Masterworks 211, LLC Sample Contracts

FORM OF AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF MASTERWORKS 211, LLC
Limited Liability Company Operating Agreement • January 6th, 2023 • Masterworks 211, LLC • Retail-retail stores, nec • Delaware

This Amended and Restated Limited Liability Company Operating Agreement (this “Agreement”) of Masterworks 211, LLC, a Delaware limited liability company (the “Company”), is dated as of , 2023, and is entered into by Masterworks Gallery, LLC as its sole initial Member (the “Initial Member”).

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FORM OF MASTERWORKS INTERCOMPANY AGREEMENT
Intercompany Agreement • January 6th, 2023 • Masterworks 211, LLC • Retail-retail stores, nec • New York

This intercompany agreement (“Agreement”) is made effective as of [ ], 2023 (the “Effective Date”) by and between MASTERWORKS, LLC (“IO”), MASTERWORKS GALLERY, LLC (“Masterworks Gallery” and, together with IO, “Masterworks”) and MASTERWORKS 211, LLC, a Delaware limited liability company (the “Company”), provided that as the context requires, the term “Company” as used herein may refer to a wholly owned subsidiary of the Company or a segregated portfolio of Masterworks Cayman SPC that is wholly owned by the Company, and is intended to set forth certain representations, covenants and agreements between Masterworks and the Company with respect to the offering (the “Offering”) for sale by the Company of its Class A ordinary membership interests (referred to herein as the “Shares”) as described in the Company’s Offering Circular dated as of the date of its qualification by the SEC, as amended by any post-qualification amendment (the “Offering Circular”). Capitalized terms used herein and no

FORM OF MANAGEMENT SERVICES AGREEMENT Dated as of [DATE], 2023
Management Services Agreement • January 6th, 2023 • Masterworks 211, LLC • Retail-retail stores, nec • New York

This Management Services Agreement (this “Agreement”), dated as of the date first set forth above (the “Effective Date”) is entered into by and between Masterworks Administrative Services, LLC, a Delaware limited liability company (the “Administrator”) and Masterworks 211, LLC, a Delaware limited liability company (the “Issuer”) and Masterworks Cayman, SPC, a Cayman Islands segregated portfolio company (“Masterworks Cayman”), on behalf of the [ ] segregated portfolio (the “Portfolio”). Each party hereto may be referred to herein individually as a “Party” and all parties may be referred to collectively as the “Parties.”

ARETE WEALTH ADVISORS, LLC INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • January 6th, 2023 • Masterworks 211, LLC • Retail-retail stores, nec

This investment advisory agreement (the “Agreement”) is made by and between the client that has electronically agreed to this Agreement (“Client” or “you”) and Arete Wealth Advisors, LLC, an Illinois limited liability company and registered investment adviser (“Adviser”, “we” or “us” and, together with Client, the “Parties”).

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