Terms of Use Agreement

1.0 Acceptance of the Terms and Conditions.

1.1 Sage Ventures, LLC and its affiliates (herein referred to as “Sage,” “we,” “us” or “our”) provide and make available this website (“Site”) and its associated services, including email newsletters, associated content distribution platforms, and public Sage online social media accounts (the Site and the associated services collectively referred to as the “Services”). All use of the Services is subject to the terms and conditions contained in this Terms of Use Agreement (the “Agreement”). Please read this Agreement carefully. By accessing, browsing or otherwise using the Services, you acknowledge that you have read, understood, and agree to be bound by this Agreement. If you do not accept the terms and conditions of this Agreement, you shall not access, browse or use the Site or the Services.

Except as otherwise noted on the Services, all content and material on the Services — including information, photos, podcasts, blog posts, videos, graphics/charts, icons, code, design, and overall appearance — are the property of Sage and should not be used, modified, or reproduced without our prior written consent. All trademarks, trade names, and logos displayed on the Services are the property of Sage, its affiliates, or their respective third-party owners, and the Services grants no license to them. Sage is a pending trademark in the United States and other countries and may not be used without the prior written permission of Sage.

The Services are intended solely to provide general information about Sage, its services to entrepreneurs, and its people. Nothing in the Services is directed at nor should be relied upon by any investors or prospective investors in any vehicle managed by Sage. Sage does not intend to solicit or make its investment advisory services available to the general public. Sage and its managed funds are investors in various real estate and private business investments, some or all of which are described and highlighted on this site. This Site should not in any way be viewed as investment advice about or an offer to sell securities, nor an invitation from Sage to provide any advisory services.

Under no circumstances should any information provided in the Services be considered as an offer soliciting the purchase or sale of any security or interest in any pooled investment vehicle sponsored, discussed, or mentioned by Sage nor should it be construed as an offer to provide investment advisory services. Such offers or solicitations will be made separately and only by means of the confidential offering documents of the specific pooled investment vehicles which should be read in their entirety, and only to those who, among other requirements, meet certain qualifications under federal securities laws. Such investors, defined as “accredited investors”, are generally deemed capable of evaluating the merits and risks of prospective investments and financial matters. There can be no assurances that Sage’s investment objectives will be achieved or that its investment strategies will be successful. Any investment in a vehicle managed by Sage involves a high degree of risk including the risk that the entire amount invested is lost.

Any investments, properties or portfolio companies described or referred to on this Site are not representative of all investments in vehicles managed by Sage and there can be no assurance that the investments described are, or will be, profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Sage

is available upon request. Excluded from this list are investments for which the issuer has not provided permission for Sage to disclose publicly.

Any opinions expressed in the Services reflect Sage’s views or those of individual posters, and are subject to change. Certain information contained in the Services has been obtained from third-party sources, including from portfolio projects of funds managed by Sage. While taken from sources believed to be reliable, Sage has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. The discussions and opinions expressed herein are not intended to provide investment, accounting, tax, or legal advice. Nothing in the Services is a recommendation that you purchase, sell or hold any security or other investment, or that you pursue any investment style or strategy. The content of this Site is presented on an “as is” basis with no warranties, express or implied, of any kind with respect to the Services. Sage disclaims all warranties, including, but not limited to, the warranties of title, merchantability, noninfringement of third parties rights, and fitness for particular purpose. Charts and graphs provided herein are for informational purposes only and should not be relied upon when making any investment decision.

Although certain individuals may be identified in the Services as “Partners” or “General Partners,” such titles are not intended to indicate that any such individual is actually a partner or general partner of any partnership as those terms are used for legal purposes. Such titles should not be construed to indicate that an individual has any ownership interest in Sage or a Sage affiliate nor should such titles be construed to indicate that an individual has any particular decision-making authority or responsibility.

