# EDGAR Filing Document

**Accession Number:** 0001867706
**File Stem:** 0001477932-26-001892
**Filing Date:** 2026-4
**Character Count:** 119842
**Document Hash:** a446685a4f61e20d7593975dbf41ec0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001477932-26-001892.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001477932-26-001892

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20260331

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20260401

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gratus Capital Properties Fund III LLC
- **CENTRAL INDEX KEY:** 0001867706
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 854126748
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00562
- **FILM NUMBER:** 26824338

**BUSINESS ADDRESS:**
- **STREET 1:** GCPF MANAGEMENT LLC
- **STREET 2:** 718 WASHINGTON AVE N, SUITE 400
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** (651) 999-5344

**MAIL ADDRESS:**
- **STREET 1:** GCPF MANAGEMENT LLC
- **STREET 2:** 718 WASHINGTON AVE N, SUITE 400
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM 1-U**

**CURRENT REPORT PURSUANT TO REGULATION A**

DATE OF REPORT: **<u>April 1, 2026</u>**

---

| |
|:---|
| **Gratus Capital Properties Fund III, LLC** |
| (the "Company") |

---

**Commission File No. <u>024-12537</u>**

EIN No. 85-4126748

**<u>Delaware</u>**

(State of other jurisdiction of incorporation or organization)

**718 Washington Ave N,** 

**Suite 400**

**Minneapolis, MN 55401**

**Office: (651) 999-5344**

**Email: hello@gratusfunds.com**

**<u>Class A and Class B Interests</u>**

(Issued pursuant to Regulation A)

**ITEM 9. Other Events**

***Updated Sale Price in Regulation A Offering***

Effective as of April 1, 2026, the Company has established a Unit price of between $13.15 and $14.00 per Interest (depending on the intermediaries through which the investment is made). This price will apply uniformly across all share classes for new subscriptions.

In determining the updated Unit price, the Manager considered factors consistent with the methodology described in the Offering Circular, including:

· Estimated values of the Company's real estate assets and investments, including related liabilities

· Progress toward stabilization across the portfolio

· Net operating income and projected operating performance

· Market conditions, including interest rates and capitalization rates

· Recent capital deployment into development and income-producing assets

· Accruals of operating revenues, expenses, and distributions

In addition, the Manager engaged Alan T. Schiffman to provide an independent valuation analysis of the Company as of December 31, 2025. This analysis incorporated multiple valuation methodologies and produced a range of estimated values for the Company and its Member Units.

The Manager reviewed this independent analysis alongside its own internal valuation processes and asset-level underwriting. The resulting Unit price reflects the Manager's judgment based on the totality of the information available at the time of determination.

The determination of NAV and Unit price is not based on, and is not intended to comply with, fair value standards under GAAP. The valuation of the Company's assets involves a number of assumptions, estimates, and judgments that may not prove to be accurate, and different assumptions or methodologies could result in different valuations. The Unit price may not reflect the price at which the Company's assets could be sold under current market conditions.

The Manager will continue to evaluate the Unit price and NAV on a periodic basis and may adjust such determinations in the future based on updated information, market conditions, and performance of the properties into which it has invested.

2<br>

***Additional Investment in DECO Shakopee, LLC***

On March 31, 2026, Gratus Capital Properties Fund III LLC (the "Company") made a payment under its previously disclosed Membership Interest Purchase Agreement with Enclave Real IncomePlus Fund, LP, in connection with its investment in DECO Shakopee, LLC, a Minnesota limited liability company ("DECO"). Pursuant to the terms of this agreement, the Company acquired an additional 920 units of membership interest in DECO after making this payment.

The purchase price per unit was $1,138.62, representing the Seller's original acquisition cost plus approximately $58.70 per unit in accrued and unpaid interest, as defined in the Membership Interest Purchase Agreement, for a total payment of $1,100,613.34 ($1,047,530.40 in total acquisition cost plus accrued interest of $53,082.94). Following this transaction, the Company owns a total of 3,997 DECO units, representing approximately 39.97% of the membership interests (based on units).

The Company expects to acquire additional DECO units in connection with future payments in accordance with the Membership Interest Purchase Agreement.

***Change in Company Transfer Agent***

As of March 23, 2026, the Company has switched its Transfer Agent from KoreTranser Integral Transfer Agency USA Inc to Great Lakes Fund Solutions, Inc. ("Great Lakes") The form of the contract between the Company and Great Lakes is attached hereto as Exhibit 6.1.

***Updated Subscription Agreement***

As part of migrating to a new transfer agent, the Company has revised its Subscription Agreement to better integrate with the electronic systems operated by its new transfer agent, and to reflect the updated price of between $13.15 and $14.00 per Interest. The Subscription Agreement was also expanded to give investors the option of electing to take Company distributions as Units issued pursuant to the Company's Regulation A offering (investors who do not make such an election will receive cash). The Updated Subscription Agreement is attached hereto as Exhibit 4.1.

<u>Safe Harbor Statement</u>

This Current Report on Form 1-U contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in our Offering Statement on Form 1-A, filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic filings and prospectus supplements filed with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

**Index to Exhibits**

---

| | |
|:---|:---|
| [Exhibit 4.1](gratus_ex41.htm) | [Updated Subscription Agreement](gratus_ex41.htm) |
| [Exhibit 6.1](gratus_ex61.htm) | [Software and Services Agreement with Great Lakes Fund Solutions, Inc. (Transfer Agent)](gratus_ex61.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| |
|:---|
| **Gratus Capital Properties Fund III LLC** |
| */s/ Jason Weimer* |
| By: Jason Weimer |
| Manager of GCPF Management LLC |
| Manager |
| */s/ Robert Barlau* |
| By: Robert Barlau |
| Manager of GCPF Management LLC |
| Manager |

---

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

---

| |
|:---|
| **Gratus Capital Properties Fund III LLC** |
| */s/ Jason Weimer* |
| By: Jason Weimer |
| Manager of GCPF Management LLC |
| Manager |
| */s/ Robert Barlau* |
| By: Robert Barlau |
| Manager of GCPF Management LLC |
| Manager |

---

## Ex1U-4

**EXHIBIT 4.1**

**Gratus Capital Properties Fund III, LLC**

**<u>SUBSCRIPTION BOOKLET</u>**

**Introduction**

**Do not continue unless you have read and understand the Offering Circular, the Operating Agreement, and all Exhibits included with this Offering in their entirety.**

This Subscription Booklet is provided as an Exhibit to the Company's Offering Circular (the "Offering Circular"). To subscribe for Units in the Company, you need only submit this Subscription Booklet and the full amount you wish to invest as instructed below. In addition, you may be requested to provide a copy of a photo ID (or organizational documents if you are investing as an entity). You do not need to return a copy of the Offering Circular or any of its other exhibits. Please keep those documents for your records.

Subscription Agreements may be submitted via portal, or by mail or e-mail to the address indicated on the Offering Circular.

· **Part 1** contains the **Instructions to Prospective Purchasers.** Please read this carefully. You are encouraged to have an attorney or other professional adviser review all Offering documents before making an investment decision. Investors are then asked to provide identifying information in Parts 1.1 through 1.4:

o **Part 1.1** asks you to indicate your investment amount, desired Unit Class and manner in which investment will be sent. The Subscription Amount is the amount of money you wish to invest in Units. Prospective investors must deliver the Subscription Amount by check or wire transfer before a subscription may be accepted by the Company.

**o** **Part 1.2** asks you to indicate your you to indicate the type of ownership. For entities, please enclose the requested documents demonstrating corporate existence and authorization.

**o** **Part 1.3** asks you to provide investor information. Please fill-in all names, addresses, dates of birth, Social Security or Tax ID numbers of all investors.

**o** **Part 1.4** asks you to indicate the bank account to which you would like to receive distributions. Fill this out to authorize the Company to deliver distributions via direct deposit to the account indicated.

· **Part 2** contains the **Subscription Agreement**. Please read this carefully and fill out and sign the signature page.

· **Part 3** contains the **Reinvestment Election**. Please read this carefully and indicate your choices, taking care to ensure that the maximum investment indicated does not exceed 10% of the greater of your annual income or net worth unless you are an accredited investor.

· **Part 4** is the **Broker Dealer / Investment Adviser Approval and Certification Form,** which only needs to be completed if subscribing through an Investment Adviser or Broker/Dealer.

Depending upon the information submitted, the Company may require you or your advisers may be asked to submit additional information or complete additional forms prior to accepting your subscription.

**Part 1**

**INSTRUCTIONS TO PROSPECTIVE PURCHASERS**

Each prospective purchaser ("investor," "Subscriber," or "you") of membership units ("Units") should examine the suitability of this type of investment in the context of their own needs, investment objectives, and financial capabilities, and should make his/her/its own independent investigation and decision as to suitability and as to the risk and potential gain involved. Each prospective purchaser of Units is encouraged to consult with his/her/its attorney, accountant, financial consultant, or other business or tax adviser regarding the risks and merits of the proposed investment.

If you meet the qualifications and desire to purchase Units, then please:

· complete and execute each document included in this Subscription Booklet (the "Subscription Documents");

· provide a completed IRS Form W-9 for each investor; and

· tender the full Subscription Amount to the Company as directed by the Manager.

In addition, you may be asked to provide a government issued form of picture identification (e.g., passport or driver license) for investors who are natural persons or organizational documents for investors who are entities.

If the investor is an entity or custodian entity (the "Custodian"), the term "you" in the Investor Contact and General Information and Accredited Investor Representation (collectively, the "Questionnaire") refers to the entity or Custodian rather than the individual completing the Questionnaire. If Units are purchased through a custodial account (IRA, qualified plan, etc.), the Custodian of such account will be the investor and legal owner of Units and must complete and sign all parts of the Subscription Documents, unless otherwise indicated. However, because Units will be purchased for the benefit of a person/entity other than the Custodian (the "Beneficiary"), questions about correspondence information and Investor qualification should be answered according to the Beneficiary's personal information rather than that of the Custodian. Distributions will be made to the Custodian unless the Company is instructed differently.

Based on the representations contained in these Subscription Documents and other information of which the Company has actual knowledge, GR Manager, LLC as the manager of the Company (the "Manager"), will make the determination whether to proceed with the sale of Units to the investor. The Manager reserves the right, in its sole discretion, to accept or reject a subscription for any or no reason whatsoever. If an investor's subscription offer is not accepted, appropriate notice thereof will be transmitted promptly to the investor, the Subscription Documents will be appropriately marked, and the subscription proceeds will be returned, without interest or deduction of expenses, to the investor.

**CUSTODIAL OWNERSHIP**

**For New IRA/Qualified Plan Accounts**, please complete the form/application provided by your custodian of choice in addition to this Subscription Agreement and forward to the custodian for processing.

**For existing IRA Accounts and other Custodial Accounts**, information must be completed BY THE CUSTODIAN. Have all documents signed by the appropriate officers, as indicated in the corporate resolution, and include them with your Subscription Agreement.

