# EDGAR Filing Document

**Accession Number:** 0001964099
**File Stem:** 0001670254-23-000052
**Filing Date:** 2023-1
**Character Count:** 222871
**Document Hash:** b1946c73337ef436da07b2ffbb1e5ad6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001670254-23-000052.hdr.sgml**: 20230131

**ACCESSION NUMBER**: 0001670254-23-000052

**CONFORMED SUBMISSION TYPE**: C

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20230131

**DATE AS OF CHANGE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Transcend Network LLC
- **CENTRAL INDEX KEY:** 0001964099
- **IRS NUMBER:** 352681851

**FILING VALUES:**
- **FORM TYPE:** C
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 020-31698
- **FILM NUMBER:** 23569932

**BUSINESS ADDRESS:**
- **STREET 1:** 7411 WEST CYPRESSHEAD DRIVE
- **CITY:** PARKLAND
- **STATE:** FL
- **ZIP:** 33067
- **BUSINESS PHONE:** 5106982462

**MAIL ADDRESS:**
- **STREET 1:** 7411 WEST CYPRESSHEAD DRIVE
- **CITY:** PARKLAND
- **STATE:** FL
- **ZIP:** 33067

## Ex-99

### Attached PDF Documents

**Attachment 1:** `document_1.pdf`

# Form C

## Cover Page

Name of issue:

Transcend Network LLC

Legal status of issue:

Form: Limited Liability Company
Jurisdiction of Incorporation/Organization: DE
Date of organization: 1/92/2020

Physical address of issue:

7411 West Cypresshead Drive
Parkland FL 33067

Website of issue:

http://www.transcend-network.com

Name of intermediary through which the offering will be conducted:

Wefunder Rental LLC

CIS number of intermediary:

0001570254

DEC file number of intermediary:

007-00653

CIS number, if applicable, of intermediary:

285503

Amount of compensation to be paid to the intermediary, whether as a dollar amount as a percentage of the offering amount, or a good faith estimate if the exact amount is not available at the time of the filing, for conducting the offering, including the amount of referral and any other fees associated with the offering.

75% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the issuer in connection with the offering.

Any other direct or indirect interest in the issuer held by the intermediary, or any arrangement for the intermediary to acquire such an interest:

No

Type of security offered:

☐ Common Stock
☐ Preferred Stock
☐ Debt
☐ Other

If Other, describe the security offered:

Simple Agreement for Future Equity (SAFE)

Target number of securities to be offered:

50,000

Price:

$1.00000

Method for determining price:

Pre-rated portion of the total principal value of $50,000. Interests will be sold in increments of 1% each investment is convertible to one unit as described under item 15.

Target offering amount:

$50,000.00

Oversubscriptions accepted:

☑ Yes
☐ No

If yes, disclose how oversubscriptions will be allocated:

☐ Pre-rate basis
☐ First-come, first-served basis
☐ Other

If other, describe how oversubscriptions will be allocated:

As determined by the issuer

Maximum offering amount (if different from target offering amount):

$500,000.00

Deadline to reach the target offering amount:

4/92/2023

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

Current number of employees:

2

|  | Most recent fiscal year-end | Prior fiscal year-end |
| --- | --- | --- |
| Total Assets | $7,060.00 | $5,778.00 |
| Cash & Cash Equivalents | $7,060.00 | $5,778.00 |
| Accounts Receivable | $0.00 | $0.00 |
| Short-term Debt | $0.00 | $0.00 |
| Long-term Debt | $36,737.00 | $12,565.00 |
| Returned Sales | $54,995.00 | $9,900.00 |
| Cost of Goods Sold | $0.00 | $0.00 |
| Taxes Paid | $0.00 | $0.00 |
| Net Income | ($22,288.00) | ($6,788.00) |

Select the jurisdictions in which the issuer intends to offer the securities:

AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, WI, WY, WZ, WY, WI, WY, WZ, WY, WI, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY, WY

# Offering Statement

Respond to each question in each paragraph of this post, but both each question and any point, but not any inconsistent factors in their entirety. If disclosure is expensive to any question is expensive to one or more other questions, it is not necessary to report the disclosure. If a question or order of questions is inapplicable or the response is a reliable alternative to the Form, either state that it is inapplicable, include a cross-reference to the responsive disclosure, or omit the question or order of questions.

Do very careful and precise in correcting all questions. Give full and complete answers so that they are not misleading under the circumstances involved. Do not discuss any future performance or other anticipated recall rather than have a reasonable time to believe that it will actually occur within the reasonable hours. If any answer requiring significant information is essentially too serious, incomplete or misleading the Company, its management and principal shareholders may be liable to however, based on that information.

## THE COMPANY

I. Name of Issuer

Transcend Network LLC

## COMPANY ELIGIBILITY

1. ☑ Check this box to certify that all of the following statements are true for the issuer:
- Organized under, and subject to, the laws of a State or territory of the United States or the District of Columbia.
- Not subject to the requirement to the issuer's pursuant to Section 10 or Section 10(a) of the Securities Exchange Act of 1934.
- Not an investment company registered or required to be registered under the Investment Company Act of 1940.
- Not ineligible to rely on this exemption under Section 4(1)(B) of the Securities Act as a result of a disqualification specified in Rule 503(a) of Regulation Crowdfunding.
- Has filed with the Commission and provided to investors, to the extent required, the company served repairs required by Regulation Crowdfunding during the two years immediately preceding the filing of this offering statement (or for such shorter period that the issuer was required to file such repairs).
- Not a development stage company that can not use specific business plan or (to) has indicated that its business plan is to engage in a merger or acquisition with an unidentified company or companies.

INSTRUCTION TO QUESTION 2: If any of these statements are not true, then you are NOT eligible to rely on this exemption under Section 4(1)(B) of the Securities Act.

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

☐ Yes ☑ No

## DIRECTORS OF THE COMPANY

4. Provide the following information about each director (and any persons appearing a similar status or performing a similar function) of the issuer:

| Director | Principal Occupation | Main Function | Year Joined as Director |
| --- | --- | --- | --- |
| Michael Nares | Co-Founder | Transcend Network | 2020 |
| Alberto Martinez de Arenaza | Co-Founder | Transcend Network | 2020 |

For three years of business experience, refer to Appendix D: Director & Officer Work History

## OFFICERS OF THE COMPANY

5. Provide the following information about each officer (and any persons occupying a similar status or performing a similar function) of the issuer:

| Officer | Business Held | Year Joined |
| --- | --- | --- |
| Michael Nares | Co-Founder | 2020 |
| Alberto Martinez de Arenaza | Co-Founder | 2020 |

For three years of business experience, refer to Appendix D: Director & Officer Work History

FOUND TO QUESTION 5: For purposes of the document 1, the term officer occurs at point 1, the position, a money, measure or principal factor of office, a corporation or firm that is operating office, and any person that currently performing similar functions.

## PRINCIPAL SECURITY HOLDERS

6. Provide the name and ownership level of each person, as of the hold record practicable date, who is the beneficial owner of (a) percent or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power.

| Name of Holder | No. and Class of Securities Now Held | % of Voting Power Prior to Offering |
| --- | --- | --- |
| Michael Nares | 9/2000000.0 Membership Interest Limits | 50.0 |
| Alberto Martinez de Arenaza | 5/2000000.0 Membership Interest Limits | 50.0 |

FOUND TO QUESTION 6: The above information must be provided as of a date that is between the 15th day prior to the date of filing of this offering statement.

In addition to the above, include all securities described by person, directly or indirectly, that are above the voting power, which includes the owner or one or a member of the voting board or another. If the person has the right to acquire, with a member of such a member, the other person has the right to acquire, with a member of such a member, the other person has the right to acquire, with a member of such a member, the other person has the right to acquire, with a member of such a member, the other person has the right to acquire, with a member of such a member, the other person has the right to acquire, with a member of such a member, the other person has the right to acquire, with a member of such a member, the other

## BUSINESS AND ANTICIPATED BUSINESS PLAN

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

For a description of our business and our business plan, please refer to the attached Appendix A, Business Description & Plan
FOUND TO QUESTION 7: If business and your company's business position are applicable, then the business is not a member. The information will be held at the business and "business" has been an established business and "other" is the same.

This is not a representation of the business and the business plan will be provided in the 2017 or equivalent in this document. In this case, some companies will be prepared to build the business and services in our results under the Securities Act of 1933, which requires you to provide material information related to our business and anticipated business plans. Please refer to the Securities Act of 1933, which requires you to provide material information related to our business and anticipated business plans. Please refer to the Securities Act of 1933, which requires you to provide material information related to our business and anticipated business plans. Please refer to the Securities Act of 1933, which requires you to provide material information related to our business and anticipated business plans.

## RISK FACTORS

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

In making an investment decision, investors must rely on their own organization of

the issuer and the terms of the offering, including the merits and risks involved. These securities have not been recommended or approved by any federal or state securities commission or regulatory authority. Furthermore, these authorities have not passed upon the accuracy or adequacy of this document.

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

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

8. Discuss the material factors that make an investment in the issuer specified in an index.

We are not growing Transcend Network on a venture timeline. We are taking a go slow now, to go fast later approach to building a supportive community for founders in the future of learning and work.

We have a small management team and plan to stay a small team for the foreseeable future. Although this allows for alignment, it limits our choices to pursue certain opportunities that we discover.

Our management team is a first time fund management team. We have very experienced LPs advising us on our fund management and deployment.

Our team works across 4 different time zones globally. This makes team cohesion and synergy a big priority so we show up best for our programs, community, and fund. Running a global community is not easy.

Our brand relies on the brand of our two co-founders who have deep networks and operation in the space.

The Company may never receive a future equity financing or elect to convert the Securities upon such future financing. In addition, the Company may never undergo a liquidity event such as a sale of the Company or an IPO. If neither the conversion of the Securities nor a liquidity event occurs, the Purchasers could be left holding the Securities in personality. The Securities have numerous transfer restrictions and will likely be highly diluted, with no secondary market on which to sell them. The Securities are not equity interests, have no ownership rights, have no rights to the Company's assets or profits and have no voting rights or ability to direct the Company or its actions.

Our future success depends on the efforts of a small management team. The loss of services of the members of the management team may have an adverse effect on the company. There can be no assurance that we will be successful in attracting and retaining other personnel we require to successfully grow our business.

DISSEMINATION TO QUESTION 8. As an promotional assessment and to make sure, these factors that we engage in the issuer. This review should be achieved under issuer's intention and the offering and should be improved by partners addressed to the liquid and forth offers. See specific number of individuals to be expected to be attended.

# The Offering

## USE OF FUNDS

9. What is the purpose of this offering?

The Company intends to use the net proceeds of this offering for working capital and general corporate purposes, which includes the specific items listed in item 10 below. While the Company expects to use the net proceeds from the Offering in the manner described above, it cannot specify with certainty the particular uses of the net proceeds that it will receive from this Offering. Accordingly, the Company will have broad discretion in using these proceeds.

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

If yes: $50,000

Use of Proceeds: $2.5% towards operational costs (program operations such as community manager salary, event expenses, boarcamp operator salary, marketing, events), 7.5% towards Wolfunder intermediary fee

If yes: $300,000

Use of Proceeds: If we raise our maximum target, we will be able to host 2-3X in person events across the world, scale our boarcamp program with skilled facilitators to reach 2X more founders, build with a quicker pace the "start-up school" library of the future of learning and work - a collection of learnings and case studies from our founder and LP network. 2-3X our content production across various channels.

$2.5% towards operational costs (program operations such as community manager salary, event expenses, boarcamp operator salary, marketing, events), 7.5% towards Wolfunder intermediary fee

DISSEMINATION TO QUESTION 11. As issuer must promptly automatically conduct all or part of the intended use of securities, our trust business can provide both an adequate measure of all investment, asset and time. By offering proceeds will be used at no lower than identified a value of securities now, the issuer should identify and as well as to complete our and the factors the issuer must consider in effectively proceeds among the investment. If the issuer will accept proceeds at times of the target offering amount, the issuer must do so in the purpose, instead of allocating non-other options, and instead use of the no one proceeds with similar goodwill. Please include all presented uses of the proceeds of the offering, including any other uses applicable to the use of the other options. If you do not do so, you may take the required investment your financial. (Repeats in our responsibility for any failure by you to describe a personal use of offering proceeds.)

## DELIVERY & CANCELLATIONS

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

Book Entry and Investment in the Consumer. Investors will make their investments by investing in interests issued by one or more co-issuers, each of which is a special purpose vehicle ("SPV"). The SPV will invest all amounts it receives from investors in securities issued by the Company. Interests issued to investors by the SPV will be in book entry form. This means that the investor will not receive a certificate representing his or her investment. Each investment will be recorded in the books and records of the SPV. In addition, investors' interests in the investments will be recorded in each investor's "Portfolio" page on the Wolfunder platform. All references in this Form C to an investor's investment in the Company (or similar phrases) should be interpreted to include investments in a SPV.

12. How can an investor cancel an investment commitment?

NOTE: Investors may cancel an investment commitment until 48 hours prior to the deadline identified in these offering materials.

The intermediary will notify investors when the target offering amount has been met. If the issuer reaches the target offering amount prior to the deadline identified in the offering materials, it may close the offering early if it provides notice about the new offering deadline at least five business days prior to such new offering deadline (absent a material change that would require an extension of the offering and reconfirmation of the investment commitment).

If an investor does not cancel an investment commitment before the 48-hour period prior to the offering deadline, the funds will be released to the issuer upon closing of the offering and the investor will receive securities in exchange for his or her investment.

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

**An Investor's right to cancel.** An investor may cancel his or her investment commitment at any time until 48 hours prior to the offering deadline.

If there is a material change to the terms of the offering or the information provided to the investor about the offering and/or the Company, the investor will be provided notice of the change and must re-confirm his or her investment commitment within five business days of receipt of the notice. If the investor does not reconfirm, he or she will receive notifications disclosing that the commitment was cancelled, the reason for the cancellation, and the refund amount that the investor is required to receive. If a material change occurs within five business days of the maximum number of days the offering is to remain open, the offering will be extended to allow for a period of five business days for the investor to reconfirm.

If the investor cancels his or her investment commitment during the period when cancellation is permissible, or does not reconfirm a commitment in the case of a material change to the investment, or the offering does not close, all of the investor's funds will be returned within five business days.

Within five business days of cancellation of an offering by the Company, the Company will give each investor notification of the cancellation, disclose the reason for the cancellation, identify the refund amount the investor will receive, and refund the investor's funds.

**The Company's right to cancel.** The Investment Agreement you will execute with us provides the Company the right to cancel for any reason before the offering deadline.

If the sum of the investment commitments from all investors does not equal or exceed the target offering amount at the time of the offering deadline, no securities will be sold to the offering, investment commitments will be cancelled and commitment funds will be returned.

## Ownership and Capital Structure

### THE OFFERING

II. Describe the terms of the securities being offered.

To view a copy of the SAFE you will purchase, please see Appendix B, Investor Contracts. The main terms of the SAFE's are provided below.

The SAFE's. We are offering securities in the form of a Simple Agreement for Future Equity ("SAFE"), which provides Investors the right to **preferred units** in the Company ("**Preferred Units**"), when and if the Company sponsors an equity offering that involves **Preferred Units**, on the standard terms offered to other investors.

*Commodity to Preferred Equity.* Based on our SAFE's, when we engage in an offering of equity interests involving **preferred units**, **Investors will receive a number of shares of preferred units** calculated using the method that results in the greater number of **preferred units**:

i. the total value of the Investor's investment divided by the price of **preferred units** issued to new investors, or
ii. if the valuation for the company is more than **$5,000,000.00** (the "Valuation Cap"), the amount invested by the Investor divided by the quotient of:
a. the Valuation Cap divided by
b. the total amount of the Company's capitalization at that time.

*Unsecured Terms of the Valuation Cap.* For purposes of option (b) above, the Company's capitalization calculated as of immediately prior to the Equity Financing and (without double-counting, in each case calculated on an as-converted to Common Unit basis):

- Includes all Capital Units issued and outstanding;
- Includes all Converting Securities;
- Includes all (i) issued and outstanding Options; and (ii) Promised Options; and
- Includes the Unissued Option Pool, except that any increase to the Unissued Option Pool in connection with the Equity Financing shall only be included to the extent that the number of Promised Options exceeds the Unissued Option Pool prior to such increase.

*Liquidity Event.* If the Company has an initial public offering or is acquired by, merged with, or otherwise taken over by another company or new owners prior to investors in the SAFE's receiving **preferred units**, investors will receive

- proceeds equal to the greater of (i) the Purchase Amount (the "Cash-Out Amount") or (ii) the amount payable on the number of Common Units equal to the Purchase Amount divided by the Liquidity Pool (the "Conversion Amount").

*Liquidity Power.* In a Liquidity Event or Dissolution Event, this Safe is intended to operate five standard nonparticipating Preferred Units. The Investor's right to receive its Cash-Out Amount is:

1. Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into "Capital Units").
2. On par with payments for other Safes and/or Preferred Units, and if the applicable Proceeds are insufficient to permit full payments to the investor and such other Safes and/or Preferred Units, the applicable Proceeds will be distributed pro rata to the investor and such other Safes and/or Preferred Units in proportion to the full payments that would otherwise be due; and
3. Senior to payments for Common Units.

### Securities Issued by the SPV

Instead of issuing its securities directly to investors, the Company has decided to issue its securities to the SPV which will then issue interests in the SPV to investors. The SPV has been formed by Wefunder Admin, LLC and is a co-issuer with the Company of the securities being offered in this offering. The Company's use of the SPV is intended to allow investors in the SPV to achieve the same economic exposure, voting power, and ability to convert State and Federal law rights, and receive the same disclosures, as if they had awarded directly in the Company. The Company's use of the SPV will not result in any additional fees being charged to investors.

The SPV has been organized and will be operated for the sole purpose of directly acquiring, holding and disposing of the Company's securities, will not borrow money and will use all of the proceeds from the sale of its securities solely to purchase a single class of securities of the Company. As a result, an investor investing in the Company through the SPV will have the same relationship to the Company's securities, in terms of number, denomination, type and rights, as if the investor invested directly in the Company.

### Voting Rights

If the securities offered by the Company and those offered by the SPV have voting rights, those voting rights may be exercised by the Investor or his or her proxy. The applicable proxy is the Lead Investor. If the Proxy (described below) is in effect.

### Proxy to the Lead Investor

The SPV securities have voting rights. With respect to those voting rights, the investor and his, her, or its transferees or assignees (collectively, the "investor"), through a power of attorney granted by investor in the Investor Agreement, has consented to and entered the Lead Investor as the investor's free and lawful proxy.

and attorney (the "Proxy") with the power to act alone and with full power of substitution, on behalf of the investor to: (i) vote all securities related to the Company purchased in an offering hosted by Wefunder Portal, and (ii) execute, in connection with such voting power, any instrument or document that the Lead Investor determines is necessary and appropriate in the exercise of his or her authority. Such Proxy will be irrevocable by the investor unless and until a successor lead investor ("Replacement Lead Investor") takes the place of the Lead Investor. Upon notice that a Replacement Lead Investor has taken the place of the Lead Investor, the investor will have five (5) calendar days to revoke the Proxy. If the Proxy is not revoked within the 5-day time period, it shall remain in effect.

### Restriction on Transferability

The SPV securities are subject to restrictions on transfer, as set forth in the Subscription Agreement and the Limited Liability Company Agreement of Wefunder SPV, LLC, and may not be transferred without the prior approval of the Company, on behalf of the SPV.

14. Do the securities offered have voting rights?

☐ Yes
☑ No

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

See the above description of the Proxy to the Lead Investor.

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

Any provision of this Safe may be amended, waived or modified by written consent of the Company and either:

1. the Investor or

2. the majority-in-interest of all then-substanding Safes with the same "Post-Proxy Valuation Cap" and "Discount Rate" as this Safe (and Safes lacking one or both of such terms will be considered to be the same with respect to such terms(s), provided that with respect to above (i)):

A. the Purchase Amount may not be amended, waived or modified in this manner;

B. the consent of the Investor and each holder of such Safes must be solicited (www.iif.net obtained), and

C. such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of Safes whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of Safes.

