Document:

EX-10.3

 Exhibit 10.3 
  

 
 LEASE CRUDE OIL PURCHASE AGREEMENT 

(BASIC) 
 Effective Date:
June 1, 2017 
 ARP OKLAHOMA, LLC 
 Sypy Thomas 

425 Houston St, Ste 300 
 Fort Worth, TX 76102 

817 439-7570 
 sypythomas@atlasenergy.com 

Dear Mr. Sypy Thomas, 
 This Lease Crude Oil Purchase Agreement
(“Agreement”) is between Phillips 66 Company (“Buyer”) and ARP OKLAHOMA, LLC (“Seller”) and covers the sale and delivery by Seller and the purchase and receipt by Buyer of the crude oil and/or condensate
(“Product”) specified below upon the following terms and conditions: 
  

	1.	TERM 

 This Agreement shall be effective as of the Effective Date set forth above
and shall continue thereafter on a month-to-month basis until cancelled by either party upon not less than thirty (30) days’ prior written notice. Any termination shall be effective as of the last
day of the month in which the termination notice was valid 
  

	2.	PRODUCT 

 Oklahoma Sweet Type Crude 

 

	3.	QUALITY 

 Typical quality consistent with the Product specified above. 

 

	4.	PRICE 

 Buyer will purchase the allowable marketable crude oil and/or condensate
from the leases identified in the Exhibit(s) to this Agreement at the Price Schedule Description set forth in Exhibit A. 
  

	5.	QUANTITY 

 Seller agrees to sell to Buyer and Buyer agrees to purchase from Seller
all of Seller’s owned or controlled interest in the production from the leases identified in the Exhibit(s) to this Agreement. 
  

	6.	PAYMENTS 

 On or before the fifteenth (15th) day of the month following the month
of delivery, Buyer shall render to Seller a statement showing total net quantity of Product purchased hereunder during the month of delivery. Except as
provided in Section 7 below, Buyer shall pay for such Product on or before the twentieth (20th) day of the month following the month of delivery. 

 

	7.	DIVISION ORDER 

 (a) Buyer will hold the basic division order for each of
the leases identified in the Exhibit(s) to this Agreement and will tender payments to interest owners in a manner consistent with division order executed by such interest owners. Seller shall: (i) furnish, at its expense, evidence of title
reasonably acceptable to Buyer; (ii) provide to Buyer the names, social security numbers or tax identification numbers and current mailing addresses of all interest owners; (iii) indemnify Buyer from all liability resulting from payments made
to interest owners identified by Seller pursuant to clause (ii) above including, but not limited to, attorney fees incurred by Buyer or judgments affecting Buyer in connection with any suit in respect of ownership of interests in any of the
leases identified in the Exhibit(s) to this Agreement; and (iv) indemnify Buyer from all liability for interest on any payment withheld as permitted by this Agreement or applicable law or because, in the reasonable opinion of Buyer, title to an
interest is not marketable. 

 (b) As used in clause (a)(i), above, the term “evidence of title reasonably acceptable to
Buyer” may include a Division Order Title Opinion (and any necessary supplements thereto) prepared on the basis of an attorney’s examination of (i) complete abstract coverage of the lands included in the subject lease from the
inception of title to a time subsequent to the date of the first delivery of the Product purchased by Buyer under this Agreement, certified by a bonded abstractor authorized to do business in the county or counties in which the lands are located,
(ii) complete copies of the subject leases(s), together with receipts showing the proper payment of all delay rentals previously due and payable, and/or (iii) copies of all spacing, unitization, or other conservation orders affecting the
subject lease(s), and/or such other evidence of title to said land or the production therefrom as may be reasonably required by Buyer. On or before the date that the Product is first delivered to Buyer hereunder, Seller shall provide such evidence
of title to Buyer at the following address: 
 Phillips 66 Company 

Division Order Dept. 
 P.O. Box
5400 
 Bartlesville, OK 74005-5400 

(c) Notwithstanding anything to the contrary in this Agreement, with respect to payables, Buyer shall have the right to (i) withhold
payment to any interest owner(s) until the total amount owed equals $25, or until 12 months’ proceeds have accumulated, whichever occurs first, or as prescribed by applicable law; or (ii) initiate an action in the nature of interpleader
with respect to any interest in dispute and may deposit payments in dispute with the court. If any interest has been suspended for more than 12 months, and in any event upon expiration or termination of this Agreement, Buyer shall have the right to
tender any suspended payments in its possession directly to Seller which shall constitute full satisfaction of Buyer’s obligations with respect to such payments and in such case, Seller shall be solely responsible for remitting payment to the
relevant interest owner(s). 
  

