# EDGAR Filing Document

**Accession Number:** 0002035411
**File Stem:** 0001641172-25-017533
**Filing Date:** 2025-7
**Character Count:** 471740
**Document Hash:** a5022cb9f2681f397ce98fd105d42d37
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-017533.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001641172-25-017533

**CONFORMED SUBMISSION TYPE**: 1-A/A

**PUBLIC DOCUMENT COUNT**: 26

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** North Star Recovery & Wellness, LLC
- **CENTRAL INDEX KEY:** 0002035411
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 934025681
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12571
- **FILM NUMBER:** 251100312

**BUSINESS ADDRESS:**
- **STREET 1:** 2740 PENNSYLVANIA AVE
- **CITY:** OGDEN
- **STATE:** UT
- **ZIP:** 84401
- **BUSINESS PHONE:** 435-754-5493

**MAIL ADDRESS:**
- **STREET 1:** 2740 PENNSYLVANIA AVE
- **CITY:** OGDEN
- **STATE:** UT
- **ZIP:** 84401

## Part

**PRELIMINARY OFFERING CIRCULAR – JULY 2, 2025**

**SUBJECT TO COMPLETION**

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

**North Star Recovery & Wellness, LLC**

6550 Millrock Dr #300

Salt Lake City, UT 84121

Phone No.: 435-754-5493

https://www.northstarrecovery.care/

**$75,000,000 Maximum Offering Amount**

 **Up to $75,000,000 in Bonds in $1 Increments**

North Star Recovery & Wellness, LLC, a Wyoming limited liability company (which we refer to as "we," "us," "our" or "Company"), is offering up to a maximum of $75,000,000 ("Maximum Offering Amount") of our unsecured promissory notes (each a "Bond" and collectively as, "Bonds") in increments of $1.00. There is no minimum offering amount and no provision to return or escrow investor funds if any minimum amount of Bonds is not sold.

The Company is offering demand Bonds with a three-year lock-up period. Investors will have the option of purchasing Bonds which pay interest monthly or Bonds for which interest compounds monthly. The interest rates on these Bonds will vary based on the size of the Bond purchased: Investors purchasing a Bond with a principal value of up to $49,999.99 will receive an interest rate of 8% (Series A-1 Bonds when compounded monthly and Series A-2 Bonds when Interest is to be paid monthly), Investors purchasing a Bond with a principal value of $50,000 to $249,999.99 will receive an interest rate of 10% (Series B-1 Bonds when compounded monthly and Series B-2 Bonds when interest is to be paid monthly), Investors purchasing a Bond with a principal value of $250,000 or more will receive an interest rate of 12% (Series C-1 Bonds when compounded monthly and Series C-2 Bonds when interest is to be paid monthly). The Company estimates that it will offer an equal amount ($12,500,000) of Series A-1, Series A-2, Series B-1, Series B-2, Series C-1, and Series C-2 Bonds. Each Bond is payable within 30 days from demand by its holder made following its three-year lock up period ("Maturity"). For Series A-1, Series B-1, and Series C-1 Bonds, all interest and principal will be due at Maturity, with unpaid interest compounding monthly. For Series A-2, Series B-2, and Series C-2 Bonds, all interest will be paid monthly, commencing on the 1st day of the next month which begins sixty days after the issuance date, with principal due at Maturity. Bonds may be prepaid at any time.

Bonds will be offered on a "best-efforts" basis. The sale of Bonds will commence within two calendar days from the date this offering circular, as amended, is qualified by the Securities and Exchange Commission ("SEC"). We may undertake one or more closings on a "rolling" basis. Closings will occur promptly after receiving investor funds, but in no case less frequently than every 30 days. This offering will terminate on the earlier to occur of (i) the date that all Bonds hereby offered have been sold, (ii) the date three years from the date this offering circular is initially qualified by the SEC, although the offering may be extended by an additional 180 days if the Company files a new offering statement covering these securities pursuant to SEC Rule 251 (d)(3)(i)(F) (notwithstanding the foregoing, the Company reasonably expects to sell all Bonds within two years from qualification), or (iii) such earlier date as terminated by the Company.

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

No public market has developed nor is expected to develop for our Bonds, and we do not intend to list Bonds on a national securities exchange or interdealer quotational system. Investors should be prepared to hold their Bonds until at least Maturity.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to public<sup>(1)</sup>** | **Underwriting** <br> **discount and**<br> **commissions** | **Proceeds to**<br> **Issuer<sup>(2)</sup>** |
| Per Bond | $1.00 | $0.00 | $1.00 |
| Total Maximum | $75000000 | $0 | $75000000 |

---

(1) All
 amounts in this chart and circular are in U.S. dollars unless otherwise indicated. All investor funds will be held in a segregated processing account until an investor's subscription is accepted by the Company, after which
 time such funds will become available for the Company's use. Bonds will be offered on a best-efforts basis through the
 Company's management and authorized agents. We have not engaged a broker dealer or selling agent and will not be
 paying any fee or commissions relating to the sale of Investor Bonds. See "Plan of Distribution."

(2) The
 Company will incur expenses relating to this offering, including, but not limited to, legal, accounting, marketing, technology,
 processing, and travel expenses, which expenses are not reflected in the above table.

**This offering is highly speculative and these securities involve a high degree of risk and should be considered only by persons who can afford the loss of their entire investment. See "Risk Factors" on page 6 for a description of some of the risks that should be considered before investing in our Bonds. These risks include, but are not limited to, the following:**

● Global economic, political and market conditions, and economic uncertainty may adversely affect our business, results of operations and financial condition.

● Investors will not have the opportunity to evaluate or approve any investments prior to our acquisition or financing thereof.

● Investors will rely solely on our Manager to manage the Company and our investments. Our Manager will have broad discretion to invest our capital and make decisions regarding investments.

● Investors will have no control over changes in our policies and day-to-day operations, which increases the uncertainty and risks you face as an investor.

● An investor could lose all or a substantial portion of any investment made in Bonds.

● There is no public trading market for our Bonds. Transfer of Bonds requires the Company's consent. It will thus be difficult for an investor to sell Bonds purchased from us.

● Bonds are our general, unsecured obligations and will be subordinate to any secured debt we may incur.

● Our Manager may experience conflicts of interest when making investment decisions and overseeing our operations.

● There are substantial risks associated with owning, financing, operating, leasing and managing real estate, including, but not limited to, changes in value of the properties, environmental risks, ADA compliance risks, competing properties, tenant turnover, uninsured losses, title defects, property defects, increasing carrying costs and lack of portfolio diversity.

● There are substantial risks associated with lending activities including, but not limited to, regulation, interest rate risks, borrower fraud, borrower insolvency, changes in value of the assets securing our loans and those relating to our funding, servicing, and collections activities.

● There are substantial risks associated with investing in equity, including, but not limited to, those applicable to minority interest holders and specific risks relating to the industries in which we invest.

● We will be subject to government regulation, which could negatively impact our business should we fail to comply withs such regulations.

● Our Manager and/or its affiliates may own interests in or manage other entities engaged in similar investments and operations as the Company or that do business with the Company.

● Persons who provide services to the Company may also provide services to our Manager or affiliates thereof. Such service providers may be required to terminate representation of the Company if conflicts of interests arise that cannot be resolved or waived.

**THE U.S. SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OF OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER, THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

This offering is being made pursuant to Tier 2 of Regulation A following the Form 1-A offering circular disclosure format.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [SUMMARY INFORMATION](#a_001) | 4 |
| [RISK FACTORS](#a_002) | 6 |
| [SPECIAL INFORMATION REGARDING FORWARD LOOKING STATEMENTS](#a_003) | 24 |
| [DILUTION](#a_004) | 25 |
| [PLAN OF DISTRIBUTION AND SELLING SECURITYHOLDERS](#a_006) | 25 |
| [USE OF PROCEEDS](#a_007) | 29 |
| [DESCRIPTION OF BUSINESS](#a_008) | 29 |
| [DESCRIPTION OF PROPERTY](#aa_001) | 35 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#aa_002) | 35 |
| [DIRECTORS, EXECUTIVE OFFICERS, AND SIGNIFICANT EMPLOYEES](#aa_003) | 36 |
| [COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS](#aa_005) | 39 |
| [SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS](#aa_006) | 40 |
| [INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#aa_007) | 40 |
| [PRIOR PERFORMANCE](#aa_008) | 41 |
| [SECURITIES BEING OFFERED](#aa_009) | 41 |
| [EXPERTS](#aa_012) | 43 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#aa_013) | 43 |
| [FINANCIAL STATEMENTS](#aa_014) | F-1 |

---

[**Table of Contents**](#TOC_001)

**SUMMARY INFORMATION**

This summary highlights some, but not all, of the information in this offering circular. It is not complete and may not contain all of the information that you may want to consider. To understand this offering fully, you should carefully read the entire circular, including the section entitled "Risk Factors," before making a decision to invest in our securities. Unless otherwise noted or unless the context otherwise requires, the terms "we," "us," "our," and "Company" refer to North Star Recovery & Wellness, LLC together with our controlled subsidiaries.

<u>The Company</u>

The Company was organized as a limited liability company in Wyoming on October 20, 2023. We are an alternative investment fund with an intended focus on investments in the recovery, wellness, and behavioral health sectors. The Company's primary focus will be on direct investments in income producing real estate that will be leased to operators in our sectors, including affiliates of our Manager. We may also make loans secured income producing real estate to be leased to operators in our sectors, commercial loans (secured or unsecured) to operators in our sectors, and/or equity investments (on a wholly, majority, or minority owned basis) in businesses in our sectors.

In order to comply with the Investment Company Act of 1940, as amended ("Investment Company Act"), pursuant to Section 3(c)(5) of the Investment Company Act, we intend that (i) at least 55% of our assets will consist of "mortgages and other liens on and interests in real estate" ("Qualifying Interests"), (ii) up to an additional 25% of our assets will consist of "real estate-type interests" (subject to proportionate reduction if greater than 55% of our assets are Qualifying Interests), and (iii) not more than 20% of our total assets consist of assets that have no relationship to real estate provided the amount and nature of such activities do not cause us to lose our exemption from regulations as an investment company pursuant to the Investment Company Act of 1940 ("Investment Company Act"). Qualifying Interests are assets that represent an actual interest in real estate or are loans or liens "fully secured by real estate" but exclude securities in other issuers engaged in the real estate business. Real estate-type interests include certain mortgage-related instruments including loans where 55% of the fair market value of the loan is secured by real property at the time the issuer acquired the loan and agency partial-pool certificates. The proceeds from the sale of Bonds in this offering will provide the capital for these activities.

<u>Contact</u>

The Company's principal address is 6550 Millrock Dr #300, Salt Lake City, UT 84121.

<u>Management</u>

The Company's Manager is North Star Group Management LLC, a Wyoming limited liability company ("Manager"). Our Manager shall manage and administer company assets and perform all other duties prescribed for in our Operating Agreement and the Wyoming Limited Liability Act. No other Person shall have any right or authority to act for or bind the Company except as permitted in our Operating Agreement or as required by law. Our Manager shall have no personal liability for the obligations of the Company.

Our Manager and its affiliates will receive reimbursements for expenses incurred on the Company's behalf, including offering and initial operating expenses. Our Manager has not received any compensation to date and we do not intend to pay compensation in the future, but as the Company's sole Member, the Manager will be entitled to receive all Company profits after payment currently due Bond payments and other Company expenses. Notwithstanding the foregoing, our Manager may elect to be compensated by the Company in the future in such amounts as determined by the Manager.

<u>Going Concern</u>

The consolidated financial statements included in this offering circular have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company's ability to raise additional capital through future issuances of debt or equity is unknown. The obtainment of additional financing, the successful development of the Company's contemplated plan of operations, or its attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

[**Table of Contents**](#TOC_001)

<u>The Bonds</u>

● Sold in $1.00 increments with a minimum investment of $500;

● Bear interest at 8%-12% per annum, with interest either paid monthly (commencing on the 1st day of the next month which begins sixty days after the issuance date) or compounded monthly as elected by the investor;

● Payable within 30 days from demand by holder after a three-year lock up period;

● Can by prepaid by us at any time;

● Are not transferable without Company approval;

● Are unsecured.

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

<u>The Offering</u>

The Company is offering up to a maximum of $75,000,000, of demand Bonds with a three-year lock-up period in $1.00 increments.

The minimum investment to Series A-1 or Series A-2 Bonds is $500. The minimum investment to Series B-1 or Series B-2 Bonds is $50,000. The minimum investment to Series C-1 or Series C-2 Bonds is $250,000.

Each investor's subscription amount will be held in a self-managed, segregated account until the investor's subscription is accepted by the Company. There is no minimum offering amount and no provision to escrow or return investor funds if any minimum number of Bonds is not sold. All offering proceeds will become available for use by the Company immediately upon acceptance of an investor's subscription. We will conduct regular closings on a rolling basis promptly after receiving investor funds. We intend to conduct an initial closing within thirty days from the date this offering circular, as amended, is qualified by the SEC and to conduct subsequent closings no less frequently than every 30 days thereafter.

This offering will terminate on the earlier to occur of (i) the date that all Bonds hereby offered have been sold, (ii) the date three years from the date this offering circular is initially qualified by the SEC, although the offering may be extended by an additional 180 days if the Company files a new offering statement covering these securities pursuant to SEC Rule 251 (d)(3)(i)(F) (notwithstanding the foregoing, the Company reasonably expects to sell all Bonds within two years from qualification), or (iii) such earlier date as terminated by the Company.

Bonds are being offered on a "best efforts" basis in a direct offering by the Company without use of registered broker-dealers or sales agents.

In order to subscribe to purchase the interests, a prospective investor must go to our website, https://www.northstarrecovery.care/, and complete the subscription process, including providing us with background information, executing our bond purchase agreement and sending payment by following the instructions provided within our investment portal. Investors must answer certain questions to determine compliance with the investment limitation set forth in Regulation A Rule 251(d)(2)(i)(C) under the Securities Act, which states that in offerings such as this one, where the securities will not be listed on a registered national securities exchange upon qualification, the aggregate purchase price to be paid by an investor who is a natural person for the securities cannot exceed 10% of the greater of the investor's annual income or net worth, unless the purchaser is an accredited investor. In the case of an investor who is not a natural person, revenues or net assets for the investor's most recently completed fiscal year are used instead.

**ABOUT THIS CIRCULAR** 

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

You should rely only on the information contained in this offering circular and the exhibits to the offering statement. We have not authorized any person to provide you with any information different from that contained in this offering circular. The information contained in this offering circular is complete and accurate only as of the date of this offering circular, regardless of the time of delivery of this offering circular or sale of our shares. This offering circular contains summaries of certain other documents, but reference is hereby made to the full text of the actual documents for complete information concerning the rights and obligations of the parties thereto.

**INDUSTRY AND MARKET DATA**

The industry and market data used throughout this offering circular have been obtained from our own research, surveys or studies conducted by third parties and industry or general publications. Industry publications and surveys generally state that they have obtained information from sources believed to be reliable. We believe that each of these studies and publications is reliable. We have not engaged any person or entity to provide us with industry or market data.

**TAX CONSIDERATIONS**

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

[**Table of Contents**](#TOC_001)

**RISK FACTORS**

*The Bonds offered hereby are highly speculative in nature, involve a high degree of risk and should be purchased only by persons who can afford to lose their entire investment. There can be no assurance that our investment objectives will be achieved or that a secondary market will ever develop for our Bonds. The risks described in this section should not be considered an exhaustive list of the risks that prospective investors should consider before investing in the Bonds. Prospective investors should obtain their own legal and tax advice prior to making an investment in Bonds and should be aware that an investment in the Bonds may be exposed to other risks of an exceptional nature from time to time. The following considerations are among those that should be carefully evaluated before making an investment in Bonds. The following may not be a.* 

**Risks Related to the Operation and Performance of the Company**

***The Company was recently formed, has no track record and no operating history from which you can evaluate the Company or this investment.***

The Company was recently formed and has not generated any revenues and has no operating history upon which prospective investors may evaluate their performance. No guarantee can be given that the Company will achieve its investment objectives or the underlying assets to be acquired will be successfully monetized. Further, our business equity investments have not been selected and so we do not know the specific risks relating to any such industries or what backgrounds the business operators will possess.

***Given our start-up nature, investors may not be interested in making an investment and we may not be able to raise all of the capital we seek, which could have a material adverse effect upon the Company and the value of your interests.***

There can be no guarantee that we will reach our funding target from potential investors. In the event we do not raise sufficient funds through this offering, we may not be able to achieve our investment objectives and may seek capital elsewhere, which could be on different terms than those hereby offered.

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

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

***Our success depends in large part upon our Manager and its ability to execute our business plan.***

The successful operation of the Company is dependent on the ability of our Manager to source, acquire and manage our assets. As our Manager was formed on October 20, 2023, and is an early-stage startup company, it has no operating history which evidences its ability to source, acquire, manage and utilize our intended assets.

The success of the Company will be highly dependent on the performance of our Manager and its team to source, acquire and manage the underlying assets. There can be no assurance that these individuals will continue to be associated with our Manager. The loss of the services of one or more of these individuals could have a material adverse effect on our investments and/or operations.

***Investment in the Company involves certain tax risks of which investors should be aware.***

An investment in the Company involves certain tax risks of general application to all investors and certain other risks specifically applicable to Keogh accounts, Individual Retirement Accounts, and other tax-exempt investors. Such investors should consult their tax advisors prior to investing in the Company.

***Potential breach of the security measures of our investment platform could have a material adverse effect on the Company.***

While we intend to take commercially reasonable measures to protect our confidential information and maintain appropriate cybersecurity, the security measures of the investment platform, the Company, our Manager or our service providers could be breached. Any accidental or willful security breaches or other unauthorized access could cause confidential information to be stolen and used for criminal purposes or have other harmful effects. Security breaches or unauthorized access to confidential information could also expose us to liability related to the loss of the information, time-consuming and expensive litigation and negative publicity.

[**Table of Contents**](#TOC_001)

***Non-compliance with certain securities regulations may result in the liquidation and winding up of the Company.***

We are not registered and will not be registered as an investment company under the Investment Company Act of 1940, as amended ("Investment Company Act"), and neither our Manager nor its managers is or will be registered as an investment adviser under the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"), and thus the Bonds do not have the benefit of the protections of the Investment Company Act or the Investment Advisers Act. We and our Manager have taken the position that the Investment Company Act or the Investment Advisers Act do not apply to our operations or that we are otherwise exempted from their provisions. This position, however, is based upon applicable law that is inherently subject to judgments and interpretation. If we were to be required to register under the Investment Company Act or our Manager were to be required to register under the Investment Advisers Act, it could have a material and adverse impact on the results of operations and expenses of the Company and our Manager may be forced to liquidate and wind up the Company or rescind the offering of Bonds.

***Using a credit card to purchase shares may impact the return on your investment as well as subject you to other risks inherent in this form of payment.***

Investors in this offering may have the option of paying for their investment with a credit card, which is not usual in the traditional investment markets. Transaction fees charged by your credit card company and interest charged on unpaid card balances (which can reach almost 25% in some states) add to the effective purchase price of the Bonds you buy. The cost of using a credit card may also increase if you do not make the minimum monthly card payments and incur late fees. Using a credit card is a relatively new form of payment for securities and will subject you to other risks inherent in this form of payment, including that, if you fail to make credit card payments (e.g. minimum monthly payments), you risk damaging your credit score and payment by credit card may be more susceptible to abuse than other forms of payment. Moreover, where a third-party payment processor is used, as in this offering, your recovery options in the case of disputes may be limited. The increased costs due to transaction fees and interest may reduce the return on your investment.

The SEC's Office of Investor Education and Advocacy issued an Investor Alert dated February 14, 2018 entitled Credit Cards and Investments – A Risky Combination, which explains these and other risks you may want to consider before using a credit card to pay for your investment.

***We may experience liability for alleged or actual harm to third parties and costs of litigation.***

We are subject to the risk of lawsuits filed by tenants, borrowers, past and present employees, contractors, competitors, business partners, and others in the ordinary course of business. As with all legal proceedings, no assurance can be provided as to the outcome of these matters, and legal proceedings can be expensive and time consuming. The Company may not be successful in the defense or prosecution of these lawsuits, which could result in settlements or damages that could result in substantial losses to the Company. Even if the Company is successful, there may be substantial costs associated with the legal proceeding, and our Manager may be delayed or prevented from implementing the business plan of the Company.

***Financial projections may be wrong.***

Certain financial projections concerning the future performance of our investments are based on assumptions of an arbitrary nature and may prove to be materially incorrect. No assurance is given that actual results will correspond with the results contemplated by these projections. It is possible that returns may be lower than projected, or that there may be no returns at all.

These and all other financial projections, and any other statements previously provided to the Purchaser relating to the Company or its prospective business operations that are not historical facts, are forward-looking statements that involve risks and uncertainties. Sentences or phrases that use such words as "believes," "anticipates," "plans," "may," "hopes," "can," "will," "expects," "is designed to," "with the intent," "potential" and others indicate forward-looking statements, but their absence does not mean that a statement is not forward- looking.

Such statements are based on our Manager's current estimates and expectations, along with currently available competitive, financial, and economic data. However, forward-looking statements are inherently uncertain. A variety of factors could cause business conditions and results to differ materially from what is contained in any such forward-looking statements.

It is possible that actual results from operation of the properties will be different than the returns anticipated by our Manager and/or that these returns may not be realized in the timeframe projected by our Manager, if at all.

***We have broad authority to incur debt and high debt levels could hinder our ability to make payments and decrease the value of our investors' investments.***

Our policies do not limit us from incurring debt in any amount we can obtain. While our Manager may issue personal guarantees that these obligations will be repaid, the Company is ultimately responsible for paying off these debts. High debt levels would cause us to incur higher interest charges and higher debt service payments and may also be accompanied by restrictive covenants. These factors could limit the amount of cash we have available to distribute and could result in a decline in the value of our investors' investments.

[**Table of Contents**](#TOC_001)

**Risks Related to Potential Conflicts of Interest**

***Our Operating Agreement contains provisions that reduce or eliminate duties (including fiduciary duties) of our Manager.***

Our Operating Agreement provides that our Manager, in exercising its rights in its capacity as Manager, will be entitled to consider only such interests and factors as it desires and will have no duty or obligation (fiduciary or otherwise) to give any consideration to any interest of or factors affecting us or any of our investors and will not be subject to any different standards imposed by our Operating Agreement, the Wyoming LLC Act or under any other law, rule or regulation or in equity. The Operating Agreement allows our Manager and its affiliates to have other business interests, including those that compete with the Company.

***We do not have a conflicts of interest policy.***

Our Manager and its affiliates will try to balance our interests with their own. However, to the extent that such parties take actions that are more favorable to other people or entities than the Company, these actions could have a negative impact on our financial performance and, consequently, on payments to investors and the value of our assets. We have not adopted, and do not intend to adopt in the future, either a conflicts of interest policy or a conflicts resolution policy.

***The Company may purchase assets from, or sell Company Assets to, or do business with, affiliates of our Manager.***

Our Operating Agreement explicitly allows the Company transact with affiliates of the Manager, so long as such transactions are deemed by the Manager to be at market rate, or if the Manager determines that such transactions do not impair the ability of the Company to repay any bonds it issues or other money borrowed. However, the assessment of market rate and whether a transaction will impair the ability of the Company to repay any bonds it issues or other money borrowed is to be determined by the Manager in good faith, based on reasonable assumptions. Since any such transaction will not take place at arms' length, our Manager may be incentivized to favor its other affiliated entity over the Company. Specifically, as of the date of this offering circular, our Manager also serves as the manager to an entity that intends to operate recovery centers. It is possible that the Company would lease one of our properties to be acquired to such operating entity and we would compete with such operating entity in the event we acquired any interest in an operator that competes withs such entity. We may also acquire an equity interest in such entity should it be advantageous to do so in the future.

***Conflicts may result in the use of certain service providers over others.***

Our Manager and our operators will engage with, on behalf of the Company, a number of brokers, asset sellers, insurance companies, and maintenance providers and other service providers and thus may receive in-kind discounts. In such circumstances, it is likely that these in-kind discounts may be retained for the benefit of our Manager or operators and not the Company. Our Manager or operators may be incentivized to choose a service provider or seller based on the benefits they are to receive.

***Conflicts may exist between service providers, the Company, our Manager and its affiliates.***

Our service providers may provide services to our Manager and its affiliates. Because such providers may represent both the Company and such other parties, certain conflicts of interest exist and may arise. To the extent that an irreconcilable conflict develops between us and any of the other parties, providers may represent such other parties and not the Company. Providers may, in the future, render services to us or other related parties with respect to activities relating to the Company as well as other unrelated activities. Legal counsel is not representing any prospective investors in connection with this offering and will not be representing Bonds holders of the Company. Prospective investors are advised to consult their own independent counsel with respect to the other legal and tax implications of an investment in our Bonds.

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**Risks Related to Bonds and this Offering**

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

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

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

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

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

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

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

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

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

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

***The Company may change its investment strategy without the approval of Bond holders.***

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Management has broad authority to change the Company's investment strategy. Holders of Bonds will have no voting rights, and as a result, no ability to restrict or influence the Company's investment strategy. The Company may alter its investment strategy in a manner that you disagree with, and you will have no recourse.

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

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

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***The Bond holders may be subject to fees.***

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

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

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

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

By purchasing Bonds in this offering, you agree to be bound by the arbitration, jury waiver and class action waiver provisions contained in Section 13 of our Bond Purchase Agreement to be used for subscriptions on this offering. Pursuant to the terms of the Bond Purchase Agreement, the holders of Bonds and the Company will agree to (i) resolve disputes of the holders of Bonds through binding arbitration, instead of through courts of general jurisdiction or through a class action and (ii) waive the right to a trial by jury and to participate in any class action. Pursuant to the terms of the Bond Purchase Agreement, if a holder of Bonds does not agree to the terms of the arbitration provision, the holder of Bonds may opt-out of the arbitration provision by sending an arbitration opt-out notice to the Company within thirty (30) days of the holder's first electronic acceptance of the Bond Purchase Agreement. If the opt-out notice is not received within thirty (30) days, the holder of Bonds will be deemed to have accepted all terms of the arbitration provision, including the class action and jury waiver. If the investor opts out of the arbitration provision, the investor has also opted out of the jury trial and class action waivers. As arbitration provisions in commercial agreements have generally been respected by federal courts and state courts of Wyoming, we believe that the arbitration provision in the Bond Purchase Agreement is enforceable under federal law and the laws of the State of Wyoming. Although holders of Bonds will be subject to the arbitration provisions of the Bond Purchase Agreement, the arbitration provisions do not preclude holders of Bonds from pursuing claims under the U.S. federal securities laws in federal courts. THE ARBITRATION PROVISION OF THE BOND PURCHASE AGREEMENT IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF BONDS OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE ARBITRATION PROVISION OF THE BOND PURCHASE AGREEMENT DO NOT APPLY TO CLAIMS BROUGHT UNDER THE EXCHANGE ACT AND SECURITIES ACT.

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

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

***This offering is being conducted on a "best efforts" basis and we may not be able to execute our growth strategy if we are unable to raise this capital.***

We are offering the Bonds on a "best efforts" basis, and we can give no assurance that all of the offered We are offering the Bonds on a "best efforts" basis, and we can give no assurance that all of the offered Bonds will be sold. will be sold. If you invest in our Bonds and more than the minimum number of offered Bonds are sold, but less than all of the offered Bonds are sold, the risk of losing your entire investment will be increased. If substantially less than the maximum amount of Bonds offered are sold, we may be unable to fund all the intended uses described in this offering circular from the net proceeds anticipated from this offering without obtaining funds from alternative sources or using working capital that we generate. Alternative sources of funding may not be available to us at what we consider to be a reasonable cost, and the working capital generated by us may not be sufficient to fund any uses not financed by offering net proceeds.

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

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

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

We have no operating history in an evolving industry that may not develop as expected. Assessing our business and future prospects is challenging in light of the risks and difficulties we may encounter. These risks and difficulties include our ability to:

● Acquire assets;

● Sell our assets at a profit;

● Favorably compete with other companies that are currently in, or may in the future enter, the business of building homes or investing in digital assets;

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

● Effectively manage the growth of our business.

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

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

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

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

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

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

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

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

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

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

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

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

We intend to operate in such manner as not to be classified as an "investment company" within the meaning of the Investment Company Act of 1940 as we intend to acquire mortgages and other liens on and interests in real estate. In addition, our Manager is not an investment adviser registered with the SEC, will not be governed by the Investment Advisers Act of 1940, and will not be acting in such capacity with respect to the Company because the Company will not be investing in assets which fall within the definition of a security under U.S. federal securities laws. Our management and our investment practices and policies of ours are not supervised or regulated by any federal or state authority. As a result, investors will be exposed to certain risks that would not be present if we were subjected to a more restrictive regulatory situation.

If we are deemed to be an investment company, we may be required to register as an investment company, dispose of disqualifying assets on disadvantageous terms, or to cease operations. Any of these outcomes would have a material adverse effect on the Company.

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

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

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

● limitations on capital structure;

● restrictions on specified investments;

● restrictions on leverage or senior securities;

● restrictions on unsecured borrowings;

● prohibitions on transactions with affiliates; and

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

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

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

If the Company is deemed to be an investment company under the Investment Company Act, we would no longer be eligible to offer our securities under Regulation A of the Securities Act in this Offering, or at all. If this occurs, the Company will have to immediately terminate this Offering. The unregistered issuance of our securities to investors pursuant to this Offering would be considered in violation of Section 5 of the Securities Act if there was no other available exemption from registration for this issuance. The securities sold in this Offering prior to such termination would be subject to a private right of action for rescission or damages by the purchasing investors. Additionally, the Company may not have the funds required to address all rescissions if a large number of investors seek rescission at the same time, and as a result, we may be delayed in the delivery of funds for such rescissions and may be required to sell some of our assets, which may take significant amounts of time and may yield less than is needed to meet our rescission obligations. Additionally, the Company would not be able to raise funds in any other offering pursuant to Regulation A to meet such rescission obligations, as the Company would not be eligible to do so.

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

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

***Our management team has no experience managing a publicly reporting company.***

The members of our management team have no experience managing a publicly reporting company, interacting with public investors, and complying with the increasingly complex laws pertaining to Regulation A reporting companies. Our management team may not successfully or efficiently manage our transition to being a publicly reporting company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could harm our business, financial condition, and results of operations.

**Risks Related to Real Estate**

***The profitability of the properties is uncertain.***

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

***Rising expenses could reduce cash flow and funds available for future investments.***

Our properties will be subject to increases in real estate tax rates, utility costs, operating expenses, insurance costs, repairs and maintenance, administrative and other expenses. If we are unable to increase rents at an equal or higher rate or lease properties on a basis requiring the tenants to pay all or some of the expenses, we would be required to pay those costs, which could adversely affect funds available for payment of the bonds.