Pursuant to authorization in the Investor Agreement between each Investor and Wefunder Portal, Wefunder Portal is authorized to take the following actions with respect to the investment contract between the Company and an investor:

A. Wefunder Portal may amend the terms of an investment contract, provided that the amended terms are more favorable to the Investor than the original terms; and

B. Wefunder Portal may reduce the amount of an investor's investment if the reason for the reduction is that the Company's offering is oversubscribed.

### RESTRICTIONS ON TRANSFER OF THE SECURITIES BEING OFFERED:

The securities being offered may not be modified by any positions of such members during the one year period beginning when the securities were issued, unless such securities are re-ordered:

1. in the event:

2. in an accredited manner:

3. as part of an offering registered with the U.S. Securities and Exchange Commission; or

4. in a member of the family of the purchaser or the equivalent, as a trust controlled by the purchaser, in a trust created by the benefit of a member of the family of the purchaser or the equivalent, or in connection with the death or disease of the purchaser or other similar circumstances.

NOTE: The term "uncredited investor" means any person who comes within any of the categories set forth in Rule 501(a) of Regulation G, or who the seller reasonably believes comes within any of such categories, at the time of the sale of the securities to that person.

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

### DESCRIPTION OF ISSUER'S SECURITIES

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

| Class of Security | Securities (or Amount) Authorized | Securities (or Amount) Outstanding | Voting Rights |
| --- | --- | --- | --- |
| Membership Interest Unit | 10,000,000 | 10,000,000 | Yes |

Securities Reserved for Issuance upon Exercise or Conversion

Warrants:

Options:

Describe any other rights:

The Company has yet to authorize preferred units, which investors in this offering would receive if the SAFE consents. Preferred units liquidation preferences over common units.

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

The holders of a majority-in-interest of voting rights in the Company could limit the Investor's rights in a material way. For example, those interest holders could vote to change the terms of the agreements governing the Company's operations or cause the Company to engage in additional offerings (including potentially a public offering).

Those changes could result in further limitations on the voting rights the investor will have as an owner of equity in the Company, for example by diluting those rights or limiting them to certain types of events or consents.

To the extent applicable, in cases where the rights of holders of convertible debt, SAPES, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an investor's interests in the Company may be diluted. This means that the pre-note portion of the Company represented by the Investor's securities will decrease, which could also diminish the Investor's voting and/or economic rights. In addition, as discussed above, if a majority-in-interest of holders of securities with voting rights cause the Company to issue additional equity, an investor's interest will typically also be diluted.

Based on the risk that an investor's rights could be limited, diluted or otherwise qualified, the investor could lose all or part of his or her investment in the securities in this offering, and may never see positive returns.

Additional risks related to the rights of other security holders are discussed below, in Question 20.

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

No.

20. How could the exercise of rights hold by the principal shareholders identified in Question 6 above affect the availability of the securities being offered?

As holders of a majority in interest of voting rights in the Company, the unitholders may make decisions with which the investor disagrees, or that negatively affect the value of the investor's securities in the Company, and the investor will have no recourse to change those decisions. The investor's interests may conflict with those of other investors, and there is no guarantee that the Company will develop in a way that is optimal for or advantageous to the investor.

For example, the unitholders may change the terms of the operating agreement for the company, change the terms of securities issued by the Company, change the management of the Company, and even force out minority holders of securities. The unitholders may make changes that affect the tax treatment of the Company in ways that are unfavorable to you but favorable to them. They may also vote to engage in new offerings and/or to register certain of the Company's securities in a way that negatively affects the value of the securities the investor owns. Other holders of securities of the Company may also have access to more information than the investor, leaving the investor at a disadvantage with respect to any decisions regarding the securities he or she owns.

The unitholders have the right to redeem their securities at any time. Unitholders could decide to force the Company to redeem their securities at a time that is not favorable to the investor and is damaging to the Company. Investors' exit may affect the value of the Company and/or its viability.

In cases where the rights of holders of convertible debt, SAFES, or other outstanding options or warrants are exercised, or if new awards are granted under our equity compensation plans, an investor's interests in the Company may be diluted. This means that the previous portion of the Company represented by the investor's securities will decrease, which could also diminish the investor's voting and/or economic rights. In addition, as discussed above, if a majority in interest of holders of securities with voting rights cause the Company to lose additional units, an investor's interest will typically also be diluted.

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

The offering price for the securities offered pursuant to the Form C has been determined arbitrarily by the Company, and does not necessarily bear any relationship to the Company's book value, assets, earnings or other generally accepted valuation criteria. In determining the offering price, the Company did not employ investment banking firms or other outside organizations to make an independent appraisal or evaluation. Accordingly, the offering price should not be considered to be indicative of the actual value of the securities offered hereby.

The initial amount invested in a SAFE is determined by the investor, and we do not guarantee that the SAFE will be converted into any particular number of units. As discussed in Question 13, when we engage in an offering of equity interests involving Preferred Units, investors may receive a number of Preferred Units calculated as either (i) the total value of the investor's investment, divided by the price of the Preferred Unit being issued to new investors, or (ii) if the valuation for the company is more than the Valuation Cap, the amount invested divided by the quotient of (i) the Valuation Cap divided by (ii) the total amount of the Company's capitalization at that time.

Because there will likely be no public market for our securities prior to an initial public offering or similar liquidity event, the price of the Preferred Units that investors will receive, and/or the total value of the Company's capitalization, will be determined by our management. Among the factors we may consider as determining the price of Preferred Units are prevailing market conditions, our financial information, market valuations of other companies that we believe to be comparable to us, estimates of our business potential, the present state of our development and other factors deemed relevant.

In the future, we will perform valuations of our units that take into account, as applicable, factors such as the following:

- unrelated third party valuations;
- the price at which we sell other securities in light of the relative rights, preferences and privileges of these securities;
- our results of operations, financial position and capital resources;
- current business conditions and projections;
- the marketability or lack thereof of the securities;
- the hiring of key personnel and the experience of our management;
- the introduction of new products;
- the risk inherent in the development and expansion of our products;
- our stage of development and material risks related to our business;
- the likelihood of achieving a liquidity event, such as an initial public offering or a sale of our company given the prevailing market conditions and the nature and history of our business;
- industry trends and competitive environment;
- trends in consumer spending, including consumer confidence;
- overall economic indicators, including gross domestic product, employment, inflation and interest rates; and
- the general economic outlook.

We will analyze factors such as those described above using a combination of financial and market-based methodologies to determine our business enterprise value. For example, we may use methodologies that assume that businesses operating in the same industry will share similar characteristics and that the Company's value will correlate to those characteristics, and/or methodologies that compare transactions in similar securities issued by us that were conducted in the market.

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

An investor in the Company will likely hold a minority position in the Company, and thus be limited as to its ability to control or influence the governance and operations of the Company.

The marketability and value of the investor's interest in the Company will depend upon many factors outside the control of the investor. The Company will be managed by its officers and be governed in accordance with the strategic direction and decision-making of its Management, and the investor will have no independent right to name or remove an officer or member of the Management of the Company.

Following the investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the investor in the Company. The investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured.

The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the Company. The declining of an opportunity, or the inability of the investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

23. What are the risks to purchasers associated with corporate actions, including additional issuances of securities, issuer repurchases of securities, a size of the issuer or of assets of the issuer or transactions with related parties?

Additional issuances of securities. Following the investor's investment in the Company, the Company may sell interests to additional investors, which will dilute the percentage interest of the investor in the Company. The investor may have the opportunity to increase its investment in the Company in such a transaction, but such opportunity cannot be assured. The amount of additional financing needed by the Company, if any, will depend upon the maturity and objectives of the

Company. The declining of an opportunity or the inability of the investor to make a follow-on investment, or the lack of an opportunity to make such a follow-on investment, may result in substantial dilution of the investor's interest in the Company.

Issuer repurchases of securities. The Company may have authority to repurchase its securities from unitholders, which may serve to decrease any liquidity in the market for such securities, decrease the percentage interests held by other similarly situated investors to the investor, and create pressure on the investor to sell its securities to the Company concurrently.

A sale of the issuer or of assets of the issuer. As a minority owner of the Company, the investor will have limited or no ability to influence a potential sale of the Company or a substantial portion of its assets. Thus, the investor will rely upon the executive management of the Company to manage the Company so as to maximize value for unitholders. Accordingly, the success of the investor's investment in the Company will depend in large part upon the skill and expertise of the executive management of the Company. If the Management of the Company authorizes a sale of all or a part of the Company, or a disposition of a substantial portion of the Company's assets, there can be no guarantee that the value received by the investor, together with the fair market estimate of the value remaining in the Company, will be equal to or exceed the value of the investor's initial investment in the Company.

Transactions with related parties. The investor should be aware that there will be occasions when the Company may encounter potential conflicts of interest in its operations. On any issue involving conflicts of interest, the executive management of the Company will be guided by their good faith judgement as to the Company's best interests. The Company may engage in transactions with affiliates, subsidiaries or other related parties, which may be on terms which are not semi-length, but will be in all cases consistent with the duties of the management of the Company to its unitholders. By acquiring an interest in the Company, the investor will be deemed to have acknowledged the existence of any such actual or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of any such conflict of interest.

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

Loan

Lender Michael Nares

Issue date 02/27/22

Amount $36,737.00

Outstanding principal plus interest $36,737.00 as of 12/30/22

Interest rate 0.0% per annum

Maturity date 02/28/24

Current with payments Yes

Amount was adjusted by the Bankers through a non-interest basis in the first two years

DESCRIPTION: No guarantee for any derivative investment, interest rate, maturity date, outstanding material issue

25. What other exempt offerings has the issuer conducted within the past three years?

| Offering Date | Exemption | Security Type | Amount Sold | Use of Proceeds |
| --- | --- | --- | --- | --- |
| 12/31/22 | Requisition D. | SAFE | $45,000 | General operations |
|  | Rule 1(26)(a) |  |  |  |

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

1. any director or officer of the issuer;

2. any person who is, as of the letter record practicable date, the beneficial owner of 25 percent or more of the issuer's outstanding entity except securities, calculated on the basis of voting power;

3. if the issuer was incorporated or organized within the past three years, any promoter of the issuer;

4. or (c) any immediate family member of any of the foregoing persons.

☐ Yes

☐ No

For each transaction specify the person, relationship to issuer, nature of interest in transactions, and amount of interest.

Name Michael Nares

Amount invested $36,737.00

Transaction type Loan

Issue date 02/27/22

Outstanding principal plus interest $36,737.00 as of 12/30/22

Interest rate 0.0% per annum

Maturity date 02/28/24

Current with payments Yes

Relationship Owner

DESCRIPTION: No guarantee for any other person, whether or not a member of the issuer has a position in the securities of the issuer, or a member of the issuer has a position in the securities of the issuer, or a member of the issuer has a position in the securities of the issuer.

The issuer's ownership of a property of a issuer is limited to the amount of a share of the issuer, which is not a share of the issuer. The issuer is not a share of the issuer, which is not a share of the issuer.

The issuer's ownership of the issuer is limited to the amount of a share of the issuer, which is not a share of the issuer. The issuer is not a share of the issuer, which is not a share of the issuer.

Complete the document of a related party's interest in any transaction, without regard to the amount of the property of the issuer, and the transaction. Where a transferable is made, the agent has been named as the interest, which is the agent's interest.

## FINANCIAL CONDITION OF THE ISSUER

27. Does the issuer have an operating history?

☐ Yes
☐ No

28. Describe the financial condition of the issuer, including, in the extent, material, liquidity, capital, insurance, and financial results of operations.

Management's Discussion and Analysis of Financial Condition and Results of Operations

You should need the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this offering. Some of the information contained in this discussion and analysis, including information regarding the strategy and plans for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Risk Factors" section for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

## Overview

We empower founders building the future of learning and work around the world.

Transcend Network LLC runs programs and a fund that supports founders building the future of learning and work.

In five years, we hope to be working with 1000 founders a year across 80+ countries that are designing programs and technologies that shape the way people learn and work.

Forward-looking projections cannot be guaranteed

## Milestones

Transcend Network LLC was organized in the State of Delaware in January 2020.

Since then, we have:

- Join this Uniformity opportunity to become the first investors in Transcend

- Support our community of 200+ founders in the education and future of work spaces

## Historical Results of Operations

Our company was organized in January 2020 and has limited operations upon which prospective investors may base an evaluation of its performance.

- Revenues & Gross Margin. For the period ended December 31, 2021, the Company had revenues of $54,899 compared to the year ended December 31, 2020, when the Company had revenues of $5,000.

- Assets. As of December 31, 2021, the Company had total assets of $7,560, including $7,560 in cash. As of December 31, 2020, the Company had $5,778 in total assets, including $5,778 in cash.

- Net Loss. The Company has had net losses of $33,388 and net losses of $6,789 for the fiscal years ended December 31, 2021 and December 31, 2020, respectively.

- Liabilities. The Company's liabilities totaled $36,737 for the fiscal year ended December 31, 2021 and $3,588 for the fiscal year ended December 31, 2020.

## Liquidity & Capital Resources

To date, the Company has been financed with $40,000 in SAFE's and $36,737 in debt.

After the conclusion of this Offering, should we hit our minimum funding target, our projected runway is 30 months before we need to raise further capital.

We plan to use the proceeds as set forth in this Form C under "Use of Funds". We don't have any other sources of capital in the immediate future.

We will likely require additional financing in excess of the proceeds from the Offering in order to perform operations over the lifetime of the Company. We plan to raise capital in 24 months. Except as otherwise described in this Form C, we do not have additional sources of capital other than the proceeds from the offering. Because of the complexities and uncertainties in establishing a new business strategy, it is not possible to adequately project whether the proceeds of this offering will be sufficient to enable us to implement our strategy. This complexity and uncertainty will be increased if less than the maximum amount of securities offered in this offering is sold. The Company intends to raise additional capital in the future from investors. Although capital may be available for early-stage companies, there is no guarantee that the Company will receive any investments from investors.

## Runway & Short/Mid Term Expenses

Transcend Network LLC cash in hand is $52,000, as of November 2022. Over the last three months, revenues have averaged $13,000/month, cost of goods sold has averaged $3,000/month, and operational expenses have averaged $25,000/month, for an average burn rate of $21,000 per month. Our intent is to be profitable in 3 months.

Since the date of our financials, we have hired a growth manager and started to grow our cohort size and launched a new program to capture the demand the growth manager has been creating.

We expect our revenues to increase slightly as our cohort sizes increase and begin a 2nd revenue stream around marketing sponsorships. We also expect our costs to decrease as we convert some full-time staff worked to part-time due to efficiencies created in our operation.

In six months, we hope to generate $100,000 in revenue and incur $140,000 in expenses.

We are currently not profitable, however by simply working with 10 more founders a quarter we reach profitability. We expect to hit this point in Q4 2023.

We have 3 investors investing on the same terms on a Reg D SAFE, until the Wehunder campaign is complete.

All projections in the above narrative are forward-looking and not guaranteed.

DISTRIBUTION: (1) The discussion must cover each item for which financial statements are provided. For reasons such as prior operating history, the discussion should be in a separate format and operational, liquidity and other challenges. Also, issues such as operating history, the discussion should be in an another format and work and costs. These are representatives of other investors should sign in the form. This may increase the price of the offering and may also have to a pending review of capital. Because then the review is from the offering to the other financials, whether receiving those funds and are other additional funds is necessary to the validity of the business, and that would be the same and future money to available cash. Should the other available sources of capital in the business, we have been allowed to supply a combination of information. Because in the case in this document, if and how many have only made some and in combination, if not.

# FINANCIAL INFORMATION

(2) Includes financial statements covering the two most recently completed fiscal years or the periodical value inventory, if available.

Refer to Appendix C, Financial Statements

1. Michael Nance, certify that:

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

(2) the financial information of Transcend Network LLC included in this Form reflects accurately the information reported on the tax return for Transcend Network LLC filed for the most recently completed fiscal year.

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Michael Nerral

Co-President

# STAKEHOLDER ELIGIBILITY

(1) With respect to the issuer, any predecessor of the issuer, any affiliated issuer, any investor, officer, general partner or managing member of the issuer, any beneficial owner of (i) pension or more of the issuer's outstanding voting equity securities, any promoter connected with the issuer in any capacity at the time of such sale, any person that has been or will be paid (directly or indirectly) remuneration for solicitation of such issuers in connection with such sale of securities, or any general partner, investor, officer or managing member of any such solicitor, prior to May 15, 2016).

(2) Has any such person been convicted, within 10 years (or five years, in the case of issuers, their predecessors and affiliated issuers) before the filing of this offering statement, of any felony or misdemeanor:

i. In connection with the purchase or sale of any security? ☐ Yes ☑ No
ii. Involving the making of any false filing with the Commission? ☐ Yes ☑ No
iii. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor, funding party or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(3) Is any such person subject to any strict judgment or decree of any court of competent jurisdiction, entered within five years before the filing of the information required by Section 4A(2) of the Securities Act (1st), at the time of filing of this offering statement, restores or expires such person from engaging or continuing to engage in any conduct or practice:

i. In connection with the purchase or sale of any security? ☐ Yes ☑ No
ii. Involving the making of any false filing with the Commission? ☐ Yes ☑ No
iii. arising out of the conduct of the business of an underwriter, broker, dealer, municipal securities dealer, investment advisor, funding party or paid solicitor of purchasers of securities? ☐ Yes ☑ No

(4) Is any such person subject to a final order of a state securities commission (or an agency or officer of a state performing law functions), a state authority that supervises or overcomes banks, savings associations or small, where a state insurance commission (or an agency or officer of a state performing law functions), or appropriate federal banking agency, the U.S. Commodity Futures Trading Commission or the National Credit Union Administration then:

i. at the time of the filing of this offering statement (see the person from:
A. association with an entity regulated by such commission, authority, agency or officer? ☐ Yes ☑ No
B. engaging in the business of securities, insurance or licensing? ☐ Yes ☑ No
C. engaging in savings association or credit union activities? ☐ Yes ☑ No
ii. constitutes a final order based on a violation of any law or regulation that prohibits or impaired, nonpunitive or deceptive conduct and for which the order was entered within the 10-year period ending on the date of the filing of this offering statement? ☐ Yes ☑ No

(5) Is any such person subject to an order of the Commission entered pursuant to Section 10(b) or 10(b) of the Exchange Act or Section 2002(a) or (c) of the Investment Advisors Act of 1940 that, at the time of the filing of this offering statement:

i. suspends or revokes such person's registration as a broker, dealer, municipal securities dealer, investment advisor or funding party? ☐ Yes ☑ No
ii. places, limitations on the activities, functions or operations of such person? ☐ Yes ☑ No
iii. bans such person from being associated with any entity or from participating in the offering of any similar stock? ☐ Yes ☑ No

(6) Is any such person subject to any order of the Commission entered within five years before the filing of this offering statement that, at the time of the filing of this offering statement, orders the person to cover and delete from committing or causing a violation or future violation of:

i. any calendar-based and fiscal provision of the federal securities laws, including without limitation Section 10(a)(3) of the Securities Act, Section 1000 of the Exchange Act, Section 2002(b) of the Exchange Act and Section 2002(c) of the Investment Advisors Act of 1940 or any other rule or regulation thereunder? ☐ Yes ☑ No
ii. Section 5 of the Securities Act? ☐ Yes ☑ No

(7) Is any such person suspended or expelled from membership by or suspended in behalf from association with a member of, a registered national securities exchange or a registered national or affiliated securities association for any act or omission by act constituting conduct inconsistent with suit and insurance provisions of trade?

☐ Yes ☑ No

(8) Has any such person filed (as a registered or issued), or was any such person or was any such person named as an underwriter in any registration statement or regulation. A offering statement filed with the Commission that, within five years before the filing of this offering statement, was the subject of a refusal order, stop order, or order suggesting the Regulation A exemption, or is any such person, at the time of such filing, the subject of an investigation or proceeding to determine whether a false order or suspension order should be issued?

☐ Yes ☑ No

(9) Is any such person subject to a United States Postal Service false representation order entered within five years before the filing of the information required by Section 4A(2) of the Securities Act, or is any such person, at the time of filing of this offering statement, subject to a temporary non-failing order or preliminary injunction with respect to conduct alleged by the United States Postal Service to constitute a scheme or device for obtaining money or property through the mail by means of false representations?

