Contract analysis

I. ENTITY FORMATION 1 | I. Entity Formation | Certificate of Formation — Ardent Capital Holdings LLC | Delaware Certificate of Formation for HoldCo; DE File No. 7948231; Registered Agent: Prestige Registered Agents LLC, 850 New Burton Road, Suite 201, Dover, DE 19904; Authorized Person: Marcus Aldridge | Owen Fischer / Calderwood & Harkness LLP | 2024-02-28 | 2024-03-01 (filed with DE SOS) | Complete | EIN: 93-184722

II. AMENDED GOVERNING DOCUMENTS 5 | II. Amended Governing Documents | Second Amended and Restated LLC Agreement — Ardent Capital GP III LLC | Reflects withdrawal of Kellner and Trask as members; substitution of Ardent GP Intermediate LLC as sole member; updated GP commitment allocation reflecting assumption of $3,402,000 unfunded departing commitment; updated indemnification; conforming changes to LPA Sections 8.3 an

III. CARRY & ECONOMICS 9 | III. Carry & Economics | Amended and Restated Carried Interest Allocation Agreement | Post-restructuring carry allocations (20% of net profits, 8% preferred return, full catch-up): Aldridge 42%, Narayanan 36%, Hsiao 14%, Marchetti 4%, Okonkwo 4%; vesting schedules for Marchetti & Okonkwo; clawback (100% joint and several, 30% individual escrow); carve-outs for Kellner retained carry ($13,14

IV. DEPARTING PRINCIPALS 12 | IV. Departing Principals | Separation and Release Agreement — David Kellner | Effective 3/31/2024 (retirement); withdrawal from GP and ManCo; transition to Senior Advisor; 100% vested carry retained ($13,140,000); clawback 3 yrs post-retirement; escrow $3,942,000 for 3 yrs; unfunded GP commitment of $1,890,000 assumed by HoldCo members pro rata; non-compete 18 mo; non-solicit employees 2

V. LP CONSENT & NOTIFICATION 18 | V. LP Consent & Notification | LPAC Notification and Consent Solicitation Letter | Letter to LPAC members (Ridgeline — Thomas Engström; Crestwood — Annika Johansson; Pinnacle — Derek Mallinson; Graystone — Catherine Whitfield) notifying of restructuring, HoldCo formation, economics realignment, Kellner/Trask departures; solicits consent under LPA Section 9.4 | Owen Fischer / Calderwo

VI. REGULATORY 23 | VI. Regulatory | SEC Form ADV Amendment — Summary of Changes Memorandum | Internal memo summarizing Form ADV changes for Ardent Capital Management LLC (CRD #298417): updated ownership (HoldCo as sole member); removal of Kellner/Trask as control persons; addition of Marchetti/Okonkwo as supervised persons; updated org chart; updated Schedule D (Fund III) | Stephen Adler / Calderwood & Harkness LLP

VII. COORDINATION 25 | VII. Coordination | Letter to Pemberton Hale LLP re: Coordination of Fund Counsel Responsibilities | Letter from Nicholas Stern to Victoria Langford (Pemberton Hale LLP) advising of C&H engagement; delineates scope (C&H handles all restructuring documentation, LP consents, regulatory filings; Pemberton Hale continues routine fund operations, portfolio transactions, ongoing LP communications); r