# EDGAR Filing Document

**Accession Number:** 0002100527
**File Stem:** 0001829126-26-002923
**Filing Date:** 2026-3
**Character Count:** 520767
**Document Hash:** 2883291d76f70c26c5fd798dc8a0e6e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002923.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001829126-26-002923

**CONFORMED SUBMISSION TYPE**: 1-A

**PUBLIC DOCUMENT COUNT**: 19

**FILED AS OF DATE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gratus Reserve V, LLC
- **CENTRAL INDEX KEY:** 0002100527

**ORGANIZATION NAME:**
- **EIN:** 394018742
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12732
- **FILM NUMBER:** 26821299

**BUSINESS ADDRESS:**
- **STREET 1:** 718 WASHINGTON AVE. N.
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 651 999-5344

**MAIL ADDRESS:**
- **STREET 1:** 718 WASHINGTON AVE. N.
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

## Part

**PRELIMINARY OFFERING CIRCULAR – MARCH 31, 2026**

**SUBJECT TO COMPLETION**

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

**Gratus Reserve V, LLC**

718 Washington Ave N

Ste. 400

Minneapolis, MN 55401

Phone No.: (651) 999-5344

_______________

$75,000,000 MAXIMUM OFFERING AMOUNT

Gratus Reserve V, LLC, a Wyoming limited liability company ("we," "us," "our," or the "Company"), is offering up to a maximum of $75,000,000 ("Maximum Offering Amount"), of Class AA, Class A, Class B, and Class C membership interests (referred to as "Units" or collectively as "Investor Class Units" herein) in the Company. The Company will sell up to 75,000,000 Units for $1.00 each. We currently estimate that we will sell an equal number of Class AA, Class A, Class B, and Class C Units. The minimum investment for any investor is $10,000, which may be waived by the Company's Manager, GR Manager, LLC ("Manager"), on a case by case basis, for no reason or any reason at all. For more information on the securities offered hereby, see "Description of Securities" on page 49.

Investors may purchase Class A Units if they, either individually or in combination with other investors purchasing Units though the same investment adviser, have purchased a total of at least One Hundred Thousand Dollars ($100,000) worth of Investor Class Units in the Company and in other companies managed by the Manager and its affiliates; or if the Manager agrees to admit them as Class A Members for some other reason, as determined in the sole discretion of the Manager. Investors may purchase Class B Units if they, either individually or in combination with other investors purchasing Units though the same investment adviser, have purchased a total of at least One Million Dollars ($1,000,000) worth of Investor Class Units in the Company and in other companies managed by the Manager and its affiliates; or if the Manager agrees to admit them as Class B Members for some other reason, as determined in the sole discretion of the Manager. Investors may purchase Class C Units if they, either individually or in combination with other investors purchasing Units though the same investment adviser, have purchased a total of at least Ten Million Dollars ($10,000,000) worth of Investor Class Units in the Company and in other companies managed by the Manager and its affiliates; or if the Manager agrees to admit them as Class C Members for some other reason, as determined in the sole discretion of the Manager. Any investor may purchase Class AA Units.

The Company will not accept investments from SEP-IRAs or any form of non-IRA retirement account ("Prohibited Retirement Accounts"), and that Members must represent to the Company that they will not attempt to "rollover" or otherwise transfer Company Units from their investing IRA to a Prohibited Retirement Account, and that they will indemnify the Manager and all other Company Members for any damages or expenses which may incur as a result of them doing so.

The sale of Units will commence once the offering statement of which this is offering circular, as amended, is part is qualified by the Securities and Exchange Commission ("SEC"). Once qualified, we may undertake one or more closings on a "rolling" basis. Closings will occur promptly after receiving investor funds, but in no case less frequently than every 30 days. This offering will terminate on the earlier to occur of (i) the date that all Units hereby offered have been sold, (ii) the date three years from the date this offering circular is initially qualified by the SEC (notwithstanding the foregoing, the Company reasonably expects to sell all Units within two years from qualification), or (iii) such earlier date as terminated by the Company.

The Units are not publicly traded on any market and no market is likely to develop in the future. Investors should be prepared to hold their Units indefinitely.

---

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

---

(1) We have not engaged a broker dealer or selling agent and all proceeds from the offering will be payable to the Company. Offering proceeds will be held in a segregated account until their related subscription is accepted by the Company. See "Plan of Distribution" starting on page 29.

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

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

**This offering is highly speculative and these securities involve a high degree of risk and should be considered only by persons who can afford the loss of their entire investment. See "Risk Factors" starting on page 3 for a description of some of the risks that should be considered before investing in our Units.**

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

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

**ABOUT THIS CIRCULAR**

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

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

**INDUSTRY AND MARKET DATA**

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

**TAX CONSIDERATIONS**

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [SUMMARY INFORMATION](#a_001) | 1 |
| [RISK FACTORS](#a_002) | 3 |
| [SPECIAL INFORMATION REGARDING FORWARD LOOKING STATEMENTS](#a_003) | 27 |
| [DILUTION](#a_004) | 28 |
| [PLAN OF DISTRIBUTION AND SELLING SECURITYHOLDERS](#a_005) | 29 |
| [USE OF PROCEEDS](#a_006) | 32 |
| [DESCRIPTION OF BUSINESS](#a_007) | 34 |
| [DESCRIPTION OF PROPERTY](#a_008) | 41 |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#a_009) | 42 |
| [MANAGERS, EXECUTIVE OFFICERS, AND SIGNIFICANT EMPLOYEES](#a_010) | 43 |
| [COMPENSATION OF MANAGEMENT](#a_011) | 45 |
| [SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS](#a_012) | 46 |
| [INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS](#a_013) | 47 |
| [DESCRIPTION OF SECURITIES](#a_014) | 49 |
| [MATERIAL TAX CONSIDERATIONS](#a_015) | 53 |
| [EXPERTS](#a_017) | 61 |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#a_018) | 61 |
| [FINANCIAL STATEMENTS](#a_019) | F-1 |

---

i

**SUMMARY INFORMATION**

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

<u>The Company</u>

The Company was organized as a limited liability company in Wyoming on August 27, 2025 as Gratus Reserve II, LLC, and changed its name to Gratus Reserve V, LLC on November 21, 2025. The Company was formed to acquire and manage a portfolio of cryptocurrencies and precious metals. The Company does not intend to invest in any cryptocurrency it has deemed to be a security.

The Company's membership interests are currently divided between Class AA, Class A, Class B, Class C and Class M Units. The Company is authorized to issue an unlimited number of Investor Class Units and up to 100 Class M Units. The Company may authorize additional classes of Units in the sole discretion of the Company's Manager. No Investor Class Units have been issued to date. All Class M Units have been issued to the Company's current Manager.

Only Investor Class Units are being sold in this offering. Such Units do not have the right to vote on any Company matter other than the removal of the Company's Manager for "good cause." The rights and privileges of the Investor Class Units are identical except for distributions at liquidation and payment at redemption.

<u>Management</u>

The Company's Manager is GR Manager, LLC. Our Manager shall manage and administer company assets. No other Person shall have any right or authority to act for or bind the Company. Our Manager shall have no personal liability for the obligations of the Company.

Our Manager will receive fees for its services, and it will receive reimbursements for expenses incurred on the Company's behalf. The Company will reimburse our Manager and its affiliates for offering and initial operating expenses through offering proceeds.

<u>Distributions</u>

The Company does not intend to make distributions until it has been operating for at least three years. Once distributions begin, they will be made first to return the capital contributions of Class AA, Class A, Class B, and Class C (i.e., "Investor Class") Unit holders. Second, any remaining distributions will be divided between Investor Class Unit Holders and the Manager (the Company's sole Class M Unit holder) as described in the section titled "Description of Securities" starting on page 49, with Investor Class Units receiving between 75% and 85% of the distribution and the other 25% - 15% being distributed to the Manager.

<u>Transfer Restrictions</u>

Our Company's Operating Agreement ("Operating Agreement") contains significant restrictions on transfer of Units. Our Manager may refuse a transfer of Unit(s) for any number of reasons. Furthermore, transfers of our Units may only be effected pursuant to exemptions under the Securities Act and as permitted by applicable state securities laws. In addition, there is no market for our Units and none is likely to develop in the future.

<u>Going Concern</u>

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

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

<u>The Offering</u>

Gratus Reserve V, LLC is offering up to 75,000,000 Units in the Company. Class AA, Class A, Class B, and Class C Units are being offered for $1.00 per Unit. The minimum investment amount required of each investor is $10,000, unless waived in the Company's sole discretion.

Interests are being offered on a "best efforts" basis. The Company intends to sell the Units to investors directly and not through registered broker-dealers or other individuals who are paid commission.

In order to subscribe to purchase the Units, a prospective investor must visit our website, _______________ and complete a subscription agreement and send payment by wire transfer, ACH, credit card, or accepted stablecoin.

Investors must comply with the investment limitations set forth in Regulation A Rule 251(d)(2)(i)(C) under the Securities Act, which states that in offerings such as this one, where the securities will not be listed on a registered national securities exchange upon qualification, the aggregate purchase price to be paid by an investor who is a natural person for the securities cannot exceed 10% of the greater of the investor's annual income or net worth, unless the purchaser is an accredited investor. In the case of an investor who is not a natural person, revenues or net assets for the investor's most recently completed fiscal year are used instead.

Throughout this offering, we may undertake one or more closings on a "rolling" basis. Closings will occur promptly after receiving investor funds, but in no case less frequently than every 30 days. This offering will terminate on the earlier to occur of (i) the date that all Units hereby offered have been sold, (ii) the date three years from the date this offering circular is initially qualified by the SEC, or (iii) such earlier date as terminated by the Company.

**RISK FACTORS**

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

**Risks Related to the Company**

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

The Company was recently formed and has not generated any revenues and has no operating history upon which prospective investors may evaluate performance. No guarantee can be given that the Company will achieve its investment objectives or the underlying assets to be acquired will be successfully monetized.

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

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

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

The successful operation of the Company is dependent on the ability of our Manager to source, acquire and manage our assets. As our Manager was recently formed it has limited operating history which evidences its ability to source, acquire, manage and utilize our intended assets.

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

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

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

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

The highly automated nature of the investment platform through which potential investors acquire Units may make it an attractive target and potentially vulnerable to cyber-attacks, computer viruses, physical or electronic break-ins or similar disruptions. While we intend to take commercially reasonable measures to protect our confidential information and maintain appropriate cybersecurity, the security measures of the investment platform, the Company, our Manager or our service providers could be breached. Any accidental or willful security breaches or other unauthorized access could cause confidential information to be stolen and used for criminal purposes or have other harmful effects. Security breaches or unauthorized access to confidential information could also expose us to liability related to the loss of the information, time-consuming and expensive litigation and negative publicity.

***There may be deficiencies with our internal controls that require improvements, and if we are unable to adequately evaluate internal controls, we may be subject to sanctions.***

As a Tier 2 issuer, we will not need to provide a report on the effectiveness of our internal controls over financial reporting, and we will be exempt from the auditor attestation requirements concerning any such report. We are in the process of evaluating whether our internal control procedures are effective and therefore there is a greater likelihood of undiscovered errors in our internal controls or reported financial statements as compared to issuers that have conducted such evaluations.

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

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

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

***The Operating Agreement has a dispute resolution provision that requires disputes be resolved via mediation or (if mediation fails) binding arbitration in the county of the Company's principal office, regardless of convenience or cost to you, the investor.***

As part of this investment, each investor will be required to agree to the terms of the Operating Agreement. In that agreement, investors agree to resolve disputes arising from or relating to the Company's Operating Agreement, the breach thereof, or any associated transaction (but not including claims under the Securities Act and/or the Exchange Act) by mediation or (if mediation fails) binding arbitration in the county of the principal office of the Company. The Company believes that the exclusive forum provision applies to all claims other than those arising under the Securities Act or the Exchange Act, but there is uncertainty as to whether a court would enforce such a provision in all situations.

This forum selection provision may limit your ability to obtain a favorable judicial forum for disputes with us. Although we believe the provision benefits us limiting our litigation costs, to the extent it is enforceable, the forum selection provision may limit the ability of investors to bring claims in judicial forums that they find favorable to such disputes, may increase investors' costs of bringing suit and may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the provision inapplicable to, or unenforceable in an action, the Company may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect its business, financial condition or results of operations.

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

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

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

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

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

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

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

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

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

***The liquidation of the Company may occur at a time when the disposition of the Company's assets will result in losses to investors.***

The Company intends to liquidate after five to fifteen years. Sales of assets in connection with the liquidation of the Company at a time of low prices will likely result in losses, or adversely affect your gains, on your investment.

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

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

***If we fail to comply with government laws and regulations it could have a materially adverse effect on our business.***

We may be subject to federal, state and local laws and regulations that are extremely complex. We will exercise care in structuring our operations to comply in all material respects with applicable laws to the extent possible. The laws, rules and regulations applicable to our operations are complex and subject to interpretation. In the event of a determination that we are in violation of such laws, rules or regulations, or if further changes in the regulatory framework occur, any such determination or changes could have a material adverse effect on our business. There can be no assurance however that we will not be found in noncompliance in any particular situation.

***We may not maintain sufficient insurance coverage for the risks associated with our business operations.***

Risks associated with our business and operations include, but are not limited to, claims for wrongful acts committed by our officers, directors, and other representatives, the loss of key personnel, and risks of lawsuits from our employees. Any of these risks may result in significant losses. We cannot provide any assurance that our insurance coverage is sufficient to cover any losses that we may sustain, or that we will be able to successfully claim our losses under our insurance policies on a timely basis or at all. If we incur any loss not covered by our insurance policies, or the compensated amount is significantly less than our actual loss or is not timely paid, our business, financial condition and results of operations could be materially and adversely affected.

***We may change our investment strategy without member consent, which may result in riskier investments than our current investments.***

We may change our investment strategy and guidelines at any time without the consent of our members, which could result in our making investments that are different from, and possibly riskier than, the investments described in this offering circular.

***Our management team has limited experience managing a publicly reporting company.***

Most members of our management team have limited experience managing a publicly reporting company, interacting with public investors, and complying with the increasingly complex laws pertaining to Regulation A reporting companies. Our management team may not successfully or efficiently manage our transition to being a publicly reporting company that is subject to significant regulatory oversight and reporting obligations under the federal securities laws and the continuous scrutiny of securities analysts and investors. These new obligations and constituents will require significant attention from our senior management and could divert their attention away from the day-to-day management of our business, which could harm our business, financial condition, and results of operations.

***If we are required to register any Units under the Exchange Act, it would result in significant expense and reporting requirements that would place a burden on the Company.***

Subject to certain exceptions, Section 12(g) of the Exchange Act requires an issuer with more than $10 million in total assets to register a class of its equity securities with the Commission under the Exchange Act if the securities of such class are held of record at the end of its fiscal year by more than 2,000 persons or 500 persons who are not "accredited investors." To the extent the Section 12(g) assets and holders limits are exceeded, we intend to rely upon a conditional exemption from registration under Section 12(g) of the Exchange Act contained in Rule 12g5-1(a)(7) under the Exchange Act (the "Reg. A+ Exemption"), which exemption generally requires that the issuer (i) be current in its Form 1-K, 1-SA and 1-U filings as of its most recently completed fiscal year end; (ii) engage a transfer agent that is registered under Section 17A(c) of the Exchange Act to perform transfer agent functions; and (iii) have a public float of less than $75 million as of the last business day of its most recently completed semi-annual period or, in the event the result of such public float calculation is zero, have annual revenues of less than $50 million as of its most recently completed fiscal year. If the number of record holders of any Series of Interests exceeds either of the limits set forth in Section 12(g) of the Exchange Act and we fail to qualify for the Reg. A+ Exemption, we would be required to register such Series with the Commission under the Exchange Act. If we are required to register any Units under the Exchange Act, it would result in significant expense and reporting requirements that would place a financial burden on the Company and a time burden on our management.

***We do not anticipate paying any cash dividends until liquidation.***

We presently do not anticipate that we will pay any dividends until our liquidation. We do not intend to liquidate our assets until 5-15 years from organization, but such time will ultimately be determined by our Manager.

**Risks Related to Potential Conflicts of Interest**

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

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

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

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

***There may be conflicting interests of investors.***

Our Manager will determine whether or not to acquire or liquidate our assets. When determining to acquire or liquidate an investment, our Manager will do so considering all of the circumstances at the time, which may include obtaining or paying a price for an underlying asset that is in the best interests of some but not all of the investors.

***Conflicts of interest may arise with service providers, including those compensated with Units, which may not be aligned with investors and may result in dilution.***

Our service providers, including legal counsel, may provide services to the Company, our Manager and its affiliates, and may be compensated through the issuance of Units rather than, or in addition to, cash fees, creating conflicts of interest and resulting in dilution to investors. Because such providers may represent multiple parties, their interests may not be aligned with those of the Company or its investors, and, in the event of a conflict, such providers may represent other parties and not the Company. In addition, service providers who receive Units will have a financial interest in the Company and may have incentives to support the completion or continuation of this or future offerings on terms that are not necessarily most favorable to investors, and the value of such Units may not reflect the fair market value of the services provided or be the result of arm's-length negotiation. Although these arrangements may preserve the Company's cash, they may make it more difficult for investors to evaluate the true cost of services, and there can be no assurance that the terms of such arrangements are as favorable as those that could have been obtained from unaffiliated third parties. Legal counsel is not representing any prospective investors in connection with this offering, and investors are encouraged to consult their own independent legal and tax advisor.

***The Company will Compete with Other Methods of Investing in digital assets and precious metals.***

The Company competes with other financial vehicles, including traditional debt and equity securities issued by companies in precious metal industries and other securities backed by or linked to precious metal, exchange traded funds, direct investments in precious metals and investment vehicles similar to the Company. These competing investment alternatives may be more liquid, more widely recognized by investors, or may have longer operating histories and greater market acceptance than the Company's securities. In addition, many competing investment vehicles may have larger capital resources, lower expense structures, or more established distribution channels, which could make them more attractive to investors. If investors choose alternative methods of investing in digital assets or precious metals instead of investing in the Company, the Company may experience reduced demand for its securities, which could adversely affect its ability to raise capital and execute its investment strategy.

**Risks Related to this Offering and our Units**

***There is currently no public trading market for our Units.***

There is currently no public trading market for our Units, and none is expected to develop or be sustained. If an active public trading market for our Units does not develop or is not sustained, it may be difficult or impossible for you to resell your Units at any price. Even if a public market does develop, the market price could decline below the amount you paid for your Units.

***If a market ever develops for our Units, the market price and trading volume may be volatile.***

If a market develops for our Units, the market price of our Units could fluctuate significantly for many reasons, including reasons unrelated to our performance, the underlying assets or the series, such as reports by industry analysts, investor perceptions, or announcements by our competitors regarding their own performance, as well as general economic and industry conditions. For example, to the extent that other companies, whether large or small, within our industry experience declines in their share price, the value of our Units may decline as well.

In addition, fluctuations in our operating results to meet the expectations of investors may negatively impact the price of our securities. Operating results may fluctuate in the future due to a variety of factors that could negatively affect revenues or expenses in any particular reporting period, including vulnerability of our business to a general economic downturn; changes in the laws that affect our operations; competition; compensation related expenses; application of accounting standards; seasonality; and our ability to obtain and maintain all necessary government certifications or licenses to conduct our business.

***There are restrictions on an investor's ability to sell its Units making it difficult to transfer, sell or otherwise dispose of our Units.***

Each state has its own securities laws, often called "blue sky" laws, which limit sales of securities to a state's residents unless the securities are registered in that state or qualify for an exemption from registration. Before a security is sold in a state, there must be a registration in place to cover the transaction, or it must be exempt from registration.

Our Units will not be registered under the laws of any states. There may be significant state blue sky law restrictions on the ability of investors to sell, and on purchasers to buy, our Units. Investors should consider the resale market for our Units to be limited. Investors may be unable to resell their Units, or they may be unable to resell them without the significant expense of state registration or qualification.

In addition, there are significant transfer restrictions contained in our Operating Agreement that prohibit transfers unless approved by our Manager and the transferee and transferor have met other conditions established by our Operating Agreement.

***Investors have limited voting rights.***

Investors have limited voting rights. Class AA, Class A, Class B, and Class C Units are limited to voting on removal of the Manager for "good cause" by a supermajority vote of 75% of the outstanding Class AA, Class A, Class B, and Class C Units, and the appointment of a replacement manager if all Company managers have resigned or been removed. Class M Units are entitled to vote on all other Company matters. Investors may not necessarily agree with the voting decisions of the Class M member or decisions may not be in the best Units of all the investors but only a limited number, including the Class M Unit holder.

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

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

***The offering prices of the Units may not accurately represent the current value of the Company or our assets at any particular time. Therefore, the purchase price you pay for the Units may not be supported by the value of our assets at the time of your purchase.***

This is a fixed price offering, which means that the offering price for the Units is fixed and will not vary based on the underlying value of our assets at any time. Our Manager has determined the offering price in its sole discretion without the input of an investment bank or other third party. The fixed offering price for the Units has not been based on appraisals of any assets we own or may own, or of the Company as a whole, nor do we intend to obtain such appraisals. Therefore, the fixed offering price established for the Units may not be supported by the current value of the Company or our assets at any particular time.

***Possible changes in federal/local tax laws or the application of existing federal/local tax laws may result in significant variability in our results of operations and tax liability for the investor.***

The Internal Revenue Code of 1986, as amended, is subject to change by Congress, and interpretations may be modified or affected by judicial decisions, by the Treasury Department through changes in regulations and by the Internal Revenue Service through its audit policy, announcements, and published and private rulings. Although significant changes to the tax laws historically have been given prospective application, no assurance can be given that any changes made in the tax law affecting an investment in Units of the Company would be limited to prospective effect. Accordingly, the ultimate effect on an investor's tax situation may be governed by laws, regulations or interpretations of laws or regulations which have not yet been proposed, passed or made, as the case may be.

Furthermore, investors may reside in various tax jurisdictions throughout the world. To the extent that there are changes to tax laws or tax reporting obligations in any of these jurisdictions, such changes could adversely impact the ability and/or willingness of our clients to purchase Units in the Company. Failure to assess or pay the correct amount of tax on a transaction may expose us to claims from tax authorities.

***We may not register or qualify our securities with any state agency pursuant to blue sky regulations.***

The holders of our Units and persons who desire to purchase them in the future should be aware that there may be significant state law restrictions upon the ability of investors to resell our shares. We currently do not intend to and may not be able to qualify securities for resale in states which require shares to be qualified before they can be resold by our members.

***We may experience investment delays.***

There may be a delay between the time an investor's subscription is accepted by the Company and the time the proceeds of this offering are deployed. During these periods, the Company may invest these proceeds in short-term certificates of deposit, money-market funds, or other liquid assets with FDIC-insured and/or NCUA-insured banking institutions, which will not yield a return as high as if deployed in our operations.

***Units are being offered under an offering exemption, and if it were later determined that such exemption was not available, purchasers would be entitled to rescind their purchase agreements.***

Units are being offered to prospective investors pursuant to Tier 2 of Regulation A under the Securities Act. If the sale of Units does not qualify for such exemption, the investors might have the right to rescind their purchase of Units. Since compliance with these exemptions is highly technical, it is possible that if an investor were to seek rescission, such investor would succeed. A similar situation prevails under state law in those states where Units may be offered without registration. If a number of investors were to be successful in seeking rescission, the Company would face severe financial demands that could adversely affect the Company and, thus, the non-rescinding investors. Inasmuch as the basis for relying on exemptions is factual, depending on the Company's conduct and the conduct of persons contacting prospective investors and making the offering, the Company will not receive a legal opinion to the effect that this offering is exempt from registration under any federal or state law. Instead, the Company will rely on the operative facts as documented as the Company's basis for such exemptions.

***Because our management will have broad discretion and flexibility in how the net proceeds from this offering are used, we may use the net proceeds in ways in which investors disagree.***

The intended use of proceeds from this offering is more particularly described in the Section titled "Use of Proceeds" starting on page 32, however, such description is not binding and the actual use of proceeds may differ from the description contained therein. Accordingly, our management will have significant discretion and flexibility in applying the net proceeds of this offering. Investors will be relying on the judgment of our management with regard to the use of these net proceeds, and will not have the opportunity to assess whether the net proceeds are being used appropriately. It is possible that the net proceeds will be invested in a way that does not yield a favorable, or any, return for us. The failure of our management to use such funds effectively could have a material adverse effect on our business, financial condition, operating results and cash flow.

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

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

***The fixed price nature of Regulation A offerings could result in early investors bearing greater risks than later investors.***

Until the Company effectuates a price change in accordance with Regulation A, all investors will be paying the same price for Units. This means that subsequent investors have the ability to purchase Units on the same basis as did early investors. As a result, early investors therefore may bear greater risks than later investors in the offering and later investor may acquire Units valued higher than earlier investors.

***By purchasing Units in this Offering, you are bound by the arbitration provisions contained in our Subscription Agreement, which limits your ability to bring class action lawsuits or seek remedies on a class basis and waives the right a trial by jury.***

By purchasing Units in this offering, you agree to be bound by the arbitration, jury waiver and class action waiver provisions contained in our Subscription Agreement to be used for subscriptions on this offering. Pursuant to the terms of the Subscription Agreement, the holders of Units and the Company will agree to (i) resolve disputes of the holders of Units through binding arbitration, instead of through courts of general jurisdiction or through a class action and (ii) waive the right to a trial by jury and to participate in any class action. Pursuant to the terms of the Subscription Agreement, if a holder of Units does not agree to the terms of the arbitration provision, the holder of Units may opt-out of the arbitration provision by sending an arbitration opt-out notice to the Company within 30 days of the holder's first electronic acceptance of the Subscription Agreement. If the opt-out notice is not received within 30 days, the holder of Units will be deemed to have accepted all terms of the arbitration provision, including the class action and jury waiver. If the investor opts out of the arbitration provision, the investor has also opted out of the jury trial and class action waivers.

The Subscription Agreement provides that, to the extent permitted by law, each party to the Subscription Agreement waives the right to a jury trial or class action of any claim they may have against us arising out of or relating to our Units or the Subscription Agreement. If we were to oppose a jury trial or class action demand based on such waiver, the court would determine whether the waiver was enforceable based upon the facts and circumstances of that case in accordance with applicable state and federal law, including whether a party knowingly, intelligently and voluntarily waived the right to a jury trial or class action. The bondholders of Units will be subject to these provisions of the Subscription Agreement to the extent permitted by applicable law.

THE ARBITRATION PROVISION OF THE BOND PURCHASE AGREEMENT IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF BONDS OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION CONTAINED IN THE BOND PURCHASE AGREEMENT IS NOT INTENDED TO BE DEEMED A WAIVER BY ANY HOLDER OF BONDS OF THE COMPANY'S COMPLIANCE WITH THE U.S. FEDERAL SECURITIES LAWS AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

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

**Risks Related to Digital Assets**

***The volatility of crypto asset prices is extreme.***

Investors should be aware that the Company's investments in digital assets are subject to extreme price volatility. The value of these assets can fluctuate widely within a single day due to market-driven factors such as supply and demand, market sentiment, regulatory news, technological developments, and broader macroeconomic factors. This volatility may be amplified by the relatively illiquid nature of the market, where large trades by investors can significantly impact the market price. The Company's operating results may, therefore, vary significantly over short periods, leading to pronounced fluctuations into the financial position and operating results reported in consecutive financial statements. Investors should have a high risk tolerance and the ability to absorb the loss of their entire investment.

***Blockchain technology is a relatively new and untested technology. The risks associated with blockchain technology may not emerge until the technology is widely used.***

A blockchain is an open, distributed ledger that records transactions between two parties in a verifiable and permanent way using cryptography. Transactions on the blockchain are permanently recorded on the blockchain in collections of transactions called "blocks." Blockchain networks are based upon software source code that establishes and governs their respective cryptographic systems for verifying transactions.

Blockchain is a nascent and rapidly evolving technology that is novel and largely untested and may contain inherent flaws, limitations, or vulnerabilities. Blockchain systems, and the digital assets that operate on them, may be susceptible to fraud, theft, loss, destruction, or inaccessibility. In particular, the security of digital assets is dependent on the safeguarding of private cryptographic keys that control access to digital wallets. If a private key is lost, destroyed, corrupted, or otherwise becomes inaccessible, the associated digital assets may be permanently and irretrievably lost, and there may be no means of recovery. Unlike traditional financial systems, there is generally no central authority, custodian, or insurance mechanism capable of restoring access to lost private keys or reversing unauthorized transactions.

Digital wallets, whether maintained by the Company, third-party custodians, or counterparties, may be vulnerable to a variety of security risks, including hacking, malware, phishing attacks, insider misconduct, social engineering, and other forms of cyber intrusion. Unauthorized access to a private key or wallet could result in the immediate and irreversible transfer of digital assets to unauthorized parties. In addition, failures in key management processes, including improper storage, inadequate backup procedures, or errors in key generation or transmission, could result in the loss or compromise of private keys. The use of third-party custodians or wallet providers introduces additional counterparty and operational risks, including the risk that such service providers may themselves be subject to security breaches, insolvency, or operational failures.

Technological developments may also lead to technical or other flaws (including undiscovered vulnerabilities) in the underlying blockchain technology or related infrastructure. These may include flaws in the process by which transactions are validated and recorded, vulnerabilities in smart contracts, or the emergence of new hardware or software tools—such as advanced computing techniques or quantum computing—that could compromise existing cryptographic protections. Any such developments could impair the security, functionality, or integrity of blockchain networks and digital wallets, adversely affect the Company's ability to securely hold or transfer digital assets, and negatively impact investor participation, liquidity, and the value of the Units.

***The regulatory regime governing blockchain technologies and digital assets is uncertain, and new regulations or policies may adversely affect the Company's business plan*.**

Regulation of digital assets, blockchain technologies, and token exchanges is being developed and likely to rapidly evolve. Regulations on token offerings vary significantly by type of token and among international, federal, state, and local jurisdictions and are subject to significant uncertainty. Various legislative and executive bodies in the United States and in other countries may in the future, adopt laws, regulations, guidance, or other actions, which may severely impact the development, growth, adoption, and utility of such tokens. Failure by the Company or certain users to comply with any laws, rules, and regulations, some of which may not exist yet or are subject to interpretation, could result in a variety of adverse consequences, including civil penalties and fines. This could adversely affect the Company's business plan, which involves acquiring, holding, and selling digital assets.

***As blockchain networks and blockchain assets have grown in popularity and in market size, federal and state agencies have begun to take interest in, and in some cases regulate, their use and operations*.**

In the case of virtual currencies, state regulators like the New York Department of Financial Services have created new regulatory frameworks and special licenses for virtual currency business activities in the State of New York. Others, as in Texas, have published guidance on how their existing regulatory regimes apply to virtual currencies. Some states, like New Hampshire, North Carolina, and Washington, have amended their state's statutes to include virtual currencies into existing licensing regimes. Treatment of virtual currencies continues to evolve under federal law as well. The Department of the Treasury, the SEC, and the Commodity Futures Trading Commission (the "CFTC"), for example, have published guidance on the treatment of virtual currencies. The IRS released guidance treating virtual currency as property that is not currency for U.S. federal income tax purposes, although there is no indication yet whether other courts or federal or state regulators will follow this classification. Both federal and state agencies have instituted enforcement actions against those violating their interpretation of existing laws. The regulation of non-currency use of Blockchain assets is also uncertain. The CFTC has publicly taken the position that certain Blockchain assets are commodities, and the SEC has issued a public report stating federal securities laws require treating some Blockchain related assets as securities. To the extent that a domestic government or quasi-governmental agency exerts regulatory authority over a Blockchain network or asset, tokens may be adversely affected.

***Use of digital asset exchanges and custodians may subject us to risks.***

Digital asset markets are relatively new, fragmented, and, in many cases, largely unregulated. Trading in digital assets often occurs across numerous exchanges and trading platforms with varying levels of oversight, transparency, and regulatory compliance. Many of these platforms operate outside of the United States or in jurisdictions with limited regulatory frameworks, which may make it more difficult to detect, prevent, or enforce prohibitions against manipulative trading practices.

Market participants, including large holders of digital assets (sometimes referred to as "whales"), coordinated groups of traders, or other actors, may engage in manipulative activities such as wash trading, spoofing, front-running, pump-and-dump schemes, or the dissemination of false or misleading information. In addition, certain exchanges or trading platforms may themselves engage in practices that artificially inflate trading volumes or otherwise distort market data. The prevalence of algorithmic and high-frequency trading strategies in digital asset markets may further exacerbate price volatility and amplify the effects of manipulative conduct.

Because digital asset markets may lack the depth, liquidity, and regulatory safeguards of more established financial markets, such manipulative activities can have a disproportionate impact on the price of digital assets. Prices may be subject to sudden and significant fluctuations that are not attributable to fundamental factors and may not reflect the true market value of the underlying assets. In some cases, market manipulation may result in prolonged periods of artificial pricing or reduced investor confidence in the integrity of the market.

The Company may have limited ability to detect, prevent, or mitigate the effects of market manipulation, particularly where such activities occur on third-party trading platforms or across multiple jurisdictions. As a result, the value of the digital assets held by the Company may be adversely affected by manipulative practices beyond its control. Such price distortions and volatility could negatively impact the Company's financial condition, results of operations, and ability to execute its investment strategy, and consequently could adversely affect the value of an investment in the Company's Units.

***Recent disruptions in the cryptocurrency markets could negatively impact our reputation, invite increased regulation, and make it more difficult to raise capital needed to purchase digital assets****.*

Recent disruptions in the cryptocurrency markets have resulted in increased interest in governmental regulation of all forms of digital representations of assets. Increased regulation or decreased investment could hinder our ability to purchase digital assets or generate returns, and could negatively impact the potential liquidity and value of our digital assets.