☐ Yes ☑ No

If you would have answered "Yes" to any of these questions had the conviction, order, judgment, decree, suspension, expulsion or bar occurred or been issued after May 15, 2016, then you are NOT eligible to rely on this exemption under Section 4A(2)(b) of the Securities Act.

DISTRIBUTION: If you believe in, I have made a statement that is to determine a statement issued to a federal or state agency, described in Sec. 7(b)(2) of the Securities Act, and the applicable, under applicable, that is to determine the position of the person, and an opportunity for hearing, which is not being applied to the person or not being the person or not being the person.

The matters are requested to be discussed with respect to matters relating to any different or more than one or more of the following: (1) the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more of the different or more

# OTHER MATERIAL INFORMATION

1. In addition to the information expressly required to be included in this Form, include:

(1) any other material information presented to investors; and

(2) such further material information, if any, as may be necessary to make the required statements, or the right of the circumstances under which they are made, not misleading.

The Lead Investor. As described above, each investor that has entered into the Investor Agreement will grant a power of attorney to make voting decisions on behalf of that Investor to the Lead Investor (the "Proxy"). The Proxy is irrevocable unless and until a Successor Lead Investor takes the place of the Lead Investor, in which case, the Investor has a free (5) calendar day period to revoke the Proxy Pursuant to the Proxy, the Lead Investor or his or her successor will make voting decisions and take any other actions in connection with the voting on Investors' behalf.

The Lead Investor is an experienced investor that is chosen to act in the role of Lead Investor on behalf of Investors that have a Proxy in effect. The Lead Investor will be chosen by the Company and approved by Wefunder Inc. and the identity of the initial Lead Investor will be disclosed to Investors before Investors make a final investment decision to purchase the securities related to the Company.

The Lead Investor can quit at any time or can be removed by Wefunder Inc. for cause or pursuant to a vote of Investors as detailed in the Lead Investor Agreement. In the event the Lead Investor quits or is removed, the Company will

choose a Successor Lead Investor who must be approved by Wefunder Inc. The identity of the Successor Lead Investor will be disclosed to investors, and those that have a Proxy in effect can choose to either leave such Proxy in place or receive such Proxy during a 5-day period beginning with notice of the replacement of the Lead Investor.

The Lead Investor will not receive any compensation for his or her services to the SPV. The Lead Investor may receive compensation if, in the future, Wefunder Advisors LLC forms a fund ("Fund") for accredited investors for the purpose of investing in a non-Regulation Crowdfunding offering of the Company. In such an circumstance, the Lead Investor may act as a portfolio manager for that Fund (and as a supervised person of Wefunder Advisors) and may be compensated through that role.

Although the Lead Investor may act in multiple roles with respect to the Company's offerings and may potentially be compensated for some of its services, the Lead Investor's goal is to maximize the value of the Company and therefore maximize the value of securities issued by or related to the Company. As a result, the Lead Investor's interests should always be aligned with those of investors. It is, however, possible that in some limited circumstances the Lead Investor's interests could diverge from the interests of investors, as discussed in section 8 above.

Investors that wish to purchase securities related to the Company through Wefunder Portal must agree to give the Proxy described above to the Lead Investor, provided that if the Lead Investor is replaced, the Investor will have a 5-day period during which he or she may receive the Proxy. If the Proxy is not received during this 5-day period, it will remain in effect.

Tax Filings: In order to complete necessary tax filings, the SPV is required to include information about each investor who holds an interest in the SPV, including each investor's taxpayer identification number ("TIN") (e.g., social security number or employer identification number). To the extent they have not already done so, each investor will be required to provide their TIN within the earlier of (1) two (2) years of making their investment or (3) twenty (20) days prior to the date of any distribution from the SPV. If an investor does not provide their TIN within this time, the SPV reserves the right to withhold from any proceeds otherwise payable to the investor an amount necessary for the SPV to satisfy its tax withholding obligations as well as the SPV's reasonable estimation of any penalties that may be charged by the IRS or other relevant authority as a result of the investor's failure to provide their TIN. Investors should carefully review the terms of the SPV Subscription Agreement for additional information about tax filings.

DISTRIBUTION: (1) The Company is authorized to purchase an interest in a fixed entity or other associated with its business or its parent company. (2) The Company is authorized to purchase a share of such a share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company's share of the company

## ONGOING REPORTING

10. The issuer will file a report electronically with the Securities & Exchange Commission and will endorse the report to its website, no later than 100 days after the end of each fiscal year covered by the report.

11. Once posted, the annual report may be found on the issuer's website at: transcend-network.com/invest

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

1. the issuer is required to file reports under Exchange Act Sections 1(b) or 1(b)(1);
2. the issuer has filed at least one annual report and has fewer than 300 holders of record;
3. the issuer has filed at least three annual reports and has final assets that do not exceed $10 million;
4. the issuer or another party purchaser or repurchase all of the securities issued pursuant to Section 4(a)(1), including any payment in full of debt securities or any complete redemption of redeemable securities; or the issuer liquidates or discloses in accordance with state law.

## APPENDICES

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement
SAFE (Simple Agreement for Future Equity)

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Alberto Martinez de Arenaza
Michael Nerea

Appendix E: Supporting Documents

Transcend_Operating_Agreement_v2.pdf

## Signatures

Increased misstatements or omissions of face investment federal criminal violations. See 19 U.S.C. 1001.

The following documents will be filed with the SEC

Cover Page XML

Offering Statement (this page)

Appendix A: Business Description & Plan

Appendix B: Investor Contracts

SPV Subscription Agreement

SAFE (Simple Agreement for Future Equity)

Appendix C: Financial Statements

Financials 1

Appendix D: Director & Officer Work History

Alberto Martinez de Arenaza

Michael Nerea

Appendix E Supporting Documents

Transcend_Operating_Agreement_v2.pdf

Pursuant to the requirements of Sections 4(a)(4) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form C and has duly caused this Form to be copied on its behalf by the duly authorized undersigned.

Transcend Network LLC

By

Michael Narea

Co-founder

Pursuant to the requirements of Sections 4(a)(4) and 4A of the Securities Act of 1933 and Regulation Crowdfunding (§ 227.100 et seq.), this Form C and Transfer Agent Agreement has been signed by the following persons in the capacities and on the dates indicated.

Alberto Martinez de Arenaza

Co-founder
1/24/2023

Michael Narea

Co-founder
1/24/2023

This Form C must be submitted to the issuer, the person that is a member of the issuer, and the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer, the person that is a member of the issuer

I authorize Wefunder Portal to submit a Form C to the SEC based on the information I provided through this online form and my company's Wefunder profile.

As an authorized representative of the company, I appoint Wefunder Portal as the company's true and lawful representative and attorney-in-fact, in the company's name, place and stead to make, execute, sign, acknowledge, swear to and file a Form C on the company's behalf. This power of attorney is coupled with an interest and is irrevocable. The company hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of Wefunder Portal taken in good faith under or in reliance upon this power of attorney.

**Attachment 2:** `document_2.pdf`

INVEST IN TRANSCEND NETWORK

# We empower founders building the future of learning and work around the world.

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

transcend-network.com San Francisco California

# LEAD INVESTOR

# Join us

Family View a Transcend Fellow and also a GP of the Transcend Fund. I've experienced and seen two powerful this network is for founders who are building the future of work and learning. I haven't come across another group network with the same sector focus. Alberta and Missouri are smart, motivated and try to be so helpful as they can be well-considered what's part of the network. I believe they are building a global network that is genuinely adding value to the world.

INVEST $25,000 this round

# Highlights

1 Join this invite-only opportunity to become the first investors in Transcend
2 2.6x revenue growth from '21 to '22
3 Support our community of 200+ founders in the education and future of work spaces

# Our Team

Alberto Arenaza Co-founder

Alberto is the cofounder and co-GP at Transcend Network. He is also a member of the inaugural cohort of Minerva University, author of the Transcend Newsletter, and Forbes 30 Under 30 Nominee

Michael Narea Co-founder

Michael is the cofounder and co-GP at Transcend Network. Previously, he cofounded Sunlight, FlightCX, Moonshot Partners, and was the Director of Edtech at GitHub.

# Join our Community Round at Transcend

At Transcend, we help founders go from idea to product-market fit in the future of learning and work.

As the world of education and work finally goes global, we have positioned ourselves as the go-to space for early-stage founders building in edtech and future of work all around the world.

We are now opening up an invite-only opportunity to join get upside into the growth of our community!

# What we do

We support founders from validating a startup idea (Exploration Bootcamp) to product-market fit (Transcend Fellowship) and beyond (Transcend Fund).

1. The Exploration Bootcamp helps aspiring founders validate startup ideas in the future of learning and work through experimentation. Launched in September 22 in partnership with John Dunner (serial entrepreneur and investor in Outschool, Maven) with the goal of building the Startup School for Edtech.
2. The Transcend Fellowship helps early-stage founders find product-market fit in the future of learning and work through community accountability. Over 180 founders have graduated from 40 countries. Founders receive weekly support and workshops to experiment weekly and raise their pre-seed round.
3. The Transcend Fund invests in the first funding round of early-stage founders building the future of learning and work. We are pioneering a

model of community-based investing, where our network nurtures our fund, and our fund brings opportunity and prestige to our founder network.

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

## Our community is growing

We have supported 200+ founders from 50 countries in the last three years, who have gone on to raise $160M from top investors.

We have bootstrapped our operations since our founding in early 2020, raising no external funding and keeping burn low as a fully-remote team. Every dollar of revenue has contributed to improving our founder support services.

This year, we have served more founders in a single year than all edtech VCs and accelerators combined. The last two years helped us build the infrastructure we need to serve founders over the next decade: the programs, the curriculum, the audience, the team, the community.

Our focus from 2023 onwards will be on scaling our model so we can serve even more founders in even more impactful ways. We have stayed at break-even for the last 2 years, and scale will allow us to stay profitable into the future.

We have an ambitious mission: to empower founders to transform how 1b people learn and work.

To accomplish our mission, we want to raise a small community round to allow us to speed up our operations and have a financial cushion for the coming years. We will continue our focus on profitability, and remain lean and disciplined, but with more resources to move towards our mission.

Most importantly, this gives shape to an idea we've long thought about: how do we bring our community into the upside of our network in the long run? This community round will align our incentives with those of fellows in our network, create structures for accountability to our fellows as owners, and give founders exposure to our growth.

![img-2.jpeg](img-2.jpeg)

## Our Community Round

This round won't be your average funding round.

Our Community Round will open up access into our growth to our founders, friends and supporters, and give them ownership of Transcend Network LLC, which acts as the GP entity for all of our current and future funds, and all the founder programs.

We are raising $300,000 on a SAFE note at a $6M cap, meaning that the note will convert into at least 5% of the company.

*Who can invest in the Community Round?*

We have curated an invite-only group of investors coming from own founder

community as well as fund investors and advisors. Fellows are invited to invest as little as $100, while Supporters can invest from $10,000.

*How does Transcend makes money?*

We have grown revenue by 3x and 2.3x in the last two years, and are expecting to grow much faster in the next year five years, especially as our fund sizes grow. Our revenue comes from two avenues: founder programs + fund management fees:

- **Founder Programs:** revenue earned through program tuition by founders (our program is equity free). This has been our traditional revenue line. We have moved prices according to founder demand, but granted scholarships to a significant amount of our fellows.
- **Fund Management Fees:** In the next 5 years, we are aiming to raise three funds that will exceed $90M combined, yielding more than $9M in management fees. As fund managers, Transcend holds 20% carry in all current and future funds, meaning that, if we do our job well and operate the funds with competitive returns, we will receive 20% of all combined profits.

Lastly, there are many other assets in our work that we've barely explored and could be very profitable, like corporate sponsorships, newsletter sponsorships or coaching.

We project (although can't guarantee) to speed up our growth and reach an estimated $10M in revenue in the next 5 years

*How will investors make money?*

We are raising a SAFE round, which will convert into equity in the case of an acquisition or a follow-up round. Exit options include future potential acquisitions, secondary market sales, or future dividends.

- **Future participation of strategic investors:** we will consider minority investments from funds, corporates or startups in the medium-to-long term if it provides a strategic opportunity. The SAFE shares will convert at the proposed sale price.
- **Acquisitions:** we received one serious acquisition offer from a well-capitalized industry leader at the start of the year, as well as two informal offers in the last year. We are not interested in selling, but we know there's a strong market value to our work and will consider future acquisition opportunities if it makes sense.
- **Dividends:** once the company is stable in its cashflows and operations, we would consider distributing dividends to shareholders

*What are the benefits for investors?*

On top of becoming a minority shareholder in Transcend, investors will access unique opportunities within our community:

- **Yearly Investor Jam:** come together with all the other investors in our community to plan the future of Transcend together!
- **Investment updates and opportunities:** you will get access to regular updates on our growth + opportunities to get involved and invest.
- **New opportunities:** as a special community member, we'll offer new events, networking and learning opportunities to our investors every year.

## Get involved & next steps

All fellows can invest as little as $100 through our Wefunder campaign and supporters (fund LPs, advisors) can start at $10,000:

Goal: $300,000

You can now book your "reservation" to invest through WeFunder!

**Attachment 3:** `document_3.pdf`

# **Transcend Network I (THE "SPV"),**
a series of Wefunder SPV, LLC, a Delaware limited
liability company (the "LLC")

# Subscription Agreement

**[INVESTMENT AMOUNT]**

**[INVESTMENT DATE]**

**Transcend Network I** (the "SPV"), a series of Wefunder SPV, LLC (the "LLC"), is a special purpose vehicle that will invest all of its assets in securities issued by **Transcend Network LLC** (the "Company"). By making an investment in the SPV through the Wefunder website, I understand and agree to the representations set forth below.

I have reviewed the following information and documents in connection with this Subscription Agreement:

1. The information on the Wefunder website about the Company, I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that none of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC, nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
2. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
3. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "**LLC Agreement**"), which sets forth certain specific terms of the SPV;
4. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
5. The LLC Agreement, which sets forth other terms applicable to each SPV;
6. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
7. The Wefunder Investor Agreement; and
8. The Wefunder Terms of Service.

**By making an investment in the SPV through the Wefunder website, I agree to be bound by this Subscription Agreement and the terms of the other agreements listed above with respect to my investment in the SPV.**

# Subscription Agreement

# SCOPE OF AGREEMENT AND INVESTOR ELIGIBILITY
REPRESENTATIONS

A. This agreement ("Agreement") applies to each investment in a series ("SPV") of Wefunder SPV, LLC (the "LLC"). Each series is a separate pool of assets from every other series. Each SPV will invest all of its assets in securities issued by a single company ("Company") as set forth in the applicable series appendix ("Series Appendix") to the Wefunder SPV, LLC limited liability company agreement (LLC Agreement). The terms of the Company securities to be purchased by the SPV are summarized in an appendix ("Terms Appendix") attached to this Agreement.
B. Each SPV is formed by and operated by Wefunder Admin, LLC on behalf of the Company in whose securities that SPV invests.
C. Important information about the Company, about the related SPV, and more generally about investments through the Wefunder website, is available through the Wefunder website. The Investor should review that information, and all relevant Company Information (as defined below), carefully before making an investment in any SPV.
D. Each SPV will offer membership interests ("Interests") in that SPV pursuant to Regulation Crowdfunding under the U.S. Securities Act of 1933, as amended (the "Securities Act").
E. You hereby agree that each time you make an investment in any SPV, you will be deemed to have entered into this Agreement, and will be deemed to have made each representation and covenant contained in this Agreement.
F. Except as the context otherwise requires, any reference in this Subscription Agreement to:

1. a "SPV" shall mean "The LLC acting solely on behalf of and for the account of the SPV";
2. "Investor" and "you" shall mean a person (whether individually, jointly with another person, or through his or her individual retirement account) who has agreed to invest, or has invested, in any SPV; and
3. "Company Information" means:

a. The information on the Wefunder website about the Company. I acknowledge that this information was prepared solely by either the Company or a third party whose work has been verified by the Company, and that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or Wefunder Advisors, LLC (together, the "Wefunder entities," nor any of their affiliates, employees or agents, are responsible for the adequacy, completeness, or accuracy of this information;
b. The Form C relating to this investment, which provides information about investment in the Company through the use of the SPV;
c. The Series Appendix, an appendix to the Wefunder SPV, LLC limited liability company agreement (the "LLC Agreement"), which sets forth certain specific terms of the SPV;
d. The Terms Appendix, which summarizes the terms of the Company securities to be purchased by the SPV;
e. The LLC Agreement, which sets forth other terms applicable to each SPV;
f. This Subscription Agreement, which sets forth the terms governing your investment in the SPV, and that sets forth certain representations you are making in connection with your investment in the SPV;
g. The Wefunder Investor Agreement; and
h. The Wefunder Terms of Service.

INVESTOR'S REPRESENTATIONS AND COVENANTS

# 1. Investor's Review of Information and Investment Decision

1.1. The Investor has carefully read and understands the Company Information. The Investor acknowledges that it has made an independent decision to invest indirectly in the Company through the SPV and that, in making its decision to invest in a SPV, the Investor has relied solely upon the Company Information, any other relevant information on the Wefunder website, and independent investigations made by the Investor. The Investor understands that no representations or warranties have been made to the Investor by the LLC, the relevant SPV, any administrator appointed from time to time with respect to the SPV (the "Administrator"), any lead investor appointed from time to time with respect to the SPV (the "Lead Investor"), or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them regarding the Company.

1.2. The Investor has been provided an opportunity to request additional information concerning the Company and the offering through the Ask A Question feature on wefunder.com.

1.3. The Investor understands and agrees that neither Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC, any of their affiliates, nor any director, manager, officer, shareholder, member, employee or agent of Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC or any of their affiliates (each, a "Wefunder Party," and collectively, "Wefunder Parties") shall be liable in connection with any information or omission of information contained in materials prepared or supplied by the Company. Such materials may include, but are not limited to, information provided by the Company in the Form C related to the offering, information available through the Wefunder website, and materials distributed to the Investor by the SPV on behalf of a Company.

1.4. The Investor represents and agrees that no Wefunder Party has recommended or suggested any investment in a SPV, or any investment related to a Company, to the Investor.

1.5. Investor understands that no Wefunder Party is an adviser to Investor, and that Investor is not an advisory or other client of any Wefunder Party.

1.6. The Investor is not relying on any Wefunder Party or any other person or entity with respect to the legal, accounting, business, investment, pension, tax or other economic considerations involved in this investment other than the Investor's own advisers that are not affiliated with any of the foregoing persons.

1.7. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of the Investor's investment in the SPV and is able to bear such risks. The Investor has obtained, in the Investor's judgment, sufficient information to evaluate the merits and risks of such investment. The Investor has evaluated the risks of investing in the SPV, understands there are substantial risks of loss incidental to the purchase of an Interest and has determined that the Interest is a suitable investment for the Investor and consistent with the general investment objectives of the Investor.

# 2. Investor's Representations Related To Investment in a SPV.

2.1. The Investor is acquiring the Interest for its own account, for investment purposes only and not with an intent to resell or distribute the Interest (or any distributions received from the SPV in whole or in part), and the Investor agrees that it will not sell or otherwise transfer the Interest unless in compliance with Regulation Crowdfunding and other applicable securities laws, and with the terms and conditions of this Agreement.
2.2. The Investor's investment in the Interest is consistent with the investment purposes, objectives and cash flow requirements of the Investor and will not adversely affect the Investor's overall need for diversification and liquidity.
2.3. The Investor has all requisite power, authority and capacity to acquire and hold the Interest and to execute, deliver and comply with the terms of each of the instruments required to be executed and delivered by the Investor in connection with the Investor's subscription for the Interest, including without limitation this Subscription Agreement, and such execution, delivery and compliance does not conflict with, or constitute a default under, any instruments governing the Investor, any law, regulation or order, or any agreement or other undertaking to which the Investor is a party or by which the Investor may be bound. If the Investor is an entity, the person executing and delivering each of such instruments on behalf of the Investor has all requisite power, authority and capacity to execute and deliver such instruments, and, upon request by the SPV, will furnish to the SPV a true and correct copy of any instruments governing the Investor, including all amendments thereto. The signature on each of such instruments is genuine and each of such instruments constitutes a legal, valid and binding obligation of the Investor enforceable against the Investor in accordance with its terms.
2.4. The Wefunder Parties are each hereby authorized and instructed to accept and execute any instructions in respect of the Interest given by the Investor in written or electronic form. The Wefunder Parties may rely conclusively upon and shall incur no liability in respect of any action take upon any notice, consent, request, instructions or other instrument believed in good faith to be genuine or to be signed by properly authorized persons of the Investor.
2.5. Pursuant to the requirements of Treas. Reg. § 301.6109-1(c), the Investor has provided, or agrees to provide upon the earlier of (i) two years of an acquisition of an Interest or (ii) twenty (20) days before any distribution is to be made from the SPV, his, her or its taxpayer identification number (e.g., social security number or employer identification number) under penalties of perjury and has or will attest that the Internal Revenue Service has not notified the Investor that he, she or it is subject to backup withholding.

