Document:

Exhibit 10.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT

 

OF

 

RPC
Design and Manufacturing LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THE SECURITIES OFFERED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND
EXCHANGE COMMISSION NOR BY THE SECURITIES REGULATORY AUTHORITY OF ANY STATE, NOR HAS ANY COMMISSION OR AUTHORITY PASSED UPON OR
ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF ANY DISCLOSURE MADE IN CONNECTION THEREWITH. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE. THE SECURITIES OFFERED HEREBY MAY NOT BE RESOLD WITHOUT REGISTRATION UNDER THE SECURITIES
ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS OR EXEMPTION THEREFROM. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT
IS FURTHER SUBJECT TO OTHER RESTRICTIONS, TERMS AND CONDITIONS WHICH ARE SET FORTH IN THIS AGREEMENT.

 

 

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	Page
	1.   Organization	1
	1.1   Formation	1
	1.2   Name and Place of Business	1
	1.3   Business and Purpose of the Company	1
	1.4   Term	1
	1.5   Required Filings	1
	1.6   Registered Office and Registered Agent	1
	1.7   Competitive Transactions	1
	2.   Definitions	1
	3.   Capitalization and Financing	2
	3.1   Capital Contributions	2
	3.1.1   Fund Capital Contribution	2
	3.1.2   VVMC Capital Contribution	2
	3.2   Additional Capital Contributions	2
	3.3   Failure to Make Additional Capital Contribution	2
	3.3.1   Loan	2
	3.3.2   Return of Additional Capital Contribution	2
	3.4   Enforcement of Obligation	2
	3.5   Liabilities of Members	3
	3.6   Company Loans	3
	3.7   Additional Equity Investors	3
	4.   Allocation of Tax Items	3
	4.1   Allocation of Net Income and Net Loss	3
	4.1.1   Net Income	3
	4.1.2   Net Loss	3

 

 

 

    	 	i	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	4.2   Special Allocations	4
	4.2.1   Qualified Income Offset	4
	4.2.2   Gross Income Allocation	4
	4.2.3   Minimum Gain Chargeback	4
	4.2.4   Member Minimum Gain Chargeback	4
	4.2.5   Nonrecourse Deductions	4
	4.2.6   Member Nonrecourse Deductions	4
	4.2.7   Code Section 754 Adjustments	5
	4.3   Curative Allocations	5
	4.4   Contributed Property	5
	4.5   Recapture Income	5
	4.6   Allocation of Company Items	5
	4.7   Assignment	5
	4.8   Power of Managers to Vary Allocations	5
	4.9   Consent of Members	6
	4.10   Withholding Obligations	6
	5.   Distributions	6
	5.1   Cash From Operations	6
	5.2   Restrictions	6
	6.   Compensation to the Managers and their Affiliates	7
	6.1   Compensation	7
	6.2   Company Expenses	7
	6.2.1   Operating Expenses	7
	6.2.2   Overhead of Managers	7
	7.   Authority and Responsibilities of the Managers	7
	7.1   Management	7
	7.2   Number, Tenure and Qualifications	7
	7.3   Managers’ Authority	7
	7.4   Major Decisions	10
	7.5   Obligations of the Managers	12
	7.6   Administration of the Company	12

 

 

 

    	 	ii	 

     

    

 

TABLE OF CONTENTS

(continued)

 

	 	Page
	7.7   Indemnification of the Managers and the Officers	12
	7.8   No Personal Liability for Return of Capital	13
	7.9   Authority as to Third Persons	13
	7.10   Insurance	13
	7.11   Officers	13
	7.11.1   Appointment of Officers	13
	7.11.2   Removal, Resignation and Filling of Vacancy of Officers	13
	7.11.3   Salaries of Officers	13
	7.11.4   Signing Authority	14
	8.   Rights, Authority and Voting of the Members	14
	8.1   Members Are Not Agents	14
	8.2   Voting by the Members	14
	8.3   Member Vote	14
	8.4   Meetings of the Members	14
	8.4.1   Notice	14
	8.4.2   Adjourned Meeting and Notice Thereof	14
	8.4.3   Quorum	15
	8.4.4   Consent of Absentees	15
	8.4.5   Action Without Meeting	15
	8.4.6   Record Dates	15
	8.4.7   Proxies	15
	8.4.8   Chairman of Meeting	16
	8.4.9   Record Date and Closing Company Books	16
	8.4.11   Meetings	16
	8.5   Rights of Members	16
	8.6   Restrictions on the Owners	16
	8.7   Return of Capital	16
	8.8   Indemnification of Members	16
	9.   Resignation, Withdrawal or Removal of a Manager	17
	9.1   Resignation or Withdrawal of Manager	17
	9.2   No Removal	17
	9.3   Purchase of Manager’s Interest	17

 

 

 

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TABLE OF CONTENTS

(continued)

 

	 	Page
	10.   Assignment of a Manager’s Interest	17
	10.1   Permitted Assignments	17
	10.2   Substitute Manager	17
	10.3   Transfer in Violation Not Recognized	17
	10.4   Transfers to Affiliates	17
	11.   Member and Owner Transfers	18
	11.1   Resignation or Withdrawal of a Member	18
	11.2   Permitted Assignments	18
	11.3   Substituted Members	18
	11.4   Loss of Rights	18
	11.5   Consent of Members	18
	11.6   Transfer in Violation Not Recognized	19
	11.7   Rights of Economic Interest Owner	19
	11.8   Right to Inspect Books	19
	11.9   Transfer Subject to Law	19
	11.10   Right of First Refusal	19
	11.11   Repurchase Upon Violation of this Agreement	19
	11.12   Drag Along Right	20
	11.13   Specific Performance	20
	12.   Books, Records, Accounting and Reports	20
	12.1   Records	20
	12.2   Delivery to Members and Inspection	20
	12.3   Reports	21
	12.4   Tax Information	21
	12.5   Limitations	21
	12.6   Partnership Audit Rules	21
	13.   Termination and Dissolution of the Company	22
	13.1   Termination of the Company	22
	13.2   Certificate of Cancellation	22
	13.3   Liquidation of Assets	22
	13.4   Distributions Upon Dissolution	22
	13.5   Liquidation of Member’s Interest	23

 

 

 

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TABLE OF CONTENTS

(continued)

 

	 	Page
	14.   Special and Limited Power of Attorney and Amendments	23
	14.1   Power of Attorney	23
	14.2   Provision of Power of Attorney	23
	14.3   Notice to Members	24
	14.4   Amendment of Agreement	24
	14.4.1   Admission of Member	24
	14.4.2   Amendments with Consent of Member	24
	14.4.3   Amendments Without Consent of the Members	24
	14.4.4   Execution and Recording of Amendments	24
	15.   Relationship of this Agreement to the Act	24
	16.   Representations of Each Member	24
	16.1   Sophistication and Risk Tolerance	24
	16.2   Unregistered Securities	25
	16.3   No View to Resell	25
	16.4   Status	25
	16.5   Due Authorization	25
	16.6   Other Agreements	25
	17.   Miscellaneous	25
	17.1   Counterparts	25
	17.2   Successors and Assigns	25
	17.3   Severability	25
	17.4   Notices	25
	17.5   Members’ Address	25
	17.6   Name and Address of Managers	26
	17.7   Governing Law	26
	17.8   Captions	26
	17.9   Gender	26
	17.10   Time	26
	17.11   Additional Documents	26
	17.12   Descriptions	26
	17.13   Attorneys’ Fees	26
	17.14   Venue	26
	17.15   Partition	26
	17.16   Integrated and Binding Agreement	26
	17.17   Title to Company Property	26
	17.18   Electronic Signatures	26

 

EXHIBITS:

EXHIBIT A: Definitions

EXHIBIT B: Members

 

 

 

    	 	v	 

     

    

 

AMENDED AND RESTATED LIMITED
LIABILITY COMPANY AGREEMENT

OF

RPC
Design and Manufacturing LLC

 

This Amended and Restated
Limited Liability Company Agreement (this “Agreement”) of RPC Design and Manufacturing LLC, effective as of October
1, 2019, is entered into by and between VivaOpportunity Fund, LLC, a Utah limited liability company (the “Fund”), as
a Member, and VivaVentures Management Company, Inc., a Nevada corporation (“VVMC”), as a Member and a Manager, pursuant
to the Act on the following terms and conditions.

 

1.             
Organization.

 

1.1              
Formation. On December 20, 2018, a Certificate of Formation was filed in the office of the Secretary of State of
the state of Utah in accordance with and pursuant to the Act.

 

1.2              
Name and Place of Business. The name of the Company shall be RPC Design and Manufacturing LLC, and its principal
place of business shall be 433 Lawndale Dr., Salt Lake City, Utah 84115. The Managers may change such name, change such place of
business or establish additional places of business of the Company as the Managers may determine to be necessary or desirable.

 

1.3              
Business and Purpose of the Company. The purpose of the Company is to (i) to acquire, develop, operate, manage,
finance, manufacture, lease and sell the Equipment, (ii) participate in the Qualified Opportunity Zone program enacted under
the Tax Cuts and Jobs Act, of which the Fund intends to qualify as a Qualified Opportunity Fund, and develop and manage the Company
to qualify as Qualified Opportunity Zone Property, and (iii) engage in such other activities which are allowed under Utah
law in the sole discretion of the Managers.

 

1.4              
Term. The term of the Company shall commence on the effective date of this Agreement and shall terminate on December
31, 2099, unless the Company is sooner dissolved and terminated as provided in this Agreement.

 

1.5              
Required Filings. The Administrative Manager shall execute, acknowledge, file, record, amend and/or publish such
certificates and documents as may be required by this Agreement or by law in connection with the formation and operation of the
Company.

 

1.6              
Registered Office and Registered Agent. The Company’s initial registered office and initial registered agent
shall be as provided in the Certificate of Formation. The registered office and registered agent may be changed from time to time
by the Administrative Manager by filing the address of the new registered office and/or the name of the new registered agent pursuant
to the Act.

 

1.7              
Competitive Transactions. Any Manager, Owner or any Affiliate thereof, or any shareholder, officer, director, employee,
partner, member, manager or any Person owning an interest therein, may engage in or possess an interest in any other business or
venture of any nature or description, whether or not competitive with the Company, including, but not limited to, the acquisition,
syndication, ownership, financing, leasing, operation, maintenance, management and development of property similar to the Business
and no Manager, Owner or any Affiliate, or other Person shall have any interest in such other business or venture by reason of
their interest in the Company.

 

2.             
Definitions. Definitions for this Agreement are set forth on Exhibit A and are incorporated herein.

 

 

 

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3.             
Capitalization and Financing.

 

3.1              
Capital Contributions.

 

3.1.1         
Manager’s Capital Contribution. Upon the execution of this Agreement by VVMC,
VVMC contributes to the Company cash in the amount of One Thousand Dollars ($1,000) in exchange for the Company’s issuance
of 1,000 Class A Units to VVMC.

 

3.1.2         
Units. The Company is hereby authorized to sell and issue not more than 2,501,000 units, 1,000 Class A Units, 2,500,000
Class B Units and to admit the Persons who acquire such Units as Members.

 

3.1.3         
Fund Capital Contribution. The Fund shall contribute the Capital Contribution set forth on Exhibit B, as may
be amended from time to time, and its Capital Account shall be credited with such amount, and the Fund shall receive its Membership
Interest in exchange.

 

3.1.4         
VVMC Capital Contribution. VVMC shall contribute the Capital Contribution set forth on Exhibit B, as may be
amended from time to time, and its Capital Account shall be credited with such amount, and VVMC shall receive its Membership Interest
in exchange.

 

3.2              
Additional Capital Contributions. If the Managers determine that the Company requires cash in addition to the Capital
Contributions set forth in Section 3.1 in order to carry out the purposes of this Agreement or to carry on the business of
the Company, no more than 30 days after the written request of the Managers, the Members shall contribute the additional Capital
Contributions required. All future additional Capital Contributions shall be made pro rata by the Members according to their respective
Percentage Interests in their respective class of unit at the time of the request for additional Capital Contributions.

 

3.3              
Failure to Make Additional Capital Contribution. In the event a Member (the “Delinquent Member”) fails
to make all or any portion of its capital contribution as set forth in Section 3.2 (the “Required Additional Capital
Contribution”) by the specified contribution date for the Required Additional Capital Contribution, the non-defaulting Member
(the “Non-Delinquent Member”) may elect one of the following:

 

3.3.1         
Loan. The Non-Delinquent Member may fund the amount of the Required Additional Capital Contribution not made by the
Delinquent Member, such amount together with the amount funded by the Non-Delinquent Member shall be treated as a loan to the Company
by the Non-Delinquent Member. Any such loan shall bear interest at a fixed rate equal to the lesser of 10% or the maximum interest
rate permitted by applicable law. Any principal and interest on any such loan shall be repaid prior to any Distributions to the
Members pursuant to Section 5.1; or

 

3.3.2         
Return of Additional Capital Contribution. The Non-Delinquent Member may elect to have its Required Additional Capital
Contribution returned to it by the Company.

 

3.4              
Enforcement of Obligation. Only the Company, the Managers or a Member and no third party creditor (either in its
own right or as a successor-in-interest of the Company, and including a trustee, receiver or other representative of the Company
or an Owner), shall be entitled to enforce the requirements to make additional Capital Contributions. The Members intend and agree
that the obligation of a Member to make Capital Contributions constitutes an agreement to make financial accommodations to and
for the benefit of the other Member and the Company.

 

 

 

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3.5              
Liabilities of Members. Except as specifically provided in this Agreement, neither the Managers nor any Member shall
be required to make any additional contributions to the Company and no Manager or Member shall be liable for the debts, liabilities,
contracts or any other obligations of the Company, by reason of being a Manager or Member of the Company, nor shall the Managers
or Members be required to lend any funds to the Company, the Managers or to repay or to contribute to the Company or any Member,
or any creditor of the Company any portion or all of any deficit balance in a Member’s Capital Account.

 

3.6              
Company Loans. Any Manager, Member or an Affiliate (at the request of the Managers) may, but will have no obligation
to, make loans to the Company in the sole discretion of the Managers. All of the terms and conditions of such loan shall be approved
by the Managers in their sole discretion.

 

3.7              
Additional Equity Investors. To raise additional capital in the future to expand the Business and manufacture additional
Equipment, the Company intends to issue and sell additional Membership Interests to other Qualified Opportunity Funds or other
investors. In the event additional Membership Interests are sold to raise additional capital, the Company may either amend this
Agreement to add additional classes of units or the book value of the Company’s assets may be booked up or booked down to
their fair market value, and the additional Membership Interests will be priced correspondingly. Each class of unit is anticipated
to only receive distributions based on the number of units of Equipment that each fund or Member may have funded or that is associated
with that class of unit.

 

4.             
Allocation of Tax Items.

 

4.1              
Allocation of Net Income and Net Loss. For each fiscal year, the Net Income and Net Loss of the Company shall be
allocated to each class of unit based on the Net Income or Net Loss from the unit(s) of Equipment funded by that class of unit.
No class of unit will receive Allocations from the operations of any unit of Equipment not funded or associated with that class
of unit. Net Income and Net Loss of the Company shall be allocated as follows:

 

4.1.1         
Net Income. After giving effect to the special allocations set forth in Sections 4.2 and 4.3, Net Income for
any fiscal year shall be allocated as follows:

 

(a)               
To the Members of their respective class of unit in proportion to and to the extent of Net Loss allocated to the Members
pursuant to Section 4.1.2(b) until the aggregate Net Income allocated to the Members pursuant to this Section 4.1.1(a) for
such fiscal year and all previous fiscal years is equal to the aggregate Net Loss of their respective class of unit allocated to
the Members pursuant to Section 4.1.2(b) for all previous fiscal years; and

 

(b)               
Thereafter, to the Members in proportion to their Percentage Interests within and according to their class of unit and number
of associated units of Equipment.

 

4.1.2         
Net Loss. After giving effect to the special allocations set forth in Sections 4.2 and 4.3, Net Loss for any
fiscal year shall be allocated as follows:

 

(a)               
To the Members of their respective class of unit in proportion to and to the extent of Net Income allocated to the Members
pursuant to Section 4.1.1(b) until the aggregate Net Loss allocated pursuant to this Section 4.1.2(a) for such
fiscal year and all previous fiscal years equals the aggregate Net Income of their respective class of unit allocated to the Members
pursuant to Section 4.1.1(b) for all previous fiscal years; and

 

(b)               
Thereafter, to the Members in proportion to their Percentage Interests within and according to their class of unit and number
of associated units of Equipment.

 

 

 

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4.2              
Special Allocations.

 

4.2.1         
Qualified Income Offset. Except as provided in Section 4.2.3, in the event any Member unexpectedly receives
any adjustments, allocations, or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5),
or 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to such Member in an amount and manner
sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit created by such
adjustment, allocation or distribution as quickly as possible.

 

4.2.2         
Gross Income Allocation. Net Loss shall not be allocated to any Member to the extent such allocation would cause
such Member to have an Adjusted Capital Account Deficit at the end of a fiscal year. In the event any Member has an Adjusted Capital
Account Deficit at the end of any fiscal year, each such Member shall be specially allocated items of Company gross income and
gain in the amount of such Adjusted Capital Account Deficit as quickly as possible.

 

4.2.3         
Minimum Gain Chargeback. Notwithstanding any other provision of this Section 4, if there is a net decrease in
Company Minimum Gain during any Company fiscal year, each Member shall be specially allocated items of Company income and gain
for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Company
Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g)(2). This Section 4.2.3 is intended
to comply with the partnership minimum gain chargeback requirement in the Treasury Regulations and shall be interpreted consistently
therewith. This provision shall not apply to the extent the Member’s share of net decrease in Company Minimum Gain is caused
by a guaranty, refinancing or other change in the debt instrument causing it to become partially or wholly recourse debt or Member
Nonrecourse Debt, and such Member bears the economic risk of loss (within the meaning of Treasury Regulations Section 1.752-2)
for the newly guaranteed, refinanced or otherwise changed debt or to the extent the Member contributes cash to the capital of the
Company that is used to repay the Nonrecourse Debt, and the Member’s share of the net decrease in Company Minimum Gain results
from the repayment.

 

4.2.4         
Member Minimum Gain Chargeback. Notwithstanding any other provision of this Section 4, except Section 4.2.3,
if there is a net decrease in Member Minimum Gain, any Member with a share of that Member Minimum Gain (as determined under Treasury
Regulations Section 1.704-2(i)(5)) as of the beginning of the year shall be allocated items of Company income and gain for
such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Minimum
Gain, determined in accordance with Treasury Regulations Section 1.704-2(g)(2). This Section shall not apply to the extent
the net decrease in Member Minimum Gain arises because the liability ceases to be Member Nonrecourse Debt due to conversion, refinancing
or other change in a debt instrument that causes it to become partially or wholly a Nonrecourse Debt. This Section is intended
to comply with the partner minimum gain chargeback requirements in the Treasury Regulations and shall be interpreted consistently
therewith and applied with the restrictions attributable thereto.

 

4.2.5         
Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year or other period shall be allocated to the Members
based on Nonrecourse Deductions pertaining to each class of unit’s unit of Equipment, and then in proportion to their Percentage
Interests and each Member’s share of excess Nonrecourse Debt shall be in the same proportion.

 

4.2.6         
Member Nonrecourse Deductions. Member Nonrecourse Deductions for any fiscal year shall be allocated to the Member
who bears the economic risk of loss as set forth in Treasury Regulations Section 1.752-2 with respect to the Member Nonrecourse
Debt. If more than one Member bears the economic risk of loss for a Member Nonrecourse Debt, any Member Nonrecourse Deductions
attributable to that Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the
economic risk of loss.

 

 

 

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4.2.7         
Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant
to Code Section 734(b) or Code Section 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m),
to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated
as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such
gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts
are required to be adjusted pursuant to such Section of the Treasury Regulations.

 

4.3              
Curative Allocations. Notwithstanding any other provision of this Agreement, the Regulatory Allocations shall be
taken into account in allocating items of income, gain, loss and deduction among the Members so that, to the extent possible, the
net amount of such allocations of other items and the Regulatory Allocations to each Member shall be equal to the net amount that
would have been allocated to each such Member if the Regulatory Allocations had not occurred.

 

4.4              
Contributed Property. Notwithstanding any other provision of this Agreement, the Administrative Manager shall cause
depreciation and/or cost recovery deductions and gain or loss attributable to Property contributed by a Member or revalued by the
Company to be allocated among the Members for income tax purposes in accordance with Code Section 704(c) and the Treasury
Regulations promulgated thereunder. The Managers shall be entitled to select the appropriate method to account for the variation
between the basis of a Member’s interest in a contributed Property and the fair market value of the interest at the time
it is contributed to the Company or revalued.

 

4.5              
Recapture Income. The portion of each Member’s distributive share of Net Income that is characterized as ordinary
income pursuant to Code Sections 1245 or 1250 shall be proportionate to the amount of Net Income or Net Loss which included
the corresponding depreciation deductions that were allocated to such Member as compared with the amount of depreciation deductions
allocated to all of the Members.

 

4.6              
Allocation of Company Items. Except as otherwise provided herein, whenever a proportionate part of Net Income or
Net Loss is allocated from the unit(s) of Equipment funded by each class of unit, and then to a class of unit and a Member within
its respective class, every item of income, gain, loss or deduction entering into the computation of such Net Income or Net Loss,
and every item of credit or tax preference related to such allocation and applicable to the period during which such Net Income
or Net Loss was realized shall be allocated to the Member in the same proportion. For purposes of this Section 4 and Section 5,
an Economic Interest Owner shall be treated as a Member.

 

4.7              
Assignment.

 

4.7.1         
Unless otherwise agreed to by the Managers, in the event of the assignment of an Interest pursuant to the terms of this
Agreement (or a change in a Member’s Percentage Interest), the Net Income and Net Loss shall be allocated as between the
Owner and such Owner’s assignee based upon the number of months of their respective ownership during the year in which the
assignment occurs, without regard to the results of the Company’s operations during the period before or after such assignment.
Distributions shall be made to the Owner or the assignee, whichever is the owner of the Interest, as of the date of the Distribution.
An assignee who receives an Interest during the first 15 days of a month will receive any allocations relative to such month. An
assignee who acquires an Interest on or after the 16th day of a month will be treated as acquiring the Interest on the
first day of the following month. Net Income and Net Loss from a sale or exchange of Property will be allocated between the Owner
and its assignee (or to reflect such change in Percentage Interest) as of the date of any such transaction.

 

4.8              
Power of Managers to Vary Allocations. It is the intent of the Members that each Member’s share of Net Income
and Net Loss be determined and allocated in accordance with Code Section 704(b) and the provisions of this Agreement shall
be so interpreted. Therefore, if the Company is advised that the allocations provided in this Section 4 are unlikely to be
respected for federal income tax purposes, the Managers are hereby granted the power to amend the allocation provisions of this
Agreement to the minimum extent necessary to comply with Code Section 704(b) and effect the plan of allocations and Distributions
provided for in this Agreement.

 

 

 

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4.9              
Consent of Members. The allocation methods of Net Income and Net Loss are hereby expressly consented to by each Member
as a condition of becoming a Member.

 

4.10          
Withholding Obligations.

 

4.10.1     
If the Company is required (as determined by the Administrative Manager) to make a payment (“Tax Payment”) with
respect to any Member to discharge any legal obligation of the Company or the Managers to make payments to any governmental authority
with respect to any federal, foreign, state or local tax liability of such Member arising as a result of such Member’s interest
in the Company, then, notwithstanding any other provision of this Agreement to the contrary, the amount of any such Tax Payment
shall be deemed to be a loan by the Company to such Member, which loan shall bear interest at the Prime Rate and be payable upon
demand or by offset to any Distribution which otherwise would be made to such Member.

 

4.10.2     
If and to the extent the Company is required to make any Tax Payment with respect to any Member, or elects to make payment
on any loan described in Section 4.10.1 by offset to a Distribution to a Member, either (i) such Member’s proportionate
share of such Distribution shall be reduced by the amount of such Tax Payment or offset or (ii) such Member shall pay to the
Company prior to such Distribution an amount of cash equal to such Tax Payment or offset. In the event a portion of a Distribution
in kind is retained by the Company pursuant to clause (i) above, such retained Property may, in the discretion of the Administrative
Manager, either (A) be distributed to the other Members, or (B) be sold by the Company to generate the cash necessary
to satisfy such Tax Payment. If the Property is sold, then for purposes of income tax allocations only under this Agreement, any
gain or loss from such sale or exchange shall be allocated to the Member to whom the Tax Payment relates. If the Property is sold
at a gain, and the Company is required to make any Tax Payment on such gain, the Member to whom the gain is allocated shall pay
the Company prior to the due date of the Tax Payment an amount of cash equal to such Tax Payment.

 

4.10.3     
The Administrative Manager shall be entitled to hold back any Distribution to any Member to the extent the Administrative
Manager believes in good faith that a Tax Payment will be required with respect to such Member in the future and the Administrative
Manager believes that there will not be sufficient subsequent Distributions to make such Tax Payment.

 

5.             
Distributions.

 

5.1              
Cash From Operations. Except as otherwise provided in Section 13, Cash From Operations with respect to each
calendar year shall be distributed to each class of unit from the unit(s) of Equipment funded by that class of unit. No class of
unit will receive Distributions from the operations of any unit of Equipment not funded or associated with that class of unit.
Distributions within each class of unit will be distributed to the Members of their respective class of unit in proportion to their
Percentage Interests within their class of unit.

 

5.2     
Restrictions. The Company intends to make periodic Distributions of substantially all cash determined by the Managers
to be distributable, subject to the following: (i) Distributions may be restricted or suspended for periods when the Managers
determine that it is in the best interest of the Company; and (ii) all Distributions are subject to the payment, and the maintenance
of reasonable reserves for payment of Company obligations.

 

 

 

    	 	6	 

     

    

 

6.             
Compensation to the Managers and their Affiliates.

 

6.1              
Compensation. All compensation to be received by the Managers or their Affiliates from the Company or any subsidiary
thereof shall be approved by all of the Managers. Any agreements that the Company enters into with an Affiliate of the Managers
will be at arm’s length, market terms.