	8.	TAXES 

 Buyer will collect, pay and report all applicable state taxes or fees as
required by law on severance or production of the Product as the first purchaser of the Product. Buyer will report and, if required, withhold federal tax, on form 1099 or form 1042-s on the applicable royalty
and interest owners paid by Buyer, based upon the information provided in the division order. If applicable, Buyer will also report, and if required, withhold state withholding tax on the royalty and/or interest owners paid by Buyer. 

Seller acknowledges and agrees that it has an ongoing duty to promptly inform Buyer in writing (which may be sent electronically to the
relevant Buyer email address set forth in Section 18) of any tax rate, tax incentive rate and/or tax exemption status (collectively referred to herein as “Tax Information”) applicable to the sale of the Product which is the subject of
this Agreement. Seller agrees to hold Buyer harmless for any losses or costs Buyer incurs as a result of misinformation and/or failure to promptly apprise Buyer of the relevant Tax Information or any changes thereto. 

 

	9.	DELIVERY 

 Title to all Product sold and delivered to Buyer hereunder shall pass
from Seller to Buyer as such Product passes the outlet flange of Seller’s tankage on the lease or leases from which such Product is being purchased. Buyer agrees to promptly take delivery of the Product upon availability from Seller’s
tanks or through a pipeline. If Buyer takes delivery by a third party common carrier, Buyer shall promptly notify Seller of the carrier’s name and address. 
  

	10.	WARRANTY AND INDEMNITY 

 Seller warrants title, free and clear of all taxes, liens
and encumbrances, to the Product delivered hereunder and warrants that Product has been produced, handled and transported to the delivery point in accordance with the laws, rules and regulations of all applicable local, state or federal authorities.
Seller warrants that the Product delivered hereunder is not contaminated by chemicals foreign to virgin crude oil and/or condensate including, but not limited to, chlorinated and/or oxygenated hydrocarbons. Without prejudice to any other remedy
available to Buyer, Buyer may reject Product which is found to be so contaminated, and may return contaminated Product to Seller at Seller’s expense, even after delivery to Buyer. 

	11.	MEASUREMENT AND TESTS 

 Quantities of the Product delivered hereunder shall be
delivered from tank gauges on 100% tank table basis, or by the use of mutually acceptable automatic measuring equipment. Volume and gravity (API) of said quantities shall be corrected for temperature to 60 degrees Fahrenheit in accordance with the
latest – A.S.T.M.-I.P. Petroleum Measurement Tables. Product delivered hereunder shall be merchantable and acceptable to the carriers involved. Full deduction shall be made for all BS&W content as
determined by tests conducted according to the latest A.S.T.M. standards. Each party shall have the right to have a representative present to witness all gauges, tests and measurements; however, in the absence of either party’s representative,
the gauges, tests and measurements of the testing party shall be deemed to be correct. 
  

	12.	ASSIGNMENT 

 Neither party shall have the right to assign this Agreement without
the prior written consent of the other party which shall not be unreasonably withheld. 
  

	13.	FORCE MAJEURE 

 Neither party shall be liable to the other for failure to perform
any other obligations herein imposed for the time and to the extent such failure is occasioned by an event or circumstance which prevents one party from performing its obligations under this Agreement, which event or circumstance was not anticipated
as of the Effective Date of this Agreement, which is not within the reasonable control of, or the result of the negligence of, the claiming party, and which, by the exercise of due diligence, the claiming party is unable to overcome or avoid or
cause to be avoided (each, a “Force Majeure Event”). 
 The affected party (“Affected Party”) must give the other party
prompt written notice of the Force Majeure Event stating the nature of the condition and when the condition began and must make commercially reasonable attempts to ameliorate, avoid or remove the effects of the Force Majeure Event and continue
performance under this Agreement as soon as possible. During such Force Majeure Event, both parties shall be excused from the performance of its obligations under this Agreement (other than the obligation to make payments then due or becoming due
with respect to performance prior to the Force Majeure Event). The Affected Party must notify the other party when the Force Majeure Event no longer affects its ability to perform under this Agreement. Notwithstanding any provision in this Agreement
to the contrary, in no event will a Force Majeure Event extend the term of this Agreement beyond the then-effective Term. 
  