# 3. The Manager Has The Right To Reject Any Subscription, In Whole Or In Part.

3.1. The Investor understands that the SPV will not register as an investment company under the U.S. Investment Company Act of 1940, as amended (the "Investment Company Act"), nor will it make a public offering of its securities within the United States.
3.2. The Investor understands that the value of all investments in any SPV made through individual retirement accounts ("IRAs") must be less than \(25\%\) of the value of the SPV's assets.

3.3. If the Investor is investing in a SPV through an employee benefit plan of any kind, including an individual retirement account (the "Plan"), and an individual or entity (the "Fiduciary") has entered into this Agreement on behalf of the Plan, the Fiduciary hereby makes the following representations, warranties, and covenants:

i. The Fiduciary is a fiduciary of the Plan who is authorized to invest Plan assets or is acting at the direction of a Plan fiduciary authorized to invest Plan assets. The Fiduciary has determined that an investment in the Fund is consistent with the Fiduciary's responsibilities to the Plan under Employee Retirement Income Security Act of 1974, as amended ("ERISA") or other applicable law, and is qualified to make such investment decision. The Fiduciary is authorized to make all representations, covenants and agreements set forth in this Agreement about and on behalf of the Investor, and the Fiduciary hereby agrees that, except for the representations, covenants and agreements contained in this section 3.3, all representations, covenants and agreements contained in this Agreement are made on behalf of the Investor who is investing through the Plan.

ii. The execution and delivery of this Subscription Agreement, and the investment contemplated hereby has been duly authorized by all appropriate and necessary parties pursuant to the provisions of the instrument or instruments governing the Plan and any related trust; and (B) will not violate, and is not otherwise inconsistent with, the terms of such instrument or instruments.

iii. The Fiduciary acknowledges that the assets of the Fund will be invested in accordance with the Company Information related to that Fund.

iv. The Plan's purchase and holding of an Interest will not constitute a non-exempt transaction prohibited under ERISA, Section 4975 of the Internal Revenue Code (the "Code"), or any similar laws or other federal, state, local, foreign or other laws or regulations applicable to the Plan and its investments. None of the Wefunder entities nor any of their affiliates, agents, or employees: (A) exercises any authority or control with respect to the management or disposition of assets of the Plan used to purchase an Interest; (B) renders investment advice for a fee (pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions and that such advice will be based on the particular investment needs of the Plan), with respect to such assets of the Plan, or has the authority to do so, or (C) is an employer maintaining or contributing to, or any of whose employees are covered by, the Plan.

v. The Fiduciary understands and agrees to the fee arrangements described in the Company Information.

vi. The Fiduciary understands and agrees that, to prevent the assets of the SPV from being treated as "plan assets" for purposes of ERISA and Section 4975 of the Code, the Investor may be prohibited from purchasing or acquiring an Interest or may be required to redeem its Interest or a portion thereof.

3.4. The Investor acknowledges that the SPV and any Administrator, on the SPV's behalf, may not accept any investment from an Investor if the Investor cannot truthfully make the representations contained herein.

4. The Correctness And Accuracy Of All Information Provided By Investor To The LLC Or The SPV.

4.1. The Investor confirms that all information and documentation provided to the LLC, the SPV, and any Administrator, including, but not limited to, all information regarding the Investor's identity, taxpayer identification number, the source of the funds to be invested in the SPV, and the Investor's eligibility to invest in offerings under Regulation Crowdfunding, is true, correct and complete. Should any such information change or no longer be accurate, the Investor agrees and covenants that they will promptly notify the Wefunder Parties of such changes via the wefunder.com platform. The Investor agrees and covenants that he, she or it will maintain accurate and up-to-date contact information (including email and mailing address) on the wefunder.com platform and will promptly update such information in the event it changes or is no longer accurate.

4.2. The representations, warranties, agreements, undertakings and acknowledgments made by the Investor in this Subscription Agreement will be relied upon by the LLC, the SPV, and any Administrator in determining the Fund's compliance with federal and state securities laws, and shall survive the Investor's admission as a Member of the SPV.

4.3. All information that the Investor has provided to the LLC, the SPV, and any Administrator concerning the knowledge and experience of financial, tax and business matters of the Investor is correct and complete.

# 5. The Wefunder Parties' Right To Use Investor Information.

5.1. The Investor agrees and consents to the Wefunder Parties, their delegates and their duly authorized agents and any of their respective related, associated or affiliated companies obtaining, holding, using, disclosing and processing the Investor's data:

a. to facilitate the acceptance, management and administration of the Investor's subscription for an Interest on an on-going basis;
b. for any other specific purposes where the Investor has given specific consent to do so;
c. to carry out statistical analysis, market research, and tracking of investment performance over time;
d. to comply with legal or regulatory requirements applicable to the SPV and any Administrator or the Investor, including, but not limited to, in connection with anti-money laundering and similar laws;
e. for disclosure or transfer to third parties including the Investor's financial adviser (where appropriate), regulatory bodies, auditors, technology providers or to the SPV, any Administrator, any Lead Investor, and their delegates or their duly appointed agents and any of their respective related, associated or affiliated companies for the purposes specified above;
1. If the contents thereof are relevant to any issue in any action, suit or proceeding to which the LLC, the SPV, any Administrator, any Lead Investor, or their affiliates are a party or by which they are or may be bound;
g. for other legitimate business of the LLC, the SPV, any Administrator, or any Lead Investor.

5.2. The Investor acknowledges and agrees that it will provide additional information or take such other actions as may be necessary or advisable for the SPV or any Administrator (in the sole judgment of the SPV and/or any Administrator) to comply with any disclosure and compliance policies, related legal process or appropriate requests (whether formal or informal) or otherwise.
5.3. The Investor agrees and consents to disclosure by the LLC, the SPV and any of their agents, including any Administrator or any Lead Investor, to relevant third parties of information pertaining to the Investor in respect of disclosure and compliance policies or information requests related thereto. Without limiting the generality of the foregoing, the Investor agrees that information about the Investor may be provided to the Company in whose securities a SPV will or proposes to invest.
5.4. The Investor authorizes the LLC, the SPV, any Administrator, and each SPV service provider to disclose the Investor's nonpublic personal information to comply with regulatory and contractual requirements applicable to the SPV and its investments. Any such disclosure shall be permitted notwithstanding any privacy policy or similar restrictions regarding the disclosure of the Investor's nonpublic personal information.

# 6. Key Risk Factors

6.1. The Investor understands that investment in a SPV may involve a complete loss of the Investor's investment. In this regard, the Investor understands that such venture investments involve a high degree of risk, and that many or most venture company investments lose money. An Investor may ultimately receive cash, securities, or a combination of cash and securities (and in many cases nothing at all). If the Investor receives securities, the securities may not be publicly traded, and may not have any significant value.
6.2. The Investor understands and agrees that the Interests are subject to restrictions on transfer and cannot be redeemed. Instead, an Investor typically must hold his or her Interest in a SPV until the SPV has sold or otherwise disposed of its investments and the SPV distributes its investments to the investors in the SPV (a "Liquidation Event"). An Investor typically will not receive any distributions until such a Liquidation Event (and may not receive anything even upon a Liquidation Event), which may not occur for many years. The Investor must therefore bear the economic risk of holding their investment for an indefinite period of time.

6.3. The Investor understands and agrees that the Interests: (a) have not been registered under the Securities Act or any other law of the United States, or under the securities laws of any state or other jurisdiction, and therefore an Interest cannot be resold, pledged, assigned or otherwise disposed of unless it is so registered or an exemption from registration is available; and (b) can only be transferred as permitted under Regulation Crowdfunding and subject to the terms and conditions of this Agreement.

6.4. The Investor understands that no guarantees have been made to the Investor about future performance or financial results of the SPV, and an investment in the SPV may result in a gain or loss upon termination or liquidation of the SPV. It is possible that the investors in a SPV will have "phantom income," which could require them to pay taxes on their investment in a SPV even though the SPV does not distribute any income (or does not distribute sufficient income to pay the taxes).

6.5. The Investor understands and agrees that the SPV was formed by and is operated by Wefunder Admin, LLC on behalf of the Company. Investors will have no right to manage or influence the management of any SPV or of the LLC.

6.6. The Investor understands and agrees that the Company may appoint a Lead Investor and that, if appointed, pursuant to a power of attorney granted by the Investor in the Investor Agreement, the Lead Investor will exercise voting authority on behalf of the Investor with respect to the SPV securities the Investor owns.

6.7. The Investor represents that he or she has read and understands the risk factors contained in the Company Information. The Investor understands and agrees that each Company is solely responsible for providing risk factors, conflicts of interest, and other disclosures that investors should consider when investing in securities issued by that Company (including through a SPV), and that the Wefunder Parties have no ability to assure, and have not in any way assured, that any or all such risk factors, conflicts of interest and other disclosures have been presented fully and fairly, or have been presented at all.

6.8. The Investor understands that any privacy statements, reports or other communications regarding the SPV and the Investor's investment in the SPV (including annual and other updates, and tax documents) will be delivered via electronic means, including through wefunder.com. The Investor hereby consents to electronic delivery as described in the preceding sentence. In so consenting, the Investor acknowledges that email messages are not secure and may contain computer viruses or other defects, may not be accurately replicated on other systems, or may be intercepted, deleted or interfered with, with or without the knowledge of the sender or the intended recipient. The Investor also acknowledges that an email from the Wefunder Parties may be accessed by recipients other than the Investor and may be interfered with, may contain computer viruses or other defects and may not be successfully replicated on other systems. No Wefunder Party gives any warranties in relation to these matters.

6.9. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number under penalties of perjury, and attest that the Investor has not been notified by the Internal Revenue Service that he, she or it is subject to backup withholding, the SPV will be required to withhold from any proceeds otherwise payable to the Investor an amount necessary to satisfy the SPV's backup withholding obligations.

6.10. The Investor understands and agrees that if he, she or it does not provide a valid taxpayer identification number to the SPV, the SPV will withhold from any proceeds otherwise payable to the Investor an amount necessary for the SPV to satisfy its tax withholding obligations with respect to such amount. The SPV may also withhold any other amounts representing the SPV's reasonable estimation of penalties that may be charged by the Internal Revenue Service or any other taxing authority as a result of the Investor's failure to provide a valid taxpayer identification number.

# 7. Compliance With Anti-Money Laundering Laws.

7.1. The Investor represents and warrants that the Investor's investment was not directly or indirectly derived from illegal activities, including any activities that would violate U.S. Federal or State laws or any laws and regulations of other countries.

7.2. The Investor acknowledges that U.S. Federal law, regulations and Executive Orders administered by the U.S. Treasury Department's Office of Foreign Assets Control ("OFAC") may prohibit the SPV, any Administrator, or any Lead Investor from, among other things, engaging in transactions with, and the provision of services to, persons on the list of Specially Designated Nationals and Blocked Persons and persons, foreign countries and territories that are the subject of U.S. sanctions administered by OFAC (collectively, the "OFAC Maintained Sanctions").

7.3. The Investor acknowledges that the SPV prohibits the investment of funds by any persons or entities that are (i) the subject of OFAC Maintained Sanctions, (ii) acting, directly or indirectly, in contravention of any applicable laws and regulations, including anti-money laundering regulations or conventions, or on behalf of persons or entities subject to an OFAC Maintained Sanction, (iii) acting, directly or indirectly, for a senior foreign political figure, any member of a senior foreign political figure's immediate family or any close associate of a senior foreign political figure, unless the SPV, after being specifically notified by the Investor in writing that it is such a person, conducts further due diligence, and determines that such investment shall be permitted, or (iv) acting, directly or indirectly, for a foreign shell bank (such persons or entities in (i) - (iv) are collectively referred to as "Prohibited Persons"). The Investor represents and warrants that it is not, and is not acting directly or indirectly on behalf of, a Prohibited Person.

7.4. To the extent the Investor has any beneficial owners, (i) it has carried out thorough due diligence to establish the identities of such beneficial owners, (ii) based on such due diligence, the Investor reasonably believes that no such beneficial owners are Prohibited Persons, (iii) it holds the evidence of such identities and status and will maintain all such evidence for at least five years from the date of the liquidation or termination of the SPV, and (iv) it will make available such information and any additional information requested by the SPV that is required under applicable regulations.

7.5. The Investor acknowledges and agrees that the SPV or any Administrator may "freeze the account" of the Investor, including, but not limited to, by suspending distributions from the SPV to which the Investor would otherwise be entitled, if necessary to comply with anti-money laundering statutes or regulations.

7.6. The Investor acknowledges and agrees that the SPV and/or any Administrator, in complying with anti-money laundering statutes, regulations and goals, may file voluntarily and/or as required by law suspicious activity reports ("SARs") or any other information with governmental and law enforcement agencies that identify transactions and activities that the SPV or any Administrator or their agents reasonably determine to be suspicious, or is otherwise required by law. The Investor acknowledges that the LLC, the SPV, and any Administrator are prohibited by law from disclosing to third parties, including the Investor, any filing or the substance of any SARs.

7.7. The Investor agrees that, upon the request of the LLC, the SPV, or any Administrator, it will provide such information as the LLC, the SPV, or any Administrator requires to satisfy applicable anti-money laundering laws and regulations, including, without limitation, background documentation about the Investor

# 8. Regulatory Provisions

8.1. The Investor understands that no federal or state agency has passed upon the Interests or made any findings or determination as to the fairness of this investment.

8.2. The Investor certifies that the information contained in the executed copy of Form W-9 submitted to the SPV (if any) and/or the taxpayer identification provided to the SPV is correct. The Investor agrees to provide such other documentation as the SPV determines may be necessary for the SPV to fulfill any tax reporting and/or withholding requirements.

8.3. The Investor understands and agrees that the Company may cause the SPV to make an election under Section 754 of the Internal Revenue Code (the "Code") or an election to be treated as an "electing investment partnership" for purposes of Section 743 of the Code. If the SPV elects to be treated as an electing investment partnership, the Investor shall cooperate with the SPV to maintain that status and shall not take any action that would be inconsistent with such election. Upon request, the Investor shall provide the SPV with any information necessary to allow the SPV to comply with (a) its obligations to make tax basis adjustments under Section 734 or 743 of the Code and (b) its obligations as an electing investment partnership.

8.4. The Investor consents to receive any Schedule K-1 (Partner's Share of Income, Deductions, Credits, etc.) from the SPV electronically via email, the Internet and/or another electronic reporting medium in lieu of paper copies. The Investor agrees that it will confirm this consent electronically at a future date in a manner set forth by the Company at such time and as required by the electronic receipt consent rules set forth by the Internal Revenue Service. The Investor may request a paper copy of the Investor's Schedule K-1 by contacting Wefunder Inc. at support@wefunder.com or such other email address as specified on the wefunder.com platform. Requesting a paper copy will not constitute a withdrawal of the Investor's consent to receive reports or other communications, including Schedule K-1, electronically. The Investor may withdraw its consent for electronic delivery or change its contact preferences for such delivery at any time by writing to support@wefunder.com or such other email address as specified on the wefunder.com platform. Such withdrawal will take effect promptly after receipt, unless otherwise agreed upon. Upon receipt of a withdrawal request, the SPV will confirm the withdrawal and the date on which it takes effect in writing (either electronically or on paper). A withdrawal of consent does not apply to a statement that was furnished electronically before the date on which the withdrawal of consent takes effect. The SPV will cease providing information electronically upon termination of the SPV. Notwithstanding the Investor's consent to receive materials electronically, the Investor still may be required to print and attach its Schedule K-1 to a federal, state or local tax return.

# 9. Miscellaneous Provisions

# 9.1. Indemnification

9.1.1. The Investor agrees to indemnify and hold harmless the LLC, the SPV, any Administrator, any Lead Investor, or any partner, member, officer, employee, agent, affiliate or subsidiary of any of them, and each other person, if any, who controls, is controlled by, or is under common control with, any of the foregoing, within the meaning of Section 15 of the Securities Act, and their respective officers, directors, partners, members, shareholders, owners, employees and agents (collectively, the "Indemnified Parties") against any and all loss, liability, claim, damage and expense whatsoever (including all expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) arising out of or based upon (i) any false representation or warranty made by the Investor, or breach or failure by the Investor to comply with any covenant or agreement made by the Investor, in this Subscription Agreement or in any other document furnished by the Investor to any of the foregoing in connection with this transaction, or (ii) any action for securities law violations instituted by the Investor that is finally resolved by judgment against the Investor.

9.1.2. The Investor also agrees to indemnify each Indemnified Party for any and all costs, fees and expenses (including legal fees and disbursements) in connection with any damages resulting from the Investor's misrepresentation or misstatement contained herein, or the assertion of the Investor's lack of proper authorization from the beneficial owner to enter into this Subscription Agreement or perform the obligations hereof.

9.1.3. The Investor agrees to indemnify and hold harmless each Indemnified Party from and against any tax, interest, additions to tax, penalties, reasonable attorneys' and accountants' fees and disbursements, together with interest on the foregoing amounts at a rate determined by the SPV or any Administrator computed from the date of payment through the date of reimbursement, arising from the failure to withhold and pay over to the U.S. Internal Revenue Service or the taxing authority of any other jurisdiction any amounts computed, as required by applicable law, with respect to the income or gains allocated to or amounts distributed to the Investor with respect to its Interest during the period from the Investor's acquisition of the Interest until the Investor's transfer of the Interest in accordance with this Agreement, the LLC Agreement, and Regulation Crowdfunding.

9.1.4. If for any reason (other than the willful misfeasance or gross negligence of the entity that would otherwise be indemnified) the foregoing indemnification is unavailable to, or is insufficient to hold such Indemnified Party harmless, then the Investor shall contribute to the amount paid or payable by the Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by the Investor on the one hand and the Indemnified Parties on the other but also the relative fault of the Investor and the Indemnified Parties, as well as any relevant equitable considerations.

9.1.5. The reimbursement, indemnity and contribution obligations of the Investor under this section shall be in addition to any liability that the Investor may otherwise have, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Indemnified Parties.

9.2. Limitation of Liability. The LLC is a Delaware "multi-series" limited liability company. As a multi-series limited liability company, the LLC may operate multiple series with the benefit of segregation of assets and liabilities among each of its series pursuant to the Delaware Limited Liability Company Act, as amended (the "Delaware Act"). Accordingly, the Investor hereby agrees that the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a series (including the SPV) shall be enforceable against the assets of that series only and not against the LLC generally or the assets of any other series. In addition, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the LLC generally, or any particular series, shall be enforceable against the assets of any other series.

9.3. **Counsel** The Investor understands that Morrison & Foerster LLP serves as legal counsel on certain matters to Wefunder, Inc., Wefunder Portal, LLC, Wefunder Admin, LLC and Wefunder Advisors, LLC and not to the SPV or any Investor by virtue of its investment in the SPV, and that no independent counsel has been retained to represent the SPV or Investors in the SPV. The Investor also understands that Morrison & Foerster LLP has not independently verified any factual assertions made in the Company Information or on the Wefunder website and is not responsible for the SPV's compliance with its investment program or applicable law.

9.4. **Power of Attorney** The Investor hereby appoints each of the Company and Wefunder Admin, LLC as its true and lawful representative and attorney-in-fact, in its name, place and stead to make, execute, sign, acknowledge, swear to and file:

9.4.1. a Certificate of Formation of the LLC and any amendments required under the Delaware Act
9.4.2. the LLC Agreement and any duly adopted amendments;
9.4.3. any and all instruments, certificates and other documents that may be deemed necessary or desirable to effect the winding-up and termination of the LLC or the SPV (including a Certificate of Cancellation of the Certificate of Formation); and
9.4.4. any business certificate, fictitious name certificate, related amendment or other instrument or document of any kind necessary or desirable to accomplish the LLC's or the SPV's business, purpose and objectives or required by any applicable U.S., state, local or other law.