 

6.1.1         
 For providing the Company intellectual property rights to enable the Company to manufacture Equipment, Vivakor shall be
entitled to receive a license fee in an amount equal to $500,000 per unit of Equipment manufactured by the Company (the “License
Fee”). The license fee will be paid to Vivakor before the commencement of any unit of Equipment being manufactured.

 

6.1.2         
Affiliates of the Managers may provide other services to the Company and shall be entitled to receive market fees and compensation
for such services as determined by the Managers.

 

6.2              
Company Expenses.

 

6.2.1         
Operating Expenses. Subject to the limitations set forth in Section 6.2.2, the Company shall pay directly, or
reimburse the Managers, as the case may be, for all of the costs and expenses of the Company’s operations.

 

6.2.2         
Overhead of Managers. The Managers and their Affiliates shall be reimbursed for the Managers’ or their Affiliate’s
overhead expenses attributable to the business of the Company.

 

7.             
Authority and Responsibilities of the Managers.

 

7.1              
Management. Subject to the terms of this Agreement, the business and affairs of the Company shall be managed by the
Managers. Except as otherwise set forth in this Agreement, the Managers shall have full and complete authority, power and discretion
to manage and control the business, affairs and properties of the Company, to make all decisions regarding those matters and to
perform any and all other acts or activities customary or incident to the management of the Company’s business. The Managers
may delegate, in their sole discretion, any power and authority to officers of the Company.

 

7.2              
Number, Tenure and Qualifications. The Company shall have one Manager which shall be VVMC. The Manager shall hold
office until the Manager withdraws, resigns or is removed as set forth in this Agreement.

 

7.3              
Managers’ Authority. The Manager shall have all authority, rights and powers conferred by law (subject to Section 7.4
and Section 8.2) and those required or appropriate to the management of the Company’s business, which, by way of illustration
but not by way of limitation, shall include the right, authority and power to cause the Company, in its own capacity or in its
capacity as the manager, general partner or member of any subsidiary of the Company, to:

 

7.3.1         
Enter into any limited liability company agreement, partnership agreement, other operating agreement or any joint venture
directly or for any subsidiary;

 

7.3.2         
Take all actions as the manager, general partner, or member of any subsidiary;

 

7.3.3         
Acquire, hold, develop, lease, rent, operate, sell, exchange and otherwise dispose of Property;

 

 

 

    	 	7	 

     

    

 

7.3.4         
Plan, manage and coordinate the operation of the Business, obtain all necessary licenses, permits and entitlements in connection
therewith, and enter into any contracts and agreements with any Affiliates or third parties to perform any services in connection
with the Business;

 

7.3.5         
Place record title to, or the right to use, the Property in the name or names of a nominee or nominees for any purpose convenient
or beneficial to the Company;

 

7.3.6         
Borrow money, and, if security is required therefor, to pledge or mortgage or subject Property to any security device, to
obtain replacements of any mortgage or other security device and to prepay, in whole or in part, refinance, increase, modify, consolidate
or extend any mortgage or other security device. All of the foregoing shall be on such terms and in such amounts as the Managers,
in their sole discretion, deems to be beneficial;

 

7.3.7         
Provide guarantees with respect to any loan or preferred equity obtained by the Company;

 

7.3.8         
Enter into such contracts and agreements as the Managers determine to be reasonably necessary or appropriate in connection
with the Company’s business and purpose (including contracts with Affiliates of the Managers) and any contract of insurance
that the Managers deem necessary or appropriate for the protection of the Company, any subsidiary, the Managers and any officers,
including errors and omissions insurance, for the conservation of Company assets, or for any purpose convenient or beneficial to
the Company;

 

7.3.9         
Employ Persons, who may be Affiliates of the Managers, in the operation and management of the business of the Company or
any subsidiary;

 

7.3.10     
Prepare or cause to be prepared reports, statements and other relevant information for distribution to the Members;

 

7.3.11     
Open accounts and deposit and maintain funds in the name of the Company or any subsidiary in banks, savings and loan associations,
“money market” mutual funds and in such other entities or instruments as the Managers may deem in their discretion
to be necessary or desirable;

 

7.3.12     
Cause the Company to make or revoke any of the elections referred to in the Code (the Managers shall have no obligation
to make any such elections);

 

7.3.13     
Select as the Company’s accounting year a calendar or fiscal year as may be approved by the Internal Revenue Service
(the Company initially intends to adopt the calendar year);

 

7.3.14     
Determine the appropriate accounting method or methods to be used by the Company;

 

7.3.15     
In addition to any amendments otherwise authorized herein, amend this Agreement without any action on the part of the Members
by special or general power of attorney or otherwise:

 

(a)               
To add to the representations, duties, services or obligations of the Managers or its Affiliates, for the benefit of the
Members;

 

 

 

    	 	8	 

     

    

 

(b)               
To cure any ambiguity or mistake, to correct or supplement any provision herein that may be inconsistent with any other
provision herein, or to make any other provision with respect to matters or questions arising under this Agreement that will not
be inconsistent with the provisions of this Agreement;

 

(c)               
To amend this Agreement to reflect the addition or substitution of the Members or the reduction of Capital Accounts upon
the return of capital to the Members;

 

(d)               
To minimize the adverse impact of, or comply with, any final regulation of the United States Department of Labor, or other
federal agency having jurisdiction, defining “plan assets” for ERISA purposes;

 

(e)               
To reconstitute the Company under the laws of another state if beneficial;

 

(f)                
To execute, acknowledge and deliver any and all instruments to effectuate the foregoing, including the execution, acknowledgement
and delivery of any such instrument by the attorney-in-fact for the Managers under a special or limited power of attorney, and
to take all such actions in connection therewith as the Managers shall deem necessary or appropriate with the signature of the
Managers acting alone; and

 

(g)               
To make any changes to this Agreement as requested or required by any lender or potential lender which may be required to
obtain financing including, but not limited to, complying with any special purpose entity requirements;

 

7.3.16     
Structure or restructure the Company to accommodate any financing or to comply with the Qualified Opportunity Zone provisions;

 

7.3.17     
Take any action and perform any acts necessary to qualify the Fund as a Qualified Opportunity Fund and the Company as a
Qualified Opportunity Zone Property in accordance with the provisions of the Tax Cuts and Jobs Act;

 

7.3.18     
Temporarily invest the proceeds from Cash From Operations in short-term, highly-liquid investments;

 

7.3.19     
Require in any Company or any subsidiary contract that the Managers shall not have any personal liability, but that the
Person contracting with the Company or any subsidiary is to look solely to the Company or any subsidiary and its respective assets
for satisfaction;

 

7.3.20     
Lease personal property for use by the Company or any subsidiary;

 

7.3.21     
Establish reserves from income in such amounts as the Managers may deem appropriate;

 

7.3.22     
Represent the Company and the Members as the “partnership representative” within the meaning of the Code in
discussions with the Internal Revenue Service regarding the tax treatment of items of Company income, loss, deduction or credit,
or any other matter reflected in the Company’s returns, and, if deemed in the best interest of the Members, to agree to final
Company administrative adjustments or file a petition for a readjustment of the Company items in question with the applicable court
and take any action permitted to the “partnership representative” pursuant to applicable law or regulation;

 

 

 

    	 	9	 

     

    

 

7.3.23     
Initiate legal actions, settle legal actions and defend legal actions on behalf of the Company;

 

7.3.24     
Merge or combine the Company or a subsidiary or “roll-up” the Company into a partnership, limited liability
company or other entity;

 

7.3.25     
Appoint officers of the Company as set forth in Section 7.11;

 

7.3.26     
Structure or restructure the Company to accommodate any financing or to comply with the Qualified Opportunity Zone provisions;

 

7.3.27     
Take any action and perform any acts necessary to qualify the Company as a Qualified Opportunity Zone Property in accordance
with the Tax Cuts and Jobs Act;

 

7.3.28     
Perform any and all other acts which the Managers are obligated to perform hereunder or which the Company or a subsidiary
is obligated to perform as the manager, general partner or member of any subsidiary of the Company;

 

7.3.29     
Admit additional Members as set forth herein;

 

7.3.30     
Redeem or repurchase Membership Interests on behalf of the Company;

 

7.3.31     
Hold an election for a successor Manager before the resignation, expulsion or dissolution of a Manager; and

 

7.3.32     
Execute, acknowledge and deliver any and all instruments to effectuate the foregoing and take all such actions in connection
therewith as the Managers may deem necessary or appropriate. Any and all documents or instruments may be executed on behalf of
and in the name of the Company by the Managers or any officer of the Company designated by the Managers.

 

7.4              
Major Decisions. The Company may not take the following actions without the consent of all of the Managers (each
a “Major Decision”):

 

7.4.1         
Use or permit any other Person to use Company funds or assets in any manner except for the exclusive benefit of the Company;

 

7.4.2         
Alter the primary purpose of the Company;

 

7.4.3         
Receive from the Company a rebate or give-up or participate in any reciprocal business arrangements which would enable it
or any Affiliate to do so;

 

7.4.4         
Enter into any limited liability company agreement, partnership agreement, other operating agreement or joint venture directly
or for any subsidiary;

 

7.4.5         
Sell or transfer all or substantially all of the assets of the Company or the Business;

 

7.4.6         
Make any decisions regarding the acquisition, management, financing, leasing, operation or disposition of the Business;

 

 

 

    	 	10	 

     

    

 

7.4.7         
Make any decisions regarding the development of the Business and manufacturing of the Equipment or enter into any contracts
or agreements relating thereto;

 

7.4.8         
Borrow or lend any sum of money, extend any credit or become a surety, guarantor, endorser or accommodation maker;

 

7.4.9         
Acquire any real estate;

 

7.4.10     
Merge, combine or “roll up” the Company with another entity;

 

7.4.11     
Do any act in contravention of this Agreement;

 

7.4.12     
Do any act that would make it impossible to carry on the ordinary business of the Company;

 

7.4.13     
Obtain insurance on behalf of the Company or any of its principals;

 

7.4.14     
Require any additional capital contributions by the Members;

 

7.4.15     
Select or vary accounting methods, file federal or state income tax returns or other income tax filings and make other decisions
with respect to treatment of items for accounting, financial reporting, or federal or state income tax purposes, or other matters
in connection therewith;

 

7.4.16     
Approve any proposed settlement with the Internal Revenue Service or other taxing authority regarding any Company matter;

 

7.4.17     
Distribute any Company assets in-kind;

 

7.4.18     
Confess any judgment against the Company;

 

7.4.19     
Structure or restructure the Company to accommodate any financing or to comply with the Qualified Opportunity Zone provisions;

 

7.4.20     
Take any action and perform any acts necessary to qualify the Company as a Qualified Opportunity Zone Property in accordance
with the Tax Cuts and Jobs Act;

 

7.4.21     
Modify the terms of any subsidiary partnership or operating agreement; and

 

7.4.22     
Dissolve and wind up the Company as set forth in Section 13.1.2.

 

 

 

    	 	11	 

     

    

 

7.5              
Obligations of the Managers. Except as may be otherwise provided herein, the Managers shall be obligated to:

 

7.5.1         
Exercise their management powers in order to carry out the purposes of the Company on a commercially reasonable basis;

 

7.5.2         
Devote such of its time and business efforts to the business of the Company as it shall in its discretion, exercised in
good faith, determine to be necessary to conduct the business of the Company on a commercially reasonable basis;

 

7.5.3         
Keep all bank and other accounts and records in the name of the Company; and

 

7.5.4         
File and publish all certificates, statements, or other instruments required by law for the formation, qualification and
operation of the Company and for the conduct of its business in all appropriate jurisdictions.

 

7.6              
Administration of the Company.

 

7.6.1         
So long as they are Managers and the provisions of this Agreement for compensation
and reimbursement of expenses of the Managers are observed, the Managers shall have the responsibility of providing administrative
and executive support, advice, consultation, analysis and supervision with respect to the functions of the Company on a commercially
reasonable basis. In this regard, the Managers may retain the services of such Affiliates or unaffiliated parties as the Managers
may deem appropriate to provide management and financial consultation and advice, and may enter into agreements for the management
and operation of Company assets. 

 

7.6.2         
The Administrative Manager shall have the obligation to (i) manage the day to day operations of the Company and (ii) comply
with the obligations specifically allocated to the Administrative Manager in this Agreement.

 

7.7              
Indemnification of the Managers and the Officers.

 

7.7.1         
The Managers, their shareholders, Affiliates, officers, directors, partners, managers, members, employees, agents, assigns,
principals, trustees and any officers of the Company, shall not be liable for, and shall be indemnified and held harmless (to the
extent of the Company’s Property) from, any loss or damage incurred by them, the Company or the Members in connection with
the business of the Company, including costs and reasonable attorneys’ fees and any amounts expended in the settlement of
any claims of loss or damage resulting from any act or omission performed or omitted in good faith, which shall not constitute
fraud, gross negligence or willful misconduct, pursuant to the authority granted to promote the interests of the Company. Moreover,
neither the Managers nor any officer of the Company shall be liable to the Company or the Members because any taxing authorities
disallow or adjust any deductions or credits in the Company’s income tax returns.

 

7.7.2         
Neither the Managers nor any of their Affiliates shall have any obligation to cause the Company to take any action that
would result in personal liability to the Managers, their principals or any of their Affiliates in their capacity as obligator
or guarantor of any loan that is obtained or assumed by the Company or any subsidiary thereof, notwithstanding that the failure
to take any such action might result in the total or partial loss of the Company’s (or any subsidiary’s) interest in
some or all of the Company’s (or subsidiary’s) Property. Any action or inaction by the Managers or any of their Affiliates
that is intended to avoid personal liability under any obligation or guaranty related to a loan that is obtained or assumed by
the Company will not constitute a breach of any fiduciary or other duty that the Managers or their Affiliates may owe the Company
or the Members.

 

 

 

    	 	12	 

     

    

 

7.7.3         
The Members acknowledge that the Managers are also Members and it shall not be a breach
of any fiduciary duty or fiduciary obligation or any other duty or obligation if the Managers vote their Membership Interest in
its own best interest with respect to any vote of the Members.

 

7.8              
No Personal Liability for Return of Capital. The Managers shall not be personally liable or responsible for the return
or repayment of all or any portion of the Capital Contribution of any Member or any loan made by any Member to the Company, it
being expressly understood that any such return of capital or repayment of any loan shall be made solely from the assets (which
shall not include any right of contribution from any Member) of the Company.

 

7.9              
Authority as to Third Persons.

 

7.9.1         
No third party dealing with the Company shall be required to investigate the authority of the Managers or the officers of
the Company or secure the approval or confirmation by any Member of any act of the Managers or officers in connection with the
Company’s business. No purchaser of any Property owned by the Company shall be required to determine the right to sell or
the authority of the Managers or any officers to sign and deliver any instrument of transfer on behalf of the Company, or to see
to the application or distribution of revenues or proceeds paid or credited in connection therewith.

 

7.9.2         
The Managers and any officer designated by the Managers, shall have full authority to execute on behalf of the Company,
in its own capacity or in its capacity as the general partner, manager or member of any subsidiary, any and all agreements, contracts,
conveyances, deeds, mortgages and other instruments, and the execution thereof by the Managers or any officer designated by the
Managers, executing on behalf of the Company, in its own capacity or in its capacity as the general partner, manager or member
of any subsidiary, shall be the only execution necessary to bind the Company thereto. No signature of any Member shall be required.

 

7.10          
Insurance. The Company shall maintain insurance in the amounts determined by the Managers.

 

7.11          
Officers.

 

7.11.1     
Appointment of Officers. The Managers, in their sole discretion, may appoint officers of the Company at any time.
The officers of the Company, if appointed by the Managers, may include a president, chief executive officer, chief legal officer,
chief financial officer, chief accounting officer, chief investment officer, any number of vice presidents and a secretary. The
officers shall serve at the pleasure of the Managers. Any individual may hold any number of offices. The officers shall exercise
such powers and perform such duties as determined and authorized by the Managers.

 

7.11.2     
Removal, Resignation and Filling of Vacancy of Officers. Subject to the rights, if any, of an officer under a contract
of employment, any officer may be removed, either with or without cause, by the Managers at any time. Any officer may resign at
any time by giving written notice to the Managers. Any resignation shall take effect on the date of the receipt of that notice
or at any later time specified in that notice and, unless otherwise specified in that notice, the acceptance of the resignation
shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Company under any
contract to which the officer is a party. A vacancy in any office because of death, resignation, removal, disqualification or any
other cause shall be filled in the manner prescribed in this Agreement for regular appointments to that office.

 

7.11.3     
Salaries of Officers. Subject to the requirements set forth in this Agreement, the salaries and the compensation
of the officers of the Company shall be determined by the Managers.

 

 

 

    	 	13	 

     

    

 

7.11.4     
Signing Authority. Subject to any restrictions imposed by the Managers, and in accordance with the terms of this
Agreement, the chief executive officer, the president, the chief financial officer, the chief legal officer or the chief accounting
officer, acting alone, are authorized to sign and endorse checks, drafts, and other evidences of indebtedness made payable to the
order of the Company. Only the Managers shall be authorized to sign contracts and obligations on behalf of the Company; provided,
however, that the chief executive officer, the president, the chief financial officer, the chief legal officer or the chief accounting
officer shall have the authority to execute any contract that has been approved by written consent of the Managers.

 

8.             
Rights, Authority and Voting of the Members.

 

8.1              
Members Are Not Agents. Pursuant to Section 7 the management of the Company is vested in the Managers. No Member,
acting solely in the capacity of a Member, is an agent of the Company nor can any Member in such capacity bind nor execute any
instrument on behalf of the Company.

 

8.2              
Voting by the Members. To the extent that holders of Units in the Company are provided with the right to vote hereunder
or as required under the Act, the Members shall be entitled to cast one vote for each Percentage
Interest attributable to their Membership Interest. Except as otherwise specifically provided in this Agreement, Members (but not
Economic Interest Owners) with the right to vote shall have the right to vote only upon the following matters:

 

8.2.1         
Election of a new Manager after the resignation of a Manager as set forth in this Agreement;

 

8.2.2         
Dissolution and winding up of the Company as set forth in Section 13.1.2;

 

8.2.3         
Amendment of this Agreement unless otherwise provided herein; or

 

8.2.4         
Any merger or combination of the Company or roll-up of the Company.

 

8.3              
Member Vote. Matters upon which the Members may vote shall require a Majority Vote and the consent of all of the
Managers to pass and become effective.

 

8.4              
Meetings of the Members. The Managers may at any time call for a meeting of the Members, or for a vote without a
meeting, on matters on which the Members are entitled to vote, and shall call for such a meeting (but not a vote without a meeting)
following receipt of a written request therefor of Members holding more than 10% of the Percentage Interests entitled to vote as
of the record date. Within 20 days after receipt of such request, the Managers shall notify all Members of record on the record
date of the Company meeting.

 

8.4.1         
Notice. Written notice of each meeting shall be given to each Member entitled to vote, either personally or by mail
or other means of written communication, charges prepaid, addressed to such Member at its address appearing on the books of the
Company or given by it to the Company for the purpose of notice or, if no such address appears or is given, at the principal executive
office of the Company. All such notices shall be sent not less than 10, nor more than 60, days before such meeting. The notice
shall specify the place, date and hour of the meeting and the general nature of business to be transacted, and no other business
shall be transacted at the meeting.

 

8.4.2         
Adjourned Meeting and Notice Thereof. When a Members’ meeting is adjourned to another time or place, notice
need not be given of the subsequent meeting if the time and place thereof are announced at the meeting at which the adjournment
is taken. At the subsequent meeting, the Company may transact any business which might have been transacted at the original meeting.
If the adjournment is for more than 45 days or if after the adjournment a new record date is fixed for the subsequent meeting,
a notice of the subsequent meeting shall be given to each Member of record entitled to vote at the meeting.

 

 

 

    	 	14	 

     

    

 

8.4.3         
Quorum. The presence in person or by proxy of the Persons entitled to vote a majority of the Membership Interests
shall constitute a quorum for the transaction of business. The Members present at a duly called or held meeting at which a quorum
is present may continue to transact business until adjournment notwithstanding the withdrawal of enough Members to leave less than
a quorum, if any action taken (other than adjournment) is approved by at least a Majority Vote or such greater vote as may be required
by this Agreement or by law. In the absence of a quorum, any meeting of Members may be adjourned from time to time by the vote
of a majority of the Membership Interests represented either in person or by proxy, but no other business may be transacted, except
as provided above.

 

8.4.4         
Consent of Absentees. The transactions of any meeting of Members, however called and noticed and wherever held, are
as valid as though they occurred at a meeting duly held after regular call and notice, if a quorum is present either in person
or by proxy, and if, either before or after the meeting, each of the Persons entitled to vote, not present in person or by proxy,
signs a written waiver of notice, or a consent to the holding of the meeting or an approval of the minutes thereof. All waivers,
consents and approvals shall be filed with the Company records or made a part of the minutes of the meeting.

 

8.4.5         
Action Without Meeting. Except as otherwise provided in this Agreement, any action which may be taken at any meeting
of the Members may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by the
Members having not less than the minimum number of votes that would be necessary to authorize or take that action at a meeting
at which all entitled to vote thereon were present and voted. In the event the Members are requested to consent on a matter without
a meeting, each Member shall be given not less than 10 nor more than 20 days’ notice. In the event the Members request a
meeting for the purpose of discussing or voting on the matter, the notice of a meeting shall be given in the same manner as required
by Section 8.4.1 and no action shall be taken until the meeting is held. Unless delayed as a result of the preceding sentence,
any action taken without a meeting will be effective immediately after the Members representing the minimum number of votes have
signed the consent.

 

8.4.6         
Record Dates. For purposes of determining the Members entitled to notice of any meeting or to vote or entitled to
receive any Distributions or to exercise any rights in respect of any other lawful matter, the Managers may fix in advance a record
date, which is not more than 60 nor less than 10 days prior to the date of the meeting nor more than 60 days prior to any other
action. If no record date is fixed:

 

(a)               
The record date for determining Members entitled to notice of or to vote at a meeting of Members shall be at the close of
business on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business
on the business day next preceding the day on which the meeting is held;

 

(b)               
The record date for determining Members entitled to give consent to Company action in writing without a meeting shall be
the day on which the first written consent is given;

 

(c)               
The record date for determining Members for any other purpose shall be at the close of business on the day on which the
Managers adopt the resolution relating thereto, or the 60th day prior to the date of such other action, whichever is later; and

 

(d)               
A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment
of the meeting unless the Managers fix a new record date for the adjourned meeting, but the Managers shall fix a new record date
if the meeting is adjourned for more than 45 days from the date set for the original meeting.

 

8.4.7         
Proxies. Every Person entitled to vote or execute consents shall have the right to do so either in person or by one
or more agents authorized by a written proxy executed by such Person or its duly authorized agent and filed with the Managers.
No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy
continues in full force and effect until revoked as specified or unless it states that it is irrevocable. A proxy which states
that it is irrevocable is irrevocable for the period specified therein.

 

 

 

    	 	15	 

     

    

 

8.4.8         
Chairman of Meeting. A Manager may select any Person to preside as chairman of any meeting of the Members, and if
such Person shall be absent from the meeting, or fail or be unable to preside, a Manager may name any other Person in substitution
therefor as chairman. The chairman of the meeting shall designate a secretary for such meeting, who shall take and keep or cause
to be taken and kept minutes of the proceedings thereof. The conduct of all Members’ meetings shall at all times be within
the discretion of the chairman of the meeting and shall be conducted under such rules as the chairman may prescribe. The chairman
shall have the right and power to adjourn any meeting at any time, without a vote of the Membership Interests present in person
or represented by proxy, if the chairman shall determine such action to be in the best interests of the Company.

 

8.4.9         
Record Date and Closing Company Books. When a record date is fixed, only Members of record on that date are entitled
to notice of and to vote at the meeting or to receive a Distribution, or allotment of rights, or to exercise the rights, as the
case may be, notwithstanding any transfer of any Membership Interests on the books of the Company after the record date.

 

8.4.10     
Meetings. No meeting of the Members shall be required.

 

8.5              
Rights of Members. No Owner shall have the right or power to: (i) withdraw or reduce its Capital Contribution,
except as a result of the dissolution and termination of the Company or as otherwise provided in this Agreement or by law; (ii) bring
an action for partition against the Company; or (iii) demand or receive property other than cash in return of its Capital
Contribution. Except as provided in this Agreement, no Owner shall have priority over any other Owner either as to the return of
Capital Contributions or as to allocations of the Net Income, Net Loss or Distributions of the Company. Other than upon the termination
and dissolution of the Company as provided by this Agreement, there has been no time agreed upon when the contribution of each
Owner is to be returned.

 

8.6              
Restrictions on the Owners. No Owner shall:

 

8.6.1         
Disclose to any non-Owner, other than their lawyers, accountants or consultants, and/or commercially exploit any of the
Company’s business practices, trade secrets or any other information not generally known to the business community, including
the identity of suppliers utilized by the Company;

 

8.6.2         
Do any other act or deed with the intention of harming the business operations of the Company;

 

8.6.3         
Do any act contrary to this Agreement; or

 

8.6.4         
Do any act which would make it impossible to carry on the intended purposes or ordinary business of the Company.

 

8.7              
Return of Capital. In accordance with the Act, an Owner may, under certain circumstances, be required to return to
the Company, for the benefit of the Company’s creditors, amounts previously distributed to the Owner. If any court of competent
jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation of such Owner
and not of the Company, the Managers or any other Owner.

 

8.8              
Indemnification of Members. The Company shall indemnify, protect, defend and hold harmless the Members, in their
capacity as Members (as opposed to the Managers which are indemnified pursuant to Section 7.7 in their capacity as the Managers),
and their shareholders, Affiliates, officers, directors, partners, managers, members, employees, agents and its and their respective
successors and assigns, from and against any loss, liability, damage, cost or expense (including legal fees and expenses incurred
in defense of any demands, claims or lawsuits) arising from actions or omissions concerning business or activities undertaken by
or on behalf of the Company from any source other than for the Member’s gross negligence, willful misconduct or fraud. The
Company shall advance to any Person entitled to indemnification pursuant to this Section 8.8 such funds as shall be required
to pay legal fees and expenses incurred in defense of any demands, claims or lawsuits as they become due. Notwithstanding the foregoing,
if the claim for indemnification is in connection with an action against the Company, or against another indemnified party by the
Person requesting the indemnification, the Company shall have no such obligation to advance any funds for the payment of legal
fees and expenses. In the event that there is a final, non-appealable determination by a court of competent jurisdiction that the
Member committed gross negligence, willful misconduct or fraud, such Member shall reimburse the Company for all costs and expenses
advanced pursuant to this Section 8.8. The obligations contained herein shall survive the termination or expiration of this Agreement
until such time as an action against the Members is absolutely barred by the statute of limitations.