	14.	HAZARDOUS OR UNSAFE CONDITIONS 

 Seller shall inform Buyer if any Product has
detectable levels of hydrogen sulfide gas (H2S). Buyer may refuse to purchase Product from any lease location that Buyer determines to be dangerous, hazardous, or unsafe. Purchases will not resume until such concerns are addressed and repaired to
the satisfaction and approval of Buyer. If such hazardous/unsafe conditions are not addressed and remediated to the satisfaction of Buyer, Buyer may terminate this Agreement with immediate effect and without penalty. 

 

	15.	LOGISTICS 

 Buyer’s designated transporter is: 

 

					
	 Name of Transporter
	  	 Email
	  	 Contact Phone No.

	Sentinel Dispatch:	  	www.crudeoildispatch.com	  	800-814-1259 ext. 290
	Route 3, Box 116,	  		  	
	Hennessey, Oklahoma 73742	  		  	

 Seller shall notify Buyer when the Product is ready to be transported. 

 

	16.	TAXING AUTHORITY 

 For deliveries in the States listed below. Seller shall advise
the applicable state taxing authority that the Buyer is 
 For Oklahoma deliveries, Seller shall advise the Oklahoma Tax
Commission that the oil purchaser is: 
 Phillips 66 

Purchaser # 22985 
 Federal Tax
ID# 37-1652702 
  

	17.	NOTICES 

 All notices required or permitted to be given under this Agreement shall
be in writing and deemed to be properly given if (a) delivered in person, or (b) sent by facsimile (provided that a positive transmittal sheet is generated and able to be provided), or (c) sent by United States certified mail with
first class postage prepaid, or (d) delivered by private, prepaid courier, and addressed to the appropriate party. A party may change its address by providing written notice to the other Party, or to such other address as a party shall from
time to time designate. The notice details of the parties are as follows: 

 If to BUYER: 

Phillips 66 
 ATTN: CONTRACTS 

201 NW 63RD St., Suite 300 

Oklahoma City, OK 73116 
 Fax: 405-879-4855  
 If to SELLER: 

As set forth at the beginning of this Agreement 
  

	18.	BUYER CONTACTS 

  

							
	 	  	 Name
	  	 Phone
	  	 Fax

	Division Order Contact:	  	Vicki Catlin (OK & KS)	  	(918) 977-6839	  	(918) 977-6006
		  	Greg Buie	  	(918) 977-5784	  	(918) 977-6007
		  	Pam Blake	  	(918) 977-5204	  	(918) 977-9007
	Regulatory Issues:	  	Alex Leitch, Kansas/OK	  	(918) 977-4359	  	(918) 977-8084
		  	Kelsey Salinas	  	(918) 977-7382	  	
	Owner Relations:	  	Royalty Interests Questions	  	A-K:(918) 977-6004	  	a-koru@p66.com
		  		  	L-Z: (918) 977-6004	  	l-zoru@p66.com
		  	Operator Questions Only	  	(918) 977-6030	  	

  

	19.	GOVERNING LAW/VENUE 

 This Agreement will be governed and construed in accordance
with the laws of the State of Texas except for any choice of law requirement that otherwise may apply the law from another jurisdiction. Any dispute relating to, arising out of, or connected with this Agreement shall be exclusively filed and
maintained in a State or Federal court located in Houston, Harris County, Texas. 
  