This power of attorney is coupled with an interest, is irrevocable, and shall survive and shall not be affected by the subsequent death, disability, incompetency, termination, bankruptcy, insolvency or dissolution of the Investor; provided, however, that this power of attorney will terminate upon the substitution of another SPV member for all of the Investor's investment in the LLC or the SPV or upon the liquidation or termination of the LLC or the SPV. The Investor hereby waives any and all defenses that may be available to contest, negate or disaffirm the actions of the LLC, the SPV, and any Administrator taken in good faith under this power of attorney.

# 9.5. Confidentiality

9.5.1. The Investor agrees that the Company Information and all financial statements (if any), tax reports (if any), portfolio valuations (if any), private placement memoranda (if any), reviews or analyses of potential or actual investments (if any), reports or other materials prepared or produced by the SPV and/or any Administrator and all other documents and information concerning the affairs of the SPV and/or the Fund's investments, including, without limitation, information about the Company, and/or the persons directly or indirectly investing in the SPV (collectively, the "Confidential Information") that the Investor may receive pursuant to or in accordance with the use of the Wefunder website, an investment in one or more SPVs, or otherwise as a result of its ownership of an Interest in the SPV, constitute proprietary and confidential information about the SPV, any Administrator, and/or any Lead Investor (the "Affected Parties").

9.5.2. The Investor acknowledges that the Affected Parties derive independent economic value from the Confidential Information not being generally known and that the Confidential Information is the subject of reasonable efforts to maintain its secrecy. The Investor further acknowledges that the Confidential Information is a trade secret, the disclosure of which is likely to cause substantial and irreparable competitive harm to the Affected Companies or their respective businesses. The Investor shall not reproduce any of the Confidential Information or portion thereof or make the contents thereof available to any third party other than a disclosure on a need-to-know basis to the Investor's legal, accounting or investment advisers, auditors and representatives (collectively, "Advisers"), except to the extent compelled to do so in accordance with applicable law (in which case the Investor shall promptly notify the SPV of the Investor's obligation to disclose any Confidential Information) or with respect to Confidential Information that otherwise becomes publicly available other than through breach of this provision by the Investor.

9.5.3. To the fullest extent permitted by law, the Investor agrees not to request disclosure or inspection of any such information after the Investor is notified (whether in response to the Investor's request for information or otherwise) that the SPV has determined not to disclose such information.

9.5.4. The Investor agrees that the LLC, the SPV, and the SPV service providers would be subject to potentially irreparable injury as a result of any breach by the Investor of the covenants and agreements set forth in this Item 9.5, and that monetary damages would not be sufficient to compensate or make whole the LLC, the SPV, and the SPV services providers for any such breach. Accordingly the Investor agrees that the LLC, the SPV, and the SPV service providers shall be entitled to equitable and injunctive relief, on an emergency, temporary, preliminary and/or permanent basis, to prevent any such breach or the continuation thereof.

9.6. Amendments. Neither this Subscription Agreement nor any term hereof may be supplemented, changed, waived, discharged or terminated except with the written consent of the Investor and the Company on behalf of the relevant SPV. For the sake of clarity, the restriction on the Company in the preceding sentence applies solely to the form of this Subscription Agreement applicable to SPVs that have had a closing, and does not prevent the Company from changing the form and content of this Subscription Agreement for use in offerings of SPVs that have not had a closing.

9.7. Assignability and Transferability. This Subscription Agreement is not transferable or assignable by the Investor without the prior written consent of the Company on behalf of the SPV, and any transfer or assignment in violation of this provision shall be null and void. The Interests in the SPV being acquired by Investor herein may only be transferred by Investor in compliance with Regulation Crowdfunding and the terms and conditions of this Agreement. If Investor seeks to transfer the Interests, Investor shall first give written notice to the Company and Wefunder Admin, LLC, including the number of Interests that Investor desires to transfer, the proposed price, the name and contact information of the proposed buyer, and any other information that the Company or Wefunder Admin, LLC may reasonably request. To the extent possible, such notice shall be provided through the Wefunder.com website. Any transfer of Interests shall be subject to execution by Investor and the proposed transferee of appropriate documentation, as may be required by the Company or Wefunder Admin, LLC, in their discretion. Investor further acknowledges that pursuant to the LLC Agreement, Wefunder Admin, LLC (as Series Manager of the SPV), may impose additional restrictions on or prohibit the Transfer of Interests for any reason or no reason, in its sole discretion.

9.8. **Repurchase.** In the event that the SPV or any Administrator determines that it is likely that within twelve (12) months the securities of the SPV or the Company will be held of record by a number of persons that would require the SPV or the Company to register a class of its equity securities under the Securities Exchange Act of 1934, as amended ('Exchange Act'), as required by Section 12(g) or 15(d) thereof, the SPV shall have the option to repurchase the Interests from each Investor to the extent necessary to avoid the requirement to register a class of its securities under the Exchange Act. Such repurchase of Interests shall be for the greater of (i) the purchase price of the Interests, or (ii) the fair market value of the Interests, as determined by an independent appraiser of securities chosen by the Administrator. Any such repurchase may only occur with the consent of Wefunder Admin, LLC, as Series Manager of the SPV.

9.9. **Governing Law.** Consent to Jurisdiction. Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed under the laws of the State of Delaware. Any action or proceeding brought by the SPV or any SPV service provider against one or more investors in the SPV relating in any way to this Subscription Agreement or the LLC Agreement may, and any action or proceeding brought by any other party against the SPV or any SPV service provider relating in any way to this Subscription Agreement or the Company Information shall, be brought and enforced in the state courts of the State of Delaware located in Wilmington or (to the extent subject matter jurisdiction exists therefore) in the courts of the United States located in the District of Delaware; and the Investor and the SPV irrevocably submit to the jurisdiction of both such state and federal courts in respect of any such action or proceeding. The Investor and the SPV irrevocably waive, to the fullest extent permitted by law, any objection that they may now or hereafter have to laying the venue of any such action or proceeding in the courts of the State of Delaware located in Wilmington or in the courts of the United States located in the District of Delaware and any claim that any such action or proceeding brought in any such court has been brought in an inconvenient forum.

9.10. **Severability.** If any provision of this Subscription Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof that may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.

9.11. **Headings.** The headings in this Subscription Agreement are for convenience of reference only, and shall not limit or otherwise affect the meaning hereof.

9.12. **General.** This Subscription Agreement shall be binding upon the Investor and the legal representatives, successors and assigns of the Investor, shall survive the admission of the Investor as a member of a SPV, and shall, if the Investor consists of more than one person, be the joint and several obligation of all such persons.

*[Remainder of page intentionally left blank. Signature page follows.]*

The undersigned have executed this instrument as of the date first above written.

SPV

Transcend Network I, as series of Wefunder SPV, LLC
By: Wefunder Admin, LLC, its Manager

By: Founder Signature

Date:

Name: Nicholas Tommarello

Title: Chief Executive Officer

Investor

[INVESTOR NAME]

By: Investor Signature

Date:

CONTACT INFORMATION:

Name: [INVESTOR NAME]

Mailing Address:

City:

Country:

E-mail:

# TERMS APPENDIX FOR THE PURCHASE OF
Transcend Network LLC SECURITIES BY Transcend
Network L.A SERIES OF WEFUNDER SPV, LLC, A
DELAWARE LIMITED LIABILITY COMPANY

**Type of Security:** Future Equity

**Terms** $6M valuation cap

To view a copy of the contract, please see **Appendix B, Investor Contracts** of
the Form C. The latest Form C or C/A filing be found here:
https://www.sec.gov/cgi-bin/srch-edgar?text=%28FORM-
TYPE%3DC%2FA+or+FORM-
TYPE%3DC%29+and+CIK%3D0001964099&first=2016

**Attachment 4:** `document_4.pdf`

THIS INSTRUMENT AND ANY SECURITIES ISSUABLE PURSUANT HERETO HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED IN THIS SAFE AND UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION THEREFROM.

# Transcend Network LLC

# SAFE
(Simple Agreement for Future Equity)

THIS CERTIFIES THAT in exchange for the payment by [INVESTOR NAME] (the "Investor") of [INVESTMENT AMOUNT] (the "Purchase Amount") on or about [EFFECTIVE DATE], Transcend Network LLC, a Delaware limited liability company (the "Company"), hereby issues to the Investor the right to certain units, subject to the terms described below.

This Safe is one of the forms available at http://ycombinator.com/documents and the Company and the Investor agree that neither one has modified the form, except to fill in blanks and bracketed terms, and remove the requirement to be accredited investor and make the form applicable to a limited liability company.

The "Post-Money Valuation Cap" is $6,000,000

The "Discount Rate" is 100%

See Section 2 for certain additional defined terms.

# 1. Events

(a) Equity Financing. If there is an Equity Financing before the termination of this Safe, on the initial closing of such Equity Financing, this Safe will automatically convert into the number of Safe Preferred Units equal to the Purchase Amount divided by the Conversion Price.

In connection with the automatic conversion of this Safe into Safe Preferred Units, the Investor will execute and deliver to the Company all of the transaction documents related to the Equity Financing, provided, that such documents (i) are the same documents to be entered into with the purchasers of Standard Preferred Units, with appropriate variations for the Safe Preferred Units if applicable, and (ii) have customary exceptions to any drag-along applicable to the Investor, including (without limitation) limited representations, warranties, liability and indemnification obligations for the Investor.

(b) Liquidity Event. If there is a Liquidity Event before the termination of this Safe, this Safe will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds, due and payable to the Investor immediately prior to, or concurrent with, the consummation of such Liquidity Event, equal to the greater of (i) the Purchase Amount (the "Cash-Out Amount") or (ii) the amount payable on the number of units of Common Units equal to the Purchase Amount divided by the Liquidity Price (the "Conversion Amount"). If any of the Company's securityholders are given a choice as to the form and amount of Proceeds to be received in a Liquidity Event, the Investor will be given the same choice, provided that the Investor may not choose to receive a form of consideration that the Investor would be ineligible to receive as a result of the Investor's failure to satisfy any requirement or limitation generally applicable to the Company's securityholders, or under any applicable laws.

Notwithstanding the foregoing, in connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce the cash portion of Proceeds payable to the Investor by the amount determined by its board of directors in good faith for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, provided that such reduction (A) does not reduce the total Proceeds payable to such Investor and (B) is applied in the same manner and on a pro rata basis to all securityholders who have equal priority to the Investor under Section 1(d).

In connection with Section 1(b)(i), the Purchase Amount will be due and payable by the Company to the Investor immediately prior to, or concurrent with, the consummation of the Liquidity Event. If there are not enough funds to pay (i) holders of units of any series of Preferred Units issued before the date of this instrument ("Senior Preferred Holders") and (ii) the Investor and holders of other Safes (collectively, the "Cash-Out Investors") in full, then all of the Company's available funds will be distributed (i) first to the Senior Preferred Holders and (ii) second with equal priority and pro rata among the Cash-Out Investors in proportion to their Purchase Amounts, and the Cash-Out Investors will automatically receive the number of units of Common Units equal to the remaining unpaid Purchase Amount divided by the Liquidity Price. In connection with a Change of Control intended to qualify as a tax-free reorganization, the Company may reduce, pro rata, the Purchase Amounts payable to the Cash-Out Investors by the amount determined by the Board in good faith to be advisable for such Change of Control to qualify as a tax-free reorganization for U.S. federal income tax purposes, and in such case, the Cash-Out Investors will automatically receive the number of units of Common Units equal to the remaining unpaid Purchase Amount divided by the Liquidity Price.

(c) Dissolution Event. If there is a Dissolution Event before the termination of this Safe, the Investor will automatically be entitled (subject to the liquidation priority set forth in Section 1(d) below) to receive a portion of Proceeds equal to the Cash-Out Amount, due and payable to the Investor immediately prior to the consummation of the Dissolution Event.

(d) Liquidation Priority. In a Liquidity Event or Dissolution Event, this Safe is intended to operate like standard non-participating Preferred Units. The Investor's right to receive its Cash-Out Amount is:

(i) Junior to payment of outstanding indebtedness and creditor claims, including contractual claims for payment and convertible promissory notes (to the extent such convertible promissory notes are not actually or notionally converted into Units);

(ii) On par with payments for other Safes and/or Preferred Units, and if the applicable Proceeds are insufficient to permit full payments to the Investor and such other Safes and/or Preferred Units, the applicable Proceeds will be distributed pro rata to the Investor and such other Safes and/or Preferred Units in proportion to the full payments that would otherwise be due; and

(iii) Senior to payments for Common Units.

The Investor's right to receive its Conversion Amount is (A) on par with payments for Common Units and other Safes

and/or Preferred Units who are also receiving Conversion Amounts or Proceeds on a similar as-converted to Common Units basis, and (B) junior to payments described in clauses (i) and (ii) above (in the latter case, to the extent such payments are Cash-Out Amounts or similar liquidation preferences).

(e) Termination. This Safe will automatically terminate (without relieving the Company of any obligations arising from a prior breach of or non-compliance with this Safe) immediately following the earliest to occur of: (i) the issuance of Capital Units to the Investor pursuant to the automatic conversion of this Safe under Section 1(a); or (ii) the payment, or setting aside for payment, of amounts due the Investor pursuant to Section 1(b) or Section 1(c).

2. Definitions

"Capital Stock" means the capital stock of the Company, including, without limitation, the "Common Units" and the "Preferred Units."

"Change of Control" means (i) a transaction or series of related transactions in which any "person" or "group" (within the meaning of Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), becomes the "beneficial owner" (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the outstanding voting securities of the Company having the right to vote for the election of members of the Company's board of directors, (ii) any reorganization, merger or consolidation of the Company, other than a transaction or series of related transactions in which the holders of the voting securities of the Company outstanding immediately prior to such transaction or series of related transactions retain, immediately after such transaction or series of related transactions, at least a majority of the total voting power represented by the outstanding voting securities of the Company or such other surviving or resulting entity or (iii) a sale, lease or other disposition of all or substantially all of the assets of the Company.

"Company Capitalization" is calculated as of immediately prior to the Equity Financing and (without double-counting, in each case calculated on an as-converted to Common Units basis):

- Includes all Units issued and outstanding;
- Includes all Converting Securities;
- Includes all (i) issued and outstanding Options and (ii) Promised Options; and
- Includes the Unissued Option Pool, except that any increase to the Unissued Option Pool in connection with the Equity Financing shall only be included to the extent that the number of Promised Options exceeds the Unissued Option Pool prior to such increase.

"Conversion Price" means either: (1) the Safe Price or (2) the Discount Price, whichever calculation results in a greater number of Safe Preferred Units.

"Converting Securities" includes this Safe and other convertible securities issued by the Company, including but not limited to: (i) other Safes; (ii) convertible promissory notes and other convertible debt instruments; and (iii) convertible securities that have the right to convert into Units.

"Direct Listing" means the Company's initial listing of its Common Units (other than Common Units not eligible for resale under Rule 144 under the Securities Act) on a national securities exchange by means of an effective registration statement on Form S-1 filed by the Company with the SEC that registers shares of existing Units of the Company for resale, as approved by the Company's board of directors. For the avoidance of doubt, a Direct Listing shall not be deemed to be an underwritten offering and shall not involve any underwriting services.

"Discount Price" means the price per units of the Standard Preferred Units sold in the Equity Financing multiplied by the Discount Rate.

"Dissolution Event" means (i) a voluntary termination of operations, (ii) a general assignment for the benefit of the Company's creditors or (iii) any other liquidation, dissolution or winding up of the Company (excluding a Liquidity Event), whether voluntary or involuntary.

"Dividend Amount" means, with respect to any date on which the Company pays a dividend on its outstanding Common Units, the amount of such dividend that is paid per share of Common Units multiplied by (x) the Purchase Amount divided by (y) the Liquidity Price (treating the dividend date as a Liquidity Event solely for purposes of calculating such Liquidity Price).

"Equity Financing" means a bona fide transaction or series of transactions with the principal purpose of raising capital, pursuant to which the Company issues and sells Preferred Units at a fixed valuation, including but not limited to, a pre-money or post-money valuation.

"Initial Public Offering" means the closing of the Company's first firm commitment underwritten initial public offering of Common Units pursuant to a registration statement filed under the Securities Act.

"Liquidity Capitalization" is calculated as of immediately prior to the Liquidity Event, and (without double-counting, in each case calculated on an as-converted to Common Units basis):

- Includes all Units issued and outstanding;
- Includes all (i) issued and outstanding Options and (ii) to the extent receiving Proceeds, Promised Options;
- Includes all Converting Securities, other than any Safes and other convertible securities (including without limitation of Preferred Units) where the holders of such securities are receiving Cash-Out Amounts or similar liquidation preference payments in lieu of Conversion Amounts or similar "as-converted" payments; and
- Excludes the Unissued Option Pool.

"Liquidity Event" means a Change of Control or an Initial Public Offering.

"Liquidity Price" means the price per unit equal to the Valuation Cap divided by the Liquidity Capitalization.

"Options" includes options, RSUs, SARs, warrants or similar securities, vested or unvested.

"Proceeds" means cash and other assets (including without limitation stock consideration) that are proceeds from the Liquidity Event or the Dissolution Event, as applicable, and legally available for distribution.

"Promised Options" means promised but ungranted Options that are the greater of those (i) promised pursuant to agreements or understandings made prior to the execution of, or in connection with, the term sheet or letter of

intent for the Equity Financing or Liquidity Event, as applicable (or the initial closing of the Equity Financing or consummation of the Liquidity Event, if there is no term sheet or letter of intent), (ii) in the case of an Equity Financing, treated as outstanding Options in the calculation of the Standard Preferred Unit's price per unit, or (iii) in the case of a Liquidity Event, treated as outstanding Options in the calculation of the distribution of the Proceeds.

"Safe" means an instrument containing a future right to Units, similar in form and content to this instrument, purchased by investors for the purpose of funding the Company's business operations. References to "this Safe" mean this specific instrument.

"Safe Preferred Units" means the units of the series of Preferred Units issued to the Investor in an Equity Financing, having the identical rights, privileges, preferences and restrictions as the Standard Preferred Units, other than with respect to: (i) the per unit liquidation preference and the initial conversion price for purposes of price-based anti-dilution protection, which will equal the Conversion Price; and (ii) the basis for any dividend rights, which will be based on the Conversion Price.

"Safe Price" means the price per unit equal to the Post-Money Valuation Cap divided by the Company Capitalization.

"Standard Preferred Units" means the shares of the series of Preferred Units issued to the investors investing new money in the Company in connection with the initial closing of the Equity Financing.

"Unissued Option Pool" means all Units that are reserved, available for future grant and not subject to any outstanding Options or Promised Options (but in the case of a Liquidity Event, only to the extent Proceeds are payable on such Promised Options) under any equity incentive or similar Company plan.

"Units" means the equity interests of the Company, including, without limitation, the "Common Units" and "Preferred Units".

# 3. Company Representations

(a) The Company is a limited liability company duly organized, validly existing and in good standing under the laws of its state of limited liability company (the "Company"), hereby issues to the Investor the right to certain formation, and has the power and authority to own, lease and operate its properties and carry on its business as now conducted.
(b) The execution, delivery and performance by the Company of this Safe is within the power of the Company and has been duly authorized by all necessary actions on the part of the Company (subject to section 3(d)). This Safe constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity. To its knowledge, the Company is not in violation of (i) its certificate of formation or operating agreement; (ii) any material statute, rule or regulation applicable to the Company or (iii) any material debt or contract to which the Company is a party or by which it is bound, where, in each case, such violation or default, individually, or together with all such violations or defaults, could reasonably be expected to have a material adverse effect on the Company.
(c) The performance and consumption of the transactions contemplated by this Safe do not and will not: (i) violate any material judgment, statute, rule or regulation applicable to the Company; (ii) result in the acceleration of any material debt or contract to which the Company is a party or by which it is bound; or (iii) result in the creation or imposition of any lien on any property, asset or revenue of the Company or the suspension, forfeiture, or nonrenewal of any material permit, license or authorization applicable to the Company, its business or operations.
(d) No consents or approvals are required in connection with the performance of this Safe, other than: (i) the Company's corporate approvals; (ii) any qualifications or filings under applicable securities laws; and (iii) necessary corporate approvals for the authorization of Units issuable pursuant to Section 1.
(e) To its knowledge, the Company owns or possesses (or can obtain on commercially reasonable terms) sufficient legal rights to all patents, trademarks, service marks, trade names, copyrights, trade secrets, licenses, information, processes and other intellectual property rights necessary for its business as now conducted and as currently proposed to be conducted, without any conflict with, or infringement of the rights of, others.

