# EDGAR Filing Document

**Accession Number:** 0002072448
**File Stem:** 0002072448-25-000001
**Filing Date:** 2025-6
**Character Count:** 133292
**Document Hash:** f55d60e041b69b5d5afbda39df59d8e0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002072448-25-000001.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0002072448-25-000001

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tollers & Jack, LLC
- **CENTRAL INDEX KEY:** 0002072448

**ORGANIZATION NAME:**
- **EIN:** 920489236
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-36040
- **FILM NUMBER:** 251052833

**BUSINESS ADDRESS:**
- **STREET 1:** 1795 EAST ELLEN WAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84092
- **BUSINESS PHONE:** 8016374207

**MAIL ADDRESS:**
- **STREET 1:** 1795 EAST ELLEN WAY
- **CITY:** SANDY
- **STATE:** UT
- **ZIP:** 84092

### Attached PDF Documents

**Attachment 1:** `form_c.pdf`

U.S. Securities and Exchange Commission

Form C - Offering Statement Pursuant to Regulation Crowdfunding

1. Issuer Information

Name of Issuer: Tollers and Jack, LLC

Entity Type: Limited Liability Company

Jurisdiction of Incorporation/Organization: Utah

Date of Incorporation: September 27, 2022

Principal Place of Business: 1795 E. Ellen Way, Sandy, Utah 84092

Website: www.tollersandjack.com

Future Form C-AR filing may be found at www.tollersandjack.com/documents

2. Directors of the Company

| Name | Title | Principal Occupation | Dates of Service |
| --- | --- | --- | --- |
| Arthur VanWagenen | Manager | Manager, Tollers and Jack, LLC | 09/2022-Present |
| George Judd Funk | Manager | Manager, Tollers and Jack, LLC | 09/2022-Present |
| VanWagenen has worked in business affairs at Angel Studios since August 2022. Prior to that he lead Excel Ent. for 10 years. |  | Since 2012 Funk has been a partner at One, LLC, an entertainment law firm based in CA and has taught in the film and law school at Chapman University since 2010. |  |

3. Officers of the Company

| Name | Title | Responsibilities | Dates of Service |
| --- | --- | --- | --- |

Arthur VanWagenen Manager Co-manages 09/2022-Present business operations and strategy

George Judd Funk Manager Co-manages 09/2022-Present business operations and finance

## 4. Principal Security Holders

| Preferred | Common | Voting Rights | Economic Rights |
| --- | --- | --- | --- |
| 100,000* (of 10,000,000) | 100 (of 100) | Common units are the only voting units | First, 100% to Preferred holders until 115% is returned; then 50% to Preferred Units and 50% to Common Units |
| 15,000** SAFE note |  |  |  |

*NB:. The 100,000 in Preferred Units were issued pursuant to an exempt private offering under Rule 4(a)(2) of the Securities and Exchange Act.

**NB: We have taken a $15,000 investment [from the Angel Acceleration Fund] to finance the first draft of the screenplay in the form of a SAFE note entitling AAF to convert the investment into Preferred Units any time after January 5, 2025.

Preferred Units have no voting rights and distribution rights according to the chart above and the operating agreement.

## 5. Business and Purpose

Description of the Business:

Tollers and Jack, LLC is a single purpose limited liability company created to develop, own, and produce a feature length film for theatrical release about the friendship between C.S. Lewis and J.R.R. Tolkien.

We have two (2) employees (managers) and three (3) contractors (writer, director, line producer) working on behalf of the Company.

Planned Use of Proceeds:

- Pre-production development, including casting director and script polish: 90%
- Platform fees and legal: 10%

# 6. Offering Details

Amount Raised to Date: $100,000 from our manager and his personal acquaintance for the production of the proof-of-concept short film that is serving as the basis of the feature film. An additional $15,000 was provided by the Angel Acceleration Fund as a note for the creation of the first draft of the feature screenplay and will be paid back plus interest at the start of principal photography.

Target Offering Amount: $91,000

Maximum Offering Amount: $124,000 accepted first-come, first-serve

Deadline to Reach Target: July 8, 2025

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

Price Per Security: $1.00 was the price determined to match the actual dollar amount invested by all preferred unit holders; it does not reflect an actual valuation since the value of the company will be determined by box office performance after completion of the film.

Type of Security Offered: Class A Preferred Units per the Company's Operating Agreement.

Minimum Investment Amount: $100

The Funding Portal will receive 6% of the closed offering amount and a reimbursement for any out of pocket expenses paid on its behalf.

You may cancel an investment commitment until up to 48 hours prior to the Offering Deadline, or such earlier time as the Company designates, pursuant to Regulation CF, using the cancellation mechanism provided by the Intermediary. The Intermediary has the ability to reject any investment commitment and may cancel or rescind the Company's offer to sell the Securities at any time for any reason.

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

# 7. Risks

Risks Related to the Issuer and our Business:

The Issuer's assumptions concerning future operations may not be realized. The Issuer's goal is to produce a commercially profitable motion Picture using a production budget as set forth in the exhibit below. The Issuer's projected results are dependent on the successful implementation of the Issuer's business plan and strategies and are based on hypothetical assumptions and events over which the Issuer has only partial or no control. While management believes that its goals and objectives are reasonable and achievable, no

assurance can be given that they will be realized. The revenue we could generate will vary greatly based on factors that we cannot quantify, including things such as ultimate cost of production, methods of distribution later negotiated, audience interest, general economic outlook, etc.

**Management will have broad discretion as to the use of the proceeds from the Offering.** The Issuer's management will have broad discretion as to the use of the net proceeds from the Offering for the purpose of producing the Picture. Investors will be relying on the judgment of the Issuer's management regarding the use of the proceeds for the purpose of producing the Picture. The production of the Picture will require many other highly-skilled creative and production personnel, including cinematographers, editors, costume designers, set designers, sound technicians, lighting technicians, and actors. Although the Issuer expects to find high quality candidates to fill these positions, there can be no assurance of their cooperation and participation through completion of the Picture. Replacing key talent could delay production or reduce the quality of the Picture, which would impair the Issuer's revenue. Also, many of these positions will require the Issuer to hire members of unions or guilds. As a result, the Issuer's ability to terminate unsatisfactory or non-performing works could be adversely affected by existing union or guild contracts and regulations. This could delay production of the Picture and significantly increase costs. The Issuer is a newly formed company and has no history upon which Investors can evaluate the Issuer.

**The Issuer was recently formed for the purpose of developing, producing and distributing the Picture.** Accordingly, the Issuer has no operating history on which prospective investors may evaluate the Issuer's business and prospects. The Issuer has no revenues and requires, in part, the net proceeds from the sale of the Securities to fund development and production of the Picture. If and when production of the Picture commences, no assurance can be given that the Picture will receive market acceptance when produced. The Issuer is a new company and faces all of the risks of a start-up company. The Issuer will encounter challenges and difficulties frequently experienced by early-stage companies, including the expenses, difficulties, complications and delays frequently encountered in connection with the formation and commencement of operations, the production and distribution of a motion picture, and the competitive environment in which the Issuer intends to operate. The Issuer may not successfully address any of these risks. If the Issuer does not successfully address these risks, the Issuer's business will be seriously harmed. The Issuer's officers control the Issuer and the Issuer currently has no independent directors. This could lead to unintentional subjectivity in matters of corporate governance, especially in matters of compensation and related-party transactions. The Issuer also does not currently benefit from the advantages of having any independent directors, including bringing an outside perspective on strategy and control, adding new skills and knowledge that may not be available within the Issuer.

**The Issuer's success depends on the successful production and distribution of a single motion picture and the Issuer is unable to diversify its investment to reduce its risk of failure.** The Issuer was formed for the sole purpose of developing and producing the

Picture, and therefore will only produce the Picture and create additional content and merchandise based upon the Picture. No assurance can be given that the Issuer's management team will be able to successfully develop, produce and make arrangements for the distribution of the Picture. Because the Issuer will have only one asset, the Picture, the Issuer is more vulnerable to unanticipated occurrences than a more diversified business. The development, production, completion and distribution of the Picture is subject to numerous uncertainties, including financing requirements, personnel availability and the release schedule of competing television Picture and films. There may be additional problems which could adversely affect the Issuer's profitability, including (without limitation) public taste, which is unpredictable and susceptible to change; competition with other films and/or shows, motion pictures and other leisure activities; advertising costs; uncertainty with respect to release dates; and the failure of other parties to fulfill their contractual obligations and other contingencies. No assurance can be given that the Issuer will be able to successfully develop, produce, distribute, or realize any revenue from the Picture. Failure to develop, produce, distribute or realize any such revenues will have a material adverse effect on the Issuer's business, operating results and financial condition. Additionally, the Issuer's lack of diversification may make it vulnerable to oversupplies in the market. Most of the major production studios in the United States are part of large diversified corporate groups with a variety of other operations, including television networks and cable channels, which can provide means of distributing their products. The number of productions released by the Issuer's competitors, particularly the major United States production studios, in any given period may create an oversupply of product in the market and may make it difficult for the Issuer to succeed.

**Because the television industry business is highly speculative, the Issuer may never achieve profitability.** The motion picture industry is highly speculative and involves a substantial degree of risk. No assurance can be given of the economic success of any motion picture since the revenues derived from the production and distribution of such products primarily depend on its acceptance by the public, which cannot be predicted. The commercial success of a motion picture also depends on the quality and acceptance of competing products and shows released into the marketplace at or near the same time, the availability of alternative forms of entertainment and leisure time activities, general economic conditions and other tangible and intangible factors, all of which can change and cannot be predicted with certainty. We have no control over what other films or shows or content is released at the same time as our content and thus we cannot know, but it is always possible, that another film or show's content may be more desirable than our own and we are unsuccessful in competing in the marketing. No assurance can be given that the Picture will appeal to the public or that other shows and films may not be more appealing and therefore reduce the demand to view the Picture. Accordingly, there is a substantial risk that the Picture will not be commercially successful, in which case the Issuer may be unable to recoup costs associated with the production of the Picture or realize revenues or profits from the sale of the Picture.

The Picture may not succeed if it receives unfavorable reviews. The financial success of a television Picture, in large measure, depends on the reaction of the public, which is often influenced by professional reviewers or critics for newspapers, television and other media. It is impossible to judge in advance what the reaction of these reviewers and critics will be to the Picture. To the extent that the Picture receives unfavorable reviews from these reviewers and critics, its chances of success may be substantially diminished.

Technological advances may reduce demand for films and televisions. The entertainment industry in general, and the motion picture and television industry in particular, are continuing to undergo significant changes, primarily due to technological developments. Because of this rapid growth of technology, shifting consumer tastes and the popularity and availability of other forms of entertainment, it is impossible to predict the overall effect these factors will have on the potential revenue from and profitability of an episodic television Picture.

The Issuer's actual operating results may differ from its initial estimates. The Issuer's operating results depend on production costs, public tastes and promotion success. The Issuer expects to generate its future revenues from the distribution and exploitation of the Picture and the rights therein. The Issuer's future revenues will depend on getting the Picture produced and into distribution, upon the timing and the level of market acceptance of the Picture, as well as upon the ultimate cost to produce, distribute and promote it. The revenues derived from the distribution of the Picture depend primarily on its acceptance by the public, which cannot be predicted and does not necessarily bear a direct correlation to the production costs incurred. The commercial success of the Picture will also depend upon terms and conditions of its distribution, promotion and marketing and certain other factors. Accordingly, the Issuer's revenues are, and will continue to be, extremely difficult to forecast.

There is no guarantee revenues will remain consistent over time. It is likely that revenues generated from the Picture will not remain consistent over time. Even if the Issuer is successful in creating, marketing, and distributing the Picture, revenues generated upon initial release of the Picture will likely decrease over time as subsequent release windows are exploited. Further, once production, marketing, and distribution of the Picture is complete, revenues from the Picture are likely to decrease over time.

The Picture will be subject to common risks associated with the costs of production and distribution of a motion Picture. Production and distribution costs for the Picture are just an estimate and may significantly increase at any time depending on a variety of unknown outside influences. Additionally, some specific costs of currently expected expenditures are for items that are not yet under contract at a fixed price, and may ultimately cost more than currently anticipated.

Force Majeure Events can materially impact Issuer's business. There are certain events, including but not limited to, (i) acts of God, floods, droughts, earthquakes, or other natural disasters, (ii) epidemics or pandemics, (iii) terrorist attacks, civil war, civil commotion or

riots, war, threat of or preparation for war, armed conflict, imposition of sanctions, embargoes, or (iv) interruption or failure of utility services (collectively, "Force Majeure Events"), each of which can have an impact on our business operations, supply chains, travel, commodity prices, consumer confidence and business forecasts and could complicate our ability to produce and distribute our Picture. Implementing health and safety measures during production of the Picture could also add significant costs to our estimated production budgets and delay the release of the same.

