FORM OF SECOND AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF MASTERWORKS 025, LLC October [ ], 2022Limited Liability Company Operating Agreement • October 11th, 2022 • Masterworks 025, LLC • Retail-retail stores, nec • Delaware
This Second Amended and Restated Limited Liability Company Operating Agreement (this “Agreement”) of Masterworks 025, LLC, a Delaware limited liability company (the “Company”), is dated as of October , 2022, and is entered into by Masterworks Gallery, LLC as its sole initial Member (the “Initial Member”).