**<u>Part 1.1: INVESTMENT</u>** (Select only one.)

☐ Initial Investment <br> <br> ☐ Additional Investment; Account number for existing account: <u> #</u>

---

| | | |
|:---|:---|:---|
| Amount of Subscription | Class of Units Requested | Number of Units Subscribed |
|  $ |  |  |

---

Payment Type: ☐ Check enclosed ☐ Wire transfer sent on the following date: <u> I <u>I</u></u> <br> ☐ ACH Transfer (Details provided in separate ACH Transfer Authorization Form)

**<u>Part 1.2: TYPE OF OWNERSHIP</u>**

**Non-Custodial Ownership**

☐ **Individual** — One signature required.

☐ **Joint Tenants with Rights of Survivorship** — All parties must sign.

☐ **Community Property** — All parties must sign.

☐ **Tenants in Common** — All parties must sign.

☐ **Uniform Gift to Minors Act** — State of ![](gratus_ex41img4.jpg)Custodian signature required.

☐ **Uniform Transfer to Minors Act** — State of ![](gratus_ex41img4.jpg)Custodian signature required.

☐ **Qualified Pension or Profit Sharing Plan** — Include plan documents.

☐ **Trust** — Include title, trust instrument or letters testamentary, signature and "Powers of the Trustees" pages.

☐ **Corporation** — Include certificate of formation, corporate resolution, articles of incorporation and bylaws.

☐ **Partnership/LLC** — Include certificate of formation, company agreement, resolution for investment.

☐ **Other (Specify)** — ![](gratus_ex41img1.jpg) *Include title and signature pages.*

**Custodial Ownership**

☐ **Individual** — One signature required.

☐ **Traditional IRA** — Owner and custodian signatures required.

☐ **Roth IRA** — Owner and custodian signatures required.

☐ **Simplified Employee Pension/Trust (SEP)** — Owner and custodian signatures required.

☐ **KEOGH** — Owner and custodian signatures required.

☐ **Other** — ![](gratus_ex41img1.jpg) Owner and custodian signatures required.

**Custodian Information (to be completed by custodian)**

Name of Custodian: <br>Mailing Address:

City:   State:   Zip Code:  

Custodian Tax ID #:   Custodian Telephone #:   <br>Custodian Account #:   Custodian Email:  

**<u>Part 1.3:</u> <u>SUBSCRIBER/INVESTOR INFORMATION</u>**

**(All fields must be completed)**

---

| | |
|:---|:---|
| Investor/Trust Name/Plan Name  | Co-Investor/Name of Trustee(s) |
|  Investor Social Security Number/Tax ID Number  | Co-Investor Social Security Number/Tax ID Number |
|  Birth Date/Articles of Incorporation (MM/DD/YY)  | Co-Investor Birth Date (MM/DD/YY) |

---

Please indicate Citizenship Status: ☐ U.S. Citizen ☐ Non-resident Alien Country of Origin <br>☐ Resident Alien  

**Residential Address (No P.O. box permitted)**

---

| | | | |
|:---|:---|:---|:---|
| Street Address | City | State | Zip Code |
|  Home Telephone | | Email | |

---

If you are a resident of another state than the one indicated above, provide state of residency:

**Mailing Address (<u>if</u> different from above – P.O. box allowed)**

<u> Street Address</u> <u> City</u> <u> State</u> <u> Zip Code</u> <br>        

*\*If the co-investor resides at another address, please attach that address to the subscription agreement.*

**<u>Part 1.4: DISTRIBUTION INFORMATION FOR NON-CUSTODIAL ACCOUNTS</u>**

Distributions will be directly deposited into your checking, savings or brokerage account. If your investment is held through a custodial account, distributions will be paid to the custodian for the benefit of the investor.

<u> Name of Financial Institution </u> <u> Your Bank's ABA/Routing Number</u> <br>    

<u> Your Bank Account Number</u> <u> Name on Account/FBO</u> <br>    

Account Type ☐ Checking ☐ Savings ☐ Brokerage

I authorize the Fund or its agent to deposit my distribution to the account indicated below. This authority will remain in force until I notify the Fund to change it. In the event that the Fund deposits funds erroneously into my account, the Fund is authorized to debit my account for the amount of the erroneous deposit.

---

| | | |
|:---|:---|:---|
| **Signature of Individual/Trustee/Beneficial Owner** | **Signature of Joint Owner/Co-Trustee** | **Date** |

---

**Part 2**

**SUBSCRIPTION AGREEMENT**

**SUBSCRIPTION AGREEMENT** (the "**Subscription Agreement**") made as of the date entered into below, by and between Gratus Capital Properties Fund III, LLC a Delaware Limited Liability Company (the "**Issuer**"), and the undersigned (the "**Subscriber**" or "**You**").

**WHEREAS,** pursuant to the Offering Circular (the "**Offering Circular**"), the Issuer is offering in a Regulation A offering (the "**Offering**") to investors Class A Interests and Class B Interests (collectively "**Interests**") at a purchase price of between $13.15 and $14.00 per Interest (depending on the intermediaries through which the investment is made) for a maximum aggregate purchase price of $50,000,000 (the "**Maximum Offering**").

**WHEREAS**, the Subscriber desires to subscribe for the number and class of Interests set forth on the signature page hereof, on the terms and conditions hereinafter set forth.

**NOW, THEREFORE**, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

**I.** **SUBSCRIPTION FOR AND REPRESENTATIONS AND COVENANTS OF SUBSCRIBER** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to the terms and conditions hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Issuer the number of Interests set forth on the signature page hereof, at a price of between $13.15 and $14.00 per Interest (depending on the intermediaries through which the investment is made), and the Issuer agrees to sell such Interests to the Subscriber for said purchase price, subject to the Issuer's right to sell to the Subscriber such lesser number of (or no) Interests as the Issuer may, in its sole discretion, deem necessary or desirable. The purchase price in connection with subscriptions for shares are to be sent by check, wire, or ACH transfer made payable to: Atlantic Capital Bank for the benefit of Gratus Capital Properties Fund III, LLC and sent to Atlantic Capital Bank, N.A., in its capacity as escrow agent for the Company, where they will be held in a non-interest-bearing escrow account until the Subscriber is issued the Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Subscriber has full power and authority to enter into and deliver this Subscription Agreement and to perform its/his/her obligations hereunder, and the execution, delivery and performance of this Subscription Agreement has been duly authorized, if applicable, and this Subscription Agreement constitutes a valid and legally binding obligation of the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 The Subscriber acknowledges receipt of the Offering Circular, all supplements to the Offering Circular, and all other documents furnished in connection with this transaction by the Issuer (collectively, the "**Offering Documents**"). The Subscriber also acknowledges receipt and acceptance of the terms of the WealthForge Privacy Policy, which governs WealthForge's treatment of personal information provided by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The Subscriber recognizes that the purchase of the Interests involves a high degree of risk in that (i) an investment in the Issuer is highly speculative and only investors who can afford the loss of their entire investment should consider investing in the Issuer and the Interests; (ii) the Interests are being sold pursuant to an exemption under Regulation A issued by the Securities and Exchange Commission ("**SEC**") under the Securities Act of 1933, as amended (the "**Act**"), but they are not registered under the Act or any state securities law; (iii) there is no public market for the Interests, and no public market is expected to develop following this offering, and thus, the Subscriber may not be able to liquidate his, her or its investment because such investment is illiquid and is expected to continue to be illiquid for an indefinite period of time; (iv) an investor could suffer the loss of his, her or its entire investment and (v) this investment is suitable only for persons who can bear the economic risk for an indefinite period of time and who can afford to lose their entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 The Subscriber is an "accredited investor," as such term is defined in Rule 501 of Regulation D promulgated under the Act, and the Subscriber is able to bear the economic risk of an investment in the Interests **OR** the purchase price tendered by Subscriber does not exceed 10% of the greater of the Subscriber's annual income or net worth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 The Subscriber is not relying on the Issuer or its affiliates or agents with respect to economic considerations involved in this investment. The Subscriber has relied on the advice of, or has consulted with, only his, her or its Advisors, if any. Each Advisor, if any, is capable of evaluating the merits and risks of an investment in the Interests as such are described in the Offering Circular, and each Advisor, if any, has disclosed to the Subscriber in writing (a copy of which is annexed to this Subscription Agreement) the specific details of any and all past, present or future relationships, actual or contemplated, between the Advisor and the Issuer. Each Subscriber represents and warrants that either it or its Advisor(s) have determined that subscriber can bear the economic risk of an investment in the Interests for an indefinite period of time, can afford to lose their entire investment, and concluded that they meet the suitability requirements set forth in the Offering Circular. Subscriber understands that the Issuer will not be conducting an independent analysis of whether the Subscriber meets the suitability requirements for this 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;1.7 The Subscriber has prior investment experience (including investment in non-listed and non-registered securities), has (together with his, her or its Advisors, if any) such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the prospective investment in the Interests and has read and evaluated, or has employed the services of an investment advisor, attorney or accountant to read and evaluate, all of the documents furnished or made available by the Issuer to the Subscriber, including the Offering Circular, as well as the merits and risks of such an investment by the Subscriber. The Subscriber's overall commitment to investments, which are not readily marketable, is not disproportionate to the Subscriber's net worth, and the Subscriber's investment in the Interests will not cause such overall commitment to become excessive. The Subscriber, if an individual, has adequate means of providing for his or her current needs and personal and family contingencies and has no need for liquidity in his or her investment in the Interests. The Subscriber is financially able to bear the economic risk of this investment, including the ability to afford holding the Interests for an indefinite period or a complete loss of this investment. If other than an individual, the Subscriber also represents it has not been organized solely for the purpose of acquiring the Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 The Subscriber acknowledges that any estimates or forward-looking statements or projections included in the Offering Circular were prepared by the management of the Issuer in good faith, but that the attainment of any such projections, estimates or forward-looking statements cannot be guaranteed by the Issuer, its management or its affiliates and should not be relied upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 The Subscriber acknowledges that the purchase of the Interests may involve tax consequences to the Subscriber and that the contents of the Offering Documents do not contain tax advice. The Subscriber acknowledges that the Subscriber must retain his, her or its own professional Advisors to evaluate the tax and other consequences to the Subscriber of an investment in the Interests. The Subscriber acknowledges that it is the responsibility of the Subscriber to determine the appropriateness and the merits of a corporate entity to own the Subscriber's Interests and the corporate structure of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 The Subscriber acknowledges that the Offering Circular and this Offering have not been reviewed by the SEC or any state securities commission, and that no federal or state agency has made any finding or determination regarding the fairness or merits of the Offering or confirmed the accuracy or determined the adequacy of the Offering Circular. Any representation to the contrary is a crime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 The Subscriber represents, warrants and agrees that the Interests are being purchased for his, her or its own beneficial account and not with a view toward distribution or resale to others. The Subscriber understands that the Issuer is under no obligation to register the Interests on his, her or its behalf or to assist them in complying with any exemption from registration under applicable state securities 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;1.12 The Subscriber understands that the Interests have not been registered under the Act by reason of a claimed exemption under the provisions of the Act which depends, in part, upon his, her or its investment intention. The Subscriber realizes that, in the view of the SEC, a purchase with an intent to resell would represent a purchase with an intent inconsistent with his, her or its representation to the Issuer, and the SEC might regard such a sale or disposition as a deferred sale, for which such exemption is not available. The Subscriber does not have any such intentions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 The Subscriber agrees to indemnify and hold the Issuer, its manager, and controlling persons and their respective heirs, representatives, successors and assigns harmless against all liabilities, costs and expenses incurred by them as a result of any misrepresentation made by the Subscriber herein or as a result of any sale or distribution by the Subscriber in violation of the Act (including, without limitation, the rules promulgated thereunder), any state securities laws, or the Issuer's Restated Certificate of Organization and Operating Agreement, each as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 The Subscriber understands that the Issuer will review and rely on this Subscription Agreement without making any independent investigation; and it is agreed that the Issuer reserves the unrestricted right to reject or limit any subscription and to withdraw the Offering at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 The Subscriber hereby represents that the address of the Subscriber furnished at the end of this Subscription Agreement is the Subscriber's principal residence, if the Subscriber is an individual, or its principal business address, if it is a corporation or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 The Subscriber acknowledges that if the Subscriber is a Registered Representative of a Financial Industry Regulatory Authority ("**FINRA**") member firm, the Subscriber must give such firm the notice required by FINRA's Conduct Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 The Subscriber hereby acknowledges that neither the Issuer nor any persons associated with the Issuer who may provide assistance or advice in connection with the Offering are or are expected to be members or associated persons of members of FINRA or registered broker-dealers under any federal or state securities 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;1.18 The Subscriber hereby represents that, except as expressly set forth in the Offering Documents, no representations or warranties have been made to the Subscriber by the Issuer or by any agent, sub-agent, officer, employee or affiliate of the Issuer and, in entering into this transaction, the Subscriber is not relying on any information other than that contained in the Offering Documents and the results of independent investigation by the Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 No oral or written representations have been made, or oral or written information furnished, to the Subscriber or his, her or its advisors, if any, in connection with the offering of the Interests which are in any way inconsistent with the information contained in the Offering Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 All information provided by the Subscriber is true and accurate in all respects, and the Subscriber acknowledges that the Issuer will be relying on such information to its possible detriment in deciding whether the Issuer can sell these securities to the Subscriber without giving rise to the loss of the exemption from registration under applicable securities 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;1.21 The Subscriber has taken no action which would give rise to any claim by any person for brokerage commissions, finders, fees or the like relating to this Subscription Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 The Subscriber is not relying on the Issuer, or any of its employees, agents or sub-agents with respect to the legal, tax, economic and related considerations of an investment in the Interests, and the Subscriber has relied on the advice of, or has consulted with, only his, her or its own advisors, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 (For ERISA plans only) The fiduciary of the ERISA plan (the "**Plan**") represents that such fiduciary has been informed of and understands the Issuer's business objectives, policies and strategies, and that the decision to invest "plan assets" (as such term is defined in ERISA) in the Issuer is consistent with the provisions of ERISA that require diversification of plan assets and impose other fiduciary responsibilities. The subscriber or Plan fiduciary (a) is responsible for the decision to invest in the Issuer; (b) is independent of the Issuer and any of its affiliates; (c) is qualified to make such investment decision; and (d) in making such decision, the subscriber or Plan fiduciary has not relied primarily on any advice or recommendation of the Issuer or any of its affiliates or its agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 The foregoing representations, warranties and agreements shall survive the Closing.

