EX-10.1





 EXHIBIT 10.1 
  

 
  

TAX RECEIVABLE AGREEMENT 

among 
 BRP GROUP, INC.,

 BALDWIN RISK PARTNERS, LLC, 

and 
 THE PERSONS NAMED
HEREIN 
  
  

Dated as of October 28, 2019 
  

 
  

 
  












 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	2	 
			
	 Section 1.01
	 	 Definitions
	  	 	2	 
		
	 ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT
	  	 	10	 
			
	 Section 2.01
	 	 Basis Adjustment
	  	 	10	 
	 Section 2.02
	 	 Realized Tax Benefit and Realized Tax Detriment
	  	 	11	 
	 Section 2.03
	 	 Procedures, Amendments
	  	 	11	 
		
	 ARTICLE III TAX BENEFIT PAYMENTS
	  	 	13	 
			
	 Section 3.01
	 	 Payments
	  	 	13	 
	 Section 3.02
	 	 No Duplicative Payments
	  	 	13	 
	 Section 3.03
	 	 Pro Rata Payments
	  	 	14	 
		
	 ARTICLE IV TERMINATION
	  	 	15	 
			
	 Section 4.01
	 	 Termination, Early Termination and Breach of Agreement.
	  	 	15	 
	 Section 4.02
	 	 Early Termination Notice
	  	 	16	 
	 Section 4.03
	 	 Payment upon Early Termination
	  	 	16	 
		
	 ARTICLE V SUBORDINATION AND LATE PAYMENTS
	  	 	17	 
			
	 Section 5.01
	 	 Subordination
	  	 	17	 
	 Section 5.02
	 	 Late Payments by the Corporate Taxpayer
	  	 	17	 
		
	 ARTICLE VI NO DISPUTES; CONSISTENCY; COOPERATION
	  	 	17	 
			
	 Section 6.01
	 	 Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters
	  	 	17	 
	 Section 6.02
	 	 Consistency
	  	 	17	 
	 Section 6.03
	 	 Cooperation
	  	 	18	 
		
	 ARTICLE VII MISCELLANEOUS
	  	 	18	 
			
	 Section 7.01
	 	 Notices
	  	 	18	 
	 Section 7.02
	 	 Binding Effect; Benefit; Assignment
	  	 	19	 
	 Section 7.03
	 	 Resolution of Disputes
	  	 	19	 
	 Section 7.04
	 	 Counterparts
	  	 	20	 
	 Section 7.05
	 	 Entire Agreement
	  	 	20	 
	 Section 7.06
	 	 Severability
	  	 	20	 
	 Section 7.07
	 	 Amendment
	  	 	21	 
	 Section 7.08
	 	 Governing Law
	  	 	21	 
	 Section 7.09
	 	 Reconciliation
	  	 	21	 
	 Section 7.10
	 	 Withholding    
	  	 	22	 














							
	 Section 7.11
	 	 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate
Assets
	  	 	22	 
	 Section 7.12
	 	 Confidentiality
	  	 	22	 
	 Section 7.13
	 	 Change in Law
	  	 	22	 
	 Section 7.14
	 	 Partnership Agreement
	  	 	23	 













 TAX RECEIVABLE AGREEMENT 

This TAX RECEIVABLE AGREEMENT (as amended from time to time, this “Agreement”), dated as of October 28, 2019, is hereby
entered into by and among BRP Group, Inc., a Delaware corporation (the “Corporate Taxpayer”), Baldwin Risk Partners, LLC, a Delaware limited liability company (“OpCo”), each of the Members (as defined below) from
time to time party hereto, and each of the successors and assigns hereto. 
 WHEREAS, the OpCo is treated as a partnership for U.S. federal
income tax purposes and the Corporate Taxpayer is classified as an association taxable as a corporation for U.S. federal income tax purposes; 

WHEREAS, Drew Armacost, L. Lowry Baldwin, Trevor L. Baldwin, Brian Brennan, W. David Cox, Clinton Durst, Joseph D. Finney, Daniel Galbraith,
Bradford L. Hale, Christopher J. Stephens, Matthew Hammer, Amy Ingram, Elizabeth H. Krystyn, Elizabeth H. Krystyn 2019 Grantor Retained Annuity Trust I dated September 30, 2019, Elizabeth H. Krystyn 2019 Grantor Retained Annuity Trust II dated
September 30, 2019, Emanuel Lauria, Kelly Nash, Richard Russo, Michael P. Ryan, Laura R. Sherman, Laura R. Sherman GRAT 2019-1 dated September 30, 2019, Laura R. Sherman GRAT-2 dated September 30, 2019, Ken Spraggins, William Taulbee, John A. Valentine, John A. Valentine 2019 Grantor Retained Annuity Trust dated September 30, 2019, Mark Webb, Kristopher A. Wiebeck,
Kristopher A. Wiebeck 2019 Grantor Retained Annuity Trust dated September 30, 2019, Robert C. Wentzell, AB Risk Holdco, LLC, Baldwin Insurance Group Holdings, LLC, BRP Group, Inc., CRB Insurance, LLC, KMW Consulting, LLC, Foundation Insurance
of Florida, LLC, Millennial Specialty Holdco, LLC, Fiduciary Partners Retirement Group, Inc., Insurance Agencies of the Villages, Inc., The Villages Invesco, LLC, WMTHCS & Associates, LLC, Ryan Insurance & Financial Services, Inc.,
Robert J. Wentzel Family Partnership, iPEO Solutions LLC and Insurance Affordable, Inc., (the “Members”) hold common interest units in OpCo (the “Common Units”), and following certain reorganization transactions,
the Corporate Taxpayer will be the managing member of OpCo and will hold, directly and/or indirectly, Common Units; 
 WHEREAS, on and after
the date hereof, pursuant to Section 10.01 of the LLC Agreement, each Member has the right, in its sole discretion, from time to time to require OpCo to redeem (a “Redemption”) all or a portion of such Member’s Common
Units for cash or, at the Corporate Taxpayer’s option, shares of Class A common stock, $0.01 par value per share, of the Corporate Taxpayer (the “Class A Common Stock”); provided that, pursuant to
Section 10.04 of the LLC Agreement and at the election of the Corporate Taxpayer, the Corporate Taxpayer may effect a direct exchange (a “Direct Exchange,” and together with a Redemption, an “Exchange”) of such
cash or shares of Class A Common Stock for such Common Units; 
 WHEREAS, OpCo and each of its direct and indirect subsidiaries, if
any, treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”), for each Taxable Year (as defined below) in
which an Exchange occurs, which elections are intended generally to result in an adjustment to the Tax basis of the assets owned by OpCo (solely with respect to the Corporate Taxpayer) at the time of an Exchange (such time, the “Exchange
Date”) by reason of the Exchange and the receipt of payments under this Agreement; 












 WHEREAS, the income, gain, loss, expense and other Tax (as defined below) items of the
Corporate Taxpayer may be affected by (i) the Basis Adjustment (as defined below) and (ii) Imputed Interest (as defined below); and 

WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed
Interest on the actual liability for Taxes of the Corporate Taxpayer. 
 NOW, THEREFORE, in consideration of the foregoing and the
respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.01 Definitions. 

