238c40d5e0
- Flagstar: program completed, all 35 awards already distributed - USDA Business Builder: TERMINATED July 15, 2025 (RFBC killed by current admin) - Updated funding-research.html with strikethrough + red badges + updated capital stack - Updated meeting agenda funding table (closures + added EASSI) - Added plane-projects/ scaffolds (Compose YAML, used API instead due to CE compat) - Added supply-checklist.csv, trailer-registry.md, README.html, kiowa-meeting-agenda.html
540 lines
28 KiB
HTML
540 lines
28 KiB
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<div class="doc">
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<div class="header">
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<h1>OPERATING AGREEMENT</h1>
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<div class="subtitle">SnS Hospitality Group LLC</div>
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</div>
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<div class="meta">
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<div><b>Entity:</b> SnS Hospitality Group LLC</div>
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<div><b>EIN:</b> 42-4288652</div>
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<div><b>Type:</b> Multi-Member LLC (Indiana)</div>
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<div><b>Parent:</b> SnS Network Solutions Holdings LLC (EIN 42-4099038)</div>
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<div><b>State filed:</b> Indiana (INBiz, 08/06/2026)</div>
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<div><b>Effective date:</b> August 6, 2026</div>
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</div>
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<!-- §1 -->
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<h2>1. Formation and Purpose</h2>
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<p>This Operating Agreement (the "Agreement") is entered into by the undersigned Members
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to govern the operations of <b>SnS Hospitality Group LLC</b> (the "Company"), a limited
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liability company organized under the Indiana Business Flexibility Act (Indiana Code
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§ 23-18).</p>
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<p>The Company is formed to own, operate, and manage <b>mobile and trailer-based food and
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beverage ventures</b> across Northwest Indiana and Southern Michigan. The first venture
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is <b>"The Daily Pour"</b> — a fleet of drive-through coffee trailers deployed to
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high-traffic locations.</p>
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<p>The Members acknowledge that the Company's success depends on both <b>capital
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investment</b> (provided by Holdings) and <b>operational excellence, systems development,
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compliance management, and growth leadership</b> (provided by Kiowa). This Agreement is
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designed to fairly recognize and protect both forms of contribution.</p>
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<!-- §2 -->
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<h2>2. Members and Ownership</h2>
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<table>
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<tr><th>Member</th><th>Interest</th><th>Type</th></tr>
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<tr><td>SnS Network Solutions Holdings LLC ("Holdings")</td><td>75% minimum</td><td>Capital + control</td></tr>
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<tr><td>Kiowa Scott ("Kiowa") — service</td><td>Up to 15% (guaranteed, earned over time)</td><td>Vested through operational work</td></tr>
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<tr><td>Kiowa Scott ("Kiowa") — investment</td><td>Up to 10% (proportional to startup capital contributed)</td><td>Must invest at startup per venture. Formula: (contribution ÷ startup cost) × 100, capped at 10%.</td></tr>
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</table>
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<div class="callout callout-info">
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<b>Holdings never drops below 75%.</b> Kiowa's guaranteed path is 15% through service.
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An additional up to 10% is earned proportionally by investing working capital at
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startup — the more she contributes toward a venture's startup cost, the more
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investment equity she earns (capped at 10%). If she doesn't invest, the tranche may
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be offered to another investor at Holdings' discretion.