***We will depend on tenants for our revenue and therefore our revenue may depend on the economic viability of our tenants.***

We will be highly dependent on income from tenants. Our financial results will depend in part on leasing space in the properties or the full properties we invest into tenants on economically favorable terms.

In the event of a tenant default, we incur substantial costs in protecting our investment and re-letting our property. A default, of a substantial tenant or number of tenants at any one time, on lease payments to us would cause us to lose the revenue associated with such lease(s) and cause us to have to find an alternative source of revenue to meet mortgage payments and prevent a foreclosure if the property is subject to a mortgage. Therefore, substantial lease payment defaults by tenant(s) could cause us to lose our investment or reduce the amount of payments to investors.

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***Our properties may not be diversified.***

Our properties may not be diversified by type and/or geographic location. Our performance is therefore linked to economic conditions affecting the real estate classes and regions in which we will invest in properties and in the market for real estate properties generally. Such conditions could result in a reduction of our income and cash to return capital and thus affect the amount of payments we can make to you.

***Competition with third parties in acquiring and operating properties may reduce our profitability and the return on your investment.***

We compete with many other entities engaged in real estate investment activities, many of which have greater resources than we do. Specifically, there are numerous commercial developers, real estate companies, foreign investors and investment funds that operate in the markets in which we may operate, that will compete with us in acquiring properties that will be seeking investments and tenants for these properties.

Many of these entities have significant financial and other resources, including operating experience, allowing them to compete effectively with us. Competitors with substantially greater financial resources than us may generally be able to accept more risk than we can prudently manage, including risks with respect to the creditworthiness of entities in which investments may be made or risks attendant to a geographic concentration of investments. Demand from third parties for properties that meet our investment objectives could result in an increase of the price of such properties. If we pay higher prices for properties, our profitability may be reduced, and you may experience a lower return on your investment. In addition, our properties may be located in close proximity to other properties that will compete against our properties for tenants. Many of these competing properties may be better located and/or appointed than the properties that we will invest in, giving these properties a competitive advantage over our properties, and we may, in the future, face additional competition from properties not yet constructed or even planned. This competition could adversely affect our business. The number of competitive properties could have a material effect on our ability to rent space at our properties and the amount of rents charged. We could be adversely affected if additional competitive properties are built in locations competitive with our properties, causing increased competition for residential renters. In addition, our ability to charge premium rental rates to tenants may be negatively impacted. This increased competition may increase our costs of acquisitions or lower the occupancies and the rent we may charge tenants. This could result in decreased cash flow from tenants and may require us to make capital improvements to properties which we would not have otherwise made, thus affecting cash available for payments to you.

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***We may not have control over costs arising from rehabilitation of properties.***

We may elect to invest in properties which may require rehabilitation. Consequently, we may retain independent general contractors to perform the actual physical rehabilitation and/or construction work and will be subject to risks in connection with a contractor's ability to control rehabilitation and/or construction costs, the timing of completion of rehabilitation and/or construction, and a contractor's ability to build in conformity with plans and specification.

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

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

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

The consideration that we pay will be based upon numerous factors, and the properties may be purchased in a negotiated transaction rather than through a competitive bidding process. We cannot assure anyone that the purchase price that we (or our Manager or its affiliates, if they are "pre-funding" a property) pay for a property or its appraised value will be a fair price, that we will be able to generate an acceptable return on such property, or that the location, lease terms or other relevant economic and financial data of any properties that we invest in will meet acceptable risk profiles. It is also possible that our Manager or its affiliates may "pre-fund" a property and then its fair market value may drop such that, even if the property was acquired by our Manager or its affiliates at fair market value, the consideration paid by the Company at the time of investment exceeds fair market value. We may also be unable to lease vacant space or renegotiate existing leases at market rates, which would adversely affect our returns on a property. As a result, our investments in our properties may fail to perform in accordance with our expectations, which may substantially harm our operating results and financial condition.

***The failure of our properties to generate positive cash flow or to sufficiently appreciate would most likely preclude our investors from realizing an attractive return on their Bonds.***

There is no assurance that our real estate investments will appreciate or will ever be sold at a profit. The marketability and value of the properties will depend upon many factors beyond the control of our management. There is no assurance that there will be a ready market for the properties since investments in real property are generally non-liquid. The real estate market is affected by many factors, such as general economic conditions, availability of financing, interest rates and other factors, including supply and demand, that are beyond our control. We cannot predict whether we will be able to sell any property for the price or on the terms set by it, or whether any price or other terms offered by a prospective purchaser would be acceptable to us. We also cannot predict the length of time needed to find a willing purchaser and to close the sale of a property. Moreover, we may be required to expend funds to correct defects or to make improvements before a property can be sold. We cannot assure any person that we will have funds available to correct those defects or to make those improvements.

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***Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties and harm our financial condition.***

Because real estate investments are relatively illiquid, our ability to promptly sell one or more properties or investments in our portfolio in response to changing economic, financial and investment conditions may be limited. These risks could arise from weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations, or fiscal policies of jurisdictions in which the property is located. We may be unable to realize our investment objectives by sale, other disposition, or refinance at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy.

***Investments in real estate-related securities may be illiquid, and the Company may not be able to dispose of these assets in response to changes in economic and other conditions.***

If the Company invests in certain real estate-related securities that it may receive in connection with privately negotiated transactions, they may be restricted securities, resulting in a prohibition against their transfer, sale, pledge or other disposition for a period of time. These securities also will not be registered under the relevant securities laws, and thus cannot be transferred, sold, pledged, or otherwise disposed except in a transaction that is exempt from the registration requirements of, or is otherwise in accordance with, those laws. As a result, the Company's ability to dispose of these assets in response to changes in economic and other conditions may be extremely limited.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

***Compliance with Americans with Disabilities Act.***

Under the Americans with Disabilities Act of 1990 (the ADA), all public accommodations are required to meet certain federal requirements related to access and use by disabled persons. A determination that a property is not in compliance with the ADA could result in imposition of fines or an award of damages to private litigants. Furthermore, substantial modifications made to comply with the ADA may impede the Company's ability to make cash payments to its bondholders.

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

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

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

We may obtain lines of credit and long-term financing that may be secured by our assets. As with any liability, there is a risk that we may be unable to repay our obligations from the cash flow of our assets. Therefore, when borrowing and securing such borrowing with our assets, we risk losing such assets in the event we are unable to repay such obligations or meet such demands.

**Risks Related to Lending** 

***Our loans will be subject to interest rate risk and variations in interest rates may negatively affect our financial performance.***

Changes in the interest rate environment may reduce profits. Changes in interest rates up or down could adversely affect our net interest spread and, as a result, our net interest income and net interest margin. In addition, loan volume and yields are affected by market interest rates on loans, and rising interest rates generally are associated with a lower volume of loan originations. An increase in the general level of interest rates may also adversely affect the ability of certain borrowers to pay the interest on and principal of their obligations. Accordingly, changes in levels of market interest rates could materially adversely affect our net interest spread, asset quality, loan origination volume and overall profitability.

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***Competition with other lenders may affect the Company's profitability.***

The financial services industry is highly competitive, and we anticipate that we will encounter strong competition for loans. Price competition for loans might result in us earning less on our loans, which reduces net interest income. Some of the institutions with which we compete have substantially greater experience, resources, and lending limits and may offer services we do not provide. We expect competition may increase in the future because of legislative, regulatory, and technological changes and the continuing trend of consolidation in the financial services industry. Our profitability depends upon our continued ability to compete successfully.

Some of the general competitive conditions in private lending include competing with other lenders with regards to fees, interest rates, reputation and/or quality of service. These conditions may affect the Company's profitability and ability to make, fund, originate, acquire and/or purchase loans. Furthermore, other private lenders, institutional lenders and others engaged in the mortgage lending business may differ in their loan to value guidelines and criteria, which may affect the Company's competitiveness with regards to its ability to make, fund, originate and/or acquire certain loans.

***The Company will be subject to general risks associated with real property lending.***

The Company's profitability depends on the ability of our borrowers to repay their loans. The ability of a borrower to repay may be affected by local, regional, and national real estate market and economic conditions beyond the control of the Company. Delinquencies and defaults are sensitive to local and national business and economic conditions. Favorable real estate and economic conditions may not necessarily enhance a borrower's ability to repay due to circumstances specific to a borrower and are beyond the Company's control.

***There are inherent risks with respect to investment in non-performing notes.***

The Company may elect to invest in non-performing notes secured by real estate. Accordingly, non-performing notes carry substantial risk, including the possibility that the non-performing notes may not generate any cashflow or profit for the Company. The Company may acquire the non-performing notes with the expectation that they will be reformed to become performing notes. However, there is no assurance or guarantee that such non-performing notes will perform, or even if reformed, will generate cashflow for the Company. For example, the borrower may re-enter into default after the reformation of the non-performing note or the possibility that any collateral securing the non-performing note cannot be sold for profit. In those circumstances, the Company (and its investors) may be adversely affected and unable to make payments to the investors.

***Borrowers' failure to pay interest and/or principal due under the notes will cause significant adverse impact on the Company.***

If the Company's equity or profit margin on a particular note is thin, so that little to no equity exists between all the encumbrances on the underlying property and our note, it may not make sense for us to continue to hold and/or service the note. Therefore, we will most likely not make a profit on that note and may be at risk for losing almost all of our investment in such a note under these or similar circumstances.

***Borrowers' bankruptcy will impose additional expenditures on the Company and impact the rate of return.***

Where a borrower files a Chapter 13 bankruptcy, if the market value of the property is demonstrated to be less than the payoff amount of a senior mortgage which is ahead of the Company's junior mortgage, the lien securing the Company's note can be "stripped" from the property, subject to the successful completion of the debtor's bankruptcy plan and obtaining a discharge. Although the Company would still likely receive some debt repayment as an unsecured creditor, a substantial portion of the total debt owed would most likely be wiped out upon discharge of the bankruptcy.

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

***Senior lienholders have foreclosure rights that may impact the Company if it originates junior lien positions.***

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

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***Our failure to comply with the regulations may subject us to exposure of legal liability.***

The Company's business is subject to multiple laws including regulations applicable to note servicers. The lending industry is heavily regulated by laws governing lending practices at the federal, state, and local levels. In addition, proposals for further regulation of the financial services industry are continually being introduced. Failure of the Company or its servicers to comply with these laws could lead to loss of the property, legal fees, and other unexpected costs that could adversely affect investments. These laws and regulations to which the Company is subject include those pertaining to:

● real estate settlement procedures;

● fair lending;

● compliance with federal and state disclosure requirements;

● debt collection;

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

● secured transactions and foreclosure proceedings; and

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

***Loan defaults and foreclosures may occur which could potentially adversely affect the profitability of the Company and its ability to distribute income to investors.***

The Company is subject to the risk that borrowers will default on loans and other risks that lenders typically face, some of which are detailed in this offering. Loans may be made to borrowers who do not qualify for loans from more traditional sources of financing, such as (without limitation) borrowers who are in default under other obligations or in bankruptcy or who do not have sources of income that would be sufficient to qualify for loans from other lenders (including but not limited to, banks and savings and loans associations). Loans may generally provide for a monthly payment from the borrower followed by a "balloon" payment at the loan's maturity. Borrowers may be unable to pay such a balloon payment and then be compelled to refinance the balloon amount into a new loan. Fluctuations in interest rates, unavailability of mortgage funds, and a decrease in the value of the real property securing the loan could adversely affect the borrower's ability to refinance their loans at maturity.

The Company will generally look to the underlying asset(s) securing the loan to determine whether to make the loan to the borrower and, to a lesser extent, the borrower's credit rating. Nonetheless, borrowers will need to demonstrate adequate ability to meet its financial obligations under the terms of any loan which the Company originates or purchases.

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

If a borrower defaults on the loan, the Company may take the deed in lieu of foreclosure or be forced to purchase the asset. If the Company cannot quickly sell the asset, the profitability will be adversely affected.

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

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

***Loan sale documentation may include buy-back clause which may create backlog and illiquidity.***

The Company may participate in the sale of loans to third parties. In certain sales contracts there may be a buy-back clause which may be enforced by the purchaser of the loans if the Company has breached a representation or warranty contained in such sale agreement. In that instance, the Company may be forced to repurchase one or more loans sold to the purchaser.

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***The possible repeal of state usury limits could affect the Company's profitability and cash flow.***

To the extent that any loans are arranged by or through a mortgage lending license and are therefore generally exempt from the otherwise applicable state's usury limitation, should this exemption be repealed, the Company may no longer be able to originate loans more than the usury limit, potentially reducing its return on investment or forcing it to limit its lending activities or otherwise burdening its profitability and cash flow.

***Participation with other parties in a loan may result in lack of control as to when and how to enforce a loan default.***

While the Company does not expect to participate in transactions with other parties, there is a possibility that it may do so. When participating in loans with other lenders, the Company may not have control over the determination of when and how to enforce a default, depending on the terms of any participation agreement with the other lenders or owners. Other lenders or owners may have varied amounts of input into such decision-making process, including (without limitation) the ultimate decision-making power on when to enforce a default. There is no certainty as to who a lead lender or lead investor (as applicable) in a situation will be where the Company participates in ownership of a loan with another entity.

***The lending business is a highly regulated industry. If we do not comply with applicable regulations, we could be subject to fines or other regulatory actions.***

Our failure to comply with all applicable state regulations governing the making of loans to borrowers in a particular state, including regulations concerning a lender's advertising and marketing efforts, and the proper securitization or our loans could impact our ability to fund or enforce our loans in that state, which would have an adverse impact on our profitability. States may have differing regulations and rules that govern the activities of lenders who make loans to borrowers within that state. These regulations and rules may affect, among other things, the nature of advertising and other marketing efforts that a lender can engage in to solicit borrowers and the way loans are closed and serviced. Our Managers will undertake efforts to comply with all applicable regulations and rules in each state that govern our lending activities in that state. If we fail to comply with all such regulations and rules in any state, it could impact our ability to fund or enforce our loans in that state, and thus adversely impact our yield.

***Renting and/or forming tenancy relationship from prolonged period of holding real estate can expose the Company with issues, including tenancy bankruptcy, unlawful detainer issues, non-compliant eviction, among others, which all of these can adversely impact the return for investors.***

There may be instances in which the Company may own and hold commercial real properties because of the Company's foreclosure on real property securing a loan after borrower default. Although the Company intends to divest these properties as soon as practicable, that may not always be the case, and the Company may have to manage the property and lease to tenants until sold. In such instances, the Company will be subject to those real estate risks above discussed.

***Borrower fraud can subject the Company to variety of exposures, including loss of investment in loans. Due diligence will be conducted by the Company, but there is no guarantee that such diligence will eliminate borrower fraud altogether.***

Borrowers will supply a variety of information to the Company. The Company will attempt to verify much of the information provided, but as a practical matter, cannot verify all of it, which may result in the information being incomplete, inaccurate, or intentionally false. Borrowers may also misrepresent their intentions for the use of investment proceeds. The Company may not verify any statements by applicants as to how proceeds are to be used. If a borrower supplies false, misleading, or inaccurate information, the Company may lose all or a portion of the investment in the loan. In addition, to the extent our loans are unsecured or are otherwise outranked by a senior lienholder, the Company may not be able to recover all or any portion of loaned funds in the event of a default or bankruptcy of a borrower.

**Risks Related to Investments in Recovery and Treatment Centers**

***Operating substance abuse and behavioral health recovery centers comes with significant legal and regulatory risks due to the sensitive nature of the services provided and the strict compliance requirements imposed by government authorities*.** 

Facilities must comply with federal and state licensing regulations, as well as data privacy laws like the Health Insurance Portability and Accountability Act (HIPAA). This means maintaining rigorous standards in record-keeping, confidentiality, and patient rights, as any lapse in these areas can lead to penalties, fines, or even revocation of the facility's operating license. Additionally, federal regulations, including those from the Substance Abuse and Mental Health Services Administration (SAMHSA), set stringent guidelines for treatment protocols and operational standards. Non-compliance, even if unintentional, can result in legal action and significant operational disruptions.

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Beyond regulatory compliance, treatment centers face legal liability risks, including potential malpractice claims from clients or their families. Facilities must ensure that treatment plans are evidence-based, staff are adequately trained, and that patients receive high-quality, individualized care. Liability risks increase when patients suffer adverse outcomes or if the care provided is deemed inadequate. Additionally, if a center engages in billing practices that violate Medicare, Medicaid, or private insurance regulations, it could face allegations of fraud, leading to audits, fines, or exclusion from these essential payment programs. The complex regulatory environment requires centers to invest in legal counsel, compliance staff, and thorough documentation practices to mitigate the risk of regulatory and legal issues.

***Operating substance abuse and behavioral health recovery centers entails significant clinical and patient safety risks due to the vulnerability of the populations served and the complexity of their needs.***

Patient safety is paramount, yet relapse, self-harm, and overdose remain critical risks within these facilities. In many cases, individuals entering treatment are in fragile physical or mental states, which can result in unpredictable behaviors that pose risks to themselves and others. Facilities must implement comprehensive patient assessments and monitoring protocols to identify individuals at high risk for these behaviors. For example, regular evaluations, 24/7 supervision, and rapid intervention strategies are necessary to prevent potentially life-threatening incidents, which also helps maintain a therapeutic and safe environment for all patients.

Medication management is another area where clinical and patient safety risks are high. Many patients require medications for co-occurring mental health conditions, while others may need medication-assisted treatment (MAT) for substance use disorders. The potential for medication errors, such as improper dosing or administering contraindicated medications, can have severe health consequences. Additionally, the misuse or diversion of controlled substances within the facility is a risk that could harm both patients and staff. Ensuring safe medication management requires robust protocols, such as regular audits, secure storage, and strict adherence to prescribing guidelines. This also involves extensive staff training on medication administration and knowledge of drug interactions, so that all staff can support safe treatment.

Infection control is another essential component of patient safety within recovery centers. Many treatment centers use communal spaces, which can increase the risk of spreading contagious illnesses, such as respiratory infections, hepatitis, or COVID-19. Centers must have thorough sanitation procedures, quarantine protocols when necessary, and rapid response plans for outbreaks to protect the health of patients and staff alike. The close-quarters setting of residential treatment further underscores the need for hygiene practices, staff education on infection prevention, and regular health screenings.

***Often there are operational and staffing challenges involved with operating a substance abuse and behavioral health recovery center, especially in terms of finding and retaining qualified staff.***

The work environment in these centers is often high-stress, with patients who may present challenging behaviors due to trauma, mental health disorders, or substance withdrawal. This intensity can lead to high turnover rates, burnout, and difficulties in recruiting experienced professionals willing to work in this demanding field. Shortages of addiction counselors, therapists, and psychiatric nurses can result in a heavier workload for existing staff, which further exacerbates burnout and diminishes the quality of care provided. Additionally, the need for specialized training on managing behavioral crises, trauma-informed care, and de-escalation techniques requires ongoing investment in staff development, adding to operational costs and the demand for continuous training.

Operational challenges also include the administrative burdens associated with regulatory compliance, documentation, and billing. These centers must maintain detailed records for each patient and adhere to strict protocols, which can strain resources and require extensive time. The complexity of billing for mental health and addiction treatment, especially when navigating insurance claims and reimbursements, demands dedicated administrative staff familiar with both medical and behavioral health billing. Balancing these operational demands with the primary goal of providing high-quality patient care requires strong management and careful resource allocation. Without robust systems for handling these administrative tasks efficiently, a center may struggle to deliver effective care or meet regulatory standards, potentially putting the facility's licensing and reputation at risk.

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***Running and maintaining a substance abuse and behavioral health recovery center comes with substantial financial and business risks, largely due to the high operating costs and dependence on external funding sources.***

 

Centers must balance the cost of maintaining qualified staff, facility upkeep, and regulatory compliance, all of which can be expensive. Additionally, they often rely heavily on third-party payers, including insurance companies and government programs like Medicare and Medicaid. This reliance makes them vulnerable to policy changes, reimbursement delays, or denied claims, which can severely impact cash flow and operational stability. If reimbursement rates decrease or billing complexities lead to claim rejections, the center may struggle to cover operating expenses, potentially compromising the quality of patient care.

Another significant financial risk is the potential for reputational damage, which can arise from negative patient outcomes, complaints, or legal issues. Negative publicity or legal challenges can harm a center's reputation, leading to reduced patient referrals and a decline in revenue. Because many centers operate in competitive markets, a damaged reputation can be especially detrimental to financial health. Failure to invest in effective risk management strategies, including regular audits, compliance programs, and crisis management plans can lead to failure of the center. However, these measures also add to the overall cost of running the facility, emphasizing the need for careful financial planning and reserve funds to weather unexpected challenges.

***Operating facilities involves managing sensitive patient data, which makes these facilities prime targets for cybersecurity threats.***

Patient records in these centers contain highly sensitive information, including mental health and substance abuse histories, treatment plans, and personal identifying information. A data breach exposing this information could have severe consequences, both legally and reputationally. Privacy laws, such as HIPAA (Health Insurance Portability and Accountability Act), require strict protections around patient information, and any breach or unauthorized access can result in hefty fines, legal actions, and a loss of patient trust. Additionally, the cost of addressing a data breach—including forensic investigations, patient notification, and potential settlements—can place a heavy financial burden on the facility.

Cybersecurity risks also extend to potential system disruptions that could impair daily operations, impacting the delivery of timely and effective care. Many centers rely on electronic health records (EHR) and digital platforms for patient management, which, if compromised by ransomware or other cyberattacks, could lead to critical service delays. Cyberattacks can also disrupt billing systems, resulting in financial losses and affecting the center's cash flow. To mitigate these risks, recovery centers need to adopt comprehensive cybersecurity strategies, including regular staff training on data privacy protocols, secure network infrastructure, routine security audits, and multi-factor authentication for accessing sensitive information. Maintaining these safeguards is essential for protecting patient data and ensuring uninterrupted operations, yet these cybersecurity efforts also add to the operational costs and resource demands on the facility.

***There are significant community and social risks related to operating a substance abuse and behavioral health recovery center.***

Many communities may harbor NIMBY (Not In My Backyard) sentiments, opposing the establishment of treatment facilities due to concerns about safety, property values, or the perceived impact on the neighborhood's character. This opposition can lead to legal challenges, zoning issues, or public relations conflicts, which can delay or halt the opening of a center. Even after a facility is operational, community resistance can persist, affecting the center's ability to build a supportive environment for patients and staff. This resistance underscores the need for centers to proactively engage with the community, educating residents on the positive impacts of treatment services and addressing any concerns to foster local understanding and acceptance.

Furthermore, managing patient behaviors within a community setting presents its own set of social risks. Patients in recovery may experience relapses or engage in behaviors related to their mental health or addiction issues, which can raise concerns among local residents about safety. If incidents occur outside of the facility, they may increase stigma against individuals in recovery and make it harder for the center to maintain a positive reputation within the community.

**Risk Related to Joint Venture**

 

***The Company may be highly dependent on a joint venture partner with whom they choose to work.***

 

The Company may enter into a joint venture to purchase a property or operate a Recovery and Treatment Center, and the Company and the Manager would be highly dependent on that joint venture partner to operate efficiently, quickly, and within budget. If the joint venture partner is not reliable in this regard, investors may experience a loss.

 

***The terms of a joint venture agreement or other joint ownership/co-investor arrangements into which the Company may enter could impair operating flexibility and results of operations*.** 

In connection with the purchase of properties or an investment in a Recovery and Treatment Center, the Company may enter into a joint venture with an unaffiliated partner. This structure involves participation in the investment by outsiders whose interests and rights may not be the same as the Company's. The joint venture partner may have rights to take some actions over which the Company has no control and may take actions contrary to the interests of the Company. Joint ownership of an investment, under certain circumstances, may involve risks not associated with direct ownership of such investment, including, without limitation, the following:

● a
 partner or co-investor might have economic and/or other business interests or goals which
 are unlike or incompatible with the business interests or goals of the Company, including
 inconsistent goals relating to the sale of the Operating Companies held in a joint venture
 and/or the timing of the termination and liquidation of the venture;

● such
 partners may become bankrupt and such proceedings could have an adverse impact on the operation
 of the Company or joint venture;

● the
 Company may incur liabilities as the result of actions taken by the joint venture partner
 in which there was no direct involvement; and such partner may be in a position to take action
 contrary to instructions from the Company or requests or contrary to the Company's
 policies and objectives or fail to take actions as instructed.

***Co-investments with other parties will result in additional risks*.** 

It is possible that a co-investor or joint venture partner would be unable to pay its share of costs, which could be detrimental to the Company's investment unless an alternative source of capital could be obtained. In the event a third-party co-investor were to become bankrupt, third-party creditors could become involved in the project affairs. In addition, the co-investor could have economic or business interests or goals which are, or which may become inconsistent with the Company's business interests or goals. Furthermore, a co-investor or joint venture partner could engage in fraud or willful misconduct which could negatively impact the Company. This may include misappropriation of assets, financial statement fraud, regulatory non-compliance, misuse or theft of intellectual property, making false or inflated expense claims, and other acts.

EACH RISK DESCRIBED ABOVE MAY AFFECT THE MANAGEMENT, INVESTMENT, OR OTHER TRANSACTIONS RELATED TO THE COMPANY. FOR ALL OF THE FOREGOING REASONS AND OTHERS SET FORTH HEREIN, AN INVESTMENT IN BONDS INVOLVES A HIGH DEGREE OF RISK. ANY PERSON OR ENTITY CONSIDERING AN INVESTMENT IN BONDS OFFERED HEREBY SHOULD BE AWARE OF THESE AND OTHER RISK FACTORS SET FORTH IN THIS MEMORANDUM.

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**SPECIAL INFORMATION REGARDING FORWARD LOOKING STATEMENTS**

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

We undertake no obligation to update and revise any forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements in this document to reflect any future developments. However, the Private Securities Litigation Reform Act of 1995 is not available to us as a non-reporting issuer.

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**DILUTION**

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

**PLAN OF DISTRIBUTION**

We are offering up to a maximum of $75,000,000 of demand Bonds with a three-year lock-up period in $1.00 increments pursuant to this offering circular. Bonds will be offered on a "best-efforts" basis through our management and authorized agents. The minimum investment to Series A-1 or Series A-2 Bonds is $500. The minimum investment to Series B-1 or Series B-2 Bonds is $50,000. The minimum investment to Series C-1 or Series C-2 Bonds is $250,000.

Investors will have the option of purchasing Bonds which pay interest monthly commencing on the 1st day of the next month which begins sixty days after the issuance date or Bonds for which interest compounds monthly. The interest rates on these Bonds will vary based on the size of the Bond purchased: Investors purchasing a Bond with a principal value of up to $49,999.99 will receive an interest rate of 8% (Series A-1 Bonds when compounded monthly and Series A-2 Bonds when interest is to be paid monthly), Investors purchasing a Bond with a principal value of $50,000 to $249,999.99 will receive an interest rate of 10% (Series B-1 Bonds when compounded monthly and Series B-2 Bonds when interest is to be paid monthly), Investors purchasing a Bond with a principal value of $250,000 or more will receive an interest rate of 12% (Series C-1 Bonds when compounded monthly and Series C-2 Bonds when interest is to be paid monthly).

Each Bond is payable within 30 days from demand by its holder made following its three-year lock up period ("Maturity"). For Series A-1, Series B-1, and Series C-1 Bonds, all interest and principal will be due at Maturity, with unpaid interest compounding monthly. For Series A-2, Series B-2, and Series C-2 Bonds, all interest will be paid monthly, commencing on the 1st day of the next month which begins sixty days after the issuance date, with principal due at Maturity. Bonds may be prepaid at any time.

Each investor's subscription amount will be held in a segregated account until the investor's purchase is accepted by the Company. There is no minimum offering amount and no provision to escrow or return investor funds if any minimum number of Bonds is not sold. All offering proceeds will become available for use by the Company immediately upon acceptance of an investor's purchase. We will conduct regular closings on a rolling basis promptly after receiving investor funds. We intend to conduct an initial closing within thirty days from the date this offering circular, as amended, is qualified by the SEC and to conduct subsequent closings no less frequently than every 30 days thereafter.

Bonds will be offered on a "best-efforts" basis. The sale of Bonds will commence within two calendar days from the date this offering circular, as amended, is qualified by the Securities and Exchange Commission ("SEC"). We may undertake one or more closings on a "rolling" basis. Closings will occur promptly after receiving investor funds, but in no case less frequently than every 30 days. This offering will terminate on the earlier to occur of (i) the date that all Bonds hereby offered have been sold, (ii) the date three years from the date this offering circular is initially qualified by the SEC, although the offering may be extended by an additional 180 days if the Company files a new offering statement covering these securities pursuant to SEC Rule 251 (d)(3)(i)(F) (notwithstanding the foregoing, the Company reasonably expects to sell all Bonds within two years from qualification), or (iii) such earlier date as terminated by the Company.

Bonds are being sold on a best-efforts basis through agents of our Manager, for which no independent compensation will be paid.

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

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<u>Investor Qualification</u> 

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

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

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

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

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

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

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

● The prospective investor has received, reviewed, and understands this offering circular and its exhibits;

● The prospective investor understands that an investment in Bonds involves substantial risks;

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

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

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

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

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

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

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

<u>Offering Expenses</u>

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

 <u>Electronic Book-Entry of Bonds</u>

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

 <u>Tax and Legal Treatment</u>

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

<u>Additional Information Regarding this Offering Circular</u>

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

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

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

<u>How to Subscribe</u>

We have engaged AppFolio to provide and maintain our investment platform. Any potential investor wishing to acquire our Bonds must:

1. Visit our website at https://www.northstarrecovery.care/ and click the button to invest. You will be prompted to create an account. Once you have created your account, you will be able to review our offering documents.

2. Carefully read this offering circular, and any current supplement, as well as any documents described in the offering circular and attached to the offering statement of which this offering circular is a part or which you have requested.

3. Consult with your tax, legal and financial advisors to determine whether an investment in Company Bonds is suitable for you.

4. Review and complete the bond purchase agreement. Except as otherwise required by law, subscriptions may not be withdrawn or cancelled by subscribers.

4. Once the completed bond purchase agreement is signed, you must transfer funds in an amount equal to the purchase price for the Bond you have applied to purchase (as set out on the front page of your bond purchase agreement). The Company will hold such monies in a segregated account until such time as your bond purchase agreement is either accepted or rejected by our Manager and, if accepted, such further time until you are issued the Company Bonds.

