SUBSCRIPTION AGREEMENT
THIS AGREEMENT by and between Arne Xxxxxxx Xxxxx and Xxxxx Xxx Alsin, as joint
tenants, (individually and jointly "Alsins"), resident of the state of Oregon
and the Turnaround Investment Trust ("Trust"), a statutory trust organized and
existing under and by virtue of the laws of the State of Delaware.
In consideration of the mutual promises set forth herein, the parties agree
as follows:
1. The Trust agrees to sell to the Alsins and the Alsins hereby subscribe
to purchase 10,000 shares ("Shares") of beneficial interest of Turnaround Fund,
a series of the Trust, with a par value of $0.001 per Share, at a price of ten
dollars ($10.00) per each Share.
2. The Alsins agree to pay $100,000 for all such Shares at the time of
their issuance, which shall occur upon call of the President of the Trust, at
any time on or before the effective date of the Trust's Registration Statement
filed by the Trust on Form N-1A with the Securities and Exchange Commission
("Registration Statement").
3. The Alsins acknowledge that the Shares to be purchased hereunder have
not been registered under the federal securities laws and that, therefore, the
Trust is relying on certain exemptions from such registration requirements,
including exemptions dependent on the intent of the undersigned in acquiring the
Shares. The Alsins also understand that any resale of the Shares, or any part
thereof, may be subject to restrictions under the federal securities laws, and
that the Alsins may be required to bear the economic risk of any investment in
the Shares for an indefinite period of time.
4. The Alsins represent and warrant that they are acquiring the Shares
solely for their own account and solely for investment purposes and not with a
view to the resale or disposition of all or any part thereof, and that its has
no present plan or intention to sell or otherwise dispose of the Shares or any
part thereof at any time in the near future.
5. The Alsins agree that they will not sell or dispose of the Shares or any
part thereof, except to the Trust itself, unless the Registration Statement with
respect to such Shares is then in effect under the Securities Act of 1933, as
amended.
IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement this
2nd day of April, 2003.
/s/ Xxxx X. Xxxxx(Seal)
Xxxx X. Xxxxx
/s/ Xxxxx Xxx Alsin(Seal)
Xxxxx Xxx Alsin
TURNAROUND INVESTMENT TRUST
By: /s/ Xxxxxx X. Xxxxxxx
Xxxxxx X. Xxxxxxx
Title: Trustee