# 4. Investor Representations

(a) The Investor has full legal capacity, power and authority to execute and deliver this Safe and to perform its obligations hereunder. This Safe constitutes valid and binding obligation of the Investor, enforceable in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating to or affecting the enforcement of creditors' rights generally and general principles of equity.
(b) The Investor has been advised that this Safe and the underlying securities have not been registered under the Securities Act, or any state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available. The Investor is purchasing this Safe and the securities to be acquired by the Investor hereunder for its own account for investment, not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same. The Investor has such knowledge and experience in financial and business matters that the Investor is capable of evaluating the merits and risks of such investment, is able to incur a complete loss of such investment without impairing the Investor's financial condition and is able to bear the economic risk of such investment for an indefinite period of time.

# 5. Miscellaneous

(a) Any provision of this Safe may be amended, waived or modified by written consent of the Company and either (i) the Investor or (ii) the majority-in-interest of all then-outstanding Safes with the same "Post-Money Valuation Cap" and "Discount Rate" as this Safe (and Safes lacking one or both of such terms will be considered to be the same with respect to such term(s)), provided that with respect to clause (ii): (A) the Purchase Amount may not be amended, waived or modified in this manner; (B) the consent of the Investor and each holder of such Safes must be solicited (even if not obtained); and (C) such amendment, waiver or modification treats all such holders in the same manner. "Majority-in-interest" refers to the holders of the applicable group of Safes whose Safes have a total Purchase Amount greater than 50% of the total Purchase Amount of all of such applicable group of Safes.

(b) Any notice required or permitted by this Safe will be deemed sufficient when delivered personally or by overnight courier or sent by email to the relevant address listed on their Wefunder account, or 48 hours after being deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such party's address listed on their Wefunder account, as subsequently modified by written notice.

(c) The Investor is not entitled, as a holder of this Safe, to vote or be deemed a holder of Units for any purpose other than tax purposes, nor will anything in this Safe be construed to confer on the Investor, as such, any rights of a Company member or rights to vote for the election of directors or on any matter submitted to Company members, or to give or withhold consent to any corporate action or to receive notice of meetings, until units have been issued on the terms described in Section 1. However, if the Company pays a dividend on outstanding shares of Common Units (that is not payable in shares of Common Units) while this Safe is outstanding, the Company will pay the Dividend Amount to the Investor at the same time.

(d) Neither this Safe nor the rights in this Safe are transferable or assignable, by operation of law or otherwise, by either party without the prior written consent of the other, provided, however, that this Safe and/or its rights may be assigned without the Company's consent by the Investor (i) to the Investor's estate, heirs, executors, administrators, guardians and/or successors in the event of Investor's death or disability, or (ii) to any other entity who directly or indirectly, controls, is controlled by or is under common control with the Investor, including, without limitation, any general partner, managing member, officer or director of the Investor, or any venture capital fund now or hereafter existing which is controlled by one or more general partners or managing members of, or shares the same management company with, the Investor, and provided, further, that the Company may assign this Safe in whole, without the consent of the Investor, in connection with a reorganization to change the Company's domicile or convert the Company into a corporation.

(e) In the event any one or more of the provisions of this Safe is for any reason held to be invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Safe operate or would prospectively operate to invalidate this Safe, then and in any such event, such provision(s) only will be deemed null and void and will not affect any other provision of this Safe and the remaining provisions of this Safe will remain operative and in full force and effect and will not be affected, prejudiced, or disturbed thereby.

(f) All rights and obligations hereunder will be governed by the laws of the State of Delaware, without regard to the conflicts of law provisions of such jurisdiction.

(g) The parties acknowledge and agree that for United States federal and state income tax purposes this Safe is, and at all times has been, intended to be characterized equity for all income tax purposes of. Accordingly, the parties agree to treat this Safe consistent with the foregoing intent for all United States federal and state income tax purposes (including, without limitation, on their respective tax returns or other informational statements).

*(Signature page follows)*

IN WITNESS WHEREOF, the undersigned have caused this instrument to be duly executed and delivered.

**COMPANY:**

Transcend Network LLC

By: *Founder Signature*

Name:

Title:

**INVESTOR:**

[INVESTOR NAME]

By: *Investor Signature*

Name: [INVESTOR NAME]

Title:

☐ Accredited Investor
☐ Unaccredited Investor

**Read and Approved (for IRA use only)**

By:

Name:

**Attachment 5:** `document_5.pdf`

# **Transcend Network LLC** (the “Company”) a Delaware Limited Liability Company

Financial Statements (unaudited) and
Independent Accountant’s Review Report

Years ended December 31, 2020 & 2021

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

## INDEPENDENT ACCOUNTANT'S REVIEW REPORT

Transcend Network LLC

We have reviewed the accompanying financial statements of the Company which comprise the statement of financial position as of December 31, 2020 & 2021 and the related statements of operations, statement of changes in member’s equity, and statement of cash flows for the years then ended, and the related notes to the financial statements. A review includes primarily applying analytical procedures to management’s financial data and making inquiries of Company management. A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. Accordingly, we do not express such an opinion.

### Management’s Responsibility for the Financial Statements

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

### Accountant’s Responsibility

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

### Accountant’s Conclusion

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

### Going Concern

As discussed in Note 8, certain conditions indicate that the Company may be unable to continue as a going concern. The accompanying financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs.

Vince Mongio, CPA, CIA, CFE, MACC

*Vincenzo Mongio*

# **Statement of Financial Position**

|  | As of December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| ASSETS |  |  |
| Current Assets |  |  |
| Cash and Cash Equivalents | 7,560 | 5,778 |
| Total Current Assets | 7,560 | 5,778 |
| TOTAL ASSETS | 7,560 | 5,778 |
| LIABILITIES AND EQUITY |  |  |
| Liabilities |  |  |
| Current Liabilities |  |  |
| Accounts Payable - Related Parties | 36,737 | 12,566 |
| Total Current Liabilities | 36,737 | 12,566 |
| TOTAL LIABILITIES | 36,737 | 12,566 |
| EQUITY |  |  |
| Accumulated Deficit | (29,177) | (6,789) |
| Total Equity | (29,177) | (6,789) |
| TOTAL LIABILITIES AND EQUITY | 7,560 | 5,778 |

# **Statement of Operations**

|  | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| Net Revenue | 54,995 | 9,900 |
| Operating Expenses |  |  |
| Advertising and Marketing | 1,060 | - |
| General and Administrative | 76,323 | 16,689 |
| Total Operating Expenses | 77,383 | 16,689 |
| Operating Income (loss) | (22,388) | (6,789) |
| Provision for Income Tax | - | - |
| Net Income (loss) | (22,388) | (6,789) |

# **Statement of Cash Flows**

| OPERATING ACTIVITIES | Year Ended December 31, |  |
| --- | --- | --- |
|  | 2021 | 2020 |
| Net Income (Loss) | (22,388) | (6,789) |
| Adjustments to reconcile Net Income to Net Cash provided by operations: |  |  |
| Accounts Payable - Related Parties | 24,171 | 12,566 |
| Total Adjustments to reconcile Net Income to Net Cash provided by operations: | 24,171 | 12,566 |
| Net Cash provided by (used in) Operating Activities | 1,782 | 5,778 |
| Cash at the beginning of period | 5,778 | 5,778 |
| Net Cash increase (decrease) for period | 1,782 | 5,778 |
| Cash at end of period | 7,560 | 5,778 |

# **Statement of Changes in Member Equity**

|  | Member Capital | Accumulated Adjustments | Accumulated Deficit | Total Member Equity |
| --- | --- | --- | --- | --- |
|  | $ Amount |  |  |  |
| Beginning Balance at 1/19/2020 (Inception) | - | - | - | - |
| Net Income (Loss) | - | - | (6,789) | (6,789) |
| Ending Balance 12/31/2020 | - | - | (6,789) | (6,789) |
| Net Income (Loss) | - | - | (22,388) | (22,388) |
| Ending Balance 12/31/2021 | - | - | (29,177) | (29,177) |

# Transcend Network LLC
Notes to the Unaudited Financial Statements
December 31st, 2021
$USD

# NOTE 1 - ORGANIZATION AND NATURE OF ACTIVITIES

Transcend Network LLC (“the Company”) was formed in Delaware on January 19th, 2020. The Company runs fellowship programs to support early-stage founders building the future of learning and work. The Company earns revenue through their program fees.

The Company will conduct a crowdfunding campaign under regulation CF in 2022 to raise operating capital.

# NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Our financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Our fiscal year ends on December 31. The Company has no interest in variable interest entities and no predecessor entities.

Use of Estimates and Assumptions

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

Cash and Cash Equivalents

Cash and cash equivalents include all cash balances, and highly liquid investments with maturities of three months or less when purchased.

Fair Value of Financial Instruments

ASC 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:

Level 1: defined as observable inputs such as quoted prices in active markets;
Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and
Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Concentrations of Credit Risks

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

### Revenue Recognition

The Company recognizes revenue from the sale of products and services in accordance with ASC 606, “Revenue Recognition” following the five steps procedure:

- Step 1: Identify the contract(s) with customers
- Step 2: Identify the performance obligations in the contract
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price to performance obligations
- Step 5: Recognize revenue when or as performance obligations are satisfied

The Company generates revenue when their founders’ pay fees as part of enrolling in their programs. These fees are paid all up front or over 6 months if the company needs a payment plan. Revenue is recognized over the service period of their program. The Company’s primary performance is ensuring that they perform services as agreed upon with their founders over the length of their program, which is typically 5 weeks. Any potential deferred revenue would be negligible as of December 31st, 2020 and 2021.

### Advertising Costs

Advertising costs associated with marketing the Company’s products and services are generally expensed as costs are incurred.

### General and Administrative

General and administrative expenses consist of payroll and related expenses for employees and independent contractors involved in general corporate functions, including accounting, finance, tax, legal, business development, and other miscellaneous expenses.

### Equity Based Compensation

The Company did not have any equity-based compensation as of December 31st, 2021.

### Income Taxes

The Company is a pass-through entity therefore any income tax expense or benefit is the responsibility of the company’s owners. As such, no provision for income tax is recognized on the Statement of Operations.

### Recent Accounting Pronouncements

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our financial statements.

## NOTE 3 - RELATED PARTY TRANSACTIONS

The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions.

The Company had accounts payable of $36,737 due to its owners as of December 31st, 2021. The amounts due not accrue interest and are due on demand.

#### **NOTE 4 - COMMITMENTS, CONTINGENCIES, COMPLIANCE WITH LAWS AND REGULATIONS**

We are currently not involved with or know of any pending or threatening litigation against the Company or any of its officers. Further, the Company is currently complying with all relevant laws and regulations. The Company does not have any long-term commitments or guarantees.

#### **NOTE 5 - DEBT**

The Company did not have any debt as of December 31$^{st}$, 2021.

#### **NOTE 6 - EQUITY**

The Company is a limited liability company with one class of units wholly owned by two members. The Company had authorized 10,000,000 units with all of them being issued and outstanding as of December 31$^{st}$, 2021. The units provide the holder with one vote per unit held.

#### **NOTE 7 - SUBSEQUENT EVENTS**

The Company has evaluated events subsequent to December 31, 2021 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through November 18, 2022, the date these financial statements were available to be issued.

The Company became a general partner in a fund that invests in founders. The Company has committed $50,000 to this fund.

#### **NOTE 8 - GOING CONCERN**

The accompanying balance sheet has been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The entity realized losses every year since inception, incurred negative working capital, and may continue to generate losses.

During the next twelve months, the Company intends to finance its operations with funds from a crowdfunding campaign and revenue producing activities. The Company’s ability to continue as a going concern in the next twelve months following the date the financial statements were available to be issued is dependent upon its ability to produce revenues and/or obtain financing sufficient to meet current and future obligations and deploy such to produce profitable operating results. Management has evaluated these conditions and plans to generate revenues and raise capital as needed to satisfy its capital needs. No assurance can be given that the Company will be successful in these efforts. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities.

#### **NOTE 9 - RISKS AND UNCERTAINTIES**

##### ***COVID-19***

The spread of COVID-19 has severely impacted many local economies around the globe. In many countries, businesses are being forced to cease or limit operations for long or indefinite periods of time. Measures taken to contain the spread of the virus, including travel bans, quarantines, social distancing, and closures of non-essential services have triggered significant disruptions to businesses worldwide, resulting in an economic slowdown. Global stock markets have also experienced great volatility and a significant weakening. Governments and central banks have responded with monetary and fiscal interventions to stabilize economic conditions. The duration and impact of the COVID-19 pandemic, as well as the effectiveness of government and central bank responses remains unclear currently. It is not possible to reliably estimate the duration and severity of these consequences, as well as their impact on the financial position and results of the Company for future periods.

**Attachment 6:** `document_6.pdf`

Contact

amarenaza@gmail.com

www.linkedin.com/in/

albertomdearenaza (LinkedIn)

www.albertoarenaza.com/

(Personal)

transcend-network.com (Company)

Languages

Spanish (Native or Bilingual)

French (Limited Working)

English (Native or Bilingual)

# Alberto Arenaza

Co-Founder at Transcend Network | Inaugural Class at Minerva University | Forbes 30u30

Madrid, Community of Madrid, Spain

## Summary

I am the co-founder of Transcend Network, the most global network of founders building the future of learning and work. We have supported 180 founders from 40 countries, who have gone on to raise $160M after joining the Transcend Fellowship. I'm also the General Partner at Transcend Fund, where we are first-check investors in global founders building the future of learning and work.

I was a part of the Inaugural class at Minerva Schools, which took me on a journey through 6 different countries where I spent my time exploring projects in venture capital and startups, economic development and education. I was also a part of the most recent class of Forbes 30 under 30 Education group, but I prefer to talk about education, history, music, basketball or improv

Reach out if you are a founder, investor or educator wanting to build the future! You can find me at alberto [at ] transcend-network.com

## Experience

Transcend Network

Co-Founder, General Partner

April 2019 - Present (3 years 10 months)

San Francisco Bay Area

Supporting startups shaping the future of learning and work through our Transcend Fellowship, investments and talent network.

Sunlight Technologies

Business Development

August 2019 - January 2020 (6 months)

San Francisco Bay Area

Sunlight enables companies to bridge this gap through technology, enabling them to provide learning as a benefit.

Page 1 of 2

## EH Global Capital

### Analyst

May 2018 - September 2018 (5 months)

London, United Kingdom

EH Global Capital is a boutique merchant bank in London. Projects ranged from M&A and capital raising to early-stage investment opportunities.

## T-Hub Hyderabad

### Student Fellow and Partnership Manager

February 2018 - May 2018 (4 months)

Hyderabad Area, India

T-Hub is the largest accelerator in India and Asia and empowers entrepreneurs in Hyderabad, India.

## Dalberg Global Development Advisors

### Summer Analyst

June 2016 - August 2016 (3 months)

Dakar, Senegal

- Value-chain analysis of African agricultural industries to assess the investment opportunity for the International Finance Corporation (IFC)

## Education

### Minerva Schools at KGI

Bachelor's Degree, Economics and Politics · (2015 - June 2019)

### Celera

· (February 2021 - 2024)

### The University of Glasgow

Bachelor's Degree · (2014 - 2015)

### Colegio Estudio / Fundación Estudio

Título de Bachillerato · (1999 - 2014)

### Masconomet Regional High School

· (2012 - 2013)

Page 2 of 2

**Attachment 7:** `document_7.pdf`

Contact

www.linkedin.com/in/mnarea
(LinkedIn)

Top Skills

Sustainability
Entrepreneurship
Energy Conservation

Languages

English (Native or Bilingual)
Spanish (Professional Working)

Certifications

2017 ASU GSV Summit
Global Tech Innovation Fellowship:
Javascript Track
Hive Global Leaders Program

Honors-Awards

Northwestern Alumni Awards
Student Ambassador
Dow Sustainability Innovation
Student Challenge Grand Prize
Global Engagement Summit Pitch
Competition Winner

# Michael Narea

Co-founder at Transcend Network
San Francisco Bay Area

## Summary

I create and grow communities, and keep their vibrancy and efficacy alive. On teams, in companies, on retreats, in friend groups, and in my family - I am always working to build culture that helps people become better people. IMO, that is what real operators do.

I love spending time supporting the next generation of founders building the future of learning and work in the Transcend Network.

As always, serving as a board member of the Costa Rican sea turtle conservation non-profit, Sea Turtles Forever and leads high school and college student trips to their site Costa Rica for service learning experiences as well as hosts 2 ocean retreats at remote locations every year.

## Experience

Transcend Network

Co-Founder
November 2018 - Present (4 years 3 months)
San Francisco Bay Area

We enjoy curating and facilitating a community of founders across the world shaping the future of learning and work.

Moonshot Partners

Founding Partner
April 2020 - Present (2 years 10 months)
London, England, United Kingdom

We help people bring their big ideas to life by empowering them with multi-perspective talent and globally distributed product building teams.

Surfani

Ocean Guide
February 2017 - Present (6 years)
San Francisco Bay Area

Page 1 of 5

Surfani's purpose is to activate people's relationship with the ocean and unleash their potential to take action in their own purpose.

We do this by facilitating positive ocean & surfing experiences for people from all walks of life and reflecting on the values they learned from their experience. Inducing creative mindsets, overcoming personal fears, and achieving a state of mindfulness are a few benefits which participants have gained from joining our experience.

Works alongside AirBnB, Traveler Surf Club, The Surf Institute, Sea Turtles Forever, and Surfear Negra to bring this work to life.

#### Flight CX

Co-Founder & Head of Operations

October 2020 - April 2021 (7 months)

San Francisco Bay Area

World-class customer experience teams for companies who put people first

#### Sunlight Technologies

Co-Founder & COO

July 2018 - December 2020 (2 years 6 months)

London, England, United Kingdom

Sunlight helps companies grow a highly engaging learning culture by facilitating their team's access to any course, book, event, or learning experience in the world.

#### Radius Learning

Experience Design

October 2018 - March 2019 (6 months)

New York City Metropolitan Area

#### Planet Avvio

Project Manager

June 2017 - April 2018 (11 months)

Miami, Mexico City, Bogota

Planet Avvio crea valor y construye emoción combinando arte y tecnología para deleitar a cada individuo y su comunidad.

Michael manages cultural shifts across all regions as well as new business identification, development, and delivery with commercial team in Latin American markets.

Page 2 of 5

## Moringa School

Student Experience | Global Tech Innovation Fellowship

November 2016 - June 2017 (8 months)

Nairobi, Kenya

Moringa School is developing the next generation of tech leaders through market driven education.

## GSVlabs

1 year 11 months

Director | EdTech Innovation Lab

May 2016 - April 2017 (1 year)

Redwood City, CA

Program Manager, EdTech Innovation Lab

June 2015 - May 2016 (1 year)

Redwood City, CA

GSVlabs is a campus of innovation focused on accelerating high-growth, high-impact verticals in the areas of EdTech, Sustainability, Big Data, and Mobility. Utilizing GSVlabs resources, founders and entrepreneurs join a global network of ecosystem partners, including corporations, international agencies, mentors, universities, investors, thought leaders, and non-profits.

The EdTech Innovation Lab supports for-profit and non-profit education technology companies that will transform the sector with innovative learning tools and services.

## New Frontiers Education

Co-Founder

January 2014 - June 2015 (1 year 6 months)

Broward County, FL

As the world becomes more dynamic, organizations everywhere say they need people who can think creatively, work well in teams, and lead real change for the better.

