# EDGAR Filing Document

**Accession Number:** 0001776458
**File Stem:** 0001669191-23-000285
**Filing Date:** 2023-3
**Character Count:** 235660
**Document Hash:** f0f4731ffb73a75f7e36606d59655df7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001669191-23-000285.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001669191-23-000285

**CONFORMED SUBMISSION TYPE**: C/A

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kazoo LLC
- **CENTRAL INDEX KEY:** 0001776458
- **IRS NUMBER:** 834220507
- **STATE OF INCORPORATION:** DC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** C/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-28361
- **FILM NUMBER:** 23770170

**BUSINESS ADDRESS:**
- **STREET 1:** 3034 DENT PLACE NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20007
- **BUSINESS PHONE:** 4108322040

**MAIL ADDRESS:**
- **STREET 1:** 3034 DENT PLACE NW
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20007

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kazoo, LLC
- **DATE OF NAME CHANGE:** 20190510

## Ex-99

html![](offeringpage.jpg)

### Attached PDF Documents

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

# Offering Statement for Kazoo LLC

('Kazoo,' 'we,' 'our,' or the 'Company')

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

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

**Paul Riss:**

paul@netcapital.com

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

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

## The Company

1. What is the name of the issuer?

Kazoo LLC

3034 Dent Place NW

Washington, DC 20007

## Eligibility

2. The following are true for Kazoo LLC:

- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- Not subject to the requirement to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(a)(6) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding. (For more information about these disqualifications, see Question 30 of this Question and Answer format).
- Has filed with the Commission and provided to investors, to the extent required, the ongoing annual reports required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such reports).
- Not a development stage company that (a) has no specific business plan or (b) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

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

No.

## Directors, Officers and Promoters of the Company

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

Name

Peter Goodman

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

Work experience(https://www.linkedin.com/in/peterjgoodman): CEO, Kazoo LLC - 6/22/2020 - Present; COO & President, Kazoo LLC - 4/1/19 - 6/22/2020; CEO & CO-founder, Gut Instinct Creative - 2008 - 2020; Short Bio: As CEO, Peter brings the Kazoo vision to life. From 4/1/19 - 6/22/2020, Peter was President & COO of Kazoo. A lifelong entrepreneur with a strong track record of building rapid-growth SaaS companies in the healthcare, technology, and mobile app sectors, Peter was CEO of a venture-funded

medical software company. Peter earned an M.A. from The Johns Hopkins University and a B.A. from Washington University in St. Louis.

## Principal Security Holders

5. Provide the name and ownership level of each person, as of the most recent practicable date, who is the beneficial owner of 20 percent or more of the issuer’s outstanding voting equity securities, calculated on the basis of voting power. To calculate total voting power, include all securities for which the person directly or indirectly has or shares the voting power, which includes the power to vote or to direct the voting of such securities. If the person has the right to acquire voting power of such securities within 60 days, including through the exercise of any option, warrant or right, the conversion of a security, or other arrangement, or if securities are held by a member of the family, through corporations or partnerships, or otherwise in a manner that would allow a person to direct or control the voting of the securities (or share in such direction or control - as, for example, a co-trustee) they should be included as being “beneficially owned.” You should include an explanation of these circumstances in a footnote to the “Number of and Class of Securities Now Held.” To calculate outstanding voting equity securities, assume all outstanding options are exercised and all outstanding convertible securities converted.

### Nga Thi Howard

| Securities: | 1,000,000 |
| --- | --- |
| Class: | Series B units |
| Voting Power: | 24.9% |

### Pathmazing, Inc.

| Securities: | 909,645 |
| --- | --- |
| Class: | Series B units |
| Voting Power: | 22.6% |

### Peter J. Goodman

| Securities: | 853,800 |
| --- | --- |
| Class: | Series B units |
| Voting Power: | 21.2% |

## Business and Anticipated Business Plan

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

Kazoo made a premier SOS app that instantly alerts loved ones, live streams video, pinpoints your location, and connects with 9-1-1-with one tap. We believe that no other app on the market does this so seamlessly. The Kazoo app bundles group communications, location-based services, and social features, unlike other apps in the market. Kazoo’s enterprise safety technology also applies to companies because human loss is immeasurable and intolerable-loss or injuries can employ major loss to the families. Kazoo’s vision is to enhance public safety and security with scalable mobile solutions that are accessible by anyone and

everyone at any time. We strive to be a leading public safety mobile app company to both consumer and corporate customers with millions of users worldwide. We believe Kazoo's innovative and comprehensive technology roadmap is the future of personal safety. Given the Company's limited operating history, the Company cannot reliably estimate how much revenue it will receive in the future, if any.

Kazoo currently has 1 employees.

## Risk Factors

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

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

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

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

### 7. Material factors that make an investment in Kazoo LLC speculative or risky:

1. Public health epidemics or outbreaks could adversely impact our business. In May 2020, the global tally of confirmed cases of the coronavirus-borne illness COVID-19 exceeded 150 million. The extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information which may emerge concerning the severity of the coronavirus and the actions our competitors take to contain the coronavirus or treat its impact, among others. In particular, the spread and treatment of the coronavirus globally could adversely impact our operations, and could have an adverse impact on our business and our financial results. Given the volatile nature and geographical dispersity of the coronavirus, it may be difficult for us to project and meet the demand for our product.
2. We have a limited operating history upon which you can evaluate our performance, and accordingly, our prospects must be considered in light of the risks that any new company encounters. The Company is still in an early phase and is just beginning to implement its business plan. There can be no assurance that it will ever operate profitably. The likelihood of its success should be considered in light of the problems, expenses, difficulties, complications and delays usually encountered by companies in their early stages of development.
3. The amount of capital the Company is attempting to raise in this Offering may not be enough to sustain the Company's current business plan. In order to achieve the Company's near and long-term goals, the Company may need to procure funds in addition to the amount raised in the Offering. There is no guarantee the Company will be able to raise such funds on acceptable terms or at all.
4. Although dependent on certain key personnel, the Company does not have any key man life insurance policies on any such people. The Company is dependent on certain key personnel in order to conduct its operations and execute its business plan, however, the Company has not purchased any insurance policies with respect to those individuals in the event of their death or disability. Therefore, if any of these personnel die or become disabled, the Company will not receive any compensation to assist with such person's absence. The loss of such person could negatively affect the Company and its operations.

5. The Company is not subject to Sarbanes-Oxley regulations and may lack the financial controls and procedures of public companies. The Company may not have the internal control infrastructure that would meet the standards of a public company, including the requirements of the Sarbanes Oxley Act of 2002. As a privately-held (non-public) Company, the Company is currently not subject to the Sarbanes Oxley Act of 2002, and it's financial and disclosure controls and procedures reflect its status as a development stage, non-public company. There can be no guarantee that there are no significant deficiencies or material weaknesses in the quality of the Company's financial and disclosure controls and procedures. If it were necessary to implement such financial and disclosure controls and procedures, the cost to the Company of such compliance could be substantial and could have a material adverse effect on the Company's results of operations.
6. We may implement new lines of business or offer new products and services within existing lines of business. As an early-stage company, we may implement new lines of business at any time. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are not fully developed. In developing and marketing new lines of business and/or new products and services, we may invest significant time and resources. Initial timetables for the introduction and development of new lines of business and/or new products or services may not be achieved, and price and profitability targets may not prove feasible.
7. In order for the Company to compete and grow, it must attract, recruit, retain and develop the necessary personnel who have the needed experience. Recruiting and retaining highly qualified personnel is critical to our success. These demands may require us to hire additional personnel and will require our existing management personnel to develop additional expertise. We face intense competition for personnel. The failure to attract and retain personnel or to develop such expertise could delay or halt the development and commercialization of our product candidates.
8. We are subject to income taxes as well as non-income based taxes, such as payroll, sales, use, value-added, net worth, property and goods and services taxes, in both the U.S. and various foreign jurisdictions. Significant judgment is required in determining our provision for income taxes and other tax liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. Although we believe that our tax estimates are reasonable: (i) there is no assurance that the final determination of tax audits or tax disputes will not be different from what is reflected in our income tax provisions, expense amounts for non- income based taxes and accruals and (ii) any material differences could have an adverse effect on our financial position and results of operations in the period or periods for which determination is made.
9. We have not prepared any audited financial statements. Therefore, you have no audited financial information regarding the Company's capitalization or assets or liabilities on which to make your investment decision. If you feel the information provided is insufficient, you should not invest in the Company.
10. We need to rapidly and successfully develop and introduce new products in a competitive, demanding and rapidly changing environment. To succeed in our intensely competitive industry, we must continually improve, refresh and expand our product and service offerings to include newer features, functionality or solutions, and keep pace with price-to-performance gains in the industry. We must continue to respond to market demands, develop leading technologies and maintain leadership in analytic data solutions performance and scalability, or our business operations may be adversely affected. We must also anticipate and respond to customer demands regarding the compatibility of our current and prior offerings. These demands could hinder the pace of introducing and implementing new technology.
11. We rely on agreements with third parties to provide certain services, goods, technology, and intellectual property rights necessary to enable us to implement some of our applications. Our ability to implement and provide our applications and services to our clients depends, in part, on services, goods, technology, and intellectual property rights owned or controlled by third parties. We exercise limited control over our third-party vendors, which increases our vulnerability to problems with technology and services those vendors provide. If the services, technology, or intellectual property of third parties were to fail to perform as expected, it could subject us to potential liability, adversely

affect our renewal rates, and have an adverse effect on our financial condition and results of operations.

12. The Company intends to use the proceeds from the Offering for unspecified working capital. This means that the Company has ultimate discretion to use the proceeds as it sees fit and has chosen not to set forth any specific uses for you to evaluate. The net proceeds from this Offering will be used for the purposes, which our management deems to be in our best interests in order to address changed circumstances or opportunities. As a result of the foregoing, our success will be substantially dependent upon our discretion and judgment with respect to application and allocation of the net proceeds of this Offering.
13. The Company's management may have broad discretion in how the Company uses the net proceeds of an offering. Unless the Company has agreed to a specific use of the proceeds from an offering, the Company's management will have considerable discretion over the use of proceeds from their offering. You may not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately.
14. Investors will not be entitled to any inspection or information rights other than those required by Regulation CF. Investors will not have the right to inspect the books and records of the Company or to receive financial or other information from the Company, other than as required by Regulation CF. Other security holders of the Company may have such rights. Regulation CF requires only the provision of an annual report on Form C and no additional information - there are numerous methods by which the Company can terminate annual report obligations, resulting in no information rights, contractual, statutory or otherwise, owed to Investors.
15. There is no guarantee of a return on an Investor's investment. There is no assurance that an Investor will realize a return on its investment or that it will not lose its entire investment. For this reason, each Investor should read this Form C and all Exhibits carefully and should consult with its own attorney and business advisor prior to making any investment decision
16. Except as specified below, there are no proceedings against the Company pending or so far as is known by the Company, threatened before any court or administrative agency which, if adversely decided, would have a Material Adverse Effect. On September 28, 2021 one of the initial members of the Company refiled a suit against Peter J. Goodman, the current manager of the Company, asserting derivative and direct claims that he improperly removed such initial member from the management of the Company and engaged in other inappropriate conduct related to the management of the Company. Because the case was filed as a derivative action, the Company is named as a nominal defendant. Mr. Goodman has filed a motion to dismiss.
17. Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.
18. Startup investing is risky. Investing in early-stage companies is very risky, highly speculative, and should not be made by anyone who cannot afford to lose their entire investment. Unlike an investment in a mature business where there is a track record of revenue and income, the success of a startup or early-stage venture often relies on the development of a new product or service that may or may not find a market. Before investing, you should carefully consider the specific risks and disclosures related to both this offering type and the company.
19. *The U.S. Securities and Exchange Commission does not pass upon the merits of any securities offered or the terms of the offering, nor does it pass upon the accuracy or completeness of any offering document or literature.*

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

## The Offering

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

The Company plans to raise between $10,000 and $307,801 through an offering under Regulation CF. Specifically, if we reach the target offering amount of $10,000, we may conduct the first of multiple or rolling closings of the offering early if we provide notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). Oversubscriptions will be allocated on a first come, first served basis. Changes to the offering, material or otherwise, occurring after a closing, will only impact investments which have yet to be closed.

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

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

The Company intends to use the net proceeds of this offering for product development, marketing, new hires/payroll, and technology infrastructure.

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

| Uses | If Target Offering Amount Sold | If Maximum Amount Sold |
| --- | --- | --- |
| Intermediary Fees | $490 | $15,082 |
| Marketing | $0 | $50,000 |
| Product Development | $2,010 | $150,000 |
| Payroll | $2,500 | $80,455 |
| Technology Infrastructure | $5,000 | $12,264 |
| Total Use of Proceeds | $10,000 | $307,801 |

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

In entering into an agreement on the Netcapital Funding Portal to purchase securities, both investors and Kazoo LLC must agree that a transfer agent, which keeps records of our outstanding Series B units (the “Securities”), will issue digital Securities in the investor’s name (a paper certificate will not be printed). Similar to other online investment accounts, the transfer agent will give investors access to a web site to see the number of Securities that they own in our company. These Securities will be issued to investors after the deadline date for investing has passed, as long as the targeted offering amount has been reached. The

transfer agent will record the issuance when we have received the purchase proceeds from the escrow agent who is holding your investment commitment.

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

You may cancel an investment commitment for any reason until 48 hours prior to the deadline identified in the offering by logging in to your account with Netcapital, browsing to the Investments screen, and clicking to cancel your investment commitment. Netcapital will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment). If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment. If an investor does not reconfirm his or her investment commitment after a material change is made to the offering, the investor's investment commitment will be cancelled and the committed funds will be returned.

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

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

## Ownership and Capital Structure

### The Offering

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

We are issuing Securities at an offering price of $1.72 per share.

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

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

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

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

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

Any provision of the terms of the Securities being offered may be amended, waived or modified by written consent of the majority owner(s) of the Company. We may choose to modify the terms of the Securities before the offering is completed. However, if the terms are modified, and we deem it to be a material change, we need to contact you and you will be given the opportunity to reconfirm your investment. Your

reconfirmation must be completed within five business days of receipt of the notice of a material change, and if you do not reconfirm, your investment will be canceled and your money will be returned to you.

## Restrictions on Transfer of the Securities Offered

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

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

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

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

## Description of Issuer’s Securities

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

### Securities

| Class of Security | Amount Authorized | Amount Outstanding | Voting Rights | Other Rights |
| --- | --- | --- | --- | --- |
| Series B units | 20,000,000 | 4,015,020 | Yes | Series B Units were issued by the Company. Each Series B Unit shall entitle the holder thereof to one vote. |
| Series A units | 20,000,000 | 101,754 | No | Series A Units will be offered and sold, at one time or from time to time as determined by the Board, at a price determined by the Board. The holders of Series A Units shall not be entitled to vote on any matter. |
| Series C units | 10,000,000 | 0 | No | Series C Units (“Incentive Shares”) will be reserved for issuance by the Board for no consideration to employees and/or consultants to the Company. The holders of Series C Units shall not be entitled to vote on any matter. |

### Options, Warrants and Other Rights

None.

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

The holders of a majority-in-interest of voting rights in the Company could limit the Investor's rights in a material way. For example, those interest holders could vote to change the terms of the agreements governing the Company's operations or cause the Company to engage in additional offerings (including potentially a public offering). These changes could result in further limitations on the voting rights the Investor will have as an owner of equity in the Company, for example by diluting those rights or limiting them to certain types of events or consents. To the extent applicable, in cases where the rights of holders of convertible debt, SAFES, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an Investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the Investor's securities will decrease, which could also diminish the Investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional equity, an Investor's interest will typically also be diluted. Based on the risk that an Investor's rights could be limited, diluted or otherwise qualified, the Investor could lose all or part of his or her investment in the securities in this offering, and may never see positive returns.

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

The Company has granted a perpetual waiver of the transfer restrictions listed in the Company's Limited Liability Company Operating Agreement for all Securities sold in this Offering.

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

As holders of a majority-in-interest of voting rights in the Company, the unitholders may make decisions with which the Investor disagrees, or that negatively affect the value of the Investor's securities in the Company, and the Investor will have no recourse to change these decisions. The Investor's interests may conflict with those of other investors, and there is no guarantee that the Company will develop in a way that is optimal for or advantageous to the Investor. For example, the unitholders may change the terms of the operating agreement for the company, change the terms of securities issued by the Company, change the management of the Company, and even force out minority holders of securities. The unitholders may make changes that affect the tax treatment of the Company in ways that are unfavorable to you but favorable to them. They may also vote to engage in new offerings and/or to register certain of the Company's securities in a way that negatively affects the value of the securities the Investor owns. Other holders of securities of the Company may also have access to more information than the Investor, leaving the Investor at a disadvantage with respect to any decisions regarding the securities he or she owns. The unitholders have the right to redeem their securities at any time. Unitholders could decide to force the Company to redeem their securities at a time that is not favorable to the Investor and is damaging to the Company. Investors' exit may affect the value of the Company and/or its viability. In cases where the rights of holders of convertible debt, SAFES, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an Investor's interests in the Company may be diluted. This means that the pro-rata portion of the Company represented by the Investor's securities will decrease, which could also diminish the Investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional units, an Investor's interest will typically also be diluted.

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

At issuer's discretion.

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

An Investor in the Company will likely hold a minority position in the Company, and thus be limited as to its ability to control or influence the governance and operations of the Company. The marketability and value of the Investor's interest in the Company will depend upon many factors outside the control of the Investor. The Company will be managed by its officers and be governed in accordance with the strategic direction and decision-making of its Management, and the Investor will have no independent right to name or remove an officer or member of the Management of the Company. Following the Investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the Investor in the Company. The Investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured. The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the Investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the Investor's interest in the Company.