***Use of digital asset exchanges to trade crypto assets and the volatility of crypto asset prices.***

Investors should be aware that the Company's investments in digital assets are subject to extreme price volatility. The Company will initially limit its cryptocurrency asset investments to Bitcoin (BTC) and Ether (ETH), and other cryptocurrencies we have determined are not securities. The value of these assets can fluctuate widely within a single day due to market-driven factors such as supply and demand, market sentiment, regulatory news, technological developments, and broader macroeconomic factors. This volatility may be amplified by the relatively illiquid nature of the market, where large trades by investors can significantly impact the market price.

The Company's operating results may, therefore, vary significantly over short periods, leading to pronounced fluctuations into the financial position and operating results reported in consecutive financial statements. Investors should have a high risk tolerance and the ability to absorb the loss of their entire investment.

**Risks Related to Precious Metals**

***Actual or perceived disruptions in the processes used by the Company to determine the price of precious metals, or lack of confidence in established industry benchmarks, may adversely affect the return on your investment.***

Because the objective of the Company is to reflect the performance of the price of precious metals, any disruptions affecting the processes related to how the market determines the price of these metals will have an effect on the value of its Units, and the price at which it acquires additional metals.

***Future governmental decisions may have significant impact on the price of precious metals, which may result in a significant decrease or increase in the value of the net assets and the net asset value of the Company.***

Generally, metal prices reflect the supply and demand of available metal. Governmental decisions, such as the executive order issued by the President of the United States in 1934 requiring all persons in the United States to deliver silver to the Federal Reserve, have been viewed as having significant impact on the supply and demand of silver and the price of silver. Future governmental decisions may have an impact on the price of metal and may result in a significant decrease or increase in the value of the net assets and the net asset value of the Company. Further regulations applicable to U.S. banks and non-U.S. bank entities operating in the United States with respect to their trading in physical commodities, such as precious metals, may further impact the price of metal in the United States.

***Because the Company holds only precious metals and cryptocurrency, an investment in the Company may be more volatile than an investment in a more broadly diversified portfolio.***

The Company's holdings are not diversified, and the Company's net asset value may be more volatile than another investment vehicle with a more broadly diversified portfolio and may fluctuate substantially over short or long periods of time. Fluctuations in the price of precious metals are expected to have a direct impact on the value of the Company.

An investment in the Company may be deemed speculative and is not intended as a complete investment program. An investment in the Company should be considered only by persons financially able to maintain their investment and who can bear the risk of loss associated.

***Holding physical precious metals increases liquidity risks.***

Physical precious metals are less liquid than financial instruments or exchange-traded commodities. Finding a buyer at favorable prices can take time and involve additional transaction or transport costs. This lack of immediate liquidity may pose challenges if the Company needs to convert assets to cash quickly.

***The trading price of precious metals has recently been, and could potentially continue to be, volatile and unpredictable. This creates the potential for losses if the price of precious metals declines.***

The precious metals market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to factors such as, for example, silver's uses in jewelry, technology, and industrial applications, or cost and production levels in major silver-producing countries such as China, Mexico, and Peru. In particular, supply chain disruptions resulting from the COVID-19 outbreak and investor speculation have significantly contributed to recent price and volume fluctuations. Precious metals markets have also experienced extended periods of flat or declining prices, which may be caused by (among other things):

● a change in economic conditions, such as a recession, can adversely affect the price of precious metals. For example, silver is used in a wide range of industrial applications, and an economic downturn could have a negative impact on its demand and, consequently, its price and the value of the Company;

● a significant increase in precious metal hedging activity by precious metal producers. For example, traditionally, silver producers have not hedged to the same extent that other producers of precious metals (gold, for example) have. Should there be an increase in the level of hedge activity of silver producing companies, it could cause a decline in world silver prices, adversely affecting the value of the Company;

● a significant change in the attitude of speculators and investors towards precious metals. Should the speculative community take a negative view towards precious metals, a decline in world prices for those metals could occur, negatively impacting the value of the Company;

● global supply and demand for precious metals. For example, silver supply and demand, which is influenced by such factors as silver's uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other silver products, forward selling by silver producers, purchases made by silver producers to unwind silver hedge positions, central bank purchases and sales, and production and cost levels in major silver-producing countries such as China, Mexico and Peru;

● global or regional political, economic or financial events and situations, especially those unexpected in nature;

● investors' expectations with respect to the rate of inflation;

● interest rates;

● investment and trading activities of hedge funds and commodity funds;

● other economic variables such as income growth, economic output, and monetary policies; and

● investor confidence.

Investors should be aware that while precious metal are used to preserve wealth by investors around the world, there is no assurance that precious metals will maintain its long-term value in terms of future purchasing power. In the event the price of precious metals declines, the Company expects the value of an investment in its Units to decline proportionately.

Furthermore, although precious metals such as silver have been used as a portfolio diversifier due to its historically low-to-negative correlation with stocks and bonds, diversification does not ensure against, nor can it prevent against, risk of loss.

***The Company's precious metals may be subject to loss, damage, theft or restriction on access.***

There is a risk that part or all of the Company's precious metals could be lost, damaged or stolen. Access to the Company's precious metals could also be restricted by natural events (such as an earthquake) or human actions (such as a terrorist attack). Any of these events may adversely affect the operations of the Company and, consequently, your investment.

***The Company's reliance on third-party custodians to store and safeguard its physical precious metals creates certain risks.***

The Company will not have direct control over the day-to-day operations, security procedures, or internal controls of such custodians. The Company must rely on the custodians' representations, policies, and procedures regarding the safekeeping, handling, and recordkeeping of the metals, and there can be no assurance that such measures will be adequate to protect against all risks.

The storage of precious metals with third-party custodians exposes the Company to a range of risks, including theft, loss, damage, misappropriation, or destruction of the underlying assets. Such risks may arise from external events, such as burglary, fraud, or other criminal activity, as well as from internal failures, including employee misconduct, negligence, or inadequate security protocols. In addition, precious metals may be subject to risks associated with transportation, handling, or storage conditions, including damage or loss during transit or improper storage practices that could affect the quality or integrity of the metals.

The Company may also be exposed to the risk that a custodian becomes insolvent, enters bankruptcy, or otherwise experiences financial or operational distress. In such circumstances, the Company may face delays, restrictions, or legal challenges in accessing or recovering its assets, particularly if the metals are not properly segregated or if the Company's ownership interests are not clearly established or recognized. There is also a risk that a custodian could engage in fraudulent or unauthorized activities, including the improper use, rehypothecation, or misreporting of the Company's assets, which could result in partial or complete loss.

While the Company intends to conduct due diligence and may seek to engage reputable custodians and implement contractual protections, insurance coverage, and oversight mechanisms, such measures may not fully eliminate these risks. Insurance coverage, if obtained, may be subject to exclusions, limits, or delays in recovery, and may not be sufficient to cover the full extent of any losses. Any failure by a custodian to adequately safeguard the Company's precious metals could adversely affect the Company's financial condition and results of operations. Consequently, an investment in the Company's Units may be adversely affected.

***The Company's lack of insurance protection and the Members' limited rights of legal recourse against the Company, the Manager, and any custodian hired by the Company exposes the Company and its Members to the risk of loss of the Company's precious metals for which no person is liable.***

The Company does not insure its precious metals. Custodians hired by the Company to store the Company's precious metals may maintain insurance with regard to its business on such terms and conditions as it considers appropriate, but the Company is not a beneficiary of any such insurance and does not have the ability to dictate the existence, nature or amount of coverage. Therefore, Members cannot be assured that the custodians it hires will maintain adequate insurance or any insurance with respect to the precious metals held on behalf of the Company. In addition, the Manager does not require any custodians to be insured or bonded with respect to their custodial activities or in respect of the precious metals held by them on behalf of the Company. Further, Members' recourse against the Company, the Manager, and any custodians is limited. Consequently, a loss may be suffered with respect to the Company's precious metals which is not covered by insurance and for which no person is liable in damages.

***The markets for physical precious metals, including gold, silver, platinum, and palladium, are subject to risks of market manipulation.***

Trading in precious metals occurs across a combination of physical markets, over-the-counter transactions, and derivatives exchanges, many of which lack full transparency. The pricing of precious metals is often influenced by benchmark pricing mechanisms, futures markets, and large institutional participants, which may create opportunities for manipulation or price distortion.

Market participants, including large financial institutions, commodity traders, and other significant holders of precious metals or related derivatives, may engage in manipulative or disruptive trading practices. These may include spoofing, coordinated trading strategies, dissemination of misleading information, or the use of large derivative positions to influence spot prices. In addition, concentrated ownership or control of significant quantities of a particular metal may enable certain market participants to exert undue influence over supply, pricing, or market sentiment. Allegations of manipulation in precious metals markets have occurred from time to time and have, in certain cases, resulted in regulatory investigations and enforcement actions.

Because the pricing of physical precious metals is closely linked to trading activity in futures, options, and other derivative instruments, distortions or manipulation in those markets may directly or indirectly affect the spot prices at which physical metals are valued. As a result, the market price of precious metals may experience sudden or sustained deviations from levels that would otherwise be expected based on supply and demand fundamentals. Such price movements may increase volatility and reduce investor confidence in the integrity of the market.

The Company will have limited ability to detect, prevent, or mitigate the effects of market manipulation in precious metals markets, particularly where such activities occur across multiple trading venues or jurisdictions. Any such manipulation or price distortion could adversely affect the value of the precious metals held by the Company, impair its ability to transact on favorable terms, and negatively impact its financial condition and results of operations. Consequently, an investment in the Company's Units may be adversely affected.

**Risk Related to Lending Activities**

The Company may engage in lending activities involving its assets. Such activities may include, without limitation, (i) lending U.S. dollars or U.S. dollar equivalents secured by digital assets and/or physical precious metals and/or (ii) lending digital assets or physical precious metals directly to borrowers. While such activities may generate additional income for the Company, they may also expose the Company to a number of risks that would not exist if the Company held its assets solely for investment purposes.

***Counterparty Credit Risk.***

Lending transactions expose the Company to the risk that a borrower may fail to return borrowed assets or repay borrowed funds when due. Borrowers may default on their obligations, become insolvent, enter bankruptcy or similar proceedings, or otherwise fail to perform under applicable lending agreements.

Although the Company may require borrowers to post collateral in excess of the value of the borrowed assets or loan amount, there can be no assurance that such collateral will be sufficient to protect the Company from losses. In the event of borrower default, the Company may incur losses if the collateral securing the transaction proves insufficient or cannot be realized in a timely manner.

***Borrower Insolvency Risk.***

The Company's lending activities expose it to the risk that borrowers may become insolvent or subject to bankruptcy, receivership, liquidation, or similar proceedings. A borrower's financial condition may deteriorate rapidly due to market volatility, operational failures, excessive leverage, fraud, or other factors, including declines in the value of digital assets or precious metals that may affect the borrower's balance sheet or liquidity. In the event of insolvency or financial distress, a borrower may be unable or unwilling to meet its obligations to the Company, including the repayment of principal, interest, or the return of borrowed assets.

In an insolvency proceeding, the Company's rights as a creditor may be subject to significant legal and procedural uncertainties. If a borrower enters bankruptcy or similar insolvency proceedings, the Company may not have a perfected security interest in collateral or may face legal challenges in enforcing its rights. Bankruptcy courts may impose automatic stays or other restrictions that delay or prevent the Company from recovering lent assets or collateral. Courts or insolvency administrators may also have the authority to recharacterize, subordinate, or otherwise modify the Company's claims, or to permit the unwinding or avoidance of certain transactions, including the clawback of payments or transfers made prior to the commencement of insolvency proceedings. In certain circumstances, the Company's claims may be treated as unsecured claims, which could result in partial or total loss of lent assets.

Although the Company may seek to structure its lending transactions to be secured by collateral, including digital assets or precious metals, there can be no assurance that such collateral arrangements will be enforceable or sufficient in an insolvency scenario. Issues relating to the perfection, priority, or segregation of collateral interests, particularly with respect to digital assets held through custodians or on blockchain networks, may give rise to competing claims by other creditors or third parties. In addition, the value of collateral may decline during the pendency of insolvency proceedings, and the Company's ability to timely liquidate such collateral may be impaired.

The Company may also be exposed to risks arising from interconnectedness among borrowers or market participants, such that the insolvency of one borrower could trigger financial distress or defaults by others. Any borrower insolvency or related proceeding could result in significant delays in recovery, increased costs, and partial or total loss of the Company's assets. Such events could adversely affect the Company's financial condition and results of operations, and consequently an investment in the Company's Units may be adversely affected.

***Concentration Risk.***

The Company's lending activities may, from time to time, become concentrated with a limited number of borrowers, counterparties, industries, asset types, or collateral categories, including digital assets and precious metals. Such concentration may arise as a result of market conditions, the Company's investment strategy, or a limited availability of creditworthy borrowers meeting the Company's underwriting criteria. Concentration of exposures may increase the Company's vulnerability to adverse developments affecting a particular borrower, group of related borrowers, market segment, or type of collateral.

To the extent the Company has significant exposure to a single borrower or a small number of borrowers, the default, financial distress, or non-performance of any such borrower could have a disproportionate impact on the Company's financial condition and results of operations. Similarly, concentrations in particular industries or sectors may expose the Company to correlated risks, including regulatory changes, market downturns, or other adverse events that affect multiple borrowers simultaneously. Concentration in particular types of collateral, such as specific digital assets or precious metals, may further increase risk where the value or liquidity of such collateral is subject to common market factors.

In addition, adverse price movements in digital assets or precious metals may be highly correlated across similar asset classes. As a result, declines in the value of one type of collateral may coincide with declines in the value of other collateral securing the Company's loans, reducing the overall effectiveness of diversification and increasing the likelihood that collateral values may be insufficient to cover outstanding loan balances. In stressed market conditions, the Company may also face challenges in liquidating concentrated collateral positions without incurring significant price discounts.

***Collateral Volatility and Margin Risk.***

Collateral securing lending transactions may consist of digital assets, precious metals, cash, or other assets acceptable to the Company. The market value of such collateral may fluctuate significantly over time. Digital assets in particular have historically exhibited substantial price volatility, and precious metals may also experience meaningful price movements.

If the value of collateral declines below required thresholds, the Company may issue margin calls requiring borrowers to post additional collateral. Borrowers may fail to meet such margin requirements in a timely manner, particularly during periods of market stress or extreme volatility. In such circumstances, the Company may be forced to liquidate collateral at unfavorable prices or may incur losses if the collateral value is insufficient to cover the borrower's obligations.

***Collateral Liquidation and Market Liquidity Risk.***

If a borrower defaults or fails to meet margin requirements, the Company may seek to liquidate posted collateral. However, the Company's ability to do so may be limited by market conditions, operational constraints, or disruptions affecting relevant markets.

Liquidation of digital assets may depend on the availability and liquidity of trading venues, exchanges, or over-the-counter markets, as well as the functioning of underlying blockchain networks. Liquidation of precious metals may depend on brokers, dealers, or vaulting institutions and may involve settlement delays or logistical constraints. During periods of market disruption or limited liquidity, the Company may be unable to liquidate collateral promptly or at expected prices, which could result in losses.

***Risks Associated with Lending Digital Assets or Precious Metals.***

If the Company lends digital assets or precious metals directly to borrowers, it may lose control over such assets for the duration of the lending arrangement. Borrowers may use borrowed assets for trading, hedging, or other financial activities, including establishing short positions in the relevant asset.

If a borrower fails to return the borrowed asset when required, the Company may need to acquire replacement assets in the market. If the market price of the asset has increased significantly, the Company could incur losses in replacing the asset. In addition, borrowers may rehypothecate or otherwise pledge borrowed assets to third parties, which may increase the risk that the Company experiences delays or losses in recovering its assets in the event of borrower insolvency.

***Custody, Settlement, and Transfer Risks.***

Lending transactions involving digital assets or physical precious metals may require the transfer and custody of such assets through various intermediaries, including custodians, exchanges, brokers, vault operators, or other service providers. These arrangements expose the Company to operational risks, including cybersecurity incidents, technological failures, settlement errors, fraud, or insolvency of service providers.

Digital asset transfers depend on blockchain networks that may experience congestion, software vulnerabilities, or other technical disruptions. Transfers and settlement of precious metals may rely on vaulting providers, warehouse receipts, or other custodial arrangements that may be subject to operational or logistical challenges. Any disruption affecting custody or settlement systems could impair the Company's ability to control or recover its assets.

***Rehypothecation and Asset Segregation Risk.***

Borrowers that obtain digital assets, precious metals, or funds from the Company may use such assets in their business activities and may pledge, transfer, or otherwise rehypothecate them to third parties, depending on the terms of the lending arrangement. If rehypothecation occurs, the Company may become exposed to additional counterparties and may face delays or complications in recovering its assets.

In certain circumstances, lent assets or collateral may not be segregated from the borrower's other assets. If the borrower becomes insolvent, the Company's claims to such assets may be subject to competing claims by other creditors or may be delayed by legal proceedings.

***Stablecoin and Digital Dollar Risks.***

The Company may utilize stablecoins or other digital representations of U.S. dollars in connection with lending transactions. Although stablecoins are generally intended to maintain a value equal or close to one U.S. dollar, they may fail to maintain such parity due to market conditions, loss of confidence, liquidity imbalances, regulatory developments, or issues affecting the assets or institutions supporting the stablecoin.

If a stablecoin used by the Company experiences a loss of its peg to the U.S. dollar or otherwise becomes unstable, the Company could incur losses, experience liquidity constraints, or face disruptions in its lending activities.

***Legal and Regulatory Uncertainty.***

The regulatory treatment of digital asset lending, collateralized lending involving digital assets, stablecoins, and related activities continues to evolve in the United States and internationally. Similarly, regulations affecting commodities markets and precious metals trading may change over time.

Future regulatory developments could impose new licensing requirements, compliance obligations, or operational restrictions on market participants engaged in lending activities. Changes in laws or regulatory interpretations could also affect the enforceability of lending agreements, collateral arrangements, or custody structures used by the Company.

***Operational Complexity.***

Lending activities involving digital assets and precious metals may increase the operational complexity of the Company's strategy. Such activities may require collateral management systems, ongoing monitoring of borrower exposures, margining procedures, custody arrangements, and coordination with multiple service providers.

Failures in risk management systems, operational procedures, or service provider performance could impair the Company's ability to manage lending transactions effectively and could result in financial losses.

**Risk Related to Staking of Digital Assets.**

The Company may stake certain digital assets on blockchain networks that utilize proof-of-stake or similar consensus mechanisms. The operation, governance, and security of these networks are generally decentralized and are not controlled by the Company. The success of staking activities depends on the continued operation and integrity of the underlying blockchain protocols, validator infrastructure, and associated software.

Blockchain networks may experience technical vulnerabilities, consensus failures, software bugs, malicious attacks, or governance disputes. In addition, protocol upgrades, forks, or other changes to the network may alter staking mechanics, validator requirements, or reward structures. Any such events could reduce or eliminate staking rewards, impair the value of staked assets, or otherwise adversely affect the Company.

***Slashing and Validator Penalty Risk.***

Certain proof-of-stake networks impose penalties, commonly referred to as "slashing," on validators that fail to perform their required functions properly. Slashing may occur if a validator engages in prohibited activities, such as signing conflicting blocks, or if a validator experiences operational failures such as prolonged downtime.

If the Company operates its own validator infrastructure or delegates its digital assets to third-party validators, the Company's staked assets may be subject to such penalties. Slashing events could result in the permanent loss of a portion of the Company's digital assets and may materially reduce the returns generated through staking.

***Lock-Up and Liquidity Risk.***

Digital assets that are staked may be subject to lock-up periods, unbonding periods, or withdrawal delays imposed by the underlying blockchain protocol. During such periods, the Company may be unable to transfer, sell, or otherwise access the staked assets.

In some cases, the unbonding period required to withdraw staked assets may last several days or weeks. As a result, if the market value of a staked digital asset declines rapidly, the Company may be unable to liquidate its position promptly to mitigate losses. This reduced liquidity may increase the Company's exposure to market volatility.

***Validator and Delegation Counterparty Risk.***

The Company may stake digital assets either by operating its own validator nodes or by delegating its assets to third-party validators or staking service providers. When the Company relies on third-party validators, it is exposed to risks associated with those service providers, including operational failures, cybersecurity incidents, mismanagement, fraud, or insolvency.

If a validator experiences technical problems, security breaches, or other operational disruptions, the Company may lose staking rewards, incur slashing penalties, or experience delays in accessing its assets. Additionally, the Company may have limited ability to monitor or control the activities of third-party validators.

***Custody and Smart Contract Risk.***

Staking arrangements may involve the use of digital wallets, staking contracts, or other smart contract-based mechanisms to lock or delegate digital assets. These technological systems may contain vulnerabilities or errors that could be exploited by malicious actors.

In addition, certain staking arrangements, particularly those involving liquid staking or other staking derivatives, may rely on complex smart contract systems. If such smart contracts malfunction, are exploited, or are improperly implemented, the Company may suffer losses or may be unable to access its staked assets.

***Variability of Staking Rewards.***

Staking rewards are not guaranteed and may fluctuate significantly depending on network conditions, validator performance, protocol changes, and the overall level of participation in staking on the relevant blockchain network. As more participants stake assets on a network, the rewards available to individual validators or delegators may decrease.

In addition, staking rewards may be affected by protocol upgrades, changes in token issuance schedules, or governance decisions by network participants. As a result, the income generated through staking may be lower than expected or may decline over time.

***Regulatory and Tax Uncertainty.***

The legal, regulatory, and tax treatment of staking activities remains uncertain in many jurisdictions, including the United States. Regulators may in the future determine that certain staking arrangements constitute regulated financial activities, securities transactions, or other activities subject to regulatory oversight.

In addition, the tax treatment of staking rewards is not entirely settled and may be subject to differing interpretations by tax authorities. Changes in regulatory guidance or tax policy could adversely affect the Company's ability to engage in staking activities or could reduce the economic benefits associated with such activities.

**Risks Related to Investment Company Act**

***We intend to avoid being classified as an investment company, but our classification depends on the percentage of our total assets that constitute securities—and state and federal regulators including the SEC may determine that certain of our assets are securities contrary to the Company's position.***

Under the Investment Company Act, an "investment company" is defined as an issuer which is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, or trading in securities; is engaged or proposes to engage in the business of issuing face-amount certificates of the installment type, or has been engaged in such business and has any such certificate outstanding; or is engaged or proposes to engage in the business of investing, reinvesting, owning, holding, or trading in securities, and owns or proposes to acquire investment securities having a value exceeding 40% of the value of such issuer's total assets (exclusive of Government securities and cash items) on an unconsolidated basis.

We intend to operate in such manner as not to be classified as an "investment company" within the meaning of the Investment Company Act of 1940 as we intend to acquire precious metals and to invest in digital assets that we have determined do not constitute securities. In addition, the Company is instituting a policy to review prospective digital asset purchases to determine whether they likely constitute securities, including review of SEC and other regulatory guidance, court cases, and soliciting legal opinions. The Company will also review its investment portfolio on an annual basis to ensure that its digital asset holdings, other than Bitcoin or Ether (which the Company has determined are not securities), do not meet or exceed 40% of the Company's total assets (exclusive of Government securities or cash items) on an unconsolidated basis. If so, the Company will sell digital assets to remain in compliance. While the Company intends to review its investment portfolio on an annual basis to ensure the Company does not trigger the definition of an investment company under Section 3(a)(1)(C), the Company could trigger such definition at the end of interim quarters. In such a case, the Company intends to rely on Rule 3a-2 if it triggers such definition. In order to rely on Rule 3a-2, the Company would need to comply with the requirement in Rule 3a-2(a)(2) to adopt an appropriate board resolution or other action and, further, pursuant to Rule 3a-2(c) may only rely on Rule 3a-2 once during any three-year period.

Despite the Company's careful selection of digital assets and efforts to keep digital asset ratio below 40%, excluding Bitcoin and Ether, there is a risk that a court or regulatory body, such as state or federal regulators, including the SEC, might classify some, or all, of the digital assets the Company acquires, including Bitcoin and Ether, as securities. In addition, interests the Company acquires in delegated staking programs could likewise be classified as securities. Such classification could push the Company's securities holdings over the 40% threshold, subjecting it to the Investment Company Act. If this occurs, the Company may need to quickly sell assets, potentially at a loss, or cease its staking activities, or face registration as an investment company. This could limit the options for selling these assets, increase compliance burdens, and materially impact our operations and ability to generate revenue.

In that circumstance, the Company would either have to immediately sell assets and/or reduce or eliminate its staking activities in order to reduce its securities holding below 40% which could result in significant losses, or the Company would have to register as an investment company. In addition, if our digital assets or delegated staking activities constitute securities, we will have to comply with securities laws when selling such assets and we may therefore be limited in the available exchanges to sell such assets, we may be limited in the amount we can sell at any time, we could be subject to anti-fraud claims, and we may be subject to holding period requirements. These additional restrictions could have a material negative effect on the Company's operations, and the Company may not be in a position to avoid registering as an investment company if it cannot reduce its security holdings quickly enough. For additional information on potential risks, please review the other risk factors in this section.

In addition, our Manager may become subject to the Investment Advisers Act of 1940. Under that act, an "investment adviser" is defined, in relevant part, as any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. We do not currently believe that our Manager is an investment adviser and is therefore not registered with the SEC. But if our digital asset holdings constitute securities, there is a risk that our Manager would considered an investment adviser. Our Manager would then have to either register and become subject to fiduciary duties, anti-fraud provisions, and additional disclosure obligations that may alter the Company's business plans, or risk potentially significant fines and penalties for failure to register.

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

We do not believe that at any time we will be deemed an "investment company" under the Investment Company Act. Notwithstanding, the staff of the SEC could possibly disagree with any of our determinations. If the staff of the SEC were to disagree with our analysis under the Investment Company Act, we would need to adjust our investment strategy. Any such adjustment in our strategy could have a material adverse effect on us. If we are deemed to be an investment company, we may be required to register as an investment company if we are unable to dispose of the disqualifying assets, which could have a material adverse effect on us.

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

● limitations on capital structure;

● restrictions on specified investments;

● restrictions on leverage or senior securities;

● restrictions on unsecured borrowings;

● prohibitions on transactions with affiliates; and

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

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

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

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

**Risk Related to 26 U.S.C. § 4975 and Prohibited Transactions**

***Compliance with 26 U.S.C. § 4975 "Section 4975" may restrict the Company's investment and operational flexibility.***

Because the Company intends to accept investments from individual retirement accounts ("IRAs") and other tax-advantaged accounts subject to the prohibited transaction rules of Section 4975 of the Internal Revenue Code of 1986, as amended ("Code"), the Company must structure and conduct its operations in a manner designed to avoid transactions that could constitute "prohibited transactions" under Section 4975. These rules impose significant limitations on transactions between the Company and certain persons associated with the Company, including the Manager and its affiliates, as well as certain investors and persons related to them (collectively, "Disqualified Persons"). As a result, the Company may be prohibited from engaging in transactions that might otherwise be attractive from an investment or operational standpoint, including certain lending arrangements, asset purchases or sales, service arrangements, or other dealings with Disqualified Persons. Compliance with these restrictions may reduce the range of potential investments and counterparties available to the Company and may prevent the Company from implementing certain strategies that might otherwise be pursued in the absence of these rules.

The Company will need to implement compliance procedures that increase costs and administrative burdens. In order to seek to comply with Section 4975, the Company may implement procedures designed to monitor potential prohibited transactions, identify Disqualified Persons, and evaluate relationships between the Company and its investors and counterparties. These procedures may increase the Company's operational complexity and administrative costs. Such costs will generally be borne by the Company and therefore indirectly by its investors.

The prohibited transaction rules are broad and may apply in unexpected circumstances.

***Section 4975 and the regulations and administrative interpretations thereunder are complex and broadly drafted.***

The definition of "prohibited transaction" includes many categories of direct or indirect transactions between a plan investor (including an IRA) and a Disqualified Person, including sales, exchanges, leases, loans, extensions of credit, and the furnishing of goods or services. Because these rules are highly technical and may apply to indirect transactions or relationships, there is a risk that a transaction entered into by the Company could be determined to constitute a prohibited transaction even if the Company intended to structure its activities in compliance with applicable law.

***The Manager's efforts to structure the Company to comply with Section 4975 may not be successful.***

The Manager intends to operate the Company in a manner designed to avoid prohibited transactions under Section 4975, including by implementing certain structural and operational safeguards. However, no assurance can be given that these efforts will be successful. The application of the prohibited transaction rules depends on specific facts and circumstances and may be subject to differing interpretations by the Internal Revenue Service ("IRS") or other authorities. In addition, the law in this area may evolve through new legislation, regulations, or administrative or judicial interpretations.

***If the Company is found to have failed to comply with Section 4975, IRA investors will suffer significant adverse tax consequences.***

If the Company were determined to have engaged in a "prohibited transaction" within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), significant adverse tax consequences could result. Under Section 4975, a disqualified person who participates in a prohibited transaction may be subject to an initial excise tax equal to 15% of the "amount involved" in the transaction for each year (or portion thereof) during which the transaction is not corrected. If the prohibited transaction is not timely corrected, an additional excise tax of up to 100% of the amount involved may be imposed. In addition, in the case of an individual retirement account ("IRA"), the occurrence of a prohibited transaction involving the account or its owner may cause the entire IRA to cease to qualify as an IRA as of the first day of the taxable year in which the prohibited transaction occurs. In such circumstances, the value of the IRA could be treated as distributed to the account holder and therefore taxable in the year of the prohibited transaction, potentially subject to income tax and, in certain circumstances, additional penalties.

A determination that a prohibited transaction has occurred could also require the Company to unwind, rescind, or restructure affected transactions, which could result in financial losses, increased expenses, and operational disruption to the Company. Such consequences could adversely affect all investors in the Company, including investors who do not hold their interests through IRAs or other tax-advantaged accounts. No assurance can be given that the Company will not inadvertently engage in a transaction that could be determined to be a prohibited transaction under Section 4975.

***The Company and non-IRA investors will also be adversely affected if the Company is found to have failed to comply with Section 4975.***

Although the prohibited transaction rules primarily apply to transactions involving plan investors and disqualified persons, a determination that the Company has engaged in a prohibited transaction could have adverse consequences for the Company as a whole. For example, the Company could incur significant costs in addressing the matter, including legal, accounting, and tax advisory expenses, and could be required to unwind or restructure transactions that have already been completed. Such actions could disrupt the Company's operations, result in financial losses, or otherwise adversely affect all investors, including those who do not hold their interests through IRAs or other tax-advantaged accounts.

***Future changes in law or regulatory interpretation could adversely affect the Company.***

The interpretation and enforcement of Section 4975 are subject to change. Future legislation, regulations, or guidance issued by the IRS or the U.S. Department of Labor could alter the application of the prohibited transaction rules in ways that adversely affect the Company or its investors. Any such changes could require the Company to modify its investment strategies, restructure transactions, or incur additional compliance costs, and there can be no assurance that the Company would be able to do so successfully.

**SPECIAL INFORMATION REGARDING FORWARD LOOKING STATEMENTS**

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

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

**DILUTION**

Dilution means a reduction in value, control or earnings of the investors' Units. Investors will experience future dilution through the issuance of additional Class AA, Class A, Class B, and Class C Units, and potentially through the creation of and issuance of additional Investor Class Units. Additionally, the Company has agreed to issue 30,000 Class C Units immediately after qualification of this Regulation A offering in partial payment for the legal work of assembling and filing this offering. It does not currently intend to issue further equity for services to other service providers, but has the power to do so, which would create additional dilution.

Our Manager was granted Class M membership Units in the Company without consideration. These Units are entitled to a carried interest of between 15% and 25%. This carried interest dilutes the amount of Distributable Cash to be received by Class AA, Class A, Class B, and Class C Unit holders.

**PLAN OF DISTRIBUTION**

We are offering up to $75,000,000 of Class AA, Class A, Class B, and Class C Units in the Company for $1.00 per Unit. The minimum investment for any investor is $10,000.

Investors may purchase Class A Units if they, either individually or in combination with other investors purchasing Units though the same investment adviser, have purchased a total of at least One Hundred Thousand Dollars ($100,000) worth of Investor Class Units in the Company and in other companies managed by the Manager and its affiliates; or if the Manager agrees to admit them as Class A Members for some other reason, as determined in the sole discretion of the Manager. Investors may purchase Class B Units if they, either individually or in combination with other investors purchasing Units though the same investment adviser, have purchased a total of at least One Million Dollars ($1,000,000) worth of Investor Class Units in the Company and in other companies managed by the Manager and its affiliates; or if the Manager agrees to admit them as Class B Members for some other reason, as determined in the sole discretion of the Manager. Investors may purchase Class C Units if they, either individually or in combination with other investors purchasing Units though the same investment adviser, have purchased a total of at least Ten Million Dollars ($10,000,000) worth of Investor Class Units in the Company and in other companies managed by the Manager and its affiliates; or if the Manager agrees to admit them as Class C Members for some other reason, as determined in the sole discretion of the Manager. Any investor may purchase Class AA Units.

The Company has not engaged a broker dealer or selling agent. Units will be sold directly by the Company on a best efforts basis. All inquiries regarding this offering should be made directly to the Company. No compensation will be paid to any party with respect to the sale of the Units. The Company will sell Units on a rolling basis. We intend to hold closings no less frequently than every 30 days. This offering shall be terminated upon (i) the date which is three years from the date the offering statement of which this offering circular is a part is initially qualified by the SEC, (ii) the sale of the Maximum Offering Amount of Units, or (iii) such earlier date as terminated by the Company.

*Investor Qualification*

The Company will not accept investments from SEP-IRAs or any form of non-IRA retirement account ("Prohibited Retirement Accounts"), and that Members must represent to the Company that they will not attempt to "rollover" or otherwise transfer Company Units from their investing IRA to a Prohibited Retirement Account, and that they will indemnify the Manager and all other Company Members for any damages or expenses which may incur as a result of them doing so.