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5. Our Manager will review the subscription documentation completed and signed by you. You may be asked to provide additional information. Our Manager will contact you directly if required. We reserve the right to reject any subscriptions, in whole or in part, for any or no reason, and to withdraw the offering at any time after conducted at least one closing.

6. Once the review is complete, we will inform you whether or not your application to subscribe for the Bonds is approved or denied and, if approved, the series of Bonds you are entitled to subscribe for. If your subscription is rejected in whole or in part, then your subscription payments (being the entire amount if your application is rejected in whole or the payments associated with those subscriptions rejected in part) will be refunded promptly, without interest or deduction.

7. If all or a part of your subscription is approved, then the Bond you are entitled to subscribe for will be issued to you in book entry form upon the closing. Upon acceptance, the subscription monies held on your behalf will be transferred to our operating account as consideration for such Bond as of your acceptance date, which will be promptly issued.

By executing the bond purchase agreement, you agree to be bound by the terms of the bond purchase agreement. The Company and Manager will rely on the information you provide in the bond purchase agreement and the supplemental information you provide in order for our Manager to make an election whether or not to accept your investment. If any information about your "qualified purchaser" status changes prior to you being issued the Bond, please notify our Manager immediately using the contact details set out in the bond purchase agreement.

For any subscription that is rejected, investor funds will be returned promptly without interest or deduction. Company Bonds will be issued in book-entry form without certificates.

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**USE OF PROCEEDS TO ISSUER**

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

***Capital Sources and Uses***

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **100%** | **75%** | **50%** | **25%** |
| *Gross Offering Proceeds* | $**75000000** | $**56250000** | $**37500000** | $**18750000** |
| Offering Costs (1) | $150000 | $150000 | $150000 | $150000 |
| ***Use of Net Proceeds*** | $74850000 | $56100000 | $37350000 | $18600000 |
| Real Estate Acquisition | $48333425 | $35949050 | $23564675 | $11370128 |
| Loans | $14889945 | $11070570 | $7251195 | $3317923 |
| Equity Investments | $9926630 | $7380380 | $4834130 | $2211949 |
| Marketing | $1500000 | $1500000 | $1500000 | $1500000 |
| Working Capital(2) | 200000 | $200000 | $200000 | $200000 |

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<u>Notes:</u>

(1) The
 Company expects to spend approximately $150,000 in expenses relating to this offering, including legal, accounting, compliance, travel,
 marketing, printing, and other miscellaneous fees, which may be paid by our Manager or its affiliates and reimbursed by the Company.

(2) The
 Company will contribute towards the expense of creation of the North Star website, which will be owned and operated by the
 Manager and will link and direct potential investors to the Company's funding portal. The Company is expected to
 contribute pro rata to such expenses with any other companies whose offerings are intended to be featured on the website, based on
 maximum capital being sought by each company. Currently the Manager is operating one other affiliated company which is seeking to
 raise $50,000,000, so the Company is expected to contribute approximately 3/5ths of the website expenses incurred. The appropriate contributions of each company utilizing the North Star website may be adjusted to account for any
newly owned Company and will be determined in the Manager's sole discretion These
 expenses will be taken from our working capital reserve.

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

**DESCRIPTION OF BUSINESS**

<u>The Company</u>

The Company was organized as a limited liability company in Wyoming on October 20, 2023. We are an alternative investment vehicle with an intended focus on investments in the recovery, wellness and behavioral health sectors. The Company's primary focus will be on direct investments in income producing real estate that will be leased to operators in our sectors. We may also make loans secured income producing real estate to be leased to operators in our sectors, commercial loans (secured or unsecured) to operators in our sectors, and/or equity investments (on a wholly, majority, or minority owned basis) in businesses in our sectors.

In order to comply with the Investment Company Act, to the extent applicable, pursuant to Section 3(c)(5) of the Investment Company Act, we intend that (i) at least 55% of our assets will consist of "mortgages and other liens on and interests in real estate", (ii) up to an additional 25% of our assets will consist of "real estate-type interests" (subject to proportionate reduction if greater than 55% of our assets are Qualifying Interests), and (iii) not more than 20% of our total assets consist of assets that have no relationship to real estate provided the amount and nature of such activities do not cause us to lose our exemption from regulations as an investment company pursuant to the Investment Company Act. Qualifying Interests are assets that represent an actual interest in real estate or are loans or liens "fully secured by real estate" but exclude securities in other issuers engaged in the real estate business. Real estate-type interests include certain mortgage-related instruments including loans where 55% of the fair market value of the loan is secured by real property at the time the issuer acquired the loan and agency partial-pool certificates. The proceeds from the sale of Bonds in this offering will provide the capital for these activities.

The Company has one class of membership interests, which have been issued to our Manager. Investors purchasing Company Bonds will have no voting rights or other means by which to control the Company or its Management.

We may hold our assets in separate special purpose entities (each an "SPE") wholly or majority owned by the Company. We may also co-invest in assets, as determined by our Manager, which co-investors may be affiliated with our Manager. We may also make minority positioned investments in-line with our overall business plan and Investment Company Act.

*Real Estate*

The Company primarily intends to invest in income-producing real estate properties that will be leased to operators within our sectors of recover wellness and behavior health. We expect that all properties will be located within the US. We intend to focus our initial acquisitions within Utah, but hope to expand to other regions as well. We intend to focus on jurisdictions where there is a need for recovery and behavior health facilities due to a lack of facilities and/or a large potential patient population.

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We will use leverage to acquire and/or renovate our properties. Such debt is expected to range between 50% and 85% of the greater of acquisition cost or fair market value of each property and be secured by a mortgage or deed of trust on the property. The terms of such debt will be negotiated and determined by our Manager.

We believe that successful real estate investment requires the implementation of strategies that permit favorable purchases. Our Manager will extensively research the acquisition of each transaction, utilizing market data, transactional knowledge, and market relationships. We will examine material elements of a potential investment, including a property's location, prospects for long range appreciation, income potential, resale capacity, income tax considerations and liquidity. Only those assets meeting our investment criteria will be accepted for inclusion in our portfolio. Our Manager will also review investments based on investment type, investment size and investment risk to try to mitigate portfolio level risk where possible. Our Manager will analyze each potential investment's risk return profile and review financing sources, if applicable.

Our Manager has the authority to make all the decisions regarding our investments. The criteria that our Manager expects to consider when evaluating prospective investment opportunities include:

● macroeconomic conditions that may influence operating performance;

● real estate market factors that may influence real estate valuations;

● analysis of the real estate, zoning, operating costs and the asset's overall competitive position in its market;

● real estate and sales market conditions affecting the real estate;

● the estimated costs and timing associated with capital improvements of the real estate;

● a valuation of the investment, investment basis relative to its value and the ability to liquidate an investment through a sale or refinancing of the real estate;

● review of third-party reports, including appraisals, engineering and environmental reports;

● physical inspections of the real estate and analysis of markets; and

● the overall structure of the investment and rights in the transaction documentation.

We intend to engage with third-party professionals to manage our properties and to pay a fee in line with market rates for such services. Our Manager will be responsible for negotiating the terms of such contracts. In the alternative, our Manager and /or its affiliates may manage and given property and receive compensation therefrom in line with market rates.

*Loans*

The Company may use proceeds from this offering to make or acquire loans originated throughout the United States, whether secured by interests in real or personal property or otherwise non-secured. The Company intends to limit such loans to investors and operators within our sectors. Sources of income to the Company will come from the interest and fees charged to borrowers on the loans. A loss reserve may be maintained by the Company, as determined by our Manager, in its sole and absolute discretion, but is not required.

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At its sole election, our Manager may service the loans or appoint a third-party, which could be an affiliate of the Manager, to service the loans. If we engage third-party servicers, we expect that we will pay service fees of approximately 0.5%-1%, although such fees may be less or more but are expected to be in line with industry standards.

The Company will select loans according to the standards provided below:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Liens.** Loans may
 be unsecured or secured by senior deeds of trust or mortgages or personal property. We intend that a significant portion of our loans
 will be secured by first priority liens; however, the Company may also fund loans secured by (a) second or junior deeds of trust
 or mortgages, (b) a pledge of the ownership interest in the borrowing entity, and (c) a preferred equity interest in the borrowing
 entity.

2. **Types of Assets Securing the Loans.** For real estate loans, underlying assets will primarily consist of non-owner-occupied residential or commercial properties.
 Investments may also be secured by personal property, business assets, receivables, and guarantees.

3. **Loan-to-Value Ratio.** In general, the Company will seek to maintain a weighted Loan-to-Value ratio of between approximately 50 percent and 90 percent,
 provided that the maximum Loan-to-Value ratio for the fund shall not exceed 100 percent. The Loan-to-Value ratio is calculated by
 taking the amount of the Company's loan combined with the amount of outstanding debt secured by other liens on the property,
 dividing that by the value of the real property securing the deed of trust or mortgage and multiplying that figure by 100 to come to a percentage. "Value" shall be determined by an independent certified appraiser or non-certified appraiser
 doing an appraisal on the real property or the Manager or commercial or residential real estate broker giving his, her, or its opinion
 of value of the real property. Notwithstanding the foregoing, the Company may exceed a 90 percent Loan-to-Value ratio if our Manager
 determines in its sole business judgment that a higher loan amount is warranted by the circumstances of that particular loan, such
 as being able to secure multiple properties, personal guaranties, prior loan history with the borrower, market conditions, if mortgage
 insurance is obtained, or other compensating factors that would support our Manager in making its decision in the best interest of
 the Company.

4. **Terms of Loans.** The terms of the Company loans will vary. Loans generally have a term between one and 36 months. Notwithstanding the foregoing, loans
 may be shorter or longer in term if our Manager decides, in its sole discretion, it is in the best interests of the Company. Many
 loans that the Company will originate or acquire may provide for interest-only payments followed by a balloon payment at the end
 of the term. For risk hedging purposes, borrowers may be required to make principal and interest payments. At the end of the term,
 the Company will require the borrower to pay the loan in full, to refinance the loan, or to sell the real property to pay back the
 loan. Interest rates, fees, required insurance and other terms of the loans will be negotiated by our Manager on a case-by-case basis
 but are expected to be in line with the applicable market.

5. **Acquiring Loans from Third Parties.** The Company may acquire secured or unsecured loans that were originated and funded by a third-party, including
 affiliates of our Manager.

6. **Fractionalized Interests in Loans.** The Company may also participate in loans with other lenders (including joint venture and other businesses organized
 by business partners or affiliates of our Manager), by providing funds for or purchasing a fractional undivided interest in a loan
 meeting the requirements set forth above.

7. **Non-Performing Loans.** The Company may, when commercially reasonable, purchase, take back, receive, or otherwise acquire non-performing loans secured
 by real property located throughout the United States ("Nonperforming Notes" or "NPNs"). Nonperforming Notes
 are typically loans that are in default, behind in payments, or secured by properties that have little-to-no-equity remaining due
 to devaluation or excessive leverage. The Company's primary intent, as it pertains to Nonperforming Notes, is to acquire the
 Nonperforming Notes at a discount, and subsequently refinance, modify, or otherwise reform the Nonperforming Notes to become performing
 Notes. Alternatively, the Company may also foreclose and/or acquire the properties securing the Nonperforming Notes, using the general
 standards and criteria set forth below. The Company will use an opportunistic investment strategy to identify and invest in Nonperforming
 Notes, unless our Manager, in its sole and absolute discretion, determines it is no longer in the best interests of the Company.

8. **Equity Participation and Mezzanine Positions.** The Company may fund mezzanine loans as an alternative to loans secured by real property. Generally,
 a mezzanine loan is a type of subordinate real estate financing that is secured by a pledge of the equity ownership interests in
 the entity that owns the real property. The Company may also make loans where it agrees to participate in the equity of the property
 securing the loan made by the Company. Such equity participation may include, but is not limited to, sharing in the proceeds from
 the sale price of the property or properties securing the loan, or including additional exit fees upon loan repayment.

Loan terms are subject to change based upon numerous factors, including prevailing market circumstances, and will be determined on a case-by-case basis in the sole discretion of our Manager. Our Manager will consider the income level and general creditworthiness of a borrower to determine his, her or its ability to repay the Loan according to its terms in addition to considering the loan-to-value ratios described above and secondary sources of security for repayment. The Company may acquire loans made to borrowers who are in default under other obligations (for example, to consolidate their debts).

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The Company may invest in loans for the purpose of reselling such loans. The Company may sell loans, or fractional interests in such loans, when our Manager determines (in its sole and absolute discretion) that it appears to be advantageous for the Company to do so, based upon the current interest rates, the length of time that the loan has been held by the Company and the overall investment objectives of the Company.

Statutory guidelines for foreclosures in each state will be followed by the Company until the underlying property is liquidated and/or the account is brought current. Any costs of this process are to be posted to the borrower's account for reimbursement to the Company. If a loan is completely foreclosed upon and the property reverts to the Company, the Company will be responsible for paying the costs and fees associated with the foreclosure process, maintenance and repair of the property, service of senior liens and resale expenses.

The Company may borrow funds for the purpose of making and purchasing Loans and may assign all or a portion of its asset portfolio as security for such loan(s). The Company anticipates engaging in this type of transaction when the interest rate at which the Company can borrow funds is significantly less than the rate that can be earned by the Company on its loans, giving the Company the opportunity to earn a profit as a "spread." Such a transaction involves certain elements of risk and entails possible adverse tax consequences.

*Private Equity Investments in Recovery and Behavioral Health Centers* 

The Company expects that approximately 0% to 20% of its asset portfolio will be comprised of controlling or minority interests in operators of recovery and treatment centers which provide substance use treatment & mental health services. Our investments may be controlled by third-party operators, including affiliates of our Manager, or we may elect to operate our own center. Our Manager will evaluate such business acquisition opportunities on a case-by-case basis and will have the sole discretion to determine the investment candidates and terms of such investments. We expect our initial acquisitions, if any, will be in the state of Utah or elsewhere in the Mountain West.

There are multiple components to recovery and behavioral health treatment. We are broadly classifying the operators into which we may invest into three types of services: Residential Inpatient, Recovery Residence (Sober Living), and Outpatient treatment. All of them are crucial to recovery, there is not an adequately robust system in our region that ensures all components of recovery are met for all populations.

If a loved one needs immediate treatment, it is usually not possible. Most facilities have at least a two-week wait list for substance use, and longer for acute mental health, often several months. With recovery, time is the biggest enemy as the client's motivation to seek services often fluctuates. The excessive waitlists are usually not the facility's fault. As non-profit or government facilities, they are underfunded and unable to scale and increase efficiency in their processes or add capacity. Many small providers, often led by dedicated recovering addicts or social workers, bring invaluable experience and empathy to their roles. However, they may lack the business expertise needed to navigate the complexities of the healthcare industry, or the capital necessary to expand their operations to meet the needs of their community. By integrating business professionals with a deep understanding of healthcare management into our leadership team, we can complement the compassionate care already being provided with strategic business practices. This synergy will strengthen our financial stability and expand the ability of these treatment centers to serve more individuals in need.

**Joint Ventures**

The Company may elect to enter into a joint venture or co-investment agreements with other real estate developers, loan originators, or recovery and treatment center operators, including affiliates of the Manager. The purchase price of any property, loan, or asset acquired from or sold to an affiliated party will be based upon the fair market value of the asset established by a third-party appraisal or fairness opinion that is dated within the last 120 days prior to the transaction.

The Manager has relationships with entrepreneurs ("Sponsors") with whom it may, in some limited circumstances, seek to co-invest, joint venture or otherwise participate in certain investments that either the Company identifies, or the Sponsor identifies. In the event of such co-investments or participation, including transactions with affiliates, the Manager will seek to secure such investments on behalf of the Company so that it is within the investment and return goals of the Company. In some instances, these Sponsors may require a right to receive a priority or pari-passu return. In such event, the Manager will have the discretion to decide if the projected returns to the Company, after risk adjusting for such priority, warrant proceeding with the investment.

When and if the Manager utilizes its relationships with such Sponsors, separate promote structures may be established between the Manager and the co-investor or participant, which may directly benefit the Manager or an affiliate of the Manager, separate from any compensation the Manager may earn as Manager of the Company. Any separate benefit shall be paid directly to the Manager by the co-investors and participants, and not from Company funds or its Manager.

In some circumstances, the Manager may elect to co-invest with a third-party that is an Affiliate of the Manager. The Company will take the same approach with such a third-party as if entering into the transaction with a Sponsor as discussed above.

**Parallel Funds, Special Purpose Entities and Co-Investment Opportunities**

The Manager may, in its discretion and to the extent permitted by applicable law, create or sponsor partnerships or other vehicles that will be formed for participating *pro rata* and *pari passu* in investments associated with the Company (each, a "Parallel Fund"). A Parallel Fund may consist of certain investors who, for a variety of reasons, may not wish to participate in the investments through the Company. Any costs associated with the formation and administration of a Parallel Fund will be paid by the investors in the Parallel Fund.

Where the Manager deems it appropriate, the Company may use special purpose entities as subsidiaries, including corporations, limited liability companies, and limited partnerships to make and hold investments. The Manager may also cause the Company to invest through corporations, limited liability companies, limited partnerships, joint ventures (both with third parties and affiliates of the Manager), or other arrangements in which the Company has an economic interest and where such arrangements are reasonably expected to preserve in all material respects the overall economic relationship of the Company and other investors.

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**Market Data**

The U.S. behavioral health market is undergoing rapid and sustained growth. In 2024, the total market size was estimated at $125 billion and is projected to exceed $160 billion by 2028, expanding at a 6.2% compound annual growth rate (CAGR).<sup>1</sup> Within this sector, the substance use disorder (SUD) treatment market comprises over $42 billion and is expected to surpass $60 billion by 2030, growing at a 7.5% CAGR.<sup>2</sup>

This acceleration is being driven by multiple structural forces: greater awareness of mental health conditions, surging rates of drug overdose deaths, expanded public insurance coverage, and strong investor interest. The behavioral health market has demonstrated decades of consistent growth and is now seen as one of the most stable and resilient segments of the healthcare industry.<sup>3</sup>

Despite the growing demand, access to care remains highly fragmented. The combined annual revenue of the four largest U.S. behavioral health providers is just over $2 billion, representing less than 2% of the national market, indicating a highly decentralized provider base.<sup>4</sup>

*Overdose, Mental Health & Co-Occurring Conditions*

The mental health crisis has deepened in recent years. According to national surveys, 59 million U.S. adults experienced a mental illness in 2023.<sup>5</sup> At the same time, 46.3 million individuals met the criteria for a substance use disorder.⁶ Yet fewer than 13% of those with SUD received treatment in a specialty facility.<sup>6</sup>

Drug overdose deaths have reached record highs, with over 112,000 fatalities reported in 2023, driven primarily by synthetic opioids such as fentanyl.⁷ Suicide remains the second leading cause of death among individuals aged 10–34.<sup>8</sup> Co-occurring disorders—when individuals suffer from both a substance use and a mental health disorder—affect more than 9 million Americans annually and are linked to poorer treatment outcomes when not addressed holistically.<sup>9</sup>

*Regulatory Tailwinds and Reimbursement Trends*

Federal and state-level policies continue to prioritize behavioral healthcare:

---

| |
|:---|
| - Parity laws require that mental health conditions be covered equally to physical health by insurance providers.<sup>11</sup> |
| - Medicaid expansion in 41 states has significantly widened access to low-income individuals.<sup>12</sup> |
| - Federal programs such as the SUPPORT Act, CARA 3.0, and the 988 Lifeline Act have introduced billions in funding for crisis services, prevention, and provider capacity building.<sup>13</sup> |

---

Reimbursement dynamics are shifting in favor of integrated and outcome-driven care. Medicaid now accounts for approximately 30% of all behavioral health spending in the U.S., while telehealth parity laws have allowed wider access to medication-assisted treatment (MAT), counseling, and IOP/PHP services.<sup>14</sup>

*Workforce Shortages & Access Gaps*

There are over 6,300 Mental Health Professional Shortage Areas (HPSAs) in the United States, affecting approximately 160 million people.<sup>15</sup> Rural and suburban regions are the most underserved. In many counties, wait times for inpatient treatment exceed three weeks, and detox facility access remains limited.

In Utah, the need is especially acute:

27% of Utah adults report mental health concerns annually.<sup>16</sup>

- Utah ranks 3rd in the nation for adults with serious mental illness and 4th for serious suicidal thoughts.<sup>16</sup>

- Despite the need, nearly half of Utah adults and more than half of Utah youth do not receive the mental health care they require—often due to cost or lack of providers.<sup>16</sup>

*Private Investment & M&A Activity*

Investor interest in behavioral healthcare continues to grow. In 2023 alone, over $4.6 billion was invested in behavioral health through M&A transactions, platform roll-ups, and real estate-backed facility expansion.¹⁷ Licensed, in-network providers offering full-continuum care have seen valuations ranging from 8x to 12x EBITDA, with premiums paid for high occupancy, geographic scalability, and payer diversification.¹⁷

As demand continues to outpace capacity, investor-backed providers are positioned to play a central role in closing access gaps and modernizing care delivery models.

*Sources Cited Above for Market Data*

(1) Grand View Research, "U.S. Behavioral Health Market Size Report, 2024–2030"

(2) Fortune Business Insights, "Substance Abuse Treatment Market Size [2023–2030]"

(3) Acadia Healthcare Investor Presentation, 2023

(4) IBISWorld, "Substance Abuse Clinics in the U.S. – Industry Report 2024"

(5) National Institute of Mental Health, "Mental Illness Statistics" (2023)

(6) SAMHSA, "2023 National Survey on Drug Use and Health (NSDUH)"

(7) CDC, "Drug Overdose Deaths in the United States, 2023"

(8) CDC WONDER, "Suicide Mortality by Age" (2023)

(9) National Institute on Drug Abuse (NIDA), "Comorbidity: Substance Use and Other Mental Disorders"

(10) U.S. Department of Health and Human Services, ACA Summary

(11) National Conference of State Legislatures (NCSL), Mental Health Parity Laws

(12) Kaiser Family Foundation, "Medicaid Expansion Tracker"

(13) SAMHSA, "988 Suicide & Crisis Lifeline: 2023 Annual Report"

(14) MACPAC, "Behavioral Health in Medicaid"

(15) HRSA Data Warehouse, Health Workforce Shortage Areas (2024)

(16) Utah Department of Health & Human Services, Behavioral Health Report 2023

(17) PitchBook, "Behavioral Health PE & M&A Report – Q4 2023"

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**Competition**

We will face competition from many sources when making our investments. Furthermore, our income producing properties will compete with numerous other rental alternatives in attracting tenants. The number of competitive properties in a particular area, or any increased affordability of similar properties caused by declining market prices, fluctuating mortgage interest rates and government programs, could adversely affect our ability to retain our residents, lease apartment units and maintain or increase rental rates. These factors could materially and adversely affect us. The financial services industry is highly competitive, and we anticipate that we will encounter strong competition for loans. Price competition for loans might result in us earning less on our loans, which reduces net interest income. Some of the institutions with which we compete have substantially greater experience, resources, and lending limits and may offer services we do not provide. We expect competition may increase in the future because of legislative, regulatory, and technological changes and the continuing trend of consolidation in the financial services industry. Our profitability depends upon our continued ability to compete successfully.

To the extent we invest in recovery and treatment centers, we will compete with other operators providing similar services in our service area. There are numerous treatment facilities in the state of Utah and throughout the mountain west, and we compete with these clinics for patients, most of whom are covered by insured healthcare services. With the increasing number of individuals seeking treatment and the influx of funding and support from both governments and private insurers, there are significant opportunities in the behavioral health industry. However, this also brings considerable competition. In addition to specialized facilities, even though we have not seen it yet, large hospital chains might recognize the potential to expand their offerings and enter the behavioral health market by utilizing their existing networks and infrastructure. This could intensify the competitive environment, necessitating innovation and excellence in the services of our recovery and treatment centers to stand out.

**Employees**

We do not currently have employees. The managing members, employees and contractors of our Manager will provide us services through our Manager. Our Manager may also engage employees and contractors on our behalf as necessary but has not done so at this point.

**Government Regulation**

The Company's business is subject to multiple laws, including regulations applicable to ownership and renovation of properties as well as to lending and note servicing. Regulations may vary from jurisdiction to jurisdiction and from state to state. In any jurisdictions or states in which we operate, we may be required to obtain licenses and permits to conduct business. Furthermore, the lending industry is regulated heavily by laws governing lending practices at the federal, state, and local levels and proposals for additional regulation of the financial services industry are introduced on an ongoing basis. The Company does not currently intend to make any loans in any jurisdiction where the Company would require to be licensed to make such loans. In such jurisdictions, the Company may simply invest in another entity that holds such license.

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

**Legal Proceedings**

None of the Company, our Manager, or any managing member of our Manager is presently subject to any material legal proceedings.

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**Reports to Security Holders**

We are required to keep appropriate books of the business at our principal offices. The books will be maintained for both tax and financial reporting purposes on a basis that permits the preparation of financial statements in accordance with GAAP. For financial reporting purposes and tax purposes, the fiscal year will end on December 31 for financial reporting purposes and will be on the same day each year, unless otherwise determined by our Manager

Under the Securities Act, we must update this offering circular upon the occurrence of certain material events. We will file offering circular amendments and supplements as appropriate. We are also subject to the informational reporting requirements under the Exchange Act that are applicable to Tier 2 companies whose securities are offered pursuant to Regulation A, and accordingly, we will file annual reports, semi-annual reports and other information with SEC. We will provide such documents and periodic reports through the SEC's EDGAR system at www.sec.gov. We will provide holders with copies via email or paper upon request.

**DESCRIPTION OF PROPERTY**

We currently share a corporate address with our Manager at 6550 Millrock Dr #300, Salt Lake City, UT 84121, for which we do not have a lease or other agreement to use. We do not currently pay rent at this location but may contribute to such rent in the future on such basis as our Manager determines to be equitable. We do not otherwise own or lease properties at this point. We believe that all our properties have been adequately maintained, are generally in good condition, and are suitable and adequate for our business.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION**

**AND RESULTS OF OPERATION**

**Overview**

Since our formation on October 20, 2023, the Company has been engaged primarily in formulating its business plan and developing the financial, offering and other materials to begin fundraising. We are considered to be a development stage company, since we are devoting substantially all of our efforts to establishing our business and planned principal operations have not commenced.

**Operating Results**

We have not generated any revenues as of the date of this offering circular. We do not intend to generate revenues for at least six months after we make our first investment. All expenses to date have been paid by affiliates of our Manager, which will be reimbursed through offering proceeds.

Our operating expenses for the fiscal year ended December 31, 2024 increased to $58,195 from $29,105 for the period ended December 31, 2023, due to our being formed only a few months prior to the end of the 2023 fiscal year. Net operating loss for the fiscal year 2024 was $58,195, roughly double our losses from fiscal year 2023.

**Liquidity and Capital Resources**

As of the date of this offering statement, the Company does not have cash or cash equivalents or assets that can be liquidated. We do not currently have any significant capital commitments, except the agreement to repay our Manager for offering expenses occurred on our behalf which will be repaid through offering proceeds. While the Company's Manager or its affiliates may be able to "pre-fund" a portion of the purchase price of any given property, the Company currently has no agreements, arrangements, or understandings with any unaffiliated person to obtain funds through bank loans, lines of credit or any other sources. Our sole source of capital until we acquire investments that generate revenues will be any such pre-funding provided by our Manager and monies raised through this offering.

**Plan of Operations**

We have not commenced operations, are not capitalized, and have no assets. As of December 31, 2024 (the date of our most recent financial statements) we did not have any assets or liabilities. We expect to accrue approximately $150,000 in offering expenses, which will be paid by our Manager and then become amounts due to a related party. We intend to purchase our first investment within three months from raising sufficient funds and an additional one to two investments within the following twelve months. If our Manager identifies one or more suitable properties, it may "pre-fund" such properties so that the Company may invest in them once sufficient capital is available. Investments in properties will depend highly on our funds, the availability of those funds, availability of assets that meet our investment criteria and the size of the assets to be acquired.

We believe that the proceeds from this offering will satisfy our cash requirements for at least the next 12 months to implement the foregoing plan of operations.

 **Trends**

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

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**DIRECTORS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

**Our Manager**

The Company operates under the direction of our Manager, which is responsible for directing the operations of our business, directing our day-to-day affairs, and implementing our investment strategy. Our Manager is North Star Group Management LLC. Pursuant to our Operating Agreement, our Manager and its members are not required to devote all of their time to our business and are only required to devote such time to our affairs as their duties require; however, it is expected that members of our Manager will devote full time to the Company's operations unless otherwise noted herein. Our Manager will perform its duties and responsibilities pursuant to our Operating Agreement. Our Manager is newly formed and has no experience raising or investing capital.

The responsibilities of our Manager include the following:

● define and oversee the
 overall underlying asset sourcing, management, and disposition strategy;

● manage our asset sourcing
 activities, including creating the asset acquisition policy, organizing and evaluating due diligence for specific asset acquisition
 opportunities, and structuring relationships with operators;

● negotiate and structure
 the terms and conditions of acquisitions of assets with asset sellers;

● structure and negotiate
 the terms and conditions of transactions pursuant to which underlying assets may be sold or otherwise disposed;

● oversee our operators and
 provide them with ongoing training and support;

● provide any appropriate
 updates related to investments;

● manage communications with
 Bondholders, including answering e-mails, preparing and sending written and electronic reports and other communications;

● determine our distribution
 policy and determine amounts of and authorize distributions from time to time;

● manage and perform the
 various administrative functions necessary for our day-to-day operations;

● maintain accounting data
 and any other information concerning our activities as will be required to prepare and to file all periodic financial reports and
 required to be filed with the SEC and any other regulatory agency, including annual and semi-annual financial statements;

● maintain all appropriate
 books and records for the Company;

● obtain and update market
 research and economic and statistical data in connection with our properties and markets;

● oversee tax and compliance
 services and coordinate with appropriate third parties, including independent accountants and other consultants, on related tax matters;

● evaluate and obtain adequate
 insurance coverage for the properties based upon risk management determinations;

● evaluate our corporate
 governance structure and appropriate policies and procedures related thereto; and

● oversee all reporting,
 record keeping, internal controls and similar matters in a manner to allow us to comply with applicable law.

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**Directors, Executive Officers and Key Employees of Our Manager**

The following table sets forth the name and position of the current members of our Manager who are involved in the operation of its business as of the date of this offering circular.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office (Beginning)** | **Approximate Hours for Part-Time Employees** |
| Brandon "Jay" Tobey | Managing Member | 30 | October 2023 | Expected Full-Time |
| Matthew Williams | Executive Advisor | 51 | January 2025 | Expected 15 Hours/Week |
| Jon Lelegren | Accountant | 61 | January 2025 | Expected 10 to 20 Hours/Month |

---

**Brandon "Jay" Tobey**. Jay Tobey is a seasoned entrepreneur and executive with a diverse background in real estate, business development, behavioral health, and franchise ownership. Over his career, Jay has built a reputation for creating impactful solutions across industries, leveraging his expertise in investment strategy, business operations, and team leadership.

