Exhibit 3.2

THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

WISE METALS GROUP LLC

A Delaware Limited Liability Company

dated as of October 5, 2007



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TABLE OF CONTENTS



|   |  |                                                        |  |                                                                                      |  |     
|-- |  | ------------------------------------------------------ |  | ------------------------------------------------------------------------------------ |  | ----
|   |  |                                                        |  |                                                                                      |  | Page
|1. |  | ORGANIZATIONAL MATTERS                                 |  | 1                                                                                   
|   |  |                                                        | 
|   |  | 1.1                                                    |  | Rights of the Preferred Members, Members and Economic Interest Holders under the Act |  | 1   
|   |  | 1.2                                                    |  | Name                                                                                 |  | 2   
|   |  | 1.3                                                    |  | Principal Place of Business; Other Places of Business                                |  | 2   
|   |  | 1.4                                                    |  | Business Purpose                                                                     |  | 2   
|   |  | 1.5                                                    |  | Authorized Persons                                                                   |  | 2   
|   |  | 1.6                                                    |  | Designated Agent for Service of Process                                              |  | 2   
|   |  | 1.7                                                    |  | Term                                                                                 |  | 2   
|   |  | 1.8                                                    |  | Ownership of Company Property                                                        |  | 2   
|   |  | 1.9                                                    |  | No State Law Partnership                                                             |  | 2   
|   |  | 1.10                                                   |  | Number of Members and Economic Interest Holders                                      |  | 3   
|   |  |                                                       
|2. |  | DEFINITIONS                                            |  | 3                                                                                   
|   |  |                                                       
|3. |  | CAPITAL; CAPITAL ACCOUNTS; ECONOMIC INTERESTS; MEMBERS |  | 13                                                                                  
|   |  |                                                        | 
|   |  | 3.1                                                    |  | Capital Contributions; Economic Interests                                            |  | 13  
|   |  | 3.2                                                    |  | Additional Capital Contributions                                                     |  | 14  
|   |  | 3.3                                                    |  | Capital Accounts                                                                     |  | 15  
|   |  | 3.4                                                    |  | Preferred Member, Member or Economic Interest Holder Capital; Redemptions            |  | 15  
|   |  | 3.5                                                    |  | Liability of Preferred Members, Members, Economic Interest Holders                   |  | 16  
|   |  | 3.6                                                    |  | Preferred Member, Member or Economic Interest Holder Loans                           |  | 16  
|   |  | 3.7                                                    |  | Additional Members; Economic Interest Holders                                        |  | 16  
|   |  | 3.8                                                    |  | Preferred Interest                                                                   |  | 17  
|   |  |                                                       
|4. |  | DISTRIBUTIONS                                          |  | 18                                                                                  
|   |  |                                                        | 
|   |  | 4.1                                                    |  | Distributions of Cash Available for Distribution                                     |  | 18  
|   |  | 4.2                                                    |  | Distributions Upon Liquidation                                                       |  | 18  
|   |  | 4.3                                                    |  | Distributions in Kind                                                                |  | 18  
|   |  | 4.4                                                    |  | Limitations on Distributions                                                         |  | 19  
|   |  | 4.5                                                    |  | Withholding                                                                          |  | 19  
|   |  |                                                       
|5. |  | ALLOCATIONS OF NET PROFITS AND NET LOSSES              |  | 19                                                                                  
|   |  |                                                        | 
|   |  | 5.1                                                    |  | General Allocation of Net Profits and Losses                                         |  | 19  
|   |  | 5.2                                                    |  | Regulatory Allocations                                                               |  | 20  
|   |  | 5.3                                                    |  | Special Allocations                                                                  |  | 22  
|   |  | 5.4                                                    |  | Tax Allocations                                                                      |  | 22  
|   |  | 5.5                                                    |  | Other Provisions                                                                     |  | 23  
|   |  |                                                       
|6. |  | OPERATIONS                                             |  | 24                                                                                  
|   |  |                                                        | 
|   |  | 6.1                                                    |  | Management                                                                           |  | 24  
|   |  | 6.2                                                    |  | Compensation and Reimbursement of Members                                            |  | 26  



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TABLE OF CONTENTS

(continued)



|   |  |                                                          |  |                                                                                               |  |   
|-- |  | -------------------------------------------------------- |  | --------------------------------------------------------------------------------------------- |  | --
|   |  | 6.3                                                      |  | Records and Reports                                                                           |  | 27
|   |  | 6.4                                                      |  | Indemnification and Liability of the Preferred Members, Members and Economic Interest Holders |  | 27
|   |  | 6.5                                                      |  | Other Activities                                                                              |  | 29
|   |  |                                                         
|7. |  | INTERESTS AND TRANSFERS OF INTERESTS                     |  | 29                                                                                           
|   |  |                                                          | 
|   |  | 7.1                                                      |  | Transfers of Interests; Restrictions on Transfers                                             |  | 29
|   |  | 7.2                                                      |  | Right of First Offer                                                                          |  | 29
|   |  | 7.3                                                      |  | Tag-Along Right                                                                               |  | 31
|   |  | 7.4                                                      |  | Drag-Along Right                                                                              |  | 31
|   |  | 7.5                                                      |  | Further Restrictions                                                                          |  | 32
|   |  | 7.6                                                      |  | Rights of Assignees                                                                           |  | 33
|   |  | 7.7                                                      |  | Admissions and Withdrawals                                                                    |  | 33
|   |  | 7.8                                                      |  | Payment Upon Withdrawal of Member or Economic Interest Holder                                 |  | 33
|   |  | 7.9                                                      |  | Admission of Assignees as Substitute Members                                                  |  | 34
|   |  | 7.10                                                     |  | Withdrawal of Members                                                                         |  | 34
|   |  | 7.11                                                     |  | Conversion of Company to a Corporation                                                        |  | 34
|   |  | 7.12                                                     |  | Transfers between Members                                                                     |  | 34
|   |  | 7.13                                                     |  | Preferred Redemption Rights                                                                   |  | 35
|   |  | 7.14                                                     |  | Preemptive Rights                                                                             |  | 36
|   |  |                                                         
|8. |  | DISSOLUTION, LIQUIDATION, AND TERMINATION OF THE COMPANY |  | 36                                                                                           
|   |  |                                                          | 
|   |  | 8.1                                                      |  | Limitations                                                                                   |  | 36
|   |  | 8.2                                                      |  | Exclusive Causes                                                                              |  | 37
|   |  | 8.3                                                      |  | Effect of Dissolution                                                                         |  | 37
|   |  | 8.4                                                      |  | No Capital Contribution Upon Dissolution                                                      |  | 37
|   |  | 8.5                                                      |  | Liquidation                                                                                   |  | 38
|   |  |                                                         
|9. |  | MISCELLANEOUS                                            |  | 38                                                                                           
|   |  |                                                          | 
|   |  | 9.1                                                      |  | Amendments                                                                                    |  | 38
|   |  | 9.2                                                      |  | Investment Representations and Warranties                                                     |  | 39
|   |  | 9.3                                                      |  | Representations of Each Member and Economic Interest Holder                                   |  | 39
|   |  | 9.4                                                      |  | Accounting and Fiscal Year                                                                    |  | 40
|   |  | 9.5                                                      |  | Meetings                                                                                      |  | 40
|   |  | 9.6                                                      |  | Further Assurances                                                                            |  | 40
|   |  | 9.7                                                      |  | Notices                                                                                       |  | 40
|   |  | 9.8                                                      |  | Tax Matters                                                                                   |  | 41
|   |  | 9.9                                                      |  | Governing Law                                                                                 |  | 41
|   |  | 9.10                                                     |  | Dispute Resolution                                                                            |  | 41
|   |  | 9.11                                                     |  | Construction                                                                                  |  | 42
|   |  | 9.12                                                     |  | Captions; Pronouns                                                                            |  | 42
|   |  | 9.13                                                     |  | Binding Effect                                                                                |  | 42
|   |  | 9.14                                                     |  | Severability                                                                                  |  | 42



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TABLE OF CONTENTS

(continued)



|           |  |                                                      |  |                 |  |   
|---------- |  | ---------------------------------------------------- |  | --------------- |  | --
|           |  | 9.15                                                 |  | Confidentiality |  | 43
|           |  | 9.16                                                 |  | Counterparts    |  | 44
|           |  | 9.17                                                 |  | SPA             |  | 44
|           | 
|EXHIBIT A: |  |                                                     
|           |  | Capital Accounts and Percentage Interests of Members |  |                
|           |  | Percentage Interests of Economic Interest Holders    |  |                
|           | 
|EXHIBIT B: |  |                                                     
|           |  | Management Board Members                             |  |                
|           |  | Officers                                             |  |                



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THIRD AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF WISE METALS GROUP LLC

THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (as may from
time to time be amended, modified or restated, this Agreement ) of Wise Metals Group LLC, a Delaware limited liability company (the Company), is made and entered into as of the 5thday of October, 2007 by and among Silver Knot, LLC, a Delaware limited liability company (Silver Knot); each person identified as a Member on Exhibit
A attached hereto (such person and each other holder from time to time of a Membership Interest in the Company, including any Substitute Member, shall be referred to herein collectively as the Members and each individually as a
Member); each other individual identified as an Economic Interest Holder on Exhibit A attached hereto (the Economic Interest Holders); and the Employees Retirement System of Alabama and the
Teachers Retirement System of Alabama (collectively, the RSA), as the holders of the Series I Preferred Interests whose names are set forth on Exhibit A hereto, as it may be amended from time to time. Pursuant to
Section 18-201(d) of the Delaware Limited Liability Company Act, as amended from time to time (the Act), this Agreement shall be effective as of May 25, 2004.

RECITALS

WHEREAS,
capitalized terms have the meaning ascribed to them in Paragraph 2;

WHEREAS, the Company wishes to issue Preferred Interest in the
aggregate amount of $75,000,000 to the RSA pursuant to a Preferred Membership Interest Purchase Agreement (SPA) dated October 4, 2007 among the Company and the RSA.

WHEREAS, the Preferred Members, the Members and the Economic Interest Holders, in connection with the foregoing, desire to amend and restate the
Second Amended and Restated LLC Agreement in the manner set forth herein;

NOW, THEREFORE, in consideration of the premises set
forth above and the agreements and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Preferred Members, the Members and
the Economic Interest Holders hereby agree as follows:

1. ORGANIZATIONAL MATTERS

1.1 Rights of the Preferred Members, Members and Economic Interest Holders under the Act. The Preferred Members, Members and Economic
Interest Holders have formed the Company under the Act for the purposes and upon the terms and conditions hereinafter set forth. The rights and liabilities of the Preferred Members, the Members and Economic Interest Holders shall be as provided in
the Act, except as otherwise expressly provided herein. In the event of any inconsistency between any terms and conditions contained in this Agreement and any non-mandatory provisions of the Act, the terms and conditions contained in this Agreement
shall govern.



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1.2 Name. The name of the Company is Wise Metals Group LLC. The Company may
also conduct business at the same time under one or more fictitious names if the Management Board determines that such is in the best interests of the Company. The Members may, upon the written consent of the Management Board, change the name of the
Company, from time to time, in accordance with applicable law.

1.3 Principal Place of Business; Other Places of Business.
The principal place of business of the Company shall be located at 857 Elk Ridge Landing Road, Linthicum, Maryland 21090, or such other place within or outside the State of Delaware as the Management Board may from time to time designate. The
Company may maintain offices and places of business at such other place or places within or outside the State of Delaware as the Management Board deems advisable.

1.4 Business Purpose. The Company may, directly or indirectly, acquire, own, hold, develop, operate, manage and dispose of any property, and enter into other business activities associated, directly or
indirectly, with the manufacture, recycling, purchase, sale, trading, transportation or marketing of aluminum and aluminum products, including, without limitation, advisory and consulting services, and may engage in any and all other lawful
business, purpose or activity in which a limited liability company may be engaged under applicable law (including, without limitation, the Act).

1.5 Authorized Persons. Each member of the Management Board is hereby designated as an authorized person within the meaning of the Act.

1.6 Designated Agent for Service of Process. The Company shall continuously maintain a registered office and a designated and duly qualified agent for service of process on the Company in the State of
Delaware, who initially shall be RL&F Service Corp., One Rodney Square, 10th Floor, Tenth & King Streets, Wilmington, New Castle County, Delaware 19801.

1.7 Term. The term of the Company commenced on February 1, 1999, the date that the Certificate was filed with the Secretary of State of the State of Delaware, and shall continue until dissolved
pursuant to this Agreement. The existence of the Company as a separate legal entity shall continue until the cancellation of the Certificate, as provided in the Act.

1.8 Ownership of Company Property. All property acquired by the Company, real or personal, tangible or intangible, including limited liability company interests, shall be owned by the Company as an
entity, and no Preferred Member, Member or Economic Interest Holder, individually, shall have any ownership interest therein. Each Preferred Member, Member and Economic Interest Holder hereby expressly waives the right to require the partition of
any Company property or any part thereof.

1.9 No State Law Partnership. The Preferred Members, the Members and Economic
Interest Holders intend that the Company not be a partnership (including, without limitation, a limited partnership) or joint venture, and that no Preferred Member,



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Member or Economic Interest Holder be an agent, partner or joint venturer of any other Preferred Member, Member or Economic Interest Holder, for any purposes
other than tax purposes, and this Agreement shall not be construed to suggest otherwise.

1.10 Number of Members and Economic
Interest Holders. The Company shall not at any time have more than one hundred (100) Preferred Members, Members and Economic Interest Holders, including Persons indirectly owning an interest in the Company through a partnership, limited
liability company, subchapter S corporation or trust (any such entity being a flow-through entity), but only if substantially all of the value of such Persons interest in the flow-through entity is attributable to the flow-through
entitys interest (directly or indirectly) in the Company.

2. DEFINITIONS

Capitalized words and phrases used and not otherwise defined elsewhere in this Agreement shall have the following meanings:

Act is defined in the Preamble.

Additional Economic Interest Holder Event is defined in Paragraph 3.7.3.

Additional Economic Interest
Holders is defined in Paragraph 3.7.1.

Additional Members is defined in Paragraph 3.7.1.

Additional Member Event is defined in Paragraph 3.7.2.