 

 

 

    	 	16	 

     

    

 

9.             
Resignation, Withdrawal or Removal of a Manager.

 

9.1              
Resignation or Withdrawal of Manager. A Manager may withdraw as a Manager at any time, in its sole discretion.

 

9.2              
No Removal. A Manager may not be removed as a manager by the Members.

 

9.3              
Purchase of Manager’s Interest. Upon a Manager withdrawing pursuant to Section 9.1, (i) the withdrawing
Manager’s and any Affiliated Member’s Interest in the Distributions and allocations of Net Income and Net Loss set
forth in this Agreement and (ii) its interest in its right to the earned but unpaid fees and other compensation remaining
to be paid under this Agreement, shall be purchased by the Company for a purchase price equal to the Fair Market Value of the Manager’s
and the Affiliated Member’s Interest determined according to the provisions of Section 9.4 plus any unpaid fees and
compensation. The purchase price of such Interest shall be paid by the Company to the Manager and any Affiliated Member in cash
within 30 days of the determination of the aggregate Fair Market Value.

 

9.4              
Fair Market Value. The Fair Market Value of a Manager’s Interest to be purchased by the Company pursuant to
Section 9.3 shall be determined by agreement between the Manager and the Company. If the Manager and the Company cannot agree
upon the Fair Market Value of such Company interest within 30 days, the Fair Market Value thereof shall be determined by appraisal,
the Company and the withdrawing Manager each to choose one appraiser and the two appraisers so chosen to choose a third appraiser.
The decision of a majority of the appraisers as to the Fair Market Value of such Company interest shall be final and binding and
may be enforced by legal proceedings. The withdrawing Manager and the Company shall each compensate the appraiser appointed by
it and the compensation of the third appraiser shall be borne equally by such parties.

 

10.           
Assignment of a Manager’s Interest.

 

10.1          
Permitted Assignments. A Manager may sell, assign, hypothecate, encumber or otherwise transfer all or any portion
of the Manager’s Interest in its sole discretion.

 

10.1.1     
Any assignment or transfer of a Manager’s Interest provided for by this Agreement can be an assignment or transfer
of all or any portion of the Manager’s Interest.

 

10.1.2     
Any transfer of all or a portion of a Manager’s Interest may be made only pursuant to the terms and conditions contained
in this Section 10.

 

10.1.3     
Any such assignment shall be by a written instrument of assignment, the terms of which are not in contravention of any of
the provisions of this Agreement, and which has been duly executed by the assignor of the Manager’s Interest.

 

10.2          
Substitute Manager. Any assignee of all of a Manager’s Interest in compliance with this Section 10 shall
automatically be substituted as a Manager.

 

10.3          
Transfer in Violation Not Recognized. Any assignment, sale, exchange or other transfer in contravention of the provisions
of this Section 10 shall be void and ineffectual and shall not bind or be recognized by the Company.

 

10.4          
Transfers to Affiliates. Notwithstanding the limitations set forth in this Section, a Manager may transfer its interest
without any restrictions and without application of Section 10 with respect to transfers to an Affiliate.

 

 

 

    	 	17	 

     

    

 

11.           
Member and Owner Transfers.

 

11.1          
Resignation or Withdrawal of a Member. Subject to this Section 11, a Member shall not resign or withdraw as
a Member, without the consent of the Managers.

 

11.2          
Permitted Assignments. No Owner may directly or indirectly sell, assign, hypothecate, encumber or otherwise transfer
all or any portion of its Interest without the written consent of the Managers in their sole discretion.

 

11.2.1     
Any assignment or transfer by an Owner of its Interest provided for by this Agreement can be an assignment or transfer of
all or any portion of its Interest.

 

11.2.2     
Any transfer of all or any portion of an Owner’s Interest may be made only pursuant to the terms and conditions contained
in this Section 11.

 

11.2.3     
Any such assignment shall be by a written instrument of assignment, the terms of which are not in contravention of any of
the provisions of this Agreement, and which has been duly executed by the assignor of such Interest and accepted by the Managers.

 

11.2.4     
All costs of the transfer, including reasonable attorneys’ fees (if any), shall be borne by the transferring Owner.

 

11.3          
Substituted Members. No assignee of an Interest shall have the right to become a Substituted Member unless the Managers
shall consent thereto and all of the following conditions are satisfied:

 

11.3.1     
A duly executed and acknowledged written instrument of assignment shall have been filed with the Company, which instrument
shall specify the Interest being assigned and set forth the intention of the assignor that the assignee succeed to the assignor’s
Interest as a Substituted Member in its place;

 

11.3.2     
The assignor and assignee shall have executed, acknowledged and delivered such other instruments as the Managers may deem
necessary or desirable to effect such substitution, which may include an opinion of counsel regarding the effect and legality of
any such proposed transfer, and which shall include the written acceptance and adoption by the assignee of the Membership Interest
of the provisions of this Agreement;

 

11.3.3     
The Managers shall have consented to admit the proposed assignee as a Substituted Member as set forth in this Section 11.3;
and

 

11.3.4     
The assignee shall have delivered to the Managers a signed acknowledgement of receipt of a copy of this Agreement.

 

11.4          
Loss of Rights. A Member shall cease to have the power to exercise any rights with respect to that portion of the
assigning Member’s Membership Interest that is assigned to a Substituted Member. In the event that the Member has assigned
all of the Member’s Membership Interest when the assignee becomes a Substituted Member, the assigning Member shall cease
to be a Member and shall cease to have the power to exercise any rights of a Member.

 

11.5          
Consent of Members. By executing or adopting this Agreement, each Member hereby consents to the admission of a Substituted
Member, and to any Economic Interest Owner becoming a Substituted Member upon the consent of the Managers in compliance with this
Agreement.

 

 

 

    	 	18	 

     

    

 

11.6          
Transfer in Violation Not Recognized. Any assignment, sale, transfer, exchange or other disposition in contravention
of the provisions of this Section 11 shall be void and ineffectual and shall not bind or be recognized by the Company. Upon
the transfer of a Member’s Membership Interest in violation of this Agreement, the Membership Interest of a Member shall
be converted to an Economic Interest.

 

11.7          
Rights of Economic Interest Owner. An Economic Interest Owner shall be entitled to receive Distributions from the
Company attributable to the Interest acquired by reason of such assignment from and after the effective date of the assignment;
provided, however, that notwithstanding anything herein to the contrary, the Company shall be entitled to treat the assignor of
such Interest as the absolute owner thereof in all respects, and shall incur no liability for allocations of Net Income and Net
Loss or Distributions, or for the transmittal of reports or other information until the written instrument of assignment has been
received by the Company and recorded on its books. The effective date of such assignment shall be the date on which all of the
requirements of this Section have been complied with, subject to Section 4.7.

 

11.8          
Right to Inspect Books. Economic Interest Owners shall have no right to inspect the Company’s books or records,
to vote on Company matters based on the voting rights attributable to the their class of unit, or to exercise any other right or
privilege as Members, until they are admitted to the Company as Substituted Members except as required by the Act.

 

11.9          
Transfer Subject to Law. No assignment, sale, transfer, exchange or other disposition of any Membership Interest
may be made except in compliance with the applicable governmental laws and regulations, including state and federal securities
laws.

 

11.10       
Right of First Refusal. This Section 11.10 is applicable whenever VVMC desires to sell, assign, or otherwise
transfer any part or all of its Membership Interest:

 

11.10.1 
If VVMC desires to transfer all or a portion of its Interest, VVMC shall give the Fund written notice of such proposed transfer
(the “Transfer Notice”) and offer to sell such Interest to the Fund. The price of the Interest shall be the price at
which such Interest is intended to be transferred by VVMC to a third party in a bona fide transaction. The Transfer Notice shall
set forth the intended terms, conditions, price and the name and address of such third party.

 

11.10.2 
The Fund shall have the option for a period of 10 business days from the date of receipt of such written offer (the “Offer
Period”) to accept such offer, and 2 months from the date of the receipt of such written offer to purchase the Interest (the
“Option Period”) on the terms and conditions set forth therein.

 

11.10.3 
If the offer has not been accepted in writing prior to the expiration of the Offer Period, or, if so accepted in writing,
the closing of the purchase of the Interest by the Fund delivering such written acceptance has not occurred within the Option Period,
VVMC shall have the right for a period of 180 days following the end of the Offer Period (where no acceptance has been delivered
by the Fund) or the Option Period (where acceptance of the offer has been delivered but the applicable Interest has not been purchased
on or prior to the expiration of the Option Period), as applicable, to dispose of all (but not less than all) of such Interest
in accordance with the terms set forth in the Transfer Notice.

 

11.11       
Repurchase Upon Violation of this Agreement. In the event a Member assigns all or a portion of its Membership Interest
without approval of the Managers or in violation of this Agreement, the Company may, at its option exercised within 60 days following
receipt of notice of such assignment from the Member or at any time if such information is obtained from any other Person, purchase
from such Member, and the Member shall transfer to the Company for the consideration of $100, all of the Member’s remaining
rights in the Company other than its Economic Interest. Each Member acknowledges and agrees that the right of the Company to purchase
such remaining rights and interest from a Member who transfers a Membership Interest in violation of Section 11 is not unreasonable
under the circumstances existing as of the date hereof. No such purchase by the Company of the remaining rights and interest of
the Member shall operate to make a Member’s assignee a Substituted Member. Upon exercise of the Company’s repurchase
rights under this Section 11.11, the Company shall have the right to purchase from the assignee the Economic Interest purchased
from the Member at the same price and terms paid by the assignee.

 

 

 

    	 	19	 

     

    

 

11.12       
Drag Along Right. If at any time the Fund determines to sell, transfer, assign, exchange or otherwise dispose its
of Interest in the Company to a third-party purchaser, the Fund shall have the right (“Drag-Along Right”), in its sole
discretion, to require VVMC to transfer its Interest in the Company on the same terms and conditions and for the same price offered
to the Fund. If the Fund elects to exercise the Drag-Along Right pursuant to this Section 11.12, then the Fund shall send a written
notice to VVMC specifying the terms of the transfer and the date on which the closing is anticipated to occur (the “Drag-Along
Closing”), which date shall not be earlier than 10 business days nor later than 60 business days from the date that such
notice is delivered to VVMC. At the Drag-Along Closing, VVMC will transfer and assign to the purchaser all of its Interest in the
Company free and clear of any encumbrances and execute and deliver any and all documentation reasonably required in order to effectuate
the transfer of its Interest. VVMC grants to the Fund a special power of attorney in accordance with Section 14 to take all action
as may be necessary or appropriate to transfer or sell VVMC’s Interest as provided in this Section 11.12.

 

11.13       
Specific Performance. It is agreed that the rights granted to the parties in this Section 11 are of a special
and unique kind and character and if there is a breach by any Member of any material provision in this Section, the other Member
would not have adequate remedy at law. It is expressly agreed, therefore, that the provisions in this Section and the rights of
the Members thereunder may be enforced by an action for specific performance and such other equitable relief as is provided for
under the laws of the State of Utah, and that any such action may only be brought in a court of competent jurisdiction in the State
of Utah.

 

12.           
Books, Records, Accounting and Reports.

 

12.1          
Records. The Company shall maintain at its principal office the Company’s records and accounts of all operations
and expenditures of the Company including the following:

 

12.1.1     
A current list of the name and last known business, residence or mailing address of each Owner and Managers;

 

12.1.2     
A copy of the Certificate of Formation and all amendments thereto, together with any powers of attorney pursuant to which
the Certificate of Formation or any amendments thereto were executed;

 

12.1.3     
Copies of the Company’s federal, state and local income tax or information returns and reports, if any, for the 6
most recent fiscal years;

 

12.1.4     
Copies of this Agreement and any amendments thereto together with any powers of attorney pursuant to which any written accounting
or any amendments thereto were executed;

 

12.1.5     
Copies of any financial statements of the Company, if any, for the 6 most recent years; and

 

12.1.6     
The Company’s books and records as they relate to the internal affairs of the Company for at least the current and
past 4 fiscal years.

 

12.2          
Delivery to Members and Inspection. Each Member, or its representative designated in writing, has the right, upon
reasonable written request for the purposes related to the interest of that Person as a Member, which purposes shall be set forth
in the written request, to receive from the Company:

 

12.2.1     
True and full information regarding the status of the business and financial condition of the Company;

 

12.2.2     
Promptly after becoming available, a copy of the Company’s federal, state and local income tax returns for each year;

 

 

 

    	 	20	 

     

    

 

12.2.3     
A current list of the name and last known business, residence or mailing address of each Manager;

 

12.2.4     
A copy of this Agreement and the Certificate of Formation and all amendments thereto, together with executed copies of any
written powers of attorney pursuant to which this Agreement and the Certificate of Formation and all amendments thereto have been
executed; and

 

12.2.5     
True and full information regarding the amount of cash and a description and statement of the agreed value of any property
or services contributed by each Owner and which each Owner has agreed to contribute in the future, and the date on which each became
an Owner.

 

12.3          
Reports. The Administrative Manager will cause the Company, at the Company’s expense, to prepare an annual
report on the operations of the Company containing a year-end balance sheet and income statement.

 

12.4          
Tax Information. The Administrative Manager, at the Company’s expense, shall cause the income tax returns for
the Company to be prepared and timely filed with the appropriate authorities. The Company shall send to each Member within 90 days
after the end of each taxable year such information as is necessary to complete federal and state income tax or information returns,
and a copy of the Company’s federal, state, and local income tax or information returns for that year; provided, however,
that this time may be extended by the Administrative Manager in its sole discretion.

 

12.5          
Limitations. Notwithstanding Section 12.2, the Managers, in their sole discretion, may restrict receipt of the
information identified in Section 12.2, if the Managers reasonably believe that disclosure of such information is not in the
best interest of the Company or could damage the Company or its business.

 

12.6          
Partnership Audit Rules.

12.6.1     
The Administrative Manager shall be the “partnership representative” for purposes of Code Sections 6223 and
6231, as amended by Section 1101 of the Bipartisan Budget Act of 2015, and shall, at the Company’s expense, cause to be prepared
and timely filed after the end of each taxable year of the Company all federal and state income tax returns required of the Company
for such taxable year. If any state or local tax law provides for a partnership representative or Person having similar rights,
powers, authority or obligations, the Administrative Manager shall also serve in such capacity. The Company shall make such elections
pursuant to the provisions of the Code as the Administrative Manager, in its sole discretion, deems appropriate (including, in
the Administrative Manager’s sole discretion, an election under Code Section 754 or an election to have the Company treated
as an “electing investment partnership” for purposes of Code Section 743).

 

12.6.2     
If any audit adjustment results in an underpayment of tax that is imputed to the Company and would be assessed and collected
at the Company level in the period that the adjustment becomes final, the Company may, in the sole discretion of the Administrative
Manager, elect:

 

(a)               
to pay an imputed underpayment as calculated under Code Section 6225(b) with respect to such adjustment, including interest,
penalties and related tax (“Imputed Underpayment”) in the Adjustment Year or otherwise take the Internal Revenue Service
adjustment into account in the Adjustment Year. The Administrative Manager shall use commercially reasonable efforts to reduce
the amount of such Imputed Underpayment on account of the tax-exempt status (as defined in Code Section 168(h)(2)) of any Members
as provided in Code Section 6225(c)(3). Each Member agrees to indemnify and hold harmless the Company and the Administrative Manager
from and against any liability with respect to the Member’s (or former Member’s) proportionate share of any Imputed
Underpayment, regardless of whether such Member is a Member in the Adjustment Year, and to promptly pay its proportionate share
of any Imputed Underpayment to the Company within 15 days following the Administrative Manager’s request for payment and
any amount that is not funded shall be treated as a Tax Payment under Section 4.10.1. Each Member’s (or former Member’s)
proportionate share shall be determined by the Administrative Manager in good faith taking into account each Member’s (or
former Member’s) particular status, including its tax-exempt or non-United States status, its interest in the Company in
the Reviewed Year, and its timely provision of information necessary to reduce the amount of Imputed Underpayment set forth in
Code Section 6225(c); or

 

 

 

    	 	21	 

     

    

 

(b)               
under Code Section 6226(a), as amended by the Bipartisan Act of 2015, to cause the Company to issue adjusted Schedule K-1s
or any other similar statement prescribed by the Code, Treasury Regulations or other administrative guidance published by the Internal
Revenue Service or other taxing authority to each applicable Member for the Reviewed Year, who will then be required to pay its
allocable share of tax otherwise attributable to the Company. Each Member hereby agrees and consents to such election and agrees
to take any action, and furnish the Administrative Manager with any information necessary to give effect to such election, as required
by such Code Section and applicable Treasury Regulations or other administrative guidance published by the Internal Revenue Service
or other taxing authority.

 

13.           
Termination and Dissolution of the Company.

 

13.1          
Termination of the Company. The Company shall be dissolved, shall terminate and its assets shall be disposed of,
and its affairs wound up upon the earliest to occur of the following:

 

13.1.1     
Upon the happening of any event of dissolution specified in the Certificate of Formation;

 

13.1.2     
A determination by the Managers to terminate the Company;

 

13.1.3     
Upon the entry of a decree of judicial dissolution; or

 

13.1.4     
The expiration of the term of the Company.

 

13.2          
Certificate of Cancellation. As soon as possible following the occurrence of any of the events specified in Section 13.1,
a Manager who has not wrongfully dissolved the Company or, if none, the Members shall execute a Certificate of Cancellation
in such form as shall be required by the Act.

 

13.3          
Liquidation of Assets. Upon a dissolution and termination of the Company, the Managers (or in case there is no Manager,
the Members or Person designated by the Members pursuant to a Majority Vote) shall take full account of the Company assets and
liabilities, shall liquidate the assets as promptly as is consistent with obtaining the fair market value thereof, and shall apply
and distribute the proceeds therefrom in the following order:

 

13.3.1     
To the payment of creditors of the Company, including Members who are creditors to the extent permitted by law, but excluding
secured creditors whose obligations will be assumed or otherwise transferred on the liquidation of Company assets;

 

13.3.2     
To the setting up of any reserves as required by law for any liabilities or obligations of the Company; provided, however,
that said reserves shall be deposited with a bank or trust company in escrow at interest for the purpose of disbursing such reserves
for the payment of any of the aforementioned contingencies and, at the expiration of a reasonable period, for the purpose of distributing
the balance remaining in accordance with the remaining provisions of this Section 13.3; and

 

13.3.3     
To the Owners as set forth in Section 5.1.

 

13.4          
Distributions Upon Dissolution. Each Member shall look solely to the assets of the Company for all Distributions
of its Capital Contributions, and shall have no recourse therefor (upon dissolution or otherwise) against the Managers or any Member.
No Member shall be required to restore any deficit in the Member’s Capital Account.

 

 

 

    	 	22	 

     

    

 

13.5          
Liquidation of Member’s Interest. If there is a Liquidation of a Member’s Interest or a Manager’s
Interest in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive
Capital Account balance, if any, of such Member or Manager for the taxable year during which such Liquidation occurs after proper
adjustments for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be
made by the end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such
Liquidation.

 

14.           
Special and Limited Power of Attorney and Amendments.

 

14.1          
Power of Attorney. The Managers shall at all times during the term of the Company have a special and limited power
of attorney as the attorney-in-fact for each Member, with power and authority to act in the name and on behalf of each such Member
to execute, acknowledge, and swear to in the execution, acknowledgment and filing of documents which are not inconsistent with
the provisions of this Agreement and which may include, by way of illustration but not by limitation, the following:

 

14.1.1     
This Agreement, as well as any amendments to the foregoing which, under the laws of the State of Utah or the laws of any
other state, are required to be filed or which the Managers shall deem it advisable to file;

 

14.1.2     
Any other instrument or document that may be required to be filed by the Company under the laws of any state or by any governmental
agency or which the Managers shall deem it advisable to file;

 

14.1.3     
Any instrument or document that may be required to affect the continuation of the Company, the admission of Substituted
Members, or the dissolution and termination of the Company (provided such continuation, admission or dissolution and termination
are in accordance with the terms of this Agreement);

 

14.1.4     
Any contract for purchase or sale of real estate, and any deed, deed of trust, mortgage, or other instrument of conveyance
or encumbrance, with respect to Property;

 

14.1.5     
Any and all other instruments as the Managers may deem necessary or desirable to affect the purposes of this Agreement and
carry out fully its provisions, including, but not limited to, those in Section 14.4; and

 

14.1.6     
Any document, including assignments or other documents transferring title to an Owner’s Interest to a purchaser, required
to be executed to complete a Transfer, as set forth in Section 11.14.

 

14.2          
Provision of Power of Attorney. The special and limited power of attorney of the Managers:

 

14.2.1     
Is a special power of attorney coupled with the interest of the Managers in the Company, and its assets, is irrevocable,
shall survive the death, incapacity, termination or dissolution of the granting Member, and is limited to those matters herein
set forth;

 

14.2.2     
May be exercised by the Managers by and through one or more of the officers of the Managers for each of the Members by the
signature of the Managers acting as attorney-in-fact for all of the Members, together with a list of all Members executing such
instrument by their attorney-in-fact or by such other method as may be required or requested in connection with the recording or
filing of any instrument or other document so executed; and

 

 

 

    	 	23	 

     

    

 

14.2.3     
Shall survive an assignment by a Member of all or any portion of his Membership Interests except that, where the assignee
of the Membership Interests owned by the Member has been approved by the Managers for admission to the Company as a Substituted
Member, the special power of attorney shall survive such assignment for the sole purpose of enabling the Managers to execute, acknowledge
and file any instrument or document necessary to effect such substitution.

 

14.3          
Notice to Members. The Managers shall promptly furnish to a Member a copy of any amendment to this Agreement executed
by the Managers pursuant to a power of attorney from the Member.

 

14.4          
Amendment of Agreement.

 

14.4.1     
Admission of Member. Amendments to this Agreement for the admission of any Member or Substituted Member shall not,
if in accordance with the terms of this Agreement, require the consent of any Member.

 

14.4.2     
Amendments with Consent of Member. In addition to any amendments otherwise authorized herein, this Agreement may
be amended by the Managers with a Majority Vote.

 

14.4.3     
Amendments Without Consent of the Members. In addition to the amendments authorized pursuant to Section 4.8
and Section 7.3.15 or otherwise authorized herein, the Managers may amend this Agreement, without the consent of any of the Members,
to (i) change the name and/or principal place of business of the Company or (ii) decrease the rights and powers of the
Managers (so long as such decrease does not impair the ability of the Managers to manage the Company and conduct its business and
affairs); provided, however, that no amendment shall be adopted pursuant to this Section 14.4.3 unless the adoption thereof
(A) is for the benefit of or not adverse to the interests of the Members and (B) does not affect the limited liability
of the Members or the status of the Company as a partnership for federal income tax purposes.

 

14.4.4     
Execution and Recording of Amendments. Any amendment to this Agreement shall be executed by the Managers, and by
the Managers as attorney-in-fact for the Members pursuant to the power of attorney contained in Section 14.1. After the execution
of such amendment, the Managers shall also prepare and record or file any certificate or other document which may be required to
be recorded or filed with respect to such amendment, either under the Act or under the laws of any other jurisdiction in which
the Company holds any Property or otherwise does business.

 

15.           
Relationship of this Agreement to the Act. Many of the terms of this Agreement are intended to alter or extend provisions
of the Act as they may apply to the Company or the Members. Any failure of this Agreement to mention or specify the relationship
of such terms to provisions of the Act that may affect the scope or application of such terms shall not be construed to mean that
any of such terms is not intended to be a limited liability company agreement provision authorized or permitted by the Act or which
in whole or in part alters, extends or supplants provisions of the Act as may be allowed thereby.

 

16.           
Representations of Each Member. Each Member represents as follows:

 

16.1          
Sophistication and Risk Tolerance. The Member is an “accredited investor” as defined in Section 501 of
Regulation D of the Securities Act of 1933. The Member is capable of evaluating the risks and merits of acquiring an interest in
the Company, has no need for liquidity of investment with respect to the purchase price of such Membership Interest, and can afford
to sustain a complete loss of such purchase price.

 

 

 

    	 	24	 

     

    

 

16.2          
Unregistered Securities. The Member understands that the interests represented by the Membership Interest issued
to the Member have not been registered or qualified and have been offered and sold in reliance on exemptions from registration
and qualification requirements of federal, state or foreign securities laws and that no governmental agency has passed on the merits
or risks of acquiring an interest in the Company.

 

16.3          
No View to Resell. The Member is acquiring the Membership Interest for investment purposes only and not with a view
to resell or distribute to any other Person.

 

16.4          
Status. The Member, if an entity, is duly formed and organized, validly existing and in good standing under the laws
of the state of its formation and has the power under its formation documents and has the power and authority to execute, deliver
and perform this Agreement, which upon execution and delivery will be a valid and binding obligation enforceable in accordance
with its terms (subject only to the application of bankruptcy, insolvency or other similar laws regarding the rights of creditors
generally and the exercise of judicial discretion in equity).

 

16.5          
Due Authorization. The execution, delivery and performance of this Agreement by such Member are duly authorized and
do not require the consent or approval of any Person that has not been obtained, and, if such Member is an entity, are not in contravention
of or in conflict with any term or provision of such Member’s organizational documents.

 

16.6          
Other Agreements. The execution, delivery and performance of this Agreement will not breach or constitute a default
under any agreement, indenture, undertaking or other instrument to which the Member or any Affiliate is a party or by which any
of such Persons or any of their respective properties may be bound or affected, which breach or default would have a materially
adverse effect on the financial condition, properties or operations of this Company, and other than as contemplated by this Agreement,
such execution, delivery and performance will not result in the creation or imposition of (or the obligation to create or impose)
any lien or encumbrance on any of the Company’s property.