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</div>
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<!-- §3 -->
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<h2 class="page-break">3. Management</h2>
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<p>The Company shall be <b>Member-managed</b>. Holdings (represented by Samuel S. James)
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retains sole authority over all day-to-day operational decisions and capital deployment.</p>
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<h3>3.1 Holdings' Authority (Samuel S. James)</h3>
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<ul>
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<li>Capital expenditures and investment decisions</li>
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<li>Forming, acquiring, or dissolving ventures</li>
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<li>Opening and controlling bank accounts</li>
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<li>Approving new locations and expansion timing</li>
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<li>Hiring and removing the General Manager</li>
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</ul>
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<h3>3.2 Kiowa's Role — Operations Director</h3>
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<p>Kiowa serves as <b>Operations Director</b> — a strategic and administrative leadership
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role. Her responsibilities:</p>
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<ul>
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<li>Compliance — permits, licenses, health department filings, renewals</li>
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<li>Site selection — finding and securing high-traffic lot locations</li>
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<li>SOPs — building standard operating procedures and systems for scale</li>
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<li>Grant sourcing — identifying, applying for, and securing grants/funding</li>
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<li>Growth planning — expansion strategy, new market evaluation</li>
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<li>Legal/admin — formation paperwork, regulatory filings, insurance coordination</li>
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<li>Recruiting Location Managers — finding the right people to run each trailer</li>
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</ul>
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<h3>3.3 Location Manager (Per Trailer)</h3>
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<p>Each trailer is run by a <b>Location Manager</b> — the lead barista/operator who is
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empowered to handle day-to-day operations independently:</p>
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<ul>
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<li>Opening/closing the trailer</li>
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<li>Scheduling and managing their own support staff</li>
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<li>Vendor relationships and supply ordering</li>
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<li>Customer service and quality control</li>
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<li>Hiring part-time support for their location</li>
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</ul>
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<p>The Location Manager runs their trailer. They are NOT managed by a General Manager —
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they report directly to Sam and Kiowa as co-founders.</p>
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<h3>3.4 Shared Founder Responsibility — Escalations</h3>
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<p>Sam and Kiowa <b>share responsibility</b> for issues the Location Manager cannot
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resolve on their own, including:</p>
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<ul>
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<li>Equipment failure (generator, espresso machine, refrigeration)</li>
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<li>Infrastructure issues (power outage, leaks, internet/network down)</li>
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<li>Lease/landlord disputes</li>
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<li>Major staffing issues (Location Manager quits, needs to be replaced)</li>
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<li>Any situation requiring capital expenditure or legal action</li>
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</ul>
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<p>Either founder may handle an escalation. Neither founder is solely responsible for
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day-to-day store operations — that is the Location Manager's job.</p>
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<h3>3.5 Major Decisions Requiring Mutual Consent</h3>
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<p>The following decisions require the <b>written consent of both Members</b> (Holdings
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AND Kiowa), regardless of ownership percentage:</p>
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<ul>
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<li>Selling or merging the Company (or any material portion of its assets)</li>
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<li>Dissolving the Company</li>
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<li>Issuing new equity that would dilute any Member's <b>vested</b> interest</li>
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<li>Amending this Operating Agreement</li>
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</ul>
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<p>All other business decisions remain under Holdings' authority per §3.1.</p>
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<!-- §4 -->
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<h2 class="page-break">4. Equity Vesting — Service Grant (15%)</h2>
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<p>Each venture Kiowa participates in earns her equity in the Hospitality Group:</p>
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<table>
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<tr><th>Grant</th><th>Amount</th><th>When</th></tr>
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<tr><td>Formation grant</td><td>5%</td><td>Vests immediately upon venture formation (Articles filed)</td></tr>
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<tr><td>Service grant (Q1)</td><td>2.5%</td><td>3 months from Opening Date</td></tr>
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<tr><td>Service grant (Q2)</td><td>2.5%</td><td>6 months from Opening Date</td></tr>