Adjusted Capital Account Deficit means, with respect to any Member, the deficit balance, if any, in such Members Capital Account as of the end of the relevant fiscal year, after giving effect
to the following adjustments:

Add to such Capital Account the following items:

(a) The amount, if any, that such Member is obligated to contribute to the Company upon liquidation of such Members Interest; and

(b) The amount that such Member is deemed to be obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c) or the penultimate
sentence of each of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and

Subtract from such Capital Account such Members share
of the items described in Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).

The foregoing definition of Adjusted Capital
Account Deficit is intended to comply with the provisions of Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith.



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Adjustment Event is defined in Paragraph 3.2.4.

Affiliate means, with reference to a specified Person: (a) a Person that, directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, the specified Person, (b) any Person that is an officer, partner, member or trustee of, or serves in a similar capacity with respect to, the specified Person, or for
which the specified Person is an officer, partner or trustee, or serves in a similar capacity, or (c) any member of the Immediate Family of the specified Person.

Agreement is defined in the Preamble.

Appraised Fair Market Value
means the fair market value of the Company determined, as of the relevant date, in the following manner:

The Majority in
Interest shall select a firm nationally recognized in the valuation of the aluminum manufacturing and metals trading business, as more fully described in Paragraph 1.4. Such firm shall prepare an appraisal of the fair market value of the Company,
which shall be the Appraised Fair Market Value of the Company.

Asset Distribution Date is defined in Paragraph 4.3.

Asset Distribution Notice is defined in Paragraph 4.3.

Assignee means any Person (a) to whom a Preferred Member or a Member (or assignee thereof) Transfers all or any part of his
Membership Interest in the Company, and who has not been admitted to the Company as a Substitute Member pursuant to Paragraph 7.9 of this Agreement.

Capital Account means an account maintained for a Preferred Member or Member on the Companys books and records in accordance with the following provisions (the balance of which on the date
hereof is set forth on Exhibit A, which balance reflects a closing of the books and adjustment in accordance with Regulations Section 1.704-1(b)(2)(iv)(f) as of the date hereof):

(a) To each Preferred Members or Members Capital Account there shall be added (a) such Preferred Members or Members Capital
Contributions, net of any liabilities assumed by the Company (or which are secured by Company property contributed by the Preferred Member or Member), (b) such Preferred Members or Members allocable share of Net Profits and any
items in the nature of income or gain that are specially allocated to such Preferred Member or Member pursuant to Article 5 hereof or other provisions of this Agreement, and (c) the amount of any Company liabilities assumed by such Preferred
Member or Member or which are secured by any property distributed to such Preferred Member or Member.

(b) From each Preferred
Members or Members Capital Account there shall be subtracted (a) the amount of (i) cash and (ii) the Gross Asset Value of any Company Assets



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(other than cash) distributed to such Preferred Member or Member pursuant to Article 5 hereof or other provisions of this Agreement, (b) such Preferred
Members or Members allocable share of Net Losses and any other items in the nature of expenses or losses that are specially allocated to such Preferred Member or Member pursuant to Article 5 hereof or other provisions of this Agreement,
and (c) liabilities of such Preferred Member or Member assumed by the Company or which are secured by any property contributed by such Preferred Member or Member to the Company.

(c) In the event any Preferred Interest or Membership Interest in the Company is transferred in accordance with the terms of this Agreement, the
transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Preferred Interest or Membership Interest.

(d) In determining the amount of any liability for purposes of paragraphs (a) and (b) above, there shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and
Regulations.

(e) The foregoing provisions and the other provisions of this Agreement relating to the maintenance of Capital Accounts are
intended to comply with Regulations Sections 1.704-1(b) and 1.704-2 and shall be interpreted and applied in a manner consistent with such Regulations. In the event that the Tax Matters Partner, subject to the consent of a Majority in Interest, shall
determine that it is prudent to modify the manner in which the Capital Accounts, or any additions or subtractions thereto, are computed in order to comply with such Regulations, the Tax Matters Partner may make such modification,provided
that it is not likely to have a material effect on the amounts distributable to any Preferred Member or Member pursuant to Articles 4 and 8 hereof. The Tax Matters Partner, subject to the consent of a Majority in Interest, shall also make
(a) any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Preferred Members or Members and the amount of Company capital reflected on the Companys balance sheet, as computed for book
purposes, in accordance with Regulations Section 1.704-1(b)(2)(iv)(q), and (b) any appropriate modifications in the event that unanticipated events might otherwise cause this Agreement not to comply with Regulations Sections 1.704-1(b) and
1.704-2.

Capital Contributions means, with respect to any Preferred Member or Member, the total amount of money and the
initial Gross Asset Value of property (other than money) contributed to the capital of the Company by such Preferred Member or Member.

Cash Available for Distribution means, with respect to any fiscal year, all Company cash receipts (including cash available under Company lines of credit, but excluding the proceeds from any Terminating Capital
Transaction), after deducting payments for Operating Cash Expenses, payments required to be made in connection with any loan to the Company or any other loan secured by a lien on any Company Assets, capital expenditures and any other amounts set
aside for the restoration, increase or creation of reasonable Reserves, including for this purpose only such cash amounts actually received by the Company attributable to its interest in its Operating Subsidiaries but only to the extent such cash
receipts are permitted to be distributed by the Company pursuant to the Indenture. The determination of the amount of Cash



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Available for Distribution, including but not limited to the amount set aside for Reserves and the determination of the amount and timing of cash
distributions from Operating Subsidiaries, shall, except to the extent set forth in Paragraph 4.1.2 hereof be made by the Majority in Interest;provided, however , that for distributions required pursuant to Paragraphs 4.1.5, this sentence
shall have no effect.

Certificate means the Certificate of Formation of the Company, as filed with the Secretary of
State of Delaware on February 1, 1999, as amended through the date hereof.

Code means the Internal Revenue Code of
1986, as amended from time to time (or any corresponding provisions of succeeding law).

Company is defined in the
Preamble.

Company Assets means all direct and indirect interests in real and personal property owned by the Company
from time to time, and shall include limited liability company interests and tangible and intangible property (including cash).

Company FMV is defined in Paragraph 3.2.4.

Company Minimum Gain has the meaning set forth
in Regulations Sections 1.704-2(b)(2) and 1.704-2(d)(1) for the phrase partnership minimum gain.

Confidential
Information is defined in Paragraph 9.15.

Contributing Member is defined in Paragraph 3.2.3.

Control (including the terms Controlling, Controlled By and Under Common Control With) shall mean
the possession, directly or indirectly, of the power to direct or cause the direction of the management and/or policies of any Person, whether through the ownership of securities or otherwise.

Deemed Price is defined in Section 7.4.1.

Deemed Value is defined in Section 7.4.1.

Deficit Amount is
defined in Paragraph 3.2.3.

Depreciation means, with respect to any asset, for each fiscal year or other period, an
amount equal to the federal income tax depreciation, amortization or other cost recovery deduction allowable with respect to such asset for such year or other period, except that if the Gross Asset Value of such asset differs from its adjusted basis
for federal income tax purposes at the beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery
deduction for such year or other period bears to such beginning adjusted tax basis;provided, however , that if the federal income tax depreciation, amortization or other cost



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recovery deduction for such year or other period is zero, Depreciation shall be determined with reference to such beginning Gross Asset Value using any
reasonable method selected by the Tax Matters Partner.

Drag-Along Members is defined in Paragraph 7.4.1.

Drag-Along Notice is defined in Paragraph 7.4.2.

Drag-Along Right is defined in Paragraph 7.4.1.

Economic Interest
means a Persons right to share in the Net Profits, Net Losses, or similar items of income, gain, loss, deduction, or credit arising out of the business of, and to receive distributions from, the Company, but does not include any other rights
of a Member including, without limitation, the right to vote or to participate in the management of the Company, or, except as specifically provided in this Agreement or required under the Act, any right to information concerning the business and
affairs of the Company.

Economic Interest Holder means a Person holding an Economic Interest in the Company and any
successor in interest. An Economic Interest Holder in his capacity as such is not a member of the Company within the meaning of the Act.

Electing Member is defined in Paragraph 3.2.3.

Extra Contribution is
defined in Paragraph 3.2.3.

Gross Asset Value means, with respect to any asset, the assets adjusted basis for
federal income tax purposes, except as follows:

(a) The initial Gross Asset Value of any asset contributed by a Member to the Company shall
be the gross fair market value of such asset, as reasonably determined by a Majority in Interest.

(b) The Gross Asset Values of all
Company Assets shall be adjusted to equal their respective gross fair market values, as determined by a Majority in Interest using such reasonable method of valuation as such Majority in Interest may adopt, immediately prior to the occurrence of any
event described in paragraph (a), paragraph (b), paragraph (c) or paragraph (d) hereof:

(i) the acquisition of an additional
Percentage Interest in the Company (other than in connection with the execution of this Agreement and the making of Capital Contributions) by a new or existing Member in exchange for more than ade minimis Capital Contribution unless a
Majority in Interest determines that such adjustments are not necessary or appropriate to reflect the relative economic interests of the Members in the Company;

(ii) the distribution by the Company to a Member of more than ade minimis amount of Company Assets as consideration for an interest in the Company unless a Majority in Interest determines that such adjustments
are not necessary or appropriate to reflect the relative economic interests of the Members in the Company;



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(iii) the liquidation of the Company within the meaning of Regulations
Section 1.704-1(b)(2)(ii)(g); and

(iv) at such other times as a Majority in Interest shall reasonably determine necessary or
advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2, including, but not limited to the receipt by the Company of property (excluding money) that consists of stock, securities, commodities, options, warrants, futures, or
similar instruments that are readily tradable on an established securities market.

(c) The Gross Asset Value of any Company Asset
distributed to a Member shall be the gross fair market value of such asset on the date of distribution as determined by the Management Board.

(d) The Gross Asset Values of Company Assets shall be increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that
such adjustments are taken into account in determining Capital Accounts pursuant to Regulations Section 1.704-1(b)(2)(iv)(m );provided, however , that Gross Asset Values shall not be adjusted pursuant to this paragraph
(d) to the extent that a Majority in Interest reasonably determines that an adjustment pursuant to paragraph (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to
this paragraph (d).

Immediate Family means, and is limited to, an individual Members current spouse, parents,
parents-in-law, grandparents, children, siblings (and their lineal descendents), and grandchildren. A trust, estate, family partnership, limited liability company or corporation entitled to federal income tax treatment pursuant to subchapter S of
the Code, all of the beneficiaries, partners, members or shareholders of which consist of such Member or members of such Members Immediate Family, shall be considered such Members Immediate Family for the purposes of this Agreement.

Indemnitee is defined in Paragraph 6.4.1.

Indenture means the indenture entered into on May 5, 2004 by and among the Company, its current subsidiaries and the Bank of New
York as trustee.

Major Decision means any decision specified in Paragraph 6.1.6.

Majority in Interest means, at any time, those Members holding at such time, in the aggregate, more than fifty percent (50%) of
the Percentage Interests held by Members at such time.

Management Board is defined in Paragraph 6.1.1.



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Member Minimum Gain means an amount, with respect to each Member Nonrecourse Debt,
equal to the Company Minimum Gain that would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations Section 1.704-2(i) with respect to partner minimum gain.

Member Nonrecourse Debt has the meaning set forth in Regulations Section 1.704-2(b)(4) for the phrase
partner nonrecourse debt.

Member Nonrecourse Deductions has the meaning set forth in Regulations
Section 1.704-2(i) for the phrase partner nonrecourse deductions.

Member(s) is defined in the
Preamble.

Membership Interest means that portion of the Percentage Interest of a Member or a Preferred Member in the
Company, resulting from (i) a Capital Contribution to the Company or to another limited liability company that is merged into the Company, (ii) the conversion of a Preferred Interest held by a Preferred Member in accordance with the terms
of this Agreement or (iii) the conversion of an Economic Interest held by an Economic Interest Holder that provides the holder thereof with all of the rights to which a Member in the Company may be entitled under the Act and under this
Agreement, including the right to vote and otherwise participate in the Companys affairs, and the rights to any and all benefits to which a Member may be entitled as provided in this Agreement, together with the obligations of such Member to
comply with all of the terms and provisions of this Agreement.

Net Profits orNet Losses means, for
each fiscal year or other period commencing on or after January 1, 2002, an amount equal to the Companys taxable income or loss for such year or period determined in accordance with Code Section 703(a) (for this purpose, all items of
income, gain, loss or deduction required to be stated separately pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments:

(a) Any income of the Company that is exempt from federal income tax and not otherwise taken into account in computing Net Profits or Net Losses pursuant
to this paragraph shall be added to such taxable income or loss;

(b) Any expenditure of the Company described in Code
Section 705(a)(2)(B) or treated as a Code Section 705(a)(2)(B) expenditure pursuant to Regulations Section 1.704-1(b)(2)(iv)(i ), and not otherwise taken into account in computing Net Profits or Net Losses pursuant to this
paragraph, shall be subtracted from such taxable income or loss;

(c) Gain or loss resulting from any disposition of Company Assets where
such gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the Company Assets disposed of, notwithstanding that the adjusted tax basis of such Company Assets differs from their Gross
Asset Value;

(d) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such
taxable income or loss, there shall be taken into account Depreciation for such fiscal year;



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(e) To the extent an adjustment to the adjusted tax basis of any asset included in Company Assets
pursuant to Code Section 734(b) or Code Section 743(b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m )(4 ) to be taken into account in determining Capital Accounts as a result of a distribution other
than in liquidation of a Members Membership Interest, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset) from the
disposition of the asset and shall be taken into account for the purposes of computing Net Profits and Net Losses;

(f) If the Gross Asset
Value of any Company Asset is adjusted in accordance with paragraphs (b) or (d) in the definition thereof, the amount of such adjustment shall be taken into account in the taxable year of such adjustment as gain or loss from the
disposition of such asset for purposes of computing Net Profits or Net Losses; and

(g) Notwithstanding any other provision of this
paragraph, any items that are specially allocated pursuant to Article 5 hereof shall not be taken into account in computing Net Profits or Net Losses. The amounts of the items of Company income, gain, loss, or deduction available to be specially
allocated pursuant to Article 5 hereof shall be determined by applying rules analogous to those set forth in this definition of Net Profits or Net Losses.

Non-Contributing Member is defined in Paragraph 3.2.3.

Nonrecourse
Deductions has the meaning set forth in Regulations Sections 1.704-2(b)(1) and 1.704-2(c).

Nonrecourse
Liability has the meaning set forth in Regulations Sections 1.704-2(b)(3) and 1.752-1(a)(2).