## **23. What are the risks to purchasers associated with corporate actions including:**

- • **additional issuances of securities,**
- • **issuer repurchases of securities,**
- • **a sale of the issuer or of assets of the issuer or**
- • **transactions with related parties?**

Additional issuances of securities. Following the Investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the Investor in the Company. The Investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured. The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity or the inability of the Investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the Investor's interest in the Company. Issuer repurchases of securities. The Company may have authority to repurchase its securities from unitholders, which may serve to decrease any liquidity in the market for such securities, decrease the percentage interests held by other similarly situated investors to the Investor, and create pressure on the Investor to sell its securities to the Company concurrently. A sale of the issuer or of assets of the issuer. As a minority owner of the Company, the Investor will have limited or no ability to influence a potential sale of the Company or a substantial portion of its assets. Thus, the Investor will rely upon the executive management of the Company to manage the Company so as to maximize value for unitholders. Accordingly, the success of the Investor's investment in the Company will depend in large part upon the skill and expertise of the executive management of the Company. If the Management of the Company authorizes a sale of all or a part of the Company, or a disposition of a substantial portion of the Company's assets, there can be no guarantee that the value received by the Investor, together with the fair market estimate of the value remaining in the Company, will be equal to or exceed the value of the Investor's initial investment in the Company. Transactions with related parties. The Investor should be aware that there will be occasions when the Company may encounter potential conflicts of interest in its operations. On any issue involving conflicts of interest, the executive management of the Company will be guided by their good faith judgment as to the Company's best interests. The Company may engage in transactions with affiliates, subsidiaries, or other related parties, which may be on terms that are not arm's-length, but will be in all cases consistent with the duties of the management of the Company to its unitholders. By acquiring an interest in the Company, the Investor will be deemed to have acknowledged the existence of any such actual or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

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

Creditor(s): Brian Eisenberg

Amount Outstanding: $24,122

Interest Rate: 2.0%

Maturity Date: December 31, 2023

Other Material Terms:

Creditor(s): Peter J Goodman

Amount Outstanding: $27,599

Interest Rate: 10.0%

Maturity Date: December 31, 2023

Other Material Terms:

Creditor(s): Brian Eisenberg

Amount Outstanding: $93,660

Interest Rate: 10.0%

Maturity Date: December 31, 2023

Other Material Terms:

Creditor(s): Nga Thi Howard

Amount Outstanding: $270,428

Interest Rate: 10.0%

Maturity Date: December 31, 2023

Other Material Terms:

Creditor(s): Pathmazing Inc.

Amount Outstanding: $113,329

Interest Rate: 3.2%

Maturity Date: December 31, 2022

Other Material Terms:

# 25. What other exempt offerings has Kazoo LLC conducted within the past three years?

Date of Offering: 06/2019

Exemption: Section 4(a)(2)

Securities Offered: Membership Units

Amount Sold: $16,095

Use of Proceeds: App development costs.

Date of Offering: 09/2020

Exemption: Reg. CF (Crowdfunding, Title III of JOBS Act, Section 4(a) (6))

Securities Offered: Debt

Amount Sold: $160,814

Use of Proceeds: App development costs.

| Date of Offering: | 06/2021 |
| --- | --- |
| Exemption: | Reg. CF (Crowdfunding, Title III of JOBS Act, Section 4(a)(6)) |
| Securities Offered: | Debt |
| Amount Sold: | $61,681 |
| Use of Proceeds: | App development costs, marketing, and professional fees. |
| Date of Offering: | 07/2021 |
| Exemption: | Section 4(a)(2) |
| Securities Offered: | Membership Units |
| Amount Sold: | $58,000 |
| Use of Proceeds: | App development costs, marketing, and professional fees. |

26. Was or is the issuer or any entities controlled by or under common control with the issuer a party to any transaction since the beginning of the issuer's last fiscal year, or any currently proposed transaction, where the amount involved exceeds five percent of the aggregate amount of capital raised by the issuer in reliance on Section 4(a)(6) of the Securities Act during the preceding 12-month period, including the amount the issuer seeks to raise in the current offering, in which any of the following persons had or is to have a direct or indirect material interest:

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

Yes.

If yes, for each such transaction, disclose the following:

| Specified Person | Relationship to Issuer | Nature of Interest in Transaction | Amount of Interest |
| --- | --- | --- | --- |
| Pathmazing Inc. | Beneficial owner of more than 20% of outstanding voting securities | Note Payable | $109,815 |
| Nga Thi Howard | Beneficial owner of more than 20% of outstanding voting securities | Note Payable | $245,293 |
| Peter J Goodman | CEO | Note Payable | $35,203 |

## Financial Condition of the Issuer

27. Does the issuer have an operating history?

Yes.

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

Kazoo, LLC (“the Company”) is a limited liability company (“LLC”) formed under the laws of the District of Columbia on April 01, 2019. The Company developed an app platform designed for the B2B and B2C markets that uniquely aggregates multiple technologies to ensure a fluid user experience. The Company’s powerful technology provides encrypted safety capabilities that enable users to stream on-scene live video streaming with the tap of a button for instant notification to emergency contacts and law enforcement. With its 50+ easy-to-use features, Kazoo is the all-in-one companion app for life. Some of these features include instant safety, group chats, lifestyle alerts, integrated navigation, recent activity, battery alerts, event planning, and video chat. The Company intends to license its technology via a white label technology to companies in the telecom, ride-sharing, tourism, and home security sectors. The Company is still in its pre-revenue stage. Income Statement: During 2021, the Company had operating expenses of $83,316, resulting in a net operating loss of $83,316. Operating expenses consisted primarily of professional fees for $37,060, marketing for $25,964, and technology for $8,878. Additionally, the Company had interest expense of $51,472 and guaranteed payments of $35,150, resulting in an overall net loss of $169,938. During 2020, the Company had operating expenses of $69,472, resulting in a net operating loss of $69,472. Operating expenses consisted primarily of professional fees for $26,264, technology for $16,595, general and administrative for $12,745, and marketing for $11,569. Additionally, the Company had tax exempt income of $2,000 and interest expense of $40,612, resulting in an overall net loss of $108,084. Operating and Investing Cash Flows: During 2021, the Company had a net decrease in cash flows from operating expenses of $113,870, resulting in an average monthly burn rate of just under $9,500. Additionally, the Company spent $19,250 towards app development, which increased their total app development costs on the balance sheet to $444,707. The Company ended the year with $10,474 in cash, up from $8,012 at the beginning of the year. During 2020, the Company had a net decrease in cash flows from operating expenses of $79,231, resulting in an average monthly burn rate of just over $6,600. Additionally, the Company spent $107,543 towards app development, which increased their total app development costs on the balance sheet to $425,456, as of December 31, 2020. The Company ended the year with $8,012 in cash, down from $10,306 at the beginning of the year. Financing Cash Flows: During 2021, the Company raised $58,000 through the issuance of 101,754 Series A Units. In June of 2021, the Company closed its second Reg CF Convertible note round with Wefunder in the amount of approximately $61,681. Additionally, the Company issued 16,915 shares of Series B units for gross proceeds of $29,467 through a Regulation CF Offering via Netcapital during the fourth quarter of 2021. The Offering is still ongoing. Lastly, the Company received $3,500 from related party financing. During 2020, the Company closed a Reg CF Convertible Note round on Wefunder for proceeds of $160,814. Additionally, the Company received $27,500 from related party financing. Current Liabilities: The Company entered into an unsecured promissory note with a private company for services provided during 2019 for the principal amount of $106,410. The note bears an interest rate of 3.20% per annum with principal and interest payments due quarterly. The principal balances are to be paid in full on or before the note mature in December 2021. The balance of the note plus accrued interest was $113,329 and $109,815 respectively at December 31, 2021 and 2020. Long-term Liabilities: During 2019, the Company entered into various unsecured promissory notes with the founding members. The notes bear interest at 10% per annum. The principal and accrued interest are due within thirty days of the founding member providing the Company written notice of demand. At December 31, 2020 the total combined balance of the notes (principal and accrued interest) was $384,632. The total combined balance of the notes at December 31, 2021 was $415,810. With this raise, the Company plans to spend money on the product development, payroll, and marketing. The Company believe these activities will result in the traction we will need to court venture capital funding.

## Financial Information

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

See attachments:

CPA Review Report:

reviewletter.pdf

30. With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any director, officer, general partner or managing member of the issuer, any beneficial owner of 20 percent or more of the issuer's outstanding voting equity securities, calculated in the same form as described in Question 6 of this Question and Answer format, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with such sale of securities, or any general partner, director, officer or managing member of any such solicitor, prior to May 16, 2016:

1. Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:
1. in connection with the purchase or sale of any security?
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

2. Is any such person subject to any order, judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(b) of the Securities Act that, at the time of filing of this offering statement, restrains or enjoins such person from engaging or continuing to engage in any conduct or practice:
1. in connection with the purchase or sale of any security?;
2. involving the making of any false filing with the Commission?
3. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment adviser, funding portal or paid solicitor of purchasers of securities?

3. Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing like functions); a state authority that supervises or examines banks, savings associations or credit unions; a state insurance commission (or an agency or officer of a state performing like functions); an appropriate federal banking agency; the U.S. Commodity Futures Trading Commission; or the National Credit Union Administration that:
1. at the time of the filing of this offering statement bars the person from:
1. association with an entity regulated by such commission, authority, agency or officer?
2. engaging in the business of securities, insurance or banking?
3. engaging in savings association or credit union activities?

2. constitutes a final order based on a violation of any law or regulation that prohibits fraudulent, manipulative or deceptive conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement?

4. Is any such person subject to an order of the Commission entered pursuant to Section 15(b) or 15B(c) of the Exchange Act or Section 203(e) or (f) of the Investment Advisers Act of 1940 that, at the time of the filing of this offering statement:
1. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment adviser or funding portal?
2. places limitations on the activities, functions or operations of such person?
3. bars such person from being associated with any entity or from participating in the offering of any penny stock?

If Yes to any of the above, explain:

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

1. any scienter-based anti-fraud provision of the federal securities laws, including without limitation Section 17(a)(1) of the Securities Act, Section 10(b) of the Exchange Act, Section 15(c)(1) of the Exchange Act and Section 206(1) of the Investment Advisers Act of 1940 or any other rule or regulation thereunder?
2. Section 5 of the Securities Act?
6. Is any such person suspended or expelled from membership in, or suspended or barred from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission to act constituting conduct inconsistent with just and equitable principles of trade?
7. Has any such person filed (as a registrant or issuer), or was any such person or was any such person named as an underwriter in, any registration statement or Regulation A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suspending the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a stop order or suspension order should be issued?
8. Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(b) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary restraining order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

Kazoo LLC answers 'NO' to all of the above questions.

## Other Material Information

31. In addition to the information expressly required to be included in this Form, include: any other material information presented to investors; and such further material information, if any, as may be necessary to make the required statements, in the light of the circumstances under which they are made, not misleading.

Video Transcript: VO This kind of scenario isn't unusual. Many 911 call centers struggle to accurately locate callers on their cell phones. VO To solve this problem, Kazoo made the world's first SOS app that instantly alerts your emergency contacts, livestreams video, pinpoints your location, and connects with 911. VO Here's how it works. If you're in danger, tap SOS and an emergency livestream is instantly sent to all of your emergency contacts. Everyone can see what's happening in real-time, track your location, and connect to your local 911 dispatcher if necessary. Your emergency contacts can call 911 for you even if they're located halfway around the globe. Vo Our world is constantly changing. Kazoo has the technology you need to meet the complex demands of everyone's modern lifestyle.

The following documents are being submitted as part of this offering:

Governance:

| Certificate of Formation: | certificateofformation.pdf |
| --- | --- |
| Operating Agreement: | operatingagreement.pdf |

Opportunity:

| Offering Page JPG: | offeringpage.jpg |
| --- | --- |

Financials:

| Additional Information: | otherfinancial.pdf |
| --- | --- |

## Ongoing Reporting

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

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

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

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

**Attachment 2:** `reviewletter.pdf`

LNB ACCOUNTING
CERTIFIED PUBLIC ACCOUNTANT
OUR PRIORITY IS TO SAVE YOU TIME AND MONEY

March 30, 2022

To the Members and Peter Goodman
CEO
Kazoo, LLC
Washington, D.C

Re: Letter Transmitting Reviewed Financial Statements Reports

Enclosed is a copy of Kazoo LLC's financial statements for December 31, 2021, and our accountant's review report on those financial statements. We conducted our review engagement in accordance with Statements on Standards for Accounting and Review Services promulgated by the Accounting and Review Services Committee of the AICPA and complied with the AICPA's Code of Professional Conduct, including the ethical principles of integrity, objectivity, professional competence, and due care.

You agreed to include our accountant's review report in any document containing financial statements that indicates that such financial statements have been reviewed by us and, prior to inclusion of the report, to obtain our permission to do so. Please, refer to our engagement letter dated March 21, 2022, for the terms and responsibilities of each party.

We appreciate the opportunity to be of service to you.

Very truly yours,

Concord, California

1320 WILLOW PASS ROAD, STE 600 - CONCORD, CA 94520
PHONE : 925-231-1464 - FAX : 866-599-8587 - EMAIL : INFO@LNBACCOUNTING.COM

KAZOO, LLC

# REVIEWED FINANCIAL STATEMENTS
DECEMBER 31, 2021

With Comparative Totals as of December 31, 2020

# **KAZOO, LLC**
Table of Contents
December 31, 2021, and 2020

Independent Accountant’s Report...1

Financial Statements

Balance Sheets (Unaudited)...2

Statements of Income (Unaudited) ...3

Statements of Cash Flows (Unaudited)...4

Statements of Member’s Equity (Unaudited)...5

Notes to Financial Statements (Unaudited)...6

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

## INDEPENDENT ACCOUNTANT'S REVIEW REPORT

To the Members and Management

We have reviewed the accompanying financial statements of Kazoo, LLC (a District of Columbia limited liability company), which comprise the balance sheet as of December 31, 2021, and the related statements of income, members' equity, and cash flows for the year then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management's financial data and making inquiries of company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

### Management's Responsibility for the Financial Statements

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

### Accountant's Responsibility

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

We are required to be independent of Kazoo, LLC and to meet our other ethical responsibilities, in accordance with the relevant ethical requirement related to our reviews.

### Accountant's Conclusion

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

*LNB Accounting*

Concord, California March 30, 2022

Kazoo, LLC
Balance Sheets
Year Ended December 31, 2021 and

ASSETS

Current Assets

Cash and Cash Equivalents

Total Current Assets

Non-Current Assets

App Development Costs

Intangibles, Net

(Less Accumulated Amortization)

Total Non-Current Assets

Total Assets

LIABILITIES AND MEMBERS' EQUITY

Liabilities

Current Liabilities

Notes Payable - Current

Other Current Liabilities

Total Current Liabilities

Long Term Liabilities

Notes Payable - Related Parties

Convertible Debt

Total Long Term Liabilites

Member's Equity (Deficit)

Membership Units - Series B, 20,000,000 Authorized; 4,031,935 Issued and Outstanding

Series B, No Par Value, 4,016,935 Issued and Outstanding

Series B, Par Value $1/Unit, 15,000 Issued and Outstanding

Total Membership Units - Series B, 20,000,000 Authorized; 4,031,935 Issued and Outstanding

# **Kazoo, LLC**  
 **Statements of Income**  
 **Year Ended December 31, 2021 and 2020**---

|  | 2021 | 2020 |
| --- | --- | --- |
| Operating Income |  |  |
| Sales | $ - | $ - |
| Cost of Sales | - | - |
| Gross Profit | - | - |
| Operating Expense |  |  |
| General and Administrative | 6,817 | 12,745 |
| Marketing and Advertising | 25,964 | 11,569 |
| Professional Fees | 37,060 | 26,264 |
| Software and Technology | 8,878 | 16,595 |
| Depreciation and Amortization | 4,597 | 2,299 |
| Total Operating Expenses | 83,316 | 69,472 |
| Net Operating Income (Loss) | (83,316) | (69,472) |
| Other Income and Expense |  |  |
| Tax Exempt Income | - | 2,000 |
| Interest Expense | (51,472) | (40,612) |
| Organizational Costs | - | - |
| Guaranteed Payments to Partners | (35,150) | - |
| Total Other Income and Expense | (86,622) | (38,612) |
| Net Income (Loss) Before Provision for Income Tax | (169,938) | (108,084) |
| Provision for Taxes | - | - |
| Net Income (Loss) | $(169,938) | $(108,084) |

Unaudited - See accompanying notes.

3

# **Kazoo, LLC**
**Statement of Cash Flow**
**Year Ended December 31, 2021 and 2020**

|  | 2021 |
| --- | --- |
| Cash Flows From Operating Activities |  |
| Net Loss | $(169,938) |
| Adjustment to reconcile net loss to net cash from operating activities |  |
| Amortization | 4,597 |
| Interest expense attributable to amortization of debt increase accrued interest | 51,471 |
| Syndication Cost | - |
| Net Cash Flows From Operating Activities | (113,870) |
| Cash Flows From Investing Activities |  |
| App Development | (19,250) |
| Net Cash Flows From Investing Activities | (19,250) |
| Cash Flows From Financing Activities |  |
| Proceeds from issuance of long-term notes | 61,681 |
| Debt repayments | (17,066) |
| Issuance | 87,467 |
| Financing from related parties | 3,500 |
| Net Cash Flows From Financing Activities | 135,582 |
| Net Change in Cash | 2,462 |
| Cash at Beginning of Period | 8,012 |
| Cash at End of Period | $10,474 |

# **Kazoo, LLC**  
 **Statements of Members' Equity**  
 **Year Ended December 31, 2021, and 2020**---

|  | Series B Member Units Issued, No Par Value - 4,016,935 units | Series B Member Units Issued, at $1/Unit - 15,000 units | Series A Member Units Issued, at Value - 1 |
| --- | --- | --- | --- |
| Balance, April 1, 2019 | $ - | - |  |
| Net Income (Loss) | - | - |  |
| Member Contributions | 1,095 | 15,000 |  |
| Balance, December 31, 2019 | 1,095 | 15,000 |  |
| Net Income (Loss) | - | - |  |
| Balance, December 31, 2020 | $1,095 | 15,000 |  |
| Net Income (Loss) | - | - |  |
| Member Contributions | 29,467 | - |  |
| Balance, December 31, 2021 | $30,562 | 15,000 |  |

# **KAZOO, LLC**  
Notes to Financial Statements (Unaudited)  
December 31, 2021, and 2020---

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

Kazoo, LLC (“the Company”) is a limited liability company (“LLC”) formed under the laws of the District of Columbia on April 01, 2019.