**II.** **REPRESENTATIONS BY THE ISSUER** 

The Issuer represents and warrants to the Subscriber that as of the date of the closing of this Offering (the "**Closing Date**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The Issuer is a Limited Liability Company duly organized, validly existing and in good standing under the laws of the State of Delaware, authorized to do business in the State of Delaware and has the corporate power to conduct the business which it conducts and proposes to conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 The execution, delivery and performance of this Subscription Agreement by the Issuer have been duly authorized by the Issuer and all other corporate action required to authorize and consummate the offer and sale of the Interests has been duly taken and approved. This Subscription Agreement is valid, binding and enforceable against the Issuer in accordance with its terms; except as enforcement may be limited by bankruptcy, insolvency, moratorium or similar laws or by legal or equitable principles relating to or limiting creditors' rights generally, the availability of equity remedies, or public policy as to the enforcement of certain provisions, such as indemnification provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Interests have been duly and validly authorized and issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 The Issuer knows of no pending or threatened legal or governmental proceedings to which the Issuer is a party which would materially adversely affect the business, financial condition or operations of the Issuer.

**III.** **TERMS OF SUBSCRIPTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Subject to Section 3.2 hereof, the subscription period will begin as of the date of the Offering Circular and will terminate at 11:59 PM Eastern Time, on the earlier of the date on which the Maximum Offering is sold or one (1) year from the commencement date or the date the Offering is terminated by the Issuer (the "**Termination Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The Subscriber has effected a wire transfer or ACH in the full amount of the purchase price for the Interests to the Issuer or has delivered a check in payment of the purchase price for the Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Digital ("electronic") signatures, often referred to as an "e-signature," enable paperless contracts and help speed up business transactions. The 2001 E-Sign Act was meant to ease the adoption of electronic signatures.

You may execute this Subscription Agreement by providing one of the following: (i) your original, scanned or faxed signature; or (ii) your electronic signature, as prescribed in the bulleted paragraphs below.

\* The mechanics of the electronic signature requested herein include your execution of both this Subscription Agreement and the Operating agreement for the Company in a single signature block. By typing in your name, you will have accepted and agreed, without reservation, to all of the terms and conditions contained within this Subscription Agreement and the Operating agreement. Your electronically signed Agreements will be stored by the Company in such a manner that the Company can access them at any time.

\* You hereby consent and agree that the electronic signature below constitutes your signature, acceptance and agreement of both the Subscription Agreement and the Operating agreement as if each of these documents were actually signed by you in writing. Further, all parties agree that no certification authority or other third-party verification is necessary to validate any electronic signature; and that the lack of such certification or third-party verification will not in any way affect the enforceability of your signature or resulting contract between you and the Company. You understand and agree that your e-signature executed in conjunction with the electronic submission of this Subscription Agreement and the Operating Agreement shall be legally binding and that such transaction has been authorized by you. You agree that your electronic signature below is the legal equivalent of your manual signature on both this Subscription Agreement and the Operating Agreement and that you consent to be legally bound by terms and conditions of such Agreements. The Subscription Agreement and Operating Agreement may be executed in counterparts and by electronic signature, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

\* Furthermore, you hereby agree that all current and future notices, confirmations and other communications regarding this Subscription Agreement or the Operating Agreement specifically, and/or future communications in general between the parties, may be made by email, sent to the email address of record as set forth in the vesting information below or as otherwise from time to time changed or updated and disclosed to the other party, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the parties. If any such electronically sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients' spam filters by the recipients' email service provider, or due to a recipients' change of address, or due to technology issues by the recipients' service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received. No physical, paper documents will be sent to you, and if you desire physical documents then you agree to be satisfied by directly and personally printing, at your own expense, the electronically sent communication(s) and maintaining such physical records in any manner or form that you desire.

\* Your Consent is Hereby Given: By signing this Subscription Agreement, you are explicitly agreeing to receive documents electronically, including your copy of this signed Subscription Agreement and the Operating Agreement, as well as ongoing disclosures, communications and notices.

\* By signing this document, the Subscriber is agreeing to both the Operating agreement and the Subscription Agreement and all provisions, clauses, representations, warranties, acknowledgments and covenants contained therein, each of which: (i) shall be binding on the heirs, executors, administrators, successors and permitted assigns of the undersigned, and (ii) may not be cancelled, withdrawn, revoked, or terminated by the undersigned except as set forth therein. If there is more than one signatory hereto, the representations, warranties, acknowledgments and agreements of the undersigned are made jointly and severally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 If the Subscriber is not a United States person, such Subscriber shall immediately notify the Issuer, and the Subscriber hereby represents that the Subscriber is satisfied as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Interests or any use of this Subscription Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Interests, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale or transfer of the Interests. Such Subscriber's subscription and payment for, and continued beneficial ownership of, the Interests will not violate any applicable securities or other laws of the Subscriber's jurisdiction.

**IV.** **NOTICE TO SUBSCRIBERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 THE INTERESTS HAVE BEEN QUALIFIED UNDER REGULATION A OF THE SECURITIES ACT OF 1933. THE INTERESTS HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 FOR NON-U.S. RESIDENTS ONLY: NO ACTION HAS BEEN OR WILL BE TAKEN IN ANY JURISDICTION OUTSIDE THE UNITED STATES OF AMERICA THAT WOULD PERMIT AN OFFERING OF THESE SECURITIES, OR POSSESSION OR DISTRIBUTION OF OFFERING MATERIAL IN CONNECTION WITH THE ISSUE OF THESE SECURITIES, IN ANY COUNTRY OR JURISDICTION WHERE ACTION FOR THAT PURPOSE IS REQUIRED. IT IS THE RESPONSIBILITY OF ANY PERSON WISHING TO PURCHASE THESE SECURITIES TO SATISFY HIMSELF AS TO FULL OBSERVANCE OF THE LAWS OF ANY RELEVANT TERRITORY OUTSIDE THE UNTIED STATES OF AMERICA IN CONNECTION WITH ANY SUCH PURCHASE, INCLUDING OBTAINING ANY REQUIRED GOVERNMENTAL OR OTHER CONSENTS OR OBSERVING ANY OTHER APPLICABLE FORMALITIES.

**V.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by electronic mail, reputable overnight courier, facsimile (with receipt of confirmation) or registered or certified mail, return receipt requested, addressed to the Issuer, at the address set forth in the first paragraph hereof, Attention: MANAGER and to the Subscriber at the email address or address indicated on the signature page hereof. Notices shall be deemed to have been given on the date when mailed or sent by e-mail or overnight courier, except notices of change of address, which shall be deemed to have been given when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 This Subscription Agreement shall not be changed, modified or amended except by a writing signed by the parties against whom such modification or amendment is to be charged, and this Subscription Agreement may not be discharged except by performance in accordance with its terms or by a writing 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;5.3 This Subscription Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and assigns. This Subscription Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 This Subscription Agreement may be executed in counterparts. Upon the execution and delivery of this Subscription Agreement by the Subscriber, this Subscription Agreement shall become a binding obligation of the Subscriber with respect to the purchase of Interests as herein provided; subject, however, to the right hereby reserved by the Issuer to (i) enter into the same agreements with other subscribers, (ii) add and/or delete other persons as subscribers and (iii) reduce the amount of or reject any subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The holding of any provision of this Subscription Agreement to be invalid or unenforceable by a court of competent jurisdiction shall not affect any other provision of this Subscription Agreement, which shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 It is agreed that a waiver by either party of a breach of any provision of this Subscription Agreement shall not operate or be construed as a waiver of any subsequent breach by that same party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further actions as may be necessary or appropriate to carry out the purposes and intent of this Subscription Agreement.