Offer Terms is
defined in Paragraph 7.2.1.

Offeree Member is defined in Paragraph 7.2.1.

Offering Member is defined in Paragraph 7.2.1.

Operating Cash Expenses means, with respect to any fiscal period, the amount of cash disbursed in the ordinary course of business during the period, including without limitation, all cash expenses,
such as advertising, promotion, property management, insurance premiums, taxes, utilities, repair, maintenance, legal, accounting, bookkeeping, computing, equipment use, travel on Company business, telephone expenses and salaries, and direct
expenses of Company employees (if any) and agents while engaged in Company business. Operating Cash Expenses shall include fees paid by the Company to any Preferred Member, Member, Economic Interest Holder or any Affiliate thereof permitted by this
Agreement, and the actual cost of goods, materials and administrative services used for or by the Company, whether incurred by any Preferred Member, Member, Economic Interest Holder or any Affiliate thereof or any non-Affiliate in performing
functions set forth in this Agreement reasonably requiring the use of such goods, materials or administrative services. Operating Cash Expenses shall not include expenditures paid from Reserves.



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Operating Subsidiaries means such entities, whether limited liability companies,
corporations or other juridical entities, which actively conduct business operations and which are controlled by the Company.

Percentage Interest means any interest of a Member or Economic Interest Holder, consisting of either an Economic Interest or a Membership Interest or both, expressed as a percentage of one hundred percent (100%), set
forth on Exhibit A hereto, as adjusted from time to time pursuant to the terms of this Agreement. For purposes of clarification, with respect to paragraphs of this Agreement where the Preferred Interests are treated on an as-converted basis, the
Preferred Members shall be treated as having a Percentage Interest equal to that percentage such Preferred Member would have following conversion of the Preferred Interests in a manner consistent with Paragraph 3.8.2 of this Agreement, and the
Percentage Interests of the Members and Economic Interest Holders shall be adjusted accordingly.

Permitted Transferee
is defined in Paragraph 7.1.2.

Person means and includes an individual, a corporation, a partnership, a limited
liability company, a trust, an unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing.

Preferred Annual Distributions shall mean 10% of the Preferred Liquidation Preference Amount.

Preferred Capital Contributions shall mean with respect to any Preferred Member, the aggregate amounts set forth on Exhibit A under the heading Preferred Capital Contribution.

Preferred Interest means a Series I Preferred Interest.

Preferred Liquidation Preference Amount shall mean, as of the date of determination, the sum of (a) aggregate amount of Preferred Unreturned Capital as of such date with respect to the
outstanding Preferred Interests as of such date and (b) the aggregate amount of Preferred Return Amount with respect to the outstanding Preferred Interests as of such date.

Preferred Member means any Member that holds a Preferred Interest.

Preferred Members Noticeis defined in Paragraph 7.13.1.

Preferred Redemption Price shall mean an amount equal to the Preferred Liquidation Preference Amount. To the extent that the Preferred
Redemption Price needs to be determined for a portion (rather than all) of the Preferred Interests, the Preferred Redemption Price shall equal the Preferred Redemption Price of the Preferred Interests multiplied by the percentage of Preferred
Interests being redeemed.

Preferred Return Amount shall mean at any time the dollar amount that would need to be
distributed to the applicable Preferred Member such that such Preferred Member has received payments or distributions that calculated from the date hereof, provide a ten percent



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(10%) annual return, compounded annually, on such Preferred Members Preferred Interest. For purposes of this definition, payments of the Preferred
Redemption Price and distributions under Paragraph 4.1.2 (including, without limitation, distributions treated as advances under Paragraph 4.1.4) shall be treated as distribution for purposes of computing the Preferred Return Amount.

Preferred Unreturned Capital shall mean, with respect to a Preferred Member, (a) such Preferred Members Preferred Capital
Contribution less (b) the cumulative amount distributed to such Preferred Member under Section 5.1.2.1(a) (or the amount of Preferred Redemption Price paid with respect to a Preferred Interest that is attributable to the Preferred
Unreturned Capital outstanding immediately prior to the redemption) with respect to such Preferred Members Preferred Interest.

Purchasing Offeree Members is defined in Paragraph 7.2.4.

Redemption Notice is defined
in Paragraph 7.13.2.

Redemption Transaction is defined in Paragraph 7.13.1.

Registrable Securities is defined in Paragraph 7.11.

Regulations means temporary and final Treasury Regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding Treasury
Regulations).

Regulatory Allocations is defined in Paragraph 5.2.9.

Required Notice is defined in Paragraph 3.2.2.

Reserves means funds set aside or amounts allocated to reserves that shall be maintained in amounts deemed sufficient by the Majority in Interest for working capital, to pay taxes, insurance, debt
service, and other costs or expenses incident to the conduct of business by the Company as contemplated hereunder but unless authorized by a Super Majority in Interest no funds shall be set aside for the acquisition of any other business, the
purchase of equipment for a new line of business or any other activity outside the historic business of the Company.

Responsible
Party is defined in Paragraph 6.4.6.

Right of First Offer is defined in Paragraph 7.2.1.

RSAis defined in the preamble.

Securities Act is defined in Paragraph 7.1.2.

Selling Members is defined in Paragraph
7.3.1.

Silver Knot is defined in preamble.



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SPAis defined in the Recitals.

Substitute Member means any Person (a) to whom a Member (or assignee thereof) Transfers all or any part of his Preferred Interest
or Membership Interest, and (b) who has been admitted to the Company as a Substitute Member pursuant to Paragraph 7.10 of this Agreement.

Successful Party is defined in Paragraph 9.10.6.

Tag-Along Members is defined in Paragraph
7.3.1.

Tag-Along Notice is defined in Paragraph 7.3.2.

Tag-Along Right is defined in Paragraph 7.3.1.

Tax Matters Partner is defined in Paragraph 9.8.1.

Terminating Capital
Transaction means any sale or other disposition of all or substantially all of the Company Assets or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the Company
Assets.

Termination Payment is defined in Paragraph 7.8.

Transfer means, with respect to any Percentage Interest in the Company, a sale, conveyance, exchange, assignment, pledge, encumbrance,
gift, bequest, hypothecation or other transfer or disposition by any other means, whether for value or no value and whether voluntary or involuntary (including, without limitation, by merger or operation of law), or an agreement to do any of the
foregoing, and with regard to any Person who is a corporation, partnership, trust or other entity, shall include any dissolution, merger, consolidation or other reorganization of such Person, or any other transfer of any interest in such Person
which results in a Change of Control. Change of Control for this purpose shall be deemed to have occurred if during any five (5) year period one (1) or more Persons that, as of the date of this Agreement, are in
Control of a Member that is a corporation, trust, partnership, limited liability company or other entity, directly or indirectly, cease to be in Control of such Member.

Transferred shall have a correlative meaning.

Transfer Terms is
defined in Paragraph 7.3.1.

Unsuccessful Party is defined in Paragraph 9.10.6.

3. CAPITAL; CAPITAL ACCOUNTS; ECONOMIC INTERESTS; MEMBERS

3.1 Capital Contributions; Economic Interests. The names and addresses of the holders of (i) Membership Interests (and the balances of their respective Capital Accounts), (ii) Economic Interests, and
(iii) Preferred Interest in the Company are set forth on Exhibit A attached hereto and incorporated herein.



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3.2 Additional Capital Contributions. Additional Capital Contributions by Preferred
Members, Members and Economic Interest Holders.

3.2.1Except as otherwise provided in this Agreement, no Preferred Member, Member or
Economic Interest Holder shall be permitted to make any Capital Contributions to the Company without the consent of the Majority in Interest and no Preferred Member, Member or Economic Interest Holder shall be required to make a Capital Contribution
without such Persons approval.

3.2.2If, at any time and from time to time, the Company requires additional capital (as
determined by a Majority in Interest), the Company shall provide to all Preferred Members, Members and Economic Interest Holders written notice thereof (a Required Notice), which Required Notice shall at least specify (i) the
aggregate amount of the additional capital so required, (ii) each Preferred Members, Members and Economic Interest Holderspro rata (treating the Preferred Interests on an as converted basis) share of such additional
capital, the percentage such Persons Percentage Interests bears to the aggregate Percentage Interest of all Members and Economic Interest Holders multiplied by the aggregate additional capital required) and (iii) the date by which such
additional capital must be contributed by such Preferred Member, Member or Economic Interest Holder to the Company, which date shall not be less than thirty (30) days nor more than forty-five (45) days following delivery of the Required
Notice. Each Preferred Member, Member and Economic Interest Holder shall thereafter have the option to make additional Capital Contributions (in cash or cash equivalents) on apro rata(treating the Preferred Interest on an as converted
basis) basis in accordance with their respective Percentage Interests pursuant to such terms and conditions as are contained in the Required Notice, and shall advise the Company fourteen (14) days prior to the date specified in the Required
Notice of its determination whether or not to make such Capital Contributions.

3.2.3If any Preferred Member, Member or Economic
Interest Holder (a Non-Contributing Member) elects not to make any Capital Contribution specified in a Required Notice (the aggregate amount of such Capital Contributions being referred to herein as the Deficit
Amount), then any Preferred Member, Member or Economic Interest Holder that has elected to make the additional Capital Contribution permitted to be made by it under such Required Notice (each a Contributing Member) may,
upon written notice received from the Company, elect in writing to make an additional Capital Contribution equal to the Deficit Amount. If one or more Contributing Members (each, an Electing Member) elect to make an additional
Capital Contribution pursuant to this Paragraph 3.2.3, then each of the Electing Members shall make an additional Capital Contribution (an Extra Contribution),pro rata (treating the Preferred Interest on an as converted
basis) in accordance with their respective Percentage Interests, the sum of which shall equal the Deficit Amount.

3.2.4Upon any
contribution of additional Capital Contributions pursuant to this Paragraph 3.2 (an Adjustment Event), the Percentage Interest (on an as converted basis for the Preferred Members) of each Preferred Member, Member and Economic
Interest Holder shall be adjusted to equal a fraction, stated as a percentage, the numerator of which shall equal the sum of (i) all additional Capital Contributions (net of any liabilities of the Contributing Member assumed by the Company or
which are secured by any property contributed by such Contributing Member to the Company) made by such Member pursuant to such Adjustment Event (including,



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without limitation, any additional Capital Contribution made pursuant to Paragraph 3.2.3) plus (ii) the product of (x) such Contributing
Members Percentage Interest immediately prior to such Adjustment Event multiplied by (y) the net fair market value of the Company immediately prior to the Adjustment Event (either (A) as determined by the unanimous consent of the
Members or (B) using the Appraised Fair Market Value) (the Company FMV)) and the denominator of which shall equal the sum of (1) the Company FMV and (2) the aggregate Capital Contributions (net of any liabilities of
the Contributing Member assumed by the Company or which are secured by any property contributed by such Contributing Member to the Company) made by all Contributing Members pursuant to, or concurrently with, such Adjustment Event and that all
Preferred Members, Members and Economic Interest Holders may thereafter be required to make under Paragraph 3.2.2.

Example:

Each of A and B has a 50% interest and each has contributed $15 into the Company. The Company initially has a net FMV of $30.

One year later, when the net FMV has increased to $40, there is a capital call for $5 from each of A and B. A fails to contribute,
and B contributes the full $10.

A is diluted from 50% to 40% ((50% of $40 FMV)/$40 FMV plus total new contributions of $10).

Bs interest increases from 50% to 60% (($10 new contribution by B plus 50% of $40 FMV)/($40 FMV plus total new contributions).

3.3 Capital Accounts.

3.3.1A Capital Account shall be established and maintained for each Preferred Member and Member in accordance with the terms of this Agreement. In the event any Preferred Member or Member is given a Capital
Account in exchange for services rendered to the Company, such transaction shall be treated by the Company and such Member as if the Company had compensated such Preferred Member or Member in cash and the Member had contributed such cash as a
Capital Contribution to the Company.

3.3.2A Capital Account shall be established and maintained for an Economic Interest Holder in
the same manner as provided for each Member in accordance with Paragraph 2.15.

3.4 Preferred Member, Member or Economic Interest
Holder Capital; Redemptions. Except as otherwise provided in this Agreement: (a) no Person shall demand or be entitled to receive a return of or interest on such Persons Capital Contributions or Capital Account, (b) no
Preferred Member or Member shall withdraw any portion of his Capital Contributions or receive any distributions from the Company as a return of capital on account of such Capital Contributions, and (c) the Company shall not redeem or repurchase
the Preferred Interest, Membership Interest or the Economic Interest of any Person.



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3.5 Liability of Preferred Members, Members, Economic Interest Holders. Except as otherwise
required by any non-waivable provision of the Act or other applicable law, no Preferred Member, Member or Economic Interest Holder shall be personally liable in any manner whatsoever for any debt, liability or other obligation of the Company,
whether such debt, liability or other obligation arises in contract, tort, or otherwise.

3.6 Preferred Member, Member or Economic
Interest Holder Loans. No Preferred Member, Member or Economic Interest Holder shall be required or permitted to make any loans or otherwise lend any funds to the Company. No loans made by any Preferred Member, Member or Economic Interest
Holder to the Company shall have any effect on such Preferred Member, Members or Economic Interest Holders Percentage Interest, such loans representing a debt of the Company payable or collectible solely from the assets of the Company in
accordance with the terms and conditions upon which such loans were made.

3.7 Additional Members; Economic Interest Holders.

3.7.1Following its formation, the Company may, upon the written consent of a Majority in Interest, and subject to Paragraph 7.13
hereof, issue either (i) Membership Interests or (ii) Economic Interests in the Company from time to time, on such terms and conditions and for such Capital Contributions or services as a Majority in Interest shall determine. The issuance
of either Membership Interests or Economic Interests may be either directly from the Company or upon the exercise of warrants, options or other instruments pursuant to which the holder thereof has the right to acquire Membership Interests or
Economic Interests. Such Persons who receive Membership Interests shall be additional Members (Additional Members). Such Persons who receive Economic Interests shall be additional Economic Interest Holders (Additional
Economic Interest Holders). As a condition to acquiring a Percentage Interest in the Company, each Additional Member or Additional Economic Interest Holder shall execute an agreement to be bound by the terms and conditions of this
Agreement. This Agreement shall be amended and restated as appropriate to reflect the admission of such Person as an Additional Member or Additional Economic Interest Holder, as the case may be, and to reflect the terms and conditions of such
Persons investment in and/or services to the Company.

