Series Drop 010, a Series of Otis Gallery LLC
Exhibit 3.10
Series Drop 010, a Series of Xxxx Gallery LLC
Capitalized terms used but not defined herein have the meanings assigned to such terms in the Limited Liability Company Agreement of Xxxx Gallery LLC, as in effect as of the effective date set forth below (the “Operating Agreement”). References to Sections and Articles set forth herein are references to Sections and Articles of the Operating Agreement.
Name of Series | Series Drop 010, a Series of Xxxx Gallery LLC (“Series Drop 010”). |
Effective Date of Establishment | September 16, 2019. |
Managing Member |
Xxxx Wealth, Inc. was appointed as the Managing Member of the Series Drop 010 with effect from the date of the Operating Agreement and shall continue to act as the Managing Member of Series Drop 010 until dissolution of Series Drop 010 pursuant to Section 11.01(b) or its removal and replacement pursuant to Section 4.03 or ARTICLE X. |
Initial Member | Xxxx Wealth, Inc. |
Series Drop 010 Asset |
The Series Drop 010 Asset shall be a bundle of 5 Nike SB Dunks Sneakers acquired by Series Drop 010 as at the date of this Series Designation and any assets and liabilities associated with such asset and such other assets and liabilities acquired by Series Drop 010 from time to time, as determined by the Managing Member in its sole discretion. |
Asset Manager | Xxxx Wealth, Inc. |
Asset Management Fee | Pursuant to the Asset Management Agreement, the Asset Manager is entitled to a Sourcing Fee as compensation for sourcing the Series Drop 010 Asset that is equal to 1.54% of the gross proceeds of the Offering, which the Asset Manager may waive in its sole discretion. |
Issuance | Subject to Section 6.03(a), the maximum number of Series Drop 010 Interests the Company can issue is 1,000. |
Number of Series Drop 010 Interests held by the Managing Member | Upon designation of Series Drop 010, the Managing Member was granted a single interest in Series Drop 010. |
Broker | North Capital Private Securities Corporation |
Brokerage Fee | 1% of the purchase price of the Series Drop 010 Interests sold in the offering of the Series Drop 010 Interests (excluding the Series Drop 010 Interests acquired by the Managing Member) |
Other Rights | Holders of Series Drop 010 Interests shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of Series Drop 010 Interests. |
Officers | There shall initially be no specific officers associated with Series Drop 010, although, the Managing Member may appoint officers of Series Drop 010 from time to time, in its sole discretion. |
Minimum Interests | One (1) Interest per Member. |