an Agreement or any of its rights or obligations hereunder without the prior written consent of the other party, such consent not to be unreasonably withheld.

12.8. Inurement. Each Agreement inures to the benefit of and is binding on each of the parties and their respective successors and permitted assignees, heirs and legal representatives.

12.9. Force Majeure. Excluding any obligations of a party to pay monies due hereunder, neither party will be responsible for any delay or failure in its performance or obligations under this Agreement due to causes beyond its reasonable control, including, without limitation, labor disputes, strikes, civil disturbances, government actions, fire, floods, acts of God, war, terrorism, or other similar occurrences (each, a "Force Majeure Event"); provided that the party affected by such Force Majeure Event (a) is without fault in causing such delay or failure, (b) notifies the other party of the circumstances causing the Force Majeure Event, and (c) takes commercially reasonable steps to eliminate the delay or failure and resume performance as soon as practicable.

12.10. Governing Law. Each Agreement is made in New York governed by and construed in accordance with the laws of the state of New York and the federal laws applicable therein. In connection with each Agreement, the Parties attorn to the jurisdiction of the courts of the State of New York.

12.11. Arbitration. Any and all controversies, claims, or disputes arising out of or relating to each Agreement, or the interpretation, performance, or breach thereof, including the scope or applicability of this provision to arbitrate ("Dispute") shall be referred to senior management of the parties for good faith discussion and resolution. In the event the parties cannot resolve any Dispute informally, then such Dispute shall be submitted to confidential, final, and binding arbitration with venue in New York, NY, pursuant to the rules of the American Arbitration Association.

12.11.1. Arbitration Procedure. The arbitration shall take place in New York. The arbitration shall be before a single, neutral arbitrator who is a former or retired New York state or federal court judge. The arbitration may be initiated by any party by giving to the other party written notice requesting arbitration, which notice shall also include a statement of the claims asserted and the

facts upon which the claims are based. Customer and Company each consent to this method of dispute resolution, as well as jurisdiction, and consent to this being a convenient forum for any such claim or dispute and waive any right it may have to object to either the method or jurisdiction for such claim or dispute. In the event of any dispute among the parties, the prevailing party shall be entitled to recover damages plus reasonable costs and attorney's fees and the decision of the arbitrator shall be final, binding and enforceable in any court.

12.11.2. Compelling Arbitration. Any party may bring an action in any court of competent jurisdiction to compel arbitration under this Agreement and to enforce an arbitration award. Notwithstanding this arbitration provision, either party shall be entitled to seek injunctive relief (unless otherwise precluded by any other provision of this Agreement) from any court of competent jurisdiction. If for any reason an action proceeds in court rather than in arbitration, it shall be brought exclusively in a state or federal court of competent jurisdiction located in New York and the parties expressly consent to personal jurisdiction and venue therein and expressly waive any right to trial by jury.

12.11.3. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY LITIGATION, ACTION, PROCEEDING, CROSS-CLAIM, OR COUNTERCLAIM IN ANY COURT (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF, RELATING TO OR IN CONNECTION WITH (I) THIS AGREEMENT OR THE VALIDITY, PERFORMANCE, INTERPRETATION, COLLECTION OR ENFORCEMENT HEREOF OR (II) THE ACTIONS OF THE PARTIES IN THE NEGOTIATION, AUTHORIZATION, EXECUTION, DELIVERY, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

12.12. Entire Agreement: Each Agreement including all schedules thereto, constitutes the entire agreement between the parties concerning the applicable subject matter and supersedes all prior or collateral agreements, communications, presentations, representations, understandings, negotiations and discussions, oral or written.

12.13. Headings: Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement.

12.14. Number and Gender. Words importing the singular mean the plural and vice versa. Words in the masculine gender include the feminine gender and vice versa.

12.15. Severability. If any term, covenant, condition or provision of an Agreement is held by a court or arbitrator(s) of competent jurisdiction to be invalid, void or unenforceable, it is the parties' intent that such provision be reduced in scope by the court or arbitrator(s) only to the extent deemed necessary by that court or arbitrator(s) to render the provision reasonable and enforceable and the remainder of the provisions of this Agreement will in no way be affected, impaired or invalidated as a result.

12.16. Notices. Any notice required to be given pursuant to an Agreement shall be in writing and delivered by electronic mail, addressed to the appropriate party. Any notice given is deemed to have been received on the date on which it was delivered if a business day, or, failing that, on the next business day.

12.17. Testimonials. Customer acknowledges that DealMaker's materials may from time to time include testimonials, real world experiences and insights or opinions about other people's experiences with DealMaker ("Examples") and that this information is for illustration purposes only. Customer further acknowledges that campaigns are affected by a variety of factors including but not limited to time, external

global events, varying business plans, different industries, and that these Examples are in no way a representation or guarantee that current or future customers will achieve the same or similar results.

DealMaker Additional Terms Applicable to Certain DealMaker.tech Services: Third Party Payment Processing, AML/KYC Background Checks, Accreditation Verification and Analytics The following sections of the Terms only apply to those DealMaker.tech Customers who purchase the specific services noted.

## 13. Background Checks: AML compliance and "clearing"

DealMaker's integrated AML searches are tools provided to Customer to assist Customer (or its agents) in complying with applicable obligations related to KYC/AML regulations. Company is not engaged to perform and will not perform, and shall not be deemed responsible for performing, any services related to reviewing or analyzing search results, sources of funds or wealth, or making any determination as to whether Customer has complied with its obligations under applicable anti-money laundering legislation and regulations or as to whether any prospective investor poses any risk of money laundering, terrorist financing, or other criminal or suspicious activity. Customer and/or its agents (including counsel or broker dealer as applicable) shall bear primary responsibility to determine compliance with applicable AML legislation and regulation and shall assist in the clearing of any AML exceptions. Customer's KYC/AML clearing obligations may require Customer to undertake efforts to ensure that individual and corporate investors provide applicable identity verification, explanations of adverse regulatory/disciplinary/bankruptcy history or media reports, confirmation of false positive results, or other documents or information required for AML purposes. DealMaker.tech's AML searches are limited by capabilities and design of products and services of the third parties DealMaker.tech engages to perform such searches, including limitations on the search methodology, matching logic, data sources, and information accuracy.

## 14. Regulation D, 506(c) Accredited Investor Verification

14.1. Customer may engage either Company or a third party (each a "Reviewer") to assist Customer in complying with applicable obligations related to accredited investor verification pursuant to Rule 506(c) of Regulation D promulgated under the Securities Act ("Regulation D"). If Reviewer is Company, Company shall review investor submissions and uploaded documentation on the DealMaker portal and make a determination as to whether Customer has complied with its obligations to verify accredited investors (as defined by Rule 501 of Regulation D promulgated under the Securities Act) ("DM Verification"). Customer acknowledges that Company may contact investor for the purpose of accredited investor verification and that Customer has obtained investor's consent to receive communications from Company and/or DealMaker regarding investor's accreditation verification. If Reviewer is a third party, Company will not perform, and shall not be deemed responsible for performing, any services related to reviewing or analyzing search results, sources of funds or wealth, or making any determination as to whether Customer has complied with its obligations to verify accredited investors (as defined by Rule 501 of Regulation D promulgated under the Securities Act).

14.2. Company does not make and hereby disclaims any warranty, expressed or implied with respect to the information provided through DM Verification. Company does not guarantee or warrant the correctness, merchantability, or fitness for a particular purpose of the information provided through DM Verification. Customer acknowledges that:

14.2.1. DM Verification shall not include accreditation verification of non-U.S. investors ("foreign accredited investors") who may be subject to foreign accreditation verification requirements.

14.2.2. DM Verification is conducted using a variety of third party database searches, public record services and user submissions. Company cannot represent or warrant that the data provided will be 100% accurate, complete or up to date. The data is time sensitive and Company provides the information as is. Public records may be incomplete, out of date or have errors.