3.7.2Upon the admission of an Additional Member pursuant to this
Paragraph 3.7 (an Additional Member Event), (A) the Percentage Interest (on an as converted basis for the Preferred Members) of each Preferred Member, Member and Economic Interest Holder other than the Additional Member shall
be adjusted to equal a fraction, stated as a percentage, the numerator of which shall equal the product of (x) such Persons Percentage Interest immediately prior to such Additional Member Event multiplied by (y) the Company FMV, and
the denominator of which shall equal the sum of (i) the Company FMV and (ii) the actual Capital Contribution (net of any liabilities of the Additional Member assumed by the Company or which are secured by any property contributed by such
Additional Member to the Company) or deemed Capital Contribution (i.e. , agreed value of services as reflected in a Capital Account provided for in the second sentence of Paragraph 3.3.1) made by the Additional Member pursuant to such
Additional Member Event, and (B) the Percentage Interest of the Additional Member shall equal a fraction, stated as a percentage, the numerator of which shall equal the actual Capital



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Contribution (net of any liabilities of the Additional Member assumed by the Company or which are secured by any property contributed by such Additional
Member to the Company) or deemed Capital Contribution (i.e. , agreed value of services as reflected in a Capital Account provided for in the second sentence of Paragraph 3.3.1) made by the Additional Member pursuant to such Additional Member
Event, and the denominator of which shall equal the denominator specified in clause (A) above.

With the consent of the Majority in
Interest, and at the request of an Economic Interest Holder, the amount otherwise distributable out of Cash Available for Distribution to such Economic Interest Holder in his capacity as such may be retained by the Company and deemed contributed to
the Company as a Capital Contribution. In such case, the provisions of this Paragraph 3.7 shall apply as if such Economic Interest Holder were a third party who becomes an Additional Member and whose Economic Interest becomes a Membership Interest
upon the occurrence of an Additional Member Event, in each case, to the extent of the amount so retained.

3.7.3Upon the admission
of an Additional Economic Interest Holder pursuant to this Paragraph 3.7 (an Additional Economic Interest Holder Event), unless otherwise agreed to in writing by the Majority in Interest, (A) the Percentage Interest (on an as
converted basis for the Preferred Members) of each Preferred Member, Member and Economic Interest Holder shall be adjusted to equal a fraction, stated as a percentage, the numerator of which shall equal the product of (x) such Persons
Percentage Interest immediately prior to such Additional Economic Interest Holder Event multiplied by (y) the Company FMV, and the denominator of which shall equal the sum of (i) the Company FMV and (ii) the fair market value of the
services in exchange for which such Additional Economic Interest Holder is being issued an Economic Interest, and (B) the Percentage Interest of the Additional Economic Interest Holder shall equal a fraction, stated as a percentage, the
numerator of which shall equal the fair market value of the services in exchange for which such Additional Economic Interest Holder is being issued an Economic Interest and the denominator of which shall equal the denominator specified in clause
(A) above.

3.8 Preferred Interest.

3.8.1The Preferred Interest shall have the rights and obligations set forth in this Agreement.

3.8.2At their election, the Preferred Members, upon the giving of at least sixty (60) days notice to the Management Board, may convert into Interests all, but not less than all, of their Preferred Interest and any Preferred
Return Amount held by them. Such Preferred Interest and Preferred Return Amount shall be converted to a Percentage Interest, subject to the adjustments set forth in Paragraph 3.2.4 hereof, or 3.7.2 hereof, as appropriate, based upon the formula set
forth below:



|                            |  |                              |  |        |  | 
|--------------------------- |  | ---------------------------- |  | ------ |  | 
|Preferred Unreturned        |  |                              |  |        |  | 
|Capital                     |  | plus Preferred Return Amount |  | X  25% |  | 
|$75,000,000                 |  |                              |  |       
|=       Percentage Interest |  |                              |  |       



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4. DISTRIBUTIONS

4.1 Distributions of Cash Available for Distribution.

4.1.1Except for distributions pursuant
to Paragraph 4.1.2 hereof, all distributions of Cash Available for Distribution shall be made at such times and in such amounts as may be determined by a Majority in Interest, in accordance with this Article 4.

4.1.2First, to the Preferred Members as of September 30 of each year, payable no later than November 14 of such year, in an
amount equal to the Preferred Annual Distribution; provided, however,the Majority-in-Interest may omit all or any portion of the Preferred Annual Distribution, in which event, such amount will constitute Preferred Return Amount; provided,
further,that the Company may redeem the Preferred Return Amount for cash upon prior approval of the Preferred Members.

4.1.3Thereafter, to each of the Members and Economic Interest Holders, pro rata in accordance with their relative Percentage Interests.

4.1.4Subject to Paragraphs 4.1.5 and 4.4, but notwithstanding Paragraph 4.1.1, the Company shall distribute out of Cash Available for Distribution to each Preferred Member, Member and Economic Interest Holder, pro rata in
accordance with their share of taxable income for the year, an amount sufficient to cover such Persons income tax liabilities attributable to such Persons allocable share of Company taxable income, computed at an effective combined
federal and state income tax rate of forty-five percent (45%). The amount of any Cash Available for Distribution distributed to a Preferred Member, Member or Economic Interest Holder pursuant to this Paragraph 4.1.4 shall reduce amounts otherwise
distributable to that Preferred Member, Member or Economic Interest Holder pursuant to Paragraph 4.1.2 and 4.1.3 in all future periods until the cumulative amount of such reductions equals the cumulative amount distributed to that Preferred Member,
Member or Economic Interest Holder pursuant to this Paragraph 4.1.4 for all prior periods.

4.1.5In the event that Cash Available
for Distribution in any taxable period is insufficient to support in full distributions which may be required under Paragraph 4.1.4, then the amount of distributions otherwise required under each such paragraph shall be ratably reduced.

4.2 Distributions Upon Liquidation. Distributions made in conjunction with the final liquidation of the Company, including, without
limitation, the net proceeds of a Terminating Capital Transaction, shall be applied or distributed as provided in Article 8 hereof.

4.3
Distributions in Kind. No right is given to any Member to demand or, subject to Article 8 and Paragraph 7.8, receive property other than cash as provided in this Agreement. Subject to the prior rights of the Preferred Members to receive
the Preferred Return Amount, the Members may, upon the consent of a Majority in Interest, cause the Company to make a pro rata distribution in kind of Company Assets to the Members and Economic Interest Holders with 45 days prior written notice
thereof (the Asset



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Distribution Notice) to the Members and Economic Interest Holders which notice shall set the date for such distribution (the Asset
Distribution Date), and such Company Assets shall be distributed in such a fashion as to ensure that the fair market value thereof is distributed and allocated in accordance with this Article 4 and Articles 5 and 8 hereof; provided,
however, that subject to Article 8 and Paragraph 7.8, no Preferred Member, Member or Economic Interest Holder may be compelled to accept a distribution consisting, in whole or in part, of any Company Assets in kind unless the ratio that the
fair market value of such distribution in kind bears to such Persons total distribution does not differ from the ratio that the fair market value of similar distributions in kind bear to the total distributions of other Persons receiving
distributions concurrently therewith (if any). The Company shall not make a non pro rata distribution in kind of Company Assets without the consent of all of the Preferred Members and Members.

4.4 Limitations on Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not make a
distribution to any Person on account of his Percentage Interest in violation of Section 18-607 of the Act, or if such distribution would be in violation of or inconsistent with any loan documents relating to any indebtedness of the Company.

4.5 Withholding. The Company may withhold distributions or portions thereof if it is required to do so by any applicable
rule, regulation, or law, and each Member and Economic Interest Holder hereby authorizes the Company to withhold from or pay on behalf of or with respect to such Person any amount of federal, state, local or foreign taxes that the Tax Matters
Partner determines that the Company is required to withhold or pay with respect to any amount distributable or allocable to such Person pursuant to this Agreement. Any amounts withheld or paid pursuant to this Paragraph 4.5 shall be treated as
having been distributed to such Person.

5. ALLOCATIONS OF NET PROFITS AND NET LOSSES

5.1 General Allocation of Net Profits and Losses.

5.1.1Net Profits and Net Losses shall be determined and allocated with respect to each fiscal year of the Company as of the end of such fiscal year. Subject to the other provisions of this Agreement, an
allocation to a Preferred Member, Member or Economic Interest Holder of a share of Net Profits or Net Losses shall be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing
Net Profits or Net Losses.

5.1.2After first giving effect to the special allocations provided in Sections 5.2 and 5.3 below, Net
Profits, Net Losses and any other items of income, gain, loss and deduction for any fiscal year shall be allocated for purposes of adjusting the Capital Accounts of the Preferred Members, Members and Economic Interest Holders as follows:

5.1.2.1Except as provided in Paragraph 5.1.3, Paragraph 5.1.3 and Paragraph 5.2, Net Profits shall be allocated in accordance with the
following order of priority:

(a) First, to the Members and Economic Interest Holders, pro rata in



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the amount of Net Losses allocated to such Members or Economic Interest Holders for periods after the date hereof pursuant to Paragraph 5.2.4, until the
cumulative amount of Net Profits allocated pursuant to this Paragraph 5.1.2.1(a) and Net Profits and items of income and gain allocated pursuant to Paragraph 5.2.9 (solely in respect of Net Loss allocations pursuant to Paragraph 5.2.4) after the
date hereof is equal to the cumulative amount of Net Losses allocated to such Member or Economic Interest Holder pursuant to Paragraph 5.2.4 for all prior periods;

(b) Second, to the Members and Economic Interest Holders pro rata in accordance with the relative amount of Net Losses previously allocated to such Members or Economic Interest Holders pursuant to
Paragraph 5.1.2.2(b) for all prior periods after the date hereof, until the cumulative amount of Net Profits allocated pursuant to this Paragraph 5.1.2.1(b) after the date hereof is equal to the cumulative amount of Net Losses allocated pursuant to
Paragraph 5.1.2.2(b) for all prior periods after the date hereof; and

(c) Third, to the Members and Economic Interest
Holders pro rata in accordance with their relative Percentage Interests.

5.1.2.2Except as provided in Paragraph 5.1.3 and
Paragraph 5.2, Net Losses shall be allocated in accordance with the following order of priority:

(a) First, to the Members
and Economic Interest Holders pro rata in accordance with their relative Percentage Interests until the cumulative amount of Net Losses allocated to the Members and Economic Interest Holders pursuant to this Paragraph 5.1.2.2(a) for the current and
all prior periods after the date hereof is equal to the cumulative amount of Net Profits allocated pursuant to Paragraph 5.1.2.1(c) for all prior periods after the date hereof;

(b) Second, subject to the limitation set forth in Section 5.2.4, to the Members and Economic Interest Holders pro rata in accordance
with their relative Percentage Interests; and

(c) Third, to the Preferred Members.

5.1.3Notwithstanding Paragraph 5.1.2, but subject to Paragraph 5.2, Net Profits, Net Losses (and if necessary items thereof) arising in the year
of a Terminating Capital Transaction or a liquidation of the Company pursuant to Article 8 shall be allocated in a manner such that, to the extent possible, after the distribution to the Preferred Member of the Preferred Liquidation Preference
Amount, distributions to the Members and Economic Interest Holders pursuant to Paragraphs 8.5.1(c) and 8.5.1(d) will be made to the Members and Economic Interest Holders pro rata in accordance with their relative Percentage Interests.

5.2 Regulatory Allocations. Notwithstanding the foregoing provisions of this Article 5, the following special allocations shall be made in
the following order of priority:

5.2.1If there is a net decrease in Company Minimum Gain during a Company taxable year, then each
Preferred Member, Member and Economic Interest Holder shall be allocated items of Company income and gain for such taxable year (and, if necessary, for subsequent years) in an amount equal to such Persons share of the net decrease in Company



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Minimum Gain, determined in accordance with Regulations Section 1.704-2(g)(2). This Paragraph 5.2.1 is intended to comply with the minimum gain
chargeback requirement of Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.

5.2.2If there is a
net decrease in Member Minimum Gain attributable to Member Nonrecourse Debt during any Company taxable year, each Preferred Member, Member and Economic Interest Holder who has a share of the Member Minimum Gain attributable to such Member
Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of Company income and gain for such taxable year (and, if necessary, subsequent years) in an amount equal to such
Members or Economic Interest Holders share of the net decrease in Member Minimum Gain attributable to such Member Nonrecourse Debt, determined in a manner consistent with the provisions of Regulations Section 1.704-2(g)(2). This
Paragraph 5.2.2 is intended to comply with the partner nonrecourse debt minimum gain chargeback requirement of Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

5.2.3If any Preferred Member, Member or Economic Interest Holder unexpectedly receives an adjustment, allocation, or distribution of the type
contemplated by Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of income and gain shall be allocated to all such Members and Economic Interest Holders (in proportion to the amounts of their respective Adjusted Capital
Account Deficits) in an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit of such Member or Economic Interest Holder as quickly as possible. It is intended that this Paragraph 5.2.3 qualify and be construed as a
qualified income offset within the meaning of Regulations Section 1.704-1(b)(2)(ii)(d).

5.2.4If the allocation of
Net Loss to a Member, Economic Interest Holder, or Preferred Member as provided in Paragraph 5.1 hereof would create or increase an Adjusted Capital Account Deficit, there shall be allocated to such Preferred Member, Member or Economic Interest
Holder only that amount of Net Loss as will not create or increase an Adjusted Capital Account Deficit. The Net Loss that would, absent the application of the preceding sentence, otherwise be allocated to such Member or Economic Interest Holder
shall be allocated to the other Members and Economic Interest Holders in accordance with their relative Percentage Interests, subject to the limitations of this Paragraph 5.2.4.

5.2.5To the extent that an adjustment to the adjusted tax basis of any Company Asset pursuant to Code Section 734(b) or Code
Section 743(b) is required, pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts as the result of a distribution to a
Preferred Member, Member or Economic Interest Holder in complete liquidation of his interest in the Company, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the
asset) or loss (if the adjustment decreases such basis), and such gain or loss shall be specially allocated to the Preferred Member, Members and Economic Interest Holders in accordance with their interests in the Company in the event that
Regulations Section 1.704-1(b)(2)(iv)(m)(2) applies, or to the Members to whom such distribution was made in the event that Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.



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5.2.6The Nonrecourse Deductions for each taxable year of the Company shall be allocated to the
Members and Economic Interest Holders in proportion to their Percentage Interests.

5.2.7The Member Nonrecourse Deductions shall be
allocated each year to the Member that bears the economic risk of loss (within the meaning of Regulations Section 1.752-2) for the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable.

5.2.8To the extent any compensation paid to any Member or the Affiliate of any Member, by the Company is determined by the Internal Revenue
Service not to be a guaranteed payment under Code Section 707(c), or is not paid to the Member other than in the Persons capacity as a Member within the meaning of Code Section 707(a), the Member shall be specially allocated gross
income of the Company in an amount equal to the amount of that compensation or payment, and the Members Capital Account shall be adjusted to reflect the payment of that compensation.

5.2.9The allocations set forth in Paragraphs 5.2.1, 5.2.2, 5.2.3, 5.2.4, 5.2.5, 5.2.6 and 5.2.7 hereof (the Regulatory
Allocations) are intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2(i). Notwithstanding the provisions of Paragraph 5.1.2, the Regulatory Allocations shall be taken into account in allocating other
items of income, gain, loss and deduction among the Members so that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations to each Member shall be equal to the net amount that would have been
allocated to each such Member if the Regulatory Allocations had not occurred.

5.3Special Allocations. The Company
shall specially allocate items of Company income and gain to the Preferred Members in an amount required to make the Preferred Members Capital Accounts equal to the Preferred Return Liquidation Preference Amount as of the date such allocation
is made. For the sake of clarity, items of income or gain which are allocated to the Preferred Members pursuant to the prior sentence shall not be taken into account in computing the Net Profit or Net Loss of the Company for the year in which such
special allocations are made.

5.4 Tax Allocations.

5.4.1Except as provided in Paragraph 5.4.2 hereof, for income tax purposes under the Code and the Regulations each Company item of income, gain,
loss and deduction shall be allocated among the Preferred Members, Members and Economic Interest Holders as their correlative item of book income, gain, loss or deduction is allocated pursuant to this Article 5.

5.4.2Tax items with respect to Company Assets that are contributed to the Company with a Gross Asset Value that varies from its basis in the
hands of the contributing Preferred Members, Member or Economic Interest Holder immediately preceding the date of contribution shall be allocated among the Preferred Members, Members and Economic Interest Holders for income tax purposes pursuant to
Regulations promulgated under Code Section



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704(c) so as to take into account such variation. The Company shall account for such variation under any method approved under Code Section 704(c) and
the applicable Regulations as chosen by the Tax Matters Partner, subject to the consent of a Majority in Interest, including the remedial allocation method, as described in Regulations Section 1.704-3(d). If the Gross Asset Value of
any Company Asset is adjusted pursuant to its definition: (i) subsequent allocations of income, gain, loss and deduction with respect to such Company Asset shall take account of any variation between the adjusted basis of such Company Asset for
federal income tax purposes and its Gross Asset Value in the same manner as under Code Section 704(c) and the Regulations promulgated thereunder under any method approved under Code Section 704(c) and the applicable Regulations as chosen
by the Tax Matters Partner, subject to the consent of a Majority in Interest, including the remedial allocation method as described in Regulations Section 1.704-3(d); and (ii) the Capital Accounts of the Preferred Members,
Members and Economic Interest Holders shall be adjusted in accordance with Regulations Section 1.704-1(b)(2)(iv)(g) for allocations to them of income, gains, losses and deductions. Allocations pursuant to this Paragraph 5.4.2 are solely for
purposes of federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Members Capital Account or share of Net Profits, Net Losses and any other items or distributions pursuant to any provision
of this Agreement.

5.5 Other Provisions.

5.5.1For any fiscal year during which any part of a Preferred Membership Interest, Membership Interest or Economic Interest is transferred between or among the Preferred Members, Members and Economic Interest
Holders, or to another Person, the portion of the Net Profits, Net Losses and other items of income, gain, loss, deduction and credit that are allocable with respect to such part of a Percentage Interest shall be apportioned between the transferor
and the transferee under any method allowed pursuant to Section 706 of the Code and the applicable Regulations as determined by the Tax Matters Partner.

5.5.2For purposes of determining a Preferred Members, Members or an Economic Interest Holders proportional share of the Companys excess nonrecourse liabilities within the
meaning of Regulations Section 1.752-3(a)(3), each Persons interest in Net Profits shall be such Persons Percentage Interest.

5.5.3The Preferred Members, Members and Economic Interest Holders acknowledge and are aware of the income tax consequences of the allocations made by this Article 5 and hereby agree to be bound by the provisions of this Article 5 in
reporting their shares of Net Profits, Net Losses and other items of income, gain, loss, deduction and credit for federal, state and local income tax purposes.

5.5.4Notwithstanding any other provision of this Article 5, the Tax Matters Partner, subject to the consent of a Majority in Interest, shall have the authority to treat an Economic Interest Holder as a Member
for the purposes of this Article 5, to the extent the Tax Matters Partner determines such treatment is required or allowed by the Code and applicable Regulations.



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6. OPERATIONS

6.1 Management.

6.1.1The Company shall be managed by a management board (the Management
Board) composed of seven (7) managers. Each member of the Management Board shall be deemed a manager within the meaning of the Act. Silver Knot shall appoint five (5) members (provided that one of such appointments of
Silver Knot is a designee, reasonably acceptable to Silver Knot, of the former majority owner of the Company, Wise Metals). For purposes of this Paragraph 6.1.1, Silver Knot acknowledges that Gerald David is an acceptable designee of Wise Metals.
Two members of the Management Board shall be appointed by the Preferred Members. The membership of the Management Board on the date hereof is set forth on Exhibit B. Any increase or decrease in the size of the Management Board shall require the
approval of the Majority in Interest.

6.1.2All decisions of the Management Board shall require a majority vote. Any vacancy on the
Management Board, whether by reason of a managers removal or otherwise, shall be (a) chosen by a majority of the then Managers or (b) if the vacancy is for a seat appointed by Silver Knot or the Preferred Members, filled by Silver
Knot or the Preferred Members, as the case may be; provided that if the vacancy on the Management Board is the Wise Metals designee, such vacancy shall be replaced with another Wise Designee reasonably acceptable to Silver Knot. Each member of the
Management Board may authorize any other Person by proxy (whether or not such Person is a Member or a member of the Management Board) to act for him or on his behalf on all matters in which the member of the Management Board is entitled to
participate. Each proxy must be signed by the member of the Management Board granting the proxy.

6.1.3The Company shall have an
audit committee which shall report to the Management Board with respect to all audit, accounting and financial matters relevant to the Company and its Subsidiaries. The outside auditor of the Company shall report on a periodic basis
directly to the audit committee. The audit committee shall consist of no more than of three (3) managers of whom one (1) may be an employee or agent of the Company and one (1) must be an Independent Manager (as defined below). All
matters coming before the audit committee shall be approved by a unanimous vote of such committee.

6.1.4The Company shall have a
compensation committee which shall make recommendations to the Management Board with respect to all compensation matters for all officers, directors, senior employees and consultants of the Company and its Subsidiaries. Final authority
on all such compensation matters will rest with the Management Board. The compensation committee shall consist of four (4) managers of whom one (1) shall be the Chairman of the Board of the Company and at least two (2) must be
Independent Managers (or Persons, although not Managers who could meet the requirements to be Independent Managers). All matters coming before the compensation committee shall be approved by a unanimous vote of such committee.

For purposes of Paragraphs 6.1.3 and 6.1.4 above, the term Independent Manager shall mean an individual who is neither a Preferred Member, Member,
Percentage Interest Holder, nor



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any employee of the Company or any of its Operating Subsidiaries and otherwise has no relationship to the Company or any Subsidiary (except as a Manager or
an independent consultant) that may interfere with the exercise of his or her independent judgment, as determined by the Management Board.

6.1.5The day-to-day operating management of the Company shall be conducted by officers who shall be appointed by and responsible to the Management Board shall have such titles and responsibilities as the Management Board shall
assign. The salaries of all officers and agents of the Company shall be fixed by the Management Board. The officers of the Company shall hold office until their successors are chosen and qualified. Any officer elected or appointed by the Management
Board may be removed at any time, with or without cause, by the affirmative vote of a majority of the Management Board. Any vacancy occurring in any office of the Company shall be filled by the Management Board. The current officers are set forth on
Exhibit B.

(a) Officers as Agents. The officers, to the extent of their powers set forth in this Agreement or otherwise vested in
them by action of the Management Board not inconsistent with this Agreement, are agents of the Company for the purpose of the Companys business and, subject to Paragraph 6.1.4, the actions of the officers taken in accordance with such powers
shall bind the Company.

(b) Duties of Management Board and Officers. Except to the extent otherwise provided herein, each member
of the Management Board and officer shall have a fiduciary duty of loyalty and care similar to that of directors and officers of business corporations organized under the General Corporation Law of the State of Delaware.

6.1.6Notwithstanding Paragraph 6.1.5, no officer may cause the Company to take any one or more (or combination) of the following actions
(Major Decision) without first obtaining the approval of the Management Board or the Majority-in-Interest in accordance with Paragraph 6.1.2:

(a) enter into any agreement or consummate any transaction between the Company and a Preferred Member, Member, Economic Interest Holder or any Affiliate of any of them, or any other agreement the length of which is
over six (6) months and the cost to the Company of which is in excess of $100,000, or modify any such agreements or transactions;

(b) lend money, or release or discharge any debt or liability owing to the Company, in excess of $100,000;

(c) incur
indebtedness, whether directly or indirectly as guarantor or otherwise, in excess of $100,000 in any one transaction or with respect to any one Person (including such Persons Affiliate);

(d) except for transactions in the ordinary course of business, transfer, lease or dispose of assets of the Company with a value greater than $100,000,
or incur expenditures in one transaction, or, with respect to any one Person (including such Persons Affiliate), in excess of $100,000;



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(e) incur any capital expenditure in excess of $100,000;

(f) declare or make distributions, or request or accept additional Capital Contributions from the Members or third parties;

(g) form or acquire any subsidiaries, reorganize or merge any of the Operating Subsidiaries, invest in the equity or debt securities of another entity
or enter into any partnership, joint venture or any other similar arrangement with any other party, or dispose of any interest of any other entity;

(h) amend this Agreement;

(i) acquire or transfer, assign, license, dispose of or abandon any
intellectual property or technology;

(j) sell, lease, transfer or otherwise dispose of or abandon the assets of the Company having a fair
market value, sale price or book value at the time of disposition greater than $100,000;

(k) approve any Terminating Capital Transaction;

(l) remove, replace or alter the compensation of the officers of the Company;

(m) merge or consolidate the Company with any other Person;

(n) convert the Company to another business entity;

(o) invest any surplus funds of the Company;

(p) make any material change in accounting principles or procedures to be applied to the Company;

(q) purchase or sell any real property;

(r) enter into any legal proceeding on behalf of or in defense of the Company; or

(s) take any other action that is specifically
reserved to the Management Board under this Agreement or by resolution of the Management Board.

6.2 Compensation and Reimbursement
of Members. No Preferred Member, Member or Economic Interest Holder, or any Affiliate thereof, shall be entitled to compensation for actions taken on behalf of the Company or in connection with this Agreement, except pursuant to an
employment agreement, consulting agreement, or other agreement or agreements with the Company adopted by the Management Board which provide for compensation paid by the Company to such Preferred Member, Member, Economic Interest Holder, or any of
such Persons Affiliates.



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6.3 Records and Reports.

6.3.1The Company shall cause to be kept, at the principal place of business of the Company, or at such other location as the Members shall
reasonably deem appropriate, full and proper ledgers, other books of account, and records of all receipts and disbursements, other financial activities, and the internal affairs of the Company for at least the current and past four fiscal years.

6.3.2The Company shall also cause to be sent to (i) each Member, (ii) each Preferred Member and (iii each Economic
Interest Holder of the Company, the following:

(a) within sixty (60) days following the end of each fiscal year of the Company,
(i) audited financial statements for such fiscal year; and (ii) a report that shall include all necessary information required by the Preferred Members, Members and Economic Interest Holders for preparation of their federal, state and
local income or franchise tax or information returns, including each Persons pro rata share of Net Profits, Net Losses and any other items of income, gain, loss and deduction for such fiscal year;

(b) a copy of the Companys federal, state and local income tax or information returns for each fiscal year, concurrent with the filing of such
returns;

(c) within thirty (30) days after the end of each fiscal year, an unaudited balance sheet, income statement and statement
of cash flow for the fiscal year then ended;

(d) within thirty (30) days after the end of each fiscal quarter, an unaudited balance
sheet, income statement and statement of cash flow for the fiscal quarter then ended; and

(e) within a reasonable amount of time, any
other reasonable request for information.

6.3.3Only Preferred Members or Members (personally or through an authorized
representative) may, for purposes reasonably related to their Membership Interests, examine and copy (at their own cost and expense) the books and records of the Company at all reasonable business hours.

6.4 Indemnification and Liability of the Preferred Members, Members and Economic Interest Holders.

6.4.1The Company shall indemnify and hold harmless each Preferred Member, Member and Economic Interest Holder and his Affiliates, and each member
of the Management Board and officer of the Company (individually, an Indemnitee) to the fullest extent permitted by law from and against any and all losses, claims, demands, costs, damages, liabilities, joint and several, expenses
of any nature (including attorneys fees and disbursements), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, in which the
Indemnitee may be involved, or threatened to be involved as a party or otherwise, relating to



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the performance or nonperformance of any act concerning the activities of the Company; provided, however, that the provisions of this Paragraph
6.4 shall not provide indemnification for, or eliminate or limit the liability of, a Person if (i) such Persons acts or omissions were committed in bad faith, (ii) such Persons acts or omissions involved intentional misconduct
or a knowing violation of law, or (iii) such Person personally gained in fact a financial profit or other advantage to which such Person was not legally entitled. The termination of an action, suit or proceeding by judgment, order, settlement,
or upon a plea of nolo contendere or its equivalent, shall not, in and of itself, create a presumption or otherwise constitute evidence that the Indemnitee acted in a manner specified in clauses (i), (ii) or (iii) above.

6.4.2Expenses incurred by an Indemnitee in defending any claim, demand, action, suit or proceeding subject to this Paragraph 6.4 shall be
advanced by the Company prior to the final disposition of such claim, demand, action, suit, or proceeding upon receipt by the Company of a written commitment by or on behalf of the Indemnitee to repay such amount if it shall be determined that such
Indemnitee is not entitled to be indemnified as authorized in this Paragraph 6.4.

6.4.3Any indemnification provided hereunder
shall be satisfied solely out of the assets of the Company, as an expense of the Company. No Person shall be subject to personal liability by reason of these indemnification provisions.

6.4.4The provisions of this Paragraph 6.4 are for the benefit of the Indemnitees and shall not be deemed to create any rights for the benefit of
any other Person.

6.4.5Neither a Preferred Member, Member nor an Economic Interest Holder, nor any Affiliate thereof, nor the
officers, directors, employees or agents of any of the foregoing shall be liable to the Company for any losses sustained or liabilities incurred as a result of any act or omission of any such Person, unless (i) such Persons acts or
omissions were committed in bad faith, (ii) such Persons acts or omissions involved intentional misconduct or a knowing violation of law, or (iii) such Person personally gained in fact a financial profit or other advantage to which
such Person was not legally entitled.

6.4.6To the extent that a Preferred Member, Member or an Economic Interest Holder, or any
Affiliate thereof, or any officer, director, employee or agent of any of the foregoing or of the Company (each, a Responsible Party) has, at law or in equity, duties (including, without limitation, fiduciary duties) to the
Company, any other Preferred Member, Member, Economic Interest Holder or other Person bound by the terms of this Agreement, such Responsible Parties acting in accordance with this Agreement shall not be liable to the Company, any Preferred Member,
Member or Economic Interest Holder, or any such other Person for his good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that they restrict the duties of a Responsible Party otherwise existing at
law or in equity, are agreed by all parties hereto to replace such other duties to the greatest extent permitted under applicable law.

6.4.7Whenever a Responsible Party is required or permitted to make a decision, take or approve an action, or omit to do any of the foregoing: (a) in its discretion, under a similar grant of authority or latitude, or without an
express standard of behavior (including, without



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limitation, standards such as reasonable or good faith), then such Responsible Party shall be entitled to consider only such
interests and factors, including its own, as it desires, and shall have no duty or obligation to consider any other interests or factors whatsoever, or (b) with an express standard of behavior (including, without limitation, standards such as
reasonable or good faith), then such Responsible Party shall comply with such express standard but shall not be subject to any other, different or additional standard imposed by this Agreement or otherwise applicable law.

6.5 Other Activities. Nothing herein shall be construed to prohibit any Preferred Member, Member or Economic Interest
Holder, or his respective Affiliates from, either individually or together with one or more other Persons, engaging or investing in, and devoting its time to, any other business venture or activity of any nature and description (independently or
with others), whether or not such other activity may be deemed or construed to be in competition with the Company and whether or not such activity constitutes a corporate opportunity to which the Company could avail itself. Neither the
Preferred Member, Company nor any Member or Economic Interest Holder shall have any right by virtue of this Agreement, or the relationship created hereby, to participate in or join such other venture or activity of any Preferred Member, Member or
Economic Interest Holder (or to the income or proceeds derived therefrom), and the pursuit thereof, even if competitive with the business of the Company or a potential corporate opportunity of the Company, shall not be deemed wrongful or
improper.

7. INTERESTS AND TRANSFERS OF INTERESTS

7.1 Transfers of Interests; Restrictions on Transfers.

7.1.1Except as otherwise
provided in this Paragraph 7.1 or in Paragraphs 7.3 or 7.10, no Preferred Member, Member or Economic Interest Holder may Transfer all or any portion of his Percentage Interest without the prior written approval of the Majority in Interest, which may
be withheld in its reasonable discretion. Any purported Transfer which is not in accordance with this Agreement shall be null and void.

7.1.2The provisions of Paragraph 7.1.1 shall not apply to (i) Transfers between any Preferred Member, Member or Economic Interest Holder and his Immediate Family, provided that such transfer does not result in a violation of
Paragraph 1.10 or 7.6, and provided further that any such transferee agrees to be bound by this Agreement, Transfer described in the foregoing clause (i) shall be referred to herein as a Permitted Transferee), and
(ii) any Transfer pursuant to an effective registration statement of Registrable Securities (but not interests in a Member) under the Securities Act of 1933, as amended (the Securities Act) or pursuant to Rule 144 under the
Securities Act.

7.2 Right of First Offer.

7.2.1In the event a Preferred Member or Member (the Offering Member) receives from a third party which is not a Permitted Transferee a bona fide offer to purchase all or a portion of the
Offering Members Percentage Interest or Preferred Interest, and the Offering Member proposes to Transfer all or any portion of his Percentage Interest or Preferred Interest to



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such third party, the Offering Member shall first offer his Percentage Interest or Preferred Interest (or applicable portion thereof) for purchase by each of
the other Preferred Member or Member(s) (the Offeree Member), as hereinafter provided, by submitting to such Preferred Member or Member(s) an offer, setting forth the price at which the Offering Member proposes to Transfer his
Percentage Interest or Preferred Interest, the name and address of the proposed transferee, the nature of the consideration to be paid, and all other terms and conditions of sale that may be reasonably expected to have a material impact on the value
of the Transfer (including, without limitation, the permissibility of a financing contingency and any contingencies in the event of a higher offer for the Percentage Interest or Preferred Interest) (collectively, the Offer Terms).
Such Offeree Member(s) shall have a period of sixty (60) days after receipt of such notice from the Offering Member within which to notify the Offering Member in writing that it elects to purchase the Percentage Interest or Preferred Interest
(or applicable portion thereof) upon the Offer Terms (the Right of First Offer) or to invoke Paragraph 7.4. If such Offeree Member(s) elect not to purchase all of the Percentage Interest or Preferred Interest (or applicable
portion thereof) or do not give notice to the Offering Member during such 60-day period, the Offering Member shall be free to effect a Transfer of his Percentage Interest or Preferred Interest to the proposed transferee at a price that is at least
95% of the price set forth in the Offer Terms and upon other terms that are reasonably consistent with the Offer Terms, provided that a binding agreement with respect to such Transfer is entered into within 180 days after the expiration of such
60-day period, and that such sale is consummated within 270 days after the expiration of such 60-day period.

7.2.2The election of
an Offeree Member to purchase the Percentage Interest or Preferred Interest shall be irrevocable and binding on such Offeree Member, and the sale, purchase and transfer of (and payment for) the relevant Percentage Interests or Preferred Interest
shall be completed within 120 days after delivery of the Members election (or after termination of such 120-day period, as the case may be).

7.2.3Notwithstanding any other provision of this Paragraph 7.2, the closing shall not occur before such purchase and sale have received all necessary approvals, including, without limitation, approvals of any governmental authority
or regulatory agency having jurisdiction.

7.2.4In the event that the sum of the purchase offers of all Offering Members (the
Offering Members making such offers being referred to herein as the Purchasing Offeree Members) exceeds the Offering Members Percentage Interests, then each Purchasing Offeree Member shall be entitled and obligated to
purchase the portion of the Offering Members Percentage Interest constituting a fraction, the numerator of which is each Purchasing Offeree Members Percentage Interest in the Company and the denominator of which is the sum of all such
Purchasing Offeree Members Percentage Interests in the Company.

7.2.5For purposes of this Paragraph 7.2, in calculating that
portion of Percentage Interest or Preferred Interests which any Preferred Member or Member will be entitled to acquire, such calculation will be done if the Preferred Interest was converted to Interests.



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7.3 Tag-Along Right.

7.3.1In addition to the right of an Offeree Member pursuant to Paragraph 7.2, at any time on or after the date hereof, if one or more Members
(herein, the Selling Members) propose to Transfer to other than a Permitted Transferee (in a sale consummated in a single Transfer or a series of related Transfers to a single purchaser or a group of purchasers as part of a single
transaction) Percentage Interests representing 51% or more of the aggregate Percentage Interests held by all Members, then each of the Preferred Members, Members and Economic Interest Holders other than the Selling Member or Members proposing such
Transfer (collectively, the Tag-Along Members) shall have the right (the Tag-Along Right) to require the proposed purchaser to purchase from such Tag-Along Members the same proportion of such Tag-Along
Members Percentage Interest in the Company as the proportion of the Selling Members Percentage Interest in the Company proposed to be Transferred bears to the Selling Members Percentage Interest in the Company. Any Percentage
Interest purchased from a Tag-Along Member pursuant to this Paragraph 7.3 shall be paid for at a price based upon and proportional to the price offered to the Selling Member(s) for its Percentage Interest(s)), and upon the same terms and conditions
as such proposed Transfer by the Selling Member(s) (the Transfer Terms).

7.3.2The Selling Member(s) shall
promptly notify in writing the Tag-Along Members in the event they propose to make a Transfer giving rise to the Tag-Along Right, and shall furnish the Tag-Along Members with the Transfer Terms and a copy of any written offer or agreement pertaining
thereto. The Tag-Along Right may be exercised by any Tag-Along Member by delivery of a written notice to each Selling Member proposing to sell Percentage Interests (the Tag-Along Notice) within ten (10) business days
following its receipt of such notice from such Selling Member. The Tag-Along Notice shall state the name and address of the proposed purchaser, the amount of Percentage Interests that such Tag-Along Member proposes to include in such Transfer to the
proposed purchaser and a computation of the Purchase Price applicable to such Tag-Along Member. In the event that the Selling Members shall be unable to sell the aggregate amount of Percentage Interests proposed to be sold in such transaction by the
Selling Members, the Tag-Along Members that have elected to participate in such transaction pursuant to Paragraph 7.3.1 hereof pursuant to similar rights granted at the Purchase Price specified in the Tag-Along Notice, then the amount of Percentage
Interests to be included in such transaction by the Selling Members and the Tag-Along Members shall be reduced ratably, in accordance with the aggregate amount of Percentage Interests held by such Persons immediately prior to such transaction, to
the extent necessary to reduce the total amount of Percentage Interests to be included in such sale to the maximum number which the Selling Members can sell at such price. Whether or not any such adjustment in the amount of Percentage Interests to
be sold is required to be made, the Selling Members shall give to each Tag-Along Member written notice of the amount of Percentage Interests it is permitted to sell pursuant to this Paragraph 7.3.2 (after giving effect to the provisions of this
Paragraph), together with supporting calculations in reasonable detail, not less than ten (10) days prior to the date of such Transfer.

7.4 Drag-Along Right.

7.4.1At any time on or after the date hereof, if one or more Members propose to
Transfer (in a sale consummated in a single Transfer or a series of related Transfers to a single purchaser or a group of purchasers as part of a single transaction or through a merger or other corporate reorganization) Percentage Interests
representing 51% or more of the aggregate



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Percentage Interests held by all Members, then such Member shall have the right (the Drag-Along Right), but not the obligation, to cause
each of the Preferred Members and other Members and Economic Interest Holders (the Drag-Along Members) to tender for purchase to such purchaser(s) the Drag-Along Members respective Percentage Interests or to cause such other
Preferred Members, Members and Economic Interest Holders to vote in favor of, and not object to, any merger or corporate reorganization. Subject to paragraph 7.4.4 below, any Percentage Interest purchased from a Drag-Along Member pursuant to this
Paragraph 7.4 shall be paid for at a price (the Deemed Price) equal to the balance of such Member(s) and/or Economic Interest Holder(s) Capital Account(s) that would result if the Company had sold all of its assets for
a price equal to the Deemed Value (which Deemed Value shall be based upon the price offered to the Selling Member(s)), and upon the Transfer Terms; provided, however, that in no event will any Drag-Along Member be
compelled to accept consideration in such transaction for his Percentage Interest other than cash or marketable securities.

7.4.2If the Selling Member(s) elect to exercise the Drag-Along Right, then they shall so notify each of the Drag-Along Members (the Drag-Along Notice). Each Drag-Along Notice shall set forth the name and address of the proposed
purchaser, the Deemed Value, proposed amount and form of consideration and other Transfer Terms offered by the proposed purchaser, the aggregate Percentage Interest proposed to be purchased by such purchaser, and the Deemed Price applicable to each
Drag-Along Member.

7.4.3All Transfers of Percentage Interests or Preferred Interests pursuant to the Drag-Along Right shall be
effectuated within thirty (30) days after the date of the Drag Along Notice. Upon the receipt of a Drag-Along Notice, each Drag-Along Member shall be entitled and obligated to Transfer his portion of his Percentage Interest set forth therein as
calculated under Paragraph 7.4.1 to the proposed purchaser on the terms and for the price set forth in Paragraph 7.4.1 above; provided, however, that neither the Selling Member(s) nor any Drag-Along Member shall consummate the sale of
any Percentage Interest or Preferred Interest if the proposed purchaser does not purchase all Percentage Interests which the Members are entitled or obligated to Transfer pursuant hereto.

7.4.4Special Provisions for the Preferred Interest. In the event the Preferred Members become subject to a Drag-Along Right, the Deemed
Price will be the greater of (i) the Deemed Price on an as converted basis, or (ii) the Preferred Liquidation Preference Amount on that portion of the Preferred Interest which would constitute the Percentage Interest subject to the
Drag-Along Right had the Preferred Interest been converted to a Percentage Interest.

7.5 Further Restrictions.

7.5.1Except as expressly provided in Paragraphs 7.2, 7.3 and 7.4, or as consented to by a Majority in Interest, any otherwise permitted
Transfer shall be null and void if:

(a) such Transfer would cause a termination of the Company for U.S. federal income tax purposes;

(b) such Transfer would cause the Company to cease to be treated as a partnership for U.S. federal income tax purposes;



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(c) such Transfer would cause the Company to be a publicly traded partnership within the
meaning of Section 7704(b) of the Code;

(d) such Transfer is not, in the reasonable opinion of counsel to the Company, exempt from
the registration requirements of the Securities Act; or

(e) such Transfer would cause the Company to be an investment company
under the Investment Company Act of 1940.

7.5.2In addition, any and all Transfers shall be permitted only if, in the reasonable
opinion of counsel to the Company, such Transfer(s) (i) do not conflict with or violate any applicable statute, law, regulation, judgment, order or decree of any governmental entity, including but not limited to any court or other judicial or
administrative tribunal, and (ii) do not conflict and are not inconsistent with any loan documents relating to any indebtedness of the Company.

7.6 Rights of Assignees. Notwithstanding any contrary provision in this Agreement, until such time, if any, as a transferee of any permitted Transfer pursuant to this Article 7 is admitted to the Company
as a Substitute Member pursuant to Paragraphs 7.7 and 7.9: (i) such transferee shall be deemed to hold an Economic Interest as an Assignee, and shall receive, to the extent Transferred, the distributions and allocations of income, gain, loss,
deduction, credit, or similar item to which the Member who Transferred his Membership Interest would be entitled, and (ii) such Assignee shall not be entitled or enabled to exercise any other rights or powers of a Member. In the event any
Assignee desires to make a further assignment of any Economic Interest in the Company, such Assignee shall be subject to all of the provisions of this Agreement to the same extent and in the same manner as any Economic Interest Holder desiring to
make such an assignment.

7.7 Admissions and Withdrawals. No Person shall be admitted to the Company as a Member except in
accordance with Paragraph 7.9 (in the case of transferees of a permitted Transfer of a Membership Interest in the Company from another Person) or Paragraph 3.7 (in the case of Additional Members). Except as otherwise specifically set forth herein,
no Member or Economic Interest Holder shall be entitled to retire, resign or withdraw from being a Member or Economic Interest Holder of the Company without the prior written consent of the Majority in Interest. Any purported admission or withdrawal
that is not in accordance with this Agreement shall be null and void.

7.8 Payment Upon Withdrawal of Member or Economic Interest
Holder. If any Member or Economic Interest Holder withdraws from the Company with the prior written consent of the Majority in Interest (as provided in Paragraph 7.7), then such Economic Interest Holder shall receive from the Company a
payment equal to such Persons Capital Account balance as adjusted as of the effective date of the written election of withdrawal (the Termination Payment). The Termination Payment shall be paid on such terms and at such
times as determined by a Majority in Interest.



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7.9 Admission of Assignees as Substitute Members.

7.9.1Notwithstanding any other provision of this Agreement (but subject to Paragraph 7.9.2), an Assignee shall become a Substitute Member only if
and when each of the following conditions is satisfied:

(a) the assignor of the Preferred Interest or the Membership Interest Transferred
sends written notice to each Preferred Member or Member requesting the admission of the Assignee as a Substitute Member and setting forth the name and address of the Assignee, the Preferred Interest or the Percentage Interest Transferred, and the
effective date of the Transfer;

(b) the Members receive from the Assignee (i) such information concerning the Assignees
financial capacities and investment experience as may reasonably be requested by the Preferred Members or the Members, and (ii) written instruments (including, without limitation, copies of any instruments of Transfer and such Assignees
consent to be bound by this Agreement as a Substitute Member) that are in a form satisfactory to a Majority in Interest; and

(c) the
non-transferring Members holding a majority of the Membership Interests held by the non-transferring Members have given their written consent to the admission of such Assignee as a Substitute Member.

7.9.2Upon the admission of any Substitute Member, Exhibit A shall be amended to reflect
the name, address and Percentage Interest of such Substitute Member or such Affiliate or investor and to eliminate or adjust, if necessary, the name, address and Percentage Interest of the..predecessor of such Substitute Member.

7.10 Withdrawal of
Members. If a Preferred Member or a Member has Transferred, pursuant to this Article 7, all of his Preferred Interest or Membership Interest to one or more Assignees, then such a Preferred Member or a Member shall withdraw and resign from
the Company effective upon such Transfer.

7.11 Conversion of Company to a Corporation. If a Majority in Interest determines
that it would be in the best interest of the Members, or would materially facilitate or have a material favorable effect on the Company, to convert the Company from a limited liability company to a corporation (whether by conversion, merger or
otherwise), then the Members shall, to the fullest extent permitted by law, effectuate such conversion. At such time, the Capital Accounts of the Preferred Members, Members and Economic Interest Holders shall be adjusted as if the Company were
liquidated pursuant to Article 8.

7.12 Transfers between Members. Any Preferred Member may Transfer all or a portion of its
Preferred Interest to another Preferred Member or any Member may Transfer all or a portion of its Percentage Interest to a Member on such terms and conditions as the transferring Preferred Member or Member may, in his sole discretion determine. The
Company shall be given written Notice of any Transfer between Preferred Members or Members within seven (7) days of the date of such Transfer by the Preferred



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Member or Member to whom the Percentage Interest was Transferred. In the event that any other provision of the Agreement conflicts with this Paragraph 7.12,
this Paragraph 7.12 shall control.

7.13 Preferred Redemption Rights.

7.13.1At any time upon the earliest of (i) September 30, 2014, (ii) the date on which David DAddario
(DAddario) is no longer actively involved as a manager or officer of the Company, (iii) if Silver Knot disposes of any of its Percentage Interest or (iv) the failure of the Company, within 120 days of the date this
Agreement, to obtain a life insurance policy in the amount of $10,000,000 on the life of DAddario, or such other security or guarantee of payment in the event of DAddarios death acceptable to the Preferred Members in their
discretion, the Preferred Members may require the Company to redeem for a price equal to the greater of the Preferred Redemption Price or the fair market value of all of the Preferred Interest on an as-converted basis, payable in cash, all of the
outstanding Preferred Interests held by Preferred Members (Redemption Transaction). Upon delivery of notice by the Preferred Members to the Company (Preferred Members Notice) requiring the Company to redeem the
Preferred Interests, the Company shall have up to 120 days to pay the Preferred Redemption Price or the fair market value.

7.13.2The Company at any time after September 30, 2014 may redeem all the Preferred Interest by delivery of notice (Redemption Notice) of no less than thirty (30) days prior to such redemption by the Company to the
Preferred Member a price equal to the greater of the Preferred Redemption Price or the fair market value of the Preferred Interest; provided, however, at any time prior to the payment of the Preferred Redemption Price or fair market value, a
Preferred Member may convert its Preferred Interest to a Percentage Interest and the Company will have no further right to require the redemption of the Preferred Members converted Percentage Interest pursuant to this Paragraph 7.13.

7.13.3Each Preferred Member shall transfer to the Company, in consideration for the payment of its share of the Preferred
Redemption Price, the Preferred Interests being sold to the Company free and clear of all liens and encumbrances, and shall furnish to the Company all documentation reasonably required by the Company to effect and evidence the redemption of such
Preferred Interest, including applicable withholding, inheritance and estate tax waivers and releases.

7.13.4Notwithstanding
anything to the contrary contained in this Agreement, the Preferred Members shall not have any right to require the Company to redeem to the extent prohibited by law or without the consent of its lenders under its credit agreement (or any
refinancing thereof), or its noteholders under the indenture, in each case to the extent consent is required by such credit agreement or indenture; provided, however, that if the Company is so prohibited from redeeming any Interests because of a
possible impairment of its capital or due to lack of sufficient surplus, as the case may be, without the consent of the holders of the Companys notes, to the extent required under its indenture, the Company may redeem when it has the right to
redeem Preferred Interests, such Redeemed Interests which the Company is not prohibited by law from redeeming, and may thereafter promptly proceed to remedy such impairment of capital or reconstitute its surplus, as the case may be, in the manner
provided by applicable law, to enable it to redeem the remaining Interests.



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7.14 Preemptive Rights. Each time the Company proposes to issue or sell, or enter into any
agreement to issue or sell, to any Person, other than Preferred Members, Members or Economic Interest Holders, any Percentage Interest (for cash or otherwise), other than Interests being issued as an employee benefit or employee compensation or
after, or in connection with, an initial public offering, or pursuant to an effective registration statement under the Securities Act, the Company shall also make an offering of such Interests to its Preferred Members and Members in accordance with
the following provisions:

7.14.1The Company shall deliver a notice to each Preferred Member or Member stating the number and type
of Interest to be issued or sold to such Person and the price and the terms on which it proposes to offer or sell such Interests;

7.14.2Within thirty (30) days after delivery of the notice to the Preferred Member or Member, each Preferred Member or Member may contractually commit to purchase, at the price (or the per share cash equivalent of such price of
the consideration is not cash) and on the terms specified in the notice, up to its pro rata (treating the Preferred Interests on an as converted basis) portion of such Interests by delivering an irrevocable subscription agreement to the
Company within such period of thirty (30) days. It shall be a condition to the consummation of such purchase by each Preferred Member or Member (it being understood that such condition may be waived) that all Preferred Members and Members shall
simultaneously purchase their pro rata portion of such Interests, the Preferred Member or Member who have purchased their full pro rata portion may purchase their pro rata portion of such unpurchased Interests. The Company shall
conduct the second round of offer and sale in the same manner as the first; and

7.14.3Any Percentage Interest referred to in the
notice to the Preferred Member or Member that are not elected to be purchased as provided in Section 7.14.2 above may, during the 180-day period thereafter, be offered and sold by the Company to any Person at a price not less than that
specified in such notice, and on terms no more favorable to such Person than those specified therein.

For purposes of this
Section 7.14, in the event that any of the consideration to be paid in respect of any offer or sale of Interests by the Company consists of property other than cash or marketable securities, the value of such property for purposes of computing
the purchase price for such Interests shall be determined, by the Companys expense, as of a date not more than thirty (30) days prior to the date of the notice required pursuant to Section 7.14.1 above and shall be set forth in a
written certificate which shall be delivered to the Preferred Members and Members simultaneously with the delivery of such notice.

8. DISSOLUTION,
LIQUIDATION, AND TERMINATION OF THE COMPANY

8.1 Limitations. The Company may be dissolved, liquidated, and terminated
only pursuant to the provisions of this Article 8, and the parties to this Agreement do hereby irrevocably waive, to the fullest extent permitted by law, any and all other rights



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they may have to cause a dissolution of the Company or a sale or partition of any or all of the Company Assets. The bankruptcy of a Member (as defined in
Sections 18-101 and 18-304 of the Act) will not cause the Company to be dissolved and its affairs wound up, and upon the occurrence of such an event, the business of the Company shall be continued without dissolution. The Members waive any rights
that they may have under Section 18-801(b) of the Act to agree in writing to dissolve the Company upon the occurrence of an event that causes a Member to cease to be a member of the Company.

8.2 Exclusive Causes. The following and only the following events shall cause the Company to be dissolved and its affairs wound up:

(a) the occurrence of a Terminating Capital Transaction;

(b) the written consent of the Majority in Interest and all the Preferred Members to dissolve the Company;

(c) at any time there are no Members unless the business of the Company is continued without dissolution in a manner permitted by the Act; or

(d) judicial dissolution.

8.3 Effect of Dissolution. The dissolution of the Company shall be
effective on the day on which the event occurs giving rise to the dissolution, but the Company shall not terminate until it has been wound up and its assets have been distributed as provided in Paragraph 8.5 of this Agreement. Notwithstanding the
dissolution of the Company, prior to the termination of the Company, the business of the Company and the affairs of the Members and Economic Interest Holders, as such, shall continue to be governed by this Agreement.

8.4 No Capital Contribution Upon Dissolution. Each Member and Economic Interest Holder shall look solely to the assets of the Company for
all distributions with respect to the Company, his Capital Contribution thereto, his Capital Account and his share of Net Profits or Net Losses, and shall have no recourse therefor (upon dissolution or otherwise) against any other Member or Economic
Interest Holder. Accordingly, if any Member or Economic Interest Holder has a deficit balance in his Capital Account (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which the
liquidation occurs), then such Member or Economic Interest Holder shall have no obligation to make any Capital Contribution with respect to such deficit, and such deficit shall not be considered a debt owed to the Company or to any other person for
any purpose whatsoever.



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8.5 Liquidation.

8.5.1Upon dissolution of the Company, the Members shall liquidate the Company Assets, and after allocating (pursuant to Article 5 of this
Agreement) all income, gain, loss and deductions resulting therefrom, shall apply and distribute the proceeds thereof as follows:

(a)
First, to the satisfaction of the obligations of the Company (whether by payment or by the making of reasonable provision for payment thereof), to the expenses of liquidation, and to the setting up of any Reserves for contingent,
conditional and unmatured liabilities which the Management Board may consider necessary;

(b) Second, to the Preferred
Members until the Preferred Members (whether by payment or the making of reasonable provisions for payment thereof) receive aggregate contributions under this Agreement equal to the Preferred Return Liquidation Amount;

(c) Third, to the Members and Economic Interest Holders in proportion to and to the extent of the positive balances in the Members
and Economic Interest Holders respective Capital Accounts, determined after taking into account all Capital Account adjustments for the Company taxable year during which such liquidation occurs (other than those made as a result of the
distributions set forth in this Paragraph 8.5.1(c) of this Agreement), by the end of the taxable year in which such liquidation occurs or, if later, within ninety (90) days after the date of the liquidation; and

(d) Thereafter, to the Members and Economic Interest Holders in accordance with their Percentage Interests.

8.5.2Notwithstanding Paragraph 8.5.1 of this Agreement, in the event that a Majority in Interest determines that an immediate sale of all or any
portion of the Company Assets would cause undue loss to the Members and Economic Interest Holders, in order to avoid such loss to the extent not then prohibited by the Act, the Members may either defer liquidation of and withhold from distribution
for a reasonable time any Company Assets except those necessary to satisfy the Companys debts and obligations, or distribute the Company Assetspro rata to the Preferred Members, the Members and Economic Interest Holders in kind.

9. MISCELLANEOUS

9.1
Amendments.

9.1.1Each Substitute Member shall become a signatory hereto by signing such number of counterpart signature
pages to this Agreement and such other instruments, in such manner, as the Preferred Members and Members shall determine. By so signing, each Substitute Member shall be deemed to have adopted and to have agreed to be bound by all of the provisions
of this Agreement.

9.1.2Amendments to this Agreement may be made only with the consent of a Majority in Interest; provided that,
under no circumstances shall a Majority in Interest amend



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this Agreement in such a way that would adversely affect a Preferred Members and Members or Economic Interest Holders right to receive
allocations and distributions earned or accrued hereunder without such Members or Economic Interest Holders prior written consent.

9.1.3In making any amendments, there shall be prepared and filed by, or for, the Members and Economic Interest Holders such documents and certificates as may be required under the Act and under the laws of any other jurisdiction
applicable to the Company.

9.2 Investment Representations and Warranties. Each Member and Economic Interest Holder hereby
represents, warrants, covenants, and acknowledges that he is acquiring his Percentage Interest for his own account and not for the account of any other Person. Each Member and Economic Interest Holder is acquiring his Percentage Interest solely for
investment and not with a view to, or for resale in connection with, the distribution or other disposition thereof except in compliance with applicable laws regulating securities.