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<tr><td>Service grant (Q3)</td><td>2.5%</td><td>9 months from Opening Date</td></tr>
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<tr><td>Service grant (Q4)</td><td>2.5%</td><td>12 months from Opening Date</td></tr>
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<tr><td><b>Total</b></td><td><b>15%</b></td><td>Fully vested after 12 months of active service</td></tr>
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</table>
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<ul>
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<li><b>Opening Date</b> = first day of revenue-generating operations</li>
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<li>Each venture has its own independent vesting schedule</li>
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<li>Total cumulative service equity is <b>capped at 15%</b></li>
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</ul>
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<!-- §5 -->
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<h2>5. Investment Equity (Up to 10%, Proportional)</h2>
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<p>For each venture, Kiowa may earn up to an <b>additional 10% Membership Interest</b> by
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contributing working capital at startup. The investment equity is <b>proportional</b> to
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her contribution relative to the venture's total startup cost:</p>
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<div class="callout callout-info">
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<b>Formula:</b> Investment Equity % = (Kiowa's capital contribution ÷ total venture startup cost) × 100, <b>capped at 10%.</b>
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</div>
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<table>
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<tr><th>Venture Startup Cost</th><th>Kiowa Invests</th><th>% of Startup</th><th>Investment Equity</th><th>+ Service (12 mo)</th><th>Her Total</th></tr>
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<tr><td>$50,000</td><td>$5,000</td><td>10%</td><td>10%</td><td>15%</td><td><b>25%</b></td></tr>
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<tr><td>$50,000</td><td>$2,500</td><td>5%</td><td>5%</td><td>15%</td><td><b>20%</b></td></tr>
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<tr><td>$50,000</td><td>$1,000</td><td>2%</td><td>2%</td><td>15%</td><td><b>17%</b></td></tr>
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<tr><td>$50,000</td><td>$0</td><td>0%</td><td>0%</td><td>15%</td><td><b>15%</b></td></tr>
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</table>
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<ul>
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<li><b>Timing:</b> Investment must be made <b>at startup</b> (before or at the Opening Date). No retroactive buy-in after operations begin.</li>
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<li><b>Per venture:</b> Each trailer/venture has its own startup cost and its own investment opportunity. Investing in T-00 does not carry over to T-01.</li>
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<li><b>Cap:</b> Investment equity is capped at 10% regardless of how much Kiowa contributes — she cannot buy more than 10% per venture.</li>
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<li><b>Vests immediately:</b> Investment equity vests on the date funds are received by the Company. No time-based vesting.</li>
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<li><b>Holdings minimum preserved:</b> Holdings never drops below 75%.</li>
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<li><b>If Kiowa does not invest:</b> the investment tranche remains available to a third-party investor under the same proportional formula, at Holdings' discretion.</li>
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</ul>
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<!-- §6 -->
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<h2 class="page-break">6. Grant Finder's Fee</h2>
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<p>If Kiowa identifies, applies for, and secures a <b>grant</b> (non-repayable funding —
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government, foundation, or private grant money) for any venture under the Hospitality
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Group:</p>
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<ul>
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<li>Kiowa receives <b>7.5% of the total grant amount</b> as a one-time lump sum</li>
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<li>Payment is due within <b>14 days</b> of the grant funds hitting the Company's bank account</li>
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<li>This fee is in addition to (not instead of) her equity and distributions</li>
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<li>"Grant" means money the Company does not have to repay — loans, lines of credit, and investor capital do not qualify</li>
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</ul>
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<!-- §7 -->
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<h2>7. Departure Buyback (Before 10 Trailers)</h2>
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<div class="callout callout-warn">
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<b>If Kiowa departs before all 10 Daily Pour trailers are operational</b> — she is
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required to sell her vested interest back to Holdings. The buyback price depends on
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how she leaves.
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</div>
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<h3>7.1 Tiered Buyback Pricing</h3>
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<table>
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<tr><th>Departure Type</th><th>Buyback Price</th></tr>
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<tr><td><b>Good standing + 90-day transition</b> (helps onboard replacement, documents systems, hands off cleanly)</td><td><b>100% of FMV</b></td></tr>
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<tr><td><b>Good standing, immediate departure</b> (no transition, but no misconduct)</td><td><b>75% of FMV</b></td></tr>
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<tr><td><b>Abandonment</b> (no notice, 30+ days unresponsive, no communication)</td><td><b>50% of FMV</b></td></tr>
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<tr><td><b>For Cause</b> (fraud, theft, intentional misconduct — see §8)</td><td><b>$0 — full forfeiture</b></td></tr>
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</table>
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<p><b>FMV definition:</b> Net asset value (total assets − total liabilities) × Kiowa's
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vested ownership percentage, as determined by the Company's most recent quarterly books.