**IN WITNESS WHEREOF**, the parties have executed this Subscription Agreement as of the day and year written below. This Subscription Agreement, the Offering Circular, all supplements and attachments to the Offering Circular, and the Operating Agreement have been received, read, and approved by:

---

| | |
|:---|:---|
| Name of Beneficial Owner | Name of Additional Beneficial Owner |
| or Authorized Representative (Please Print) | or Authorized Representative |
| Signature | Additional Signature |

---

---

| | | |
|:---|:---|:---|
| **Class of Units Requested (Please Check One):**  | **Class of Units Requested (Please Check One):**  | **Subscription Amount:** |
| _____ Class A  | <br> _____ Class B | $________________________ |

---

**<u>IF MORE THAN ONE SUBSCRIBER, EACH SUBSCRIBER MUST COMPLETE BELOW AND SIGN</u>**

---

| | |
|:---|:---|
| **The Subscriber is an (Please Check One):**  | **The Subscriber is an (Please Check One):**  |
| _____ Accredited Investor  | &nbsp;&nbsp;&nbsp;&nbsp;_____ Not an Accredited Investor |

---

The term Accredited Investor is defined in Rule 501 of Regulation D promulgated under the Securities Act. The most common test for individuals to qualify as an Accredited Investor is for either (1) the individual to net worth, or joint net worth with his or her spouse, exceeding $1 million, including any IRAs, 401(k)s, and other retirement accounts, but excluding the value of his or her primary residence, or (2) the individual to have an income of over $200,000 in each of the last two years, or joint income with his or her spouse over $300,000 in those years, and reasonably expects to reach the same level this year.

---

| | |
|:---|:---|
| Exact Name in Which Title is to be Held (Please Print) |  |
| Name (Please Print) | Name of Additional Subscriber |
| Address of Subscriber | Address of Additional Subscriber |
| City, State and Zip Code | City, State and Zip Code |
| Social Security Number or EIN | Social Security Number or EIN |
| Telephone Number | Telephone Number |
| Fax Number (if available) | Fax Number (if available) |
| E-Mail (if available) | E-Mail (if available) |
| (Signature) | (Signature of Additional Subscriber) |
| Title (if applicable) | Title (if applicable) |

---

---

| |
|:---|
| ACCEPTED __________________________, <br> on behalf of Gratus Capital Properties Fund III, LLC |
| By: |
| Name: |
| Title: |

---

**Part 3** 

**Reinvestment Election**

The Subscriber may elect to re-invest the returns payable to the Subscriber pursuant to Sections 4.1 and return of Unreturned Capital Contributions pursuant to 4.2 of the Operating Agreement. The Subscriber will receive additional Units in the Issuer's ongoing Regulation A offering because of such reinvestment of the same class as those purchased pursuant to this Subscription Agreement. By electing for reinvestment, **Subscriber hereby agrees that it will reaffirm the Representation and Covenants of Subscriber as of the date of each Reinvestment, except that the price at which Units are being purchased will be readjusted to whatever price is then in effect for the Issuer's Regulation A offering**. The Issuer will provide Subscribers with at least seven days' notice of the fact that a distribution will be declared (although not necessarily of the amount of such distributions). Upon receipt of such notices, the Subscriber agrees that it will review the Representation and Covenants set forth in Section 1 above and, if it is not willing to reaffirm these Representation and Covenants as of the expected date of the distribution, will log on to the Issuer's investor portal and opt out of the reinvestment, or will otherwise inform the Manager in writing prior to the date of the expected distribution.

The Subscriber may opt out of further reinvestments at any time, provided that such request is made through the Issuer's Investor Portal or otherwise made in writing to the Issuer on or before the date specified in a notice of upcoming distributions. After opting out of reinvestment, the Subscriber will then receive any further distributions in accordance with the Operating Agreement. For the avoidance of doubt, reinvested sums will be used to purchase new Units and will not be distributed following the termination of reinvestment unless and until that Member's Capital Contributions are returned in accordance with the terms of the Operating Agreement.

☐ No, I do not elect to reinvest as described above.

☐ Yes, I wish to elect to reinvest as described above, and wish to use reinvest all future distributions into additional Issuer Units of the same Class as I currently own, until my total investment in the Issuer via this Reg A offering reaches $______________. I understand that reinvestment includes distributions from both regular operations (pursuant to Section 4.1 of the Operating Agreement) and Capital Transactions (pursuant to Section 4.2 of the Operating Agreement). I certify either that I am an "accredited investor," as such term is defined in Rule 501 of Regulation D promulgated under the Act, or that this amount does not exceed 10% of the greater of my annual income or net worth. **I certify that, if my annual income and/or net worth decreases, I will either log on to the Issuer's investor portal and opt out of the reinvestment or inform the Manager in writing of my new maximum investment amount.**

---

| | |
|:---|:---|
| Name of Beneficial Owner<br> or Authorized Representative (Please Print) | Name of Additional Beneficial Owner<br> or Authorized Representative |
| Signature | Additional Signature |

---

**Part 4** 

**BROKER DEALER AND REGISTERED REPRESENTATIVE APPROVAL AND CERTIFICATION** 

**AND**

**REGISTERED INVESTMENT ADVISOR APPROVAL AND CERTIFICATION**

**Pages**

**(Relevant Part to be Completed by Broker Dealer or Registered Investment Adviser Only)**

## Ex1U-6

**EXHIBIT 6.1**

**SOFTWARE AND SERVICES AGREEMENT**

This SOFTWARE AND SERVICES AGREEMENT ("Agreement") is entered into as of July 10, 2025 (the "Effective Date") by and between GRATUS CAPITAL, LLC., a Minnesota Limited Liability Company, with offices located at 718 N Washington Ave, Floor 4 Minneapolis, MN 55401, (the "Client") and GREAT LAKES FUND SOLUTIONS, INC. an Illinois corporation, with offices located at 500 Park Avenue, Suite 114, Lake Villa, Illinois 60046 (the "Company").

**WHEREAS,** the Client is a sponsor of alternative investment programs for retail and high net worth individuals;

**WHEREAS,** the Company is engaged in the business of providing administrative and related services and products for alternative investment fund sponsors, and managing broker/dealers;

**WHEREAS,** the Client desires to appoint Company to provide the Services (as defined below), and Company wishes to provide the Services in accordance with the terms and conditions set forth in this Agreement;

**NOW THEREFORE,** in consideration of the mutual covenants and promises set forth below, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereby agree as follows:

**1.**  **<u>SERVICES</u>.** The Client hereby appoints Company to perform certain recordkeeping, vendor integration, process management and online client information access services set forth on <u>Exhibit A</u>, attached hereto and incorporated herein (the "Services"). The Services will also include information technology, securities operations and process consulting; web development; database management; and software hosting services for the Client as more fully set forth in <u>Exhibit A</u>.

**2.**  **<u>TERM</u>.** This Agreement shall take effect on the Effective Date and shall remain in effect until July 10, 2028 (the "Initial Term"). Thereafter, this Agreement shall automatically renew for successive three (3) year terms (each a "Renewal Term"). The Initial Term and any Renewal Term(s) shall collectively be the "Term."

**3.**  **<u>STANDARD OF PERFORMANCE</u>.** The Company shall use its commercially reasonable efforts and diligence in performing the Services and shall comply with all laws and regulations applicable to the Company.

The Company acknowledges that one or more Funds served under this agreement may be subject to Regulation A of the Securities Act and related public audit and disclosure requirements.

**4.**  **<u>PRIVACY AND SECURITY OF PERSONAL INFORMATION</u>.** 

(A) The Company, its employees and agents shall comply with all applicable state and federal laws and regulations, including those promulgated by FINRA, governing the privacy and security of Personal Information. " <u>Personal Information</u> " means personally identifiable investor information including, without limitation, a person's name, address, phone number, fax number, e-mail address, social security number or other government-issued identifier, credit card information and IP addresses, in any media or format including computerized or electronic records as well as paper-based files, collected or used by the Company on the Client's behalf from consumers, the Client's employees, and other business-to-business customers (collectively, "Individuals" and each, an "Individual") pursuant to the performance of the Services.

(B) The Company agrees that with respect to Personal Information provided by the Client to the Company or collected by the Company on behalf of the Client pursuant to the performance of the Services:

(i) The Company will collect, use, disclose or retain Personal Information solely for the purpose of performing the Services and as otherwise permitted pursuant to this Agreement;

(ii) The Company will implement and maintain reasonable administrative, technical and physical safeguards to allow Individuals to access their Personal Information as dictated by "opt-out" or "opt-in" preferences where and when such rights are required by law, or at the direction of the Client;

(iii) The Company will not disclose Personal Information to third parties, other than disclosures made on a need to know basis to the Company's authorized employees, agents and subcontractors, unless: (1) the Company has received prior written authorization from the Client; or (2) such disclosure is required by law or governing regulations, in which case the Company shall immediately notify the Client in writing of any subpoena or other court or administrative order or proceeding or other request seeking access to or disclosure of Personal Information; <u>provided</u>, <u>further</u>, that the Company shall use its reasonable efforts to limit the nature and scope of the required disclosure and will only disclose the minimum amount of Personal Information reasonably necessary to comply with the law;

(iv) The Company will provide to the Client, and as otherwise required by law, prompt written notice of all security incidents that involve, or which the Company reasonably believes involve, the unauthorized access, use or disclosure of Personal Information;

(v) That the Company will ensure that its employees, agents and subcontractors recognize and abide by all reasonable privacy, confidentiality, information security and other policies established by the Client, provided, however, that the Client has supplied the Company with a written copy thereof; and

(vi) That the Company shall comply with the terms set forth in its policy statements set forth on <u>Exhibit B</u>, attached hereto and incorporated herein.

**5.**  **<u>COMPENSATION</u>.** 

In consideration for the Company's performance of the Services, the Client shall pay the Company fees (the "Fees") at the rates set forth in the fee schedule in <u>Exhibit C,</u> attached hereto and incorporated herein.

**6.**  **<u>BILLING AND PAYMENT</u>.** 

(A)  **<u>Invoices</u>.** 

(i) The Company shall submit invoices to the Client for all Fees regarding fulfillment incurred in connection with the Services in a format reasonably acceptable to the Client. System provision Fees will be invoiced by any method mutually agreed to by the parties and such amounts will be paid monthly.

(ii) The Company shall send each invoice to the Client, addressed to the address set forth in Section 12 or as otherwise directed in writing by the Client.

(B)  **<u>Taxes</u>.** The Client shall pay any applicable sales taxes on payments it makes to the Company pursuant to this Agreement. All other taxes, such as income tax, gross receipts tax, foreign withholding tax, etc., applicable to payments the Client makes to the Company pursuant to this Agreement shall be the sole responsibility of the Company.

(C)  **<u>Payment</u>.** The Client shall pay each of the Company's invoices within fifteen (15) days after receipt. If any portion of an invoice is disputed, then the Client shall notify the Company in writing of the disputed amount specifying the reasons for such dispute and pay the undisputed amounts as set forth in the preceding sentence. The parties shall use good faith efforts to reconcile the disputed amount as soon as possible. In the event of any overpayment by the Client, the Company shall either promptly refund to the Client the amount of such overpayment or credit the amount of such overpayment on the next invoice, at the Client's direction. Except as set forth herein, the Client shall pay the invoices when due and without abatement, deduction or set-off of any amount whatsoever. The Client understands that timely payment of the invoices is "of the essence" to this Agreement.