**General economic conditions can materially impact Issuer's business.** The financial success of the Issuer may be sensitive to adverse changes in general economic conditions in the United States, such as recession, inflation, unemployment, and interest rates, and overseas, such as currency fluctuations. Such changing conditions could reduce demand in the marketplace for the Picture. Additionally, adverse changes in global and domestic economic conditions or a worsening of the United States economy could materially and adversely affect the Issuer. The commercial success of a television Picture depends significantly on consumer confidence and discretionary spending, which are still under pressure from the United States and global economic conditions. A worsening of the economic downturn and decrease in consumer spending, especially discretionary spending for nonessential products and services, may adversely impact the Picture or our ability to implement our business strategy.

**The Issuer intends to distribute the Picture on Angel Studios, Inc.** The Issuer has a license agreement to distribute the Picture through Angel Studios' provided the Picture passes the Angel Guild and is deemed viable for theatrical and downstream distribution after voting by the Angel Guild. If the final picture is not viewed favorably by the Angel Guild, Angel may elect to no distribute the Picture which would require us to find alternative distribution which may be more costly and result in less revenue to our company. Distribution channels and methods can also fall out of grace with users/viewers and we may not be able to adapt quickly enough to keep momentum for the adoption of viewers of our content.

**The Issuer will have to rely on the services of professionals and other key personnel who may be difficult to replace and the loss of any such persons could adversely affect the Issuer's business.** If the Issuer is not able to retain the services of key personnel retained by management, there will be a material adverse effect on the Issuer. If any one of these individuals becomes incapacitated or otherwise becomes unavailable, a qualified successor would have to be engaged. The Issuer may elect to offer equity in the Issuer to key production personnel (such as producers, writers, actors, stunt coordinators and unit production managers) as a means of obtaining the best possible crew at the lowest up-front cost. The Picture' production and completion may be adversely affected if new personnel must be engaged, or if such personnel demand more favorable compensation. No assurance can be given that a qualified successor could be engaged. These professionals and key personnel also may be involved in other projects that may take them away from the production of the Picture and cause delays, all of which may increase the cost of production

of the Picture and decrease the likelihood of being able to complete the Picture, which would have an adverse effect on the Issuer's business and prospects.

**Issuer's competitors, which include large and small studios and production companies, may have significantly greater financial and marketing resources, as well as experience, than we do.** Issuer is a small and unproven entity as compared to our competitors. We will compete with film studios, both large and small, production companies, independent producers and agencies. Most of the major United States studios are part of large diversified corporate group with a variety of other operations, including television networks and cable channels, that can provide both the means of distributing their products and stable sources of earnings that may allow them better to offset fluctuations in the financial performance of their operations. The major studios have more resources with which to compete for ideas, storylines and shooting outlines. This may have a material adverse effect on Issuer's business, results of operations and financial condition. In addition, some established smaller studios, production companies and agencies may have significantly greater financial and marketing resources than Issuer. Issuer will principally depend on the business contacts of its executive officers. There are no assurances that this approach will be successful.

**Issuer will be required to raise additional capital to fully fund its business plan and expand its operations.** Currently, Issuer has no revenue-generating activities. The purpose of this Offering is to raise up to $124,000 which will be used, towards the pre-production of the Picture. Part of the monies received through this Offering will be allocated to ongoing treatment and shooting outline, with the balance allocated towards marketing and production. In addition to this Offering, Issuer will raise additional capital through i) a separate offering of securities being made in reliance on an exemption from the registration requirements of the Securities Act of 1933, as amended (the "Securities Act"), pursuant to Rule 506(b) of Regulation D of the Securities Act (the "Preferred Offering"); ii) procuring notes against anticipated foreign pre-sales and tax rebates for film production. Total additional financing necessary to complete production of the Picture is approximately $14,117,754 ($9,999,133 net cost after tax and other incentives and including $1,442,236 in post-production cost). Such terms of the Preferred 11 Offering, and the securities issued thereto, may be superior to those terms for the Securities through this Offering, and therefore may not be on terms preferable to Investors in this Offering.

Additional capital may not be available at such times or in amounts as needed by Issuer. Even if capital is available, it might be available only on unfavorable terms to Issuer and the Investors in this Offering. Any additional equity or convertible debt financing into which Issuer might enter could be dilutive to our then existing equity holders, including Investors to this Offering. Any future debt financing into which Issuer enters may impose covenants upon Issuer that restrict its operations, including limitations on its ability to incur liens or additional debt, pay profit distributions, repurchase its equity, make certain investments and engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity that Issuer might raise may contain terms that are not favorable to Issuer

or our existing equity holders. If Issuer determines the need to raise additional funds through collaboration and licensing arrangements with third parties, such agreements may be necessary to relinquish some rights to our manuscripts, or grant licenses on terms that are not favorable to Issuer. If access to sufficient capital is not available as and when needed, Issuer could be materially impaired and may be required to cease operations, curtail the acquisition, recycling or marketing of manuscripts, or Issuer may be required to significantly reduce expenses, sell assets, seek a merger or joint venture partner, file for protection from creditors or liquidate all of its assets.

**Substantial delays between the completion of this Offering and the production of the Picture may cause Issuer's expenses to be increased and it may take the Issuer longer to generate revenues.** Issuer cannot be certain when it will begin production of the Picture. Any actor playing a leading role, and other members of our production team, will need to complete, delay or abandon other potential obligations before production of the Picture will begin. While the Issuer intends on beginning production of the Picture as soon as practical after sufficient proceeds are raised, the Issuer has no way of predicting exactly when it will raise sufficient capital from the Offering to begin production of the Picture. Therefore, the Issuer has no way to predict the availability of its principal cast and creative staff.

**Budget overruns may adversely affect the Issuer's business.** Actual production costs may exceed their budget, sometimes significantly. Risks, such as labor disputes, death or disability of star performers, rapid high technology changes relating to special effects, or other aspects of production, such as shortages of necessary equipment, damage to film negatives, master tapes and recordings, data breaches, or adverse weather conditions, may cause cost overruns and delay or frustrate completion of the Picture. If any of the Picture incurs substantial budget overruns, the Issuer may have to seek additional financing from outside sources to complete production. No assurance can be given as to the availability of such financing on terms acceptable to the Issuer. In addition, if a production incurs substantial budget overruns, there can be no assurance that such costs will be recouped, which could have a significant adverse impact on the Issuer's business, results of operations or financial results.

**Production of a television Picture is a time consuming process.** Issuer intends to commence production of the Picture shortly after completion of this Offering. The production and distribution of a television Picture is a time consuming process. Pre-production on a picture will generally extend for a minimum of two or three months or more. Principal photography may extend for several months or more. Post-production may extend from three or four months or more. Distribution and exhibition of television Picture may continue for months or years before any revenue is realized or generated, if at all.

**The premature abandonment of projects may result in losses to investors and impair Issuer's overall results of operations.** The production and distribution of the Picture may be abandoned at any stage if further expenditures do not appear commercially feasible, with the resulting loss of some or all of the funds previously expended on the development, production or distribution of our Picture, including funds expended in connection with the

development of any screenplays and pre-production of the Picture. In the event that Issuers determines that it is in the best interest of its equity holders to abandon the project, it is unlikely that we will be able to recoup any of our costs.

**Issuer’s success depends on protecting its intellectual property.** Issuer’s success will depend, in part, on its ability to protect its proprietary rights in the Picture. Issuer will rely primarily on a combination of copyright laws and other methods to protect its respective proprietary rights in the Picture. However, there can be no assurance that such measures will protect Issuer’s proprietary information, or that its competitors will not develop screenplays for feature films or shows otherwise similar to the Picture, or that the Issuer will be able to prevent competitors from developing a similar television Picture for production. The Issuer believes that its proprietary rights will not infringe on the proprietary rights of third parties. However, there can be no assurance that third parties will not assert infringement claims against the Issuer in the future with respect to the Picture. Such assertion may require the Issuer to incur substantial legal fees and costs in order to protect its rights, or possibly enter into arrangements on terms unfavorable to it in order to settle such claims. To the extent that the Issuer fails to adequately protect its respective intellectual property rights in the Picture, or if the financial burden of enforcing its rights becomes too cost-prohibitive, Issuer may be unable to continue to implement its business strategy, which would have a material adverse effect on Issuer’s business, prospects, financial condition, and results of operations. Furthermore, the Issuer may enter into a Campaign Booster Loan and Security Agreement with Angel Studios, Inc. to be used towards funding the initial advertisements related to this Offering. The Campaign Booster Loan and Security Agreement with Angel Studios, Inc., once signed, will include Issuer’s valuable intellectual property, including the Picture, as collateral. While this arrangement will provide Issuer with the necessary funds to support its business operations and growth initiatives, it also exposes Issuer to certain risks. In the event of a default on the loan, Angel Studios, Inc. may have the right to foreclose on and secure ownership of Issuer’s intellectual property, which could have severe implications for Issuer’s business. Losing control over Issuer’s intellectual property could undermine Issuer’s competitive advantage and impair its ability to develop, market, and protect its products and services. Additionally, if Angel Studios, Inc. forecloses on Issuer’s intellectual property, Issuer may face difficulties in making distributions to Investors, raising funds or securing additional loans in the future, which may lead to a decline in revenue, loss of customers, and damage to Issuer’s reputation.

**Issuer may not generate sufficient cash flow to make distributions to Investors.** There is no assurance that Issuer will ever have income sufficient to cover our expenses and have sufficient cash flow to make distributions to Investors in the Offering. Even if Issuer is able to make distributions, Issuer cannot make any assurance concerning the timing or amounts of such distributions. Investors may be required to bear the economic risk of his, her or its investment for an indefinite period of time, including the potential for a complete loss of his her or its investment.

8. Financial Condition

Most Recent Fiscal Year End: December 31, 2024

Revenue: $0

Net Income: $0

Cash on Hand: $0

Debt: $0

Accounting Method: Accrual

9. Intermediary

Portal Name: VAS Portal, LLC

CIK number of intermediary: 0001749383

SEC File Number: 007-00165

CRD number, if applicable, of intermediary: 298941

10. Signature

Issuer Signature:

I, Arthur Van Wagenen, certify that:

(1) the financial statements of Tollers and Jack, LLC included in this Form are true and complete in all material respects; and

(2) No tax return for Tollers and Jack, LLC was filed for the fiscal year ended 2024; and

(3) Tollers and Jack, LLC has not previously failed to file a Form C-AR, since this Offering is its first Reg CF offering.

By: /s/ Arthur VanWagenen

Title: Manager, Chief Executive Officer

Date: May 1, 2025

EXHIBIT A

Production Budget Top Sheet *(subject to change)*

Acct# Category Description Page Total

1000 STORY &amp; OTHER RIGHTS 1 $271,549
1050 DEVELOPMENT 2 $25,641
1100 PRODUCERS 2 $880,179
1200 DIRECTORS 3 $376,006
1300 CAST 4 $1,510,030
1400 ABOVE-THE-LINE TRAVEL &amp; LIVING 11 $361,141

Total Above-The-Line $3,424,546

1450 EXTRA TALENT 14 $196,106
1500 CREW: PRODUCTION 14 $729,428
1600 CREW: ASST. DIRECTORS /CONTINUITY 20 $228,435
1700 CREW: CAMERA, VIDEO &amp; GRIP 23 $334,428
1800 CREW: SOUND RECORDING 27 $61,864
1900 CREW: LIGHTING 28 $382,849
2000 CREW: ART DEPARTMENT 31 $868,586
2100 CREW: WARD/MAKE-UP/HAIR 37 $496,218
2200 CREW: EDITING 41 $156,246
2250 CREW: 2ND UNIT &amp; OVERTIME 42 $272,994
2300 MATERIALS - ART DEPARTMENT 45 $903,846
2350 MATERIALS - SFX 52 $102,244
2400 MATERIALS - WARD/MAKE-UP/HAIR 52 $249,358
2500 SET OPERATIONS 53 $505,577
2600 PRODUCTION OFFICE &amp; STORES 56 $114,230
2700 LOCATIONS 58 $1,003,740
3000 BTL TRAVEL &amp; TRANSPORTATION 68 $600,610
3100 BTL LIVING 72 $332,898

Total Production $7,539,657

3500 PICTURE/SOUND/POST-PRODUCTION 75 $1,184,549
3600 POST PRODUCTION COSTS 78 $65,379
3700 MUSIC 79 $192,308
3800 ARCHIVE MATERIAL 80 $0
3900 TITLES 80 $0

Total Post Production $1,442,236
5000 INSURANCE 81 $107,692
5100 PUBLICITY 81 $0
5200 GENERAL EXPENSES 81 $153,524
5400 OVERHEAD FEES 83 $166,667
FELLOWSHIP - Greenlight Budget Jun 25, 2024

Acct# Category Description Page Total

Total Other $427,883
Contingency 10% $1,283,432
Total Other $1,283,432
Total Above-The-Line $3,424,546
Total Below-The-Line $10,693,208
Total Above and Below-The-Line $14,117,754