Certain statements that individual personnel make may constitute “forward-looking statements” under the Privacy Securities Litigation Reform Act of 1995. To the extent any information herein constitutes forward-looking statements (which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipation,” “upside,” “potential,” “project,” “estimate,” “intend,” “forecast,” “target” or “believe” or comparable terminology), please note that, due to various risks and uncertainties, actual events, results, or performance may differ materially from those reflected or contemplated in such statements. Forward-looking statements are not guarantees and involve risks, uncertainties, and assumptions. Sage expressly disclaims any obligation to update any forward-looking statement in the event it later turns out to be inaccurate — whether as a result of new information, future events, or otherwise. Any projections, estimates, forecasts, targets, prospects and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Past results of Sage’s pooled investment vehicles, investments, or investment strategies are not indicative or a guarantee of future results.

PLEASE READ THIS AGREEMENT CAREFULLY, AS IT CONTAINS AN AGREEMENT TO ARBITRATE AND OTHER IMPORTANT INFORMATION REGARDING YOUR LEGAL RIGHTS, REMEDIES AND OBLIGATIONS. THE AGREEMENT TO ARBITRATE REQUIRES (WITH LIMITED EXCEPTION) THAT YOU SUBMIT CLAIMS YOU HAVE AGAINST US TO BINDING AND FINAL ARBITRATION, AND FURTHER (A) YOU WILL

ONLY BE PERMITTED TO PURSUE CLAIMS AGAINST SAGE ON AN INDIVIDUAL BASIS, NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION OR PROCEEDING, (B) YOU WILL ONLY BE PERMITTED TO SEEK RELIEF (INCLUDING MONETARY, INJUNCTIVE AND DECLARATORY RELIEF) ON AN INDIVIDUAL BASIS AND (C) YOU MAY NOT BE ABLE TO HAVE ANY CLAIMS YOU HAVE AGAINST US RESOLVED BY A JURY OR IN A COURT OF LAW.

1.2 You understand and agree that we may change this Agreement at any time without prior notice. Any use of the Services after such date shall constitute your acceptance of such revised terms and conditions. If any change to this Agreement is not acceptable to you, your sole remedy is to cease accessing, browsing or otherwise using the Site or the associated Services.

1.3 Your access to and use of the Site is also subject to Sage’s Privacy Policy, the terms and conditions of which are hereby incorporated herein by reference.

2.0 Use of the Site and Services.

2.1 The Services contain material, including but not limited to information, photos, podcasts, blog posts, videos, software, text, graphics, charts, icons, code, designs, images, and overall appearance (collectively referred to as the “Content”). We may own the Content or portions of the Content may be made available to us through arrangements that we have with third-parties. The Content is protected by United States and foreign intellectual property laws. Unauthorized use of the Content may result in violation of copyright, trademark, and other laws. You have no rights in or to the Content, and you will not use, copy or display the Content except as permitted under this Agreement. No other use is permitted without our prior written consent. You must retain all copyright and other proprietary notices contained in the original Content on any copy you make of the Content. You may not sell, transfer, assign, license, sublicense, or modify the Content or reproduce, display, publicly perform, make a derivative version of, distribute, or otherwise use the Content in any way for any public or commercial purpose. The use or posting of any of the Content on any other Site or in a networked computer environment for any purpose is expressly prohibited. If you violate any part of this Agreement, your right to access and/or use the Content and the Site shall automatically terminate and you shall immediately destroy any copies you have made of the Content.

2.2 The trademarks, service marks, and logos of Sage (the “Sage Trademarks”) used and displayed on the Site and the Services are registered and unregistered trademarks or service marks of Sage. Other company, product, and service names located on the Site and the Services may be trademarks or service marks owned by third-parties (the “Third-Party Trademarks”, and, collectively with the Sage Trademarks, the “Trademarks”). Nothing on the Site and the Services or in this Agreement should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any Trademark displayed on the Site and/or the Services without the prior written consent of Sage specific for each such use. The Trademarks may not be used to disparage Sage or the applicable third-party, Sage’s or a third-party’s products or services, or in any manner (using commercially reasonable judgment) that may damage any goodwill in the Trademarks. Use of any Trademarks as part of a link to or from any Site is prohibited without

Sage’s prior written consent. All goodwill generated from the use of any Sage Trademark shall inure to Sage’s benefit.