(a) The following terms shall have the following meanings for the purposes of this Agreement: 

“Actual Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal, state and local income
Taxes of (i) the Corporate Taxpayer and (ii) without duplication, OpCo, but only with respect to Taxes imposed on OpCo and allocable to the Corporate Taxpayer for such Taxable Year. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more
intermediaries, Controls, is Controlled by, or is under common Control with, such Person. 
 “Agreed Rate” means a per
annum rate of LIBOR plus 100 basis points. 
 “Applicable Member” means any Member to whom any portion of a Realized Tax
Benefit may be Attributable under this Agreement. 
 “Attributable” means, with respect to any Applicable Member, the
portion of any Realized Tax Benefit of the Corporate Taxpayer that is “attributable” to such Applicable Member, which shall be determined by reference to the assets from which arise the depreciation, amortization or other similar
deductions for recovery of cost or basis (“Depreciation”) and with respect to increased basis upon a disposition of an asset or Imputed Interest that produce the Realized Tax Benefit, under the following principles: 

(i) A portion of any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year for Depreciation
arising in respect of a Basis Adjustment to a Reference Asset resulting from an Exchange is Attributable to the Applicable Member to the extent that the ratio of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from
all Exchanges by the Applicable Member bears to the aggregate of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by the Applicable Members (in each case, other than with respect to the portion of
the Basis Adjustment described in clause (ii) below). 

  
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 (ii) A portion of any Realized Tax Benefit arising from a deduction to the Corporate
Taxpayer with respect to a Taxable Year for Depreciation arising in respect of a Basis Adjustment to a Reference Asset resulting from a payment hereunder is Attributable to the Applicable Member that receives such payment. 

(iii) A portion of any Realized Tax Benefit arising from the disposition of a Reference Asset is Attributable to the Applicable Member to the
extent that the ratio of all Basis Adjustments (to the extent not previously taken into account in the calculation of Realized Tax Benefits) resulting from all Exchanges by the Applicable Member with respect to such Reference Asset bears to the
aggregate of all Basis Adjustments (to the extent not previously taken into account in the calculation of Realized Tax Benefits) with respect to such Reference Asset. 

(iv) A portion of any Realized Tax Benefit arising from a deduction to the Corporate Taxpayer with respect to a Taxable Year in respect of
Imputed Interest is Attributable to the Applicable Member to the extent corresponding to amounts that such Member is required to include in income in respect of Imputed Interest (without regard to whether such Member is actually subject to Tax
thereon). 
 (v) A portion of any Realized Tax Benefit arising from a carryover or carryback of any Tax item is Attributable to such Member
to the extent such carryover or carryback is attributable to or available for use because of the prior use of the Basis Adjustments or Imputed Interest with respect to which a Realized Tax Benefit would be Attributable to such Member pursuant to
clauses (i)–(iv) above. 
 Portions of any Realized Tax Detriment shall be Attributed to Members under principles similar to those described in clauses
(i)–(v) above. 
 “Basis Adjustment” means the adjustment to the Tax basis of a Reference Asset under Sections 732,
755 and 1012 of the Code and the Treasury Regulations promulgated thereunder (in situations where, as a result of one or more Exchanges, OpCo becomes an entity that is disregarded as separate from its owner for U.S. federal income tax purposes) or
under Sections 743(b) and 755 of the Code and the Treasury Regulations promulgated thereunder (in situations where, following an Exchange, OpCo remains in existence as an entity for U.S. federal income tax purposes) and, in each case, comparable
sections of state and local tax laws, as a result of (i) an Exchange and (ii) the payments made pursuant to the Tax Receivable Agreements. For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of one or
more Common Units shall be determined without regard to any Pre-Exchange Transfer of such Common Units and as if any such Pre-Exchange Transfer had not occurred. 

A “Beneficial Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding,
relationship or otherwise, has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of,
such security. 

  
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 “Blended Rate” means, with respect to any Taxable Year, the sum of the
effective rates of Tax imposed on the aggregate net income of the Corporate Taxpayer in each state or local jurisdiction in which the Corporate Taxpayer files Tax Returns for such Taxable Year, with the maximum effective rate in any state or local
jurisdiction being equal to the product of: (i) the apportionment factor on the income or franchise Tax Return filed by the Corporate Taxpayer in such jurisdiction for such Taxable Year, and (ii) the maximum applicable corporate tax rate
in effect in such jurisdiction in such Taxable Year. As an illustration of the calculation of Blended Rate for a Taxable Year, if the Corporate Taxpayer solely files Tax Returns in State 1 and State 2 in a Taxable Year, the maximum applicable
corporate tax rates in effect in such states in such Taxable Year are 6% and 5%, respectively and the apportionment factors for such states in such Taxable Year are 60% and 40%, respectively, then the Blended Rate for such Taxable Year is equal to
5.6% (i.e., 6% times 60% plus 5% times 40%). 
 “Board” means the board of directors of the Corporate Taxpayer. 

“Business Day” shall have the meaning ascribed to such term in the LLC Agreement. 

“Change of Control” means the occurrence of any of the following events: 

(i) any Person or any group of Persons acting together which would constitute a “group” for purposes of Section 13(d) of the
Securities and Exchange Act of 1934, or any successor provisions thereto, excluding (x) a corporation or other entity owned, directly or indirectly, by the stockholders of the Corporate Taxpayer in substantially the same proportions as their
ownership of stock in the Corporate Taxpayer and (y) any Member or any of its Affiliates who is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporate Taxpayer representing more than 50% of the combined voting
power of the Corporate Taxpayer’s then outstanding voting securities; or 
 (ii) the following individuals cease to constitute a
majority of the number of directors of the Corporate Taxpayer then serving: individuals who, on the IPO Date, constitute the Board and any new director whose appointment or election by the Board or nomination for election by the Corporate
Taxpayer’s shareholders was approved or recommended by a vote of at least a majority of the directors then still in office who either were directors on the IPO Date or whose appointment, election or nomination for election was previously so
approved or recommended by the directors referred to in this clause (ii); or 
 (iii) there is consummated a merger or consolidation of the
Corporate Taxpayer with any other corporation or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a
majority of the board of directors of the company surviving the merger or, if the surviving company is a Subsidiary, the ultimate parent thereof, or 

  
 4 













 
(y) the voting securities of the Corporate Taxpayer immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting
power of the then outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

(iv) the shareholders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer or there is
consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly, by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or other
disposition by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Corporate Taxpayer
in substantially the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale. 
 Notwithstanding the foregoing, except
with respect to clause (ii) and clause (iii)(x) above, a “Change of Control” shall not be deemed to have occurred by virtue of the consummation of any transaction or series of integrated transactions immediately following which the
record holders of the shares of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and own substantially all of the shares of, an entity which
owns all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or series of transactions. 

“Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and
policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
 “Corporate Taxpayer
Return” means the U.S. federal and/or state and/or local Tax Return, as applicable, of the Corporate Taxpayer filed with respect to Taxes of any Taxable Year. 

“Cumulative Net Realized Tax Benefit” for a Taxable Year means the cumulative amount of Realized Tax Benefits for all Taxable
Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based
on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination. 
 “Default
Rate” means a per annum rate of LIBOR plus 300 basis points. 
 “Determination” shall have the meaning ascribed to
such term in Section 1313(a) of the Code or similar provision of state and local tax law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively
establishes the amount of any liability for Tax and shall also include the acquiescence of the Corporate Taxpayer to the amount of any assessed liability for Tax. 

“Direct Exchange” is defined in the recitals to this Agreement. 

  
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 “Early Termination Date” means the date of an Early Termination Notice for
purposes of determining the Early Termination Payment. 
 “Early Termination Rate” means a per annum rate of the lesser of
(i) 6.5% per annum, compounded annually, and (ii) LIBOR plus 300 basis points. 
 “Exchange” is defined in the
recitals to this Agreement. 
 “Governmental Authority” has the meaning set forth in the LLC Agreement. 