Grand Total $14,117,754
UK AVEC-Indy Production Tax Credit - Estimate Only $(3,931,122)
Finland VFX Credit Estimate Only $(187,500)
Sub Total $(4,118,622)
Net Total $9,999,133

EXHIBIT B

Pro Forma Income Statement (Dec 2023 and Dec 2024)

| Item | Amount (USD) |
| --- | --- |
| Revenue | $0 |

| Item | Amount (USD) |
| --- | --- |
| Cost of Goods Sold (COGS) | $0 |
| Gross Profit | $0 |
| Operating Expenses: |  |
| - R&D / Development | $115,000 |
| - General & Administrative | $10,000 |
| Total Operating Expenses | $125,000 |
| Operating Income (Loss) | ($125,000) |
| Interest Expense (Short-Term) | $500 |
| Net Income (Loss) Before Tax | ($125,500) |
| Taxes (0% due to net loss) | $0 |
| Net Loss | ($125,500) |

**Pro Forma Balance Sheet (as of Dec 31, 2023 and 2024)**

**Assets** Amount (USD)

**Current Assets**

- Cash &amp; Cash Equivalents $15,000
- Prepaid Expenses $0

**Total Current Assets** $15,000

**Long-Term Assets**

- Capitalized R&amp;D Assets $100,000
- Equipment (net) $0

**Total Long-Term Assets** $100,000

Assets Amount (USD)

Total Assets $125,000

| Liabilities & Equity | Amount (USD) |
| --- | --- |
| Current Liabilities |  |
| - Short-Term Debt | $10,000 |
| - Accounts Payable | $0 |
| Total Current Liabilities | $10,000 |
| Long-Term Liabilities |  |
| - Long-Term Debt | $50,000 |
| Total Liabilities | $60,000 |
| Owner's Equity |  |
| - Owner Contributions | $190,500 |
| - Retained Earnings (Loss) | ($125,500) |
| Total Equity | $65,000 |
| Total Liabilities & Equity | $125,000 |

## Notes

- R&amp;D Costs (Torch film): $115,000 incurred, of which $100,000 is capitalized as long-term assets.
- Revenue: None yet, as the company is still in development.
- Debt Structure: $15,000 in short-term debt (e.g., convertible note).
- Taxation: Assumed to be pass-through (typical for LLCs), no income = no federal taxes.

**Attachment 2:** `subscription_agreement.pdf`

# Subscription Agreement

THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.

THE PURCHASE OF THE SECURITIES INVOLVES A HIGH DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.

Tollers &amp; Jack, LLC
1795 East Ellen Way,
Sandy, Utah 84092
Attention: Arthur VanWagenen
Telephone: (801) 637-4207
Email: arthur@angel.com

Ladies and Gentlemen:

The undersigned (the "Purchaser") understands that Tollers &amp; Jack, LLC, a limited liability company organized under the laws of Utah (the "Company"), is offering an aggregate of up to 124,000 Preferred Units (the "Securities") at a per unit price of $1.00 (the "Purchase Price") in a private placement. This offering is made pursuant to the Form C, dated June 17, 2025 and other relevant documents provided to purchasers of the Securities (collectively, the "Offering Documents"). The undersigned further understands that the offering is being made without registration of the Securities under the Securities Act of 1933, as amended (the "Securities Act"), or any securities law of any state of the United States or of any other jurisdiction.

1.  Subscription. Subject to the terms and conditions hereof and the provisions of the Offering Documents, the undersigned hereby irrevocably subscribes for the Securities set forth on the signature page at the Purchase Price, which is payable as described in Section 4 hereof. The undersigned acknowledges that the Securities will be subject to restrictions on transfer as set forth in this subscription agreement (the "Subscription Agreement"). Effective upon the Closing (as defined below), Purchaser will become a party to that certain amended and restated operating agreement of the Company dated as of May 12, 2025, as the same may be amended from time to time ("Operating Agreement"), as a Member (as defined in the Operating Agreement). The Company has provided Purchaser a copy of the Operating Agreement.

2.  Acceptance of Subscription and Issuance of Securities. It is understood and agreed that the Company shall have the sole right, at its complete discretion, to accept or reject this subscription, in whole or in part, for any reason and that the same shall be deemed to be accepted by the Company only when it is signed by a duly authorized officer of the Company and delivered to the undersigned. Subscriptions need not be accepted in the order received, and the Securities may be allocated among subscribers. Notwithstanding anything in this Subscription Agreement to the contrary, the Company shall have no obligation to issue any of the Securities to any person

who is a resident of a jurisdiction in which the issuance of Securities to such person would constitute a violation of the securities, "blue sky" or other similar laws of such jurisdiction (collectively referred to as the "State Securities Laws").

3. The Closing. The closing of the purchase and sale of the Securities (the "Closing") shall take place only once the Company has determined that sufficient investments have been received to comply with the target offering amount set forth in the offering Form C and only once the minimum twenty-one (21) day offering period has been accomplished.

4. Payment for Securities. Purchaser shall pay to the Company the total Purchase Price upon execution of this Agreement by ACH, credit card or wire transfer to the escrow facilitator, North Capital Private Securities (the "Escrow Facilitator"), such payment to be held by the Escrow Facilitator until such time that it is either (a) refunded to Purchaser or (b) transferred to the Company at a Closing. If Purchaser's payment is refunded to Purchaser at any time, Purchaser's subscription will be cancelled and Purchaser shall have no rights as a Member of the Company. At each Closing, the Company will issue to each Purchaser the number of Preferred Units being purchased at such Closing against payment of the Purchase Price.

5. Representations and Warranties of the Company. As of the Closing, the Company represents and warrants that:

(a) The Company has been duly organized and is validly existing under the laws of Utah, with full power and authority to conduct its business as it is currently being conducted and to own its assets; and has secured any authorizations, approvals, permits and orders required by law for the conduct by the Company of its business as it is currently being conducted.

6. Representations and Warranties of the Undersigned. As of the date hereof and as of Closing, the undersigned hereby represents and warrants to and covenants with the Company that:

(a) General.

(i) The undersigned has all requisite authority (and in the case of an individual, the capacity) to purchase the Securities, enter into this Subscription Agreement and the Operating Agreement, and to perform all the obligations required to be performed by the undersigned hereunder, and such purchase will not contravene any law, rule, or regulation binding on the undersigned or any investment guideline or restriction applicable to the undersigned.

(ii) The undersigned is a resident of the state set forth on the signature page hereto and is not acquiring the Securities as a nominee or agent or otherwise for any other person.

(iii) The undersigned will comply with all applicable laws and regulations in effect in any jurisdiction in which the undersigned purchases or sells Securities and obtain any consent, approval or permission required for such purchases or sales under the laws and regulations of any jurisdiction to which the

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undersigned is subject or in which the undersigned makes such purchases or sales, and the Company shall have no responsibility therefor.

(b) Information Concerning the Company.

(i) The undersigned has received a copy of the Form C. The undersigned has not been furnished any offering literature other than the Form C and associated exhibits, and the undersigned has relied only on the information contained therein. The undersigned hereby acknowledges and agrees that, subsequent to the date of the Form C, the Company has made plans to make an election to be treated as a corporation for tax purposes and, where the Company makes such an election, the tax treatment of the undersigned’s investment in the Company will differ in certain respects from that contemplated in the Form C. Undersigned acknowledges and agrees that it has consulted its own tax advisors with respect to such election and the impacts on the undersigned’s investment in the Securities and otherwise confirmed the suitability thereof.

(ii) The undersigned understands and accepts that the purchase of the Securities involves various risks, including the risks outlined in the Form C and in this Subscription Agreement. The undersigned represents that it is able to bear any loss associated with an investment in the Securities.

(iii) The undersigned confirms that it is not relying on any communication (written or oral) of the Company or any of its affiliates, as investment or tax advice or as a recommendation to purchase the Securities. It is understood that information and explanations related to the terms and conditions of the Securities provided in the Form C or otherwise by the Company or any of its affiliates shall not be considered investment or tax advice or a recommendation to purchase the Securities, and that neither the Company nor any of its affiliates is acting or has acted as an advisor to the undersigned in deciding to invest in the Securities. The undersigned acknowledges that neither the Company nor any of its affiliates has made any representation regarding the proper characterization of the Securities for purposes of determining the undersigned's authority to invest in the Securities.

(iv) The undersigned is familiar with the business and financial condition and operations of the Company, all as generally described in the Form C. The undersigned has had access to such information concerning the Company and the Securities as it deems necessary to enable it to make an informed investment decision concerning the purchase of the Securities.

(v) The undersigned understands that no federal or state agency has passed upon the merits or risks of an investment in the Securities or made any finding or determination concerning the fairness or advisability of this investment.

(c) Non-Reliance.

(i) The undersigned represents that it is not relying on (and will not at any time rely on) any communication (written or oral) of the Company, as investment advice or as a recommendation to purchase the Securities, it being understood that information and explanations related to the terms and conditions of the Securities and the other transaction documents that are described in the Form C shall not be considered investment advice or a recommendation to purchase the Securities.

(ii) The undersigned confirms that the Company has not (A) given any guarantee or representation as to the potential success, return, effect or benefit (either legal, regulatory, tax, financial, accounting or otherwise) of an investment in the Securities or (B) made any representation to the undersigned regarding the legality of an investment in the Securities under applicable legal investment or similar laws or regulations. In deciding to purchase the Securities, the undersigned is not relying on the advice or recommendations of the Company and the undersigned has made its own independent decision that the investment in the Securities is suitable and appropriate for the undersigned.

(d) Status of Undersigned.

(i) The undersigned has such knowledge, skill and experience in business, financial and investment matters that the undersigned is capable of evaluating the merits and risks of an investment in the Securities. With the assistance of the undersigned's own professional advisors, to the extent that the undersigned has deemed appropriate, the undersigned has made its own legal, tax, accounting, and financial evaluation of the merits and risks of an investment in the Securities and the consequences of this Subscription Agreement. The undersigned has considered the suitability of the Securities as an investment in light of its own circumstances and financial condition and the undersigned is able to bear the risks associated with an investment in the Securities, and it is authorized to invest in the Securities.

(ii) The undersigned is investing within the limits set forth under Regulation Crowdfunding. The undersigned agrees to furnish any additional information requested by the Company or any of its affiliates to assure compliance with applicable U.S. federal and state securities laws in connection with the purchase and sale of the Securities. The undersigned acknowledges that the undersigned has completed the investment funnel on the portal website provided by VAS Portal, LLC d/b/a Angel Funding (the "Portal") and that the information contained therein is complete and accurate as of the date thereof and is hereby affirmed as of the date thereof.

(e) Restrictions on Transfer or Sale of Securities.

(i) The undersigned is acquiring the Securities solely for the undersigned's own beneficial account, for investment purposes, and not with a view to, or for resale in connection with, any distribution of the Securities. The

4

undersigned understands that the Securities have not been registered under the Securities Act or any State Securities Laws by reason of specific exemptions under the provisions thereof which depend in part upon the investment intent of the undersigned and of the other representations made by the undersigned in this Subscription Agreement. The undersigned understands that the Company is relying upon the representations and agreements contained in this Subscription Agreement (and any supplemental information) for the purpose of determining whether this transaction meets the requirements for such exemptions.

(ii) The undersigned understands that the Securities are "restricted securities" under applicable federal securities laws and that the Securities Act and the rules of the U.S. Securities and Exchange Commission (the "Commission") provide in substance that the undersigned may dispose of the Securities only pursuant to an effective registration statement under the Securities Act or an exemption from the registration requirements of the Securities Act, and the undersigned understands that the Company has no obligation or intention to register any of the Securities or the offering or sale thereof, or to take action so as to permit offers or sales pursuant to the Securities Act or an exemption from registration thereunder (including pursuant to Rule 144 thereunder). Accordingly, the undersigned understands that under the Commission's rules, the undersigned may dispose of the Securities only in "private placements" which are exempt from registration under the Securities Act, in which event the transferee will acquire "restricted securities," subject to the same limitations that apply to the Securities in the hands of the undersigned. Consequently, the undersigned understands that the undersigned must bear the economic risks of the investment in the Securities for an indefinite period of time.

(iii) The undersigned agrees: (A) that the undersigned will not sell, assign, pledge, give, transfer, or otherwise dispose of the Securities or any interest therein, or make any offer or attempt to do any of the foregoing, unless the transaction is registered under the Securities Act and complies with the requirements of all applicable State Securities Laws, or the transaction is exempt from the registration provisions of the Securities Act and all applicable requirements of State Securities Laws; (B) that any certificates representing the Securities will bear a legend making reference to the foregoing restrictions; and (C) that the Company and its affiliates shall not be required to give effect to any purported transfer of such Securities, except upon compliance with the foregoing restrictions.

(iv) The undersigned acknowledges that neither the Company nor any other person offered to sell the Securities to it by means of any form of general solicitation or advertising, including but not limited to: (A) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (B) any seminar or meeting whose attendees were invited by any general solicitation or general advertising.