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If disputed, an independent third-party valuation at shared cost.</p>
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<p><b>Payment terms:</b> Lump sum within 90 days of the departure date, or a 12-month
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installment plan at Holdings' election.</p>
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<p><b>Unvested portion:</b> Any unvested equity at the time of departure is forfeited
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automatically — reverts to Holdings at no cost, regardless of departure type.</p>
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<h3>7.2 Trigger Events</h3>
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<ul>
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<li>Voluntary resignation from operational role</li>
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<li>Failure to fulfill responsibilities (per §7.3) after notice and cure period</li>
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<li>Removal for cause (see §8 — Forfeiture for Cause)</li>
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<li>Mutual written agreement to part ways</li>
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</ul>
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<h3>7.3 Performance Standards (Outcome-Based)</h3>
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<p>Instead of hourly commitments, Kiowa's performance is measured by outcomes:</p>
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<ul>
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<li>All permits and licenses are current (no lapses)</li>
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<li>All operational locations are staffed and open per schedule</li>
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<li>Quarterly financial reports delivered within 30 days of quarter-end</li>
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<li>Expansion milestones progressing per the agreed growth plan</li>
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<li>SOPs documented and maintained for each venture</li>
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</ul>
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<p>If Kiowa is not meeting these outcomes, the following process applies:</p>
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<ol>
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<li><b>Written notice</b> from Holdings specifying the deficiency</li>
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<li><b>30-day cure period</b> for Kiowa to resolve the issue (where the issue is curable)</li>
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<li>If not resolved → <b>30-day mediation</b> (both parties select a neutral mediator)</li>
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<li>If mediation fails → <b>binding arbitration</b> in St. Joseph County, Indiana</li>
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</ol>
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<p>Only after this process is exhausted may Holdings invoke the buyback. No buyback may
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be triggered on the basis of a performance issue without completing the notice + cure +
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mediation steps above.</p>
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<!-- §8 -->
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<h2 class="page-break">8. Forfeiture for Cause</h2>
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<div class="callout callout-warn">
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<b>If Kiowa violates any law or is found to have misappropriated any terms of this
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Agreement, she forfeits ALL rights — including all vested and unvested equity — in
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the Company.</b>
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</div>
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<h3>8.1 Triggering Violations (Serious Misconduct Only)</h3>
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<p>Forfeiture for Cause is triggered <b>only</b> by intentional, serious misconduct:</p>
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<ul>
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<li><b>Fraud or theft</b> — any act of fraud, embezzlement, or theft against the Company, its Members, employees, customers, or vendors</li>
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<li><b>Misuse of company funds</b> — unauthorized withdrawals, personal use of business accounts, falsified expenses, or deliberate diversion of revenue</li>
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<li><b>Misuse of company assets</b> — unauthorized sale or encumbrance of company property, equipment, or intellectual property</li>
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<li><b>Intentional disclosure of private data</b> — deliberate unauthorized sharing of Social Security Numbers, EIN information, financial account details, trade secrets, or any information protected under the NDA</li>
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<li><b>Criminal conduct</b> — conviction of or plea to any felony, or any misdemeanor involving dishonesty or fraud, in connection with her role</li>
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<li><b>Intentional material breach</b> of this Agreement or the NDA</li>
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</ul>
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<p><b>What does NOT trigger forfeiture:</b> Performance issues, honest mistakes,
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negligence, circumstances outside Kiowa's control, or disagreements between Members.
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These are handled through the notice/cure/mediation process in §7.3, potentially
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leading to a buyback — not forfeiture.</p>
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<h3>8.2 Consequences of Forfeiture for Cause</h3>
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<ul>
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<li><b>All equity forfeited</b> — both vested and unvested Membership Interest reverts to Holdings immediately, at no cost to Holdings</li>
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<li><b>Distributions cease</b> — Kiowa receives only distributions already earned and unpaid through the current quarter at the time of forfeiture. No future distributions.</li>
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<li><b>Permanent removal</b> — Kiowa is permanently removed from the Company and all ventures under the Hospitality Group. No reinstatement.</li>
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<li><b>No buyback payment</b> — unlike the §7 departure buyback, forfeiture for cause results in zero compensation for the forfeited equity</li>
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<li><b>Additional remedies preserved</b> — forfeiture does not limit Holdings' right to pursue legal action for damages, injunctive relief, or criminal referral as applicable</li>
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</ul>
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<h3>8.3 Determination Process</h3>
|
||
<p>Holdings shall provide Kiowa <b>written notice</b> of the alleged violation, specifying
|
||
the conduct at issue and the evidence supporting the claim. Kiowa has <b>15 calendar
|
||
days</b> to respond in writing. If the parties cannot resolve the matter within 15 days
|
||
of Kiowa's response, either party may submit the dispute to <b>binding arbitration</b>
|
||
in St. Joseph County, Indiana, under Indiana law. Forfeiture does not take effect until
|
||
either (a) Kiowa acknowledges the violation in writing, or (b) an arbitrator rules in
|
||
Holdings' favor.</p>
|
||
|
||
<!-- §9 -->
|
||
<h2 class="page-break">9. After 10 Trailers Are Complete</h2>
|
||
|
||
<div class="callout callout-success">
|
||
<b>The mandatory buyback (§7) expires.</b> The fleet is built. The deal is honored.