**7.**  **<u>RIGHT TO AUDIT</u>.** The Company and the Client shall each maintain accurate books and records with respect to all Services performed, the Fees charged, and any expenses incurred by the Company (which are authorized in advance by the Client). For two (2) years following the expiration or earlier termination of this Agreement, the Client and the Company shall each have the right, at their own respective expense, to audit such books and records during normal business hours for the purpose of verifying the performance of Services, the accuracy of the invoices submitted by the Company and the amounts paid or payable by the Client or the Company hereunder.

**8.**  **<u>CONFIDENTIALITY AND INJUNCTIVE RELIEF</u>.** 

(A) During the Term, each party hereto and their respective employees, agents and permitted subcontractors (collectively, the "Receiving Party") may receive or have access to confidential materials and information of the other party, including their affiliates and/or business partners (collectively, the "Disclosing Party"). All such materials and information in written, electronic and oral form (including, without limitation, proposals, client lists, pricing and financial information, business plans and strategies, marketing plans and strategies, investor and employee information, customer and business partner information including Personal Information, technical, scientific and research and development information, and/or data relating to the approval, administration, use or experience of the Disclosing Party's products (whether marketed or in development), intellectual property and company policies and procedures), are collectively referred to herein as " <u>Confidential Information</u> " and constitute the exclusive property of the Disclosing Party. The Receiving Party shall hold in confidence and shall not disclose to any third party (other than its employees, agents and permitted subcontractors hereunder) any Confidential Information of the Disclosing Party without the prior written consent of the Disclosing Party. Confidential Information of the Client shall be deemed to include any materials prepared by the Company in connection with the Services performed hereunder, any Personal Information provided to the Company by the Client or collected by the Company on behalf of the Client pursuant to the performance of the Services, and any Confidential Information of the Client's affiliates and business partners. The Receiving Party shall use such Confidential Information only for the purpose for which it was disclosed, and shall disclose Confidential Information received by it under this Agreement only to those employees, agents and permitted subcontractors who have a need to know such Confidential Information in the course of performing their duties for the Receiving Party hereunder, and who are bound by written obligations of confidentiality and non-use at least as restrictive as the provisions in this Agreement. Notwithstanding the foregoing, the Receiving Party shall be liable to the Disclosing Party for any breach of this Section 8 by any of its employees, agents and permitted subcontractors, and agrees, at its sole expense, to use its commercially reasonable efforts to restrain its employees, agents and subcontractors from prohibited or unauthorized disclosure or use of the Confidential Information.

(B) Section 8(A) shall not apply to Confidential Information which:

(i) was independently developed by the Receiving Party or was in the possession of the Receiving Party as evidenced by written records pre-dating the disclosure under or in connection with this Agreement;

(ii) was or becomes generally available to the public other than through the willful or negligent act or omission of the Receiving Party or any of its employees, agents or permitted subcontractors;

(iii) was disclosed to the Receiving Party by a third party who had the legal right to make such disclosure, was not obligated by confidentiality and nonuse obligations and did not bind the Receiving Party to such obligations; or

(iv) was required to be disclosed by the Receiving Party to comply with applicable laws or government regulations; <u>provided</u>, <u>however</u>, that the Receiving Party immediately notified the Disclosing Party in writing of such requested disclosure, gave the Disclosing Party the opportunity to prevent or limit the disclosure through appropriate legal means and used its best efforts to maintain the confidentiality of the Confidential Information being disclosed to the greatest extent possible.

(C) Without limiting either party's remedies in any way, the parties hereto each acknowledge and agree that any actual or threatened breach of the confidentiality and non-use obligations in this Agreement relating to the Confidential Information may cause irreparable harm for which remedies at law may not be adequate. Therefore, in the event of any breach or anticipatory breach of this Section 8, each party shall be entitled to seek specific performance and other injunctive and equitable relief without limiting any of its other available rights and remedies.

(D) The confidentiality obligations set forth in this Section 8 shall survive the expiration or termination of this Agreement for a period of ten (10) years thereafter. With respect to Confidential Information that is Personal Information of the Client, the Company agrees that the confidentiality obligations of this Section 8 will survive indefinitely.

**9.**  **<u>INDEMNITY</u>.** 

(A) The Company shall indemnify, defend and hold the Client harmless from any liability, loss, third party claim, injury, damage or expense (including reasonable attorneys' and accountants' fees and costs) incurred by the Client, provided, however, that such matters have been shown to exist by a full and final adjudication of the matter by a federal or state court or regulatory body of competent jurisdiction, as a result of and to the extent of: (i) any grossly negligent or willful act or omission by the Company or its employees, agents or subcontractors in the performance of the Services; (ii) any material breach of this Agreement by the Company including, without limitation, any use by the Company of Personal Information other than as contemplated by this Agreement; or (iii) any copyright infringement, trademark infringement, title claim or misappropriation claim resulting from the Client's possession or use of materials or deliverables provided by the Company hereunder for the manner in which they were intended for use, except to the extent such claim arises from and as a result of materials provided to the Company by the Client; (iv) inaccuracies, or false, deceptive, inadequate or misleading materials prepared by the Company; and (v) any administrative or regulatory actions, subpoenas, investigations or proceedings taken against the Company involving any of its products, including without limitation the costs and expenses of document production and response and attorney's fees and costs in relation to any of the foregoing.

(B) The Client shall indemnify, defend and hold the Company harmless from any liability, loss, third party claim, injury, damage or expense (including reasonable attorneys' and accountants' fees and costs) incurred by the Company, provided, however, that such matters have been shown to exist by a full and final adjudication of the matter by a federal or state court or regulatory body of competent jurisdiction, as a result of and to the extent of: (i) any grossly negligent or willful act or omission by the Client or its employees, agents or subcontractors; (ii) any material breach of this Agreement by the Client; (iii) any copyright infringement, trademark infringement, title claim or misappropriation claim resulting from the Client's possession or use of materials or deliverables provided by the Company hereunder to the extent such claim arises from and as a result of materials provided to the Company by the Client; (iv) inaccuracies, or false, deceptive, inadequate or misleading materials prepared by the Client; and (v) any administrative or regulatory actions, subpoenas, investigations or proceedings taken against the Client involving any of its products, including without limitation the costs and expenses of document production and response and attorney's fees and costs in relation to any of the foregoing.

(C) In claiming any indemnification hereunder, the indemnified party will promptly provide the indemnifying party with written notice of any claim which the then indemnified party believes falls within the scope of this Section 9; provided, however, that the failure to promptly notify the indemnifying party hereunder will not affect the indemnified party's right to indemnification hereunder if such delay did not materially prejudice the defense of such claim.

**10.**  **<u>TERMINATION</u>.** 

(A) Either party hereto may terminate this Agreement for convenience and without cause by providing written notice to the other party (i) during the initial term at least one hundred eighty (180) days prior to the intended termination date or (ii) after the Initial Term at least ninety (90) days prior to the intended termination date.

(B) Any of the Client's investment programs that de-converts from the Company's platform prior to the Term will be charged 50% of the fund administration fees during the remaining Term using the latest month's billed fund administration fee as the basis. If re-formatting of data is required for the new platform, the quoted hourly programming rates will apply.

(C) Funds that conclude operations due to a planned wind-down, sale of assets, or final capital return shall not be subject to early termination fees, provided the Company is given at least 60 days' written notice.

(D) Either party hereto may terminate this Agreement immediately upon a breach or threatened breach of this Agreement by the other party and the failure of the breaching party to cure such breach within thirty (30) days of receipt of written notice of such breach from the non-breaching party. Additionally, a party may terminate this Agreement upon thirty (30) days prior written notice if (i) the other party assigns this Agreement to an affiliate and there are reasonable concerns regarding the ability of the affiliate to pay for the Company's Services or perform such Services and (ii) after written request the other party fails to undertake to pay for the Services or perform the Services if the affiliate cannot do so.

(E) Upon notice of de-conversion or halting automatic renewal from the Client, the Company shall use commercially reasonable efforts to wind down work on the Services prior to the agreed de-conversion date or the expiry of the Term.

**12.**  **<u>NOTICES</u>.** Any notices or other communications required or permitted hereunder shall be made in writing and delivered by email, a nationally-recognized overnight express delivery company (postage pre-paid), certified mail (postage pre-paid with return receipt requested), addressed to the applicable party as follows or as otherwise directed in writing by such party in accordance with the terms of this Section:

---

| | |
|:---|:---|
| To the Client: | To the Company: |
| Attn: Robert Barlau, Partner | Attn: Mark Lancaster, CEO |
| Gratus Capital, LLC | Great Lakes Fund Solutions, Inc. |
| 718 N Washington Ave, Floor 4 | 500 Park Avenue, Suite 114 |
| Minneapolis, MN 55401 | Lake Villa, Illinois 60046 |
| (612) 803 3862 | (847) 265-5000 |
| <u>bob@gratusfunds.com</u><br>| <u>legal@glfsi.com</u> |

---

Unless otherwise specified herein, such notices or other communications shall be deemed received: (A) on the date delivered, if delivered by email transmission between the hours of 9 AM and 5 PM local time at the recipient's location; provided, however, that the sender has also effected delivery that same day by one (1) of the additional means outlined herein; (B) on the next business day after sending in the U.S. with a nationally-recognized overnight express delivery company; or (C) on the third business day after mailing in the U.S., if sent by certified U.S. mail return receipt requested.

**13.**  **<u>FORCE MAJEURE</u>.** The Company shall not be responsible or liable for its failure or delay in performance of the Services and/or its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control and which it is unable to prevent, including, without limitation: any interruption, loss or malfunction of any utility, any transportation service, the internet, the World Wide Web, or any other public technology infrastructure; inability to obtain transportation or a delay in mails; governmental or securities exchange action, statute, ordinance, rulings, regulations or direction; war, terrorism, strike, riot, emergency, civil disturbance, vandalism, explosions, freezes, floods, fires, tornadoes, hurricanes, acts of God or public enemy, revolutions, or insurrection.

**14.**  **<u>ERRORS AND OMISSIONS</u>.** The Client shall furnish to the Company all records and information for which the Client is the transmitting party pursuant to this Agreement. Such records and information shall be complete, legible, and accurate, and in such form as shall be mutually agreed upon by the Client and the Company from time to time. The Company shall promptly notify the Client of any errors or omissions in the records and information, if any, detected by the Company. The Client shall promptly notify the Company of any errors or omissions in such records and information, if any, detected by the Client.

**15.**  **<u>LIMITATIONS ON LIABILITY</u>.** Unless otherwise required by law, in no event will either party hereto or their respective affiliates or service providers be liable to the other party for special, indirect, punitive, incidental, exemplary or consequential damages including, without limitation, lost profits or loss of business, damage or destruction of data, profit or goodwill even if such party is advised in advance of the possibility of such damages or losses. Furthermore, the Company's aggregate liability under this Agreement shall be limited to at an amount equal to the aggregate amount of annual Fees to which the Company is entitled hereunder during the calendar quarter in which such liability arises.