2.3 You agree not to: (a) take any action that imposes an unreasonable load on the Site’s infrastructure, (b) use any device, software or routine to interfere or attempt to interfere with the proper working of the Site or any activity being conducted on the Site, (c) attempt to decipher, decompile, disassemble or reverse engineer any of the software comprising or making up the Site, (d) delete or alter any material posted on the Site by Sage or any other person or entity, or (e) frame or link to any of the materials or information available on the Site.

2.4 The Site may contain links to third-party websites (“External Websites”). The existence of any such link does not constitute an endorsement of such websites, the content of the websites, or the operators of the websites. These links are provided solely as a convenience to you and not as an endorsement by us of the content on such External Websites. The content of such External Websites is developed and provided by others and Sage takes no responsibility for any content therein. You should contact the site administrator or Webmaster for those External Websites if you have any concerns regarding such links or any content located on such External Websites. We are not responsible and will have no liability for the content of any linked External Websites and do not make any representations regarding the content or accuracy of any materials on such External Websites. You should take precautions when downloading files from all websites to protect your computer from viruses and other destructive programs. If you decide to access any External Websites, you do so at your own risk. Accordingly, you release and hold Sage harmless from any and all liability arising from your use of any External Websites or service.

2.5 Certain elements of the Site are protected by trade dress, trademark, unfair competition, and other state and federal laws and may not be copied or imitated in whole or in part, by any means, including but not limited to, the use of framing or mirrors, except as otherwise expressly permitted by Section 2.1 of the Agreement. None of the Content for the Site may be retransmitted without the express written consent of Sage for each and every instance.

3.0 Limitation of Liability and Disclaimer of Warranties.

SAGE, ITS AFFILIATES, THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, OR LICENSORS (COLLECTIVELY, THE “SAGE PARTIES”) MAKE NO WARRANTIES OR REPRESENTATIONS ABOUT THE CONTENT, INCLUDING BUT NOT LIMITED TO ITS ACCURACY, RELIABILITY, COMPLETENESS, TIMELINESS OR RELIABILITY. THE SAGE PARTIES SHALL NOT BE SUBJECT TO LIABILITY FOR THE TRUTH, ACCURACY OR COMPLETENESS OF THE CONTENT OR ANY OTHER INFORMATION CONVEYED TO THE USER OR FOR ERRORS, MISTAKES OR OMISSIONS THEREIN OR FOR ANY DELAYS OR INTERRUPTIONS OF THE DATA OR INFORMATION STREAM FROM WHATEVER CAUSE. YOU AGREE THAT YOU USE THE SITE AND THE CONTENT AT YOUR OWN RISK.

3.1 THE SAGE PARTIES DO NOT WARRANT THAT THE SITE WILL OPERATE ERROR FREE OR THAT THE SITE, ITS SERVER, OR THE CONTENT ARE FREE OF COMPUTER VIRUSES OR SIMILAR CONTAMINATION OR DESTRUCTIVE FEATURES. IF YOUR USE OF THE SITE OR THE CONTENT RESULTS IN THE NEED FOR SERVICING OR

REPLACING EQUIPMENT OR DATA, NO SAGE PARTY SHALL BE RESPONSIBLE FOR THOSE COSTS.

3.2 IN NO EVENT SHALL ANY SAGE PARTY BE LIABLE FOR ANY DAMAGES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, INCIDENTAL AND CONSEQUENTIAL DAMAGES, LOST PROFITS, OR DAMAGES RESULTING FROM LOST DATA OR BUSINESS INTERRUPTION) RESULTING FROM THE USE OR INABILITY TO USE THE SITE AND THE CONTENT, WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), OR ANY OTHER LEGAL THEORY, EVEN IF SUCH SAGE PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

3.4 SOME STATES DO NOT ALLOW THE DISCLAIMER OR EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, IN SUCH STATES, SOME OF THE ABOVE LIMITATIONS MAY NOT APPLY TO YOU OR BE ENFORCEABLE WITH RESPECT TO YOU, AND THE LIABILITY OF THE SAGE PARTIES SHALL BE LIMITED TO THE GREATEST EXTENT PERMITTED BY LAW.