|
||
</div>
|
||
|
||
<h3>9.1 If She Keeps Working</h3>
|
||
<p>Full equity, full distributions, full management authority. Business as usual.</p>
|
||
|
||
<h3>9.2 If She Stops Working</h3>
|
||
<ul>
|
||
<li><b>Retains all vested equity</b> as a passive member (economic rights only)</li>
|
||
<li><b>Loses management authority</b> — no decisions, no signing power, no operational role</li>
|
||
<li><b>Dilution:</b> Holdings will hire a W-2 operations manager to replace her role.
|
||
That salary is a company expense reducing distributable profit. Holdings may also
|
||
issue new equity from its 75%+ position to incentivize the replacement, diluting
|
||
Kiowa's percentage over time. She accepts this dilution as a consequence of stepping back.</li>
|
||
<li><b>No forced buyback</b> — she keeps what she earned</li>
|
||
</ul>
|
||
|
||
<h3>9.3 Right of First Refusal — Post-Completion Sale</h3>
|
||
<p>If Kiowa decides to <b>sell</b> her vested interest after the 10 trailers are complete:</p>
|
||
<table>
|
||
<tr><th>Term</th><th>Detail</th></tr>
|
||
<tr><td>Who buys first?</td><td>Holdings gets <b>first right to purchase</b></td></tr>
|
||
<tr><td>Price (good standing, all ventures excelling)</td><td><b>100% of FMV</b> — Holdings matches fair market value when all businesses are performing and the departure is amicable</td></tr>
|
||
<tr><td>Price (if any venture is declining)</td><td><b>85% of FMV</b> — reduced to reflect transition risk when performance is mixed</td></tr>
|
||
<tr><td>Decision window</td><td>60 days from written notice</td></tr>
|
||
<tr><td>If Holdings passes</td><td>Kiowa may sell to a third party — but the buyer must be <b>approved by Holdings</b>. No sale to any party Holdings does not consent to.</td></tr>
|
||
<tr><td>Third-party price floor</td><td>Kiowa cannot sell to a third party at a price lower than what Holdings was offered</td></tr>
|
||
<tr><td>Partial sales</td><td>Same terms apply — Holdings' ROFR covers partial sales too</td></tr>
|
||
</table>
|
||
|
||
<!-- §10 -->
|
||
<h2>10. Distributions</h2>
|
||
<ul>
|
||
<li>Distributions of available profit are made to Members <b>pro rata</b> in proportion
|
||
to their vested Membership Interest</li>
|
||
<li>The <b>formation grant (5%)</b> earns distributions from the Formation Date forward</li>
|
||
<li><b>Service tranches</b> earn distributions only once vested — unvested tranches do not participate</li>
|
||
<li>Timing and amounts are determined by Holdings, subject to the Company's financial
|
||
obligations and applicable law</li>
|
||
<li>The Company may not make a distribution that would render it unable to pay its debts as they come due</li>
|
||
</ul>
|
||
|
||
<!-- §11 -->
|
||
<h2 class="page-break">11. Capital Contributions</h2>
|
||
<ul>
|
||
<li><b>Holdings:</b> Provides all capital required for trailer acquisition, buildout,
|
||
equipment, and initial operating expenses (~$35,000 per unit). Capital calls are
|
||
at Holdings' sole discretion.</li>
|
||
<li><b>Kiowa (service equity):</b> No capital contribution required. Her 15% is
|
||
earned through operational work.</li>
|
||
<li><b>Kiowa (investment equity):</b> Up to 10% of the venture's total startup cost,
|
||
contributed at startup. Earns proportional investment equity per §5.</li>
|
||
</ul>