**16.**  **<u>NO WARRANTY</u>.** THE CLIENT EXPRESSLY UNDERSTANDS AND AGREES THAT: THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS, WITHOUT WARRANTIES OF ANY KIND. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE CLIENT AND ITS AFFILIATES DISCLAIM ALL WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OR MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

**17.**  **<u>ASSIGNMENT AND DELEGATION</u>.** Neither party may assign, voluntarily, by operation of law or otherwise, any rights or obligations under this Agreement without the other party's prior written consent, which may not be unreasonably withheld, delayed or conditioned; provided, however, that the Company may, without such consent, assign this Agreement to any person or entity controlling, controlled by or controlled in conjunction with the Company or to any person or entity that acquires substantially all of the equity, assets or business of the Company. Any attempted assignment of this Agreement not permitted hereunder will be deemed void. For purposes of clarification, it is understood and agreed that any permitted assignment of this Agreement will not terminate this Agreement and all provisions set forth herein will survive such assignment.

**18.**  **<u>CONTROLLING LAW</u>.** The validity, interpretation and performance of this Agreement and any dispute connected herewith shall be governed by and construed in accordance with the laws of the State of Illinois, without regard to its conflict of laws principles.

**19.**  **<u>AMENDMENT; NO WAIVER</u>.** Any amendments or modifications to this Agreement shall be in writing and signed by authorized representatives of each party hereto. Either party's failure to insist on compliance or enforcement of any provision of this Agreement shall not affect its validity or enforceability or constitute a waiver of future enforcement of that provision or of any other provision of this Agreement. Neither party hereto will be required to determine the authority of the individual signing this Agreement to make any commitment or undertaking on behalf of such entity or to determine any fact or circumstance bearing upon the existence of the authority of such individual

**20.**  **<u>SURVIVAL</u>.** The provisions of Sections 4, 7, 8, 9, 12, 14, 15, 16, 17, 18, 19 and 20 contained herein shall survive the expiration or other termination of this Agreement.

**21.**  **<u>COMPANY PROPERTY</u>.** Company Property is and shall remain the property of the Company or, when applicable, its affiliates or suppliers. Neither the Client nor any other person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any Company Property. The Client shall not (unless required by law) either before or after the termination of this Agreement, disclose to any person not authorized by the Company to receive the same, any information concerning the Company Property and shall use commercially reasonable efforts to prevent any such disclosure by the Client. For purposes of this Agreement, the term "Company Property" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by Company in connection with its performance of the Services.

**22.**  **<u>PUBLICITY</u>.** Neither party hereto shall identify the other party as a prospective, current or former client in any press release, publicity, advertising, or other disclosure without prior written consent of the other party.

**23.**  **<u>ENTIRE AGREEMENT</u>.** This Agreement (including any Exhibits, Schedules or Addenda attached hereto) contains the entire agreement of the parties with respect to the subject matter hereof and supersedes any prior written or oral agreements or understandings. No representations were made or relied upon by either party hereto other than those that are expressly set forth in this Agreement. All Exhibits, Schedules and/or Addenda attached to this Agreement are incorporated and shall be treated as if set forth herein. Subject to the provisions of this Agreement relating to transferability, this Agreement will be binding upon and inure to the benefit of the parties hereto, and their respective successors and assigns.

**24.**  **<u>HEADINGS</u>.** The captions to the Sections hereof are not a part of this Agreement but are included merely for convenience of reference only and shall not affect its meaning or interpretation. All pronouns and all variations hereof shall be deemed to refer to the masculine, feminine, or neuter, singular, plural, as the context in which they are used may require. In the event any claim is made by any party hereto relating to any conflict, omission or ambiguity in this Agreement, no presumption or burden of proof or persuasion shall be implied by this Agreement was prepared by or at the request of a party or its counsel.

**25.**  **<u>COUNTERPARTS</u>.** This Agreement may be executed by facsimile or electronic (PDF) signature, and in two or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument.

**[Signature Page Follows]**

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **GRATUS CAPITAL, LLC** | **GRATUS CAPITAL, LLC** | **GREAT LAKES FUND SOLUTIONS, INC.** | **GREAT LAKES FUND SOLUTIONS, INC.** |
| By: | /s/ Robert Barlau | By: | /s/ Robert McLamore |
| Name: | Robert Barlau | Name: | Robert McLamore |
| Title: | Partner | Title: | President |
| Date: | 7/15/2025 | Date: | 7/15/2025 |

---

**EXHIBIT A**

**Great Lakes Fund Solutions**

**Summary of Services**

**Company=Great Lakes**

**Client=Gratus**

---

| | |
|:---|:---|
| **DESCRIPTION** | ***Responsible Party*** |
| **A. Fund Setup** |  |
| Customize the *e*Superior web portal to match the look of the Client's web site. Customize portal functionality. | Company |
| Establish fund(s) on *e*Superior. Create investor confirmations and distribution/statement formats. | Company |
| **B. Database & System Management** |  |
| Host Administrative Website: Client access to all Investor, Broker Dealer, Advisor, RIA data and reporting | Company |
| Host portal access for investors, brokers, selling agents and other parties, as requested | Company |
| Investor/Broker Data: maintain accounts, addresses, emails, cost basis, distribution allocations and other key information | Company |
| Track and display fund history data | Company |
| **C. New Sales** |  |
| Subscriptions: Receive, scan and upload document to *e*Superior, enter investor application and second review of data. Deposit payments to UMB bank via remote check scanner and reconcile payments received. | Company |
| Work with the Client, Advisor and/or Managing Broker Dealer to follow up on NIGO (not in good order) subscriptions. This includes emailing the Wholesaler and Advisor with the page(s) of the subscription document that need to be changed. Uploading the amended pages to *e*Superior and moving the new sale from Hold to Pending. | Company/Client |
| Admittance of Investor: Post sale, generate and post acceptance letter to *e*Superior and email to investor, advisor and custodian, as applicable. Send acceptance letter to investor via USPS (optional). Send portal invitation to investor/advisor. | Company |
| Order Management System ("OMS"): Create the DocuSign envelope for new programs. | Optional/Company |
| OMS: Invite Investors/Advisors to access the OMS functionality, including the ability to enter/upload the investor data required to generate a custom DocuSign envelope. | Optional/Client/Company |
| OMS: The Client/Company will have the option of: a) Using OMS workflow management and Docusign or b) Sending a subscription document to <u>compliance@glfsi.com</u> for review and upload into the Great Lakes Portal | Optional/Client/Company |

---

---

| | |
|:---|:---|
| Investor Confirmations: Generate and post acceptance letter to eSuperior. Email portal invitation to investor, advisor, broker dealer if applicable. | Company |
| Upfront Commissions: Calculate, review, and generate fund- wide, firm-specific and advisor-specific reports. | Company |
| Upfront Commission Payment: Generate and send wires | Company |
| AML Compliance: Monitor the U.S Treasury, Office of Foreign Asset Control (OFAC) website to maintain an updated list of Specially Designated Nationals (SDNs) who are prohibited from performing financial transactions with the Company. Scan investor database any time it or the OFAC list changes. Alert Company's compliance officer any time a potential match is discovered. | Company |
| **D. Existing Fund Limited Partners** |  |
| Post add-on sales | Company |
| Transfers (inter-fund and intra-fund): Review or request a Transfer Request Form and the required supporting documents, upload documentation to *e*Superior. Follow up with the investor/client/custodian on any package that is Not In Good Order. Post transfer to investor profile in *e*Superior. | Company/Client |
| Investors Acknowledgement Letter of Redemption, Repurchase, or Liquidation: Review and upload documentation to *e*Superior. Follow up with the investor/client/custodian on any package that is Not In Good Order. Post redemption to investor profile in *e*Superior. | Company/Client |
| Investor Statement & Management Report: Enter financial information for the period, generate investor reports, incorporate management letter, create PDF, mail, and post to portal | Company |
| K-1 Processing: Provide data to Accounting Firm, post provided K-1's to *e*Superior portal and send to investor via USPS (optional). | Company |
| 1099 Processing: Prepare, post to *e*Superior portal and send to investor via USPS (optional). | Company |
| Annual Report: Receive from auditor and mail (with current statement and management report) or post PDF to Web portal | Company |
| **E. DTCC/AIP Reporting/Valuation** |  |
| Set up DTCC/AIP Sub-account | Company |
| Send Security General/Contact files to custodians that have approved the fund | Company |
| Monthly position files: Set up on a schedule that matches the requirements of each relevant custodian, transmit files of sales, transfers, redemptions on the required schedule. Verify that position files were sent out of *e*Superior and the custodian successfully received it. | Company |
| Respond to confirmation requests from custodians via DTCC | Company |
| Distribution activity files – set up, transmit all activity (ROC, interests, dividends, redemptions). Verify that activity files were sent out of *e*Superior and the custodian successfully received it. | Company |

---

---

| | |
|:---|:---|
| **F. Call Center** |  |
| Operate Call Center for Investor, Financial Advisor and Broker/Dealer Inquiries. Handle or re-route calls and/or emails as appropriate. | Company |
| **G. Treasury Support** |  |
| Provide monthly/quarterly distribution calculations for review and approval by Client | Company |
| Generate distribution ACH/wire transfer files and upload to UMB in the name of the Company, as agent for the Fund | Company |
| Review and verify payments for release from UMB | Company |
| Print and mail distribution checks | Company |
| Generate statements, post to portal, print and mail to investors | Company |
| Manage reissuance of payments | Company |
| Process Positive Pay Daily | Company |
| Reconcile the distribution account | Company |
| Send wire breakdown files to custodians | Company |
| Redemptions: Print and mail check or send ACH to investor | Company |
| **H. Sales Literature Fulfillment and Due Diligence Site** |  |
| Customize fulfillment page to initiate e-signature package with built-in workflow | Optional/Company  |
| Receive and store paper marketing materials, print supplements and maintain materials inventory count | Optional/Company |
| Host Web page for broker orders which trigger the printing of a UPS packing slip at Company | Optional/Company |
| Assemble and ship printed sales kits according to orders | Optional/Company |
| Email sales kits according to orders | Optional/Company |
| Prepare and send Bi-Weekly fulfillment reports | Optional/Company |
| Fund Showroom – hosting, branding, population, and maintenance | Optional/Company |
| Advisor Marketing Site – hosting, branding, population, and maintenance | Optional/Company |

---

**EXHIBIT B**

**GREAT LAKES' COMPANY POLICIES**

POLICIES FOR DETECTION, NOTIFICATION & DISCLOSURE OF DATA BREACHES AND FOR DISPOSAL OF CONFIDENTIAL INFORMATION

*<u>Internet & E-Mail Usage</u>*

Because company Internet and e-mail systems are provided by the Company at its expense for business use, all messages sent by and received on those systems are Company documents. The Company reserves the right to access and to disclose the messages that you send or receive on the voice mail or e-mail systems. Employees should also be aware that deleted messages from the computer screen may not actually be deleted from the e-mail system. Employees who abuse this policy are subject to disciplinary procedures up to and including discharge.

Consistent with applicable federal and state law, the time you spend on the Internet may be tracked through activity logs for business purposes. All abnormal usage will be investigated thoroughly.

Employees learning of any misuse of the Internet shall notify a member of management. Violation of this policy may result in disciplinary action up to and including discharge.

