0001111830-05-000235 Sample Contracts

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INITIAL CAPITAL AGREEMENT Board of Trustees of Black Pearl Funds 125 Market Street, Suite 1200 San Jose, California 95113 Ladies and Gentlemen: The undersigned hereby subscribes for 10,000 Shares of Beneficial Interest, no par value, of the Black...
Initial Capital Agreement • July 8th, 2005 • Black Pearl Funds

The undersigned hereby subscribes for 10,000 Shares of Beneficial Interest, no par value, of the Black Pearl _______ Fund, a series of the Black Pearl Funds, a Delaware statutory trust, at $10.00 per share for an aggregate purchase price of $100,000. Our payment in full is confirmed.

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