The Company developed an app platform designed for the B2B and B2C markets that uniquely aggregates multiple technologies to ensure a fluid user experience. It is the first and only app platform in the market designed to provide essential mobile security, social, location, and communications features all in one product. The Company’s powerful technology provides encrypted safety capabilities that enable users to stream on-scene live video streaming with the tap of a button for instant notification to emergency contacts and law enforcement. With its 50+ easy-to-use features, Kazoo is the all-in-one companion app for life. Some of these features include instant safety, group chats, lifestyle alerts, integrated navigation, recent activity, battery alerts, event planning, and video chat.

The Company’s plan is to grow its revenues significantly by launching its iOS and Android versions of its technology. The Company intends to license its technology via a white label technology to companies in the telecom, ridesharing, tourism, and home security sectors.

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

# **Basis of Presentation**

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

# **Significant Risks and Uncertainties**

Launching and funding the app platform requires significant capital, and based on the current operating plan, the Company expects to continue to incur operating losses as well as cash outflows from operations in the near term.

The Company is dependent on obtaining additional capital resources for the expansion of its operations, which is subject to significant risks and uncertainties, including the inability to secure additional funding at favorable rates or failing to reach profitability or generate positive cash flows from its current business model.

# **Cash and Cash Equivalents**

For the purpose of the statement of cash flows, the Company considers all short-term debt securities purchased with a maturity of three months or less to be cash equivalents. All cash balances are held at major banking institutions.

6

# **KAZOO, LLC**

# Notes to Financial Statements (Unaudited) (Continued)

December 31, 2021, and 2020

# **Intangibles**

App development costs that relate to software configuration, interface design, coding, database integration, infrastructure development, product enhancement, and testing are capitalized as intangibles until implementation. Syndication costs were incurred to market or sell interests in the LLC. They are capitalized and amortized using the straight-line method. The Company reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. No impairment was considered necessary at December 31, 2021. The following is a summary of intangibles as of December 31, 2021, and 2020.

|  | 12/31/2021 | 12/31/2020 |
| --- | --- | --- |
| App Development Cost | 444,707 | 425,456 |
| Intangibles | 13,793 | 13,793 |
| (Less Accumulated Amortization) | (6,896) | (2,299) |
| Intangibles, net | 451,604 | 436,950 |
| Amortization Expense | 4,597 | 2,299 |

# **Notes Payable - Current and Non-Current**

The Company entered into an unsecured promissory note with a private company for services provided during 2019 for the principal amount of $106,410. The note bears an interest rate of 3.20% per annum with principal and interest payments due quarterly. The principal balances are to be paid in full on or before the note mature in December 2021. The balance of the note plus accrued interest was $113,329 and $109,815 respectively at December 31, 2021 and 2020.

The Company also entered into convertible promissory notes in April 2020 with a crowdfunding service for the principal amount of $160,814. The convertible notes bear a simple interest rate of 5.00% per annum to be computed on the basis of a year of 365 days for the actual number of days elapses. The maturity date are 36 months after the date of the notes and the notes shall be converted into units of Preferred units of the Company upon a change of control, a qualified financing, or at or after maturity. A new loan of $56,681 was obtained in 2021 and accrued interests were $11,094. The balance of the convertible notes plus accrued interest is $232,973 at December 31, 2021.

7

# **KAZOO, LLC**  
 Notes to Financial Statements (Unaudited) (Continued)  
 December 31, 2021, and 2020---

# **Member's Equity**

The Company has authorized three series of Membership Interests Units. As of December 31, 2021, authorized, issued, and outstanding member interests' units were as follows

|  | Authorized | Issued |
| --- | --- | --- |
| Series A Units | 20,000,000 | 101,754 |
| Series B Units | 20,000,000 | 4,031,935 |
| Series C Units | 10,000,000 | - |

**Series A Units** were offered and sold at one time or from time to time as determined by the Board, at a price determined by the Board. The holders of Series A Units shall not be entitled to vote on any matter. As of December 2021, 101,754 units were issued as detailed below:

|  | Units | Amount at 12/31/2021 | Amount at 12/31/2020 |
| --- | --- | --- | --- |
| Series A Member units issued at no par | 101,754 | $58,000 | $ - |
| Total Series A Members Units Issued | 101,754 | $58,000 | $ - |

**Series B Units** were issued by the Company. Each Series B Unit shall entitle the holder thereof to one vote. All outstanding Series B Units were issued to founding members or related parties during the period from April 01, 2019 (inception) through December 31, 2019, in exchange for cash and other assets valued at $16,095. As of December 2020, the Company losses were allocated to members per proportion of membership units, resulting in a decrease in value. In 2021, additional funds were raised with new signed purchased agreements resulting in a slight increase in value as detailed below:

8

# **KAZOO, LLC**  
 Notes to Financial Statements (Unaudited) (Continued)  
 December 31, 2021, and 2020

|  | Units | Amount at 12/31/2021 | Amount at 12/31/2020 |
| --- | --- | --- | --- |
| Series B Member units issued at no par | 4,016,935 | (84,238) | (113,705) |
| Series B Member units issued at $1/unit | 15,000 | (426) | (426) |
| Total Series B Members Units Issued | 4,031,935 | $(84,664) | $(114,131) |

**Series C Units** ('Incentive Shares') will be reserved for issuance by the Board for no consideration to employees and/or consultants to the Company. The holders of Series C Units shall not be entitled to vote on any matter. No Series C Units were issued by the Company as of December 31, 2021.

#### **Revenue Recognition**

The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, or services have been rendered, the fee for the arrangement is fixed or determinable and collectability is reasonably assured.

#### **Expenses**

The Company records expenses in the period incurred.

#### **Income Taxes**

The Company operates as a limited liability company. As such, income and expenses of the Company are passed through to the members and are reported on the individual income tax returns. As a limited liability company, the Company is not required to pay federal or state income taxes. However, the Company is subject to certain state, excise, franchise and license fees; the provision for income taxes reflected in the accompanying consolidated financial statements consists primarily of such items.

The Company evaluates its uncertain tax positions and would recognize a loss contingency when it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated. The amount recognized is subject to estimate and management judgment with respect to the likely outcome of each uncertain tax position. The amount that is ultimately sustained for an individual uncertain tax position of for all uncertain tax positions in the aggregate could differ from the amount recognized. Management does not believe that the Company has any uncertain tax provisions.

9

# KAZOO, LLC

Notes to Financial Statements (Unaudited) (Continued)

December 31, 2021, and 2020

# Use of Estimates

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

# Recently Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

# NOTE C - FAIR VALUE MEASUREMENTS

Fair value is an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based on the highest and best use of the asset or liability. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company uses valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized as follows:

- Level 1 - Observable inputs, such as quoted prices for identical assets or liabilities inactive markets;
- Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly, such as quoted prices for similar assets or liabilities, or market-corroborated inputs; and
- Level 3 - Unobservable inputs for which there is little or no market data which require the reporting entity to develop its own assumptions about how market participants would price the assets or liabilities.

The valuation techniques that may be used to measure fair value are as follows:

- Market approach - Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
- Income approach - Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts, including present value techniques, option pricing models, and excess earnings method.
- Cost approach - Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

10

# KAZOO, LLC

Notes to Financial Statements (Unaudited) (Continued)

December 31, 2021, and 2020

# NOTE D - CONCENTRATIONS OF RISK

Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents. The Company places its cash and cash equivalents with a limited number of high-quality financial institutions and at times may exceed the amount of insurance provided on such deposits.

# NOTE E - RELATED PARTY TRANSACTIONS - NOTES PAYABLE

The Company obtains temporary funding to cover operational costs from its three main founders. During 2019, the Company entered into various unsecured promissory notes with the founding members. The notes bear interest at 10% per annum. The principal and accrued interest are due within thirty days of the founding member providing the Company written notice of demand. At December 31, 2020 the total combined balance of the notes (principal and accrued interest) was $384,632. The total combined balance of the notes at December 31, 2021 was $415,810.

# NOTE F - MEMBER LIABILITY

The Company is organized as a limited liability company under the laws of the District of Columbia. As such, the liability of members of the Company for the financial obligations of the Company are limited to each members' contribution of capital to the Company.

# NOTE H - SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated and disclosed all material subsequent events up to March 30, 2022, which is the date that the financial statements were available to be issued. There were no subsequent events to disclose.

11

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

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

DEPARTMENT OF CONSUMER & REGULATORY AFFAIRS

# **District of Columbia Government**

Corporations Division

# **Articles of Organization for Domestic Limited Liability Company**

One or more persons acting as the organizers under the provisions of the Title 29 of D.C. Code (Business Organizations Act) adopt the following Articles of Organization:

**First:** Company name:

Kazoo LLC

**Second:** The street address of the initial principal office:

3034 Dent Place NW

Washington, District of Columbia 20007

**Third:** Registered agent’s name and address in the District of Columbia:

Peter J Goodman

3034 Dent Place NW

Washington, District of Columbia 20007

**Fourth:** The company will have one or more series that is treated as a separate entity which limits the debts, obligations, and other liabilities to the assets of a particular series as provided in the operating agreement as authorized by § 29-802.06: No

Answer 4A & 4B if answered “Yes”

**Fourth A:** The limited liability company has at least one member: Yes

**Fourth B:** The date on which a person or persons became the company’s initial member or members: 4/1/2019

**Fifth:** Effective Date: 4/1/2019

**Sixth:** Miscellaneous Provisions:

**Seventh:** Organizers Name & Address:

| Name | Address |
| --- | --- |
| Orbis LLC | 3034 Dent Place NW, Washington, District of Columbia 20007 |
| Nga Thi Howard | 3034 Dent Place NW, Washington, District of Columbia 20007 |

**Eighth:** Organizers executing this form:

Orbis LLC

Nga Thi Howard

If you sign this form you agree that anyone who makes a false statement can be punished by criminal penalties of a fine up to $1000, imprisonment up to 180 days, or both, under DCOC § 22-2405;

**Amount Paid:** $220.00

**Date:** 4/4/2019 5:54 PM

**E-Signed**

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

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# LIMITED LIABILITY COMPANY

# OPERATING AGREEMENT OF

# KAZOO LLC

a District of Columbia limited liability company

June 22, 2020

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# LIMITED LIABILITY COMPANY OPERATING

# AGREEMENT OF

# KAZOO LLC

a District of Columbia limited liability company

# TABLE OF CONTENTS

# ARTICLE 1

# DEFINITIONS AND CONSTRUCTION

1.1 Definitions 1
1.2 Construction 1

# ARTICLE 2

# ORGANIZATION

2.1 Formation 1
2.2 Name 1
2.3 Registered Office; Registered Agent; Principal Office; Other Offices 1
2.4Purposes 1
2.5 Foreign Qualification 1
2.6 Term 2
2.7 No State Law Partnership 2
2.8 Title to Company Assets 2

# ARTICLE 3

# MEMBERSHIP INTERESTS; UNITS

3.1 Membership Interests 2
3.2 Initial Members 2
3.3 Additional Members 2
3.4 Liability to Third Parties 3
3.5 No Expulsion 3
3.6 Certain Terms of the Incentive Shares 3

# ARTICLE 4

# REPRESENTATIONS AND WARRANTIES OF MEMBERS

4.1 Authority 4
4.2 Binding Obligations 4
4.3 No Conflict 4
4.4 Purchase Entirely For Own Account 4
4.5 No Registration 4
4.6 Investment Experience 4
4.7 Accredited Investor 5
4.8 Restricted Securities 5

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### ARTICLE 5
CAPITAL CONTRIBUTIONS

5.1 Capital Contributions; Loans 5
5.2 Return of Contributions 5
5.3 Capital Account 5

### ARTICLE 6
DISTRIBUTIONS AND ALLOCATIONS

6.1 Distributions 6
6.2 Allocations of Profits and Losses 7
6.3 Income Tax Allocations 9
6.4 Other Allocation Rules 9
6.5 Liability for Amounts Distributed 9

### ARTICLE 7
TRANSFER OF UNITS; IPO CONVERSION

7.1 General Restrictions On Dispositions 9
7.2 Transfer of Interests 10
7.3 Drag-Along Rights 10
7.4 Conversion to IPO Corporation 12
7.5 Specific Performance 12

### ARTICLE 8
MANAGEMENT

8.1 Management by Managers 13
8.2 Board of Managers 13
8.3 Action by the Members 15
8.4 Officers 15
8.5 Decisions Requiring Majority Approval by the Board 16
8.6 Advisory Board 17

### ARTICLE 9
EXCULPATION AND INDEMNIFICATION

9.1 Exculpation; Fiduciary Duties 17
9.2 Right to Indemnification 17
9.3 Advance Payment 18
9.4 Indemnification of Employees and Agents 18
9.5 Appearance as a Witness 18
9.6 Nonexclusivity of Rights 18
9.7 Insurance 18
9.8 Savings Clause 18
9.9 Contract Rights 19
9.10 Negligence, etc 19

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## ARTICLE 10
CERTAIN AGREEMENTS OF THE COMPANY AND MEMBERS

10.1 Financial Reports 19
10.2 Annual Budget 19
10.3 Maintenance of Books 19
10.4 Accounts 19
10.5 Information 19
10.6 Competition 20
10.7 Bonus Payments 20

## ARTICLE
11 TAXES

11.1 Tax Returns 20
11.2 Tax Partnership 20
11.3 Tax Elections 20
11.4 Partnership Representative 21

## ARTICLE 12
DISSOLUTION, WINDING-UP AND TERMINATION

12.1 Dissolution 21
12.2 Winding-Up and Termination 22
12.3 Deficit Capital Accounts 22
12.4 Certificate of Cancellation 22

## ARTICLE 13
GENERAL PROVISIONS

13.1 Offset 23
13.2 Notices 23
13.3 Entire Agreement; Supersedure 23
13.4 Effect of Waiver or Consent 23
13.5 Amendment or Restatement 23
13.6 Binding Effect 24
13.7 Governing Law; Severability; Limitation of Liability 24
13.8 Further Assurances 25
13.9 Counterparts 25
13.10 Adjustments for Unit Splits 25

# EXHIBITS:

A Defined Terms 28

# SCHEDULE A:

Series A Unitholders

Series B Unitholders

Series C Unitholders

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# LIMITED LIABILITY COMPANY

# AGREEMENT OF

# KAZOO LLC

a District of Columbia limited liability company

This LIMITED LIABILITY COMPANY AGREEMENT OF KAZOO LLC, a District of Columbia limited liability company, dated as of June 22, 2020, is adopted, executed and agreed to, for good and valuable consideration, by the parties listed on the signature page hereof. hereof. This Operating Agreement restates and replaces in its entirety the Operating Agreement dated May 9, 2019.

# ARTICLE 1
DEFINITIONS AND CONSTRUCTION

1.1 Definitions. Capitalized terms used in this Agreement (including the Exhibits and Schedules hereto) but not defined in the body hereof shall have the meanings ascribed to them in Exhibit A.

1.2 Construction. Unless the context requires otherwise: (a) pronouns in the masculine, feminine and neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa; (b) the term "including" shall be construed to be expansive rather than limiting in nature and to mean "including, without limitation;" (c) references to Articles and Sections refer to Articles and Sections of this Agreement; (d) the words "this Agreement," "herein," "hereof," "hereby," "hereunder" and words of similar import refer to this Agreement as a whole, including the Exhibits and Schedules attached hereto, and not to any particular subdivision unless expressly so limited; and (e) references to Exhibits and Schedules are to the items identified separately in writing by the parties hereto as the described Exhibits or Schedules attached to this Agreement, each of which is hereby incorporated herein and made a part hereof for all purposes as if set forth in full herein.

# ARTICLE 2
ORGANIZATION

2.1 Formation. The Company was organized as a District of Columbia limited liability company under and pursuant to the Act.

2.2 Name. The name of the Company is "Kazoo LLC" and all Company business must be conducted in that name or such other name or names that comply with Law and as the Board may select.

2.3 Registered Office; Registered Agent; Principal Office; Other Offices. The registered office of the Company required by the Act to be maintained in the District of Columbia shall be the office of the initial resident agent named in the Articles or such other office (which need not be a place of business of the Company) as the Board may designate in the manner provided by Law. The registered agent of the Company in the District of Columbia shall be the initial registered agent named in the Articles or such other Person or Persons as the Board may designate in the manner provided by Law. The principal office of the Company shall be at such place as the Board may designate. The Company may have such other offices as the Board may designate.

2.4 Purposes. The purposes of the Company are to (i) develop, improve and market mobile phone apps (the "Business"), and to do any and all things necessary, convenient or incidental to that purpose, and to own, operate and develop the Business, and (ii) engage in any other business or that is not forbidden by the Law of the jurisdiction in which the Company engages in that business or activity.

2.5 Foreign Qualification. Prior to the Company's conducting business in any jurisdiction other than the District of Columbia, the Board shall cause the Company to comply with all requirements necessary to

1

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qualify the Company as a foreign limited liability company in that jurisdiction if such qualification is required. At the request of the Board, each Member shall execute, acknowledge, swear to, and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate to qualify, continue, and terminate the Company as a foreign limited liability company in all such jurisdictions in which the Company may conduct business, provided that no Member shall be required to file any general consent to service of process or to qualify as a foreign corporation, limited liability company, partnership or other entity in any jurisdiction in which it is not already so qualified.

2.6 Term. The Company commenced upon the effectiveness of the Articles and shall have a perpetual existence, unless and until it is dissolved and terminated in accordance with Article 12.

2.7 No State Law Partnership. The Members intend that the Company not be a partnership (including a limited partnership) or joint venture, and that no Member be a partner or joint venturer of any other Member, for any purposes other than federal and state tax purposes, and this Agreement may not be construed to suggest otherwise.

2.8 Title to Company Assets. Title to the Company's assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Company as an entity, and no Member, Manager or Officer, individually or collectively, shall have any ownership interest in such Company assets or any portion thereof. Title to any or all of the Company assets may be held in the name of the Company or one or more of its Affiliates or one or more nominees, as the Board may determine. All Company assets shall be recorded as the property of the Company in its books and records, irrespective of the name in which record title to such Company assets is held.