5

7. Conditions to Obligations of the Undersigned and the Company. The obligations of the undersigned to purchase and pay for the Securities specified on the signature page and of the Company to sell those Securities, are subject to the satisfaction at or prior to the Closing of the following conditions precedent: the representations and warranties of the Company contained in Section 5 hereof and of the undersigned contained in Section 6 hereof shall be true and correct as of the Closing in all respects with the same effect as though such representations and warranties had been made on and as of the Closing.

8. Obligations Irrevocable. The obligations of the undersigned shall be irrevocable.

9. Legend. The Company may elect to create certificates representing the Securities sold pursuant to this Subscription Agreement. If the Company creates such certificates, the certificates may be imprinted with a legend in substantially the following form:

"THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THE SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED, OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT OR SUCH OTHER APPLICABLE LAWS."

10. Waiver, Amendment. Neither this Subscription Agreement nor any provisions hereof shall be modified, changed, discharged or terminated except by an instrument in writing, signed by the party against whom any waiver, change, discharge or termination is sought.

11. Assignability. Neither this Subscription Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either the Company or the undersigned without the prior written consent of the other party, and any attempted assignment without such prior written consent shall be void.

12. Waiver of Jury Trial. THE UNDERSIGNED IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING ARISING OUT OF THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT.

13. Submission to Jurisdiction. With respect to any suit, action, or proceeding relating to any offers, purchases, or sales of the Securities by the undersigned ("Proceedings"), the undersigned irrevocably submits to the jurisdiction of the federal and state courts located in Salt Lake County, in the state of Utah, which submission shall be exclusive, unless none of such courts has lawful jurisdiction over such Proceedings.

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14. Governing Law. This Subscription Agreement shall be governed by and construed in accordance with the laws of the State of Utah.

15. Section and Other Headings. The section and other headings contained in this Subscription Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Subscription Agreement.

16. Counterparts. This Subscription Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement.

17. Notices. All notices and other communications provided for herein shall be in writing and shall be deemed to have been duly given if delivered personally or sent by registered or certified mail, return receipt requested, postage prepaid to the following addresses (or such other address as either party shall have specified by notice in writing to the other):

If to the Company:
Tollers and Jack, LLC
1795 E. Ellen Way,
Sandy, Utah 84092
Attention: Arthur VanWagenen
Telephone: (801) 637-4207
Email: arthur@avwlawfirm.com

with a copy to:
George Judd Funk
5 Riva Drive
Newport Coast, CA 92657
juddfunk@gmail.com

If to the Purchaser:
To the email address provided at the time of investment.

18. Binding Effect. The provisions of this Subscription Agreement shall be binding upon and accrue to the benefit of the parties hereto and their respective heirs, legal representatives, successors, and assigns.

19. Survival. All representations, warranties and covenants contained in this Subscription Agreement shall survive (i) the acceptance of the subscription by the Company and the Closing, (ii) changes in the transactions, documents and instruments described in the Form C which are not material or which are to the benefit of the undersigned, and (iii) the death or disability of the undersigned.

20. Notification of Changes. The undersigned hereby covenants and agrees to notify the Company upon the occurrence of any event prior to the closing of the purchase of the Securities

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pursuant to this Subscription Agreement which would cause any representation, warranty, or covenant of the undersigned contained in this Subscription Agreement to be false or incorrect.

21. **Severability.** If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement this day of _______________ and hereby acknowledges that it has received and reviewed a complete copy of the Operating Agreement and agrees that, upon the closing of the undersigned’s subscription, the undersigned shall become a party to the Operating Agreement and shall be fully bound by, and subject to, all of the covenants, terms, and conditions of the Operating Agreement as though an original party thereto and shall be deemed, and is hereby admitted as, a Member for all purposes thereof and entitled to all the rights incidental thereto.

By _______________

Name _______________

Title: _______________

State/Country of Domicile or Formation: _______________, United States of America

Aggregate Subscription Amount: US _______________

The offer to purchase Securities as set forth above is confirmed and accepted by the Company as to _______________ units of its Preferred Units.

TOLLERS AND JACK, LLC

Date: _______________

By _______________

Name: _______________

Title: _______________

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**Attachment 3:** `fellowship_oa.pdf`

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TOLLERS &amp; JACK, LLC

OPERATING AGREEMENT

MAY 12, 2025

THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT (A) HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY STATE AND WILL BE OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SUCH LAWS; (B) MAY BE PURCHASED FOR INVESTMENT ONLY; AND (C) MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, OR OTHERWISE DISPOSED OF UNLESS (1) SO REGISTERED OR QUALIFIED OR UNLESS AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACTS APPLIES TO SUCH DISPOSITION, THE AVAILABILITY OF WHICH IS ESTABLISHED BY AN OPINION OF COUNSEL WHICH OPINION AND COUNSEL ARE SATISFACTORY TO THE MANAGER, AND (2) THE PROVISIONS RELATED TO TRANSFERS OF SHARES SET FORTH IN THE OPERATING AGREEMENT ARE SATISFIED. ACCORDINGLY, HOLDERS OF THESE SECURITIES WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT FOR AN INDEFINITE PERIOD. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY ANY REGULATORY AUTHORITY. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

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TABLE OF CONTENTS

Page

ARTICLE I ORGANIZATION AND POWERS Error! Bookmark not defined. SECTION 1.1

ORGANIZATION 1

SECTION 1.2 PURPOSES Error! Bookmark not defined. SECTION 1.3 PRINCIPAL

PLACE OF BUSINESS 1

SECTION 1.4 FISCAL YEAR

Error! Bookmark not defined. ARTICLE II MEMBERS 2

SECTION 2.1 MEMBERS Error! Bookmark not defined. SECTION 2.2 ADMISSION OF

NEW MEMBERS 2

SECTION 2.3 MEETINGS OF MEMBERS. Error! Bookmark not defined. SECTION 2.4

LIMITATION OF LIABILITY OF MEMBERS: INDEMNITY 3

SECTION 2.5 AUTHORITY Error! Bookmark not defined. SECTION 2.6 NO RIGHT TO

WITHDRAW 3

SECTION 2.7 RIGHTS TO INFORMATION Error! Bookmark not defined. SECTION 2.8

NO APPRAISAL RIGHTS 3

SECTION 2.9 REPORTS. 4 ARTICLE III CAPITAL STRUCTURE Error! Bookmark

not defined. SECTION 3.1 CLASSES OF UNITS. 4

ARTICLE IV CERTAIN GOVERNANCE MATTERS Error! Bookmark not

defined. SECTION 4.1 CERTAIN GOVERNANCE MATTERS 4

ARTICLE V MANAGERS Error! Bookmark not defined. SECTION 5.1 POWERS 5

SECTION 5.2 ELECTION AND QUALIFICATION. Error! Bookmark not

defined. SECTION 5.3 POWERS AND DUTIES OF THE MANAGERS 6

SECTION 5.4 TENURE Error! Bookmark not defined. SECTION 5.5 MEETINGS

6

SECTION 5.6 QUORUM Error! Bookmark not defined. SECTION 5.7 ACTION AT

MEETING 6

SECTION 5.8 ACTION BY CONSENT Error! Bookmark not defined. SECTION 5.9

LIMITATION OF LIABILITY OF MANAGERS: MANAGERS AND OFFICERS LIABILITY

INSURANCE 6

ARTICLE VI OFFICERS Error! Bookmark not defined. SECTION 6.1 ENUMERATION 7

SECTION 6.2 APPOINTMENT Error! Bookmark not defined. SECTION 6.3

QUALIFICATION 7

SECTION 6.4 TENURE Error! Bookmark not defined. SECTION 6.5 REMOVAL

7

SECTION 6.6 VACANCIES Error! Bookmark not defined. SECTION 6.7 POWERS AND

DUTIES 7

ARTICLE VII INDEMNIFICATION Error! Bookmark not defined. SECTION 7.1

INDEMNIFICATION OF MANAGERS AND OFFICERS 7

SECTION 7.2 DETERMINATION OF ENTITLEMENT Error! Bookmark not

defined. SECTION 7.3 INSURANCE 9

SECTION 7.4 NO DUPLICATE PAYMENTS Error! Bookmark not defined. SECTION 7.5

AMENDMENT 9

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# ARTICLE VIII TRANSACTIONS WITH INTERESTED PERSONS
Error! Bookmark not defined. ARTICLE IX CAPITAL ACCOUNTS AND CONTRIBUTIONS 9

SECTION 9.1 CAPITAL ACCOUNTS. 11 SECTION 9.2 CONTRIBUTIONS, GENERALLY
Error! Bookmark not defined. SECTION 9.3 MEMBER CONTRIBUTIONS 10

# ARTICLE X ALLOCATIONS
Error! Bookmark not defined. SECTION 10.1 ALLOCATION OF NET INCOME 10

SECTION 10.2 ALLOCATION OF NET LOSS
Error! Bookmark not defined. SECTION 10.3 QUALIFIED INCOME OFFSET 11

SECTION 10.4 SECTION 704(C) ALLOCATIONS
Error! Bookmark not defined. SECTION 10.5 MEMBER NONRECOURSE DEDUCTIONS 11

SECTION 10.6 MINIMUM GAIN CHARGEBACK
Error! Bookmark not defined. SECTION 10.7 CURATIVE ALLOCATIONS 12

SECTION 10.8 COMPLIANCE WITH CODE SECTION 704(B)
Error! Bookmark not defined. SECTION 10.9 NO LIMITATION 12

# ARTICLE XI DISTRIBUTIONS
Error! Bookmark not defined. SECTION 11.1 DISTRIBUTION OF COMPANY FUNDS, GENERALLY 12

SECTION 11.2 DISTRIBUTIONS GENERALLY
Error! Bookmark not defined. SECTION 11.3 DISTRIBUTION UPON LIQUIDATION OR DISSOLUTION 13

SECTION 11.4 NO LIMITATION
Error! Bookmark not defined. SECTION 11.5 DEFINITIONS 13

# ARTICLE XII TRANSFERS OF INTERESTS
Error! Bookmark not defined. SECTION 12.1 GENERAL RESTRICTIONS ON TRANSFER 13

SECTION 12.2 PERMITTED TRANSFERS
Error! Bookmark not defined. SECTION 12.3 REQUIREMENTS FOR TRANSFER 14

SECTION 12.4 RIGHT OF FIRST REFUSAL WITH RESPECT TO PREFERRED UNITS
Error! Bookmark not defined. SECTION 12.5 EFFECT OF TRANSFER 16

SECTION 12.6 PROHIBITED TRANSFERS
Error! Bookmark not defined. ARTICLE XIII DISSOLUTION, LIQUIDATION, AND TERMINATION 16

SECTION 13.1 DISSOLUTION
Error! Bookmark not defined. SECTION 13.2 LIQUIDATION 17

SECTION 13.3 CERTIFICATE OF CANCELLATION
Error! Bookmark not defined. ARTICLE XIV GENERAL PROVISIONS 18

SECTION 14.1 ENTIRE AGREEMENT
Error! Bookmark not defined. SECTION 14.2 GOVERNING LAW: CONSENT TO JURISDICTION 18

SECTION 14.3 AMENDMENT OR MODIFICATION
Error! Bookmark not defined. SECTION 14.4 BINDING EFFECT 18

SECTION 14.5 SEVERABILITY
Error! Bookmark not defined. SECTION 14.6 FURTHER ASSURANCES 18

SECTION 14.7 WAIVER OF CERTAIN RIGHTS
Error! Bookmark not defined. SECTION 14.8 NOTICE TO MEMBERS OF PROVISIONS OF THIS AGREEMENT 19

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# TABLE OF CONTENTS

SECTION 14.9 THIRD PARTY BENEFICIARIES Error! Bookmark not defined. SECTION 14.10 INTERPRETATION 19
SECTION 14.11 COUNTERPARTS
CONFIDENTIALITY 19
Error! Bookmark not defined. SECTION 14.12

# SCHEDULES:

Schedule A - Members, Capital Contributions, and Units

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# TOLLERS &amp; JACK, LLC

## OPERATING AGREEMENT

This Operating Agreement (the “Agreement”) is dated as of JULY 30, 2024, is entered into by and among Tollers &amp; Jack,, LLC (the “Company”); George “Judd” Funk and Arthur VanWagenen (together the “Manager” or “Managers”); and the persons identified as Members on Schedule A attached hereto (such persons and their respective successors in office or in interests, being hereinafter referred to individually as a “Member” or collectively as “Members”), as such Schedule may hereinafter be amended.

A. The Company was formed as a limited liability company under the Utah Revised Uniform Limited Liability Company Act, codified in Utah Code section 48-3a-101 et seq. (as amended from time to time, the “Act”).

B. The Manager and the Members wish to set out fully their respective rights, obligations and duties regarding the Company and its affairs, assets, liabilities and the conduct of its business.