And yet, according to a nationwide study by the Pearson Foundation, only 22% of high school students apply what they learned in the classroom to develop solutions to real problems in their community or the world

Page 3 of 5

At New Frontiers Education, we work with our students to discover their creative confidence and apply it by working on teams to create solutions to real world problems, or opportunities as we like to call them.

Our programs are based on design thinking educational methods used on the collegiate level at schools such as the Institute of Design at Stanford. We package and deliver this curriculum for high school audiences through local community engagement programs in the United States as well as abroad educational experiences in Costa Rica.

Our vision is for every student graduating high school to have the creative confidence to not only ideate, but test their ideas with real world opportunities and be prepared to pioneer their way through the new frontiers of the ever-changing world.

Our programs:

Community Design Program (South Florida)

Global Perspectives Program (Costa Rica)

### Suncor Energy

Junior Account Manager

September 2013 - January 2014 (5 months)

Chicago, IL

Provide support services for a team of 18 district sales and 5 national account managers in the North American oil lubricant sales market

### Brightstar

Supply Chain Analyst

June 2013 - September 2013 (4 months)

Innovated a new service based on sustainability life cycle assessment for Brightstar's telecommunications services

### NuMat Technologies

Business Development Associate

May 2012 - July 2013 (1 year 3 months)

Chicago, IL

NuMat Technologies is a university spin-out that computationally designs and synthesizes high performing nanomaterials for gas storage and separation applications.

Page 4 of 5

Formulated cost models of natural gas vessels to assess NuMat's economic viability of their technology in the natural gas vehicle market

Analysis results were integrated into venture capital presentations to help the team secure $2 million in seed funding

Torkelson Research Group

Undergraduate Researcher

June 2012 - June 2013 (1 year 1 month)

Northwestern University, Evanston, IL

Investigating the enhanced physical properties of recycled polymer material using Solid-State Shear Pulverization technology, an innovative plastic upcycling processing technique with energy and economic advantages over currently commercialized recycling processes

Geiger Research Group

Research Assistant

January 2012 - June 2012 (6 months)

Evanston, IL

Normalized 20 years of data to investigate water contaminant concentration trends of superfund site Depue, IL, an old petroleum factory location

## Education

Northwestern University

Bachelor's Degree, Chemical Engineering · (2009 - 2014)

Seth Godin's altMBA

Marketing and Leadership Development, Business, Management, Marketing, and Related Support Services · (2019 - 2019)

Pine Crest School

· (2006 - 2009)

Page 5 of 5

**Attachment 8:** `document_8.pdf`

DocuSign Envelope ID: 809E97AF-FE06-4A4A-96EC-27846A1FED09

# OPERATING AGREEMENT

## FOR

### TRANSCEND NETWORK, LLC

a Delaware Limited Liability Company

This Operating Agreement of Transcend Network, LLC, a Delaware limited liability company (the “Company”), is entered into as of the earlier of (a) the last date set forth on the signature page(s) hereto or (b) the date of filing of the Certificate of Formation of the Company, by the Members listed on Exhibit A attached hereto and such other persons that may be admitted as Members from time to time to the Company in accordance with this Agreement (the “Members”).

The Company has been formed as a limited liability company pursuant to the Delaware Limited Liability Company Act (the “Act”) by the filing of a Certificate of Formation in the office of the Secretary of State of the State of Delaware on or about the date hereof. The Members desire to enter into this Agreement to provide terms to govern the Company. Therefore, the Members hereby agree as follows:

### PRINCIPAL OFFICE OF COMPANY

**ARTICLE 1.1. Name.** The name of the Company is “Transcend Network, LLC.” The affairs of the Company shall be conducted under such name or such other name(s) as the Managers, in their discretion, shall determine.

**ARTICLE 1.2. Agreement.** This Agreement shall constitute the “Limited Liability Company Agreement” (as that term is used in the Act) of the Company effective as of the date set forth above. The rights, powers, duties, obligations and liabilities of the Members shall be determined pursuant to the Act and this Agreement. It is the express intention of the Members that this Agreement shall be the sole statement of agreement among them.

# **ARTICLE 1.3. Powers.**

(a) **Authority.** The Company may engage in any lawful act or activity for which a limited liability company may be organized under the Act.

(b) **Powers.** Subject to all of the terms and provisions hereof, the Company shall have all powers necessary, suitable or convenient for the accomplishment of its purposes, including all of the powers available to it as a limited liability company under the Act.

(c) **Primary Business of the Company.** The Company has been formed for the purpose of conducting any business that may lawfully be conducted by a limited liability company formed under the Act. The Company shall have all of the powers granted to a limited liability company under the laws of the State of Delaware. The Company may engage in such activities, directly or indirectly, through one or more subsidiaries or related entities. Notwithstanding the foregoing, the Company may engage in whatever business activities that the Managers may determine to undertake, provided that such activities may be undertaken by a limited liability company under the Act.

1

DocuSign Envelope ID: 809E97AF-FE06-4A4A-96EC-27846A1FED09

(d) Title to Company Property. All property owned by the Company shall be deemed to be owned by the Company as an entity, and no Member, individually, shall have any ownership interest in any such property.

(e) Failure to Observe Formalities. A failure to observe any formalities or requirements of this Agreement, the Certificate or the Act shall not be grounds for imposing personal liability on the Members or the Managers for liabilities of the Company.

(f) No Partnership Intended for Nontax Purposes. The Members have formed the Company under the Act, and expressly deny any intent hereby to form a partnership under Delaware law, including a partnership under the Delaware Revised Uniform Limited Partnership Act, or a corporation under the Delaware General Corporate law. Except for purposes of federal, state and local taxes, the Members shall not be partners to one another, or partners to any third party.

ARTICLE 1.4. Registered Agent for Service of Process. The Company will continuously maintain with the State of Delaware an agent for service of process, which agent shall be named in the Certificate, as it may be amended from time to time. The Managers may change the agent for service of process as they from time to time may determine.

ARTICLE 1.5. Principal Office. The principal office of the Company shall be located in such place as the Managers may determine. The Managers may change the location of the principal office of the Company at any time.

ARTICLE 1.6. Definitions.

(a) Act. This term shall have the meaning ascribed to it in the preamble.

(b) Additional Members. This term shall have the meaning ascribed to it in Article 3.3.

(c) Agreement. This Operating Agreement of Transcend Network, LLC, a Delaware limited liability company.

(d) Capital Account. This term shall have the meaning ascribed to it in Article 6.1.

(e) Capital Contribution. The total amount of cash and the fair market value of property (as determined by the Managers in good faith) contributed to the Company by the Members.

(f) Certificate. The Certificate of Formation of the Company.

(g) Code. The Internal Revenue Code of 1986, as amended from time to time (and any corresponding provisions of succeeding law).

(h) Company. This term shall have the meaning ascribed to it in the preamble.

(i) Fiscal Year. This term shall have the meaning ascribed to it in Article 6.2(a).

(j) Interest. A Member's interest in the Company as a Member (and the economic rights associated with such Interest as determined under this Agreement). The Interests of a Member shall be represented by Units, as set forth on Exhibit A, as it may be amended from time to time by the Managers.

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(k) Majority Interest. The Members holding a majority of the Percentage Interests.

(l) Managers. The Managers designated pursuant to Article 4.1(c) or any other persons that succeeds them as Managers of the Company. If there is only one Manager then Managers shall mean the sole Manager.

(m) Members. This term shall have the meaning ascribed to it in the preamble.

(n) Net Income and Net Loss. This term shall have the meaning ascribed to it in Article 6.2(b).

(o) Partnership Representative. This term shall have the meaning ascribed to it in Article 14.12.

(p) Percentage Interest. The percentage interests of the Members are set forth on Exhibit A. The percentage interest of a Member shall be expressed as a percentage determined by dividing the number of Units held by the Member by the total number of Units outstanding.

(q) Treasury Regulations. The income Tax Regulations promulgated under the Code, as such Treasury Regulations may be amended from time to time (including corresponding provisions of succeeding Treasury Regulations).

## TERM AND TERMINATION OF THE COMPANY

ARTICLE 2.1. Term. The term of the Company commenced on the filing of the Certificate, and the Company shall continue until terminated pursuant to the terms of this Agreement or by operation of law.

ARTICLE 2.2. Termination. The Company shall terminate upon the written consent of the Managers and the affirmative vote or written consent of a Majority Interest.

## MEMBERS; CHANGES IN MEMBERSHIP

ARTICLE 3.1. Authorization and Issuance of Units. The Company shall be authorized to issue Ten Million (10,000,000) Units. The Company shall not issue additional classes of Units or issue Units in excess of the authorized number without the written consent of the Managers and the affirmative vote or written consent of a Majority Interest.

ARTICLE 3.2. Current Members. The persons listed on Exhibit A are admitted as the Members of the Company as of the date of this Agreement. Exhibit A shall set forth the amount of Capital Contributions made by the Members, the number of Units and the Percentage Interests of the Members.

ARTICLE 3.3. Admission of Additional Members. Persons may be admitted to the Company as additional members (“Additional Members”) on such terms and conditions as shall be determined by the Managers. The Managers shall reflect the admission of such persons as Members in the records of the Company on Exhibit A. Each new Member shall be admitted only upon execution of this Agreement or an appropriate amendment to it in which he or she agrees to be bound by the terms and provisions of this Agreement as they may be modified by that

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amendment and upon such Member's contribution of such assets, if any, as required by the Managers. The Managers shall be authorized, without the prior consent of the Members, to update Exhibit A to this Agreement from time to time to reflect changes thereon, including the transfer of Units, the issuance of additional Units to the Members, the withdrawal of Members or adding Additional Members. Admission of Additional Members shall not cause the dissolution of the Company.

# ARTICLE 3.4. Withdrawal of a Member.

(a) In the event of the withdrawal of any Member from the Company, the Percentage Interests and Capital Accounts of the withdrawing Member and the remaining Members shall be adjusted as of the date of withdrawal. No Member may be permitted to withdraw without the written consent of the Managers.

(b) The withdrawal of a Member shall not be cause for dissolution of the Company.

ARTICLE 3.5. Voting Rights. All Units shall be voting. For purposes of determining the voting interest of a Member, a Member's voting power shall be based upon the number of Units held, with each Member entitled to one vote per Unit held.

ARTICLE 3.6. No Certificate of Units. The Company will not issue certificates for Units issued. The number of Units held by the Members shall be set forth on Exhibit A

ARTICLE 3.7. Representations and Warranties. Each Member hereby represents and warrants to the Company and each other Members as follows:

(a) the Member has duly executed and delivered this Agreement, and it constitutes the legal, valid and binding obligation of that Member enforceable against it in accordance with its terms (except as may be limited by bankruptcy, insolvency or similar laws of general application and by the effect of general principles of equity regardless of whether considered at law or in equity);

(b) the Member's authorization, execution, delivery, and performance of this Agreement does not and will not (i) conflict with, or result in a breach, default, or violation of, (y) any contract or agreement to which that Member is a party or is otherwise subject, or (z) any law, order, judgment, decree, writ, injunction, or arbitral award to which that Member is subject; or (ii) require any consent, approval, or authorization from, filing or registration with, or notice, any Governmental Authority or other Person, unless such requirement has already been satisfied;

(c) the Member is familiar with the existing or proposed business, financial condition, properties, operations, and prospects of the Company; he has asked such questions, and conducted such due diligence, concerning such matters and concerning its acquisition of the Units as he has desired to ask and conduct, and all such questions have been answered to his full satisfaction; he has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks of an investment in the Company; he understands that owning the Units involves various risks, including the restrictions on transfer set forth in ARTICLE IX, the lack of any public market for the Units, the risk of owning his Units for an indefinite period of time and the risk of losing his entire investment in the Company; he is able to bear the economic risk of such investment; he is acquiring his Units for investment, solely for his own beneficial account and not with a view to or any present intention of directly or indirectly selling, offering, offering to sell or transfer, participating in any distribution, or otherwise transferring all or a portion of his Units; and he acknowledges that the Units have not been registered under the Securities Act or any other applicable federal or state securities laws, and that the Company has no intention, and

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shall not have any obligation, to register or to obtain exemption from registration for the Units or to take action so as to permit sales pursuant to the Securities Act.

**ARTICLE 3.8. Information.** Each Member is entitled to all information to which that Member is entitled to have access. The Members agree, however, that the Managers may determine, due to contractual obligations, business concerns, or other considerations, that certain information regarding the business, affairs, properties, and financial condition of the Company should be kept confidential and not provided to some or all other Members, and that it is not just or reasonable for those Members to examine or copy that information.

## **MANAGEMENT, DUTIES AND RESTRICTIONS**

### **ARTICLE 4.1. Management.**

(a) **Management of the Company by Managers.** The business, property and affairs of the Company shall be managed and all powers of the Company shall be exercised by or under the direction of the Managers. The Managers shall devote the time, effort, and skill necessary for the successful operation of the Company.

(b) **Powers of Managers.** Subject to the express limitations contained in any provision of this Agreement, the Managers shall control the management of the business and affairs of the Company. The Managers shall have all powers necessary, convenient or appropriate for carrying out the purposes and business of the Company, including, without limitation, the power to exercise on behalf and in the name of the Company all of the powers described in the Act. The Managers may, but need not be, a Member. The Managers shall in all cases act as a group and shall have no authority to act individually, unless such authority is expressly delegated to one Manager by the Managers acting as a group, or unless otherwise set forth herein. All acts or decisions of the Managers must be unanimous, which acts or decisions may be taken at a meeting or by written consent, provided that decisions made by the Managers in the ordinary course of business and not otherwise set forth herein may be made by a majority of the Managers and need not be taken at a meeting or by written consent. Each Manager is authorized to execute any and all documents on behalf of the Company, including documents in connection with the opening of bank or brokerage accounts.

(c) **Number, Term and Qualifications.** The number of Managers of the Company shall be fixed at two (2). The initial Managers shall be Alberto Martinez de Arenaza and Michael Narea. Each Manager shall serve until the earlier of (i) the removal of such Manager in accordance with this Agreement, (ii) such Manager's resignation, or (iii) such Manager's death or dissolution. A Manager may, but need not be, a Member. The name and address of each Manager is set forth on Exhibit B. Each Manager shall be authorized, without the prior consent of the Members, to update Exhibit B from time to time to reflect the name and address of each Manager.

(d) **Resignation.** A Manager may resign at any time by giving written notice to the Company and the other Managers. The resignation of a Manager shall take effect upon receipt of that notice.

(e) **Removal.** A Manager may be removed at any time, with or without cause, by the affirmative vote or written consent of a Majority Interest.

(f) **Vacancies.** Any vacancy occurring for any reason of a Manager shall be filled by the affirmative vote or written consent of the remaining Managers, or if none remain, then the

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Majority Interest.

ARTICLE 4.2. No Non-Managers Participation in Management. The Members, other than Members that are Managers, shall take no part in the management of the affairs of the Company, and shall not have any power or authority to act for or on behalf of the Company except as specifically authorized by the Managers.

# ARTICLE 4.3. Officers.

(a) Appointment of Officers. The Managers may at any time appoint officers to whom they may delegate some or all of its duties, powers and responsibilities, including its specific powers and approval rights hereunder. The officers will serve at the pleasure of the Managers. Any individual may hold any number of offices. A Chief Executive Officer of the Company, if appointed, shall, subject to the control of the Managers, have the power to execute documents and open bank accounts on behalf of the Company and have general supervision, direction and control of the day-to-day business and affairs of the Company. The Chief Executive Officer shall perform other duties commonly incident to a chief executive officer of a Delaware corporation and such other powers and duties as may be prescribed by the Managers from time to time. A Secretary of the Company, if appointed, shall be responsible for filing legal documents and maintaining records for the Company. The general areas of responsibility and specific powers and duties of each officer will be determined by the Managers and may be revised from time to time.

(b) Removal and Resignation of Officers. Subject to the rights, if any, of an officer under a contract of employment, any officer may be removed, either with or without cause, by the Managers at any time. Any officer may resign at any time by giving written notice to the Managers. Any resignation will take effect on the date of the receipt of that notice or at any later time specified in that notice.

## CAPITAL CONTRIBUTIONS

ARTICLE 5.1. Capital Contributions of the Members. The amount of each Member's initial Capital Contribution, if any, and the number of Units issued to each Member is set forth on Exhibit A. The Members, if approved by all Members entitled to vote, shall make additional Capital Contributions to the Company from time to time in amounts determined by the Managers in accordance with their respective Percentage Interests. The Capital Contributions will be in the form of cash or property. The amount of the Capital Contributions shall be set forth on Exhibit A. In the event that a Member does not make its additional Capital Contributions required by this Article 5.1, the Managers shall make such adjustments to the Percentage Interests of the Members as it deems appropriate.

ARTICLE 5.2. Limited Liability. Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and none of the Members, the Managers or any officer, employee or agent of the Company shall be obligated personally for any such debt, obligation or liability of the Company.

## CAPITAL ACCOUNTS AND ALLOCATIONS

ARTICLE 6.1. Capital Accounts. A capital account shall be maintained on the Company's books for each Member in accordance with Section 704(b) of the Code and the Treasury Regulations promulgated thereunder ('Capital Account'). In the event any Interest in the

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Company is transferred in accordance with the terms of this Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Interest.

**ARTICLE 6.2. Allocation of Net Income or Net Loss.** The Net Income and Net Loss of the Company shall be allocated to the Members so as to, as nearly as possible, increase or decrease, as the case may be, each Member's Capital Account to the extent necessary such that each Member's Capital Account is equal to the amount that such Member would receive if the Company were dissolved, its assets sold for their book value, its liabilities satisfied in accordance with their terms and all remaining amounts were distributed to the Members in accordance with Article 8.2(a) of this Agreement immediately after making such allocation. The intent of the foregoing allocation is to comply with Treasury Regulations Section 1.704-1(b) and ensure that the Members receive allocations of Net Income and Net Loss pursuant to this Article 6.2 in accordance with their relative interests in the Company, with the interest of each Member in the Company determined by reference to such Member's relative rights to receive distributions from the Company pursuant to Article 8.2(a).

(a) **Fiscal Year.** The Company's Fiscal Year for taxable year shall end on December 31 of each year or, if earlier, the date the Company is terminated during a year. The Managers may at any time elect a different Fiscal Year (as required or permitted by the Code and the applicable Treasury Regulations).

(b) **Net Income and Net Loss.** The net book income or loss of the Company for any relevant period, as computed in accordance with U.S. federal income tax principles and as adjusted pursuant to the following provisions, under the method of accounting elected by the Company for U.S. federal income tax purposes. The net book income or loss of the Company shall be computed, *inter alia*, by:

(1) including as income or deductions, as appropriate, any tax-exempt income and any expenses that are neither properly included in the computation of taxable income nor capitalized for U.S. federal income tax purposes;

(2) including as a deduction when paid or incurred (depending on the Company's method of accounting) any amounts utilized to organize the Company or to promote the sale of (or to sell) an Interest in the Company, except that amounts for which an election is properly made by the Company under Section 709(b) of the Code shall be accounted for as provided therein;

(3) including as a deduction any losses incurred by the Company in connection with the sale or exchange of property notwithstanding that such losses may be disallowed to the Company for U.S. federal income tax purposes;

(4) calculating the gain or loss on disposition of Company assets and the depreciation, amortization or other cost recovery deductions, if any, with respect to the Company's assets by reference to their book value rather than their adjusted tax basis; and

(5) if the book value of Company assets is adjusted to equal fair market value as provided in Article 15.3, then the Net Income and Net Loss shall include the amount of any increase or decrease in such book values attributable to such adjustment.

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# ARTICLE VII

**ARTICLE 7.1. Expenses.** The Company shall pay all costs and expenses incurred in connection with its activities. The Managers, Members and employees of the Company shall be entitled to reimbursement by the Company for reasonable expenses incurred by them relating to the Company’s business, as determined by the Managers in their discretion.