### ARTICLE 3
MEMBERSHIP INTERESTS; UNITS

### 3.1 Membership Interests.

(a) The Membership Interests shall initially be divided into three series of units referred to herein as "Series A Units", "Series B Units" and "Series C Units". The Company is authorized to issue up to 20,000,000 units designated as "Series A Units", 20,000,000 units designated as "Series B Units" and 10,000,000 units designated as "Series C Units."

(b) Series A Units will be offered and sold, at one time or from time to time as determined by the Board, at a price determined by the Board. The holders of Series A Units shall not be entitled to vote on any matter.

(c) Series B Units shall be issued by the Company for consideration set forth on Schedule A. Any issuance of additional Series B Units shall require the approval of the Board but shall not otherwise require any prior written or other consent of the holders of the Series B Units. Each Series B Unit shall entitle the holder thereof to one vote.

(d) Series C Units (also referred to herein as "Incentive Shares") shall be reserved for issuance by the Board for no consideration to employees and/or consultants to the Company. The holders of Series C Units shall not be entitled to vote on any matter.

(e) Units shall constitute "securities" governed by Article 8 of the applicable version of the Uniform Commercial Code, as amended from time to time after the date hereof.

3.2 Initial Members. Each of the Persons listed on Schedule A has been hereby admitted to the Company as a Member.

3.3 Additional Members. The Company may issue additional Units and admit additional Members upon the terms and conditions of this Agreement and such other terms and conditions as the Board may determine. The Company may issue Series C Units and admit Series C Members upon the terms and conditions

2

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of this Agreement and/or such other terms as the Board may determine. Each additional Member shall, prior to such admission, execute and deliver a counterpart of this Agreement. In connection with such execution and delivery, the Board shall update Schedule A to reflect the name, address and Capital Contribution of such additional Member.

3.4 Liability to Third Parties. No Member shall be liable for the debts, obligations or liabilities of the Company solely by reason of being a Member.

3.5 No Expulsion. A Member may not be Expelled.

3.6 Certain Terms of the Incentive Shares.

(a) Incentive Shares issued hereunder shall be intended to qualify and shall be treated under this Agreement as "profits interests" within the meaning of Revenue Procedure 93-27 as clarified by Revenue Procedure 2001-43. As such, none of the Members issued such Shares shall be obligated to make Capital Contributions in respect of any Shares so qualifying, the Company shall treat such Members as holding "profits interests" for all purposes of this Agreement in respect of such Shares so issued, and if the Company were liquidated immediately after issuance of such Incentive Shares pursuant to this Agreement, before the Company made any earnings and before any appreciation occurred in the value of the Company's assets, and the Company's assets were sold at fair market value and the proceeds distributed in a sale of the Company, the holders of such Incentive Shares would not be entitled to receive any share of the proceeds of a sale of the Company in respect of such Incentive Shares.

(b) At the time that an Incentive Share is issued pursuant to this Agreement as a profits interest, the Board shall determine the fair market value of the Company's assets or equity interests, net of any liabilities of the Company (the "Strike Price"). Notwithstanding anything to the contrary in this Agreement, (x) a Person who receives an Incentive Share pursuant to this Agreement as a profits interest shall not be allocated any portion of the Strike Price that is ultimately realized by the Company from the sale or exchange of assets that were owned directly or indirectly by the Company on the date such Person received such Incentive Share and (y) the amount of distributions made by the Company to a Person with respect to such Incentive Share (exclusive of amounts paid or distributed to such Person as guaranteed payments or compensation for services) shall be no greater than the sum of (A) such Person's pro rata interest in net income and net loss arising from the ordinary operations of the Company after the date such Incentive Share are issued and (B) such Person's pro rata interest in any appreciation in the fair market value of the Company's assets, net of any liabilities of the Company, in excess of the strike price. The intent of this Section 3.6(b) is to ensure that any Incentive Shares is issued pursuant to this Agreement as a profits interest will qualify as profits interests under Revenue Procedures 93-27 and 2001-43 and this Section 2.7(b) shall be interpreted and applied consistently therewith.

(c) To the extent provided for in Treasury Regulations, revenue rulings, revenue procedures and/or other IRS guidance issued after the date hereof, the Company is hereby authorized to, and at the direction of the Board shall, elect a safe harbor under which the Fair Market Value of any Incentive Shares issued pursuant to this Agreement as a profits interest after the effective date of such Treasury Regulations (or other guidance) will be treated as equal to the liquidation value of such Shares (i.e., a value equal to the total amount that would be distributed with respect to such Incentive Shares if the Company sold all of its assets for their fair market value immediately after the issuance of such Incentive Shares, satisfied its liabilities (excluding any non-recourse liabilities to the extent the balance of such liabilities exceeds the fair market value of the assets that secure them) and distributed the net proceeds to the Members under the terms of this Agreement). If the Company makes a safe harbor election as described in the preceding sentence, each Member hereby agrees to comply with all safe harbor requirements with respect to transfers of such Incentive Shares while the safe harbor election remains effective.

(d) Notwithstanding the foregoing, upon a forfeiture of any Shares by any Member, gross items of income, gain, loss or deduction shall be allocated to such Member if and to the extent required by final Treasury Regulations promulgated after the date hereof to ensure that allocations made with respect to all "substantially nonvested" Member Interests are recognized under Code Section 704(b).

3

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(e) Notwithstanding any other provisions of this Section 3.6, each recipient of an Incentive Share hereunder that is intended to qualify as a profits interest hereby agrees that such recipient shall make a valid and timely election in respect of such Incentive Share, upon receipt thereof, pursuant to Code Section 83(b), and shall provide the Company with an executed copy of such election.

(f) Allocations of income, gain, loss and deduction or net loss pursuant to Article 6 shall be made with respect to Incentive Shares, whether vested or unvested as if all such Incentive Shares were vested. Any distributions pursuant to Article 6 hereof with respect to unvested Incentive Shares shall be held by the Company until such Shares vest, at which time any such retained distributions shall be released to the holder of such then vested Incentive Shares. Any retained distributions pursuant to the foregoing sentence that are forfeited as a result of the forfeiture without vesting of the applicable Incentive Shares shall thereafter be allocated, on a pro rata basis based on their relative holdings thereof, to the holders of Shares that are outstanding as of the date of such forfeiture.

### ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF MEMBERS

Each Member severally, but not jointly, represents and warrants as of the Effective Date (or, in the case of any Member admitted before or after the Effective Date, as of the date of such admission) to the Company and the other Members that:

4.1 Authority. Such Member has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder, and the execution, delivery, and performance by such Member of this Agreement have been duly authorized by all necessary action.

4.2 Binding Obligations. This Agreement has been duly and validly executed and delivered by such Member and constitutes the binding obligation of such Member enforceable against such Member in accordance with its terms, subject to Creditors' Rights.

4.3 No Conflict. The execution, delivery, and performance by such Member of this Agreement will not, with or without the giving of notice or the lapse of time, or both, (i) violate any provision of Law to which such Member is subject, (ii) violate any order, judgment, or decree applicable to such Member, or (iii) conflict with, or result in a breach or default under, any term or condition of its articles of incorporation or by-Laws, certificate of limited partnership or partnership agreement, articles of organization or limited liability company agreement, as applicable, or, except where such conflict, breach or default would not reasonably be expected to, individually or in the aggregate, have an adverse effect on such Member's ability to satisfy its obligations hereunder, any agreement or other instrument to which such Member is a party.

4.4 Purchase Entirely For Own Account. The Units to be acquired by such Member will be acquired for investment for such Member's own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof; such Member has no present intention of selling, granting any participation in, or otherwise distributing the same; and such Member does not have any contract, undertaking, agreement or arrangement with any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Units.

4.5 No Registration. Such Member understands that the Units, at the time of issuance, will not be registered under the Securities Act on the ground that the issuance of Units hereunder is exempt from registration under the Securities Act pursuant to Section 4(2) thereof and Rule 506 promulgated thereunder.

4.6 Investment Experience. Such Member confirms that it has such knowledge and experience in financial and business matters that such Member is capable of evaluating the merits and risks of an investment in Units and of making an informed investment decision and understands that (i) this investment is suitable only for an investor which is able to bear the economic consequences of losing its entire investment, (ii) the acquisition of Units hereunder is a speculative investment which involves a high degree of risk of loss of the entire

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investment, and (iii) there are substantial restrictions on the transferability of, and there will be no public market for, the Units, and accordingly, it may not be possible for such Member to liquidate such Member's investment in case of emergency

4.7 Accredited Investor. Such Member is an Accredited Investor (not applicable to Series C Units/Incentive Shares).

4.8 Restricted Securities. Such Member understands that the Units may not be sold, transferred, or otherwise disposed of without registration under the Securities Act or an exemption therefrom, and that in the absence of either an effective registration statement covering such Units or an available exemption from registration under the Securities Act, the Units must be held indefinitely. In particular, such Member is aware that the Units may not be sold pursuant to Rule 144 promulgated under the Securities Act unless all of the conditions of that Rule are met. Among the conditions for use of Rule 144 may be availability of current information to the public about the Company. Such information is not now available and the Company has no present plans to make such information available.

### ARTICLE 5
CAPITAL CONTRIBUTIONS

#### 5.1 Capital Contributions; Loans.

5.1.1. Series A Members may be admitted with the approval of any authorized Officer of the Company pursuant to any offering of Series A Units which has received the consent of the Board. Any issuance of Series A Units shall dilute any then-current Members.

5.1.2. The initial Series B Members are set forth in Schedule A. Any issuance of further Series B Units will dilute any then-current Members.

5.1.3. The Board may from time to time authorize, create and issue, and admit additional Members with respect to, one or more additional series of Units ("Additional Units"). In connection with each such issuance, Schedule A shall be appropriately amended by the Board to reflect the relevant changes in outstanding Units and Percentage Interests resulting from such issuance and this Agreement shall be appropriately amended to include any such Additional Units and the terms thereof.

5.1.4. No Member shall be required to contribute any capital to the Company in excess of the amount set forth on Schedule A hereto and no Member shall be required to lend any funds to the Company, nor shall any Member be liable for any debts, liabilities, contracts or obligations of the Company. Except as otherwise expressly provided for herein, any loan from a Member to the Company shall be on such terms as mutually agreed upon by such Member and the Board.

5.2 Return of Contributions. A Member is not entitled to the return of any part of its Capital Contributions or to be paid interest in respect of either its Capital Account or its Capital Contributions. An unrepaid Capital Contribution is not a liability of the Company or of any Member. A Member is not required to contribute or to lend any cash or property to the Company to enable the Company to return any Member's Capital Contributions.

5.3 Capital Account. A Capital Account shall be established and maintained for each Member. Each Member's Capital Account (a) shall be increased by (i) the amount of money contributed by such Member to the Company, (ii) the Book Value of property contributed by that Member to the Company (net of liabilities secured by the contributed property that the Company is considered to assume or take subject to under Code Section 752) and (iii) allocations to such Member of Profits and any other items of income or gain allocated to such Member, and (b) shall be decreased by (i) the amount of money distributed to such Member by the Company, (ii) the Book Value of property distributed to such Member by the Company (net of liabilities secured by the distributed property that such Member is considered to assume or take subject to under Code Section 752), and (iii) allocations to such Member of Losses and any other items of loss or deduction allocated to such Member. The Capital Accounts shall also be increased or decreased to reflect a revaluation of Company property pursuant

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to paragraph (b) of the definition of Book Value. On the transfer of all or part of a Member's Units, the Capital Account of the transferor that is attributable to the transferred Units shall carry over to the transferee Member in accordance with the provisions of Treasury Regulation Section 1.704-1(b)(2)(iv)(I). A Member that has more than one class of Units shall have a single Capital Account that reflects all such Units.

### ARTICLE 6
DISTRIBUTIONS AND ALLOCATIONS

#### 6.1 Distributions.

(a) Each distribution made by the Company, regardless of the source or character of the assets to be distributed, shall be made in accordance with this Article 6 and applicable Law.

(b) Notwithstanding the priority of distributions in Section 6.1(c), the Company shall use reasonable efforts, subject to the availability of funds, to make distributions to each Member in amounts such that, prior to April 15 of each calendar year, each Member has received distributions (whether pursuant to Section 6.1(c), this Section 6.1(b) or otherwise) in aggregate amounts that equal not less than the sum for the immediately preceding fiscal year and for all prior fiscal years of (i) the amount of taxable income allocated to such Member for such fiscal years, reduced by the amount of taxable losses allocated to such Member for such fiscal years, multiplied by (ii) the maximum marginal federal, state and local tax rate (taking into account the character of any Company income and taking into account the deductibility of state taxes for federal purposes) applicable to an individual taxpayer pursuant to the Code and the applicable state and local laws and regulations in the District of Columbia in respect of income recognized during such immediately preceding fiscal year. The Company shall use reasonable efforts to cause such distributions to be made in a manner that permits such Members to use the proceeds of such distributions to make on a timely basis all required estimated payments of income taxes in respect of the taxable income so allocated to them. The distributions required by this Section 6.1(b) will be made without regard for the relative priorities and amounts set forth in Section 6.1(c). Distributions made pursuant to this Section 6.1(b) shall be taken into account as advances on distributions made pursuant to Section 6.1(c), and shall (to the extent not previously taken into account pursuant to this sentence) reduce the distributions to be made to any Member under Section 6.1(c), when and as paid by the Company.

(c) The Board shall have sole discretion to determine the timing of any other distribution and the aggregate amounts available for such distribution. Cash Flow shall be distributed to the Members in accordance with their Percentage Interests such that any amounts so distributed to the Series A Members will also reduce their Adjusted Invested Capital amounts. Any tax distributions pursuant to Section 6.1(b) hereof will be applied to distributions of Cash Flow hereunder.

(d) Except as otherwise set forth in this Section 6.1(d), all distributions made under this Section 6.1 shall be made to the Members of record on the record date established by the Board or, in the absence of any such record date, to the Members owning the applicable Units on the date of the distribution. Upon the liquidation, dissolution and termination of the Company, the assets remaining after satisfaction (whether by payment or by the establishment of reserves therefor) of creditors, including Members who are creditors, shall be distributed as follows: (i) first to the Series A Members in proportion to their respective balances of Adjusted Invested Capital balances until the Series A Members' Adjusted Invested Capital balances have been reduced to zero; (ii) then to the Series B Members and the Series C Members in proportion to their respective Adjusted Invested Capital balances until the Series B Members' and Series C Members' Adjusted Invested Capital balances have been reduced to zero; and (iii) then to the Members in proportion to their respective Percentage Interests.

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(e) All distributions made under this Section 6.1 shall be made to the Members of record on the record date established by the Board or, in the absence of any such record date, to the Members owning the applicable Units on the date of the distribution.

### 6.2 Allocations of Profits and Losses.

(a) General Profit and Loss Allocations.

(i) Profits. For each taxable year of the Company, Profits (and all items included in the computation thereof) shall be allocated among the Members as follows:

(A) First, to the extent of and in proportion to any Losses allocated to the Members, less any prior allocations under this Section 6.2(a)(1)(A);

(B) Second, to the Members in the amount of and in proportion to any distributions of cash; and

(C) Thereafter, to the holders of Units in accordance with their respective Percentage Interests;

(ii) Losses. For each taxable year of the Company, Losses (and all items included in the computation thereof) shall be allocated among the Members as follows:

(A) First, to the holders of Units in accordance with their positive Capital Accounts until the Adjusted Capital Account of each holder of Units is reduced to zero; and

(B) Thereafter, to the holders of Units in accordance with their respective Percentage Interests.

(b) Special Allocations. Notwithstanding any other provisions of this Section 6.2, the following special allocations shall be made for each taxable period:

(i) Notwithstanding any other provision of this Section 6.2, if there is a net decrease in Company Minimum Gain during any taxable period, each Member shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(f)(6),(g)(2), and (j)(2)(i). For purposes of this Section 6.2(b), each Member's Capital Account shall be determined and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 6.2 with respect to such taxable period. This Section 6.2(b)(i) is intended to comply with the Membership minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be interpreted consistently therewith.

(ii) Notwithstanding the other provisions of this Section 6.2 (other than

(i) above), if there is a net decrease in Member Nonrecourse Debt Minimum Gain during any taxable period, any Member with a share of Member Nonrecourse Debt Minimum Gain at the beginning of such taxable period shall be allocated items of Company income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4) and (j)(2)(ii). For purposes of this Section 6.2(b) each Member's Adjusted Capital Account balance shall be determined, and the allocation of income and gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 6.2, other than Section 6.2(b)(i) above, with respect to such taxable period. This Section 6.2(b)(ii) is intended to comply with the Member nonrecourse

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debt minimum gain chargeback requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

(iii) Except as provided in Sections 6.2(b)(i) and (ii) above, in the event any Member unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6), items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate, to the extent required by such Treasury Regulation, the deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant to Sections 6.2(b)(i) or (ii) above.

(iv) In the event any Member has a deficit balance in its Adjusted Capital Account at the end of any taxable period, such Member shall be specially allocated items of Company gross income and gain in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this Section 6.2(b)(iv) shall be made only if and to the extent that such Member would have a deficit balance in its Adjusted Capital Account after all other allocations provided in this Section 6.2(b) have been tentatively made as if this Section 6.2(b) were not in this Agreement.

(v) Nonrecourse Deductions for any taxable period shall be allocated to the Members in accordance with their Percentage Interests.

(vi) Member Nonrecourse Deductions for any taxable period shall be allocated 100% to the Member that bears the Economic Risk of Loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Treasury Regulation Section 1.704-2(i). If more than one Member bears the Economic Risk of Loss with respect to a Member Nonrecourse Debt, Member Nonrecourse Deductions attributable thereto shall be allocated between or among such Members in accordance with the ratios in which they share such Economic Risk of Loss.

(vii) To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Sections 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such provisions.

(c) Curative Allocation. The allocations set forth in Section 6.2(b) (the "Regulatory Allocations") are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 6.2(c). Therefore, notwithstanding any other provision of this Article 6 (other than the Regulatory Allocations), the Board shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Member's Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement. In exercising its discretion under this Section 6.2(c), the Board shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made.

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### 6.3 Income Tax Allocations.

