BUILD THEN MARKET LLC

2025 PHANTOM EQUITY INCENTIVE PLAN

1. Purpose.

The purpose of this Plan is to retain and attract key contributors to BUILD THEN MARKET LLC (the "Company") by offering them a long-term financial incentive linked to the success of the Company, without granting actual membership interests or voting rights.

2. Administration.

This Plan shall be administered by the Managing Member (the "Administrator"), who has the final authority to:

(a) Select Participants;

(b) Determine the number of Phantom Units granted; and

3. The Phantom Pool.

The total number of Phantom Units authorized under this Plan shall not exceed 2,000,000 Units, representing 20% of the Company's fully diluted value.

4. No Rights as Member.

Participants have no rights to vote, inspect books, or receive K-1 tax forms. They are creditors of the Company, not owners.

5. 409A Compliance.

It is the intention that this Plan be exempt from or comply with Section 409A of the Internal Revenue Code. All payments shall be made within 30 days of a Liquidity Event (the "Short-Term Deferral" exemption) or as otherwise permitted by law.

6. Amendment and Termination.

The Administrator may amend or terminate this Plan at any time; provided that no amendment may materially impair the vested rights of any Participant without their consent.

2025 PHANTOM EQUITY INCENTIVE PLAN​

1. Purpose.​

2. Administration.​

3. The Phantom Pool.​

4. No Rights as Member.​

5. 409A Compliance.​

6. Amendment and Termination.​