3.5 IF YOU ARE FROM NEW JERSEY, THE FOREGOING SECTIONS 3.1 AND 3.2 ARE INTENDED TO BE ONLY AS BROAD AS IS PERMITTED UNDER THE LAWS OF THE STATE OF NEW JERSEY. IF ANY PORTION OF THESE SECTIONS IS HELD TO BE INVALID UNDER THE LAWS OF THE STATE OF NEW JERSEY, THE INVALIDITY OF SUCH PORTION SHALL NOT AFFECT THE VALIDITY OF THE REMAINING PORTIONS OF THE APPLICABLE SECTIONS.

4.0 Indemnification. You agree to defend, indemnify, and hold harmless the Sage Parties from and against any claims, actions or demands, including, without limitation, reasonable legal and accounting fees, arising or resulting from your breach of this Agreement or your access to, use or misuse of the Content or the Site. Sage shall provide notice to you of any such claim, suit, or proceeding. Sage reserves the right to assume the exclusive defense and control of any matter which is subject to indemnification under this section. In such case, you agree to cooperate with any reasonable requests assisting Sage’s defense of such matter.

5.0 Termination of the Agreement.

5.1 Sage reserves the right, in its sole discretion, to restrict, suspend, or terminate this Agreement and your access to all or any part of the Site or the Content at any time and for any reason without prior notice or liability. Sage reserves the right to change, suspend, or discontinue all or any part of the Site or the Content at any time without prior notice or liability.

5.2 Sections 2 (Use of the Site and Services), 3 (Limitation of Liability and Disclaimer of Warranties), 4 (Indemnification), 5 (Termination of the Agreement), 8 (Arbitration Agreement) and 9 (Miscellaneous) shall survive the termination of this Agreement.

6.0 User Must Comply with Applicable Laws.

6.1 The Site is based in the United States. We make no claims concerning whether the Content may be downloaded, viewed, or be appropriate for use outside of the United States. If you access the Site or the Content from outside of the United States, you do so at your own risk. Whether inside or outside of the United States, you are solely responsible for ensuring compliance with the laws of your specific jurisdiction.

6.2 The United States controls the export of products and information. You expressly agree to comply with such restrictions and not to export or re-export any of the Content to countries or persons prohibited under the export control laws. By downloading the Content, you are expressly agreeing that you are not in a country where such export is prohibited or are a person or entity for which such export is prohibited. You are solely responsible for compliance with the laws of your specific jurisdiction regarding the import, export, or re-export of the Content.

7.0 U.S. Government Restricted Rights. The Content is provided with “RESTRICTED RIGHTS.” Use, duplication, or disclosure by the Government is subject to the restrictions contained in 48 CFR 52.227-19 and 48 CFR 252.227-7013 et seq. or its successor. Use of the Site or Content by the Government constitutes acknowledgement of our proprietary rights in the Site and Content.

8.0 ARBITRATION AGREEMENT. PLEASE READ THIS SECTION CAREFULLY, AS IT AFFECTS YOUR RIGHTS.

8.1 Agreement to Arbitrate: This Dispute Resolution by Binding Arbitration section is referred to in these Terms and Conditions as the “Arbitration Agreement.” You agree that any and all disputes or claims that have arisen or may arise between you and Sage, whether arising out of or relating to these Terms and Conditions (including any alleged breach thereof), the Site or any aspect of the relationship or transactions between us, will be resolved exclusively through final and binding arbitration, rather than a court, in accordance with the terms of this Arbitration Agreement, except that you may assert individual claims in small claims court, if your claims qualify. Further, this Arbitration Agreement does not preclude you from bringing issues to the attention of federal, state or local agencies, and such agencies can, if the law allows, seek relief against us on your behalf. You agree that, by entering into these Terms and Conditions, you and Sage are each waiving the right to a trial by jury or to participate in a class action. Your rights will be determined by a neutral arbitrator, not a judge or jury. The Federal Arbitration Act governs the interpretation and enforcement of this Arbitration Agreement.