(a) Except as provided in this Section 6.3, each item of income, gain, loss and deduction of the Company for federal income tax purposes shall be allocated among the Members in the same manner as such items are allocated for book purposes under Section 6.2.

(b) The Members recognize that there may be a difference between the Book Value of a Company asset and the asset's adjusted tax basis at the time of the property's contribution or revaluation pursuant to this Agreement. In such a case, all items of tax depreciation, cost recovery, amortization, and gain or loss with respect to such asset shall be allocated among the Members to take into account the disparities between the Book Values and the adjusted tax basis with respect to such properties in accordance with the provisions of Sections 704(b) and 704(c) of the Code and the Treasury Regulations under those sections; provided, however, that any tax items not required to be allocated under Sections 704(b) or 704(c) of the Code shall be allocated in the same manner as such gain or loss would be allocated for book purposes under Section 6.2.

(c) All items of income, gain, loss, deduction and credit allocated to the Members in accordance with the provisions hereof and basis allocations recognized by the Company for federal income tax purposes shall be determined without regard to any election under Section 754 of the Code which may be made by the Company; provided, however, such allocations, once made, shall be adjusted as necessary or appropriate to take into account the adjustments permitted by Sections 734 and 743 of the Code.

(d) If any deductions for depreciation, cost recovery or depletion are recaptured as ordinary income upon the sale or other disposition of Company properties, the ordinary income character of the gain from such sale or disposition shall be allocated among the Members in the same ratio as the deductions giving rise to such ordinary income character were allocated.

6.4 Other Allocation Rules. All items of income, gain, loss, deduction and credit allocable to Units that may have been transferred shall be allocated between the transferor and the transferee based on the portion of the calendar year during which each was recognized as the owner of such Units, without regard to the results of Company operations during any particular portion of that calendar year and without regard to whether cash distributions were made to the transferor or the transferee during that calendar year; provided, however, that this allocation must be made in accordance with a method permissible under Code Section 706 and the regulations thereunder.

6.5 Liability for Amounts Distributed. The Members hereby agree that, except as otherwise expressly provided herein or required by the Act, no Member shall have an obligation to return money or other property paid or distributed to such Member, except to the extent arising from any conduct of such Member for which such Member is not exculpated under Section 9.1. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Member is obligated to make any such return, such obligation shall be the obligation of such Member and not of any other Person.

### ARTICLE 7
TRANSFER OF UNITS; IPO CONVERSION

### 7.1 General Restrictions On Dispositions.

(a) Disposition of Units otherwise permitted or required by this Agreement may only be made in compliance with federal and state securities Laws, including the Securities Act and the rules and regulations thereunder, and the Act.

(b) No Disposition of Units otherwise permitted or required by this Agreement shall be effective unless and until any transferee who is not already a party to this Agreement (and such

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transferee's spouse, if applicable) shall execute and deliver to the Company an Addendum agreement in form and substance satisfactory to the Company.

(c) Dispositions of Units may only be made in strict compliance with all applicable terms of this Agreement, and any purported Disposition of Units that does not so comply with all applicable provisions of this Agreement shall be null and void and of no force or effect, and the Company shall not recognize or be bound by any such purported Disposition and shall not effect any such purported Disposition on the transfer books of the Company or Capital Accounts of the Members. The Members agree that the restrictions contained in this Article 7 are fair and reasonable and in the best interests of the Company and the Members.

7.2 Transfer of Interests. No Member may transfer, directly or indirectly, all or any portion of its Units other than with the prior written consent of the Board in its sole and absolute discretion.

(b) No Disposition of any part of the Units in the Company (whether voluntary, involuntary or by operation of law) may be made unless all of the following conditions have been satisfied:

(i) no such Disposition shall be made which, in the opinion of counsel to the Company, may result in the termination of the Company for the purposes of Section 708 of the Code;

(ii) no such Disposition shall be made to a minor, incompetent or Bankrupt;

(iii) no such Disposition shall be made if, in the opinion of counsel to the Company, such assignment may not be effected without registration under the Securities Act of 1933, as amended, or would result in the violation of any applicable state securities laws;

(iv) the transferee, if requested by the Board, presents an opinion of counsel, acceptable to counsel to the Company, that such assignment will not adversely affect the status of the Company as a partnership for federal income tax purposes;

(v) the transferee executes and delivers such documents as the Board shall deem reasonably necessary or advisable to cause him to become a Substitute Member; and

(vi) the transferee agrees to be bound by the terms and provisions of this Agreement.

(c) Any Transfer in contravention of any of the provisions of this Section 7.2 shall be void and ineffectual, and shall not bind or be recognized by the Company.

(d) All costs and expenses incurred by the Company in connection with the transfer of any Units, and/or the substitution of a transferee as a substitute Member, including any filing fees and publishing costs and the fees and disbursements of counsel, shall be pre-paid by the transferring Member, or if not paid by him, then by the transferee.

### 7.3 Drag-Along Rights.

(a) The Board may approve a Drag-Along Transaction pursuant to Section 8.5(a) and require all Members to sell all but not less than all of their Units in accordance with this Section 7.3.

(b) In connection with any such Drag-Along Transaction, all Members entitled to consent thereto shall consent to and raise no objections against the Drag-Along Transaction, and if the Drag-Along Transaction is structured as (i) a merger, conversion, Unit exchange or consolidation of the Company, or a sale of all or substantially all of the assets of the Company, each Member entitled to vote thereon shall vote in favor of the Drag-Along Transaction, or (ii) a sale of all the Units, each Member shall agree to sell all of its Units that are the subject of the Drag-Along Transaction, on the

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terms and conditions of such Drag-Along Transaction. The Members shall promptly take all necessary and desirable actions in connection with the consummation of the Drag-Along Transaction, including the execution of such agreements and such instruments and other actions reasonably necessary to (A) provide customary representations, warranties, indemnities, and escrow/holdback arrangements relating to such Drag-Along Transaction (subject to Section 7.3(c)(iv) below) and (B) effectuate the allocation and distribution of the aggregate consideration upon the Drag-Along Transaction as set forth in Section 7.3(c) below. The Members shall be permitted to sell their Units pursuant to any Drag-Along Transaction without complying with any other provisions of this Article 7.

(c) The obligations of the Members pursuant to this Section 7.3 are subject to the satisfaction of the following conditions:

(i) The aggregate proceeds in the Drag-Along Transaction shall be aggregated by the Company and allocated among the Members on the same basis as such proceeds would have been allocated if such proceeds had been distributed to the Members pursuant to Section 6.1;

(ii) if any holder of a series of Units is given an option as to the form and amount of consideration to be received, all Members shall be given the same option;

(iii) the Company shall bear the reasonable, documented costs incurred in connection with any Drag-Along Transaction (costs incurred by or on behalf of any Member for its sole benefit will not be considered costs of the transaction hereunder) unless otherwise agreed by the Company and the acquiror, in which case no Member shall be obligated to make any out-of-pocket expenditure prior to the consummation of the Drag-Along Transaction (excluding modest expenditures for postage, copies, and the like) and no Member shall be obligated to pay any portion (or, if paid, shall be entitled to be reimbursed by the Company for that portion paid) that is more than its pro rata share of reasonable expenses incurred in connection with a consummated Drag-Along Transaction;

(iv) no Member shall be required to provide any representations, warranties or indemnities (other than pursuant to an escrow or holdback of consideration proportionate to the amount receivable under this Section 7.3) in connection with the Drag-Along Transaction, other than those representations, warranties and indemnities concerning (A) each Member's valid ownership of Units, free of all liens and encumbrances (excluding those arising under applicable securities Laws), (B) each Member's authority, power, and right to enter into and consummate such purchase or merger agreement without violating any other agreement to which such Member is a party or its assets are bound, and (C) compliance with securities Laws that are relevant in determining whether an exemption from registration is available for such Drag-Along Transaction; and

(v) if some or all of the consideration received in connection with the Drag-Along Transaction is other than cash, then such consideration shall be deemed to have a dollar value equal to the fair market value of such consideration as determined by the Board; provided, however, that if the Board does not or is unable to make such a determination of fair market value, such determination of fair market value shall be made by an investment banking firm of recognized national standing selected by a majority of Managers comprising the Board, and such firm shall be engaged and paid by the Company. The determination of fair market value of such investment banking firm (or, if such investment bank determines a range of fair market values, the mid-point of such range) shall be final and binding on all parties.

(d) If the Company and any of the Members or their representatives, enter into any negotiation or transaction for which Rule 506 under the Securities Act may be available with respect to such negotiation or transaction (including a merger, consolidation or other reorganization), each Member who is not an Accredited Investor (without regard to Rule 501(a)(iv)) shall, at the request and

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election of the Members that are pursuing a Drag-Along Transaction, either at the election of the Company (i) appoint a purchaser representative (as such term is defined in Rule 501 under the Securities Act) reasonably acceptable to such Members or (ii) agree to accept cash in lieu of any securities such Member would otherwise receive in an amount equal to the fair market value of such securities as determined in the manner set forth in Section 7.3(c)(v).

(e) The Members initiating any Drag-Along Transaction shall have the right to require the Company to cooperate fully with potential acquirors of the Company in such prospective Drag-Along Transaction by taking all customary and other actions reasonably requested by such Members or such potential acquirors, including without limitation, making the Company's properties, books and records, and other assets reasonably available for inspection by such potential acquirors and making its employees reasonably available for interviews.

### 7.4 Conversion to IPO Corporation

(a) In connection with any proposed Qualified Public Offering approved by the Board pursuant to Section 8.5(a), the Company may, in one or a series of transactions, merge with or convert into a corporation that is an Affiliate of the Company, or a subsidiary thereof, pursuant to an agreement and plan of merger or conversion that provides for the exchange of Units for common stock of such corporation (in any such case, the "IPO Corporation"), in accordance with applicable provisions of the Act for the express purpose of an initial offering of the securities of such IPO Corporation for sale to the public in a registered public offering pursuant to the Securities Act (an "IPO Merger"). In connection therewith each Unit outstanding immediately prior to the IPO Merger shall be converted into or exchanged for shares of common stock in a manner that gives effect to the provisions of Section 6.1 such that each Member will receive shares of common stock having a fair market value equal to the same proportion of the aggregate Pre-IPO Value that such holder would have received if all of the Company's cash and other property had been distributed by the Company in complete liquidation pursuant to the rights and preferences set forth in Section 6.1 as in effect immediately prior to such distribution assuming the value of the IPO Corporation immediately prior to such liquidation distribution was equal to the Pre-IPO Value. If, in connection with any proposed Qualified Public Offering approved in accordance with this Agreement, the Managers determine that it is advisable to have all of the Units contributed by the Members to an IPO Corporation in exchange for stock therein (with the number of shares to be received by each Member being determined in the same manner as described above for an IPO Merger), each Member agrees to participate in such an exchange.

(b) Notwithstanding anything to the contrary in this Agreement, at any time after the approval of a Qualified Public Offering in accordance with this Agreement, the Board shall be entitled to approve the IPO Merger without the consent or approval of any other Person (including any Member). If the Company elects to exercise its rights under this Section 7.4, the Members shall take such actions as may be reasonably required and otherwise cooperate in good faith with the Company in connection with consummating the IPO Merger.

(c) Each Member shall sell any fractional shares of the IPO Corporation owned by such party (after taking into account all shares of the IPO Corporation held by such party) to the IPO Corporation, upon the request of the Company in connection with or in anticipation of the consummation of a Qualified Public Offering, for cash consideration equal to the fair market value of such fractional shares, as determined by the Board.

7.5 Specific Performance. Each Member acknowledges that it shall be impossible to measure in money the damage to the Company or the Members, if any of them or any transferee or any legal representative of any party hereto fails to comply with any of the restrictions or obligations imposed by this Article 7, that every such restriction and obligation is material, and that in the event of any such failure, the Company or the Members shall not have an adequate remedy at Law or in damages. Therefore, each Member consents to the issuance of an injunction or the enforcement of other equitable remedies against him or it at the suit of an aggrieved party without the posting of any bond or other security, to compel specific performance of all of the terms of this

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Article 7 and to prevent any Disposition of Units in contravention of any terms of this Article 7, and waives any defenses thereto, including, without limitation, the defenses of: (i) failure of consideration; (ii) breach of any other provision of this Agreement; and (iii) availability of relief in damages.

## ARTICLE 8
MANAGEMENT

8.1 Management by Managers. The Company shall be managed by "managers" (as such term is used in the Act) according to the remaining provisions of this Article 8 and, except with respect to certain consent or approval requirements provided in this Agreement, no Member, by virtue of having the status of a Member, shall have any management power over the business and affairs of the Company or actual or apparent authority to enter into contracts on behalf of, or to otherwise bind, the Company. Except as described in the preceding sentence, the business and affairs of the Company shall be managed by the "Managers" elected in accordance with Section 8.2 acting exclusively through the Board of Managers of the Company (the "Board") in accordance with this Agreement. Under the direction of the Board, the day-to-day activities of the Company shall be conducted on the Company's behalf by the Officers, who shall be agents of the Company. In addition to the powers that now or hereafter can be granted under the Act and to all other powers granted under any other provision of this Agreement, the Board and the Officers (subject to Section 8.2 and the direction of the Board) shall have full power and authority to do all things on such terms as they may deem necessary or appropriate to conduct, or cause to be conducted, the business and affairs of the Company.

### 8.2 Board of Managers (Board of Directors)

(a) Composition; Initial Managers. The Board shall consist of up to five (5) Managers. Managers need not be Members or residents of the District of Columbia. Each Manager shall serve in such capacity until his successor has been elected or until such person's death, resignation or removal. Initial Series B Members agreed that Peter J. Goodman shall be a Manager of the Company (Board of Director), due to his full time roles and responsibilities at the Company. Initial Series B Members agreed that Nga Thi ("Luna") Howard, shall be a Manager of the Company (Board of Director). The Board may name any additional Managers to the Board and may amend this Agreement to change the size or composition of the Board; provided, however, that the Series B voting rights for a Board member may not be amended without the consent of the holders of at least a majority of the issued and outstanding Series B Units. Series A Members and Series C Members by default shall have no voting rights for any purposes hereunder.

(b) Removal. Any Manager may be removed with or without cause by consent of Series B Members owning a majority of the issued and outstanding Series B Units while the Board has only 2 Managers. Once the Board has 3 or more Managers, any such action shall, except as otherwise provided, require the vote or consent of at least a majority of the Managers.

(c) Resignations. Any Manager or member of a committee of the Board may resign at any time. Such resignation shall be in writing and shall take effect at the time specified therein or, if no time is specified, at the time of its receipt by the Chief Executive Officer, President or Secretary of the Company. The acceptance of a resignation shall not be necessary to make it effective unless expressly so provided in the resignation.

(d) Vacancies. In the event that a vacancy is created on the Board by the death, disability, retirement, resignation or removal of any Manager, such vacancy shall be filled only by vote or consent of Series B Members owning a majority of the outstanding Series B Units while the Board has 2 or fewer Managers. Once the Board has 3 or more Managers, any such action shall, except as otherwise provided, require the vote or consent of at least a majority of the Managers.

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(e) Quorum: Required Vote for Board Action. Unless otherwise required by this Agreement or by Law, a majority of the total number of Managers shall constitute a quorum for the transaction of business at a meeting of the Board. Actions by the Board shall, except as required by Section 8.5, require the vote or consent of a majority of the total number of Managers. Each Manager shall have one vote.

(f) Place of Meetings: Order of Business. The Board may hold its meetings and may have an office and keep the books of the Company, except as otherwise provided by Law, in such place or places, within or without the District of Columbia, as the Board may from time to time determine by resolution. At all meetings of the Board, business shall be transacted in such order as shall from time to time be determined by resolution of the Board.

(g) Meetings. Meetings of the Board shall be held at such times and places as shall be determined from time to time by the Board.

(h) Special Meetings. Special meetings of the Board may be called by any one Manager, on at least 48 hours personal, written, telegraphic, cable, wireless or electronic notice to each Manager, which notice must include appropriate dial-in information to permit each Manager to participate in such meeting by means of telephone conference. Such notice need not state the purpose or purposes of such meeting, except as may otherwise be required by Law.

(i) Compensation. None of the Managers shall receive any compensation for serving on the Board. All of the Managers shall be entitled to reimbursement for reasonable out-of-pocket expenses in participating in or attending meetings of the Board and approved Company business.

(j) Action Without a Meeting. Any action required or permitted to be taken at any meeting of the Board, or any committee designated by the Board, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be (i) provided to all Managers at least 48 hours prior to the proposed action and (ii) signed by Managers having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Managers entitled to vote thereon were present and voted. Prompt notice of the taking of the action without a meeting by less than a unanimous written consent shall be given by the Company to those Managers who have not consented in writing, and the writing or writings shall be filed with the minutes of proceedings of the Board or committee.

(k) Telephonic Conference Meeting. Subject to the requirement for notice of meetings, members of the Board, or members of any committee designated by the Board, may participate in a meeting of such Board or committee, as the case may be, by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and participation in such a meeting shall constitute presence in person at such meeting, except where a person participates in the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

(l) Waiver of Notice Through Attendance. Attendance of a Manager at any meeting of the Board or any committee thereof (including by telephone or other electronic means) shall constitute a waiver of notice of such meeting, except where such Manager attends the meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not Lawfully called or convened and notifies the other Managers at such meeting of such purpose.

(m) Reliance on Books, Reports and Records. Each Manager and each member of any committee designated by the Board shall, in the performance of his or her duties, be fully protected in relying in good faith upon the books of account or reports made to the Company by any of its Officers or by an independent certified public accountant or by an appraiser selected with reasonable care by the Board or by any such committee, or in relying in good faith upon other records of the Company.

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8.3

Action by the Members. Except as expressly provided otherwise by this Agreement, the affirmative vote of the holders of the majority of the issued and outstanding Series B Units shall constitute the act of the Members. Any action permitted or required by Law or this Agreement to be taken by the Members shall be taken without a meeting, without prior notice and without a vote, by a consent in writing, setting forth the action so taken, provided to all Members entitled to vote at least 48 hours prior to the proposed action, and signed by the holders of outstanding Units having not less than the minimum number of votes necessary to authorize or take such action. Prompt notice of the taking of such action by less than a unanimous written consent shall be given by the Secretary to those Members who have not consented in writing. Any Units owned by the Company, directly or indirectly, shall not be counted for purposes of any such written consent.