NOW, THEREFORE, in consideration of the mutual covenants expressed herein, the parties hereby agree as follows:

## ARTICLE I
### ORGANIZATION AND POWERS

#### Section I.1 Organization

The Company has been formed by the filing of its Articles of Organization with the Utah Department of Commerce Division of Corporations and Commercial Code pursuant to the Act. The Articles of Organization may be restated by the Manager as provided in the Act or amended by the Manager with respect to the address of the registered office of the Company in Utah and the name and address of its registered agent in Utah or to make corrections authorized or required by the Act. The Articles of Organization, as amended from time to time, are referred to herein as the “Articles.”

#### Section I.2 Purposes

The principal business activity and purposes of the Company shall be the creation and production of a film about the friendship between C.S. Lewis and J.R.R. Tolkien to be called Fellowship (the “Picture”). However, the business and purposes of the Company shall not be limited to its initial principal business activity and, unless the Manager otherwise determines, it shall have authority to engage in any other lawful business, purpose or activity permitted by the Act, and it shall possess and may exercise all of the powers and privileges granted by the Act or which may be exercised by any person, together with any powers incidental thereto, so far as such powers or privileges are necessary or convenient to the conduct, promotion or attainment of the business purposes or activities of the Company.

#### Section I.3 Principal Place of Business

. The principal office and place of business of the Company shall be as set forth in the Articles. The agent for service of process shall be as set forth in the Articles. The Manager may change the principal office, place of business, and agent of process of the Company at any time and may cause the Company to establish other offices or places of business.

Section I.4 Fiscal Year

. Unless otherwise required under the Internal Revenue Code of 1986, as amended (the "Code"), the fiscal year of the Company shall end on December 31 in each year or such other date as the Manager may determine from time to time (the "Fiscal Year").

## ARTICLE II MEMBERS

Section II.1 Members

. The Members of the Company and their addresses are listed on Schedule A, as such schedule shall be amended from time to time by the Managers to reflect the withdrawal of Members, the admission of additional Members, transfers of Units or the issuance of additional Units pursuant to this Agreement. The Members shall constitute a single class or group of members of the Company for all purposes of the Act.

Section II.2 Admission of New Members

. Subject to Article IV, additional persons may be admitted to the Company as Members upon such terms as are established by the Managers. New Members shall be admitted at the time when all conditions to their admission have been satisfied, as determined by the Managers, and their identity, Units and Contributions (if any) under Article IX have been established by amendment of Schedule A.

Section II.3 Meetings of Members.

(a) Notice of Meetings

. A written notice stating the place, date, and hour of all meetings of Members shall be given by the Secretary (or other person authorized by this Agreement or by law) not less than ten (10) nor more than fifty (50) days before the meeting to each Member entitled to vote thereat and to each Member who, under this Agreement is entitled to such notice, by delivering such notice to him or by mailing it, postage prepaid, and addressed to such Member at his or her address as it appears in the records of the Company. Notice need not be given to a Member if action is taken under Section 2.3(e), if a written waiver of notice is executed before or after the meeting by such Member, if communication with such Member is unlawful, or if such Member attends the meeting in question, unless such attendance was for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting was not lawfully called or convened.

(b) Quorum

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. The Members holding a majority of the Voting Units (as defined in Section 2.3(c)) at a meeting shall constitute a quorum.

## (c) Voting and Proxies

. For all purposes of this Agreement and under the Act, only Members holding Units designated as Voting Units (the "Voting Units") shall have the right to vote at a meeting or execute a written consent. The initial Voting Units shall be held exclusively by the two Managers and votes shall require the unanimous vote of both Managers to be effective.

## (d) Action at Meeting

. When a quorum is present, any matter before the meeting shall be decided by vote of the Members and require unanimous consent of the voting Members at the meeting except where a larger or different vote is required by law or by this Agreement.

## Section II.4 Limitation of Liability of Members; Indemnity

. Except as otherwise provided in the Act, no Member of the Company shall be obligated personally for any debt, obligation or liability of the Company or of any other Member, whether arising in contract, tort or otherwise, solely by reason of being a Member of the Company. Except as otherwise provided in the Act, by law or expressly in this Agreement, no Member shall have any fiduciary or other duty to another Member with respect to the business and affairs of the Company, and no Member shall be liable to the Company or any other Member for acting in good faith reliance upon the provisions of this Agreement. No Member shall have any responsibility to restore any negative balance in its Capital Account or to contribute to or in respect of the liabilities or obligations of the Company or to return distributions made by the Company except as required by the Act or other applicable law. The Company shall indemnify and hold harmless each of the Members acting on behalf of the Company pursuant to the terms of this Agreement from and against any claim by any third party seeking monetary damages against such Member arising out of such Member's performance of its duties in good faith consistent with the terms of this Agreement. Such indemnity shall continue unless and until a court of competent jurisdiction adjudicates that such conduct constituted gross negligence, willful misconduct or fraud of the Member. Notwithstanding the foregoing, no Member is authorized to act on behalf of the Company except in accordance with an express resolution of the Manager.

## Section II.5 Authority

. Unless specifically authorized by the Managers, no Member that is not a Manager or officer of the Company shall be an agent of the Company or have any right, power or authority to act for or to bind the Company or to undertake or assume any obligation or responsibility of the Company or of any other Member.

## Section II.6 No Right to Withdraw

. Except in connection with a transfer of all of a Member's Units in accordance with all applicable terms of this Agreement, no Member shall have any right to resign or withdraw from the Company without the consent of the other Members or to receive any distribution or the repayment of his

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Contribution except as provided in Articles XI and XIII upon dissolution and liquidation of the Company.

## Section II.7 Rights to Information

Members shall have the right to receive from the Company upon request a copy of the Articles and of this Agreement, as amended from time to time, and such other information regarding the Company as is required by the Act, subject to reasonable conditions and standards established by the Managers, as permitted by the Act, which may include, without limitation, withholding or restrictions on the use of confidential information.

## Section II.8 No Appraisal Rights

No Member shall have any right to have his Units appraised and paid under any circumstances.

## Section II.9 Reports

Within 90 days after the end of each Fiscal Year, the Company shall (i) deliver to the Members unaudited financial statements of the Company, including a statement of each member’s closing Capital Account balance, as of the end of such Fiscal Year; and (ii) furnish to all Members such information as may be needed to permit Members to file their federal income tax returns and any required state income tax returns. Within 120 days after the end of each Fiscal Year, Company shall file a Form C-AR pursuant to Regulation Crowdfunding (“REG CF”) requirements. The cost of all reports delivered pursuant to this Section 2.9 shall be an expense of the Company. All reports provided to Members by the Company shall be kept confidential by the Members and shall not be divulged, in whole or in part, to any third party other than the legal and accounting advisors of the Members, except as required by applicable law.

## ARTICLE III
### CAPITAL STRUCTURE

## Section III.1 Classes of Units.

(a) The right of Members to distributions and allocations and a return of capital contributions and other amounts specified herein shall be evidenced by units of interest in the Company (“Units”). There shall initially be two (2) classes of economic Units, “Common Units,” and “Class A Preferred Units” (such Class A Preferred Units are sometimes referred to herein as the “Preferred (investor) Units” and represent the interest held by equity investors in the Picture). A third class of Units, Voting Units, belonging exclusively to the Managers shall have the voting rights set forth in Section 2.3(c), but have no economic rights and shall not impact the economic rights of holders of Common Units and Preferred Units. Common Units and Preferred Units shall have economic rights set forth in Articles X and XI. The Company is authorized to issue up to ten million (10,000,000) Class A Preferred Units at a per Unit price of one dollar ($1.00) and 100 Common Units (such Common Units representing the share of producers’ Net Income (defined in Article X) to be distributed to certain producers, director(s), and other so-called “back-end” participants.

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(b) Certificates

Unless the Manager determines otherwise, the Units will not be certificated.

(c) Transfers

Subject to any restrictions on transfer under this Agreement, Units may be transferred on the books of the Company by the delivery to the Company or its transfer agent of a written assignment properly executed, with transfer stamps (if necessary) affixed, and with such proof of the authenticity of signature as the Company or its transfer agent may reasonably require.

Section 3.2 Donations: The Company may, in its discretion, elect to receive donations from individuals and non-profit entities and to use such donations for the sole purpose of producing, distributing, and marketing the Picture. Donations will not be paid back to the donating persons or entities and thus, by definition, will not impact the economic rights of any holders of Preferred Units.

Section 3.3 Debt Notes: The Company may elect to obtain debt financing against non-equity revenue sources such as foreign tax incentives and pre-sales of the Picture.

# ARTICLE IV CERTAIN GOVERNANCE MATTERS

Section IV.1 Certain Governance Matters

The following actions shall require the affirmative vote or consent of (i) Members having a majority of the Preferred Units, voting together as a separate class, and (ii) Members have a majority of the Common Units, voting together as a separate class:

(a) Any amendment to this Agreement that would diminish the economic or voting rights of the Preferred Units;

(b) Any amendment to this Agreement that would result in the creation of any equity securities having rights or preferences superior to the Preferred Units with respect to distributions or on liquidation;

(c) Any merger, consolidation, or reorganization involving the Company or any sale of all or substantially all of its assets; other than a merger or reorganization entered into solely for purposes of changing the jurisdiction of the Company, in which case, consent from the Manager is required or if the Company has more than one Manager, consent from a majority of Managers (a “Majority of Managers”) is required (if the Company has only two Managers, a Majority of Managers shall constitute both Managers);

(d) Any material investment into markets or industries that is not in connection with the production of the film entitled Fellowship;

(e) The dissolution or liquidation of the Company;

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(f) A change in the Company’s organizational form from a limited liability company to a corporation as contemplated by Article XIII.

(g) Any decision which might hinder or prevent Company from completing and delivering the Picture to distributors or from completing the State of Utah film tax rebate incentive audit, including, without limitation, decisions relating to any required budget increases or changes in key above-the-line personnel which may jeopardize Company’s ability to complete and deliver the Picture.

# ARTICLE V MANAGERS

## Section V.1 Powers

The business of the Company will be managed by managers who may exercise all the powers of the Company except as otherwise provided by law or by this Agreement. In the event of a vacancy in the Managers, the remaining Managers, except as otherwise provided by law, may exercise the powers of the Managers until the vacancy is filled.

## Section V.2 Election and Qualification.

### (a) Managers

As of the date of this Agreement, the Company has two (2) Managers. The Members having a majority of the Voting Units from time to time may establish and change the number of Managers. The name and address of the initial Managers are:

| Name | Address |
| --- | --- |
| Judd Funk | [5 Riva Drive, Newport Coast, CA 92657] |
| Arthur VanWagenen | [1795 E. Ellen Way, Sandy UT 84092] |

### (b) Removal

A Manager may be removed, with cause, by the Members having a majority of the Voting Units.

### (c) Vacancies

Any vacancy occurring in the Managers may be filled by the affirmative vote of a majority of the remaining Managers.

### (d) Committees

The Managers may establish committees consisting of certain Managers and delegate to these committees such powers and authority as the Managers deem necessary and advisable.

## Section V.3 Powers and Duties of the Managers

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. Subject to compliance with this Agreement, the business and affairs of the Company shall be conducted by or under the direction of the Manager, who shall have and may exercise on behalf of the Company all of its rights, powers, duties and responsibilities under Section 1.2 or as provided by law. In addition, the Manager shall designate one of the Members to serve as the “Tax Matters Partner” of the Company for purposes of Section 6231(a)(7) of the Code, with power to manage and represent the Company in any administrative proceeding of the Internal Revenue Service. The initial Tax Matters Partner shall be Ghostlight Entertainment, LLC. Any action taken by the written signature on any agreement, contract, instrument or other document on behalf of the Company of one of the Managers shall be sufficient to bind the Company and shall conclusively evidence the action of the Company with respect thereto.

## Section V.4 Tenure

Except as otherwise provided by law or by this Agreement, the Manager shall hold office until its successor is elected and qualified or until its earlier death, disability, resignation, or removal. The Manager may resign by delivering his/its written resignation to the Company. Such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event.

## Section V.5 Meetings

Meetings of the Managers may be held without notice at such time, date, and place as the Majority of Managers may from time to time determine.

## Section V.6 Quorum

At any meeting of the Managers, a Majority of Managers then in office shall constitute a quorum. Less than a quorum may adjourn any meeting from time to time and the meeting may be held as adjourned without further notice upon reaching a quorum.

## Section V.7 Action at Meeting

At any meeting of the Managers at which a quorum is present, a Majority of Managers present may take any action on behalf of the Managers, unless a larger number is required by law or by this Agreement.

## Section V.8 Action by Consent

Any action required or permitted to be taken at any meeting of the Managers may be taken without a meeting if a written consent thereto is signed by all of the Managers and filed with the records of the meetings of the Managers. Such consent shall be treated as a vote of the Managers for all purposes.