 

17.           
Miscellaneous.

 

17.1          
Counterparts. This Agreement may be executed in several counterparts, and all so executed shall constitute one Agreement,
binding on all of the parties hereto, notwithstanding that all of the parties are not signatory to the original or the same counterpart.

 

17.2          
Successors and Assigns. The terms and provisions of this Agreement shall be binding upon and shall inure to the benefit
of the successors and assigns of the respective Members.

 

17.3          
Severability. In the event any sentence or Section of this Agreement is declared by a court of competent jurisdiction
to be void, such sentence or Section shall be deemed severed from the remainder of this Agreement and the balance of this Agreement
shall remain in full force and effect.

 

17.4          
Notices. All notices under this Agreement shall be in writing and shall be given to the Members or Economic Interest
Owners entitled thereto, by personal service or by mail or by overnight courier, posted to the address maintained by the Company
for such Person or at such other address as it may specify in writing.

 

17.5          
Members’ Address. The name and address of the Members are as set forth on Exhibit B.

 

 

 

    	 	25	 

     

    

 

17.6          
Name and Address of Managers. The name and address of the Managers are as follows:

 

	 	
        VivaVentures Management Company, Inc.

        2 park Plaza, Suite 800

        Irvine, CA 92614

        

 

17.7          
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Utah.

 

17.8          
Captions. Section titles or captions contained in this Agreement are inserted only as a matter of convenience and
reference. Such titles and captions in no way define, limit, extend or describe the scope of this Agreement nor the intent of any
provisions hereof.

 

17.9          
Gender. Whenever required by the context hereof, the singular shall include the plural, and vice versa, and the masculine
gender shall include the feminine and neuter genders, and vice versa.

 

17.10       
Time. Time is of the essence with respect to this Agreement.

 

17.11       
Additional Documents. Each Member, upon the request of the Managers, shall perform any further acts and execute and
deliver any documents which may be reasonably necessary to carry out the provisions of this Agreement, including, but not limited
to, providing acknowledgment before a Notary Public of any signature made by a Member.

 

17.12       
Descriptions. All descriptions referred to in this Agreement are expressly incorporated herein by reference as if
set forth in full, whether or not attached hereto.

 

17.13       
Attorneys’ Fees. In the event that litigation or arbitration is commenced to enforce any of the provisions
of this Agreement, to recover damages for breach of any of the provisions of this Agreement, or to obtain declaratory relief in
connection with any of the provisions of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’
fees and costs, whether or not such action proceeds to judgment. The prevailing party shall be determined by either the officiating
judge or arbitrator in the matter or by the presiding judge in the Third District Court of Utah.

 

17.14       
Venue. Any action relating to or arising out of this Agreement shall be brought only in a court of competent jurisdiction
located in Salt Lake City, Utah.

 

17.15       
Partition. The Members agree that the assets of the Company are not and will not be suitable for partition. Accordingly,
each of the Members hereby irrevocably waives any and all rights that it may have, or may obtain, to maintain any action for partition
of any of the assets of the Company.

 

17.16       
Integrated and Binding Agreement. This Agreement contains the entire understanding and agreement among the Members
with respect to the subject matter hereof, and there are no other agreements, understandings, representations or warranties among
the Members other than those set forth herein. This Agreement may be amended only as provided in this Agreement.

 

17.17       
Title to Company Property. All Property owned by the Company shall be owned by the Company as an entity and, insofar
as permitted by applicable law, no Member shall have any ownership interest in any Company Property in its individual name or right,
and each Member’s Membership Interest shall be personal property for all purposes.

 

17.18       
Electronic Signatures. Any electronic signature of a party to this Agreement and of a party to take any action related
to this Agreement or any agreement entered into by this Company shall be valid as an original signature and shall be effective
and binding. Any such electronic signature (including the signature(s) to this Agreement) shall be deemed (i) to be “written”
or “in writing,” (ii) to have been signed and (iii) to constitute a record established and maintained in the ordinary
course of business and an original written record when printed from electronic files.

 

[Signature Page Follows]

 

 

 

    	 	26	 

     

    

 

IN WITNESS WHEREOF,
this Agreement is effective as of the date first set forth in the preamble.

 

	 	MEMBER:
	 	 
	 	VivaOpportunity Fund, LLC, a Utah
limited liability company
	 	 	 
		By:	VivaVentures Management Company, Inc., a Nevada corporation, its manager
	 	 	 
	 	 	 
		 	By: /s/ Matt Nicosia               
		 	Name: Matt Nicosia
		 	Title: President
	 	 	 
	 	 	 
	 	 	 
	 	MEMBER AND MANAGER:
	 	 
	 	VivaVentures Management Company, Inc., a Nevada corporation

	 	 
	 	 
	 	 	 
	 	 	 
		 	By: /s/ Matt Nicosia                      
		 	Name: Matt Nicosia,
	 	 	Title: President
		 	

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	27	 

     

    

 

EXHIBIT A

 

DEFINITIONS

 

“Act” shall
mean the Utah Limited Liability Company Act, as the same may be amended from time to time.

 

“Adjusted Capital
Account Deficit” shall mean, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account
as of the end of the relevant fiscal year, after giving effect to the following adjustments:

 

(i)       
Credit to such Capital Account any amounts which the Member is obligated to restore and the Member’s share of Member
Minimum Gain and Company Minimum Gain and;

 

(ii)       
Debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5),
and 1.704-1(b)(2)(ii)(d)(6).

 

“Adjustment Year”
shall have the meaning assigned to such term in Code Section 6225(d)(2).

 

“Administrative
Manager” shall mean VivaVentures Management Company, Inc., a Nevada corporation.

 

“Affiliate”
shall mean (i) any Person directly or indirectly controlling, controlled by or under common control with another Person, (ii) a
Person owning or controlling 10% or more of the outstanding voting securities of such other Person, (iii) any officer, director
or partner of such other Person and (iv) if such other Person is an officer, director or partner, any company for which such
Person acts in any capacity.

 

“Agreement”
shall mean this Amended and Restated Limited Liability Company Agreement, as amended from time to time.

 

“Book Gain”
shall mean the excess, if any, of the fair market value of the Property over its adjusted basis for federal income tax purposes
at the time a valuation of the Property is required under this Agreement or Treasury Regulations Section 1.704-1(b) for
purposes of making adjustments to the Capital Accounts.

 

“Book Loss”
shall mean the excess, if any, of the adjusted basis of Property for federal income tax purposes over its fair market value at
the time a valuation of the Property is required under this Agreement or Treasury Regulations Section 1.704-1(b) for
purposes of making adjustments to the Capital Accounts.

 

“Book Value”
shall mean the adjusted basis of Property for federal income tax purposes increased or decreased by Book Gain, Book Loss, Built-In
Gain and Built-In Loss as reduced by depreciation, amortization or other cost recovery deductions, or otherwise, based on such
Book Value.

 

“Built-In Gain
(or Loss)” shall mean the amount, if any, by which the agreed value of contributed Property exceeds (or is less than) the
adjusted basis of Property contributed to the Company by a Member immediately after its contribution by the Member to the capital
of the Company.

 

“Business”
shall mean developing, manufacturing, leasing and selling of the Equipment.

 

 

 

    	 	A-1	 

     

    

 

“Capital Account”
with respect to any Member (or such Member’s assignee) shall mean such Member’s initial Capital Contribution adjusted
as follows:

 

(i)                
A Member’s Capital Account shall be increased by:

 

(a)               
such Member’s share of Net Income from the unit(s) of Equipment funded by the Member’s class of unit;

 

(b)               
any item of income or gain specially allocated to a Member and not included in Net Income or Net Loss;

 

(c)               
any additional cash Capital Contribution made by such Member to the Company; and

 

(d)               
the fair market value of any additional Capital Contribution consisting of property contributed by such Member to the capital
of the Company reduced by any liabilities assumed by the Company in connection with such contribution or to which the Property
is subject.

 

(ii)              
A Member’s Capital Account shall be reduced by:

 

(a)               
such Member’s share of Net Loss from the unit(s) of Equipment funded by the Member’s class of unit;

 

(b)               
any loss or deduction specially allocated to a Member and not included in Net Income or Net Loss;

 

(c)               
any cash Distribution made to such Member from the unit(s) of Equipment funded by the Member’s class of unit; and

 

(d)               
the fair market value, as determined by the Managers, of any Property (reduced by any liabilities assumed by the Member
in connection with the Distribution or to which the distributed Property is subject) distributed to such Member; provided that,
upon liquidation and winding up of the Company, unsold Property will be valued for Distribution at its fair market value and the
Capital Account of each Member before such Distribution shall be adjusted to reflect the allocation of gain or loss that would
have been realized had the Company then sold the Property for its fair market value. Such fair market value shall not be less than
the amount of any nonrecourse indebtedness that is secured by the Property.

 

Property other than
money may not be contributed to the Company except as specifically provided in this Agreement. Property of the Company may not
be revalued for purposes of calculating Capital Accounts unless the Managers determine the fair market value of the Property and
the Company complies with the requirements of Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and (g); provided, however,
for purposes of calculating Book Gain or Book Loss (but not for purposes of adjusting Capital Accounts to reflect the contribution
and distribution of such Property), the fair market value of Property shall be deemed to be no less than the outstanding balance
of any nonrecourse indebtedness secured by such Property.

 

The Capital Account
of a Substituted Member shall include the Capital Account of its transferor. Notwithstanding anything to the contrary in this Agreement,
the Capital Accounts shall be maintained in accordance with Treasury Regulations Section 1.704-1(b). For purposes of this
Agreement, any references to the Treasury Regulations shall include corresponding subsequent provisions.

 

 

 

    	 	A-2	 

     

    

 

“Capital Contribution”
shall mean the gross amount of cash actually contributed by a Member to the capital of the Company pursuant to Section 3 and
the agreed upon fair market value of a contributing Member’s equity in any property actually contributed pursuant to Section 3
(including any indebtedness assumed by a Member). In the plural, “Capital Contributions” shall mean the aggregate amount
contributed by all of the Members in the Company.

 

“Cash From Operations”
shall mean the net cash realized by a class of unit from all sources, including, but not limited to, the operations of the class
of unit, and also including the sale, exchange or transfer of the Business, after payment of all cash expenditures of the Company,
including, but not limited to, all operating expenses including all fees payable to the Managers or Affiliates, all payments of
principal and interest on indebtedness, expenses for repairs and maintenance, capital improvements and replacements, and such reserves
and retentions as the Managers reasonably determine to be necessary and desirable in connection with Company operations with its
then existing assets and any anticipated acquisitions.

 

“Certificate
of Formation” shall mean the Certificate of Formation of the Company as filed with the Secretary of State of Utah as the
same may be amended or restated from time to time.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, or corresponding provisions of subsequently enacted federal revenue laws.

 

“Company”
shall mean RPC Design and Manufacturing LLC, a Utah limited liability company.

 

“Company Minimum
Gain” shall have the same meaning as “partnership minimum gain” as set forth in Treasury Regulations Section 1.704-2(d).

 

“Delinquent Member”
shall have the meaning set forth in Section 3.3.

 

“Distribution”
shall refer to any money or other property transferred without consideration to Members or Owners of each class of unit from the
units of Equipment funded by the Member’s class of unit, and then with respect to their Interests in the class of unit.

 

“Drag-Along Right”
shall have the meaning set forth in Section 11.12.

 

“Drag-Along Closing”
shall have the meaning set forth in Section 11.12.

 

“Economic
Interest” shall mean an interest in the Net Income, Net Loss and Distributions associated with the unit(s) of Equipment
funded by a certain class of unit but shall not include any right to vote or to participate in the
management of the Company.

 

“Economic Interest
Owner” shall mean the owner of an Economic Interest who is not a Member.

 

“Equipment”
shall mean one unit of equipment that mines oil from oil sand and other materials.

 

“Fair Market
Value” shall have the meaning set forth in Section 9.4.

 

“Fund”
shall mean Viva Energy Opportunity Fund III, LLC, a Utah limited liability company.

 

 

 

    	 	A-3	 

     

    

 

“Interest”
shall mean a Membership Interest or an Economic Interest.

 

“License Fee”
shall have the meaning set forth in Section 6.1.2.

 

“Liquidation”
shall mean in respect to the Company the earlier of the date upon which the Company is terminated under Code Section 708(b)(1)
or the date upon which the Company ceases to be a going concern (even though it may exist for purposes of winding up its affairs,
paying its debts and distributing any remaining balance to its Members), and in respect to a Member where the Company is not in
Liquidation means the date upon which occurs the termination of the Member’s entire interest in the Company by means of a
distribution or the making of the last of a series of Distributions (whether or not made in more than one year) to the Member by
the Company.

 

“Major Decision”
shall have the meaning set forth in Section 7.4.

 

“Majority Vote”
shall mean, with respect to the Members, a vote of the Members holding more than 50% of the Membership Interests entitled to vote
to the extent that holders of Units in the Company are provided with the right to vote hereunder or as required under the Act,
in which case Members with the right to vote shall be entitled to cast one vote for each Membership Interest they own, and a fractional
vote for each fractional Membership Interest they own.

 

“Managers”
shall mean VivaVentures Management Company, Inc., a Nevada corporation.

 

“Manager’s
Interest” shall represent an interest in the class of unit of the Company entitling a Manager to the voting and other
rights that the Member may enjoy by being a Member.

 

“Member”
shall refer to any Person who is admitted to the Company under a certain class of unit as a Member of that class of unit or a Substituted
Member of that class of unit and who has not ceased to be a Member.

 

“Member Minimum
Gain” shall mean “partner nonrecourse debt minimum gain” as determined under Treasury Regulations Section 1.704-2(i)(3).

 

“Member Nonrecourse
Debt” shall mean “partner nonrecourse debt” as set forth in Treasury Regulations Section 1.704-2(b)(4).

 

“Member Nonrecourse
Deductions” shall mean “partner nonrecourse deductions,” and the amount thereof shall be, as set forth in Treasury
Regulations Section 1.704-2(i).

 

“Membership Interest”
shall mean a Member’s entire interest in the Company including such Member’s Economic Interest and such voting and
other rights and privileges that the Member may enjoy by being a Member pertaining to the Member’s class of unit.

 

“Net Income”
or “Net Loss” shall mean, respectively, for each taxable year of the Company the taxable income and taxable loss (exclusive
of Built-In Gain or Loss) of the unit(s) of equipment associated with each class of unit as determined for federal income tax purposes
in accordance with Code Section 703(a) (including all items of income, gain, loss, or deduction required to be separately
stated pursuant to Code Section 703(a)(1)) (other than any specific item of income, gain (exclusive of Built-In Gain), loss
(exclusive of Built-In Loss), deduction or credit subject to special allocation under this Agreement), with the following modifications:

 

(a)               
The amount determined above shall be increased by any income from the unit(s) of equipment associated with each class of
unit exempt from federal income tax;

 

 

 

    	 	A-4	 

     

    

 

(b)               
The amount determined above shall be reduced by any expenditures described in Code Section 705(a)(2)(B) or expenditures
treated as such pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i);

 

(c)               
Depreciation, amortization and other cost recovery deductions shall be computed based on Book Value instead of on the amount
determined in computing taxable income or loss. Any item of deduction, amortization or cost recovery specially allocated to a Member
and not included in Net Income or Net Loss shall be determined for Capital Account purposes for their individual class of unit
in a similar manner; and

 

(d)               
For purposes of this Agreement, Book Gain and Book Loss attributable to a revaluation of Property attributable to unrealized
gain or loss in such Property shall be treated as Net Income and Net Loss.

 

“Non-Delinquent
Member” shall have the meaning set forth in Section 3.3.

 

“Nonrecourse
Debt” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(3).

 

“Nonrecourse
Deductions” shall have the meaning, and the amount thereof shall be, as set forth in Treasury Regulations Section 1.704-2(c).

 

“Offer Period”
shall have the meaning set forth in Section 11.10.2.

 

“Option Period”
shall have the meaning set forth in Section 11.10.2.

 

“Owner”
shall mean a Member or the holder of an Economic Interest.

 

“Percentage Interest”
shall mean the percentage interest of a Member in its respective class of unit., as set forth opposite the name of such Member
under the column “Percentage Interest” on Exhibit B.

 

“Person”
shall mean a natural person, corporation, limited partnership, general partnership, joint stock company, joint venture, association,
company, trust, bank trust company, land trust, business trust, statutory trust or other organization, whether or not a legal entity,
and a government or agency or political subdivision thereof.

 

“Prime Rate”
shall mean the reference rate announced from time-to-time by the Wall Street Journal, and changes in the Prime Rate shall be deemed
to occur on the date that changes in such rate are announced.

 

“Property”
shall refer to any or all of such real and tangible or intangible personal property or properties as may be acquired by the Company.

 

“Qualified Opportunity
Fund” shall have the meaning set forth in Section 1400Z-2(d) of the Code.

 

“Qualified Opportunity
Zone” shall have the meaning set forth in Section 1400Z-1(a) of the Code.

 

“Qualified Opportunity
Zone Property” shall have the meaning set forth in Section 1400Z-2(d) of the Code.

 

 

 

    	 	A-5	 

     

    

 

“Regulatory Allocations”
shall mean the allocations set forth in Sections 4.2.1 through 4.2.7.

 

“Required Additional
Capital Contribution” shall have the meaning set forth in Section 3.3.

 

“Substituted
Member” shall mean any Person admitted as a substituted Member pursuant to this Agreement.

 

“Tax Cuts and
Jobs Act” shall mean the Tax Cuts and Jobs Act of 2017 and the administrative interpretations and rulings thereunder.

 

“Tax Payment”
shall have the meaning set forth in Section 4.10.1.

 

“Transfer Notice”
shall have the meaning set forth in Section 11.10.1.

 

“Unit”
shall mean means a unit of measurement by which a Member’s right to vote (as applicable) and to participate in Net Income,
Net Loss, Nonrecourse Deductions and Distributions shall be determined in accordance with the terms of this Agreement. “Unit(s)”
may be designated as Class A Units or Class B Units. Except as otherwise provided in this Agreement or as otherwise required by
applicable law, all Class A Units and Class B units will be identical in all respects and will entitle the holders of such Units
to the same rights and privileges, subject to the same qualifications, limitations and restrictions, except that, in the case of
Class B Units, holders of Class B Units will not be entitled to vote on any matter except to the extent otherwise
required under the Act. Notwithstanding any other provision of this Agreement, Class A Units, and Class B Units may not be subdivided
(by Unit split or distribution of Units), combined or reclassified unless the Units of the other class of Units are concurrently
therewith proportionately subdivided (by Unit split or distribution of Units), combined or reclassified in a manner that maintains
the same proportionate equity ownership (and same proportionate voting power, as applicable) among the holders of Class A Units
and Class B Units on the record date for such subdivision (by Unit split or distribution of Units), combination or reclassification.

 

“Vivakor”
shall mean Vivakor, Inc., a Nevada corporation, and its subsidiaries.

 

“VVMC”
shall mean VivaVentures Management Company, Inc., a Nevada corporation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	A-6	 

     

    

 

EXHIBIT B

 

ROSTER OF MEMBERS

 

	Name and Address	Capital Contribution

                                                                  
	Unit Class	Percentage Class Interest
	
        VivaVentures Management Company, Inc.

        433 Lawndale Dr.

        Salt Lake City, Utah 84115
	$1,000	A	100%
	 	 	 	 
	
        VivaOpportunity Fund, LLC

        433 Lawndale Dr.

        Salt Lake City, Utah 84115
	$1,358,000	B	100%
	 	 	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	B-1Exhibit 10.24

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

LIMITED LIABILITY
COMPANY AGREEMENT

 

OF

 

VIVA WEALTH FUND
I, LLC

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THE SECURITIES OFFERED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 NOR APPROVED OR DISAPPROVED BY THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION
NOR BY THE SECURITIES REGULATORY AUTHORITY OF ANY STATE, NOR HAS ANY COMMISSION OR AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF ANY DISCLOSURE MADE IN CONNECTION THEREWITH. ANY REPRESENTATION TO THE CONTRARY
IS A CRIMINAL OFFENSE. THE SECURITIES OFFERED HEREBY MAY NOT BE RESOLD WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933 AND
APPLICABLE STATE SECURITIES LAWS OR EXEMPTION THEREFROM. ANY TRANSFER OF THE SECURITIES REPRESENTED BY THIS AGREEMENT IS FURTHER
SUBJECT TO OTHER RESTRICTIONS, TERMS, AND CONDITIONS WHICH ARE SET FORTH IN THIS AGREEMENT.

 

 

 

 

 

    	 	i	 

     

    

 

Table
of Contents

(continued)

	 	Page

	1.   Organization	1
	1.1   Formation	1
	1.2   Name and Place of Business	1
	1.3   Business and Purpose of the Company	1
	1.4   Term	1
	1.5   Required Filings	1
	1.6   Registered Office and Registered Agent	1
	1.7   Certain Transactions	1
	1.8   Proprietary Information	1
	2.   Definitions	2
	3.   Capitalization and Financing	2
	3.1   Manager’s Capital Contribution	2
	3.2   Members’ Capital Contributions	2
	3.2.1   Initial Member	2
	3.2.2   Units	2
	3.2.3   Payment of Purchase Price	2
	3.2.4   Subscription Agreement	2
	3.2.5   Manager and its Affiliates as Member	2
	3.2.6   Admission of Members	3
	3.2.7   Liabilities of Members	3
	3.2.8   Cancellation of Offering	3
	3.2.9   Escrow Account	3
	3.3   Manager Loans	3
	3.4   Company Loans	3
	3.5   Additional Capital Contributions	4
	4.   Allocation of Tax Items	4
	4.1   Allocation of Net Income and Net Loss	4
	4.1.1   Net Income	4
	4.1.2   Net Loss	4
	4.2   Special Allocations	4
	4.2.1   Qualified Income Offset	4
	4.2.2   Gross Income Allocation	5
	4.2.3   Minimum Gain Chargeback	5
	4.2.4   Member Minimum Gain Chargeback	5
	4.2.5   Nonrecourse Deductions	5
	4.2.6   Member Nonrecourse Deductions	5
	4.2.7   Code Section 754 Adjustments	5

 

 

 

    	 	ii	 

     

    

 

Table
of Contents

(continued)

	 	Page

	4.3   Curative Allocations	6
	4.4   Contributed Property	6
	4.5   Commission Discounts	6
	4.6   Recapture Income	6
	4.7   Allocation Among Units	6
	4.8   Allocation of Company Items	6
	4.9   Assignment	6
	4.10   Power of Manager to Vary Allocations	7
	4.11   Consent of Members	7
	4.12   Withholding Obligations	7
	4.13   Special Allocation	7
	5.   Distributions	8
	5.1   Cash From Operations	8
	5.2   Restrictions	8
	5.3   Tax Distributions	8
	5.4   Clawback	8
	6.   Compensation to the Manager and its Affiliates	8
	6.1   Manager’s and Affiliates’ Compensation	8
	6.2   Company Expenses	9
	6.2.1   Operating Expenses	9
	6.2.2   Manager Overhead	9
	7.   Authority and Responsibilities of the Manager	9
	7.1   Management	9
	7.2   Number, Tenure and Qualifications	9
	7.3   Manager Authority	9
	7.4   Restrictions on Manager’s Authority	12
	7.5   Responsibilities of the Manager	12
	7.6   Administration of Company	13
	7.7   Indemnification of the Manager and Officers	13
	7.8   No Personal Liability for Return of Capital	14
	7.9   Authority as to Third Persons	14
	7.10   Officers of the Company	14

 

 

 

    	 	iii	 

     

    

 

Table
of Contents

(continued)

	 	Page

	8.   Rights, Authority and Voting of the Members	15
	8.1   Members Are Not Agents	15
	8.2   Voting by the Members	15
	8.3   Member Vote; Consent of Manager	15
	8.4   Meetings of the Members	15
	8.4.1   Notice	15
	8.4.2   Adjourned Meeting and Notice Thereof	16
	8.4.3   Quorum	16
	8.4.4   Consent of Absentees	16
	8.4.5   Action Without Meeting	16
	8.4.6   Record Dates	16
	8.4.7   Proxies	17
	8.4.8   Chairman of Meeting	17
	8.4.9   Inspectors of Election	17
	8.4.10   Record Date and Closing Company Books	17
	8.5   Rights of Members	17
	8.6   Restrictions on the Owners	18
	8.7   Return of Capital of the Members	18
	8.8   Indemnification of the Members	18
	8.9   Deemed Approval	18
	9.   Resignation, Withdrawal or Removal of the Manager	18
	9.1   Resignation or Withdrawal of Manager	18
	9.2   Removal	18
	9.3   Purchase of Manager’s Interest	19
	9.4   Purchase Price of the Manager’s Interest	19
	10.   Assignment of the Manager’s Interest	19
	10.1   Permitted Assignments	19
	10.2   Substitute Manager	20
	10.3   Transfer in Violation Not Recognized	20
	10.4   Transfers to Affiliates	20
	11.   Assignment of Units	20
	11.1   Permitted Assignments	20
	11.2   Substituted Member	21
	11.2.1   Conditions to be Satisfied	21
	11.2.2   Consent of Manager	21
	11.2.3   Consent of Members	21

 

 

 

    	 	iv	 

     

    

 

Table
of Contents

(continued)

	 	Page

	11.3   Rights of Economic Interest Owner	21
	11.4   Right to Inspect Books	22
	11.5   Transfer Subject to Law	22
	11.6   Transfer in Violation Not Recognized	22
	11.7   Conversion to Economic Interest	22
	11.8   Exit Opportunities	22
	11.9   Call Option	22
	=	 
	12.   Books, Records, Accounting and Reports	24
	12.1   Records	24
	12.2   Delivery to Members and Inspection	24
	12.3   Reports	25
	12.4   Tax Information	25
	12.5   Confidentiality	25
	12.6   Limitations	25
	12.7   Partnership Audit Rules	25
	13.   Termination and Dissolution of the Company	26
	13.1   Termination of Company	26
	13.2   Certificate of Cancellation	26
	13.3   Liquidation of Property	26
	13.4   Distributions Upon Dissolution	27
	13.5   Liquidation of Member’s Interest	27
	14.   Special and Limited Power of Attorney	27
	14.1   Power of Attorney	27
	14.2   Provision of Power of Attorney	28
	14.3   Notice to Members	28
	15.   Relationship of this Agreement to the Act	28
	16.   Amendment of Agreement	28
	16.1   Admission of Member	28
	16.2   Amendments with Consent of Member	28
	16.3   Amendments Without Consent of the Members	28
	16.4   Execution and Recording of Amendments	29

 

 

 

    	 	v	 

     

    

 

Table
of Contents

(continued)

	 	Page

	17.   Miscellaneous	29
	17.1   Counterparts	29
	17.2   Successors and Assigns	29
	17.3   Severability	29
	17.4   Notices	29
	17.5   Manager’s Address	29
	17.6   Governing Law	29
	17.7   Captions	29
	17.8   Gender	29
	17.9   Time	29
	17.10   Additional Documents	29
	17.11   Descriptions	29
	17.12   Binding Arbitration	30
	17.13   Attorneys’ Fees	30
	17.14   Venue	30
	17.15   Partition	30
	17.16   Integrated and Binding Agreement	30
	17.17   Legal Counsel	30
	17.18   Title to Company Property	30

 

 

EXHIBITS

 

A       Definitions

 

 

 

 

 

 

 

 

 

 

 

 

    	 	vi	 

     

    

 

LIMITED LIABILITY
COMPANY AGREEMENT

OF

VIVA WEALTH FUND
I, LLC

 

 

This Limited Liability
Company Agreement, effective as of November 13, 2020 is entered into by and between Wealth
Space, LLC, a California limited liability company, as the manager, and Vivakor, Inc., a Nevada corporation as Initial Member
(and with respect to certain purchase rights of Vivakor as set forth herein), and such other Persons who become Members in accordance
with the terms of this Agreement, pursuant to the Act on the following terms and conditions.