8.4 Officers.

(a) Generally. The Board may appoint certain agents of the Company, to be referred to as "Officers" of the Company, with such titles, powers, authority and duties as are specified by the Board.

(b) Number and Term of Office. Each Officer shall hold office until his successor shall be duly elected and shall qualify or until his death or until he shall resign or shall have been removed in the manner hereinafter provided. Any number of offices may be held by the same person.

(c) Salaries. The salaries or other compensation, if any, of the Officers shall be fixed from time to time by the Board or by any committee designated by the Board and granted such authority.

(d) Removal. Any Officer elected or appointed by the Board, and any other employee of the Company, may be removed, either with or without cause, by the vote of the Board; provided, however, that such removal shall be without prejudice to the contractual rights, if any, of the person so removed. Election or appointment of an Officer shall not of itself create contractual rights.

(e) Vacancies. Any vacancy occurring in any office of the Company may be filled by the Board in accordance with Section 8.4(a).

(f) Resignations. Any Officer may resign at any time. Such resignation shall be in writing and shall take effect at the time specified therein or, if no time is specified, at the time of its receipt by the Board. The acceptance of a resignation shall not be necessary to make it effective unless expressly so provided in the resignation.

(g) CEO. The Board may appoint an individual as CEO (the "CEO"). The CEO shall be subject to the general supervision and control of the Board and shall carry out the policy decisions made by the members of the Board. By the adoption of this agreement, Peter J Goodman is hereby designated as the interim CEO of the Company, effective June 23, 2020.

(h) President. The CEO shall appoint an individual as President (the "President"), personally to supervise the day-to-day operations of the Company. The President shall be subject to the general supervision and control of the Board and shall carry out the policy decisions made by the members of the Board. At each regular meeting of the Board) and, when requested by any member thereof, at any special meeting of the Board), the President shall be present and shall report to the CEO on the operations of the Company. Peter J. Goodman is hereby designated the initial President of the Company.

(i) Vice Presidents. The CEO or President Board may, from time to time, appoint one

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or more individuals as Vice Presidents of the Company ("Vice Presidents"). The President and any Vice President(s) are referred to herein collectively as the "Officers.

(j) Powers of Officers. At the direction of the CEO, the President and any Vice President shall have the full power to execute, for and on behalf of the Company, any and all documents and instruments which may be necessary to carry on the business of the Company, including any and all deeds, contracts, leases, mortgages, deeds of trust, promissory notes, security agreements, and financing statements pertaining to the Company's assets or obligations. The President and any Vice President shall have the authority to include in those documents a clause authorizing the confession of judgment against the Company. No person dealing with the President or any Vice President need inquire into the validity or propriety of any document or instrument executed in the name of the Company by the President or any Vice President, or as to the authority of the President or any Vice President in executing the same.

### 8.5 Decisions Requiring Majority Approval by the Board

(a) To the full extent permitted by Law, the following actions may be taken by the Board and shall not require any action by the Members. Any such action shall, except as otherwise provided, require approval by the majority of Board of Managers. Vote and consent are required by at least 50.1% of the Series B Members, only if the Board seeks to break a tie vote.

(i) any issuance of additional Units, any admission of any additional Member, and any issuance of equity or equity-linked securities by any Subsidiary;

(ii) any distributions on Units, other than distributions pursuant to Section 6.1(b), and any repurchase of any Units;

(iii) any incurrence of indebtedness with a principal amount in excess of $100,000 and not contemplated by any Budget or by the Company's strategic plan;

(iv) any capital expenditures in excess of $50,000 and not contemplated by any Budget or the Company's strategic plan;

(v) any commencement or settlement of any litigation;

(vi) any agreement contract with or by the Company with an amount in excess of $100,000;

(vii) any increase in compensation of any Manager or Officer beyond a cost of living increase and any bonus or other payment including any deferred compensation to any Manager or Officer, which will require the unanimous consent of the Managers;

(viii) any employment or severance agreement with any Officer or key employee of the Company or any Subsidiary and any termination, amendment or modification of any such agreement;

(ix) any modification of the Company's tax structure;

(x) any consolidation, merger or other business combination or any conversion to another type of business entity by the Company or any Subsidiary;

(xi) any sale of all or substantially all assets by the Company or any Subsidiary;

(xii) any Liquidation Event;

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8.6 Advisory Board. The Board may approve the establishment of an Advisory Board of the Company, which, if so approved, shall serve to advise the Board on matters concerning all aspects of the Company's operations, including review of operating results, strategic planning and other challenges facing the Company. The Board of the Company will seek out and carefully consider recommendations made by the Advisory Board on these matters. The Advisory Board shall be composed of one or more persons named to the Advisory Board by the Board, from time to time, and the Board shall have the right and power to remove any member of the Advisory Board at any time, with or without cause. Advisory Board members shall serve until their removal, death or resignation. The Advisory Board may elect from among its members a chairman of the Advisory Board to preside over meetings of the Advisory Board. The Advisory Board shall meet as often as required to perform its duties as described in this Section, but not less than once each calendar quarter. Unless the Board shall otherwise provide, the actions of the Advisory Board shall be governed by the following rules of procedure: The majority of the members of the Advisory Board shall constitute a quorum for the transaction of business and an act of the majority of those present at a meeting at which a quorum is present shall be the act of the Advisory Board. Any action required or permitted to be taken at a meeting of the Advisory Board may be taken without a meeting, if a written consent which sets forth the action is signed by a majority of the members of the Advisory Board and filed with the minutes of the Advisory Board. The members of the Advisory Board may conduct any meeting thereof by telephone conference or other similar communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means constitutes presence in person at a meeting. No action of the Advisory Board shall have any binding effect on the Company or Board unless affirmatively adopted by the Board.

## ARTICLE 9
## EXCULPATION AND INDEMNIFICATION

### 9.1 Exculpation; Fiduciary Duties.

(a) No Manager nor any Affiliate thereof shall be liable to the Company or any Member for monetary damages arising from any actions taken, or actions failed to be taken, in its capacity as a Manager or any member of a committee of the Board except for (i) liability for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of Law, (ii) liability with respect to any transaction from which such Person derived an improper personal benefit, and (iii) liability from any breach of such Person's duty of loyalty to the Company, in each case described in clauses (i), (ii) and (iii) preceding, as determined by a final, nonappealable order of a court of competent jurisdiction.

(b) To the extent that, at Law or in equity, a Manager (or its Affiliate) has duties (including fiduciary duties) or liabilities relating thereto to the Company or to the Members, such Persons acting in connection with the Company's business or affairs shall not be liable to the Company or to any Member for its good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate or otherwise modify the duties (including fiduciary duties) and liabilities of a Manager or its Affiliates otherwise existing at Law or in equity, are agreed by the Members to replace such other duties and liabilities of such Indemnitee.

9.2 Right to Indemnification. Subject to the limitations and conditions as provided in this Article 9, each Person who was or is made a party or is threatened to be made a party to or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative or investigative (hereinafter a "Proceeding"), or any appeal in such a Proceeding or any inquiry or investigation that could lead to such a Proceeding, by reason of the fact that such Person, or a Person of whom it is the legal representative, is or was or has agreed to become a Manager or an Officer or is or was serving or has agreed to serve at the request of the Company as a member, manager, director, officer, partner, venturer, proprietor, trustee, employee, agent, or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise, whether the basis of such Proceeding is alleged action in an official capacity as a Manager or Officer or in any other capacity while serving or having agreed to serve as a Manager or Officer, shall be indemnified and held harmless by the Company against all expense, liability and loss (including judgments, penalties, excise and similar taxes, punitive

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damages, fines, amounts paid in settlement or to be paid in settlement and attorneys' fees) actually incurred or suffered by such Person in connection with such Proceeding, and indemnification under this Article 9 shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder and shall inure to the benefit of such Person's heirs, executors and administrators; provided, however, that the Company shall indemnify any such Person seeking indemnification in connection with a Proceeding (or part thereof) initiated by such Person only if such Proceeding (or part thereof) was authorized by the Board. Notwithstanding anything to the contrary in this Section 9.2, no Manager or Officer shall be entitled to indemnification hereunder if it is determined by a final, nonappealable order of a court of competent jurisdiction that such Person did not act in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests of the Company, or had reasonable cause to believe such person's conduct was unlawful.

9.3 Advance Payment. The right to indemnification conferred in this Article 9 shall include the right to be paid or reimbursed by the Company the reasonable expenses incurred by a Person of the type entitled to be indemnified under Section 9.2 who was, is or is threatened to be made a named defendant or respondent in a Proceeding in advance of the final disposition of the Proceeding and without any determination as to the Person's ultimate entitlement to indemnification; provided, however, that the payment of such expenses incurred by any such Person in advance of the final disposition of a Proceeding, shall be made only upon delivery to the Company of a written affirmation by such Person of its good faith belief that it has met the standard of conduct necessary for indemnification under this Article 9 and a written undertaking, by or on behalf of such Person, to repay all amounts so advanced if it shall ultimately be determined that such indemnified Person is not entitled to be indemnified under this Article 9 or otherwise.

9.4 Indemnification of Employees and Agents. The Company, by adoption of a resolution of the Board, may indemnify and advance expenses to an employee or agent of the Company to the same extent and subject to the same conditions under which it may indemnify and advance expenses to Managers and Officers under this Article 9; and, the Company may indemnify and advance expenses to Persons who are not or were not Managers, Officers, employees or agents of the Company but who are or were serving at the request of the Company as a member, manager, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise against any liability asserted against such Person and incurred by such Person in such a capacity or arising out of its status as such a Person to the same extent that the Company may indemnify and advance expenses to Members under this Article 9.

9.5 Appearance as a Witness. Notwithstanding any other provision of this Article 9, the Company may pay or reimburse expenses incurred by a Manager, Officer or Member in connection with its appearance as a witness or other participation in a Proceeding at a time when it is not a named defendant or respondent in the Proceeding.

9.6 Nonexclusivity of Rights. The right to indemnification and the advancement and payment of expenses conferred in this Article 9 shall not be exclusive of any other right which a Manager, Officer or other Person indemnified pursuant to Section 9.4 may have or hereafter acquire under any Law, this Agreement, agreement, vote of the Board or otherwise.

9.7 Insurance. The Company may purchase and maintain insurance, at its expense, to protect itself and any Person who is or was serving as a Manager, Officer, employee or agent of the Company or is or was serving at the request of the Company as a member, manager, director, officer, partner, venturer, proprietor, trustee, employee, agent or similar functionary of another foreign or domestic limited liability company, corporation, partnership, joint venture, sole proprietorship, trust, employee benefit plan or other enterprise against any expense, liability or loss, whether or not the Company would have the power to indemnify such Person against such expense, liability or loss under this Article 9.

9.8 Savings Clause. If this Article 9 or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Person indemnified pursuant to this Article 9 as to costs, charges and expenses (including attorneys' fees), judgments, fines and amounts paid in settlement with respect to any action, suit or proceeding, whether civil,

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criminal, administrative or investigative to the full extent permitted by any applicable portion of this Article 9 that shall not have been invalidated and to the fullest extent permitted by Law.

9.9 Contract Rights. Any amendment, modification or repeal of this Article 9 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the liability of any Person under this Article 9 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted.

9.10 Negligence, etc. It is expressly acknowledged that the indemnification provided in this Article 9 could involve indemnification for negligence or under theories of strict liability.

### ARTICLE 10
CERTAIN AGREEMENTS OF THE COMPANY AND MEMBERS

10.1 Financial Reports. The Board may hold meetings as it determines and at such meetings the Company shall report to the Board on, among other things, its business activities, prospects, and financial position.

10.2 Annual Budget. The Company shall, at the request of the Board, present to the Board a consolidated annual operating budget, including a reasonably detailed consolidated annual forecast of overhead and operating expenses and estimated capital raises to fund such expenses, for the upcoming fiscal year. Such budget shall be subject to approval in accordance with Section 8.5. The budget for any fiscal year, as so approved, if any, is referred to as the "Annual Budget."

10.3 Maintenance of Books. The Company shall keep or cause to be kept at its principal office complete and accurate books and records of the Company, supporting documentation of the transactions with respect to the conduct of the Company's business and minutes of the proceedings of the Board, any committee thereof and any of the Members. The Company's financial books and records shall be maintained in accordance with GAAP. The records shall include, but not be limited to, complete and accurate information regarding the state of the business and financial condition of the Company; a copy of the Articles and this Agreement and all amendments thereto; a current list of the names and last known business, residence, or mailing addresses of all Members; and the Company's federal, state, and local tax returns for the Company's six most recent taxpayers.

10.4 Accounts. The Members shall establish one or more separate bank and investment accounts and arrangements for the Company, which shall be maintained in the Company's name with financial institutions and firms that the Board may determine. The Company may not commingle the Company's funds with the funds of any Member.

### 10.5 Information.

(a) Each Member understands and agrees that such Member shall only be entitled to obtain information relating to the Company expressly provided in this Agreement or to the extent required by the Act; and to the extent a Member is so entitled to such information, such Member shall be subject to the provisions of Section 10.5(b). Each Manager shall have access to all information regarding the Company subject to the provisions of Section 10.5(b).

(b) Each Member agrees that all Confidential Information shall be kept confidential by such Member and shall not be disclosed by such Member in any manner whatsoever; provided, however, that: (i) any of such Confidential Information may be disclosed to such Member's Affiliates and to partners; members; stockholders; prospective partners, members, and stockholders; managers; directors; officers; employees; and authorized representatives (including attorneys, accountants, consultants, bankers and financial advisors) of such Member and of such Member's Affiliates (collectively, for purposes of this Section 10.5(b), "Representatives"), each of which Representatives shall be bound by the provisions of this Section 10.5(b) or substantially similar terms; (ii) any disclosure of Confidential Information may be made to the extent to which the Company consents in

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writing; (iii) any disclosure may be made of the terms of a Member's investment in the Company pursuant to this Agreement and the performance of that investment to the extent in compliance with applicable Law; (iv) Confidential Information may be disclosed by a Member or Representative to the extent reasonably necessary in connection with such Member's enforcement of its rights under this Agreement; and (v) Confidential Information may be disclosed by any Member or Representative to the extent that the Member or Representative has received advice from its counsel that it is legally compelled to do so, provided that, prior to making such disclosure, the Member or Representative, as the case may be, uses commercially reasonable efforts to preserve the confidentiality of the Confidential Information, including consulting with the Company regarding such disclosure and, if reasonably requested by the Company, assisting the Company, at the Company's expense, in seeking a protective order to prevent the requested disclosure, and provided further that the Member or Representative, as the case may be, discloses only that portion of the Confidential Information as is, based on the advice of its counsel, legally required.

10.6 Competition. Each Member agrees not to compete with the business of the Company.

10.7 Bonus Payments. The Company may establish a bonus pool for its executives and key employees, and for key employees involved in the performance of services, to ensure that they are properly motivated and that their incentives are aligned with the Company. Such bonus pool shall be established and allocated by the Board in its sole discretion (excluding any Manager who is eligible to receive an allocation from such bonus pool).

### ARTICLE 11
TAXES

11.1 Tax Returns. The Company shall prepare and timely file all U.S. federal, state and local and foreign tax returns required to be filed by the Company. Unless otherwise agreed by the Board, any income tax return of the Company shall be prepared by an independent public accounting firm selected by the Board. Each Member shall furnish to the Company all pertinent information in its possession relating to the Company's operations that is necessary to enable the Company's tax returns to be timely prepared and filed. The Company shall deliver to each Member as soon as practicable after the end of the applicable fiscal year, a Schedule K-1 together with such additional information as may be required by the Members in order to file their individual returns reflecting the Company's operations. The Company shall bear the costs of the preparation and filing of its tax returns.

11.2 Tax Partnership. It is the intention of the Members that the Company be classified as a partnership for U.S. federal income tax purposes. Neither the Company nor any Member shall make an election for the Partnership to be excluded from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state Law or to be classified as other than a partnership pursuant to Treasury Regulation Section 301.7701-3.

11.3 Tax Elections. The Company shall make the following elections on the appropriate forms or tax returns:

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

(b) to adopt the cash basis method of accounting for tax purposes and the accrual method of accounting for book purposes;

(c) to elect to amortize the organizational expenses of the Company as permitted by Code Section 709(b); and

(d) any other election the Board may deem appropriate and in the best interests of the Members.

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11.4 Partnership Representative. Peter J. Goodman is hereby designated, and will be specifically authorized to act as, the "Partnership Representative" in accordance with Section 6223 of New Subchapter 63C.

(a) The Partnership Representative will apply the provisions of New Subchapter 63C of the Code, with respect to any audit, imputed underpayment, other adjustment, or any such decision or action by the Internal Revenue Service with respect to the Company or the Members for such taxable years, in the manner determined by the Partnership Representative. The Partnership Representative shall have all of the powers and authority of a partnership representative under New Subchapter 63C and shall represent the Company at the Company's expense and may expend Company funds for professional services and costs associated therewith.

(b) The Partnership Representative shall duly and timely elect under Section 6226 of the Code to require each Person who holds a Membership Interest during the taxable year of the Company that was audited to personally bear any tax, interest and penalty resulting from adjustments based on such audit and shall notify each such Person (and the Service) of its share of such audit adjustments.

(c) Each Member does hereby agree to indemnify and hold harmless the Company from and against any liability with respect to its share of any tax deficiency (including interest and penalties) paid or payable by the Company that is allocable to the Member (as reasonably determined by the Members) with respect to an audited or reviewed taxable year for which such Member was a Member in the Company (including any applicable interest and penalties).

(d) The Parties shall amend the provisions of this Agreement as appropriate to reflect the proposal or promulgation of Treasury Regulations implementing the audit, assessment and collection rules of New Subchapter 63C, including any amendments to those rules, in a manner that, to the extent possible, preserves and maintains (including through relevant elections and credit support) the relative and analogous rights, duties, responsibilities, indemnities, obligations and risk of the Members to those provided under this Agreement (including each Member's obligation to pay income tax on the Member's allocable share of Company income and gain as required by this Agreement).

