0000929638-14-000513 Sample Contracts

SCS HEDGED OPPORTUNITIES FUND, LLC LIMITED LIABILITY COMPANY AGREEMENT JUNE 4, 2010
Limited Liability Company Agreement • May 30th, 2014 • SCS Hedged Opportunities Fund, LLC • Delaware

THIS LIMITED LIABILITY COMPANY AGREEMENT of SCS Hedged Opportunities Fund (the “Fund”) is dated and effective as of June 4, 2010 by and among the Organizational Member, SCS Capital Management, LLC, as Adviser, and each person hereinafter admitted to the Fund in accordance with this Agreement and reflected on the books of the Fund as a Member.

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Contract
Custodian Agreement • May 30th, 2014 • SCS Hedged Opportunities Fund, LLC • Delaware
AMENDED AND RESTATED SERVICING AGREEMENT
Servicing Agreement • May 30th, 2014 • SCS Hedged Opportunities Fund, LLC • Delaware

THIS AMENDED AND RESTATED AGREEMENT is made and entered into as of this 8th day of June 2012, by and among SCS HEDGED OPPORTUNITIES FUND, LLC, a Delaware limited liability company (the “Taxable Feeder Fund”), SCS HEDGED OPPORTUNITIES (TE) FUND, LLC, a Delaware limited liability company (the “Tax-Exempt Feeder Fund”), SCS HEDGED OPPORTUNITIES FUND, LDC, a Cayman Islands exempted limited duration company (the “Cayman Blocker”), SCS HEDGED OPPORTUNITIES (1099) FUND, LLC, a Delaware limited liability company (the “1099 Feeder Fund”), SCS HEDGED OPPORTUNITIES MASTER FUND, LLC, a Delaware limited liability company (the “Master Fund”), SCS CAPITAL MANAGEMENT, LLC, a Delaware limited liability company (the “Adviser”) and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company (“USBFS”), The Taxable Feeder Fund, the Tax-Exempt Feeder Fund, the Cayman Blocker, the 1099 Feeder Fund and the Master Fund are sometimes referred to herein individually as a “Fund” and collectively as the

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • May 30th, 2014 • SCS Hedged Opportunities Fund, LLC • Delaware

AGREEMENT made as of this 4th day of June, 2010, by and among SCS Hedged Opportunities Fund, LLC, a Delaware limited liability company (the “Feeder Fund”), SCS Hedged Opportunities Master Fund, LLC, a Delaware limited liability company (the “Master Fund”, and together with the Feeder Fund, the “Funds”) and SCS Capital Management, LLC, a Delaware limited liability company (the “Adviser”).

SCS HEDGED OPPORTUNITIES FUND, LLC FIRST AMENDMENT TO THE LIMITED LIABILITY COMPANY AGREEMENT
Limited Liability Company Agreement • May 30th, 2014 • SCS Hedged Opportunities Fund, LLC • Delaware

This First Amendment, dated as of January 22, 2013, to the Limited Liability Company Operating Agreement, dated as of June 4, 2010 (the “Agreement”) of SCS Hedged Opportunities Fund, LLC (the “LLC” or the “Company”) is entered pursuant to Section 8.1 of the Agreement. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to them in the Agreement.

Contract
Investment Advisory Agreement • May 30th, 2014 • SCS Hedged Opportunities Fund, LLC
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