8.2 Prohibition of Class and Representative Actions and Non-Individualized Relief: YOU AND SAGE AGREE THAT EACH OF US MAY BRING CLAIMS AGAINST THE OTHER ONLY ON AN INDIVIDUAL BASIS AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE ACTION OR PROCEEDING. UNLESS BOTH YOU AND SAGE AGREE OTHERWISE, THE ARBITRATOR MAY NOT CONSOLIDATE OR JOIN MORE THAN ONE PERSON’S OR PARTY’S CLAIMS AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A CONSOLIDATED, REPRESENTATIVE OR CLASS PROCEEDING. ALSO, THE ARBITRATOR MAY AWARD RELIEF (INCLUDING MONETARY, INJUNCTIVE AND DECLARATORY

RELIEF) ONLY IN FAVOR OF THE INDIVIDUAL PARTY SEEKING RELIEF AND ONLY TO THE EXTENT NECESSARY TO PROVIDE RELIEF NECESSITATED BY THAT PARTY’S INDIVIDUAL CLAIM(S), EXCEPT THAT YOU MAY PURSUE A CLAIM FOR AND THE ARBITRATOR MAY AWARD PUBLIC INJUNCTIVE RELIEF UNDER APPLICABLE LAW TO THE EXTENT REQUIRED FOR THE ENFORCEABILITY OF THIS PROVISION.

8.3 Pre-Arbitration Dispute Resolution: Sage is always interested in resolving disputes amicably and efficiently, and most concerns can be resolved quickly and to a visitor’s satisfaction by emailing us at: [email protected]. If such efforts prove unsuccessful, a party who intends to seek arbitration must first send to the other, by certified mail, a written Notice of Dispute (“Notice”). The Notice to Sage should be sent to 1777 Reisterstown Rd. Pikesville, MD (“Notice Address”). The Notice must (1) describe the nature and basis of the claim or dispute and (2) set forth the specific relief sought. If Sage and you do not resolve the claim within sixty (60) calendar days after the Notice is received, you or Sage may commence an arbitration proceeding. During the arbitration, the amount of any settlement offer made by Sage or you will not be disclosed to the arbitrator until after the arbitrator determines the amount, if any, to which you or Sage is entitled.

8.4 Arbitration Procedures: Arbitration will be conducted by a neutral arbitrator in accordance with the American Arbitration Association’s (“AAA”) rules and procedures, including the AAA’s Consumer Arbitration Rules (collectively, the “AAA Rules”), as modified by this Arbitration Agreement. For information on the AAA, please visit its website, http://www.adr.org. Information about the AAA Rules and fees for consumer disputes can be found at the AAA’s consumer arbitration page, http://www.adr.org/consumer_arbitration. If there is any inconsistency between any term of the AAA Rules and any term of this Arbitration Agreement, the applicable terms of this Arbitration Agreement will control unless the arbitrator determines that the application of the inconsistent Arbitration Agreement terms would not result in a fundamentally fair arbitration. The arbitrator must also follow the provisions of these Terms and Conditions as a court would. All issues are for the arbitrator to decide, including, but not limited to, issues relating to the scope, enforceability and arbitrability of this Arbitration Agreement. Although arbitration proceedings are usually simpler and more streamlined than trials and other judicial proceedings, the arbitrator can award the same damages and relief on an individual basis that a court can award to an individual under these Terms and Conditions and applicable law. Decisions by the arbitrator are enforceable in court and may be overturned by a court only for very limited reasons.