(e) The Members acknowledge and agree that the provisions of this Section 11.4 shall continue to apply to a Person even after that Person ceases to hold a Membership Interest for any reason.

### ARTICLE 12
DISSOLUTION, WINDING-UP AND TERMINATION

#### 12.1 Dissolution.

(a) Subject to Section 12.1(b), the Company shall be liquidated and its affairs shall be wound up on the first to occur of the following events (each a "Liquidation Event") and no other event shall cause the Company's dissolution:

- (i) the consent of the Board;
- (ii) at any time when there are no Members; and
- (iii) entry of a decree of judicial dissolution of the Company pursuant to

the Act.

(b) If the Liquidation Event described in Section 12.1(a)(ii) shall occur, the Company shall not be dissolved, and the business of the Company shall be continued, if the requirements of the Act for the avoidance of dissolution are satisfied (a "Continuation Election").

(c) Except as otherwise provided in this Section 12.1, to the maximum extent permitted by the Act, the death, retirement, Resignation, Expulsion, Bankruptcy or dissolution of a Member shall not constitute a Liquidation Event and, notwithstanding the occurrence of any such event or

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circumstance, the business of the Company shall be continued without dissolution.

12.2 Winding-Up and Termination. On the occurrence of a Liquidation Event, unless a Continuation Election is made, the Board may select one or more Persons to act as liquidator or may itself act as liquidator. The liquidator shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act. The costs of winding up shall be borne as a Company expense, including reasonable compensation to the liquidator if approved by the Board. Until final distribution, the liquidator shall continue to operate the Company properties with all of the power and authority of the Board. The steps to be accomplished by the liquidator are as follows:

(a) as promptly as possible after dissolution and again after final winding up, the liquidator shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company's assets, liabilities, and operations;
(b) the liquidator shall pay, satisfy or discharge from Company funds all of the debts, liabilities and obligations of the Company (including all expenses incurred in winding up) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine); and
(c) all remaining assets of the Company shall be distributed to the Members as follows:

(i) the liquidator may sell any or all Company property, including to Members, and any resulting gain or loss from each sale shall be computed and allocated to the Capital Accounts of the Members in accordance with the provisions of Article 6;
(ii) with respect to all Company property that has not been sold, the fair market value of that property shall be determined and the Capital Accounts of the Members shall be adjusted to reflect the manner in which the unrealized income, gain, loss, and deduction inherent in property that has not been reflected in the Capital Accounts previously would be allocated among the Members if there were a taxable disposition of that property for the fair market value of that property on the date of distribution; and
(iii) Company property shall be distributed among the Members in accordance with Section 6.1, and those distributions shall be made by the end of the taxable year of the Company during which the liquidation of the Company occurs (or, if later, 90 days after the date of the liquidation).

All distributions in kind to the Members shall be made subject to the liability of each distributee for costs, expenses, and liabilities theretofore incurred or for which the Company has committed prior to the date of termination and those costs, expenses, and liabilities shall be allocated to the distributee pursuant to this Section 12.2. The distribution of cash or property to the Members in accordance with the provisions of this Section 12.2 constitutes a complete return to such Member of its Capital Contributions and a complete distribution to the Members of its Membership Interests (including Units) and all the Company's property and constitutes a compromise to which all Members have consented within the meaning of the Act. To the extent that a Member returns funds to the Company, it has no claim against any other Member for those funds.

12.3 Deficit Capital Accounts. No Member shall be required to pay to the Company, to any other Member or to any third party any deficit balance which may exist from time to time in such Member's Capital Account.
12.4 Certificate of Cancellation. On completion of the distribution of Company assets as provided herein, the Board (or such other Person or Persons as the Act may require or permit) shall file Articles or a Certificate of Cancellation with the District of Columbia Department of Consumer and Regulatory Affairs;

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Corporations Division, cancel any other filings made pursuant to Section 2.5, and take such other actions as may be necessary to terminate the existence of the Company. Upon the effectiveness of the Articles or Certificate of Cancellation, the existence of the Company shall cease, except as may be otherwise provided by the Act or other applicable Law.

### ARTICLE 13
GENERAL PROVISIONS

13.1 Offset. Whenever the Company is to pay any sum to any Member, any amounts that such Member, in its capacity as a Member, owes the Company may be deducted from that sum before payment.

13.2 Notices.

(a) Except as expressly set forth to the contrary in this Agreement, all notices, requests or consents provided for or required to be given hereunder shall be in writing and shall be deemed to be duly given if personally delivered, telecopied or emailed and confirmed, or mailed by certified mail, return receipt requested, or nationally recognized overnight delivery service with proof of receipt maintained, at the following addresses (or any other address that any such party may designate by written notice to the other parties):

(i) if to the Company, at the address of its principal executive offices;
and
(ii) if to a Member, to the address given for the Member on the appropriate Schedule hereto.

Any such notice shall, if delivered personally, be deemed received upon delivery; shall, if delivered by telecopy, be deemed received on the first business day following confirmation; shall, if delivered by nationally recognized overnight delivery service, be deemed received the first business day after being sent; and shall, if delivered by mail, be deemed received upon the earlier of actual receipt thereof or five business days after the date of deposit in the United States mail.

(b) Whenever any notice is required to be given by Law, the Articles or this Agreement, a written waiver thereof, signed by the Person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.

13.3 Entire Agreement; Supersedure. This Agreement (including the Exhibits) constitutes the entire agreement of the Members relating to the Company and supersede all prior contracts or agreements with respect to the Company, whether oral or written.

13.4 Effect of Waiver or Consent. A waiver or consent, express or implied, to or of any breach or default by any Person in the performance by that Person of its obligations with respect to the Company is not a consent or waiver to or of any other breach or default in the performance by that Person of the same or any other obligations of that Person with respect to the Company. Failure on the part of a Person to complain of any act of any Person or to declare any Person in default with respect to the Company, irrespective of how long that failure continues, does not constitute a waiver by that Person of its rights with respect to that default until the applicable statute-of-limitations period has run.

13.5 Amendment or Restatement. Neither this Agreement (including any Exhibit or Schedule hereto), nor the Articles may be amended, modified, supplemented or restated, nor may any provisions of this Agreement or the Articles be waived, without a written instrument adopted, executed and agreed to by the holders of at least a majority of the Series B Units; provided, however, that (i) any such amendment, modification, supplement, restatement or waiver that would adversely affect the holders of Series A Units while not so affecting holders of all Units shall also require the prior written consent of the holders of a majority of the Series A Units and any amendment that would adversely affect one or more Series B Members but not all Series B Members shall also require the prior written consent of the holders of a majority of the Series B Units held by those Series

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B Members so adversely affected; (ii) subject to the following sentence, any such amendment, modification, supplement, restatement or waiver that would adversely affect the rights of any Member hereunder, without similarly affecting the rights hereunder of all Members of the same class or series, taken as a whole, shall not be effective as to such Member without such Member's prior written consent; and (iii) this Agreement shall be deemed to be automatically amended from time to time without further consent of any Member to the extent necessary to reflect issuances and transfers of Units made in compliance with this Agreement. Notwithstanding anything to the contrary in this Section 13.5, if the provisions of Proposed Treasury Regulation Section 1.83-3 and related sections and the proposed Revenue Procedure described in IRS Notice 2005-43, as proposed by the Internal Revenue Service on May 24, 2005, or provisions similar thereto, are adopted as final (or temporary) rules (the "New Rules"), the Board is authorized to make such amendments to this Agreement (including provision for any safe harbor election authorized by the New Rules) as the Board may determine to be necessary or advisable to comply with or reflect the New Rules. Except as required by Law, no amendment, modification, supplement, discharge or waiver of or under this Agreement shall require the consent of any Person not a party to this Agreement.

13.6 Binding Effect. Subject to the restrictions on Dispositions set forth in this Agreement, this Agreement shall be binding upon and shall inure to the benefit of the Company and each Member and their respective heirs, permitted successors, permitted assigns, permitted distributees and legal representatives; and by their signatures hereto, the Company and each Member intends to and does hereby become bound. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any Person other than the parties hereto and their respective permitted successors and assigns any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained. The rights under this Agreement may be assigned by a Member to a transferee of all or a portion of such Member's Units transferred in accordance with this Agreement (and shall be assigned to the extent this Agreement requires such assignment), but only to the extent of such Units so transferred; it being understood that the assignment of any rights under this Agreement shall not constitute admission to the Company as a Member unless and until such transferee is duly admitted as a Member in accordance with this Agreement.

### 13.7 Governing Law; Severability; Limitation of Liability.

(a) THIS AGREEMENT IS GOVERNED BY AND SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAW OF THE DISTRICT OF COLUMBIA, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE.

(b) The parties hereto hereby irrevocably submit to the exclusive jurisdiction of the courts of the District of Columbia and the federal courts of the United States of America located in the District of Columbia, and appropriate appellate courts therefrom, over any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby, and each party hereby irrevocably agrees that all claims in respect of such dispute or proceeding may be heard and determined in such courts. The parties hereby irrevocably waive, to the fullest extent permitted by applicable Law, any objection which they may now or hereafter have to the laying of venue of any dispute arising out of or relating to this Agreement or any of the transactions contemplated hereby brought in such court or any defense of inconvenient forum for the maintenance of such dispute. Each of the parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. This consent to jurisdiction is being given solely for purposes of this Agreement and is not intended to, and shall not, confer consent to jurisdiction with respect to any other dispute in which a party to this Agreement may become involved. Each of the parties hereto hereby consents to process being served by any party to this Agreement in any suit, action, or proceeding of the nature specified in this subsection (b) by the mailing of a copy thereof in the manner specified by the provisions of Section 13.2. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

(c) In the event of a direct conflict between the provisions of this Agreement and (i) any

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provision of the Articles, or (ii) any mandatory, non-waivable provision of the Act, such provision of the Articles or the Act shall control. If any provision of the Act provides that it may be varied or superseded in the agreement of a limited liability company (or otherwise by agreement of the members or managers of a limited liability company), such provision shall be deemed superseded and waived in its entirety if this Agreement contains a provision addressing the same issue or subject matter.

(d) If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future Laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of each such illegal, invalid or unenforceable provision, there shall be added automatically as a part of this Agreement a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

(e) NOTWITHSTANDING ANY OTHER PROVISIONS OF THIS AGREEMENT, NEITHER THE COMPANY NOR ANY MEMBER OR UNITHOLDER SHALL BE LIABLE TO ANY OF THE OTHER SUCH PERSONS FOR PUNITIVE, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING DAMAGES FOR LOSS OF PROFITS, LOSS OF USE OR REVENUE OR LOSSES BY REASON OF COST OF CAPITAL, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, REGARDLESS OF WHETHER BASED ON CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, VIOLATION OF ANY APPLICABLE DECEPTIVE TRADE PRACTICES ACT OR SIMILAR LAW OR ANY OTHER LEGAL OR EQUITABLE PRINCIPLE, AND THE COMPANY, EACH MEMBER AND EACH UNITHOLDER RELEASE EACH OF THE OTHER SUCH PERSONS FROM LIABILITY FOR ANY SUCH DAMAGES.

13.8 Further Assurances. In connection with this Agreement and the transactions contemplated hereby, the Company and each Member shall execute and deliver all such future instruments and take such other and further action as may be reasonably necessary or appropriate to carry out the provisions of this Agreement and the intention of the parties as expressed herein, including if necessary any action required to authorize and direct the Officers and Managers to amend the Articles so that this Agreement is enforceable under the Laws of the state in which the Company is organized.

13.9 Counterparts. This Agreement may be executed in any number of counterparts (including facsimile counterparts), all of which together shall constitute a single instrument.

13.10 Adjustments for Unit Splits. Wherever in this Agreement there is a reference to a specific number of Units of any class or series of Units, or a price per Unit, or consideration received in respect of such Unit, then, upon the occurrence of any subdivision, combination or distribution of such class or series of Units, the specific number of Units or the price so referenced in this Agreement shall automatically be proportionally adjusted to reflect the effect on the outstanding Units of such class or series of Units by such subdivision, combination or distribution.

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]

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IN WITNESS WHEREOF, the undersigned Series B Members acknowledge that this amended and restated Operating Agreement is their act, and further acknowledge, under penalty of perjury, that to the best of their knowledge, information, and belief, the matters and facts set forth are true in all material respects, and that they have executed this amended and restated Operating Agreement effective as of the 1st day of July, 2020 with the understanding that this amended and restated Operating Agreement shall become effective upon the execution hereof, in counterpart, by the holders of at least two-thirds (2/3rds) of the Series B Units or the holders of at least 66.667% as set forth below.

# --SERIES B MEMBERS--

Nga Thi Howard (24.907%)

Peter J. Goodman (21.265%)

Brian Eisenberg (18.905%)

Pathmazing, Inc.

Steven Path
Its: Authorized signatory
(22.625%)

Hartline Enterprises, LLC

Brian Hartline

Its: Managing Member
(3.540%)

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Stephen Eisenberg (4.248%)

Frances Eisenberg (2.832%)

Peter Joelson (0.708%)

DocuSigned by:

Ken Finch

Ken Finch (0.354%)

DocuSigned by:

Charles Catalano

Charles Catalano (0.212%)

DocuSigned by:

Andrea Autry

Andrea Autry (0.124%)

Stephen F. Hanlon (0.249%)

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## EXHIBIT A
## DEFINED TERMS

"Accredited Investor" has the meaning ascribed to such term in the regulations promulgated under the Securities Act.

"Act" means the District of Columbia Limited Liability Company Act and any successor statute, as amended from time to time.

"Additional Units" is defined in Section 5.1.3.

"Adjusted Capital Account" means the Capital Account maintained for each Unitholder, (a) increased by any amounts that such Unitholder is obligated to restore or is treated as obligated to restore under Treasury Regulation Sections 1.704-1(b)(2)(ii)(c), 1.704-2(g)(1) and 1.704-2(i)(5), and (b) decreased by any amounts described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) with respect to such Unitholder.

"Adjusted Invested Capital" means the actual cash Capital Contributions of a Member, and the deemed amount of Capital Contributions of a Member, as set forth on Schedule A hereto, as such Schedule A may be revised from time to time, less any amounts distributed to such Member pursuant to Section 6.1, including as a result of the sale of all of substantially all of the Company's assets or as a result of a merger transaction in which the Company is not the surviving entity or as a result of which the ownership of at least 51% of the Company is changed.

"Affiliate" means, when used with respect to a specified Person, any Person which (a) directly or indirectly Controls, is Controlled by or is Under Common Control with such specified Person, (b) is an officer, director, general partner, trustee or manager of such specified Person, or of a Person described in clause (a), or (c) is a Relative of such specified Person or of an individual described in clauses (a) or (b).

"Agreement" means the Limited Liability Company Operating Agreement of the Company, as amended and restated from time to time.

"Annual Budget" is defined in Section 10.2.

"Articles" means the Articles of Organization or Certificate of Formation of the Company, as applicable and as amended from time to time.

"Bankruptcy" or "Bankrupt" means with respect to any Person, that (a) such Person (i) makes a general assignment for the benefit of creditors; (ii) files a voluntary bankruptcy petition; (iii) becomes the subject of an order for relief or is declared insolvent in any federal or state bankruptcy or insolvency proceedings; (iv) files a petition or answer seeking for such Person a reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any Law; (v) files an answer or other pleading admitting or failing to contest the material allegations of a petition filed against such Person in a proceeding of the type described in subclauses (i) through (iv) of this clause (a); or (vi) seeks, consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of such Person or of all or any substantial part of such Person's properties; or (b) against such Person, a proceeding seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any Law has been commenced and 120 days have expired without dismissal thereof or with respect to which, without such Person's consent or acquiescence, a trustee, receiver, or liquidator of such Person or of all or any substantial part of such Person's properties has been appointed and 90 days have expired without the appointment's having been vacated or stayed, or 90 days have expired after the date of expiration of a stay, if the appointment has not previously been vacated.

"Board" is defined in Section 8.1.

"Book Value" means, with respect to any property, such property's adjusted basis for federal income tax purposes, except as follows:

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(a) The initial Book Value of any property contributed by a Member to the Company shall be the fair market value of such property as determined by an independent appraiser selected by the Board;

(b) The Book Values of all properties shall be adjusted to equal their respective fair market values as determined by the Board in connection with (i) the acquisition of an interest in the Company by any new or existing Member in exchange for more than a de minimis capital contribution to the Company, (ii) the issuance of Units as consideration for the provision of services, (iii) the distribution by the Company to a Member of more than a de minimis amount of property as consideration for an interest in the Company, or (iv) the liquidation of the Company within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g)(1) (other than pursuant to Section 708(b)(1)(B) of the Code);

(c) The Book Value of property distributed to a Member shall be the fair market value of such property as determined by the Board; and

(d) The Book Value of all property shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such property pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m) and clause (f) of the definition of Profits and Losses; provided, however, Book Value shall not be adjusted pursuant to this clause (d) to the extent the Board determines that an adjustment pursuant to clause (b) hereof is necessary or appropriate in connection with the transaction that would otherwise result in an adjustment pursuant to this clause (d).

If the Book Value of property has been determined or adjusted pursuant to clauses (b) or (d) hereof, such Book Value shall thereafter be adjusted by the Depreciation taken into account with respect to such property for purposes of computing Profits and Losses and other items allocated pursuant to Article 6.

"Budget" means any Annual Budget, and any quarterly, capital expenditure or special budget of the Company.

"Capital Account" means the account to be maintained by the Company for each Member pursuant to Section 5.3.

"Capital Contribution" means with respect to any Member, the amount of money and the initial Book Value of any property (other than money) contributed to the Company by such Member. Any reference in this Agreement to the Capital Contribution of a Member shall include a Capital Contribution of its predecessors in interest.

"Capital Stock" means any and all shares, interests, participations, or other equivalents (however designated) of capital stock of a corporation, any and all ownership interests in a Person (other than a corporation), and any and all warrants, options, or other rights to purchase or acquire any of the foregoing.

"Chairman of the Board" means the chairman of the Board of the Company, if any.

"Chief Executive Officer" means the chief executive officer of the Company, if any.

"Chief Financial Officer" means the chief financial officer of the Company, if any.

"Chief Operating Officer" means the chief operating officer of the Company, if any.