	20.	SANCTIONS AND CONFLICT OF INTEREST 

 Sanctions. If either party or its
owner(s) is or becomes identified on any government export denial, blocked, debarred, “Specially Designated National”, or other similar list, the other party may terminate this agreement immediately upon written notice. Each party shall be
excused from performance of any obligation under this agreement if such performance is prohibited under sanctions laws. Each party agrees to Indemnify the other for any fines, penalties, claims, losses, damages, costs (including legal costs),
expenses, and liabilities that may arise as a result of the indemnifying party’s breach of its obligations under these clauses. 

Conflict of Interest. Neither party shall directly or indirectly, pay salaries, commissions, or fees, or make payments or rebates to
employees or officers of the other Party, nor favor employees, officers, or the designees thereof of the other party with gifts or entertainment of unreasonable cost or value, or with services or goods sold at less than full market value, or enter
into business arrangements with employees or officers of the other party, unless such employees or officers are acting as representatives of the other party. 

Order of Preference. In the event of a conflict between this section and any other provision, the terms of this section shall prevail.

  

	21.	GTCs 

 All quantity and quality determinations shall be made in accordance with
Phillips 66 Company’s Quality Determination Guidelines (2014) (“Measurement Guidelines”). ConocoPhillips Company’s General Provisions for Domestic Crude Oil Agreements, issued as of January 1, 1993, and amended as of
August 1, 2009 (“GTCs”) shall apply to this Agreement. The specific terms set forth in this Agreement, the GTCs and the Measurement Guidelines contain the entire agreement of the parties with respect to this transaction and no other
promises, representations or warranties have been made by Seller or Buyer. In the event of a conflict between the Measurement Guidelines, the GTCs and/or this Agreement, the Measurement Guidelines shall govern unless specifically identified and
negated in this Agreement. In the event of a conflict between the GTCs and this Agreement, this Agreement shall govern. 

	22.	IMAGED AGREEMENT/METHOD OF EXECUTION 

 This Agreement may be scanned and stored
electronically, or stored on computer tapes and disks, as may be practicable (“Imaged Agreement”). The Imaged Agreement, if introduced as evidence on paper, in any judicial, arbitration, mediation or administrative proceedings, will be
admissible as between the parties to the same extent and under the same conditions as other business records originated and maintained in documentary form. Neither party shall object to the admissibility of any Imaged Agreement (or photocopies of
the transcription of such Imaged Agreement) on the basis that such were not originated or maintained in documentary form under either the hearsay rule, the best evidence rule or other rule of evidence. However, nothing herein shall be construed as a
waiver of any other objection to the admissibility of such evidence. 
 This Agreement may be delivered via facsimile or email/pdf, it being
the express intent of the Parties that such Agreement delivered via facsimile or email/pdf shall have the same force and effect as if it was an original. 
  

	23.	GOVERNMENTAL OR REGULATORY REQUIRED PRICE ADJUSTMENTS 

 Buyer and Seller agree
that notwithstanding anything to the contrary in the Agreement, in the event that any governmental or regulatory entity (howsoever defined or described) exercising, or entitled or purporting to exercise, any administrative, executive, Judicial,
legislative, regulatory or taxing authority or power over the parties and/or the transaction which is the subject of the Agreement, requires that Buyer make payments at a price higher than that which is stated in the Agreement, Seller agrees to make
Buyer whole by reimbursing Buyer for the difference along with any associated penalties or interest payments required to be made by Buyer. Reimbursements for price differences shall be deducted by Buyer as a credit against any future payments to
Seller or, at Buyer’s option, payable by Seller within ten (10) business days after receipt of Buyer’s invoice. Reimbursements for penalties or interest shall be payable by Seller within ten (10) business days after receipt of
Buyer’s invoice. 
  

	24.	MISCELLANEOUS. 

 Effective January 1, 2015, Phillips 66 Company has
implemented a new system which has changed the way Seller’s new lease numbers look. Sellers will still be able to use their existing owner numbers, as well as facility numbers in any place that have been used before. In the event of questions,
please contact your Owner Relations representative. 
 This Agreement memorializes the understanding previously reached between the parties
with respect to the purchase of crude oil set forth above. Please sign and send this Agreement back to us by US mail, email/PDF, fax or courier. However, if we do not receive a countersigned Agreement from you within FIVE (5) business days from
the date of this Agreement, we shall assume your acceptance of the terms herein. 
  