 

1.                  
Organization.

 

1.1              
Formation. On November 13, 2020, a Certificate of Formation was filed in the office of the Secretary of State of
the state of Nevada in accordance with and pursuant to the Act.

 

1.2              
Name and Place of Business. The name of the Company is Viva Wealth Fund I, LLC and its principal place of business
shall be2 Park Plaza, Suite 800, Irvine CA 92614. The Manager may change such name, change such place of business or establish
additional places of business of the Company as the Manager may determine to be necessary or desirable.

 

1.3              
Business and Purpose of the Company. The purpose of the Company is to (i) purchase,
manufacture, lease and sell, either directly or through one or more special purposes entities, the Equipment, (ii) engage
in any other activities relating or incidental thereto as may be necessary to accomplish such purpose and (iii) engage in
such other activities as determined by the Manager which are allowed under Nevada law.

 

1.4              
Term. The term of the Company shall commence on the effective date of this Agreement and shall be perpetual unless
the Company is sooner dissolved and terminated as provided in this Agreement.

 

1.5              
Required Filings. The Manager shall execute, acknowledge, file, record, amend and/or publish such certificates and
documents, as may be required by this Agreement or by law in connection with the formation and operation of the Company.

 

1.6              
Registered Office and Registered Agent. The Company’s initial registered office and initial registered agent
shall be as provided in the Certificate of Formation. The registered office and registered agent may be changed from time to time
by the Manager by filing the address of the new registered office and/or the name of the new registered agent pursuant to the Act.

 

1.7              
Certain Transactions. Any Manager, Owner or any Affiliate thereof, or any shareholder, officer, director, employee,
partner, member, manager or any Person owning an interest therein, may engage in or possess an interest in any other business or
venture of any nature or description, whether or not competitive with the Company, including, but not limited to, the operation
of a business similar to the Business and no Manager, Owner or any Affiliate, or other Person shall have any interest in such other
business or venture by reason of their interest in the Company.

 

1.8              
Proprietary Information. Notwithstanding anything herein to the contrary, the
Members acknowledge that Vivakor has indicated that Vivakor created, cultivated and owns the tradenames and trademarks relating
to the name “Vivakor” and the proposed business of Vivakor and the Company (the “Proprietary Information”).
The parties agree that Vivakor shall retain the ownership of the Proprietary Information and that in the event Vivakor is removed
as an officer or consultant, the Company shall no longer use the Proprietary Information.

 

 

 

    	 	1	 

     

    

 

2.                  
Definitions. Definitions for this Agreement are set forth on Exhibit A and are incorporated herein.

 

3.                  
Capitalization and Financing.

 

3.1              
Manager’s Capital Contribution. The Manager shall not be required to make a Capital Contribution to the Company.

 

3.2              
Members’ Capital Contributions.

 

3.2.1         
Initial Member. The Initial Member shall contribute the sum of $100 in cash to the Company, but shall not receive
any Units therefor. On the first business day following the admission of additional Members, the Initial Member’s $100 Capital
Contribution will be returned, and the Initial Member shall cease to be a Member. The Members hereby consent to the Initial Member’s
withdrawal of the Initial Member’s Capital Contribution and waive any right, claim or action they may have against the Initial
Member by reason of the Initial Member having been a Member.

 

3.2.2         
Convertible Note and Units. The Company is hereby authorized to sell and issue not less than 10 and not more than
5,000 Units at a purchase price of $5,000 per Unit and to admit the Persons who acquire such Units as Members. Persons who seek
to purchase the Units will first enter into a Convertible Memorandum of Indebtedness (the “Convertible Note”), which
is a convertible note that is convertible into the Units, with a maturity date of the lesser of when the Equipment commences quality
control or testing production or six months (the “Convertible Note Maturity Date”), at which time the note automatically
converts to the sale and purchase of the Units. The minimum purchase shall be 10Convertible Notes, which convert into 10 Units,
except that the Company may, in its sole discretion, sell and issue Convertible Notes in increments of less than 10. In no event
shall the Company have more than 1,950 Owners. The Offering shall terminate on the Offering Termination Date. The Company will
not sell 25% or more of the Units to Employee Benefit Plans. The Convertible Note shall bear an interest rate of 12% per annum,
and the Company shall accrue and pay interest in cash on a quarterly basis from a reserve set aside from the Convertible Note proceeds
specifically for these interest payments (the “Interest Payments”). The Interest Payments shall terminate at the Convertible
Note Maturity Date to Units at which time no further Interest Payments will accrue. One Convertible Note shall be converted into
one Unit.

 

3.2.3         
Payment of Purchase Price. The purchase price of each Convertible Note shall be paid in full in cash at the time
of execution of the Subscription Agreement. Payment of the purchase price for a Convertible Note (and after the conversion of the
Convertible Notes to the Units) shall constitute the Member’s initial Capital Contribution. As described in the Memorandum,
Units may be sold to certain Persons for a contribution to the Company that is net of up to 7% per Convertible Note in the event
that the Company is not obligated to pay some or all of the 7% selling commission normally paid to a broker-dealer in connection
with the sale of these Convertible Notes.

 

3.2.4         
Subscription Agreement Documents and Auto Conversion. Each Person desiring to acquire Convertible Notes shall tender
to the Company a Subscription Agreement for the number of Convertible Notes desired, together with the correct full subscription
payment for the Convertible Notes so subscribed (the “Subscription Payment”). The Company shall accept or reject each
Subscription Agreement within 30 days after the Company receives the same (and the failure by the Company to accept a Subscription
Agreement within the 30-day period shall constitute a rejection thereof). If rejected, all Subscription Payments shall be returned
to the subscriber. Acceptance of a Subscription Agreement shall be evidenced by the execution of the Subscription Agreement by
the Manager. Subject to Section 3.2.6, upon the acceptance of a Subscription Agreement, the accompanying Subscription Payment
shall become a liability until the liability automatically converts into Units at the Convertible Note Maturity Date, at which
time it shall become a Capital Contribution by such subscriber; provided, however, prior to the Company accepting subscriptions
for at least the Minimum Offering Amount. Upon the Offering Termination Date, all Capital Contributions accepted for any series
will automatically convert to Vivakor common stock if the Company has not accepted subscriptions for at least $6,250,000 for that
series of Equipment (the “Automatic Stock Conversion”). The Company intends to manufacture four series of Equipment,
including Series A, B, C and D. The Company will first seek to fully subscribe Series A, then Series B, then Series C, then Series
D, with each series fully subscribed at $6,250,000. The conversion price of the Automatic Stock Conversion is the greater of $0.45
per share or the share price based on the 30-day average share price of Vivakor common stock
discounted by 10%. The shares issued in the Automatic Stock Conversion will carry a trade restriction for a period of two years
after the date of conversion, in which the holder of the common stock will not, in any 90 day period sell a greater number of shares
than 10% of 10 day average trading volume at the time of the proposed sale. If the company undertakes an underwritten public
offering of stock, each holder will be required to comply with a six (6) month market stand-off agreement.

 

 

 

    	 	2	 

     

    

 

3.2.5         
Manager and its Affiliates as Member. The Manager and/or its Affiliates may acquire any number of Units for any reason
deemed appropriate by the Manager for the same price and upon the same terms and conditions, subject to Section 3.2.3, as
all other purchasers thereof; provided, however, that the Manager shall not acquire more than 10% of the Units sold and shall not
acquire any Units until the Company has accepted Subscription Payments for at least the Minimum Offering Amount. Certain Affiliates
of the Manager and their officers and directors may acquire additional Units. In such event, the Manager or its Affiliates will
be admitted to the Company as Members with respect to such Units and will be entitled to all rights as Members appurtenant thereto,
including but not limited to, the right to vote on certain Company matters as provided for in this Agreement and to receive Distributions
and allocations attributable to the Units so purchased. Any interest of the Manager or its Affiliate as a Member shall be separately
designated by listing the Manager or its Affiliate in the roster of Members with respect to its Units.

 

3.2.6         
Admission of Members. The Manager shall amend this Agreement and take such other action as the Manager deems necessary
or appropriate promptly after receipt of the Members’ Capital Contributions to the Company to reflect the admission of those
Persons to the Company as Members.

 

3.2.7         
Liabilities of Members. Except as specifically provided in this Agreement, neither the Manager nor any Member shall
be required to make any additional contributions to the Company and no Manager or Member shall be liable for the debts, liabilities,
contracts or any other obligations of the Company, by reason of being a Manager or Member of the Company, nor shall the Manager
or the Members be required to lend any funds to the Company or to repay to the Company, the Manager or any Member, or any creditor
of the Company any portion or all of any deficit balance in a Member’s Capital Account.

 

3.2.8         
Cancellation of Offering. If the Company has not accepted Subscription Payments for the Minimum Offering Amount on
or before November 13, 2021, the Offering shall be cancelled and all Subscription Payments received shall be promptly refunded
to the subscribers.

 

3.2.9         
Escrow Account. After acceptance of any tendered Subscription Agreement by the Company, the accompanying Subscription
Payment shall be, prior to the Escrow Release Date, placed in a non-interest-bearing escrow account (“Escrow Account”)
and held there until such time as Subscription Payments for the Minimum Offering Amount have been deposited in the Escrow Account
(“Escrow Release Date”). Upon the sale of the Minimum Offering Amount, funds in the Escrow Account shall be released
to the Company.

 

3.3              
Manager Loans. The Manager and its Affiliates may, but will have no obligation to, make loans to the Company. Any
such loan shall bear interest at a rate equal to the lesser of 10% or the maximum interest rate permitted by applicable law and
provide for the payment of principal and any accrued but unpaid interest in accordance with the terms of the promissory note evidencing
such loan, but in no event later than the dissolution of the Company.

 

3.4              
Company Loans. The Company may obtain or assume, in the sole discretion of the Manager, loans to operate or refinance
the Business.

 

3.5              
Additional Capital Contributions. The Manager is hereby authorized to cause the Company to issue additional Units
or an additional class of units (the “Additional Interests”) at any time or from time to time, to the Members or to
other Persons for such consideration and on such terms and conditions as shall be established by the Manager in its sole discretion
without approval of the Members. Any Additional Interests issued hereby may be issued in one or more classes, or one or more series
of any such classes, with such designations, preferences and relative, participating, optional or special rights, powers and duties,
including rights, powers and duties senior to any other units, as determined by the Manager in its sole discretion without the
approval of any Member. In the event that any Additional Interests are issued, the Manager shall have the power and authority to
amend this Agreement to reflect the changes applicable to such issuance, including, but not limited to, changes to adjust the Book
Value of the existing Capital Accounts and amending the allocations and Distributions to reflect the issuance of the newly issued
Additional Interests. No Additional Interests may be offered or sold to any Person that does not meet all qualifications under
applicable federal or state securities laws, rules and regulations in order for such offer and sale to qualify as exempt from all
federal and state registration requirements or if such offer or sale would otherwise violate the terms of this Agreement.

 

 

 

    	 	3	 

     

    

 

4.                  
Allocation of Tax Items.

 

4.1              
Allocation of Net Income and Net Loss. For each fiscal year, the Net Income and Net Loss of the Company shall be
allocated as follows:

 

4.1.1         
Net Income. After giving effect to the special allocations set forth in Sections 4.2 and 4.3, Net Income for
any fiscal year shall be allocated as follows:

 

(a)               
First, 100% to the Members until the Net Income allocated to the Members pursuant to this Section 4.1.1(a) for such
fiscal year and all previous fiscal years is equal to the aggregate Net Loss allocated to the Members pursuant to Section 4.1.2(b)
for all previous fiscal years;

 

(b)               
Second, 100% to the Members in proportion to their accrued but unallocated Preferred Return, until the Members have been
allocated an amount equal to their accrued but unallocated Preferred Return; and

 

(c)               
Thereafter, 25% to the Members in proportion to their Units and 75% to the Manager.

 

4.1.2         
Net Loss. After giving effect to the special allocations set forth in Sections 4.2 and 4.3, Net Loss for any
fiscal year shall be allocated as follows:

 

(a)               
First, to the Members so that loss allocations for all fiscal years are proportional to the Members’ pro rata Unit
ownership until all losses are allocated pro rata in proportion to the Members’ Unit ownership; and

 

(b)               
Thereafter, to the Members in proportion to their Units; provided that Net Loss shall not be allocated to any Member to
the extent such allocation would cause such Member to have an Adjusted Capital Account Deficit at the end of a fiscal year.

 

4.2              
Special Allocations.

 

4.2.1         
Qualified Income Offset. Except as provided in Section 4.2.3, in the event any Member unexpectedly receives
any adjustments, allocations, or distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5),
or 1.704-1(b)(2)(ii)(d)(6), items of Company income and gain shall be specially allocated to such Member in an amount and manner
sufficient to eliminate, to the extent required by the Treasury Regulations, the Adjusted Capital Account Deficit created by such
adjustment, allocation or distribution as quickly as possible.

 

4.2.2         
Gross Income Allocation. Net Loss shall not be allocated to any Member to the extent such allocation would cause
such Member to have an Adjusted Capital Account Deficit at the end of a fiscal year. In the event any Member has an Adjusted Capital
Account Deficit at the end of any fiscal year, each such Member shall be specially allocated items of Company gross income and
gain in the amount of such Adjusted Capital Account Deficit as quickly as possible.

 

4.2.3         
Minimum Gain Chargeback. Notwithstanding any other provision of this Section 4, if there is a net decrease in
Company Minimum Gain during any Company fiscal year, each Member shall be specially allocated items of Company income and gain
for such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Company
Minimum Gain, determined in accordance with Treasury Regulations Section 1.704-2(g)(2). This Section 4.2.3 is intended
to comply with the partnership minimum gain chargeback requirement in the Treasury Regulations and shall be interpreted consistently
therewith. This provision shall not apply to the extent the Member’s share of net decrease in Company Minimum Gain is caused
by a guaranty, refinancing or other change in the debt instrument causing it to become partially or wholly recourse debt or Member
Nonrecourse Debt, and such Member bears the economic risk of loss (within the meaning of Treasury Regulations Section 1.752-2)
for the newly guaranteed, refinanced or otherwise changed debt or to the extent the Member contributes cash to the capital of the
Company that is used to repay the Nonrecourse Debt, and the Member’s share of the net decrease in Company Minimum Gain results
from the repayment.

 

 

 

    	 	4	 

     

    

 

4.2.4         
Member Minimum Gain Chargeback. Notwithstanding any other provision of this Section 4, except Section 4.2.3,
if there is a net decrease in Member Minimum Gain, any Member with a share of that Member Minimum Gain (as determined under Treasury
Regulations Section 1.704-2(i)(5)) as of the beginning of the year shall be allocated items of Company income and gain for
such year (and, if necessary, subsequent years) in an amount equal to such Member’s share of the net decrease in Member Minimum
Gain, determined in accordance with Treasury Regulations Section 1.704-2(g)(2). This Section shall not apply to the extent
the net decrease in Member Minimum Gain arises because the liability ceases to be Member Nonrecourse Debt due to conversion, refinancing
or other change in a debt instrument that causes it to become partially or wholly a Nonrecourse Debt. This Section is intended
to comply with the partner minimum gain chargeback requirements in the Treasury Regulations and shall be interpreted consistently
therewith and applied with the restrictions attributable thereto.

 

4.2.5         
Nonrecourse Deductions. Nonrecourse Deductions for any fiscal year or other period shall be allocated to the Members
in proportion to their Units and each Member’s share of excess Nonrecourse Debt shall be in the same proportion.

 

4.2.6         
Member Nonrecourse Deductions. Member Nonrecourse Deductions for any fiscal year shall be allocated to the Member
who bears the economic risk of loss as set forth in Treasury Regulations Section 1.752-2 with respect to the Member Nonrecourse
Debt. If more than one Member bears the economic risk of loss for a Member Nonrecourse Debt, any Member Nonrecourse Deductions
attributable to that Member Nonrecourse Debt shall be allocated among the Members according to the ratio in which they bear the
economic risk of loss.

 

4.2.7         
Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant
to Code Section 734(b) or Code Section 743(b) is required pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m),
to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated
as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such
gain or loss shall be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts
are required to be adjusted pursuant to such Section of the Treasury Regulations.

 

4.3              
Curative Allocations. Notwithstanding any other provision of this Agreement, the Regulatory Allocations shall be
taken into account in allocating items of income, gain, loss and deduction among the Members so that, to the extent possible, the
net amount of such allocations of other items and the Regulatory Allocations to each Member shall be equal to the net amount that
would have been allocated to each such Member if the Regulatory Allocations had not occurred.

 

4.4              
Contributed Property. Notwithstanding any other provision of this Agreement, the Manager shall cause depreciation
and/or cost recovery deductions and gain or loss attributable to Property contributed by a Member or revalued by the Company to
be allocated among the Members for income tax purposes in accordance with Code Section 704(c) and the Treasury Regulations
promulgated thereunder.

 

4.5              
Commission Discounts. In the event any Member receives a commission discount as described in Section 3.2.3,
such Member shall be treated upon liquidation of the Company as if such Member had not received a discount and an appropriate income
allocation shall be made to such Member so that all liquidating Distributions (other than Preferred Return) to the Members per
Unit are equal.

 

4.6              
Recapture Income. The portion of each Member’s distributive share of Net Income that is characterized as ordinary
income pursuant to Code Sections 1245 or 1250 shall be proportionate to the amount of Net Income or Net Loss which included
the corresponding depreciation deductions that were allocated to such Member as compared with the amount of depreciation deductions
allocated to all Members.

 

 

 

    	 	5	 

     

    

 

4.7              
Allocation Among Units. Except as otherwise provided in this Agreement, all Distributions and allocations made to
the Members shall be in the ratio of the number of Units held by each Member on the date of such allocation (which allocation date
shall be deemed to be the last day of each month) to the total outstanding Units as of such date, and, except as otherwise provided
in this Agreement without regard to the number of days during such month that the Units were held by each Member. Members who acquire
Units at different times during the Company tax year shall be allocated Net Income and Net Loss using the monthly convention set
forth in Section 4.9.1. For purposes of this Section 4 and Section 5, an Economic Interest Owner shall be treated
as a Member.

 

4.8              
Allocation of Company Items. Except as otherwise provided herein, whenever a proportionate part of Net Income or
Net Loss is allocated to a Member, every item of income, gain, loss or deduction entering into the computation of such Net Income
or Net Loss, and every item of credit or tax preference related to such allocation and applicable to the period during which such
Net Income or Net Loss was realized shall be allocated to the Member in the same proportion.

 

4.9              
Assignment.

 

4.9.1         
In the event of the assignment of a Unit, the Net Income and Net Loss shall be allocated as between the Member and its assignee
based upon the number of months of their respective ownership during the year in which the assignment occurs, without regard to
the results of the Company’s operations during the period before or after such assignment. Distributions shall be made to
the holder of record of the Units as of the date of the Distribution. An assignee who receives Units during the first 15 days of
a month will receive any allocations relative to such month. An assignee who acquires Units on or after the 16th day of a
month will be treated as acquiring the Units on the first day of the following month.

 

4.9.2         
In the event of the assignment of the Manager’s interest, the allocations of Net Income or Net Loss shall be as agreed
between the Manager and its assignee. In the absence of an agreement, the Net Income, Net Loss and Distributions shall be allocated
in a manner similar to that provided in Section 4.9.1.

 

4.10          
Power of Manager to Vary Allocations. It is the intent of the Members that each Member’s share of Net Income
and Net Loss be determined and allocated in accordance with Code Section 704(b) and the provisions of this Agreement shall be so
interpreted. Therefore, if the Company is advised by the Company’s legal counsel that the allocations provided in this Section 4
are unlikely to be respected for federal income tax purposes, the Manager is hereby granted the power to amend the allocation provisions
of this Agreement to the minimum extent necessary to comply with Code Section 704(b) and effect the plan of allocations and Distributions
provided for in this Agreement.

 

4.11          
Consent of Members. The allocation methods of Net Income and Net Loss are hereby expressly consented to by each Member
as a condition of becoming a Member.

 

4.12          
Withholding Obligations.

 

4.12.1     
If the Company is required (as determined by the Manager) to make a payment (“Tax Payment”) with respect to
any Member to discharge any legal obligation of the Company or the Manager to make payments to any governmental authority with
respect to any federal, foreign, state or local tax liability of such Member arising as a result of such Member’s interest
in the Company, then, notwithstanding any other provision of this Agreement to the contrary, the amount of any such Tax Payment
shall be deemed to be a loan by the Company to such Member, which loan shall bear interest at the Prime Rate and be payable upon
demand or by offset to any Distribution which otherwise would be made to such Member.

 

 

 

    	 	6	 

     

    

 

4.12.2     
If and to the extent the Company is required to make any Tax Payment with respect to any Member, or elects to make payment
on any loan described in Section 4.12.1 by offset to a Distribution to a Member, either (i) such Member’s proportionate
share of such Distribution shall be reduced by the amount of such Tax Payment or offset or (ii) such Member shall pay to the
Company prior to such Distribution an amount of cash equal to such Tax Payment or offset. In the event a portion of a Distribution
in kind is retained by the Company pursuant to clause (i) above, such retained Property may, in the discretion of the Manager,
either (A) be distributed to the other Members or (B) be sold by the Company to generate the cash necessary to satisfy
such Tax Payment. If the Property is sold, then for purposes of income tax allocations only under this Agreement, any gain or loss
from such sale or exchange shall be allocated to the Member to whom the Tax Payment relates. If the Property is sold at a gain,
and the Company is required to make any Tax Payment on such gain, the Member to whom the gain is allocated shall pay the Company
prior to the due date of the Tax Payment an amount of cash equal to such Tax Payment.

 

4.12.3     
The Manager shall be entitled to hold back any Distribution to any Member to the extent the Manager believes in good faith
that a Tax Payment will be required with respect to such Member in the future and the Manager believes that there will not be sufficient
subsequent Distributions to make such Tax Payment.

 

4.13          
Special Allocation. Notwithstanding the other provisions in this Section 4 (but subject to Section 4.10),
in the year of the sale of the Equipment or the Business, Net Income and Net Loss from all sources (or gross income or gross expense)
shall be allocated, to the greatest extent possible, so that the positive Capital Account balance of each Member shall be equal
to the Distributions to be made upon liquidation to such Member.

 

5.                  
Distributions.

 

5.1              
Cash From Operations. Except as otherwise provided in Section 13, and subject to the Manager’s discretion
pursuant to Section 5.2 and Section 5.3, Cash From Operations with respect to each calendar year shall be distributed as follows:

 

5.1.1         
First, 100% to the Members in proportion to their accrued but undistributed Preferred
Return until the Members have been distributed an amount equal to their accrued but undistributed Preferred Return;

 

5.1.2         
Thereafter, 25% to the Members in proportion to their Units and 75% to the Members.

 

5.2              
Restrictions. The Company intends to make periodic Distributions of substantially all cash determined by the Manager
to be distributable, subject to the following (i) Distributions may be restricted or suspended for periods when the Manager
determines in its reasonable discretion that it is in the best interest of the Company and (ii) all Distributions are subject
to the payment, and the maintenance of reasonable reserves for payment of Company obligations.

 

5.3              
Tax Distributions. Notwithstanding the provisions set forth in Section 5.1,
the Company may, at the option of the Manager, make Distributions to the Manager prior to making the Distributions set forth in
Section 5.1, to the extent such Distributions are needed to pay any income taxes associated with allocations of Net Income
set forth in Sections 4.1.1(c) to the Manager. Any such Distribution shall reduce subsequent Distributions to be made to the Manager
pursuant to Section 5.1.

 

5.4              
Clawback. Notwithstanding the provisions set forth above, upon the sale, exchange
or other disposition of the last unit of Equipment or the Business, the Manager shall contribute to the Company prior Distributions
it received from the Company pursuant to Section 5.3 to the extent that all Distributions the Manager received from the Company,
determined on a cumulative basis, exceed the amount that would have been distributed to the Manager if all Distributions had been
made without regard to Section 5.3. Any such excess amounts contributed by the Manager shall be distributed to the Members as set
forth in Section 5.1.

