Can the fund manager be removed if necessary?


The fund is managed by Hawthorne Income Fund Manager, LLC, which is owed by Doug Smith. The manager can be removed and replaced by a two-thirds vote of investors (by number) and investor interests (by investment amount). This is a lower threshold than is typically seen with private equity funds and is therefore pro-investor. This removal and replacement process is outlined in Section 7.03 of the Company Agreement.


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