			
		 	Best regards,
		 	PHILLIPS 66 COMPANY
		
		 	/s/ Danny Rodriguez
		 	Danny Rodriguez
		 	Lease Representative
		 	Mobile (405) 476-8958
		 	Work (405) 879-4831
		 	Fax (405) 879-4855
		 	Danny.R.Rodriguez@P66.com

  

					
	Agreed:	 	WD
	ARP OKLAHOMA, LLC	 	

					
		
	By:	 	/s/ Sypy Thomas
	Name:	 	Sypy Thomas
	Title:	 	VP, Midstream & MarketingCNL Strategic Capital, LLC S-1

Exhibit 4.1 

 

DISTRIBUTION REINVESTMENT PLAN

 

CNL
STRATEGIC CAPITAL, LLC, a Delaware limited liability company (the “Company”), has adopted the following Distribution
Reinvestment Plan (the “DRP”). Capitalized terms shall have the same meaning as set forth in the Company’s
Amended and Restated Limited Liability Company Operating Agreement, as such agreement may be amended (“Operating Agreement”)
unless otherwise defined herein.

 

1.          Distribution
Reinvestment. As an agent for the shareholders (“Shareholders”) of the Company who purchase shares of the
Company’s shares of limited liability company interests (the “Shares”) pursuant to a public offering
by the Company (an “Offering”) and the Opt-In Shareholders (as defined below) who elect to participate in the
DRP (each a “Participant” and, collectively, the “Participants”), DST Systems, Inc., the
reinvestment agent (the “Reinvestment Agent”), will apply all cash distributions (“Distributions”),
including Distributions paid with respect to any full or fractional Shares acquired under the DRP, to the purchase of the Shares
for such Participants directly, if permitted under state securities laws and, if not, through the Managing Dealer or other Participating
Broker-Dealers registered in the Participant’s state of residence. The Shares purchased pursuant to the DRP shall be of
the same Share class as the Shares with respect to which the Participant is receiving Distributions to be reinvested through the
DRP, except for Distributions paid on Class FA shares purchased in a private offering by the Company (the “Private Offering”),
which will be reinvested in additional shares of Class A shares.

 

2.          Participation.
Any Shareholder who owns Shares and who has received a prospectus, as contained in a registration statement (the “Registration
Statement”) filed by the Company with the Securities and Exchange Commission (the “Commission”) from
time to time will automatically become a Participant; provided that Shareholders who are residents of certain states that do not
permit automatic enrollment in the DRP as listed in the Company’s then-current prospectus, as supplemented, for the offering
of the Shares under the DRP, holders of Class FA shares and Class A shares who purchased such Shares in the Private Offering,
and clients of certain participating broker-dealers that do not permit automatic enrollment in the DRP (collectively, the “Opt-In
Shareholders”) will not be automatically enrolled in the DRP. An Opt-In Shareholder may elect to become a Participant
by completing and executing a subscription agreement, an enrollment form or any other appropriate authorization form as may be
available from the Company from time to time. For Opt-In Shareholders, participation in the DRP will begin with the next Distribution
payable after receipt of the Opt-In Shareholders’ written election to participate in the DRP at least 15 business days
prior to the last day of the calendar month. There will be no selling commissions or dealer manager fees to the Participant. However,
the amount of the annual distribution and shareholder servicing fee payable with respect to Class T or Class D shares, respectively,
sold in an Offering will be allocated among all Class T or Class D shares, respectively, including those issued under the
DRP and those received as Distributions.

 

Each
Participant agrees that if, at any time prior to the listing of the Shares on a national securities exchange, he or she does not
meet the minimum income and net worth standards established for making an investment in the Company or cannot make the other representations
or warranties set forth in the subscription agreement or other applicable enrollment form or otherwise does not meet the suitability
standards as set forth in the Company’s then-current prospectus, as supplemented, for the offering of Shares under the DRP,
he or she will promptly so notify the Company in writing. Subject to the provisions of the Operating Agreement relating to certain
restrictions on and after the effective dates of transfer, Shares acquired pursuant to the DRP entitle the Participant to the
same rights, including the same voting rights, and to be treated in the same manner as those purchased by the investors in an
Offering. The Company’s board of directors (the “Board of Directors”) reserves the right to prohibit
fiduciaries, pension or profit-sharing plans, other employee benefit plans, individual retirement accounts and other plans, whether
or not subject to Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended,
from participating in the DRP if such participation could, in the Company’s view, cause its underlying assets to constitute
“plan assets” of such plans and accounts, and entities deemed to hold assets of such plans and accounts.