14.2.3. The results of a DM Verification search for any type of personal verification should be interpreted cautiously. Criminal and civil record search results may not provide a complete or accurate representation of a person's criminal background or civil judgment history. Records are available for the majority, but not all, of states and counties. Records can be incomplete, contain inaccuracies or false matches.

14.2.4. Company is not a consumer reporting agency as defined in the Fair Credit Reporting Act ("FCRA"), and the information in DealMaker.tech's databases has not been collected in whole or in part for the purpose of furnishing consumer reports, as defined in the FCRA. CUSTOMER SHALL NOT USE DM VERIFICATION SERVICES AS A FACTOR IN (1) ESTABLISHING AN INDIVIDUAL'S ELIGIBILITY FOR PERSONAL CREDIT OR INSURANCE OR ASSESSING RISKS ASSOCIATED WITH EXISTING CONSUMER CREDIT OBLIGATIONS, (2) EVALUATING AN INDIVIDUAL FOR EMPLOYMENT, PROMOTION, REASSIGNMENT OR RETENTION, OR (3) ANY OTHER PERSONAL BUSINESS TRANSACTION WITH ANOTHER INDIVIDUAL.

14.2.5. Customer assumes all risks arising from its use or disclosure of DM Verification information Company provides to Customer.

14.2.6. DM Verification Services are provided in english only. Customer acknowledges that data provided in any other language will require a certified translation which Customer shall pay for, or alternatively, reject the investment.

14.2.7. Notwithstanding anything in the DealMaker Terms of Service, Customer agrees that it shall indemnify, defend and hold harmless Company, its officers, directors, employees and agents, and the entities that have contributed information to or provided services for DM Verification against any and all direct or indirect losses, claims, demands, expenses (including attorneys' fees and cost) or liabilities of whatever nature or kind arising out of Customer's use of the information provided by DM Verification and Customer's use or distribution of any information obtained therefrom, except for losses caused exclusively and directly by Company's gross negligence, fraud, bad faith or wilful misconduct.

14.2.8. THE DM VERIFICATION SERVICES AND INFORMATION ARE PROVIDED "AS-IS" AND "AS AVAILABLE" AND NEITHER COMPANY NOR ANY OF ITS DATA SUPPLIERS REPRESENTS OR WARRANTS THAT THE INFORMATION IS CURRENT, COMPLETE OR ACCURATE. COMPANY HEREBY DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES REGARDING THE PERFORMANCE OF THE WEBSITE OR OUR SERVICES, AND THE ACCURACY, CURRENCY, OR COMPLETENESS OF THE INFORMATION, INCLUDING (WITHOUT LIMITATION) ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Customer acknowledges that these disclaimers are an integral part of this Agreement and that Company would not provide DM Verification services if Customer did not agree to these disclaimers.

# 14.3. Third-Party Payment Processing

14.3.1. For the processing of electronic payments (including bank-to-bank payments, credit card, etc.), the Company may submit material(s) and or application(s) to partner third-party payment processors on behalf of the Customer. Upon approval, the Company will enable the partner processors' intake form/system within the Customer's online DealMaker.tech portal.

14.3.2. Customer acknowledges that Company makes no guarantee that Customer will be approved by any third party, and approval is subject to each third party's sole discretion, including, to the extent applicable, its due diligence and compliance policies and procedures. Use of payment processing service(s) is further contingent on the mutual acceptance by Company and Customer of each third party's respective fees, to be included as an addendum to this Agreement and/or presented to Customer for acceptance from time to time (including fees for merchant processing account and ongoing maintenance, which may be applied on a per-issuer basis). Note holdback periods may apply for electronic payment transfer methods, as enforced by processors. Company shall not be deemed responsible for delivery or any interruption or cessation of any services provided by any third party.

14.3.3. All transactions must clear prior to being made available to Customer. US Federal regulations provide investors with 60 days to recall funds. Customer remains liable to immediately and without protestation or delay return any funds recalled by investors for whatever reason.

14.3.4. Customer agrees that funds deposited into Customer's Account shall remain in Customer's Account and shall not be withdrawn by Customer or a person authorized by Customer, from the Customer's Account prior to Closing.

14.3.5. Company reserves the right to deny, suspend or terminate participation of any investor in the offering to the extent Company, in its sole discretion, deems it advisable or necessary to comply with applicable laws or to eliminate practices that are not consistent with laws, rules, regulations, best practices, or the protection of its reputation.

14.3.6. Holdbacks. The Customer hereby acknowledges that certain terms apply in respect of electronic or credit card payment to cover against charge-backs and/or rescission ("Chargeback"). Chargeback windows can vary in duration and amount. For this reason, a holdback is applied to all funds processed online. Company shall have the right, in its sole discretion, to revise the amount and duration of any holdback. Unless otherwise advised in writing prior to the Effective Date, the holdback is 5.00% of payments processed, for a ninety (90) day period.

14.3.7. In the event that a Customer's investor disputes, through their financial institution, a subscription payment made using electronic or credit card payments ("Chargeback Dispute"), Customer acknowledges that:

14.3.7.1. If the Chargeback Dispute is initiated by a subscriber before the Customer has accepted the subscriber's investment, the Company shall refund the subscriber and no further action will be taken.

14.3.7.2. If the Chargeback Dispute is initiated by a subscriber after the Customer has accepted the subscriber's investment, the Company shall:

14.3.7.2.1. notify the Customer within twenty-four (24) hours of the Chargeback Dispute; and

14.3.7.2.2. Provide Customer with five (5) business days to resolve the Chargeback Dispute directly with the subscriber.

14.3.7.3. If, after (5) business days, the subscriber and Customer fail to resolve the Chargeback Dispute, Company will submit evidence contesting the Chargeback Dispute, on behalf of the Customer.

14.3.7.4. Customer agrees to promptly notify Company upon receipt of any Chargeback Dispute notifications, provide all necessary information and documentation requested by the Company to support the Chargeback Dispute and refrain from directly engaging with the payment processor or any other third party regarding the Chargeback Dispute.

14.3.7.5. Customer acknowledges that contesting a Chargeback Dispute may require the Company to share certain transaction details with third party payment processors. The Customer agrees to (a) only share information necessary to contest the Chargeback Dispute and (b) comply with all applicable data protection and privacy laws when handling Customer data and providing Customer data to Company related to the Chargeback Dispute.

14.3.7.6. For the avoidance of doubt, although the Company will make best efforts to represent the Customer in contesting a Chargeback Dispute, Company shall not be liable for and bares no responsibility whatsoever for:

14.3.7.6.1. The outcome of the Chargeback Dispute;

14.3.7.6.2. Any fees or penalties imposed by payment processors or financial institutions as a result of the Chargeback or Chargeback Dispute; or

14.3.7.6.3. Any loss of revenue or business opportunity resulting from the Chargeback or Chargeback Dispute.

## 15. Analytics

15.1. Data and Analytics. Company reserves the right to collect data relating to Customer's usage of the Software during the Term. Without limiting the generality of the foregoing, Company may collect information relating to: (i) Software use (including the number of users, duration of usage sessions, and number of transactions initiated or completed using the Software); (ii) error information (including error messages and any feedback text submitted via any in-application feedback form); (iii) performance data (including software run time); (iv) user experience information (including time spent on each page of the user interface); and (v) license status information (including confirmation of license activation status). Customer shall have the right to access and use data relating to its usage of the Software for its own purposes, as available through the online dashboard or other reports provided by Company.

Enterprise Customer Terms

For DealMaker Customers who have signed an Enterprise Order Form, the Terms apply, as well as the following additional terms. If you are not an Enterprise Customer, these additional terms do not apply to you:

## 16. Definitions

"Enterprise Customer" means a Customer that has entered into an Enterprise Order Form.

"License" means the Company's grant to Enterprise Customer of a non-exclusive, non-transferable license for use of the Software by an unlimited number of individual users. Company will designate a DealMaker Enterprise Account to Enterprise Customers with a License.