“Hypothetical Federal Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of
(i) the Corporate Taxpayer and (ii) without duplication, OpCo, but only with respect to U.S. federal income Taxes imposed on OpCo and allocable to the Corporate Taxpayer, in each case using the same methods, elections, conventions and
similar practices used on the relevant Corporate Taxpayer Return, but (w) using the Non-Stepped Up Tax Basis as reflected on the applicable Exchange Basis Schedule, including amendments thereto for the
Taxable Year, (x) excluding any deduction attributable to Imputed Interest for the Taxable Year, (y) deducting the Hypothetical Other Tax Liability (rather than any amount for state, local or foreign tax liabilities) for such Taxable Year
and (z) without taking into account the carryover or carryback of any Tax item (or portions thereof) that is attributable to or (without duplication) available for use because of the prior use of any of the Basis Adjustments or Imputed
Interest. 
 “Hypothetical Other Tax Liability” means, with respect to any Taxable Year, U.S. federal taxable income
determined in connection with calculating the Hypothetical Federal Tax Liability for such Taxable Year (determined without regard to clause (y) thereof) multiplied by the Blended Rate for such Taxable Year. 

“Hypothetical Tax Liability” means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable
Year, plus the Hypothetical Other Tax Liability for such Taxable Year. 
 “Imputed Interest” shall mean any interest
imputed under Section 1272, 1274 or 483 or other provision of the Code and any similar provision of state and local tax law with respect to the Corporate Taxpayer’s payment obligations under this Agreement. 

“IPO” means the initial public offering of Class A Common Stock of the Corporate Taxpayer. 

“IPO Date” means the closing date of the IPO. 

“IRS” means the U.S. Internal Revenue Service. 

“LIBOR” means during any period, the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg
page that displays rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market), or the rate which is quoted by another source selected by the Corporation as an authorized information


  
 6 













 
vendor for the purpose of displaying rates at which U.S. dollar deposits are offered by leading banks in the London interbank deposit market (a “Alternate Source”), at approximately
11:00 a.m., London time, two (2) Business Days prior to the first day of such period as the London interbank offered rate for U.S. dollars having a borrowing date and a maturity comparable to such period (or if there shall at any time, for any
reason, no longer exist a Bloomberg Page BBAM1 (or any substitute page) or any LIBOR Alternate Source, a rate equal to the greater of (i) the yield to maturity as of two (2) Business Days prior to the first day of such period of United
States Treasury bills with a three-month maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available as of such date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) and (ii) 50 basis points 
 “LLC Agreement” means the
Amended and Restated Limited Liability Company Agreement of OpCo, dated as of the date hereof. 
 “Market Value” shall mean
the closing price of the Class A Common Stock on the applicable Exchange Date on the national securities exchange or interdealer quotation system on which such Class A Common Stock is then traded or listed, as reported by the Wall
Street Journal; provided, that if the closing price is not reported by the Wall Street Journal for the applicable Exchange Date, then the Market Value shall mean the closing price of the Class A Common Stock on the Business
Day immediately preceding such Exchange Date on the national securities exchange or interdealer quotation system on which such Class A Common Stock is then traded or listed, as reported by the Wall Street Journal; provided,
further, that if the Class A Common Stock is not then listed on a national securities exchange or interdealer quotation system, the Market Value shall mean the cash consideration paid for Class A Common Stock, or the fair market
value of the other property delivered for Class A Common Stock, as determined by the Board in good faith. 
 “Non-Stepped Up Tax Basis” means, with respect to any Reference Asset at any time, the Tax basis that such asset would have had at such time if no Basis Adjustments had been made. 

“Payment Date” means any date on which a payment is required to be made pursuant to this Agreement. 

“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust,
business association, organization, governmental entity or other entity. 
 “Pre-Exchange
Transfer” means any transfer or distribution in respect of one or more Common Units (i) that occurs prior to an Exchange of such Common Units, and (ii) to which Section 743(b) or 734(b) of the Code applies. 

“Realized Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax
Liability. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax
Benefit unless and until there has been a Determination with respect to such Actual Tax Liability. 

  
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 “Realized Tax Detriment” means, for a Taxable Year, the excess, if any, of
the Actual Tax Liability over the Hypothetical Tax Liability. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability shall
not be included in determining the Realized Tax Detriment unless and until there has been a Determination with respect to such Actual Tax Liability. 

“Redemption” has the meaning in the recitals to this Agreement. 

“Reference Asset” means an asset that is held by OpCo, or by any of its direct or indirect subsidiaries, if any, treated as a
partnership or disregarded entity for purposes of the applicable Tax, at the time of an Exchange. A Reference Asset also includes any asset that is “substituted basis property” under Section 7701(a)(42) of the Code with respect to a
Reference Asset. 
 “Schedule” means any of the following: (i) an Exchange Basis Schedule, (ii) a Tax Benefit
Schedule, or (iii) the Early Termination Schedule. 
 “Subsidiaries” shall have the meaning ascribed to such term in
the LLC Agreement. 
 “Subsidiary Stock” means any stock or other equity interest in any Subsidiary of the Corporate
Taxpayer that is (i) treated as a corporation for U.S. federal income tax purposes and (ii) a member of an affiliated or consolidated group of corporations that files a consolidated income tax return pursuant to Sections 1501 et seq. of
the Code with respect to which the Corporate Taxpayer is a member. 
 “Tax Return” means any return, declaration, report or
similar statement required to be filed with respect to Taxes (including any attached schedules), including any information return, claim for refund, amended return and declaration of estimated Tax. 

“Taxable Year” means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code or comparable
section of state or local tax law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made), ending on or after the IPO Date. 

“Taxes” means any and all taxes, assessments or similar charges that are based on or measured with respect to net income or
profits, and any interest related to such Tax. 
 “Taxing Authority” shall mean any domestic, federal, national, state,
county or municipal or other local government, any subdivision, agency, commission or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory authority. 

  
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 “Treasury Regulations” means the final, temporary and proposed regulations
under the Code promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period. 

“Valuation Assumptions” shall mean, as of an Early Termination Date, the assumptions that (1) in each Taxable Year
ending on or after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient to fully utilize the deductions arising from the Basis Adjustments and Imputed Interest during such Taxable Year or future Taxable Years
(including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available,
(2) the U.S. federal income tax rates and state and local income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other law as in effect on the Early Termination
Date, (3) any loss or credit carryovers generated by deductions arising from Basis Adjustments or Imputed Interest that are available as of such Early Termination Date will be utilized by the Corporate Taxpayer on a pro rata basis from the
Early Termination Date through the scheduled expiration date or, if there is no scheduled expiration date, the twentieth anniversary of the generation of such loss or credit carryovers, (4) any
non-amortizable assets (other than Subsidiary Stock) will be disposed of on the fifteenth anniversary of the applicable Basis Adjustment; provided, that in the event of a Change of Control, such non-amortizable assets shall be deemed disposed of at the time of sale of the relevant asset (if earlier than such fifteenth anniversary), (5) any Subsidiary Stock will be deemed never to be disposed of and
(6) if, at the Early Termination Date, there are Common Units that have not been Exchanged, then each such Common Unit shall be deemed to be Exchanged for the product of (i) the Market Value of the Class A Common Stock on the Early
Termination Date and (ii) the number of shares of Class A Common Stock that would be transferred in respect of such Common Unit if the Exchange occurred on the Early Termination Date. 