## Section V.9 Limitation of Liability of Managers; Managers and Officers Liability Insurance

No Manager shall be obligated personally for any debt, obligation or liability of the Company or of any Member, whether arising in contract, tort or otherwise, solely by reason of being or acting as Manager of the Company. No Manager shall be personally liable to the Company or to its

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Members (i) for acting in good faith reliance on the provisions of this Agreement, (ii) for acting in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Company, or (iii) for breach of any fiduciary or other duty that does not involve acts or omissions not in good faith or which does not involve gross negligence or intentional misconduct. The Managers are authorized to obtain at the expense of the Company Managers' and officers' liability insurance with such coverages as the Managers believe to be appropriate.

## ARTICLE VI
### OFFICERS

Section VI.1 Enumeration

. The Company shall have such officers as are appointed from time to time by the Manager.

Section VI.2 Appointment

. The officers of the Company may be appointed from time to time by the Manager.

Section VI.3 Qualification

. No officer need be a Member or Manager. Any two or more offices may be held by the same person.

Section VI.4 Tenure

. Except as otherwise provided by the Act or by this Agreement, each of the officers of the Company shall hold his office until his successor is elected and qualified or until his earlier resignation or removal. Any officer may resign by delivering his written resignation to the Company, and such resignation shall be effective upon receipt unless it is specified to be effective at some other time or upon the happening of some other event.

Section VI.5 Removal

. The Manager (or a Majority of Managers when applicable) may remove any officer with or without cause.

Section VI.6 Vacancies

. Any vacancy in any office may be filled by the Manager.

Section VI.7 Powers and Duties

. Subject to this Agreement, each officer of the Company shall have such duties and powers as are customarily incident to his office, and such duties and powers as may be designated from time to time by the Manager.

## ARTICLE VII
### INDEMNIFICATION

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# Section VII.1 Indemnification of Managers and Officers

The Company shall indemnify, to the fullest extent permitted by the Act as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than the Act permitted the Company to provide prior to such amendment):

(a) 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 or suit by or in the right of the Company) by reason of the fact that he is or was a Manager or officer of the Company, or is or was serving at the request of the Company as a Manager or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by him as incurred by him in connection with such suit, action, 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, 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 and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was lawful. Notwithstanding the foregoing, the Company shall indemnify any such person seeking indemnification in connection with an action, suit or proceeding initiated by such person only if the initiation and continued prosecution of such action, suit or proceeding was authorized by the Managers.

(b) 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 Manager or officer of the Company, or is or was serving at the request of the Company as a Manager or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees) actually and reasonably incurred by him as 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 and 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 for gross negligence or willful misconduct in the performance of his duty to the Company unless, and only to the extent that, 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 such other court shall deem proper.

(c) To the extent that a Manager or officer has been successful on the merits or otherwise in defense of any action, suit, or proceeding referred to in paragraphs (a) or (b), or in defense of any claim, issue or matter therein, he shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him and as incurred by him in connection therewith. Any such person may consult with legal or other professional counsel, and any actions taken by such person

9

in good faith reliance on, and in accordance with, the opinion or advice of such counsel shall be deemed to be fully protected and justified and made in good faith.

## Section VII.2 Determination of Entitlement

. Any indemnification hereunder (unless required by law or ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the Manager or officer is proper in the circumstances because he has met the applicable standard of conduct set forth in Section 7.1. The determination shall be made by (i) a majority vote of those Managers who are not involved in such Proceeding (the "Disinterested Managers"); (ii) by the Members; or (iii) if directed by a majority of Disinterested Managers, by independent legal counsel in a written opinion. However, if fewer than a majority of the Managers are Disinterested Managers, the determination shall be made by (i) two-thirds vote of a committee of one or more Disinterested Manager(s) chosen by the Disinterested Manager(s) at a regular or special meeting; (ii) by the Members; or (iii) by independent legal counsel in a written opinion.

## Section VII.3 Insurance

. 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, officer, employee, or agent of another 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 the Act (as presently in effect or hereafter amended) or this Agreement.

## Section VII.4 No Duplicate Payments

. The Company's indemnification under Section 7.1 or Section 7.2 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, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise, shall be reduced by any amounts such person receives as indemnification (i) under any policy of insurance purchased and maintained on his behalf by the Company, (ii) from such other corporation, partnership, joint venture, trust, or other enterprise, or (iii) under any other applicable indemnification provision.

## Section VII.5 Amendment

. This Article VII may be amended only so as to have a prospective effect.

## ARTICLE VIII
TRANSACTIONS WITH INTERESTED PERSONS

Unless entered into in bad faith, no contract or transaction between the Company and one or more of its Managers or Members, or between the Company and any other corporation, partnership, association or other organization in which one or more of its Managers or Members have a financial interest or are partners, Managers or officers, shall be voidable solely for this reason or solely because said Manager or Member was present or participated in the authorization of such

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contract or transaction if the material facts as to the relationship or interest of said Manager or Member and as to the contract or transaction were disclosed or known to the other Managers and the contract or transaction was authorized by the requisite Managers as provided in Article IV. No Manager or Member interested in such contract or transaction, because of such interest, shall be considered to be in breach of this Agreement or liable to the Company, any Manager or Member, or any other person or organization for any loss or expense incurred by reason of such contract or transaction or shall be accountable for any gain or profit realized from such contract or transaction.

# ARTICLE IX
## CAPITAL ACCOUNTS, CONTRIBUTIONS AND COMMITMENTS

### Section IX.1 Capital Accounts.

A separate capital account (“Capital Account”) shall be maintained for each Member in accordance with the Code and the Treasury Regulations thereunder. Capital Accounts will be adjusted as follows:

(a) Increased by: (i) the amount of any money the Member contributes to the Company’s capital; (ii) the fair market value of any property the Member contributes to the Company’s capital, net of any liabilities the Company assumes or to which the property is subject; and (iii) the Member’s share of Company profits and any separately stated items of income or gain; and

(b) Decreased by: (i) the amount of any money the Company distributes to the Member; (ii) the fair market value of any property the Company distributes to the Member, net of any liabilities the Member assumes or to which the property is subject; and (iii) the Member’s share of Company losses and any separately stated items of deduction or loss.

### Section IX.2 Contributions, Generally

All contributions to the capital of the Company (each a “Contribution”) shall be set forth on Schedule A, as amended from time to time. Except as set forth on Schedule A, no Member or Manager shall be entitled or required to make any contribution to the capital of the Company; however, the Company may borrow from its Members as well as from banks or other lending institutions to finance its working capital or the acquisition of assets upon such terms and conditions as shall be approved by the Managers, and any borrowing from Members shall not be considered Contributions or reflected in their Capital Accounts. No Member shall be entitled to any interest or compensation with respect to his Contribution or any services rendered on behalf of the Company except as specifically provided in this Agreement or approved by the Managers. No Member shall have any liability for the repayment of the Contribution of any other Member and each Member shall look only to the assets of the Company for return of his Contribution. Notwithstanding anything to the contrary herein, to the extent that the Contributions are not sufficient to produce the film entitled Fellowship, the Managers shall not be required to raise additional capital for the Company.

### Section IX.3 Member Contributions.

Each Member has made the Contributions specified on Schedule A and holds an interest in the Company represented by the Units set forth opposite the Member’s name on Schedule A.

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Section 9.4 Net Income Commitments. Commitments to Members and third parties for back-end participation (i.e., profit sharing) derived from Producers' Net Income (as defined below in Article X) shall be set forth on Schedule B at the end of this Agreement.

## ARTICLE X ALLOCATIONS

## Section X.1 Allocation of Net Income

Subject to Sections 10.3 through 10.9, net income for any Fiscal Year or portion thereof shall be allocated as follows:

(a) First, one hundred percent (100%) to holders of Preferred Investor Units as a group, on a pro-rata basis, until each holder of Preferred Units has been allocated an aggregate amount equal to one hundred fifteen percent (115%) of its Contributions with respect to its Preferred Units, and zero percent (0%) to the holders of Common Units; and

(b) Second, one hundred percent (100%) to pay deferred [should pay deferments first, no?] payments to key above-the-line talent, crew or other third-parties on a pro-rata basis according to separate crew deal memos or contracts entered into by Company for in-kind or partial in-kind production, distribution, or marketing services; and

(c) Third, fifty percent (50%) to the holders of Preferred Units (equity investors) as a group, on a pro-rata basis, and fifty percent (50%) to the holders of Common Units as a group, on a pro-rata basis.

(d) Definition of Net Income: For purposes of this Agreement, Net Income shall mean all revenue actually received by the Company from the exploitation of the Picture in all media, less the following: (i) any outstanding debt obligations; (ii) reasonable overhead costs; (iii) reasonable management fee of not more than 3% annually of the final out-going budget of the Picture; (iv) any reasonable distribution, marketing, and distribution costs (including but not limited to costs of duplication, warehousing, shipping, etc.) related to the Picture. "Producers' Net Income" refers to the portion of Net Income (i.e., 50%) allocated to Common Unit holders and serves as the basis or source for so-called "back-end participation" payments set forth on Schedule B.

## Section X.2 Allocation of Net Loss

Tax deductible losses (expenses) will be allocated one hundred percent (100%) to the holders of Preferred Units, according to the number of Preferred Units held by an investor as a percentage of the total outstanding Preferred Units held by investors. Tax credits and other similar items will be allocated at the end of each fiscal year in the same manner as set forth above for the allocation of net losses.

## Section X.3 Qualified Income Offset

Notwithstanding anything to the contrary contained herein, if a Member unexpectedly receives any adjustments, allocations, or distributions described in Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6) of the Regulations or any amendment thereto, or receives an allocation of loss which produces

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a negative Capital Account for any Member while any other Member has a positive Capital Account, then items of Company income, including gross income, shall be specially allocated to such Member to the extent necessary to eliminate any Capital Account deficit. This article is intended to constitute a “qualified income offset” within the meaning of Section 1.704-1(b)(2)(ii)(d) of the Regulations.

## Section X.4 Section 704(c) Allocations

Notwithstanding anything to the contrary contained herein, items of income, gain, loss, and deduction with respect to property contributed to the Company’s capital will be allocated among the Members so as to take into account any variation between book value and basis, to the extent and in the manner prescribed by Section 704(c) of the Code and related Treasury Regulations.

## Section X.5 Member Nonrecourse Deductions

Items of the Company’s loss, deductions, and expenditures described in Section 705(a)(2)(B) of the Code that are attributable to the Company’s nonrecourse debt and are characterized as Member nonrecourse deductions under Section 1.704-2(i) of the Regulations will be allocated to the Members’ Capital Accounts in accordance with Section 1.704-2(i) of the Regulations.

## Section X.6 Minimum Gain Chargeback

Notwithstanding anything to the contrary contained herein, if there is a net decrease in Company “minimum gain,” as defined in Sections 1.704-2(b)(2) and 1.704-2(d) of the Regulations, during a taxable year, each Member shall be specially allocated, before any other allocation, items of income and gain for such taxable year (and, if necessary, subsequent years) in proportion to each Member’s share of the net decrease in Company “minimum gain.” This Section is intended to comply with the “minimum gain chargeback” provisions of Section 1.704-(2)(f) of the Regulations.

## Section X.7 Curative Allocations

If the special allocations set forth in this Article X result in Capital Account balances that are different from the Capital Account balances the Members would have had if the special allocations were not required, the Company will allocate other items of income, gain, loss, and deduction in any manner it considers appropriate to offset the effects of the special allocations on the Members’ Capital Account balances. Any offsetting allocation required by this article is subject to and must be consistent with the special allocations.

## Section X.8 Compliance with Code Section 704(b)

The allocation provisions contained in this Article X are intended to comply with Code Section 704(b) and the Treasury Regulations promulgated thereunder and shall be interpreted and applied in a manner consistent therewith.

## Section X.9 No Limitation

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. The provisions of this Article X shall not be construed to limit the power and authority of the Managers to issue additional Units pursuant to Section 3.1, and subject to compliance with Article IV, and admit additional Members pursuant to Section 2.2 hereof, which issuance and/or admission may require the amendment or modification of some or all of the provisions of Section 3.1 and this Article X.

# ARTICLE XI DISTRIBUTIONS

## Section XI.1 Distribution of Company Funds, Generally

All funds and assets of the Company which are determined by the Manager, in its sole discretion, to be available for distribution under the terms of this Operating Agreement, shall be distributed to the holders of Units in accordance with the priorities set forth in Sections 11.2 and 11.3 below. No Member shall be entitled to any distribution or payment with respect to his interest in the Company except as set forth in this Agreement.

## Section XI.2 Distributions Generally

Subject to the provisions of Sections 11.1 and 11.3 and subject to the economic rights of the Units, if any, issued under Section 3.1(b), Distributable Cash Flow and other assets of the Company determined by the Managers to be available for distribution shall be distributed on a regular basis in the discretion of our Managers and in compliance with Utah law as follows:

(a) First, one hundred percent (100%) to holders of Preferred Units as a group, on a pro-rata basis, until each holder of Preferred Units has been distributed an aggregate amount equal to one hundred and fifteen percent (115%) of its Contributions with respect to its Preferred Units, and zero percent (0%) to the holders of Common Units; and;

(b) Second, one hundred percent (100%) to pay deferred payments to key above-the-line talent, crew or other third-parties on a pro-rata basis according to separate crew deal memos or contracts entered into by Company for in-kind or partial in-kind production, distribution, or marketing services

(c) Third, fifty percent (50%) to the holders of Preferred Units as a group, on a pro-rata basis, and fifty percent (50%) to the holders of Common Units as a group, on a pro-rata basis.