 

 

 

    	 	7	 

     

    

 

6.                  
Compensation to the Manager and its Affiliates.

 

6.1              
Manager’s and Affiliates’ Compensation. The Manager and its Affiliates shall receive compensation for
services rendered or to be rendered only as specified in this Agreement or as set forth in the Memorandum. Any additional agreements
that the Company enters into with an Affiliate of the Manager will be at arm’s length, market terms.

 

6.1.1         
For the services it provides in connection with operating and managing the Business, including the maintenance of the Equipment
which the Plant Manager shall perform in conformance with the terms in the Lease Agreement, the Plant Manager will be entitled
to receive an annual plant management fee in an amount equal to $10,000 per month plus up to 2% of the gross revenues received
by the Company (the “Plant Management Fee”), which will be paid on a monthly basis.

 

6.1.2         
The Company intends to use RPC Design and Manufacturing, LLC, as a subcontractor to assist in building the Equipment. For
providing the Company or its subcontractors a manufacturing license of intellectual property rights to enable the Company to purchase
and manufacture the Equipment, Vivakor shall waive RPC Design and Manufacturing, LLC’s license fees, and will be entitled
to receive a license fee from the Company in an amount equal to $1,000,000 per unit of Equipment purchased or manufactured by the
Company (the “License Fee”).

 

6.2              
Company Expenses.

 

6.2.1         
Operating Expenses. Subject to the limitations set forth in Section 6.2.2,
the Company shall pay directly, or reimburse the Manager as the case may be, for all of the costs and expenses of the Company’s
operations, including, without limitation, the following costs and expenses: (i) all Organization and Offering Expenses advanced
or otherwise paid by the Manager, (ii) all costs of personnel employed by the Company and directly involved in the Business, (iii)
all compensation due to the Manager or its Affiliates, (iv) all costs of personnel employed by the Manager or its Affiliates and
directly involved in the business of the Company, (v) all costs of borrowed money, taxes and assessments on the Property and other
taxes applicable to the Company, (vi) legal, accounting, audit, brokerage, and other fees, (vii) fees and expenses paid to independent
contractors, mortgage bankers, real estate brokers, and other agents, (viii) costs of purchase, develop, manufacture, lease and
sell of the Equipment, (ix) all expenses incurred in connection with the maintenance of Company books and records, the preparation
and dissemination of reports, tax returns or other information to the Members and the making of Distributions to the Members, (x)
expenses incurred in preparing and filing reports or other information with appropriate regulatory agencies, (xi) expenses of insurance
as required in connection with the business of the Company, other than any insurance insuring the Manager against losses for which
it is not entitled to be indemnified under Section 7.7, (xii) costs incurred in connection with any litigation in which the Company
may become involved, or any examination, investigation, or other proceedings conducted by any regulatory agency, including legal
and accounting fees, (xiii) the actual costs of goods and materials used by or for the Company, (xiv) the costs of services that
could be performed directly for the Company by independent parties such as legal, accounting, secretarial or clerical, reporting,
transfer agent, data processing and duplicating services but which are in fact performed by the Manager or its Affiliates, but
not in excess of the amounts which the Company would otherwise be required to pay to independent parties for comparable services
in the same geographic locale, (xv) expenses of Company administration, accounting, documentation and reporting, (xvi) expenses
of revising, amending, modifying, or terminating this Agreement, (xvii) the portion of the Manager’s payroll expenses allocable
to work performed for the Company and (xviii) all other costs and expenses incurred in connection with the business of the Company
including travel exclusive of those set forth in Section 6.2.2.

 

6.2.2         
Manager Overhead. Except as set forth in this Section 6, the Manager and its Affiliates shall not be reimbursed
for overhead expenses incurred in connection with the Company, including but not limited to rent, utilities, capital equipment
and other administrative items.

 

 

 

    	 	8	 

     

    

 

7.                  
Authority and Responsibilities of the Manager.

 

7.1              
Management. The business and affairs of the Company shall be managed by the Manager. Except as otherwise set forth
in this Agreement, the Manager shall have full and complete authority, power and discretion to manage and control the business,
affairs and properties of the Company, to make all decisions regarding those matters and to perform any and all other acts or activities
customary or incident to the management of the Company’s business.

 

7.2              
Number, Tenure and Qualifications. The Company shall have one Manager, which shall be Wealth
Space, LLC. The Manager shall hold office until such Manager is removed or withdraws or resigns as set forth in this Agreement.

 

7.3              
Manager Authority. The Manager shall have all authority, rights and powers
conferred by law (subject to Section 7.4 and Section 8.2, if required) and those required or appropriate to the
management of the Company’s business, which, by way of illustration but not by way of limitation, shall include the right,
authority and power to cause the Company to:

 

7.3.1         
Acquire, hold, operate, sell, exchange and otherwise dispose of the Business;

 

7.3.2         
Plan, manage and coordinate the Business, obtain all necessary licenses, permits and entitlements in connection therewith,
and enter into any contracts and agreements with any Affiliates or third parties to perform any services for the Business;

 

7.3.3         
Borrow money, and, if security is required therefor, pledge or mortgage or subject Property to any security device, obtain
replacements of any mortgage or other security device and prepay, in whole or in part, refinance, increase, modify, consolidate
or extend any mortgage or other security device. All of the foregoing shall be on such terms and in such amounts as the Manager,
in its sole discretion, deems to be in the best interest of the Company and the Business;

 

7.3.4         
Enter into such contracts and agreements as the Manager determines to be reasonably necessary or appropriate in connection
with the Company’s business and purpose (including contracts with Affiliates of the Manager), and any contract of insurance
that the Manager deems necessary or appropriate for the protection of the Company, the Business and the Manager, including errors
and omissions insurance, for the conservation of the assets of the Company or for any purpose convenient or beneficial to the Company
or the Business;

 

7.3.5         
Employ Persons, who may be Affiliates of the Manager, in the operation and management of the business of the Company;

 

7.3.6         
Prepare or cause to be prepared reports, statements and other relevant information for distribution to the Members;

 

7.3.7         
Open accounts and deposit and maintain funds in the name of the Company in banks, savings and loan associations, “money
market” mutual funds and other instruments as the Manager may deem in its discretion to be necessary or desirable;

 

7.3.8         
Cause the Company to make or revoke any of the elections referred to in the Code (the Manager shall have no obligation to
make any such elections);

 

7.3.9         
Select as the Company’s accounting year a calendar or fiscal year as may be approved by the Internal Revenue Service
(the Company initially intends to adopt the calendar year);

 

 

 

    	 	9	 

     

    

 

7.3.10     
Determine the appropriate accounting method or methods to be used by the Company;

 

7.3.11     
In addition to any amendments otherwise authorized herein, amend this Agreement without any action on the part of the Members
by special or general power of attorney or otherwise:

 

(a)               
To add to the representations, duties, services or obligations of the Manager or its
Affiliates, for the benefit of the Members;

 

(b)               
To cure any ambiguity or mistake, to correct or supplement any provision herein that
may be inconsistent with any other provision herein, or to make any other provision with respect to matters or questions arising
under this Agreement that will not be inconsistent with the provisions of this Agreement;

 

(c)               
To amend this Agreement to reflect the addition or substitution of the Members or
the reduction of the Capital Accounts upon the return of capital to the Members;

 

(d)               
To minimize the adverse impact of, or comply with, any final regulation of the United
States Department of Labor, or other federal agency having jurisdiction, defining “plan assets” for ERISA purposes;

 

(e)               
To reconstitute the Company under the laws of another state if beneficial;

 

(f)                
To execute, acknowledge and deliver any and all instruments to effectuate the foregoing,
including the execution, acknowledgment and delivery of any such instrument by the attorney-in-fact for the Manager under a special
or limited power of attorney, and to take all such actions in connection therewith as the Manager shall deem necessary or appropriate
with the signature of the Manager acting alone; and

 

(g)               
To make any changes to this Agreement as requested or required by any lender or potential
lender which may be required to obtain financing including, but not limited to, complying with any special purpose entity requirements;

 

7.3.12     
Require in any Company contract that the Manager shall not have any personal liability, but that the Person contracting
with the Company is to look solely to the Company and its assets for satisfaction;

 

7.3.13     
Lease personal property for use by the Company;

 

7.3.14     
Establish reserves from income in such amounts as the Manager may deem appropriate;

 

7.3.15     
Temporarily invest the proceeds from sale of Units in short-term, highly-liquid investments;

 

7.3.16     
Make secured or unsecured loans to the Company and receive interest at the rates set forth herein;

 

7.3.17     
Represent the Company and the Members as the “partnership representative” within the meaning of the Code in
discussions with the Internal Revenue Service regarding the tax treatment of items of Company income, loss, deduction or credit,
or any other matter reflected in the Company’s returns, and to agree to final Company administrative adjustments or file
a petition for a readjustment of the Company items in question with the applicable court;

 

 

 

    	 	10	 

     

    

 

7.3.18     
Offer and sell Units through any licensed Affiliate of the Manager, or licensed non-Affiliate, and to employ licensed personnel,
agents and dealers for such purpose;

 

7.3.19     
Redeem, repurchase or convert Units on behalf of the Company, including by Conversion Right or Call Option;

 

7.3.20     
Hold an election for a successor Manager before the resignation, removal or dissolution of the Manager;

 

7.3.21     
Initiate legal actions, settle legal actions and defend legal actions on behalf of the Company;

 

7.3.22     
Admit itself or an Affiliate as a Member;

 

7.3.23     
Enter into any limited liability company agreement, partnership agreement or other operating agreement with a joint venture
partner;

 

7.3.24     
Merge or combine the Company or “roll-up” the Company into a partnership, limited liability company or other
entity with a Majority Vote;

 

7.3.25     
Place all or a portion of the Business in a single purpose or bankruptcy remote entity, or otherwise structure or restructure
the Company to accommodate any financing for all or a portion of the Business;

 

7.3.26     
Appoint officers of the Company (as set forth in Section 7.10);

 

7.3.27     
Perform any and all other acts which the Manager is obligated to perform hereunder;
and

 

7.3.28     
Execute, acknowledge and deliver any and all instruments to effectuate the foregoing
and all transactions and actions described in, or contemplated by, the Memorandum, and take all such actions in connection therewith
as the Manager may deem necessary or appropriate. Any and all documents or instruments may be executed by the Manager on behalf
of and in the name of the Company.

 

7.4              
Restrictions on Manager’s Authority. Neither the Manager nor any of its Affiliates shall have authority, without
a Majority Vote, to:

 

7.4.1         
Enter into contracts with the Company that would bind the Company after the expulsion,
Event of Insolvency, or other cessation to exist of the Manager, or to continue the business of the Company after the occurrence
of such event;

 

7.4.2         
Use or permit any other Person to use Company funds or assets in any manner except
for the exclusive benefit of the Company;

 

7.4.3         
Alter the primary purpose of the Company;

 

7.4.4         
Receive from the Company a rebate or give-up or participate in any reciprocal business
arrangements which would enable the Manager or its Affiliate to do so;

 

 

 

    	 	11	 

     

    

 

7.4.5         
Admit another Person as the Manager, except with the consent of the Members as provided
in this Agreement;

 

7.4.6         
Commingle Company funds with those of any other Person, except for (i) the temporary
deposit of funds in a bank checking account for the sole purpose of making Distributions immediately thereafter to the Members
and the Manager or (ii) funds attributable to the Business and held for use in the management and operations of the Business;

 

7.4.7         
Reinvest Cash From Operations in additional Property; 

 

7.4.8         
Cause the Company to loan to the Manager or Affiliates Company assets or employ, or
permit employment of, the funds or assets of the Company in any manner except for the exclusive benefit of the Company; or

 

7.4.9         
Directly or indirectly pay or award any finder’s fees, commissions or other
compensation to any Person engaged by a potential investor for investment advice as an inducement to such advisor to advise the
purchaser regarding the purchase of Units; provided, however, that the Manager shall not be prohibited from paying underwriting
or marketing commissions, or finder’s or referral fees to registered broker-dealers or other properly licensed persons for
its services in marketing Units as provided for in this Agreement.

 

7.5              
Responsibilities of the Manager. The Manager shall:

 

7.5.1         
Have the responsibility for the safekeeping and use of all the funds and assets of
the Company;

 

7.5.2         
Devote such of its time and business efforts to the business of the Company as it
shall in its discretion, exercised in good faith, determine to be necessary to conduct the business of the Company;

 

7.5.3         
File and publish all certificates, statements, or other instruments required by law
for formation, qualification and operation of the Company and for the conduct of its business in all appropriate jurisdictions;

 

7.5.4         
Cause the Company to be protected by public liability, property damage and other insurance
determined by the Manager in its discretion to be appropriate to the business of the Company;

 

7.5.5         
At all times use its best efforts to meet applicable requirements for the Company
to be taxed as a partnership and not as an association taxable as a corporation; and

 

7.5.6         
Amend this Agreement to reflect the admission of the Members not later than 90 days
after the date of admission or substitution.

 

7.6              
Administration of Company. So long as it is the Manager and the provisions of this Agreement for compensation and
reimbursement of expenses of the Manager are observed, the Manager shall have the responsibility of providing continuing administrative
and executive support, advice, consultation, analysis and supervision with respect to the functions of the Company, including decisions
regarding development, purchase, manufacture, lease or sale of the Equipment, refinancing and sale, exchange or other disposition
of the Business, and compliance with federal, state and local regulatory requirements and procedures. In this regard, the Manager
may retain the services of its Affiliates or unaffiliated parties as the Manager may deem appropriate to provide management and
financial consultation and advice, and may enter into agreements for the management and operation of Company assets. The Manager
shall have no other fiduciary or other duties or obligations to the Company or the Members except as set forth in this Agreement.

 

 

 

    	 	12	 

     

    

 

7.7              
Indemnification of the Manager and Officers.

 

7.7.1         
The Manager, its owners, Affiliates, officers, directors, partners, managers, employees,
agents, assigns, principals, trustees and any officers of the Company, shall not be liable for, and shall be indemnified and held
harmless (to the extent of the Company’s Property) from, any loss or damage incurred by them, the Company or the Members
in connection with the business of the Company, including costs, expenses and reasonable attorneys’ fees and any amounts
expended in the settlement of any claims of loss or damage resulting from any act or omission performed or omitted in good faith,
which shall not constitute fraud, gross negligence or willful misconduct, pursuant to the authority granted, to promote the interests
of the Company. The Company shall advance to any Person entitled to indemnification pursuant to this Section such funds as shall
be required to pay legal fees and expenses incurred in defense of any demands, claims or lawsuits as they become due. Moreover,
neither the Manager nor any officer of the Company shall be liable to the Company or the Members because any taxing authorities
disallow or adjust any deductions or credits in the Company’s income tax returns.

 

7.7.2         
Notwithstanding Section 7.7.1, the Company shall not indemnify the Manager, its
owners, Affiliates, officers, directors, partners, managers, employees, agents, assigns, principals, trustees or any officers of
the Company, for liability imposed or expenses incurred in connection with any claim arising out of a violation of the Securities
Act of 1933, or any other federal or state securities law, with respect to the offer and sale of the Units. Indemnification will
be allowed for settlements and related expenses in lawsuits alleging securities law violations, and for expenses incurred in successfully
defending such lawsuits, provided that (i) the applicable party is successful in defending the action, (ii) the indemnification
is specifically approved by the court of law which shall have been advised as to the current position of the Securities and Exchange
Commission (as to any claim involving allegations that the Securities Act of 1933 was violated) or the applicable state authority
(as to any claim involving allegations that the applicable state’s securities laws were violated) or (iii) in the opinion
of counsel for the Company, the right to indemnification has been settled by controlling precedent.

 

7.7.3         
The Members acknowledge that the Manager and its Affiliates may own Units and it shall
not be a breach of any fiduciary duty or fiduciary obligation or any other duty or obligation if the Manager or its Affiliates
votes its Units in its own best interest with respect to any Majority Vote.

 

7.7.4         
Neither the Manager nor any of its Affiliates shall have any obligation to cause the
Company to take any action that would result in personal liability to the Manager, its principals or any of its Affiliates in their
capacity as obligator or guarantor of any loan that is obtained or assumed by the Company, notwithstanding that the failure to
take any such action might result in the total or partial loss of the Company’s interest in some or all of the Company’s
Property. Any action or inaction by the Manager or any of its Affiliates that is intended to avoid personal liability under any
obligation or guaranty related to a loan that is obtained or assumed by the Company will not constitute a breach of any fiduciary
or other duty that the Manager or its Affiliates may owe the Company or the Members.

 

7.8              
No Personal Liability for Return of Capital. The Manager shall not be personally liable or responsible for the return
or repayment of all or any portion of the Capital Contribution of any Member or any loan made by any Member to the Company, it
being expressly understood that any such return of capital or repayment of any loan shall be made solely from the assets (which
shall not include any right of contribution from any Member) of the Company.

 

7.9              
Authority as to Third Persons.

 

7.9.1         
No third party dealing with the Company shall be required to investigate the authority
of the Manager or officers of the Company or secure the approval or confirmation by any Member of any act of the Manager in connection
with the Company’s business. No purchaser of any Property owned by the Company shall be required to determine the right to
sell or the authority of the Manager to sign and deliver any instrument of transfer on behalf of the Company, or to see to the
application or distribution of revenues or proceeds paid or credited in connection therewith.

 

 

 

    	 	13	 

     

    

 

7.9.2         
The Manager shall have full authority to execute on behalf of the Company any and
all agreements, contracts, conveyances, deeds, mortgages and other instruments, and the execution thereof by the Manager, executing
on behalf of the Company shall be the only execution necessary to bind the Company thereto. Any officer appointed by the Manager
pursuant to Section 7.10 shall have full authority to execute on behalf of the Company any agreements, contracts, conveyances,
deeds, mortgages and other instruments, to the extent such authority is delegated by the Manager to such officer, and the execution
thereof by such officer, executing on behalf of the Company shall be the only execution necessary to bind the Company thereto.
No signature of any Member shall be required.

 

7.9.3         
The Manager shall have the right by separate instrument or document to authorize one
or more Persons to execute leases and lease-related documents on behalf of the Company and any leases and documents executed by
such agent shall be binding upon the Company as if executed by the Manager.

 

7.10          
Officers of the Company.

 

7.10.1     
The Manager, in its sole discretion, may appoint officers of the Company at any time.
The officers of the Company, if appointed by resolution of the Manager, may include a president, vice president, secretary, and
treasurer. The officers shall serve at the pleasure of the Manager. Any individual may hold any number of offices. The Manager’s
officers may serve as officers of the Company if appointed by resolution of the Manager. The officers shall exercise such powers
and perform such duties as determined and authorized by the Manager.

 

7.10.2     
Any officer may be removed, either with or without cause, by the Manager at any time.
Any officer may resign at any time by giving written notice to the Manager. Any resignation shall take effect at the date of the
receipt of that notice or at any later time specified in that notice; and, unless otherwise specified in that notice, the acceptance
of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of
the Company under any contract to which the officer is a party.

 

8.                  
Rights, Authority and Voting of the Members.

 

8.1              
Members Are Not Agents. Pursuant to Section 7, the management of the Company is vested in the Manager. No Member,
acting solely in the capacity of a Member, is an agent of the Company nor can any Member in such capacity bind nor execute any
instrument on behalf of the Company.

 

8.2              
Voting by the Members. Members shall be entitled to cast one vote for each Unit they own. Except as otherwise specifically
provided in this Agreement, Members (but not Economic Interest Owners) shall have the right to vote only upon the following matters:

 

8.2.1         
Removal of the Manager as provided in Section 9.2;

 

8.2.2         
Admission of the Manager or election to continue the business of the Company after
the Manager ceases to be the Manager when there is no remaining Manager;

 

8.2.3         
Amendment of this Agreement (unless otherwise provided for herein);

 

8.2.4         
Any merger or combination of the Company or roll-up of the Company; and

 

8.2.5         
Election to continue the business of the Company as set forth in Section 13.1.2.

 

 

 

    	 	14	 

     

    

 

8.3              
Member Vote; Consent of Manager. Except for the Majority Votes required pursuant to Sections 8.2.1, 8.2.2, 8.2.5,
8.4.3, 9.1, 9.2, 9.3, 9.4, 10.1, 10.1.3, 10.1.4 and 13.3 or as specifically provided in this Agreement which provisions shall only
require a Majority Vote, matters upon which the Members may vote shall require a Majority Vote and the consent of the Manager to
pass and become effective.

 

8.4              
Meetings of the Members. The Manager may at any time call for a meeting of the Members, or for a vote without a meeting,
on matters on which the Members are entitled to vote, and shall call for such a meeting (but not a vote without a meeting) following
receipt of a written request therefor of Members holding more than 10% of the Units entitled to vote as of the record date. Within
20 days after receipt of such request, the Manager shall notify all Members of record on the record date of the Company meeting.

 

8.4.1         
Notice. Written notice of each meeting shall be given to each Member entitled to vote, either personally or by mail
or other means of written communication, charges prepaid, addressed to such Member at its address appearing on the books of the
Company or given by it to the Company for the purpose of notice or, if no such address appears or is given, at the principal executive
office of the Company, or by publication of notice at least once in a newspaper of general circulation in the county in which such
office is located. All such notices shall be sent not less than 10, nor more than 60, days before such meeting. The notice shall
specify the place, date and hour of the meeting and the general nature of business to be transacted, and no other business shall
be transacted at the meeting.

 

8.4.2         
Adjourned Meeting and Notice Thereof. When a Members’ meeting is adjourned to another time or place, notice
need not be given of the subsequent meeting if the time and place thereof are announced at the meeting at which the adjournment
is taken. At the subsequent meeting, the Company may transact any business which might have been transacted at the original meeting.
If the adjournment is for more than 45 days or if after the adjournment a new record date is fixed for the subsequent meeting,
a notice of the subsequent meeting shall be given to each Member of record entitled to vote at the meeting.

 

8.4.3         
Quorum. The presence in person or by proxy of the Persons entitled to vote a majority of the Units shall constitute
a quorum for the transaction of business. The Members present at a duly called or held meeting at which a quorum is present may
continue to transact business until adjournment notwithstanding the withdrawal of enough Members to leave less than a quorum, if
any action taken (other than adjournment) is approved by at least a Majority Vote or such greater vote as may be required by this
Agreement or by law. In the absence of a quorum, any meeting of Members may be adjourned from time to time by the vote of a majority
of the Units represented either in person or by proxy, but no other business may be transacted, except as provided above.

 

8.4.4         
Consent of Absentees. The transactions of any meeting of Members, however called and noticed and wherever held, are
as valid as though they occurred at a meeting duly held after regular call and notice, if a quorum is present either in person
or by proxy, and if, either before or after the meeting, each of the Persons entitled to vote, not present in person or by proxy,
signs a written waiver of notice, or a consent to the holding of the meeting or an approval of the minutes thereof. All waivers,
consents and approvals shall be filed with the Company records or made a part of the minutes of the meeting.

 

8.4.5         
Action Without Meeting. Except as otherwise provided in this Agreement, any action which may be taken at any meeting
of the Members may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by the
Manager and Members having not less than the minimum number of votes that would be necessary to authorize or take that action
at a meeting at which all entitled to vote thereon were present and voted. In the event the Members are requested to consent on
a matter without a meeting, the Manager and each Member shall be given not less than 10, nor more than 60, days’ notice.
In the event the Manager or Members representing more than 10% of the Units, request a meeting for the purpose of discussing or
voting on the matter, the notice of a meeting shall be given in the same manner as required by Section 8.4.1 and no action
shall be taken until the meeting is held. Unless delayed as a result of the preceding sentence, any action taken without a meeting
will be effective 5 days after the required minimum number of voters have signed the consent; however, the action will be effective
immediately if the Manager and Members representing at least 80% of the Units have signed the consent.

 

 

 

    	 	15	 

     

    

 

8.4.6         
Record Dates. For purposes of determining the Members entitled to notice of any meeting or to vote or entitled to
receive any Distributions or to exercise any rights in respect of any other lawful matter, the Manager (or Members representing
more than 10% of the Units if the meeting is being called at their request) may fix in advance a record date, which is not more
than 60 nor less than 10 days prior to the date of the meeting nor more than 60 days prior to any other action. If no record date
is fixed:

 

(a)               
The record date for determining Members entitled to notice of or to vote at a meeting of Members shall be at the close of
business on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business
on the business day next preceding the day on which the meeting is held;

 

(b)               
The record date for determining Members entitled to give consent to Company action in writing without a meeting shall be
the day on which the first written consent is given;

 

(c)               
The record date for determining Members for any other purpose shall be at the close of business on the day on which the
Manager adopts it, or the 60th day prior to the date of the other action, whichever is later; and

 

(d)               
A determination of Members of record entitled to notice of or to vote at a meeting of Members shall apply to any adjournment
of the meeting unless the Manager, or the Members who requested the meeting fix a new record date for the adjourned meeting, but
the Manager, or such Members, shall fix a new record date if the meeting is adjourned for more than 45 days from the date
set for the original meeting.

 

8.4.7         
Proxies. Every Person entitled to vote or execute consents shall have the right to do so either in person or by one
or more agents authorized by a written proxy executed by such Person or its duly authorized agent and filed with the Manager. No
proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every
proxy continues in full force and effect until revoked as specified or unless it states that it is irrevocable. A proxy which states
that it is irrevocable is irrevocable for the period specified therein.

 

8.4.8         
Chairman of Meeting. The Manager may select any Person to preside as chairman of any meeting of the Members, and
if such Person shall be absent from the meeting, or fail or be unable to preside, the Manager may name any other Person in substitution
therefor as chairman. The chairman of the meeting shall designate a secretary for such meeting, who shall take and keep or cause
to be taken and kept minutes of the proceedings thereof. The conduct of all Members’ meetings shall at all times be within
the discretion of the chairman of the meeting and shall be conducted under such rules as the chairman may prescribe. The chairman
shall have the right and power to adjourn any meeting at any time, without a vote of the Units present in person or represented
by proxy, if the chairman shall determine such action to be in the best interests of the Company.