(b) Each of the following terms is defined in the Section set forth opposite such term: 

 

			
	 Term
	  	Section
	 Agreement
	  	Preamble
	 Amended Schedule
	  	2.03(b)
	 Class A Common Stock
	  	Recitals
	 Code
	  	Recitals
	 Common Units
	  	Recitals
	 Corporate Taxpayer
	  	Preamble
	 Dispute
	  	7.03(a)
	 Early Termination Effective Date
	  	4.02
	 Early Termination Notice
	  	4.02
	 Early Termination Payment
	  	4.03(b)
	 Early Termination Schedule
	  	4.02
	 e-mail
	  	7.01
	 Exchange Basis Schedule
	  	2.01
	 Exchange Date
	  	Recitals
	 Expert
	  	7.09


  
 9 














			
	 Term
	  	Section
	 Interest Amount
	  	3.01(b)
	 Material Objection Notice
	  	4.02
	 Members
	  	Preamble
	 Net Tax Benefit
	  	3.01(b)
	 Objection Notice
	  	2.03(a)
	 OpCo
	  	Recitals
	 Reconciliation Dispute
	  	7.09
	 Reconciliation Procedures
	  	2.03(a)
	 Senior Obligations
	  	5.01
	 Tax Benefit Payment
	  	3.01(b)
	 Tax Benefit Schedule
	  	2.02(a)

 (c) Other Definitional and Interpretative Provisions. The words “hereof”, “herein”
and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be
ignored in the construction or interpretation hereof. References to Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular term in this Agreement shall be deemed to include the plural, and any
plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in
fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any
statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from
time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through
and including, respectively. 
 ARTICLE II 

DETERMINATION OF REALIZED TAX BENEFIT 

Section 2.01 Basis Adjustment. Within 120 calendar days after the filing of the U.S. federal income Tax Return of the Corporate
Taxpayer for each Taxable Year in which any Exchange has been effected by any Member, the Corporate Taxpayer shall deliver to each such Member a schedule (the “Exchange Basis Schedule”) that shows, in reasonable detail necessary to
perform the calculations required by this Agreement, including with respect to each Exchanging party, (i) the Non-Stepped Up Tax Basis of the Reference Assets as of each applicable Exchange Date,
(ii) the Basis Adjustments with respect to the Reference Assets as a result of each Exchange effected in such Taxable Year, calculated (x) in the aggregate, and (y) solely with respect to Exchanges by such Member, (iii) the
period (or periods) over which the Reference Assets are amortizable and/or depreciable and (iv) the period (or periods) over which each Basis Adjustment is amortizable and/or depreciable. For the avoidance of doubt, payments made under this
Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated as Imputed Interest. 

  
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 Section 2.02 Realized Tax Benefit and Realized Tax Detriment. 

(a) Tax Benefit Schedule. Within 120 calendar days after the filing of the U.S. federal income Tax Return of the Corporate Taxpayer for
any Taxable Year in which any Exchange has been effected by a Member or which is subsequent to any Taxable Year in which any Exchange has been effected by a Member, the Corporate Taxpayer shall provide to such Member a schedule showing, in
reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment and the portion Attributable to such Member for such Taxable Year (a “Tax Benefit Schedule”). The Tax Benefit Schedule will become final as
provided in Section 2.03(a) and may be amended as provided in Section 2.03(b) (subject to the procedures set forth in Section 2.03(b)).

(b) Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease
or increase in the Actual Tax Liability of the Corporate Taxpayer for such Taxable Year attributable to the Basis Adjustments and Imputed Interest, determined using a “with and without” methodology. For the avoidance of doubt, the Actual
Tax Liability will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as interest under the Code based upon the characterization of Tax Benefit Payments as additional consideration payable by the
Corporate Taxpayer for the Common Units acquired in an Exchange. Carryovers or carrybacks of any Tax item attributable to the Basis Adjustment or Imputed Interest shall be considered to be subject to the rules of the Code and the Treasury
Regulations or the appropriate provisions of U.S. state and local income and franchise tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any Tax item
includes a portion that is attributable to the Basis Adjustment or Imputed Interest and another portion that is not, such portions shall be considered to be used in accordance with the “with and without” methodology. The parties agree that
(i) all Tax Benefit Payments attributable to the Basis Adjustments (other than amounts accounted for as interest under the Code) will (A) be treated as subsequent upward purchase price adjustments that give rise to further Basis
Adjustments to Reference Assets for the Corporate Taxpayer and (B) have the effect of creating additional Basis Adjustments to Reference Assets for the Corporate Taxpayer in the year of payment, and (ii) as a result, such additional Basis
Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate. 
 Section 2.03
Procedures, Amendments. 
 (a) Procedure. Every time the Corporate Taxpayer delivers to a Member an applicable Schedule under
this Agreement, including any Amended Schedule delivered pursuant to Section 2.03(b) and any Early Termination Schedule or amended Early Termination Schedule, the Corporate Taxpayer shall also (x) deliver to such Member schedules and work
papers, as determined by the Corporate Taxpayer or requested by such Member, providing reasonable detail regarding the preparation of the Schedule and (y) allow such Member reasonable access to the appropriate representatives at the Corporate
Taxpayer, as 

  
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determined by the Corporate Taxpayer, in connection with a review of such Schedule. Without limiting the application of the preceding sentence, each time the Corporate Taxpayer delivers to a
Member a Tax Benefit Schedule, in addition to the Tax Benefit Schedule duly completed, the Corporate Taxpayer shall deliver to such Member the Corporate Taxpayer Return, the reasonably detailed calculation by the Corporate Taxpayer of the
Hypothetical Tax Liability, the reasonably detailed calculation by the Corporate Taxpayer of the Actual Tax Liability, as well as any other work papers as determined by the Corporate Taxpayer or requested by such Member, provided that the
Corporate Taxpayer shall be entitled to redact any information that it reasonably believes is unnecessary for purposes of determining the items in the applicable Schedule or amendment thereto. An applicable Schedule or amendment thereto shall become
final and binding on the applicable Member and the Corporate Taxpayer thirty (30) calendar days from the first date on which the Member has received the applicable Schedule or amendment thereto unless such Member (i) within thirty
(30) calendar days after receiving an applicable Schedule or amendment thereto, provides the Corporate Taxpayer with notice of a material objection to such Schedule (“Objection Notice”) made in good faith or (ii) provides
a written waiver of such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date the waiver is received by the Corporate Taxpayer. If the
applicable Member and the Corporate Taxpayer for any reason, are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of an Objection Notice, the
Corporate Taxpayer and the applicable Member shall employ the reconciliation procedures as described in Section 7.09 (the “Reconciliation Procedures”). 

(b) Amended Schedule. The applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer
(i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date the Schedule was
provided to the applicable Member, (iii) to comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable
to a carryback or carryforward of a loss or other Tax item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable
Year, or (vi) to adjust the Exchange Basis Schedule to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The Corporate Taxpayer shall provide an Amended Schedule to each
relevant Member within thirty (30) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the preceding sentence. 

  
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 ARTICLE III 

TAX BENEFIT PAYMENTS 

Section 3.01 Payments. 

(a) Within five (5) Business Days after the Tax Benefit Schedule with respect to a Taxable Year delivered to any Member becomes final in
accordance with Section 2.03(a), the Corporate Taxpayer shall pay to such Member for such Taxable Year the Tax Benefit Payment in the amount determined pursuant to Section 3.01(b). Each such Tax Benefit Payment to a Member shall be
made by wire transfer of immediately available funds to the bank account previously designated by such Member to the Corporate Taxpayer or as otherwise agreed by the Corporate Taxpayer and such Member. For the avoidance of doubt, no Tax Benefit
Payment shall be made in respect of estimated Tax payments, including federal estimated income tax payments. Notwithstanding any provision of this Agreement to the contrary, any Member may elect with respect to any Exchange to limit the aggregate
Tax Benefit Payments made to such Member in respect of any such Exchange to a specified percentage of the amount equal to the sum of (A) the cash, excluding any Tax Benefit Payments, and (B) the Market Value of the Class A Shares
received by such Member on such Exchange (or such other limitation selected by the Member and consented to by the Corporate Taxpayer, which consent shall not be unreasonably withheld). The Member shall exercise its rights under the preceding
sentence by notifying the Corporate Taxpayer in writing of its desire to impose such a limit and the specified percentage (or such other limitation selected by the Member) and such other details as may be necessary (including whether such limit
includes the Imputed Interest in respect of any such Exchange) in such manner and at such time (but in no event later than the date of any such Exchange) as reasonably directed by the Corporate Taxpayer; provided, however, that, in the
absence of such direction, the Member shall give such written notice in the same manner as is required by Section 7.01 of this Agreement contemporaneously with Member’s notice to the Corporate Taxpayer of the applicable Exchange. 