|
||
|
||
<!-- §12 -->
|
||
<h2>12. Bank Accounts, Books, and Records</h2>
|
||
<ul>
|
||
<li>The Company shall maintain <b>its own bank account(s)</b>, separate from Holdings'
|
||
accounts, any Member's personal accounts, and any individual venture's accounts</li>
|
||
<li>Accurate books and records shall be maintained and made available to all Members</li>
|
||
<li>Quarterly financial reports (revenue, expenses, net profit, distributions) shall
|
||
be provided to all Members within 30 days of quarter-end</li>
|
||
</ul>
|
||
|
||
<!-- §13 -->
|
||
<h2>13. Tax Treatment</h2>
|
||
<p>As a multi-member LLC, the Company is treated as a <b>partnership</b> for U.S. federal
|
||
income tax purposes. Each Member reports their proportionate share of income/expense on
|
||
their individual return via Schedule K-1. The Company will file Form 1065 annually.</p>
|
||
<ul>
|
||
<li><b>Kiowa's service equity</b> is intended to qualify as a <b>profits interest</b>
|
||
under Rev. Proc. 93-27 / 2001-43 (no taxable income on grant)</li>
|
||
<li><b>Section 83(b) election:</b> Kiowa should file within 30 days of each grant date.
|
||
This is a hard IRS deadline with no extensions.</li>
|
||
<li><b>Fiscal year:</b> Calendar year (January 1 – December 31)</li>
|
||
</ul>
|
||
|
||
<!-- §14 -->
|
||
<h2>14. Confidentiality</h2>
|
||
<p>Kiowa's access to personal information, business data, trade secrets, and proprietary
|
||
information is governed by a separate <b>Non-Disclosure Agreement</b>. The NDA applies
|
||
regardless of Kiowa's membership status and survives termination of this Agreement.
|
||
Violation of the NDA constitutes grounds for Forfeiture for Cause under §8.</p>
|
||
|
||
<!-- §15 -->
|
||
<h2>15. Amendments</h2>
|
||
<p>This Agreement may be amended only by a <b>written instrument signed by all Members</b>.
|
||
Amendments are effective on the date stated in the amendment.</p>
|
||
|
||
<!-- §16 -->
|
||
<h2>16. Dissolution</h2>
|
||
<p>The Company shall continue in perpetuity unless dissolved by:</p>
|
||
<ul>
|
||
<li>The written consent of <b>both Members</b> (per §3.3); or</li>
|
||
<li>Operation of Indiana law.</li>
|
||
</ul>
|
||
<p><b>Notice:</b> Holdings shall provide Kiowa a minimum of <b>90 days written notice</b>
|
||
before any dissolution. Kiowa continues earning distributions through the notice period.</p>
|
||
<p>Upon dissolution, the Company's assets shall be applied first to creditors (including
|
||
any Member, if owed), then distributed to the Members pro rata in proportion to their
|
||
vested Membership Interests, after which Articles of Dissolution shall be filed with
|
||
the Indiana Secretary of State.</p>
|
||
|
||
<!-- §17 -->
|
||
<h2>17. Governing Law and Disputes</h2>
|
||
<p>This Agreement is governed by the laws of the <b>State of Indiana</b>. Any dispute
|
||
arising under this Agreement that cannot be resolved by the Members within 30 days
|
||
shall be submitted to binding arbitration in St. Joseph County, Indiana, under Indiana
|
||
law.</p>
|
||
|
||
<!-- §18 -->
|
||
<h2 class="page-break">18. Exit Scenarios — Summary</h2>
|
||
<table>
|
||
<tr><th>Scenario</th><th>Outcome</th></tr>
|
||
<tr><td>Leaves before 10 trailers — <b>good standing + 90-day transition</b></td><td>Buyback at <b>100% of FMV</b>. Unvested forfeited.</td></tr>
