GLOUS143 Henry Nicholas Section 9: Certain Legal, ERISA and Tax Considerations Glendower Capital Secondary Opportunities Fund IV, LP the meaning of and subject to Section 4975 of the Code, and (iii) any entity whose underlying assets include 'plan assets' by reason of a plan's investment in such entity (e.g., an entity of which 25% or more of the value of any class of equity interests is held by benefit plan investors and which does not satisfy any exception under the D0L regulations). An entity will be considered a Benefit Plan Investor only to the extent of the percentage of its equity interests that are held by Benefit Plan Investors. Under the 25% Test, the value of equity interests held by a person (other than a Benefit Plan Investor) that has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such assets (or an affiliate of such person ) is disregarded. The Manager will use reasonable best efforts to operate the Fund in compliance with the 25% Test so that the investments of the Fund do not constitute 'plan assets' for purposes of ERISA. In the connection. the Manager will limit acquisitions, transfers and withdrawals by Investors, and may require the withdrawal of any Investor that is a Benefit Plan Investor. Form 5500 Plan administrators of Investors that are subject to ERISA may be required to report on Form 5500 Annual Return/Report compensation paid to the Manager and the General Partner. The descriptions of fees and compensation contained herein, and in the descriptions of the priority profit share and carried interest set forth in Section 6: Summery of Terms and Condtions above are intended to satisfy the disclosure requirements for 'eligible indirect compensation' for which the alternative reporting option on Schedule C of Form 5500 may be available. Investors such as pension funds that are subject to the provisions of ERISA sh