Additionally, our Class AA, Class A, Class B, and Class C Units are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act). "Qualified purchasers" include: (i) "accredited investors" under Rule 501(a) of Regulation D and (ii) all other investors so long as their aggregate investment in Units sold through this offering does not represent more than 10% of the greater of their annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net assets at fiscal year-end (for non-natural persons). Before making any representation that your investment does not exceed applicable federal thresholds, we encourage you to review Rule 251(d)(2)(i)(C) of Regulation A. Our Manager will make the determination of whether subscribers in this offering are qualified purchasers in reliance on the information and representations provided by the subscriber. We reserve the right to reject any investor's subscription in whole or in part for any reason, including if we determine in our sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A.

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

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

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

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

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

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

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

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

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

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

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

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

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

An investment in our Units may involve significant risks. Only investors who can bear the economic risk of the investment for an indefinite period of time and the loss of their entire investment should invest in our Units. For general information on investing, we encourage you to refer to http://www.investor.gov.

*How to Subscribe*

Any potential investor wishing to acquire our Units must:

&nbsp;&nbsp;&nbsp;&nbsp;1. Visit our website at
 _______________ and follow the prompts to invest.

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

&nbsp;&nbsp;&nbsp;&nbsp;3. Consult with your tax, legal and financial advisors to determine whether an investment in Units is suitable for you, if desired.

&nbsp;&nbsp;&nbsp;&nbsp;4. Review and complete the subscription agreement. Except as otherwise required by law, subscriptions may not be withdrawn or cancelled by subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;5. Transfer funds in an amount equal to the purchase price for the Units.

Our Manager will review the subscription documentation completed and signed by you. You may be asked to provide additional information. We reserve the right to accept or reject any subscription, in whole or in part, for any or no reason. Once the review is complete, we will inform you whether or not your application to subscribe for the Units is approved or denied. If your subscription is rejected in whole or in part, then your rejected subscription amount will be refunded promptly, without interest or deduction.

If all or a part of your subscription is approved, then your bonds will be issued electronically. Upon acceptance, your subscription funds will be transferred to our operating account and we will issue you the Units.

*Offering Expenses*

Our Manager and its affiliates have incurred and will incur certain fees, costs and expenses incurred in connection with this offering and the Company's operations. Such offering expenses consist of legal, accounting, marketing, technology, marketing, filing and compliance costs, as applicable. We will reimburse our Manager and its affiliates for such expenses incurred once we raise the Minimum Offering Amount. We will not reimburse such expenses if the Minimum Offering Amount is not raised.

*Additional Information Regarding this Offering Circular*

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

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

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

**USE OF PROCEEDS TO ISSUER**

The following table illustrates the amount of net proceeds to be received by the Company on the sale of the Investor Class Units offered hereby and the intended uses of such proceeds. It is possible that we may not raise the entire offering amount through this offering circular. In such case, we will reallocate the use of proceeds as the Manager deems to be in the best interests of the Company in order to effectuate its business plan. The intended use of proceeds are as follows:

***Capital Sources and Uses***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **5%** | **25%** | **50%** | **75%** | **100%** |
| **Gross Proceeds** | $**3750000** | $**18750000** | $**37500000** | $**56250000** | $**75000000** |
| Offering Expenses (BlueSky, Legal, Accounting, etc.)<sup>1</sup> | $167300 | $167300 | $167300 | $167300 | $167300 |
| Marketing & Syndication Costs (Estimated as 5% of Gross Proceeds) | $187500 | $937500 | $1875000 | $2812500 | $3750000 |
| SEI Altigo Transaction Fees (Estimated as $50 per $100,000 in capital raised)<sup>2</sup> | $1875 | $9375 | $18750 | $28125 | $37500 |
| Asset Management Fee (Year 1)<sup>3</sup> | $150000 | $750000 | $1500000 | $2250000 | $3000000 |
|  | $- | $- | $- | $- | $- |
| **Net Proceeds** | $**3243325** | $**16885825** | $**33938950** | $**50992075** | $**68045200** |
| Acquisition & Origination Fees | $- | $- | $- | $- | $- |
| Security & Insurance | $37500 | $187500 | $375000 | $562500 | $750000 |
| Working Capital | $75000 | $375000 | $750000 | $1125000 | $1500000 |
| Annual Legal and Accounting<sup>4</sup> | $15000 | $20000 | $25000 | $30000 | $35000 |
| Related Acquisition Costs (Closing Costs) | $16648 | $86351 | $173492 | $260632 | $347773 |
| Acquisitions (NET PURCHASES)<sup>5</sup> | $3099177 | $16216974 | $32615458 | $49013943 | $65412427 |
| **Total Use of Proceeds** | $**3750000** | $**18750000** | $**37500000** | $**56250000** | $**75000000** |

---

<u>Notes</u>:

(1) The Company expects to spend approximately $167,300 in expenses relating to this offering, including legal, accounting, compliance, travel, marketing, platform, and other miscellaneous fees, which may be paid by our Manager and reimbursed by the Company. The Company has budgeted as these expenses as follows:

---

| | |
|:---|:---|
| Legal Fees | $75000 |
| Tax & Accounting Set Up | $15000 |
| Custodian and Banking Set Up | $13500 |
| FactRight diligence fee | $30000 |
| Organization, Blue-Sky Fees, and Issuer-Dealer Fees (paid to states) | $15700 |
| Estimated fees paid for filing costs | $8600 |
| SEI Altigo- new offering fee | $2000 |
| Transfer Agent Fees | $3500 |
| Other Professional Fees | $4000 |

---

(2) The Company will pay a per transaction fee of approximately $50 per transaction to SEI Altigo for Units purchased through SEI Altigo's platform by certain Registered Investment Advisers.

(3) The Manager or its designated assigns (solely as a service provider with respect to the services described herein) will receive an asset management fee for its ongoing administrative and management services that are ministerial in nature and necessary for the operation of the Company. This fee accrues monthly at an annualized rate equal to four percent (4%) until the start of the calendar month which begins 18 full months after qualification of the Company's Regulation A offering, or thereafter (starting on the first day of the calendar month which begins 18 full months after qualification of the Company's Regulation A offering) an annualized rate of two percent (2%), of the net asset value "NAV" of the Company determined pursuant to the objective valuation standards set forth below at the close of each quarter (i.e., approximately 1% initially and 0.5% per quarter).

(4) Estimated costs for accounting and legal fees associated with being a public company for the next 12 months. It is anticipated that these costs will be paid from cash generated from operations.

(5) The Company will allocate these funds between precious metals and cryptocurrencies in such proportion as determined by our Manager, in its sole discretion.

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

**DESCRIPTION OF BUSINESS**

**The Company**

The Company was formed on August 27, 2025 as Gratus Reserve II, LLC, and changed its name to Gratus Reserve V, LLC on November 21, 2025. The Company was formed to invest in the foundational assets of the future financial system—gold, silver, and blockchain-based value—and develop the technology to bring them into that future. The Company believes that the US is in a debt spiral where the country has no option but to borrow more money to pay off existing debt, and that such debt spiral will result in the printing of money, decreasing the buying power of the dollar. The Company believes the solution is to restore integrity to the dollar by restoring a direct connection between our nation's money supply and hard assets to prevent it from being printed on demand and put confidence back into the purchasing power of the US dollar. The Company believes that precious metals and digital assets should, and will likely, be such assets to back the dollar and that the value of the investments we intend to make will be significantly increased if the US reverts to an asset-backed monetary system backed by precious metals and/or digital assets as we predict.

The Company will use approximately 85% of net capital raised (after offering expenses) to acquire precious metals and/or digital assets (including the cost of acquisition), with approximately 15% being used to pay acquisition and management costs (including the Manager's fees). Once the Company is adequately capitalized, it may deploy its assets into yield-generating activities such as lending on metals or digital assets and staking of digital assets to generate operational income. The Company will track the net asset value (NAV) of its assets and adjust the price at which it sells units on a quarterly basis, which it initially plans to do one full month after the Company commences operations.

The Company has not acquired any assets or begun operations. The Company has been structured with the ability to operate perpetually; however, the Manager anticipates that it will wind-up and liquidate the Company in approximately 5-15 years. Prior to such time, investors may request that the Company redeem their Units pursuant to the terms of the Company's redemption policy, attached as Exhibit A to the Company's Operating Agreement and summarized in section entitled "Description of Securities--Redemptions" starting on page 52. After the Company has been operating for approximately three years, the Manager intends to use reasonable efforts to formulate and execute a plan to allow Members who wish to liquidate their Interests to do so. Assets may be held in special purpose entities, parallel funds, and/or co-investment vehicles. The hold time for any asset could be days, weeks, months or years and will be determined in the Manager's sole discretion.

**Business Description**

The Company is raising funds in this Offering (1) to acquire and manage two asset classes, digital assets such as cryptocurrencies and precious metals, and (2) to deploy those assets into yield-generating activities such as lending money borrowed against its metals or digital assets, lending out metals or digital assets, and staking of digital assets.

While the Company does not intend to employ leverage in the acquisition of precious metals or digital assets, the Company plans to borrow using existing assets as collateral in order to facilitate yield-generation activities. When it borrows money, the Company plans to use no more than 10% of borrowed funds for ongoing Company expenses, with at least 80% of borrowed funds being used as capital in its lending business. The Company intends to use approximately 95% of borrowed funds as capital in its lending business, but may change that plan in the Manager's discretion depending on market opportunities. The Company will not borrow more than 75% of the value of the Fund's assets. The Company plans to borrow no more than 75% of the value of the fund's Assets, but may change that plan in the Manager's discretion depending on market opportunities.

*Digital Assets*

We intend to acquire various digital assets, including (a) established cryptocurrencies with a large capitalization (e.g., BTC, ETH, SOL), (b) cryptocurrencies which conform to ISO-20022 (e.g., XRP, ADA, XLM, HBAR, ALGO, XDC, QNT, IOTA), or (c) meme coins such as DOGE, SHIB, TRUMP, BONE, and LUNC. Notwithstanding the foregoing, the Company does not intend to acquire digital assets we determine are securities or participate in any staking program if such interests arising from such a program are securities. The Company will review each potential digital asset's whitepaper to understand the digital asset's technological underpinnings, to be better informed about the functionality of the asset. In making such determinations, the Company will apply a facts-and-circumstances analysis informed by applicable law and regulatory guidance, including the framework articulated under the Howey Test, as well as more recent interpretive guidance and enforcement posture reflected in SEC and CFTC's March 17, 2026 Release entitled "Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets." Consistent with this guidance, our team will assess the economic realities of the asset, including, among other factors: the degree of decentralization of the relevant network; the role, if any, of a promoter, sponsor, or core development team; the existence of ongoing managerial or entrepreneurial efforts that may reasonably be expected to drive the value of the asset; the manner in which the asset is marketed and distributed; any rights or expectations of holders to share in profits, revenues, or governance; and the functionality and current utility of the asset within its ecosystem.

The Company will also consider whether secondary market transactions in a given digital asset may themselves implicate securities law considerations under evolving regulatory interpretations, as highlighted in recent SEC guidance. The Company will consult with external legal counsel as it deems appropriate and will maintain internal compliance policies designed to incorporate regulatory developments on an ongoing basis. The Company will continuously monitor for new or updated guidance, rulemaking, enforcement actions, and judicial decisions that may affect the classification or regulatory treatment of digital assets. Any significant regulatory announcements, court rulings, or changes in the asset's structure or operation will prompt a reevaluation of its status. In this way, we intend to avoid classification as an investment company or the classification of its Manager or any of its Manager's affiliates as Investment Advisers.

The Company is pursuing a buy and hold strategy and does not intend to actively trade digital assets to attempt to profit on short-term fluctuations in value. However, the Company does not intend to act as a cryptocurrency treasury and intends to periodically rebalance its digital assets portfolio as determined by our Manager.

The Company will hold its digital assets in either "hot" wallets, "cold" wallets, or institutional custody arrangements which are insured against theft or loss. The Company intends to limit how much is on a hot wallet to what is waiting to be bought or sold, and to keep most of its digital assets either in insured institutional custody or in one or more "cold" wallets. Institutional custody services typically cost roughly 0.50% of the value of the held digital assets per year. The Company intends to use insured, institutional-grade custodians for digital assets, but it reserves the right to self-custody assets when management deems it in the company's best interest. When assets are held in self-custody, the Company will use a cold wallet which can only be accessed with the ledger device and passcode. The Company will store the ledger device in a secure location and keep the passcode in physical (i.e., non-digital) form in multiple redundant (but different) secure locations to prevent unauthorized access. This strategy will limit our exposure to exchange hacking. We will be using large cryptocurrency exchanges based in the US, like Coinbase, that we deem to be sufficiently capitalized, trusted, secure and insured.

All digital asset acquisitions will occur through institutional-grade exchange accounts rather than retail exchanges, which gives the Company a substantial advantage in acquiring digital assets over individual retail purchasers. Retail customers have a wider "bid/ask" spread then institutional accounts, and are charged significantly higher exchange fees when purchasing or selling digital assets. For example, on October 14, 2025, an affiliate of the Manager conducted a direct comparison between an institutional "Coinbase Prime" account and a Coinbase retail account, with each account attempting to purchase approximately $5,000 of XRP. Due to a lower bid ask spread and lower commission taken by Coinbase for the Coinbase Prime account, the total "cost" of the purchase was approximately 10 times larger for the Coinbase retail account than the Coinbase prime account. The results of this test are summarized in the following table:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Bid** | **Ask** | **Purchase Price** | **Spread** | **Cost of Spread<br> (on $5000)** | **Coinbase<br> Commission** | **XRP Coins<br> Purchased** | **Total<br> Cost of<br> XRP** | **Value of<br> XRP<br> Purchased** | **Cost of<br> Spread +<br> Commissions** | **Cost<br> (% of Value<br> Purchased)** |
| **Coinbase Prime** | 2.501 | 2.5025 | 2.5025 | 0.00075 | $1.495 | $12.46 | 1992.99643 | $4999.93 | $4987.47 | $13.95 | 0.2798% |
| **Coinbase Retail** | 2.48 | 2.53 | 2.53 | 0.025 | $47.642 | $90.30 | 1905.66789 | $4959.28 | $4821.34 | $137.94 | 2.8611% |

---

For the purpose of calculating Net Asset Value, the Company currently plans to value its digital assets using CoinMarketCap values as of 5:00 p.m. central time on the last business day of each period. CoinMarketCap is a digital-asset data service owned by a Binance-affiliated company which aggregates real-time data from numerous cryptocurrency exchanges and calculates a volume-weighted average price (VWAP) for each token. This provides a single reference price based on active global trading. Management may update these valuation procedures from time to time, but any change shall be limited to substitution with a comparable, nationally or internationally recognized third-party pricing service, shall be made solely for bona fide valuation purposes, applied consistently, and shall not be made for the purpose of increasing the asset management fee or otherwise providing additional economic benefit to the Manager or its Affiliates.

*Precious Metals*

We intend to acquire primarily silver and gold bullion, although the Company may also acquire and hold other precious metals such as platinum, paladium, and copper. The Company intends to acquire physical precious metals that it will store in third party warehouses, and currently intends to utilize the Texas Precious Metals Depository in Shiner, Texas. Storage costs at this facility range from approximately 0.40% to 0.43% of the value of the stored metals per year, depending on total volume.

To faciliate the purchase of metals, the Company anticipates purchasing metals from its designated repository facility or other unaffiliated third parties. The company's approach results in significantly lower acquisition costs than typically available to individuals through retail channels, since the price the Company will pay is expected to closely track the spot price of the metal on COMEX (i.e., Commodity Exchange, Inc., which is the world's primary clearinghouse and exchange for trading metals futures and options). For example, on January 14, 2026, the Manager compared the cost of acquiring silver by ordering via the COMEX vs. two common methods by which individuals can purchase silver on the APMEX marketplace:

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| | | |
|:---|:---|:---|
| **Method** | **Cost Per<br> Ounce** | **Premium<br> over COMEX** |
| COMEX | $92.15 | N/A |
| APMEX – American Eagle Coins | $104.38 | 13.27% |
| APMEX – 100 Ounce Silver Bars | $99.73 | 8.23% |

---

In addition to the discrepancy in purchase price, retail channels will generally pay a lower price than the current spot price for silver when an individual wishes to convert their silver back into dollars. Consequently, an individual purchasing silver, or any other precious metals, would not realize any gains on purchasing and holding metals until the price rises far enough to cover the premium that individual pays when purchasing plus the discount that individual is forced to accept when selling.

*Asset Mix and Monitoring*

The Company's allocation between digital assets and precious metals will be determined by the Manager based on prevailing market conditions, liquidity considerations, macroeconomic indicators, and the Manager's assessment of relative value opportunities between asset classes. The Manager intends to maintain flexibility rather than adhere to fixed allocation targets, allowing the Company to respond dynamically to changing economic and regulatory environments.

The Manager will use a combination of qualitative and quantitative factors to determine when to buy, sell, or rebalance holdings, including, but not limited to, macroeconomic data, monetary policy shifts, market structure, blockchain adoption metrics, and long-term trend analysis. The goal is not high-frequency trading but rather strategic adjustments over time as the Manager perceives meaningful changes in risk/reward dynamics.

The Manager believes that both digital assets and precious metals may benefit from structural monetary and geopolitical trends, though each at different times and magnitudes. Accordingly, the Company may periodically reallocate capital between these asset types to capture opportunities where the Manager believes one asset class exhibits superior upside potential or defensive characteristics relative to the other. The intent is to allow appreciation in one class to strengthen the position in the other, creating a compounding effect over successive cycles.

*Lending USD secured by Metals and/or Digital Assets*

The Company may make loans to qualified borrowers who post precious metal or digital asset collateral pursuant to its underwriting guidelines. These transactions would be over-collateralized, with automatic liquidation provisions protecting the company's position in the event of a collateral shortfall. Collateral will be valued at current market prices using recognized benchmarks, with maximum loan-to-value ratios not to exceed fifty percent for precious metals and forty percent for digital assets. In addition to these thresholds, the Company will also underwrite the borrower: identity, source of collateral, financial capacity, purpose of the loan, and overall suitability for a secured lending relationship. The company will mark collateral to market daily, initiate margin calls as needed, and require that collateral remain segregated under institutional-grade custodians or depositories. All collateral is held in controlled custody—vaulted metals, secure wallets, or blockchain-based smart contracts—until the loan is repaid. Collateral will not be rehypothecated, and all custody arrangements will be bankruptcy-remote where possible. No unsecured lending will occur, and no single counterparty exposure will exceed ten percent of total assets.

These loans are expected to range from thirty days to one year, with interest paid in U.S. dollars and collateral released only upon full repayment. The Company intends to fund these loans by borrowing U.S. dollars secured by a portion of its portfolio. The Company will seek to borrow U.S. dollars at low cost and then re-lend those funds at slightly higher rates, capturing a modest spread.

*Staking of Digital Assets*

Staking is the process of placing digital assets into a blockchain network so those assets can participate in validating transactions and securing the system. In exchange for staking its digital assets to helping maintain the network, the Company receives a pre-determined reward paid by the protocol. The company intends to use staking to enhance yield on assets it already owns or accepts as collateral. The company may stake certain digital assets through institutional custodians such as Coinbase Prime or Uphold, which it expects will earn protocol rewards in the range of three to four percent net of costs. We will only stake on established networks with strong security, clear reward structures, and meaningful liquidity. The company will diversify validator exposure, and will only utilize custodians which maintain full insurance coverage and prohibit rehypothecation. We also evaluate lock-up periods and withdrawal terms to ensure we maintain sufficient liquidity and risk control.

*Lending of Metal and/or Digital Assets*

While it does not intend to do so until at least Q3 2026, the Company is investigating the possibility of lending its assets to third parties in exchange for collateral and a fee.

*Section 4975 Compliance and Prohibited Transactions*

The Company intends to accept investments from individual retirement accounts ("IRAs") and other tax-advantaged accounts. Such accounts are generally subject to the prohibited transaction rules set forth in Section 4975 of the Internal Revenue Code of 1986, as amended (the "Section 4975"). The Company will not accept investments from SEP-IRAs or any form of non-IRA retirement account ("Prohibited Retirement Accounts"), and that Members must represent to the Company that they will not attempt to "rollover" or otherwise transfer Company Units from their investing IRA to a Prohibited Retirement Account, and that they will indemnify the Manager and all other Company Members for any damages or expenses which may incur as a result of them doing so. Excluding all investments from Prohibited Retirement Accounts should prevent the Company from being subject to the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), but if retirement account investors hold 25% or more of any equity class in the Company, the Company will be subject to Section 4975.

Section 4975 is designed to prevent retirement accounts from engaging in certain transactions with persons who may have the ability to influence or benefit improperly from the assets of such accounts. The statute prohibits a variety of direct or indirect transactions between a retirement account and certain related persons, referred to as "disqualified persons," which may include the account holder, certain family members of the account holder, fiduciaries, service providers, and entities in which such persons have significant ownership interests. Prohibited transactions may include, among other things, certain sales or exchanges of property, loans or extensions of credit, the furnishing of goods or services, and certain transfers or uses of retirement plan assets for the benefit of a disqualified person.

The Company currently anticipates that a significant portion of the capital invested in the Company may be derived from IRAs and other retirement accounts. The Company may, at some point, permit retirement account investors to comprise more than 25% of the Company's invested capital. Prior to permitting retirement account investors to exceed such level, the Company intends to implement policies and procedures designed to facilitate compliance with the requirements of Section 4975. These policies and procedures may include internal compliance protocols, transaction review processes, limitations on certain categories of transactions, and monitoring of relationships between the Company, its investors, and potential counterparties in order to identify and mitigate potential prohibited transaction risks.

Because the prohibited transaction rules are complex and broadly drafted, compliance may require the Company to evaluate the structure of certain transactions and relationships involving the Company. Accordingly, the Company may implement structural safeguards intended to reduce the risk that the Company or its investors could become involved in a prohibited transaction. Such safeguards may include, among other things, limiting or restricting certain transactions involving investors or their affiliates, allocating or segregating particular investments or strategies between retirement account investors and non-retirement investors, utilizing separate vehicles or internal allocations for certain transactions, or otherwise structuring investments in a manner intended to mitigate prohibited transaction risk.

While the Company will seek to implement such measures in a manner it believes is consistent with the Company's investment objectives and equitable to investors, these structural safeguards may reduce the range of investment opportunities available to the Company or limit the Company's ability to pursue certain strategies that might otherwise be available. Such measures may also result in different allocations of investments, returns, or risks among investors, including between investors investing through retirement accounts and those investing with non-retirement capital.

**Net Asset Value Calculations**

In order to ensuring a reasonable, practical, and consistent approach to valuing digital assets and precious physical metals when adjusting its pricing, processing redemptions, calculating assets under management fees, and facilitating its Member's ability to borrow cash secured by Units in the Fund, the Company will determine its Net Asset Value (NAV) using a practical approach designed to balance accuracy and efficiency. NAV shall be calculated on a quarterly basis by reference to objective, third-party pricing data. All calculations will be determined on a best effort basis. The Company expects to utilize the following methodology for calculating its NAV:

NAV shall be calculated as NAV = (Total Value of Digital Asset Holdings) + (Total Value of Precious Metals) + (Other Eligible Assets) - (Liabilities), where:

● Digital Asset Holdings = Valued as of 5:00 p.m. central time on the last business day of each period, at their published market value according to a single nationally or internationally recognized financial publication or pricing service, which is currently anticipated to be CoinMarketCap.com.

● Precious Metals = Valued as of 5:00 p.m. central time on the last business day of each period, using publicly available market prices published by a nationally or internationally recognized financial publication or pricing service, which is currently anticipated to be the Wall Street Journal published prices for the applicable continuous contracts.

● Other Eligible Assets = Cash, receivables, or any other included assets, valued at face or book value.

● Liabilities = Any debts, obligations, or payables of the entity.

While the Manager may change the valuation sources identified above, any change to such valuation sources shall be limited to substitution with a comparable, nationally or internationally recognized third-party pricing service, shall be made solely for bona fide valuation purposes, applied consistently, and shall not be made for the purpose of increasing the asset management fee or otherwise providing additional economic benefit to the Manager or its Affiliates. NAV calculations are not subject to third-party audits.

**Competition**

The Company competes with many others engaged in our investments including but not limited to individuals, corporations, bank and insurance company investment accounts, ETFs, and private funds. Significant increases in the number of listings for entry level housing in the geographic areas where the Company's properties are located, if not met by a similar increase in demand, is likely to cause downward pressure on rental rates and, potentially, impact the value of our real estate assets.

**Employees**

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

**Government Regulation**

The Company's business is subject to extensive and evolving regulation at the federal, state, and local levels in the United States and, to the extent it conducts activities with counterparties or assets located abroad, in certain foreign jurisdictions. The regulatory landscape applicable to the purchase, ownership, custody, transfer, and lending of precious metals and digital assets is complex and, in many respects, unsettled. Governmental authorities, including financial services regulators, commodities and securities regulators, banking authorities, and tax agencies, have asserted or may in the future assert jurisdiction over various aspects of the Company's operations. New laws, regulations, interpretive guidance, or enforcement priorities may be adopted or modified at any time, potentially with retroactive effect, and may materially alter the manner in which the Company conducts its business.

In particular, the Company may be subject to laws and regulations relating to commodities trading, securities issuance and brokerage activities, anti-money laundering ("AML") and counter-terrorist financing ("CTF") requirements, know-your-customer ("KYC") obligations, sanctions compliance, money transmission, lending activities, and the custody and safeguarding of client assets. The classification of digital assets for regulatory purposes remains uncertain and may vary by jurisdiction or regulatory body; certain digital assets may be deemed securities, commodities, or other regulated instruments, which could subject the Company to additional registration, licensing, disclosure, reporting, or operational requirements. Similarly, transactions involving precious metals may be subject to specific trading, storage, transport, and reporting regulations. Compliance with these regimes may require the Company to obtain licenses or approvals, implement extensive compliance programs, and incur significant ongoing costs.

The Company's lending activities may also subject it to additional regulatory scrutiny, including laws governing commercial lending, collateralization, margin practices, foreclosure and repossession procedures, and borrower protections. If the Company is deemed to be engaging in regulated lending or financing activities in any jurisdiction, it may be required to register or qualify to do business in such jurisdiction or comply with additional regulatory requirements, any of which could impose operational constraints or increase compliance costs. Moreover, counterparties with whom the Company transacts may themselves be subject to regulatory requirements, and the Company's ability to engage in transactions may be adversely affected by such counterparties' compliance obligations or regulatory status.

While the Company intends to implement policies and procedures designed to promote compliance with applicable laws and regulations, there can be no assurance that such measures will be effective in preventing violations or alleged violations. Regulatory authorities may bring enforcement actions, conduct examinations or audits, or impose fines, penalties, cease-and-desist orders, or other sanctions for actual or perceived noncompliance. In addition, private litigants may assert claims arising out of alleged violations of law, including class action lawsuits or other collective proceedings. Any such actions, whether or not ultimately resolved in the Company's favor, could result in significant costs, reputational harm, diversion of management's attention, and disruption to the Company's operations.

Changes in law or regulatory interpretation could also adversely affect the Company's ability to execute its investment strategy. For example, new restrictions on the transfer, custody, or lending of digital assets or metals, increased capital or reserve requirements, limitations on leverage, or enhanced disclosure obligations could reduce the availability of attractive investment opportunities or increase the costs associated with such activities. Additionally, adverse regulatory developments affecting digital asset markets, including increased enforcement actions or restrictions on trading platforms, custodians, or other market infrastructure, could negatively impact liquidity, pricing, and counterparty availability.

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

**Legal Proceedings**

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

**Transfer Agent**

The Company has entered into an agreement with Great Lakes to provide transfer agent services.

**Reports to Security Holders**

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

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

We will also provide each investor a form K-1 each year so that investors can file their state and federal tax returns.

**DESCRIPTION OF PROPERTY**

We currently share a corporate address with our Manager at 718 Washington Ave N, Ste. 400, Minneapolis, MN 55401, for which we do not have a lease or other agreement to use. We do not currently pay rent at this location and do not expect to do so in the future. We do not otherwise own or lease properties at this point. We believe that all our properties have been adequately maintained, are generally in good condition, and are suitable and adequate for our business.

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**OF FINANCIAL CONDITION AND RESULTS OF OPERATION**

**Overview**

Since our formation on August 27, 2025, the Company has been engaged primarily in formulating our business plan and developing the financial, offering and other materials to begin fundraising. We are considered to be a development stage company, since we are devoting substantially all of our efforts to establishing our business and planned principal operations have not commenced.

**Operating Results**

We have not generated any revenues as of the date of this offering circular. We do not intend to generate revenues for at least six months after this offering has commenced.

**Liquidity and Capital Resources**

As of the date of this offering statement, the Company does not have cash or cash equivalents on hand and holds no assets. All funding has been provided by our Manager and its affiliates, which will be reimbursed through the offering. We do not currently have any significant capital commitments.

**Plan of Operations**

We have not commenced operations, are not capitalized, and have no assets. We intend to start acquiring assets promptly after receiving investor funds. We intend to deploy approximately 90% of net offering proceeds from each closing. The amount we are able to deploy in the first year will be dependent on how much capital we raise in this offering. We believe that the proceeds from this offering will satisfy our cash requirements for at least the next 12 months to implement the foregoing plan of operations.

**Trend Information**

The Company is newly formed and does not have any historic information on which to base trend analysis.

**MANAGERS, EXECUTIVE OFFICERS AND SIGNIFICANT EMPLOYEES**

**Our Manager**

The Company operates under the direction of our Manager, which is responsible for directing the operations of our business, directing our day-to-day affairs, and implementing our investment strategy. Our Manager is GR Manager, LLC. Pursuant to our Operating Agreement, our Manager and its members are not required to devote all of their time to our business and are only required to devote such time to our affairs as their duties require; however, it is expected that members of our Manager will devote full time to the Company's operations unless otherwise noted herein. Our Manager will perform its duties and responsibilities pursuant to our Operating Agreement. Our Manager is recently formed and has limited experience raising or investing capital. The Manager currently manages another fund with similar investment objectives as the Company.

**Directors, Executive Officers And Key Employees Of Our Manager**

We do not have officers or directors but are managed by our Manager, GR Manager, LLC. The following table sets forth the name and position of each of the current managers of our Manager as of the date of this offering circular.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Position** | **Age** | **Term of Office<br> (Beginning)** | **Approximate Hours Per Week<br> for Part-Time Employees** |
| Jason Weimer | Manager | 43 | August 2025 | Expected Full Time |
| Robert Barlau | Manager | 41 | August 2025 | Expected 15 Hours Per Week |
| Jack Weimer | Manager | 69 | August 2025 | Expected 5 Hours Per Week |

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**Jason Weimer**

As the founder of Gratus Capital, Jason has built an experienced team of qualified professionals with a track record of properly assessing the needs of an asset and finding the right resource to get the job done. Jason Weimer has been managing his family office over multiple asset classes throughout multiple market environments. Jason is relentlessly searching for value in any deal in consideration, giving extra weight to opportunities that align with making the world function better for everyday people. That is one of the key components to not only successful investments, but a conviction of where it is most needed to invest and therefore offers most favorable risk reward scenarios.

**Robert Barlau**

Since joining Gratus Capital in 2016, Bob has been a driving force in building the firm's infrastructure. After transitioning to a full-time partner in 2020, he has overseen critical functions, including audits, SEC filings, fundraising, fund administration, and investor relations. Bob's leadership has been pivotal in expanding the firm's offerings and ensuring that Gratus Capital operates with efficiency and transparency.

Before joining Gratus full-time, Bob spent a decade at Aerotek, where he earned multiple performance awards and rose to a leadership position, directing a high-performing team that became the largest market segment in his division.

**Jack Weimer**

Jack is a graduate of Valparaiso Technical Institute of Valparaiso, IN holding an AS degree in Engineering Electronics. He later received a BA degree from Trinity International University of Deerfield, IL in 1985. Jack spent 36 years in various technical and leadership roles at Eagle Test Systems, an international leader in automated electronic test equipment, where he ultimately served as Chief Technical Officer helping build the company to more than $120 MM in revenue by the time the company went public on the New York exchange in 2006.

Having had the responsibility of managing his own retirement funds, Jack had the unique opportunity to watch and compare the various investment options offered to him and others his age. Despite having access to some of the most sophisticated investment products Wall Street had to offer and the associated volatility, he was less than impressed with the overall performance. In 2016, Jack left his 36-year career and became a partner at Gratus Capital. Jack has a passion for helping others avoid many of the investment mistakes and headaches he's had along the way, providing tried and true alternatives for folks desiring good quality investment options.

**Family Relationships**

Jack Weimer is Jason Weimer's father.

**Legal Matters**

To the best of our knowledge, neither our Manager nor its managers, during the past five years has:

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

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

**COMPENSATION OF MANAGER**

Our Manager has not received any compensation as of the date of this offering circular. The Manager will receive the following fees from the Company:

<u>Asset Management Fee</u>: The Manager or its designated assigns (solely as a service provider with respect to the services described herein) will receive an asset management fee for its ongoing administrative and management services that are ministerial in nature and necessary for the operation of the Company. This fee accrues monthly at an annualized rate of four percent (4%) until the start of the calendar month which begins 18 full months after qualification of the Company's Regulation A offering, or thereafter (starting on the first day of the calendar month which begins 18 full months after qualification of the Company's Regulation A offering) an annualized rate of two percent (2%), which rate is fixed and non-discretionary, of the net asset value "NAV" of the Company determined pursuant to the objective valuation standards set forth below at the close of each quarter (i.e., approximately 1% per quarter initially and 0.5% per quarter thereafter). The asset management fee will be calculated as of the last day of each calendar quarter and payable quarterly in arrears (i.e. 1% initially and 0.5% of the NAV at the last day of each calendar quarter, payable within 30 days from the end of each calendar quarter), without any acceleration, adjustment, or increase, provided that in no event shall such fee exceed reasonable compensation within the meaning of § 4975(d)(2) of the Internal Revenue Code.

NAV shall be calculated on a quarterly basis by reference to objective, third-party pricing data. The Company anticipates that NAV will be calculated as follows:

**Digital Assets:** Valued at their published market value according to a single nationally or internationally recognized financial publication or pricing service, which is currently anticipated to be *CoinMarketCap.com.*

**Precious Metals:** Valued using publicly available market prices published by a nationally or internationally recognized financial publication or pricing service, which is currently anticipated to be the *Wall Street Journal* published prices for the applicable continuous contracts.