## Section XI.3 Distribution Upon Liquidation or Dissolution

Notwithstanding any provision of this Agreement to the contrary, in the event the Company (or a Member's interest therein) is "liquidated" within the meaning of Treas. Reg. § 1.704-1(b)(2)(ii)(g), then any distributions shall be made pursuant to Section 13.2 to the Members (or such Member, as appropriate) in amounts not in excess of their positive Capital Account balances pursuant to Treas. Reg. § 1.704-1(b)(2)(ii)(b)(2), adjusted to reflect all allocations of income, gain, loss and deduction and to reflect any revaluation of Capital Accounts under Section 9.1.

## Section XI.4 No Limitation

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. The provisions of this Article XI shall not be construed to limit the power and authority of the Manager to issue additional Units pursuant to Section 3.1, and, subject to compliance with Article IV, admit additional Members pursuant to Section 2.2 hereof, which issuance and/or admission may require the amendment or modification of some or all of the provisions of Section 3.1 and this Article XI.

## Section XI.5 Definitions

As used in this Article XI, the following terms have the following meanings:

(a) “Distributable Cash Flow” means all cash received by the Company less the sum of the following to the extent paid or set aside by the Company: (i) all cash expenditures incurred incident to the operation of the Company’s business; and (ii) Reserves.

(b) “Reserves” means, with respect to any period, funds set aside or amounts allocated during such period to reserves which shall be maintained in amounts reasonably determined by the Manager to be sufficient for debt service or other costs or expenses incident to the ownership and operation of the Company’s business.

## ARTICLE XII TRANSFERS OF INTERESTS

### Section XII.1 General Restrictions on Transfer

No Member may give, sell, assign, transfer, exchange, pledge or grant a security interest in or otherwise dispose of any Preferred Units (each such activity a “Transfer”) except as provided in this Article XII and under the terms of any agreement pursuant to which the Member acquired. Common Units may be transferred in the discretion of the holder(s) of the same without regard to the requirements of this Article XII. The Company and its Manager and Members shall be entitled to treat the record owner of Units as the absolute owner thereof in all respects, and shall incur no liability for distributions of cash or other property made in good faith to such owner until, subject to compliance with this Article XII, such time as a written assignment of such Units has been received and accepted by the Managers and recorded on the books of the Company. The Managers may refuse to accept and record an assignment until the end of the next successive quarterly accounting period of the Company.

### Section XII.2 Permitted Transfers

The following Transfers shall be permitted without compliance with Section 12.4 hereof, but shall be subject to the requirements of Section 12.3 hereof:

(a) All but not less than all of a Member’s Units may be transferred from time to time in connection with (i) any proceeding under the federal bankruptcy laws or any applicable federal or state laws relating to bankruptcy, insolvency, or the relief of debtors and subject to the requirements and provisions thereof, or (ii) a taxfree reorganization, merger or consolidation of the Company; provided, however, that in either case the transferee of a Member’s Units shall obtain the economic rights of the transferring Member but shall not become a Member, and shall have no voting rights as a Member, unless authorized by the Manager.

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(b) All but not less than all of a Member’s Units may be transferred from time to time to (i) the successor to such Member by way of merger, consolidation, or sale of all or substantially all of such Member’s assets, or (ii) an Affiliate of a Member; provided, however, that in either case the transferee of a Member’s Units shall obtain the economic rights of the transferring Member but shall not become a Member, and shall have no voting rights as a Member, unless authorized by the Manager. For purposes of this paragraph, an “Affiliate” is any person or entity that, directly or indirectly, controls or is controlled by, or is under common control with, such Member, or is a spouse, parent, sibling or lineal descendant of a Member. For the purpose of this definition, “control” (including the terms “controlling”, “controlled by” and “under common control with”), as used with respect to any entity, means ownership of 50% or more of the voting securities of such entity.

(c) All or any portion of a Member’s Units may be transferred from time to time to an entity formed for estate planning purposes for the benefit of a spouse, parent, sibling, or lineal descendant of a Member.

## Section XII.3 Requirements for Transfer

Every Transfer permitted hereunder, including Transfers permitted by Section 12.2, shall be subject to the following requirements:

(a) The transferee shall establish that the proposed Transfer will not cause or result in a breach of any agreement binding upon the Company or any violation of law, including without limitation, federal or state securities laws, and that the proposed Transfer would not cause (i) the Company to be an investment company as defined in the Investment Company Act of 1940, as amended or (ii) the registration of the Company’s securities under federal securities laws;

(b) The transferee shall establish to the satisfaction of the Manager that the proposed Transfer would not (i) adversely affect the classification of the Company as a partnership for federal or state tax purposes, (ii) cause the Company to fail to qualify for any applicable regulatory safe harbor from treatment as a publicly traded partnership treated as a corporation under Code Section 7704, or (iii) have a substantial adverse effect with respect to federal income taxes payable by the Company, Members holding a majority of Common Units, or Members holding a majority of Preferred Units; and

(c) The transferee shall execute a counterpart of this Agreement and such other documents or instruments as may be required by the Manager to reflect the provisions thereof, and the transferred Units shall continue to be subject to all restrictions under this Agreement. Until the foregoing requirements are met, the Company need not recognize the transferee for any purpose under this Agreement, and the transferee shall be entitled only to the rights of a transferee who is not a Member under the Act.

## Section XII.4 Right of First Refusal with Respect to Preferred Units

(a) Subject to the requirements of Section 12.3, a Member holding Preferred Units may Transfer all or a portion of his Preferred Units if such Member (the “Preferred Unit Offeree”)

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receives a written offer (a “Preferred Unit Offer”) made in good faith by a third party (the “Preferred Unit Offeror”) to purchase all but not less than all of the Member’s Preferred Units for cash or cash equivalents, notes or other readily marketable funds or securities, and the Preferred Unit Offeree gives the Company a right of first refusal to purchase such Preferred Units on the same terms and conditions as are stated in the Preferred Unit Offer (subject to Section 12.4(c)). The Preferred Unit Offer shall be bona fide, shall be the result of arms-length negotiations between the Preferred Unit Offeree and the Preferred Unit Offeror and shall set forth the name of the Preferred Unit Offeror, the Preferred Units to be transferred, the price and other terms of the Preferred Unit Offer and any other relevant material information available regarding the proposed Transfer. The Preferred Unit Offeree shall deliver copies of the Preferred Unit Offer to the Managers (the “Preferred Unit Offer Notice”).

(b) The Company shall have an option, exercisable by the Manager (and when applicable, a Majority of Managers), to acquire all or any part of the Preferred Units being offered at the price, terms and conditions set forth in the Preferred Unit Offer Notice. The Company shall have thirty (30) days from receipt of the Preferred Unit Offer Notice by the Company in which to notify the Preferred Unit Offeree of its election to purchase all or a portion of the Preferred Units being offered.

(c) The closing of the purchase by the Company of the Preferred Units shall take place on a date not less than ten (10) days nor more than thirty (30) days after the election to purchase has been made, as specified by the Company. At the Company’s election, the Company may pay the purchase price set forth in the terms of the Preferred Unit Offer or may pay twenty percent (20%) of the purchase price to the Preferred Unit Offeree by a check or wire transfer to a bank account designated in writing by the Preferred Unit Offeree, and eighty percent (80%) of the purchase price to the Preferred Unit Offeree by the issuance and delivery of a note bearing an interest rate equal to the prime rate (as set forth in the Wall Street Journal on the closing date), having a term of five (5) years, calling for equal payments of principal and interest made each anniversary of the note over the term of the note, and containing other customary provisions.

(d) If the Company fails to exercise its option (as described in Section 12.4(b)), in whole or in part, then for thirty (30) days following the expiration of such thirty (30) day period, then the Preferred Unit Offeree shall deliver the Preferred Unit Offer Notice to each Member holding Preferred Units and each Member holding Preferred Units shall have the right to purchase (on the same terms and conditions as stated in the Preferred Unit Offer Notice) the Preferred Unit Offeree’s Units by giving notice to the Company of the number of Preferred Units it would like to purchase (and the Company shall then notify the Preferred Unit Offeree). In the event that Members oversubscribe for the Preferred Unit Offeree’s Units, then the Preferred Unit Offeree’s Units will be purchased pro rata by such Members based upon each Member’s interest in the capital of the Company that is not subject to the proposed Transfer. The closing of the purchase by the Members of the Preferred Unit Offeree’s Preferred Units shall take place on a date not less than ten (10) days nor more than thirty (30) days after the Members’ thirty (30) day option period has expired.

(e) If all or a portion of the Preferred Units offered by the Preferred Unit Offeree are not purchased by the Company or the nontransferring Members, the Preferred Unit Offeree may sell such Preferred Units to the Preferred Unit Offeror upon the terms and conditions set forth in the

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Preferred Unit Offer Notice, provided that (i) such sale is concluded within sixty (60) days after the expiration of the period in which the Members holding Preferred Units have forfeited their rights under this Section 12.4, and (ii) the Preferred Unit Offeror complies with all of the provisions of Section 12.3. If such sale is not concluded during such sixty (60) day period, the Preferred Unit Offeree may not transfer such Preferred Units unless such Preferred Unit Offeree again complies with the provisions of this Section 12.4.

## Section XII.5 Effect of Transfer.

(a) If the transferee is admitted as a Member or is already a Member, the Member transferring his Units shall be relieved of liability with respect to the transferred Units arising or accruing under this Agreement on or after the effective date of the Transfer, unless the transferor affirmatively assumes such liability; provided, however, that the transferor shall not be relieved of any liability for prior distributions and unpaid Contributions, if any, unless the transferee affirmatively assumes such liabilities.

(b) Any person who acquires in any manner any Units, whether or not such person has accepted and assumed in writing the terms and provisions of this Agreement or been admitted as a Member, shall be deemed by the acquisition of such Units to have agreed to be subject to and bound by all of the provisions of this Agreement with respect to such Units, including without limitation, the provisions hereof with respect to any subsequent transfer of such Units.

## Section XII.6 Prohibited Transfers

Any transfer in violation of any provisions of this Agreement shall be null and void and ineffective to transfer any Units and shall not be binding upon or be recognized by the Company, and any such transferee shall not be treated as or deemed to be a Member for any purpose. In the event that any Member shall at any time transfer Units in violation of any of the provisions of this Agreement, the Company and the other Members, in addition to all rights and remedies at law and equity, shall have and be entitled to an order restraining or enjoining such transaction, it being expressly acknowledged and agreed that damages at law would be an inadequate remedy for a transfer in violation of this Agreement.

## ARTICLE XIII
DISSOLUTION, LIQUIDATION, AND TERMINATION

## Section XIII.1 Dissolution

(a) The Company shall dissolve and its affairs shall be wound up upon the first to occur of the following:

i. the written consent of the Manager (and when applicable, a Majority of Managers) and the requisite consent of the holders of Units set forth in Article IV;

ii. a consolidation or merger of the Company in which it is not the resulting or surviving entity; or

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iii. the entry of a decree of judicial dissolution under the Act.

(b) The Company shall not dissolve or be terminated upon the death, retirement, resignation, expulsion, bankruptcy or dissolution of any Member.

(c) The Manager shall promptly notify the Members of the dissolution of the Company.

# Section XIII.2 Liquidation

Upon dissolution of the Company, the Manager shall act as its liquidating trustee or the Manager may appoint one or more Managers or Members as the liquidating trustee. The liquidating trustee shall proceed diligently to liquidate the Company, to wind up its affairs and to make final distributions. Subject to the economic rights of the Units, if any, issued under Section 3.1, the Manager shall sell or otherwise liquidate all of the assets of the Company as promptly as practicable (except to the extent the Manager may determine to distribute any assets to the Members in kind), shall apply the proceeds of such sale and the remaining Company assets in the following order of priority:

(a) First, payment of creditors, including Members and Managers who are creditors, to the extent otherwise permitted by law, in satisfaction of liabilities of the Company, other than liabilities for distributions to Members;

(b) Second, to establish any reserves that the Manager deems reasonably necessary for contingent or unforeseen obligations of the Company and, at the expiration of such period as the Manager shall deem advisable, the balance then remaining in the manner provided in Section 13.2(c) and 13.2(d);

(c) Third, to the extent the holders of Preferred Units have not been distributed an aggregate amount equal to their respective Contributions with respect to its Preferred Units, one hundred percent (100%), to the holders of Preferred Units as a group, on a pro-rata basis, until each holder of Preferred Units has been distributed an aggregate amount equal to one hundred fifteen percent (115%) of its Contributions with respect to its Preferred Units under Section 11.3(a) and this Section 13.2(c), and zero percent (0%) to the holders of Common Units; and

(d) Fourth, one hundred percent (100%) to pay deferred payments to key above-the-line talent, crew or other third-parties on a pro-rata basis according to separate crew deal memos or contracts entered into by Company for in-kind or partial in-kind production, distribution, or marketing services

(e) Fifth, fifty percent (50%) to the holders of Preferred Units as a group, on a pro-rata basis, and fifty percent (50%) to the holders of Common Units as a group, on a pro-rata basis.