 

8.4.9         
Inspectors of Election. In advance of any meeting of Members, the Manager may appoint any Persons other than nominees
for the Manager as the inspector of election to act at the meeting and any adjournment thereof. If an inspector of election is
not so appointed, or if any such Person fails to appear or refuses to act, the chairman of any such meeting may, and on the request
of any Member or its proxy shall, make such appointment at the meeting. The inspector of election shall determine the number of
Units outstanding and the voting power of each, the Units represented at the meeting, the existence of a quorum, the authenticity,
validity and effect of proxies, receive votes, ballots or consents, hear and determine all challenges and questions in any way
arising in connection with the right to vote, count and tabulate all votes or consents, determine when the polls shall close, determine
the result and do such acts as may be proper to conduct the election or vote with fairness to all Members.

 

8.4.10     
Record Date and Closing Company Books. When a record date is fixed, only Members of record on that date are entitled
to notice of and to vote at the meeting or to receive a Distribution, or allotment of rights, or to exercise the rights, as the
case may be, notwithstanding any transfer of any Units on the books of the Company after the record date.

 

 

 

    	 	16	 

     

    

 

8.5              
Rights of Members. No Owner shall have the right or power to: (i) withdraw or reduce its contribution to the
capital of the Company, except as a result of the dissolution and termination of the Company or as otherwise provided in this Agreement
or by law, (ii) bring an action for partition against the Company or (iii) demand or receive property other than cash
in return for its Capital Contribution. Except as provided in this Agreement, no Owner shall have priority over any other Owner
either as to the return of Capital Contributions or as to allocations of the Net Income, Net Loss or Distributions of the Company.
Other than upon the termination and dissolution of the Company as provided by this Agreement, there has been no time agreed upon
when the contribution of each Owner (other than the Initial Member) is to be returned.

 

8.6              
Restrictions on the Owners. No Owner shall:

 

8.6.1         
Disclose to any non-Owner other than their lawyers, accountants or consultants and/or commercially exploit any of the Company’s
business practices, trade secrets or any other information not generally known to the business community, including the identity
of suppliers utilized by the Company;

 

8.6.2         
Do any other act or deed with the intention of harming the business operations of the Company; or

 

8.6.3         
Do any act contrary to this Agreement.

 

8.7              
Return of Capital of the Members. In accordance with the Act, an Owner may, under certain circumstances, be required
to return to the Company, for the benefit of the Company’s creditors, amounts previously distributed to the Owner. If any
court of competent jurisdiction holds that any Owner is obligated to make any such payment, such obligation shall be the obligation
of such Owner and not of the Company, the Manager or any other Owner.

 

8.8              
Indemnification of the Members. The Company shall indemnify, protect, defend and hold harmless the Members, in their
capacity as Members (as opposed to the Manager which is indemnified pursuant to Section 7.7 in its capacity as the Manager),
and their owners, Affiliates, officers, directors, partners, managers, employees, agents,
assigns, principals and trustees (each an “Indemnified Party”), from and against any loss, liability, damage,
cost or expense (including reasonable legal fees and expenses incurred in defense of any demands, claims or lawsuits) arising from
actions or omissions concerning business or activities undertaken by or on behalf of the Company from any source. The Company shall
advance to any Person entitled to indemnification pursuant to this Section such funds as shall be required to pay reasonable legal
fees and expenses incurred in defense of any demands, claims or lawsuits as they become due. Notwithstanding the foregoing, if
the claim for indemnification is in connection with an action against the Company, or against another Indemnified Party by the
Person requesting the indemnification, the Company shall have no such obligation to advance any funds for the payment of legal
fees and expenses. The obligations contained herein shall survive the termination or expiration of the Agreement until such time
as an action against the Members is absolutely barred by the statute of limitations.

 

8.9              
Deemed Approval. Whenever a Majority Vote is required in this Agreement, the Company shall provide the Members with
notice of such required vote, and the Members shall have 15 days after the date such notice is sent by the Company to approve or
disapprove of the matter. If a Member does not disapprove of such matter within the 15-day specified response period described
above, the Member shall be deemed to have voted in accordance with the vote recommended by the Manager.

 

9.                  
Resignation, Withdrawal or Removal of the Manager.

 

9.1              
Resignation or Withdrawal of Manager. Subject to Section 10, the Manager shall not resign or withdraw as the
Manager or do any act that would require its resignation or withdrawal without a Majority Vote.

 

 

 

    	 	17	 

     

    

 

9.2              
Removal. The Manager may be removed by a Majority Vote only (i) for fraud, gross negligence or willful misconduct
of the Manager, as evidenced by a final, non-appealable decision of a court of competent jurisdiction or (ii) upon the occurrence
of an Event of Insolvency of the Manager. Removal of the Manager shall not be effective until the Manager receives in cash the
full value of its interest in the Company and all lenders have released the Manager from all liabilities and obligations under
any loan made to the Company or the Company’s Affiliates.

 

9.3              
Purchase of Manager’s Interest. Upon the removal of the Manager pursuant to Section 9.2 or its withdrawal
with the approval of a Majority Vote, (i) the removed Manager’s interest in the Distributions and allocations of Net
Income and Net Loss set forth in this Agreement, (ii) its interest in its right to the earned but unpaid fees and other compensation
remaining to be paid under this Agreement and (iii) the Manager’s or any Affiliate’s interest as a Member, shall be
purchased by the Company for a purchase price equal to the aggregate fair market value of the Manager’s interest determined
according to the provisions of Section 9.4; provided, however, that in the event the Manager is removed as a result of fraud,
gross negligence or willful misconduct as determined by a final, non-appealable decision of a court of competent jurisdiction,
the purchase price shall be reduced by any damages caused by any such fraud, gross negligence or willful misconduct. The purchase
price of such interest shall be paid by the Company to the Manager in cash within 30 days of the determination of the aggregate
fair market value.

 

9.4              
Purchase Price of the Manager’s Interest. The fair market value of the Manager’s interest to be purchased
by the Company pursuant to Section 9.3 shall be determined by agreement between the Manager and the Company, which agreement
is subject to approval by a Majority Vote. For this purpose, the fair market value of the interest of the terminated Manager shall
be computed as the present value of the future amount which could reasonably be expected to be realized by such Manager upon the
sale of the Company’s assets in the ordinary course of business at the time of removal, including the Manager’s or
any Affiliate’s interest as a Member. If the Manager and the Company cannot agree upon the fair market value of such Company
interest within 30 days, the fair market value thereof shall be determined by appraisal, the Company and the terminated Manager
each to choose one appraiser and the 2 appraisers so chosen to choose a third appraiser. The decision of a majority of the appraisers
as to the fair market value of such Company interest shall be final and binding and may be enforced by legal proceedings. The terminated
Manager and the Company shall each compensate the appraiser appointed by it and the compensation of the third appraiser shall be
borne equally by such parties.

 

10.              
Assignment of the Manager’s Interest.

 

10.1          
Permitted Assignments. Except as otherwise provided in this Agreement, the Manager may not sell or otherwise transfer
any part or all of its interest in the Company except with a Majority Vote. If the Members consent to the transfer, the interest
may only be sold to the proposed transferee within the time period approved by the Members, or within 90 days of such consent on
the proposed terms and price, if later. All costs of the transfer, including reasonable attorneys’ fees (if any), shall be
borne by the transferring Manager. Notwithstanding the above, the Manager may encumber its interest without the consent of the
Members.

 

10.1.1     
Any assignment or transfer of the Manager’s interest provided for by this Agreement can be an assignment or transfer
of all of its interest or any portion or part of its interest.

 

10.1.2     
Any transfer of all or a part of the Manager’s interest may be made only pursuant to the terms and conditions contained
in this Section 10.

 

10.1.3     
Any such assignment shall be by a written instrument of assignment, the terms of which are not in contravention of any of
the provisions of this Agreement, and which has been duly executed by the assignee of the Manager’s interest and accepted
by the Members pursuant to a Majority Vote.

 

10.1.4     
The assignor and assignee shall have executed, acknowledged, and delivered such other instruments as the Members pursuant
to a Majority Vote, may deem necessary or desirable to effect such substitution of any such proposed transfer, and which shall
include the written acceptance and adoption by the assignee of the provisions of this Agreement.

 

 

 

    	 	18	 

     

    

 

10.2          
Substitute Manager. Upon acceptance by the Members of an assignment by the Manager, any assignee of the Manager’s
interest in compliance with this Section 10 shall be substituted as the Manager.

 

10.3          
Transfer in Violation Not Recognized. Any assignment, sale, exchange or other transfer in contravention of the provisions
of this Section 10 shall be void and ineffectual and shall not bind or be recognized by the Company.

 

10.4          
Transfers to Affiliates. Notwithstanding the above, the Manager may assign all or any part of its interest in the
Company to an Affiliate without the consent of the Members.

 

11.              
Assignment of Units.

 

11.1          
Permitted Assignments. A Member may only sell, assign, hypothecate, encumber or otherwise transfer any part (but
not less than the lesser of (i) one Unit or (ii) the Member’s entire interest in the Company) or all of its Units
if the following requirements are satisfied:

 

11.1.1     
The Manager, in its sole discretion, consents in writing to the transfer;

 

11.1.2     
No Owner shall sell, transfer, assign or convey or offer to transfer, assign or convey all or any portion of a Unit to any
Person who does not possess the financial qualifications required of all Persons who become Members, as described in the Memorandum;

 

11.1.3     
No Member shall have the right to transfer any Unit to any minor or to any Person who, for any reason, lacks the capacity
to contract for himself under applicable law. Such limitations shall not, however, restrict the right of any Member to transfer
any one or more Units to a custodian or a trustee for a minor or other Person who lacks such contractual capacity;

 

11.1.4     
The Manager, with advice of counsel, must determine that such transfer will not jeopardize the applicability of the exemptions
from the registration requirements under the Securities Act of 1933, and registration
or qualification under state securities laws relied upon by the Company and Manager in offering and selling the Units or otherwise
violate any federal or state securities laws;

 

11.1.5     
The Manager, with advice of counsel, must determine that, despite such transfer, Units will qualify for one of the safe
harbors described in the Treasury Regulations related to the publicly traded partnership rules and will not cause the Company’s
Units to be deemed to be “traded on an established securities market” or “readily tradable on a secondary market
(or the substantial equivalent thereof)” under the provisions applicable to publicly traded partnership status. In making
this determination, the Manager shall be entitled to limit any transfers so that the transfers comply with one of the safe harbors
in the Treasury Regulations; provided, however that the Manager may, in its sole discretion and upon a determination that the Company
will not be treated as a publicly traded partnership for federal income tax purposes, permit transfers that do not qualify for
one of the safe harbors;

 

11.1.6     
Any such transfer shall be by a written instrument of assignment, the terms of which are not in contravention of any of
the provisions of this Agreement, and which has been duly executed by the assignor of such Units and accepted by the Manager in
writing. Upon such acceptance by the Manager, such an assignee shall take subject to all terms of this Agreement and shall become
an Economic Interest Owner;

 

 

 

    	 	19	 

     

    

 

11.1.7     
A transfer fee shall be paid by the transferring Member in such amount as may be required by the Manager to cover all reasonable
expenses, including attorneys’ fees and lender’s fees, connected with such assignment;

 

11.1.8     
The transfer will not result in Employee Benefit Plans owning 25% or more of the Units;

 

11.1.9     
The transfer will not result in more than 1,950 Owners; and

 

11.1.10 
The transfer will not cause a default with respect to any financing obtained by the Company.

 

11.2          
Substituted Member.

 

11.2.1     
Conditions to be Satisfied. No Economic Interest Owner shall have the right to become a Substituted Member unless
the Manager shall consent thereto in accordance with Section 11.2.2 and all of the following conditions are satisfied:

 

(a)               
A duly executed and acknowledged written instrument of assignment shall have been filed with the Company, which instrument
shall specify the number of Units being assigned and set forth the intention of the assignor that the assignee succeed to the assignor’s
interest as a Substituted Member in its place;

 

(b)               
The assignor and assignee shall have executed, acknowledged and delivered such other instruments as the Manager may deem
necessary or desirable to effect such substitution, which may include an opinion of counsel regarding the effect and legality of
any such proposed transfer, and which shall include: (i) the written acceptance and adoption by the assignee of the provisions
of this Agreement and (ii) the execution, acknowledgment and delivery to the Manager of a special power of attorney, the form
and content of which are more fully described herein; and

 

(c)               
A transfer fee sufficient to cover all reasonable expenses connected with such substitution shall have been paid to the
Company.

 

11.2.2     
Consent of Manager. The consent of the Manager shall be required to admit an Economic Interest Owner as a Substituted
Member. The granting or withholding of such consent shall be within the sole discretion of the Manager.

 

11.2.3     
Consent of Members. By executing or adopting this Agreement, each Member hereby consents to the admission of additional
or Substituted Members, and to any Economic Interest Owner becoming a Substituted Member upon consent of the Manager and in compliance
with this Agreement.

 

11.3          
Rights of Economic Interest Owner. An Economic Interest Owner shall be entitled to receive Distributions from the
Company attributable to the Units acquired by reason of such assignment from and after the effective date of the assignment; provided,
however, that notwithstanding anything herein to the contrary, the Company shall be entitled to treat the assignor of such Units
as the absolute owner thereof in all respects, and shall incur no liability for allocations of Net Income and Net Loss or Distributions,
or for the transmittal of reports or other information until the written instrument of assignment has been received by the Company
and recorded on its books. The effective date of such assignment shall be the date on which all of the requirements of this Section
have been complied with, subject to Section 4.9.

 

11.4          
Right to Inspect Books. Economic Interest Owners shall have no right to inspect the Company’s books or records,
to vote on Company matters, or to exercise any other right or privilege as Members, until they are admitted to the Company as Substituted
Members except as required by the Act.

 

 

 

    	 	20	 

     

    

 

11.5          
Transfer Subject to Law. No assignment, sale, transfer, exchange or other disposition of any Units may be made except
in compliance with the applicable governmental laws and regulations, including state and federal securities laws.

 

11.6          
Transfer in Violation Not Recognized. Any assignment, sale, transfer, exchange or other disposition in contravention
of the provisions of this Section 11 shall be void and ineffectual and shall not bind or be recognized by the Company.

 

11.7          
Conversion to Economic Interest. Upon the transfer of a Unit in violation of this Agreement, the Membership Interest
of a Member shall be converted into an Economic Interest.

 

11.8          
Exit Opportunities. Beginning on the 3rd, 4th, and 5th
anniversary of the Offering Termination Date (each, a “Conversion Determination Date”), each Member shall have
the right to sell its respective Units held to Vivakor, and Vivakor will have sole discretion as to whether it pays for the Units
in cash or Vivakor common stock (the “Conversion Right”). The price for the Units is the original principal of the
Convertible Notes that was converted into the Units. If Vivakor chooses to pay in common stock, the number of shares the Member
will receive will be based on the price that is the greater of $0.45 per share or the 30-day average share price of Vivakor (determined
on the 30 days prior to the Conversion Determination Date) discounted by 10%. The Vivakor
common stock received in this manner will carry a trade restriction for a period of two years after the date of sale, in which
the holder of the common stock will not, in any 90 day period sell a greater number of shares than 10% of 10 day average trading
volume at the time of the proposed sale. If the company undertakes an underwritten public offering of stock, each holder
of this restriction will be required to comply with a six (6) month market stand-off agreement. All conversions shall comply with
all state and federal securities laws and requirements.

 

11.9          
Call Option. As of the day after the expiration of any Conversion Determination
Date (the “Call Option Exercise Date”), Vivakor shall have the option to purchase
any Units owned by the Members who did not exercise the Conversion Right set forth in Section 11.8 (the “Call Option”).
Within 15 days of the Call Option Exercise Date, Vivakor shall provide the Members with written notice of its election to exercise
the Call Option. The purchase price of the Units to be acquired by Vivakor pursuant to the Call Option shall be the original principal
of the Convertible Note that was converted into the Units. The purchase of any Units to be
acquired pursuant to this Section 11.9 shall be made within 30 days of the Call Option Exercise Date (the “Call Option Closing
Date”). Vivakor shall pay to the Members having their Units purchased pursuant to this Section 11.9, at Vivakor’s
sole discretion, in cash or Vivakor common stock on the Call Option Closing Date. If Vivakor chooses to pay in common stock, the
number of shares the Member will receive will be based on the price that is the greater of $0.45 per share or the 30-day average
share price of Vivakor (determined on the 30 days prior to the Conversion Determination Date) discounted by 10%. The
Vivakor common stock received in this manner will carry a trade restriction for a period of two years after the date of sale, in
which the holder of the common stock will not, in any 90 day period sell a greater number of shares than 10% of 10 day average
trading volume at the time of the proposed sale. If the company undertakes an underwritten public offering of stock, each
holder of this restriction will be required to comply with a six (6) month market stand-off agreement. All conversions shall comply
with all state and federal securities laws and requirements. Each of the Members grants to
the Manager a special power of attorney in accordance with Section 14 to take all action as may be necessary or appropriate to
transfer or sell such Member’s Units as provided in this Section 11.9.

 

12.              
Books, Records, Accounting and Reports.

 

12.1          
Records. The Company shall maintain at its principal office the Company’s records and accounts of all operations
and expenditures of the Company including the following:

 

12.1.1     
A current list of the name and last known business, residence or mailing address of each Owner and the Manager;

 

 

 

    	 	21	 

     

    

 

12.1.2     
A copy of the Certificate of Formation and all amendments thereto, together with any powers of attorney pursuant to which
the Certificate of Formation or any amendments thereto were executed;

 

12.1.3     
Copies of the Company’s federal, state and local income tax or information returns and reports, if any, for the 6
most recent fiscal years;

 

12.1.4     
Copies of this Agreement and any amendments thereto together with any powers of attorney pursuant to which any written accounting
or any amendments thereto were executed;

 

12.1.5     
Copies of any financial statements of the Company, if any, for the 6 most recent years; and

 

12.1.6     
The Company’s books and records, but not Member information, as they relate to the internal affairs of the Company
for at least the current and past 4 fiscal years.

 

12.2          
Delivery to Members and Inspection. Subject to limitations set forth in this Section 12.2 and Sections 12.5
and 12.6, each Member, or its representative designated in writing, has the right, upon reasonable written request for purposes
reasonably related to the interest of that Person as a Member, which purposes are set forth in the written request, to receive
from the Company:

 

12.2.1     
True and full information regarding the status of the business and financial condition of the Company;

 

12.2.2     
Promptly after becoming available, a copy of the Company’s federal, state and local income tax returns for each year;

 

12.2.3     
A current list of the name and last known business, residence or mailing address of each Owner and the Manager;

 

12.2.4     
A copy of this Agreement and the Certificate of Formation and all amendments thereto, together with executed copies of any
written powers of attorney pursuant to which this Agreement and the Certificate of Formation and all amendments thereto have been
executed; and

 

12.2.5     
True and full information regarding the amount of cash and a description and statement of the agreed value of any property
or services contributed by each Owner and which each Owner has agreed to contribute in the future, and the date on which each became
an Owner.

 

12.3          
Reports. The Manager will cause the Company, at the Company’s expense, to prepare an annual report containing
a year-end balance sheet and income statement. Copies of such statements shall be distributed to each Member within 120 days after
the close of each fiscal year of the Company.

 

12.4          
Tax Information. The Manager shall cause the Company, at the Company’s expense, to prepare and timely file
income tax returns for the Company with the appropriate authorities, and shall use commercially reasonable efforts to cause all
Company information necessary in the preparation of the Owners’ individual income tax returns to be distributed to the Owners
not later than 90 days after the end of the Company’s fiscal year. The Manager shall also distribute a copy of the Company’s
tax return to a Member, if requested by such Member.

 

 

 

    	 	22	 

     

    

 

12.5          
Confidentiality. The Manager shall have the right to keep confidential from the Owners, for such period of time as
the Manager deems reasonable, any information which the Manager reasonably believes to be in the nature of trade secrets or other
information the disclosure of which the Manager in good faith believes is not in the best interest of the Company or could damage
the Company or its business or which the Company is required by law or by agreement with a third party to keep confidential.

 

12.6          
Limitations. In addition to Section 12.5, the Manager, in its sole discretion, may restrict receipt of the information
identified in Section 12.2, if the Manager reasonably believes that disclosure of such information is not in the best interest
of the Company or could damage the Company or its business or the requesting Member’s reason for obtaining the applicable
information is, in the Manager’s sole discretion, related to the Member’s individual purposes and not for a Company
purpose. In no event shall the Manager be required to provide any Member with access to any personal information with respect
to the Owners, including, but not limited to, the names, addresses, email addresses and phone numbers of the Owners.

 

12.7          
Partnership Audit Rules.

 

12.7.1     
The Manager shall be the “partnership representative” for purposes of Code Sections 6223 and 6231 and shall,
at the Company’s expense, cause to be prepared and timely filed after the end of each taxable year of the Company all federal
and state income tax returns required of the Company for such taxable year. If any state or local tax law provides for a partnership
representative or Person having similar rights, powers, authority or obligations, the Manager shall also serve in such capacity.

 

12.7.2     
If any audit adjustment results in an underpayment of tax that is imputed to the Company and would be assessed and collected
at the Company level in the period that the adjustment becomes final, the Company may, in the sole discretion of the Manager, elect:

 

(a)               
to pay an imputed underpayment as calculated under Code Section 6225(b) with respect to such adjustment, including interest,
penalties and related tax (“Imputed Underpayment”) in the Adjustment Year or otherwise take the Internal Revenue Service
adjustment into account in the Adjustment Year. The Manager shall use commercially reasonable efforts to reduce the amount of such
Imputed Underpayment on account of the tax-exempt status (as defined in Code Section 168(h)(2)) of any Members as provided in Code
Section 6225(c)(3). Each Member agrees to indemnify and hold harmless the Company and the Manager from and against any liability
with respect to the Member’s proportionate share of any Imputed Underpayment, regardless of whether such Member is a Member
in the Adjustment Year, and to promptly pay its proportionate share of any Imputed Underpayment to the Company within 15 days following
the Manager’s request for payment and any amount that is not funded shall be treated as a Tax Payment under Section 4.12.1.
Each Member’s (or former Member’s) proportionate share shall be determined by the Manager in good faith taking into
account each Member’s (or former Member’s) particular status, including its tax-exempt or non-United States status,
its interest in the Company in the Reviewed Year, and its timely provision of information necessary to reduce the amount of Imputed
Underpayment set forth in Code Section 6225(c); or

 

(b)               
under Code Section 6226(a), to cause the Company to issue adjusted Schedule K-1s or any other similar statement prescribed
by the Code, Treasury Regulations or other administrative guidance published by the Internal Revenue Service or other taxing authority
to each applicable Member for the Reviewed Year, who will then be required to pay their allocable share of tax otherwise attributable
to the Company. Each Member hereby agrees and consents to such election and agrees to take any action, and furnish the Manager
with any information necessary to give effect to such election, as required by such Code Section and applicable Treasury Regulations
or other administrative guidance published by the Internal Revenue Service or other taxing authority.

 

 

 

    	 	23	 

     

    

 

13.              
Termination and Dissolution of the Company.

 

13.1          
Termination of Company. The Company shall be dissolved, shall terminate and its assets shall be disposed of, and
its affairs wound up upon the earliest to occur of the following:

 

13.1.1     
Upon the happening of any event of dissolution specified in the Certificate of Formation;

 

13.1.2     
The occurrence of a Dissolution Event unless the business of the Company is continued by the consent of the remaining Members
within 90 days following the occurrence of the event;

 

13.1.3     
A determination by the Manager to terminate the Company;

 

13.1.4     
Upon the entry of a decree of judicial dissolution; or

 

13.1.5     
The sale of the Business.

 

13.2          
Certificate of Cancellation. As soon as possible following the occurrence of any of the events specified in Section 13.1,
the Manager who has not wrongfully dissolved the Company or, if none, the Members, shall execute a Certificate of Cancellation
in such form as shall be required by the Act.

 

13.3          
Liquidation of Property. Upon a dissolution and termination of the Company, the Manager (or in case there is no Manager,
the Members or Person designated by a Majority Vote) shall take full account of the Company Property and liabilities, shall liquidate
the Property as promptly as is consistent with obtaining the fair market value thereof, and shall apply and distribute the proceeds
therefrom in the following order:

 

13.3.1     
To the payment of creditors of the Company but excluding secured creditors whose obligations will be assumed or otherwise
transferred on the liquidation of Company Property;

 

13.3.2     
To the setting up of any reserves as required by law for any liabilities or obligations of the Company; provided, however,
that said reserves shall be deposited with a bank or trust company in escrow at interest for the purpose of disbursing such reserves
for the payment of any of the aforementioned contingencies and, at the expiration of a reasonable period, for the purpose of distributing
the balance remaining in accordance with the remaining provisions of this Section 13.3; and

 

13.3.3     
To the Owners as set forth in Section 5.1, which is intended to be in proportion to their positive Capital Account
balances as of the date of such Distribution, after giving effect to all Capital Contributions, Distributions and allocations for
all periods, including the period during which such Distribution occurs.

 

13.4          
Distributions Upon Dissolution. Each Member shall look solely to the assets of the Company for all Distributions
and its Capital Contributions, and shall have no recourse therefor (upon dissolution or otherwise) against any Manager or any Member.
No Member shall be required to restore any deficit in the Member’s Capital Account.

 

13.5          
Liquidation of Member’s Interest. If there is a Liquidation of a Member’s or Manager’s interest
in the Company, any liquidating Distribution pursuant to such Liquidation shall be made only to the extent of the positive Capital
Account balance, if any, of such Member or Manager for the taxable year during which such Liquidation occurs after proper adjustments
for allocations and Distributions for such taxable year up to the time of Liquidation. Such Distributions shall be made by the
end of the taxable year of the Company during which such Liquidation occurs, or if later, within 90 days after such Liquidation.

