0001493152-24-021182 Sample Contracts

FORM OF SUBSCRIPTION AGREEMENT SERIES [*], A SERIES OF MASTERWORKS VAULT 2, LLC NOTICE TO INVESTORS
Subscription Agreement • May 23rd, 2024 • Masterworks Vault 2, LLC • Retail-retail stores, nec • New York

Investing in membership interests represented by Class A ordinary shares (“Shares”) of Series [*] (the “Series”), a series of Masterworks Vault 2, LLC (the “Company”) involves significant risks. This investment is suitable only for persons who can afford to lose their entire investment and such investment could be illiquid for an indefinite period of time. No public market currently exists for the Shares, and if a public market develops following this offering (the “Offering”), it may not continue.

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Second Amended And Restated Limited Liability Company Operating Agreement Of Masterworks Vault 2, LLC December 31, 2023 Second Amended and Restated Limited Liability Company Operating Agreement Of Masterworks Vault 2, LLC
Limited Liability Company Operating Agreement • May 23rd, 2024 • Masterworks Vault 2, LLC • Retail-retail stores, nec • Delaware

This Second Amended and Restated Limited Liability Company Operating Agreement (this “Agreement”) of Masterworks Vault 2, LLC, a Delaware series limited liability company (the “Company”), is dated as of December 31, 2023, and is entered into by the Members (as defined herein) and the Board of Managers.

AMENDED AND RESTATED MANAGEMENT SERVICES AGREEMENT Dated as of December 31, 2023
Management Services Agreement • May 23rd, 2024 • Masterworks Vault 2, LLC • Retail-retail stores, nec • New York

This Amended and Restated Management Services Agreement (this “Agreement”), dated as of the date first set forth above (the “Effective Date”) is entered into by and among Masterworks Administrative Services, LLC, a Delaware limited liability company (the “Administrator”), Masterworks Vault 2, LLC, a Delaware series limited liability company (the “Company”), on behalf of the series listed on Exhibit A, as amended from time to time, Masterworks Cayman, SPC, a Cayman Islands segregated portfolio company, on behalf of the segregated portfolios listed on Exhibit B, as amended from time to time (“Masterworks Cayman”) and each party that executes a joinder to this agreement pursuant to section 10(c) hereof, and amends and restates in its entirety the Management Services Agreement (the “Original Agreement”), dated as of July 14, 2023, by and among the Parties. Each party hereto may be referred to herein individually as a “Party” and all parties may be referred to collectively as the “Parties.”

FORM OF AMENDED AND RESTATED FINANCING, LICENSE AND SOURCING AGREEMENT
Financing, License and Sourcing Agreement • May 23rd, 2024 • Masterworks Vault 2, LLC • Retail-retail stores, nec • New York

This amended and restated financing, license and sourcing agreement (“Agreement”) is made effective as of February 9, 2024 (the “Effective Date”) by and between MASTERWORKS, LLC (“Parent”), MASTERWORKS GALLERY, LLC (“Masterworks Gallery” and, together with Parent and its affiliates (excluding the Company), “Masterworks”) and MASTERWORKS VAULT 2, LLC, a Delaware limited liability company (the “Company”), on behalf of its series, provided that as the context requires, the term “Company” as used herein may refer to a series of the Company or a segregated portfolio of Masterworks Cayman, SPC that holds title to the artwork of a series, and is intended to set forth certain representations, covenants and agreements between Masterworks and the Company with respect to each offering for sale by a series of the Company of its Class A ordinary membership interests (referred to herein as the “Shares”) as described in the Company’s Offering Circular dated as of the date of its qualification by the

MASTERWORKS ADVISERS, LLC INVESTMENT ADVISORY AGREEMENT Last Updated: October 19, 2023
Investment Advisory Agreement • May 23rd, 2024 • Masterworks Vault 2, LLC • Retail-retail stores, nec

This investment advisory agreement (the “Agreement”) is made by and between the client that has electronically agreed to this Agreement (“Client” or “you”) and Masterworks Advisers, LLC, a Delaware limited liability company and registered investment adviser (“Adviser”, “we” or “us” and, together with Client, the “Parties”). If you are acting as agent or representative on behalf of a trust, joint account or entity (“Non-Individual Client), the terms “you” and “Client” shall apply collectively to you as the authorized agent or representative and to such Non-Individual Client as the context requires.

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