While the Manager may change the valuation sources identified above, any change to such valuation sources shall be limited to substitution with a comparable, nationally or internationally recognized third-party pricing service, shall be made solely for bona fide valuation purposes, applied consistently, and shall not be made for the purpose of increasing the asset management fee or otherwise providing additional economic benefit to the Manager or its Affiliates.

<u>Reimbursement of Expenses; Fees for Professional Services</u>: The Manager or its Affiliates will receive reimbursement of reasonable, documented, and actually incurred out-of-pocket expenses paid by the Manager or its Affiliates to independent third parties on behalf of, and directly allocable to, the Company in connection with the Company's operations, including legal, financial, tax reporting, and accounting costs that are necessary for the operation of the Company. Such reimbursements may be paid from Capital Contributions, operating revenue, or reserves. No reimbursement shall include (i) any markup, profit element, overhead, internal cost, or compensation component, (ii) any expense primarily attributable to the general business operations of the Manager or its Affiliates, or (iii) any amount that would constitute compensation for services rendered by the Manager or its Affiliates.

While the Company's Operating Agreement empowers the Manager or its Affiliates to be paid the fair value for provision of additional services to the Company at reasonable commercial rates (on either an hourly or per-service basis), no such services have been provided or paid for to date, and the Company does not expect that any such additional services will be provided or paid for.

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

As of the date of this offering circular, the Company has issued 100 Class M Units to the Manager:

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| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount and<br> Nature of Beneficial<br> Ownership** | **Amount and<br> Nature of Beneficial<br> Ownership Acquirable** | **Percent of<br> Class** |
| Class M Units GR Manager, LLC<sup>(1)</sup> <br>718 Washington Ave N Ste. 400 <br>Minneapolis, MN 55401 | 100 Class M Units | N/A | 100% |

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(1) The Manager is managed and controlled by Jason Weimer and Bob Barlau.

In addition to the above, the Company has agreed to issue 30,000 Class C Units to Dodson Robinette PLLC, or an affiliate Dodson Robinette PLLC, immediately after qualification of this Regulation A offering.

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

**Related Party Transactions**

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

● any of our Manager or its members or managers;

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

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

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

Our Manager and/or its affiliates have paid for all of the Company's offering and other expenses, which will be reimbursed by the Company through offering proceeds. The Company anticipates such reimbursement will amount to approximately $158,000 as summarized in the section entitled "Use of Proceeds," starting on page 32.

**Conflicts of Interest**

There may be conflicts of interests between the Company, its management, and investors. Our Manager and its members and managers may act as members and/or managers of other entities and may have current or future responsibilities to such entities, which entities may have similar business plans to the Company and may compete with the Company. Investors will have no right to participate in such entities or have any rights to the assets or operations thereof. To the extent our Manager or its members are required to spend time on such investment and/or management activities, they may not be able to devote full-time to the Company's operations. Specifically, the Manager currently manages entities with similar investment objectives as the Company. The Manager does not expect these entities to compete with the Company for investments, but in such event, the Manager will allocate investments in a manner it finds equitable to both funds.

Our Manager and its members try to balance our interests with their duties to other entities owned or managed by them. However, to the extent that such persons take actions that are more favorable to other entities than to us, these actions could have a negative impact on our financial performance and, consequently, on distributions to our investors and the value of our interests. To the extent that those other entities have investment objectives that compete with the Company, our Manager will allocate opportunities between the Company and these other entities using its business judgement. Factors that our Manager may consider include investment objectives and criteria for each entity, cash requirements and capital in the Company and the other entities available for investment when the opportunity arises, the effect of inclusion of the opportunity on portfolio diversity, leverage ability for each entity, and anticipated cash flow and holding periods.

The Company may compensate certain service providers, including legal counsel engaged in connection with this and other securities offerings, through the issuance of Units rather than, or in addition to, cash fees, which creates conflicts of interest and may result in dilution to investors. Service providers who receive Units will have a financial interest in the Company that may differ from, or not be aligned with, those of other investors and may have an incentive to support the completion or continuation of this offering or future offerings on terms that are not necessarily most favorable to investors. In addition, issuing Units as compensation increases the number of outstanding Units and will dilute existing investors' ownership interests and potential returns, while the value attributed to such Units may not reflect the fair market value of the services provided or be the result of arm's-length negotiation. Although such arrangements may preserve the Company's cash, they may make it more difficult for investors to evaluate the true cost of services, and there can be no assurance that the terms on which Units are issued to service providers are as favorable to the Company or its investors as those that could have been obtained from unaffiliated third parties.

Our Manager's interests in our Distributable Cash may cause its managers to make more risky business decisions than they would otherwise in the absence of such carried interest.

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

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

**DESCRIPTION OF SECURITIES**

The rights and obligations of the Company's members are governed by our Operating Agreement, which each prospective investor will agree to be bound by via its execution of the subscription agreement. The following summary covers certain significant provisions of the Operating Agreement and is qualified in its entirety by the provisions of the Operating Agreement. It is the intent of the Company that this offering circular accurately summarize and represent the terms of the Operating Agreement; however, in the event that any term of this offering circular conflicts with the Operating Agreement, the Operating Agreement shall control. Each prospective investor should carefully study the Operating Agreement in its entirety before purchasing Units.

**Interests**

The Company is a limited liability company formed pursuant to the Wyoming limited liability company act. Membership interests in the Company are divided between Class AA, Class A, Class B, Class C (collectively referred to as "Investor Class Units"), and Class M Units. The Company is authorized to issue an unlimited number of Investor Class Units and 100 Class M interests. No Class AA, Class A, Class B, or Class C Units have been issued. The Company has issued all Class M Units to the Manager. The Company has the authority to amend the Operating Agreement to add additional classes of Units.

**Voting**

Investor Class Units are limited to voting on only removal of the Manager for "good cause" and the appointment of a replacement manager if all Company managers have resigned or been removed. The approval of a majority of the Class M Units is required for all other matters subject to vote. Other than removal and replacement of the Manager, Investor Class Units shall be non-voting.

**Distributions**

Distributions will be made in accordance with the terms of our Operating Agreement. "Distributable Cash" is defined as: all cash of the Company derived from operations and capital transactions, less the following items: (i) payment of all fees, costs, indebtedness, and expenses of the Company, (ii) any required tax withholdings, and (iii) reserves for future expenses related to the Company's operations, as established in the reasonable discretion of the Manager.

The Manager will divide Distributable Cash into categories based on the relative proportion of Investor Class Units sold. For purposes of illustration, if total units sold were 100,000, 35,000 of which were Class A Units, the Class A Unit Percentage Share would be 35%. The Company does not expect to make distributions until it has been operating for at least three years. Subject to the availability of Distributable Cash, Distributable Cash will be distributed as follows:

● First, the Investor Class Members shall receive all Distributable Cash until they have been returned all of their Unreturned Capital Contributions.

● Second, the Distributable Cash will be allocated to each Investor Class in the same proportion as that the number of Investor Class Units in that class divided by the total number of outstanding Investor Class Units, with Distributable Cash to be distributed as follows:

○ Out of the Class AA Unit Percentage Share, seventy-five percent (75%) will be distributed to the Class AA Members, and twenty-five percent (25%) will be distributed to the Class M Members, ratably apportioned according to their respective Class AA and Class M Membership Interests.

○ Out of the Class A Unit Percentage Share, eighty percent (80%) will be distributed to the Class A Members, and twenty percent (20%) will be distributed to the Class M Members, ratably apportioned according to their respective Class A and Class M Membership Interests.

○ Out of the Class B Unit Percentage Share, eighty-two and one half percent (82.5%) will be distributed to the Class B Members, and seventeen and one half percent (17.5%) will be distributed to the Class M Members ratably apportioned according to their respective Class B, and Class M Membership Interests.

○ Out of the Class C Unit Percentage Share, eighty five percent (85%) will be distributed to the Class C Members, and fifteen percent (15%) will be distributed to the Class M Members, ratably apportioned according to their respective Class C and Class M Membership Interests.

**Allocations**

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

Prospective investors should read the Operating Agreement for a more detailed description of how Profits and Losses will be allocated to the members.

**Members**

The members are not permitted to take part in the management or control of the business or operations of the Company. Assuming that the Company is operated in accordance with the terms of the Operating Agreement, a Member generally will not be liable for the obligations of the Company in excess of its total capital contributions and share of undistributed profits. However, a member may be liable for any distributions made to the member if, after such distribution, the remaining assets of the Company are not sufficient to pay its then outstanding liabilities. The Operating Agreement provides that the Members will not be personally liable for the expenses, liabilities, or obligations of the Company.

**Term and Dissolution**

The term of the Company commenced upon the filing of the Company's Articles of Organization with the Wyoming Secretary of State on August 27, 2025 as Gratus Reserve II, LLC, and changed its name to Gratus Reserve V, LLC on November 21, 2025. The Company will last in perpetuity or until such time as the winding up and liquidation of the Company and its business is completed following a liquidating event.

The Company will be dissolved upon the occurrence of any of the following events:

● The liquidation of all Company assets, as determined by the Manager.

● A vote of a majority of the Class M Units.

● The withdrawal of the Manager unless (i) the Company has at least one other Manager, or (ii) within 90 days after the withdrawal, the Members vote to continue the business of the Company and to appoint one or more additional Managers.

● The withdrawal of all the members, unless the Company is continued in accordance with the limited liability company act.

● The entry of a decree of judicial dissolution.

**Access to Information**

Members, but not assignees, may examine and audit the Company's books, records, accounts, and assets at the principal office of the Company, or such other place as the Manager may specify, subject to such reasonable restrictions as may be imposed by the Manager. All expenses attributable to any such examination or audit shall be borne by such member.

**Indemnification**

The Operating Agreement generally provides that the Company will indemnify the Manager, its affiliates, and certain other parties against any claim or loss incurred in connection with any action, suit, or proceeding resulting from such party's relationship to the Company. A party will not be indemnified with respect to matters as to which the party is finally adjudicated in any such action, suit or proceeding (a) to have acted in bad faith, or in the reasonable belief that the party's action was opposed to the best interests of the Company, or with gross negligence or willful misconduct, or in breach of such party's fiduciary duty to the Company (if any), or (b) with respect to any criminal action or proceeding, to have had cause to believe beyond any reasonable doubt the party's conduct was criminal. The Company will pay the expenses incurred by an indemnified party in connection with any such action, suit, or proceeding, or in connection with claims arising in connection with any potential or threatened action, suit, or proceeding, in advance of the final disposition of such action, suit, or proceeding. Upon receipt of a final judgment indicating that indemnification should not have applied, then such party will repay indemnification payments.

**Manager Removal**

The Manager may be removed for "good cause" by 75% of the outstanding Class AA, Class A, Class B, and Class C Units. For purposes of the foregoing, "good cause" means that the Manager conducted itself on behalf of the Company in a manner that (i) constitutes gross negligence or willful misconduct and (ii) has a material, adverse effect on the Company, as determined by a non-appealable judgement by a court of competent jurisdiction.

No member, including a Manager, if applicable, will have any special right to withdraw upon a removal of a Manager.

**Transfer of Units**

A Member is not permitted to assign, pledge, mortgage, hypothecate, give, sell, or otherwise dispose of or encumber all or a portion of its Units, unless such transfer:

● Is approved by the Manager, subject to such conditions as the Manager may impose;

● Is evidenced by a written agreement, in form and substance satisfactory to the Manager, which is executed by the transferor, the transferee(s), and the Manager;

● Will not result in violation of the registration requirements of the Securities Act;

● Will not require the Company to register as an investment company under the Investment Company Act of 1940, as amended; and

● Will not result in the Company being classified for federal income tax purposes as an association taxable as a corporation.

The transferor of any Units is required to reimburse the Company for any expenses reasonably incurred in connection with a transfer, including any legal, accounting, and other expenses, whether or not such transfer is consummated.

The transferee of any Units in the Company that is admitted to the Company as a substituted Member will succeed to the rights and liabilities of the transferor Member and, after the effective date of such admission, the capital account of the transferor will become the capital account of the transferee, to the extent of Units transferred.

**Additional Capital Contributions**

Additional Capital Contributions may not be required.

**Redemption**

The Manager has the authority to adopt, amend, suspend, and terminate one or more redemption programs to redeem Investor Class Units. Any redemption payments will be subject to the availability of Distributable Cash. The Manager may amend any adopted redemption policy at any time without member approval. The Company's current redemption policy, which is intended to remain in effect for the life of the Company, but may be suspended or modified by the Manager if changes are required to comply with relevant regulations, is attached as Exhibit A to the Company's Operating Agreement, and summarized below:

The Company's redemption program is designed to provide limited interim liquidity to holders of its Investor Class Units. The program will not commence until the beginning of the calendar quarter following the second anniversary of the Company's operations. In addition, Units submitted for redemption must have been held for at least six months, and Units held for less than two years will be subject to a greater redemption discount than Units held for two years or more. The redemption program will be available to holders of all Investor Class Units being sold in this offering (Class AA, Class A, Class B and Class C).

The redemption program is expected to operate on a quarterly basis. Members may submit written redemption requests during a 30-day redemption window each calendar quarter, beginning on the date the Company publishes its Net Asset Value for that quarter. Redemption payments will be made within 90 days following the close of the applicable redemption period and will be made only to the extent the Company has available distributable cash. The number of Units the Company may repurchase in any calendar quarter will be limited to no more than 2.5% of the outstanding Investor Class Units as of the start of the quarter. If redemption requests exceed this limit, the Company expects to repurchase Units on a pro rata basis.

The price paid for redeemed Units will be based on the Company's NAV at the beginning of the applicable quarter, subject to class-specific return percentages and redemption discounts. The applicable class return percentages are expected to be 75% for Class AA Units, 80% for Class A Units, 82.5% for Class B Units and 85% for Class C Units. The resulting amount will then be discounted by an additional 20% for Units total held for less than two years (resulting in total discounts of 60% for Class AA, 64% for Class A, 66% for Class B, and 68% for Class C) or an additional 10% for Units held for two years or more (resulting in total discounts of 67.5% for Class AA, 72% for Class A, 74.25% for Class B, and 76.5% for Class C). The Company will not actively solicit redemptions.

**Side Letters**

The Manager has the authority on the behalf of the Company, without the consent of any member, to enter into one or more written agreements (each, a "Side Letter") with any member or prospective member, which Side Letter may (i) alter or supplement the rights, obligations, or restrictions of such member under the Operating Agreement, including without limitation, with respect to fee rates, liquidity rights, reporting, co-investment opportunities, and other economic or non-economic terms, or (ii) grant such member or prospective member additional rights, benefits, or privileges not provided to other members. Any Side Letter entered into by the Manager shall be binding solely upon the Company, Manager and the member(s) that are party thereto, and no other member shall be entitled to any rights or benefits conferred under such Side Letter. The Manager has no obligation to offer or grant to any other member the rights or benefits set forth in any Side Letter.

**Dispute Resolution**

The Operating Agreement contains a detailed internal alternative dispute resolution procedure (in lieu of litigation) which requires the parties to any dispute to engage in good-faith negotiations for no less than 90 days, followed by a minimum of 3 face-to-face mediations, and, as a last resort, binding arbitration, all of which shall be performed in accordance with the rules of the American Arbitration Association and will take place in the county of the principal office of the Company. In the event of a dispute, a member is limited to seeking its initial capital contributions plus any Distributable Cash to which it is entitled. Each party will bear its own attorneys' fees and costs regardless of the outcome. In the event arbitration is required, discovery will be limited, and, by signing the Operating Agreement, the parties are giving up their rights to a jury trial. The Manager will be required to maintain the *status quo* with respect to Company operations and distributions pending the outcome of any dispute, except for any distributions to the complaining member, which will be held in trust pending the outcome of the proceeding. Investors are encouraged to seek their own legal counsel as to the effect of this provision.

**MATERIAL UNITED STATES TAX CONSIDERATIONS**

The potential investor should be aware of the material Federal and State income tax aspects of an investment in the Units. Investors should consult with their tax professionals to determine the effects of the tax treatment of the Units with respect to their individual situation.

**Reporting Status of the Company**

The Company will elect to be treated as a partnership for Federal and State income tax purposes unless an election is made to treat the Company as a corporation. By maintaining partnership tax status, the Company will be responsible for preparing appropriate federal and state partnership tax returns, reporting income or loss and allocating such income and loss to each Member for such Member's share of profits and losses from operations and disposition. Such will be made to the Members in accordance with the laws and regulations governing federal income taxation. This process will make the Company a pass-through entity for tax purposes.

**Classification as a Partnership**

The Company was formed as a limited liability company, accordingly, pursuant to applicable U.S. Treasury Regulations, the Company will be treated as a partnership, rather than a corporation, for U.S. federal income tax purposes unless the Company affirmatively elects to be treated as a corporation for such purposes. The Manager has no intention of making such an election on behalf of the Company and does not anticipate any circumstances under which such an election would be made on behalf of the Company. In certain cases under Code §7704, a partnership that is classified as a publicly traded partnership ("PTP"), the interests of which are either publicly traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent thereof), may be taxed as a corporation for U.S. federal income tax purposes. Under Treasury Regulation §1.7704-1(d), interests in a partnership are not considered traded on an established securities market or readily tradable on a secondary market unless the partnership participates in the establishment of the market or the inclusion of its interests in a market, or the partnership recognizes any transfers made on the market by redeeming the transferor partner, admitting the transferee as a partner, or otherwise recognizing any rights of the transferee.

We will not list any Units on any stock exchange. The Treasury Regulations provide certain safe harbors that, if satisfied, will allow transfers to occur that will not result in the Units being treated as publicly-traded or treated as readily tradable on a secondary market or the substantial equivalent. The safe harbors include transfers:

● In "private" transfers;

● Pursuant to a qualified matching service ("QMS"); or

● In limited amounts that satisfy a 2% test.

"Private" transfers include, among others:

● Transfers in which the basis of the partnership interest in the transferee is determined, in whole or in part, by reference to its basis in the hands of the transferor or is determined under Code §732, related to distributions from a partnership;

● Transfers at death, including transfers from an estate or testamentary trust;

● Transfers between members of a family as defined in Code §267(c)(4);

● Transfers from retirement plans qualified under Code §401(a) or an IRA; and

● "Block transfers." A block transfer is a transfer by a Member and any related persons as defined in the Code in one or more transactions during any 30 calendar day period of Units that in the aggregate represents more than 2% of the total interests in partnership capital or profits.

In addition, interests are not treated as readily tradable if the sum of the percentage of the interests transferred during the entity's tax year, excluding private transfers, does not exceed two percent (2%) of the total interests in partnership capital or profits.

If we are classified as an association taxable as a corporation instead of as a partnership, for any year, we would be subject to U.S. federal income tax on our taxable income at rates applicable to corporations and any applicable state and local taxes; distributions to Members would be taxable as dividends to the Members to the extent of our current and accumulated earnings and profits and would not be deductible by us; and our deductions, if any, would be allowed only by the Company, rather than being passed through to Members.

The remainder of this discussion of *"Federal and State Taxes"* assumes that we will be classified as a partnership, and not as a corporation, for U.S. federal income tax purposes. Thus, the following rules applicable to partnerships and their partners will apply to us and our Members unless otherwise indicated.

**Taxation of Members**

The Company will be treated as a partnership for federal tax purposes. A partnership is not generally a taxable entity. For U.S. federal income tax purposes, a partnership is not a taxable entity but rather a conduit through which items of income, gain, loss, deduction and credit are passed and its partners must report. Thus, each Member will be required to report on its federal income tax return its allocable share of items of income, gain, loss, deduction or credit realized by us. Because portions of our available cash will be used to fund certain expenses and may be used to repay borrowings for which we are liable, such funds may not be available for distribution to Members. Consequently, a Member may be allocated income from us in a particular year yet may not receive a cash distribution in respect of such income and would have to find an alternate source of funds to pay its taxes on such amount. Taxable income or loss allocated to Members from us will retain the same character, as capital gain or loss, or ordinary income or loss, for the Members as determined at the Company level. Such income will be capital gain or loss to the extent that it arises from the sale of capital assets.

Code §704(b) and the Treasury Regulations thereunder provide that a partner's distributive share of income, gain, loss, deduction or credit will be controlled by the partnership agreement if the allocation provided for in the partnership agreement has "substantial economic effect." If the allocation provided for in the partnership agreement does not have substantial economic effect, then a partner's distributive share must be allocated in accordance with each partner's interest in the partnership, which will be determined by taking into account all the facts and circumstances, such as a partner's interest in profits and losses, relative share of capital contributed, interest in cash flow and right to distributions upon liquidation.

Treasury Regulations promulgated under Code §704(b) provide certain guidelines which, if satisfied by the Company, will result in the allocation of profits and losses being deemed to have substantial economic effect. If the IRS were to contend successfully that the allocation of profits and losses under the terms of the Series Designation was not in accordance with such guidelines, then each Member's share of the income, gain, losses, deductions or credits from us would be determined in accordance with his, her or its interest in the Company, taking into account all the facts and circumstances, including those discussed above.

**Basis of the Company**

An original tax basis will be established for the Company in each asset acquired by the Company. The tax basis of the Company will be adjusted during the operations of the Series under applicable partnership tax principles.

**Basis and Risk of a Member**

***Tax Basis in a Unit***. A Member's tax basis in the Company initially will equal the amount paid to acquire such Unit by capital contribution. It will be increased by (i) any subsequent cash contributions the Member makes to the Company, (ii) the Member's distributive share of the Company's taxable income, (iii) the Member's distributive share of the Company's tax-exempt income, and (iv) any increase in the Member's share of the Company's liabilities. It will be decreased (but not below zero) by (i) actual distributions the Company makes to the Member, (ii) the Member's distributive share of the Company's losses (even if such losses are deferred as described below), (iii) the Member's distributive share of the Company's non-deductible expenses that are not properly chargeable to a capital account and (iv) a decrease in the Member's share of the Company's liabilities.

***Basis & At Risk Limitations on Deductions***. Members' ability to deduct their share of deductions and losses will be limited to their adjusted tax basis in their Units, or in the case of a Member that is an individual or a corporation (if more than 50% of the value of such corporation's stock is owned directly or indirectly by five or fewer individuals or certain tax-exempt organizations), to the amount that the Member is considered to be "at risk" with respect to our activities, if that is less than the Member's adjusted tax basis. A Member must recapture losses deducted in previous years to the extent that our distributions cause the Member's at risk amount to be less than zero at the end of any taxable year. Losses disallowed to a Member or recaptured as a result of these limitations will carry forward and will be allowable to the extent that the Member's tax basis or at risk amount (whichever is the limiting factor) is increased above zero.

In general, each Member will be at risk to the extent of the purchase price of its Units, but this will be less than the Member's tax basis in its Units to the extent of the Member's share of any of our nonrecourse liabilities (other than certain "qualified nonrecourse financing"). A Member's at risk amount will increase or decrease as the adjusted tax basis of the Member's Units increase or decrease except that changes in our nonrecourse liabilities (other than with respect to certain "qualified nonrecourse financing") will not increase or decrease the Member's at risk amount.

***Qualified business Income*.** Under current law, and subject to certain restrictions, individuals (or entities treated as individuals), trusts and estates will generally be entitled to deduct twenty percent (20%) of their "qualified business income" for a taxable year. Qualified business income includes, for these purposes, income and gain from certain qualified trades or businesses, but does not include investment-related income such as net capital gain, dividend or interest income. For taxpayers whose income exceeds certain threshold amounts: (i) the deduction is subject to various limitations, including limitations based on the wages paid with respect to, and the adjusted tax basis of property held by, a qualified trade or business, and (ii) the deduction is not available with respect to income from certain service businesses. A portion of a Member's allocable share of income or gain from the Company may constitute qualified business income, in which case it generally will be eligible for the deduction described above. There can be no assurance that any portion of a Member's allocable share of income or gain from the Company will constitute qualified business income. Prospective investors that are individuals, trusts or estates should consult their tax advisors as to whether they are eligible to deduct a portion of any income allocated to them for U.S. federal income tax purposes by the Company.

***Investment Interest Expense Deductions***. To the extent that the Company has interest expense and such interest expense is considered allocable to investment property, a non-corporate Member may be subject to the "investment interest" limitations of Code §163(d). Investment interest includes interest paid or accrued on indebtedness incurred or continued to purchase or carry property held for investment, and short sale expenses. Investment interest is not deductible in the current taxable year to the extent it exceeds a taxpayer's "net investment income," consisting of net gain and ordinary income from investments in the current year. For the purposes of this limitation, net long-term capital gains are generally excluded from the computation of investment income, unless the taxpayer elects to pay tax on such gains at ordinary income tax rates.

If or to the extent that the limitation on investment interest applies, a non-corporate Member could be denied a deduction for all or part of its distributive share of Company interest expenses unless such Member had sufficient investment income from all sources, including the Company. In such case, a Member that could not deduct such interest expenses currently as a result of the application of this limitation would be entitled to carry such amounts forward to future years when the same limitation would again apply. The limitations on the deductibility of investment interest would also apply to interest paid by a Member on debt incurred to finance its investment in the Company.

***Passive Activity Losses***. The passive activity limitations of Code §469 apply to individuals, trusts, estates, personal service corporations, and certain closely-held C corporations. In general, these rules limit the deductibility of losses from passive activities (which may include losses attributable to a trade or business carried on as an investing Member) as well as any rental activity or other business activity in which the taxpayer does not materially participate, to the income generated from the taxpayer's other passive activities. In general, a Member may realize passive income or loss from our operations. If a Member is subject to these rules, such Member's share of passive losses, if any, from our operations may be used to offset such Member's net income (and associated tax liability) from other passive activities. Conversely, such Member may utilize losses, if any, from its other passive activities to offset their passive income, if any, from our operations. However, any "excess" passive loss from our operations cannot be utilized to offset the Member's income from other sources, such as "active income" (i.e., wages and active trade or business income) or "portfolio income" (i.e., dividend, interest, royalty and annuity income and gains derived from assets producing portfolio income).

If a Member's passive losses exceed its passive income, such excess may not be used to offset such Member's other taxable income and must be carried forward to future years to offset passive income recognized in those years under the same rules or upon the disposition in full of such passive interest. Therefore, a Member will receive no current tax benefit from our losses to the extent that such Investor has no passive activity income from other sources during that tax year.

Portfolio income earned by a taxpayer is treated as non-passive income of the taxpayer and cannot be offset by such taxpayer's passive losses, if any. Consequently, to the extent that we generate portfolio income, each Member will have an increased tax liability regardless of the amount of passive losses, if any, realized by the Company from its operations. Please note that certain income (including dividend and royalty income) generated by the Company may constitute portfolio income to Members.

The passive activity loss rules are applied after other applicable limitations on deductions such as the tax basis limitation and the at risk rules described above.

***Limitation on Deductibility of Excess business Losses*.** Under current law, individuals (or entities treated as individuals), trusts and estates are not permitted to deduct "excess business losses," very generally defined to be aggregate deductions with respect to a taxable year attributable to trades or business of the taxpayer that exceed certain threshold amounts. In the case of partnerships, the limitation is applied at the partner level and each partner must take into account its allocable share of partnership income, gain, deductions and losses from trades or businesses of the partnership for purposes of calculating its excess business loss, if any. The limitation on deductibility of excess business losses is applied after the limitation on passive losses described above. The limitations on deductions of "excess business losses" may limit the deductibility of certain of the Company's losses. Any losses disallowed as a result of this limitation may be carried forward to future years, subject to certain limitations.

***Treatment of Distributions***. In the event cash distributions made to a Member by us exceed such Member's adjusted tax basis in his, her or its Series Units, such Investor must recognize gain equal to such excess. Cash distributions in excess of a Member's adjusted tax basis generally will be considered gain from the sale or exchange of an interest in the Company, which gain may be treated, at least in part, as capital gain. Please note that any reduction in a Member's share of our liabilities will be treated as a cash distribution for federal income tax purposes.

***Surtax on Unearned Income.*** Code §1411 imposes a 3.8% surtax on the "net investment income" of certain U.S. persons who are citizens and resident aliens, and on the undistributed "net investment income" of certain U.S. estates and trusts. Among other items, "net investment income" generally would include a Member's allocable share of the Company's net gains and certain other income such as interest and dividends, less deductions allocable to such income. In addition, "net investment income" may include gain from the sale, exchange or other taxable disposition of an interest in the Company, less certain deductions. Prospective investors should consult their own advisors concerning its potential applicability to their individual circumstances.

***Disposition of a Unit***. Upon the sale of Units, a Member will recognize gain or loss equal to the difference between such Member's "amount realized" and such Member's adjusted tax basis in their Units. A Member's "amount realized" will equal the sum of the cash and fair market value of other property received plus the portion of our nonrecourse liabilities allocated to the Units sold and any Member recourse liabilities of which the Member is relieved. If the amount of cash and fair market value of other property received plus the allocable share of our nonrecourse liabilities and Member recourse liabilities of which the Member is relieved exceeds the Member's adjusted basis with respect to the Units disposed of, such Member will recognize gain equal to such excess. The tax liability resulting from such gain could exceed the amount of cash received upon the disposition of such Units. To the extent that a portion of the gain upon the sale of Units is attributable to a Member's share of our "inventory items" and "unrealized receivables," (customarily referred to as "hot assets") as those terms are defined in Code §751, such portion will be treated as ordinary income. Unrealized receivables include (i) to the extent not previously includable in our income, any rights to pay for services rendered or to be rendered and (ii) amounts that would be subject to recapture as ordinary income if we had sold our assets at their fair market value at the time of the transfer of such Units.

Capital gain or loss recognized by an individual Member on the sale or exchange of a Unit held for more than 12 months will be long-term capital gain or loss for United States federal income tax purposes. All other gains will be taxed at ordinary income rates. A Member's ability to deduct capital losses may be severely limited.

If a Member sells or otherwise disposes of a Unit prior to the end of a taxable year in which the Company has net income, such Investor will be liable for the income taxes due on its proportionate share of the net income attributable to such Unit for that period ending on the date of disposition, even though the Member may not have received any cash distributions.

Pursuant to the current law, if any portion of the gain realized by a Member on a sale or disposition (or deemed sale or disposition, including any deemed disposition resulting from a subsequent closing of the Company) of its interest (or any portion thereof) in the Company would be treated as effectively connected with the conduct of a U.S. trade or business, the Company may be required to withhold taxes from future distributions to a transferee Member in an amount up to ten percent (10%) of the amount realized by the transferor Member unless (x) the transferor Member provides an affidavit of non-foreign status within the meaning of Section 1446 of the Code in connection with such transfer or (y) the transferee withholds and remits a sufficient amount from the purchase price. The Manager shall provide the form and content of such affidavit based on advice of tax counsel and its sole reasonable discretion. A Member is expected to be required to provide and certify its correct taxpayer identification number, and to provide other relevant certifications regarding its identity and U.S. federal income tax characteristics in order to avoid ten percent (10%) withholding upon the sale, transfer, or other disposition of its interest (or any portion thereof) in the Company, and each Member will be required to indemnify the Company for any liabilities arising from any tax liability described above.

**Deductibility of Prepaid and Other Expenses**

The Company will incur expenditures for legal fees in association with the set-up of the Company. These expenditures will be capitalized and will be deducted on dissolution of the Company based on current tax law.

The Company will incur expenditures for professional fees associated with the preparation and filing of the annual income tax and informational return and the preparation of Schedule K-1 reports to be distributed to the Members. These expenditures will be deducted on an annual basis. All other normal operating expenses will be deducted on an annual basis by the Company, which will use a calendar accounting year.

**Cost Recovery and Recapture**

The tax basis of the Company's assets will be used for purposes of computing depreciation and cost recovery deductions and, ultimately, gain or loss on the disposition of these assets. If a Series disposes of depreciable property by sale, foreclosure or otherwise, all or a portion of any gain, determined by reference to the amount of depreciation deductions previously taken, may be subject to the recapture rules and taxed as ordinary income rather than capital gain. Similarly, a Member who has taken cost recovery or depreciation deductions with respect to property the Company owns will likely be required to recapture some or all of those deductions as ordinary income upon a sale of its interest in the Company.

The costs the Company incurs in offering and selling its Units must be capitalized and cannot be deducted currently, ratably or upon the Company's termination. While there are uncertainties regarding the classification of certain costs as organization expenses, which may be amortized by the Company, and as Offering expenses, which may not be amortized by the Company, the underwriting discounts and commissions the Company incurs will be treated as Offering expenses.

**Deductibility of Other Expenses**

Our organizational expenses are not currently deductible, but may, at our election, be amortized ratably over a period of not less than 15 years (and may be amortized over a different period for book purposes). Our Offering expenses (i.e., expenditures made in connection with the marketing and issuance of Units, including placement fees) are neither deductible nor amortizable. The Internal Revenue Service may disagree with us as to the allocation of expenses between organizational and syndication expenses and may assert that a portion of any management fees paid by us to the Manager should be deemed to be a reimbursement for organizational or nondeductible Offering expenses. The IRS may also challenge the deductions of other expenses, depending on all the facts and circumstances.

**Taxable Gain**

The tax basis of each of the Company's assets will be used for purposes of computing depreciation and cost recovery deductions and, ultimately, gain or loss on the disposition of these assets. If the Company disposes of depreciable property by sale, foreclosure or otherwise, all or a portion of any gain, determined by reference to the amount of depreciation deductions previously taken, may be subject to the recapture rules and taxed as ordinary income rather than capital gain. Similarly, a Member who has taken cost recovery or depreciation deductions with respect to property the Company owns will likely be required to recapture some or all of those deductions as ordinary income upon a sale of its interest in the Company.

*Phantom Income*

It may occur that in any year the Members will receive an allocation of taxable income and not receive cash distributions sufficient to pay the tax liability arising from such income. Colloquially, this is referred to as "phantom income." In this event, the Members may owe tax on the reportable income, which the Member will need to pay out of pocket.