 

    

     

    

 

Participation
in the DRP shall continue until such participation is terminated in writing by the Participant pursuant to Section 7 below.

 

3.          Share Purchases. Any
purchases of Shares pursuant to the DRP will be dependent on the continued registration of the securities or the availability
of an exemption from registration in the Participant’s home state.

 

Each
class of Shares (excluding Class FA shares and Class A shares sold in the Private Offering) under the DRP will be initially issued
at $25.00 per Share, until such time as the Company commences monthly valuations of its assets commencing no later than the first
full calendar month following the satisfaction of the minimum offering requirement and, thereafter, at the price equal to the
most recently determined and published net asset value per share of the applicable class of Shares. Participants in the DRP may
also purchase fractional Shares so that 100% of the Distributions will be used to acquire Shares. However, a Participant will
not be able to acquire Shares pursuant to the DRP to the extent that any such purchase would cause such Participant to violate
any provision of the Operating Agreement.

 

Shares
to be distributed by the Company in connection with the DRP may (but are not required to) be supplied from: (a) the DRP Shares
which are being registered pursuant to the Registration Statement in connection with an Offering, (b) Shares to be registered
with the Commission after an Offering for use in the DRP (a “Future Registration”), or (c) Shares purchased
by the Company for the DRP in a secondary market (if available) or on a securities exchange (if listed) (collectively, the “Secondary
Market”). Shares purchased on the Secondary Market as set forth in (c) above will be purchased at the then-prevailing
market price, which price will be utilized for purposes of purchases of Shares in the DRP. Shares acquired by the Company on the
Secondary Market will have a price per share equal to the then-prevailing market price, which shall equal the price on the securities
exchange, or over-the-counter market on which such Shares are listed at the date of purchase if such Shares are then listed.

 

If
the Company acquires Shares in the Secondary Market for use in the DRP, the Company shall use reasonable efforts to acquire Shares
for use in the DRP at the lowest price then reasonably available. However, the Company does not in any respect guarantee or warrant
that the Shares so acquired and purchased by the Participant in the DRP will be at the lowest possible price. Further, irrespective
of the Company’s ability to acquire Shares in the Secondary Market or to complete a Future Registration for Shares to be
used in the DRP, the Company is in no way obligated to do either, in its sole discretion.

 

4.          Timing of Purchases. The Reinvestment Agent will make every reasonable effort to reinvest all Distributions
on the day the cash Distribution is paid, except where necessary for the Company to comply with applicable securities laws.
If, for any reason beyond the control of the Reinvestment Agent, reinvestment of the Distribution cannot be completed within
30 days after the applicable distribution payment date, Participants’ funds held by the Reinvestment Agent will be
distributed to the Participants to whom they are attributable.

 

5.          Taxation of Distributions. The reinvestment of Distributions does not relieve the Participant of any taxes
which may be payable as a result of those Distributions and their reinvestment in Shares pursuant to the terms of the DRP.

 

    - 2 - 

     

    

 

6.          Commissions. The
Company will not pay any selling commissions or dealer manager fees on Shares issued pursuant to the DRP. The annual distribution
and shareholder servicing fee payable with respect to Class T or Class D shares will be allocated among all Class T or Class D
shares including those issued pursuant to the DRP and those received as Distributions. The Company shall be responsible for all
administrative charges and expenses charged by the Reinvestment Agent. Any interest earned on Distributions will be paid to the
Company to defray costs relating to the DRP.