(b) A “Tax Benefit Payment” means, with respect to a Member, an amount, not less than zero, equal to the sum of the amount of
the Net Tax Benefit Attributable to such Member and the related Interest Amount. For the avoidance of doubt, for Tax purposes, the Interest Amount shall not be treated as interest but instead shall be treated as additional consideration for the
acquisition of Common Units in an Exchange, unless otherwise required by law. Subject to Section 3.03(a), the “Net Tax Benefit” for a Taxable Year shall be an amount equal to
the excess, if any, of 85% of the Cumulative Net Realized Tax Benefit as of the end of such Taxable Year over the total amount of Tax Benefit Payments previously made under this Section 3.01 (excluding payments attributable to Interest
Amounts); provided, for the avoidance of doubt, that such Member shall not be required to return any portion of any previously made Tax Benefit Payment. The “Interest Amount” shall equal the interest on the amount of the Net
Tax Benefit Attributable to such Member calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer Return with respect to Taxes for such Taxable Year until the Payment Date of the applicable Tax Benefit
Payment. Notwithstanding the foregoing, for each Taxable Year ending on or after the date of a Change of Control, all Tax Benefit Payments, whether paid with respect to the Common Units that were Exchanged (i) prior to the date of such Change
of Control or (ii) on or after the date of such Change of Control, shall be calculated by utilizing Valuation Assumptions (1), (3), (4) and (5), substituting in each case the terms “the closing date of a Change of Control” for an
“Early Termination Date.” Notwithstanding anything to the contrary in this Agreement, after any lump-sum payment under Article IV of this Agreement in respect of present or future Tax attributes
subject to this Agreement, the Tax Benefit Payment, Net Tax Benefit and components thereof shall be calculated without taking into account any such attributes or any such lump-sum payment. 

Section 3.02 No Duplicative Payments. It is intended that the provisions of this Agreement will not result in duplicative payment
of any amount (including interest) required under this Agreement. The provisions of this Agreement shall be construed in the appropriate manner to ensure such intentions are realized. 

  
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 Section 3.03 Pro Rata Payments. 

(a) Notwithstanding anything in Section 3.01 to the contrary, to the extent that the aggregate Tax benefit of the Corporate
Taxpayer’s reduction in Tax liability as a result of the Basis Adjustments and Imputed Interest under this Agreement is limited in a particular Taxable Year because the Corporate Taxpayer does not have sufficient taxable income to fully utilize
available deductions and other attributes, the limitation on the Tax benefit for the Corporate Taxpayer shall be allocated among the Members in proportion to the respective amounts of Tax Benefit Payments that would have been determined under this
Agreement if the Corporate Taxpayer had sufficient taxable income so that there were no such limitation; provided, that for purposes of allocating among the Members the aggregate Tax Benefit Payments under this Agreement with respect to any
Taxable Year, the operation of this Section 3.03(a) with respect to any prior Taxable Year shall be taken into account, it being the intention of the Corporate Taxpayer and the Members for each Member to receive, in the aggregate, Tax Benefit
Payments in proportion to the aggregate Net Tax Benefits Attributable to such Member had this Section 3.03(a) never operated. 
 (b)
After taking into account Section 3.03(a), if for any reason the Corporate Taxpayer does not fully satisfy its payment obligations to make all Tax Benefit Payments due under this Agreement in respect of a particular Taxable Year, then the
Corporate Taxpayer and the Members agree that (i) the Corporate Taxpayer shall pay the same proportion of each Tax Benefit Payment due under this Agreement in respect of such Taxable Year, without favoring one obligation over the other, and
(ii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in full. 

(c) To the extent the Corporate Taxpayer makes a payment to a Member in respect of a particular Taxable Year under Section 3.01(a) of this
Agreement (taking into account Section 3.03(a) and (b), but excluding payments attributable to Interest Amounts) in excess of the amount of such payment that should have been made to such Member in respect of such Taxable Year, then
(i) such Member shall not receive further payments under Section 3.01(a) until such Member has foregone an amount of payments equal to such excess and (ii) the Corporate Taxpayer shall pay the amount of such Member’s foregone
payments to the other Members in a manner such that each of the other Members, to the maximum extent possible, shall have received aggregate payments under Section 3.01(a) of this Agreement (excluding payments attributable to Interest Amounts)
in the amount it would have received if there had been no excess payment to such Member. 

  
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 ARTICLE IV 

TERMINATION 

Section 4.01 Termination, Early Termination and Breach of Agreement. 

(a) Unless terminated earlier pursuant to Section 4.01(b) or Section 4.01(c), this Agreement will terminate when there is no further
potential for a Tax Benefit Payment pursuant to this Agreement. Tax Benefit Payments under this Agreement are not conditioned on any Member retaining an interest in the Corporate Taxpayer or OpCo (or any successor thereto). 

(b) The Corporate Taxpayer may terminate this Agreement with respect to all amounts payable to the Members and with respect to all of the
Common Units held (or previously held and Exchanged) by all Members at any time by paying to each Member the Early Termination Payment in respect of such Member; provided, however, that this Agreement shall only terminate pursuant to
this Section 4.01(b) upon the receipt of the Early Termination Payment by all Members; and provided, further, that the Corporate Taxpayer may withdraw any notice to exercise its termination rights under this Section 4.01(b)
prior to the time at which any Early Termination Payment has been paid. Upon payment of the Early Termination Payment by the Corporate Taxpayer in accordance with this Section 4.01(b), neither the Members nor the Corporate Taxpayer shall
have any further payment obligations under this Agreement, other than for any (1) Tax Benefit Payment agreed to by the Corporate Taxpayer and a Member as due and payable but unpaid as of the Early Termination Notice and (2) Tax Benefit
Payment due for the Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (2) is included in the Early Termination Payment). If an Exchange occurs after the
Corporate Taxpayer makes the Early Termination Payment pursuant to this Section 4.01(b), the Corporate Taxpayer shall have no obligations under this Agreement with respect to such Exchange. 

(c) In the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a result of failure to
make any payment when due, failure to honor any other material obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations
hereunder shall be accelerated and such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and shall include, but not be limited to, (1) the Early Termination Payment calculated as if
an Early Termination Notice had been delivered on the date of a breach, (2) any Tax Benefit Payment agreed to by the Corporate Taxpayer and any Members as due and payable but unpaid as of the date of a breach, and (3) any Tax Benefit
Payment due for the Taxable Year ending with or including the date of a breach; provided that procedures similar to the procedures of Section 4.02 shall apply with respect to the determination of the amount payable by the Corporate
Taxpayer pursuant to this sentence. Notwithstanding the foregoing, in the event that the Corporate Taxpayer breaches this Agreement, each Member shall be entitled to elect to receive the amounts set forth in clauses (1), (2) and (3) above
or to seek specific performance of the terms hereof. The parties agree that the failure to make any payment due pursuant to this Agreement within three months of the date such payment is due shall be deemed to be a breach of a material
obligation under this Agreement for all purposes of this Agreement, and that it will not be considered to be a breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three months of the date such
payment is due. Notwithstanding anything in this Agreement to the contrary, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make any payment due pursuant to this Agreement when due to the extent the Corporate Taxpayer
has insufficient funds to make such payment 

  
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despite using reasonable best efforts to obtain funds to make such payment (including by causing OpCo or any other Subsidiaries to distribute or lend funds for such payment); provided that
the interest provisions of Section 5.02 shall apply to such late payment (unless the Corporate Taxpayer does not have sufficient cash to make such payment as a result of limitations imposed by debt agreements to which the Corporate Taxpayer or
any of its Subsidiaries is a party, in which case Section 5.02 shall apply, but the Default Rate shall be replaced by the Agreed Rate); provided, further, that the Corporate Taxpayer shall promptly (and in any event, within two
(2) Business Days), pay all such unpaid payments, together with accrued and unpaid interest thereon, immediately following such time that the Corporate Taxpayer has, and to the extent the Corporate Taxpayer has, sufficient funds to make such
payment, and the failure of the Corporate Taxpayer to do so shall constitute a breach of this Agreement. For the avoidance of doubt, all cash and cash equivalents used or to be used to pay dividends by, or repurchase equity securities of, the
Corporate Taxpayer shall be deemed to be funds sufficient and available to pay such unpaid payments, together with any accrued and unpaid interest thereon. 