*Unrelated business Income Tax (UBIT)*

Employee benefit plans and most organizations exempt from federal income taxes ("**Exempt Organizations**"), including IRAs and other similar retirement plans, are subject to tax to the extent that their unrelated business taxable income ("UBTI") exceeds $1,000.00 during any tax year. To the extent that an Exempt Organization is allocated UBTI from the Partnership, it would be subject to tax on such amounts exceeding $1,000 at the trust tax rates. UBTI generally means the gross income derived from any unrelated trade or business regularly carried on by the exempt organization, less the deductions directly connected with carrying on the trade or business. Certain types of income (and deductions directly connected with the income) are generally excluded when calculating UBTI, such as rents from real property and gains or losses from the sale, exchange, or other disposition of property. However, there are exceptions to the exclusion that will likely apply with respect to Company investments. In this regard, it is likely that the Company investments will be acquired with funds from loans, which will be "acquisition indebtedness" and result in a portion of the net income therefrom, generally equal to the ratio of acquisition indebtedness to basis in property, being UBTI. The fact that UBTI will be generated and allocated to the Company (and ultimately the Members) may make an investment in the Company less desirable for an Exempt Organization, IRA or other similar retirement plan.

**Audits**

*Election Out of Bipartisan Budget Act Audit Rules*

Effective for partnership returns for tax years beginning on or after January 1, 2018, partnerships will be subject to the audit rules of sections 6221 through 6241 of the Internal Revenue Code, as amended by Bipartisan Budget Act of 2015 (BBA). Under the previous rules, partnership audits (subject to certain exceptions for small partnerships) were conducted at the partnership level, through interaction with a Tax Matters Partner (TMP) authorized to bind all partners (subject to participation in some instances by Notice Partners). Tax adjustments were made at the partnership level, but the adjustments would flow through to the partners who were partners during the year(s) under audit. Collection would then occur at the partner level.

Under the BBA audit rules, the IRS will assess and collect tax deficiencies directly from the partnership at the entity level. Generally, the tax is imposed on and paid by the partnership in the current year, calculated at the highest individual rate. The result is that the underlying tax burden of the underpayment may be shifted from the partners who were partners during the year(s) under audit to current partners.

In addition, the positions of TMP and Notice Partners have been eliminated and replaced with a Partnership Representative, which must be designated annually on the partnership's timely filed return. The Partnership Representative has the sole authority to act on behalf of the partnership and the partners in an audit, and those powers cannot be limited.

A partnership may elect out of the BBA audit rules if certain conditions are met. In order to elect out, the partnership must issue 100 or fewer K-1s each year with respect to its partners. Moreover, each partner must be either an individual, a C corporation, a foreign entity that would be treated as a C corporation if it were domestic, an S corporation, or the estate of a deceased partner. Thus, a partnership is ineligible to elect out if any partner is a trust (including a grantor trust), a partnership, or a disregarded entity, such as an LLC where the social security number of the individual Member is used for income tax reporting purposes. The election out must be made annually on the partnership's timely filed return and must include a disclosure of the name and taxpayer identification number of each partner. In the case of a partner that is an S corporation, each K-1 issued by the S corporation partner counts toward the limit of 100 K-1s. The partnership must notify each partner of the election.

It is the intent of the Company to elect out of the BBA audit rules, if possible. By electing out of the BBA audit rules, the Company will be subject to audit procedures similar to the TEFRA and pre-TEFRA rules, but the IRS will be required to assess and collect any tax that may result from the adjustments at the individual partner level. However, this opt-out provision likely will not be available to the Company based on the tax classification of the Members.

Members will be required timely to furnish the Company with the information necessary to make the annual election, and the Company will be authorized to provide such information to the IRS.

*Push Out Election (Audit)*

The "push out" election of Internal Revenue Code section 6226 provides an alternative to the general rule that the partnership must pay any tax resulting from an adjustment made by the IRS. Under section 6226, a partnership may elect to have its reviewed year partners consider the adjustments made by the IRS and pay any tax due as a result of those adjustments. The partnership must make the "push out" election no later than 45 days after the date of the notice of final partnership adjustment and must furnish the Secretary and each partner for the reviewed year a statement of the partner's share of the adjustment.

If the Company fails to make a valid election out of the BBA audit rules or is otherwise disqualified from electing out of their application, the Company intends to elect the application of the "push out" procedures. In the event of a push out, a former Member may owe additional tax if they were a Member during the reviewed year.

THE U.S. FEDERAL INCOME TAX TREATMENT OF HOLDERS OF OUR UNITS DEPENDS IN SOME INSTANCES ON DETERMINATIONS OF FACT AND INTERPRETATIONS OF COMPLEX PROVISIONS OF U.S. FEDERAL INCOME TAX LAW FOR WHICH NO CLEAR PRECEDENT OR AUTHORITY MAY BE AVAILABLE. IN ADDITION, THE TAX CONSEQUENCES OF HOLDING OUR UNITS TO ANY PARTICULAR INVESTOR WILL DEPEND ON THE INVESTOR'S PARTICULAR TAX CIRCUMSTANCES. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND DISPOSING OF OUR UNITS.

THE MANAGER MAY DETERMINE IN ITS SOLE AND ABSOLUTE DISCRETION WHETHER TO MAKE ANY AVAILABLE ELECTION UNDER THE CODE IN RESPECT OF THE COMPANY, AND MAY REVOKE ANY SUCH ELECTION IF, IN ITS SOLE AND ABSOLUTE DISCRETION, IT DETERMINES THAT SUCH REVOCATION IS IN THE BEST INTEREST OF THE MEMBERS TAKEN AS A WHOLE. UNDER THE COMPANY AGREEMENT, THE MANAGER SHALL BE UNDER NO OBLIGATION TO TAKE INTO ACCOUNT THE TAX CONSEQUENCES TO ANY SHAREHOLDER. THE COMPANY AGREEMENT ALSO PROVIDES THAT NEITHER THE MANAGER NOR THE COMPANY SHALL HAVE LIABILITY TO A MEMBER UNDER ANY CIRCUMSTANCES AS A RESULT OF AN INCOME TAX LIABILITY INCURRED BY SUCH MEMBER AS A RESULT OF AN ACTION (OR INACTION) BY THE MANAGER PURSUANT TO ITS AUTHORITY UNDER SUCH AGREEMENT.

**EXPERTS**

Our financial statements for the period from inception (August 27, 2025) to August 31, 2025 included in this offering circular have been audited by Abdi Sheikh-Ali, CPA, PLLC as stated in its report appearing herein. Such financial statements have been so included in reliance upon the report of such firm given upon its authority as an expert in accounting and auditing.

**WHERE YOU CAN FIND ADDITIONAL INFORMATION**

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

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

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

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

**Gratus Reserve V, LLC**

718 Washington Ave N

Ste. 400

Minneapolis, MN 55401

Phone No.: (651) 999-5344

Email: [______________]

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

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Table of Contents**

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| | |
|:---|:---|
|  | **Page** |
| [Independent Auditor's Report on Financial Statements](#f_001) | F-2 |
| [Statement of Financial Condition](#f_002) | F-4 |
| [Statement of Operations](#f_003) | F-5 |
| [Statement of Cash Flows](#f_004) | F-6 |
| [Statement of Changes in Members' Capital](#f_005) | F-7 |
| [Notes to Financial Statements](#f_006) | F-8 |

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**Abdi Sheikh-Ali, CPA, PLLC**

450 Century Parkway, Suite 250 Tel. (972) 217-4646 <br> Allen, Texas 75013 Fax. (972) 217-4645 <br> <u>www.abdisheikh.com</u> <u>cpa@abdisheikh.com</u>

**<u>INDEPENDENT AUDITOR'S REPORT</u>**

To the Managing Member(s) of

Gratus Reserve II, LLC:

**Opinion**

We have audited the financial statements of Gratus Reserve II, LLC, which comprise the statement of financial condition as of August 31, 2025, and the related statements of operations, cash flows, and changes in shareholders' equity, from inception (August 27, 2025) to August 31, 2025, and the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of Gratus Reserve II, LLC as of August 31, 2025, and the results of its operations and its cash flows from inception (August 27, 2025) to August 31, 2025, in accordance with accounting principles generally accepted in the United States of America.

**Basis of Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We are required to be independent of Gratus Reserve II, LLC, in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission, and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, certain conditions indicate that Gratus Reserve II, LLC may be unable to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified in respect to this matter.

**Responsibilities of Management for the Financial Statements**

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

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about Gratus Reserve II, LLC.'s ability to continue as a going concern for a period of one year from the date that the financial statements are issued.

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

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

In performing an audit in accordance with GAAS, we:

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| | |
|:---|:---|
| ⮚ | Exercise professional judgment and maintain professional skepticism throughout the audit. |
| ⮚ | Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. |
| ⮚ | Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Gratus Reserve II, LLC's internal control. Accordingly, no such opinion is expressed. |
| ⮚ | Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements. |
| ⮚ | Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about Gratus Reserve II, LLC's ability to continue as a going concern for a reasonable period of time. |

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

![](img_001.jpg)

Allen, Texas

September 8, 2025

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Statement of Financial Condition**

**As of August 31, 2025**

---

| | |
|:---|:---|
| **ASSETS** |  |
| Deferred offering costs | $39692 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**39692** |
| **LIABILITIES** |  |
| Accrued expenses | $1000 |
| Due to related parties | 39050 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | $40050 |
| **MEMBERS' CAPITAL** |  |
| Accumulated deficit | $(358) |
| &nbsp;&nbsp;&nbsp;**Total members' capital** | $(358) |
| &nbsp;&nbsp;&nbsp;**Total liabilities and members' capital** | $**39692** |

---

See accompanying footnotes and accountant's report

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Statement of Operations**

**For the inception-to-date period ended August 31, 2025**

---

| | |
|:---|:---|
| **REVENUE** |  |
| Investment income | $- |
| &nbsp;&nbsp;&nbsp;**Total revenue** | $**-** |
| **OPERATING EXPENSES** |  |
| Organizational costs | $358 |
| &nbsp;&nbsp;&nbsp;**Total operating expenses** | $**358** |
| **Net investment income (loss)** | $**(358)** |

---

See accompanying footnotes and accountant's report

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Statement of Cash Flows**

**For the inception-to-date period ended August 31, 2025**

---

| | |
|:---|:---|
| **Cash flows from operating activities** |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(358) |
| **Adjustments to reconcile Change in net assets to net cash provided by operating activities:** |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in deferred offering costs | (39692) |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in accrued expenses | 1000 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in due to related parties | 39050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided (used) by Operating activities** | $**-** |
| **Cash flows from investing activities** |  |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in investments | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided (used) by Financing activities** | $**-** |
| **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;Capital contributions | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided (used) by Financing activities** | $**-** |
| **Net increase (decrease) in cash** | $**-** |
| **Cash at beginning of period** | $**-** |
| **Cash at end of period** | $**-** |
| **Supplemental disclosure of cash flow information** |  |
| &nbsp;&nbsp;&nbsp;Cash paid during the year for interest | $- |

---

See accompanying footnotes and accountant's report

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Statement of Changes in Members' Equity**

**For the inception-to-date period ended August 31, 2025**

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| | |
|:---|:---|
| **Description** | **Amount** |
| **Members' Equity at inception - August 27, 2025** | $**-** |
| &nbsp;&nbsp;&nbsp;Capital contributions |  |
| &nbsp;&nbsp;&nbsp;Capital distributions |  |
| &nbsp;&nbsp;&nbsp;Syndication costs |  |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (358) |
| **Members' Equity at August 31, 2025** | $**(358)** |

---

See accompanying footnotes and accountant's report

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Notes to Financial Statements - as of August 31, 2025**

**1.** **Company and Nature of Operations** 

Gratus Reserve II, LLC (the "Company") is a limited liability company organized in the State of Wyoming on August 27, 2025. Gratus Capital is an alternative investment platform created to help people position in the best assets during this once-in-a-generation financial system transition. Through its flagship Gratus Reserve Fund, the Company brings together the most time-tested stores of value—precious metals such as gold, silver, and copper—with the most promising new infrastructure of money—blockchain networks, specifically large-cap cryptocurrencies and ISO 20022-aligned coins that are becoming the backbone of global payments. The Company's mission is to restore integrity to money by equipping investors with direct access to assets that preserve wealth, generate growth, and position them on the right side of the coming monetary reset. The Company is pursuing Crowdfunding (CF) to expand this mission, broaden investor access, and scale a portfolio that combines the "best of the old" with the "best of the new."

**2.** **Significant Accounting Policies** 

**a.** **Basis of Presentation** 

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (GAAP) as detailed in the Financial Accounting Standards Board's Accounting Standards Codification ("FASB ASC"). The accompanying financial statements are for the financial statements of the Company.

**b.** **Cash & Cash Equivalents** 

Cash & cash equivalents include cash in bank accounts and highly liquid debt instruments purchased with an original maturity of three months or less.

**c.** **Concentration of Credit Risk** 

As of August 31, 2025, the Company did not have a bank account, but when it obtains one, it plans to maintain cash with US-based financial institutions. The Federal Deposit Insurance Corporation (FDIC) insures the total deposits at U.S-based financial institutions up to $250,000 per depositor.

**d.** **Property, Plant, & Equipment** 

The Company follows the practice of capitalizing all expenditures for property, furniture, fixtures, equipment, and leasehold improvements in excess of $5,000. Depreciation of all such items is computed on a straight-line basis over the estimated useful lives of the assets which generally are as follows:

---

| | |
|:---|:---|
| Buildings | 39 years |
| Building improvements | 15 - 39 years |
| Furniture and equipment | 5 - 7 years |
| Software | 5 years |
| Vehicles | 5 years |
| Leasehold improvements | life of lease or useful life (whichever is shorter) |

---

The Company did not have any property, plant, and equipment as of August 31, 2025.

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Notes to Financial Statements - as of August 31, 2025**

**e.** **Accrued Expenses** 

Accrued expenses consists of short-term liabilities incurred in the ordinary course of business. As of August 31, 2025, accrued expenses totaled $1,000.

**f.** **Income Taxes** 

The Company is structured as a limited liability company (LLC) and is currently registered as a partnership for federal and state income tax purposes. As a result, all taxable income, deductions, and credits are passed through to the individual members, who are responsible for reporting and paying any related income taxes on their personal tax returns. Accordingly, no provision for income taxes has been included in the accompanying financial statements as of August 31, 2025. The Company evaluates uncertain tax positions in accordance with ASC Topic 740, *Income Taxes*, which outlines the requirements for recognition, measurement, presentation, and disclosure of such positions in the financial statements. As a newly formed entity, management has not identified any uncertain tax positions requiring disclosure or adjustment.

**g.** **Use of Estimates** 

The preparation of financial statements in conformity with generally accepted accounting principles at times requires the use of management's estimates. Actual results could vary from these estimates.

**h.** **Advertising Costs** 

The Company expenses advertising costs as they are incurred. The Company did not incur any advertising expenses for the inception-to-date period ended August 31, 2025.

**i.** **Related Party Transactions** 

For the inception-to-date period ended August 31, 2025, the Fund manager paid various start-up costs on behalf of the Company. Consequently, as of August 31, 2025, the Company recorded $39,050 in *Due to Related Parties* liability in the accompanying Balance Sheet.

**j.** **Startup Costs** 

In accordance with GAAP, the Company classifies its startup costs into two categories: (a) organization costs and (b) offering costs. Organization costs, which include legal and filing fees related to the formation of the Company, are expensed as incurred. Offering costs, which consist primarily of legal, accounting, audit, and other professional fees directly attributable to equity offerings, are initially recorded as *Deferred Offering Costs* within other assets. Upon the successful completion of an offering, such costs are reclassified as a reduction of the gross proceeds and charged against additional paid-in capital. If an offering is not completed, such costs are expensed as incurred in the statement of operations. For the inception-to-date period ended August 31, 2025, the Company incurred $358 in organization costs and $39,692 in deferred offering costs.

**k.** **Capital Structure** 

The Company is organized as a limited liability company that is owned by members. The members are allocated ownership by being provided units of membership (the "Units). As of August 31, 2025, the Company had yet to issue any units of membership.

**Gratus Reserve II, LLC (name changed to Gratus Reserve V, LLC on November 21, 2025)**

**Notes to Financial Statements - as of August 31, 2025**

**l.** **Subsequent Events** 

The Company's management has evaluated subsequent events and transactions for potential recognition or disclosure through September 8, 2025, the date that the financial statements were available to be issued. Management is not aware of any subsequent events that would require recognition or disclosure in the financial statements.

**m.** **Risks and Uncertainties** 

Management of the Company seeks investment opportunities that offer the possibility of attaining substantial capital appreciation and or residual income from real estate transactions. Certain events particular to the industry in which the Company invests, as well as general economic, political conditions, or the possible resurgence of the coronavirus pandemic may have a significant negative impact on the Company's operations and profitability. Additionally, the Company is subject to changing regulatory and tax environments. Such events are beyond the Company's control, and the likelihood that they may occur cannot be predicted.

**3.** **Going Concern** 

These financial statements are prepared on a going concern basis. The Company was founded on August 27, 2025 and as such has and will most likely incur significant additional costs before significant revenue is achieved. These matters raise substantial doubt about the Company's ability to continue as a going concern. During the next 12 months, the Company intends to fund its operations with funding from its proposed crowd-funding campaign and any additional equity financing as deemed necessary. There are no assurances that management will be able to raise capital on terms acceptable to the Company. If the Company is unable to obtain sufficient amounts of additional capital, it will be required to immediately expense its deferred offering costs and possibly reduce the scope of its planned development, which could harm its business, financial condition, and operating results. The accompanying financial statements do not take into account any adjustments that could result from these uncertainties.

**PART III – EXHIBITS**

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 2.1 | [Articles of Organization](gratusreserve5_ex2-1.htm) |
| 2.2 | [Operating Agreement](gratusreserve5_ex2-2.htm) |
| 4.1 | [Form of Subscription Agreement](gratusreserve5_ex4-1.htm) |
| 6.1 | [Great Lakes Transfer Agent Agreement](gratusreserve5_ex6-1.htm) |
| 11.1 | [Consent of Auditor](gratusreserve5_ex11-1.htm) |
| 12.1 | [Opinion of Legality from Dodson Robinette, PLLC](gratusreserve5_ex12-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this offering statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis on March 31, 2026.

---

| | |
|:---|:---|
| **Gratus Reserve V, LLC** | **Gratus Reserve V, LLC** |
| By: | GR Manager, LLC, its Manager |

---

---

| | |
|:---|:---|
| By: | */s/ Jason Weimer* |
|  | Jason Weimer, its Co-Manager |

---

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

---

| | | |
|:---|:---|:---|
| **SIGNATURE** | **TITLE** | **DATE** |
| */s/ Jason Weimer* | Co-Managing Member of GR Manager, LLC | March 31, 2026 |
| Jason Weimer | Principal Executive Officer |  |
| */s/ Robert Barlau* | Co-Managing Member of GBI Manager LLC | March 31, 2026 |
| Robert Barlau | Principal Financial and Accounting Officer |  |

---

## Ex1A-2A

**Exhibit 2.1**

---

| | |
|:---|:---|
| **Wyoming Secretary of State** | <u>For Office Use Only</u> |
| Herschler Bldg East, Ste.100 & 101 | **WY Secretary of State** |
|  | **FILED: Aug 27 2025 2:20PM** |
| Cheyenne, WY 82002-0020 | **Original ID: 2025-001754861** |
| Ph. 307-777-7311 | |

---

**Limited Liability Company**

**Articles of Organization**

**I.** **The name of the limited liability company is:** 

Gratus Reserve II, LLC

**II.** **The name and physical address of the registered agent of the limited liability company is:** 

National Registered Agents, Inc.

2232 Dell Range Blvd Ste 200

Cheyenne, WY 82009

**III.** **The mailing address of the limited liability company is:** 

6548 Bridle Trail Road

Gurnee, IL 60031

**IV.** **The principal office address of the limited liability company is:** 

6548 Bridle Trail Road

Gurnee, IL 60031

**V.** **The organizer of the limited liability company is:** 

Clemen Cunningham

1431 E McKinney St, Ste 130, Denton TX 76209

---

| | | | |
|:---|:---|:---|:---|
| **Signature:** | ***Clemen Cunningham*** | Date: | **08/27/2025** |
| Print Name: | **Clemen Cunningham** |  |  |
| Title: | **Organizer** |  |  |
| Email: | **clemen@crowdfundinglawyers.net** |  |  |
| Daytime Phone #: | **3237991342** |  |  |

---

Page 1 of 4

---

| |
|:---|
| **Wyoming Secretary of State** |
| Herschler Bldg East, Ste.100 & 101 |
| Cheyenne, WY 82002-0020 |
| Ph. 307-777-7311 |

---

☑ I am the person whose signature appears on the filing; that I am authorized to file these documents on behalf of the business entity to which they pertain; and that the information I am submitting is true and correct to the best of my knowledge.

☑ I am filing in accordance with the provisions of the Wyoming Limited Liability Company Act, (W.S. 17-29-101 through 17-29-1105) and Registered Offices and Agents Act (W.S. 17-28-101 through 17-28-111).

☑ I understand that the information submitted electronically by me will be used to generate Articles of Organization that will be filed with the Wyoming Secretary of State.

☑ I intend and agree that the electronic submission of the information set forth herein constitutes my signature for this filing.

☑ I have conducted the appropriate name searches to ensure compliance with W.S. 17-16-401.

☑ I consent on behalf of the business entity to accept electronic service of process at the email address provided with Article IV, Principal Office Address, under the circumstances specified in W.S. 17-28-104(e).

**Notice Regarding False Filings: Filing a false document could result in criminal penalty and**

**prosecution pursuant to W.S. 6-5-308.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**W.S. 6-5-308. Penalty for filing false document.** | &nbsp;&nbsp;**W.S. 6-5-308. Penalty for filing false document.** |
| &nbsp;&nbsp;(a) | A person commits a felony punishable by imprisonment for not more than two (2) years, a fine of not more than two thousand dollars ($2,000.00), or both, if he files with the secretary of state and willfully or knowingly: |
| &nbsp;&nbsp;(i) | Falsifies, conceals or covers up by any trick, scheme or device a material fact; |
| &nbsp;&nbsp;(ii) | Makes any materially false, fictitious or fraudulent statement or representation; or |
| &nbsp;&nbsp;(iii) | Makes or uses any false writing or document knowing the same to contain any materially false, fictitious or fraudulent statement or entry. |

---

☑ I acknowledge having read W.S. 6-5-308.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Filer is:** | ☑ | An Individual | ☐ | An Organization |

---

**<u>Filer Information</u>:**

**By submitting this form I agree and accept this electronic filing as legal submission of my Articles of Organization.**

---

| | | | |
|:---|:---|:---|:---|
| **Signature:** | ***Clemen Cunningham*** | Date: | **08/27/2025** |
| Print Name: | **Clemen Cunningham** |  |  |
| Title: | **Organizer** |  |  |
| Email: | **clemen@crowdfundinglawyers.net** |  |  |
| Daytime Phone #: | **3237991342** |  |  |

---

Page 2 of 4

---

| |
|:---|
| **Wyoming Secretary of State** |
| Herschler Bldg East, Ste.100 & 101 |
| Cheyenne, WY 82002-0020 |
| Ph. 307-777-7311 |

---

**Consent to Appointment by Registered Agent**

**National Registered Agents, Inc.**, whose registered office is located at **2232 Dell Range Blvd Ste 200, Cheyenne, WY 82009**, voluntarily consented to serve as the registered agent for **Gratus Reserve II, LLC** and has certified they are in compliance with the requirements of W.S. 17-28-101 through W.S. 17-28-111.

I have obtained a signed and dated statement by the registered agent in which they voluntarily consent to appointment for this entity.

---

| | | | |
|:---|:---|:---|:---|
| **Signature:** | ***Clemen Cunningham*** | Date: | **08/27/2025** |
| Print Name: | **Clemen Cunningham** |  |  |
| Title: | **Organizer** |  |  |
| Email: | **clemen@crowdfundinglawyers.net** |  |  |
| Daytime Phone #: | **3237991342** |  |  |

---

Page 3 of 4

**STATE OF WYOMING**

**Office of the Secretary of State**

I, CHUCK GRAY, Secretary of State of the State of Wyoming, do hereby certify that the filing requirements for the issuance of this certificate have been fulfilled.

CERTIFICATE OF ORGANIZATION

**Gratus Reserve II, LLC**

I have affixed hereto the Great Seal of the State of Wyoming and duly executed this official certificate at Cheyenne, Wyoming on this **27th** day of **August, 2025** at **2:20 PM.**

![](ex2-1_002.jpg)

Remainder intentionally left blank.

---

| | |
|:---|:---|
| ![](ex2-1_003.jpg) | ![](ex2-1_004.jpg) |
| ![](ex2-1_003.jpg) | Secretary of State |
| ![](ex2-1_003.jpg) |  |
| ![](ex2-1_003.jpg) | Filed Online By: |
| Filed Date: 08/27/2025 | Clemen Cunningham |
|  | on 08/27/2025 |

---

Page 4 of 4

![](ex2-1_005.jpg)

![](ex2-1_006.jpg)

## Ex1A-2A

**Exhibit 2.2**

---

| |
|:---|
| <br>**Operating Agreement**<br>**of**<br>**Gratus Reserve V, LLC**<br>**a Wyoming limited liability company**<br>**August 27, 2025**<br>|
| THE INTERESTS REPRESENTED BY THIS OPERATING AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, NOR QUALIFIED UNDER APPLICABLE SECURITIES LAWS IN RELIANCE ON EXCEPTIONS THEREFROM. THESE INTERESTS ARE BEING ACQUIRED FOR INVESTMENT PURPOSES ONLY AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE AND MAY NOT BE SOLD, MORTGAGED, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT FOR SUCH INTERESTS UNDER THE SECURITIES ACT OF 1933, APPLICABLE REGULATIONS PROMULGATED PURSUANT THERETO, AND COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND REGULATIONS UNLESS EXEMPT THEREFROM.<br>|

---

**Operating Agreement of<br> Gratus Reserve V, LLC<br> Table of Contents**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Section 1.1** | Limited Liability Company | 1 |
| &nbsp;&nbsp;&nbsp;**Section 1.2** | Name of the Company | 1 |
| &nbsp;&nbsp;&nbsp;**Section 1.3** | Purpose and Scope of the Company | 1 |
| &nbsp;&nbsp;&nbsp;**Section 1.4** | Principal Office of the Company and Location of Records | 1 |
| &nbsp;&nbsp;&nbsp;**Section 1.5** | Registered Agent and Registered Office | 1 |
| &nbsp;&nbsp;&nbsp;**Section 1.6** | Purpose of Transfer Restrictions | 2 |
| &nbsp;&nbsp;&nbsp;**Section 1.7** | Term of the Company | 2 |
| &nbsp;&nbsp;&nbsp;**Section 1.8** | Tax Classification as a Partnership | 2 |
| **Article 2.** Definitions | **Article 2.** Definitions | 2 |
| &nbsp;&nbsp;&nbsp;**Section 2.1** | Defined Terms | 2 |
| **Article 3.** Capitalization of the Company | **Article 3.** Capitalization of the Company | 6 |
| &nbsp;&nbsp;&nbsp;**Section 3.1** | Source of Funding | 6 |
| &nbsp;&nbsp;&nbsp;**Section 3.2** | Issuance of Units | 7 |
| &nbsp;&nbsp;&nbsp;**Section 3.3** | Capital Contribution Obligations | 8 |
| &nbsp;&nbsp;&nbsp;**Section 3.4** | Additional Capital Contributions | 8 |
| &nbsp;&nbsp;&nbsp;**Section 3.5** | Capital Accounts |  |
| &nbsp;&nbsp;&nbsp;**Section 3.6** | Loans |  |
| **Article 4.** Distributions and Allocations | **Article 4.** Distributions and Allocations | 8 |
| &nbsp;&nbsp;&nbsp;**Section 4.1** | Timing of Distributions | 8 |
| &nbsp;&nbsp;&nbsp;**Section 4.2** | Cash Distributions | 8 |
| &nbsp;&nbsp;&nbsp;**Section 4.3** | Allocation of Profits and Losses | 9 |
| &nbsp;&nbsp;&nbsp;**Section 4.4** | Special Allocations | 10 |
| &nbsp;&nbsp;&nbsp;**Section 4.5** | Imputed Underpayments | 11 |
| **Article 5.** Management of the Company | **Article 5.** Management of the Company | 11 |
| &nbsp;&nbsp;&nbsp;**Section 5.1** | General Authority of the Manager | 11 |
| &nbsp;&nbsp;&nbsp;**Section 5.2** | Actions of the Manager | 11 |
| &nbsp;&nbsp;&nbsp;**Section 5.3** | Authority to Make or Terminate Tax Elections | 12 |
| &nbsp;&nbsp;&nbsp;**Section 5.4** | Authorization to Execute Certain Instruments | 12 |
| &nbsp;&nbsp;&nbsp;**Section 5.5** | Delegation to Agent | 12 |
| &nbsp;&nbsp;&nbsp;**Section 5.6** | Officers | 12 |
| &nbsp;&nbsp;&nbsp;**Section 5.7** | Specific Powers of the Manager | 12 |
| &nbsp;&nbsp;&nbsp;**Section 5.8** | Side Letters | 13 |
| &nbsp;&nbsp;&nbsp;**Section 5.9** | Fiduciary Duties Waived | 14 |
| **Article 6.** The Manager | **Article 6.** The Manager | 14 |
| &nbsp;&nbsp;&nbsp;**Section 6.1** | The Manager | 14 |
| &nbsp;&nbsp;&nbsp;**Section 6.2** | Extent and Scope of Services | 14 |
| &nbsp;&nbsp;&nbsp;**Section 6.3** | Employment of Professionals | 14 |
| &nbsp;&nbsp;&nbsp;**Section 6.4** | Voluntary Withdrawal of a Manager | 14 |
| &nbsp;&nbsp;&nbsp;**Section 6.5** | Removal of a Manager | 15 |
| &nbsp;&nbsp;&nbsp;**Section 6.6** | Effect of Resignation or Removal on Manager Compensation | 15 |
| &nbsp;&nbsp;&nbsp;**Section 6.7** | Additional Managers | 15 |
| &nbsp;&nbsp;&nbsp;**Section 6.8** | Management Compensation and Fees | 15 |

---

i

---

| | | |
|:---|:---|:---|
| **Article 7.** The Members | **Article 7.** The Members | 16.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.1** | Member Identification | 16.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.2** | Limited Liability of Members | 16.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.3** | No Right to Participate in Management | 17.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.4** | Limited Right to Withdraw for a Member | 17.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.5** | Breach of this Agreement | 17.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.6** | No Right to Cause Dissolution | 17.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.7** | Voting | 18.0 |
| &nbsp;&nbsp;&nbsp;**Section 7.8** | Expulsion of a Member | 18.0 |
| **Article 8.** Meetings and Notice | **Article 8.** Meetings and Notice | 18.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.1** | Annual Meetings | 18.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.2** | Special Meetings | 18.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.3** | Notice of Meetings | 18.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.4** | Waiver of Meeting Notice | 19.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.5** | Voting by Proxy | 19.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.6** | Action by Consent | 19.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.7** | Quorum | 19.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.8** | Presence | 19.0 |
| &nbsp;&nbsp;&nbsp;**Section 8.9** | Conduct of Meetings | 19.0 |
| **Article 9.** Books, Records and Bank Accounts | **Article 9.** Books, Records and Bank Accounts | 20.0 |
| &nbsp;&nbsp;&nbsp;**Section 9.1** | Books and Records | 20.0 |
| &nbsp;&nbsp;&nbsp;**Section 9.2** | Access to Information | 20.0 |
| &nbsp;&nbsp;&nbsp;**Section 9.3** | Confidential Information | 20.0 |
| &nbsp;&nbsp;&nbsp;**Section 9.4** | Accounting Basis and Fiscal Year | 20.0 |
| &nbsp;&nbsp;&nbsp;**Section 9.5** | Reports | 20.0 |
| &nbsp;&nbsp;&nbsp;**Section 9.6** | Bank Accounts and Company Funds | 21.0 |
| **Article 10.** Internal Dispute Resolution Procedure | **Article 10.** Internal Dispute Resolution Procedure | 21.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.1** | Introduction | 21.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.2** | Notice of Disputes | 21.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.3** | Negotiation of Disputes | 22.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.4** | General Provisions for Alternative Dispute Resolution | 22.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.5** | Mediation | 23.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.6** | Arbitration | 23.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.7** | Maintenance of the Status Quo | 24.0 |
| &nbsp;&nbsp;&nbsp;**Section 10.8** | Venue | 24.0 |
| **Article 11.** Transfers and Member Admissions | **Article 11.** Transfers and Member Admissions | 24.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.1** | Assignee Interest Transferred | 24.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.2** | Rights of an Assignee | 24.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.3** | Assignee to Assume Tax Liability | 24.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.4** | Admission of Members | 25.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.5** | Admission Procedure | 25.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.6** | Restrictions on Transfer | 25.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.7** | Non-Recognition of an Unauthorized Transfer or Assignment | 26.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.8** | Permitted Transfers | 26.0 |
| &nbsp;&nbsp;&nbsp;**Section 11.9** | Involuntary Transfers | 26.0 |

---

ii

---

| | | |
|:---|:---|:---|
| **Article 12.** Dissolution and Termination | **Article 12.** Dissolution and Termination | 26.0 |
| &nbsp;&nbsp;&nbsp;**Section 12.1** | Events of Dissolution | 26.0 |
| &nbsp;&nbsp;&nbsp;**Section 12.2** | Effective Date of Dissolution | 27.0 |
| &nbsp;&nbsp;&nbsp;**Section 12.3** | Operation of the Company after Dissolution | 27.0 |
| &nbsp;&nbsp;&nbsp;**Section 12.4** | Liquidation of Company Assets | 27.0 |
| &nbsp;&nbsp;&nbsp;**Section 12.5** | Company Assets Sole Source | 28.0 |
| &nbsp;&nbsp;&nbsp;**Section 12.6** | Sale of Company Assets during Term of the Company | 28.0 |
| **Article 13.** Indemnification | **Article 13.** Indemnification | 28.0 |
| &nbsp;&nbsp;&nbsp;**Section 13.1** | General Indemnification | 28.0 |
| &nbsp;&nbsp;&nbsp;**Section 13.2** | Tax Liability Indemnification | 28.0 |
| &nbsp;&nbsp;&nbsp;**Section 13.3** | Indemnity for Misrepresentation of a Prospective Member | 29.0 |
| &nbsp;&nbsp;&nbsp;**Section 13.4** | Advancement of Indemnification Funds | 29.0 |
| &nbsp;&nbsp;&nbsp;**Section 13.5** | No Impairment of Indemnification | 29.0 |
| &nbsp;&nbsp;&nbsp;**Section 13.6** | Exculpation of Actions in Good Faith | 29.0 |
| &nbsp;&nbsp;&nbsp;**Section 13.7** | No Termination of Indemnification Rights | 29.0 |
| **Article 14.** General Matters | **Article 14.** General Matters | 29.0 |
| &nbsp;&nbsp;&nbsp;**Section 14.1** | Successors and Assigns | 29.0 |
| &nbsp;&nbsp;&nbsp;**Section 14.2** | Power of Attorney | 29.0 |
| &nbsp;&nbsp;&nbsp;**Section 14.3** | Custodian Relationship | 31.0 |
| &nbsp;&nbsp;&nbsp;**Section 14.4** | Amendment | 31.0 |
| &nbsp;&nbsp;&nbsp;**Section 14.5** | Partition | 32.0 |
| &nbsp;&nbsp;&nbsp;**Section 14.6** | No Waiver | 32.0 |
| &nbsp;&nbsp;&nbsp;**Section 14.7** | Construction and Miscellaneous | 33.0 |

---

iii

**Operating Agreement**

**of**

**Gratus Reserve V, LLC**

a Wyoming limited liability company

THIS OPERATING AGREEMENT (the "Agreement" or "Operating Agreement"), effective August 27, 2025 (the "Effective Date"), is made and entered into by and among Gratus Reserve V, LLC (the "Company"), and those Persons who are accepted by the manager of the Company (the "Manager"), and who by their signatures hereto, via a Form of Adherence, hereby agree to all of the terms and conditions set forth herein (each a "Member," and collectively, the "Members"). This Agreement sets forth the rights, duties, obligations, and responsibilities of the Members and the Manager with respect to the Company. The Members and the Manager hereby agree as follows:

Formation of the Company

---

| | |
|:---|:---|
| **Section 1.1** | **Limited Liability Company** |

---

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

---

| | |
|:---|:---|
| **Section 1.2** | **Name of the Company** |

---

The name of the Company is Gratus Reserve V, LLC. The Manager, in its sole discretion, may change the name of the Company or operate the Company under different names.

---

| | |
|:---|:---|
| **Section 1.3** | **Purpose and Scope of the Company** |

---

The Company was formed to engage in any lawful purpose.

---

| | |
|:---|:---|
| **Section 1.4** | **Principal Office of the Company and Location of Records** |

---

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

718 Washington Ave N

Ste. 400

Minneapolis, MN 55401

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

---

| | |
|:---|:---|
| **Section 1.5** | **Registered Agent and Registered Office** |

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The name of the initial registered agent and initial registered office of the Company is:

National Registered Agents, Inc.

2232 Dell Range Blvd Ste 200

Cheyenne, WY 82009

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|:---|:---|
| **Section 1.6** | **Purpose of Transfer Restrictions** |

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

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|:---|:---|
| **Section 1.7** | **Term of the Company** |

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

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| | |
|:---|:---|
| **Section 1.8** | **Tax Classification as a Partnership** |

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

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

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

**ARTICLE 2. Definitions**

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| | |
|:---|:---|
| **Section 2.1** | **Defined Terms** |

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Capital Account</u>. Capital Account shall mean the account established and maintained for each Member as provided in Section 3.5 and as provided in Regulation § 1.704-1(b)(2)(iv), as amended from time to time.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Class AA</u> or <u>Class AA Member</u>. Class AA or Class AA Member shall refer to those Members who have purchased or otherwise acquired or been issued Class AA Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Class A</u> or <u>Class A Member</u>. Class A or Class A Member shall refer to those Members who have purchased or otherwise acquired or been issued Class A Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. <u>Class B</u> or <u>Class B Member</u>. Class B or Class B Member shall refer to those Members who have purchased or otherwise acquired or been issued Class B Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Class C</u> or <u>Class C Member</u>. Class C or Class C Member shall refer to those Members who have purchased or otherwise acquired or been issued Class C Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. <u>Class M</u> or <u>Class M Member</u>. Class M or Class M Member shall refer to the Manager, its Affiliates, business partners, services providers, or other Persons who have been issued Class M Units in the sole discretion of the Manager.

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

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. <u>Effective Date</u>. Effective Date shall mean August 27, 2025.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. <u>Form of Adherence</u>. Form of Adherence means, in respect of an offering of Units, a subscription agreement or other agreement substantially in the form appended to the offering document pursuant to which a Member agrees to adhere to the terms of this Agreement or, in respect of a Transfer, a Form of Adherence or instrument of Transfer, each in a form satisfactory to the Manager from time to time, pursuant to which an Assignee or substitute Member agrees to adhere to the terms of this Agreement. The Manager shall have the sole discretion to approve the form of the Form of Adhesion to be signed by any potential Member.

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

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

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

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

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

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

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aa. <u>Investor Class</u>. Investor Class refers to any class of Members in the Company except for Class M.

bb. <u>IRS</u>. IRS means the Internal Revenue Service.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;dd. <u>Manager(s)</u>. Manager(s) means a Person that manages the business and affairs of the Company, as provided herein. The initial Manager of the Company shall be GR Manager, LLC.

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

ff. <u>Membership Interest(s)</u>. Membership Interest(s) refers to a Member's right to vote on Company matters, receive information concerning the business and affairs of the Company, and to receive distributions pursuant to this Agreement. Except where otherwise stated herein, the Membership Interest(s) within each class shall be determined by dividing a Member's interest in that class (e.g., a Member's interest in Class A Units) by all issued and outstanding Units of that class (e.g., all issued and outstanding Class A Units).

gg. <u>Net Asset Value ("NAV")</u>. Net Asset Value or NAV shall mean the company's total assets minus its total liabilities, as calculated by the Manager in good faith based on objective, third-party pricing sources. The value of the Company's Cryptocurrencies will be calculated by reference to a nationally or internationally recognized pricing service, which is currently anticipated to be *CoinMarketCap.com*. The value of the Company's precious metals will be calculated by reference to using publicly available market prices published by a nationally recognized financial publication, which is currently anticipated to be *Wall Street Journal* published prices for the applicable continuous contracts. The Manager has discretion to instead use market prices published by a different source (or the average of market prices published by multiple sources), so long as any such change shall be made in good faith, applied consistently, and based on objective, third-party pricing sources, and shall not be made for the purpose of increasing the asset management fee.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Partnership Representative</u>. Partnership Representative shall have the meaning as described in Section 1.8.

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ll. <u>Regulations</u>. Regulations mean the Treasury Regulations of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mm. <u>Required Interest</u>. Required Interest means the vote or consent of greater than fifty percent (>50%) of the Units entitled to vote.

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

oo. <u>Securities Act</u>. Securities Act means the Securities Act of 1933, as amended from time to time.

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

qq. <u>Unit(s)</u>. Unit(s) means a unit of Membership Interest in the Company. Persons acquiring Units must be accepted as Members of the Company before becoming Members in the Company.

rr. <u>Unit Percentage Share</u>. Unit Percentage Share, as to each Investor Class, shall be defined as the percent of total Capital Contributions made by each respective Investor Class. For purposes of illustration, if total Investor Class Capital Contributions for Investor Units were $100,000, and total Class A Capital Contributions were $35,000, the Class A Unit Percentage Share would be 35%.

ss. <u>Unreturned Capital Contributions</u>. Unreturned Capital Contributions means, regarding a Member, all capital contributed by such Member less any amounts returned to such Member pursuant to Section 4.2.

**Article 3. Capitalization of the Company**

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|:---|:---|
| **Section 3.1** | **Issuance of Units** |

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Members' Units shall be issued in consideration for their Capital Contribution and other good and valuable consideration as decided by the Manager. Un-issued Units may not be voted for any action and shall not be allocated any Distributable Cash, Profits, or Losses. The Company may issue as many Units as necessary to accomplish the Company's business purpose, as decided in the sole discretion of the Manager.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Investor Units</u>. Investor Units shall be issued in exchange for Capital Contributions to the Company. The Company has authorized four classes of Investor Units: Class AA Units, Class A Units, Class B Units, and Class C Units. Investor Units shall have voting rights and be entitled to equity distributions pursuant to Article IV. The percent of total Investor Class Capital Contributions made by each respective Investor Class shall represent that class's "Unit Percentage Share." For purposes of illustration, if total Investor Class Capital Contributions for Investor Units were $100,000, and total Class A Capital Contributions were $35,000, the Class A Unit Percentage Share would be 35%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Class M Units</u>. Class M Units are reserved for the Manager, its Affiliates, business partners, services providers, and other Persons in the sole discretion of the Manager. The Company is authorized to issue as many Class M Units as necessary, in the sole discretion of the Manager. Members holding Class M Units shall have the rights and responsibilities as outlined in this Agreement.

Class AA, Class A, Class B, and Class C Membership Interests shall collectively comprise fifty percent (50%) and Class M Membership Interests shall collectively comprise fifty percent (50%) of the total Membership Interests in the Company, with Membership Interest percentages for individual Members of each class shall be calculated as set forth in Section 2.1(ff) above.

The Manager may amend this Section at any time to provide for the issuance and creation of additional classes of Units (or the removal or modification of classes of Units for which no Units have yet been issued) without the vote or consent of the Members provided, provided that (i) no such amendment shall result in any reallocation of income, gain, loss, distributions, or liquidation proceeds that is materially adverse to any Member, including any Individual Retirement Account or Individual Retirement Annuity described in § 408 of the Internal Revenue Code, and (ii) no such amendment shall be applied in a manner that would cause any IRA investor to engage in a prohibited transaction within the meaning of § 4975 of the Internal Revenue Code. The Manager, or the Company's designated Transfer Agent, will maintain an updated list of all Members.

The Manager or one or more of its Affiliates may be admitted to the Company as a Member solely in its capacity as an investor by purchasing Units in the Company on the same terms and conditions applicable to other investors acquiring the same Class of Units. Units issued in respect of a Manager Capital Contribution shall have the same rights, preferences, and obligations as Units of the same Class issued to other investors and shall not be issued at a discount, with preferential economics, or on terms more favorable than those applicable to such investors. Additionally, neither the Manager nor any of its Affiliates shall receive Units of the Company in satisfaction of fees, reimbursements, advances, or loans. All fees, reimbursements, and other amounts payable to the Manager or its Affiliates shall be paid solely in cash when due, and no such amounts shall be satisfied, offset, converted, or capitalized through the issuance of Units or any other equity interests of the Company.

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|:---|:---|
| **Section 3.2** | **Capital Contribution Obligations** |

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A Member or prospective member's promise to make a Capital Contribution to the Company is enforceable if in writing and signed by the Person making the promise and shall be enforceable against the Member's heirs, legal representatives, or successors without regard to death, disability, or other changed circumstances of the Member. A prospective member whose subscription documents have been accepted and approved by the Manager shall not be deemed admitted as a Member unless such investor's Capital Contribution is received by the Company. The Members will not be required to make Additional Capital Contributions except for promises made by a Member to the Company in writing.

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|:---|:---|
| **Section 3.3** | **Capital Accounts** |

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

Each Member's Capital Account shall be credited with such Member's Capital Contributions, such Member's share of Profits allocated to such Member in accordance with the provisions of this Agreement, any items in the nature of income or gain that are specifically allocated, and the amount of any Company liabilities that are assumed by such Member or that are secured by any Company Assets distributed to such Member.

Each Member's Capital Account shall be debited by the amount of cash distributed to such Member in accordance with this Agreement, the value of the Member's allocated share of Losses, the amount of any liabilities of such Member that are assumed by the Company or that are secured by any property contributed by such Member to the Company, and any items in the nature of deductions or depreciation that are specifically allocated.

The Manager shall maintain a correct record of all the Members and their Units, together with amended and revised schedules of ownership caused by changes in the Members and changes in Units.

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|:---|:---|
| **Section 3.4** | **Loans** |

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Notwithstanding anything to the contrary contained in this Agreement, the Manager and its Affiliates shall not loan funds to the Company, defer payment of any fees, or advance payment of any expenses on behalf of the Company, and the Company shall not borrow funds from the Manager or its Affiliates, in each case to the extent such transaction would constitute a prohibited transaction within the meaning of § 4975 of the Internal Revenue Code with respect to any Individual Retirement Account or Individual Retirement Annuity invested in the Company. Any Member that is not an Individual Retirement Account or Individual Retirement Annuity may, with the prior approval of the Manager, make optional loans to the Company or advance money on its behalf to cover operating deficits or capital needs of the Company, provided that no assets attributable to any IRA investor are used, directly or indirectly, to fund such loans or advances.

Subject to any state or federal usury limitation, or other applicable law or regulation, and expressly excluding any transaction prohibited by Section 4975 of the Internal Revenue Code, such loans or advances shall be payable solely in cash in accordance with terms agreeable to the lender and the Manager that are fixed in advance and not subject to discretionary adjustment. Advances and loans by any Member to the Company shall not be considered contributions of capital to the Company, shall not increase the Capital Account of the lending Member, and repayment of such loans shall not be deemed a return of capital to the lending Member.

**Article 4. Distributions and Allocations**

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|:---|:---|
| **Section 4.1** | **Timing of Distributions** |

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The Company does not expect to make any distributions prior to liquidation but may do so at any time in the Manager's discretion, subject to available Distributable Cash.

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|:---|:---|
| **Section 4.2** | **Cash Distributions** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any distribution of Cash by the Company will be distributed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; i. First, the Investor Class Members shall receive all Distributable Cash until they have been returned all of their Unreturned Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ii. Second, Distributable Cash will be allocated to each Investor Class in the same proportion as that class's Unit Percentage Share, and distributed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Out
of the Class AA Unit Percentage Share, seventy-five percent (75%) will be distributed to the Class AA Members, and twenty-five percent
(25%) will be distributed to the Class M Members, ratably apportioned according to their respective Class AA and Class M Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Out
of the Class A Unit Percentage Share, eighty percent (80%) will be distributed to the Class A Members, and twenty percent (20%) will
be distributed to the Class M Members, ratably apportioned according to their respective Class A and Class M Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Out
of the Class B Unit Percentage Share, eighty-two and one half percent (82.5%) will be distributed to the Class B Members, and seventeen
and one half percent (17.5%) will be distributed to the Class M Members ratably apportioned according to their respective Class B, and
Class M Membership Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Out
of the Class C Unit Percentage Share, eighty five percent (85%) will be distributed to the Class C Members, and fifteen percent (15%)
will be distributed to the Class M Members, ratably apportioned according to their respective Class C and Class M Membership Interests.

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|:---|:---|
| **Section 4.3** | **Allocation of Profits and Losses** |

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

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

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Allocation of Profits and Losses may be modified by subsequent agreement to conform to adjustments made to the Membership Interests because of loans to the Company converted to contributions to capital, any non-uniform distributions of cash, and any liquidating distributions.

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| **Section 4.4** | **Special Allocations** |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Minimum Gain Chargeback</u>. Notwithstanding anything to the contrary in this Agreement, Profits and Losses shall be allocated as though this Agreement contained (and therefore is hereby incorporated herein by reference) minimum gain chargeback and partner minimum gain chargeback provisions, which comply with the requirements of Regulations § 1.704-2. For purposes of applying the minimum gain chargeback, non-recourse deductions for any taxable year shall be specially allocated among the Members, or applicable Assignees, in the same proportions that Losses for any such year would be allocated under Section 4.3.

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

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

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|:---|:---|
| **Section 4.5** | **Imputed Underpayments** |

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. For all other adjustments, the total adjustment, and any amounts attributable to such adjustment, shall be allocated as such items should have been allocated as described in subsection Section 4.3 above, and any other applicable provisions of this Agreement, in the Reviewed Year.

**Article 5. Management of the Company**

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| | |
|:---|:---|
| **Section 5.1** | **General Authority of the Manager** |

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

The Manager shall direct, manage, and control the Company to the best of its ability and shall have full and complete authority, power, and discretion to make any and all decisions and to do any and all things that such Manager may deem to be reasonably required to accomplish the purpose of the Company. However, the Manager shall not have the authority to take any action requiring the approval of the Members as set forth in Section 7.7. The Manager also shall not have the authority to engage in any action which would constitute a "Prohibited Transaction," as defined by § 4975(c) of the Internal Revenue Code. Any transaction the Manager attempts to take which would constitute such a "Prohibited Transaction" shall be void ab initio.

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

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|:---|:---|
| **Section 5.2** | **Actions of the Manager** |

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

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Page 11 of 35

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| | |
|:---|:---|
| **Section 5.3** | **Authority to Make or Terminate Tax Elections** |

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

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

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| | |
|:---|:---|
| **Section 5.4** | **Authorization to Execute Certain Instruments** |

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

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| | |
|:---|:---|
| **Section 5.5** | **Delegation to Agent** |

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

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| | |
|:---|:---|
| **Section 5.6** | **Officers** |

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

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| | |
|:---|:---|
| **Section 5.7** | **Specific Powers of the Manager** |

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Create classes of Units, issue Units, and determine consideration for Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchase, trade, manage and sell Company Assets;

Operating Agreement of

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Page 12 of 35

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Amend this Agreement pursuant to Section 14.4.

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

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

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

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

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

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

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| | |
|:---|:---|
| **Section 5.8** | **Side Letters** |

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The Manager has the authority on the behalf of the Company, without the consent of any Member, to enter into one or more written agreements (each, a "Side Letter") with any Member or prospective member, which Side Letter may (i) alter or supplement the rights, obligations, or restrictions of such member under this Agreement, including without limitation, with respect to fee rates, liquidity rights, reporting, co-investment opportunities, and other economic or non-economic terms, or (ii) grant such Member or prospective member additional rights, benefits, or privileges not provided to other Members. The Company and all Members hereby agree that the Manager shall be authorized to enter into any such Side Letters and that the terms of any such Side Letter to which the Company is a party shall be binding upon the Company and enforceable in accordance with its terms (notwithstanding any other provision of this Agreement).

Any Side Letter entered into by the Manager shall be binding solely upon the Company, Manager and the Member(s) that are party thereto, and no other member shall be entitled to any rights or benefits conferred under such Side Letter. The Manager shall not be required to disclose the existence or terms of any such Side Letter to any other Member unless required by law or regulation. The Manager has no obligation to offer or grant to any other Member the rights or benefits set forth in any Side Letter.

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|:---|:---|
| **Section 5.9** | **Fiduciary Duties Waived** |

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The WLLCA contains certain provisions that provide for fiduciary duties on a limited liability company's manager (including the duties of loyalty and care) but allow the members of the limited liability company to change or limit these duties by mutual agreement. The Members hereby agree that the Manager shall not have any duty (including any fiduciary duty of loyalty or care, all of which are expressly waived) to the Company, the Members, or any other Person, including any fiduciary duty associated with self-dealing or corporate opportunities. Without limiting the generality of the foregoing, the Manager and its Affiliates may form, own interests in, and manage entities with similar investment objectives as the Company.

**Article 6. The Manager**

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| | |
|:---|:---|
| **Section 6.1** | **The Manager** |

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

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| | |
|:---|:---|
| **Section 6.2** | **Extent and Scope of Services** |

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

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

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

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

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|:---|:---|
| **Section 6.3** | **Employment of Professionals** |

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The Company may employ such brokers, agents, accountants, attorneys, and other advisors as the Manager may determine to be appropriate for the Company's business.

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| | |
|:---|:---|
| **Section 6.4** | **Voluntary Withdrawal of a Manager** |

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

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|:---|:---|
| **Section 6.5** | **Removal of a Manager** |

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A Manager may be removed for Good Cause by Members holding seventy-five percent (75%) of the outstanding Investor Class Units. For purposes of the foregoing, "Good Cause" means that the Manager conducted itself on behalf of the Company in a manner that (i) constitutes gross negligence or willful misconduct, and (ii) has a material, adverse effect on the Company, as determined by a non-appealable final judgment of a court of competent jurisdiction. In the event the Members vote to remove a Manager for Good Cause, the Manager shall have the right to submit the question of whether sufficient grounds for removal exist to binding arbitration (without being required to resolve the dispute through negotiation or mediation) to be conducted as further described in the Agreement. If the Manager elects to submit the question to binding arbitration, removal of the Manager shall not be effective until a final determination on removal has been made through such arbitration.

If a Manager is removed for Good Cause, its rights to any Units it holds will be unaffected including its right to vote and receive Distributable Cash pursuant to Section 4 above. No Member, including the Manager, if applicable, will have any special right to withdraw upon a removal of a Manager.

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| | |
|:---|:---|
| **Section 6.6** | **Effect of Resignation or Removal on Manager Compensation** |

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

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|:---|:---|
| **Section 6.7** | **Additional Managers** |

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

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|:---|:---|
| **Section 6.8** | **Management Compensation and Fees** |

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The Manager will earn the following fees. The Manager may elect to waive compensation, defer compensation, receive compensation in Company Assets, or receive compensation in Class AA, Class A, Class B and/or Class C Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Asset Management Fee</u>: The Manager or its designated assigns (solely as a service provider with respect to the services described herein) will receive an asset management fee for its ongoing administrative and management services that are ministerial in nature and necessary for the operation of the Company. This fee accrues monthly at an annualized rate of four percent (4%) until the start of the calendar month which begins 18 full months after qualification of the Company's Regulation A offering, or thereafter (starting on the first day of the calendar month which begins 18 full months after qualification of the Company's Regulation A offering) an annualized rate of two percent (2%), which rate is fixed and non-discretionary, of the net asset value "NAV" of the Company determined pursuant to the objective valuation standards set forth below at the close of each quarter (i.e., approximately 1% per quarter initially and 0.5% per quarter thereafter). The asset management fee will be calculated as of the last day of each calendar quarter and payable quarterly in arrears (i.e. 1% initially and 0.5% of the NAV at the last day of each calendar quarter, payable within 30 days from the end of each calendar quarter), without any acceleration, adjustment, or increase, provided that in no event shall such fee exceed reasonable compensation within the meaning of § 4975(d)(2) of the Internal Revenue Code.

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NAV shall be calculated exclusively by reference to objective, third-party pricing data and shall not include any subjective adjustments by the Manager. The Company anticipates that NAV will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **Cryptocurrencies:** Valued at their published market value according to a single nationally or internationally recognized financial publication or pricing service, which is currently anticipated to be *CoinMarketCap.com.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. **Precious Metals:** Valued using publicly available market prices published by a nationally or internationally recognized financial publication or pricing service, which is currently anticipated to be the *Wall Street Journal* published prices for the applicable continuous contracts.

While the Manager may change the valuation sources identified above, any change to such valuation sources shall be limited to substitution with a comparable, nationally or internationally recognized third-party pricing service, shall be made solely for bona fide valuation purposes, applied consistently, and shall not be made for the purpose of increasing the asset management fee or otherwise providing additional economic benefit to the Manager or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Reimbursement of Expenses</u>: The Manager or its Affiliates will receive reimbursement solely of reasonable, documented, and actually incurred out-of-pocket expenses paid by the Manager or its Affiliates to independent third parties on behalf of, and directly allocable to, the Company in connection with the Company's operations, including legal, financial, tax reporting, and accounting costs that are necessary for the operation of the Company. Such reimbursements may be paid from Capital Contributions, operating revenue, or reserves. No reimbursement shall include (i) any markup, profit element, overhead, internal cost, or compensation component, (ii) any expense primarily attributable to the general business operations of the Manager or its Affiliates, or (iii) any amount that would constitute compensation for services rendered by the Manager or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Fees for Professional Services Prohibited</u>: Neither the Manager nor any of its Affiliates shall receive any compensation from the Company for services provided to the Company other than the asset management fee expressly provided for herein, and no services provided by the Manager or its Affiliates shall be compensated through expense reimbursement.

**Article 7. The Members**

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|:---|:---|
| **Section 7.1** | **Member Identification** |

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All Members of the Company and their Units shall be listed on a ledger kept by the Manager or transfer agent engaged by the Company.

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|:---|:---|
| **Section 7.2** | **Limited Liability of Members** |

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No Member shall be required to make any contribution to the capital of the Company for the payment of any Losses or for any other purposes; nor shall any Member be responsible or obligated to any third party for any debts or liabilities of the Company in excess of the sum of that Member's total Capital Contribution and share of any undistributed Profits of the Company.

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|:---|:---|
| **Section 7.3** | **No Right to Participate in Management** |

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No Member, other than a Manager who is additionally a Member, may participate in the management and operation of the Company's business or its investment activities or bind the Company to any obligation or liability whatsoever.

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|:---|:---|
| **Section 7.4** | **Limited Right to Withdraw for a Member** |

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Other than as provided herein, no Member shall have the right to withdraw from the Company or to receive a return of any of its contributions to the Company until the Company is terminated and its affairs wound up, according to the WLLCA and the Agreement, unless otherwise approved by the Manager.

The Manager may, in its sole discretion, adopt a redemption program relating to the Company's purchase of Investor Class Units. The Manager may determine the terms of, amend, and terminate such redemption program, in its sole discretion. Any current redemption program should be included as an Exhibit to this Agreement.

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|:---|:---|
| **Section 7.5** | **Breach of this Agreement** |

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A Member will breach this Agreement if the Member:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Attempts to withdraw from the Company, other than as permitted herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Interferes in the management of the Company's affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Engages in conduct which results in the Company losing its tax status as a partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Breaches any confidentiality provisions of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Fails to discharge a legal duty to the Company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Fails to make any required Capital Contributions or additional funding obligation when due,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Engages in fraud, willful misconduct, or criminal activity that materially adversely affects the Company or its reputation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Transfers, assigns, or encumbers any interest in the Company in violation of this Agreement, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Any other material breach of this Agreement.

A Member who is in breach of this Agreement shall be liable to the Company for damages caused by the breach. The Company may offset for the damages against any distributions or return of capital to the Member who has breached this Agreement.

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|:---|:---|
| **Section 7.6** | **No Right to Cause Dissolution** |

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No Member shall have the right or power to cause the dissolution and winding up of the Company by court decree or otherwise.

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|:---|:---|
| **Section 7.7** | **Voting** |

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The consent or vote of not less than a Required Interest of the Class M Units shall be required to cause the Company to do anything set forth in this Section, except as otherwise set forth in this Agreement.

The Class M Members, but not Assignees, shall have the right to vote on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Amendment of the Agreement, other than as described in Section 14.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. To cause the voluntary dissolution of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Merger or acquisition of the Company where the Company is not the surviving entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Such other matters as are required by this Agreement or the WLLCA.

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|:---|:---|
| **Section 7.8** | **Expulsion of a Member** |

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A Member may be expelled from the Company by the Manager if that Member (a) has willfully violated any provision of this Agreement; which breach is not cured within ten (10) days from notice by the Company or incapable of being cured, (b) committed fraud, theft, or gross negligence against the Company or one or more Members of the Company, or (c) engaged in wrongful conduct that adversely and materially affects the business or operation of the Company. Upon determination by the Manager, such Member shall be immediately expelled as a Member and deemed an Assignee pursuant to Article 11. For one hundred eighty (180) days following the determination to expel, the Company shall have the option to purchase the interests of the former Member at Fair Market Value, as determined by a qualified appraiser chosen by the Manager. The determination of Fair Market Value made by such appraiser shall be final, conclusive, and binding on the Company, all Members, and all Assignees of a Membership Interest. The fees and expenses of such appraiser shall be shared equally by the purchaser and seller of the Membership Interest.

**Article 8. Meetings and Notice**

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|:---|:---|
| **Section 8.1** | **Annual Meetings** |

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

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|:---|:---|
| **Section 8.2** | **Special Meetings** |

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

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|:---|:---|
| **Section 8.3** | **Notice of Meetings** |

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

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|:---|:---|
| **Section 8.4** | **Waiver of Meeting Notice** |

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

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|:---|:---|
| **Section 8.5** | **Voting by Proxy** |

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

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|:---|:---|
| **Section 8.6** | **Action by Consent** |

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

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| **Section 8.7** | **Quorum** |

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

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| **Section 8.8** | **Presence** |

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

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|:---|:---|
| **Section 8.9** | **Conduct of Meetings** |

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

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

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| **Section 9.1** | **Books and Records** |

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

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|:---|:---|
| **Section 9.2** | **Access to Information** |

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

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

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|:---|:---|
| **Section 9.3** | **Confidential Information** |

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

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

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

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

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

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|:---|:---|
| **Section 9.4** | **Accounting Basis and Fiscal Year** |

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

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|:---|:---|
| **Section 9.5** | **Reports** |

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The Manager shall, at the Company's expense, use commercially reasonable efforts to cause the Company to furnish to each of the Members all information related to the Company necessary for the preparation of the Members' federal and state income tax returns. Within one hundred twenty (120) calendar days after the end of the fiscal year and ninety (90) calendar days after the end of the semi-annual reporting date, the Manager shall use its commercially reasonable efforts to circulate to each Member electronically by e-mail or made available via an online platform financial statements prepared in accordance with U.S. GAAP, which include a balance sheet, profit and loss statement and a cash flow statement.

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Notwithstanding the foregoing, if the Company is required to disclose financial information pursuant to the Securities Act or the Exchange Act (including without limitations periodic reports under the Exchange Act or under Rule 257 under Regulation A of the Securities Act), then compliance with such provisions shall be deemed compliance with this Section and no further or earlier financial reports shall be required to be provided to the Members.

All financial statements and reports shall be prepared at the expense of the Company.

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|:---|:---|
| **Section 9.6** | **Bank Accounts and Company Funds** |

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

**Article 10. Internal Dispute Resolution Procedure**

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

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|:---|:---|
| **Section 10.1** | **Introduction** |

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

In the event of a dispute, claim, question, or disagreement between the Members or between the Manager and one or more Members arising from or relating to this Agreement, the breach thereof, or any associated transaction (hereinafter "Dispute"), the Manager and the Members hereby agree to resolve such Dispute by strictly adhering to the dispute resolution procedure provided in this Article.

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|:---|:---|
| **Section 10.2** | **Notice of Disputes** |

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The aggrieved party must send written Notice of a Dispute to the Manager.

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|:---|:---|
| **Section 10.3** | **Negotiation of Disputes** |

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The parties hereto shall use their best efforts to settle any Dispute. To this effect, they shall consult and negotiate with each other in good faith and, recognizing their mutual interests, attempt to reach a just and equitable solution satisfactory to all parties. If, within a period of ninety (90) days after written Notice of such Dispute has been served by either party on the other, the parties have not reached a negotiated solution, then upon further Notice by either party, the Dispute shall be submitted to mediation administered by the American Arbitration Association ("AAA") in accordance with the provisions of its commercial mediation rules. The onus is on the aggrieved party to initiate each next step in this dispute resolution procedure as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Tiebreaker Provision</u>. If the disputing parties are unable or unwilling to attempt a negotiated agreement on their own within thirty (30) days of Notice of the Dispute, they shall appoint a mutually acceptable neutral party who shall be either an attorney or CPA licensed in Wyoming, familiar with the Securities Act, the WLLCA, and Regulation D offerings, to review the facts surrounding the Dispute and offer a nonbinding tiebreaking vote and/or proposed resolution. All costs and fees for such informal resolution shall be split equally between the parties to the dispute.

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|:---|:---|
| **Section 10.4** | **General Provisions for Alternative Dispute Resolution** |

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On failure of negotiation and mediation, as a last resort, binding arbitration shall be used to ultimately settle the Dispute. The following provisions shall apply to any subsequent mediation or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Preliminary Relief</u>. Any party to the Dispute may seek preliminary relief at any time after negotiation described above has failed, but prior to arbitration, under the "Optional Rules for Emergency Measures of Protection of the AAA Commercial Arbitration Rules and Mediation Procedures." The AAA case manager may appoint an arbitrator who will hear only the preliminary relief issues without going through the arbitrator selection process described in this Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Consolidation</u>. Identical or sufficiently similar Disputes presented by more than one Member may, at the option of the Manager, be consolidated into a single negotiation, mediation, and/or arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Location of Mediation or Arbitration</u>. Any mediation or arbitration shall be conducted in the venue set forth in Section 10.8, and each party to such mediation or arbitration must attend in person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Attorney Fees and Costs</u>. Each party shall bear its own costs and expenses (including its own attorneys' fees) and an equal share of the mediator or arbitrators' fees and any administrative fees, regardless of the outcome.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Maximum Award</u>. The maximum amount a party may seek during mediation or be awarded by an arbitrator is the amount equal to the party's Capital Contributions and any Distributable Cash or interest to which the party may be entitled. An arbitrator will have no authority to award punitive or other damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>AAA Commercial Mediation or Arbitration Rules</u>. Any Dispute submitted for mediation or arbitration shall be subject to the AAA's commercial mediation or arbitration rules. If there is a conflict between these rules and this Article, this Article shall be controlling.

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|:---|:---|
| **Section 10.5** | **Mediation** |

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Any Dispute that cannot be settled through negotiation as described in this Article may proceed to mediation. The parties shall try in good faith to settle the Dispute by mediation, which each of the parties to the Dispute must attend in person, before resorting to arbitration. If, after no less than three (3) face-to-face mediation sessions, unless the parties agree otherwise, mediation proves unsuccessful at resolving the Dispute, the parties may then, and only then, resort to binding arbitration as described in Section 10.6.