 

 

 

    	 	24	 

     

    

 

14.              
Special and Limited Power of Attorney.

 

14.1          
Power of Attorney. The Manager shall at all times during the term of the Company have a special and limited power
of attorney as the attorney-in-fact for each Member, with power and authority to act in the name and on behalf of each such Member
to execute, acknowledge, and swear to in the execution, acknowledgment and filing of documents which are not inconsistent with
the provisions of this Agreement and which may include, by way of illustration but not by way of limitation, the following:

 

14.1.1     
This Agreement, as well as any amendments to the foregoing which, under the laws of the state of Nevada or the laws of any
other state, are required to be filed or which the Manager shall deem it advisable to file;

 

14.1.2     
Any other instrument or document that may be required to be filed by the Company under the laws of any state or by any governmental
agency or which the Manager shall deem it advisable to file;

 

14.1.3     
Any instrument or document that may be required to effect the continuation of the Company, the admission of Substituted
Members, or the dissolution and termination of the Company (provided such continuation, admission or dissolution and termination
are in accordance with the terms of this Agreement);

 

14.1.4     
Any contract for purchase or sale of real estate, and any deed, deed of trust, mortgage, or other instrument of conveyance
or encumbrance, with respect to Property;

 

14.1.5     
Any and all other instruments as the Manager may deem necessary or desirable to effect the purposes of this Agreement and
carry out fully its provisions, including, but not limited to, those in Section 16; and

 

14.1.6     
Take all actions under Sections 11.8 and 11.9.

 

14.2          
Provision of Power of Attorney. The special and limited power of attorney of the Manager:

 

14.2.1     
Is a special power of attorney coupled with the interest of the Manager in the Company, and its assets, is irrevocable,
shall survive the death, incapacity, termination or dissolution of the granting Member, and is limited to those matters herein
set forth;

 

14.2.2     
May be exercised by the Manager by and through one or more of the officers of the Manager for each of the Members by the
signature of the Manager acting as attorney-in-fact for all of the Members, together with a list of all Members executing such
instrument by their attorney-in-fact or by such other method as may be required or requested in connection with the recording or
filing of any instrument or other document so executed; and

 

14.2.3     
Shall survive an assignment by a Member of all or any portion of its Units except that, where the assignee of the Units
owned by the Member has been approved by the Manager for admission to the Company as a Substituted Member, the special power of
attorney shall survive such assignment for the sole purpose of enabling the Manager to execute, acknowledge and file any instrument
or document necessary to effect such substitution.

 

14.3          
Notice to Members. The Manager shall promptly furnish to a Member a copy of any amendment to this Agreement executed
by the Manager pursuant to a power of attorney from the Member.

 

 

 

    	 	25	 

     

    

 

15.              
Relationship of this Agreement to the Act. Many of the terms of this Agreement are intended to alter or extend
provisions of the Act as they may apply to the Company or the Members. Any failure of this Agreement to mention or specify the
relationship of such terms to provisions of the Act that may affect the scope or application of such terms shall not be construed
to mean that any of such terms is not intended to be a limited liability company agreement provision authorized or permitted by
the Act or which in whole or in part alters, extends or supplants provisions of the Act as may be allowed thereby.

 

16.              
Amendment of Agreement.

 

16.1          
Admission of Member. Amendments to this Agreement for the admission of any Member or Substituted Member shall not,
if in accordance with the terms of this Agreement, require the consent of any Member.

 

16.2          
Amendments with Consent of Member. In addition to any amendments otherwise
authorized herein, this Agreement may be amended by the Manager with a Majority Vote.

 

16.3          
Amendments Without Consent of the Members. In addition to the amendments authorized
pursuant to Section 4.10 and Section 7.3.11 or otherwise authorized herein, the Manager may amend this Agreement, without
the consent of any of the Members, to (i) change the name and/or principal place of business of the Company or (ii) decrease
the rights and powers of the Manager (so long as such decrease does not impair the ability of the Manager to manage the Company
and conduct its business and affairs); provided, however, that no amendment shall be adopted pursuant to this Section 16.3 unless
the adoption thereof (A) is for the benefit of or not adverse to the interests of the Members and (B) does not affect
the limited liability of the Members.

 

16.4          
Execution and Recording of Amendments. Any amendment to this Agreement shall be executed by the Manager, and by the
Manager as attorney-in-fact for the Members pursuant to the power of attorney contained in Section 14. After the execution
of such amendment, the Manager shall also prepare and record or file any certificate or other document which may be required to
be recorded or filed with respect to such amendment, either under the Act or under the laws of any other jurisdiction in which
the Company holds any Property or otherwise does business.

 

17.              
Miscellaneous.

 

17.1          
Counterparts. This Agreement may be executed in several counterparts, and all so executed shall constitute one Agreement,
binding on all of the parties hereto, notwithstanding that all of the parties are not signatory to the original or the same counterpart.

 

17.2          
Successors and Assigns. The terms and provisions of this Agreement shall be binding upon and shall inure to the benefit
of the successors and assigns of the respective Members.

 

17.3          
Severability. In the event any sentence or Section of this Agreement is declared by a court of competent jurisdiction
to be void, such sentence or Section shall be deemed severed from the remainder of this Agreement and the balance of this
Agreement shall remain in full force and effect.

 

17.4          
Notices. All notices under this Agreement shall be in writing and shall be given to the Member or Economic Interest
Owner entitled thereto, by personal service or by mail, posted to the address maintained by the Company for such Person or at such
other address as it may specify in writing.

 

 

 

    	 	26	 

     

    

 

17.5          
Manager’s Address. The name and address of the Manager is as follows:

 

Wealth
Space, LLC

500 N. State College Blvd., Ste 1100

Orange, CA 92868

 

17.6          
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of Nevada.

 

17.7          
Captions. Section titles or captions contained in this Agreement are inserted only as a matter of convenience
and reference. Such titles and captions in no way define, limit, extend or describe the scope of this Agreement nor the intent
of any provisions hereof.

 

17.8          
Gender. Whenever required by the context hereof, the singular shall include the plural, and vice versa, the masculine
gender shall include the feminine and neuter genders, and vice versa.

 

17.9          
Time. Time is of the essence with respect to this Agreement.

 

17.10       
Additional Documents. Each Member, upon the request of the Manager, shall perform any further acts and execute and
deliver any documents which may be reasonably necessary to carry out the provisions of this Agreement, including, but not limited
to, providing acknowledgment before a Notary Public of any signature made by a Member.

 

17.11       
Descriptions. All descriptions referred to in this Agreement are expressly incorporated herein by reference as if
set forth in full, whether or not attached hereto.

 

17.12       
Binding Arbitration. Except as provided in Section 9.2, any controversy arising out of or related to this Agreement
or the breach thereof or an investment in the Units shall be settled by arbitration in Salt Lake City, Utah, in accordance with
the rules of The American Arbitration Association, and judgment entered upon the award rendered may be enforced by appropriate
judicial action. The arbitration panel shall consist of one member, which shall be the mediator if mediation has occurred or shall
be a Person agreed to by each party to the dispute within 30 days following notice by one party that such party desires that a
matter be arbitrated. If there was no mediation and the parties are unable within such 30 day period to agree upon an arbitrator,
then the panel shall be one arbitrator selected by the Salt Lake City office of The American Arbitration Association, which arbitrator
shall be experienced in the area of real estate and limited liability companies and who shall be knowledgeable with respect to
the subject matter area of the dispute. The losing party shall bear any fees and expenses of the arbitrator, other tribunal fees
and expenses, reasonable attorneys’ fees of both parties, any costs of producing witnesses and any other reasonable costs
and expenses incurred by it or the prevailing party or such costs as allocated by the arbitrator. The arbitration panel shall render
a decision within 30 days following the close of presentation by the parties of their cases and any rebuttal. The parties shall
agree within 30 days following selection of the arbitrator to any prehearing procedures or further procedures necessary for the
arbitration to proceed, including reasonable opportunity for discovery, reasonable opportunity for production of relevant documents,
deposition of material witnesses, reasonable interrogatories or other discovery; provided, in any event each Member shall be entitled
to discovery.

 

17.13       
Attorneys’ Fees. In the event that litigation is commenced to enforce any of the provisions of this Agreement,
to recover damages for breach of any of the provisions of this Agreement, or to obtain declaratory relief in connection with any
of the provisions of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs,
whether or not such action proceeds to judgment. The prevailing party shall be determined by either the officiating judge in the
matter or by the presiding judge of the Las Vegas, Nevada Superior Court.

 

 

 

    	 	27	 

     

    

 

17.14       
Venue. Any action relating to or arising out of this Agreement shall be brought only in a court of competent jurisdiction
located in Las Vegas, Nevada.

 

17.15       
Partition. The Members agree that the assets of the Company are not and will not be suitable for partition. Accordingly,
each of the Members hereby irrevocably waives any and all rights that it may have, or may obtain, to maintain any action for partition
of any of the assets of the Company.

 

17.16       
Integrated and Binding Agreement. This Agreement contains the entire understanding and agreement among the Members
with respect to the subject matter hereof, and there are no other agreements, understandings, representations or warranties among
the Members other than those set forth herein and in the Subscription Agreement. This Agreement may be amended only as provided
in this Agreement.

 

17.17       
Legal Counsel. Each Member acknowledges and agrees that counsel representing the Company, the Manager and its Affiliates
does not represent and shall not be deemed under the applicable codes of professional responsibility to have represented or to
be representing any or all of the Members, other than the Manager and its Affiliates (if applicable), in any respect. In addition,
each Member consents to the Manager hiring counsel for the Company which is also counsel to the Manager.

 

17.18       
Title to Company Property. All Property owned by the Company shall be owned by the Company as an entity and, insofar
as permitted by applicable law, no Member shall have any ownership interest in any Company Property in its individual name or right,
and each Member’s membership interest shall be personal property for all purposes.

 

IN WITNESS WHEREOF,
this Agreement is effective as of the date first set forth in the preamble.

 

	 	MANAGER
	 	 
	 	Wealth Space, LLC, a California limited liability company

 

 

		By:	/s/ Tom Lee               
		Name:	Tom Lee
		Title:	Chief Executive Officer

 

 

 

 

	 	INITIAL MEMBER:
	 	 
	 	Vivakor, Inc., a Nevada corporation, as the Initial Member and
        with respect to the rights set forth in Section 11.8 and 11.9.
	 	 

 

		By:	/s/ Matthew Nicosia              
		Name:	Matthew Nicosia
		Title:	Chief Executive Officer

 

 

 

[Signature Page to LLC Agreement of Viva
Wealth Fund I, LLC]

 

 

 

    	 	28	 

     

    

 

EXHIBIT A

 

DEFINITIONS

 

“Act” shall
mean the Nevada Limited Liability Company Act, as the same may be amended from time to time.

 

“Additional Interests”
shall have the meaning set forth in Section 3.5.

 

“Adjusted Capital
Account Deficit” shall mean, with respect to any Member, the deficit balance, if any, in such Member’s Capital Account
as of the end of the relevant fiscal year, after giving effect to the following adjustments:

 

(i)                
Credit to such Capital Account any amounts which the Member is obligated to restore and the Member’s share of Member
Minimum Gain and Company Minimum Gain; and

 

(ii)              
Debit to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5),
and 1.704-1(b)(2)(ii)(d)(6).

 

“Adjustment Year”
shall have the meaning set forth in Code Section 6225(d)(2).

 

“Affiliate”
shall mean (i) any Person directly or indirectly controlling, controlled by or under common control with another Person, (ii) a
Person owning or controlling 10% or more of the outstanding voting securities of such other Person and (iii) any officer,
director or partner of such other Person and if such other Person is an officer, director or partner, any company for which
such Person acts in any capacity.

 

“Agreement”
shall mean this Limited Liability Company Agreement, as amended from time to time.

 

“Automatic
Stock Conversion” shall have the meaning set forth in Section 3.2.4. 

 

“Book Gain”
shall mean the excess, if any, of the fair market value of the Property over its adjusted basis for federal income tax purposes
at the time a valuation of the Property is required under this Agreement or Treasury Regulations Section 1.704-1(b) for
purposes of making adjustments to the Capital Accounts.

 

“Book Loss”
shall mean the excess, if any, of the adjusted basis of Property for federal income tax purposes over its fair market value at
the time a valuation of the Property is required under this Agreement or Treasury Regulations Section 1.704-1(b) for
purposes of making adjustments to the Capital Accounts.

 

“Book Value”
shall mean the adjusted basis of Property for federal income tax purposes increased or decreased by Book Gain, Book Loss, Built-In
Gain and Built-In Loss as reduced by depreciation, amortization or other cost recovery deductions, or otherwise, based on such
Book Value.

 

“Built-In Gain
(or Loss)” shall mean the amount, if any, by which the agreed value of contributed Property exceeds (or is lesser than) the
adjusted basis of Property contributed to the Company by a Member immediately after its contribution by the Member to the capital
of the Company.

 

“Business”
shall mean purchasing, manufacturing, leasing and selling of the Equipment.

 

 

 

    	 	29	 

     

    

 

“Call
Option” shall have the meaning set forth in Section 11.9. 

 

“Call
Option Closing Date” shall have the meaning set forth in Section 11.9.

 

“Call
Option Exercise Date” shall have the meaning set forth in Section 11.9.

 

“Capital Account”
with respect to any Member (or such Member’s assignee) shall mean such Member’s initial Capital Contribution adjusted
as follows:

 

(i)                
A Member’s Capital Account shall be increased by:

 

(a)               
such Member’s share of Net Income;

 

(b)               
any item of income or gain specially allocated to a Member and not included in Net Income or Net Loss;

 

(c)               
any additional cash Capital Contribution made by such Member to the Company; and

 

(d)               
the fair market value of any additional Capital Contribution, as determined by the Manager, consisting of property contributed
by such Member to the capital of the Company reduced by any liabilities assumed by the Company in connection with such contribution
or to which the Property is subject.

 

(ii)              
A Member’s Capital Account shall be reduced by:

 

(a)               
such Member’s share of Net Loss;

 

(b)               
any loss or deduction specially allocated to a Member and not included in Net Income or Net Loss;

 

(c)               
any cash Distribution made to such Member; and

 

(d)               
the fair market value, as determined by the Manager, of any Property (reduced by any liabilities assumed by the Member in
connection with the Distribution or to which the distributed Property is subject) distributed to such Member; provided that, upon
liquidation and winding up of the Company, unsold Property will be valued for Distribution at its fair market value and the Capital
Account of each Member before such Distribution shall be adjusted to reflect the allocation of gain or loss that would have been
realized had the Company then sold the Property for its fair market value. Such fair market value shall not be less than the amount
of any nonrecourse indebtedness that is secured by the Property.

 

Property other than
money may not be contributed to the Company except as specifically provided in this Agreement. Property of the Company may not
be revalued for purposes of calculating Capital Accounts unless the Manager determines the fair market value of the Property and
the Company complies with the requirements of Treasury Regulations Section 1.704-1(b)(2)(iv)(f) and (g); provided, however,
for purposes of calculating Book Gain or Book Loss (but not for purposes of adjusting Capital Accounts to reflect the contribution
and distribution of such Property), the fair market value of Property shall be deemed to be no less than the outstanding balance
of any nonrecourse indebtedness secured by such Property.

 

 

 

    	 	30	 

     

    

 

The Capital Account
of a Substituted Member shall include the Capital Account of its transferor. Notwithstanding anything to the contrary in this Agreement,
the Capital Accounts shall be maintained in accordance with Treasury Regulations Section 1.704-1(b). For purposes of this
Agreement, any references to the Treasury Regulations shall include corresponding subsequent provisions.

 

“Capital Contribution”
shall mean the gross amount invested in the Company by a Member and shall be equal in amount to the cash purchase price paid by
such Member for the Units sold to the Member by the Company. In the plural, “Capital Contributions” shall mean the
aggregate amount invested by all of the Members in the Company and shall equal, in total, the sum of the amount attributable to
the purchase of Units and the contributions of the Manager.

 

“Cash From Operations”
shall mean the net cash realized by the Company from all sources, including, but not limited
to, the operations of the Company, including the sale, exchange or transfer of the Business, after payment of all cash expenditures
of the Company, including, but not limited to, all operating expenses including all fees payable to the Manager or Affiliates,
all payments of principal and interest on indebtedness, expenses for repairs and maintenance, capital improvements and replacements,
and such reserves and retentions as the Manager reasonably determines to be necessary and desirable in connection with Company
operations with its then existing assets and any anticipated acquisitions.

 

“Certificate
of Amendment” shall mean the certificate of amendment filed with the Office of the Secretary of State of the state of Nevada.

 

“Certificate
of Cancellation” shall mean the certificate of cancellation filed with the Office of the Secretary of State of the state
of Nevada.

 

“Certificate
of Formation” shall mean the Certificate of Formation of the Company as filed with the office of the Secretary of State of
the state of Nevada as the same may be amended or restated from time to time.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, or corresponding provisions of subsequently enacted federal revenue laws.

 

“Company”
shall mean Viva Wealth Fund I, LLC, a Nevada limited liability company.

 

“Company Minimum
Gain” shall have the same meaning as “partnership minimum gain” as set forth in Treasury Regulations Section 1.704-2(d).

 

“Conversion Determination
Date” shall have the meaning set forth in Section 11.8.

 

“Conversion Right”
shall have the meaning set forth in Section 11.8.

 

“Convertible
Note” shall have the meaning set forth in Section 3.2.2

 

“Convertible
Note Maturity Date” shall have the meaning set forth in Section 3.2.2

 

“Escrow Account”
shall have the meaning set forth in Section 3.2.9.

 

“Escrow Release
Date” shall have the meaning set forth in Section 3.2.9.

 

“Dissolution
Event” shall mean with respect to the Manager one or more of the following: the death, insanity, withdrawal, retirement,
resignation, expulsion, Event of Insolvency or dissolution (unless reconstituted by the Manager) of the Manager unless the Members
consent to continue the business of the Company pursuant to Section 8.2.5.

 

 

 

    	 	31	 

     

    

 

“Distribution”
shall mean any money or other property transferred without consideration (other than repurchased Units) to Members or Owners with
respect to their interests or Units in the Company, but shall not include any payments to the Manager pursuant to Section 6.

 

“Economic Interest”
shall mean an interest in the Net Income, Net Loss and Distributions of the Company but shall not include any right to vote or
to participate in the management of the Company.

 

“Economic Interest
Owner” shall mean the owner of an Economic Interest who is not a Member.

 

“Employee Benefit
Plan” shall have the meaning set forth in Section 3(3) of the Employee Retirement Income Security Act of 1974.

 

“Equipment”
shall mean equipment that mines oil from oil sand and other materials.

 

“Event of Insolvency”
shall occur when an order for relief against the Manager is entered under Chapter 7 of the federal bankruptcy law, or (a) the
Manager: (i) makes a general assignment for the benefit of creditors, (ii) files a voluntary petition under the federal
bankruptcy law, (iii) files a petition or answer seeking for that Manager a reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any statute, law or regulation, (iv) files an answer or other pleading admitting
or failing to contest the material allegations of a petition filed against the Manager in any proceeding of this nature or (v) seeks,
consents to, or acquiesces in the appointment of a trustee, receiver, or liquidator of that Manager or of all or a substantial
part of that Manager’s properties or (b) the expiration of 60 days after either (i) the commencement of any
proceeding against the Manager seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar
relief under any statute, law, or regulation, if the proceeding has not been dismissed or (ii) the appointment without the
Manager’s consent or acquiescence of a trustee, receiver, or liquidator of the Manager or of all or any substantial part
of the Manager’s properties, if the appointment has not been vacated or stayed (or if within 60 days after the expiration
of any such stay, the appointment is not vacated).

 

“Imputed Underpayment”
shall have the meaning set forth in Section 12.7.2(a).

 

“Indebtedness”
shall have the meaning as set forth in Section 3.2.3

 

“Indemnified
Party” shall have the meaning set forth in Section 8.8.

 

“Initial Member”
shall mean Vivakor, Inc., a Nevada corporation.

 

“Interest”
shall mean a Membership Interest or an Economic Interest.

 

“Interest Payments”
shall have the meaning as set forth in Section 3.2.2

 

“Lease Agreement”
shall mean the Equipment Lease Agreement between the Company and Vivakor to be entered into upon the manufacturing of the Equipment.

 

“License Fee”
shall have the meaning set forth in Section 6.1.2.

 

“Liquidation”
shall mean in respect to the Company the date upon which the Company ceases to be a going concern (even though it may exist for
purposes of winding up its affairs, paying its debts and distributing any remaining balance to its Members), and in respect to
a Member where the Company is not in Liquidation shall mean the date upon which occurs the termination of the Member’s entire
interest in the Company by means of a Distribution or the making of the last of a series of Distributions (whether or not made
in more than one year) to the Member by the Company.

 

 

 

    	 	32	 

     

    

 

“Majority Vote”
shall mean the vote of more than 50% of the Units entitled to vote held by the Members (but
not the Economic Interest Owners). Members shall be entitled to cast one vote for each Unit they own, and a fractional vote for
each fractional Unit they own.

 

“Manager”
shall mean Wealth Space, LLC, a California limited liability company. The term “Manager”
shall also refer to any successor or additional Manager who is admitted to the Company as the Manager.

 

“Member”
shall mean any holder of a Unit who is admitted to the Company as a Member, including the Manager to the extent it has acquired
Units.

 

“Member Minimum
Gain” shall mean “partner nonrecourse debt minimum gain” as determined under Treasury Regulations Section 1.704-2(i)(3).

 

“Member Nonrecourse
Debt” shall mean “partner nonrecourse debt” as set forth in Treasury Regulations Section 1.704-2(b)(4).

 

“Member Nonrecourse
Deductions” shall mean “partner nonrecourse deductions” and the amount thereof shall be as set forth in Treasury
Regulations Section 1.704-2(i).

 

“Membership Interest”
shall mean a Member’s entire interest in the Company including such Member’s Economic Interest and such voting and
other rights and privileges that the Member may enjoy by being a Member.

 

“Memorandum”
shall mean the Confidential Private Placement Memorandum of the Company pertaining to the Offering distributed to potential purchasers
of Units, as may be amended or supplemented from time to time.

 

“Minimum
Offering Amount” shall mean the sale of $50,000 of Units.

 

“Net Income”
or “Net Loss” shall mean, respectively, for each taxable year of the Company the taxable income and taxable loss (exclusive
of Built-In Gain or Loss) of the Company as determined for federal income tax purposes in accordance with Code Section 703(a) 
(including all items of income, gain, loss, or deduction required to be separately stated pursuant to Code Section 703(a)(1))
(other than any specific item of income, gain (exclusive of Built-In Gain), loss (exclusive of Built-In Loss), deduction or credit
subject to special allocation under this Agreement), with the following modifications:

 

(i)                
The amount determined above shall be increased by any income exempt from federal income tax;

 

(ii)              
The amount determined above shall be reduced by any expenditures described in Code Section 705(a)(2)(B) or expenditures
treated as such pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(i);

 

(iii)            
Depreciation, amortization and other cost recovery deductions shall be computed based on Book Value instead of on the amount
determined in computing taxable income or loss. Any item of deduction, amortization or cost recovery specially allocated to a Member
and not included in Net Income or Net Loss shall be determined for Capital Account purposes in a similar manner; and

 

(iv)             
For purposes of this Agreement, Book Gain and Book Loss attributable to a revaluation of Property attributable to unrealized
gain or loss in such Property shall be treated as Net Income and Net Loss.

 

“Nonrecourse
Debt” shall have the meaning set forth in Treasury Regulations Section 1.704-2(b)(3).

 

 

 

    	 	33	 

     

    

 

“Nonrecourse
Deductions” shall have the meaning, and the amount thereof shall be, as set forth in Treasury Regulations Section 1.704-2(c).

 

“Offering”
shall mean the offering and sale of the Units made in accordance with the provisions of Section 3.2.2.

 

“Offering Termination
Date” shall mean the date the Offering of Units will terminate, which is the earliest of (i) the date all $25,000,000 Units
are sold, (ii) November 13, 2021 which date can be extended to November 13, 2022 in the sole discretion of the Manager or (iii)
the Manager determines, in its sole discretion, to terminate the Offering.

 

“Organization
and Offering Expenses” shall mean all expenses incurred in connection with the organization and formation of the Company,
the preparation of the Offering materials, and the marketing and sale of the Units, including but not limited to legal, accounting,
tax planning fees, promotional fees or expenses, filing and recording fees, market research and surveys, property inspections and
research, engineering services, printing costs, securities sales commissions, travel expenses and other costs or expenses incurred
in connection therewith.

 

“Owner”
shall mean a Member or the holder of an Economic Interest.

 

“Person”
shall mean a natural person, corporation, limited partnership, general partnership, joint stock company, joint venture, association,
company, trust, bank trust company, land trust, business trust, statutory trust or other organization, whether or not a legal entity,
and a government or agency or political subdivision thereof.

 

“Plant Manager”
shall mean Vivakor, Inc., a Nevada corporation.

 

“Plant Management
Fee” shall have the meaning set forth in Section 6.1.1.

 

“Preferred Return”
shall mean an amount equal to a 12% cumulative but not compounded annual return on a Member’s Net Capital Contribution.

 

“Prime Rate”
shall mean the reference rate announced from time-to-time by the Wall Street Journal, and changes in the Prime Rate shall be deemed
to occur on the date that changes in such rate are announced.

 

“Property”
shall mean any or all of such real and tangible or intangible personal property or properties as may be acquired by the Company,
including the Business.

 

“Proprietary
Information” shall have the meaning set forth in Section 1.8.

 

“Regulatory Allocations”
shall mean the allocations set forth in Sections 4.2.1 through 4.2.7.

 

“Reviewed Year”
shall have the meaning set forth in Code Section 6225(d)(1).

 

“Subscription
Agreement” means the agreement, in the form attached to the Memorandum, by which each Person desiring to become a Member
shall evidence (i) the number of Units which such Person wishes to acquire, (ii) such Person’s agreement to become
a party to, and be bound by the provisions of, this Agreement and (iii) certain representations regarding the Person’s
finances and investment intent.

 

 

 

    	 	34	 

     

    

 

“Subscription
Payment” shall mean the cash payment that must accompany each subscription for Units sold through the Offering.

 

“Substituted
Member” shall mean any Person admitted as a substituted Member pursuant to this Agreement.

 

“Tax Payment”
shall have the meaning set forth in Section 4.12.1.

 

“Unit”
shall represent an interest in the Company entitling the owner of the Unit if admitted as a Member to the respective voting and
other rights afforded to a Member, and affording to such Member a share in Net Income, Net Loss and Distributions as provided for
in this Agreement.

 

“Vivakor”
shall mean Vivakor, Inc., a Nevada corporation.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	35

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