EX1A-3 HLDRS RTS 6 f1a2019ex3-2_otiscollect.htm SERIES DESIGNATION FOR SERIES COLLECTION DROP 002 INTERESTS

Exhibit 3.2

 

Series Collection Drop 002, a Series of Otis Collection LLC

 

Capitalized terms used but not defined herein have the meanings assigned to such terms in the Limited Liability Company Agreement of Otis Collection LLC, as in effect as of the effective date set forth below (the “Operating Agreement”). References to Sections and Articles set forth herein are references to Sections and Articles of the Operating Agreement.

 

Name of Series   Series Collection Drop 002, a Series of Otis Collection LLC (“Series Collection Drop 002”).
     
Effective Date of Establishment   November 25, 2019.
     
Managing Member   Otis Wealth, Inc. was appointed as the Managing Member of the Series Collection Drop 002 with effect from the date of the Operating Agreement and shall continue to act as the Managing Member of Series Collection Drop 002 until dissolution of Series Collection Drop 002 pursuant to Section 11.01(b) or its removal and replacement pursuant to Section 4.03 or ARTICLE X.
     
Initial Member   Otis Wealth, Inc.
     
Series Collection Drop 002 Asset   The Series Collection Drop 002 Asset shall be one pair of Nike x Off White: The Ten (sneakers) acquired by Series Collection Drop 002 as at the date of this Series Designation and any assets and liabilities associated with such asset and such other assets and liabilities acquired by Series Collection Drop 002 from time to time, as determined by the Managing Member in its sole discretion.
     
Asset Manager   Otis Wealth, Inc.
     
Asset Management Fee   Pursuant to the Asset Management Agreement, the Asset Manager is entitled to a Sourcing Fee as compensation for sourcing the Series Collection Drop 002 Asset that is equal to 3.22% of the gross proceeds of the Offering, which the Asset Manager may waive in its sole discretion.  
     
Issuance   Subject to Section 6.03(a), the maximum number of Series Collection Drop 002 Interests the Company can issue is 800.
     
Number of Series Collection Drop 002 Interests held by the Managing Member   Upon designation of Series Collection Drop 002, the Managing Member was granted a single interest in Series Collection Drop 002.
     
Broker   North Capital Private Securities Corporation
     
Brokerage Fee   1% of the purchase price of the Series Collection Drop 002 Interests sold in the offering of the Series Collection Drop 002 Interests (excluding the Series Collection Drop 002 Interests acquired by the Managing Member)
     
Other Rights   Holders of Series Collection Drop 002 Interests 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 Collection Drop 002 Interests.
     
Officers   There shall initially be no specific officers associated with Series Collection Drop 002, although, the Managing Member may appoint officers of Series Collection Drop 002 from time to time, in its sole discretion.
     
Minimum Interests   One (1) Interest per Member.