If the initial mediation(s) does not completely resolve the Dispute, any party may request, for good cause (which shall be specified in writing) a different mediator for subsequent mediation(s) by serving Notice of the request on the other parties for approval. If good cause exists, such request shall not be unreasonably denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Selection of Mediator</u>. The complaining party shall submit a request for mediation to the AAA. The AAA will appoint a qualified mediator to serve on the case. The parties will be provided with a biographical sketch of the mediator. The parties are instructed to review the sketch closely and advise the AAA of any objections they may have to the appointment in writing within five (5) days of receipt. If no objections are received within this timeframe, the mediator shall be deemed acceptable and mediation scheduled as soon as possible thereafter.

The preferred mediator shall have specialized knowledge of securities law, unless the dispute pertains to financial accounting issues, in which case the arbitrator shall be a certified public accountant, or if no such Person is available, shall be generally familiar with the subject matter involved in the Dispute. If the parties are unable to agree on the mediator within thirty (30) days of the request for mediation, the AAA case manager will make an appointment.

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|:---|:---|
| **Section 10.6** | **Arbitration** |

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Any Dispute that remains unresolved after good faith negotiation and failed mediation shall be settled by binding arbitration. Judgment on the award rendered by the arbitrator(s) may be entered in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Selection of Arbitrator</u>. Prior to arbitration, the complaining party shall cause the appointment of an AAA case manager by filing of a claim with the AAA along with the appropriate filing fee and serving it on the defending party. The AAA case manager shall provide each party with a list of proposed arbitrators who meet the qualifications described below, or if no such Person is available, are generally familiar with the subject matter involved in the Dispute. Each side will be given a number of days to strike any unacceptable names, number the remaining names in order of preference, and return the list to the AAA. The AAA case manager shall then invite Persons to serve from the names remaining on the list, in the designated order of mutual preference. Should this selection procedure fail for any reason, the AAA case manager shall appoint an arbitrator as provided in the applicable AAA Commercial Arbitration Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Qualifications of Arbitrator</u>. The selected arbitrator shall have specialized knowledge of securities law, unless the dispute pertains to financial accounting issues, in which case the arbitrator shall be a certified public accountant. Further, the selected arbitrator must agree to sign a certification stating that he/she has read this Agreement and all of the documents relevant to this Agreement in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Limited Discovery</u>. Discovery shall be limited to only this Agreement and those documents pertaining to this Agreement, any written correspondence between the parties, and any other documents specifically requested by the arbitrator as necessary to facilitate his or her understanding of the Dispute. The parties may produce witnesses for live testimony at the arbitration hearing at their own expense. A list of all such witnesses and complete copies of any documents to be submitted to the arbitrator shall be served on the arbitrator and all other parties within forty-five (45) days of the arbitration hearing, at the submitting party's expense.

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| **Section 10.7** | **Maintenance of the Status Quo** |

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Unless preliminary relief has been sought and granted pursuant to Section 10.4(a) above, while a Dispute is pending, the Manager shall continue all operations and distributions of Distributable Cash in accordance with the provisions set forth in this Agreement as if the Dispute had not arisen, except that, a complaining Member's distributions shall be suspended and held in trust by the Manager pending the outcome of the Dispute.

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| **Section 10.8** | **Venue** |

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Venue for any Dispute arising under this Agreement or any Disputes among any Members or the Company shall be in the county of the principal office of the Company.

**Article 11. Transfers and Member Admissions**

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|:---|:---|
| **Section 11.1** | **Assignee Interest Transferred** |

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The transferee of a Unit will be an Assignee until such time as the Assignee satisfies the requirements of Section 11.5 to become a Member. Until such time as an Assignee is admitted as a Member, such Assignee shall have only those rights set forth in Section 11.2 of this Agreement.

An Assignee must execute, acknowledge, and deliver to the Company a written acceptance and adoption of this Agreement by the Assignee and execute, acknowledge, and deliver to the Manager a power of attorney in the form or containing the provision of authority provided in the Subscription Agreement.

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| **Section 11.2** | **Rights of an Assignee** |

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If an Assignee is not admitted as a Member because of the failure to satisfy the requirements of Section 11.5, such Assignee shall nevertheless be entitled to receive such distributions from the Company as the transferring Member would have been entitled to receive under this Agreement had the transferring Member retained such Units.

Assignees shall have no other rights of the Members, including voting rights and access to Company records and information. Members have legal and economic rights, while Assignees only have the right to receive economic benefits.

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| **Section 11.3** | **Assignee to Assume Tax Liability** |

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The Assignee of a Unit, as well as any Person who acquires a charging order against a Unit, shall report income, gains, Losses, deductions, and credits with respect to such Unit for the period in which the Assignee interest is held or for the period the charging order is outstanding. The Manager shall deliver to the Assignee or the holder of such charging order, as the case may be, all tax forms required to be delivered to the Members generally indicating that the income from such Unit has been allocated to the holder of the Assignee interest or the holder of the charging order.

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| **Section 11.4** | **Admission of Members** |

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The Company may, from time to time, admit Assignees of Units from Members as Additional Members, with consent from the Manager.

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| **Section 11.5** | **Admission Procedure** |

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No Person shall be admitted as a Member unless such Person executes, acknowledges, and delivers to the Company such instruments as the Manager may deem necessary or advisable to effect the admission of such Person as an Additional Member, including, without limitation, the written acceptance and adoption by such Person of the provisions of this Agreement, the power of attorney in the form or containing the provision of authority provided in Subscription Agreement, pertinent tax information, as well as any amendments to this Agreement and attorneys' fees and costs necessitated by the admission of such Additional Member. Company records will be revised, from time to time, to reflect the admission of any Additional Member.

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| **Section 11.6** | **Restrictions on Transfer** |

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Units, or any interest thereof, may not be the subject of any assignment, pledge, mortgage, hypothecation, gift, sale, resale, or other disposition or encumbrance (collectively, a "Transfer"), either to a prospective Assignee or prospective Member, unless the Units are subsequently registered under the Securities Act of 1933 and appropriate state securities laws, or unless, among other conditions set forth in this Agreement, an exemption from registration is available.

Further, no Transfers may be approved, Assignee rights granted, and/or Additional Members admitted unless the Transfer: (a) is approved by the Manager, which approval may be granted or withheld in its sole discretion and subject to such conditions as it may impose; (b) is evidenced by a written agreement, in form and substance satisfactory to the Manager, that is executed by the transferor, the transferee(s), and the Manager; (c) will not result in violation of the registration requirements of the Securities Act; (d) will not require the Company to register as an investment company under the Investment Company Act of 1940, as amended; and (e) will not result in the Company being classified for United States federal income tax purposes as an association taxable as a corporation.

The transferor of any Units is required to reimburse the Company for any expenses reasonably incurred in connection with a Transfer, including any legal, accounting, and other expenses, **regardless of whether such Transfer is consummated**.

Upon the Manager's request, the transferor shall provide (or, if obtained by the Company, reimburse the Company for) a written opinion of counsel, in a form satisfactory to the Manager, to the effect that such Transfer: (a) will not result in a termination of the Company within the meaning of the WLLCA or § 708(b) of the Internal Revenue Code; and (b) does not violate any applicable federal or state securities law.

The transferee of any Units in the Company that is admitted to the Company as a substitute Member shall succeed to the rights and liabilities of the transferor Member, and, after the effective date of such admission, the Capital Account of the transferor shall become the Capital Account of the transferee to the extent of the Units transferred.

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| **Section 11.7** | **Non-Recognition of an Unauthorized Transfer or Assignment** |

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Any attempted Transfer in violation of the provisions of this Agreement is void *ab initio*. The Company shall not be required to recognize the purported interest in the Company of any transferee or Assignee who has obtained such purported interest in the Units as a result of a Transfer that is not authorized by this Agreement. If the Transfer is in doubt, or if there is reasonable doubt as to who is entitled to a distribution of the income realized from a Unit or the interest of an Assignee, the Company may accumulate the income until this issue is finally determined and resolved. Accumulated income shall be credited to the Capital Account of the Member or Assignee whose interest is in question.

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| **Section 11.8** | **Permitted Transfers** |

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A Member may Transfer its Units without the consent of the Manager or any other Member to a trust for his or her benefit, to his or her spouse, to a trust for the benefit of his or her spouse, to his or her Immediate Family, or to a trust for the benefit of his or her Immediate Family, so long as the proposed Transfer does not: (a) cause the Company to terminate for federal income tax purposes; (b) result in any event of default as to any secured or unsecured obligation of the Company; (c) result in a violation of the Securities Act; (d) cause a reassessment of any Company Assets; or (e) cause any other material, adverse effect to the Company.

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| **Section 11.9** | **Involuntary Transfers** |

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Upon the death, disability, bankruptcy, insolvency, liquidation, or dissolution of a Member, the rights and obligations of that Member under this Agreement shall inure to the benefit of, and shall be binding upon, that Member's successor(s), estate, or legal representative, and each such Person shall be treated as an Assignee until and unless such Person is admitted as a Member pursuant to the Agreement.

Upon the death or incapacity of an individual Member or holder of an Assignee interest, the personal representative of the individual Member or holder of such interest shall have the same rights, with respect to the Unit holder or Assignee's interest, as those held by the deceased or incapacitated person, for the purpose of settling or managing the Member's or holder's estate or affairs.

Upon any Transfer pursuant to any decree of divorce, dissolution, or separate maintenance, any property settlement, any separation agreement, or any other agreement with a spouse (excluding a permitted Transfer to Immediate Family as set forth in Section 11.8) under which any Units are awarded to the spouse of the Member, such transferee spouse shall be treated as an Assignee until and unless such Person is admitted as a Member pursuant to the Agreement.

An Assignee of any Transfer under this Section shall be bound by all of the terms and conditions of this Agreement.

**Article 12. Dissolution and Termination**

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| **Section 12.1** | **Events of Dissolution** |

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The Company shall be dissolved upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In the sole discretion of the Manager, upon the liquidation and subsequent distribution of all Company Assets to the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The vote of Class M Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The withdrawal of the Manager unless (i) the Company has at least one other Manager, or (ii) within ninety (90) days after the withdrawal, a Required Interest votes to continue the business of the Company and to appoint, effective as of the date of withdrawal, one or more additional Managers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The withdrawal of all the Members, unless the Company is continued in accordance with the WLLCA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Company is to be dissolved upon the entry of a decree of judicial dissolution by a court of competent jurisdiction.

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| **Section 12.2** | **Effective Date of Dissolution** |

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Absent an election to continue the Company as provided in this Article, dissolution of the Company shall be effective on the date on which the event occurs giving rise to the dissolution, but the Company shall not be wound up until cancelation of the Company's Articles Of Organization and all remaining Company Assets have been distributed, as provided in this Agreement.

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| **Section 12.3** | **Operation of the Company after Dissolution** |

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During the period in which the Company is winding up, the business of the Company and the affairs of the Members shall continue to be governed by this Agreement.

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|:---|:---|
| **Section 12.4** | **Liquidation of Company Assets** |

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Upon dissolution of the Company, the Manager or, in the absence of a Manager, a liquidator appointed by a Required Interest, shall liquidate remaining Company Assets, apply and distribute the proceeds derived from the liquidation of the remaining Company Assets as contemplated by this Agreement, and cause the cancellation of the Company's Articles of Organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Payment of Company Creditors and Provision for Reserves</u>. The proceeds derived from the liquidation of Company Assets shall first be applied toward or paid to any creditor of the Company who is not a Member. The order of priority of payment to any creditor shall be as required by applicable law. After payment of liabilities owing to creditors, excluding the Members, the Manager or liquidator shall set up such reserves as are deemed reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Ability to Create an Escrow Account</u>. Any reserves for contingent liabilities may, but need not, be paid over by the Manager or liquidator to a bank to be held in escrow for the purpose of paying any such contingent or unforeseen liabilities or obligations. Following the expiration of such period as the Manager or liquidator may deem advisable, such remaining reserves shall be distributed to the Members or their assigns in the order of priority set forth in the provisions of this Agreement relating to distributions to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Distribution of Company Assets after the Payment of Liabilities and Establishment of Reserves</u>. After paying liabilities and providing for reserves, the Manager or liquidator shall satisfy any debts owed to the Members with the remaining net assets of the Company, if any, and then distribute any remaining assets to the Members, as set forth in Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Non-Cash Assets</u>. If any part of the net assets distributable to the Members consists of notes, real estate equity or interests, or other non-cash assets, the Manager or liquidator shall distribute any non-tangible property interests directly to the Members, and may take whatever steps they deem appropriate to convert tangible property interests into cash or any other form to facilitate distribution. If any assets of the Company are to be distributed in kind, such assets shall be distributed on the basis of their fair market value at the date of distribution, as determined by the Manager or liquidator.

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|:---|:---|
| **Section 12.5** | **Company Assets Sole Source** |

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The Members shall look solely to Company Assets for the payment of any debts or liabilities owed by the Company to the Members and for the return of their Capital Contributions and liquidation amounts. If Company Assets remaining after the payment or discharge of all of its debts and liabilities to Persons other than the Members is insufficient to return the Members' Capital Contributions, the Members shall have no recourse against the Company, the Manager, or any other Members, except to the extent that such other Members may have outstanding debts or obligations owing to the Company.

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|:---|:---|
| **Section 12.6** | **Sale of Company Assets during Term of the Company** |

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The sale of Company Assets during the term of the Company shall not be considered a liquidation of the Company and therefore is not a dissolution and termination as defined under this Article.

**Article 13. Indemnification**

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|:---|:---|
| **Section 13.1** | **General Indemnification** |

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The Manager, its Affiliates, and their respective officers, directors, agents, partners, members, managers, employees, and any Person the Manager designates as an indemnified Person (each, an "Indemnified Party") shall, to the fullest extent permitted by law, be indemnified on an after-tax basis out of Company Assets (and the Manager shall be entitled to grant indemnities on behalf of the Company, and to make payments out of the Company, to any Indemnified Party in each case in accordance with this Section) against any and all losses, claims, damages, liabilities, costs and expenses (including legal fees and expenses), judgments, fines, penalties, interest, settlements, and other amounts (collectively, "Liabilities") arising from any and all claims, demands, actions, suits, and proceedings, whether civil, criminal, administrative, or investigative, in which any Indemnified Party is or may be involved, or is threatened to be involved, as a party or otherwise, in connection with the investments and activities of the Company or by reason of such Person being a Manager, or agent of a Manager, of the Company.

However, no such Indemnified Party shall be so indemnified, with respect to any matter for which indemnification is sought, to the extent that a court of competent jurisdiction determines pursuant to a final and non-appealable judgment that, in respect of such matter, the Indemnified Party had (a) acted in bad faith or in the reasonable belief that the party's action was opposed to the best interests of the Company or constituted gross negligence or willful misconduct, or (b) with respect to any criminal action or proceeding, had cause to believe beyond any reasonable doubt the party's conduct was criminal. An Indemnified Party shall not be denied indemnification in whole or in part under this Section because the Indemnified Party had an interest in the transaction with respect to which indemnification applies if the transaction was otherwise permitted by the terms of this Agreement.

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|:---|:---|
| **Section 13.2** | **Tax Liability Indemnification** |

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Each Member or Assignee, as applicable, shall indemnify and hold harmless the Indemnified Parties from and against any and all Liabilities arising from any underpayment in such Member's/Assignee's taxes on any amounts distributed by the Company to such Member/Assignee that results in one or more "imputed underpayments" as such term is defined by the IRS, even if such imputed underpayment is determined after the date the respective Member/Assignee is no longer a Member/Assignee of the Company. This indemnification shall specifically be effective and enforceable even after a Member/Assignee is no longer a Member/Assignee if such former Member/Assignee was a Member/Assignee in the Reviewed Year.

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|:---|:---|
| **Section 13.3** | **Indemnity for Misrepresentation of a Prospective Member** |

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Each Member shall indemnify and hold harmless the Manager and other Indemnified Parties from and against any and all Liabilities of whatsoever nature to or from any Person arising from or in any way connected with that Member's misrepresentation(s) that it met the "suitability standards" established by the Manager for membership in the Company.

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| | |
|:---|:---|
| **Section 13.4** | **Advancement of Indemnification Funds** |

---

To the fullest extent permitted by law, amounts in respect of Liabilities incurred by an Indemnified Party in defending any claim, demand, action, suit, or proceeding, whether civil, criminal, administrative, or investigative, shall from time to time be advanced by the Company prior to a determination that the Indemnified Party is not entitled to be indemnified upon receipt by the Company of an undertaking by or on behalf of the Indemnified Party to repay such amount if it shall be determined that the Indemnified Party is not entitled to be indemnified as set forth in Section 13.1.

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| | |
|:---|:---|
| **Section 13.5** | **No Impairment of Indemnification** |

---

No amendment, modification, or repeal of this Article or any other provision of this Agreement shall in any manner terminate, reduce, or impair the right of any past Indemnified Party to be indemnified by the Company or the obligations of the Company to indemnify any such Indemnified Party under and in accordance with the provisions of this Agreement as in effect immediately prior to such amendment, modification, or repeal with respect to any claim, demand, action, suit, or proceeding, whether civil, criminal, administrative, or investigative, arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification, or repeal, regardless of when such claim, demand, action, suit, or proceeding may arise or be asserted.

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| | |
|:---|:---|
| **Section 13.6** | **Exculpation of Actions in Good Faith** |

---

Neither the Manager nor its Affiliates shall be liable to the Company or any Member for any loss which arises out of any action or omission of such party if (a) such party determined, in good faith, that such course of conduct was in, or was not opposed to, the best interest of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe such party's conduct was unlawful, and (b) such course of conduct did not constitute gross negligence or willful misconduct of such party.

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| | |
|:---|:---|
| **Section 13.7** | **No Termination of Indemnification Rights** |

---

The provisions of this Article shall survive the dissolution of the Company.

**Article 14. General Matters**

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| | |
|:---|:---|
| **Section 14.1** | **Successors and Assigns** |

---

Subject to the restrictions on Transfer provided in this Agreement, this Agreement, and each and every provision of it, shall be binding upon and shall inure to the benefits of the Members, their respective successors, successors-in-title, personal representatives, heirs, Assignees, and other assigns.

Operating Agreement of

Gratus reserve V, LLC

Page 29 of 35

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| | |
|:---|:---|
| **Section 14.2** | **Power of Attorney** |

---

Each Member hereby irrevocably constitutes and appoints the Manager and, if a liquidator shall have been selected pursuant to Section 12.4, the liquidator, and each of their authorized officers and attorneys in fact, as the case may be, with full power of substitution, as his or her true and lawful agent and attorney in fact, with full power and authority in his or her name, place and stead, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. execute, swear to, acknowledge, deliver, file and record in the appropriate public offices: (A) all certificates, documents and other instruments (including this Agreement and the Articles of Organization and all amendments or restatements hereof or thereof) that the Manager, or the liquidator, determines to be necessary or appropriate to form, qualify or continue the existence or qualification of the Company as a series limited liability company in the State of Missouri and in all other jurisdictions in which the Company or any Series may conduct business or own property; (B) all certificates, documents and other instruments that the Manager, or the liquidator, determines to be necessary or appropriate to reflect, in accordance with its terms, any amendment, change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments that the Manager or the liquidator determines to be necessary or appropriate to reflect the dissolution, liquidation or termination of the Company or a Series pursuant to the terms of this Agreement; (D) all certificates, documents and other instruments relating to the admission, withdrawal or substitution of any Member pursuant to, or in connection with other events described in Articles 3 and 4; (E) all certificates, documents and other instruments relating to the determination of the rights, preferences and privileges of any Units; (F) all certificates, documents and other instruments that the Manager or liquidator determines to be necessary or appropriate to maintain the separate rights, assets, obligations and liabilities of the Company; and (G) all certificates, documents and other instruments (including agreements and a certificate of merger) relating to a merger, consolidation or conversion of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers, certificates, documents and other instruments that the Manager or the liquidator determines to be necessary or appropriate to (A) make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or given by any of the Members hereunder or is consistent with the terms of this Agreement or (B) effectuate the terms or intent of this Agreement; provided, that when any provision of this Agreement that establishes a percentage of the Members or of the Members of any Series required to take any action, the Manager, or the liquidator, may exercise the power of attorney made in this paragraph only after the necessary vote, consent, approval, agreement or other action of the Members or of the Members of such Series, as applicable.

Nothing contained in this Section shall be construed as authorizing the Manager, or the liquidator, to amend, change or modify this Agreement except in accordance with Section 14.3 or as may be otherwise expressly provided for in this Agreement.

Operating Agreement of

Gratus reserve V, LLC

Page 30 of 35

The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Member and the transfer of all or any portion of such Member's Units and shall extend to such Members heirs, successors, assigns and personal representatives. Each such Member hereby agrees to be bound by any representation made by any officer of the Manager, or the liquidator, acting in good faith pursuant to such power of attorney; and each such Member, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or disaffirm the action of the Manager, or the liquidator, taken in good faith under such power of attorney in accordance with this Section. Each Member shall execute and deliver to the Manager, or the liquidator, within fifteen (15) days after receipt of the request therefor, such further designation, powers of attorney and other instruments as any of such officers or the liquidator determines to be necessary or appropriate to effectuate this Agreement and the purposes of the Company.

---

| | |
|:---|:---|
| **Section 14.3** | **Custodian Relationship** |

---

In order to maintain easy governance and a clean cap table, avoid burdensome legal requirements and facilitate future trading of Units, the Company may Transfer issued Units to the name of a custodian selected by the Manager using the power of attorney as set forth in Section 14.2, without the written consent or vote the Members.

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| | |
|:---|:---|
| **Section 14.4** | **Amendment** |

---

Provided that in each of the following instances, the Manager reasonably determines that such amendment will not subject any Member to any material, adverse economic consequences, the Manager, without the consent of the Members, may amend any provision of this Agreement or the Articles of Organization, and may execute, swear to, acknowledge, deliver, file, and record such documents as may be required in connection therewith, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. change the name of the Company or the location of its principal office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. add to the duties or obligations of the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. cure any ambiguity or correct or supplement any inconsistency in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. correct any printing, typographical, or clerical errors or omissions in order that the Agreement shall accurately reflect the agreement among the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. reflect information regarding the admission of any Additional Member or substitute Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. amend the redemption program covering redemption of Investor Class Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. reflect a change that the Manager determines to be necessary or appropriate in connection with any action taken or to be taken by the Manager pursuant to the authority granted in ARTICLE V hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. reflect a change that the Manager determines to be necessary or appropriate to satisfy any requirements, conditions or guidelines contained in any opinion, directive, order, ruling or regulation of any federal or state agency or judicial authority or contained in any federal or state statute;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. reflect a change that is required to effect the intent expressed in any securities offering document or the intent of the provisions of this Agreement or is otherwise contemplated by this Agreement;

Operating Agreement of

Gratus reserve V, LLC

Page 31 of 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. reflect a change in the fiscal year or taxable year of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. an amendment that the Manager determines, based on the advice of counsel, to be necessary or appropriate to prevent the Company, the Manager, any Officers or any trustees or agents of the Company from in any manner being subjected to the provisions of the Investment Company Act, the Investment Advisers Act, or plan asset regulations adopted under ERISA, regardless of whether such are substantially similar to plan asset regulations currently applied or proposed by the United States Department of Labor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. an amendment that the Manager determines to be necessary or appropriate in connection with the establishment or creation of additional classes or series of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. any other amendment other than an amendment expressly requiring consent of the Members; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. any other amendments substantially similar to the foregoing.

otherwise permitted by this Agreement and the power of attorney as set forth above in Section 15.2 shall require the written consent or vote of a Required Interest of the Class M Units.

---

| | |
|:---|:---|
| **Section 14.5** | **Prohibited Transaction Savings Clause** |

---

Notwithstanding anything to the contrary contained in this Agreement or any document modifying, incorporating, or referencing this Agreement, no provision of this Agreement shall be interpreted or applied in a manner that would cause any Individual Retirement Account or Individual Retirement Annuity (within the meaning of § 408 of the Internal Revenue Code) invested in the Company to engage in a prohibited transaction within the meaning of § 4975 of the Internal Revenue Code.

If the application of any provision of this Agreement would result in a prohibited transaction under § 4975 with respect to any IRA investor, such provision shall be deemed automatically modified or limited, but only to the minimum extent necessary, so as to avoid the occurrence of such prohibited transaction, without invalidating the remainder of this Agreement.

Without limiting the foregoing, the Company shall not pay, and the Manager and its Affiliates shall not receive, any fee, compensation, reimbursement, or other economic benefit from assets attributable to any IRA investor to the extent such payment would constitute a prohibited transaction under § 4975, unless an applicable statutory or administrative exemption is satisfied.

Any determination regarding the application of this Section shall be made in good faith and in a manner intended to preserve the tax-advantaged status of the affected IRA, and no such determination shall be made for the purpose of increasing compensation or other economic benefits payable to the Manager or its Affiliates.

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| | |
|:---|:---|
| **Section 14.6** | **Prohibited Transaction Severability Clause** |

---

If any provision of this Agreement, or the application thereof, would cause any Individual Retirement Account or Individual Retirement Annuity (within the meaning of § 408 of the Internal Revenue Code) invested in the Company to engage in a prohibited transaction within the meaning of § 4975 of the Internal Revenue Code, such provision shall be severed or limited in its application with respect to such IRA, only to the minimum extent necessary to avoid such prohibited transaction, without affecting the validity, legality, or enforceability of such provision as applied to any other Person or investor, or of any other provision of this Agreement.

Any severance or limitation pursuant to this Section shall be applied prospectively and in good faith, in a manner intended to preserve the tax-advantaged status of the affected IRA, and shall not be applied in a manner that increases compensation or other economic benefits payable to the Manager or its Affiliates.

Operating Agreement of

Gratus reserve V, LLC

Page 32 of 35

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| | |
|:---|:---|
| **Section 14.7** | **Partition** |

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Each Member, its successors, and assigns hereby waives any rights to have any Company Asset partitioned, and, pursuant to such waiver, no Member, nor any successor or assign of any Member, shall have the right while this Agreement remains in effect to file a complaint or institute any proceeding at law to seek, or to otherwise demand, request, or require, the liquidation or dissolution of the Company, the return of capital or any specific Company Assets, or, in equity, to have Company Assets partitioned, and each Member, on its own behalf and that of its successors, representatives, heirs, and assigns, hereby waives any such right.

The Members intend that during the term of this Agreement, the rights of the Members and their successors-in-interest, as among themselves, shall be governed by the terms of this Agreement, and that the right of any Member or successors-in-interest to Transfer or otherwise dispose of its Membership Interest in the Company shall be subject to the limitations and restrictions of this Agreement.

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| | |
|:---|:---|
| **Section 14.8** | **No Waiver** |

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The failure of any Member to insist upon strict performance of any provision or obligation of this Agreement, irrespective of the length of time for which such failure continues, shall not be a waiver of such Member's right to demand strict compliance in the future. No consent or waiver, express or implied, to or of any breach or default in the performance of any obligations under this Agreement, shall constitute a consent or waiver to or of any other breach or default in the performance of the same or any other obligation.

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| | |
|:---|:---|
| **Section 14.9** | **Construction and Miscellaneous** |

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The following general matters shall apply to the provisions of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Construction</u>. Unless the context requires otherwise, words denoting the singular may be construed as plural and words of the plural may be construed as denoting the singular. Words of one gender may be construed as denoting another gender or no gender as is appropriate within such context. The word "or" when used in a list may function as both a conjunction and a disjunction if the context permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Headings of Articles, Sections, and Subsections</u>. The headings of Articles, Sections, and Subsections used within this Agreement are included solely for the convenience and reference of the reader. They shall have no significance in the interpretation or construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Notices</u>. Any notice or communication to be given under the terms of this Agreement ("Notice") shall be in writing and shall be personally delivered or sent by overnight delivery, certified United States mail, or email. Notice shall be effective: (a) if emailed or personally delivered, when delivered; (b) if by overnight delivery, the day after delivery thereof to a reputable overnight courier service, delivery charges prepaid; or (c) if mailed, at midnight on the third business day after deposit in the mail, postage prepaid. Notices to the Company shall be addressed to its address below and to Members at their address for correspondence as set forth in the subscription documents, each as amended from time to time by Notice of the transferring party. Additionally, the Manager may provide Notice to the Members via a Company-related online platform. The Manager does not permit Notice by email.

Gratus Reserve V, LLC

Attn: Jason Weimer

718 Washington Ave N

Ste. 400

Minneapolis, MN 55401

Operating Agreement of

Gratus reserve V, LLC

Page 33 of 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Applicable State Law</u>. This Agreement shall be governed, construed, and enforced in accordance with the laws of Wyoming, without regard to its conflict of laws rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Execution; Duplicate Originals</u>. This Agreement may be executed manually, electronically, or by facsimile transmission, and in multiple counterparts. Each counterpart shall be considered a duplicate original agreement and all such counterparts shall, taken together, be considered one Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Severability</u>. If any provision of this Agreement is declared by a court of competent jurisdiction to be illegal, invalid, or unenforceable for any reason, such provision shall be fully severable and such illegality, invalidity, or unenforceability shall not affect the remaining provisions of this Agreement. Furthermore, in lieu of each illegal, invalid, or unenforceable provision, there shall be added automatically as part of this Agreement a provision as similar in terms to such illegal, invalid, or unenforceable provision as may be possible, legal, valid, and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Acceptance</u>. Each Manager and Member hereby acknowledges and confirms that he, she, or it has reviewed this Agreement, accepts all its provisions, and agrees to be bound by all the terms, conditions, and restrictions contained in this Agreement.

***[Signature Page Follows]***

Operating Agreement of

Gratus reserve V, LLC

Page 34 of 35

IN WITNESS WHEREOF, the Members and the Manager have executed or approved this Agreement effective August 27, 2025.

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| | |
|:---|:---|
| **MANAGER:** | **MANAGER:** |
| **GR Manager, LLC,** | **GR Manager, LLC,** |
| a Wyoming limited liability company | a Wyoming limited liability company |
| By: |  |
|  | Jason Weimer, its Manager |
| By: |  |
|  | Robert Barlau, its Manager |

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Operating Agreement of

Gratus reserve V, LLC

Page 35 of 35

**Exhibit A**

**TO**

**GRATUS RESERVE V, LLC OPERATING AGREEMENT**

**REDEMPTION PROGRAM**

Dated as of: August 27, 2025

&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Purpose</u>** . The purpose of the Redemption Program is to provide limited interim liquidity for the Company's Investor Class Members (under the conditions and limitations set forth below) until a liquidity event occurs. Without the Redemption Program, Investor Class Members in the Company would generally be required to hold their Units for an indefinite time period because (1) there is no established trading market for the Units (2) the Company does not anticipate that a secondary trading market for the Units will develop, and (3) the Company does not have a pre-established liquidation date or other established liquidity event (such as listing the shares on a securities exchange, merger with a publicly traded company or sale in a privately negotiated transaction.)

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Participation</u>** . The Redemption Program is open to all Investor Class Unit holders (Class AA, Class A, Class B, and Class C).

&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Conditions</u>** . The Company's Redemption Program will not begin until the start of the calendar quarter after the Company has been in operation for two (2) years. Investor Class Unit holders are required to have held the Units to be redeemed for at least six (6) months from the date the Company receives the redemption request to redeem such Units in the Redemption Program. Investor Class Unit holders are expected to have held the Units to be redeemed for at least two (2) years from the date the Company receives the redemption request to redeem such Units in the Redemption Program. Any Investors wishing have their Units redeemed who have held the Units for less than two (2) shall receive a lower redemption price.

&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Timing</u>** . The Redemption Program is intended to remain open indefinitely for the life of the Company unless modified or suspended by the Manager. In order to have their Units redeemed, Members must provide the Company with written notice of their desire to have their Units redeemed and tender their Units at any time during the 30 day redemption period each calendar quarter, which shall begin the date the Company publishes its start of quarter Net Asset Value. Such notice must contain the number and class of Units the Member wishes to have redeemed, the name of the Member, and the contact information for the Member. The Company will have ninty (90) days following the close of the applicable redemption period to make redemption payments. Redemption payments are subject to the availability of Distributable Cash.

&nbsp;&nbsp;&nbsp;&nbsp;5.  **<u>Repurchase Price</u>** . The redemption price for each Unit will be equal to the Company's Net Asset Value as of the start of the applicable Calendar Quarter, divided by the number of outstanding Investor Class Units, multiplied by the below Class Return Percentage, and further discounted by either 20% (for based Units held for less than two years as of the date the Company receives the redemption request) or 10% (for Units held for for two or more years as of the date on which the Company receives the redemption request). The Class Return Percentage for each Class shall be:

● Class AA: 75%

● Class A: 80%

● Class B: 82.5%

● Class C: 85%

By way of example, if the Company's per-Unit Net Asset Value is $100, the redemption price for Class A Units redeemed after being held for two years or more would be $100 times 0.8 \* 0.9 = $72.

&nbsp;&nbsp;&nbsp;&nbsp;6.  **<u>Number of Units Repurchased by the Company</u>** . The number of Class A Units to be repurchased by the Company under each redemption will not exceed two and one half percent (2.5%) of the number of Investor Class Units of the Company outstanding as of the start of the applicable calendar quarter. Any and all Units redeemed by the Company will be cancelled and returned to the status of authorized but unissued Units.

&nbsp;&nbsp;&nbsp;&nbsp;7.  **<u>Oversubscription</u>** . If the volume limitation is reached in any given redemption period or the Company determines to redeem fewer Units than have been submitted for redemption in any redemption period, the Company will make redemptions under the Redemption Program on a *pro rata* basis.

&nbsp;&nbsp;&nbsp;&nbsp;8.  **<u>Non-Solicitation</u>** . The Company will not solicit redemptions under the Redemption Program other than through disclosure in the Company's offering materials and through further communications as necessary to announce a modification to, or suspension or termination of, the Redemption Program. Members desiring to submit for redemption all or a portion of their Units will do so of their own volition and not at the behest of, invitation or encouragement of the Company. The role of the Company in effectuating redemptions under the Redemption Program will be ministerial.

&nbsp;&nbsp;&nbsp;&nbsp;9.  **<u>Withdrawal Rights</u>** . Members may withdraw any request for redemption at any time in writing delivered to the Company prior to the redemption.