As Founder & CEO of North Star Financial Group and North Star Recovery & Wellness, Jay focuses on bridging the gap between capital and behavioral health innovation. In his role, he leads efforts to expand access to behavioral health services while achieving high returns for investors. Jay's entrepreneurial spirit extends to his work as a franchise owner of Crumbl Cookies, where he successfully built and managed multiple locations. His leadership roles on boards, including Weber Recovery Center, highlight his dedication to improving behavioral health outcomes and contributing to his community. His five-year work history is as follows:

● **Founder & CEO, North Star Financial Group; Founder, North Star Recovery & Wellness** (April 2024 – Present): North Star Financial Group is a financial services firm specializing in strategic investment opportunities, with a focus on behavioral health and real estate. North Star Recovery & Wellness: A behavioral health initiative providing innovative recovery services and expanding access to mental health care. In his work for these entities, Jay Tobey was responsible for:

○ directing investment strategies and business operations to achieve impactful financial and social outcomes.

○ building and managing partnerships with healthcare operators to expand access to behavioral health services.

● **Franchise Owner, Crumbl Cookies** (September 2020 – December 2024). Crumbl Cookies is a rapidly growing gourmet cookie franchise with locations across the United States. As the Franchise Owner, Jay Tobey was responsible for:

○ Overseeing the operations of multiple franchise locations, including staff management, marketing, and customer engagement.

○ Achieving consistent revenue growth and operational excellence

● **Board of Directors & Investor, Weber Recovery Center LLC** (December 2019 – October 2024). Weber Recovery Center LLC is a behavioral health organization offering addiction recovery services and support. Mr. Tobey served on the board to provide strategic guidance and investment expertise for behavioral health initiatives.

● **Director of Business Development, Reeder Asset Management** (November 2018 – August 2020). Reeder Asset Management is a property management firm delivering high-quality service and expertise to property owners and investors. Mr. Tobey led business development efforts to expand the company's client base and operational capacity.

● **Real Estate Agent** (October 2018 – August 2020). Mr. Tobey managed real estate transactions, providing expertise to clients in property acquisition and sales.

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**Matthew Williams**. Matthew Williams is a dynamic entrepreneur with over 15 years of experience in logistics, supply chain management, and customer-driven innovation. As the Co-Founder of Kwik, Matthew has been at the forefront of revolutionizing sales and referral systems by leveraging cutting-edge technology to enhance customer acquisition and retention.

Previously, Matthew was a key leader at Visible Supply Chain Management, where he served as Co-Founder and President of the Logistics Division. Under his leadership, Visible Supply Chain Management scaled operations significantly, delivering innovative solutions in logistics, warehousing, and order fulfillment. With a strong foundation in executive leadership and operational excellence, Matthew has a proven track record of building successful companies that drive value and efficiency in highly competitive industries. His five-year work history is as follows:

● **Co-Founder, Kwik** (June 2021 – Present). Kwick is a customer-driven sales platform designed to reduce customer acquisition costs through innovative referral technology and loyalty systems. Mr. Williams was responsible for leading the strategic development of the company's customer acquisition and retention technology, and for driving innovation in sales and referral strategies to enhance business growth.

● **Co-Founder and President of the Logistics Division, Visible Supply Chain Management** (January 2007 – May 2021). Visible Supply Chain Management is a logistics and supply chain company specializing in warehousing, order fulfillment, and efficient delivery solutions. As President of the Logistics Division, Mr. Williams was responsible for:

○ overseeing operations, logistics strategy, and client relations as President of the Logistics Division.

○ leading to the development of scalable solutions for warehousing, order fulfillment, and supply chain optimization.

● **Co-Founder and President, Pro Star Logistics** (January 2007 – January 2019). Pro Star Logistics is a full-service transportation and logistics management company providing solutions in truckload, LTL, and warehousing. Mr. Williams co-founded the company, building its reputation as a leader in transportation and logistics management. He was responsible for managing operations and client engagement to deliver efficient and reliable solutions across industries.

**Jon Lelegren**. Jon Lelegren is a seasoned fund financial expert and CPA with over 12 years of experience in fund management and financial reporting. During his tenure at Bridge Investment Group (through January 2023), Jon played a pivotal role in scaling assets under management from under $500 million to over $38 billion, spanning eight debt and equity fund strategies. Now coaching emerging fund managers, Jon equips professionals with the tools to navigate the complexities of fund operations, financial reporting, and regulatory compliance. His responsibilities at Bridge Investment Group, and as a Fund Financial Trainer and Consultant, are to fund financial reporting for multi-billion-dollar portfolios, provide comprehensive fund administration training to emerging professionals, and ensure regulatory compliance across fund operations and reporting.

There are no family relationships between any of our Manager's members.

To the best of our knowledge, none of our Manager's managing members has, during the past five years:

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

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

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**COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS**

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

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**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

As of the date of this offering circular, the Company has 100 Class M interests issued and outstanding as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Title of Class(2)** | **Name and Address of Beneficial Owner** | **Amount and Nature of Beneficial Ownership** | **Amount and Nature of Beneficial Ownership Acquirable** | **Percent of Class** |
| Class M interests | North Star Group Management LLC (1) <br> 6550 Millrock Dr #300, <br> Salt Lake City, UT 84121 | 100 Class M interests | N/A | 100% |

---

(1) North Star Group Management LLC, our Manager, is beneficially owned (through various intermediary entities) by Jay Tobey (83%), Matt Williams (5.06%) and approximately 10 other individuals who collectively own the remaining approximately 12%, none of whom own more than 2.5%.

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

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

● any of our Manager or its members, managers, officers or employees;

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

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

Our Manager has been issued all Class M interests in the Company. As a Class M member, our Manager is a member of our Company and party to our Operating Agreement.

Our Manager and/or its affiliates have paid for all of the Company's offering and other expenses, which will be reimbursed by the Company. The Company anticipates such reimbursement will amount to approximately $150,000, although the total amount is uncertain.

**Conflicts of Interest**

There may be conflicts of interests between the Company, its management, other companies managed by the Company's management, and investors. Our Manager and its members act as members and/or members of other entities, and may have current or future responsibilities to such entities, which have similar business plans to the Company and may compete with the Company. As of the date of this offering circular, the Manager operates one other affiliated company North Star Recovery & Wellness Fund 1, LLC, ("Fund 1") which is currently raising money from accredited investors by selling equity interests pursuant to Rule 506(c) of Regulation D, and which expects to primarily operate Recovery and Treatment Centers but may also invest in real estate. Investors will have no right to participate in such entities or have any rights to look to the assets or operations of Fund 1 or any other affiliated entities to repay the Bonds. The similarity in name between the Company and Fund 1 may lead to confusion between the two parties by investors, which may increase Company expenses. It is also possible that these affiliated entities may dilute the reputation of the Company, or that the Manager may rename the Company to avoid confusion regarding use of the North Star Recovery & Wellness tradename (which is owned by the Manager). The Company may purchase real estate which is then leased by Fund 1 or other companies managed by the Company's Management. The Company may share personnel and operating resources with Fund 1 and other companies managed by the Manager, and the Manager may not correctly allocate costs and expenses between the various companies it controls. And to the extent our Manager or its members are required to spend time on such investment and/or management activities, they may not be able to devote full-time to the Company's operations.

Our Manager and its members try to balance our interests with their duties to other entities owned or managed by them. However, to the extent that such persons take actions that are more favorable to other entities than to us, these actions could have a negative impact on our financial performance and, consequently, on payments to our Bondholders.

Conflicts of interest will also exist to the extent that the Company may acquire properties or operations in the same geographic areas where properties or operators owned or managed by our Manager, or their affiliates are located. In such a case, a conflict could arise in the leasing of properties if we and such other properties were to compete for the same tenants, or a conflict could arise in connection with the resale of such assets if there were an attempt to sell similar assets at the same time. Conflicts of interest may also exist at such time as we and such other property seek to employ developers, contractors or building Managers, as well as under other circumstances.

The Manager also may enlist the services of one or more affiliated entities in order to manage our assets. The compensation for those affiliated entities will be at market rates. Market rates are determined by the Manager based on industry standards and expectations of what the Manager would be able to negotiate with a third-party on an arm's length basis; however, the terms will be established by the Manager and not as a result of arm's length negotiations.

Our Operating Agreement explicitly allows the Company to transact business and acquire and sell assets to and from affiliates of the Manager. The Company may enter into agreements with affiliates of the Manager, for example, by leasing space in real estate acquired by the Company for the operations of a Manager affiliate. All such purchases, sales, and other agreements are permitted only so long as they do not impair the ability of the Company to repay any bonds it issues or other money borrowed, or are valued at market rate. However, the assessment of whether a particular transaction will impair the ability of the Company to its bonds and other money borrowed, and the assessment of market rate, are to be determined by the Manager in good faith, based on reasonable assumptions. Since any such transaction will not take place at arms' length, our Manager may be incentivized to assess the value of the Company asset as higher (or lower) than the value that could be obtained in an arms' length transaction, and may make bad assumptions in coming up with such estimates. In addition, any decisions by our Manager to renew, extend, modify or terminate an agreement or arrangement, or enter into similar agreements or arrangements in the future, may benefit one affiliate more than another or limit or impair the ability of any Company to pursue alternative business opportunities.

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Our Manager's interests in our Distributable Cash may cause its members to make more risky business decisions than it would otherwise in the absence of the Bonds issued by the Company. However, our Manager will evaluate investments on the terms set forth herein.

Certain legal, accounting, and other advisors, including real estate brokers, of the Company may also serve as representatives or agents of our Manager or its members. As a result, conflicts of interests could arise and, in such cases, such representatives or agents may have to withdraw from representation of the Company if such conflicts cannot be resolved.

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

**Allocation of Investment Opportunities**

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

● the investment objectives and criteria of the entities;

● the cash requirements of the entities;

● the effect of the investment on the diversification of the entities' portfolio;

● the policy of the entities relating to leverage;

● the anticipated cash flow of the asset to be acquired;

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

● the income tax effects of the purchase on the entities;

● the size of the investment; and

● the amount of funds available to the entities.

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

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

● engaging in the same or similar activities or lines of business as any Project;

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

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

● establishing material commercial relationships with another Project; or

● making operational and financial decisions that could be considered to be detrimental to another Project.

**PRIOR PERFORMANCE**

The Company is newly formed specifically to pursue its proposed business and has no prior experience raising or investing funds. In 2025, our Manager has opened an affiliated company which is raising money from accredited investors pursuant to Rule 506(c) of Regulation D and which expects to primarily operate Recovery and Treatment Centers but may also invest in real estate. However, that affiliated company has yet to make any investments and the Manager currently has no prior performance data to provide. Other than this affiliate, our Manager and its affiliates do not have prior experience raising money for or operating funds.

**SECURITIES BEING OFFERED**

 *General.* We may offer Bonds, with a total value of up to $75,000,000 under this offering circular. The Bonds will be offered in increments of $1.00.

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

 *Interest*. Investors will have the option of purchasing Bonds which pay interest monthly, commencing on the 1st day of the next month which begins sixty days after the issuance date or Bonds for which interest compounds monthly. The interest rates on these Bonds will vary based on the size of the Bond purchased: Investors purchasing a Bond with a principal value of up to $49,999.99 will receive an interest rate of 8% (Series A-1 Bonds when compounded monthly and Series A-2 Bonds when interest is to be paid monthly), Investors purchasing a Bond with a principal value of $50,000 to $249,999.99 will receive an interest rate of 10% (Series B-1 Bonds when compounded monthly and Series B-2 Bonds when interest is to be paid monthly), Investors purchasing a Bond with a principal value of $250,000 or more will receive an interest rate of 12% (Series C-1 Bonds when compounded monthly and Series C-2 Bonds when interest is to be paid monthly). All interest will be due at Maturity. Interest will begin to accrue on the date the Bond is issued by the Company. Bonds will be deemed issued on the date the related subscription for the Bond is accepted by the Company.

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

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

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

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

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*Transfer*

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

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

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

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

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

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

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

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

*Governing Law.*

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

*Arbitration.*

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

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

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

*Jury Trial and Class Action Waivers.*

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

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

[**Table of Contents**](#TOC_001)

**EXPERTS**

Our financial statements for the period from inception (October 20, 2023) to December 31, 2023 and the fiscal year ended December 31, 2024 included in this offering circular have been audited by Assurance Dimensions, as stated in its report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon its authority as an expert in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

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

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

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

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

**North Star Recovery & Wellness, LLC**

Attn: Brandon Jay Tobey

6550 Millrock Dr #300

Salt Lake City, UT 84121

Phone No.: 435-754-5493

Email: jay@northstarfingroup.com

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

[**Table of Contents**](#TOC_001)

**FINANCIAL STATEMENTS**

**INDEX OF FINANCIAL INFORMATION**

Year End

---

| | |
|:---|:---|
| FINANCIAL STATEMENTS FOR THE PERIOD ENDED DECEMBER 31, 2024 (Audited): |  |
| [Independent Accountant's Audit Report on Financial Statements](#me_001) | F-2 |
| [Balance Sheet](#me_002) | F-4 |
| [Statement of Operations](#me_003) | F-5 |
| [Statement of Cash Flows](#me_005) | F-6 |
| [Statement of Changes in Members' Capital](#me_004) | F-7 |
| [Notes to Financial Statements](#me_006) | F-8 |

---

[**Table of Contents**](#aa_014)

![](form1-aa_001.jpg)

**Independent Auditor's Report**

To the Member of

**North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)**

**Opinion**

We have audited the accompanying financial statements of **North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)** (the "Company"), which comprise the balance sheets as of December 31, 2024 and 2023, and the related statements of operations, changes in member's deficit, and cash flow for the year ended December 31, 2024 and the period from October 20, 2023 (inception) to December 31, 2023 and the related notes to the financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the related statements of operations, changes in member's deficit, and cash flow for the year ended December 31, 2024 and the period from October 20, 2023 (inception) to December 31, 2023, in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

**Responsibilities of Management for the Financial Statements**

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

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

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

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

**ASSURANCE DIMENSIONS, LLC**

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

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

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

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

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

www.assurancedimensions.com

"Assurance Dimensions" is the brand name under which Assurance Dimensions, LLC including its subsidiary McNamara and Associates, LLC (referred together as "AD LLC") and AD Advisors, LLC ("AD Advisors"), provide professional services. AD LLC and AD Advisors practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations, and professional standards. AD LLC is a licensed independent CPA firm that provides attest services to its clients, and AD Advisors provide tax and business consulting services to their clients. AD Advisors, and its subsidiary entities are not licensed CPA firms.

[**Table of Contents**](#aa_014)

![](form1-aa_001.jpg)

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

● Exercise professional judgment and maintain professional skepticism throughout the audit.

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

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

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

● Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

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

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note C to the financial statements include no assets or equity. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management's evaluation of the events and conditions and management's plans regarding those matters are also described in Note C. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

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

![](form1-aa_002.jpg)

Tampa, Florida

May 20, 2025

**ASSURANCE DIMENSIONS, LLC**

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

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

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

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

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

www.assurancedimensions.com

"Assurance Dimensions" is the brand name under which Assurance Dimensions, LLC including its subsidiary McNamara and Associates, LLC (referred together as "AD LLC") and AD Advisors, LLC ("AD Advisors"), provide professional services. AD LLC and AD Advisors practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations, and professional standards. AD LLC is a licensed independent CPA firm that provides attest services to its clients, and AD Advisors provide tax and business consulting services to their clients. AD Advisors, and its subsidiary entities are not licensed CPA firms.

[**Table of Contents**](#aa_014)

**North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)**

**Balance Sheets**

**As of December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2023 |
| **ASSETS** |  |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp; Cash | $- | $- |
| Total Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL ASSETS | $- | $- |
| **LIABILITIES AND MEMBER'S DEFICIT** |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp; Related party payable | $58195 | $29105 |
| Total Current Liabilities | 58195 | 29105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES | 58195 | 29105 |
| Member's Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL MEMBER'S EQUITY (DEFICIT) | (58195) | (29105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TOTAL LIABILITIES AND |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEMBER'S EQUITY (DEFICIT) | $- | $- |

---

See accompanying notes to the audited financial statements.

[**Table of Contents**](#aa_014)

**North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)**

**Statements of Operations**

**For the periods ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2023 |
|  | (twelve months) | (three months) |
| REVENUE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue | $- | $- |
| EXPENSES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 58195 | 29105 |
| &nbsp;&nbsp;&nbsp; LOSS FROM OPERATIONS | (58195) | (29105) |
| NET LOSS | $(58195) | $(29105) |

---

See accompanying notes to the audited financial statements.

[**Table of Contents**](#aa_014)

**North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)**

**Statements of Cash Flows**

**For the periods ended December 31, 2024 and 2023**

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2023 |
|  | (twelve months) | (three months) |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp; Net loss | $(58195) | $(29105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by (used in)operating activities | (58195) | (29105) |
| CASH FLOWS FROM INVESTING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash (used in) investing activities | - | - |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |  |
| &nbsp;&nbsp;&nbsp; Shareholder payable | 58195 | 29105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities | 58195 | 29105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET INCREASE IN CASH | - | - |
| Cash at beginning of period | - | - |
| Cash at end of period | $- | $- |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during period for interest | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash paid during period for income taxes | $- | $- |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conversion of Related Party Payable to Shares | $29105 | $- |

---

See accompanying notes to the audited financial statements.

[**Table of Contents**](#aa_014)

**North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)**

**Statement of Members' Deficit**

**For the periods ended December 31, 2024 and 2023**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Class A<br>Units | Class B<br>Units | Paid<br>In Capital | Retained<br>Earnings(deficit) |<br>Total |
| Balance October 20, 2023 |  |  | $- | $- | $- |
| &nbsp;&nbsp;&nbsp; Net loss for period ended December 31, 2023 |  | - | - | (29105) | (29105) |
| Balance at December 31, 2023 |  |  | $- | $(29105) | $(29105) |
| &nbsp;&nbsp;&nbsp; Issuance of founders shares |  | 100 | 29105 |  | 29105 |
| &nbsp;&nbsp;&nbsp; Net loss for period ended December 31, 2024 |  | - | - | (58195) | (58195) |
| Balance at December 31, 2024 |  | 100 | $29105 | $(87300) | $(58195) |

---

See accompanying notes to the audited financial statements.

[**Table of Contents**](#aa_014)

North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)

Notes to Financial Statements

December 31, 2024 and 2023

**Note A – Description of Business and Summary of Significant Accounting Policies**

**Nature of Operations**

Central Park Fund 1, LLC ("the Company") was organized October 20, 2023 in the State of Wyoming and headquartered in Kaysville, UT. On July 15, 2024, the Company changed its name to North Star Recovery & Wellness, LLC and moved its headquarters to Sandy, UT. The Company was organized to engage in any lawful activity for which a Limited Liability Company may be organized in Wyoming.

**Note B – Significant Accounting Policies**

**Basis of Accounting**

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP).

**Cash and Cash Equivalents**

The Company considers all highly liquid instruments with an original maturity of less than three months to be cash and cash equivalents. The Company places its temporary cash investments with high quality financial institutions. At times, such investments may be in excess of FDIC insurance limits. The Company does not believe it is exposed to any significant credit risk on cash and cash equivalents.

**Due to Affiliates**

Due to affiliates primarily includes any amounts held by the fund, distributions payable and other payables.

**Income Taxes**

The Company is a limited liability company under the laws of the State of Wyoming and has elected to be treated as a partnership for federal tax reporting purposes. As such, the Company does not pay federal or state income taxes on its taxable income. Instead, the income is passed through to the member.

Accordingly, no provision for income taxes has been made in the financial statements.

The Company recognizes and discloses uncertain tax positions in accordance with GAAP. The Company evaluated its tax positions and determined it has no uncertain tax positions as of December 31, 2024 and 2023. The Company's tax returns are subject to income tax examinations generally for a period of three years from the date of filing.

**Use of Estimates**

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, estimates and assumptions that affect the application of accounting policies, reported amounts, and disclosures. Actual results could differ from these estimates.

[**Table of Contents**](#aa_014)

**Recently Issued Accounting Standards**

The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

In November 2023, the FASB issued Accounting Standards Update 2023-07, "Segment Reporting (Topic ASC 280) Improvements to Reportable Segment Disclosures." The ASU improves reportable segment disclosure requirements, primarily through enhanced disclosure about significant segment expenses. The enhancements under this update require disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker ("CODM") and included within each reported measure of segment profit and loss, require disclosure of other segment items by reportable segment and a description of the composition of other segment items, require annual disclosures under ASC 280 to be provided in interim periods, clarify use of more than one measure of segment profit or loss by the CODM, require that the title of the CODM be disclosed with an explanation of how the CODM uses the reported measures of segment profit or loss to make decisions, and require that entities with a single reportable segment provide all disclosures required by this update and required under ASC 280. The Company adopted ASC 2023-07 for the annual period ending December 31, 2024.

The Company's Chief Executive Officer services as the CODM and evaluates the financial performance of the business and makes resource allocation decisions on a consolidated basis. As a result, the Company operates as a single reportable segment under ASC 280, Segment Reporting, defined by the CODM as Consumer Goods. The Company's operations include marketing, professional fees as well as procurement expenses, all of which are managed centrally. The CODM assesses financial performance based on revenue, operating profit, and key operating expenses.

**Note C – Going Concern**

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The ability of the Company to continue as a going concern is dependent upon future sales and obtaining additional capital and financing which creates substantial doubt about the entities ability to continue as a going concern. While the Company believes in the viability of its ability to raise additional funds, there can be no assurances to that effect. The financial statements do not include adjustments to reflect the possible effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty.

[**Table of Contents**](#aa_014)

North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)

Notes to Financial Statements

December 31, 2024 (Audited)

**Note D – Member's Deficit**

In March 2024, the Company issued 100 Class B interests to an affiliate manager of the Company in settlement of debt incurred on behalf of the Company in the amount of $29,105. As of December 31, 2024 the Company has no other units of outstanding members equity and has not yet received any other member capital contributions.

The Company shall issue Members' units in consideration for their capital contribution and other good and valuable consideration. Units may be divided between Class A and Class B Units. The Company may issue an unlimited number of Class A units. The Class A units shall be limited-voting. Class B Units are limited to 100 units and shall be entitled to vote on matters.

Distributable cash will be distributed to the Class A Members ratably apportioned according to their respective membership interests.

**Note E – Related Party Transactions**

The Company has received funding from a related party for its operating expenses in 2024 and 2023. As of December 31, 2024 and 2023 the Company had balances due of $58,195 and $29,105, respectively. The related party payable is due on demand and does not have a stated interest rate. During the year ended December 31, 2024 $29,105 of the related party payable balance was converted into 100 Class M units.

**Note F – Commitments and Contingencies**

**Contingencies**

Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company's management and its legal counsel assess such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein.

If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, would be disclosed.

**Note G – Subsequent Events**

Management has evaluated events and transactions that have occurred since December 31, 2024 and reflected their effects, if any, in these statements through May 20, 2025, the date on which the financial statements were available to be issued. As of February 11, 2025, the Company has resolved to expand its capital structure to include Class M and Class C units which have additional rights, responsibilities, and participation characteristics. The previously issued Class B Unites were transferred to Class M units. No new units have been issued subsequent to December 31, 2024.

[**Table of Contents**](#aa_014)

**PART III – EXHIBITS**

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1 | [Articles of Organization](ex2-1.htm) |
| 2.2 | [Amended and Restated Operating Agreement](ex2-2.htm) |
| 3.1 | [Form of Series A-1 Bond](ex3-1.htm) |
| 3.2 | [Form of Series A-2 Bond](ex3-2.htm) |
| 3.3 | [Form of Series B-1 Bond](ex3-3.htm) |
| 3.4 | [Form of Series B-2 Bond](ex3-4.htm) |
| 3.5 | [Form of Series C-1 Bond](ex3-5.htm) |
| 3.6 | [Form of Series C-2 Bond](ex3-6.htm) |
| 4.1 | [Form of Bond Purchase Agreement](ex4-1.htm) |
| 11.1 | [Consent of Auditor](ex11-1.htm) |
| 12.1 | [Opinion of Legality from Dodson Robinette, PLLC](ex12-1.htm) |

---

[**Table of Contents**](#TOC_001)

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Salt Lake City, UT on July 2, 2025.

---

| | |
|:---|:---|
| **North Star Recovery & Wellness, LLC** | **North Star Recovery & Wellness, LLC** |
| By: | North Star Group Management LLC, its managing member |
| By: | */s/ Brandon Jay Tobey* |
|  | Brandon Jay Tobey, its managing member |

---

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

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| */s/ Brandon (Jay) Tobey* | Managing Member of North Star Group Management LLC | July 2, 2025 |
| Brandon (Jay) Tobey | Principal Executive Officer |  |
| */s/ Jon Lelegren* | Accountant | July 2, 2025 |
| Jon Lelegren | Principal Financial and Accounting Officer |  |
| North Star Group Management LLC |  | July 2, 2025 |
| */s/ Brandon Jay Tobey* |  |  |
| Brandon (Jay) Tobey, its managing member |  |  |

---

## Add

**Exhibit 2.1**

![](ex2-1_001.jpg)

![](ex2-1_002.jpg)

![](ex2-1_003.jpg)

![](ex2-1_004.jpg)

![](ex2-1_005.jpg)

![](ex2-1_006.jpg)

![](ex2-1_007.jpg)

![](ex2-1_008.jpg)

![](ex2-1_009.jpg)

![](ex2-1_010.jpg)

## Add

**Exhibit 2.2**

**Amended & Restated Operating Agreement**

**of**

**North Star Recovery & Wellness, LLC**

**a Wyoming limited liability company**

**June 17, 2025**

THE INTERESTS REPRESENTED BY THIS OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, NOR QUALIFIED UNDER APPLICABLE SECURITIES LAWS IN RELIANCE ON EXCEPTIONS THEREFROM. THESE INTERESTS ARE BEING ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH INTERESTS UNDER THE SECURITIES ACT OF 1933, APPLICABLE REGULATIONS PROMULGATED PURSUANT THERETO, AND COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND REGULATIONS UNLESS EXEMPT THEREFROM.

**Amended & Restated Operating Agreement of**

**North Star Recovery & Wellness, LLC<br> Table of Contents**

---

| | | |
|:---|:---|:---|
| **Article 1. Formation of the Company** | **Article 1. Formation of the Company** | 1 |
|  |  | 1 |
| **Section 1.1** | Limited Liability Company | 1 |
| **Section 1.2** | Name of the Company | 1 |
| **Section 1.3** | Purpose and Scope of the Company | 1 |
| **Section 1.4** | Principal Office of the Company and Location of Records | 1 |
| **Section 1.5** | Registered Agent and Registered Office | 2 |
| **Section 1.6** | Purpose of Transfer Restrictions | 2 |
| **Section 1.7** | Term of the Company | 2 |
| **Section 1.8** | Tax Classification as a Partnership | 2 |
| **Section 1.9** | No Payments of Individual Obligations: | 2 |
| **Section 1.10** | Separateness Covenants: | 3 |
| **Article 2. Definitions** | **Article 2. Definitions** | 4 |
| **Section 2.1** | Defined Terms | 4 |
| **Article 3. Capitalization of the Company** | **Article 3. Capitalization of the Company** | 8 |
| **Section 3.1** | Initial Capital Contributions and Authorized Units | 8 |
| **Section 3.2** | Time of Capital Contributions | 8 |
| **Section 3.3** | Additional Capital Contributions | 8 |
| **Section 3.4** | Capital Accounts | 9 |
| **Section 3.5** | Member Ledger | 9 |
| **Section 3.6** | Loans | 9 |
| **Section 3.7** | Liability of the Member | 9 |
| **Article 4. Distributions and Allocations** | **Article 4. Distributions and Allocations** | 10 |
| **Section 4.1** | Distributions | 10 |
| **Section 4.2** | Allocation of Profits and Losses | 10 |
| **Section 4.3** | Special Allocations | 11 |
| **Section 4.4** | Imputed Underpayments | 12 |
| **Article 5. Management of the Company** | **Article 5. Management of the Company** | 12 |
| **Section 5.1** | General Authority of the Manager | 12 |
| **Section 5.2** | Actions of the Manager | 13 |
| **Section 5.3** | Authority to Make or Terminate Tax Elections | 13 |
| **Section 5.4** | Authorization to Execute Certain Instruments | 13 |
| **Section 5.5** | Delegation to Agents | 13 |
| **Section 5.6** | Officers | 13 |
| **Section 5.7** | Specific Powers of the Manager | 14 |
| **Section 5.8** | Fiduciary Duties Waived | 15 |
| **Article 6. Manager** | **Article 6. Manager** | 15 |
| **Section 6.1** | The Manager | 15 |
| **Section 6.2** | Extent and Scope of Services | 15 |
| **Section 6.3** | Employment of Professionals | 16 |
| **Section 6.4** | Voluntary Withdrawal of a Manager | 16 |
| **Section 6.5** | Removal of a Manager | 16 |
| **Section 6.6** | Effect of Resignation or Removal on Manager Compensation | 17 |
| **Section 6.7** | Additional Managers | 17 |
| **Section 6.8** | Management Compensation and Fees | 17 |
| **Article 7. Voting** | **Article 7. Voting** | 18 |
| **Section 7.1** | In General | 18 |
| **Section 7.2** | Member Vote Required | 18 |

---

ii

---

| | | |
|:---|:---|:---|
| **Article 8. Meetings and Notice** | **Article 8. Meetings and Notice** | 19.0 |
| **Section 8.1** | Annual Meetings | 19.0 |
| **Section 8.2** | Special Meetings | 19.0 |
| **Section 8.3** | Notice of Meetings | 19.0 |
| **Section 8.4** | Waiver of Meeting Notice | 19.0 |
| **Section 8.5** | Voting by Proxy | 19.0 |
| **Section 8.6** | Action by Consent | 20.0 |
| **Section 8.7** | Quorum | 20.0 |
| **Section 8.8** | Presence | 20.0 |
| **Section 8.9** | Conduct of Meetings | 20.0 |
| **Article 9. Books, Records and Bank Accounts** | **Article 9. Books, Records and Bank Accounts** | 20.0 |
| **Section 9.1** | Books and Records | 20.0 |
| **Section 9.2** | Access to Information | 20.0 |
| **Section 9.3** | Confidential Information | 21.0 |
| **Section 9.4** | Accounting Basis and Fiscal Year | 21.0 |
| **Section 9.5** | Reports | 21.0 |
| **Section 9.6** | Bank Accounts and Company Funds | 21.0 |
| **Article 10. Internal Dispute Resolution Procedure** | **Article 10. Internal Dispute Resolution Procedure** | 22.0 |
| **Section 10.1** | Introduction | 22.0 |
| **Section 10.2** | Notice of Disputes | 22.0 |
| **Section 10.3** | Negotiation of Disputes | 22.0 |
| **Section 10.4** | General Provisions for Alternative Dispute Resolution | 23.0 |
| **Section 10.5** | Mediation | 23.0 |
| **Section 10.6** | Arbitration | 24.0 |
| **Section 10.7** | Maintenance of the Status Quo | 25.0 |
| **Section 10.8** | Venue | 25.0 |
| **Article 11. Transfers and Member Admissions** | **Article 11. Transfers and Member Admissions** | 25.0 |
| **Section 11.1** | Assignee Interest Transferred | 25.0 |
| **Section 11.2** | Rights of an Assignee | 25.0 |
| **Section 11.3** | Assignee to Assume Tax Liability (if any) | 25.0 |
| **Section 11.4** | Admission of Members | 26.0 |
| **Section 11.5** | Admission Procedure | 26.0 |
| **Section 11.6** | Permitted Transfers | 26.0 |
| **Section 11.7** | Non-Recognition of an Unauthorized Transfer or Assignment | 27.0 |
| **Section 11.8** | Involuntary Transfers | 27.0 |
| **Article 12. Dissolution and Termination** | **Article 12. Dissolution and Termination** | 28.0 |
| **Section 12.1** | Events of Dissolution | 28.0 |
| **Section 12.2** | Effective Date of Dissolution | 28.0 |
| **Section 12.3** | Operation of the Company after Dissolution | 28.0 |
| **Section 12.4** | Liquidation of Company Assets | 28.0 |
| **Section 12.5** | Company Assets Sole Source | 29.0 |
| **Section 12.6** | Sale of Company Assets during Term of the Company | 29.0 |
| **Article 13. Indemnification** | **Article 13. Indemnification** | 29.0 |
| **Section 13.1** | General Indemnification | 29.0 |
| **Section 13.2** | Tax Liability Indemnification | 30.0 |
| **Section 13.3** | Indemnity for Misrepresentation of a Prospective Member | 30.0 |
| **Section 13.4** | Advancement of Indemnification Funds | 30.0 |
| **Section 13.5** | No Impairment of Indemnification | 31.0 |
| **Section 13.6** | Exculpation of Actions in Good Faith | 31.0 |
| **Section 13.7** | No Termination of Indemnification Rights | 31.0 |
| **Article 14. [Reserved]** | **Article 14. [Reserved]** | 31.0 |
| **Article 15. General Matters** | **Article 15. General Matters** | 31.0 |
| **Section 15.1** | Successors and Assigns | 31.0 |
| **Section 15.2** | Power of Attorney | 32.0 |
| **Section 15.3** | Amendment | 33.0 |
| **Section 15.4** | Custodian Relationship | 34.0 |
| **Section 15.5** | Partition | 34.0 |
| **Section 15.6** | No Waiver | 34.0 |
| **Section 15.7** | Construction and Miscellaneous | 35.0 |

---

iii

**Amended & Restated Operating Agreement**

**of**

**North Star Recovery & Wellness, LLC**

a Wyoming limited liability company

THIS AMENDED & RESTATED OPERATING AGREEMENT (the "Agreement" or "Operating Agreement"), effective June 17, 2025 (the "Effective Date"), is made and entered into by and among North Star Recovery & Wellness, LLC (the "Company"), and those Persons who are accepted by the manager of the Company (the "Manager"), and who by their signatures hereto hereby represent and agree to all of the terms and conditions set forth herein (each a "Member," and collectively, the "Members"). This Agreement sets forth the rights, duties, obligations, and responsibilities of the Members and the Manager with respect to the Company. The Members and the Manager hereby agree as follows:

**Article 1. Formation of the Company**

**Section 1.1 Limited Liability Company**

North Star Recovery & Wellness LLC was formed as a Wyoming limited liability company (the "Company") by executing and delivering the Articles of Organization in accordance with the Wyoming Limited Liability Company Act, as codified in the Wyoming Statutes, Title 17, Chapter 29 (the "WLLCA"), and the rights and liabilities of the Members shall be as provided in the WLLCA except as may be modified in this Agreement.

**Section 1.2 Name of the Company**

The name of the Company is North Star Recovery & Wellness, LLC. The Manager, in its sole discretion, may change the name of the Company or operate the Company under different names.

**Section 1.3 Purpose and Scope of the Company**

The purpose of the Company is to engage in any lawful activity for which a Limited Liability Company may be organized in Wyoming.

**Section 1.4 Principal Office of the Company and Location of Records**

The street address of the principal office in the United States where the records of the Company are to be maintained is:

6550 Millrock Dr #300

Salt Lake City, UT 84121

or such other place or places as the Manager may determine. The records maintained by the Company are to include all the records that the Company is required by law to maintain. The Company shall likewise maintain a records office in any jurisdiction that requires a records office, and the Company shall maintain at each such records office all records that the jurisdiction of its location shall require.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>1 <br>

**Section 1.5 Registered Agent and Registered Office**

The name of the initial registered agent and initial registered office of the Company shall be as listed in its Articles of Organization.

**Section 1.6 Purpose of Transfer Restrictions**

Any unauthorized Transfer of a Member's Membership Interest could create a substantial hardship to the Company, jeopardize its capital base, and adversely affect its tax structure. There are, therefore, certain restrictions, as expressed in this Agreement, that attach to and affect both ownership of the Units and the Transfer of those Membership Interests. Those restrictions upon ownership and Transfer are not intended as a penalty, but as a method to protect and preserve existing relationships based upon trust and to protect the Company's capital and its financial ability to continue to operate.

**Section 1.7 Term of the Company**

The term of the Company shall commence on the Formation Date and shall last in perpetuity or exist until such time as the winding up and liquidation of the Company and its business is completed, following a liquidating event, as provided herein.

**Section 1.8 Tax Classification as a Partnership**

The Manager shall take any and all steps reasonably necessary to classify the Company as a partnership for tax purposes under the Internal Revenue Code and Regulations, in particular Internal Revenue Code § 7701 et. seq., and the "Check the Box" regulations effective January 1, 1997, as amended from time to time. In this regard, the Manager shall, if appropriate, file IRS Form 8832, Choice of Entity, as well as any forms necessary or appropriate to classify the Company as a partnership under the laws of any jurisdiction in which the Company transacts business. Any such action shall not require the vote or consent of the Members. Notwithstanding any of the foregoing, the Partnership Representative may not take any action contemplated by § 6221 through § 6241 of the Internal Revenue Code without the approval of the Manager.

The Manager shall have the sole discretion to file, execute, and otherwise cause the completion of any and all instruments necessary to appoint or replace the partnership representative ("Partnership Representative") pursuant to Internal Revenue Code § 6223 as amended by the Bipartisan Budget Act of 2015.

The Company shall bear the legal and accounting costs associated with any contested or uncontested proceeding by the Internal Revenue Service (the "IRS") with respect to the Company's tax returns.

**Section 1.9 <u>No Payments of Individual Obligations:</u>**

The Member shall use the Company's credit and assets solely for the benefit of the Company. No asset of the Company shall be transferred or encumbered for or in payment of any individual obligation of the Member.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>2 <br>

**Section 1.10 <u>Separateness Covenants:</u>**

Notwithstanding anything to the contrary contained in this Agreement, at all times on and after the date hereof:

The Company has been, is, and intends to remain solvent, and the Company has paid and intends to pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from Company Assets.

The Company has done or caused to be done, and will do, all things necessary to observe organizational formalities and preserve its existence, and the Company will not, nor will the Company permit the Managers to, terminate or fail to comply with the provisions of its organizational documents.

The Company has maintained and will maintain all of its books, records, financial statements, and bank accounts separate from those of its Affiliates and any other Person. The Company's assets will not be listed as assets on the financial statement of any other Person. Unless a disregarded entity, the Company will file its own tax returns (to the extent the Company is required to file any such tax returns) and will not file a consolidated federal income tax return with any other Person.

The Company has been, will be, and at all times has held and will hold itself out to the public as, a legal entity separate and distinct from any other entity (including any Affiliate of the Company or any constituent party of the Company), shall correct any known misunderstanding regarding its status as a separate entity, shall conduct business in its own name, shall not identify itself or any of its Affiliates as a division or department or part of the other, and shall maintain and utilize separate stationery, invoices, and checks bearing its own name.

Neither the Company nor any constituent party of the Company has sought or will seek or effect the liquidation, dissolution, winding up, consolidation, or merger, in whole or in part, of the Company except as provided for herein.

The Company has not and will not commingle the funds and other assets of the Company with those of any Affiliate or constituent party or any other Person and has held and will hold all of its assets in its own name.

The Company has and will maintain its Company Assets in such a manner that it will not be costly or difficult to segregate, ascertain, or identify its individual assets from those of any Affiliate or constituent party or any other Person.

The Company has paid and intends to pay its own liabilities and expenses, including the salaries of its own employees (if any) from its own funds, and has maintained and shall maintain a sufficient number of employees (if any) in light of its contemplated business operations.

The Company has compensated and shall compensate each of its consultants and agents from its funds for services provided to it and pay from Company Assets all obligations of any kind incurred.

The Company has allocated and will allocate fairly and reasonably any overhead expenses that are shared with any Affiliate, including shared office space.

Except in connection with Manager-approved mortgage loans, the Company has not pledged and will not pledge its assets for the benefit of any other Person.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>3 <br>

**Article 2. Definitions**

**Section 2.1 Defined Terms**

For purposes of this Agreement, the following words and phrases shall be defined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Additional Capital Contribution</u>. Additional Capital Contribution means the total cash and other consideration contributed to the Company by each Member other than the initial Capital Contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Additional Member(s)</u>. Additional Member(s) means a Member admitted to the Company in accordance with Article 11 hereof, after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Affiliate(s)</u>. Affiliate(s) of a Member or Manager shall mean any Person, directly or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with a Member or Manager, as applicable. The term "control," as used in the immediately preceding sentence, shall mean with respect to a corporation or limited liability company the right to exercise, directly or indirectly, more than fifty percent (>50%) of the voting rights attributable to the controlled corporation or limited liability company, and, with respect to any individual, partnership, trust, other entity or association, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of the controlled entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Agreement</u>. Agreement means this Amended & Restated Operating Agreement as originally executed and as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Assignee</u>. Assignee means the recipient of one or more Units pursuant to a Transfer and with the rights set forth in Section 11.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Capital Account</u>. Capital Account shall mean the account established and maintained for each Member as provided in Section 3.4 and as provided in Regulation § 1.704-1(b)(2)(iv), as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Capital Contribution</u>. Capital Contribution means the total cash and other consideration contributed and agreed to be contributed to the Company by each Member. Any reference in this Agreement to the Capital Contribution of a current Member shall include any Capital Contribution previously made by any prior Member with respect to that Member's Membership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Capital Transaction</u>. Capital Transaction shall mean the sale or refinancing of Company assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Company</u>. Company has the meaning ascribed in Section 1.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Company Assets</u>. Company Assets means all assets owned by the Company and any property, real or personal, tangible or intangible, otherwise acquired by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Distributable Cash</u>. Distributable Cash means all cash of the Company derived from operations and capital transactions, less the following items: (i) payment of all fees, costs, indebtedness, and expenses of the Company, (ii) any required tax withholdings, and (iii) reserves for future expenses related to the Company's operations, or for future investment into additional Company Assets, as established in the reasonable discretion of the Manager.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>4 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Dispute</u>. Dispute shall have the meaning as described in Section 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <u>Effective Date</u>. Effective Date shall mean June 17, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. <u>Exchange Act</u>. Exchange Act means the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. <u>Fair Market Value</u>. With regards to a Membership Interest, the Fair Market Value shall be the amount that would be distributable to the Member holding such interest in the event that the assets of the Company were sold for cash and the proceeds, net of liabilities, were distributed to the holders of all Membership Interests pursuant to this Agreement. In the event that the Fair Market Value of a Membership Interest is to be determined under this Agreement, the Manager shall select a qualified independent appraiser to make such determination and shall make the books and records available to the appraiser for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. <u>Formation Date</u>. Formation Date shall mean the date of filing of the Articles of Organization of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. <u>Form of Adherence</u>. Form of Adherence means an agreement pursuant to which a Member agrees to adhere to the terms of this Agreement or, in respect of a Transfer, a Form of Adherence or instrument of Transfer, each in a form satisfactory to the Manager from time to time, pursuant to which an Assignee or substitute Member agrees to adhere to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. <u>Good Cause</u>. Good cause shall have the meaning as described in Section 6.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. <u>Gross Asset Value</u>. Gross Asset Value means, with respect to any asset, the asset's adjusted basis for federal income tax purposes, except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Gross Asset Values of Company Assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Internal Revenue Code § 734(b) or Internal Revenue Code § 743(b), but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Regulations § 1.704-1(b)(2)(iv)(m) and this Agreement; provided, however, that Gross Asset Values shall not be adjusted pursuant to this Paragraph to the extent the Manager determines that an adjustment is unnecessary or inappropriate in connection with a transaction that would otherwise result in an adjustment. If the Gross Asset Value of an asset has been determined or adjusted pursuant to this Agreement, such Gross Asset Value shall thereafter be adjusted by the depreciation taken into account with respect to such asset for purposes of computing Profits and Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. <u>Gross Receipts</u>. Gross Receipts means gross income derived from all sources, which for real property assets includes, but is not limited to, (i) receipts from the rental of the property; (ii) receipts from rental escalations, late charges and/or cancellation fees (iii) receipts from tenants for reimbursable operating expenses; (iv) receipts from concessions granted or goods or services provided in connection with the property or to the tenants or prospective tenants; (v) other miscellaneous operating receipts; and (vi) proceeds from rent or business interruption insurance, excluding (A) tenants' security or damage deposits until the same are forfeited by the person making such deposits; (B) property damage insurance proceeds; and (C) any award or payment made by any governmental authority in connection with the exercise of any right of eminent domain.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>5 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. <u>Immediate Family</u>. Immediate Family means any Member's spouse (other than a spouse who is legally separated from the Person under a decree of divorce or separate maintenance), parents, parents-in-law, descendants (including descendants by adoption), brothers, sisters, brothers-in-law, sisters-in-law, children-in-law, and grandchildren-in-law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Indemnified Party</u>. Indemnified Party shall have the meaning as described in Section 13.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. <u>Internal Revenue Code</u>. References to the Internal Revenue Code or to its provisions are to the Internal Revenue Code of 1986, as amended from time to time, and the corresponding Regulations, if any. References to the Regulations are to the Regulations under the Internal Revenue Code in effect from time to time. If a particular provision of the Internal Revenue Code is renumbered, or the Internal Revenue Code is superseded by a subsequent federal tax law, any reference is deemed to be made to the renumbered provision or to the corresponding provision of the subsequent law, unless to do so would clearly be contrary to the Company's intent as expressed in this Agreement. The same rule shall apply to references to the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. <u>IRS</u>. IRS means the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. <u>IRR</u>. IRR means internal rate of return as calculated using the XIRR function in the latest version of the Microsoft Excel program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. <u>Liabilities</u>. Liabilities shall have the meaning as described in Section 13.1.

aa. <u>Manager(s)</u>. Manager(s) means a Person that manages the business and affairs of the Company, as provided herein. The initial Manager of the Company shall be North Star Group Management LLC, a Wyoming limited liability company.

bb. <u>Market Rate</u>. Market Rate means the approximate cost of an asset, good, or service under present circumstances if such cost were negotiated at arms' length, as estimated by the Manager in good faith, based on reasonable assumptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cc. <u>Member(s)</u>. Member(s) means a Person who acquires a Membership Interest, as permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. <u>Membership Interest(s)</u>. Membership Interest(s) refers to a Member's right to vote on Company matters, receive information concerning the business and affairs of the Company, and to receive distributions pursuant to this Agreement. So long as only one class of Units are issued and outstanding, Membership Interests shall be calculated by dividing each Member's Units out of the total issued and outstanding Units held by Members.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>6 <br>

ee. <u>Notice</u>. Notice shall have the meaning as described in Section 15.7(c).

ff. <u>Officers</u>. Officers means any executive, president, vice president, secretary, treasurer, or other officer of the Company as the Manager may designate.

gg. <u>Partnership Representative</u>. Partnership Representative shall have the meaning as described in Section 1.8.

hh. <u>Person(s)</u>. Person(s) shall mean an individual, partnership, joint venture, corporation, limited liability company, trust or unincorporated organization, a government or any department, agency, or political subdivision thereof, or any other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Profits and Losses</u>. Profits and Losses mean, for each fiscal year, an amount equal to the Company's taxable income or loss for such year, respectively, determined in accordance with Internal Revenue Code § 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Internal Revenue Code § 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Profits and Losses shall be added to such taxable income or loss;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. In the event the Gross Asset Value of any Profit is adjusted pursuant to this Agreement, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Profits and Losses;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Notwithstanding any other provision of this Agreement, any items which are specifically allocated pursuant to this Agreement shall not be taken into account in computing Profits and Losses.

jj. <u>Regulations</u>. Regulations mean the Treasury Regulations of the United States.

kk. <u>Required Interest</u>. Required Interest means the vote or consent of greater than fifty percent (>50%) of the Membership Interests entitled to vote.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>7 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. <u>Reviewed Year</u>. Reviewed Year refers to the taxable year to which an item being adjusted, or that requires adjustment, relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm. <u>Securities Act</u>. Securities Act means the Securities Act of 1933, as amended from time to time.

nn. <u>Transfer</u>. Transfer means, as a noun, any voluntary or involuntary transfer, sale, pledge, hypothecation, or other disposition, and, as a verb, to transfer, sell, pledge, hypothecate, or otherwise dispose of voluntarily or involuntarily.

oo. <u>Unit(s)</u>. Unit(s) means a unit of membership in the Company. Any purchasers or receiver of Units must be accepted as Members of the Company before becoming Unit holders in the Company.

pp. <u>Unit Percentage Share</u>. Unit Percentage Share means an amount of Distributable Cash calculated for each class as the quotient of the total Capital Contributions made by the Members of a class divided by the total Capital Contributions made by all Members of the Company multiplied by the total amount of Distributable Cash available for a particular distribution.

qq. <u>Unreturned Capital Contributions</u>. Unreturned Capital Contributions means, regarding a Member, all capital contributed by such Member less any amounts returned to such Member.

**Article 3. Capitalization of the Company**

**Section 3.1 Initial Capital Contributions and Authorized Units**

The initial Capital Contribution to the Company by the Member shall be the assets set forth in Exhibit B hereto, as amended from time to time. The limited liability company membership interests of the Company may be described as units of membership (the "Units") or ownership percentages having such rights described herein. The total number of Units which the Company has authority to issue shall be one hundred (100). The ownership of Units shall entitle its holder to the right to vote and to distributions as described in this Agreement.

**Section 3.2 Time of Capital Contributions**

All Capital Contributions made to the Company shall be made in total when becoming a Member (i.e., no "phased" buy-ins are allowed). The Member's promise to make a Capital Contribution to the Company is enforceable if in writing and signed by the Person making the promise and shall be enforceable against the Member's heirs, legal representatives, or successors without regard to death, disability, or other changed circumstances of the Member.

**Section 3.3 Additional Capital Contributions**

The Member may, but shall not be required to, make additional Capital Contributions, as determined by a vote or consent of the Member.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>8 <br>

**Section 3.4 Capital Accounts**

A separate Capital Account shall be maintained for each Member in accordance with the applicable provisions of the Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Member's Capital Account shall be credited with (i) the Member's Capital Contributions; (ii) all profits and any other items in the nature of income or gain which are specially allocated in accordance with the provisions of this Agreement; and (iii) the amount of any Company liabilities assumed by such Member or which are secured by any Company Assets distributed to such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Member's Capital Account shall be debited by (i) the amount of cash and the Gross Asset Value of any Company Assets distributed to such Member pursuant to any provision of this Agreement; (ii) the value of all losses and any items in the nature of expenses or losses which are specially allocated; and (iii) the amount of any liabilities of such Member that are assumed by the Company or that are secured by any property contributed by such Member to the Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Gross Asset Values of Company Assets are adjusted pursuant to this Agreement, the Capital Accounts of the Member shall be adjusted simultaneously to reflect the aggregate net adjustment as if the Company had recognized gain or loss equal to the amount of such aggregate net adjustment and the resulting gain or loss had been allocated to the Member in accordance with this Agreement.

**Section 3.5 Member Ledger**

The name, Capital Contribution, and ownership of the initial Member is set forth in Exhibit B to this Agreement, which may be amended from time to time as necessary to accurately reflect the information contained therein.

**Section 3.6 Loans**

The Member may lend or advance money to the Company. If the Member makes a loan or loans to the Company, the amount of any such loan shall not be treated as a contribution to the capital of the Company but shall be a debt due from the Company. The amount of any such loan by a lending Member shall be repayable out of the Company's cash and shall bear interest at an agreed upon rate not to exceed the maximum rate permitted by applicable law. Unless otherwise agreed, the Member shall not be obligated to make any loan or advance to the Company.

**Section 3.7 Liability of the Member**

The Member's liability shall be limited as set forth in this Agreement, the Act, and other applicable law. The Member shall not be personally liable for any debts or losses of the Company, except as otherwise required by law or as specifically assumed in writing by such Member.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>9 <br>

**Article 4. Distributions and Allocations**

**Section 4.1 Distributions**

Prior to the Company's liquidation, Distributable Cash from the Company's operations will be distributed to the Member promptly after the Managers declare such distributions due and payable but shall otherwise be held or reinvested by the Company until its dissolution. Distributable Cash from the Company's operations will be distributed to the Company's Members, pro-rata, ratably apportioned according to each Member's Membership Interests.

**Section 4.2 Allocation of Profits and Losses**

Except as otherwise provided in this Agreement, Profits and Losses (including individual items of profit, income, gain, loss, credit, deduction and expense) of the Company will be allocated among the Members in a manner such that the Capital Account balance of each Member, immediately after making that allocation, is, as nearly as possible, equal (proportionately) to the distributions that would be made to that Member pursuant to Section 12.4 of the Agreement if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their fair market value as reasonably determined by the Manager, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Fair Market Value of the assets securing that liability), and the net assets of the Company were distributed in accordance with Section 12.4 of the Agreement to the Members immediately after making that allocation, adjusted for applicable special allocations, computed immediately prior to the hypothetical sale of assets.

In the event that Members are issued Units on different dates, the Profits or Losses allocated to the Members for each Fiscal Year during which Members receive Units will be allocated among the Members in accordance with Section 706 of the Code, using any convention permitted by law and selected by the Manager. For purposes of determining the Profits, Losses and individual items of income, gain, loss credit, deduction and expense allocable to any period, Profits, Losses and any other items will be determined on a daily, monthly, or other basis, as determined by the Manager using any method that is permissible under Section 706 of the Code and the Treasury Regulations. Except as otherwise provided in this Agreement, all individual items of Company income, gain, loss, and deduction will be divided among the Members in the same proportions as they share Profits and Losses for the Fiscal Year or other period in question, except as modified to give effect to the special allocations described in Section 4.4 below.

Allocation of Profits and Losses may be modified by subsequent agreement to conform to adjustments made to the Membership Interests because of loans to the Company converted to contributions to capital, any non-uniform distributions of cash, and any liquidating distributions. Further, if, in the opinion of counsel to the Company, there is a change in the Federal income tax law (including the Code as well as the Treasury Regulations, rulings, and administrative practices thereunder) which makes modifying the allocation provisions of this Article IV necessary or prudent to preserve the underlying economic objectives of the Members as reflected in this Agreement, the Manager shall make the modification necessary to achieve such purpose.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>10 <br>

**Section 4.3 Special Allocations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Qualified Income Offset</u>. If a Member, or applicable Assignee, unexpectedly receives any adjustments, allocations, or distributions described in Regulations §§ 1.704-1(b)(2)(ii)(d)(4)-(d)(6), items of Company income and gain shall be specially allocated to each such Person in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the Capital Account of such Person as quickly as possible, provided that an allocation pursuant to this Section shall be made only if and to the extent that such Person would have a negative Capital Account after all other allocations provided for in this Article 4 have been tentatively made as if this Section were not in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Section 704(c) Allocations</u>. In accordance with Internal Revenue Code § 704(c) and the applicable Regulations issued pursuant to Internal Revenue Code § 704(c), income, gain, loss, and deduction with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members, or applicable Assignees, so as to take into account any variation between the adjusted basis of such property to the Company for federal income tax purposes and initial Gross Asset Value of such property. In the event the Gross Asset Value of any Company Asset is adjusted pursuant to this Agreement, subsequent allocations of income, gain, loss, and deduction with respect to such property shall take into account any variation between the adjusted basis of such property for federal income tax purposes and Gross Asset Value of such property in the same manner as under Internal Revenue Code § 704(c) and the Regulations. Any elections or other decisions relating to such allocations shall be made by the Manager in any manner that reasonably reflects the purpose of this Agreement. Allocations made pursuant to this Section are solely for purposes of federal, state, and local taxes and shall not affect or in any way be taken into account in computing any Member's Capital Account or share of Profits, Losses, other items, or distributions pursuant to any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Minimum Gain Chargeback</u>. Notwithstanding anything to the contrary in this Agreement, Profits and Losses shall be allocated as though this Agreement contained (and therefore is hereby incorporated herein by reference) minimum gain chargeback and partner minimum gain chargeback provisions, which comply with the requirements of Regulations § 1.704-2. For purposes of applying the minimum gain chargeback, non-recourse deductions for any taxable year shall be specially allocated among the Members, or applicable Assignees, in the same proportions that Losses for any such year would be allocated under Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Allocations in Event of Re-characterization</u>. If transactions between the Company and Members, or applicable Assignees, are re-characterized, imputed, or otherwise treated in a manner the effect of which is to increase or decrease the Profits or Losses of the Company, and correspondingly decrease or increase the taxable income, deduction, or loss of one or more Members or applicable Assignees, the allocations set forth in this Article shall be adjusted to eliminate, to the greatest extent possible, the consequences of such re-characterization or imputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Other Allocations</u>. The Manager shall make such other special allocations as are required in order to comply with any mandatory provision of the Regulations or to reflect a Member's or applicable Assignee's economic interest in the Company, determined with reference to such Person's right to receive distributions from the Company.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>11 <br>

**Section 4.4 Imputed Underpayments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Modifications of Imputed Underpayments</u>. Other than as is otherwise expressly stated in this Agreement, the Manager may make any request for modifications of an "imputed underpayment" to the IRS or cause the Partnership Representative or other Person to make any such request for any such modification, under the Internal Revenue Code as the Manager deems to be in the best interests of the Company, even if such an election has a negative effect on the Capital Account of one or more current or former Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Election in the Event of an Imputed Underpayment</u>. In the event that the IRS determines that there is one or more "imputed underpayments" for any taxable year, then the Partnership Representative is hereby expressly authorized and directed to make an election under § 6226 under the Internal Revenue Code as set forth in the rules released on January 2, 2018, or their successors or replacements, without the vote or consent of the Members, within forty-five (45) days of the date the respective final partnership adjustment is mailed to the Company. In the event that the Partnership Representative chooses to make such an election, each Member's share of the adjustment shall be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. For an adjustment that involves the allocation of an item to a specific Member or former Member or in a specific manner, including a reallocation of an item, each Member's or former Member's share of the adjustment, and any amounts attributable to such adjustment, shall be the total amount of the item that should have been allocated in the Reviewed Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For all other adjustments, the total adjustment, and any amounts attributable to such adjustment, shall be allocated as such items should have been allocated as described in subsection (Section 4.2) above, and any other applicable provisions of this Agreement, in the Reviewed Year.

**Article 5. Management of the Company**

**Section 5.1 General Authority of the Manager**

Subject to the specific rights given the Members in this Agreement, all decisions respecting any matter affecting or arising out of the conduct of the business of the Company shall be made by the Manager, who shall have the exclusive right and full authority to manage, conduct, and operate the Company's business.

The Manager shall direct, manage, and control the Company to the best of its ability and shall have full and complete authority, power, and discretion to make any and all decisions and to do any and all things that such Manager may deem to be reasonably required to accomplish the purpose of the Company. However, the Manager shall not have the authority to take any action requiring the approval of the Members as set forth in Section 7.2.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>12 <br>

The Manager shall manage and administer the Company according to this Agreement and shall perform all duties prescribed for a manager by the WLLCA.

**Section 5.2 Actions of the Manager**

Unless otherwise set forth in this Agreement, if there is more than one Manager, any Manager may act independently on behalf of the Company, or with regard to the administration of the Company, without the joinder of any other Manager, and any authority granted to the Manager under this Agreement or by the WLLCA may be duly exercised by any single Manager.

**Section 5.3 Authority to Make or Terminate Tax Elections**

The Manager may, but shall not be required to, cause the Company to make or terminate any elections applicable to the Company for federal and state income tax purposes, as the Manager deems to be in the best interests of the Members and the Company, without prior Notice to any Member. Such elections shall include, but are not limited to, an optional adjustment to basis election under § 754 of the Internal Revenue Code relating to distributions of Company Assets in a manner provided for in § 734 of the Internal Revenue Code and, in the case of a Transfer of a Unit, in a manner provided for in § 743 of the Internal Revenue Code.

Upon the addition of any new Manager, or a change in the ownership of or Persons having management authority over an existing Manager, exercising the § 754 election under the Internal Revenue Code shall require the consent or vote of a Required Interest of the Members.

**Section 5.4 Authorization to Execute Certain Instruments**

With respect to all of their obligations, powers, and responsibilities under this Agreement, the Manager is authorized to execute and deliver, for and on behalf of the Company, such notes and other evidence of indebtedness, contracts, agreements, assignments, deeds, leases, loan agreements, mortgages, and other security instruments and agreements in such form, and on such terms and conditions, as the Manager in its sole discretion deems proper.

**Section 5.5 Delegation to Agents**

The Manager may delegate or proxy to any agent the power to exercise any or all powers granted such Manager as provided in this Agreement, including those that are discretionary, if allowed by law. The delegating Manager may terminate any delegation at any time. The delegation of any such power, as well as the revocation of any such delegation, shall be evidenced by an instrument in writing executed by the delegating Manager.

**Section 5.6 Officers**

The Manager is authorized to appoint one or more officers from time to time and to delegate authority thereto. The officers shall hold office until their successors are chosen and qualified. Subject to any employment agreement entered into between the officer and the Company, an officer shall serve at the pleasure of the Manager.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>13 <br>

**Section 5.7 Specific Powers of the Manager**

Without limiting the authority set forth in Section 5.1, the Manager shall have power and authority on behalf of the Company to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The issuance, sale or other disposition, and the purchase or other acquisition, of Membership Interests or options, rights or warrants relating to Membership Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The registration of any offer, issuance, sale or resale of Membership Interests or other securities issued or to be issued by the Company under the Securities Act and any other applicable securities laws (including any resale of Interests or other securities by Members or other security holders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the indemnification of any Person against liabilities and contingencies to the maximum extent permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The entering into of listing agreements with any National Securities Exchange or over-the-counter market and the delisting of some or all of the Interests from, or requesting that trading be suspended on, any such exchange or market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The making of tax, regulatory and other filings, or rendering of periodic or other reports to governmental or other agencies having jurisdiction over the business or assets of the Company (including, but not limited to, the filing of periodic reports with the U.S. Securities and Exchange Commission), and the making of any tax elections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The selection of any transfer agent or depositor for any securities of the Company, and the entry into such agreements and provision of such other information as shall be required for such transfer agent or depositor to perform its applicable functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Purchase Company Assets and sell Company Assets or any portion thereof in the name of the Company, including purchasing Company Assets from and selling Company Assets to affiliates of the Manager, so long as such purchases and sales do not impair the ability of the Company to repay any bonds it issues or other money borrowed, or are valued at Market Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Borrow money on behalf of the Company from banks, investors, Members, other lenders, or Affiliates thereof on such terms as the Manager may deem appropriate, and to hypothecate, encumber, and grant security interests in Company Assets for the sole purpose of securing repayment of such borrowed sums. No debt or other obligation shall be contracted, or liability incurred, by or on behalf of the Company except by the Manager, and in no event shall any debt call for the individual guarantee of any Member unless otherwise agreed upon in writing by such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Execute on behalf of the Company all instruments and documents, including, without limitation: checks; drafts; loan agreements, notes, and other negotiable instruments; guarantee agreements; mortgages or deeds of trust; security agreements; financing statements; joint-ownership agreements, if any, relating to the management of the Company Assets; documents providing for the acquisition, financing, refinancing, or disposition of the Company Assets; assignments; bills of sale; leases; and any other instruments or documents necessary, in the opinion of the Manager, to the business of the Company, including the Company Assets;

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>14 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Amend this Agreement pursuant to Section 15.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Purchase liability and other insurance to protect the Company Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Open financial accounts in the name of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Disburse Distributable Cash, invest Capital Contributions, and pay fees and expenses as set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Elect and remove Officers of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Employ, contract with, and/or dismiss agents, employees, contractors, brokers, accountants, legal counsel, managing agents, or other Persons to perform services for the Company and to compensate such Persons from Company funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Institute, prosecute, defend, settle, compromise, and dismiss actions or proceedings brought by, on behalf of, or against the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Do and perform all other acts as may be necessary or appropriate to conduct the Company's business.

**Section 5.8 Fiduciary Duties Waived**

The WLLCA contains certain provisions that provide for fiduciary duties on a limited liability company's manager (including the duties of loyalty and care) but allow the members of the limited liability company to change or limit these duties by mutual agreement. The members hereby agree that the Manager shall not, to fullest extent permitted by law, have any duty (including any fiduciary duty of loyalty or care, all of which are expressly waived) to the Company, the Members, or any other Person, including any fiduciary duty associated with self-dealing or corporate opportunities.

**Article 6. Manager**

**Section 6.1 The Manager**

The Manager shall manage and administer Company Assets and perform all other duties prescribed for a manager by the WLLCA. The Company must have at all times at least one Manager. No other Person shall have any right or authority to act for or bind the Company except as permitted in this Agreement or as required by law. The Manager shall have no personal liability for the obligations of the Company.

**Section 6.2 Extent and Scope of Services**

During the existence of the Company, the Manager shall devote such time and effort to the Company's business as the Manager, in its sole discretion, determines to be necessary to promote adequately the interest of the Company and the mutual interest of the Members.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>15 <br>

It is specifically understood and agreed that the Manager and its Affiliates shall not be required to devote full time to the Company's business.

The Manager and any of the Manager's Affiliates may engage in and possess interests in other business ventures of any and every type or description, independently or with others. Neither the Company nor any Member shall have any right, title, or interest in or to such independent ventures of the Manager. The Manager and the Manager's Affiliates may compete with the Company through any such independent venture, without liability to the Company for so doing.

Notwithstanding any fiduciary duty owed by the Manager to the Company or the Members, the Manager is under no obligation to present any investment opportunity to the Company, even if such opportunity is of a character that, if presented to the Company, could be taken by the Company for its own account.

**Section 6.3 Employment of Professionals**

The Company may employ such brokers, agents, accountants, attorneys, and other advisors as the Manager may determine to be appropriate for the Company's business. The Company may employ Affiliated or unaffiliated service providers as necessary or convenient to facilitate the operations of the Company. Alternatively, the Manager may elect to provide such services to the Company using its own in-house personnel. Any such services provided by the Manager, or its Affiliates, will be compensated for at Market Rates. The validity of any transaction, agreement, or payment involving the Company and the Manager or an Affiliate or principal of the Manager which is otherwise permitted by the terms of this Agreement shall not be affected by the relationship between the Company and the Manager or an Affiliate or principal of the Manager.

**Section 6.4 Voluntary Withdrawal of a Manager**

A Manager of the Company may resign at any time by giving written Notice to all of the Members of the Company; however, this may require approval of a lender if the loan was conditioned on the qualifications of said Manager. The resignation of a Manager shall take effect ninety (90) days after receipt of Notice thereof or at such other time as shall be specified in such Notice or otherwise agreed between the Manager and Members. The acceptance of such resignation shall not be necessary to make it effective.

**Section 6.5 Removal of a Manager**

A Manager may be removed only for Good Cause by Members holding seventy-five percent (75%) of the voting Membership Interests (excluding those of the Manager or any Members who are Affiliates of the Manager). For purposes of the foregoing, "Good Cause" means that the Manager conducted itself on behalf of the Company in a manner that (i) constitutes gross negligence or willful misconduct, and (ii) has a material, adverse effect on the Company. In the event the Members vote to remove a Manager for Good Cause, the Manager shall have the right to submit the question of whether sufficient grounds for removal exist to binding arbitration to be conducted as further described in the Agreement and such removal shall not be effective until the arbiter in such proceeding finds that Good Cause did exist.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>16 <br>

If a Manager is removed for Good Cause, it shall not affect its or its Affiliates' Unit ownership or right to vote and receive Distributable Cash pursuant to Section 4 above. No Member, including the Manager, if applicable, will have any special right to withdraw upon a removal of a Manager.

In the event that a Manager or its principal is a guarantor for any loan on behalf of the Company, applicable lenders' consent and the Company's indemnification of the Manager shall be required prior to any act to remove the Manager.

**Section 6.6 Effect of Resignation or Removal on Manager Compensation**

The amount of compensation a Manager of the Company has accrued pursuant to Section 6.8 below will be unaffected by a Manager's removal or resignation. All compensation which accrues after a Manager's removal or resignation will be reallocated to the remaining and/or replacement Manager(s).

**Section 6.7 Additional Managers**

At any time, the Manager, in its sole discretion, may designate any Person (regardless of whether a Member) a Manager. If all of the Managers withdraw, are removed, or otherwise cannot serve as Managers for any reason, a majority of voting Membership Interests shall, within ninety (90) days after the date the last remaining Manager has ceased to serve, designate one or more new Managers effective as of the date of such withdrawal, removal, or inability to serve. Any Person becoming a Manager will automatically have the rights, authorities, duties, and obligations of a Manager under the Agreement.

**Section 6.8 Management Compensation and Fees**

The Manager will not receive a salary for its services to the Company, unless otherwise approved by the Members. However, the Manager, its Affiliates, and third parties may receive the following fees and reimbursements payable from Capital Contributions made to the Company and revenues from the Company and its Assets. Any fee or reimbursement provided for under this Section 6.8 shall be subordinate to any payments required on any loan secured by the Company's Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Market Rate Fees</u>: The Manager and/or its Affiliates may receive Market Rate fees and costs for any construction, construction management, repair and maintenance work performed, and real estate and loan brokerage fees with respect to such services provided to or with regard to each such Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Reimbursement of Expenses; Fees for Professional Services</u>: The Manager or its Affiliates will receive reimbursement of reasonable expenses paid or incurred by the Manager or its Affiliates in connection with the Company's operations, including any legal, financial and tax reporting, and accounting costs, which may be paid from Capital Contributions, operating revenue, or reserves. The Manager may also reimburse Members of the Company for such expenses incurred by them in connection with the Company's operations, as decided in the Manager's sole discretion. In addition, the Manager or its Affiliates will be reimbursed the fair value for provision of services to the Company at reasonable commercial rates on either an hourly or per-service basis, as permitted by Section 6.3.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>17 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Loans</u>. The Manager, its Affiliates, and/or third parties may receive compensation from the Company for providing loans, including, but not limited to, purchase mortgages, refinance mortgages, and construction lines of credit. Such loans, if any, will have Market Rate terms which the Manager believes to be no less favorable to the Company than generally available from third parties; however, loan terms will be established by the Manager and not as a result of arm's length negotiations.

**Article 7. Voting**

**Section 7.1 In General**

The vote of the Member is not required by this Agreement for any decision, save and except the transactions and actions set forth below in Section 7.2. Such decisions of the Company are to be made by the Member and the following decisions and actions shall not be made or taken without the vote of the Member, as provided below, whether or not a Manager has been elected.

**Section 7.2 Member Vote Required**

The Member, but not an assignee, shall have the right to vote on anything set forth in this Section. Such matters must be approved by the vote of the Member including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The removal of any Manager in accordance with the procedure set forth in Section 6.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The appointment of any successor Manager in accordance with the procedure set forth in Section 6.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The approval of any compensation payable to the Manager, officers, or any employees or affiliates of the Managers or Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The borrowing of money by the Company from banks, investors, the Member, other lenders, or Affiliates thereof, and the hypothecation, encumbrance, and granting of security interests in Company Assets for the sole purpose of securing repayment of such borrowed sums. No debt or other obligation shall be contracted, or liability incurred, by or on behalf of the Company except with the consent of the Member, and in no event shall any debt call for the individual guarantee of the Member unless otherwise agreed upon, in writing, by such Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Except as is customary or as may be required by any third party in connection with the financing, development, or management of Company Assets, the purchase of any liability, casualty, and other insurance and/or bonds at the Company's expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The requirement for additional Capital Contributions and the terms thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The withdrawal of the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Amendment of this Agreement or the Certificate of Formation other than (i) to add to the duties or obligations of the Manager, (ii) to cure any ambiguity or correct or supplement any inconsistency, (iii) to correct any printing, stenographic, or clerical errors, or omissions in order that the Agreement shall accurately reflect the intent of the Member; and (iv) to change the principal place of business or other physical, electronic, or mailing addresses used by the Company, provided in each case that the Managers shall reasonably determine that such amendment will not subject the Member to any material adverse economic consequences;

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>18 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The institution, prosecution, defense, or settlement of any material litigation, and to release and discharge such litigation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Such other matters as are required by this Agreement or the Act.

**Article 8. Meetings and Notice**

**Section 8.1 Annual Meetings**

No annual meeting of the Manager or the Members is required.

**Section 8.2 Special Meetings**

Special meetings of the Members or Manager may be called by the Manager or by Members holding at least ten percent (10%) of the Membership Interests entitled to vote. Special meetings of the Members or Manager shall be called upon delivery to the Members and Manager of a Notice of a special meeting given in accordance with Section 8.3.

**Section 8.3 Notice of Meetings**

At least ten (10), but no more than sixty (60), days before the date of a meeting, the Company shall deliver a Notice stating the date, time, and place of any meeting of the Members or Manager, and a description of the purposes for which the meeting is called, to each Manager and each Member entitled to vote at the meeting, at such address as appears in the records of the Company.

**Section 8.4 Waiver of Meeting Notice**

A Member or Manager may waive notice of any meeting, before or after the date and time of the meeting as stated in the Notice, by delivering a signed waiver to the Company for inclusion in the minutes. A Member's or Manager's attendance at any meeting, in person or by proxy, waives objection to lack of notice or defective notice of the meeting, unless the Member or Manager, at the beginning of the meeting, objects to holding the meeting or transacting business at the meeting. A Member or Manager waives objection to consideration of a particular matter at the meeting that is not within the purposes described in the meeting Notice, unless the Member or Manager objects to considering the matter when it is presented.

**Section 8.5 Voting by Proxy**

A Member or Manager may appoint a proxy to vote or otherwise act for such Member or Manager pursuant to a written appointment executed by the Member or Manager or such Persons duly authorized as attorney-in-fact. An appointment of a proxy is effective when received by the secretary or other officer or agent of the Company authorized to tabulate votes. The general proxy of a fiduciary is given the same effect as the general proxy of any other Member or Manager. A proxy appointment is valid for an unlimited term unless otherwise expressly stated in the appointment form or unless such authorization is revoked by the Member or Manager who issued the proxy.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>19 <br>

**Section 8.6 Action by Consent**

Any action required or permitted to be taken at a meeting of the Members or Manager may be taken without a meeting if the action is taken by Members holding sufficient voting Units, or Manager with sufficient authority, to vote on the action. The action must be evidenced by one or more written consents describing the action taken, which consents, in the aggregate, are signed by sufficient Membership Interests entitled to vote on the action and delivered to the Company for inclusion in the minutes.

**Section 8.7 Quorum**

A quorum for a meeting of the Members shall be the Members holding at least a majority in interest of the Membership Interests entitled vote.

**Section 8.8 Presence**

Any or all the Members or the Manager may participate in any meeting of the Members by, or through the use of, any means of communication by which all the Members and Manager participating may simultaneously hear each other during the meeting. A Member or Manager so participating is deemed to be present in person at the meeting.

**Section 8.9 Conduct of Meetings**

At any meeting of the Members or Manager, the Manager shall preside at the meeting and shall appoint a Person to act as secretary of the meeting. The secretary of the meeting shall prepare minutes of the meeting, which shall be placed in the minute books of the Company.

**Article 9. Books, Records and Bank Accounts**

**Section 9.1 Books and Records**

The Manager shall keep books of account with respect to the operation of the Company. Such books shall be maintained at the principal office of the Company, or at such other place as the Manager may determine.

**Section 9.2 Access to Information**

Subject to the provisions of this Section, each Member (and/or its designee) may examine the Company's books, records, accounts, and assets for purposes reasonably related to their membership in the Company at the principal office of the Company, or such other place as the Manager may specify, during usual business hours, subject to such reasonable restrictions as may be imposed by the Manager. All expenses attributable to any such examination shall be borne by such Member.

An Assignee has no right to information regarding the Company. Though Assignees are not entitled to information, if they have or acquire information, they are subject to the confidentiality provisions of this Article, as those provisions apply to the Members.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>20 <br>

**Section 9.3 Confidential Information**

The Members acknowledge that they may receive information regarding the Company in the form of trade secrets or other information that is confidential, the release of which may be damaging to the Company or to Persons with whom it does business.

Each Member shall hold in strict confidence any information it receives regarding the Company that is identified as being, or reasonably understood to be, confidential and may not disclose it to any Person other than another Member, except for disclosures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. compelled by law, but the Member must notify the Manager promptly of any request for that information before disclosing it, if practicable, to allow the Manager the opportunity to seek a protective order from a court of competent jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to advisers or representatives of the Member, but only if they have also agreed to be bound by the provisions of this Section; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. of information that the Member has received from a source independent of the Company, which the Member reasonably believes it obtained without breach of any obligation of confidentiality.

**Section 9.4 Accounting Basis and Fiscal Year**

The books of account of the Company shall be kept using appropriate accounting methods, as determined by the Manager, unless otherwise required by law, and shall be closed and balanced at the end of each Company year. The fiscal year of the Company shall end on December 31st of each year, unless otherwise elected by the Manager.

**Section 9.5 Reports**

Within 120 calendar days after the end of the fiscal year and 90 calendar days after the end of the semi-annual reporting date, the Manager will use its commercially reasonable efforts to circulate to each Member electronically by e-mail or made available via an online platform a financial statement prepared in accordance with U.S. GAAP, which includes a balance sheet, profit and loss statement and a cash flow statement and confirmation of the number of Units outstanding as of the end of the most recent fiscal year; provided, that notwithstanding the foregoing, if the Company is required to disclose financial information pursuant to the Securities Act or the Exchange Act (including without limitations periodic reports under the Exchange Act or under Rule 257 under Regulation A of the Securities Act), then compliance with such provisions shall be deemed compliance with this Section 9.5 and no further or earlier financial reports shall be required to be provided to the Members.

**Section 9.6 Bank Accounts and Company Funds**

All funds of the Company shall be held in a separate bank account in the name of the Company, as determined by the Manager. All accounts used by or on behalf of the Company shall be and remain the property of the Company, and shall be received, held, and disbursed by the Manager for the purposes specified in this Agreement.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>21 <br>

**Article 10. Internal Dispute Resolution Procedure**

all prospective Members should carefully read this entire Article 10 to ensure that they understand that by signing this Agreement they are giving up the right to trial and reimbursement of expenses related to any Dispute. The primary purpose of this Article is to protect the Members and their respective investments in the Company.

**Section 10.1 Introduction**

Because the nature of the Company is to generate profits from the Company's operations, it is imperative that one Member's dispute with the Manager and/or other Members is not allowed to diminish the profits available to other Members. Litigation could require diversion of the Company's profits to pay attorneys' fees or could tie up Company funds necessary for the operation of the Company, impacting the profitability of the investment for all the Members. The only way to prevent such needless expense is to have a comprehensive dispute resolution procedure in place, to which each of the Members have specifically agreed in advance of membership in the Company. The procedure described below requires an aggrieved party to take a series of steps designed to amicably resolve a dispute on terms that will preserve the interests of the Company and other non-disputing Members, before invoking a costly remedy, such as arbitration.

In the event of a dispute, claim, question, or disagreement between the Members or between the Manager and one or more Members arising from or relating to this Agreement, the breach thereof, or any associated transaction (hereinafter "Dispute"), the Manager and the Members hereby agree to resolve such Dispute by strictly adhering to the dispute resolution procedure provided in this Article.

Note that these procedures will not apply to claims under the Securities Act and/or the Exchange Act.

**Section 10.2 Notice of Disputes**

The aggrieved party must send written Notice of a Dispute to the Manager.

**Section 10.3 Negotiation of Disputes**

The parties hereto shall use their best efforts to settle any Dispute. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to all parties. If, within a period of ninety (90) days after written Notice of such Dispute has been served by either party on the other, the parties have not reached a negotiated solution, then upon further Notice by either party, the Dispute shall be submitted to mediation administered by the American Arbitration Association ("AAA") in accordance with the provisions of its commercial mediation rules. The onus is on the aggrieved party to initiate each next step in this dispute resolution procedure as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Tiebreaker Provision</u>. If the disputing parties are unable or unwilling to attempt a negotiated agreement on their own within thirty (30) days of Notice of the Dispute, they shall appoint a mutually acceptable neutral party who shall be either an attorney or CPA licensed in Wyoming, familiar with the Securities Act, the WLLCA, and the Act, depending on the subject and nature of the Dispute, to review the facts surrounding the Dispute and offer a nonbinding tiebreaking vote and/or proposed resolution. If the parties cannot agree on the neutral third party, each party shall appoint a neutral third party meeting the above criteria, which nominees will then select a single neutral third party to offer the nonbinding tiebreaking vote and/or proposed resolution. All costs and fees for such informal resolution shall be split equally between the parties to the dispute.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>22 <br>

**Section 10.4 General Provisions for Alternative Dispute Resolution**

On failure of negotiation and mediation, as a last resort, binding arbitration shall be used to ultimately settle the Dispute. The following provisions shall apply to any subsequent mediation or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Preliminary Relief</u>. Any party to the Dispute may seek preliminary relief at any time after negotiation described above has failed, but prior to arbitration, under the "Optional Rules for Emergency Measures of Protection of the AAA Commercial Arbitration Rules and Mediation Procedures." The AAA case manager may appoint an arbitrator who will hear only the preliminary relief issues without going through the arbitrator selection process described in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Consolidation</u>. Identical or sufficiently similar Disputes presented by more than one Member may, at the option of the Manager, be consolidated into a single negotiation, mediation, and/or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Location of Mediation or Arbitration</u>. Any mediation or arbitration shall be conducted in the venue set forth in Section 10.8, and each party to such mediation or arbitration must attend in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Attorney Fees and Costs</u>. Each party shall bear its own costs and expenses (including its own attorneys' fees) and an equal share of the mediator or arbitrators' fees and any administrative fees, regardless of the outcome.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Maximum Award</u>. The maximum amount a party may seek during mediation or be awarded by an arbitrator is the amount equal to the party's Capital Contributions and any Distributable Cash or interest to which the party may be entitled. An arbitrator will have no authority to award punitive or other damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>AAA Commercial Mediation or Arbitration Rules</u>. Any Dispute submitted for mediation or arbitration shall be subject to the AAA's commercial mediation or arbitration rules. If there is a conflict between these rules and this Article, this Article shall be controlling.

**Section 10.5 Mediation**

Any Dispute that cannot be settled through negotiation as described in this Article may proceed to mediation. The parties shall try in good faith to settle the Dispute by mediation, which each of the parties to the Dispute must attend in person, before resorting to arbitration. If, after no less than three (3) face-to-face mediation sessions, mediation proves unsuccessful at resolving the Dispute, the parties may then, and only then, resort to binding arbitration as described in Section 10.6.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>23 <br>

If the initial mediation(s) does not completely resolve the Dispute, any party may request, for good cause (which shall be specified in writing) a different mediator for subsequent mediation(s) by serving Notice of the request on the other parties for approval. If good cause exists, such request shall not be unreasonably denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Selection of Mediator</u>. The complaining party shall submit a request for mediation to the AAA. The AAA will appoint a qualified mediator to serve on the case. The parties will be provided with a biographical sketch of the mediator. The parties are instructed to review the sketch closely and advise the AAA of any objections they may have to the appointment in writing within five (5) days of receipt. If no objections are received within this timeframe, the mediator shall be deemed acceptable and mediation scheduled as soon as possible thereafter.

The preferred mediator shall have specialized knowledge of securities law, the Act, and financial accounting issues, depending on the subject matter involved in the Dispute. If the parties are unable to agree on the mediator within thirty (30) days of the request for mediation, the AAA case manager will make an appointment.

**Section 10.6 Arbitration**

Any Dispute that remains unresolved after good faith negotiation and three (3) failed mediation sessions shall be settled by binding arbitration. Judgment on the award rendered by the arbitrator(s) may be entered in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Selection of Arbitrator</u>. Prior to arbitration, the complaining party shall cause the appointment of an AAA case manager by filing of a claim with the AAA along with the appropriate filing fee and serving it on the defending party. The AAA case manager shall provide each party with a list of proposed arbitrators who meet the qualifications described below, or if no such Person is available, are generally familiar with the subject matter involved in the Dispute. Each side will be given a number of days to strike any unacceptable names, number the remaining names in order of preference, and return the list to the AAA. The AAA case manager shall then invite Persons to serve from the names remaining on the list, in the designated order of mutual preference. Should this selection procedure fail for any reason, the AAA case manager shall appoint an arbitrator as provided in the applicable AAA Commercial Arbitration Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Qualifications of Arbitrator</u>. The selected arbitrator shall have specialized knowledge of securities law, unless the dispute pertains to financial accounting issues, in which case the arbitrator shall be a certified public accountant. Further, the selected arbitrator must agree to sign a certification stating that he/she has read this Agreement and all of the documents relevant to this Agreement in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Limited Discovery</u>. Discovery shall be limited to only this Agreement and those documents pertaining to this Agreement, any written correspondence between the parties, and any other documents specifically requested by the arbitrator as necessary to facilitate his or her understanding of the Dispute. The parties may produce witnesses for live testimony at the arbitration hearing at their own expense. A list of all such witnesses and complete copies of any documents to be submitted to the arbitrator shall be served on the arbitrator and all other parties within forty-five (45) days of the arbitration hearing, at the submitting party's expense.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>24 <br>

**Section 10.7 Maintenance of the Status Quo**

Unless preliminary relief has been sought and granted pursuant to Section 10.4(a) above, while a Dispute is pending, the Manager shall continue all operations and distributions of Distributable Cash in accordance with the provisions set forth in this Agreement as if the Dispute had not arisen, except that, a complaining Member's distributions shall be suspended and held in trust by the Manager pending the outcome of the Dispute.

**Section 10.8 Venue**

Venue for any Dispute arising under this Agreement or any Disputes among any Members or the Company shall be in the county of the principal office of the Company.

**Article 11. Transfers and Member Admissions**

**Section 11.1 Assignee Interest Transferred**

The transferee of a Unit will be an Assignee until such time as the Assignee satisfies the requirements of Section 11.5 to become a Member. Until such time as an Assignee is admitted as a Member, such Assignee shall have only those rights set forth in Section 11.2 of this Agreement.

An Assignee must execute, acknowledge, and deliver to the Company a written acceptance and adoption of this Agreement by the Assignee.

**Section 11.2 Rights of an Assignee**

If an Assignee is not admitted as a Member because of the failure to satisfy the requirements of Section 11.5, such Assignee shall nevertheless be entitled to receive such distributions from the Company as the transferring Member would have been entitled to receive under this Agreement had the transferring Member retained such Units.

Assignees shall have no other rights of the Members, including voting rights and access to Company records and information. Members have legal and economic rights, while Assignees only have the right to receive economic benefits.

**Section 11.3 Assignee to Assume Tax Liability (if any)**

The Assignee of a Unit, as well as any Person who acquires a charging order against a Unit, shall report income, gains, Losses, deductions, and credits with respect to such Unit (if any) for the period in which the Assignee interest is held or for the period the charging order is outstanding. The Manager shall deliver to the Assignee or the holder of such charging order, as the case may be, all tax forms required to be delivered to the Members indicating that the income from such Unit to the holder of the Assignee interest or the holder of the charging order.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>25 <br>

**Section 11.4 Admission of Members**

The Company may, from time to time, admit Assignees of Units from Members as Additional Members, with consent from the Manager.

**Section 11.5 Admission Procedure**

No Person shall be admitted as a Member unless such Person executes, acknowledges, and delivers to the Company such instruments as the Manager may deem necessary or advisable to effect the admission of such Person as an Additional Member, including, without limitation, the written acceptance and adoption by such Person of the provisions of this Agreement, the power of attorney in the form or containing the provision of authority provided in Exhibit A, pertinent tax information, as well as any amendments to this Agreement and attorneys' fees and costs necessitated by the admission of such Additional Member.

**Section 11.6 Permitted Transfers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Requirements.</u> Units, or any interest thereof, may not be the subject of any assignment, pledge, mortgage, hypothecation, gift, sale, resale, or other disposition or encumbrance (collectively, a "Transfer"), either to a prospective Assignee or prospective Member, unless the Units are subsequently registered under the Securities Act of 1933 and appropriate state securities laws, or unless, among other conditions set forth in this Agreement, an exemption from registration is available.

Further, no Transfers may be approved, Assignee rights granted, and/or Additional Members admitted unless the Transfer: (a) is approved by the Manager, which approval may be granted or withheld in its sole discretion and subject to such conditions as it may impose; (b) is evidenced by a written agreement, in form and substance satisfactory to the Manager, that is executed by the transferor, the transferee(s), and the Manager; (c) will not result in violation of the registration requirements of the Securities Act; (d) will not require the Company to register as an investment company under the Investment Company Act of 1940, as amended; and (e) will not result in the Company being classified for United States federal income tax purposes as an association taxable as a corporation.

The transferor of any Units is required to reimburse the Company for any expenses reasonably incurred in connection with a Transfer, including any legal, accounting, and other expenses, **regardless of whether such Transfer is consummated**.

Upon the Manager's request, the transferor shall provide (or, if obtained by the Company, reimburse the Company for) a written opinion of counsel, in a form satisfactory to the Manager, to the effect that such Transfer: (a) will not result in a termination of the Company within the meaning of the Act or § 708(b) of the Internal Revenue Code; and (b) does not violate any applicable federal or state securities law.

The transferee of any Units in the Company that is admitted to the Company as a substitute Member shall succeed to the rights and liabilities of the transferor Member, and, after the effective date of such admission, the Capital Account of the transferor shall become the Capital Account of the transferee to the extent of the Units transferred.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>26 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exception to Requirements</u>. Notwithstanding subsection (a) of this Section 11.6 above, a Member may Transfer its Units without the consent of the Manager or any other Member to a trust for his or her benefit, to his or her spouse, to a trust for the benefit of his or her spouse, to his or her Immediate Family, or to a trust for the benefit of his or her Immediate Family, so long as the proposed Transfer does not: (a) cause the Company to terminate for federal income tax purposes; (b) result in any event of default as to any secured or unsecured obligation of the Company; (c) result in a violation of the Securities Act; (d) cause a reassessment of any Company Assets; or (e) cause any other material, adverse effect to the Company.

**Section 11.7 Non-Recognition of an Unauthorized Transfer or Assignment**

Any attempted Transfer in violation of the provisions of this Agreement is void *ab initio*. The Company shall not be required to recognize the purported interest in the Company of any transferee or Assignee who has obtained such purported interest in the Units as a result of a Transfer that is not authorized by this Agreement. If the Transfer is in doubt, or if there is reasonable doubt as to who is entitled to a distribution of the income realized from a Unit or the interest of an Assignee, the Company may accumulate the income until this issue is finally determined and resolved. Accumulated income shall be credited to the Capital Account of the Member or Assignee whose interest is in question.

A Member may Transfer its Units in whole with the consent of the Manager to a trust for his or her benefit, to his or her spouse, to a trust for the benefit of his or her spouse, to his or her Immediate Family, or to a trust for the benefit of his or her Immediate Family, so long as the proposed Transfer does not: (a) cause the Company to terminate for federal income tax purposes or change its tax status; (b) result in any event of default as to any secured or unsecured obligation of the Company; (c) result in a violation of the Securities Act; (d) cause a reassessment of any Company Assets; or (e) cause any other material, adverse effect to the Company.

**Section 11.8 Involuntary Transfers**

Upon the death, disability, bankruptcy, insolvency, liquidation, or dissolution of a Member, the rights and obligations of that Member under this Agreement shall inure to the benefit of, and shall be binding upon, that Member's successor(s), estate, or legal representative, and each such Person shall be treated as an Assignee until and unless such Person is admitted as a Member pursuant to the Agreement.

Upon the death or incapacity of an individual Member or holder of an Assignee interest, the personal representative of the individual Member or holder of such interest shall have the same rights, with respect to the Unit holder or Assignee's interest, as those held by the deceased or incapacitated person, for the purpose of settling or managing the Member's or holder's estate or affairs.

Upon any Transfer pursuant to any decree of divorce, dissolution, or separate maintenance, any property settlement, any separation agreement, or any other agreement with a spouse (excluding a permitted Transfer to Immediate Family as set forth in Section 11.6(b) under which any Units are awarded to the spouse of the Member, such transferee spouse shall be treated as an Assignee until and unless such Person is admitted as a Member pursuant to the Agreement.

An Assignee of any Transfer under this Section shall be bound by all of the terms and conditions of this Agreement.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>27 <br>

**Article 12. Dissolution and Termination**

**Section 12.1 Events of Dissolution**

The Company shall be dissolved upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In the sole discretion of the Manager, upon the liquidation and subsequent distribution of all Company Assets to the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The withdrawal of the Manager unless (i) the Company has at least one other Manager, or (ii) within ninety (90) days after the withdrawal, a Required Interest votes to continue the business of the Company and to appoint, effective as of the date of withdrawal, one or more additional Managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The withdrawal of all the Members, unless the Company is continued in accordance with the WLLCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Company is to be dissolved upon the entry of a decree of judicial dissolution by a court of competent jurisdiction.

**Section 12.2 Effective Date of Dissolution**

Absent an election to continue the Company as provided in this Article, dissolution of the Company shall be effective on the date on which the event occurs giving rise to the dissolution, but the Company shall not be wound up until cancelation of the Company's Articles Of Organization and all remaining Company Assets have been distributed, as provided in this Agreement.

**Section 12.3 Operation of the Company after Dissolution**

During the period in which the Company is winding up, the business of the Company and the affairs of the Members shall continue to be governed by this Agreement.

**Section 12.4 Liquidation of Company Assets**

Upon dissolution of the Company, the Manager or, in the absence of a Manager, a liquidator appointed by a Required Interest, shall liquidate remaining Company Assets, apply and distribute the proceeds derived from the liquidation of the remaining Company Assets as contemplated by this Agreement, and cause the cancellation of the Company's Articles of Organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Payment of Company Creditors and Provision for Reserves</u>. The proceeds derived from the liquidation of Company Assets shall first be applied toward or paid to any creditor of the Company who is not a Member. The order of priority of payment to any creditor shall be as required by applicable law. After payment of liabilities owing to creditors, excluding the Members, the Manager or liquidator shall set up such reserves as are deemed reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>28 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Ability to Create an Escrow Account</u>. Any reserves for contingent liabilities may, but need not, be paid over by the Manager or liquidator to a bank to be held in escrow for the purpose of paying any such contingent or unforeseen liabilities or obligations. Following the expiration of such period as the Manager or liquidator may deem advisable, such remaining reserves shall be distributed to the Members or their assigns in the order of priority set forth in the provisions of this Agreement relating to distributions to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Distribution of Company Assets after the Payment of Liabilities and Establishment of Reserves</u>. After paying liabilities and providing for reserves, the Manager or liquidator shall satisfy any debts owed to the Members with the remaining net assets of the Company, if any, and then distribute any remaining assets to the Members, as set forth in Section 4.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Non-Cash Assets</u>. If any part of the net assets distributable to the Members consists of notes, real estate equity or interests, or other non-cash assets, the Manager or liquidator shall distribute any non-tangible property interests directly to the Members, and may take whatever steps they deem appropriate to convert tangible property interests into cash or any other form to facilitate distribution. If any assets of the Company are to be distributed in kind, such assets shall be distributed on the basis of their fair market value at the date of distribution, as determined by the Manager or liquidator.

**Section 12.5 Company Assets Sole Source**

The Members shall look solely to Company Assets for the payment of any debts or liabilities owed by the Company to the Members and for the return of their Capital Contributions and liquidation amounts. If Company Assets remaining after the payment or discharge of all of its debts and liabilities to Persons other than the Members is insufficient to return the Members' Capital Contributions, the Members shall have no recourse against the Company, the Manager, or any other Members, except to the extent that such other Members may have outstanding debts or obligations owing to the Company.

**Section 12.6 Sale of Company Assets during Term of the Company**

The sale of Company Assets during the term of the Company shall not be considered a liquidation of the Company and therefore is not a dissolution and termination as defined under this Article.

**Article 13. Indemnification**

**Section 13.1 General Indemnification**

The Manager, its Affiliates, and their respective officers, directors, agents, partners, members, managers, employees, and any Person the Manager designates as an indemnified Person (each, an "Indemnified Party") shall, to the fullest extent permitted by law, be indemnified on an after-tax basis out of Company Assets (and the Manager shall be entitled to grant indemnities on behalf of the Company, and to make payments out of the Company, to any Indemnified Party in each case in accordance with this Section) against any and all losses, claims, damages, liabilities, costs and expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements, and other amounts (collectively, "Liabilities") arising from any and all claims, demands, actions, suits, and proceedings, whether civil, criminal, administrative, or investigative, in which any Indemnified Party is or may be involved, or is threatened to be involved, as a party or otherwise, in connection with the investments and activities of the Company or by reason of such Person being a Manager, or agent of a Manager, of the Company.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>29 <br>

However, no such Indemnified Party shall be so indemnified, with respect to any matter for which indemnification is sought, to the extent that a court of competent jurisdiction determines pursuant to a final and non-appealable judgment that, in respect of such matter, the Indemnified Party had (a) acted in bad faith or in the reasonable belief that the party's action was opposed to the best interests of the Company or constituted gross negligence or willful misconduct or breach of such party's fiduciary duty to the Company, if any, or (b) with respect to any criminal action or proceeding, had cause to believe beyond any reasonable doubt the party's conduct was criminal. An Indemnified Party shall not be denied indemnification in whole or in part under this Section because the Indemnified Party had an interest in the transaction with respect to which indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

**Section 13.2 Tax Liability Indemnification**

Each Member or Assignee, as applicable, shall indemnify and hold harmless the Indemnified Parties from and against any and all Liabilities arising from any underpayment in such Member's/Assignee's taxes on any amounts distributed by the Company to such Member/Assignee that results in one or more "imputed underpayments" as such term is defined by the IRS, even if such imputed underpayment is determined after the date the respective Member/Assignee is no longer a Member/Assignee of the Company. This indemnification shall specifically be effective and enforceable even after a Member/Assignee is no longer a Member/Assignee if such former Member/Assignee was a Member/Assignee in the Reviewed Year.

**Section 13.3 Indemnity for Misrepresentation of a Prospective Member**

Each Member shall indemnify and hold harmless the Manager and other Indemnified Parties from and against any and all Liabilities of whatsoever nature to or from any Person arising from or in any way connected with that Member's misrepresentation(s) that it met the "suitability standards" established by the Manager for membership in the Company.

**Section 13.4 Advancement of Indemnification Funds**

To the fullest extent permitted by law, amounts in respect of Liabilities incurred by an Indemnified Party in defending any claim, demand, action, suit, or proceeding, whether civil, criminal, administrative, or investigative, shall from time to time be advanced by the Company prior to a determination that the Indemnified Party is not entitled to be indemnified upon receipt by the Company of an undertaking by or on behalf of the Indemnified Party to repay such amount if it shall be determined that the Indemnified Party is not entitled to be indemnified as set forth in Section 13.1.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>30 <br>

**Section 13.5 No Impairment of Indemnification**

No amendment, modification, or repeal of this Article or any other provision of this Agreement shall in any manner terminate, reduce, or impair the right of any past Indemnified Party to be indemnified by the Company or the obligations of the Company to indemnify any such Indemnified Party under and in accordance with the provisions of this Agreement as in effect immediately prior to such amendment, modification, or repeal with respect to any claim, demand, action, suit, or proceeding, whether civil, criminal, administrative, or investigative, arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification, or repeal, regardless of when such claim, demand, action, suit, or proceeding may arise or be asserted.

**Section 13.6 Exculpation of Actions in Good Faith**

Neither the Manager nor its Affiliates shall be liable to the Company or any Member for any loss which arises out of any action or omission of such party if (a) such party determined, in good faith, that such course of conduct was in, or was not opposed to, the best interest of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe such party's conduct was unlawful, and (b) such course of conduct did not constitute a breach of such party's fiduciary duty (if any) to the Company or gross negligence or willful misconduct of such party.

**Section 13.7 No Termination of Indemnification Rights**

The provisions of this Article shall survive the dissolution of the Company.

**Article 14. [Reserved]**

[This Article is reserved for lender-required provisions, if any.]

**Article 15. General Matters**

**Section 15.1 Successors and Assigns**

Subject to the restrictions on Transfer provided in this Agreement, this Agreement, and each and every provision of it, shall be binding upon and shall inure to the benefits of the Members, their respective successors, successors-in-title, personal representatives, heirs, Assignees, and other assigns.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>31 <br>

**Section 15.2 Power of Attorney**

Each Member hereby irrevocably constitutes and appoints the Manager and, if a liquidator shall have been selected pursuant to Section 12.4, the liquidator, and each of their authorized officers and attorneys in fact, as the case may be, with full power of substitution, as his or her true and lawful agent and attorney in fact, with full power and authority in his or her name, place and stead, to:

a. execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including this Agreement and the Articles of Organization and all amendments or restatements hereof or thereof) that the Manager, or the liquidator, determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Company as a series limited liability company in the State of Wyoming and in all other jurisdictions in which the Company or any Series may conduct business or own property; (B) all certificates, documents and other instruments that the Manager, or the liquidator, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments that the Manager or the liquidator determines to be necessary or appropriate to reflect the dissolution, liquidation or termination of the Company or a Series pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or substitution of any Member pursuant to, or in connection with other events described in Articles 3 and 4; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Units; (F) all certificates, documents and other instruments that the Manager or liquidator determines to be necessary or appropriate to maintain the separate rights, assets, obligations and liabilities of the Company; and (G) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger, consolidation or conversion of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments that the Manager or the liquidator determines to be necessary or appropriate to (A) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by any of the Members hereunder or is consistent with the terms of this Agreement or (B) effectuate the terms or intent of this Agreement; provided, that when any provision of this Agreement that establishes a percentage of the Members or of the Members of any Series required to take any action, the Manager, or the liquidator, may exercise the power of attorney made in this paragraph only after the necessary vote, consent, approval, agreement or other action of the Members or of the Members of such Series, as applicable.

Nothing contained in this Section shall be construed as authorizing the Manager, or the liquidator, to amend, change or modify this Agreement except in accordance with Section 14.3 or as may be otherwise expressly provided for in this Agreement.

The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Member and the transfer of all or any portion of such Member's Units and shall extend to such Members heirs, successors, assigns and personal representatives. Each such Member hereby agrees to be bound by any representation made by any officer of the Manager, or the liquidator, acting in good faith pursuant to such power of attorney; and each such Member, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Manager, or the liquidator, taken in good faith under such power of attorney in accordance with this Section. Each Member shall execute and deliver to the Manager, or the liquidator, within 15 days after receipt of the request therefor, such further designation, powers of attorney and other instruments as any of such officers or the liquidator determines to be necessary or appropriate to effectuate this Agreement and the purposes of the Company.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>32 <br>

**Section 15.3 Amendment**

Provided that in each of the following instances, the Manager reasonably determines that such amendment will not subject any Member to any material, adverse economic consequences, the Manager, without the consent of the Members, may amend any provision of this Agreement or the Articles of Organization, and may execute, swear to, acknowledge, deliver, file, and record such documents as may be required in connection therewith, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. change the name of the Company or the location of its principal office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. add to the duties or obligations of the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. cure any ambiguity or correct or supplement any inconsistency in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. correct any printing, typographical, or clerical errors or omissions in order that the Agreement shall accurately reflect the agreement among the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. reflect information regarding the admission of any Additional Member or substitute Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. reflect a change that the Manager determines to be necessary or appropriate in connection with any action taken or to be taken by the Manager pursuant to the authority granted in ARTICLE V hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. reflect a change that the Manager determines to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. reflect a change that the Manager determines to be necessary, desirable or appropriate to facilitate the trading of the Units or comply with any rule, regulation, guideline or requirement of any National Securities Exchange or over-the-counter market on which Units are or will be listed for trading, compliance with any of which the Manager deems to be in the best interests of the Company and the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. reflect a change that is required to effect the intent expressed in any securities offering document or the intent of the provisions of this Agreement or is otherwise contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. reflect a change in the fiscal year or taxable year of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. an amendment that the Manager determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company, the Manager, any Officers or any trustees or agents of the Company from in any manner being subjected to the provisions of the Investment Company Act, the Investment Advisers Act, or plan asset regulations adopted under ERISA, regardless of whether such are substantially similar to plan asset regulations currently applied or proposed by the United States Department of Labor;

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>33 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. an amendment that the Manager determines to be necessary or appropriate in connection with the establishment or creation of additional classes or series of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. any other amendment other than an amendment expressly requiring consent of the Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. any other amendments substantially similar to the foregoing.

otherwise permitted by this Agreement and the power of attorney as set forth above in Section 15.2 shall require the written consent or vote of a Required Interest.

**Section 15.4 Custodian Relationship**

In order to maintain easy governance and a clean cap table, avoid burdensome legal requirements and facilitate future trading of Units, the Company may Transfer issued Units to the name of a custodian selected by the Manager so long or as otherwise permitted by this Agreement and the power of attorney as set forth in Exhibit A shall require the written consent or vote of a Required Interest.

**Section 15.5 Partition**

Each Member, its successors, and assigns hereby waives any rights to have any Company Asset partitioned, and, pursuant to such waiver, no Member, nor any successor or assign of any Member, shall have the right while this Agreement remains in effect to file a complaint or institute any proceeding at law to seek, or to otherwise demand, request, or require, the liquidation or dissolution of the Company, the return of capital or any specific Company Assets, or, in equity, to have Company Assets partitioned, and each Member, on its own behalf and that of its successors, representatives, heirs, and assigns, hereby waives any such right.

The Members intend that during the term of this Agreement, the rights of the Members and their successors-in-interest, as among themselves, shall be governed by the terms of this Agreement, and that the right of any Member or successors-in-interest to Transfer or otherwise dispose of its Membership Interest in the Company shall be subject to the limitations and restrictions of this Agreement.

**Section 15.6 No Waiver**

The failure of any Member to insist upon strict performance of any provision or obligation of this Agreement, irrespective of the length of time for which such failure continues, shall not be a waiver of such Member's right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or default in the performance of any obligations under this Agreement, shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation.

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>34 <br>

**Section 15.7 Construction and Miscellaneous**

The following general matters shall apply to the provisions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Construction</u>. Unless the context requires otherwise, words denoting the singular may be construed as plural and words of the plural may be construed as denoting the singular. Words of one gender may be construed as denoting another gender or no gender as is appropriate within such context. The word "or" when used in a list may function as both a conjunction and a disjunction if the context permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Headings of Articles, Sections, and Subsections</u>. The headings of Articles, Sections, and Subsections used within this Agreement are included solely for the convenience and reference of the reader. They shall have no significance in the interpretation or construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Notices</u>. Any notice or communication to be given under the terms of this Agreement ("Notice") shall be in writing and shall be personally delivered or sent by overnight delivery, certified United States mail, or email. Notice shall be effective: (a) if emailed or personally delivered, when delivered; (b) if by overnight delivery, the day after delivery thereof to a reputable overnight courier service, delivery charges prepaid; or (c) if mailed, at midnight on the third business day after deposit in the mail, postage prepaid. Notices to the Company shall be addressed to its address below and to Members at their address for correspondence as set forth in the subscription documents, each as amended from time to time by Notice of the transferring party. Additionally, the Manager may provide Notice to the Members via a Company-related online platform. The Manager does not permit Notice by email.

North Star Recovery & Wellness, LLC

Attn: Brandon "Jay" Tobey

6550 Millrock Dr #300

Salt Lake City, UT 84121

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Applicable State Law</u>. This Agreement shall be governed, construed, and enforced in accordance with the laws of Wyoming, without regard to its conflict of laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Execution; Duplicate Originals</u>. This Agreement may be executed manually, electronically, or by facsimile transmission, and in multiple counterparts. Each counterpart shall be considered a duplicate original agreement and all such counterparts shall, taken together, be considered one Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Severability</u>. If any provision of this Agreement is declared by a court of competent jurisdiction to be illegal, invalid, or unenforceable for any reason, such provision shall be fully severable and such illegality, invalidity, or unenforceability shall not affect the remaining provisions of this Agreement. Furthermore, in lieu of each illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible, legal, valid, and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Acceptance</u>. Each Manager and Member hereby acknowledges and confirms that he, she, or it has reviewed this Agreement, accepts all its provisions, and agrees to be bound by all the terms, conditions, and restrictions contained in this Agreement.

***[Signature Page Follows]***

 

AMENDED & RESTATED OPERATING AGREEMENT OF<br>NORTH STAR RECOVERY & WELLNESS, LLC<br>35 <br>

IN WITNESS WHEREOF, the Members and the Manager have executed or approved this Agreement effective June 17, 2025.

---

| | |
|:---|:---|
| **MANAGER:** | **MANAGER:** |
| **North Star Group Management LLC**, | **North Star Group Management LLC**, |
| a Wyoming limited liability company | a Wyoming limited liability company |
| By: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Jay Tobey, its managing member |

---

## Add

**Exhibit 3.1**

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

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

**FORM OF SERIES A-1 BOND**

---

| | |
|:---|:---|
| **$____________** | Dated: **_____________** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Calculation; Payment of Interest</u>. Interest shall be due and payable at Maturity (below defined) at the fixed interest rate of eight percent (8%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below*.* Interest shall be computed on the basis of a year consisting of three hundred sixty-five (365) days based on the actual number of days elapsed. Interest will compound monthly. Such calculations shall be made in the Company's sole discretion.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Repayment at Holder's Demand.</u> Following a lock-up period of three (3) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH transfer if set-up through the NSRW Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

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

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

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

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

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

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

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

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

---

| |
|:---|
| NORTH STAR RECOVERY & WELLNESS, LLC |
| By: |
| Name: |
| Title: |

---

## Add

**Exhibit 3.2**

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

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

**FORM OF SERIES A-2 BOND**

---

| | |
|:---|:---|
| **$____________** | Dated: **_____________** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Calculation of Interest</u>. Interest shall be due and payable monthly at the fixed interest rate of eight percent (8%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below*.* Interest shall be calculated on the basis of a 360 day year, comprised of 12 equal months 30 days long each. Such calculations shall be made in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Monthly Interest Only Payments</u>. Interest shall be paid monthly on the 1st day of each month, commencing on the 1<sup>st</sup> of the month which begins sixty days after the issuance date. If the 1st of the month falls on a weekend or U.S. federal bank holiday, payment will be made on the next following business day (i.e., the next day after the 1<sup>st</sup> on which banks are open for business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Principal Repayment via Redemption by Company or Repayment at Holder's Demand</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Repayment at Holder's Demand.</u> Following a lock-up period of three (3) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH transfer if set-up through the NSRW Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

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

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

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

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

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

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

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

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

---

| |
|:---|
| NORTH STAR RECOVERY & WELLNESS, LLC |
| By: |
| Name: |
| Title: |

---

## Add

**Exhibit 3.3**

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

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

**FORM OF SERIES A-1 BOND**

---

| | |
|:---|:---|
| $| Dated: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Calculation; Payment of Interest</u>. Interest shall be due and payable at Maturity (below defined) at the fixed interest rate of eight percent (8%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below*.* Interest shall be computed on the basis of a year consisting of three hundred sixty-five (365) days based on the actual number of days elapsed. Interest will compound monthly. Such calculations shall be made in the Company's sole discretion.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Repayment at Holder's Demand.</u> Following a lock-up period of three (3) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH transfer if set-up through the NSRW Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

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

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

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

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

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

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

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

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

---

| |
|:---|
| NORTH STAR RECOVERY & WELLNESS, LLC |
| By: |
| Name: |
| Title: |

---

## Add

**Exhibit 3.4**

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

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

**FORM OF SERIES B-2 BOND**

---

| | |
|:---|:---|
| **$____________** | Dated: **_____________** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Calculation of Interest</u>. Interest shall be due and payable monthly at the fixed interest rate of ten percent (10%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below*.* Interest shall be calculated on the basis of a 360 day year, comprised of 12 equal months 30 days long each. Such calculations shall be made in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Monthly Interest Only Payments</u>. Interest shall be paid monthly on the 1st day of each month, commencing on the 1<sup>st</sup> of the month which begins sixty days after the issuance date. If the 1st of the month falls on a weekend or U.S. federal bank holiday, payment will be made on the next following business day (i.e., the next day after the 1<sup>st</sup> on which banks are open for business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Principal Repayment via Redemption by Company or Repayment at Holder's Demand</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Repayment at Holder's Demand.</u> Following a lock-up period of three (3) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH transfer if set-up through the NSRW Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

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

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

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

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

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

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

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

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

---

| |
|:---|
| NORTH STAR RECOVERY & WELLNESS, LLC |
| By: |
| Name: |
| Title: |

---

## Add

**Exhibit 3.5**

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

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

**FORM OF SERIES C-1 BOND**

---

| | |
|:---|:---|
| **$____________** | Dated: **_____________** |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Calculation; Payment of Interest</u>. Interest shall be due and payable at Maturity (below defined) at the fixed interest rate of twelve percent (12%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below*.* Interest shall be computed on the basis of a year consisting of three hundred sixty-five (365) days based on the actual number of days elapsed. Interest will compound monthly. Such calculations shall be made in the Company's sole discretion.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Repayment at Holder's Demand.</u> Following a lock-up period of three (3) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH transfer if set-up through the NSRW Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

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

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

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

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

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

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

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

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

---

| |
|:---|
| NORTH STAR RECOVERY & WELLNESS, LLC |
| By: |
| Name: |
| Title: |

---

## Add

**Exhibit 3.6**

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

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

**FORM OF SERIES C-2 BOND**

---

| | |
|:---|:---|
| **$** | Dated: |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Calculation of Interest</u>. Interest shall be due and payable monthly at the fixed interest rate of twelve percent (12%) per annum, calculated from the day following the date that the Holder's subscription to purchase this Bond was accepted by the Company through the Repayment Date, defined below*.* Interest shall be calculated on the basis of a 360 day year, comprised of 12 equal months 30 days long each. Such calculations shall be made in the Company's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Monthly Interest Only Payments</u>. Interest shall be paid monthly on the 1st day of each month, commencing on the 1<sup>st</sup> of the month which begins sixty days after the issuance date. If the 1st of the month falls on a weekend or U.S. federal bank holiday, payment will be made on the next following business day (i.e., the next day after the 1<sup>st</sup> on which banks are open for business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Principal Repayment via Redemption by Company or Repayment at Holder's Demand</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Repayment at Holder's Demand.</u> Following a lock-up period of three (3) years from the issuance date of this Bond, the Holder shall have the right to cause the Company to repay all of the unpaid Principal Sum (the "**Outstanding Principal Balance**") and all accrued but unpaid interest by providing thirty (30) days prior written notice to Company made in accordance with the notice provisions under the Bind Purchase Agreement. The Outstanding Principal Balance plus any accrued but unpaid interest will be calculated up to but not including the date the notice sent by Holder is received by the Company (the "**Repayment Date**"). Interest shall cease accruing on the Bond on the Repayment Date. The Outstanding Principal Balance together with interest through the Repayment Date shall be paid to Holder within thirty (30) days following the Repayment Date ("Maturity"). Payments may be made by ACH transfer if set-up through the NSRW Site or by check mailed to the address provided by Holder in accordance with the Bond Purchase Agreement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

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

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

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

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

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

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

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

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

---

| |
|:---|
| NORTH STAR RECOVERY & WELLNESS, LLC |
| By: |
| Name: |
| Title: |

---

## Add

**Exhibit 4.1**

**BOND PURCHASE AGREEMENT**

The following terms constitute a binding agreement (this "Agreement") between you, as an investor ("Investor" or "you") and North Star Recovery & Wellness, LLC, a Wyoming limited liability company ("Company," "NSRW," "our," "we" or "us"). This Agreement will govern all purchases of Bonds (the "Bonds") that you may, from time to time, make from NSRW. Prior to completing your purchase of Bonds, by executing this Agreement, you acknowledge you have reviewed the NSRW Terms of Use ("Terms of Use"), the Privacy Policy ("Privacy Policy"), and the Frequently Asked Questions ("FAQs") on our website at https://www.northstarrecovery.care/, and any subdomain thereof (collectively, the "NSRW Site"). By signing electronically through the NSRW Site, you agree that you have read these documents and agree to the following terms, together with the Terms of Use, consent to our Privacy Policy, agree to transact business with us and receive communications relating to the Bonds electronically, and agree to have any dispute with us resolved by binding arbitration. All terms not otherwise defined herein shall have the same meaning as in the Bond.

In consideration of the covenants, agreements, representations, and warranties hereinafter set forth, and for other good and valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. PURCHASE OF BONDS**. Subject to the terms and conditions of this Agreement, you agree to purchase Bonds with minimum denominations of $5,000.00 through the NSRW Site, selecting whether interest should be paid or compounded monthly, with each Bond having an interest rate determined by the denomination of each Bond you purchase. At the time you commit to purchase a Bond, you must have sufficient funds to complete the purchase, and you will not have access to those funds after you make a purchase commitment. Your commitment to purchase Bonds pursuant to the terms and conditions of this Agreement will be made by indicating the amount of Bonds you are purchasing and your acceptance of this Agreement on the NSRW Site. Such acceptance is binding upon you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. ISSUANCE**. Each time you purchase a Bond, it will be issued upon our acceptance of this agreement by the Company. Upon such acceptance, your Bond will begin bearing interest at the interest rate stated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. TERMS OF THE BONDS**. Each Bond shall have the terms and conditions described in the Bond issued by NSRW, a copy of which is attached to this Agreement as Exhibit A and incorporated herein by such reference.

The Bonds shall be issued by NSRW. If you purchase Bond in a single transaction of $250,000 or more, your interest rate under the Bond will be 12% per annum. If you purchase a Bond in a single transaction of between $50,000 and $249,999.99, your interest rate under the Bond will be 10% per annum. All other Bonds will accrue interest at 8% per annum. Bonds are unsecured, general obligations of NSRW. You understand that you are NOT investing in, nor taking on direct financial risk of, any particular NSRW investment.

The Bonds may be purchased by both accredited investors (as that term is defined in the Securities Act of 1933, as amended (the "Securities Act")) and non-accredited investors. Generally, we place no limit on the amount of Bonds which may be purchased by an accredited investor. Pursuant to Rule 251(d)(2)(C) of the Securities Act, however, non-accredited investors who are natural persons may only invest the greater of 10% of their annual income or net worth and non-accredited investors who are not natural persons may only invest up to 10% of the greater of their net assets or revenues for the most recently completed fiscal year.

**NO ENTITY OR PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS AGREEMENT OR THE OFFERING CIRCULAR AND, IF GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED BY NSRW.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. YOUR COVENANTS AND ACKNOWLEDGEMENTS**. You understand and acknowledge the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Bonds have not been registered under the Securities Act, or under the securities act of any other jurisdiction, nor is any such registration contemplated. The Bonds will be offered and sold under the exemption provided by Section 3(b)(2) of the Securities Act and Regulation A promulgated thereunder pursuant to an offering statement on Form 1-A, including the offering circular which forms a part thereof, and the supplements and post-qualification amendments thereto (collectively, the "Offering Circular") filed with the U.S. Securities and Exchange Commission ("SEC") available at: www.sec.gov and other exemptions of similar import in the laws of the states and other jurisdictions where the offering will be made. You have received and should review the Offering Circular prior to entering into this Agreement. Neither the SEC nor any state securities commission has passed upon the merits of or given its approval of any securities offered or the terms of the offering nor passed upon the accuracy or completeness of any Offering Circular or other selling literature. Any representation to the contrary is a criminal offense. The Bonds are being offered pursuant to an exemption from registration with the SEC; however, the SEC has not made an independent determination that the securities offered thereunder are exempt from registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) INVESTMENT IN THE BONDS IS HIGHLY RISKY AND YOU MAY LOSE ALL YOUR INVESTMENT. THESE ARE SPECULATIVE SECURITIES. YOU SHOULD PURCHASE THESE SECURITIES ONLY IF YOU CAN AFFORD A COMPLETE LOSS OF YOUR INVESTMENT. BEFORE PURCHASING A BOND, YOU SHOULD REVIEW THE RISK DISCLOSURES AND OTHER TERMS OF THE SECURITIES OFFERING AVAILABLE IN THE NSRW FORM 1-A OFFERING STATEMENT ON THE SEC'S EDGAR FILINGS DATABASE AT HTTP://WWW.SEC.GOV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) THE BONDS DO NOT REPRESENT AN OWNERSHIP INTEREST IN ANY SPECIFIC ASSETS OR THEIR PROCEEDS. YOU UNDERSTAND THAT THE BONDS ARE UNSECURED GENERAL OBLIGATIONS OF NSRW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) YOU UNDERSTAND THAT AS NSRW HAS A LIMITED OPERATING HISTORY, AND IS IN THE EARLY STAGES OF DEVELOPMENT, WE FACE INCREASED RISKS, UNCERTAINTIES, EXPENSES, AND DIFFICULTIES, WHICH COULD NEGATIVELY AFFECT YOUR INVESTMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) PLEASE SEE THE OFFERING CIRCULAR AND OUR OTHER FILINGS WITH THE SEC WHICH ARE AVAILABLE ON ITS WEBSITE AT WWW.SEC.GOV FOR CERTAIN RISK DISCLOSURES REGARDING YOUR INVESTMENT IN THE BONDS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) THE BONDS WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE, NOR DO WE HAVE PLANS TO ESTABLISH ANY KIND OF TRADING PLATFORM TO ASSIST INVESTORS WHO WISH TO SELL THEIR BONDS. THERE IS NO PUBLIC MARKET FOR THE BONDS, AND NONE IS EXPECTED TO DEVELOP. BONDS MAY BE SUBJECT TO TRANSFER RESTRICTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) THIS AGREEMENT IS NOT BINDING ON US UNTIL WE HAVE ACCEPTED THE AGREEMENT VIA SIGNATURE BY AN AUTHORIZED INDIVIDUAL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) THE BONDS WILL BE GOVERNED BY AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF WYOMING.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BONDS ARE NOT ASSIGNABLE OR TRANSFERABLE WITHOUT OUR CONSENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) WE WILL ISSUE THE BONDS ONLY IN ELECTRONIC FORM. INVESTORS WILL BE REQUIRED TO HOLD THEIR BONDS THROUGH NSRW'S ELECTRONIC BOND REGISTER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) EACH BOND WILL BE REPAYABLE UPON YOUR DEMAND, SUBJECT TO YOUR SELECTED LOCK UP PERIOD, OR REDEEMABLE BY NSRW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) IF THE SECURITY OF OUR INVESTORS' CONFIDENTIAL INFORMATION STORAGE SYSTEMS IS BREACHED OR OTHERWISE SUBJECTED TO UNAUTHORIZED ACCESS, YOUR SECURE INFORMATION MAY BE STOLEN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) THE BONDS WILL NOT RESTRICT OUR ABILITY TO INCUR ADDITIONAL INDEBTEDNESS, INCLUDING INDEBTEDNESS SECURED BY OUR ASSETS.

You and NSRW agree that the Bonds are intended to be indebtedness of NSRW for U.S. federal income tax purposes. You agree that you will not take any position inconsistent with such treatment of the Bonds for tax, accounting, or other purposes, unless required by law. You further acknowledge that the Bonds will be subject to the original issue discount rules of the Internal Revenue Code of 1986, as amended. You acknowledge that you are prepared to bear the risk of loss of your entire purchase price for any Bonds you purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. YOUR ACKNOWLEDGMENTS, REPRESENTATIONS, WARRANTIES, AND COVENANTS**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) You represent and warrant (i) at the time of the purchase of Bonds that you are an accredited investor (as that term is defined in the Securities Act), or if you are not an accredited investor, you will not invest more than the greater of 10% of your annual income or net worth (for natural persons) or revenue or net assets for your most recently completed fiscal year end (if not a natural person), (ii) that you satisfy any additional minimum financial suitability standards applicable to the state in which you reside, and (iii) that you covenant that you will abide by the maximum investment limits, as set forth below or as may be set forth on the NSRW Site. You agree to provide any additional documentation reasonably requested by us, as may be required by the securities administrators or regulators of the federal government or of any state, to confirm that you meet such minimum financial suitability standards and have satisfied any maximum investment limits. You understand that the Bonds will not be listed on any securities exchange, that there will be no trading platform for the Bonds, and that Bond purchasers should be prepared to hold the Bonds they purchase until the Bonds are repurchased by us at your demand or upon our redemption of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You have accurately answered all questions on and completed the signature page hereto and each other schedule and exhibit attached hereto, which are made a part hereof by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) You further represent and warrant to NSRW, as of the date of this Agreement and as of any date that you commit to purchase Bonds that: (i) you have the power to enter into and perform your obligations under this Agreement; (ii) this Agreement has been duly authorized, executed and delivered by you and (iii) in connection with this Agreement, you have complied in all material respects with application federal, state and local laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) You further represent, warrant and covenant that if you elect to have interest on the Bonds paid monthly, and you are an IRA, that you consent to us changing the election, in our sole discretion, such that interest is compounded monthly until repayment of the Bonds rather than paid monthly, immediately upon delivering written notice of such change to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) You further represent, warrant and covenant that if you request the repayment of Bonds, NSRW may make such repayment to you within 30 days of the written request for such repayment, subject to the terms of the Repayment at Holder's Demand clause in the Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) You should check the Office of Foreign Assets Control ("OFAC") website at before making the following representations. You represent that the amounts invested by you in the Bonds were not and are not directly or indirectly derived from activities that contravene federal, state or international laws and regulations, including anti-money laundering laws and regulations. Federal regulations and Executive Orders administered by OFAC prohibit, among other things, the engagement in transactions with, and the provision of services to, certain foreign countries, territories, entities and individuals<sup>1</sup>. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at . In addition, the programs administered by OFAC (the "OFAC Programs") prohibit dealing with individuals or entities in certain countries regardless of whether such individuals or entities appear on the OFAC lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. NSRW REPRESENTATIONS AND WARRANTIES**. NSRW represents and warrants to you, as of the date of this Agreement and as of any date that you commit to purchase Bonds, that: (a) it is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Wyoming and has the requisite corporate power to enter into and perform its obligations under this Agreement; (b) this Agreement has been duly authorized, executed, and delivered by NSRW; (c) the Bonds have been duly authorized and, following payment of the purchase price by you and electronic execution, authentication, and delivery to you, will constitute valid and binding obligations of NSRW enforceable against NSRW in accordance with their terms, except as the enforcement thereof may

be limited by applicable bankruptcy, insolvency, or other laws; and (d) NSRW has complied in all material respects with applicable federal, state, and local laws in connection with the offer and sale of the Bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. NO ADVISORY RELATIONSHIP**. YOU ACKNOWLEDGE AND AGREE THAT THE PURCHASE AND SALE OF THE BONDS PURSUANT TO THIS AGREEMENT IS AN ARMS-LENGTH TRANSACTION BETWEEN YOU AND NSRW. NSRW IS NOT AN INVESTMENT ADVISER OR BROKER/DEALER IN CONNECTION WITH THE PURCHASE AND SALE OF THE BONDS, NSRW IS NOT ACTING AS YOUR AGENT OR FIDUCIARY. NSRW ASSUMES NO ADVISORY OR FIDUCIARY RESPONSIBILITY IN YOUR FAVOR IN CONNECTION WITH THE PURCHASE AND SALE OF THE BONDS. NSRW HAS NOT PROVIDED YOU WITH ANY LEGAL, ACCOUNTING, REGULATORY, INVESTMENT OR TAX ADVICE WITH RESPECT TO THE BONDS. YOU HAVE CONSULTED YOUR OWN LEGAL, ACCOUNTING, REGULATORY, INVESTMENT AND/OR TAX ADVISORS TO THE EXTENT YOU HAVE DEEMED APPROPRIATE.

<sup>1</sup> These individuals include specially designated nationals, specially designated narcotics traffickers and other parties subject to OFAC sanctions and embargo programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. LIMITATIONS ON DAMAGES**. IN NO EVENT SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY FOR ANY LOST PROFITS OR SPECIAL, EXEMPLARY, CONSEQUENTIAL, OR PUNITIVE DAMAGES, EVEN IF INFORMED OF THE POSSIBILITY OF SUCH DAMAGES. FURTHERMORE, NEITHER PARTY MAKES ANY REPRESENTATION OR WARRANTY TO THE OTHER REGARDING THE EFFECT THAT THIS AGREEMENT MAY HAVE UPON THE FOREIGN, FEDERAL, STATE, OR LOCAL TAX LIABILITY OF THE OTHER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. FURTHER ASSURANCES**. The parties agree to execute and deliver such further documents and information as may be reasonably required in order to effectuate the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. CONSENT TO ELECTRONIC TRANSACTIONS AND DISCLOSURES**. You consent to transact business with us online and electronically. As part of doing business with us, therefore, we also need you to consent to our giving you certain disclosures electronically, either via the NSRW Site or to the email address you provide to us. By entering into this Agreement, you consent to receive electronically all documents, communications, notices, contracts, and agreements arising from or relating in any way to you or our rights, obligations, or services under this Agreement (each, a "Disclosure"). The decision to do business with us electronically is yours. This document informs you of your rights concerning Disclosures.

*Electronic Communications.* Any Disclosures will be provided to you electronically through our NSRW Site or via electronic mail to the verified email address you provided. If you require paper copies of such Disclosures, you may write to us at the mailing address provided below and a paper copy will be sent to you.

*Scope of Consent.* Your consent to receive Disclosures and transact business electronically, and our agreement to do so, applies to any transactions to which such Disclosures relate.

*Consenting to Do Business Electronically.* Before you decide to do business electronically with us, you should consider whether you have the required hardware and software capabilities described below.

*Hardware and Software Requirements.* In order to access and retain Disclosures electronically, you must satisfy the following computer hardware and software requirements: access to the Internet; an email account and related software capable of receiving email through the Internet; a web browser which is SSL-compliant and supports secure sessions, and hardware capable of running this software.

*How to Contact Us regarding Electronic Disclosures.* You can contact us via email at EMAIL@northstarfingroup.com or in writing to North Star Recovery & Wellness, LLC, 6550 Millrock Dr #300, Salt Lake City, Utah 84121.

You will keep us informed of any change in your email or home mailing address so that you can continue to receive all Disclosures in a timely fashion. If your registered email address changes, you must notify us of the change by sending an email to EMAIL@northstarfingroup.com. You also agree to update your registered residence address and telephone number on the NSRW Site if they change.

You will print a copy of this Agreement for your records. You agree and acknowledge that you can access, receive, and retain all Disclosures electronically sent via email or posted on the NSRW Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. NOTICES**. All notices, requests, demands, required disclosures, and other communications to you from NSRW will be transmitted to you only by email to the email address you have registered on the NSRW Site or will be posted on the NSRW Site, and shall be deemed to have been duly given and effective upon transmission or posting. If your registered email address changes, you must notify NSRW promptly. You also agree to promptly update your registered residence/mailing address on the NSRW Site if you change your residence. You shall send all notices or other communications required to be given hereunder to NSRW via email at EMAIL@northstarfingroup.com or in writing to North Star Recovery & Wellness, LLC at 6550 Millrock Dr #300, Salt Lake City, Utah 84121.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. MISCELLANEOUS**. We reserve the right to make changes to this Agreement from time to time, and we will send or post electronic notice of such changes with ten days of the change(s). You understand and agree that these terms are subject to change.

The terms of this Agreement shall survive until the Bonds purchased by you are repaid by NSRW at your demand or redeemed by NSRW. The parties stipulate that there are no third-party beneficiaries to this Agreement. You may not assign, transfer, sublicense, or otherwise delegate your rights or responsibilities under this Agreement to any person without prior written consent from NSRW. Any such assignment, transfer, sublicense, or delegation in violation of this section shall be null and void. This Agreement shall be governed by the laws of the State of Wyoming without regard to any principle of conflict of laws that would require or permit the application of the laws of any other jurisdiction. Any waiver of a breach of any provision of this Agreement will not be a waiver of any subsequent breach. Failure or delay by NSRW to enforce any term or condition of this Agreement will not constitute a waiver of such term or condition. If at any time subsequent to the date hereof, any of the provisions of this Agreement shall be held by any court of competent jurisdiction to be illegal, void, or unenforceable, such provision shall be of no force and effect, but the illegality and unenforceability of such provision shall have no effect upon and shall not impair the enforceability of any other provisions of this Agreement. The headings in this Agreement are for reference purposes only and shall not affect the interpretation of this Agreement in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. NOTICE OF DISPUTE RESOLUTION BY BINDING ARBITRATION AND CLASS ACTION/CLASS ARBITRATION WAIVER**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) IMPORTANT: PLEASE READ CAREFULLY. THE FOLLOWING PROVISION ("ARBITRATION PROVISION") CONSTITUTES A BINDING AGREEMENT THAT LIMITS CERTAIN RIGHTS, INCLUDING YOUR RIGHT TO OBTAIN RELIEF OR DAMAGES THROUGH COURT ACTION OR AS A MEMBER OF A CLASS. THAT MEANS THAT, IN THE EVENT THAT YOU HAVE A COMPLAINT AGAINST NSRW THAT THE NSRW IS UNABLE TO RESOLVE TO YOUR SATISFACTION AND THAT CAN NOT BE RESOLVED THROUGH MEDIATION, YOU AND NSRW AGREE TO RESOLVE YOUR DISPUTE THROUGH BINDING ARBITRATION, INSTEAD OF THROUGH COURTS OF GENERAL JURISDICTION OR THROUGH A CLASS ACTION. BY ENTERING INTO THIS AGREEMENT, YOU AND NSRW ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY AND TO PARTICIPATE IN ANY CLASS ACTION. THE ARBITRATION PROVISION AND THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION IS NOT INTENDED TO BE DEEMED A WAIVER BY YOU OF OUR COMPLIANCE WITH THE EXCHANGE ACT AND SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER. THE ARBITRATION, CLASS ACTION WAIVER AND JURY WAIVER PROVISIONS DO NOT APPLY TO CLAIMS BROUGHT UNDER THE EXCHANGE ACT AND SECURITIES ACT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Claim" shall mean any dispute or controversy arising out of or relating to this Agreement, your use of the NSRW Site, and/or the transactions, activities, or relationships that involve, lead to, or result from any of the foregoing. Claims include breach of contract, fraud, misrepresentation, express or implied warranty, and equitable, injunctive, or declaratory relief, as well as claims relating to loan servicing, credit/collections, and securities matters, regardless of the originating source (common law, statute, constitution, regulation, etc.). Claims include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise and include those brought by or against your assigns, heirs, or beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Claim arises and such Claim cannot be settled through direct discussions, the parties hereto agree to endeavor first to settle the dispute by mediation administered by the American Arbitration Association (the "AAA") under its Commercial Mediation Procedures before resorting to arbitration pursuant to this Section 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any unresolved Claim shall be settled by binding arbitration as the sole and exclusive forum and remedy for resolution of a Claim between you and NSRW. The Party initiating arbitration shall do so with the AAA. The procedure shall be governed by the AAA Commercial Arbitration Rules, and the parties stipulate that the laws of the State of Wyoming shall apply, without regard to conflict-of-law principles. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to controlling law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply. Arbitration shall take place in Salt Lake County, Utah, or in such location as agreed upon by the parties. Each party will, upon written request of the other party, promptly provide the other with copies of all relevant documents. There shall be no other discovery allowed. Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Absent agreement among the parties, the presiding arbitrator shall determine how to allocate the fees and costs of arbitration among the parties according to the administrator's rules or in accordance with controlling law if contrary to those rules. Each party shall bear the expense of that party's attorneys, experts, and witnesses, regardless of which party prevails in the arbitration, unless controlling law provides a right for the prevailing party to recover fees and costs from the other party. Notwithstanding the foregoing, if the arbitrator determines that your claim is frivolous or brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b)), we shall not be required to pay any fees or costs of the arbitration proceeding, and any previously paid fees or costs shall be reimbursed by you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the amount in controversy exceeds $50,000, any party may appeal the arbitrator's award to a three-arbitrator panel within thirty (30) days of the final award. Additionally, in the event of such an appeal, any opposing party may cross-appeal within thirty (30) days after notice of the appeal. The three-arbitrator panel may consider all of the evidence and issue a new award, and the panel does not have to adopt or give any weight to the first arbitrator's findings of fact or conclusion. This is called "*de novo*" review. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator's rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act (the "FAA"), and may be entered as a judgment in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The parties agree that this Arbitration Provision is made pursuant to a transaction between you and NSRW that involves and affects interstate commerce and therefore shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by the law of the State of Wyoming, subject to the limitations set forth in this Agreement. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The parties also agree that the proceedings shall be confidential to protect intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, YOU MAY OPT OUT OF THIS ARBITRATION PROVISION BY SENDING AN ARBITRATION OPT-OUT NOTICE TO NSRW, 6550 Millrock Dr #300, Salt Lake City, Utah 84121, THAT IS RECEIVED AT THIS ADDRESS WITHIN THIRTY (30) DAYS OF YOUR FIRST ELECTRONIC ACCEPTANCE OF THIS FORM. YOUR OPT-OUT NOTICE MUST CLEARLY STATE THAT YOU ARE REJECTING ARBITRATION; IDENTIFY THE AGREEMENT TO WHICH IT APPLIES BY DATE; PROVIDE YOUR NAME, ADDRESS, AND SOCIAL SECURITY NUMBER; AND BE SIGNED BY YOU. YOUR MAY CONVEY THE OPT-OUT NOTICE BY U.S. MAIL OR ANY PRIVATE MAIL CARRIER (E.G. FEDERAL EXPRESS, UNITED PARCEL SERVICE, DHL EXPRESS, ETC.), SO LONG AS IT IS RECEIVED AT THE ABOVE MAILING ADDRESS WITHIN THIRTY (30) DAYS OF YOUR FIRST ELECTRONIC ACCEPTANCE OF THE TERMS OF THIS AGREEMENT. IF THE NOTICE IS SENT BY A THIRD PARTY, SUCH THIRD PARTY MUST INCLUDE EVIDENCE OF HIS OR HER LEGAL AUTHORITY TO SUBMIT THE OPT-OUT NOTICE ON YOUR BEHALF. IF YOUR OPT-OUT NOTICE IS NOT RECEIVED WITHIN THIRTY (30) DAYS, YOU WILL BE DEEMED TO HAVE ACCEPTED ALL TERMS OF THIS ARBITRATION AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. Unless consented to in writing by all parties to the arbitration, no party to the arbitration may join, consolidate, or otherwise bring claims for or on behalf of two or more individuals or unrelated corporate entities in the same arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, or amendments to this Agreement and the relationship of the parties; (ii) the bankruptcy or insolvency of any party or other person; and (iii) any transfer of any Bond which you own, or any amounts owed on such Bonds, to any other person or entity. If any portion of this Arbitration Provision other than the prohibitions on class arbitration in Sections 13(a) and 13(h) is deemed invalid or unenforceable under any law or statute consistent with the FAA, it shall not invalidate the other provisions of this Arbitration Provision or this Agreement; if the prohibition on class arbitration is deemed invalid, however, then this entire Arbitration Provision shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARITIES HERETO WAIVE A TRIAL BY JURY AND TO PARTICIPATE IN ANY CLASS ACTION IN ANY LITIGATION RELATING TO THIS AGREEMENT, OR ANY OTHER AGREEMENTS RELATED THERTO. NOTWITHSTANDING THE FOREGOING SENTENCE, THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION IS NOT INTENDED TO BE DEEMED A WAIVER BY YOU OF OUR COMPLIANCE WITH THE EXCHANGE ACT AND SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. INDEMNIFICATION BY BONDHOLDER**. YOU AGREE TO INDEMNIFY, DEFEND (WITH COUNSEL SATISFACTORY TO NSRW) AND HOLD HARMLESS NSRW AGAINST ANY LOSS, LIAIBILTY, CLAIM OR EXPENSE, INCLUDING ATTORNEY'S FEES, THAT NSRW MAY INCUR AS A RESULT OF (A) ANY MISREPRESENTATION OR BREACH OF COVENANT BY YOU HEREIN OR IN ANY OTHER DOCUMENT FURNISHED BY YOU IN CONNECTION WITH THIS AGREEMENT OR YOUR PURCHASE OF BONDS OR (B) ANY ACTION FOR SECURITIES LAW VIOLATIONS INSTITUTED BY YOU WHICH IS FINALLY RESOLVED BY JUDGMENT AGAINST YOU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. ENTIRE AGREEMENT**. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED HEREIN, THIS AGREEMENT REPRESENTS THE ENTIRE AGREEMENT BETWEEN YOU AND NSRW REGARDING THE SUBJECT MATTER HEREOF AND SUPERSEDES ALL PRIOR OR CONTEMPORANEOUS COMMUNICATIONS, PROMISES AND PROPOSALS, WHETHER ORAL, WRITTEN OR ELECTRONIC, BETWEEN US. IF THERE IS A DISCREPANCY BETWEEN THE TERMS OF THIS AGREEMENT AND THE TERMS OF THE BONDS, THE TERMS OF THE BONDS SHALL PREVAIL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. HEADINGS**. ALL SECTION HEADINGS HEREIN ARE INSERTED FOR CONVENIENCE ONLY AND DO NOT MODIFY OR AFFECT THE MEANING, CONSTRUCTION, OR INTERPRETATION OF ANY OF THE PROVISIONS OF THIS AGREEMENT.

[*signatures follow on next page*]

**North Star Recovery & Wellness, LLC**

**BOND PURCHASE AGREEMENT SIGNATURE PAGE**

The undersigned, desiring to purchase Interests of North Star Recovery & Wellness, LLC, by executing this signature page, hereby executes, adopts and agrees to all terms, conditions and representations of the Bond Purchase Agreement.

IN WITNESS WHEREOF, the undersigned has executed this Bond Purchase Agreement on the date set forth below.

___________________

Date

$__________________

Bond Amount

___________________

Interest to be Paid Monthly or Compounded?

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| |
|:---|
| Agreed and Accepted by: |
| INVESTOR: |
| By: |
| Name: |
| Title: |
| NORTH STAR RECOVERY & WELLNESS, LLC: |
| By: |
| Name: |
| Title: |

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**ACCREDITED INVESTOR CERTIFICATE**

The Investor hereby represents and warrants that that the Investor is an Accredited Investor, as defined by Rule 501 of Regulation D under the Securities Act of 1933, and Investor meets at least one (1) of the following criteria (initial all that apply) or that Investor is an unaccredited investor and meets none of the following criteria:

*<u>Please initial each applicable statement below</u>*

1. ________ The
 Investor is a natural person (individual) whose own net worth, taken together with the net worth of the investor's spouse or
 spousal equivalent, exceeds $1,000,000. Net worth for this purpose means the difference between total assets and total liabilities,
 excluding positive equity in the investor's principal residence, but reduced by (1) any additional indebtedness secured by
 the investor's principal residence incurred within the 60 days prior to his/her purchase of Interests (other than debt incurred
 as a result of the acquisition of the primary residence) and (2) any negative equity in the investor's principal residence.
 Assets need not be held jointly to be included in the calculation of net worth, nor do the securities need to be purchased jointly.

2. ________ The
 Investor is a natural person (individual) who had an individual income in excess of $200,000 (or joint income with the investor's
 spouse or spousal equivalent in excess of $300,000) in each of the two previous years and who reasonably expects a gross income in
 excess of $200,000 (or joint income with the investor's spouse in excess of $300,000) this year.

3. ________ The
 Investor is a director or executive officer, or manager of the Company.

4. ________ The
 Investor is an entity as to which all the equity owners are accredited investors.

5. ________ The
 Investor is a trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring Interests, whose
 purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) of Regulation D of the Securities Act.

6. ________ The
 Investor is an organization described in section 501(c)(3) of the Internal Revenue Code, corporation, Massachusetts or similar business
 trust, or partnership, or limited liability company, not formed for the specific purpose of acquiring the securities offered, with
 total assets in excess of $5,000,000.

7. ________ The
 Investor is either (i) a bank or any savings and loan association or other institution acting in its individual or fiduciary capacity;
 (ii) a broker or dealer; (iii) a registered investment adviser or investment adviser relying on the exemption from registering under
 the Investment Advisers Act of 1940; (iv) an insurance company; (v) an investment company or a business development company under
 the 1940 Act or a private business development company under the 1940 Act; (vi) a Small Business Investment Company licensed by the
 U.S. Small Business Administration; (vii) a Rural Business Investment Company as defined in the Consolidated Farm and Rural Development
 Act; or (viii) an employee benefit plan whose investment decision is being made by a plan fiduciary, which is either a bank, savings
 and loan association, insurance company, registered investment adviser, or an employee benefit plan whose total assets are in excess
 of $5,000,000 or a self-directed employee benefit plan whose investment decisions are made solely by persons that are accredited
 investors.

8. ________ The
 Investor is an entity not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000.

9. ________ The
 Investor is a natural person holding in good standing a Series 7, 65, or 82 license or one or more professional certifications or
 designations or credentials from an accredited educational institution that the SEC has designated as qualifying an individual for
 accredited investor status. The professional certifications or designations or credentials currently recognized by the SEC as satisfying
 the above criteria will be posted on its website.

10. ________ The
 Investor is a "family office" as defined in the Investment Advisers Act of 1940 and (i) with assets under management
 in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective
 investment is directed by a person who has such knowledge and experience in financial and business matters that such family office
 is capable of evaluating the merits and risks of the prospective investment; or a "family client" of such family office
 whose prospective investment is directed by such family office.

**INVESTOR INFORMATION QUESTIONNAIRE**

The Investor warrants that the following information is true and correct, and the Company may rely on the following information in deciding whether to accept Investor's bond purchase.

EITHER (i) The Investor is an accredited investor (as that term is defined in Regulation D under the Securities Act because the undersigned meets the criteria set forth above in the Accredited Investor Certificate attached hereto: ☐

OR (ii) The Bond Purchase Amount on the Signature Page hereto (together with any previous investments in the Interests pursuant to this offering) does not exceed 10% of the greater of the Investor's net worth or annual income for all investments in this offering. ☐

In calculating your net worth: (i) your primary residence shall not be included as an asset; (ii) indebtedness that is secured by your primary residence, up to the estimated fair market value of the primary residence at the time of entering into this Bond Purchase Agreement, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of entering into this Bond Purchase Agreement exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by your primary residence in excess of the estimated fair market value of the primary residence at the time of entering into this Bond Purchase Agreement shall be included as a liability.

**Complete the following for each Investor (include joint-holder if applicable)**

Name: _______________________________________________________________

Address: _______________________________________________________________

Phone Number: _______________________________________________________________

Email: _______________________________________________________________

Taxpayer ID No.: _______________________________Date of Birth: ____________________

Driver's License State: ___________ DL No.: _______________________

**If Investor is an entity, please complete the following:**

Note: Representatives of entities who will be responsible for making the decision to purchase the securities must <u>each</u> complete the ABOVE INVESTOR INFORMATION.

Type of Entity: __________________________ State of Formation: _____________________

Date of Formation: ___________________________ Number of Equity Owners: ____________________

**If Investor is a trust or an estate, please complete the following:**

Note: <u>Each</u> trustee or executor must complete THE ABOVE QUESTIONNAIRE.

Type of Entity: ☐ Trust ☐ Estate / ☐ Revocable ☐ Irrevocable

Date of Formation: _____________________________Number of Beneficiaries: ________________

**<u>Check this box if the securities will be held in a custodial account: ☐</u>**

Type of account: _________________________________________

Name of account provider: __________________________________

Address of account provider: ________________________________

## Add

**Exhibit 11.1**

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the use, in this Offering Circular on Form 1-A of our independent auditor's report dated May 20, 2025, with respect to the audited balance sheets of **North Star Recovery & Wellness, LLC (formerly Central Park Fund 1, LLC)** as of December 31, 2024 and 2023, and the related statements of operations, changes in stockholders' deficit, and cash flows for the period from inception to December 31, 2023 and the year ended December 31, 2024, and the related notes to the financial statements.

Very truly yours,

Assurance Dimensions

 

/s/ Assurance Dimensions

Tampa, Florida

June 22, 2025

## Add

**Exhibit 12.1**

![](ex12-1_001.jpg)

North Star Recovery & Wellness, LLC

6550 Millrock Dr #300

Salt Lake City, UT 84121

July 2, 2025

<u>Re: Form 1-A Offering Statement</u>

Ladies and Gentlemen:

Dodson Robinette, PLLC dba Crowdfunding Lawyers has acted as counsel to Central Park Fund 1, LLC, a Wyoming corporation (the "Company"), in connection with the preparation and filing with the Securities and Exchange Commission of a Regulation A Offering Statement on Form 1-A (the "Offering Statement") relating to the sale by the Company of up to 75,000,000 Class A, Class B, and Class C membership interests of the Company for total potential gross proceeds of $75,000,000. This opinion is being delivered in accordance with the requirements of Part III of Form 1-A. The Class A membership interests described above may collectively be referred to herein as the "interests" and each, individually, as an "interest."

In rendering this opinion, we have examined (i) the Offering Statement and the exhibits thereto, (ii) certain resolutions of the manager of the Company, relating to the issuance and sale of the interests, and (iii) such other records, instruments and documents as we have deemed advisable in order to render this opinion. In such examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic copies and the authenticity of the originals of such latter documents. As to certain factual matters, we have relied upon resolutions and representations of the manager of the Company and have not sought independently to verify such matters.

Based on the foregoing, we are of the opinion that when sold and issued against payment therefor as described in the Offering Statement, the interests will be validly authorized, legally issued, fully paid and non-assessable.

Our opinion herein is expressed solely with respect to the Wyoming Limited Liability Company Act, as currently in effect, and we express no opinion as to whether the laws of any jurisdiction are applicable to the subject matter hereof. No opinion is being rendered hereby with respect to the truth, accuracy or completeness of the Offering Statement or any portion thereof.

The information set forth herein is as of the date hereof. We assume no obligation to supplement this opinion letter if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. Our opinion is expressly limited to the matters set forth above, and we render no opinion, whether by implication or otherwise, as to any other matters relating to the Company, the interests, the Offering Statement, or the circular included therein.

We hereby consent to the filing of this opinion as an exhibit to the Offering Statement. In giving such consent, we do not believe that we are "experts" within the meaning of such term as used in the Securities Act of 1933 or the rules and regulations of the Commission issued thereunder with respect to any part of the Offering Statement, including this opinion as an exhibit or otherwise.

---

| |
|:---|
| Sincerely, |
| /s/ Dodson Robinette, PPLC |
| DODSON ROBINETTE, PLLC |

---

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

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** North Star Recovery & Wellness, LLC

**Jurisdiction of Incorporation/Organization:** WY

**Year of Incorporation:** 2023

**CIK:** 0002035411

**I.R.S. Employer Identification Number:** 93-4025681

**Primary Standard Industrial Classification Code:** 6799

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 6550 Millrock Dr #300, —, Salt Lake City, UT 84121

**Company Phone:** 435-754-5493

**Person to contact:** Arden Anderson, Esq.

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount   |
|:---|:---|
| Cash and Cash Equivalents                | $0.00    |
| Investment Securities                    | $0.00    |
| Accounts and Notes Receivable            | $0.00    |
| Property, Plant and Equipment (PP&E)     | $0.00    |
| Total Assets                             | $0.00    |
| Accounts Payable and Accrued Liabilities | $0.00    |
| Long-Term Debt                           | $0.00    |
| Total Liabilities                        | $0.00    |
| Total Stockholders' Equity               | $0.00    |
| Total Liabilities and Equity             | $0.00    |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount     |
|:---|:---|
| Total Revenues                            | $0.00      |
| Costs and Expenses Applicable to Revenues | $0.00      |
| Depreciation and Amortization             | $0.00      |
| Net Income                                | $-58195.00 |
| Earnings Per Share - Basic                | -581.95    |
| Earnings Per Share - Diluted              | -581.95    |

**Auditor Information**

| Metric          | Amount               |
|:---|:---|
| Name of Auditor | Assurance Dimensions |

### Outstanding Securities

| Class   |   Outstanding |     CUSIP | Publicly Traded   |
|:---|---:|---:|:---|
| Class M |           100 | 000000000 | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Debt

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 75000000     |
| Number of securities outstanding                                | 0            |
| Price per security                                              | $1.00        |
| Issuer's aggregate offering price                               | $75000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $75000000.00 |

**Anticipated Fees**

| Service Provider   | Name                   | Fees      |
|:---|:---|:---|
| Auditor            | Assurance Dimensions   | $3500.00  |
| Legal              | Dodson Robinette, PLLC | $60000.00 |
| Promoters          | None                   | $0.00     |

**Estimated Net Proceeds to the Issuer:** $74850000.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC, PR, A0, A1, A2, A3, A4, A5, A6, A7, A8, A9, B0, Z4