The costs of dissolution and liquidation shall be an expense of the Company. Until final distribution, the liquidating trustee may continue to operate the business and properties of the Company with all of the power and authority of the Manager. As promptly as possible after dissolution and again after final liquidation, the liquidating trustee shall cause an accounting by a firm of independent public accountants of the Company's assets, liabilities, operations and liquidating distributions to be given to the Members.

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Section XIII.3 Certificate of Cancellation

Upon completion of the distribution of Company assets as provided herein, the Company shall be terminated, and the Manager (or such other person or persons as the Act may require or permit) shall take all actions necessary to terminate the existence of the Company.

ARTICLE XIV
GENERAL PROVISIONS

Section XIV.1 Entire Agreement

This Agreement constitutes the entire agreement of the Members and the Manager relating to the Company and supersedes all prior contracts or agreements with respect to the Company, whether oral or written.

Section XIV.2 Governing Law; Consent to Jurisdiction

This Agreement is governed by and shall be construed in accordance with the law of the State of Utah, exclusive of its conflict-of-laws principles. The parties to this Agreement hereby consent to the exclusive jurisdiction of the courts of the State of Utah in connection with any matter or dispute arising under this Agreement or between them regarding the affairs of the Company.

Section XIV.3 Amendment or Modification

This Agreement may be amended or modified from time to time only by a written instrument signed by Members having a majority of the Voting Units and by the Manager (or a Majority of Managers when applicable); except (a) that an amendment or modification increasing any liability of a Member to the Company or its Manager or Members, or adversely affecting the limitation of the liability of a Member with respect to the Company, shall be effective only with that Member's consent, or (b) as otherwise set forth in this Agreement, including without limitation as provided under Article II, Section 3.1, Article IV, and Article XIII.

Section XIV.4 Binding Effect

Subject to the restrictions on Transfers set forth in this Agreement, this Agreement is binding on and inures to the benefit of the parties and their respective heirs, legal representatives, successors and assigns.

Section XIV.5 Severability

In the event of a conflict between the provisions of this Agreement and any provision of the Articles or the Act, the applicable provision of this Agreement shall control, to the extent permitted by law. If any provision of this Agreement or the application thereof to any person or circumstance is held invalid or unenforceable to any extent, the remainder of this Agreement and the application of that provision shall be enforced to the fullest extent permitted by law.

Section XIV.6 Further Assurances

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. In connection with this 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 Agreement and those transactions, as requested by the Managers.

## Section XIV.7 Waiver of Certain Rights

Each Member irrevocably waives any right it may have to maintain any action for dissolution of the Company, for an accounting, for appointment of a liquidator, or for partition of the property of the Company. The failure of any Member to insist upon strict performance of a covenant hereunder or of any obligation hereunder, irrespective of the length of time for which such failure continues, shall not be a waiver of such Member's right to demand strict compliance herewith in the future. No consent or waiver, express or implied, to or of any breach or default in the performance of any obligation hereunder, shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation hereunder.

## Section XIV.8 Notice to Members of Provisions of this Agreement

. By executing this Agreement, each Member acknowledges that such Member has actual notice of (a) all of the provisions of this Agreement and (b) all of the provisions of the Articles. Each Member hereby agrees that this Agreement constitutes adequate notice of all such provisions, and each Member hereby waives any requirement that any further notice thereunder be given.

## Section XIV.9 Third Party Beneficiaries

. The provisions of this Agreement are not intended to be for the benefit of any creditor or other person to whom any debts or obligations are owed by, or who may have any claim against, the Company or any of its Members, officers or Managers, except for Members, officers or Managers in their capacities as such. Notwithstanding any contrary provision of this Agreement, no such creditor or person shall obtain any rights under this Agreement or shall, by reason of this Agreement, be permitted to make any claim against the Company or any Member, officer, or Manager.

## Section XIV.10 Interpretation

. For the purposes of this Agreement, terms not defined in this Agreement shall be defined as provided in the Act; and all nouns, pronouns and verbs used in this Agreement shall be construed as masculine, feminine, neuter, singular, or plural, whichever shall be applicable. Titles or captions of Articles and Sections contained in this Agreement are inserted as a matter of convenience and for reference, and in no way define, limit, extend or describe the scope of this Agreement or the intent of any provision thereof.

## Section XIV.11 Counterparts

. This Agreement may be executed in any number of counterparts with the same effect as if all parties had signed the same document, and all counterparts shall be construed together and shall constitute the same instrument.

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Section XIV.12 Confidentiality

. Each Manager and Member agrees that it will hold in strict confidence, and will not use, any confidential or proprietary data or information obtained from the Company with respect to the Company’s business or financial condition or otherwise. Information generally known in the industry or which has been disclosed by third parties which have a right to do so shall not be deemed confidential or proprietary information for purposes of this Section 14.13.

[Remainder of page intentionally left blank; signature page to follow]

22

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth above.

## MANAGERS:

GEORGE “JUDD” FUNK., a California resident
By: *J. Funk*
Name: Judd Funk
Title: Manager/Producer

ARTHUR VANWAGENEN., a Utah resident
By: *Arthur VanWagenen*
Name: Arthur VanWagenen
Title: Manager/Producer

Signature Page to Operating Agreement
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OPERATING AGREEMENT
EXECUTION PAGE FOR TOLLERS &amp; JACK, LLC

MEMBER

NAME OF MEMBER: _______________________________

NUMBER OF CLASS A PREFERRED UNITS: ___________

ADDRESS: ____________________________________

TELEPHONE NO: ______________________________

TELECOPY NO: ______________________________

NAME OF TRUSTEE:* ____________________________

ADDRESS OF TRUSTEE:* ________________________

NAME OF PLAN SPONSOR:* ________________________

ADDRESS OF PLAN SPONSOR:* ________________________

TAX ID: ________________________________

SIGNATURE OF THE MEMBER

By: ________________________________

Name: ________________________________

Title: ________________________________

* If applicable.

Member Signature Page to Operating Agreement

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A-1
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# SCHEDULE A

MEMBERS, CAPITAL CONTRIBUTIONS, AND UNITS

| Name and Address | Capital Contributions | Common Units | Class A Preferred Units |
| --- | --- | --- | --- |
| ANGEL ACCELERATION | $15,000 (convertible note) | N/A | -- |
| Paul Wolfe | $25,000 |  |  |
| George Judd Funk | $75,000 |  |  |
| GEORGE JUDD FUNK |  | 50 | N/A |
| ARTHUR VANWAGENEN |  | 50 | N/A |

# SCHEDULE B

PERCENTAGE OF PRODUCERS' NET INCOME

| Name and Address | Company's Contractual Commitments of Net Income |
| --- | --- |
| Tim Slover (Writer) | -- |
| Paul Syrstad (Director) | -- |
| BYU Broadcasting | 10% |
| Shelley Ruddock | -- |
| Actor A | -- |
| Actor B | -- |
| Actor C | -- |
| Other | -- |

Dropbox Sign
Audit trail

Title Fellowship Operating Agreement
File name Tollers___Jack_Op...__avw_Clean_.docx
Document ID b4e09f429679232fb29493043ebdac6d1cdd1f4c
Audit trail date format MM / DD / YYYY
Status • Signed

# Document History

|  | 05 / 21 / 2025 12:36:43 UTC-6 | Sent for signature to Arthur VanWagenen (arthur@angel.com) and George Judd Funk (juddfunk@gmail.com) from arthur.vanwagenen@angel.com IP: 66.219.246.75 |
| --- | --- | --- |
|  | 05 / 21 / 2025 12:52:42 UTC-6 | Viewed by Arthur VanWagenen (arthur@angel.com) IP: 66.219.246.75 |
|  | 05 / 21 / 2025 12:52:56 UTC-6 | Signed by Arthur VanWagenen (arthur@angel.com) IP: 66.219.246.75 |
|  | 05 / 26 / 2025 17:10:46 UTC-6 | Viewed by George Judd Funk (juddfunk@gmail.com) IP: 70.187.207.4 |
|  | 05 / 26 / 2025 17:11:18 UTC-6 | Signed by George Judd Funk (juddfunk@gmail.com) IP: 70.187.207.4 |
|  | 05 / 26 / 2025 17:11:18 UTC-6 | The document has been completed. |

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**Attachment 4:** `fellowship_articles.pdf`

File Number: 13052342

# LLC

## Certificate of Organization

### OF

### Tollers &amp; Jack, LLC

The undersigned person(s) do hereby adopt the following Certificate of Organization for the purpose of forming a Utah Limited Liability Company.

## Article I

The name of the limited liability company is to be Tollers &amp; Jack, LLC

## Article II

The purpose or purposes for which the company is organized is to engage in:

Special Purpose Vehicle to produce 4-part series based on the friendship of CS Lewis and JRR Tolkein.

The Company shall further have unlimited power to engage in or to perform any and all lawful acts pertaining to the management of any lawful business as well as to engage in and to do any lawful act concerning any and all lawful business for which a Limited Liability Company may be organized under the Utah Limited Liability Company Act and any amendments thereto.

## Article III

The Company shall continuously maintain an agent in the State of Utah for service of process who is an individual residing in said state. The name and address of the initial registered agent shall be:

(Registered Agent Name &amp; Address)

Arthur Thomas VanWagenen

1795 East Ellen Way

Sandy, UT, 84092

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

State of Utah

Department of Commerce

Division of Corporations &amp; Commercial Code

This certifies that this registration has been filed and approved on 27, September 2022 in the office of the Division and hereby issues this Certification thereof.

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

Leigh Veillette

Division Director

Article IV

Name, Street address &amp; Signature of all members/managers

Manager #1
Judd Funk
5 Riva Drive
Newport Coast, CA 92657
Arthur VanWagenen (POA or AIF)
Signature

DATED 27 September, 2022.

Article V

Management statement
This limited liability company will be managed by its Managers

Article VI

Records required to be kept at the principal office include, but are not limited to the following:

Article VI.1
A current list in alphabetical order of the full name and address of each member and each manager.

Article VI.2
A copy of the stamped certificate of Organization and all certificates of amendments thereto.

Article VI.3
Copies of all tax returns and financial statements of the company for the three most recent years.

Article VI.4
A copy of the company's operating agreement and minutes of each meeting of members.

Article VII

The street address of the principal place of business is:
1795 East Ellen Way
Sandy, UT 84092

Article VIII

The duration of the company shall be

Under GRAMA {63-2-201}, all registration information maintained by the Division is classified as public record. For confidentiality purposes, the business entity physical address may be provided rather than the residential or private address of any individual affiliated with the entity.

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Tollers & Jack, LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** UT

**Date of Organization:** 09-27-2022

**Physical Address:** 1795 EAST ELLEN WAY, SANDY, UT, 84092

**Issuer Website:** www.tollersandjack.com

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

**Intermediary Name:** VAS Portal, LLC

**Intermediary CIK:** 0001749383

**Intermediary File Number:** 007-00165

**Intermediary CRD Number:** 298941

### Offering Information

**Compensation to Intermediary:** 6% of the successful amount raised.

**Financial Interest in Issuer:** None

**Type of Security Offered:** Preferred Stock

**Number of Securities Offered:** 91000

**Price per Security:** $1.00

**Target Offering Amount:** $91,000.00

**Oversubscription Accepted:** Yes

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

**Maximum Offering Amount:** $124,000.00

**Deadline to Reach Target Amount:** 07-08-2025

### Annual Report Disclosure Requirements

**Current Number of Employees:** 5.00

**Total Assets (Most Recent Fiscal Year):** $125,000.00

**Total Assets (Prior Fiscal Year):** $125,000.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $15,000.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $15,000.00

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

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

**Short-Term Debt (Most Recent Fiscal Year):** $10,000.00

**Short-Term Debt (Prior Fiscal Year):** $10,000.00

**Long-Term Debt (Most Recent Fiscal Year):** $50,000.00

**Long-Term Debt (Prior Fiscal Year):** $50,000.00

**Revenues/Sales (Most Recent Fiscal Year):** $0.00

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

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

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

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

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

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

**Net Income (Prior Fiscal Year):** $-125,500.00

**Jurisdictions Offered:**

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

### Signatures

**Issuer:** Tollers & Jack, LLC

**Signature:** Arthur VanWagenen

**Title:** Manager

---

**Signature:** Arthur VanWagenen

**Title:** Manager

**Date:** 06-17-2025

---

**Signature:** George Judd Funk

**Title:** Manager

**Date:** 06-17-2025