 

7.         
Termination by Participant. A Participant may terminate participation in the DRP at any time by written instructions
to that effect to the Reinvestment Agent. To be effective on a Distribution payment date, the notice of termination must
be received by the Reinvestment Agent at least fifteen days before the record date fixed by the Board of Directors for such Distribution
payment date; otherwise, such termination will be effective with respect to any subsequent Distribution payment date. The
Reinvestment Agent may also terminate any Participant’s account at any time in its discretion by notice in writing mailed
to such Participant. The Reinvestment Agent will terminate a Participant’s participation in the DRP if the Company receives
a request from such Participant for repurchase of all of the Participant’s Shares under the Company’s Share Repurchase
Program. Notwithstanding the foregoing, if the Company publicly announces in a filing with the Commission a new net asset value
per share or a new public offering price, then a Participant shall have no less than two business days after the date of such
announcement to notify the Company in writing of such Participant’s termination of participation in the DRP and the Participant’s
termination will be effective for the next date Shares are purchased under the DRP.

 

Any
transfer of Shares by a Participant to a non-Participant will terminate participation in the DRP with respect to the transferred
Shares. The transferee of such Shares in connection with such transfer (other than if the transferee is an Opt-In Shareholder)
will have their Distributions automatically reinvested in additional Shares having the same class designation as the class of
Shares to which such Distributions are attributable, unless such transferee elects to opt-out of the DRP in its executed enrollment
form as otherwise provided. If the Company repurchases a portion of a Participant’s Shares, the Participant’s participation
in the DRP with respect to the Participant’s Shares that were not repurchased will not be terminated unless the Participant
requests such termination. Conversion of a Participant’s Shares from one class to another class pursuant to the Operating
Agreement will not terminate a Participant’s participation in the DRP with respect to such Shares, though it will cause,
from the effective date of conversion, Distributions with respect to such Shares to be applied to the purchase of Shares of such
new class. 

 

Upon
termination of DRP participation, future Distributions, if any, will be distributed to the Shareholders in cash.

 

8.          Amendment, Termination and Suspension by the Company. The Company reserves the right to amend, suspend or terminate
the DRP any time by the giving of written notice to each Participant at least 30 days prior to the effective date of the
amendment, supplement or termination. The Company may provide notice by including such information in a current report on Form
8-K or in its annual or quarterly reports, each of which are publicly filed with the Commission followed by a separate mailing
to Participants. While the DRP is in effect and has not been terminated, the Company will not amend the DRP in a manner that would
eliminate a Participant’s right to terminate his or her participation in the DRP.

 

9.          No Share Certificates. The
ownership of the Shares purchased through the DRP will be in book-entry form only.

 

10.       
Reports.  During each fiscal quarter, but in no event later than 30 days after the end of each fiscal quarter,
the Reinvestment Agent (or a broker-dealer acting on behalf of a Participant who is their client) will mail and/or make electronically
available to each Participant, a statement of account describing, as to such Participant, the Distributions received during such
quarter, the number of Shares purchased during such quarter, and the per share purchase price for such Shares.

 

    - 3 - 

     

    

 

11.        Liability of the Company. Neither the Company nor the Reinvestment Agent shall be liable for any act done in
good faith, or for any good faith omission to act, including, without limitation, any claims or liability: (a) arising out
of failure to terminate a Participant’s account upon such Participant’s death prior to receipt of notice in writing
of such death; and (b) with respect to the time and the prices at which Shares are purchased or sold for Participant’s
account. Neither the Company nor the Reinvestment Agent shall have any responsibility or liability as to the value of the Company’s
Shares, any change in the value of the Shares acquired for the Participant’s account, or the rate of return earned on, or
the value of, the interest-bearing accounts in which Distributions are invested.

 

12.        Governing Law. THIS DISTRIBUTION REINVESTMENT PLAN AND A PARTICIPANT’S ELECTION TO PARTICIPATE IN THE DISTRIBUTION
REINVESTMENT PLAN SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS TO BE MADE AND PERFORMED ENTIRELY
IN SAID STATE; PROVIDED, HOWEVER, THAT CAUSES OF ACTION FOR VIOLATIONS OF FEDERAL OR STATE SECURITIES LAWS SHALL NOT BE GOVERNED
BY THIS SECTION 12.

 

All
correspondence concerning the plan should be directed to the Reinvestment Agent by mail at DST Systems, Inc., P.O. Box 219312,
Kansas City, MO 64121-9312.

 

    - 4 -

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