|
||
<tr><td>Leaves before 10 trailers — <b>good standing, no transition</b></td><td>Buyback at <b>75% of FMV</b>. Unvested forfeited.</td></tr>
|
||
<tr><td>Leaves before 10 trailers — <b>abandonment</b></td><td>Buyback at <b>50% of FMV</b>. Unvested forfeited.</td></tr>
|
||
<tr><td><b>Forfeiture for Cause</b> (fraud/theft/intentional misconduct)</td><td>ALL equity forfeited. $0. Permanent removal.</td></tr>
|
||
<tr><td>Stays through 10 trailers, <b>keeps working</b></td><td>Full equity, full distributions, full authority.</td></tr>
|
||
<tr><td>Stays through 10 trailers, <b>stops working</b></td><td>Keeps equity (passive), loses authority, accepts dilution.</td></tr>
|
||
<tr><td>Stays through 10 trailers, <b>wants to sell (all ventures excelling)</b></td><td>Holdings buys at <b>100% FMV</b>. Must approve any third-party buyer.</td></tr>
|
||
<tr><td>Stays through 10 trailers, <b>wants to sell (any venture declining)</b></td><td>Holdings buys at <b>85% FMV</b>. Must approve any third-party buyer.</td></tr>
|
||
</table>
|
||
|
||
<!-- §19 -->
|
||
<h2>19. Definitions</h2>
|
||
<table>
|
||
<tr><th>Term</th><th>Meaning</th></tr>
|
||
<tr><td>"Company"</td><td>SnS Hospitality Group LLC</td></tr>
|
||
<tr><td>"Holdings"</td><td>SnS Network Solutions Holdings LLC (sole member represented by Samuel S. James)</td></tr>
|
||
<tr><td>"Kiowa"</td><td>Kiowa Scott</td></tr>
|
||
<tr><td>"Formation Date"</td><td>Date Articles of Organization filed with Indiana Secretary of State</td></tr>
|
||
<tr><td>"Opening Date"</td><td>Date the venture begins revenue-generating operations</td></tr>
|
||
<tr><td>"FMV" (Fair Market Value)</td><td>Net asset value (total assets − total liabilities) × Member's ownership percentage</td></tr>
|
||
<tr><td>"Grant"</td><td>Non-repayable funding (government, foundation, or private grant). Loans and investor capital do not qualify.</td></tr>
|
||
<tr><td>"For Cause"</td><td>Any triggering violation listed in §8.1</td></tr>
|
||
</table>
|
||
|
||
<!-- EXECUTION -->
|
||
<div class="sig-block page-break">
|
||
<h2 style="margin-top:0">Execution</h2>
|
||
<p>The undersigned, being all of the Members of SnS Hospitality Group LLC, adopt and
|
||
agree to this Operating Agreement as of the Effective Date first written above.</p>
|
||
|
||
<p style="margin-top:28px;font-weight:700;color:var(--navy)">MEMBER — SnS Network Solutions Holdings LLC (75%+)</p>
|
||
<div class="sig-line"></div>
|
||
<div class="sig-label">Signature</div>
|
||
<p><b>Printed name:</b> Samuel S. James</p>
|
||
<p><b>Title:</b> Sole Member, SnS Network Solutions Holdings LLC</p>
|
||
<div class="sig-line" style="width:35%"></div>
|
||
<div class="sig-label">Date</div>
|
||
|
||
<p style="margin-top:28px;font-weight:700;color:var(--navy)">MEMBER — Kiowa Scott (up to 25%)</p>
|
||
<div class="sig-line"></div>
|
||
<div class="sig-label">Signature</div>
|
||
<p><b>Printed name:</b> Kiowa Scott</p>
|
||
<div class="sig-line" style="width:35%"></div>
|
||
<div class="sig-label">Date</div>
|
||
</div>
|
||
|
||
</div>
|
||
|
||
<footer>
|
||
Draft — Review with an Indiana-licensed attorney before signing.<br>
|
||
SnS Network Solutions Holdings LLC • 759 Boxwood Drive, South Bend, IN 46614
|
||
</footer>
|
||
|
||
</body>
|
||
</html>
|