Section 4.02 Early Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under
Section 4.01(b) above, the Corporate Taxpayer shall deliver to each Member notice of such intention to exercise such right (“Early Termination Notice”) and a schedule (the “Early Termination Schedule”)
specifying the Corporate Taxpayer’s intention to exercise such right and showing in reasonable detail the calculation of the Early Termination Payment for such Member. The Early Termination Schedule shall become final and binding on such Member
thirty (30) calendar days from the first date on which such Member has received such Schedule or amendment thereto unless such Member (i) within thirty (30) calendar days after receiving the Early Termination Schedule, provides the
Corporate Taxpayer with notice of a material objection to such Schedule made in good faith (“Material Objection Notice”) or (ii) provides a written waiver of such right of a Material Objection Notice within the period described
in clause (i) above, in which case such Schedule becomes binding on the date the waiver is received by the Corporate Taxpayer (such thirty (30) calendar day date as modified, if at all, by clauses (i) or (ii), the “Early
Termination Effective Date”). If the Corporate Taxpayer and such Member, for any reason, are unable to successfully resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of
the Material Objection Notice, the Corporate Taxpayer and such Member shall employ the Reconciliation Procedures.
 Section 4.03
Payment upon Early Termination. 
 (a) Within three (3) Business Days after the Early Termination Effective Date, the Corporate
Taxpayer shall pay to each Member an amount equal to the Early Termination Payment in respect of such Member. Such payment shall be made by wire transfer of immediately available funds to a bank account or accounts designated by such Member or as
otherwise agreed by the Corporate Taxpayer and such Member. 
 (b) “Early Termination Payment” in respect of a Member shall
equal the present value, discounted at the Early Termination Rate as of the Early Termination Effective Date, of all Tax Benefit Payments in respect of such Member that would be required to be paid by the Corporate Taxpayer beginning from the Early
Termination Date and assuming that the Valuation Assumptions are applied.

  
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 ARTICLE V 

SUBORDINATION AND LATE PAYMENTS 

Section 5.01 Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or
Early Termination Payment required to be made by the Corporate Taxpayer to any Member under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any
obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer and its Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer
that are not Senior Obligations.
 Section 5.02 Late Payments by the Corporate Taxpayer. The amount of all or any portion of any
Tax Benefit Payment or Early Termination Payment not made to the applicable Member when due under the terms of this Agreement shall be payable together with any interest thereon, computed at the Default Rate and commencing from the date on which
such Tax Benefit Payment or Early Termination Payment was due and payable, subject to Section 4.01(c). 
 ARTICLE VI 

NO DISPUTES; CONSISTENCY; COOPERATION 

Section 6.01 Participation in the Corporate Taxpayer’s and OpCo’s Tax Matters. Except as
otherwise provided herein, the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer and OpCo, including the preparation, filing or amending of any Tax Return and
defending, contesting or settling any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer shall notify a Member of, and keep such Member reasonably informed with respect to, the portion of any audit of the Corporate
Taxpayer and OpCo by a Taxing Authority the outcome of which is reasonably expected to affect the rights and obligations of such Member under this Agreement, and shall provide to such Member reasonable opportunity to provide information and other
input (at such Member’s own expense) to the Corporate Taxpayer, OpCo and their respective advisors concerning the conduct of (but, for the avoidance of doubt such Member may not control) any such portion of such audit; provided,
however, that the Corporate Taxpayer and OpCo shall not be required to take any action that is inconsistent with any provision of the LLC Agreement. 

Section 6.02 Consistency. The Corporate Taxpayer and the Members agree to report and cause to be reported for all purposes,
including federal, state and local Tax purposes and financial reporting purposes, all Tax-related items (including the Basis Adjustments and each Tax Benefit Payment) in a manner consistent with that specified
by the Corporate Taxpayer in any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement unless otherwise required by law. Any dispute as to required Tax or financial reporting shall be subject to
Section 7.09. 

  
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 Section 6.03 Cooperation. Each of the Corporate Taxpayer and each Member shall
(a) furnish to the other party in a timely manner such information, documents and other materials as the other party may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement,
preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make itself available to the other party and its representatives to provide explanations of documents and materials and
such other information as the other party or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter, and the Corporate
Taxpayer shall reimburse the applicable Member for any reasonable third-party costs and expenses incurred pursuant to this Section 6.03. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given to
such party as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice: 

If to the Corporate Taxpayer, to:

BRP Group, Inc. 
 4010 W. Boy
Scout Blvd. 
 Suite 200 

Tampa, Florida 33607 
 Attention:
[***] 
 E-mail: [***] 

With copies (which shall not constitute notice) to: 

Davis Polk & Wardwell LLP 

450 Lexington Avenue 
 New York,
NY 10017 
 Attention:        Richard D. Truesdell, Jr. 

    Michael Mollerus 

E-mail:           [***] 

   [***] 

If to the applicable Member, to the address, facsimile number or e-mail address
specified for such party on the Member Schedule to the LLC Agreement. 
 All such notices, requests and other communications shall be
deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next
succeeding Business Day in the place of receipt. 

  
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 Section 7.02 Binding Effect; Benefit; Assignment. 

(a) The provisions of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors
and assigns. No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. The Corporate Taxpayer
shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written agreement, expressly to assume and agree
to perform this Agreement in the same manner and to the same extent that the Corporate Taxpayer would be required to perform if no such succession had taken place. 

(b) A Member may assign any of its rights under this Agreement to any Person as long as such transferee has executed and delivered, or, in
connection with such transfer, executes and delivers, a joinder to this Agreement, in form of Exhibit A, agreeing to become a “Member” for all purposes of this Agreement, except as otherwise provided in such joinder; provided, that
a Member’s rights under this Agreement shall be assignable by such Member under the procedure in this Section 7.02(b) regardless of whether such Member continues to hold any interests in OpCo or the Corporate Taxpayer or has fully
transferred any such interests. 
 (c) OpCo shall have the power and authority (but not the obligation) to permit any Person who becomes a
member of OpCo to execute and deliver a joinder to this Agreement promptly upon acquisition of LLC Units by such Person, and such Person shall be treated as a “Member” for all purposes of this Agreement. 

Section 7.03 Resolution of Disputes. 

(a) Except for Reconciliation Disputes subject to Section 7.09, any and all disputes which cannot be settled amicably, including any
ancillary claims of any party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity,
scope and enforceability of this arbitration provision) (each a “Dispute”) shall be finally settled by arbitration conducted by a single arbitrator in Delaware in accordance with the then-existing Rules of Arbitration of the
International Chamber of Commerce. If the parties to the Dispute fail to agree on the selection of an arbitrator within ten (10) days of the receipt of the request for arbitration, the International Chamber of Commerce shall make the
appointment. The arbitrator shall be a lawyer admitted to the practice of law in the State of Delaware and shall conduct the proceedings in the English language. Performance under this Agreement shall continue if reasonably possible during any
arbitration proceedings.
 (b) Notwithstanding the provisions of paragraph (a), the Corporate Taxpayer may bring an action or special
proceeding in any court of competent jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, and/or enforcing an arbitration award and, for the purposes of this
paragraph (b), each Member (i) expressly consents to the application of paragraph (c) of this Section 7.03 to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the
provisions of this Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such Member for service of process in connection with any such action
or proceeding and agrees that service of process upon such agent, who shall promptly advise such Member of any such service of process, shall be deemed in every respect effective service of process upon such Member in any such action or proceeding.


