This memorandum documents the complete Emanay ParkPro Ventures engagement to date — from first contact with Joe Accardi and Mark Accardi in May 2025 through the active acquisition sprint underway now. It draws directly on the signed engagement documents, the executed JV Operating Agreement, and the underlying email record between Christian Torres, Joe Accardi, Antonio (Tony) Reis, Dave Rosati, Mark Accardi, and Alex Camus. Dollar figures and dates below are sourced from those primary documents; anything modeled or projected is labeled as such.

On May 19, 2025, Mark Accardi (dealteamadvisors.ca) sent Dave Rosati and Alex Camus an early framework for a "ParkPro private LP/fund" — at this stage focused on the Canadian roll-up Mark was already running. Dave's reply flagged the Canada-only framing directly: "Just an FYI I think he's thinking purely Canada for all this. It would be nice to entice him over to the US where there's real money to be made." This is the origin of the US expansion thesis that became the actual engagement.

Through October, the relationship moved from casual to structured. On Oct 14, 2025, Dave Rosati confirmed to Joe Accardi and Mark Accardi that Emanay's US side was ready to engage beyond the ordinary-course legal work Dave could already do as counsel. A US RV park deal sourcing strategy document was circulated Oct 16–17, and Dave looped in Tomer Garzberg the same day, describing the opportunity as: "a group out of Canada looking to expand their footprint in the US... buy campgrounds and RV parks."

On Oct 22, 2025, Alex introduced Ivan Gritsiniak (Emanay Capital) to Joe Accardi to handle acquisition financing. The same week, a shared "ParkPro Roll-Up | Executive Summary" Google Doc began circulating for comment between Mark Accardi and the Emanay team — the first joint investor-facing document.

On Nov 5, 2025, Alex sent Joe and Mark the formal "Buy-Box – RV Park Roll Up," looping in Jeremy and Mark Kling as additional origination associates. Joe's reply the same week set the scale of ambition: "Mark is doing $10MM a month in Canada since April with his Parkpro deal finding and closing plan with eager invested sellers." A weekly "USA ParkPro Acquisitions Meeting" (Mondays 3:30–4:00pm ET) began Nov 1, 2025 and has run continuously since.

Following a group call, Mark Accardi wrote: "I heard it went well yesterday! Nice job gents! Alex can you put a list together for next steps?" Alex's reply set the formal path: "Next steps, we just need formalize, signed proposal + engagement letter." Dave Rosati confirmed the same day: "Getting cash for closings shouldn't be a problem" — and on Nov 28, Alex sent the first "Accardi RV Proposal" draft to Dave for the engagement letter.

Two changes were made to the proposal during drafting, both confirmed by email: the $15,000 strategic advisory fee was removed, and the property management fee was set at a mandatory 5% (Dave's Nov 20 email flagged the prior draft had this at a different level before it was finalized). The final terms are captured in Section 09 below and in the standalone Proposal document.

The proposal that was ultimately signed is the document titled "Modernizing Transaction Advisory — Roll-Up Advisory Proposal," issued on Emanay letterhead and sent to Christian Torres on Jul 27, 2026 for the client-facing template, mirroring the terms already agreed with Joe and Mark. It is signed by Joe Accardi, Managing Member, on behalf of ParkPro & Ambitious International (the "Client"). Full scope, phasing, and fee schedule are broken out in the standalone Proposal document linked from the portal; the governing terms are summarized in Section 09 here for reference.

Starting Dec 4, 2025, the weekly cadence became a formal "ParkPro USA – Committee Meeting Re: Acquisition" (Thursdays 3:00–3:30pm ET), organized by Joe Accardi with Christian Torres, Alex Camus, and the wider origination team attending. A Dec 4 Fathom call recap records the acquisition criteria being tightened: "Focus exclusively on stabilized parks with a 7%+ cap rate and 80+ sites."

Emanay ParkPro Ventures LLC was formed as a Wyoming limited liability company by filing of articles of organization on April 28, 2026. The governing Operating Agreement was executed via PandaDoc (Document Ref: 5UCXE-UXVQ5-GCSKX-IRBSQ) on or about May 22, 2026, signed by Alexandre Camus (Manager, both Emanay entities) and Antonio Reis (Manager, ParkPro Capital Partners US LLC).

The JV Operating Agreement's Schedule "B" fee schedule mirrors the Roll-Up Advisory Proposal's transactional fees (Acquisition Fee 2%, Equity Placement Fee 3% + 1.5% annual, Seller Finder's Fee 3%, Debt Placement Fee 1.5%, Property Management Fee 8%/5%) — see Section 09 for the consolidated schedule.

Christian sent Alex and Dave a "Business Plan, Client Page, and Timeline (v1 for review)," describing "a buy-side acquisition advisory service, where we run the full deal process for outside clients who bring their own capital." Dave's reply on Jul 27 flagged meaningful overlap with materials Alex had already built months earlier for ParkPro and Waller; the team aligned on keeping Christian fully looped in given he had been present in the original Waller/ParkPro pitch sessions.

Christian circulated a finalized 5-document investor suite (Business Plan v2.7, pitch deck, and three segmented one-pagers) on Jul 20, followed by a live screen-share walkthrough with Antonio Reis on Jul 21 to dial in remaining details.

Christian's Jul 24 email to Dave and Alex asked for legal and structural sign-off on the new advisory vertical: "I have built a new revenue arm and I want to launch it through Emanay: a buy side advisory practice for RV park, campground, and MHC buyers." The Kent & Dean Lang E2 Advisory Program agreement was signed via PandaDoc at 03:58 EDT on Jul 25, 2026 — the first executed client agreement under this new vertical, with payment pending at time of signature.

The EMANAY trademark was officially registered with the USPTO on Jul 28, 2026 (Serial No. 99563879). The same week, Alex sent Christian the "RV Park Roll-Up Advisory Proposl" template referenced in Section 02 for use on this parallel client-facing track.

The engagement is currently in an active push toward closings. Christian's Jul 23, 2026 "Executive Summary — Active Deliverables" set the working list for Mark, Joe, and Tony: complete deal analysis on Casual Country, Flint Creek, and Happy Acres, with consistent proformas across all three.

Earlier-stage sourcing (Nov 2025 – early 2026) covered target geographies across Michigan, Ontario/Sarnia, Connecticut, New York State, and Pennsylvania, consistent with the original buy-box (7%+ cap rate, 80+ sites, near-urban/RV-heavy corridors).

In parallel with direct acquisitions, the team pursued a deposit-financing relationship with Mickey Baratz (FULEcap Inc.) to structure funding for deal deposits ahead of PSA execution. A $3,000 good-faith retainer was wired to Fulecap on Jul 22, 2026, authorized by Christian: "This is the good faith retainer to begin structuring the deposit financing deal with him, and it gets us moving." Dave Rosati flagged on Jul 23 that he had not seen legal documentation for a JV with Fulecap and understood the arrangement to be a deposit loan program rather than an equity JV — this was clarified internally as the latter (loan program only, no JV). As of late July, Mickey had expressed frustration over pacing; the team's internal assessment was that losing this relationship would require restarting deposit-financing sourcing from scratch.

The figures below are drawn directly from the signed Roll-Up Advisory Proposal and the JV Operating Agreement's Schedule "B," and are the authoritative reference for the Expense Memorandum. Full narrative scope is in the standalone Proposal document.

This log reflects the email and document record available as of the preparation date below. Additional Google Meet notes, Fathom recaps, and internal correspondence exist beyond what is summarized here; ask Alex Camus for the underlying source thread on any item.