&nbsp;&nbsp;&nbsp;&nbsp;10.  **<u>Regulatory Compliance</u>** . The Redemption Plan is intended to allow the Company to make repurchases of Investor Class Units in a manner that such redemptions do not constitute an issuer tender offer subject to the Exchange Act Rule 13e-4. Furthermore, the Redemption Plan is also intended to be exempt from Rule 102 of Regulation M to permit the Company to repurchase its Investor Class Units while the Company is engaged in a distribution of such Units. The Company will make any necessary modifications to this program to ensure it compleis with these rules.

## Ex1A-4

**Exhibit 4.1**

**Gratus Capital Properties Fund III, LLC**

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

**INTRODUCTION**

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **Part 3** | is the **Investment Adviser Approval and Certification Form,** which only needs to be completed if subscribing through an Investment Adviser. |

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

**Part 1**

**INSTRUCTIONS TO PROSPECTIVE PURCHASERS**

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

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

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

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

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

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

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

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

**CUSTODIAL OWNERSHIP**

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

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

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

☐ Initial Investment

☐ Additional Investment; Account number for existing account: #

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

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| | | |
|:---|:---|:---|
| Payment Type: | ☐ Check enclosed ☐ Wire transfer sent on the following date: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\| \| |
|  | ☐ In-Kind Contribution (leave subscription amount blank, additional paperwork required). | ☐ In-Kind Contribution (leave subscription amount blank, additional paperwork required). |

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

**Non-Custodial Ownership**

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| | | |
|:---|:---|:---|
| ☐ | **Individual** — One signature required. | **Individual** — One signature required. |
| ☐ | **Joint Tenants with Rights of Survivorship** — All parties must sign. | **Joint Tenants with Rights of Survivorship** — All parties must sign. |
| ☐ | **Community Property** — All parties must sign. | **Community Property** — All parties must sign. |
| ☐ | **Tenants in Common** — All parties must sign. | **Tenants in Common** — All parties must sign. |
| ☐ | **Uniform Gift to Minors Act** — State of | Custodian signature required. |

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| | | |
|:---|:---|:---|
| ☐ | **Uniform Transfer to Minors Act** — State of | Custodian signature required. |
| ☐ | **Qualified Pension or Profit Sharing Plan** — Include plan documents. | **Qualified Pension or Profit Sharing Plan** — Include plan documents. |
| ☐ | **Trust** — Include title, trust instrument or letters testamentary, signature and "Powers of the Trustees" pages. | **Trust** — Include title, trust instrument or letters testamentary, signature and "Powers of the Trustees" pages. |
| ☐ | **Corporation** — Include certificate of formation, corporate resolution, articles of incorporation and bylaws. | **Corporation** — Include certificate of formation, corporate resolution, articles of incorporation and bylaws. |
| ☐ | **Partnership/LLC** — Include certificate of formation, company agreement, resolution for investment. | **Partnership/LLC** — Include certificate of formation, company agreement, resolution for investment. |

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| | | |
|:---|:---|:---|
| ☐ | **Other (Specify)** — | *Include title and signature pages.* |

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**Custodial Ownership**

☐ **Individual** — One signature required.

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

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

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

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

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|:---|:---|:---|
| ☐ | **Other** — | Owner and custodian signatures required. |

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

Name of Custodian: <br>

Mailing Address: <br>

City: State: Zip Code:

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|:---|:---|
| Custodian Tax ID #: | Custodian Telephone #: |
| Custodian Account #: | Custodian Email: |

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

**(All fields must be completed)**

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

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

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

Street Address City State Zip Code <br>      

Home Telephone Email <br>

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

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

Street Address City State Zip Code <br>      

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

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

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

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

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

Account Type ☐ Checking ☐ Savings ☐ Brokerage

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

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

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**Part 2**

**SUBSCRIPTION AGREEMENT**

The investor executing this Subscription Agreement ("**Investor**") hereby subscribes for the dollar amount ("**Subscription Amount**") of units of Class AA, Class A, Class B or Class C membership interests (the "**Units**") of Gratus Reserve V, LLC, a Wyoming limited liability company (the "**Company**") as indicated in the Investor Information (provided in Part I, and below defined).

WHEREAS, the Company is offering Units at a price of $1.00 per Unit pursuant to its Form 1-A, as amended and/or supplemented from time to time ("**Offering Statement**"), filed with the Securities and Exchange Commission ("**SEC**") under Tier II of Regulation A promulgated under the Securities Act of 1933, as amended (the "**Securities Act**").

NOW, THEREFORE, it is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Investor understands and agrees that this Subscription Agreement ("**Agreement**" or "**Subscription Agreement**") is comprised of the below terms and schedules, as well as the information Investor provides via the Company's investment portal at _______________ ("**Company Site**") relating to its purchase of Units pursuant to this Agreement, which may include, but not be limited to, Investor's identity and personal information, contact information, signature and the amount and class of Units being purchased by Investor (collectively, "**Investor Information**"), which Investor Information is incorporated herein by reference and made a part hereof. By executing this Agreement, Investor agrees to the terms of service and privacy policy contained on the Company Site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To induce the Company to accept this subscription, the Investor hereby agrees and represents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Units will be held by the Investor as indicated on the Investor Information (e.g., individual, corporation, custodial account, community property, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Concurrent with the execution hereof, the Investor authorizes the Company to request the Subscription Amount from the Investor's bank or other financial institution. The Investor has transferred funds equal to the Subscription Amount to the Company concurrently with submitting this Subscription Agreement, unless otherwise agreed by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within five (5) days after receipt of a written request from the Company, the Investor shall provide such information and execute and deliver such documents as the Company may reasonably request to comply with any and all laws and ordinances to which the Company may be subject, including the securities laws of the United States or any other applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company has entered into, and from time to time may enter into, separate subscription agreements with other investors for the sale of Units to such other investors. The sale of Units to such other investors and this sale of the Units shall be separate sales and this Subscription Agreement and the other subscription agreements shall be separate agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company may elect at any time to close all or any portion of this offering, once it has raised the minimum offering amount, on various dates (each a "Closing Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Investor understands the meaning and legal consequences of, and that the Company intends to rely upon, the representations and warranties contained in Sections 2, 3, 4 and 5 hereof, and the Investor hereby agrees to indemnify and hold harmless the Company and each and any manager, member, officer, employee, agent or affiliate thereof from and against any and all loss, damage or liability due to or arising out of a breach of any representation or warranty of the Investor. The representations, warranties and covenants made by Investor herein shall survive the closing or termination of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Investor hereby represents and warrants that the Investor is a "qualified purchaser," as defined in Regulation A under the Securities Act, meaning Investor is an "accredited investor" as defined in Rule 501 of Regulation D under the Securities Act and indicated on the U.S. Accredited Investor Certificate attached hereto, or the Subscription Amount does not represent more than 10% of the greater of Investor's annual income or net worth (for natural persons), or 10% of the greater of annual revenue or net worth at fiscal year-end (for non-natural persons), with net worth calculated in the same manner as for accredited investors under Rule 501 of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Investor hereby further represents, warrants, acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Investor has all requisite power and authority to (i) execute and deliver this Agreement, and (ii) to carry out and perform its obligations under the terms of this Agreement. This Agreement has been duly authorized, executed and delivered and constitutes the legal, valid and binding obligation of Investor, enforceable in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other laws relating to or affecting the enforcement of creditors' rights generally in effect from time to time and by general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the execution and delivery of this Agreement nor the fulfillment of or compliance with the terms and provisions hereof, will conflict with, or result in a breach or violation of any of the terms, conditions or provisions of, or constitute a default under, any contract, agreement, mortgage, indenture, lease, instrument, order, judgment, statute, law, rule or regulation to which Investor is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The information provided by the Investor to the Company via this Subscription Agreement, including the Investor Information, or otherwise is true and correct in all respects as of the date hereof and the Investor hereby agrees to promptly notify the Company and supply corrective information to the Company if, prior to the consummation of its investment in the Company, any of such information becomes inaccurate or incomplete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investor, if an individual, is over 21 years of age, and the address set forth above is the true residence and domicile of the Investor, and the Investor has no present intention of becoming a resident or domiciliary of any other state or jurisdiction. If a corporation, trust, partnership or other entity, the Investor has its principal place of business at the address set forth on the signature page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Investor is not a United States person (as defined by Section 7701(a)(30) of the Internal Revenue Code of 1986, as amended), Investor hereby represents that it has satisfied itself as to the full observance of the laws of its jurisdiction in connection with any invitation to subscribe for the Units or any use of this Subscription Agreement, including (i) the legal requirements within its jurisdiction for the purchase of the Units, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Units. Investor's subscription and payment for and continued beneficial ownership of the Units will not violate any applicable securities or other laws of Investor's jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Investor has had an opportunity to ask questions of and receive answers from the Company, or a person or persons acting on its behalf, concerning the Company and the terms and conditions of this investment, and all such questions have been answered to the full satisfaction of the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as set forth in this Subscription Agreement, no representations or warranties have been made to the Investor by the Company or any partner, agent, employee or affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Investor has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Company and making an informed investment decision with respect thereto. The Investor has consulted its own advisers with respect to its proposed investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investor is not making this subscription in any manner as a representative of a charitable remainder unitrust or a charitable remainder trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Investor has the financial ability to bear the economic risk of the Investor's investment, including a complete loss thereof, has adequate means for providing for its current needs and possible contingencies and has no need for liquidity in its investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Investor acknowledges and understands that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Units are a speculative investment and involve a substantial degree of risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company does not have a significant financial or operating history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Units are being offered pursuant to Regulation A under the Securities Act and have not been registered or qualified under any state blue sky or securities law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any federal income tax treatment which may be currently available to the Investor may be lost through adoption of new laws or regulations, amendments to existing laws or regulations or changes in the interpretations of existing laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Investor represents and warrants that (i) the Units are to be purchased with funds that are from legitimate sources in connection with its regular business activities and which do not constitute the proceeds of criminal conduct; (ii) the Units are not being acquired, and will not be held, in violation of any applicable laws; (iii) the Investor is not listed on the list of Specially Designated Nationals and Blocked Persons maintained by the United States Office of Foreign Assets Control ("**OFAC**"); and (iv) the Investor is not a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) If the Investor is an individual retirement account, qualified pension, profit sharing or other retirement plan, or governmental plans or units (all such entities are herein referred to as a "Retirement Trust"), the Investor represents that the investment in the Company by the Retirement Trust has been authorized by the appropriate person or persons and that the Retirement Trust has consulted its counsel with respect to such investment and the Investor represents that it has not relied on any advice of the Company or its affiliates in making its decision to invest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Investor has received and had the opportunity to review the offering Statement, as amended and supplemented. Investor has carefully reviewed all of the Company's SEC filings filed by the Company since the Company's Offering Statement was qualified by the SEC and understands the information contained therein. Investor acknowledges that the Company's SEC filings, including but not limited to the Offering Statement, are available free of charge at the SEC's web site at <u>www.sec.gov</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Investor acknowledges and agrees that there is no ready public market for the Units and that there is no guarantee that a market for their resale will ever exist. The Company has no obligation to list any of the Units on any market or take any steps (including registration under the Securities Act or the Securities Exchange Act of 1934, as amended (the "**Exchange Act**") with respect to facilitating trading or resale of the Units. Investor must bear the economic risk of this investment indefinitely and Investor acknowledges that Investor is able to bear the economic risk of losing Investor's entire investment in the Units. Investor also understands that an investment in the Company involves significant risks and has taken full cognizance of and understands all of the risk factors relating to the purchase of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Investor represents and warrants that the Investor is either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchasing the Units with funds that constitute the assets of one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an "employee benefit plan" as defined in Section 3(3) of the U.S. Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), that is subject to Title I of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an "employee benefit plan" as defined in Section 3(3) of ERISA that is not subject to either Title I of ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code") (including a governmental plan, non-electing church plan or foreign plan). The Investor hereby represents and warrants that (a) its investment in the Company: (i) does not violate and is not otherwise inconsistent with the terms of any legal document constituting or governing the employee benefit plan; (ii) has been duly authorized and approved by all necessary parties; and (iii) is in compliance with all applicable laws, and (b) neither the Company nor any person who manages the assets of the Company will be subject to any laws, rules or regulations applicable to such Investor solely as a result of the investment in the Company by such Investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a plan that is subject to Section 4975 of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an entity (including, if applicable, an insurance company general account) whose underlying assets include "plan assets" of one or more "employee benefit plans" that are subject to Title I of ERISA or "plans" that are subject to Section 4975 of the Code by reason of the investment in such entity, directly or indirectly, by such employee benefit plans or plans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an entity that (a) is a group trust within the meaning of Revenue Ruling 81-100, a common or collective trust fund of a bank or an insurance company separate account and (b) is subject to Title I of ERISA, Section 4975 of the Code or both; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Not purchasing the Units with funds that constitute the assets of any of the entities or plans described in this Section 4(m)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. All representations and warranties of Investor made above shall be true and correct as of Investor's Closing Date, unless Investor has otherwise notified the Company in writing prior to Investor's Closing Date that there has been a change that would cause any such representation or warranty to be incorrect or no longer apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. It is understood that this subscription is irrevocable by Investor but is not binding on the Company until accepted by the Company by signature of its authorized representative on the acceptance page hereto. The Company may accept or reject this subscription in whole or in part. In the event of rejection of this subscription in its entirety, or in the event the sale of the Units (or any portion thereof) to Investor is not consummated for any reason, this Subscription Agreement shall have no force or effect with respect to the rejected subscription (or portion thereof), except for Section 2(h) hereof, which shall remain in force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Company reserves the right to request such information as is necessary to verify the identity of the Investor. The Investor shall promptly on demand provide such information and execute and deliver such documents as the Company may request to verify the accuracy of the Investor's representations and warranties herein or to comply with the USA PATRIOT Act of 2001, as amended (the "**Patriot Act**"), certain anti-money laundering laws or any other law or regulation to which the Company may be subject (the "**Relevant Legislation**"). In addition, by executing this Subscription Agreement the Investor authorizes the Company to provide the Company's legal counsel and any other appropriate third party with information regarding the Investor's account, until the authorization is revoked by the Investor in writing to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Investors execution of this Agreement shall also serve as Investor's execution of and agreement to be bound to the terms of the Company's Operating Agreement, as amended, as included as an Exhibit to the Offering Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Company represents and warrants to the Investor that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company is duly formed and validly existing in good standing as corporation under the laws of Delaware and has all requisite power and authority to carry on its business as now conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by the Company of this Subscription Agreement have been authorized by all necessary action on behalf of the Company, and this Subscription Agreement is a legal, valid and binding agreement of the Company, enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Units, when so issued, sold and delivered against payment therefor in accordance with the provisions of this Subscription Agreement, will be duly and validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural, as the identity of the person or persons or entity or entities may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Subscription Agreement is not transferable or assignable by Investor without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The representations, warranties and agreements contained herein shall be deemed to be made by and be binding upon Investor and its heirs, executors, administrators and successors and shall inure to the benefit of the Company and its successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) None of the provisions of this Subscription Agreement may be waived, changed or terminated orally or otherwise, except as specifically set forth herein or except by a writing signed by the Company and Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The invalidity, illegality or unenforceability of one or more of the provisions of this Subscription Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Subscription Agreement in such jurisdiction or the validity, legality or enforceability of this Subscription Agreement, including any such provision, in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Subscription Agreement, including its schedules and Investor Information, constitutes the entire agreement between the Investor and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings, if any, relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms and provisions of this Subscription Agreement are intended solely for the benefit of each party hereto and their respective successors and assigns, and it is not the intention of the parties to confer, and no provision hereof shall confer, third-party beneficiary rights upon any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This Subscription Agreement may be executed in any number of counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument. Each of the parties hereto agrees that the transaction consisting of this Agreement (and, to the extent permitted under applicable law, each related agreement) may be conducted by electronic means. Each party agrees, and acknowledges that it is such party's intent, that if such party signs this Agreement (or, if applicable, related agreement) using an electronic signature, it is signing, adopting, and accepting this Agreement or such closing document and that signing this Agreement or such related agreement using an electronic signature is the legal equivalent of having placed its handwritten signature on this Agreement or such related agreement on paper. The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No failure or delay by any party in exercising any right, power or privilege under this Subscription Agreement shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notice, requests, demands and other communications relating to this Subscription Agreement and the transactions contemplated herein shall be in writing and shall be deemed to have been duly given if and when (a) delivered personally, on the date of such delivery; or (b) mailed by registered or certified mail, postage prepaid, return receipt requested, on the third day after the posting thereof; or (c) emailed, telecopied or cabled, on the date of such delivery to the respective parties at the addresses set forth in the Investor Information with respect to the Investor and above with respect to the Company. The Company will not accept notice by email or other electronic communication. Investor agrees that the Company may deliver all notices, tax reports and other documents and information to Investor by email or another electronic delivery method chosen by the Company. Investor agrees to tell the Company right away if Investor changes its email address or home mailing address so the Company can send information to the new address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) THE COMPANY WILL NOT BE LIABLE TO INVESTOR FOR ANY LOST PROFITS OR SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, EVEN IF INVESTOR TELLS THE COMPANY IT MIGHT INCUR THOSE DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) **NOTICE OF DISPUTE RESOLUTION BY BINDING ARBITRATION AND CLASS ACTION/CLASS ARBITRATION WAIVER**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) IMPORTANT: PLEASE READ CAREFULLY. THE FOLLOWING PROVISION ()"**ARBITRATION PROVISION**") CONSTITUTES A BINDING AGREEMENT THAT LIMITS CERTAIN RIGHTS, INCLUDING YOUR RIGHT TO OBTAIN RELIEF OR DAMAGES THROUGH COURT ACTION OR AS A MEMBER OF A CLASS. THAT MEANS THAT, IN THE EVENT THAT YOU HAVE A COMPLAINT AGAINST THE COMPAY THAT THE COMPANY IS UNABLE TO RESOLVE TO YOUR SATISFACTION AND THAT CANNOT BE RESOLVED THROUGH MEDIATION, YOU AND THE COMPANY AGREE TO RESOLVE YOUR DISPUTE THROUGH BINDING ARBITRATION, INSTEAD OF THROUGH COURTS OF GENERAL JURISDICTION OR THROUGH A CLASS ACTION. BY ENTERING INTO THIS AGREEMENT, YOU AND THE COMPANY ARE EACH WAIVING THE RIGHT TO A TRIAL BY JURY AND TO PARTICIPATE IN ANY CLASS ACTION. THE ARBITRATION PROVISION AND THE WAIVER OF THE RIGHT TO A JURY TRIAL AND CLASS ACTION IS NOT INTENDED TO BE DEEMED A WAIVER BY YOU OF OUR COMPLIANCE WITH THE EXCHANGE ACT AND SECURITIES ACT AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Claim" shall mean any dispute or controversy arising out of or relating to this Agreement and/or the transactions, activities, or relationships that involve, lead to, or result from the foregoing. Claims include, but are not limited to, breach of contract, fraud, misrepresentation, express or implied warranty, and equitable, injunctive, or declaratory relief. Claims include matters arising as initial claims, counter-claims, cross-claims, third-party claims, or otherwise and include those brought by or against your assigns, heirs, or beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Claim arises and such Claim cannot be settled through direct discussions, the parties hereto agree to endeavor first to settle the dispute by mediation administered by the American Arbitration Association (the "**AAA**") under its Commercial Mediation Procedures before resorting to arbitration pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any unresolved Claim shall be settled by binding arbitration as the sole and exclusive forum and remedy for resolution of a Claim between you and the Company. The Party initiating arbitration shall do so with the AAA. The procedure shall be governed by the AAA Commercial Arbitration Rules, and the parties stipulate that the laws of the State of Wyoming shall apply, without regard to conflict-of-law principles. In the case of a conflict between the rules and policies of the administrator and this Arbitration Provision, this Arbitration Provision shall control, subject to controlling law, unless all parties to the arbitration consent to have the rules and policies of the administrator apply. Arbitration shall take place in the county and state where the principal office for the Company is located or in such location as agreed upon by the parties. Each party will, upon written request of the other party, promptly provide the other with copies of all relevant documents. There shall be no other discovery allowed. Except as may be required by law, neither a party nor an arbitrator may disclose the existence, content, or results of any arbitration hereunder without the prior written consent of both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Absent agreement among the parties, the presiding arbitrator shall determine how to allocate the fees and costs of arbitration among the parties according to the administrator's rules or in accordance with controlling law if contrary to those rules. Each party shall bear the expense of that party's attorneys, experts, and witnesses, regardless of which party prevails in the arbitration, unless controlling law provides a right for the prevailing party to recover fees and costs from the other party. Notwithstanding the foregoing, if the arbitrator determines that a Claim is frivolous or brought for an improper purpose (as measured by the standards set forth in Federal Rule of Civil Procedure 11(b)), the other party shall not be required to pay any fees or costs of the arbitration proceeding, and any previously paid fees or costs shall be reimbursed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the amount in controversy exceeds $50,000, any party may appeal the arbitrator's award to a three-arbitrator panel within thirty (30) days of the final award. Additionally, in the event of such an appeal, any opposing party may cross-appeal within thirty (30) days after notice of the appeal. The three-arbitrator panel may consider all of the evidence and issue a new award, and the panel does not have to adopt or give any weight to the first arbitrator's findings of fact or conclusion. This is called "*de novo*" review. Costs and conduct of any appeal shall be governed by this Arbitration Provision and the administrator's rules, in the same way as the initial arbitration proceeding. Any award by the individual arbitrator that is not subject to appeal, and any panel award on appeal, shall be final and binding, except for any appeal right under the Federal Arbitration Act (the "**FAA**"), and may be entered as a judgment in any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The parties agree that this Arbitration Provision is made pursuant to a transaction between the parties that involves and affects interstate commerce and therefore shall be governed by and enforceable under the FAA. The arbitrator will apply substantive law consistent with the FAA and applicable statutes of limitations. The arbitrator may award damages or other types of relief permitted by the law of the State of Wyoming, subject to the limitations set forth in this Agreement. The arbitrator will not be bound by judicial rules of procedure and evidence that would apply in a court. The parties also agree that the proceedings shall be confidential to protect intellectual property rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, YOU MAY OPT OUT OF THIS ARBITRATION PROVISION BY SENDING AN ARBITRATION OPT-OUT NOTICE TO THE COMPANY THAT IS RECEIVED AT THE ABOVE ADDRESS WITHIN THIRTY (30) DAYS OF YOUR FIRST ELECTRONIC ACCEPTANCE OF THIS FORM. YOUR OPT-OUT NOTICE MUST CLEARLY STATE THAT YOU ARE REJECTING ARBITRATION; IDENTIFY THE AGREEMENT TO WHICH IT APPLIES BY DATE; PROVIDE YOUR NAME, ADDRESS, AND SOCIAL SECURITY NUMBER; AND BE SIGNED BY YOU. YOU MAY CONVEY THE OPT-OUT NOTICE BY U.S. MAIL OR ANY PRIVATE MAIL CARRIER (E.G. FEDERAL EXPRESS, UNITED PARCEL SERVICE, DHL EXPRESS, ETC.), SO LONG AS IT IS RECEIVED AT THE ABOVE MAILING ADDRESS WITHIN THIRTY (30) DAYS OF YOUR FIRST ELECTRONIC ACCEPTANCE OF THE TERMS OF THIS AGREEMENT. IF THE NOTICE IS SENT BY A THIRD PARTY, SUCH THIRD PARTY MUST INCLUDE EVIDENCE OF HIS OR HER LEGAL AUTHORITY TO SUBMIT THE OPT-OUT NOTICE ON YOUR BEHALF. IF YOUR OPT-OUT NOTICE IS NOT RECEIVED WITHIN THIRTY (30) DAYS FROM THE DATE YOU SIGN THIS AGREEMENT, YOU WILL BE DEEMED TO HAVE ACCEPTED ALL TERMS OF THIS ARBITRATION AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) NO ARBITRATION SHALL PROCEED ON A CLASS, REPRESENTATIVE, OR COLLECTIVE BASIS (INCLUDING AS PRIVATE ATTORNEY GENERAL ON BEHALF OF OTHERS), EVEN IF THE CLAIM OR CLAIMS THAT ARE THE SUBJECT OF THE ARBITRATION HAD PREVIOUSLY BEEN ASSERTED (OR COULD HAVE BEEN ASSERTED) IN A COURT AS CLASS REPRESENTATIVE, OR COLLECTIVE ACTIONS IN A COURT. *UNLESS CONSENTED TO IN WRITING BY ALL PARTIES TO THE ARBITRATION, NO PARTY TO THE ARBITRATION MAY JOIN, CONSOLIDATE, OR OTHERWISE BRING CLAIMS FOR OR ON BEHALF OF TWO OR MORE INDIVIDUALS OR UNRELATED CORPORATE ENTITIES IN THE SAME ARBITRATION.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This Arbitration Provision shall survive (i) suspension, termination, revocation, closure, termination, or amendments to this Agreement and the relationship of the parties; (ii) the bankruptcy or insolvency of any party or other person; and (iii) any transfer of any Units. If any portion of this Arbitration Provision other than the prohibitions on class arbitration in this Section is deemed invalid or unenforceable under any law or statute consistent with the FAA, it shall not invalidate the other provisions of this Arbitration Provision or this Agreement; if the prohibition on class arbitration is deemed invalid, however, then this entire Arbitration Provision shall be null and void.

**GRATUS RESERVE V, LLC**

**SUBSCRIPTION AGREEMENT SIGNATURE PAGE**

The undersigned, desiring to purchase Units of Gratus Reserve V, LLC, by executing this signature page, hereby executes, adopts and agrees to all terms, conditions and representations of the Subscription Agreement.

IN WITNESS WHEREOF, the undersigned has executed this Subscription Agreement on the date set forth below.

___________________

Date

Unit Class _______

$__________________

Subscription Amount

    <br> Name of Investor (Person or Entity) Name of Joint Investor (if any)

    <br> Signature Additional Signature (if necessary)

    <br> Title (if Investor not a natural person) Title (if necessary)

---

| | | |
|:---|:---|:---|
| | ACCEPTANCE | ACCEPTANCE |
|  | The foregoing subscription is hereby accepted by the Company this _____ day of __________, 20_____. | The foregoing subscription is hereby accepted by the Company this _____ day of __________, 20_____. |
|  | The Subscription in Amount of $__________ is accepted for __________ Class ____Units | The Subscription in Amount of $__________ is accepted for __________ Class ____Units |
|  | Name of Authorized Agent | Signature of Authorized Agent |

---

**Part 3**

**REGISTERED INVESTMENT ADVISOR APPROVAL AND CERTIFICATION Page**

**(To be Completed by Registered Investment Adviser Only)**

## Ex1A-6

**Exhibit 6.1**

**SOFTWARE AND SERVICES AGREEMENT**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)  **<u>Invoices</u>.** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

---

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

---

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**[Signature Page Follows]**

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

---

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

---

**EXHIBIT A**

**Great Lakes Fund Solutions**

**Summary of Services**

**Company=Great Lakes**

**Client=Gratus**

---

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

---

---

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

---

---

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

---

**EXHIBIT B**

**GREAT LAKES' COMPANY POLICIES**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

*<u>Disclosure Agreement</u>*

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

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

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

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

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

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

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

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

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

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

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

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

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

*<u>Paper Records</u>*

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

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

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

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

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

*<u>Workplace Searches</u>*

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

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

**EXHIBIT C**

**FEE SCHEDULE**

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

---

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

---

1) Fund Administration Fee: (Legacy Fund only)

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;a) Monthly
Minimum Fee

&nbsp;&nbsp;&nbsp;&nbsp;b) Basis
Point Fee

*a)* *Monthly Minimum Fee:* 

---

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

---

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

*b)* *Basis Point Fee:* 

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

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

---

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

---

*Volume-Based Fees:*

---

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

---

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

---

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

---

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

---

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

---

*Pre-Approved Project and Development Rates:*

---

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

---

***Out of Pocket Expenses***

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

Ï Postage and/or courier charges

Ï VerifyInvestor charges at cost

Ï DocuSign Envelopes at cost

Ï Envelopes at cost, unless supplied by the Client

---

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

---

**Schedule A**

**Funds to Be Serviced**

● Gratus Capital Properties Fund I

● Gratus Capital Properties Fund III (Reg A)

● Gratus Black I

● Any future funds, if applicable

Sch. A-1

---

| | |
|:---|:---|
| ![](ex6-1_001.jpg) | **Agent Authorization for Depositary Services** |

---

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

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

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

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

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

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

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

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

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

Page 1 of 4

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

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

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

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

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

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

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

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

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

Page 2 of 4

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

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

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

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

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

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

[Signature Page Follows]

Page 3 of 4

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

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

---

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

---

Page 4 of 4

## Ex1A-11

**Exhibit 11.1**

**Abdi Sheikh-Ali, CPA, PLLC**

450 Century Parkway, Suite 250 Tel. (972) 217-4646 <br> Allen, Texas 75013 Fax. (972) 217-4645 <br> <u>www.abdisheikh.com</u> <u>cpa@abdisheikh.com</u>

Mr. Jonathan Sabo, Esq.

Crowdfunding Lawyers

101 S. Woodrow Ln., STE 101

Denton, Texas 76205

March 31, 2026

Mr. Sabo:

We hereby consent to the inclusion in this Offering Statement on Form 1-A of our report dated September 8, 2025, of Gratus Reserve II, LLC related to the audit of the financial statements as of August 31, 2025, and the inception-to-date period then ended and the reference to our firm under the caption "Experts" in the Offering Statement.

We consent to the inclusion in the foregoing Regulation A Offering Circular of our report dated September 8, 2025 relating to the financial statements of Gratus Reserve II, LLC as of August 31, 2025, and inception-to-date period then ended. We also consent to the reference to our firm under the caption "Experts".

![](ex11-1_001.jpg)

Abdi Sheikh-Ali, CPA, PLLC Allen, Texas

![](ex11-1_002.jpg)

## Ex1A-12

**Exhibit 12.1**

---

| | |
|:---|:---|
| ![](ex12-1_001.jpg) | Dodson Robinette PLLC |

---

March 31, 2026

---

| | |
|:---|:---|
| ***Re:*** | ***Offering Circular for Gratus Reserve V, LLC on Form 1-A*** |

---

To whom it may concern:

This firm has been retained by Gratus Reserve V, LLC (the "Company"), in connection with the Offering Circular (the "Offering Circular") on Form 1-A, relating to the offering of up to $75,000,000 in Class AA, Class A, Class B and Class C Membership Interests to be sold. You have requested that we render our opinion as to whether or not the securities proposed to be issued on terms set forth in the Offering Circular will be validly issued, fully paid, and non-assessable. The purchasers of the securities will have no obligation to make payments to the Company other than the price for the securities. Purchasers will not have any obligations to creditors of the Company due to the purchasers' ownership of the Class AA, Class A, Class B and Class C Membership Interests.

In connection with the request, we have examined the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. Articles of Organization of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;2. Operating Agreement of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;3. The Offering Circular

We have examined such other corporate records and documents and have made such other examinations, as we have deemed relevant.

Based on the above examination, we are of the opinion that the securities of the Company to be issued pursuant to the Offering Circular are validly authorized and will be validly issued, fully paid, and non-assessable.

Sincerely,

/s/ Dodson Robinette PLLC

DODSON ROBINETTE PLLC

1431 E. McKinney St., Ste 130

Denton, TX 76209

Email: richard@crowdfundinglawyers.net

Phone: (323) 799-1342

Web: www.CrowdfundingLawyers.net

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

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Gratus Reserve V, LLC

**Jurisdiction of Incorporation/Organization:** WY

**Year of Incorporation:** 2025

**CIK:** 0002100527

**I.R.S. Employer Identification Number:** 39-4018742

**Primary Standard Industrial Classification Code:** 6199

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 718 Washington Ave N, Ste. 400, Minneapolis, MN 55401

**Company Phone:** 651-999-5344

**Person to contact:** Jonathan Sabo, Esq.

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount    |
|:---|:---|
| Cash and Cash Equivalents                | $0.00     |
| Investment Securities                    | $0.00     |
| Accounts and Notes Receivable            | $0.00     |
| Property, Plant and Equipment (PP&E)     | $0.00     |
| Total Assets                             | $39692.00 |
| Accounts Payable and Accrued Liabilities | $40050.00 |
| Long-Term Debt                           | $0.00     |
| Total Liabilities                        | $40050.00 |
| Total Stockholders' Equity               | $-358.00  |
| Total Liabilities and Equity             | $39692.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount   |
|:---|:---|
| Total Revenues                            | $0.00    |
| Costs and Expenses Applicable to Revenues | $0.00    |
| Depreciation and Amortization             | $0.00    |
| Net Income                                | $-358.00 |
| Earnings Per Share - Basic                | -3.58    |
| Earnings Per Share - Diluted              | -3.58    |

**Auditor Information**

| Metric          | Amount               |
|:---|:---|
| Name of Auditor | Abdi Sheikh-Ali, CPA |

### Outstanding Securities

| Class   |   Outstanding |     CUSIP | Publicly Traded   |
|:---|---:|---:|:---|
| Class M |           100 | 000000000 | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** No

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 75000000     |
| Number of securities outstanding                                | 0            |
| Price per security                                              | $1.00        |
| Issuer's aggregate offering price                               | $75000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $75000000.00 |

**Anticipated Fees**

| Service Provider   | Name                   | Fees      |
|:---|:---|:---|
| Auditor            | Abdi Sheikh-Ali        | $3500.00  |
| Legal              | Dodson Robinette, PLLC | $35000.00 |
| Promoters          | None                   | $0.00     |

**Estimated Net Proceeds to the Issuer:** $74942685.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC, PR, A0, A1, A2, A3, A4, A5, A6, A7, A8, A9, B0, Z4

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** Gratus Reserve V, LLC

**Title of Securities Issued:** Class M Membership Interests

**Total Amount of Securities Issued:** 100

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** 0

**Basis for aggregate consideration:** —

**Securities Act Exemption:** These Units were issued in a private sale under 4(a)(2) of the Securities Act.