*<u>Recording Devices In The Workspace</u>*

It is prohibited to use a device for recording visual images, sound and data in all areas of the office unless the President or COO approves the use. Violations of this policy may result in immediate discipline (including the possibility of termination), immediate removal of the recording device and/or the employee from the office, and retention of the recording device for inspection by the Company and/or legal authorities. The right to inspect includes personal cell phones used at any time in the office. Limited exceptions will apply where the employee in possession of the recording device has been provided advance written authorization to use the recording device by an authorized member of corporate management and the recording device is being used in an authorized manner to further corporate business.

Recording devices and device functionality that is prohibited from use at employee workstations under this policy includes but is not limited to thumb drives, data drives, personally-owned computers, cameras, camcorders, video devices, tape recorders, digital voice or image recorders, PDAs, MP3 and DVD devices, and other devices equipped with any device or technology that has the capability to record images, sounds, or data. Modest and necessary use of cell phones by employees at workstations is only acceptable if functions that record sound and images are never utilized at the workstation without prior written approval.

*<u>Protecting Corporate Information</u>*

Protecting the Company's information and the Company's customers' information is the responsibility of every employee, and we all share a common interest in making sure it is not improperly or accidentally disclosed. Do not discuss the Company's or our customers' confidential business with anyone who does not work for us. You are required to sign a non-compete and a nondisclosure agreement as a condition of your employment, in accordance with state and federal law.

*<u>Conflict Of Interest/Code Of Ethics</u>*

A corporation's reputation for integrity is its most valuable asset and is directly related to the conduct of its officers and other employees. Therefore, employees must never use their positions with the Company, or any of its customers, for private gain, to advance personal interests or to obtain favors or benefits for themselves, members of their families or any other individuals, corporations or business entities.

The Company adheres to the highest legal and ethical standards applicable in our business. The Company's business is conducted in strict observance of both the letter and spirit of all applicable laws and the integrity of each employee is of utmost importance.

Employees of the Company shall conduct their personal affairs in such a fashion that their duties and responsibilities to the Company are not jeopardized and/or legal questions do not arise with respect to their association or work with the Company.

**<u>CONFIDENTIALITY</u>**

ALL CUSTOMER INFORMATION AND GREAT LAKES INFORMATION IS PROPRIETARY AND CONFIDENTIAL.

No information shall be taken from the premises without prior permission and may not be discussed with other customers or persons outside the Company's staff.

The research and development areas are restricted areas. Visitors must be cleared. Customer and the Company's information should not be left unattended in areas where non-staff may see it or taken off-premise.

All corporation employees, directors and officers that do any work for the Fund Administration Division, will be fingerprinted as a condition of employment.

*<u>Disclosure Agreement</u>*

All employees shall read and sign the Disclosure Agreement to Employment.

<u>Priva*cy Policy for Investor Services*</u>

The following procedures and safeguards are designed to (a) ensure the security and confidentiality of all the Company's Fund Administrator customers ("Fund Administrator") and the Advised Funds' (Fund) and the Funds' investors' (customer) records and information, (b) protect against anticipated threats or hazards to the security or integrity of customer records and information and (c) protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer. The term customer as used herein has the meaning provided in Privacy of Consumer Financial Information as adopted by the FTC, CFTC and SEC, to wit: a customer is an individual who has obtained a financial product or service from a financial institution for personal, family, or household reasons.

The Company collects personal information from Fund Administrator's customers for fund-related purposes, such as processing investor transactions and providing other investor services. The personal information includes (i) information on subscription agreements and other forms completed by investors (which include a customer's name, address and social security number or other tax identification number), (ii) information from discussions and written correspondence with customers, and (iii) information about customers' transactions (such as a customer's investment interest in an advised fund or account.

*<u>Confidentiality of Customer Information and Records</u>*

The policy of the Company is that all customer information and records are to be kept strictly confidential, and under no circumstances is any of such information or records to be revealed to or shared with any other person who is not authorized to have access to and use of such information and records, regardless of whether such person is another employee of the Company, an employee of an affiliate of a corporation entity, or a third person, in each case unless the customer specifically consents to or directs the disclosure.

Persons who are authorized to have access to and use of such information will be limited to those to whom such access has been granted by the applicable Fund or the Company entity. Such authorized individuals will only be granted such access if there is a legitimate business reason for them to have access to and use of the information. These individuals include, but are not necessarily limited to, employees of the Company involved in providing services to a Fund's customers; employees of Fund Administrators charged with keeping records relating to customers, accounting personnel, technical personnel charged with providing information services to a Fund; and, third parties engaged by a Fund or Fund Administrator to act in one or more of the foregoing capacities, such as a Fund's custodian, broker-dealers that sell interest in a Fund or provide ongoing services to customers and a Fund's independent accountants.

*<u>Training of Employees</u>*

Each employee who will have access to customer records and information will be trained immediately upon hiring and regularly reminded that the Company's policy is that all customer records and information, including without limitation the name, address, phone number, e-mail address, and all information about the customer's account, is to be held in strict confidence and is not to be revealed to or discussed with any person who is not formally authorized hereunder to have access to such information, in the absence of a specific customer consent to or direction of a disclosure.

*<u>Access to Electronic Records</u>*

Customer records and information will be kept on computer systems only under conditions such that access to such information and records is limited to those employees of the Company who have been specifically authorized to have such access. Such persons shall be identified when logging onto the system using a password known only to such person (and the system administrator). The computer system will automatically require periodic changes in such passwords. User logs of all activity are automatically archived and periodically reviewed.

Records and information regarding the Company customers shall be kept only on a specifically designated portion of the network utilized by the Company, and such network shall always be maintained so that all users of the system other than those specifically authorized as above shall not have the ability to access the portion of the network on which information and records of the Company's customers are maintained.

Electronic scanning software continually run tests to find evidence of intrusion attempts and notifies Information Technology and Security personnel.

*<u>Paper Records</u>*

Current information with respect to each customer and all related records and information shall be kept within specifically designated areas occupied by persons authorized to have access to such information and records, and in no other place. Information and records relating to the Company's customers may only be released to the individuals specifically authorized by the Company to have access to and use of such records.

All printed materials and hand written notes that are not public information must be shredded.

*<u>Physical Access to Corporation Premises</u>*

Physical access to corporation premises or any building in which Fund records are kept shall be limited to employees of the Company and to visitors who have a legitimate reason for being at such premises.

As a safeguard against unauthorized access to the Company's premises, all entrances to the premises in which the Company conducts business, or any building in which the Company or Fund records are kept, shall at all times be either staffed by a receptionist or security personnel or equipped with a device which limits access to employees.

*<u>Workplace Searches</u>*

To protect the property and to ensure the safety of all employees, customers and the Company, the Company reserves the right to conduct personal searches consistent with state law, and to inspect any packages, parcels, purses, handbags, brief cases, lunch boxes or any other possessions or articles carried to and from the Company's property. In addition, the Company reserves the right to search any employee's office, desk, files, locker, equipment or any other area or article on our premises. In this regard, it should be noted that all offices, desks, files, lockers, equipment, etc. are the property of the Company, and are issued for the use of employees only during their employment. Inspection may be conducted at any time at the discretion of the Company.

Persons entering the premises who refuse to cooperate in an inspection conducted pursuant to this policy may not be permitted to enter the premises. Employees working on or entering or leaving the premises who refuse to cooperate in an inspection, as well as employees who after the inspection are believed to be in possession of stolen property or illegal substances, will be subject to disciplinary action, up to and including discharge, if upon investigation they are found to be in violation of the Company's security procedures or any other corporation rules and regulations.

**EXHIBIT C**

**FEE SCHEDULE**

***<u>Fees</u>:*** *Upfront Fee:*

---

| | |
|:---|:---|
| eSuperior: Branded site in the name of the Client. Database setup on AWS, investor statement, correspondence, and web portal customization. | $8,000 at the signing of the Administrative Services Agreement. <br> ***One-time Fee Only. This fee is not applicable to subsequent programs under the Sponsor's branded site.*** |
| OMS: Sub-doc mapping, set up and DocuSign envelope creation per fund. <br> ***(Optional)*** | $2,000 subject to Subscription document complexity.  |

---

1) Fund Administration Fee: (Legacy Fund only)

<u>Legacy "Gratus Capital Properties Fund I (GCPFI)")</u>-$25 per month. Any distributions or whole scale redemptions will be billed $500 ad-hoc per distribution/redemption.

2) Fund Administration Fee: (A discount of $500 per month will be applied on the Gratus Capital Properties Fund III (GCPIII) fund only as long as the AUM is above 16MM for funds already raised). Future funds will not have the discount.

3) Gratus Black I (and future funds), per the schedule below.

The monthly administration fee is calculated separately for each program as and is the larger of:

a) Monthly Minimum Fee

b) Basis Point Fee

*a)* *Monthly Minimum Fee:* 

---

| | | | |
|:---|:---|:---|:---|
| **# of Investors** | **1 to 24** | **25 to 200** | **201+** |
| Monthly Minimum (No distributions) | $500 | $750 | $1000 |
| Monthly Minimum (Quarterly distributions) | $750 | $1000 | $2000 |
| Monthly Minimum (Monthly distributions) | $900 | $1250 | $2250 |

---

***<u>OR</u>***

*b)* *Basis Point Fee:* 

The Basis Point Fee is applied to each Fund's investor equity value and charged monthly (1/12 of the per annum figure).

Note: With respect to the basis point calculation below, only those assets in excess of a lower tier qualify for the basis point reduction in the higher tier.

