Exhibit Head of the Class Series Designation of Series Head of the Class, a series of Commonwealth Thoroughbreds LLC

Exhibit 3.9

Exhibit Head of the Class

Series Designation of

Series Head of the Class, a series of Commonwealth Thoroughbreds LLC

In accordance with the Amended and Restated Limited Liability Company Agreement of Commonwealth Thoroughbreds LLC (the “Company”) dated as of September 27, 2019 (the “LLC Agreement”) and amended as of October 1, 2022 and upon the execution of this Exhibit Head of the Class by the Company and Commonwealth Markets, Inc. in its capacity as Managing Member of the Company and Initial Member of Series Head of the Class, a series of Commonwealth Thoroughbreds LLC (“Series Head of the Class”), this exhibit shall be attached to, and deemed incorporated in its entirety into, the LLC Agreement as “Exhibit Head of the Class”.

References to Sections and Articles set forth herein are references to Sections and Articles of the LLC Agreement, as in effect as of the effective date of establishment set forth below.

Name of Series		Series Head of the Class, a series of Commonwealth Thoroughbreds LLC
Effective date of establishment		June 22, 2023
Managing Member		Commonwealth Markets, Inc., is hereby appointed as the Managing Member of Series Head of the Class and shall continue to act as the Managing Member of Series Head of the Class until dissolution of Series Head of the Class pursuant to Section 12.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE XI.
Initial Member		Commonwealth Markets, Inc.
Series Asset		The Series Asset[s] of Series Head of the Class shall comprise up to a 25% interest in a two-year old colt by Into Mischief out of Stormy Regatta, by Midshipman, which will be acquired by Series Head of the Class upon the initial closing of the Series Offering, together with any assets and liabilities associated with such asset and such other assets and liabilities acquired by Series Head of the Class from time to time, as determined by the Managing Member in its sole discretion.
Sourcing Fee		A fee of up to 15% of the purchase price of the Series Asset will be paid to the Managing Member from the offering proceeds at closing as compensation for identifying, investigating, evaluating, and managing the acquisition of a Thoroughbred asset.

Management Fee As compensation for the services provided by the Managing Member managing the Series’ Thoroughbred Asset and conducting Unitholder relations, the Managing Member will be entitled to receive the following fees:

	●	A training management fee equal to 25% of the amount reserved for payment of training expenses and the working capital contingency stated in the Offering Circular for the Series Offering.
	●	During a Series Thoroughbred’s racing career the Managing Member will be paid a fee equal to 25% of net winnings after fees customarily withheld from purses by the horsemen’s bookkeeper prior to distribution of net purses earned, which will become due and payable to the Managing Member when released by the track at which the race took place, and the purse was earned. The percentage will increase to 20% once the aggregate amount of distributions to Series Unit holders from racing and asset sale activities equals the amount of offering proceeds received by the Series.

● After the Series Thoroughbred retires from racing, the Managing Member will be paid a quarterly fee equal to a percentage of any Series Revenue generated by the Series, payable at the time there is a distribution of Series Revenue to Unit Holders of the Series, as described in Distribution Rights below. The percentage will be 25% until the aggregate amount of distributions to Series Unit holders from racing, breeding, and asset sale activities equals the amount of offering proceeds received by the Series, at which time the percentage will increase to 20%.

“Series Revenue” means the cash received by the Series from racing, breeding, and asset sale activities

Purpose		As stated in Section 2.4
Units to be Issued		Subject to Section 6.3(a), the maximum number of Series Head of the Class Units the Company can issue is 2,348.
Ownership of Head of the Class Units held by the Managing Member and its Affiliates		The Managing Member and its affiliates are not required to own a minimum number or percentage of the outstanding Units of Series Head of the Class. Nor are the Managing Member and its affiliates subject to maximum number or percentage of the outstanding Units of Series Head of the Class that they may own.
Broker		Dalmore Group, LLC
Brokerage Fee		1% of the offering proceeds.
Preference Designation		No Preference Designation shall be required in connection with the issuance of Series Head of the Class Units.

Voting Subject to Section 3.5, the Series Head of the Class Units shall entitle the Record Holders thereof to one vote per Unit on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of Series Head of the Class Units shall be required for the approval of any matter, except as required by the Delaware Act or as provided elsewhere in the LLC Agreement (including this Series Designation). The affirmative vote of the holders of not less than a majority of the Series Head of the Class Units then Outstanding shall be required for:

	●	any amendment to the LLC Agreement (including this Series Designation) that would adversely change the rights of the Series Head of the Class Units;
	●	mergers, consolidations or conversions of Series Head of the Class or the Company; and
	●	all such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding Series Head of the Class Units voting as a separate class.

		Notwithstanding the foregoing, the separate approval of the holders of Series Head of the Class Units shall not be required for any of the other matters specified under Section 13.1.
Splits		There shall be no subdivision of the Series Head of the Class Units other than in accordance with Section 3.7.

Organizational Fee		3% of the proceeds received from the offering of the Series Head of the Class Units payable to reimburse the Managing Member for legal, accounting and compliance expenses incurred by the Managing Member to set up the legal and financial framework and compliance infrastructure for the marketing and sale of the Series Head of the Class Units and all subsequent offerings.
Other rights		Holders of Series Head of the Class Units 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 Head of the Class Units.
Officers		There shall initially be no specific officers associated with Series Head of the Class, although, the Managing Member may appoint Officers of Series Head of the Class from time to time, in its sole discretion.
Aggregate Ownership Limit		No Holder other than the Managing Member and its affiliates may acquire Units in the Series that would represent a 3% or more interest in the Thoroughbred Asset and would require the investor to be individually licensed as a racehorse owner.
Minimum Units		One (1) Unit per Member
Fiscal Year		As stated in Section 9.2
Information Reporting		As stated in Section 9.1(c)
Termination		As stated in Section 12.1(b)
Liquidation		As stated in Section 12.3
Amendments to this Exhibit Head of the Class		As stated in Article XIII

Executed as of June 22, 2023.

	COMMONWEALTH THOROUGHBREDS LLC
	By:	Commonwealth Markets, Inc., as managing member
	By:	/s/ Xxxxx Xxxxxxxx
	Title:	Chief Executive and Chief Financial Officer