**ARTICLE 7.2. Member Reimbursements and Guaranteed Payments.** To the extent approved by the Managers, a Member may be reimbursed for out-of-pocket expenses incurred by the Member in connection with the business of the Company, and a Member may be entitled to receive a “guaranteed payment” within the meaning of Section 707(c) of the Code for the performance of services to the Company by the Member for being a Manager, officer or otherwise. The reimbursement of out-of-pocket expenses and payments of any guaranteed payments in accordance with this Article 7.2 shall not be treated as a distribution to the Member under Article 8.2, and the related taxable income shall not be considered an allocation of Company income for which a tax distribution is to be made pursuant to Article 8.2(b). The recipient of a guaranteed payment shall be responsible for the payment of all taxes and estimated taxes associated with such payment. Each Member shall indemnify and hold the Company and all other Members harmless for any taxes, interest and penalties associated with the payment and receipt of any guaranteed payment.

# ARTICLE VIII

**ARTICLE 8.1. Interest.** No interest shall be paid to any Member on account of his interest in the capital of, or on account of his investment in, the Company.

### ARTICLE 8.2. Distributions.

(a) Subject to applicable law, the Managers may elect from time to time to make distributions to the Members. Any such distributions shall be made to the Members pro rata in proportion to their Percentage Interests at the time of distribution.

(b) Notwithstanding Article 8.2(a), the Managers shall, for each Fiscal Year, cause the Company to make a tax distribution to the Members (taking into consideration the due dates for estimated tax payments) pro rata in proportion to their Percentage Interests (reduced by any withholdings or payments made pursuant to Article 15.2 with respect to a Member), and shall be based upon the Member that, at the time of such tax distribution, would have the highest tax liability as a result of the allocable share of income, gain, loss, deductions and credits of the Company for such applicable Fiscal Year (or other applicable period), as determined by the Managers (and for administrative convenience the Managers may use the highest effective marginal combined federal, state and local tax rate prescribed for an individual resident in California); provided, however, that no such distribution shall be made to the extent that the Managers determine, in their sole discretion, that funds are not reasonably available for such distribution by virtue of applicable law, contractual obligation or current or future needs of the Company. Such distribution to each Member shall be made no later than the first day of the third month following the end of the Fiscal Year of the Company with respect to which such distribution is made. Distributions made pursuant to this Article 8.2(b) shall be applied against (and reduce by a corresponding amount) amounts otherwise distributable to Members pursuant to Article 8.2(a).

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(c) The Managers may make distributions to the Members in cash or distribute Company assets in kind, and the distribution of any such assets in kind shall be made on the basis of the fair market value of such asset as of the date of distribution, as determined by the Managers in good faith. The Capital Accounts of the Members shall be adjusted accordingly to preserve the economic interests of the Members as the result of any distribution in kind.

## ASSIGNMENT OR TRANSFER OF INTERESTS

No Member may sell, transfer, assign, pledge, mortgage or otherwise dispose of its Interest in the Company without the approval of the Managers. Such approval may be granted or withheld in the Managers' sole discretion. Notwithstanding the foregoing, in the event that any part of the Member's Interest in the Company is transferred incident to a divorce or by operation of law, the transferee of the Interest who is not approved by the Managers shall obtain rights in the Company with respect to distributions and Net Income and Net Losses attributable to the transferred Units, but otherwise shall have no rights as a Member under this Agreement or the Act, and shall have no rights to vote or otherwise participate in the management of the Company. The Units of the transferee shall be subject to the restrictions contained in this Agreement applicable to Units held by a Member. Any transfer of an Interest that is not made in accordance with the terms of this Agreement shall be null and void.

## DISSOLUTION AND LIQUIDATION OF THE COMPANY

ARTICLE 10.1. *Dissolution*. Upon termination of the Company in accordance with ARTICLE II:

(a) The affairs of the Company shall be wound up and the Company shall be dissolved. The Managers shall serve as the liquidator.

(b) Distributions in dissolution may be made in cash or in kind or partly in cash and partly in kind.

(c) The net assets of the Company, after payment of the liabilities of the Company, shall be distributed to the Members in accordance with Article 8.2(a). Notwithstanding anything to the contrary contained in this Agreement, and notwithstanding any custom or rule of law to the contrary, to the extent that any Member's Capital Account has a deficit balance upon dissolution of the Company, such deficit shall not be an asset of the Company and such Member shall not be obligated to contribute such amount to the Company to bring the balance of such Member's Capital Account to zero.

## FINANCIAL ACCOUNTING AND REPORTS

ARTICLE 11.1. *Financial and Tax Accounting and Reports*. The Managers shall cause the Company's tax return and IRS Form 1065, Schedule K-1, to be prepared and delivered in a timely manner to the Members (but in no event later than ninety (90) days after the close of each of the Company's Fiscal Years). The financial statements of the Company, if any are prepared, shall be prepared in accordance with the provisions of this Agreement and in a manner determined by the Managers.

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ARTICLE 11.2. Supervision; Inspection of Books. Proper and complete books of account of the affairs of the Company shall be kept under the supervision of the Managers at the principal office of the Company. Such books shall be open to inspection by a Member, upon reasonable notice, during normal business hours.

## ARTICLE XII
INTELLECTUAL PROPERTY

ARTICLE 12.1. Certain Definitions. As used in this ARTICLE XII, the following capitalized terms will have the meanings set forth below:

(a) “Business” means the Company’s actual and proposed business as of the date of this Agreement.

(b) “Technology” means all inventions, technology, ideas, concepts, processes, business plans, documentation, financial projections, models and any other items, authored, conceived, invented, developed or designed by a Member relating to the technology or Business of the Company that is not otherwise owned by the Company.

(c) “Derivative” means: (i) any derivative work of the Technology (as defined in Section 101 of the U.S. Copyright Act); (ii) all improvements, modifications, alterations, adaptations, enhancements and new versions of the Technology (the “Technology Derivatives”); and (iii) all technology, inventions, products or other items that, directly or indirectly, incorporate, or are derived from, any part of the Technology or any Technology Derivative.

(d) “Intellectual Property Rights” means, collectively, all worldwide patents, patent applications, patent rights, copyrights, copyright registrations, moral rights, trade names, trademarks, service marks, domain names and registrations and/or applications for all of the foregoing, trade secrets, know-how, mask work rights, rights in trade dress and packaging, goodwill and all other intellectual property rights and proprietary rights relating in any way to the Technology, any Derivative or any Embodiment, whether arising under the laws of the United States of America or the laws of any other state, country or jurisdiction.

(e) “Embodiment” means all documentation, drafts, papers, designs, schematics, diagrams, models, prototypes, source and object code (in any form or format and for all hardware platforms), computer-stored data, diskettes, manuscripts and other items describing all or any part of the Technology, any Derivative, any Intellectual Property Rights or any information related thereto or in which all of any part of the Technology, any Derivative, any Intellectual Property Right or such information is set forth, embodied, recorded or stored.

(f) “Business Assets” means all business and marketing plans, worldwide marketing rights, software, customer and supplier lists, price lists, mailing lists, customer and supplier records and other confidential or proprietary information relating to the Technology, as well as all computers, office equipment and other tangible personal property owned (i.e., not leased) by a Member immediately prior to the execution and delivery of this Agreement and used in or related to the Business.

(g) “Assigned Assets” refers to, with respect to a Member, the Technology, all Derivatives, all Intellectual Property Rights, all Embodiments and Business Assets, collectively, in each case with respect to such Member.

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## ARTICLE 12.2. Assignment.

(a) As part of such Member’s Capital Contribution, each Member hereby transfers, assigns and conveys, to the Company, and its successors and assigns, such Member’s entire right, title and interest in and to the Assigned Assets and all rights of action, power and benefit belonging to or accruing from the Assigned Assets including the right to undertake proceedings to recover past and future damages and claim all other relief in respect of any acts of infringement thereof whether such acts shall have been committed before or after the date of this assignment, the same to be held and enjoyed by said Company, for its own use and benefit and the use and benefit of its successors, legal representatives and assigns, as fully and entirely as the same would have been held and enjoyed by such Member, had this assignment not been made.

(b) Each Member hereby appoints the Company the attorney-in-fact of such Member, with full power of substitution on behalf of such Member to demand and receive any of the Assigned Assets and to give receipts and releases for the same, to institute and prosecute in the name of the Member, but for the benefit of the Company, any legal or equitable proceedings the Company deems proper in order to enforce any rights in the Assigned Assets and to defend or compromise any legal or equitable proceedings relating to the Assigned Assets as the Company shall deem advisable. Each Member hereby declares that the appointment made and powers granted hereby are coupled with an interest and shall be irrevocable by such Member.

(c) Each Member hereby agrees that such Member and such Member’s successors and assigns will do, execute, acknowledge and deliver, or will cause to be done, executed, acknowledged and delivered such further acts, documents, or instruments confirming the conveyance of any of the Assigned Assets to the Company as the Company shall reasonably deem necessary, provided that the Company shall provide all necessary documentation to such Member.

## **ARTICLE XIII CONVERSION TO A DELAWARE CORPORATION**

Each Member hereby agrees that, upon the unanimous consent of the Managers to convert the Company into a Delaware corporation, each Manager is authorized to take all such actions and execute all such documents and agreements as are necessary or advisable to effect such conversion into a Delaware corporation, including, but not limited to, the execution of (a) a plan of conversion, (b) a certificate of conversion and (c) a certificate of incorporation for the resulting Delaware corporation.

## **ARTICLE XIV OTHER PROVISIONS**

ARTICLE 14.1. Execution and Filing of Documents. The Managers (or their designee) shall execute and file any necessary documents conforming to the requirements of the Act in the office of the Secretary of State for the State of Delaware.

ARTICLE 14.2. Other Instruments and Acts. The Members agree to execute any other instruments or perform any other acts that are or may be necessary to effectuate and carry on the business of the Company or to perfect their admission as a Member.

ARTICLE 14.3. Binding Agreement. This Agreement shall be binding upon the transferees, successors, assigns and legal representatives of the Members.

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ARTICLE 14.4. Governing Law. This Agreement shall be governed by and construed under the laws of the State of Delaware as applied to agreements among Delaware residents made and to be performed entirely within Delaware.

ARTICLE 14.5. Notices. Any notice or other communication that a Member desires to give to another party shall be in writing and shall be deemed effectively given upon personal delivery or upon deposit in any United States mail box, by registered or certified mail, postage prepaid, or upon transmission by telegram, telecopy or electronic mail, addressed to the other party at the address shown in the records of the Company.

ARTICLE 14.6. Amendment Procedure. Except as otherwise provided herein, this Agreement may be amended by the written consent of the Managers and the affirmative vote or written consent of a Majority Interest.

ARTICLE 14.7. Entire Agreement. This Agreement constitutes the entire agreement of the Members and supersedes all prior agreements between the Members with respect to the Company.

ARTICLE 14.8. Titles; Subtitles. The titles and subtitles used in this Agreement are used for convenience only and shall not be considered in the interpretation of this Agreement.

ARTICLE 14.9. Company Name. The Company shall have the exclusive ownership and right to use the Company name (and any name under which the Company shall elect to conduct its affairs) as long as the Company continues.

ARTICLE 14.10. Exculpation. The Managers shall not be liable to a Member or the Company for honest mistakes of judgment, for action or inaction taken reasonably and in good faith for a purpose that was reasonably believed to be in the best interests of the Company, for losses due to such mistakes, action or inaction, or to the negligence, dishonesty or bad faith of any employee, broker or other agent of the Company. The Managers may consult with counsel and accountants in respect of Company affairs and be fully protected and justified in any action or inaction that is taken in accordance with the advice or opinion of such counsel or accountants.

ARTICLE 14.11. Indemnification. The Company agrees to indemnify, out of the assets of the Company only, the Managers, the Members and their agents, to the fullest extent permitted by law and to save and hold them harmless from and in respect of all (a) reasonable fees, costs, and expenses paid in connection with or resulting from any claim, action or demand against the Managers, the Members, the Company or their agents that arise out of or in any way relate to the Company, its properties, business or affairs and (b) such claims, actions and demands and any losses or damages resulting from such claims, actions and demands, including amounts paid in settlement or compromise (if recommended by attorneys for the Company) of any such claim, action or demand; provided, however, that this indemnity shall not extend to conduct not undertaken in good faith nor to any fraud, willful misconduct or gross negligence. Any person receiving an advance with respect to expenses shall be required to agree to return such advance to the Company in the event it is subsequently determined that such person was not entitled to indemnification hereunder. Any indemnified party shall promptly seek recovery under any other indemnity or any insurance policies by which such indemnified party may be indemnified or covered. No payment or advance may be made to any person under this Article 14.11 to any person who may have a right to any other indemnity (by insurance or otherwise) unless such person shall have agreed, to the extent of any other recovery, to return such payments or advances to the Company.

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ARTICLE 14.12. Partnership Representative. Until the Managers designate otherwise, Michael Narea shall be the “partnership representative” of the Company under Section 6223 of the Code, and shall be indemnified and reimbursed for all expenses, including legal and accounting fees, claims, liabilities, losses and damages incurred in connection with its serving in that capacity. The partnership representative shall represent the Company (at the Company’s expense) in connection with all examinations of the Company’s affairs by tax authorities, including resulting judicial and administrative proceedings, and shall expend the Company funds for professional services and costs associated therewith.

ARTICLE 14.13. Ratification of Prior Actions. All actions taken on behalf of the Company prior to the effective date of this Agreement and/or the filing of the Certificate of Formation of the Company by the Managers or by any individual Manager, or by any other authorized person, and any agreement entered into on behalf of the Company by such parties, are hereby approved, ratified, confirmed and adopted as actions and/or agreements of the Company.

## MISCELLANEOUS TAX COMPLIANCE PROVISIONS

### ARTICLE 15.1. Income Tax Allocations.

(a) Except as otherwise provided in this article or as otherwise required by the Code and the Treasury Regulations, Company income, gain, loss, deduction, or credit for income tax purposes shall be allocated in the same manner as the corresponding book items are allocated pursuant to this Agreement.

(b) In accordance with Section 704(c) of the Code and the Treasury Regulations, income, gain, loss and deduction with respect to any asset contributed to the capital of the Company shall, solely for tax purposes, be allocated between the Members so as to take account of any variation between the adjusted basis of such property for federal income tax purposes and its initial book value. The Company shall use the traditional method, as described in Treasury Regulations Section 1.704-3(b).

(c) In the event the book value of any Company asset is adjusted, subsequent allocations of income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its book value in accordance with the Treasury Regulations

ARTICLE 15.2. Withholding. The Company shall at all times be entitled to make payments with respect to any Member in amounts required to discharge any obligation of the Company to withhold or make payments to any governmental authority with respect to any federal, state, local or other jurisdictional tax liability of such Member. If and to the extent the Company is required to withhold or pay any such withholding or other taxes (or if and to the extent that the Company receives a distribution or payment from or in respect of which tax was withheld as a result of (or attributable to) such Member’s status as a Member hereunder), such Member shall be deemed for all purposes of this Agreement to have received a payment from the Company as of the time such withholding or other tax is required to be paid, which payment shall be deemed to be a distribution to such Member to the extent that such Member otherwise would have received a distribution but for such withholding. To the extent that such payment exceeds the cash distribution that such Member would have received but for such withholding, the Managers shall notify such Member as to the amount of such excess and such Member shall make a prompt payment to the Company of such amount. For purposes of this Agreement, any such withholdings or payments shall be treated as a tax distribution to the Member on behalf of whom the withholding or payment was made.

13

DocuSign Envelope ID: 809E97AF-FE06-4A4A-96EC-27846A1FED09

ARTICLE 15.3. Book-Up of Company Assets. The book value of all Company assets may be adjusted to equal their respective gross fair market values, as determined in good faith by the Managers, as of the following times: (i) the acquisition of an additional interest in the Company by any new or existing Member in exchange for more than a de minimis capital contribution; (ii) the distribution by the Company to a Member of more than a de minimis amount of money or Company property as consideration for an interest in the Company; and (iii) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704- 1(b)(2)(ii)(g). The book-up shall be made in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f).

IN WITNESS WHEREOF, the Members have executed this Operating Agreement on the date set forth below.

This Operating Agreement shall be effective immediately following the filing of the Certificate of Formation of the Company; provided, however, that if such event has already occurred before the time of execution of this consent by the undersigned, then this Operating Agreement shall be effective immediately.

MEMBER-MANAGER:

DocuSigned by:  
Alberto Martinez de Arenaza

Executed: 4/26/2022

MEMBER-MANAGER:

DocuSigned by:  
Michael Narea

Executed: 4/26/2022

14

DocuSign Envelope ID: 809E97AF-FE06-4A4A-96EC-27846A1FED09

# **EXHIBIT A**

# **CAPITAL CONTRIBUTIONS, NUMBER OF UNITS AND PERCENTAGE INTERESTS  
OF MEMBERS**

**(LAST UPDATED April 26, 2022)**

| Member's Name | Member's Address | Member's Capital Contribution* (if any) | Number of Units | Percentage Interest |
| --- | --- | --- | --- | --- |
| Alberto Martinez de Arenaza | [BBOX]0.300,0.340,0.430,0.405[/BBOX] | $0.00 | 5,000,000 | 50% |
| Michael Narea | [BBOX]0.300,0.485,0.430,0.585[/BBOX] | $0.00 | 5,000,000 | 50% |

\* This includes such Member’s Capital Contribution of the Assigned Assets as set forth in ARTICLE XII.

15

DocuSign Envelope ID: 809E97AF-FE06-4A4A-96EC-27846A1FED09

# **EXHIBIT B**

# **NAME AND ADDRESS OF MANAGERS**
**LAST UPDATED APRIL 26, 2022**

| Managers | Address |
| --- | --- |
| Alberto Martinez de Arenaza |  |
| Michael Narea |  |

16

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

## FORM C

### UNDER THE SECURITIES ACT OF 1933

### Issuer Information

**Name of Issuer:** Transcend Network LLC

**Legal Status:** Limited Liability Company

**Jurisdiction of Incorporation/Organization:** DE

**Date of Organization:** 01-19-2020

**Physical Address:** 7411 West Cypresshead Drive, Parkland, FL, 33067

**Issuer Website:** http://www.transcend-network.com

**Is there a Co-Issuer?:** Yes

**Intermediary Name:** Wefunder Portal LLC

**Intermediary CIK:** 0001670254

**Intermediary File Number:** 007-00033

**Intermediary CRD Number:** 283503

### Offering Information

**Compensation to Intermediary:** 7.5% of the offering amount upon a successful fundraise, and be entitled to reimbursement for out-of-pocket third party expenses it pays or incurs on behalf of the Issuer in connection with the offering.

**Financial Interest in Issuer:** No

**Type of Security Offered:** Other

**Other Description of Security:** Simple Agreement for Future Equity (SAFE)

**Number of Securities Offered:** 50000

**Price per Security:** $1.00

**Method for Determining Price:** Pro-rated portion of the total principal value of $50,000; interests will be sold in increments of $1; each investment is convertible to one unit as described under Item 13.

**Target Offering Amount:** $50,000.00

**Oversubscription Accepted:** Yes

**Oversubscription Allocation Type:** Other

**Description of Oversubscription:** As determined by the issuer

**Maximum Offering Amount:** $300,000.00

**Deadline to Reach Target Amount:** 04-30-2023

### Annual Report Disclosure Requirements

**Current Number of Employees:** 2

**Total Assets (Most Recent Fiscal Year):** $7,560.00

**Total Assets (Prior Fiscal Year):** $5,778.00

**Cash & Cash Equivalents (Most Recent Fiscal Year):** $7,560.00

**Cash & Cash Equivalents (Prior Fiscal Year):** $5,778.00

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

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

**Short-Term Debt (Most Recent Fiscal Year):** $0.00

**Short-Term Debt (Prior Fiscal Year):** $0.00

**Long-Term Debt (Most Recent Fiscal Year):** $36,737.00

**Long-Term Debt (Prior Fiscal Year):** $12,566.00

**Revenues/Sales (Most Recent Fiscal Year):** $54,995.00

**Revenues/Sales (Prior Fiscal Year):** $9,900.00

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

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

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

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

**Net Income (Most Recent Fiscal Year):** $-22,388.00

**Net Income (Prior Fiscal Year):** $-6,789.00

**Jurisdictions Offered:**

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

### Signatures

**Issuer:** Transcend Network LLC

**Signature:** Michael Narea

**Title:** Co-founder

---

**Signature:** Alberto Martinez de Arenaza

**Title:** Co-founder

**Date:** 01-24-2023

---

**Signature:** Michael Narea

**Title:** Co-founder

**Date:** 01-24-2023