Commonwealth Thoroughbreds 1-A POS Offering $238.85K in Series LLC ownership interests

Exhibit 3.1

Exhibit OL2018

Amended and Restated

Series Designation of

Series OL2018, a series of Commonwealth Thoroughbreds LLC

In accordance with the Amended and Restated Limited Liability Company Agreement of Commonwealth Thoroughbreds LLC (the “Company”) dated as of September 27, 2019 (the “LLC Agreement”) and upon the execution of this Exhibit OL2018 by the Company and Commonwealth Markets, Inc. in its capacity as Managing Member of the Company and Initial Member of Series OL2018, a series of Commonwealth Thoroughbreds LLC (“Series OL2018”), this exhibit shall be attached to, and deemed incorporated in its entirety into, the LLC Agreement as “Exhibit OL2018”.

References to Sections and Articles set forth herein are references to Sections and Articles of the LLC Agreement, as in effect as of the effective date of establishment set forth below.

Name of Series	Series OL2018, a series of Commonwealth Thoroughbreds LLC
Effective date of establishment	December 10, 2019
Managing Member	Commonwealth Markets, Inc., is hereby appointed as the Managing Member of Series OL2018 and shall continue to act as the Managing Member of Series OL2018 until dissolution of Series OL2018 pursuant to Section 12.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE XI.
Initial Member	Commonwealth Markets, Inc.
Series Asset	The Series Assets of Series OL2018 shall comprise a 75% interest in a gelding born in February 2018 by Orb out of Latique by Elusive Quality, which will be acquired by Series OL2018 upon the close of the Initial Offering and any assets and liabilities associated with such asset and such other assets and liabilities acquired by Series OL2018 from time to time, as determined by the Managing Member in its sole discretion
Management Fee	A fee of 10% of the purchase price of the Series Asset will be paid to the Manager from the offering proceeds at closing as compensation for identifying investigating, evaluating, and managing the acquisition of a Thoroughbred asset, which may be waived by the Managing Member in its sole discretion. In addition, the Manager will receive 10% of any Free Cash Flow generated by the Series, distributed to Series members in accordance with Section 7.1 during the preceding quarter.
Purpose	As stated in Section 2.4
Issuance	Subject to Section 6.3(a)(i), the maximum number of Series OL2018 Units the Company can issue is 2,500.
Number of Series OL2018 Units held by the Managing Member and its Affiliates	The Managing Member, together with its affiliates, must hold a minimum of 2% and may hold up to a maximum of 12.5% of the Series OL2018 Units as of the closing of the Initial Offering.
Broker	Dalmore Group, LLC
Brokerage Fee	1% of the offering proceeds.

Preference Designation	No Preference Designation shall be required in connection with the issuance of Series OL2018 Units.
Voting	Subject to Section 3.5, the Series OL2018 Units shall entitle the Record Holders thereof to one vote per Unit on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of Series OL2018 Units shall be required for the approval of any matter, except as required by the Delaware Act or as provided elsewhere in the LLC Agreement (including this Series Designation). The affirmative vote of the holders of not less than a majority of the Series OL2018 Units then Outstanding shall be required for: ●         any amendment to the LLC Agreement (including this Series Designation) that would adversely change the rights of the Series OL2018 Units; ●         mergers, consolidations or conversions of Series OL2018 or the Company; and ●         all such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding Series OL2018 Units voting as a separate class. Notwithstanding the foregoing, the separate approval of the holders of Series OL2018 Units shall not be required for any of the other matters specified under Section 13.1.
Splits	There shall be no subdivision of the Series OL2018 Units other than in accordance with Section 3.7.
Organizational Fee	3% of the proceeds received from the offering of the Series OL2018 Units payable to reimburse the Manager for legal, accounting and compliance expenses incurred by the Manager to set up the legal and financial framework and compliance infrastructure for the marketing and sale of the Series OL2018 Units and all subsequent offerings.
Other rights	Holders of Series OL2018 Units shall have no conversion, exchange, sinking fund, redemption or appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of Series OL2018 Units.
Officers	There shall initially be no specific officers associated with Series OL2018, although, the Managing Member may appoint Officers of Series OL2018 from time to time, in its sole discretion.
Aggregate Ownership Limit	12.5%
Minimum Units	One (1) Unit per Member
Fiscal Year	As stated in Section 9.2
Information Reporting	As stated in Section 9.1(c)
Termination	As stated in Section 12.1(b)
Liquidation	As stated in Section 12.3
Amendments to this Exhibit OL2018	As stated in Article XIII

Executed as of the 7th day of April 2021.

COMMONWEALTH THOROUGHBREDS LLC
By: Commonwealth Markets, Inc., as managing member
By:	/s/ Brian Doxtator
Title:	Chief Executive and Chief Financial Officer