"Code" means the United States Internal Revenue Code of 1986, as amended from time to time. All references herein to Sections of the Code shall include any corresponding provision or provisions of succeeding Law.

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"Confidential Information" means all confidential and proprietary information (irrespective of the form of communication) obtained by or on behalf of, a Member from the Company or its representatives, other than information which (a) was or becomes generally available to the public other than as a result of a breach of this Agreement by such Member, (b) was or becomes available to such Member on a nonconfidential basis prior to disclosure to the Member by the Company or its representatives, (c) was or becomes available to the Member from a source other than the Company and its representatives, provided that such source is not known by such Member to be bound by a confidentiality agreement with the Company, or (d) is independently developed by such Member without the use of any such information received under this Agreement.

"Continuation Election" is defined in Section 12.1(b).

"Control," including the correlative terms "Controlling", "Controlled by" and "Under Common Control with" means possession, directly or indirectly (through one or more intermediaries), of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a Person.

"Creditors' Rights" means applicable bankruptcy, insolvency or other similar Laws relating to or affecting the enforcement of creditors' rights generally and to general principles of equity.

"Depreciation" means, for each taxable year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable for Federal income tax purposes with respect to property for such taxable year, except that (a) with respect to any property the Book Value of which differs from its adjusted tax basis for Federal income tax purposes and which difference is being eliminated by use of the remedial allocation method pursuant to Treasury Regulation Section 1.704-3(d), Depreciation for such taxable year shall be the amount of book basis recovered for such taxable year under the rules prescribed by Treasury Regulation Section 1.704-3(d)(2), and (b) with respect to any other property the Book Value of which differs from its adjusted tax basis at the beginning of such taxable year, Depreciation shall be an amount which bears the same ratio to such beginning Book Value as the Federal income tax depreciation, amortization, or other cost recovery deduction for such taxable year bears to such beginning adjusted tax basis; provided that if the adjusted tax basis of any property at the beginning of such taxable year is zero, Depreciation with respect to such property shall be determined with reference to such beginning value using any reasonable method selected by the Managers.

"Disposition," including the correlative terms "Dispose" or "Disposed," means any direct or indirect transfer, assignment, sale, gift, inter vivos transfer, pledge, hypothecation, mortgage, hedge or other encumbrance, or any other disposition (whether voluntary or involuntary or by operation of Law) of Units (or any interest (pecuniary or otherwise) therein or right thereto), including derivative or similar transactions or arrangements whereby a portion or all of the economic interest in, or risk of loss or opportunity for gain with respect to, Units is transferred or shifted to another Person.

"Drag-Along Transaction" means (a) any consolidation, conversion (other than the IPO Merger), merger or other business combination involving the Company in which Units are exchanged for or converted into cash, securities of a corporation or other business organization or other property, (b) a Disposition of all or substantially all of the assets of the Company to be followed promptly by a liquidation of the Company or a distribution to the Members of all or substantially all of the net proceeds of such Disposition after payment or other satisfaction of liabilities and other obligations of the Company, or (c) the sale by all the Members of all their Units.

"Economic Risk of Loss" shall have the meaning assigned to that term in Treasury Regulation Section 1.752-2(a).

"Effective Date" is defined in the preamble to this Agreement.

"Expel, Expelled or Expulsion" means the expulsion or removal of a Member from the Company as a member.

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"GAAP" means U.S. generally accepted accounting principles.

"Incentive Shares" is defined in Section 3.1(d).

"IPO Corporation" is defined in Section 7.4(a).

"IPO Merger" is defined in Section 7.4(a).

"Law" means any applicable constitutional provision, statute, act, code (including the Code), Law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a domestic, foreign or international governmental authority or any political subdivision thereof and shall include, for the avoidance of doubt, the Act.

"Liquidation Event" is defined in Section 12.1(a).

"Manager" is defined in Section 8.1.

"Member" means any Person (but not any Affiliate or entity in which such Person has an equity interest) that has executed this Agreement as of the Effective Date or is hereafter admitted to the Company as a member as provided in this Agreement, but such term does not include any Person who has ceased to hold any Units.

"Member Nonrecourse Debt" shall have the meaning assigned to the term "partner nonrecourse debt" in Treasury Regulation Section 1.704 2(b)(4).

"Member Nonrecourse Debt Minimum Gain" shall have the meaning assigned to the term "partner nonrecourse debt minimum gain" in Treasury Regulation Section 1.704 2(i)(2).

"Member Nonrecourse Deductions" shall have the meaning assigned to the term "partner nonrecourse deductions" in Treasury Regulation Section 1.704 2(i)(1).

"Membership Interest" means the interest of a Member in the Company, including rights to distributions (liquidating or otherwise), allocations, information, all other rights, benefits and privileges enjoyed by that Member (under the Act, the Articles, this Agreement or otherwise) in its capacity as a Member and otherwise to participate in the management of the Company; and all obligations, duties and liabilities imposed on that Member (under the Act, the Articles, this Agreement, or otherwise) in its capacity as a Member; provided, however, that such term shall not include any management rights held by a Member solely in its capacity as a Manager.

"Minimum Gain" shall have the meaning assigned to that term in Treasury Regulation Section 1.704 2(d).

"Nonrecourse Deductions" shall have the meaning assigned that term in Treasury Regulation Section 1.704-2(b).

"Nonrecourse Liability" shall have the meaning assigned that term in Treasury Regulation Section 1.752-1(a)(2).

"Officer" means any Person designated as an officer of the Company as provided in Section 8.4, but such term does not include any Person who has ceased to be an officer of the Company.

"Partnership Representative" shall have the meaning assigned pursuant to Section 6223 of New Subchapter 63C and Section 11.4 hereof.

"Percentage Interest" means the number of Units that are owned divided by the total number of Units that are issued and outstanding, with the quotient thereby obtained multiplied by 100.

"Permitted Transferee" with respect to (a) any individual shall mean (i) the spouse of such Member,

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and (ii) any trust, or family partnership or family limited liability company, the sole beneficiary of which is such Member, the spouse of, or any Person related by blood or adoption to, such Member, and (b) any other Member shall mean (i) an Affiliate of such Member, and (ii) in the context of a distribution by such Member to its direct or indirect equity owners substantially in proportion to such ownership, the partners, members or stockholders of such Member, or the partners, members or stockholders of such partners, members or stockholders.

"Person" means any natural person, corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any government or agency or political subdivision thereof.

"Pre-IPO Value" means the product of (a) the quotient obtained by dividing (i) the net proceeds to the IPO Corporation from a Qualified Public Offering (or, if the managing underwriters of such Qualified Public Offering recommend the prior consummation of the IPO Merger, the anticipated net proceeds from such Qualified Public Offering, as determined by the unanimous consent of the Board) by (ii) a fraction (expressed as a percentage), the numerator of which is the number of shares of common stock to be sold to the public in the Qualified Public Offering and the denominator of which is the total number of shares of common stock of the IPO Corporation that will be outstanding immediately after the Qualified Public Offering and (b) the difference between 100% and the percentage described in clause (a)(ii) of this definition.

"Proceeding" is defined in Section 9.2.

"Profits" or "Losses" means, for each taxable year, an amount equal to the Company's taxable income or loss for such taxable year, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments (without duplication):

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

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

(c) In the event the Book Value of any asset is adjusted pursuant to clause (b) or clause (c) of the definition of Book Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Book Value of the asset) or an item of loss (if the adjustment decreases the Book Value of the asset) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses;

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

(e) In lieu of the depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such taxable year;

(f) To the extent an adjustment to the adjusted tax basis of any asset pursuant to Code Section 734(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Account balances as a result of a distribution other than in

32

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liquidation of a Member's interest in the Company, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or an item of loss (if the adjustment decreases such basis) from the disposition of such asset and shall be taken into account for purposes of computing Profits or Losses; and

(g) Any items that are allocated pursuant to the Regulatory Allocations shall not be taken into account in computing Profits and Losses, and the amounts of the items of income, gain, loss or deduction available to be allocated pursuant to the Regulatory Allocations shall be determined by applying rules analogous to those set forth in clauses (a) through (f) hereof.

"Qualified Public Offering" means any firm commitment underwritten offering by the IPO Corporation of common stock to the public pursuant to an effective registration statement under the Securities Act (a) for which aggregate cash proceeds to be received by the IPO Corporation from such offering (without deducting underwriting discounts, expenses and commissions) are at least $15,000,000, and (b) pursuant to which such shares of common stock are authorized and approved for listing on the New York Stock Exchange or admitted to trading and quoted in the Nasdaq National Market system.

"Relative" means, with respect to any individual, (i) such individual's spouse, (ii) any direct descendant, parent, grandparent, great grandparent or sibling (in each case whether by blood or adoption), and (iii) and spouse of an individual described in clause (ii).

"Securities Act" means the Securities Act of 1933, as amended, and any successor statute thereto and the rules and regulations of the Securities and Exchange Commission promulgated thereunder.

"Series A Member" means any holder of Series A Units.

"Series A Units" is defined in Section 3.1(a).

"Series B Member" means any holder of Series B Units.

"Series B Units" is defined in Section 3.1(a).

"Series C Member" means any holder of Series C Units.

"Series C Units" is defined in Section 3.1(a).

"Subsidiary" means (a) any corporation or other entity a majority of the Capital Stock of which having ordinary voting power to elect a majority of the board of directors or other Persons performing similar functions is at the time owned, directly or indirectly, with power to vote, by the Company or any direct or indirect Subsidiary of the Company or (b) a partnership in which the Company or any direct or indirect Subsidiary is a general partner.

"Treasury Regulations" means the regulations promulgated by the United States Department of the Treasury pursuant to and in respect of provisions of the Code.

"Units" means the Series A Units, the Series B Units, the Series C Units and any Additional Units, collectively, and any "Unit" shall refer to any one of the foregoing.

33

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## SCHEDULE A
SERIES A UNITHOLDERS

Name/Address

Number of Series A Units

Percentage Interest

[to be added from time to time][$____________________]

[________]See Defined
Term

1

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## SCHEDULE A
SERIES B UNITHOLDERS

| Name | Capital Contribution | Number of Series B Units | Percentage Interest |
| --- | --- | --- | --- |
| Nga Thi ("Luna") Howard | $100.00 | 1,000,000 | 24.907% |
| Peter J. Goodman | $240.00 | 853,800 | 21.265% |
| Brian Eisenberg | $267.00 | 759,015 | 18.905% |
| Pathmazing Inc. | $320.00 | 909,645 | 22.656% |
| Hartline Enterprises LLC | $50.00 | 142,130 | 3.540% |
| Stephen Eisenberg | $60.00 | 170,558 | 4.248% |
| Frances Eisenberg | $40.00 | 113,705 | 2.832% |
| Peter Joelson | $10.00 | 28,426 | 0.708% |
| Ken Finch | $5.00 | 14,213 | 0.354% |
| Charles Catalano | $3.00 | 8,528 | 0.212% |
| Andrea Autry | $5,000.00 | 5,000 | 0.124% |
| Stephen F. Hanlon | $10,000.00 | 10,000 | 0.249% |
| Total |  | 4,015,000 | 100.000% |

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## SCHEDULE A
SERIES C UNITHOLDERS

| Name/Address | Capital Contribution | Number of Series C Units | Percentage Interest |
| --- | --- | --- | --- |
| [to be added from time to time] |  | -0- |  |

11397065

3

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

# Custodial and Voting Agreement

This Custodial and Voting Agreement (this “Agreement”) is entered into as of the date of electronic consent by the parties using the website www.netcapital.com (the “Portal”), by and among Netcapital Funding Portal Inc., a Delaware corporation (the “Intermediary”), WM Mike Reynolds PLLC, an Arizona professional limited liability company (“Agent”), and the undersigned investor (“Investor”).

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

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

## 1. Interpretation

### 1.1 Definitions

In this Agreement:

- • “Account” means the account constituted by Investor’s purchase of beneficial interests in the Shares that were offered for sale by the Issuer on the Portal.
- • “Account Balance” means, in relation to the Account, the number of Shares beneficially owned by Investor, including all of Investor’s rights to and interest in the balance from time to time on that Account.
- • “Business Day” means a weekday that is not a federal holiday.
- • “Fees” means the fees and charges referred to in clause 5.1 of this Agreement.
- • “Issuer” means each issuer of the Shares.
- • “Shares” means the beneficial interests in the uncertificated shares of common stock or preferred stock or the units of convertible debt, limited liability company membership interests or limited partnership interests that were beneficially purchased by Investor on the Portal.
- • “Transfer Agent” means Equity Stock Transfer LLC, or a successor transfer agent.
- • “Withdrawal Date” means the Business Day on which Investor wishes to withdraw Investor’s Account Balance.

### 1.2. Headings

The headings in this Agreement do not affect its interpretation.

### 1.3. Singular and plural

References to the singular include the plural and vice versa.

## 2. Account

### 2.1. Opening Account

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

### 2.2. Deposits and withdrawals

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

### 2.3. Reports

Reports relating to deposits into and withdrawals from the Account and the Account Balance will be available to Investor daily by means of a section on the Portal to which Investor may login (the 'Website').

## 3. Custody Services

### 3.1. Appointment

Investor hereby appoints Custodian to act as custodian of the Shares in accordance with this Agreement and applicable law.

### 3.2. Ownership of Securities

Custodian will be the sole holder of legal title to the Shares while Investor will hold beneficial ownership of the Shares. The Custodian will be the sole record holder of the Shares on the books and records of the Issuer. The sole dispositive record of Investor's beneficial ownership of the Shares will be in the books and records of the Transfer Agent.

### 3.3. Voting of Securities

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

### 3.4. Insurance

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

### 3.5. Notice of Changes

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

## 4. Representations and Warranties

### 4.1. Investor's representations

Investor represents and warrants to us that:

1. Investor is the beneficial owner of the Shares;
2. Investor has all necessary authority, powers, consents, licenses and authorizations and has taken all necessary action to enable Investor lawfully to enter into and perform Investor's duties and obligations under this Agreement; and
3. this Agreement and the obligations created under it are binding upon Investor and enforceable against Investor in accordance with its terms (subject to applicable principles of equity) and do not and will not violate the terms of the rules or any order, charge or agreement by which Investor is bound.

### 4.2. Custodian's representations

Custodian represents and warrants to Investor that:

1. this Agreement has been duly authorized, executed and delivered on Custodian's behalf and constitutes Custodian's legal, valid and binding obligation; and
2. the execution, delivery and performance of this Agreement by Custodian does not and will not violate any applicable law or regulation and does not require the consent of any governmental or other regulatory body except for such consents and approvals as have been obtained.

## 5. Fees and Expenses

### 5.1. Fees

Custodian's fees will be paid in accordance with the fee agreement that has been executed by the Intermediary. There are no fees payable by the Investor.

## 6. Scope of Responsibility

### 6.1. Exclusion of liability

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

### 6.2. Force majeure

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

### 6.3. Exculpation in respect of offer document

Custodian and its officers, directors, employees, agents and sub-custodians shall not be responsible or liable in any manner for any recitals, statements, representations or warranties made by any person other than Custodian.

## 7. Termination

## **7.1. Method**

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

## **7.2. Existing rights**

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

## **7.3. Website**

Effective upon the Termination Date, the use of the Website will automatically be terminated and no further access to the Website will be permitted.

# **8. Notices and Record-Keeping**

## **8.1. Form**

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

## **8.2. Method of transmission**

Any notice or other communication required to be in writing may be delivered by email.

# **9. General**

## **9.1. No advice**

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

## **9.2. Assignment**

This Agreement is for the benefit of and binding upon the parties and their respective heirs, successors and assigns. Investor may not assign, transfer or encumber, or purport to

assign, transfer or encumber, Investor’s right, title or interest in relation to any Account or any right or obligation under this Agreement or any part of any of the foregoing unless Custodian otherwise agrees in writing.

### 9.3. Amendments

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

### 9.4. Partial invalidity

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

### 9.5. Entire agreement

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

### 9.6. Joint and several liability

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

### 9.7. Counterparts

This Agreement may be executed in any number of counterparts each of which when executed and delivered is an original, but all the counterparts together constitute the same agreement.

### 9.8. Governing Law and Jurisdiction

This Agreement is governed by the laws of the State of Delaware without regard to its conflicts of laws principles.

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Kazoo LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** DC

**Date of Organization:** 04-01-2019

**Physical Address:** 3034 Dent Place NW, Washington, DC, 20007

**Issuer Website:** https://kazoo.ai

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

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

**Intermediary CIK:** 0001669191

**Intermediary File Number:** 007-00035

**Intermediary CRD Number:** 283596

### Offering Information

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

**Financial Interest in Issuer:** None.

**Type of Security Offered:** Other

**Other Description of Security:** Series B units

**Number of Securities Offered:** 5814

**Price per Security:** $1.72

**Method for Determining Price:** At issuer's discretion.

**Target Offering Amount:** $10,000.08

**Oversubscription Accepted:** Yes

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

**Maximum Offering Amount:** $307,800.88

**Deadline to Reach Target Amount:** 04-28-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 1

**Total Assets (Most Recent Fiscal Year):** $462,078.00

**Total Assets (Prior Fiscal Year):** $444,962.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $10,474.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $8,012.00

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

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

**Short-Term Debt (Most Recent Fiscal Year):** $113,329.00

**Short-Term Debt (Prior Fiscal Year):** $109,815.00

**Long-Term Debt (Most Recent Fiscal Year):** $648,783.00

**Long-Term Debt (Prior Fiscal Year):** $549,830.00

**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):** $-169,938.00

**Net Income (Prior Fiscal Year):** $-108,084.00

**Jurisdictions Offered:**

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

### Signatures

**Issuer:** Kazoo LLC

**Signature:** Peter  Goodman

**Title:** Principal Executive Officer

---

**Signature:** Peter  Goodman

**Title:** Principal Executive Officer

**Date:** 03-28-2023

---

**Signature:** Peter  Goodman

**Title:** Principal Financial Officer

**Date:** 03-28-2023

---

**Signature:** Peter  Goodman

**Title:** Principal Accounting Officer

**Date:** 03-28-2023

---

**Signature:** Peter  Goodman

**Title:** Board Member

**Date:** 03-28-2023