EFTA Document EFTA01386689

GLDUS238 SOUTHERN FINANCIAL LLC Glendower Capital Secondary Opportunities Fund IV. LP Appendix 4 Key Definitions 25° Test As defined in Section 9 Certain Legal. ERISA and Tax Considerations. Administration Agreement The administrative services agreement to be entered into at or around the date of the First Closing, among the Administrator and the Fund. Advance An amount equal to 9999% of a Limited Partner's Commitment which may be drawn down from time to time in the form of advances to the Fund Advisers Act The U.S. Advisers Act of 1940, as amended AlFfilD The EU Alternative Investment Fund Managers Directive (2011/6I/EU) Alternative Vehicle An alternative investment vehicle through which the Manager will have the right in connection with any investment. to direct the Advances of some or all of the Limited Partners to be made. Benefit Plan Investor As defined in Section 9. Certain Legal, ERISA and Tax Considerations. BEPS Base erosion and profit shifting. Brex it As defined in Section 7 Risk Factors Carried Interest The distributions to the Special Limited Partner described in sub-paragraphs (m) and (iv) of the 'Distributions" paragraph of Section 6 Summary of Principal Terms and Conditions. CFCs As defined in Section 9. Certain Legal. ERISA and Tax Considerations CFTC The U.S Commodity Futures Trading Commission. Closing The First Closing and one or more additional closings of the Fund to admit additional Investors. Code The U.S. Internal Revenue Code of 1986. as amended. Commitment A Limited Partners commitment to the Fund. Complementary Fund A multiple third party investor fund with investment objectives and strategies that overlap with the Fund but are dedicated to pursuing investment opportunities relating to specific asset categones or strategies Covered Person CPO Each of the General Partner, the Manager, their respective affiliates, the Fund Advisory Committee members, their respective affiliates, the directors, officers, partners, members, employees or agents of each of them A -commodity pool operator' for purposes of CFTC Rule 4.13(a)(3). Data Cont roller Glendower Capital. Confidential Private Placement Memorandum 102 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0088490 CONFIDENTIAL SDNY_GM_00234674 EFTA01386689