  
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 (c) EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE CHANCERY COURT OF THE
STATE OF DELAWARE OR, IF SUCH COURT DECLINES JURISDICTION, THE COURTS OF THE STATE OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND OF THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE SITTING IN WILMINGTON, DELAWARE, AND ANY APPELLATE
COURT FROM ANY THEREOF, FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION 7.03, OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO OR
CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration, to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties
acknowledge that the fora designated by this paragraph (c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another. 

(d) The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal
jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred to in the preceding paragraph of this Section 7.03 and such parties agree not to plead or claim the same. 

Section 7.04 Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no effect and no party shall have any
right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). 
 Section 7.05
Entire Agreement. This Agreement and the other Reorganization Documents (as such term is defined in the LLC Agreement) constitute the entire agreement between the parties with respect to the subject matter of this Agreement and supersede all
prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. Nothing in this Agreement shall create any third-party beneficiary rights in favor of any Person or other party
hereto. 
 Section 7.06 Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify
this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible. 

  
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 Section 7.07 Amendment. No provision of this Agreement may be amended unless
such amendment is approved in writing by the Corporate Taxpayer and by Persons who would be entitled to receive at least two-thirds of the Early Termination Payments payable to all Persons entitled to Early
Termination Payments under this Agreement if the Corporate Taxpayer had exercised its right of early termination on the date of the most recent Exchange prior to such amendment (excluding, for purposes of this sentence, all payments made to any
Persons pursuant to this Agreement since the date of such most recent Exchange); provided, that no such amendment shall be effective if such amendment will have a disproportionate effect on the payments certain Persons will or may receive
under the Tax Receivable Agreements unless all such Persons disproportionately affected consent in writing to such amendment. No provision of this Agreement may be waived unless such waiver is in writing and signed by the party against whom the
waiver is to be effective. 
 Section 7.08 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware, without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State. 

Section 7.09 Reconciliation. In the event that the Corporate Taxpayer and a Member are unable to resolve a disagreement with
respect to the matters governed by Sections 2.03, 3.01(b), 4.02 and 6.02 within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation Dispute shall be submitted for determination to a
nationally recognized expert (the “Expert”) in the particular area of disagreement mutually acceptable to both parties. The Expert shall be a partner or principal in a nationally recognized accounting or law firm, and unless the
Corporate Taxpayer and such Member agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or such Member or other actual or potential conflict of interest. If
the parties are unable to agree on an Expert within fifteen (15) calendar days of receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the International Chamber of Commerce Centre for
Expertise. The Expert shall resolve any matter relating to the Exchange Basis Schedule or an amendment thereto or the Early Termination Schedule or an amendment thereto within thirty (30) calendar days and shall resolve any matter relating to a
Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding
sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be
paid on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of such Expert or
amending any Tax Return shall be borne by the Corporate Taxpayer, except as provided in the next sentence. The Corporate Taxpayer and such Member shall bear their own costs and expenses of such proceeding, unless (i) the Expert
substantially adopts such Member’s position, in which case the Corporate Taxpayer shall reimburse such Member for any reasonable out-of-pocket


  
 21 













 
costs and expenses in such proceeding, or (ii) the Expert substantially adopts the Corporate Taxpayer’s position, in which case such Member shall reimburse the Corporate Taxpayer for
any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this
Section 7.09 shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert pursuant to this Section 7.09 shall be binding on the Corporate Taxpayer and such Member
and may be entered and enforced in any court having jurisdiction.
 Section 7.10 Withholding. The Corporate Taxpayer shall be
entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision of state, local
or foreign tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to the
applicable Member. 
 Section 7.11 Admission of the Corporate Taxpayer into a Consolidated Group; Transfers of Corporate
Assets.
 (a) If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a
consolidated income tax return pursuant to Sections 1501 et seq. of the Code or any corresponding provisions of state or local law, then: (i) the provisions of this Agreement shall be applied with respect to the group as a whole; and
(ii) Tax Benefit Payments, Early Termination Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole. 

(b) If any entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder transfers one or more assets to a
corporation (or a Person classified as a corporation for U.S. federal income tax purposes) with which such entity does not file a consolidated tax return pursuant to Section 1501 of the Code, such entity, for purposes of calculating the amount
of any Tax Benefit Payment or Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such entity) due hereunder, shall be treated as having disposed of such asset in a fully taxable
transaction on the date of such contribution. The consideration deemed to be received by such entity shall be equal to the fair market value of the contributed asset. For purposes of this Section 7.11, a transfer of a partnership interest
shall be treated as a transfer of the transferring partner’s share of each of the assets and liabilities of that partnership. 

Section 7.12 Confidentiality. Section 12.11 (Confidentiality) of the LLC Agreement as of the date of this Agreement shall
apply to any information of the Corporate Taxpayer provided to the Members and their assignees pursuant to this Agreement. 

Section 7.13 Change in Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change
in law, a Member reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such Member (or direct or indirect equity holders in such Member)
upon an Exchange to be treated as ordinary income rather than capital gain (or 

  
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otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax consequences to the Corporate Taxpayer or such Member or any direct or
indirect owner of a Member, then at the election of such Member and to the extent specified by such Member, this Agreement (i) shall cease to have further effect with respect to such Member, (ii) shall not apply to an Exchange occurring
after a date specified by such Member, or (iii) shall otherwise be amended in a manner determined by such Member; provided, that such amendment shall not result in an increase in payments under this Agreement to such Member at any time
as compared to the amounts and times of payments that would have been due to such Member in the absence of such amendment. 

Section 7.14 Partnership Agreement. This Agreement shall be treated as part of the partnership agreement of OpCo as described in
Section 761(c) of the Code, and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations. 

[Remainder of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the Corporate Taxpayer, OpCo, and each Member set forth below have duly
executed this Agreement as of the date first written above. 
  

			
	CORPORATE TAXPAYER:
	
	BRP GROUP, INC.
		
	By:	 	 /s/ Kristopher A. Wiebeck

		 	Name: Kristopher A. Wiebeck
		 	Title: Chief Financial Officer



  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	OPCO:
	
	BALDWIN RISK PARTNERS, LLC
		
	By:	 	 /s/ Trevor L. Baldwin

		 	Name: Trevor L. Baldwin
		 	Title: Chief Executive Officer



  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	MEMBERS: 
	
	BRP GROUP, INC.
		
	By:	 	 /s/ Kristopher A. Wiebeck

		 	Name: Kristopher A. Wiebeck
		 	Title: Chief Financial Officer
	
	BALDWIN INSURANCE GROUP HOLDINGS, LLC
		
	By:	 	 /s/ L. Lowry Baldwin

		 	Name: L. Lowry Baldwin
		 	Title: Manager
	
	L. LOWRY BALDWIN
		
	By:	 	 /s/ L. Lowry Baldwin

	
	LAURA R. SHERMAN
		
	By:	 	 /s/ Laura R. Sherman

	
	LAURA R. SHERMAN GRAT 2019-1 DATED SEPTEMBER 30, 2019
		
	By:	 	 /s/ Laura R. Sherman

		 	Name: Laura R. Sherman
		 	Title: Sole Trustee



  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	LAURA R. SHERMAN GRAT 2019-2 DATED SEPTEMBER 30, 2019
		