---

| | |
|:---|:---|
| **Asset Tier** | **Basis Point Fee** |
| Up to $50MM | 16 basis points per annum |
| $50MM upward | 12 basis points per annum |

---

*Volume-Based Fees:*

---

| | |
|:---|:---|
| **Other Services Priced Separately** | **Fee** |
| Subscriptions, Redemptions and Repurchases processed by the Company | $15.00 each |
| Transfers | $100.00 each |
| Call Center: Per incoming and outgoing phone call or outgoing email response relating to investors or advisors. | $7.50 each |
| Printing Per Page (Single-Sided / Double-Sided): | *(Optional)* |
| Black & White | $0.25 / $0.35 |
| Color | $0.80 / $0.95 |
| Envelope stuffing | Automated – Waived Manual – $1.00 |

---

*Sales Literature Fulfillment **(optional)**:*

---

| | |
|:---|:---|
| Sales Material Receiving and Climate-Controlled Storage | Waived |
| Sales Kit Assembly | Waived |
| Sales Kit Order | $8.00 |
| Each Sales Kit in an Order – e-kit or hard copy | $3.00 |
| Compliance log of all kit's recipients | Waived |

---

*Marketing Support **(optional)**:*

---

| | |
|:---|:---|
| Fund Showroom – Hosted, role based due diligence data room with custom color scheme and secure access to the relevant materials. | $250 per month <br> **(per active program)** |
| Advisor Resource Page – Sales tool only available in the *e*Superior advisor realm | $250 per month <br> **(per active program)** |

---

*Pre-Approved Project and Development Rates:*

---

| | |
|:---|:---|
| **Pre-Approved Project Work:** | **Hourly Rate** |
| Management and IT Staff: System customization and other projects priced hourly | $275 per hour |
| Operations projects (e.g. capital calls, proxy solicitation) | $175 per hour |

---

***Out of Pocket Expenses***

Ï Communication charges, such as DST FanMail or DTCC AIP connectivity and messaging at cost

Ï Postage and/or courier charges

Ï VerifyInvestor charges at cost

Ï DocuSign Envelopes at cost

Ï Envelopes at cost, unless supplied by the Client

---

| | |
|:---|:---|
| Ï | Pass-through bank charges for subscription and/or distribution accounts will be detailed in the monthly bank analysis available online and consolidated at cost as a line in your monthly invoice from the Company.  |
| Ï | Amazon Web Services hosting charges (starting at $120 per month and growing with the number of investors and documents) |

---

**Schedule A**

**Funds to Be Serviced**

● Gratus Capital Properties Fund I

● Gratus Capital Properties Fund III (Reg A)

● Gratus Black I

● Any future funds, if applicable

Sch. A-1<br>

---

| | |
|:---|:---|
| ![](gratus_ex61img2.jpg) | **Agent Authorization for Depositary Services** |

---

This **Agent Authorization for Depositary Services** (this "***Authorization***") is entered into as of July 10, 2025 by, between and among **Great Lakes Fund Solutions, Inc.**, a corporation organized and existing under the laws of the State of Illinois, as the Company's agent for purposes of this Authorization (the "**Agent**"), **Gratus Capital, LLC,** a Limited Liability Company organized and existing under the laws of the State of Minnesota (the "***Company***"), and **UMB BANK, N. A.,** a national banking association, as the depositary bank (the "***Bank***").

**<u>Background</u>.** Company and Agent have entered into a Software and Services Agreement dated as of July 10, 2025 (as it may be amended, the "***Services Agreement***"), pursuant to which Agent performs certain services for Company. The Services Agreement authorizes the Agent to act as Transfer Agent and financial services agent for the Company for purposes of opening and operating accounts for the benefit of the Company to facilitate the Company's investor subscription, distribution, redemption and other payment needs.

The Bank is not a party to the Services Agreement and has not reviewed the Services Agreement.

In order to permit the Agent to operate one or more bank accounts (each, an "***Account***") at the Bank to facilitate the payment needs of the Company, the Bank requires that the Company and the Agent enter into this Authorization for the purpose of confirming the authority of the Agent to act as agent on behalf of the Company, whether or not this Authorization is consistent with any conditions or limitations on the authority of the Agent as set forth in the Services Agreement.

Accordingly, it is the intent of this Authorization that, as among the Company, the Agent and the Bank, this Authorization gives the Agent plenary authority to act as an agent on behalf of Company in connection with any Account(s) opened by Agent for Company that are titled in the manner set forth in this Authorization, and to receive Treasury Management Services with respect to such Account(s), notwithstanding any limitations, conditions or requirements that may be set forth in the Services Agreement. However, as between Company and Agent only, this Authorization is not intended as an amendment to the Services Agreement.

**<u>Agreement</u>.** In consideration of the mutual covenants herein as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. As used in this Authorization, capitalized terms have the meaning set forth in the <u>Background</u> section above.

2. Company and Agent represent and warrant that all information in the <u>Background</u> paragraph above is accurate.

3. Company hereby confirms the authority of Agent to open and operate one or more Accounts in Agent's name, for the benefit of Company, using Agent's Tax ID number. It is intended that Agent operate such Account(s) for the benefit of Company and consistent with any limitations, conditions, or requirements of the Services Agreement. Notwithstanding the foregoing, the Bank shall have no duty to investigate whether or not the Agent is conducting its activities in connection with the Account in accordance with the Services Agreement but shall assume that all such activities of Agent are consistent with all of Agent's obligations under the Services Agreement. For the avoidance of doubt, (i) Agent owns the Account, (ii) nothing contained in this Authorization shall be construed so as to deem Company a customer of the Bank, and (iii) except as specifically set forth in this Authorization, Bank has no obligation to the Company with respect to the Account.

Page 1 of 4

4. This Authorization is intended to grant full authority for Agent to receive depository and payment and Treasury Management Services from Bank with respect to the Account, subject only to such agreements as may be in place between Bank and Agent with respect to such Account(s) and Treasury Management Services. Consistent with the foregoing, notwithstanding any provision that may be contained in the Services Agreement to the contrary, the Company hereby authorizes and instructs the Bank to:

a. Permit any withdrawal, remittance, and/or transfer of funds (by check, draft, wire transfer, or other method of withdrawal permitted by the Bank's Deposit Account Agreement or the Treasury Management Services Master Agreement as published by the Bank from time to time, and as supplemented by any Treasury Management Services description or agreement between the Bank and the Agent (collectively, the "  ***Bank Agreements***") by the Agent as the Company's agent, and all such actions taken or omitted by Agent shall be deemed to be Company's actions or omissions.

b. Deliver to the Agent deposit Account statement information with respect to the Account(s) promptly upon request of the Agent, and to also deliver such Account statements and other information to the Company at the direction of the Agent or upon written request of Company, to the extent practicable and in accordance with the Bank's standard procedures and subject to the payment of applicable Bank fees and costs.

c. Use the name of Company, and that of any officer of Company, on checks drawn on the Account(s), and any signature of Company or that of an officer of Company, including a facsimile signature, supplied to Bank by Agent as that of Company shall be deemed to be an authorized signature on any such check drawn on an Account.

5. As between the Company and the Agent only, this Authorization is not, and is not intended to function as, a transfer of ownership or beneficial interest of funds belonging to Company to the Agent, and is not intended as an amendment to the terms of the Services Agreement

6. Each of the Company and the Agent represents and warrants that it obtains a business benefit by this Authorization. Included in this Authorization are the Company's further instructions to the Bank under the Bank's Deposit Account Agreement to effect this Authorization and to accommodate and facilitate any of the Bank's Treasury Management Services that the Agent shall utilize in connection with the Account(s).

7. The Agent will instruct the Bank on any Account and in connection with any Treasury Management Service solely by and through the individual(s) identified from time to time as the Agent's Authorized Persons.

8. The Company indemnifies and holds the Bank harmless from and against all liabilities, claims, costs, expenses and damages (including, but not limited to, the Bank's out-of-pocket and allocable internal attorneys' fees and expenses) incurred by the Bank as of a result of the Bank (a) accepting or acting under this Authorization, and (b) honoring and following any instruction that the Bank shall receive from (or shall believe in good faith to be from) the Agent in connection with the Account(s) in accordance with this Authorization.

9. The Agent indemnifies the Bank and holds it harmless against all liabilities, claims, costs, expenses and damages (including, but not limited to, the Bank's out-of-pocket and allocable internal attorneys' fees and expenses) incurred by the Bank as a result of its honoring and following any instruction it shall receive from (or shall believe in good faith to be from) the Agent and contemplated by this Authorization.

Page 2 of 4

10. Neither the Agent nor the Company will be responsible for any loss, damage or expense that shall have been caused by the Bank's gross negligence or willful misconduct in its performance of its obligations under this Authorization.

11. All communications by any party hereto to another as required or provided by this Authorization must be in writing, directed to the respective party's designated office or officer ("  ***Designated Office[r]*** "), and delivered to each recipient party at its address for communications specified below either by personal delivery to the Designated Officer, by U.S. Mail, receipted delivery service or by overnight courier service to the recipient party at its address for communications specified below. Facsimile and electronic mail transmission are not acceptable as methods of providing notice under this Authorization.

12. The Bank is hereby authorized to act and rely upon the representations and agreements of the Company and the Agent made in this Authorization until the Bank shall have received a written notice of termination of this Authorization issued to the Bank and executed by the duly authorized person of the Company or an Authorized Person of the Agent, together with a fully executed copy of this Authorization attached thereto. The Bank may terminate this Authorization at any time upon the Bank's written notice of termination delivered to each of the Company and the Agent. Termination of this Authorization shall not constitute termination of the Deposit Agreement or the closing of an Account.

13. No party hereto may assign or transfer any of its rights or obligations under this Authorization without the prior written consent of each of the other parties, *except* that the Bank may transfer its rights and obligations under this Authorization to any direct or indirect depositary subsidiary of UMB Financial Corporation or, in the event of a merger or acquisition of the Bank, to the Bank's successor depositary institution, without any consent of the Company or the Agent. The Company's and the Agent's rights and obligations under this Authorization shall not be discharged, diminished or otherwise affected by any merger, acquisition or other transaction that results in any change in the direct or indirect ownership of the Company or of the Agent.

14. This Authorization shall be governed by the laws of the State of Missouri (without regard to its conflicts of laws principles). This Authorization may be executed in any number of counterparts, each of which shall be an original and all of which together shall constitute one and the same Authorization. Delivery of an executed signature page counterpart to this Authorization *via* telecopier or "*PDF*" facsimile attachment to an electronic mail transmission shall be effective as if it were a manually delivered, original, executed counterpart hereof. This Authorization can be modified or amended only by written agreement of all parties hereto evidencing same.

15. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY TO THIS AUTHORIZATION IRREVOCABLY WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING (INCLUDING ANY COUNTERCLAIM) OF ANY TYPE IN CONNECTION WITH THE PROVISIONS OF THIS AUTHORIZATION IN WHICH ANOTHER PARTY HERETO SHALL BE A PARTY, AND AS TO ALL MATTERS DIRECTLY OR INDIRECTLY RELATING TO THIS AUTHORIZATION.

[Signature Page Follows]

Page 3 of 4

**IN WITNESS WHEREOF,** each of the parties by its respective duly authorized officer has executed and delivered this Agent Authorization for Depositary Services as of the day and year first written above.

---

| | |
|:---|:---|
| **BANK: UMB BANK, N. A.** | **BANK: UMB BANK, N. A.** |
| By |  |
| Name: | Erin Fisher |
| Title: | VP, Client Relations Manager |

---

---

| | |
|:---|:---|
| ***Address for Communications:***  | UMB Bank, N. A.<br> 928 Grand Blvd.<br> Kansas City, MO 64106<br> Attn: Ms. Erin Fisher, VP |

---

---

| | |
|:---|:---|
| **COMPANY: Gratus Capital, LLC** | **COMPANY: Gratus Capital, LLC** |
| By | /s/ Robert Barlau |
| Name: | Robert Barlau |
| Title: | Partner |

---

---

| | |
|:---|:---|
| ***Address for Communications:***  | Gratus Capital, LLC<br> 718 N Washington Ave, Floor 4<br> Minneapolis, MN 55401<br> Attn: Robert Barlau |

---

---

| | |
|:---|:---|
| **AGENT: Great Lakes Fund Solutions, Inc.** | **AGENT: Great Lakes Fund Solutions, Inc.** |
| By | /s/ Rob McLamore |
| Name: | Rob McLamore |
| Title: | President |

---

---

| | |
|:---|:---|
| ***Address for Communications:***  | 500 Park Avenue<br> Suite 114<br> Lake Villa, IL 60046<br> Attn: Mr. Rob McLamore, President |

---

<br> <u>Page 4 of 4</u>