9.3 Representations of Each Member and Economic Interest Holder. Each of the Preferred Members, Members and Economic Interest Holders
hereby makes the following representations and warranties to, and agreements with, the other Preferred Members, Members and Economic Interest Holders and the Company as of the effective date of this Agreement:

9.3.1Such Preferred Member, Member or Economic Interest Holder has full power and authority to execute and deliver this Agreement, and any
exhibits hereto, and to carry out his obligations hereunder in accordance with the terms and provisions hereof. This Agreement constitutes the valid and legally binding obligation of such Preferred Member, Member or Economic Interest Holder,
enforceable against such Preferred Member, Member or Economic Interest Holder in accordance with its terms, except as enforceability may be affected by (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors rights generally; (ii) the limitation of certain remedies by certain equitable principles of general applicability; and (iii) the fact that the rights to indemnification hereunder may be limited by federal or
state securities laws.

9.3.2The execution, delivery and performance by such Preferred Member, Member or Economic Interest Holder
of this Agreement and the transactions contemplated hereby will not constitute a material breach of any term or provision of, or a material default under (i) any outstanding indenture, mortgage, loan agreement or other similar contract or
agreement to which such Preferred Member, Member or Economic Interest Holder or any of its respective Affiliates is a party or by which it or any of its Affiliates or its or their property is bound; (ii) any applicable law, rule or regulation;
or (iii) any order, writ, judgment or decree having applicability to such Preferred Member, Member or Economic Interest Holder.

9.3.3All material consents, licenses, approvals and authorizations, if any, and all filings and registrations required from any governmental body, authority, bureau or agency for or on the part of any such Member or Economic
Interest Holder or any of their respective Affiliates in connection with its execution and delivery of this Agreement and its contributions to the capital of or services rendered to the Company have been obtained prior to the date of this Agreement.



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9.3.4Such Member is not a party to any agreement, and has not agreed with any other Member, to
vote in any manner with respect to any matter upon which the Members may vote and has not granted a proxy or created a voting trust for a similar purpose.

9.4 Accounting and Fiscal Year. Subject to Code Section 448, the books of the Company shall be kept on such method of accounting for tax and financial reporting purposes as may be determined by the
Tax Matters Partner. The fiscal year of the Company shall end on December 31 of each year, or on such other date permitted under the Code as the Management Board shall determine.

9.5 Meetings.

9.5.1The Company shall hold annual meetings unless the Management Board waives the obligation to hold such meetings. In addition and at any time, a Majority in Interest may call meetings of the Members. Written notice of any and all such meetings
shall be given to all Members not less than seven (7) nor more than forty-five (45) days prior to the date of such meeting. Presence at any meeting without objection shall constitute waiver of any required notice.

9.5.2Each Member may authorize any other Person by proxy (whether or not such other Person is a Member) to act for him or on his behalf on all
matters in which the Member is entitled to participate at such meetings. Each such proxy must be signed by the Member. All other provisions governing, or otherwise relating to, the holding of meetings of the Members, shall from time to time be
established by a Majority in Interest. Meetings may be held by conference call; provided that all participating Members may hear and be heard by each other Member. Notwithstanding the foregoing, votes of the Members required in this Agreement need
not be taken at or pursuant to a meeting of the Members, unless expressly stated otherwise, but rather may be taken by the written consent, without notice, of those Members with aggregate Percentage Interests necessary to authorize such action.

9.6 Further Assurances. Each of the parties hereto does hereby covenant and agree on behalf of itself, its successors, and
assigns, without further consideration, to prepare, execute, acknowledge, file, record, publish, and deliver such other instruments, documents and statements, and to take such other action as may be required by law or reasonably necessary to
effectively carry out the purposes of this Agreement.

9.7 Notices. All notices required or permitted to be given hereunder
shall be in writing and may be delivered by hand, by facsimile, by nationally recognized private courier or by United States mail. Notices delivered by mail shall be deemed given three (3) business days after being deposited in the United
States mail, postage prepaid, registered or certified mail. Notices delivered by hand, by facsimile or by national recognized private courier shall be deemed given on the first business day following receipt;provided, however, that a notice
delivered by facsimile shall only be effective if such notice is also delivered by hand or deposited in the United States mail, postage



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prepaid, registered or certified mail, on or before two (2) business days after its delivery by facsimile. All notices shall be addressed to a party
hereto to the address of such party set forth below its signature hereto or to such other addresses and/or addressees as may be designated by notice given in accordance with the provisions of this Paragraph 9.7.

9.8 Tax Matters.

9.8.1A
Majority in Interest shall designate the Tax Matters Partner (as defined in Code Section 6231) to oversee or handle matters relating to the taxation of the Company. The Tax Matters Partner shall be Silver Knot, which shall
continue as Tax Matters Partner unless and until replaced by a Majority in Interest.

9.8.2The Member designated as Tax Matters
Partner, subject to the consent of a Majority in Interest, may make all elections for federal income and all other tax purposes (including, without limitation, pursuant to Section 754 of the Code) except as expressly provided otherwise in this
Agreement.

9.8.3The Members, Preferred Members, and Economic Interest Holders agree that the Tax Matters Partner can take such
actions (including, without limitation, amending this Agreement) as may be required by any authority that may be issued in the future with respect to the taxation of profits interests transferred in connection with the performance of
services to conform the tax consequences of the issuance of profits interests as closely as possible to the tax consequences under Revenue Procedure 93-27 and Revenue Procedure 2001-43.

9.9 Governing Law. This Agreement, including its existence, validity, construction and operating effect, and the rights of each of the
parties hereto, shall be governed by and construed in accordance with the laws of the State of Delaware without regard to otherwise governing principles of conflicts of law.

9.10 Dispute Resolution.

9.10.1Except as otherwise provided in this agreement, any controversy or dispute arising out of or relating to this Agreement shall be settled solely and exclusively by arbitration. The parties hereto expressly waive their rights to
(i) bring any such controversy or dispute in a court of law and (ii) seek, demand or be awarded any punitive or exemplary damages in connection with any such arbitration.

9.10.2Arbitration shall be conducted by three (3) arbitrators, one (1) to be selected by each of the parties and the third to be
designated by the two (2) arbitrators so selected. In the event of their failure to agree on the third arbitrator, selection shall be made by the American Arbitration Association in Washington, D.C. where, to the fullest extent permitted by
law, the arbitration shall take place.

9.10.3The arbitrators shall, to the fullest extent permitted by law, follow the commercial
arbitration rules of the American Arbitration Association, except as otherwise provided herein. The arbitrators shall substantially comply with the federal rules of evidence applicable to a federal district court sitting in Washington, D.C.; shall
grant essential but limited discovery; shall provide for the exchange of witness lists and exhibit copies; shall conduct a pre-arbitration hearing and consider dispositive motions. Each party shall have the right to request the arbitrators to make
findings of specific factual issues.



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9.10.4The arbitrators shall complete their proceedings and render their written decision
(inclusive of findings of fact and findings of law) within forty (40) days after the submission of the dispute to them, unless both parties agree to an extension. Each party shall cooperate with the arbitrators to comply with procedural and
time requirements and the failure of either to do so shall entitle the arbitrators to extend the arbitration proceedings accordingly and to impose sanctions on the party responsible for the delay, payable to the other party.

9.10.5The majority decision of the arbitrators shall contain findings of facts on which the decision is based, including any specific factual
findings requested by either party, and shall further contain the reasons for the decision with reference to the legal principles on which the arbitrators relied. Such decision of the arbitrators shall be final and binding upon the parties, and
accordingly the parties shall promptly comply with the terms of such decision, and, to the fullest extent permitted by law, a judgment by a court of competent jurisdiction (which shall be deemed to include any state or federal court sitting in
Washington, D.C. or the State of Delaware) may be entered in accordance therewith.

9.10.6If any party is successful (the
Successful Party) in any proceeding against any other party or parties, as the case may be (the Unsuccessful Party), relating to this Agreement, the Successful Party shall be entitled to receive from the
Unsuccessful Party reimbursement of all expenses (including but not limited to attorneys fees) reasonably incurred by the Successful Party in connection with such proceeding. The fees and expenses of the arbitrators in connection with the
resolution of disputes pursuant hereto shall be borne by the party who does not prevail in the arbitration.

9.11
Construction. This Agreement shall be construed as if all parties prepared this Agreement. Unless the express provisions of this Agreement or the context clearly otherwise requires, all references to Members shall
include Additional Members, and all references to Economic Interest Holders shall include Additional Economic Interest Holders.

9.12 Captions; Pronouns. Any titles or captions contained in this Agreement are for convenience only and shall not be deemed part of the
text of this Agreement. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as appropriate.

9.13 Binding Effect. Except as otherwise expressly provided herein, this Agreement shall be binding on and inure to the benefit of the Members, Economic Interest Holders, their heirs, executors,
administrators, successors and all other Persons hereafter holding, having or receiving an interest in the Company, whether as Assignees, Substitute Members or otherwise.

9.14 Severability. In the event that any provision of this Agreement as applied to any party or to any circumstance shall be adjudged by a court to be void, unenforceable or inoperative as a matter of
law, then the same shall in no way affect any



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other provision in this Agreement, the application of such provision in any other circumstance or with respect to any other party, or the validity or
enforceability of the Agreement as a whole.

9.15 Confidentiality. For the purposes of this Paragraph 9.15,Confidential Information means information delivered to any Member or Economic Interest Holder by or on behalf of the Company pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or
otherwise adequately identified when received by such Person as being confidential information of the Company, or identified in writing as such promptly after it is received or communicated to such Person as being confidential information of the
Company (it being understood that the provisions of this Paragraph 9.15 shall only apply after such written identification), provided that such term does not include information that

(a) was publicly known or otherwise known to such Person prior to the time of such disclosure;

(b) subsequently becomes publicly known through no act or omission by such Person or any Person acting on such Persons behalf; or

(c) otherwise becomes known to such Person other than through disclosure by the Company or a source known by such Person to be subject to a prohibition
against transmitting such information.

Each Member and Economic Interest Holder will maintain the confidentiality of such Confidential Information in
accordance with reasonable procedures adopted by such Person in good faith to protect confidential information of third parties delivered to such Person,provided that such Person may deliver or disclose Confidential Information to:

(i) such Persons directors, officers, trustees, employees, agents, attorneys and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by such Persons Percentage Interest) who are, or agree to be, bound by the terms of this Paragraph 9.15;

(ii) such Persons financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in
accordance with the terms of this Paragraph 9.15;

(iii) any other holder of a Percentage Interest;

(iv) any Person from which such first Person offers to purchase any Percentage Interest in the Company (if such Person has agreed in writing prior to
its receipt of such Confidential Information to be bound by the provisions of this Paragraph 9.15);

(v) any federal or state regulatory
authority having jurisdiction over such Person;



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(vi) any other Person to which such delivery or disclosure may be necessary or appropriate

(A) to effect compliance with any law, rule, regulation or order applicable to such Person,

(B) in response to any subpoena or other legal process, or

(C) in connection with any litigation to which such Person is a party.

In addition to any other remedies
that may be available to the Company, upon any breach of this Paragraph 9.15 by any holder of a Percentage Interest, the Company may seek an order for the specific performance of the provisions of this Paragraph 9.15 by such holder.

9.16 Counterparts. This Agreement may be executed in any number of multiple counterparts, each of which shall be deemed to be an original
copy and all of which shall constitute one agreement, binding on all parties hereto.

9.17 SPA. Insofar as there is a
conflict between any right, limitation or other provision of the SPA and this agreement, the SPA shall control.

[remainder of page
intentionally blank; next page is signature page]



-44-



---

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first
above written.

MEMBERS:



|                 |  |                
|---------------- |  | ---------------
|Silver Knot, LLC
|                 | 
|By:              |  |                
|                 |  | David DAddario

PREFERRED MEMBERS:

The Employees Retirement System of Alabama



|    |  |                     
|--- |  | --------------------
|By: |  |                     
|    |  | Dr. David G. Bronner

The Teachers Retirement System of Alabama



|    |  |                     
|--- |  | --------------------
|By: |  |                     
|    |  | Dr. David G. Bronner



-45-



---

MEMBERS:



|               
|---------------
|               
|John J. Cameron
|               
|               
|Danny Mendelson
|               
|               
|Richard Weaver 



---

EXHIBIT A

PREFERRED MEMBERS, MEMBERS AND ECONOMIC INTEREST HOLDERS

Preferred Members

The Teachers Retirement System of Alabama

The Employees
Retirement System of Alabama

Members

Silver Knot, LLC

Danny Mendelson

M. Mendelson

John Cameron

David Cameron Trust

Kathryn Cameron Trust

Scott Cameron Trust

Robert David

Richard Weaver

Richard Weaver (Retirement Plan)

Kenneth Stastny

Sam Glasscock

Michael Patterson

Economic Interest Holders

Danny Mendelson

M. Mendelson

John Cameron

David Cameron Trust

Kathryn Cameron Trust

Scott Cameron Trust

Robert David

Richard Weaver

Richard Weaver (Retirement Plan)

Kenneth Stastny

Sam
Glasscock

Phil Tays

Garrison Curtis



---

Don Farrington

James
Tierney

Michael Patterson

Jimmy Fuller

Kermit Campbell

Chip Flournoy

Earl McGuire

Wade Auten

Regan Ragland



-2-



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EXHIBIT B

MANAGEMENT BOARD MEMBERS

Exhibit B-1

David F. DAddario

John J. Cameron

Gerald M. David

Gregory Garvey

OFFICERS

Exhibit B-2



| |  |                    |  |                                                            |  | 
| |  | ------------------ |  | ---------------------------------------------------------- |  | 
| |  | NAME               |  | POSITION                                                   |  | 
| |  | David F. DAddario |  | Chief Executive Officer                                    |  | 
| |  |                    | 
| |  | Danny Mendelson    |  | Executive Vice President Chief Strategic Officer Secretary |  | 
| |  |                    | 
| |  | Don Farrington     |  | Senior Vice President                                      |  | 
| |  |                    | 
| |  | Sam Glasscock      |  | Executive Vice President, Financial Operations             |  | 
| |  |                    | 
| |  | Michael Patterson  |  | Senior Vice President, Strategic Planning                  |  | 
| |  |                    | 
| |  | Kenneth Stastny    |  | Chief Financial Officer                                    |  | 
| |  |                    | 
| |  | Richard Weaver     |  | Executive Vice President, Development and Risk Management  |  | 
| |  |                    | 
| |  | Robert David       |  | Vice President, National Accounts                          |  |