iCap Equity

The Manager and its affiliates, officers, and employees are expressly permitted to engage in outside business activities in direct competition with the Company, and have no obligation to present business opportunities to the Company. This creates a material conflict of interest between the Manager and the fund's investors.

“it shall be deemed not to be a breach of any duty (including any fiduciary duty) or any other obligation of any type whatsoever of the Manager or any officer or employee or any Affiliates of such Manager, officer or employee (other than any express obligation contained in any agreement to which such Person and the Company or any of its subsidiaries are parties) to engage in outside business interests and activities in preference to or to the exclusion of the Company or in direct competition with the Company”