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Operating Agreement <br /> Ca1Cam Investments LLC, <br /> a Colorado Limited Liability Company <br /> THIS OPERATING AGREEMENT of CalCam Investments LLC (the"Company") <br /> is entered into as of the date set forth on the signature page of this Agreement by each <br /> of the Members listed on Exhibit A of this Agreement. <br /> A. The Members have formed the Company as a Colorado limited liability <br /> company under the Colorado Limited Liability Company Act. The purpose of the <br /> Company is to conduct any lawful business for which limited liability companies may <br /> be organized under the laws of the state of Colorado. The Members hereby adopt and <br /> approve the articles of organization of the Company filed with the Colorado Secretary <br /> of State. <br /> B. The Members enter into this Agreement to provide for the governance of <br /> the Company and the conduct of its business, and to specify their relative rights and <br /> obligations. <br /> ARTICLE 1: DEFINITIONS <br /> Capitalized terms used in this Agreement have the meanings specified in this <br /> Article 1 or elsewhere in this Agreement and if not so specified, have the meanings set <br /> forth in the Colorado Limited Liability Company Act. <br /> "Agreement" means this Operating Agreement of the Company, as may be <br /> amended from time to time. <br /> "Capital Account" means,with respect to any Member, an account consisting of <br /> such Member's Capital Contribution, (1) increased by such Member's allocated share of <br /> income and gain, (2) decreased by such Member's share of losses and deductions, <br /> (3) decreased by any distributions made by the Company to such Member, and <br /> (4) otherwise adjusted as required in accordance with applicable tax laws. <br />