"Intended Purpose" For the purposes of this section, Intended Purpose also includes usage by issuers invited by Enterprise Customer to use Enterprise Customer's Enterprise Account for the above-described purpose.

"Software" as it pertains to this section, shall also include any related printed, electronic and online documentation, manuals, training aids, user guides, system administration documentation and any other files that may accompany the Software licensed by Enterprise Customer.

## 17. SLA

17.1. It is expressly understood and agreed that the Company shall determine its capacity to offer consulting services, only to such extent and at such times and places as may be mutually convenient to the parties. Company shall be free to provide similar services to such other business enterprises or activities as the Company may deem fit without any limitation or restriction whatsoever.

## 18. Licensed Intermediary Terms.

If Enterprise Customer is a licensed Intermediary (as defined below), the following additional terms apply:

### A. Books and Records

Books and Records. Any and all obligations of Customer related to the storage of books and records including but not limited to, obligations in accordance with Sections 17(a)(1), 17(a)(3) and 17(a)(4) of the Securities Exchange Act of 1934 ("Exchange Act" or "SEA") remain the sole obligation of Customer and its clients. Company expressly disclaims any and all responsibility with respect to any regulatory or industry requirements with respect to the Customer and its clients' obligations related to record keeping and maintenance.

### B. Regulation CF Offerings

i. Obligations of the Customer (acting as an Licensed Intermediary):

Where Customer using the Software has been engaged by its client to (i) act as a Broker-Dealer and a licensed Intermediary pursuant to Regulation CF, 17 C.F.R. Part 227 (the "Regulation CF"), or (ii) act as a registered Funding Portal and licensed Intermediary pursuant to Regulation CF, in a transaction involving the offer or sale of securities in reliance on section 4(a)(6) of the Securities Act (15 U.S.C. 77d(a)(6)), Customer shall comply with the requirements of Regulation CF ("Licensed Intermediary"). For greater certainty, this includes the requirements that Customer shall:

1. Register with the Securities and Exchange Commission ("Commission") as either (i) a broker or (ii) a Funding Portal under section 15(b) of the Exchange Act (15 U.S.C. 78o(b)), pursuant to Regulation CF, §227.400;

2. If registering with the Commission as a Funding Portal, refrain from:
a. Offering investment advice or recommendations;
b. Soliciting purchases, sales or offers to buy the securities displayed on its platform;
c. Compensate employees, agents, or other persons for such solicitation or based on the sale of securities displayed or referenced on the DealMaker platform; or
d. Hold, manage, possess, or otherwise handle investor funds or securities.
(Regulation CF, §227.300(2)(c))

3. Verify that no director, officer or partner of Customer, or any person occupying a similar status or performing a similar function has a prohibited "financial interest in an issuer" as the term is defined in Regulation CF, §227.300(b);
4. Have a reasonable basis for believing that Customer's client seeking to initiate an offering of securities under the Regulation has a reasonable basis for keeping accurate records of security holders and is not disqualified to offer securities pursuant to Regulation CF, §227.301(c);
5. Make available to SEC and to the public, the disclosure required by Regulation CF, §227.201 and §227.303;
6. Provide educational materials to all investors, pursuant to Regulation CF, §227.302(b);
7. Verify that Customer's clients are not disqualified from offering securities pursuant to Regulation CF, §227.100(b);
8. Only accept an Investor into an offering after (1) the Investor opens an account with Customer, (2) the Investor consents to electronic delivery and the review of the educational materials regarding the offering and (3) Customer has a reasonable basis to believe that the Investor meets the investment limitations in Regulation CF pursuant to Regulation CF, §227.302 and §227.303.;
9. Provide communication channels by which Investors who have opened accounts can communicate with one another and with representatives of the Customer about offerings made available through the Customer or its clients, pursuant to Regulation CF, §227.303(c); and
10. Provide Investors the opportunity to reconsider their investment decision and to cancel their investment commitment until 48 hours prior to the new offering deadline, pursuant to Regulation CF §227.304
11. Provide Investors with notice of material changes as described in Regulation CF, §227.304 ("Notice"), including but not limited to notice that the investor's investment commitment will be canceled unless the investor reconfirms his or her investment commitment within five business days of receipt of the Notice.
12. If registering with the Commission as a Funding Portal, comply with the Conditional Safe Harbor provisions in Regulation CF, §227.402; and
13. If registering with the Commission as a Funding Portal, implement written policies and procedures reasonably designed to achieve compliance with federal securities laws and the rules and regulations thereunder, relating to its business as a Funding Portal, as required by Regulation CF, §227.402(a).
14. If registering with the Commission as a Funding Portal, manage any reconciliation or reporting questions with the Issuer directly.

("Regulation CF Requirements")

For greater certainty, the parties acknowledge that Company shall bear no responsibility for or liability whatsoever in connection with the Regulation CF Requirements and Customer shall be solely responsible for ensuring that Customer and its clients comply with Regulation CF.

Further Assurances. When Customer or its clients use the Software for an offering in reliance on Regulation CF, Customer shall verify that:

1. The issuer has filed a Form C Offering Statement with the SEC, as described in Regulation CF, §227.203(a), prior to making an offering to the public pursuant to Regulation CF;
2. Issuer complies with marketing and advertising requirements of Regulation CF, §227.204;

3. Provider is notified of any investor who, having received Customer's Notice pursuant to Regulation CF §227.304, opts-out of their investment and whose investment must therefore be refunded;
4. Signed and funded subscription agreements, executed by investors who have cleared AML/KYC, are reviewed by the Customer prior to countersignature;
5. The aggregate amount of all securities sold to all Investors by the Issuer in a single offering during a 12 month period shall not exceed $5,000,000; and
6. Non-accredited Investors (as defined by Rule 501, CFR §230.301) investing in the offering pursuant to Regulation CF do not exceed the maximum investment permitted in a 12 month period per Regulation CF, §227.100.

Payments To Escrow. Customer acknowledges that it shall direct all payments from Investors in respect of a Regulation CF offering to Issuer's escrow account ("Escrow Account"). Customer is responsible for (1) applying for escrow account with a DealMaker-selected Escrow Provider; (2) configuring instructions on the DealMaker platform to ensure that all payments are directed to the appropriate Escrow Account; (3) using the DealMaker.tech application to manage closings pursuant to the DealMaker user guide and (4) coordinating with the escrow company managing the Escrow Account to disburse funds upon request from the issuer.

## C. Regulation A/A+ Offerings

Obligations of the Customer. Where Customer has been engaged by its client as a broker-dealer in connection with an offering pursuant to Regulation A, 17 C.F.R. Parts 230.251-230.263 ("Regulation A"), the Customer shall verify that:

1. Customer shall complete a reasonable due diligence ensuring no anti-fraud or civil liabilities provisions of federal securities laws have been violated. As such, Customer shall maintain a Due Diligence file including the Issuer Agreement (or Selling Agreement); organizational, constating, financial, and administrative support to accept such Issuer engagement; and Issuer's Offering Memoranda, Subscription Document,. Further, the Due Diligence folder shall evidence the collection of such documents in a form as described in Customer's Written Supervisory Procedures ("WSPs"). Customer shall create and maintain customer files, including new account, accredited investor, or qualified purchaser questionnaires, including Investor attestations.
2. Issuer has filed a Form 1-A Offering Statement with the SEC, as described in Regulation A, §230.252 and §239.90, prior to making an offering to the public pursuant to Regulation A;
3. Issuer complies with marketing and advertising requirements of 17 C.F.R. Part II, Securities and Exchange Commission and the SRO, FINRA, including but not limited to, setting up the issuer landing page for the Offering website.
4. Signed and funded subscription agreements, executed by investors who have cleared AML/KYC, are reviewed by the Customer and a recommendation is made by Customer to Issuer regarding countersignature.
5. Prior to enabling countersignature:

a. Issuer has provided written confirmation to Customer that it has BlueSky notice filed in each state, as applicable depending on the states in which the securities are offered and whether the offering is conducted pursuant to Tier 1 or Tier 2 of Regulation A §230.252; and
b. For the first 25 days of an offering, Customer will monitor investors until the issuer has provided written confirmation that all state BlueSky requirements have been met for the 53 US jurisdictions.

6. Issuer and Issuer counsel have taken the steps required to review non-US investors, as required by the applicable international regulations.

# DEALMAKER SECURITIES LLC ("DMS") CUSTOMER TERMS

For any DealMaker Securities Customer, the following additional terms also apply:

Broker-Dealer Agreement. These terms and conditions for DealMaker Securities LLC ("DMS Terms"), along with the Order Form and schedules attached to the Order Form, create a binding agreement by and between the Customer who has signed the Order Form ("DMS Customer"), and DealMaker Securities LLC, a FINRA-registered Broker-Dealer ("DMS") (the "DMS Agreement"), as of the Effective Date. DMS Customer may also be considered a Customer of the other DealMaker Entities, depending on the services the Customer purchases.

DMS is a registered broker-dealer providing services in the equity and debt securities market, including offerings conducted via SEC approved exemptions such as Rules 506(b) and 506(c) of Regulation D under the Securities Act of 1933 (the "Securities Act"); Regulation A under the Securities Act ("Regulation A"); Regulation CF under the Securities Act ("Regulation CF") and others. DMS Customer is offering securities directly to the public in an offering exempt from registration under either Regulation A or Regulation CF (the "Offering"). DMS Customer recognizes the benefit of having DMS provide advisory and other services as described herein, on the terms thereof.

Capitalized terms used but not defined in these DMS Terms have the meanings set forth in the Order Form or the Terms. In the event of a conflict between the Terms and the DMS Terms, the DMS Terms shall control.

## 1. Appointment &amp; Termination

DMS Customer hereby engages and retains DMS to provide operations and compliance services at Customer's discretion/ subject to DMS's approval as a FINRA-registered broker-dealer. DMS Customer acknowledges that DMS obligations hereunder are subject to (a) DMS's acceptance of DMS Customer as a customer following DMS's due diligence review and (b) if applicable, issuance by the Financial Industry Regulatory Authority ("FINRA") Department of Corporate Finance of a no objection letter for the Offering.

In addition to the Termination Reasons, DMS may terminate this DMS Agreement if, at any time after the commencement of DMS's due diligence of the potential DMS Customer, DMS reasonably believes that is not advisable to proceed with the contemplated Offering.

## 2. Services

DMS will perform the services listed on the Order Form in connection with the Offering (the "Services").

## 3. Fees

As payment for the Services, DMS Customer shall pay to DMS such fees as described in the Order Form. Transaction-based Fees including equity are earned once the DMS Customer's investors are reviewed by DMS. DMS Customer's acceptance of an investor completes DMS's service obligation at which time fees are due and payable to DMS. DMS Customer authorizes DMS to deduct any fees owing directly from the DMS Customer's bank account or third-party escrow account (if applicable). In the event this DMS Agreement is terminated in accordance with paragraph 1 of the DMS Terms, any

advance against accountable expenses anticipated to be incurred, shall be refunded to the extent said expenses are not actually incurred as of the termination date.

## 4. Regulatory Compliance

a. DMS Customer and all its third-party providers shall at all times (i) comply with direct reasonable requests of DMS: (ii) maintain all required registrations and licenses, including foreign qualification, if necessary; and (iii) pay all related fees and expenses (including the FINRA corporate filing fee) in each case that are necessary or appropriate to perform their respective obligations under this Agreement. Customer shall comply with and adhere to all DMS policies and procedures.

b. DMS Customer shall at all times disclose all compensation received by any third party promoters (including but not limited to social media influencers) in connection with the Offering, in accordance with applicable rules and regulations.

c. DMS Customer and DMS will have shared responsibility for the review of all documentation related to the Offering but the ultimate discretion about accepting an Investor will be the sole decision of the DMS Customer. Each Investor will be considered to be that of the DMS Customer and NOT that of DMS. DMS Customer shall advise DMS of each Investor who shall not be accepted into the Offering.

d. DMS Customer and DMS shall each supervise and train their respective employees, agents, representatives and independent contractors in the performance of functions allocated to them pursuant to the terms of this DMS Agreement.

e. DMS Customer may request DMS assistance with preparation of the Form C for the Offering but DMS Customer is ultimately responsible for the review and filing the Form C related to the Offering. In the event that DMS Customer files a Form C-W or Form 1-A-W withdrawing its filing in relation to its Offering, DMS Customer agrees to promptly return to investors all funds received from investors, regardless of whether the DMS Customer has elected to complete multiple closings.

f. If either DMS Customer or DMS receives material communications (orally or in writing) from any Governmental Authority or Self-Regulatory Organization with respect to this Agreement or the performance of either party's obligations thereunder, the receiving party shall promptly provide said communications to the other party, unless such notification is expressly prohibited by the applicable Governmental Authority.

g. DMS Customer is responsible for the preparation of financial statements using the going concern basis of accounting and required disclosures alerting investors about any underlying financial conditions and management's plans to address them. DMS Customer acknowledges that it must maintain at least six months of operating capital and update investor disclosures to reflect any change in operating capital below this threshold. DMS Customer acknowledges that these updates to investors disclosures will be made in accordance with the advice of the DMS Customer's professional advisors.

h. DMS Customer is solely responsible for confirming that DMS Customer is authorized to use or wholly owns all DMS Customer intellectual property used in connection with the Offering.

## 5. Role of DMS.

DMS Customer acknowledges and agrees that it relies on its own judgment in engaging DMS Services. DMS Customer understands and agrees that (i) DMS is not assuming any responsibility for the DMS Customer's underlying business decision to pursue any business strategy or effect any Offering; (ii) DMS makes no representations with respect to the quality of any investment opportunity in connection with the Offering; (iii) DMS does not guarantee the performance to or of any Investor in the Offering; (iv) DMS does not guarantee the performance of any third party which provides services to DMS or DMS Customer with respect to the Offering; (v) DMS will make commercially reasonable efforts to perform the Services pursuant to this DMS Agreement; (vi) DMS is not an investment adviser, does not provide investment advice and does not recommend securities transactions and any display of data or other information about the Offering; does not constitute a recommendation as to the appropriateness, suitability, legality, validity, or profitability of any Offering; (vii) DMS Services in connection with this DMS Agreement should not be construed as creating a partnership, joint venture, or employer-employee relationship of any kind; (ix) Services in connection with this DMS Agreement that require registration as a FINRA/SEC registered broker-dealer shall be performed exclusively by DMS or an associated person of DMS; (x) DMS is not providing any accounting, legal or tax advice; and (xi) will use "commercially reasonable efforts" to perform Services pursuant to this DMS Agreement but that this shall not give rise to any express or implied commitment by DMS to purchase or place any of the DMS Customer's securities. DMS Customer explicitly acknowledges that DMS shall not and is under no duty to recommend DMS Customer's security and DMS is not selling DMS Customer's security to retail investors.

## 6. Indemnification

Insufficient Funding For A Claim. If the foregoing indemnification or reimbursement is judicially determined to be unavailable or insufficient to fully indemnify and hold harmless DMS as an indemnified party against a Claim, the DMS Customer will contribute to the amount paid or payable by an indemnified party as a result of such Claim in such proportion as is appropriate to reflect the relative financial benefits of the Offering to the Company, on the one hand, and the indemnified party, on the other hand; or if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits but also the relative fault of the DMS Customer on the one hand and the indemnified party on the other hand with respect to such Claim as well as any other relevant equitable considerations. Notwithstanding the preceding paragraphs, in no event will the aggregate amount to be contributed by all indemnified parties towards all Claims and DMS Customer losses, exceed the actual fees received by DMS pursuant to the DMS Agreement.

## 7. Witness Reimbursement.

In the event that DMS or any of its employees, officers, directors, affiliates or agents are requested or required to appear as a witness or subpoenaed to produce documents in any action in which the DMS Customer or any of its affiliates is a party to and DMS is not, the DMSCustomer will reimburse DMS for all expenses incurred by its employees, officers, directors, affiliates or agents in preparing for and appearing as a witness or producing documents, including the reasonable fees and disbursements of legal counsel.

## 8. Notices.

Any notices required by the agreement shall be in writing and shall be addressed, and delivered via email at the email address included in the Order Form.

9. Confidentiality and Mutual Non-Disclosure:

Nothing contained herein shall be construed to prohibit the SEC, FINRA, or other government entities from obtaining, reviewing, and auditing any information, records, or data of either party containing Confidential Information, as defined in this Agreement.

Disclosure and Retention Of Confidential Information. DMS is hereby expressly permitted by DMS Customer to disclose Confidential Information to third parties involved in the Offering contemplated herein, provided that DMS Customer has been informed of such disclosure in advance and has approved such disclosure (either orally or in writing). DMS may retain one copy of the DMS Customer's Confidential Information to the extent necessary to comply with industry-specific document retention rules and other regulations, and in an archived computer backup system stored as a result of automated backup procedures for compliance purposes. DMS Customer acknowledges that regulatory record-keeping requirements, as well as securities industry best practices, require DMS to maintain copies of practically all data and communications, even after this Agreement is terminated.

10. Miscellaneous

10.1. FINRA Arbitration Rules Apply To DMS Customers. Notwithstanding anything to the contrary in this Agreement, ANY DISPUTE, CONTROVERSY, CLAIM OR CAUSE OF ACTION BETWEEN THE DMS Customer AND DMS DIRECTLY OR INDIRECTLY RELATING TO OR ARISING OUT OF THIS AGREEMENT, OR BREACH THEREOF required or allowed to be conducted by the Financial Industry Regulatory Authority's ("FINRA") rules (including the FINRA Code of Arbitration Procedure for Industry Disputes) shall be arbitrated in accordance with such rules. Any arbitration shall be before a neutral arbitrator or panel of arbitrators selected under the FINRA Neutral List Selection System (or any successor system) and in a forum designated by the Director of FINRA Dispute Resolution or any member of FINRA Staff to whom such Director has delegated authority. In general accordance with FINRA Rule 2268, by signing an arbitration agreement the parties agree as follows:

10.1.1. This Agreement contains a pre-dispute arbitration clause.

10.1.2. Except as otherwise provided in this Agreement, all parties to this Agreement are giving up the right to sue each other in court, including the right to a trial by jury, except as provided by the rules of the arbitration forum in which a claim is filed.

10.1.3. Arbitration awards are generally final and binding; a party's ability to have a court reverse or modify an arbitration award is very limited.

10.1.4. The ability of the parties to obtain documents, witness statements and other discovery is generally more limited in arbitration than in court proceedings.

10.1.5. The arbitrators do not have to explain the reason(s) for their award unless, in an eligible case, a joint request for an explained decision has been submitted by all parties to the panel at least 20 days prior to the first scheduled hearing date.

10.1.6. Any panel of arbitrators may include a minority of arbitrators who were or are affiliated with the securities industry.

10.1.7. The rules of some arbitration forums may impose time limits for bringing a claim in arbitration. In some cases, a claim that is ineligible for arbitration may be brought in court.

10.1.8. The rules of the arbitration forum in which the claim is filed, and any amendments thereto, shall be incorporated into this Agreement.

10.1.9. As provided in FINRA Rule 2268, no person shall bring a putative or certified class action to arbitration, nor seek to enforce any pre-dispute arbitration agreement against any person who has initiated in court a putative class action; or who is a member of a putative class who has not opted out of the class with respect to any claims encompassed by the putative class action until: (i) the class certification is denied; or (ii) the class is decertified; or (iii) the DMS Customer is excluded from the class by the court. Such forbearance to enforce an agreement to arbitrate shall not constitute a waiver of any rights under this Agreement except to the extent stated herein.

10.2. DMS Customer Identifying Information. Pursuant to the requirements of Title III of Pub. L. 107-56 (the USA Patriot Act), as amended (the "Patriot Act") and other applicable laws, rules and regulations, DMS is required to obtain, verify and record information that identifies the DMS Customer which information includes the name and address of the DM Customer and other information that that allows DMS to identify the DMS Customer in accordance with the Patriot Act and other such laws, rules and regulations.

10.3. Affiliates of DMS: DMS Customer acknowledges that agreements with DMS affiliates (also referred to as DealMaker Entities in this Agreement), if any, shall be governed by the DMS affiliates' applicable terms of service and exclusive remedy for DM Reach to recover any Losses against Customer in respect of the Agreement."

DEALMAKER TRANSFER AGENT LLC O/A “DEALMAKER SHAREHOLDER SERVICES” CUSTOMER TERMS

If you are DealMaker Shareholder Services Customer, the following additional terms also apply to you.

These terms and conditions for DealMaker Transfer Agent LLC, O/A “DealMaker Shareholder Services (“DMTA Terms”), along with the Order Form and schedules attached to the Order Form create a binding agreement by and between the Customer who has signed the Order Form (“DMTA Customer”), and DMTA, as of the Effective Date (“DMTA Agreement”). DMTA Customer may also be considered a Customer of the other DealMaker Entities, depending on the services the DMTA Customer purchases.

Where these DMTA Terms replace a provision in the Terms, it is so stated. In the event of a conflict between these DMTA Terms and the Terms, the DMTA Terms shall control:

1. Mandate

DMTA is hereby appointed as the service provider for the register of securities issued by the DMTA Customer via the online platform hosted at dealmaker.tech or as requested by the DMTA Customer, other classes of Securities that may have been issued, from time to time by the DMTA Customer (the "Securities"). DMTA's appointment shall take effect upon receipt of a DMTA Customer Board resolution in a form acceptable to DMTA and upon DMTA's acceptance of its mandate as articulated in the DMTA Customer Board resolution. The Securities may be issued by the DMTA Customer subject to Regulation A, Regulation CF or Regulation D of the Securities Act of 1933. In some cases, in the event the parties agree, DMTA may act as sub-register for the Securities, whereas the register for certain other of the DMTA Customer's securities may be held by a different transfer agent. DMTA may also act as DMTA Customer's Dividend Distributing Agent, in the event the DMTA Customer confirms in writing such additional request (the "DMTA Services").

2. DMTA Term &amp; Termination

Term

Notwithstanding anything to the contrary in any Agreement, the DMTA Services provided pursuant to this DMTA Agreement shall have a term of thirty-six (36) months ("DMTA Term"), commencing on the Effective Date, which DMTA Term shall automatically renew for successive three-year terms unless DMTA Customer provides written notice to DMTA at least sixty days (60) prior to the completion of the DMTA Term.

Termination

Notwithstanding anything to the contrary in this Agreement, the following termination provisions shall apply to DMTA Services:

Early Termination.

In the event that DMTA Customer terminates this DMTA Agreement prior to the end of the DMTA Term ("Early Termination"), DMTA Customer shall pay the DMTA a break fee ("Break Fee.") The Break Fee shall be equivalent to the remaining fees due for the balance of the DMTA Term, pursuant to this DMTA Agreement, calculated as follows:

(a) Months remaining in the DMTA Term shall be equivalent to the DMTA Term minus the number of months of the DMTA Term expired up to the Early Termination date requested by DMTA Customer ("Months Remaining");

(b) Months Remaining multiplied by record maintenance fees (pro-rated monthly) plus Months Remaining multiplied by the Shareholder Services Management Portal Monthly Fee.

This DMTA Agreement may be terminated by DMTA (i) if the DMTA Customer is in breach of this Agreement and does not remedy such breach within sixty (60) days notice, in writing, or (ii) upon ninety (90) days' notice, in writing, being given to DMTA Customer.

This DMTA Agreement may be terminated by either the DMTA Customer or DMTA immediately upon notification or written confirmation of any bankruptcy, receivership, or dissolution of either party.

Within thirty (30) days of the termination of this DMTA Agreement and provided that the DMTA Customer is in compliance with all of the terms of this Agreement, DMTA shall deliver over to the DMTA Customer (or to such third party as the DMTA Customer otherwise requests) the Registers, share certificates and any other documents connected with the business of the DMTA Customer as reasonably requested.

## 3. Status of DMTA

DMTA is a stock transfer agent registered with the Securities and Exchange Commission. DMTA will not custody, hold, manage, possess or otherwise handle securities. DMTA is not providing escrow services to DMTA Customer.

## 3.1. DMTA Customer's Securities and Appointment of DMTA

"Securities", as used in this Agreement shall mean the equity, debt and revenue share securities, including any warrants and options, of DMTA Customer issued. DMTA Customer affirms, represents and warrants that it has provided to DMTA all applicable data concerning its Securities to be covered by this Agreement and associated holder positions.

DMTA Customer hereby certifies that it has taken such action required to appoint DMTA to provide the services set out in this Agreement, which action shall remain valid so long as this Agreement is in force and effect.

## 3.2. Management of Holders Registers, Records and Transfer of Securities

DMTA shall keep and maintain an electronic register of holders and register of transfers of Securities. Subject to any laws and government regulations in force from time to time and to any general or particular instructions as may from time to time be given to it by the DMTA Customer, and subject to any other written agreement applicable to DMTA from time to time, DMTA shall:

1.1. make such entries from time to time in the Register as are necessary in order that the

accounts of each holder of Securities be properly and accurately kept and transfers of Securities properly recorded;

1.2. record on the Register the particulars of all transfers of Securities;

1.3. furnish to the DMTA Customer, upon the reasonable request and at the expense of the DMTA Customer, such statements, lists, entries, information and material, concerning transfers and other matters, as are maintained or prepared by it pursuant hereto; and shall be the sole person authorized to add, modify or remove Securities from the Register.

## 3.3. Share Certificates

1. Securities issued following the date hereof shall be held in "book entry" form only. "Book entry" means that ownership interests shall be recorded and kept only on the books and records of DMTA Customer (including, if applicable, in Direct Registration Statement form). No physical certificates shall be issued or received by DMTA. The Securities covered by this Agreement are not DTC eligible unless explicitly stated otherwise in the Order Form.

2. The DMTA Customer hereby confirms that it has reviewed its articles/certificate of incorporation, by-laws and other governing documents and such documents allow for the issuance of book-based securities. The DMTA Customer acknowledges and agrees that upon receipt of written instructions from the DMTA Customer to the DMTA, DMTA may issue such book-based positions, as represented by DRS advice or otherwise, on all new share issuances and/or transfers. If a shareholder or its representative requests a change to a physical share certificate, DMTA shall convert said share certificate to book entry form and make the requested change.

3. The DMTA Customer shall not issue any share certificate without such certificate being countersigned by DMTA in its capacity as Transfer Agent.

4. In the case of the loss, theft or destruction of any share certificate, before a replacement certificate will be issued, DMTA must receive:

a. evidence satisfactory to DMTA of the loss, theft or destruction of such certificate; and
b. a letter of indemnity from the shareholder and the DMTA Customer in a form acceptable to DMTA.

5. The DMTA Customer represents and warrants that all Securities to be covered by this

Agreement that are issued and outstanding on the Effective Date are issued and outstanding as fully paid and non-assessable and that with respect to future allotments and issuances of Securities, DMTA shall be entitled to regard such Securities as fully paid and non-assessable.

6. DMTA shall be entitled to treat as valid any shareholder data, share certificate or DRS position for Securities purporting to have been issued or prepared by or on behalf of the DMTA Customer prior to the Effective Date of this Agreement and the DMTA Customer shall indemnify and save harmless DMTA, its officers, directors, employees, successors, assigns and agents from any liability or claims that may be made against them by reason of DMTA treating any such shareholder data, certificate or DRS position as valid. DMTA is hereby expressly relieved from any duty or obligation to (a) correct incomplete shareholder data prepared on behalf of the DMTA Customer prior to the Effective Date of this Agreement; and (b) verify the signature or the authority to sign of the person or persons purporting to sign any such certificate on behalf of the DMTA Customer or on behalf of any other institution that was appointed the Transfer Agent of the Securities prior to the Effective Date.

## 4. Dividend Distribution Agent (if requested by DMTA Customer)

4.1. In the event that DMTA Customer appoints DMTA as agent to distribute to holders of Securities dividends as may from time to time be declared by the board of directors of the DMTA Customer, DMTA agrees to accept such appointment subject to terms to be agreed upon by the parties.

4.2. DMTA Customer shall provide security holder information to DMTA in order for DMTA Customer to contact such holders and obtain the information necessary to make dividend payments or pay amounts owing under debt securities.

4.3. If directed by DMTA Customer, DMTA may provide administrative reconciliation services for investor tax form completion but DMTA Customer is solely responsible for submitting required tax forms to the IRS.

4.4. If DMTA Customer chooses to appoint DMTA as the Dividend Distribution Agent in accordance with this section, DMTA Customer acknowledges that DMTA is not the dividend distribution paying agent. DMTA shall disburse dividends in accordance herewith upon receiving written direction from the DMTA Customer and a certified copy of a resolution of the board of directors of the DMTA Customer declaring such dividends but all payments shall be made by DMTA Customer from DMTA Customer funds.

4.5. At least one business day before the date on which such dividends are payable, the DMTA Customer shall deliver to DMTA by electronic transfer or certified cheque, funds sufficient to pay such dividends, or make such other arrangements for the provision of funds as may be agreeable between the parties.

4.6. If any funds are received by DMTA in the form of uncertified cheques, DMTA shall be entitled to delay the time for release of such funds until such uncertified cheques shall be determined to have cleared the financial institution upon which the same are drawn.

# 5. Other Services

5.1. DMTA shall perform such other services normally incident with the role of Transfer Agent and Registrar or Dividend Disbursing Agent, if applicable, as the DMTA Customer may request in writing from time to time for such fees as may be agreed to from time to time between the parties, in accordance with the terms thereof.

5.2. DMTA may, in connection with the services described in this Agreement, engage, at DMTA's sole expense (unless agreed in writing by DMTA Customer), without notice, subcontractors, agents and service providers in its sole and absolute discretion. DMTA Customer agrees that DMTA is authorized to appoint such individuals and entities and do all other acts required to carry out the Agreement.

5.3. DMTA may be required to perform other work on behalf of the DMTA Customer with respect to new or existing industry regulations (for example, related to provincial Securities Acts, the U.S. Securities Exchange Act of 1934 ("1934 Act"), the Internal Revenue Code, state escheatment or unclaimed property legislation or other). DMTA is hereby authorized, at its discretion and at the expense of the DMTA Customer, where applicable, to perform such work.

5.4. The DMTA Customer hereby acknowledges and authorizes DMTA to use the DMTA Customer's online DealMaker Shareholder online portal to communicate with shareholders for the purpose of delivering the DMTA shareholder Services described herein, including but not limited to (i) uploading book entry statements and (2) responding to shareholder action requests.

5.5. The DMTA Customer acknowledges and agrees that DMTA is not responsible for the escheatment of unclaimed property, including securities or funds issued and/or held by DMTA as a result of DMTA performing its services as Transfer Agent and Disbursing Agent ("Unclaimed Property"), which may be required under any state laws or the 1934 Act. DMTA's role is limited to completing two lost holder searches pursuant to SEC rule 17 Ad-17 ("Lost Holder Searches"). The DMTA Customer acknowledges that it is solely responsible for all obligations with respect to Unclaimed Property that is in the possession of DMTA at any time and agrees that DMTA does not offer escheatment services. DMTA shall have no responsibility to provide additional services regarding lost holder accounts for DMTA Customer's Securities.

5.6. Notwithstanding the foregoing, in the event one or more shareholders is not responsive to the Lost Holder Searches, DMTA Customer may retain DMTA to conduct additional database searches to locate the shareholder, at the DMTA Customer's sole expense, in accordance with DMTA's then applicable fees ("Additional Searches"). DMTA Customer acknowledges that it remains solely responsible for all obligations with respect to Unclaimed Property even if DMTA is directed to conduct Additional Searches.

# 6. Fees and Expenses

This section applies only to the provision of DMTA Services and in the event of a conflict, supersedes any prior paragraphs concerning Fees contained in this Agreement:

6.1. The DMTA Customer shall pay the fees outlined on the Order Form for the services described therein. Fees are subject to revision by DMTA from time to time. DMTA Customer shall reimburse DMTA for all costs and expenses incurred in connection herewith. Without limiting the generality of the foregoing and notwithstanding any other provision of this Agreement or of any fees, the DMTA Customer agrees to pay DMTA such additional compensation, costs and expenses as are agreed between the parties to be warranted by any additional time, effort and/or responsibility incurred or expended by DMTA in order to comply with any laws or regulations it may be subject to as Registrar, Transfer Agent or as dividend distribution disbursing agent, including, without limitation, unclaimed property legislation or future imposed regulations.

6.2. All DMTA Fees are incurred immediately at time of service and non-refundable. The DMTA Customer will be billed as set out in the Terms.

6.3. All out of pocket costs and expense recoveries are payable in advance, unless otherwise agreed to in writing.

6.4. In the event that a corporate action or reorganization occurs, the DMTA Customer agrees to compensate DMTA at a rate based on the terms of the transaction and the duties required of DMTA.

6.5. In the event the DMTA Customer defaults in its payment obligations to DMTA ("Payment Default"), DMTA shall have the right, commencing thirty (30) days following written notification to the DMTA Customer of Payment Default and unless such Payment Default has been remedied, to immediately suspend service or terminate this Agreement, subject to DMTA's rights and recourses under this Agreement or applicable law.

# 7. DMTA Customer's Responsibility For Documents

7.1. The DMTA Customer agrees that it will promptly furnish to DMTA from time to time:

7.1.1. certified copies of all articles, any amendments thereto and all relevant By-laws;
7.1.2. certified copies of all resolutions or other authorizing documents allotting or providing for the issuance of Securities;
7.1.3. a current list of the directors of the DMTA Customer upon any change to this information; and
7.1.4. that number of unissued Share certificates as is necessary for DMTA to perform its obligations hereunder from time to time

7.2. DMTA Customer agrees to direct its broker-dealer, as applicable, to share required onboarding documents with DMTA upon request.

# 8. DMTA Customer's Responsibility For Signatories

8.1. The DMTA Customer shall deliver evidence of the appointment of its signatories as such, evidence may be requested from time to time by DMTA. The DMTA Customer shall promptly advise DMTA, in writing, as to any changes in the authorized signatories and the directors of the DMTA Customer and DMTA shall not be charged with notice of any such change in authorized signatories unless and until such notice is provided in writing in accordance with the provisions herein with respect to Notice.

8.2. DMTA may act upon any email or certificate or other document believed by it to be genuine and to have been signed by the proper person or persons. DMTA may refuse to process any requested transfer or perform any other act requested of it if it is not satisfied as to the propriety of the request or the sufficiency of the evidence provided in support of such request.

# 9. Authorization To Act On Electronic Instructions

9.1. The DMTA Customer hereby directs DMTA to accept and act upon directions including treasury directions sent to DMTA via e-mail or via communications initiated by DMTA Customer through the DMTA Customer's online portal licensed from DealMaker.tech.

9.2. The DMTA Customer acknowledges that: E-mail is not a secure means of communication. Some of the risks of e-mail communications are that:

- someone could intercept, read, retransmit or alter a communication;
- e-mails can be lost, delivered late, or not received; and
- someone can send unauthorized e-mails that appear to emanate from a secure source.

9.3. In reviewing directions received via email, DMTA shall rely upon the customary signature block of the individual authorized to sign for the DMTA Customer, as provided by the DMTA Customer, from time to time. In reviewing direction received via DMTA Customer's deal portal, DMTA shall rely upon the user credentials customarily associated with the DMTA Customer's account.

9.4. DMTA shall be entitled to act upon any direction received via e-mail or DealMaker.tech that DMTA believes to be genuine.

9.5. DMTA retains the right, at all times, to refuse to process any direction where DMTA questions the legitimacy of the direction. Where DMTA questions the legitimacy of a direction, DMTA shall make a good faith effort to promptly confirm the legitimacy of the direction, which may include requesting an originally signed direction. DMTA shall not be liable to the DMTA Customer or any party for any losses caused by DMTA's refusal to act on a direction that DMTA is not able to confirm to be legitimate.

# 10. DMTA’s Reservation Of Rights

10.1. DMTA shall not incur any liability in refusing in good faith to affect any transfer which in its judgment is improper or unauthorized.

10.2. DMTA shall retain all rights and be entitled to:

10.2.1. refuse to act, and shall not be liable for refusing to act, unless it has received clear instructions and/or documentation and sufficient time to give effect to such instructions and/or documentation;

10.2.2. refuse the transfer of any Securities until such time as DMTA is satisfied, acting reasonably, that:

10.2.2.1. the share certificate, if applicable, presented to DMTA is valid;

10.2.2.2. the endorsement on the Share Certificate or DRS statement or appended stock power of attorney, as applicable, is genuine; and

10.2.2.3. the transfer requested is properly and legally authorized.

10.2.3. treat as valid any shareholder data or share certificate purporting to have been issued by or on behalf of the DMTA Customer prior to the date of this Agreement, as set out in section above;

10.2.4. not transfer any Security if such Security is subject to any restriction or prohibition on transfer, and DMTA shall not be liable to DMTA Customer or any other party for refusing to affect any such transfer;

10.2.5. refuse to act, and shall not be liable for refusing to act if, due to a lack of information or for any other reason whatsoever, DMTA, in its sole judgment, determines that such act might cause it to be in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline.

10.2.5.1. Further, should DMTA, in its sole judgment, determine at any time that its acting under this Agreement has resulted in its being in non-compliance with any applicable anti-money laundering or anti-terrorist legislation, regulation or guideline, then DMTA shall have the right to resign on 10 days’ written notice to the DMTA Customer, provided that (i)

DMTA's written notice shall describe the circumstances of such non-compliance; and (ii) if such circumstances are rectified to DMTA's satisfaction within such 10 day period, then such resignation shall not be effective; and

10.3. DMTA shall be under no obligation to prosecute or defend any action or suit in respect of its agency relationship under this Agreement but will do so at the request of the DMTA Customer, provided that the DMTA Customer furnishes indemnity and funding satisfactory to DMTA, acting reasonably, against any liability, cost or expense which might be incurred.

## 11. Legal Advice

11.1. DMTA is hereby authorized, at its discretion and at the expense of the DMTA Customer to refer all documents or requests relating to any transfers or any other matters contemplated by this Agreement or requested to be performed pursuant to this Agreement to the DMTA Customer's or DMTA's legal counsel for advice, and DMTA shall be entitled but not required to rely on such advice. DMTA will, in all cases, endeavor to consult with the DMTA Customer prior to engaging outside counsel, unless as otherwise required by a regulatory body.

## 12. Data Access By Third Parties

12.1. DMTA Customer agrees that inspection of Securities records and Registers on the systems of DMTA may be subject to the inspection rights of securities regulatory authorities including the Securities and Exchange Commission.

12.2. For this purpose, DMTA is hereby authorized to make Securities and holder Register data available to industry third-party systems, both directly and via an integrated API, including but not limited to DMTAs and securities exchanges, to enable them to obtain information about the DMTA Customer's Securities, payment history of Securities, confirmations of holders' ownership positions, among others.

## 13. Warranties and Disclaimer

13.1. Mutual Warranties: Each party to this Agreement represents to the other that (i) it has the right and authority to enter into this Agreement and to perform all of its respective obligations; (ii) the Agreement has been duly executed and delivered and constituted a valid, binding agreement enforceable in accordance with its terms; (iii) no other person is required to authorize the party's execution, delivery or performance of the Agreement; and (iv) execution, delivery and performance of this Agreement does not violate the terms or conditions of any other agreement to which it is a party or by which it is otherwise bound.

## 14. Warranties By DMTA Customer

14.1. DMTA Customer warrants and represents to DMTA that it will provide complete and accurate information and records with respect to the Securities, the holders thereof and the restrictions applicable to transfer of the Securities (including the dates that any such restrictions are no longer applicable).

14.2 In the event of a breach of any of the DMTA Customer's warranties or responsibilities herein, DMTA will have the right at its sole discretion to suspend DMTA Services if deemed necessary by DMTA to prevent or eliminate difficulties in the provision of DMTA Services pursuant to this Agreement or to prevent potential litigation.

14.3. Disclaimer By DMTA: Except as expressly set forth in this Agreement, DMTA makes no representation or warranty or any kind whether express, implied, or statutory.

## 15. Limitation of Liability

This section applies only to the provision of DMTA Services and in the event of a conflict, supersedes any prior paragraphs concerning Limitation of Liability contained in this Agreement:

15.1. Limits On Damages. DMTA shall not be liable for any action taken or omitted to be taken by DMTA under or in connection with this Agreement, except for losses caused principally and directly by DMTA's gross negligence, fraud, bad faith or willful misconduct. Notwithstanding any other provision in this Agreement, DMTA shall not, under any circumstances, be liable to DMTA Customer for special, indirect, incidental, consequential, exemplary, aggravated or punitive damages arising out of or related to the transactions contemplated under this Agreement, including but not limited to lost profits, loss of business or holder claims.

15.2. Cap on Liability. Notwithstanding any other provision of this Agreement, DMTA Customer agrees that DMTA's total liability arising out of or related to this Agreement, regardless of whether the action or claim is based on contract, tort, warranty or otherwise, shall be limited to the amount of fees paid by the DMTA Customer to DMTA in the twelve (12) months immediately preceding the first receipt by DMTA of notice of the claim.

15.3. Notwithstanding and without limitation of any other provision of this Agreement, and notwithstanding whether such losses or damages are foreseeable or unforeseeable, DMTA and each Indemnified Party shall not be liable under any circumstances whatsoever for any breach by any other person, which term includes corporations, partnerships, trusts or other entities, of securities laws or other rule of any securities regulatory authority, for lost profits or for special, indirect, incidental, consequential, exemplary, aggravated or punitive losses or damages. DMTA Customer agrees that its liability hereunder shall be absolute and unconditional, regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to any of the Indemnified Parties and shall accrue and become enforceable without prior demand or any other precedent action or proceeding.

15.4. For so long as the DMTA Customer is a client of DMTA, the DMTA Customer undertakes to advise

DMTA in writing as soon as reasonably practicable in the event that the DMTA Customer becomes, or ceases to be, a reporting DMTA Customer with the United States Securities and Exchange Commission.

15.5. The provisions of this section shall survive the resignation or removal of DMTA and the termination of this Agreement.

## 16. Miscellaneous

16.1. No Implied License. DMTA Customer has no right, title or interest in the technology used and the DMTA Services or by third parties engaged by the DMTA. This Agreement is not intended and will not be construed to confer upon either party any license rights to any patent, trademark, copyright, or other intellectual property rights of either party hereto or any other rights of any kind not specifically conferred in this Agreement.

16.2. No Underwriting. DMTA Customer agrees that DMTA is not acting as an underwriter of any Securities offering, nor as a broker or dealer on any Securities transaction.

16.3. No Investment Advice. DMTA Customer agrees that DMTA is not providing investment advice, does not make any Securities recommendation, and does not solicit the offer or sale of Securities to any investor or DMTA Customer.

16.4. No Legal or Accounting Advice. DMTA Customer agrees that DMTA does not provide any legal or accounting advice, including but not limited to legal advice or recommendations with respect to the vesting, conversion or expiry of any securities (collectively "Conversion Events"). DMTA Customer shall rely solely on its own professional advisors as it deems appropriate to do so, including but not limited to matters in relation to Conversion Events. DMTA reserves the right to seek legal advice as needed and in its sole discretion, as set out in this Agreement.

# CERTIFICATE of SIGNATURE

REF. NUMBER
SX8GI-CHXHA-YNPJF-UMGIJ

DOCUMENT COMPLETED BY ALL PARTIES ON
07 MAY 2025 19:48:58 UTC

| SIGNER | TIMESTAMP | SIGNATURE |
| --- | --- | --- |
| DAN HANDFORD EMAIL DAN@PASSIVEINVESTING.COM SHARED VIA LINK | SENT 07 MAY 2025 14:25:47 UTC VIEWED 07 MAY 2025 14:47:49 UTC SIGNED 07 MAY 2025 19:48:58 UTC | ![img-0.jpeg](img-0.jpeg) IF ADDRESS 75.176.111.164 LOCATION LEXINGTON, UNITED STATES |

Signed with PandaDoc
PAGE 1 OF 1

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

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** PIC Diversification Fund, LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2024

**CIK:** 0002069560

**I.R.S. Employer Identification Number:** 33-1830356

**Primary Standard Industrial Classification Code:** 6162

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 245 Laurel Rd, —, Lexington, SC 29073

**Company Phone:** 803-381-4811

**Person to contact:** Arden Anderson

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount    |
|:---|:---|
| Cash and Cash Equivalents                | $100.00   |
| Investment Securities                    | $0.00     |
| Accounts and Notes Receivable            | $0.00     |
| Property, Plant and Equipment (PP&E)     | $0.00     |
| Total Assets                             | $40100.00 |
| Accounts Payable and Accrued Liabilities | $40333.00 |
| Long-Term Debt                           | $0.00     |
| Total Liabilities                        | $40333.00 |
| Total Stockholders' Equity               | $-230.00  |
| Total Liabilities and Equity             | $40100.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount   |
|:---|:---|
| Total Revenues                            | $0.00    |
| Costs and Expenses Applicable to Revenues | $233.00  |
| Depreciation and Amortization             | $0.00    |
| Net Income                                | $-233.00 |
| Earnings Per Share - Basic                | -233.00  |
| Earnings Per Share - Diluted              | -233.00  |

**Auditor Information**

| Metric          | Amount               |
|:---|:---|
| Name of Auditor | Assurance Dimensions |

### Outstanding Securities

| Class                |   Outstanding |     CUSIP | Publicly Traded   |
|:---|---:|---:|:---|
| Membership Interests |             1 | 000000000 | N/A               |
| N/A                  |             0 | 000000000 | N/A               |
| N/A                  |             0 | 000000000 | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Debt

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** Yes

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 74257425     |
| Number of securities outstanding                                | 0            |
| Price per security                                              | $1.01        |
| Issuer's aggregate offering price                               | $74999999.25 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $74999999.25 |

**Anticipated Fees**

| Service Provider   | Name                   | Fees      |
|:---|:---|:---|
| Auditor            | Assurance Dimensions   | $3500.00  |
| Legal              | Dodson Robinette, PLLC | $40000.00 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $71887000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, PR, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, A0, A1, A2, A3, A4, A5, A6, A7, A8, A9, B0, Z4