Unless Sage and you agree otherwise, any arbitration hearings will take place in a reasonably convenient location for both parties with due consideration of their ability to travel and other pertinent circumstances. If the parties are unable to agree on a location, the determination will be made by AAA. If your claim is for $10,000 or less, Sage agrees that you may choose whether the arbitration will be conducted solely on the basis of documents submitted to the arbitrator, through a telephonic hearing or by an in-person hearing as established by the AAA Rules. If your claim exceeds $10,000, the right to a hearing will be determined by the AAA Rules. Regardless of the manner in which the arbitration is conducted, the arbitrator will issue a reasoned written decision sufficient to explain the essential findings and conclusions on which the award is based.

8.5 Costs of Arbitration: Payment of all filing, administration and arbitrator fees (collectively, the “Arbitration Fees”) will be governed by the AAA Rules, unless otherwise provided in this Arbitration Agreement. If the value of the relief sought is $75,000 or less, at your request, Sage will pay all Arbitration Fees. If the value of relief sought is more than $75,000 and you are able to demonstrate to the arbitrator that you are economically unable to pay your portion of the Arbitration Fees or if the arbitrator otherwise determines for any reason that you should not be required to pay your portion of the Arbitration Fees, Sage will pay your portion of such fees. In addition, if you demonstrate to the arbitrator that the costs of arbitration will be prohibitive as compared to the costs of litigation, Sage will pay as much of the Arbitration Fees as the arbitrator deems necessary to prevent the arbitration from being cost-prohibitive. Any payment of attorneys’ fees will be governed by the AAA Rules.

8.6 Confidentiality: All aspects of the arbitration proceeding, and any ruling, decision or award by the arbitrator, will be strictly confidential for the benefit of all parties.

8.7 Severability: If a court or the arbitrator decides that any term or provision of this Arbitration Agreement (other than the subsection titled “Prohibition of Class and Representative Actions and Non-Individualized Relief” above) is invalid or unenforceable, the parties agree to replace such term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Arbitration Agreement will be enforceable as so modified. If a court or the arbitrator decides that any of the provisions of the subsection above titled “Prohibition of Class and Representative Actions and Non-Individualized Relief” are invalid or unenforceable, then the entirety of this Arbitration Agreement will be null and void, unless such provisions are deemed to be invalid or unenforceable solely with respect to claims for public injunctive relief. The remainder of these Terms and Conditions will continue to apply.

8.8 Future Changes to Arbitration Agreement: Notwithstanding any provision in these Terms and Conditions to the contrary, Sage agrees that if it makes any future change to this Arbitration Agreement (other than a change to the Notice Address), you may reject any such change by sending Sage written notice within thirty (30) calendar days to the Notice Address provided above. By rejecting any future change, you are agreeing that you will arbitrate any dispute between us in accordance with the language of this Arbitration Agreement as of the date you first accepted these Terms and Conditions (or accepted any subsequent changes to these Terms and Conditions).

9.0 Miscellaneous.

This Agreement is governed by the internal substantive laws of the State of Maryland, without respect to its conflict of laws provisions. You expressly agree to submit to the exclusive personal jurisdiction of the state and federal courts sitting in the City of Pikesville in the State of Maryland. If any provision of this Agreement is found to be invalid by any court having competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of this Agreement, which shall remain in full force and effect. Failure of Sage to act on or enforce any provision of the Agreement shall not be construed as a waiver of that provision or any other provision in this Agreement. No waiver shall be effective against Sage unless made in writing, and no such waiver shall be construed as a waiver in any other or

subsequent instance. Except as expressly agreed by Sage and you, this Agreement constitutes the entire Agreement between you and Sage with respect to the subject matter, and supercedes all previous or contemporaneous agreements, whether written or oral, between the parties with respect to the subject matter. The section headings are provided merely for convenience and shall not be given any legal import. This Agreement will inure to the benefit of our successors, assigns, licensees, and sublicensees. Any information submitted or provided by you to the Site might be publicly accessible. Important and private information should be protected by you. Sage is not liable for protection of privacy of electronic mail or other information transferred through the Internet or any other network that you may use.