	By:	 	 /s/ Laura R. Sherman

		 	Name: Laura R. Sherman
		 	Title: Sole Trustee
	
	ELIZABETH H. KRYSTYN
		
	By:	 	 /s/ Elizabeth H. Krystyn

	
	ELIZABETH H. KRYSTYN 2019 GRANTOR RETAINED ANNUITY TRUST I DATED SEPTEMBER 30, 2019
		
	By:	 	 /s/ Elizabeth H. Krystyn

		 	Name: Elizabeth H. Krystyn
		 	Title: Sole Trustee
	
	ELIZABETH H. KRYSTYN 2019 GRANTOR RETAINED ANNUITY TRUST II DATED SEPTEMBER 30, 2019
		
	By:	 	 /s/ Elizabeth H. Krystyn

		 	Name: Elizabeth H. Krystyn
		 	Title: Sole Trustee
	
	TREVOR L. BALDWIN
		
	By:	 	 /s/ Trevor L. Baldwin




  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	KRISTOPHER A. WIEBECK
		
	By:	 	 /s/ Kristopher A. Wiebeck

	
	 KRISTOPHER A. WIEBECK 2019 GRANTOR RETAINED ANNUITY TRUST DATED SEPTEMBER 30,
2019

		
	By:	 	 /s/ Kristopher A. Wiebeck

		 	Name: Kristopher A. Wiebeck
		 	Title: Sole Trustee
	
	JOHN A. VALENTINE
		
	By:	 	 /s/ John A. Valentine

	
	 JOHN A. VALENTINE 2019 GRANTOR RETAINED ANNUITY TRUST DATED SEPTEMBER 30,
2019

		
	By:	 	 /s/ John A. Valentine

		 	Name: John A. Valentine
		 	Title: Sole Trustee
	
	DANIEL GALBRAITH
		
	By:	 	 /s/ Daniel Galbraith

	
	BRADFORD L. HALE
		
	By:	 	 /s/ Bradford L. Hale




  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	JOSEPH D. FINNEY
		
	By:	 	 /s/ Joseph D. Finney

	
	THE VILLAGES INVESCO, LLC
		
	By:	 	 /s/ Kelsea Morse Manly

		 	Name: Kelsea Morse Manly
		 	Title: Manager
	
	CHRISTOPHER J. STEPHENS
		
	By:	 	 /s/ Christopher J. Stephens

	
	MATTHEW HAMMER
		
	By:	 	 /s/ Matthew Hammer

	
	WMTHCS & ASSOCIATES, LLC
		
	By:	 	 /s/ H. William Montoya

		 	Name: H. William Montoya
		 	Title: Partner
	
	AMY INGRAM
		
	By:	 	 /s/ Amy Ingram

		 	Name: Amy Ingram



  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	KELLY NASH
		
	By:	 	 /s/ Kelly Nash

	WILLIAM TAULBEE
		
	By:	 	 /s/ William P. Taulbee

	
	MARK WEBB
		
	By:	 	 /s/ R. Mark Webb

	
	RICHARD RUSSO
		
	By:	 	 /s/ Richard P. Russo, Jr.

	
	 FIDUCIARY PARTNERS RETIREMENT GROUP, INC.

		
	By:	 	 /s/ Kenneth F. Jewell

		 	Name: Kenneth F. Jewell
		 	Title: Chief Executive Officer
	
	KMW CONSULTING, LLC
		
	By:	 	 /s/ Kristopher A. Wiebeck

		 	Name: Kristopher A. Wiebeck
		 	Title: Managing Member



  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	W. DAVID COX
		
	By:	 	 /s/ W. David Cox

	
	MICHAEL P. RYAN
		
	By:	 	 /s/ Michael P. Ryan

	
	INSURANCE AFFORDABLE, INC.
		
	By:	 	 /s/ Dennis P. Gagnon, Jr.

		 	Name: Dennis P. Gagnon, Jr.
		 	Title: President
	
	BRIAN BRENNAN
		
	By:	 	 /s/ Brian Brennan

	
	CLINTON DURST
		
	By:	 	 /s/ Clinton James Durst

	
	KEN SPRAGGINS
		
	By:	 	 /s/ Ken Spraggins




  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	DREW ARMACOST
		
	By:	 	 /s/ Drew Armacost

	
	 INSURANCE AGENCIES OF THE VILLAGES, INC.

		
	By:	 	 /s/ Kelsea Morse Manly

		 	Name: Kelsea Morse Manly
		 	Title: President
	
	 RYAN INSURANCE & FINANCIAL SERVICES, INC.

		
	By:	 	 /s/ Sean D. Ryan

		 	Name: Sean D. Ryan
		 	Title: President
	
	CRB INSURANCE, LLC
		
	By:	 	 /s/ Christopher R. Black

		 	Name: Christopher R. Black
		 	Title: Managing Member
	
	 ROBERT J WENTZELL FAMILY PARTNERSHIP

		
	By:	 	 /s/ Robert J. Wentzell

		 	Name: Robert J. Wentzell
		 	Title: Managing Partner



  
 [Signature Page to Tax
Receivable Agreement] 













 
			
	ROBERT C. WENTZELL
		
	By:	 	 /s/ Robert C. Wentzell

	
	FOUNDATION INSURANCE OF FLORIDA, LLC
		
	By:	 	 /s/ Jason Eisenberg

		 	Name: Jason Eisenberg
		 	Title: Manager
	
	MILLENNIAL SPECIALTY HOLDCO, LLC
		
	By:	 	 /s/ Brian Schultz

		 	Name: Brian Schultz
		 	Title: Member Manger
	
	AB RISK HOLDCO, INC.
		
	By:	 	 /s/ Keith P. Becker

		 	Name: Keith P. Becker
		 	Title: President
	
	EMMANUEL LAURIA
		
	By:	 	 /s/ Emmanuel Lauria

	
	IPEO SOLUTIONS LLC
		
	By:	 	 /s/ Michael Ortoll

		 	Name: Michael Ortoll
		 	Title: Chief Executive Officer



  
 [Signature Page to Tax
Receivable Agreement] 













 Exhibit A 

Joinder 
 This JOINDER
(this “Joinder”) to the Tax Receivable Agreement (as defined below), dated as of ____________, by and among BRP Group, Inc., a Delaware corporation (the “Corporate Taxpayer”), and ______________ (“Permitted
Transferee”). 
 WHEREAS, on ____________, Permitted Transferee acquired (the “Acquisition”) the right to receive
any and all payments that may become due and payable under the Tax Receivable Agreement with respect to ___ Common Units and the corresponding shares of Class B Common Stock that were previously, or may in the future be, Exchanged and are
described in greater detail in Annex A to this Joinder (collectively, “Interests” and, together with all other interests hereinafter acquired by the Permitted Transferee from Transferor, the “Acquired Interests”)
from ______________ (“Transferor”); and 
 WHEREAS, Transferor, in connection with the Acquisition, has required Permitted
Transferee to execute and deliver this Joinder pursuant to Section 7.02(b) of the Tax Receivable Agreement, dated as of [•], 2019, by and among the Corporate Taxpayer and each Member (as defined therein) (the “Tax Receivable
Agreement”). 
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, and
intending to be legally bound hereby, the parties hereto agree as follows: 
 Section 1.01 Definitions. To the extent
capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set forth in the Tax Receivable Agreement. 

Section 1.02 Joinder. Permitted Transferee hereby acknowledges and agrees to become a “Member” (as defined in the Tax
Receivable Agreement) for all purposes of the Tax Receivable Agreement. Permitted Transferee hereby acknowledges the terms of Section 7.02(b) of the Tax Receivable Agreement and agrees to be bound by Section 7.12 of the Tax Receivable
Agreement. 
 Section 1.03 Notice. Any notice, request, consent, claim, demand, approval, waiver or other communication
hereunder to Permitted Transferee shall be delivered or sent to Permitted Transferee at the address set forth on the signature page hereto in accordance with Section 7.01 of the Tax Receivable Agreement. 

Section 1.04 Governing Law. This Joinder shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State. 
 IN
WITNESS WHEREOF, this Joinder has been duly executed and delivered by Permitted Transferee as of the date first above written. 












 
			
	[PERMITTED TRANSFEREE]
		
	By:	 	              

		 	Name:
		 	Title:
	
	Address for notices: