Exhibit 10.5


 




 


FORM OF THIRD AMENDED AND RESTATED


 


LIMITED LIABILITY COMPANY AGREEMENT


 


OF


 


QUALTEK HOLDCO, LLC


 


DATED AS OF [●], 2021




 


THE LIMITED LIABILITY COMPANY INTERESTS IN QUALTEK
HOLDCO, LLC HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, THE SECURITIES LAWS OF ANY STATE, OR ANY OTHER APPLICABLE
SECURITIES LAWS, AND HAVE BEEN OR ARE BEING ISSUED IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND SUCH LAWS. SUCH INTERESTS MUST BE ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD,
ASSIGNED OR TRANSFERRED AT ANY TIME EXCEPT IN COMPLIANCE WITH (I) THE SECURITIES ACT, ANY APPLICABLE SECURITIES LAWS OF ANY STATE
AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY
AGREEMENT; AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE MANAGING MEMBER AND THE APPLICABLE MEMBER.
THEREFORE, PURCHASERS AND OTHER TRANSFEREES OF SUCH LIMITED LIABILITY COMPANY INTERESTS WILL BE REQUIRED TO BEAR THE RISK OF THEIR INVESTMENT
OR ACQUISITION FOR AN INDEFINITE PERIOD OF TIME.


 




     


     


    

 


TABLE
OF CONTENTS


 


Page


 


	Article I	DEFINITIONS	2





		1.1	Definitions	2
		1.2	Interpretive Provisions	16



 


	Article II	ORGANIZATION OF THE LIMITED LIABILITY COMPANY	17







		2.1	Formation	17
		2.2	Filing	17
		2.3	Name	18
		2.4	Registered Office: Registered Agent	18
		2.5	Principal Place of Business	18
		2.6	Purpose; Powers	18
		2.7	Term	18
		2.8	Intent	18



 


	Article III	CLOSING TRANSACTIONS	19







		3.1	Business
                                            Combination Agreement Transactions	19



 


	Article IV	OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS	19







		4.1	Authorized
                                            Units; General Provisions with Respect to Units	19
		4.2	Capital Contributions	23
		4.3	Issuance of Additional Units	24
		4.4	Capital Accounts	24
		4.5	Other Matters Regarding Capital Contributions	25
		4.6	Exchange of Common Units	25
		4.7	Representations and Warranties of the Members	29



 


	Article V	ALLOCATIONS OF PROFITS AND LOSSES	31







		5.1	Profits
                                            and Losses	31
		5.2	Special
                                            Allocations	31
		5.3	Allocations
                                            for Tax Purposes in General	34
		5.4	Other
                                            Allocation Rules	34
		5.5	Earnout
                                            Common Units	36



  


	Article VI	DISTRIBUTIONS	36





		6.1	Distributions	36
		6.2	Tax-Related Distributions	37
		6.3	Distribution Upon Withdrawal	38



 


	Article VII	MANAGEMENT	38






		7.1	Managing
                                            Member Rights; Member and Officer Duties	38
		7.2	Role of Officers	39
		7.3	Warranted Reliance by Officers on Others	40
		7.4	Indemnification	40
		7.5	Resignation or Termination of Managing Member	43
		7.6	Reclassification Events of PubCo	43



 






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Page


 


		7.7	Transactions
                                            between Company and Managing Member	43
		7.8	Certain Costs and Expenses	44



 


	Article VIII	ROLE OF MEMBERS	44







		8.1	Rights
                                            or Powers	44
		8.2	Various Capacities	44
		8.3	Investment Opportunities	45



 


	Article IX	TRANSFERS OF UNITS	46







		9.1	Restrictions
                                            on Transfer	46
		9.2	Notice of Transfer	47
		9.3	Transferee Members	47
		9.4	Legend	48



 


	Article X	ACCOUNTING	48





		10.1	Books
                                            of Account	48
		10.2	Tax Elections	48
		10.3	Tax Returns; Information	49
		10.4	Company Representative	50
		10.5	Withholding Tax Payments and Obligations	53
		10.6	Rights of the Continuing Members	53



 


	Article XI	DISSOLUTION	54





	 	11.1	Liquidating
                                            Events	54
	 	11.2	Bankruptcy	54
		11.3	Procedure	55
		11.4	Rights of Members	56
		11.5	Notices of Dissolution	56
		11.6	Reasonable Time for Winding Up	56
		11.7	No Deficit Restoration	56



 


	Article XII	GENERAL	57





		12.1	Amendments;
                                            Waivers	57
		12.2	Further Assurances	57
		12.3	Successors and Assigns	57
		12.4	Entire Agreement	58
		12.5	Rights of Members Independent	58
		12.6	Governing Law; Waiver of Jury Trial; Jurisdiction	58
		12.7	Headings	59
		12.8	Counterparts; Electronic Delivery	59
		12.9	Notices	59
		12.10	Representation by Counsel; Interpretation	61
		12.11	Severability	61
		12.12	Expenses	61
		12.13	No Third Party Beneficiaries	61
		12.14	Confidentiality	61
		12.15	No Recourse	62



 






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Page


 


Exhibits


 


Exhibit A: Capitalization

Exhibit B: Exchange Notice

Exhibit C: Officers

Exhibit D: Joinder


 




    iii 


     


    

  


THIRD AMENDED AND RESTATED


 


LIMITED LIABILITY COMPANY AGREEMENT


 


OF


 


QUALTEK HOLDCO, LLC


 


This THIRD AMENDED AND RESTATED LIMITED LIABILITY
COMPANY AGREEMENT (as amended, supplemented or restated from time to time in accordance with the terms hereof, this “LLC
Agreement”) of QualTek HoldCo, LLC, a Delaware limited liability company (the “Company”), is
entered into as of [●], 2021, by and among Roth CH Acquisition III Co., a Delaware corporation (“PubCo”),
as a Member and the Managing Member as of the date hereof, the Members set forth on Exhibit A hereto (the “Continuing
Members”) and each other Person who is or at any time becomes a Member in accordance with the terms of this LLC Agreement
and the Act. Capitalized terms used in this LLC Agreement shall have the respective meanings set forth in Section 1.1.


 


RECITALS


 


WHEREAS, the Company was
formed pursuant to a Certificate of Formation filed in the office of the Secretary of State of the State of Delaware on May 15,
2018, and was originally governed by the Limited Liability Company Agreement of the Company dated as of May 15, 2018 (the “Initial
LLC Agreement”);


 


WHEREAS, certain of the Continuing
Members entered into the Amended and Restated Operating Agreement of the Company, effective as of July 18, 2018 (the “First
A&R LLC Agreement”), which amended and restated the Initial LLC Agreement in its entirety;


 


WHEREAS, the Continuing Members
entered into the Second Amended and Restated Operating Agreement, effective as of October 4, 2019 (the “Existing LLC
Agreement”), which amended and restated the First A&R LLC Agreement in its entirety;


 


WHEREAS, immediately prior
to giving effect to the transactions contemplated by the Business Combination Agreement (as defined below), the Company was wholly owned
by the Continuing Members;


 


WHEREAS,
on [●], 2021, the Company, PubCo, Roth CH III Merger Sub, LLC , a Delaware limited liability company (the “Company
Merger Sub”) and the other parties thereto entered into that certain Business Combination Agreement (as amended, modified
or supplemented from time to time in accordance with the terms thereof, the “Business Combination Agreement”),
pursuant to which, among other things, as of the Company Effective Time, Company Merger Sub will merge with and into the Company, with
the Company surviving as a Subsidiary of PubCo, and each Member will receive or retain the number of Common Units set forth next to such
Member’s name on Exhibit A hereto, in accordance with Section 3.1(c) of the Business Combination Agreement;


 






     


     


    

 


WHEREAS, the Members desire
to amend and restate the Existing LLC Agreement in its entirety as of the Company Effective Time to reflect: (a) the consummation
of the transactions contemplated by the Business Combination Agreement and the Ancillary Agreements (as such term is defined in the Business
Combination Agreement), including the conversion of units pursuant to Section 3.1(c)(ii) thereof and the admission of PubCo
as a Member, (b) PubCo’s designation as the sole Managing Member of the Company, and (c) the rights and obligations of
the Members and other terms and provisions, in each case as set forth in this LLC Agreement; and


 


WHEREAS, following the Company
Effective Time, each Common Unit (other than any Common Unit held by PubCo or its wholly owned Subsidiaries) may be exchanged, at the
election of the holder of such Common Unit (together with the surrender and delivery by such holder of one (1) share of Class B
Common Stock of PubCo), for one (1) share of Class A Common Stock of PubCo, in each case, in accordance with the terms and
conditions of this LLC Agreement.


 


NOW THEREFORE, in consideration
of the mutual covenants and agreements contained in this LLC Agreement, and other good and valuable consideration the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree to amend and restate the Existing LLC Agreement
in its entirety as follows:


 


Article I


DEFINITIONS


 


1.1            Definitions.
As used in this LLC Agreement and the Schedules and Exhibits attached to this LLC Agreement, the following definitions shall apply:


 


“Act”
means the Delaware Limited Liability Company Act, 6 Del. C. § 18-101, et seq.


 


“Action”
means any action, suit, charge, litigation, arbitration, notice of violation or citation received, or other proceeding at law or in equity
(whether civil, criminal or administrative) by or before any Governmental Entity.


 


“Adjusted Basis”
has the meaning given to such term in Section 1011 of the Code.


 


“Adjusted Capital
Account Deficit” means the deficit balance, if any, in such Member’s Capital Account at the end of any Taxable Year
or other taxable period, with the following adjustments:


 


(a)            credit
to such Capital Account any amount that such Member is obligated to restore under Treasury Regulations Section 1.704-1(b)(2)(ii)(c),
as well as any addition thereto pursuant to the next to last sentences of Treasury Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5) after
taking into account thereunder any changes during such year in Company Minimum Gain and Member Minimum Gain; and


 


(b)            debit
to such Capital Account the items described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6).


 


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


 






    2


     


    

 


“Advancement
of Expenses” is defined in Section 7.4(b).


 


“Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such Person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership
of voting securities, its capacity as a sole or managing member or otherwise. For purposes of this LLC Agreement, no Member shall be
deemed to be an Affiliate of any other Member solely as a result of membership in the Company.


 


“Appraiser FMV”
means the fair market value of any Equity Security as determined by an independent appraiser mutually agreed upon by the Managing Member
and the relevant Transferor, whose determination shall be final and binding for those purposes for which Appraiser FMV is used in this
LLC Agreement. If the Managing Member and the relevant Transferor cannot reach agreement on an independent appraiser, each of the Managing
Member and the relevant Transferor shall designate a nationally recognized accounting firm and those two firms shall jointly select a
third national recognized accounting firm to serve as the appraiser. Appraiser FMV shall be the fair market value determined without
regard to any discounts for minority interest, illiquidity or other discounts. The cost of any independent appraisal in connection with
the determination of Appraiser FMV in accordance with this LLC Agreement shall be borne by the Company.


 


“Assumed Rate”
means the highest marginal combined effective U.S. federal, state and local income tax rate (including, if applicable, under Section 1411
of the Code) applicable to the item of income based on the character of income and applicable to an individual resident in (or, if higher
a corporation doing business exclusively in) New York, NY, in each case taking into account all jurisdictions in which the Company is
required to file income tax returns and the relevant apportionment information, in effect for the applicable Taxable Year, taking into
account the character of any income, gains, deductions, losses or credits, and the deductibility of state income taxes (to the extent
deductible for purposes of the U.S. federal income tax). The Assumed Rate shall be the same for all Members regardless of the actual
combined income tax rate of the Member or its direct or indirect owners.


 


“Audit”
is defined in Section 10.4(b).


 


“BBA Rules”
means Subchapter C of Chapter 63 of the Code (Sections 6221 et seq.) as amended by the Bipartisan Budget Act of 2015, and any Treasury
Regulations and other guidance promulgated thereunder, and any similar state or local legislation, regulations or guidance.


 


“BCP”
means [BCP QualTek Investor Holdings, L.P., a Delaware limited partnership].


 


“beneficially
own” and “beneficial owner” shall be as defined in Rule 13d-3 of the rules promulgated
under the Exchange Act.


 


“Board”
means the board of directors of PubCo, as constituted at any given time.


 


“Business Combination
Agreement” is defined in the recitals to this LLC Agreement.


 


“Business Day”
means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized to close in the State
of New York.


 






    3


     


    

 


“Business Opportunities
Exempt Party” is defined in Section 8.3(a).


  


“Capital Account”
means, with respect to any Member, the capital account maintained for such Member in accordance with Section 4.4. The initial
Capital Account of each Member as of the Company Effective Time (the “Closing Date Capital Account Balance”)
is set forth next to such Member’s name on Exhibit A hereto.


 


“Capital Contribution”
means, with respect to any Member, the amount of cash and the Fair Market Value of any property (other than cash) contributed to the
Company by such Member, net of any liabilities assumed by the Company for such Member in connection with such contribution, as set forth
from time to time in the books and records of the Company. Any reference to the Capital Contribution of a Member will include any Capital
Contributions made by a predecessor holder of such Member’s Units to the extent that such Capital Contribution was made in respect
of Units Transferred to such Member. As of the Company Effective Time, each Member shall be deemed to have made Capital Contributions
equal to the Closing Date Capital Account Balance of such Member set forth next to such Member’s name on Exhibit A
hereto.


 


“Cash Available
for Tax Distributions” is defined in Section 6.2(a).


 


“Cash Exchange
Class A 5-Day VWAP” means the arithmetic average of the VWAP for each of the five (5) consecutive Trading Days
ending on the Trading Day immediately prior to the Exchange Notice Date.


 


“Cash Exchange
Notice” has the meaning set forth in Section 4.6(a)(ii).


 


“Cash Exchange
Payment” means with respect to a particular Exchange for which the Managing Member has elected on behalf of the Company
to make a Cash Exchange Payment in accordance with Section 4.6(a)(ii):


 


(i)            if
the Class A Common Stock trades on a National Securities Exchange or automated or electronic quotation system, an amount of cash
equal to the product of (x) the number of shares of Class A Common Stock that would have been received by the Exchanging Member
in the Exchange for that portion of the Common Units subject to the Exchange set forth in the Cash Exchange Notice if PubCo had paid
the Stock Exchange Payment with respect to such number of Common Units, and (y) the Cash Exchange Class A 5-Day VWAP; or


 


(ii)            if
the Class A Common Stock is not then traded on a National Securities Exchange or automated or electronic quotation system, as applicable,
an amount of cash equal to the product of (x) the number of shares of Class A Common Stock that would have been received by
the Exchanging Member in the Exchange for that portion of the Common Units subject to the Exchange set forth in the Cash Exchange Notice
if PubCo had paid the Stock Exchange Payment with respect to such number of Common Units, for which PubCo has elected to make a Cash
Exchange Payment and (y) the Appraiser FMV of one (1) share of Class A Common Stock that would be obtained in an arms-length
transaction between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy
or sell, respectively, and without regard to the particular circumstances of the buyer or seller.


 






    4


     


    

 


“Certificate
Delivery” means, in the case of any shares of Class B Common Stock to be transferred and surrendered by an Exchanging
Member in connection with an Exchange which are represented by a certificate or certificates, the process by which the Exchanging Member
shall also present and surrender such certificate or certificates representing such shares of Class B Common Stock during normal
business hours at the principal executive offices of PubCo, or if any agent for the registration or transfer of shares of Class B
Common Stock is then duly appointed and acting, at the office of such transfer agent, along with any instruments of transfer reasonably
required by the Managing Member or such transfer agent, as applicable, duly executed by the Exchanging Member or the Exchanging Member’s
duly authorized representative.


 


“Change of Control”
means the occurrence of any transaction or series of related transactions in which: (a) any Person or any group of Persons (other
than PubCo) acting together that would constitute a “group” for purposes of Section 13(d) of the Exchange Act,
is or becomes the beneficial owner, directly or indirectly, of securities of PubCo or the Company representing more than 50% of the combined
voting power of PubCo’s or the Company’s, as applicable, then outstanding voting securities (excluding a transaction or series
of related transactions described in clause (b) that would not constitute a Change of Control), (b) a merger or consolidation
of PubCo or the Company is consummated with any other Person, and, immediately after the consummation of such merger or consolidation,
the outstanding voting securities of PubCo or the Company, as applicable, immediately prior to such merger or consolidation do not continue
to represent or are not converted into, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting
securities of the Person resulting from such merger or consolidation or, if PubCo or the Company, as applicable (or its successor) is
a Subsidiary of such Person, the ultimate parent thereof, or (c) an agreement or series of related agreements for the sale or transfer,
directly or indirectly, by PubCo or the Company of all or substantially all of its and its Subsidiaries’ assets (including, with
respect to PubCo, the Company) is consummated. Notwithstanding the foregoing, a “Change of Control” shall not be deemed to
have occurred by virtue of the consummation of any transaction or series of related transactions immediately following which the record
holders of the shares of PubCo immediately prior to such transaction or series of related transactions continue to have substantially
the same proportionate ownership in, and voting control over, and own substantially all of the shares of, an entity which owns, directly
or indirectly, all or substantially all of the assets of PubCo immediately following such transaction or series of related transactions.


 


“Class A
Common Stock” means, as applicable, (a) the Class A Common Stock, par value $0.0001 per share, of PubCo or (b) following
any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other
Person that become payable in consideration for the Class A Common Stock or into which the Class A Common Stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.


 


“Class B
Common Stock” means, as applicable, (a) the Class B Common Stock, par value $0.0001 per share, of PubCo or (b) following
any consolidation, merger, reclassification or other similar event involving PubCo, any shares or other securities of PubCo or any other
Person that become payable in consideration for the Class B Common Stock or into which the Class B Common Stock is exchanged
or converted as a result of such consolidation, merger, reclassification or other similar event.


 






    5


     


    

 


“Closing Date
Capital Account Balance” has the meaning set forth in the definition of “Capital Account”.


 


“Code”
means the United States Internal Revenue Code of 1986, as amended.


 


“Commission”
means the U.S. Securities and Exchange Commission, including any Governmental Entity succeeding to the functions thereof.


 


“Common Units”
means the common units of limited liability company interests issued under this LLC Agreement, including by way of dividend or other
distribution, split, recapitalization, merger, rollup transaction, consolidation, conversion or reorganization, and any Earnout Common
Units.


 


“Company”
is defined in the preamble to this LLC Agreement.


 


“Company Effective
Time” has the meaning given to such term in the Business Combination Agreement.


 


“Company Merger
Sub” is defined in the recitals to this LLC Agreement.


 


“Company Minimum
Gain” has the meaning of “partnership minimum gain” set forth in Treasury Regulations Sections 1.704-2(b)(2) and
1.704-2(d).


 


“Company Representative”
shall mean the Person designated under this LLC Agreement in its capacity as the “partnership representative” (as such term
is defined under the BBA Rules and any analogous provision of state or local tax Law) of the Company and as the “tax matters
partner” (to the extent applicable for state and local tax purposes and for U.S. federal income tax purposes for Taxable Years
beginning on or before December 31, 2017) of the Company, including, as the context requires, any “designated individual”
through whom the Company Representative is permitted by applicable Law to act in accordance with the terms hereof, which Person shall
be, as of the Company Effective Time, PubCo.


 


“Confidential
Information” means any and all confidential or proprietary information of the Company, PubCo or any of their respective
Subsidiaries, which information includes ideas, financial information, products, services, business strategies, innovations, recipes
and materials, all aspects of the Company’s business plan, proposed operation and products, corporate structure, board minutes
and materials, financial and organizational information, analyses, proposed partners, software code and system and product designs, employees
and their identities, equity ownership, the methods and means by which the Company plans to conduct its business, all trade secrets,
trademarks, tradenames and all intellectual property associated with the Company’s business. With respect to any Member, Confidential
Information does not include information that: (a) such Member can demonstrate with reasonable evidence is in the possession of
such Member on a non-confidential basis at the time of disclosure by or on behalf of the Company or any of its Affiliates; (b) before
or after it has been disclosed to such Member by or on behalf of the Company or any of its Affiliates, becomes part of public knowledge,
not as a result of any action or inaction of such Member (other than PubCo) in violation of this LLC Agreement or applicable Law; (c) is
approved for release by written authorization of the Board; (d) is disclosed to such Member or its representatives by a third party
not, to the knowledge of such Member or such representative (after reasonable inquiry under the circumstances), respectively, in violation
of any obligation of confidentiality owed to the Company or any of its Affiliates with respect to such information; or (e) such
Member can demonstrate with reasonable evidence was independently developed by such Member or its representatives without use or reference
to the Confidential Information.


 






    6


     


    

 


“Continuing Member
Representative” means BCP or any Affiliate of BCP designated in writing by BCP to PubCo, the Company and each of the Continuing
Members after the date hereof.


 


“Conversion Date”
means, with respect to any Earnout Common Unit, the date on which a Triggering Event occurs for such Earnout Common Unit.


 


“Continuing Members”
is defined in the preamble to this LLC Agreement.


 


“Covered Persons”
is defined in Section 8.3(b).


 


“Debt Securities”
means, with respect to PubCo, any and all debt instruments or debt securities that are not convertible or exchangeable into Equity Securities
of PubCo.


 


“Depreciation”
means, for each Taxable Year or other taxable period, an amount equal to the depreciation, amortization, or other cost recovery deduction
allowable for U.S. federal income tax purposes with respect to an asset for such Taxable Year or other taxable period, except that (a) with
respect to any such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes and
which difference is being eliminated by use of the “remedial method” pursuant to Treasury Regulations Section 1.704-3(d),
Depreciation for such Taxable Year or other taxable period shall be the amount of book basis recovered for such Taxable Year or other
taxable period under the rules prescribed by Treasury Regulations Section 1.704-3(d)(2), and (b) with respect to any other
such property the Gross Asset Value of which differs from its Adjusted Basis for U.S. federal income tax purposes at the beginning of
such Taxable Year or other taxable period, Depreciation shall be an amount which bears the same ratio to such beginning Gross Asset Value
as the federal income tax depreciation, amortization, or other cost recovery deduction for such Taxable Year or other taxable period
bears to such beginning Adjusted Basis; provided, however, for purposes of clause (b) of this definition, that if
the Adjusted Basis for U.S. federal income tax purposes of an asset at the beginning of such Taxable Year or other taxable period is
zero, Depreciation with respect to such asset shall be determined with reference to such beginning Gross Asset Value using any reasonable
method selected by the Managing Member.


 


“DGCL”
means the General Corporation Law of the State of Delaware.


 


“Disinterested
Majority” means a majority of the directors of the Board who are disinterested as determined by the Board in accordance
with the DGCL with respect to the matter being considered by the Board; provided that to the extent a matter being considered
by the Board is required to be considered by disinterested directors under the rules of the National Securities Exchange on which
the Class A Common Stock is then listed, the Securities Act or the Exchange Act, such rules with respect to the definition
of disinterested director shall apply solely with respect to such matter.


 






    7


     


    

 


“Distributable
Cash” means, as of any relevant date on which a determination is being made by the Managing Member regarding a potential
distribution pursuant to Section 6.1(a), the amount of cash and other funds available for any such distribution.


 


“DTC”
is defined in Exhibit B.


 


“Earnout Common
Units” has the meaning given to such term in the Business Combination Agreement.


 


“Equity Securities”
means, with respect to any Person, all of the shares of capital stock or equity of (or other ownership or profit interests in) such Person,
all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock or preferred
interests or equity of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable
for shares of capital stock or equity of (or other ownership or profit interests in) such Person, including convertible debt securities,
or warrants, rights or options for the purchase or acquisition from such Person of such shares or equity (or such other interests), restricted
stock awards, restricted stock units, equity appreciation rights, phantom equity rights, profit participation and all of the other ownership
or profit interests of such Person (including partnership or member interests therein), whether voting or nonvoting.


 


“ERISA”
means the Employee Retirement Security Act of 1974.


 


“Exchange”
means the exchange by the Company of Common Units held by a Member (together with the surrender and cancellation of the same number of
outstanding shares of Class B Common Stock held by such Member) for either (a) a Stock Exchange Payment or (b) a Cash
Exchange Payment.


 


“Exchange Act”
means the Securities Exchange Act of 1934.


 


“Exchange Date”
means the latest of (a) the date that is five (5) Business Days after the Exchange Notice Date; (b) another date specified
in the Exchange Notice; or (c) the date on which a contingency described in Section 4.6(a)(i) that is specified
in the Exchange Notice is satisfied or the contingency specified in 4.1(g)(ii) is satisfied, as applicable; provided,
that if the Exchange Date for any Exchange with respect to which PubCo elects to make a Stock Exchange Payment would otherwise fall within
a blackout period, as determined by PubCo and communicated to its stockholders from time to time, then the Exchange Date shall occur
on the next Business Day following the end of such blackout period; provided, further, that to the extent an Exchange is
made in connection with an Exchanging Member’s proper exercise of its rights to participate in a Piggyback Registration pursuant
to Section 3.2 of the Investor Rights Agreement, the Exchange Date shall be the date on which the offering with respect to such
Piggyback Registration is completed.


 


“Exchange Notice”
means a written election of Exchange in the form of Exhibit B, duly executed by the Exchanging Member.


 


“Exchange Notice
Date” means, with respect to any Exchange Notice, the date such Exchange Notice is given to the Company in accordance with
Section 12.9.


 






    8


     


    

 


“Exchanged Units”
means, with respect to any Exchange, the Common Units being exchanged pursuant to a relevant Exchange Notice, and an equal number of
shares of Class B Common Stock held by the relevant Exchanging Member; provided, that, such amount of Common Units shall
in no event be less than the Minimum Exchange Amount.


 


“Exchanging Member”
means any Member holding Common Units (other than PubCo and its wholly-owned Subsidiaries) whose Common Units are subject to an Exchange.


 


“Existing LLC
Agreement” is defined in the recitals to this LLC Agreement.


 


“Fair Market
Value” means the fair market value of any property as reasonably determined by the Managing Member in good faith consultation
with the Continuing Member Representative after taking into account such factors as the Managing Member and the Continuing Member Representative
shall reasonably deem appropriate.


 


“Family Member”
means with respect to any Person, a sibling, a spouse, lineal descendant (whether natural or adopted) or spouse of a lineal descendant
of such Person or any trust created for the benefit of such Person or of which any of the foregoing is a beneficiary.


 


“Final Adjudication”
is defined in Section 7.4(b).


 


“First A&R
LLC Agreement” is defined in the recitals to this LLC Agreement.


 


“GAAP”
means United States generally accepted accounting principles at the time.


 


“Governmental
Entity” means any nation or government, any state, province or other political subdivision thereof, any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court, arbitrator
(public or private) or other body or administrative, regulatory or quasi-judicial authority, agency, department, board, commission or
instrumentality of any federal, state, local or foreign jurisdiction.


 


“Gross Asset
Value” means, with respect to any asset, the asset’s Adjusted Basis for U.S. 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 of
the date of such contribution;


 


(b)          the
Gross Asset Values of all Company assets shall be adjusted to equal their respective gross Fair Market Values (taking into account Section 7701(g) of
the Code) in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), except as otherwise provided
in this LLC Agreement, as of the following times: (i) the acquisition of a Unit (or additional Units) by any new or existing Member
in exchange for more than a de minimis Capital Contribution to the Company; (ii) the grant of a Unit (other than a de minimis interest
in the Company) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a
member capacity, or by a new Member acting in a member capacity or in anticipation of becoming a Member of the Company (within the meaning
of Treasury Regulation Section 1.704-1(b)(2)(iv)(d)); (iii) the distribution by the Company to a Member of more than a de minimis
amount of Company assets; (iv) the liquidation of the Company (within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g)(1));
or (v) any other event to the extent determined by the Managing Member with the approval of the Continuing Member Representative
to be permitted and necessary or appropriate to properly reflect Gross Asset Values in accordance with the standards set forth in Treasury
Regulations Section 1.704-1(b)(2)(iv)(g); provided, however, that adjustments pursuant to clauses (i), (ii), (iii) and
(v) above shall be made only if the Managing Member reasonably determines that such adjustments are necessary or appropriate to
reflect the relative economic interests of the Members in the Company;


 






    9


     


    

 


(c)           the
Gross Asset Value of any Company asset distributed to any Member shall be adjusted to equal the gross Fair Market Value of such asset
on the date of such distribution;


 


(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 Treasury Regulations Section 1.704-1(b)(2)(iv)(m) and clause (f) in the definition
of “Profits” or “Losses” below or Section 5.2(h); provided, however, that the Gross
Asset Value of a Company asset shall not be adjusted pursuant to this clause to the extent the Managing Member determines that an adjustment
pursuant to clause (b) of this definition is necessary or appropriate in connection with a transaction that would otherwise result
in an adjustment pursuant to this clause (d); and


 


(e)           if
the Gross Asset Value of a Company asset has been determined or adjusted pursuant to clauses (a), (b) or (d) of this definition
of Gross Asset Value, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such
asset for purposes of computing Profits, Losses and other items allocated pursuant to Article V.


 


“HSR Act”
is defined in Section 4.6(a)(iv).


 


“Imputed Tax
Underpayments” is defined in Section 10.4(c).


 


“Indemnifiable
Losses” is defined in Section 7.4(a).


 


“Indemnitee”
is defined in Section 7.4(a).


 


“Initial LLC
Agreement” is defined in the recitals to this LLC Agreement.


 


“Investor Rights
Agreement” means the Investor Rights Agreement, dated as of the date hereof, by and among PubCo, the Continuing Members
and the other parties thereto (together with any other parties that become a party thereto from time to time upon execution of a joinder
in accordance with the terms thereof by any successor or assign to any party to such Investor Rights Agreement).


 


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


 


“Law”
means all laws, acts, statutes, constitutions, treaties, ordinances, codes, rules, regulations, orders and rulings of a Governmental
Entity, including common law. All references to “Laws” shall be deemed to include any amendments thereto, and
any successor Law, unless the context otherwise requires.


 






    10


     


    

 


“Liability”
means any debt, liability or obligation, whether accrued or fixed, asserted or unasserted, due or to become due, known or unknown, absolute
or contingent, matured or unmatured or determined or determinable.


 


“Liquidating
Event” is defined in Section 11.1.


 


“Liquidity Limitations”
is defined in Section 6.2(a).


 


“LLC Agreement”
is defined in the preamble to this LLC Agreement.


 


“Lock-Up Period”
shall have the meaning ascribed in the Investor Rights Agreement.


 


“Managing Member”
means PubCo, in its capacity as the sole managing Member of the Company.


 


“Member”
means any Person that executes this LLC Agreement as a Member (including the Managing Member), and any other Person admitted to the Company
as an additional or substituted Member, that has not made a disposition of all of such Person’s Units.


 


“Member Minimum
Gain” has the meaning ascribed to “partner nonrecourse debt minimum gain” set forth in Treasury Regulations
Section 1.704-2(i). It is further understood that the determination of Member Minimum Gain and the net increase or decrease in Member
Minimum Gain shall be made in the same manner as required for such determination of Company Minimum Gain under Treasury Regulations Sections
1.704-2(d) and 1.704-2(g)(3), as set forth in Treasury Regulations Section 1.704-2(i)(3).


 


“Member Nonrecourse
Debt” has the meaning of “partner nonrecourse debt” set forth in Treasury Regulations Section 1.704-2(b)(4).


 


“Member Nonrecourse
Deductions” has the meaning of “partner nonrecourse deductions” set forth in Treasury Regulations Sections
1.704-2(i)(1) and 1.704-2(i)(2).


 


“Minimum Exchange
Amount” means a number of Common Units held by an Exchanging Member equal to the lesser of (a) [●] Common Units
and (b) all of the Common Units then held by the applicable Exchanging Member.


 


“National Securities
Exchange” means a securities exchange registered with the Commission under Section 6 of the Exchange Act.


 


“Non-Party Affiliate”
is defined in Section 12.15.


 


“Nonrecourse
Deductions” has the meaning assigned that term in Treasury Regulations Sections 1.704-2(b) and 1.704-2(c).


 


“Nonrecourse
Liability” is defined in Treasury Regulations Section 1.704-2 (b)(3).


 






    11


     


    

 


“Officer”
means each Person appointed as an officer of the Company pursuant to and in accordance with the provisions of Section 7.2.
The initial Officers are listed on Exhibit C attached hereto.


 


“Party”
and “Parties” means, individually or collectively, each Member and the Company.


 


“Permitted Transfer”
is defined in Section 9.1(b).


 


“Permitted Transferee”
means, with respect to any Member, (a) any Family Member of such Member and (b) any Affiliate of such Member (including any partner,
shareholder or member controlling or under common control with such Member and Affiliated investment fund or vehicle of such Member),
but excluding any Affiliate under this clause (b) who operates or engages in a business which competes with the business of PubCo or
the Company; provided that, other than BCP’s portfolio companies, no Affiliated investment fund or vehicle of BCP shall
be deemed to operate or engage in any such competing business.


 


“Person”
means any natural person, sole proprietorship, partnership, joint venture, trust, unincorporated association, corporation, limited liability
company, Governmental Entity or other entity.


 


“Piggyback Registration”
is defined in the Investor Rights Agreement.


 


“Plan Asset Regulations”
means the regulations issued by the U.S. Department of Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of
the Code of Federal Regulations.


 


“Profits”
or “Losses” means, for each Taxable Year or other taxable period, 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 (without duplication):


 


(a)            any
income or gain of the Company that is exempt from U.S. federal income tax and not otherwise taken into account in computing Profits or
Losses shall be added to such taxable income or loss;


 


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


 


(c)            in
the event the Gross Asset Value of any Company asset is adjusted pursuant to clause (b) or (c) of the definition of Gross Asset
Value above, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the Gross Asset Value of
the Company asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the Company asset) from the disposition of
such asset and shall, except to the extent allocated pursuant to Section 5.2, be taken into account for purposes of computing
Profits or Losses;


 






    12


     


    


 


(d)         gain
or loss resulting from any disposition of Company assets with respect to which gain or loss is recognized for U.S. federal income tax
purposes shall be computed with reference to the Gross Asset Value of the asset disposed of notwithstanding that the adjusted tax basis
of such asset differs from its Gross Asset Value;


 


(e)           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 period;


 


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


 


(g)         any
items of income, gain, loss or deduction which are specifically allocated pursuant to the provisions of Section 5.2 shall
not be taken into account in computing Profits or Losses for any Taxable Year, but such items available to be specially allocated pursuant
to Section 5.2 shall be determined by applying rules analogous to those set forth in clauses (a) through (f) above.


 


“PubCo”
is defined in the preamble to this LLC Agreement.


 


“PubCo Call Notice”
is defined in Section 4.6(f).


 


“PubCo Call Right”
means PubCo’s election, in accordance with Section 4.6(f), to directly purchase Exchanged Units described in an Exchange
Notice given by an Exchanging Member.


 


“PubCo Common
Stock” means all classes of common stock of PubCo, including the Class A Common Stock and the Class B Common
Stock.


 


“PubCo Offer”
is defined in Section 4.1(g)(ii).


 


“PubCo Warrants”
has the meaning given to “Buyer Warrants” in the Business Combination Agreement.


 


“Push-Out Election”
is defined in Section 10.4(b).


 






    13


     


    

 


“Reclassification
Event” means any of the following: (a) any reclassification or recapitalization of PubCo Common Stock (other than
the Domestication (as defined in the Business Combination Agreement), a change in par value, or from par value to no par value, or from
no par value to par value, or as a result of a subdivision or combination or any transaction subject to Section 4.1(h)),
(b) any merger, consolidation or other combination involving PubCo or (c) any sale, conveyance, lease, or other disposal of
all or substantially all the properties and assets of PubCo to any other Person, in each of clauses (a), (b) or (c), as a result
of which holders of PubCo Common Stock shall be entitled to receive cash, securities or other property for their shares of PubCo Common
Stock.


 


“Registration
Statement” means any registration statement that PubCo files pursuant to the Investor Rights Agreement.


 


“Regulatory Allocations”
is defined in Section 5.2(j).


 


“Securities Act”
means the Securities Act of 1933.


 


“Specified Audit”
is defined in Section 10.4(d).


 


“Stock Exchange
Payment” means, with respect to any Exchange of Common Units for which a Stock Exchange Payment is elected by the Managing
Member on behalf of the Company, a number of shares of Class A Common Stock equal to the number of Common Units so exchanged.


 


“Subsidiary”
means, with respect to any Person, any corporation, association, partnership, limited liability company, joint venture or other business
entity of which more than fifty percent (50%) of the voting power or equity is owned or controlled directly or indirectly by such Person,
or one (1) or more of the Subsidiaries of such Person, or a combination thereof.


 


“Tax Advances”
is defined in Section 10.5(a).


 


“Tax Amount”
means, with respect to a Taxable Year commencing after the Company Effective Time (or, in the case of a Taxable Year that includes the
Company Effective Time, the portion thereof after the Company Effective Time), the excess, if any, of (a) the product of (i) an
amount, if positive, equal to the product of (A) the taxable income of the Company allocable to a Member pursuant to this LLC Agreement
(taking into account corrective allocations made pursuant to Section 5.3(e)) with respect to the relevant Taxable Year (or
portion thereof) (determined based upon a good faith estimate by the Managing Member and updated to reflect the final Company tax returns
filed for such Taxable Year, and, for purposes of this definition, (w) including adjustments to taxable income in respect of Section 704(c) of
the Code, (x) excluding adjustments to taxable income in respect of Section 743(b) of the Code, (y) calculated as
if allocations of such taxable income were, for such Taxable Year (or portion thereof), the sole source of income and loss for such Member,
(or, as appropriate, of its direct or indirect partners or members), and (z) taking into account the carryover of items of loss,
deduction and expense, including the utilization of any excess business interest expense under Code Section 163(j), previously allocated
to such Member for a Taxable Year (or portion thereof) that begins after the Company Effective Time to the extent not previously taken
into account for purposes of determining the Tax Amount for a Taxable Year (or portion thereof)) times (B) one-fourth (1/4) in the
case of the first quarter, one-half (1/2) in the case of the second quarter, three-fourths (3/4) in the case of the third quarter, and
one (1) in the case of the fourth quarter times (ii) Tier 1 Assumed Rate with respect to such Taxable Year (or portion thereof),
over (b) the amount of distributions previously made to such Member pursuant to Section 6.2 with respect to such Taxable
Year (or portion thereof) after the Company Effective Time.


 






    14


     


    

 


“Tax Distribution”
is defined in Section 6.2(a).


 


“Tax Distribution
Date” means April 10, June 10, September 10, and December 10 of each calendar year, which shall be
adjusted by the Managing Member as reasonably necessary to take into account changes in estimated tax payment due dates for U.S. federal
income taxes under applicable Law (but in no event shall the Managing Member make adjustments such that there are more than four (4) Tax
Distribution Dates in any calendar year); provided, however, that if a Tax Distribution Date in a given calendar year is
not a Business Day, such Tax Distribution Date shall be the Business Day immediately prior to such date.


 


“Tax Receivable
Agreement” means that certain tax receivable agreement, dated as of the date hereof, by and among PubCo, the Company, certain
of the Continuing Members and the other parties thereto.


 


“Taxable Year”
means the Company’s taxable year for U.S. federal income tax purposes, which shall end on December 31 of each calendar year
unless otherwise required by applicable Law.


 


“Trading Day”
means a day on which Nasdaq or such other principal United States securities exchange on which the Class A Common Stock is listed,
quoted or admitted to trading and is open for the transaction of business (unless such trading shall have been suspended for the entire
day).


 


“Transfer”
means, when used as a noun, any voluntary or involuntary, direct or indirect, transfer, sale, pledge, hedge, encumbrance, or hypothecation
or other disposition, or legally binding agreement to undertake any of the foregoing, by the Transferor (whether through a change of
control of the Transferor or any Person that controls the Transferor, the issuance or transfer of Equity securities of the Transferor,
or by operation of law or otherwise) and, when used as a verb, the Transferor voluntarily or involuntarily, directly or indirectly, transfers,
sells, pledges, hedges, encumbers or hypothecates or otherwise disposes of (whether through a change of control of the Transferor or
any Person that controls the Transferor, the issuance or transfer of Equity securities of the Transferor, or by operation of law or otherwise),
or agrees (in a legally binding manner) to do any of the foregoing, including, in each case, (a) the establishment or increase of
a put equivalent position or liquidation with respect to, or decrease of a call equivalent position within the meaning of Section 16
of the Exchange Act with respect to, any security or (b) entry into any swap or other arrangement that transfers to another Person,
in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by
delivery of such securities, in cash or otherwise; provided that any such indirect pledge, encumbrance or hypothecation that does
not provide the counterparty thereto the right to (i) take direct possession, as the holder of record, of any Units shall not, (ii) direct
the disposition of any such Units, or (iii) exercise any rights of a holder of such Units hereunder or under applicable Law, shall
not, in any such case, be considered a “Transfer” for purposes of this Agreement. The terms “Transferee,”
 “Transferor,” “Transferred,” and other forms of the word “Transfer” shall
have the correlative meanings.


 






    15


     


    

 


“Transferee”
is defined in Exhibit D.


 


“Transferor”
is defined in Exhibit D.


 


“Treasury Regulations”
means pronouncements, as amended from time to time, or their successor pronouncements, which clarify, interpret and apply the provisions
of the Code, and which are designated as “Treasury Regulations” by the United States Department of the Treasury.


 


“Triggering Event”
has the meaning given to such term in the Business Combination Agreement; provided that a Triggering Event with respect to any Earnout
Shares (as defined in the Business Combination Agreement) shall be deemed to be a Triggering Event with respect to the Earnout Units
held by PubCo corresponding to such Earnout Shares.


 


“Undertaking”
is defined in Section 7.4(b).


 


“Unitholders”
is defined in Exhibit B.


 


“Units”
means the Common Units, the Earnout Common Units, any other Equity Securities of the Company, and any rights to payments as a holder
of any of the foregoing, but excluding any rights under any court-authorized charging order.


 


“VWAP”
means the daily per share volume-weighted average price of the Class A Common Stock, on Nasdaq or such other principal United States
securities exchange on which the shares of Class A Common Stock are listed, quoted or admitted to trading, as displayed under the
heading Bloomberg VWAP on the Bloomberg page designated for the Class A Common Stock (or the equivalent successor if such page is
not available) in respect of the period from the open of trading on such Trading Day until the close of trading on such Trading Day (or
if such volume-weighted average price is unavailable, (a) the per share volume-weighted average price of a share of Class A
Common Stock, as applicable, on such Trading Day (determined without regard to afterhours trading or any other trading outside the regular
trading session or trading hours), or (b) if such determination is not feasible, the market price per share of Class A Common
Stock, in either case as determined by a nationally recognized independent investment banking firm retained in good faith for this purpose
by PubCo); provided, however, that if at any time for purposes of the Cash Exchange Class A 5-Day VWAP, shares of
Class A Common Stock are not then listed, quoted or traded on a principal United States securities exchange or automated or electronic
quotation system, then the VWAP shall mean the per share Appraiser FMV of one (1) share of Class A Common Stock (or such other
Equity Security into which the Class A Common Stock was converted or exchanged).


 


1.2           Interpretive
Provisions. For all purposes of this LLC Agreement, except as otherwise provided in this LLC Agreement or unless the context
otherwise requires:


 


(a)           the
terms defined in Section 1.1 are applicable to the singular as well as the plural forms of such terms;


 


(b)           an
accounting term not otherwise defined in this LLC Agreement has the meaning assigned to it under GAAP;


 






    16


     


    

 


(c)           all
references to currency, monetary values and dollars set forth in this LLC Agreement shall mean United States (U.S.) dollars and all payments
under this LLC Agreement shall be made in United States dollars;


 


(d)           when
a reference is made in this LLC Agreement to an Article, Section, clause, Exhibit or Schedule, such reference is to an Article,
Section or clause of, or an Exhibit or Schedule to, this LLC Agreement unless otherwise indicated;


 


(e)           whenever
the words “include”, “includes” or “including” are used in this LLC Agreement, they shall be deemed
to be followed by the words “without limitation”;


 


(f)            “or”
is not exclusive;


 


(g)           pronouns
of any gender or neuter shall include, as appropriate, the other pronoun forms;


 


(h)           references
in this LLC Agreement to any Law shall be deemed also to refer to such Law, any amendments thereto, any successor provisions thereof,
and all rules and regulations promulgated thereunder;


 


(i)            the
words “hereof,” “herein” and “hereunder” and words of similar import, when used in this LLC Agreement,
refer to this LLC Agreement as a whole and not to any particular provision of this LLC Agreement;


 


(j)             whenever
this Agreement refers to a number of days, such number shall refer to calendar days unless Business Days are specified, and when counting
days, the date of commencement will not be included as a full day for purposes of computing any applicable time periods (except as otherwise
may be required under any applicable Law; and


 


(k)           if
any action is to be taken or given on or by a particular calendar day, and such calendar ay is not a Business Day, then such action may
be deferred until the next Business Day.


 


Article II

ORGANIZATION OF THE LIMITED LIABILITY COMPANY


 


2.1         Formation.
The Company has heretofore been formed and shall continue its existence as a limited liability company subject to the provisions of the
Act upon the terms, provisions and conditions set forth in this LLC Agreement.


 


2.2         Filing.
The Company’s Certificate of Formation was filed with the Secretary of State of the State of Delaware in accordance with the Act.
The Members shall execute such further documents (including amendments to such Certificate of Formation) and take such further action
as is appropriate to comply with the requirements of Law for the operation of a limited liability company in all states and counties
in which the Company may conduct business.


 






    17


     


    

 


2.3          Name.
The name of the Company is “QualTek HoldCo, LLC” and all business of the Company shall be conducted in such name or, in the
discretion of the Managing Member, under any other name.


 


2.4          Registered
Office: Registered Agent. The address of the registered office of the Company in the State of Delaware shall be the office of
the initial registered agent named in the Certificate of Formation or such other office (which need not be a place of business of the
Company) as the Managing Member may designate from time to time in the manner provided by applicable law, and the registered agent for
service of process on the Company in the State of Delaware at such registered office shall be the registered agent named in the Certificate
or such Person or Persons as the Board may designate from time to time in the manner provided by applicable law.


 


2.5          Principal
Place of Business. The principal office of the Company shall be located at such place as the Managing Member may from time to
time designate. The Company may maintain offices at such other place or places as the Managing Member deems advisable.


 


2.6         Purpose;
Powers. The nature of the business or purposes to be conducted by the Company is to engage in any lawful act or activity for
which limited liability companies may be formed under the Act. The Company shall have the power and authority to take any and all actions
and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to the accomplishment of the
foregoing purpose.


 


2.7         Term.
The term of the Company commenced on the date of filing of the Certificate of Formation of the Company with the office of the Secretary
of State of the State of Delaware in accordance with the Act and shall continue indefinitely. The Company may be dissolved and its affairs
wound up only in accordance with Article XI.


 


2.8         Intent.
It is the intent of the Members that the Company be operated in a manner consistent with its treatment as a “partnership”
for U.S. federal and applicable state and local income and franchise tax purposes. The Company and each Member shall file all tax returns
and shall otherwise take all tax, financial and other reporting positions in a manner consistent with such treatment. Neither the Company
nor any Member shall take any action inconsistent with the intent of the Parties set forth in this Section 2.8. No election
(including an entity classification election for the Company) contrary to the intent of the Parties as set forth in this Section 2.8
shall be made by the Company or any Member, and the Company shall not convert into or merge into (with the Company not being the
surviving entity in such merger) an entity treated as a corporation for U.S. federal or applicable state and local income or franchise
tax purposes. Notwithstanding anything to the contrary set forth in this Section 2.8, this Section 2.8 shall
not prevent the Company from entering into or consummating any transaction which constitutes a Change of Control to the extent such transaction
is duly authorized by the Managing Member in accordance with this LLC Agreement, subject to the rights set forth in the Tax Receivable
Agreement, if any, applicable to such transaction.


 






    18


     


    

 


Article III

CLOSING TRANSACTIONS


 


3.1          Business
Combination Agreement Transactions. Pursuant to the terms of the Business Combination Agreement and for the consideration set
forth in the Business Combination Agreement, as of the Company Effective Time, Company Merger Sub will merge with and into the Company,
with the Company continuing as the surviving entity and a Subsidiary of PubCo. Following the consummation of the transactions contemplated
by the Business Combination Agreement, the total number of Common Units (including Earnout Common Units) held by the Continuing Members
and PubCo as of the Company Effective Time is set forth next to each such Member’s name on Exhibit A hereto under the
headings “Effective Time Common Units” and “Effective Time Earnout Common Units”. The number of shares of Class B
Common Stock held by each Continuing Member shall equal the number of Common Units held by such Continuing Member.


 


Article IV

OWNERSHIP AND CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS


 


4.1          Authorized
Units; General Provisions with Respect to Units.


 


(a)           Units.
Subject to the provisions of this LLC Agreement, the Company shall be authorized to issue from time to time such number of Common Units
and such other Equity Securities of the Company as the Managing Member shall determine in accordance with and subject to the restrictions
in this Section 4.1 and Section 4.3. Subject to this Section 4.1 and Section 4.3, each
authorized Unit may be issued pursuant to such agreements as the Managing Member shall approve, including pursuant to warrants, options,
or other rights or property to acquire Units or that may be converted into Units. The Company may reissue any Units that have been repurchased
or acquired by the Company; provided that any such issuance, and the admission of any Person as a Member in connection therewith,
is otherwise made in accordance with and subject to the restrictions in this LLC Agreement. The Units shall be uncertificated. The Company
shall not, and the Managing Member shall not cause the Company to, issue any Units if such issuance would result in the Company having
more than 100 partners, within the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into account the
rules of Treasury Regulations Section 1.7704-1(h)(3)); provided that, for such purposes, the Company and the Managing
Member shall be entitled to assume that each Continuing Member is treated as a single partner within the meaning of Treasury Regulations
Section 1.7704-1(h) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), unless
otherwise required by applicable Law.


 


(b)          Outstanding
Units. Each Continuing Member was previously admitted as a Member and shall remain a Member of the Company at the Company Effective
Time. Immediately after the Company Effective Time, the Units will comprise a single class of Common Units. The Managing Member’s
interest in its capacity as such shall be a non-economic interest in the Company, which does not entitle the Managing Member, solely
in its capacity as such, to any Units, distributions or Tax Distributions.


 






    19


     


    

 


(c)          Schedule
of Members. The Company shall maintain a schedule, appended hereto as Exhibit A (as updated and amended from time to
time in accordance with the terms of this LLC Agreement and current as of the date set forth therein), which shall include: (i) the
name and address of each Member; (ii) the aggregate number of and type of Units issued and outstanding and held by each Member;
and (iii) each Member’s Capital Contributions following the Company Effective Time.


 


(d)          New
PubCo Issuances.


 


(i)           Subject
to Section 4.6 and Section 4.1(d)(ii), if, at any time after the Company Effective Time, PubCo issues shares
of its Class A Common Stock or any other Equity Security of PubCo (other than shares of Class B Common Stock), (x) the
Company shall concurrently issue to PubCo an equal number of Common Units (if PubCo issues shares of Class A Common Stock), or an
equal number of such other Equity Security of the Company corresponding to the Equity Securities issued by PubCo (if PubCo issues Equity
Securities other than Class A Common Stock), and with the same rights to dividends and distributions (including distributions upon
liquidation) and other economic rights as those of such Equity Securities of PubCo so issued and (y) PubCo shall concurrently contribute
to the Company the net proceeds or other property received by PubCo, if any, for such share of Class A Common Stock or other Equity
Security, subject to the second proviso in Section 7.8.


 


(ii)          Notwithstanding
anything to the contrary contained in Section 4.1(d)(i) or Section 4.1(d)(iii), this Section 4.1(d) shall
not apply to (x) the issuance and distribution to holders of shares of PubCo Common Stock of rights to purchase Equity Securities
of PubCo under a “poison pill” or similar shareholder rights plan (and upon exchange of Common Units for Class A Common
Stock, such Class A Common Stock shall be issued together with a corresponding right under such plan) or (y) the issuance under
PubCo’s employee benefit plans of any warrants, options, stock appreciation right, restricted stock, restricted stock units, performance
based award or other rights to acquire Equity Securities of PubCo or rights or property that may be converted into or settled in Equity
Securities of PubCo, but shall in each of the foregoing cases apply to the issuance of Equity Securities of PubCo in connection with
the exercise or settlement of such warrants, options, stock appreciation right, restricted stock units, performance based awards or the
vesting of restricted stock (including as set forth in Section 4.1(d)(iii) below, as applicable).


 


(iii)         In
the event any outstanding Equity Security of PubCo is exercised or otherwise converted and, as a result, any shares of Class A Common
Stock or other Equity Securities of PubCo are issued (including as a result of the exercise of PubCo Warrants), (x) the corresponding
Equity Security outstanding at the Company and held by PubCo, if any, shall be similarly exercised or otherwise converted, if applicable,
(y) an equivalent number of Common Units or equivalent Equity Securities of the Company shall be issued to PubCo as required by
the first sentence of Section 4.1(d)(i), and (z) PubCo shall concurrently contribute to the Company the net proceeds
received by PubCo from any such exercise or conversion, subject to the second proviso in Section 7.8.


 






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(e)          PubCo
Debt Issuance. If at any time PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) issues Debt Securities,
PubCo or such Subsidiary shall transfer to the Company the net proceeds received by PubCo or such Subsidiary, as applicable, in exchange
for such Debt Securities in a manner that directly or indirectly burdens the Company with the repayment of the Debt Securities, subject
to the second proviso in Section 7.8.


 


(f)           New
Company Issuances. Except pursuant to Section 4.6, (x) the Company may not issue any additional Units to PubCo or
any of its Subsidiaries (other than the Company and its Subsidiaries) unless (i) substantially simultaneously therewith PubCo or
such Subsidiary issues or transfers an equal number of newly-issued shares of Class A Common Stock (or relevant Equity Security
of such Subsidiary) to another Person or Persons, and (ii) such issuance is in accordance with Section 4.1(d), and (y) the
Company may not issue any other Equity Securities of the Company to PubCo or any of its Subsidiaries (other than the Company and its
Subsidiaries) unless (i) substantially simultaneously therewith PubCo or such Subsidiary issues or transfers, to another Person,
an equal number of newly-issued shares of Equity Securities of PubCo or such Subsidiary with substantially the same rights to dividends
and distributions (including distributions upon liquidation) and other economic rights as those of such Equity Securities of the Company,
and (ii) such issuance is in accordance with Section 4.1(d).


 


(g)           Repurchases
and Redemptions.


 


(i)           Subject
to Section 4.1(g)(ii), PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) may redeem, repurchase
or otherwise acquire (A) shares of Class A Common Stock pursuant to a Board approved repurchase plan or program (or otherwise
in connection with a transaction approved by the Board) and, substantially simultaneously therewith, the Company shall redeem, repurchase
or otherwise acquire from PubCo or such Subsidiary an equal number of Common Units for the same price per security, if any, or (B) any
other Equity Securities of PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) pursuant to a Board approved
repurchase plan or program (or otherwise in connection with a transaction approved by the Board) and, substantially simultaneously therewith,
the Company shall redeem, repurchase or otherwise acquire from PubCo or such Subsidiary an equal number of the corresponding class or
series of Equity Securities of the Company with the same rights to dividends and distributions (including distributions upon liquidation)
and other economic rights as those of such Equity Securities of PubCo or such Subsidiary for the same price per security, if any.


 






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(ii)         In
the event that a tender offer, share exchange offer, or take-over bid or similar transaction with respect to Class A Common Stock
(a “PubCo Offer”) is proposed by PubCo or is proposed to PubCo or its stockholders, the holders of Common Units
(other than Earnout Common Units that have not yet (and do not in connection therewith) become unrestricted Common Units in accordance
with the terms of the BCA) shall be permitted to participate in such PubCo Offer by delivery of an Exchange Notice (which Exchange Notice
shall be effective immediately prior to the consummation of such PubCo Offer (and, for the avoidance of doubt, shall be contingent upon
such PubCo Offer and not be effective if such PubCo Offer is not consummated)). In the case of a PubCo Offer proposed by PubCo, PubCo
shall use its reasonable best efforts to take all such actions and do all such things as are necessary or desirable to enable and permit
the holders of Common Units (other than Earnout Common Units that have not yet (and do not in connection therewith) become unrestricted
Common Units in accordance with the terms of the BCA) to participate in such PubCo Offer to the same extent or on an economically equivalent
basis as the holders of shares of Class A Common Stock without discrimination; provided that, without limiting the generality
of this sentence (and without limiting the ability of any Member holding Common Units (other than Earnout Common Units that have not
yet (and do not in connection therewith) become unrestricted Common Units in accordance with the terms of the BCA) to consummate an Exchange
at any time pursuant to the terms of this Agreement), the Managing Member shall use its reasonable best efforts to ensure that such holders
of Common Units (other than Earnout Common Units that have not yet (and do not in connection therewith)become unrestricted Common Units
in accordance with the terms of the BCA) may participate in such PubCo Offer without being required to Exchange their Common Units (other
than Earnout Common Units that have not yet (and do not in connection therewith) become unrestricted Common Units in accordance with
the terms of the BCA) and cancel their shares of Class B Common Stock, as the case may be, (or, if so required, to ensure that any
such Exchange and cancelation shall be effective only upon, and shall be conditional upon, the closing of the transactions contemplated
by the PubCo Offer). For the avoidance of doubt, in no event shall the holders of Common Units (other than Earnout Common Units that
have not yet (and do not in connection therewith) become unrestricted Common Units in accordance with the terms of the BCA) be entitled
to receive in such PubCo Offer aggregate consideration for each Common Unit (other than Earnout Common Units that have not yet (and do
not in connection therewith) become unrestricted Common Units in accordance with the terms of the BCA) and share of Class B Common
Stock, taken together, that is greater than or less than the consideration payable in respect of each share of Class A Common Stock
in connection with such PubCo Offer (it being understood that payments under or in respect of the Tax Receivable Agreement shall not
be considered part of any such consideration).


 


(iii)        The
Company may not redeem, repurchase or otherwise acquire (x) any Common Units from PubCo or any of its Subsidiaries (other than the
Company and its Subsidiaries) unless substantially simultaneously PubCo or such Subsidiary redeems, repurchases or otherwise acquires
pursuant to a Board approved repurchase plan or program (or otherwise in connection with a transaction approved by the Board) an equal
number of shares of Class A Common Stock for the same price per security from holders thereof or (y) any other Equity Securities
of the Company from PubCo or any of its Subsidiaries (other than the Company and its Subsidiaries) unless substantially simultaneously
PubCo or such Subsidiary redeems, repurchases or otherwise acquires pursuant to a Board approved repurchase plan or program (or otherwise
in connection with a transaction approved by the Board) for the same price per security an equal number of Equity Securities of PubCo
(or such Subsidiary) of a corresponding class or series with substantially the same rights to dividends and distributions (including
distributions upon liquidation) and other economic rights as those of such Equity Securities of PubCo or such Subsidiary.


 


(iv)        Notwithstanding
the foregoing Sections 4.1(g)(i) - 4.1(g)(iii), to the extent that any consideration payable by PubCo in connection
with the redemption, repurchase or acquisition of any shares of Class A Common Stock or other Equity Securities of PubCo or any
of its Subsidiaries (other than the Company and its Subsidiaries) consists (in whole or in part) of shares of Class A Common Stock
or such other Equity Securities of PubCo (including in connection with the cashless exercise of an option or warrant (or other convertible
right or security)) other than under PubCo’s employee benefit plans for which there is no corresponding Common Units or other Equity
Securities of the Company, then the redemption, repurchase or acquisition of the corresponding Common Units or other Equity Securities
of the Company shall be effectuated in an equivalent manner.


 






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(h)          Equity
Subdivisions and Combinations.


 


(i)          The
Company shall not in any manner effect any subdivision (by any equity split, equity distribution, reclassification, recapitalization
or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise) of the outstanding Units unless
concurrently accompanied by an identical subdivision or combination, as applicable, of the outstanding PubCo Common Stock or other related
class or series of Equity Security of PubCo, with corresponding changes made with respect to any other exchangeable or convertible Equity
Securities of the Company and Equity Securities of PubCo.


 


(ii)           Except
in accordance with Section 4.6(c), PubCo shall not in any manner effect any subdivision (by any equity split, equity distribution,
reclassification, recapitalization or otherwise) or combination (by reverse equity split, reclassification, recapitalization or otherwise)
of the outstanding PubCo Common Stock or any other class or series of Equity Security of PubCo, unless concurrently accompanied by an
identical subdivision or combination, as applicable, of the outstanding Units or other related class or series of Equity Security of
the Company, with corresponding changes made with respect to any applicable exchangeable or convertible Equity Securities of the Company
and Equity Securities of PubCo.


 


(i)         General
Authority. For the avoidance of doubt, but subject to Sections 4.1(a), (d), (f), (g), (h) and
Section 4.3, the Company and PubCo (including in its capacity as the Managing Member of the Company) shall be permitted to
undertake all actions, including an issuance, redemption, reclassification, distribution, division or recapitalization, with respect
to the Common Units to maintain at all times a one-to-one ratio between (i) the number of Common Units owned by PubCo, directly
or indirectly, and the number of outstanding shares of Class A Common Stock, and (ii) the number of outstanding shares of Class B
Common Stock held by any Person (other than PubCo) and the number of Common Units held by such Person disregarding, for purposes of maintaining
the one-to-one ratios in clause (i) (A) options, rights or securities of PubCo issued under any plan involving the issuance
of any Equity Securities of PubCo that are convertible into or exercisable or exchangeable for Class A Common Stock, (B) treasury
stock, or (C) preferred stock or other debt or equity securities (including warrants, options or rights) issued by PubCo that are
convertible or into or exercisable or exchangeable for Class A Common Stock (but in each case prior to such conversion or exchange).


 


4.2         Capital
Contributions. Except as otherwise expressly set forth in this LLC Agreement, no Member shall be required to make additional
Capital Contributions to the Company.


 






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4.3          Issuance
of Additional Units. Subject to the terms and conditions of this LLC Agreement (including Section 4.1 and this Section 4.3),
the Managing Member shall have the right to authorize and cause the Company to issue on such terms (including price) as may be determined
by the Managing Member (a) additional Common Units or Equity Securities in the Company having such rights, preferences and privileges
as determined by the Managing Member, which rights, preferences and privileges may be senior to the Common Units, and (b) obligations,
evidences of indebtedness or other securities or interests convertible or exchangeable for Units or other Equity Securities in the Company;
provided that at any time following the date hereof, in each case the Company shall not issue Equity Securities in the Company
to any Person other than PubCo or then-existing Members unless such Person shall have executed a counterpart to this LLC Agreement and
all other documents, agreements or instruments deemed necessary or desirable in the reasonable discretion of the Managing Member. Upon
any such issuance and execution, (a) such Person shall be admitted as a Member of the Company, and (b) the Managing Member
shall update the Company’s books and records and amend Exhibit A to reflect such issuance. Subject to Section 4.1,
this Section 4.3 and Section 12.1, the Managing Member is hereby authorized to amend this LLC Agreement to set
forth the designations, preferences, rights, powers and duties of such additional Common Units or other Equity Securities in the Company
authorized or issued pursuant to this Section 4.3.


 


4.4          Capital
Accounts. A Capital Account shall be maintained by the Managing Member for each Member in accordance with the provisions of Treasury
Regulations Section 1.704-1(b)(2)(iv) and, to the extent consistent with such regulations, the other provisions of this LLC
Agreement. Each Member’s Capital Account balance as of the Company Effective Time shall be equal to the amount of its respective
Closing Date Capital Account Balance set forth opposite such Member’s name on Exhibit A. Thereafter, each Member’s
Capital Account shall be (a) increased by (i) allocations to such Member of Profits pursuant to Section 5.1 and
any other items of income or gain allocated to such Member pursuant to Section 5.2, (ii) the amount of cash or the initial
Gross Asset Value of any asset (net of any Liabilities assumed by the Company and any Liabilities to which the asset is subject) contributed
to the Company by such Member, and (iii) any other increases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv),
and (b) decreased by (i) allocations to such Member of Losses pursuant to Section 5.1 and any other items of deduction
or loss allocated to such Member pursuant to the provisions of Section 5.2, (ii) the amount of any cash or the Gross
Asset Value of any asset (net of any Liabilities assumed by the Member and any Liabilities to which the asset is subject) distributed
to such Member, and (iii) any other decreases allowed or required by Treasury Regulations Section 1.704-1(b)(2)(iv). In the
event of a Transfer of Units made in accordance with this LLC Agreement (including a deemed Transfer for U.S. federal income tax purposes
as described in Section 4.6(i)), the Capital Account of the Transferor that is attributable to the Transferred Units shall
carry over to the Transferee Member in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv)(l). This
Section 4.4 and other provisions of this LLC Agreement relating to the maintenance of Capital Accounts are intended to comply
with the Treasury Regulations promulgated under Code Section 704(b), including Treasury Regulation Section 1.704-1(b)(2)(iv),
and shall be interpreted and applied in a manner consistent with such Treasury Regulations. In determining the amount of any Liability
for purposes of calculating Capital Accounts, there shall be taken into account Section 752(c) of the Code and any other applicable
provisions of the Code and Treasury Regulations. The Members’ Capital Accounts will normally be adjusted on an annual or other
periodic basis as determined by the Managing Member, but the Capital Accounts may be adjusted more often if a new Member is admitted
to the Company or if circumstances otherwise make it advisable in the judgment of the Managing Member.


 






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4.5          Other
Matters Regarding Capital Contributions.


 


(a)         The
Company shall not be obligated to repay any Capital Contributions of any Member. Under circumstances requiring a return of any Capital
Contributions, no Member has the right to receive property other than cash.


 


(b)          No
Member shall receive any interest, salary, compensation or reimbursement with respect to its Capital Contributions or its Capital Account,
or for services rendered or expenses incurred on behalf of the Company or otherwise in its capacity as a Member, except as otherwise
provided in Section 7.8 or other provisions of this LLC Agreement.


 


(c)         A
Member shall not be required to restore a deficit balance in such Member’s Capital Account, to lend any funds to the Company or
to make any additional contributions or payments to the Company.


 


4.6          Exchange
of Common Units.


 


(a)          Exchange
Procedures.


 


(i)         Upon
the terms and subject to the conditions set forth in this Section 4.6, after the expiration of the applicable Lock-Up
Period, an Exchanging Member (together with its Affiliates, including other Continuing Members, and Permitted Transferees) shall
be entitled to cause the Company to effect an Exchange up to two times per calendar quarter collectively (and no more frequently) plus,
if necessary, any additional number of times as may be necessary to allow such Exchanging Member to participate in a transaction described
in the penultimate sentence of this Section 4.6(a)(i) or in Section 4.6(h), in each case with respect to
a number of Common Units at least equal to or exceeding the Minimum Exchange Amount, by delivering an Exchange Notice to the Company,
with a copy to PubCo. Each Exchange Notice shall be in the form set forth on Exhibit B and shall include all information
required to be included therein. An Exchange Notice may specify that the Exchange is to be contingent (including as to timing) upon the
consummation of a purchase by another Person (whether in a tender offer or exchange offer, an underwritten offering or otherwise) of
the shares of Class A Common Stock into which the Common Units are exchangeable, or contingent (including as to timing) upon the
closing of an announced merger, consolidation or other transaction or event in which shares of Class A Common Stock would be exchanged
or converted or become exchangeable for or convertible into cash or other securities or property. In the event that an Exchange is being
exercised in order to participate in a Piggyback Registration, the Exchange Notice Date shall be prior to the expiration of the time
period in which a holder of securities is required to notify PubCo that it wishes to participate in such Piggyback Registration in accordance
with Section 3.2 of the Investor Rights Agreement.


 


(ii)         Within
three (3) Business Days of the giving of an Exchange Notice, the Managing Member on behalf of the Company may, but shall not be
required to, elect to settle all or a portion of the Exchange in cash in an amount equal to the Cash Exchange Payment (in lieu of shares
of Class A Common Stock), exercisable by giving written notice of such election to the Exchanging Member within such three (3) Business
Day period (such notice, the “Cash Exchange Notice”). The Cash Exchange Notice shall set forth the portion
of the Common Units subject to the Exchange which shall be exchanged for cash in lieu of Class A Common Stock. To the extent such
Exchange relates to the exercise of the Exchanging Member’s registration rights under Section 4.1 of the Investor Rights
Agreement, PubCo and the Company shall cooperate in good faith with such Exchanging Member to exercise such Exchange in a manner which
preserves such Exchanging Member’s rights thereunder. At any time following the giving of a Cash Exchange Notice and prior to the
Exchange Date, the Managing Member may elect (exercisable by giving written notice of such election to the Exchanging Member) to revoke
the Cash Exchange Notice with respect to all or any portion of the Exchanged Units and make the Stock Exchange Payment with respect to
any such Exchanged Units on the Exchange Date.


 






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(iii)       The
Exchanging Member may elect to retract its Exchange Notice by giving written notice of such election to the Exchanging Member no later
than (1) Business Day prior to the Exchange Date. The giving of any notice pursuant to this Section 4.6 shall terminate
all of the Exchanging Member’s and the Company’s rights and obligations under this Section 4.6 arising from such
retracted Exchange Notice (but not, for the avoidance of doubt, from any Exchange Notice not retracted or that may be delivered in the
future).


 


(iv)         Notwithstanding
anything to the contrary contained in this Agreement, if, in connection with an Exchange in accordance with this Section 4.6,
a filing is required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”), then the Exchange
Date with respect to all Exchanged Units which would be exchanged into an equal number of Class A Shares resulting from such Exchange
shall be delayed until the earlier of (i) such time as the required filing under the HSR Act has been made and the waiting period
applicable to such Exchange under the HSR Act shall have expired or been terminated or (ii) such filing is no longer required, at
which time such Exchange shall automatically occur without any further action by the holders of any such Exchange Units. Each of the
Members and PubCo agree to promptly take all actions required to make such filing under the HSR Act and the filing fee for such filing
shall be paid by the Company.


 


(v)          Earnout
Common Units that have not satisfied the earnout criteria set forth in the Business Combination Agreement are not permitted to be treated
as Exchanged Units under this LLC Agreement, and in no event shall the Company or PubCo effect an Exchange of an Earnout Common Unit
unless and until a Triggering Event has occurred with respect to such Earnout Common Unit and it has been converted to an unrestricted
Common Unit in accordance with the terms of the Business Combination Agreement.


 


(b)         Exchange
Payment. The Exchange shall be consummated on the Exchange Date. Unless PubCo has exercised its PubCo Call Right pursuant to Section 4.6(f),
on the Exchange Date (to be effective immediately prior to the close of business on the Exchange Date) (i) PubCo shall contribute
to the Company for delivery to the Exchanging Member (x) the Stock Exchange Payment with respect to any Exchanged Units not subject
to a Cash Exchange Notice and (y) the Cash Exchange Payment with respect to any Exchanged Units subject to a Cash Exchange Notice,
(ii) the Exchanging Member shall transfer and surrender the Exchanged Units to the Company, free and clear of all liens and encumbrances,
(iii) the Company shall issue to PubCo a number of Common Units equal to the number of Exchanged Units surrendered pursuant to clause
(ii), (iv) solely to the extent necessary in connection with an Exchange, PubCo shall undertake all actions, including an issuance,
reclassification, distribution, division or recapitalization, with respect to the Class A Common Stock to maintain a one-to-one
ratio between the number of Common Units owned by PubCo, directly or indirectly, and the number of outstanding shares of Class A
Common Stock, taking into account the issuance in clause (iii), any Stock Exchange Payment, and any other action taken in connection
with this Section 4.6, (v) the Company shall (x) cancel the redeemed Common Units which were Exchanged Units held
by the Exchanging Member and (y) transfer to the Exchanging Member the Cash Exchange Payment and/or the Stock Exchange Payment,
as applicable, and (vi) PubCo shall cancel the surrendered shares of Class B Common Stock. On or prior to the Exchange Date,
and as a condition to the Exchange, the Exchanging Member shall make any applicable Certificate Delivery. Upon the Exchange of all of
a Member’s Units, such Member shall cease to be a Member of the Company.


 






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(c)          Splits,
Distributions and Reclassifications. If there is any reclassification, reorganization, recapitalization or other similar transaction
in which the shares of Class A Common Stock are converted or changed into another security, securities or other property, this Section 4.6
shall continue to be applicable, mutatis mutandis, with respect to such security or other property. This Section 4.6(c) is
intended to preserve the intended economic effect of Section 4.1 and this Section 4.6 and to put each Member
in the same economic position, to the greatest extent possible, with respect to Exchanges as if such reclassification, reorganization,
recapitalization or other similar transaction had not occurred and shall be interpreted in a manner consistent with such intent.


 


(d)          PubCo
Covenants. PubCo shall at all times keep available, solely for the purpose of issuance upon an Exchange, out of its authorized but
unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall be issuable upon the Exchange
of all outstanding Common Units (including Earnout Common Units, and other than those Common Units held by PubCo or any Subsidiary of
PubCo); provided that nothing contained in this LLC Agreement shall be construed to preclude PubCo from satisfying its obligations
with respect to an Exchange by delivery of a Cash Exchange Payment or shares of Class A Common Stock that are held in treasury of
PubCo. PubCo covenants that all shares of Class A Common Stock that shall be issued upon an Exchange shall, upon issuance thereof,
be validly issued, fully paid and non-assessable (except as such non-assessability may be limited by Sections 18-607 and 18-804 of the
Act), free and clear of all liens and encumbrances. In addition, for so long as the shares of Class A Common Stock are listed on
a stock exchange or automated or electronic quotation system, PubCo shall cause all shares of Class A Common Stock issued upon an
Exchange to be listed on such stock exchange or automated or electronic quotation system at the time of such issuance. For purposes of
this Section 4.6(d), references to the “Class A Common Stock” shall be deemed to include any Equity Securities
issued or issuable as a result of any reclassification, combination, subdivision or similar transaction of the Class A Common Stock
that any Member would be entitled to receive pursuant to Section 4.6(c).


 


(e)        Exchange
Taxes. The issuance of shares of Class A Common Stock upon an Exchange shall be made without charge to the Exchanging Member
for any stamp or other similar tax in respect of such issuance; provided, however, that if any such shares of Class A
Common Stock are to be issued in a name other than that of the Exchanging Member (subject to the restrictions in Article IX),
then the Person or Persons in whose name(s) the shares are to be issued shall pay to PubCo the amount of any additional tax that
may be payable in respect of any Transfer involved in such issuance in excess of the amount otherwise due if such shares were issued
in the name of the Exchanging Member or shall establish to the satisfaction of PubCo that such additional tax has been paid or is not
payable.


 






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(f)            PubCo
Call Rights. Notwithstanding anything to the contrary contained in this Section 4.6, with respect to any Exchange Notice,
an Exchanging Member shall be deemed to have offered to sell its Exchanged Units as described in any Exchange Notice directly to PubCo
(rather than to the Company), and PubCo may, by delivery of a written notice to the Exchanging Member no later than three (3) Business
Days following the giving of an Exchange Notice, in accordance with, and subject to the terms of, this Section 4.6(f) (such
notice, a “PubCo Call Notice”), elect to purchase directly and acquire such Exchanged Units on the Exchange
Date by paying to the Exchanging Member (or such other Person specified in the Exchange Notice) the Stock Exchange Payment and/or the
Cash Exchange Payment, whereupon PubCo shall acquire the Exchanged Units on the Exchange Date and be treated for all purposes of this
LLC Agreement as the owner of such Common Units. Except as otherwise provided in this Section 4.6(f), an exercise of the
PubCo Call Right shall be consummated pursuant to the same timeframe and in the same manner as the relevant Exchange would have been
consummated if PubCo had not given a PubCo Call Notice, in each case as relevant, including that Section 4.6(a)(ii) and
Section 4.6(a)(iii) shall apply mutatis mutandis and that clauses (iv) and (vi) of Section 4.6(b) shall
apply (notwithstanding that the other clauses thereof do not apply).


 


(g)           Distribution
Rights. No Exchange shall impair the right of the Exchanging Member to receive any distributions payable on the Common Units redeemed
pursuant to such Exchange in respect of a record date that occurs prior to the Exchange Date for such Exchange. No Exchanging Member,
or a Person designated by an Exchanging Member to receive shares of Class A Common Stock, shall be entitled to receive, with respect
to such record date, distributions or dividends both on Common Units redeemed by the Company from such Exchanging Member and on shares
of Class A Common Stock received by such Exchanging Member, or other Person so designated, if applicable, in such Exchange.


 


(h)           Exchange
Restrictions. The Managing Member may impose additional limitations and restrictions on Exchanges (including limiting Exchanges or
creating priority procedures for Exchanges) to the extent it reasonably determines in good faith that such limitations and restrictions
are necessary to avoid the Company being classified as a “publicly traded partnership” within the meaning of Section 7704
of the Code; provided that, for such purposes, the Company and the Managing Member shall assume that each Continuing Member is
treated as a single partner within the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into account
the rules of Treasury Regulations Section 1.7704-1(h)(3)), unless otherwise required by applicable Law.


 


(i)            Tax
Matters. In connection with any Exchange, the Exchanging Member shall deliver to PubCo or the Company, as applicable, a certificate,
dated as of the Exchange Date and sworn under penalties of perjury, in a form reasonably acceptable to PubCo or the Company, as applicable,
certifying as to such Exchanging Member’s taxpayer identification number and, if applicable, that such Exchanging Member is a not
a foreign person for purposes of Section 1445 and Section 1446(f) of the Code (which certificate may be an Internal Revenue
Service Form W-9 if then sufficient for such purposes under applicable Law). For U.S. federal and applicable state and local income
tax purposes, each of the Exchanging Member, the Company and PubCo agree to treat each Exchange as a sale by the Exchanging Member of
the Exchanging Member’s Common Units (together with an equal number of shares of Class B Common Stock, which shares shall
not be allocated any economic value) to PubCo in exchange for the payment by PubCo of the Stock Exchange Payment, the Cash Exchange Payment,
or other applicable consideration to the Exchanging Member.


 






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(j)             Representations
and Warranties. In connection with any Exchange or exercise of a PubCo Call Right, (i) upon the acceptance of the Class A
Common Stock or an amount of cash equal to the Cash Exchange Payment, the Exchanging Member shall represent and warrant that the Exchanging
Member is the owner of the number of Common Units that the Exchanging Member is electing to Exchange and that such Common Units are not
subject to any liens or restrictions on transfer (other than restrictions imposed by this LLC Agreement, the charter and governing documents
of PubCo and applicable Law), and (ii) if the Managing Member elects a Stock Exchange Payment, the Managing Member shall represent
that (A) the shares of Class A Common Stock issued to the Exchanging Member in settlement of the Stock Exchange Payment are
duly authorized, validly issued, fully paid and non-assessable (except as such non-assessability may be limited by Sections 18-607 and
18-804 of the Act) and were issued in compliance in all material respects with applicable securities laws, and (B) the issuance
of such shares of Class A Common Stock issued to the Exchanging Member in settlement of the Stock Exchange Payment does not conflict
with or result in any breach of the organizational documents of PubCo.


 


4.7           Representations
and Warranties of the Members. Each Member who acquires Units after the Company Effective Time severally (and not jointly) represents
and warrants to the Company and each other Member as of the date of such Member’s admittance to the Company and as of each subsequent
date that such Member acquires any additional Units (other than, in the case of acquisition of additional Units, Section 4.7(b) to
the extent any conflict under Section 4.7(b) is related to the occurrence of a Change of Control resulting from such
acquisition) that:


 


(a)            Organization;
Authority.


 


(i)            To
the extent such Member is not a natural person, (x) it is duly formed, validly existing and in good standing (if applicable) under
the Laws of the jurisdiction of such Member’s formation, and if required by Law is duly qualified to conduct business and is in
good standing in the jurisdiction of such Member’s principal place of business (if not formed in such jurisdiction), and (y) has
full corporate, limited liability company, partnership, trust or other applicable power and authority to execute and deliver this LLC
Agreement and to perform such Member’s obligations under this LLC Agreement and all necessary actions by the board of directors,
shareholders, managers, members, partners, trustees, beneficiaries or other Persons necessary for the due authorization, execution, delivery
and performance of this LLC Agreement by that Member have been duly taken.


 


(ii)           Such
Member has duly executed and delivered this LLC Agreement, and this LLC Agreement is enforceable against such Member in accordance with
such Member’s terms, subject to bankruptcy, moratorium, insolvency and other Laws generally affecting creditors’ rights and
general principles of equity (whether applied in a proceeding in a court of law or equity).


 


(b)           Non-Contravention.


 


(i)            Such
Member’s authorization, execution, delivery, and performance of this LLC Agreement does not breach or conflict with or constitute
a default under (x) such Member’s charter or other governing documents to the extent such Member is not a natural person,
(y) any material obligation under any other material agreement to which that Member is a party or by which such Member is bound
or (z) applicable Law.


 






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(ii)           No
governmental, administrative or other material third party consents or approvals are required or necessary on the part of such Member
in connection with such Member’s admittance as a Member or such Member’s ownership of such Member’s Units.


 


(c)            Due
Inquiry.


 


(i)            Such
Member has had, prior to the execution and delivery of this LLC Agreement, the opportunity to ask questions of and receive answers from
representatives of the Company concerning an investment in the Company, as well as the finances, operations, business and prospects of
the Company, and the opportunity to obtain additional information to verify the accuracy of all information so obtained, and received
all such information about the Company and the Units as such Member has requested.


 


(ii)           In
determining whether to enter into this LLC Agreement in respect of such Member’s Units, such Member has relied solely on such Member’s
own knowledge and understanding of the Company and such Member’s business based upon such Member’s own due diligence investigation
and the information furnished pursuant to this clause (c) and such Member has not relied on any other representations or information
in making such Member’s investment decision, whether written or oral, relating to the Company, such Member’s operations and/or
prospects;


 


(d)           Purpose
of Investment. Such Member is acquiring and holding such Member’s Units solely for investment purposes, for such Member’s
own account and not for the account or benefit of any other Person and not with a view towards the distribution or dissemination thereof
in violation of applicable security laws, did not decide to enter into this LLC Agreement as a result of any general solicitation or
general advertising within the meaning of Rule 502 of Regulation D under the Securities Act, and acknowledges and understands that
no United States federal or state agency has passed upon or made any recommendation or endorsement of the offering of any Units;


 


(e)            Transfer
Restrictions. Such Member understands the Units are being Transferred in a transaction not involving a public offering within the
meaning of the Securities Act and the Units will comprise “restricted securities” within the meaning of Rule 144(a)(3) under
the Securities Act which shall not be sold, pledged, hypothecated or otherwise Transferred except in accordance with the terms of this
LLC Agreement and applicable Law. Such Member agrees that, if in the future such Member decides to offer, resell, pledge or otherwise
Transfer any portion of such Member’s Units, such Units may be offered, resold, pledged or otherwise Transferred only pursuant
to an effective Registration Statement under the Securities Act or an applicable exemption from registration and/or qualification under
the Securities Act and applicable state securities Laws, and as a condition precedent to any such Transfer, such Member may be required
to deliver to the Company an opinion of counsel satisfactory to the Company, and agrees, absent registration or an exemption with respect
to such Member’s Units, not to resell any such Units.


 






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(f)            Investor
Status. Such Member (i) has adequate means of providing for such Member’s current needs and possible contingencies, is
able to bear the economic risks of such Member’s investment for an indefinite period of time and has a sufficient net worth to
sustain a loss of such Member’s entire investment in the Company in the event such loss should occur, (ii) is sophisticated
in financial matters and has such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of an investment in the Company, (iii) is, or is controlled by, an “accredited investor,” as that term is
defined in Rule 501(a) of Regulation D, promulgated under the Securities Act, and acknowledges the issuance of Units under
this LLC Agreement is being made in reliance on a private placement exemption to “accredited investors” within the meaning
of Section 501(a) of Regulation D under the Securities Act or similar exemptions under federal and state Law, and (iv) is
treated as a single partner within the meaning of Treasury Regulations Section 1.7704-1(h) (determined taking into account
the rules of Treasury Regulations Section 1.7704-1(h)(3)).


 


Article V     

ALLOCATIONS OF PROFITS AND LOSSES


 


5.1           Profits
and Losses. After giving effect to the allocations under Section 5.2 and subject
to Section 5.2 and Section 5.4, Profits and Losses (and, to the extent reasonably determined by the Managing
Member to be necessary and appropriate to achieve the resulting Capital Account balances described below, any allocable items of income,
gain, loss, deduction or credit includable in the computation of Profits and Losses) for each Taxable Year or other taxable period shall
be allocated among the Members during such Taxable Year or other taxable period in a manner such that, after giving effect to all distributions
through the end of such Taxable Year or other taxable period, the Capital Account balance of each Member, immediately after making such
allocation, is, as nearly as possible, equal to (a) the amount such Member would receive pursuant to Section 11.3(b)(iii) if
all assets of the Company on hand at the end of such Taxable Year or other taxable period were sold for cash equal to their Gross Asset
Values, all liabilities of the Company were satisfied in cash in accordance with their terms (limited with respect to each nonrecourse
liability to the Gross Asset Value of the assets securing such liability), and all remaining or resulting cash was distributed, in accordance
with Section 11.3(b)(iii), to the Members immediately after making such allocation, minus (b) such Member’s share
of Company Minimum Gain and Member Minimum Gain, computed immediately prior to the hypothetical sale of assets, and (without duplication)
the amount any such Member is treated as obligated to contribute to the Company, computed immediately after the hypothetical sale of
assets.


 


5.2           Special
Allocations.


 


(a)            Nonrecourse
Deductions for any Taxable Year or other taxable period shall be specially allocated to the Members on a pro rata basis in accordance
with the number of Common Units owned by each Member. The amount of Nonrecourse Deductions for a Taxable Year or other taxable period
shall equal the excess, if any, of the net increase, if any, in the amount of Company Minimum Gain during that Taxable Year or other
taxable period over the aggregate amount of any distributions during that Taxable Year or other taxable period of proceeds of a Nonrecourse
Liability that are allocable to an increase in Company Minimum Gain, determined in accordance with the provisions of Treasury Regulations
Section 1.704-2(d).


 



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(b)            Any
Member Nonrecourse Deductions for any Taxable Year or other taxable period shall be specially allocated to the Member who bears economic
risk of loss with respect to the Member Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with
Treasury Regulations Section 1.704-2(i). If more than one (1) Member bears the economic risk of loss for such Member
Nonrecourse Debt, the Member Nonrecourse Deductions attributable to such Member Nonrecourse Debt shall be allocated among the Members
according to the ratio in which they bear the economic risk of loss. This Section 5.2(b) is intended to comply with
the provisions of Treasury Regulations Section 1.704-2(i) and shall be interpreted consistently therewith.


 


(c)          Notwithstanding
any other provision of this LLC Agreement to the contrary, if there is a net decrease in Company Minimum Gain during any Taxable Year
or other taxable period (or if there was a net decrease in Company Minimum Gain for a prior Taxable Year or other taxable period and
the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this Section 5.2(c)),
each Member shall be specially allocated items of Company income and gain for such Taxable Year or other taxable period in an amount
equal to such Member’s share of the net decrease in Company Minimum Gain during such taxable period (as determined pursuant to
Treasury Regulations Section 1.704-2(g)(2)). This Section 5.2(c) is intended to constitute a minimum gain chargeback
under Treasury Regulations Section 1.704-2(f) and shall be interpreted consistently therewith.


 


(d)            Notwithstanding
any other provision of this LLC Agreement except Section 5.2(c), if there is a net decrease in Member Minimum Gain during
any Taxable Year or other taxable period (or if there was a net decrease in Member Minimum Gain for a prior Taxable Year or other taxable
period and the Company did not have sufficient amounts of income and gain during prior periods to allocate among the Members under this
Section 5.2(d)), each Member shall be specially allocated items of Company income and gain for such taxable period in an
amount equal to such Member’s share of the net decrease in Member Minimum Gain (as determined pursuant to Treasury Regulations
Section 1.704-2(i)(4)). This Section 5.2(d) is intended to constitute a partner nonrecourse debt minimum gain chargeback
under Treasury Regulations Section 1.704-2(i)(4) and shall be interpreted consistently therewith.


 


(e)            Notwithstanding
any provision hereof to the contrary except Section 5.2(a) and Section 5.2(b), no Losses or other items
of loss or expense shall be allocated to any Member to the extent that such allocation would cause such Member to have an Adjusted Capital
Account Deficit (or increase any existing Adjusted Capital Account Deficit) at the end of such Taxable Year or other taxable period.
All Losses and other items of loss and expense in excess of the limitation set forth in this Section 5.2(e) shall be
allocated to the Members who do not have an Adjusted Capital Account Deficit in proportion to their relative positive Capital Accounts
but only to the extent that such Losses and other items of loss and expense do not cause any such Member to have an Adjusted Capital
Account Deficit.


 


(f)         Notwithstanding
any provision hereof to the contrary except Section 5.2(c) and Section 5.2(d), in the event any Member unexpectedly
receives any adjustment, allocation or distribution described in paragraph (4), (5) or (6) of Treasury Regulations Section 1.704-1(b)(2)(ii)(d),
items of income and gain (consisting of a pro rata portion of each item of income, including gross income, and gain for the Taxable
Year or other taxable period) shall be specially allocated to such Member in an amount and manner sufficient to eliminate any Adjusted
Capital Account Deficit of that Member as quickly as possible; provided that an allocation pursuant to this Section 5.2(f) shall
be made only if and to the extent that such Member would have an Adjusted Capital Account Deficit after all other allocations provided
for in Section 5.1 and Section 5.2 have been tentatively made as if this Section 5.2(f) were
not in this LLC Agreement. This Section 5.2(f) is intended to constitute a qualified income offset under Treasury Regulations
Section 1.704-1(b)(2)(ii) and shall be interpreted consistently therewith.


 



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(g)            If
any Member has a deficit balance in its Capital Account at the end of any Taxable Year or other taxable period that is in excess of the
amount that the Member is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and
(i)(5), that Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible;
provided that an allocation pursuant to this Section 5.2(g) shall be made only if and to the extent that such
Member would have a deficit balance in its Capital Account in excess of such sum after all other allocations provided for in Section 5.1
and Section 5.2 have been made as if Section 5.2(f) and this Section 5.2(g) were not
in this LLC Agreement.


 


(h)            To
the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Sections 734(b) or 743(b) is required,
pursuant to Treasury Regulations Section 1.704-1 (b)(2)(iv)(m)(2) or 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining
Capital Accounts as a result of a distribution to any Member in complete or partial liquidation of such Member’s Units 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 item of gain or loss shall be allocated to the Members in accordance
with Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) if such Section applies or to the Member to whom such distribution
was made if Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.


 


(i)            The
allocations set forth in Sections 5.2(a) through 5.2(h) (the “Regulatory Allocations”)
are intended to comply with certain requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2. Notwithstanding any other
provision of this Article V (other than the Regulatory Allocations), the Regulatory Allocations (and anticipated future 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 allocation of other items and the Regulatory Allocations to each Member should be equal to
the net amount that would have been allocated to each such Member if the Regulatory Allocations had not occurred. In general, the Members
anticipate that this shall be accomplished by specially allocating other Profits and Loss among the Members so that the net amount of
Regulatory Allocations and such special allocations to each such Member is zero. This Section 5.2(i) is intended to
minimize to the extent possible and to the extent necessary any economic distortions that may result from application of the Regulatory
Allocations and shall be interpreted in a manner consistent therewith.


 



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5.3            Allocations
for Tax Purposes in General.


 


(a)            Except
as otherwise provided in this Section 5.3, each item of income, gain, loss and deduction of the Company for U.S. federal
income tax purposes shall be allocated among the Members in the same manner as such item is allocated under Sections 5.1 and 5.2.


 


(b)           In
accordance with Code Section 704(c) and the Treasury Regulations thereunder (including the Treasury Regulations applying the
principles of Code Section 704(c) to changes in Gross Asset Values), items of income, gain, loss and deduction with respect
to any Company property having a Gross Asset Value that differs from such property’s adjusted U.S. federal income tax basis shall,
solely for U.S. federal income tax purposes, be allocated among the Members to account for any such difference using (i) with respect
to any such differences that exist at the Company Effective Time, the “traditional method” without curative allocations under
Treasury Regulations Section 1.704-3(b) and (ii) with respect to any other such differences, any other permissible method
or methods determined by the Managing Member (with the prior written consent of the Continuing Member Representative) to be appropriate
and in accordance with the applicable Treasury Regulations.


 


(c)            Any
(i) recapture of depreciation or any other item of deduction shall be allocated, in accordance with Treasury Regulations Sections
1.1245-1(e) and 1.1254-5, to the Members who received the benefit of such deductions and (ii) tax credits, tax credit recapture,
and any items related thereto shall be allocated to the Members according to their interests in such items as reasonably determined by
the Managing Member taking into account the principles of Treasury Regulations Section 1.704-1(b)(4)(ii), 1.704-1(b)(3)(iv), and
1.704-1(b)(4)(viii).


 


(d)            Allocations
pursuant to this Section 5.3 are solely for purposes of U.S. federal, state and local income taxes and shall not affect or
in any way be taken into account in computing any Member’s Capital Account or share of Profits, Losses, other items or distributions
pursuant to any provision of this LLC Agreement.


 


(e)            If,
as a result of an exercise of a non-compensatory option to acquire an interest in the Company, a Capital Account reallocation is required
under Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Company shall make corrective allocations pursuant to Treasury Regulations
Section 1.704-1(b)(4)(x). If, pursuant to Section 5.2(i), the Managing Member causes a Capital Account reallocation
in accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(2)(iv)(s)(3), the Managing Member
shall make corrective allocations in accordance with principles similar to those set forth in Treasury Regulations Section 1.704-1(b)(4)(x).


 


(f)            Any
adjustment to the adjusted tax basis of Company property pursuant to Code Section 743(b) resulting from a transfer of Units
shall be handled in accordance with Treasury Regulations Section 1.743-1(j).


 


5.4           Other
Allocation Rules.


 


(a)            The
Members are aware of the income tax consequences of the allocations made by this Article V and the economic impact of the
allocations on the amounts receivable by them under this LLC Agreement. The Members hereby agree to be bound by the provisions of this
Article V in reporting their share of Company income and loss for U.S. federal and applicable state and local income tax
purposes.


 






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(b)           The
provisions regarding the establishment and maintenance for each Member of a Capital Account as provided by Section 4.4 and
the allocations set forth in Sections 5.1, 5.2 and 5.3 are intended to comply with the Treasury Regulations and
to reflect the intended economic entitlement of the Members. If the Managing Member reasonably determines that the application of the
provisions in Sections 4.4, 5.1, 5.2 or 5.3 would result in non-compliance with the Treasury Regulations
or would be inconsistent with the intended economic entitlement of the Members, the Managing Member is authorized to make any appropriate
adjustments to such provisions to the extent permitted by applicable Law, including to allocate properly items of income, gain, loss,
deduction and credit to those Members who bear the economic burden or benefit associated therewith, or to otherwise cause the Members
to achieve the economic objectives underlying this LLC Agreement and the Business Combination Agreement. The Managing Member also shall
(i) make any adjustments that it reasonably determines are necessary or appropriate to maintain equality between the Capital Accounts
of the Members and the amount of Company capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance
with Treasury Regulations Section 1.704-1(b)(iv)(g) and (ii) make any reasonable and appropriate modifications in the
event unanticipated events would reasonably be expected to otherwise cause this LLC Agreement not to comply with Treasury Regulations
Section 1.704-1(b). Notwithstanding the foregoing, no adjustment to the allocations shall be made under this Section 5.4(b) without
the prior written consent of each Continuing Member that would be materially adversely affected thereby, which consent shall not be unreasonably
withheld, conditioned or delayed.


 


(c)            With
regard to PubCo’s acquisition of Common Units, Profits or Losses shall be allocated to the Members of the Company so as to take
into account the varying interests of the Members in the Company using an “interim closing of the books” method in a manner
that complies with the provisions of Section 706 of the Code and the Treasury Regulations thereunder. If during any Taxable Year
there is any other change in any Member’s Units in the Company, the Managing Member shall consult in good faith with the Continuing
Member Representative and the tax advisors to the Company and allocate the Profits or Losses to the Members of the Company so as to take
into account the varying interests of the Members in the Company using an “interim closing of the books” method in a manner
that complies with the provisions of Section 706 of the Code and the Treasury Regulations thereunder; provided, however,
that such allocations may instead be made in another manner that complies with the provisions of Section 706 of the Code and the
Treasury Regulations thereunder and that is selected by the Managing Member (with the prior written consent of the Continuing Member
Representative, not to be unreasonably withheld, conditioned or delayed).


 


(d)           Solely
for purposes of determining a Member’s proportionate share of the “excess nonrecourse liabilities” of the Company,
within the meaning of Treasury Regulations Section 1.752-3(a)(3), the Managing Member shall allocate such liabilities in such manner
that complies with the Code and the Treasury Regulations thereunder and that the Managing Member reasonably determines, in a manner intended
to minimize any gain of the Members to the greatest extent possible under Section 731 of the Code.


 






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5.5           Earnout
Common Units. The Parties intend that, for U.S. federal income tax purposes, (a) the
Earnout Common Units received by the Continuing Members in connection with the Business Combination Agreement not be treated as being
received in connection with the performance of services, (b) no such Member be treated as having taxable income or gain as a result
of such receipt of such Earnout Common Units or as a result of holding any such Earnout Common Units at the time of any Triggering Event
(other than as a result of corrective allocations made pursuant to Section 5.2(i)), (c) for purposes of the allocations
described in this Article V and the determination and maintenance of Capital Accounts, each Earnout Common Unit shall be treated
in the same manner as an unrestricted Common Unit. The Company shall prepare and file all tax returns consistent with such intended treatment
unless otherwise required by a “determination” within the meaning of Section 1313 of the Code.


 


Article VI

DISTRIBUTIONS


 


6.1           Distributions.


 


(a)            Distributions.


 


(i)            To
the extent permitted by applicable Law, distributions to Members may be declared by the Managing Member out of Distributable Cash in
such amounts, at such time and on such terms (including the payment dates of such distributions) as the Managing Member shall determine
using such record date as the Managing Member may designate. All distributions made under this Section 6.1(a) shall
be made to the Members as of the close of business on such record date on a pro rata basis (except that, for the avoidance of
doubt, repurchases or redemptions made in accordance with Section 4.1(f) or payments made in accordance with Section 7.4
or Section 7.8 need not be on a pro rata basis, as long as such payments are otherwise made in accordance with
the terms of this LLC Agreement) based on the number of Common Units held or deemed to be held by each such holder as of the close of
business on such record date; provided, that the Managing Member shall have the obligation to make distributions as set forth
in Section 6.2 and Section 11.3(b)(iii); provided, further, that notwithstanding any other
provision herein to the contrary, no distributions shall be made to any Member to the extent such distribution would render the Company
insolvent or violate the Act. For purposes of this Section 6.1(a) and Section 6.2(a), insolvent means the
inability of the Company to meet its payment obligations when due.


 


(ii)           Promptly
following the designation of a record date and the declaration of a distribution pursuant to this Section 6.1(a), the Managing
Member shall give notice to each Member of the record date, the amount and the terms of the distribution and the payment date thereof.


 


(b)           Successors.
For purposes of determining the amount of distributions (including Tax Distributions), each Member shall be treated as having made the
Capital Contributions made by, been allocated the net taxable income of the Company (in accordance with the definition of Tax Amount)
allocated to, and received the distributions made to or received by its predecessors in respect of any of such Member’s Units.


 






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(c)            Distributions
In-Kind. Except as otherwise provided in this LLC Agreement, any distributions may be made in cash or in kind, or partly in cash
and partly in kind, as reasonably determined by the Managing Member. In the event of any distribution of (i) property in kind or
(ii) both cash and property in kind, each Member shall be distributed its proportionate share of any such cash so distributed and
its proportionate share of any such property so distributed in kind (based on the Fair Market Value of such property). To the extent
that the Company distributes property in-kind to the Members, the Company shall be treated as making a distribution equal to the Fair
Market Value of such property for purposes of Section 6.1(a) and such property shall be treated as if it were sold for
an amount equal to its Fair Market Value; provided that none of the following shall be a distribution for purposes of this LLC
Agreement: (a) any recapitalization that does not result in the distribution of cash or property to Members or any exchange of securities
of the Company, and any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding
Units or (b) any other payment made by the Company to a Member that is not properly treated as a “distribution” for
purposes of Sections 731, 732, or 733 or other applicable provisions of the Code. Any resulting gain or loss shall be allocated to the
Member’s Capital Accounts in accordance with Section 5.1 and Section 5.2.


 


6.2            Tax-Related
Distributions.


 


(a)            Effective
upon the Company Effective Time, prior to making any other distributions under this LLC Agreement, on each Tax Distribution Date, unless
prohibited by applicable Law, the Managing Member shall cause the Company, from available cash, available borrowings and other funds
legally available therefor, including legally made distributions from available cash of the Company’s Subsidiaries (taking into
account any restrictions applicable to tax distributions contained in the Company’s or its Subsidiaries’ then applicable
bank financing agreements by which the Company or its Subsidiaries are bound) (collectively, “Cash Available For Tax Distributions”)
to make distributions of cash (each, a “Tax Distribution”) to the Members holding Common Units, pro rata
in proportion to their respective number of Common Units in an amount such that the Member with the highest Tax Amount per Common
Unit receives an amount equal to such Member’s Tax Amount; provided, that if the amount of Tax Distributions actually made
with respect to a quarter or a Taxable Year is greater than or less than the Tax Distributions that would have been made under this Section 6.2
for such period based on subsequent tax information and assuming no limitations based on prohibitions under applicable Law, Cash
Available For Tax Distributions, or insolvency under this Section 6.2 (such limitations, the “Liquidity Limitations”)
(e.g., because the estimated Tax Distributions for a Taxable Year were greater than or less than the amount calculated based on actual
taxable income for such Taxable Year or because such Tax Distribution would have rendered the Company insolvent (as defined in Section 6.1(a))),
then, on subsequent Tax Distribution Dates, starting with the next Tax Distribution Date, and prior to any additional distributions pursuant
to Section 6.1, the Managing Member shall, subject to the Liquidity Limitations, cause the Company to adjust the next Tax
Distribution and subsequent Tax Distributions downward (but not below zero) or upward (but in any event pro rata in proportion
to the Members’ respective number of Common Units) to reflect such excess or shortfall; and provided, further, that
notwithstanding any other provision in this LLC Agreement to the contrary, (A) Tax Distributions shall not be required to the extent
any such distribution would render the Company insolvent (as defined in Section 6.1(a)), and (B) the Managing Member
shall not be required to cause the Company to make any Tax Distributions on any date other than a Tax Distribution Date. Notwithstanding
anything to the contrary contained in this LLC Agreement, (a) the Managing Member shall make, in its reasonable discretion, equitable
adjustments (downward (but not below zero) or upward) to the Members’ Tax Distributions (but in any event pro rata in proportion
to the Members’ respective number of Common Units) to take into account increases or decreases in the number of Common Units held
by each Member during the relevant period; provided that no such adjustments shall be made that would have a material adverse
effect on the Continuing Members without the Continuing Member Representative’s prior written consent (which consent shall not
be unreasonably withheld, conditioned, or delayed), and (b) no Tax Distributions (or downward (but not below zero) or upward adjustment
to any Tax Distributions) shall be made other than on a pro rata basis in proportion to the Members’ respective number of
Common Units.


 






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6.3            Distribution
Upon Withdrawal. No withdrawing Member shall be entitled to receive any distribution or the value of such Member’s Units
in the Company as a result of withdrawal from the Company prior to the liquidation of the Company, except as provided in this LLC Agreement.


 


Article VII

MANAGEMENT


 


7.1            Managing
Member Rights; Member and Officer Duties.


 


(a)            PubCo
shall be the sole Managing Member of the Company and, pursuant to the governing documents of PubCo, the business and affairs of PubCo
shall be managed by or under the direction of the Board. Except as otherwise required by Law or provided in this LLC Agreement, (i) the
Managing Member shall have full and complete charge of all affairs of the Company, (ii) the management and control of the Company’s
business activities and operations shall rest exclusively with the Managing Member, and (iii) the Members, other than the Managing
Member (in its capacity as such), shall not participate in the control, management, direction or operation of the activities or affairs
of the Company and shall have no power to act for or bind the Company. Nothing set forth in this LLC Agreement shall reduce or restrict
the rights set forth in the Tax Receivable Agreement, subject to the terms and conditions thereof.


 


(b)            Except
as otherwise required by the Act, no current or former Member (including a current or former Managing Member) or any current or former
Officer shall be obligated personally for any Liability of the Company solely by reason of being a Member or, with respect to the Managing
Member, acting as Managing Member of the Company, or, with respect to an Officer, acting in his or her capacity as an Officer. Notwithstanding
anything to the contrary contained in this LLC Agreement, the failure of the Company to observe any formalities or requirements relating
to the exercise of its powers or management of its business and affairs under this LLC Agreement or the Act shall not be grounds for
imposing personal liability on the Managing Member for liabilities of the Company.


 


(c)            In
connection with the performance of its duties as the Managing Member of the Company, the Managing Member (solely in its capacity as such)
will owe to the other Members the same fiduciary duties as it would owe to the stockholders of a Delaware corporation if it were a member
of the board of directors of such a corporation and the other Members were stockholders of such corporation. To the extent that, at Law
or in equity, any Subsidiary of the Company or any manager, director (or equivalent), officer, employee or agent of any Subsidiary of
the Company has duties (including fiduciary duties) to the Company, to a Member (other than the Managing Member) or to any Person who
acquires Units, all such duties (including fiduciary duties) are hereby limited solely to those expressly set forth in this Agreement
(if any), to the fullest extent permitted by Law. The limitation of duties (including fiduciary duties) to the Company, each Member (other
than the Managing Member) and any Person who acquires Units set forth in the preceding sentence is approved by the Company, each Member
and any Person who acquires Units.


 






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7.2            Role
of Officers.


 


(a)           The
Managing Member may appoint, employ or otherwise contract with any Person for the transaction of the business of the Company or the performance
of services for or on behalf of the Company, and the Managing Member may delegate to any such Persons such authority to act on behalf
of the Company as the Managing Member may from time to time deem appropriate.


 


(b)           The
Officers of the Company as of the Company Effective Time are set forth on Exhibit C attached hereto.


 


(c)           The
Managing Member shall appoint a Chief Executive Officer who will be responsible for the general and active management of the business
of the Company and its Subsidiaries. The Chief Executive Officer will report to the Managing Member and have the general powers and duties
of management usually vested in the office of chief executive officer of a corporation organized under the DGCL, subject to the terms
of this LLC Agreement and as may be prescribed by the Managing Member, and will have such other powers and duties as may be reasonably
prescribed by the Managing Member or set forth in this LLC Agreement.


 


(d)           Except
as set forth in this LLC Agreement, the Managing Member may appoint Officers at any time, and the Officers may include, in addition to
the Chief Executive Officer, a president, one or more vice presidents, a secretary, one or more assistant secretaries, a chief financial
officer, a general counsel, a treasurer, one or more assistant treasurers, a chief operating officer, an executive chairman, and any
other officers that the Managing Member deems appropriate. Except as set forth in this LLC Agreement, the Officers will serve at the
pleasure of the Managing Member, subject to all rights, if any, of such Officer under any contract of employment. Any individual may
hold any number of offices, and an Officer may, but need not, be a Member of the Company. The Officers will exercise such powers and
perform such duties as specified in this LLC Agreement or as reasonably determined from time to time by the Managing Member.


 


(e)            Subject
to this LLC Agreement and to the rights, if any, of an Officer under a contract of employment, any Officer may be removed, either with
or without cause, by the Managing Member. Any Officer may resign at any time by giving written notice to the Managing Member. Any resignation
will take effect at the date of the receipt of that notice or at any later time specified in that notice and, unless otherwise specified
in that notice, the acceptance of the resignation will not be necessary to make it effective. Any resignation is without prejudice to
the rights, if any, of the Company under any contract to which the Officer is a party. A vacancy in any office because of death, resignation,
removal, disqualification or any other cause will be filled in the manner prescribed in this LLC Agreement for regular appointments to
that office.


 






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7.3           Warranted
Reliance by Officers on Others. In exercising their authority and performing their duties under this LLC Agreement, the Officers
shall be entitled to rely on information, opinions, reports, or statements of the following Persons or groups unless they have actual
knowledge concerning the matter in question that would cause such reliance to be unwarranted:


 


(a)            one
or more employees or other agents of the Company or its Subsidiaries whom the Officer reasonably believes to be reliable and competent
in the matters presented; and


 


(b)            any
attorney, public accountant, or other Person as to matters which the Officer reasonably believes to be within such Person’s professional
or expert competence.


 


7.4           Indemnification.


 


(a)            Right
to Indemnification. Each Person who was or is made a party or is threatened to be made a party to or is otherwise subject to or involved
in any Action, by reason of the fact that he, she or it is or was a Member (including the Managing Member), is or was serving as the
Company Representative (including any “designated individual”) or the Continuing Member Representative or an officer, manager
or director (or equivalent) or, at the discretion of the Managing Member, any employee or agent, of the Managing Member, the Company
or any of its Subsidiaries, or is or was an officer, manager or director (or equivalent) or, at the discretion of the Managing Member,
any employee or agent, of the Managing Member, the Company or any of its Subsidiaries serving at the request of the Managing Member or
the Company or any of its Subsidiaries as an officer, manager or director (or equivalent) or, at the discretion of the Managing Member,
any employee or agent, of another corporation, partnership, joint venture, limited liability company, trust or other entity or which
relates to or arises out of the property, business or affairs of the Company or any of its Subsidiaries, including service with respect
to an employee benefit plan (an “Indemnitee”), whether the basis of such Action is alleged action in an official
capacity as a director, manager, officer, employee or agent or in any other capacity while serving as an officer, manager, director,
employee or agent, shall be indemnified by the Company against all expense, Liability and loss (including reasonable attorneys’
fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered by such Indemnitee
in connection therewith (“Indemnifiable Losses”); provided, however, that, such Indemnitee shall
not be entitled to indemnification if such Indemnitee’s conduct constituted fraud, willful misconduct, or a knowing violation of
Law; provided, further, however, except as provided in Section 7.4(d) with respect to Actions to
enforce rights to indemnification, the Company shall indemnify any such Indemnitee pursuant to this Section 7.4 in connection
with an Action (or part thereof but excluding any compulsory counterclaim) initiated by such Indemnitee only if such Action (or part
thereof but excluding any compulsory counterclaim) was authorized by the Board.


 






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(b)            Right
to Advancement of Expenses. The right to indemnification conferred in Section 7.4(a) shall include the right to
advancement by the Company of any and all expenses (including reasonable attorneys’ fees and expenses) incurred in participating
in or defending any such Action in advance of its final disposition or in connection with a proceeding brought to establish or enforce
a right to indemnification or advancement of expense (an “Advancement of Expenses”); provided, however,
that if (a) the Act requires or (b) in the case of an Advancement of Expenses made in a proceeding brought to establish or
enforce a right to indemnification or advancement, an Advancement of Expenses incurred by an Indemnitee shall be made pursuant to this
Section 7.4(b) only upon delivery to the Company of an undertaking (an “Undertaking”), by
or on behalf of such Indemnitee, to repay, without interest, all amounts so advanced if it shall ultimately be determined by final judicial
decision from which there is no further right to appeal (a “Final Adjudication”) that such Indemnitee is not
entitled to be indemnified for such expenses under this Section 7.4(b). An Indemnitee’s right to an Advancement of
Expenses pursuant to this Section 7.4(b) is not subject to the satisfaction of any standard of conduct and is not conditioned
upon any prior determination that Indemnitee is entitled to indemnification under Section 7.4(a) with respect to the
related Action or the absence of any prior determination to the contrary.


 


(c)            Contract
Rights. The rights to indemnification and to the Advancement of Expenses conferred in Sections 7.4(a) and (b) shall
be contract rights and such rights shall continue as to an Indemnitee who has ceased to be a director, manager, officer, employee or
agent and shall inure to the benefit of the Indemnitee’s heirs, estate, executors, administrators and legal representatives.


 


(d)            Right
of Indemnitee to Bring Suit. If a claim under Sections 7.4(a) or (b) is not paid in full by the Company within
sixty (60) calendar days after a written claim has been received by the Company, except in the case of a claim for an Advancement of
Expenses, in which case the applicable period shall be thirty (30) calendar days, the Indemnitee may at any time thereafter bring suit
against the Company to recover the unpaid amount of the claim. If successful in whole or in part in any such suit, or in a suit brought
by the Company to recover an Advancement of Expenses pursuant to the terms of an Undertaking, the Indemnitee shall be entitled to be
paid also the expense of prosecuting or defending such suit. In (i) any suit brought by the Indemnitee to enforce a right to indemnification
under this LLC Agreement (but not in a suit brought by the Indemnitee to enforce a right to an Advancement of Expenses) it shall be a
defense that, and (ii) any suit brought by the Company to recover an Advancement of Expenses pursuant to the terms of an Undertaking,
the Company shall be entitled to recover such expenses, without interest, upon a Final Adjudication that, the Indemnitee has not met
any applicable standard for indemnification set forth in the Act. Neither the failure of the Company (including its Managing Member or
independent legal counsel) to have made a determination prior to the commencement of such suit that indemnification of the Indemnitee
is proper in the circumstances because the Indemnitee has met the applicable standard of conduct set forth in the Act, nor an actual
determination by the Company (including the Managing Member or independent legal counsel) that the Indemnitee has not met such applicable
standard of conduct, shall create a presumption that the Indemnitee has not met the applicable standard of conduct or, in the case of
such a suit brought by the Indemnitee, be a defense to such suit. In any suit brought by an Indemnitee to enforce a right to indemnification
or to an Advancement of Expenses under this LLC Agreement, or brought by the Company to recover an Advancement of Expenses under this
LLC Agreement pursuant to the terms of an Undertaking, the burden of proving that the Indemnitee is not entitled to be indemnified, or
to such Advancement of Expenses, shall be on the Company.


 


(e)            Appearance
as a Witness. Notwithstanding any other provision of this Section 7.4, the Company shall pay or reimburse out of pocket
expenses incurred by any Person entitled to be indemnified pursuant to this Section 7.4 in connection with such Person’s
appearance as a witness or other participation in an Action at a time when such Person is not a named defendant or respondent in the
Action.


 






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(f)            Nonexclusivity
of Rights. The rights to indemnification and the Advancement of Expenses conferred in this Section 7.4 shall not be exclusive
of any other right which a Person may have or hereafter acquire under any Law, this LLC Agreement, any agreement, any vote of stockholders
or disinterested directors or otherwise. Nothing contained in this Section 7.4 shall limit or otherwise affect any such other
right or the Company’s power to confer any such other right.


 


(g)            Payments.
Given that certain jointly indemnifiable claims (as defined below) may arise due to the service of the Indemnitee as Managing Member
and/or officer of the Company or as a director, officer, employee, agent or trustee of another corporation or of a partnership, joint
venture, trust or other enterprise at the request of the indemnitee-related entities (as defined below), the Company shall be fully and
primarily responsible for the payment to the Indemnitee in respect of indemnification or Advancement of Expenses in connection with any
such jointly indemnifiable claims, pursuant to and in accordance with the terms of this Section 7.4, irrespective of any
right of recovery the Indemnitee may have from the indemnitee-related entities. Under no circumstance shall the Company be entitled to
any right of subrogation against or contribution by the indemnitee-related entities and no right of advancement, indemnification or recovery
the Indemnitee may have from the indemnitee-related entities shall reduce or otherwise alter the rights of the indemnitee or the obligations
of the Company under this Section 7.4. In the event that any of the indemnitee-related entities shall make any payment to
the Indemnitee in respect of indemnification or Advancement of Expenses with respect to any jointly indemnifiable claim, the indemnitee-related
entity making such payment shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee against
the Company, and the Indemnitee shall execute all papers reasonably required and shall do all things that may be reasonably necessary
to secure such rights, including the execution of such documents as may be necessary to enable the indemnitee-related entities effectively
to bring suit to enforce such rights.


 


(i)            The
term “indemnitee-related entities” means any corporation, limited liability company, partnership, joint venture, trust,
employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability company, partnership, joint
venture, trust, employee benefit plan or other enterprise for which the Indemnitee has agreed, on behalf of the Company or at the Company’s
request, to serve as a director, officer, employee or agent and which service is covered by the indemnity described herein) from whom
an Indemnitee may be entitled to indemnification or Advancement of Expenses with respect to which, in whole or in part, the Company may
also have an indemnification or advancement obligation.


 


(ii)            The
term “jointly indemnifiable claims” shall be broadly construed and shall include, without limitation, any action,
suit or proceeding for which the Indemnitee shall be entitled to indemnification or Advancement of Expenses from both the indemnitee-related
entities and the Company pursuant to applicable law, any agreement, certificate of incorporation, by-laws, partnership agreement, operating
agreement, certificate of formation, certificate of limited partnership or comparable organizational documents of the Company or the
indemnitee-related entities, as applicable.


 



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(h)            Maintenance
of Insurance. The Company or PubCo shall maintain directors’ and officers’ insurance from a financially sound and reputable
insurer (at a minimum, in such amounts as are standard in the industry) to protect directors and officers of the Company and its Subsidiaries
against Indemnifiable Losses of such Indemnitee, whether or not the Company has the authority to indemnify such Indemnitee against such
Indemnifiable Losses under this Section 7.4, in each case to the extent available under the directors’ and officers’
insurance policy of PubCo.


 


7.5           Resignation
or Termination of Managing Member. PubCo shall not, by any means, resign as, cease to be or be replaced as Managing Member except
in compliance with this Section 7.5. No termination or replacement of PubCo as Managing Member shall be effective unless
proper provision is made, in compliance with this LLC Agreement, so that the obligations of PubCo, its successor (if applicable) and
any new Managing Member and the rights of all Members under this LLC Agreement and applicable Law remain in full force and effect. No
appointment of a Person other than PubCo (or its successor, as applicable) as Managing Member shall be effective unless (a) the
new Managing Member executes a joinder to this LLC Agreement and agrees to be bound by the terms and conditions in this LLC Agreement,
and (b) PubCo (or its successor, as applicable) and the new Managing Member (as applicable) provide all other Members with contractual
rights, directly enforceable by such other Members against PubCo (or its successor, as applicable) and the new Managing Member (as applicable),
to cause (i) PubCo to comply with all PubCo’s obligations under this LLC Agreement (including its obligations under Section 4.6)
other than those that must necessarily be taken solely in its capacity as Managing Member and (ii) the new Managing Member to comply
with all the Managing Member’s obligations under this LLC Agreement.


 


7.6           Reclassification
Events of PubCo. If a Reclassification Event occurs, the Managing Member or its successor as a result of such Reclassification
Event, as the case may be, shall, as and to the extent necessary, amend this LLC Agreement in compliance with Section 12.1,
and enter into any necessary supplementary or additional agreements, to ensure that, following the effective date of the Reclassification
Event: (a) the exchange rights of holders of Units set forth in Section 4.6 provide that each Common Unit (together
with the surrender and delivery of one (1) share of Class B Common Stock) is exchangeable for the same amount and same type
of property, securities or cash (or combination thereof) that one (1) share of Class A Common Stock becomes exchangeable for
or converted into as a result of the Reclassification Event and (b) PubCo or the successor to PubCo as a result of such Reclassification
Event, as applicable, is obligated to deliver such property, securities or cash upon such exchange. PubCo shall not consummate or agree
to consummate any Reclassification Event unless the successor Person as a result of such Reclassification Event, if any, becomes obligated
to comply with the obligations of PubCo (in whatever capacity) under this LLC Agreement.


 


7.7           Transactions
between Company and Managing Member. The Managing Member may cause the Company to contract and deal with the Managing Member,
or any Affiliate of the Managing Member; provided such contracts and dealings (other than contracts and dealings between the Company
and its Subsidiaries) are (a) on terms comparable to and competitive with those available to the Company from others dealing at
arm’s length or are approved by the Members or (b) are approved by the Disinterested Majority.


 






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7.8           Certain
Costs and Expenses. The Managing Member shall not be compensated for its services as Managing Member of the Company. The Company
shall (a) pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Company (including the costs,
fees and expenses of attorneys, accountants or other professionals and the compensation of all personnel providing services to the Company)
incurred in pursuing and conducting, or otherwise related to, the activities of the Company and (b) upon the good faith determination
of the Managing Member, reimburse the Managing Member for any costs, fees or expenses incurred by it in connection with serving as the
Managing Member. To the extent that the Managing Member determines in good faith that such expenses are related to the business and affairs
of the Managing Member that are conducted through the Company and/or its Subsidiaries (including expenses that relate to the business
and affairs of the Company and/or its Subsidiaries and that also relate to other activities of the Managing Member), the Managing Member
may cause the Company to pay or bear such expenses of the Managing Member, including costs of securities offerings not borne directly
by Members, board of directors compensation and meeting costs, costs of periodic reports to its stockholders, litigation costs and damages
arising from litigation, accounting and legal costs; provided that the Company shall not pay or bear any income tax obligations
owed by PubCo or the cost of any Tax Benefit Payment (as defined in the Tax Receivable Agreement) or any amounts owed by PubCo under
the Tax Receivable Agreement; provided, further, that in the event any cost or expense incurred by the Managing Member
is paid by the Managing Member from the gross proceeds received by PubCo in connection with an offering, issuance, exercise or conversion
of Equity Securities or Debt Securities and only the net amount of such proceeds is contributed to the Company, such costs or expenses
shall not be reimbursed under this Section 7.8.


 


Article VIII

ROLE OF MEMBERS


 


8.1           Rights
or Powers. Other than the Managing Member, the Members, acting in their capacity as Members, shall not have any right or power
to take part in the operation, management or control of the Company or its business and affairs, transact any business in the Company’s
name or to act for or bind the Company in any way and shall not have any voting rights. Notwithstanding the foregoing sentence, the Members
have all the rights and powers set forth in this LLC Agreement and, to the extent not inconsistent with this LLC Agreement, in the Act,
and each Unit, if and as required by the Act only, will entitle the holder thereof to one vote on all matters to be permitted to be voted
on by such holder. Any Member, its Affiliates and its and their employees, managers, owners, agents, directors and officers may also
be an employee or be retained as an agent of the Company. Nothing in this Article VIII shall in any way limit any Member’s
rights pursuant to, and subject to the terms and conditions of, the Tax Receivable Agreement.


 


8.2           Various
Capacities. The Members acknowledge and agree that the Members or their Affiliates will from time to time act in various capacities,
including as a Member or, in the case of PubCo, the Managing Member or the Company Representative, or, in the case of BCP or an Affiliate
thereof, the Continuing Member Representative.


 






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8.3           Investment
Opportunities.


 


(a)            To
the fullest extent permitted by applicable Law, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to
(a) any Member (other than PubCo in its capacity as the Managing Member, the Managing Member (if not PubCo) and Members who are
officers or employees of the Company, PubCo or any of their respective Subsidiaries, in which case solely acting in their capacity as
such), (b) any of their respective Affiliates (other than the Company, the Managing Member or any of their respective Subsidiaries),
(c) each Continuing Member or any of its respective Affiliates (including its respective investors and equityholders and any associated
Persons or investment funds or any of their respective portfolio companies or investments) or (d) any of the respective officers,
managers, directors, agents, shareholders, members, and partners of any of the foregoing, including any such Person acting as a director
of PubCo at the request of such Member (each, a “Business Opportunities Exempt Party”). The Company and each
of the Members, on its own behalf and on behalf of their respective Affiliates and equityholders, hereby renounces any interest or expectancy
of the Company in, or in being offered an opportunity to participate in, business opportunities that are from time to time presented
to any Business Opportunities Exempt Party and irrevocably waives any right to require any Business Opportunity Exempt Party to act in
a manner inconsistent with the provisions of this Section 8.3. No Business Opportunities Exempt Party who acquires knowledge
of a potential transaction, agreement, arrangement or other matter that may be an opportunity for PubCo, the Company or any of their
respective Subsidiaries, Affiliates or equityholders shall have any duty to communicate or offer such opportunity to the Company and
none of PubCo, the Company or any of their respective Subsidiaries, Affiliates or equityholders will acquire or be entitled to any interest
or participation in any such transaction, agreement, arrangement or other matter or opportunity as a result of participation therein
by a Business Opportunity Exempt Party. This Section 8.3 shall not apply to, and no interest or expectancy of the Company
is renounced with respect to, any opportunity offered to any director of PubCo if such opportunity is expressly offered or presented
to, or acquired or developed by, such Person in his or her capacity as a director or officer of the Company.


 


(b)            In
furtherance of the foregoing, to the fullest extent permitted by applicable Law, neither BCP nor any of their respective Affiliates (other
than PubCo) (or any partner, officer, employee, investor, or other representative of any of the foregoing Persons) (collectively, the
 “Covered Persons”) shall be liable to the Company or any other Person for any claim arising out of, or based
upon, (i) the investment by any Covered Person in any entity competitive with the Company or any of its Subsidiaries, or (ii) actions
taken by any Covered Person to assist any such competitive company, whether or not such action was taken as a member of the board of
directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company or its Subsidiaries;
provided that such Covered Person complies with any fiduciary relationship or duties owed to PubCo, the Company or its Subsidiaries
in such Covered Person’s capacity as an officer or director of PubCo, the Company or any of its Subsidiaries. For the avoidance
of doubt, none of the Continuing Member Representative or any Affiliate thereof (or any partner, officer, employee, investor, or other
representative of any of the foregoing Persons) will be deemed to have any fiduciary relationship or duties to the other Continuing Members
by virtue of ownership of Units.


 






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(c)            No
amendment or repeal of this Section 8.3 shall apply to or have any effect on the Liability or alleged Liability of any Business
Opportunities Exempt Party or any Covered Person for or with respect to any opportunities of which any such Person becomes aware, or
any investment or action, prior to such amendment or repeal. Any Person purchasing or otherwise acquiring any interest in any Units shall
be deemed to have notice of and consented to the provisions of this Section 8.3. Neither the amendment or repeal of this
Section 8.3, nor the adoption of any provision of this LLC Agreement inconsistent with this Section 8.3, shall
eliminate or reduce the effect of this Section 8.3 in respect of any business opportunity first identified or any other matter
occurring, or any cause of action that, but for this Section 8.3, would accrue or arise, prior to such amendment, repeal
or adoption. No action or inaction taken by any Business Opportunities Exempt Party or any Covered Person in a manner consistent with
this Section 8.3 shall be deemed to be a violation of any fiduciary or other duty owed to any Person.


 


Article IX

TRANSFERS OF UNITS


 


9.1           Restrictions
on Transfer.


 


(a)            No
Member shall Transfer all or any portion of its Units, except Transfers made in accordance with the provisions of Section 9.1(b).
If, notwithstanding the provisions of this Section 9.1(a), all or any portion of a Member’s Units are Transferred by
such Member in violation of this Section 9.1(a), involuntarily, by operation of Law or otherwise, then without limiting any
other rights and remedies available to the other Parties under this LLC Agreement, the Transferee of such Units (or portion thereof)
shall not be admitted to the Company as a Member nor be entitled to any rights as a Member under this LLC Agreement, and the Transferor
will continue to be bound by all obligations under this LLC Agreement. Any attempted or purported Transfer of all or a portion of a Member’s
Units in violation of this Section 9.1(a) shall, to the fullest extent permitted by Law, be null and void and of no
force or effect whatsoever. Subject to the restrictions set forth herein, (i) no shares of Class B Common Stock may be Transferred
by a Member unless an equal number of Common Units are Transferred therewith in accordance with this LLC Agreement (including in respect
of those Transfers permitted by Section 9.1(b)), and (ii) no Common Units may be Transferred by a Member holding Class B
Common Stock unless an equal number of shares of Class B Common Stock are Transferred therewith in accordance with this LLC Agreement
(including in respect of those Transfers permitted by Section 9.1(b)).


 


(b)            Notwithstanding
anything to the contrary set forth in the Business Combination Agreement, the restrictions contained in Section 9.1(a) shall
not apply to any Transfer (each, a “Permitted Transfer”): (i) in connection with an “Exchange”
made in accordance with the provisions of Section 4.6, (ii) by a Member to PubCo or any of its wholly-owned Subsidiaries,
or (iii) by a Member to any of such Member’s Permitted Transferees; provided, however, if a Transfer pursuant
to clause (iii) would result in a Change of Control, such Member must provide the Managing Member with written notice of such Transfer
at least sixty (60) calendar days prior to the consummation of such Transfer; provided further, that the restrictions contained
in this LLC Agreement will continue to apply to Units after any Permitted Transfer of such Units, and the Transferees of the Units so
Transferred shall agree in writing to be bound by the provisions of this LLC Agreement. In the case of a Permitted Transfer of any Common
Units by a Continuing Member, such Transferring Member shall be required to Transfer an equal number of shares of Class B Common
Stock corresponding to the number of such Member’s Common Units that were Transferred in the transaction to such Transferee. All
Permitted Transfers are subject to the additional limitations set forth in Section 9.1(c).


 






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(c)            In
addition to any other restrictions on Transfer contained in this Article IX, in no event may any Transfer or assignment of
Units by any Member be made, in the reasonable determination of the Managing Member, (i) to any Person who lacks the legal right,
power or capacity to own Units; (ii) if such Transfer would (A) be considered to be effected on or through an “established
securities market” or a “secondary market or the substantial equivalent thereof” as such terms are used in Treasury
Regulations Section 1.7704-1, (B) result in the Company having more than 100 partners, within the meaning of Treasury Regulations
Section 1.7704-1(h) (determined taking into account the rules of Treasury Regulations Section 1.7704-1(h)(3)), (C) cause
the Company to be treated as a “publicly traded partnership” within the meaning of Section 7704 of the Code or to be
treated as an association taxable as a corporation pursuant to the Code, or (D) cause the Company to have a withholding obligation
under Section 1446(f) of the Code; (iii) if such Transfer would cause the Company to become, with respect to any employee
benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a “disqualified
person” (as defined in Section 4975(e)(2) of the Code); (iv) if such Transfer would, in the opinion of counsel to
the Company, cause any portion of the assets of the Company to constitute assets of any employee benefit plan pursuant to the Plan Asset
Regulations or otherwise cause the Company to be subject to regulation under ERISA; (v) if such Transfer requires the registration
of any equity securities issued upon any exchange of such Units, pursuant to any applicable U.S. federal or state securities Laws, and
no registration statement covering such securities is then in effect; or (vi) if such Transfer subjects the Company to regulation
under the Investment Company Act or the Investment Advisors Act of 1940. Any attempted or purported Transfer of all or a portion of a
Member’s Units in violation of this Section 9.1(c) shall be null and void and of no force or effect whatsoever.


 


9.2           Notice
of Transfer. Other than in connection with Transfers made pursuant to Section 4.6, each Member shall, after complying
with the provisions of this LLC Agreement, but prior to any Transfer of Units, give written notice to the Company of such proposed Transfer.
Each such notice shall describe the manner and circumstances of the Transfer and include a representation from the Transferring Member
that such Transfer was made in accordance with applicable securities Laws.


 


9.3           Transferee
Members. A Transferee of Units pursuant to this Article IX shall have the right to become a Member only if (a) the
requirements of this Article IX are met, (b) such Transferee executes a joinder in the form attached to this LLC Agreement
as Exhibit D, and (c) if such Transferee or his or her spouse is a resident of a community property jurisdiction, then
such Transferee’s spouse shall also execute an instrument reasonably satisfactory to the Managing Member agreeing to be bound by
the terms and provisions of this LLC Agreement to the extent of his or her community property or quasi-community property interest, if
any, in such Member’s Units. Unless agreed to in writing by the Managing Member, the admission of a Member shall not result in
the release of the Transferor from any Liability as of the date of transfer that the Transferor may have to each remaining Member or
to the Company under this LLC Agreement or any other contract between the Managing Member, the Company or any of its Subsidiaries, on
the one hand, and such Transferor, on the other hand. Written notice of the admission of a Member shall be sent promptly by the Company
to each remaining Member.


 






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9.4           Legend.
Each certificate representing a Unit, if any, will be stamped or otherwise imprinted with a legend in substantially the following form:


 



“THE SECURITIES REPRESENTED BY
THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933.


 


THESE SECURITIES MAY NOT BE SOLD
OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER SUCH ACT.


 


THE TRANSFER AND VOTING OF THESE SECURITIES
IS SUBJECT TO THE CONDITIONS SPECIFIED IN THE THIRD AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF QUALTEK HOLDCO, LLC,
DATED AS OF [●], AMONG THE MEMBERS LISTED THEREIN, AS IT MAY BE AMENDED, SUPPLEMENTED AND/OR RESTATED FROM TIME TO TIME IN
ACCORDANCE WITH SUCH AGREEMENT (COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE COMPANY AND SHALL BE PROVIDED FREE OF CHARGE TO
ANY MEMBER MAKING A REQUEST THEREFOR), AND NO TRANSFER OF THESE SECURITIES WILL BE VALID OR EFFECTIVE UNTIL SUCH CONDITIONS HAVE BEEN
FULFILLED.”


 


Article X

ACCOUNTING


 


10.1          Books
of Account. The Company shall, and shall cause each Subsidiary to, maintain true books and records of account in which complete
and correct entries shall be made of all its business transactions pursuant to a system of accounting established and administered in
accordance with GAAP, and shall set aside on its books all such proper accruals and reserves as shall be required under GAAP.


 


10.2          Tax
Elections. The Company Representative shall cause the Company and any eligible Subsidiary to make an election (or continue a
previously made election) pursuant to Section 754 of the Code (and any analogous provision of any applicable state, local or non-U.S.
Law) for the Taxable Year that includes the date hereof and for each Taxable Year in which an Exchange occurs, and shall not thereafter
revoke any such election. In addition, the Company shall make the following elections on the appropriate forms or tax returns:


 


(i)            to
adopt the accrual method of accounting for U.S. federal income tax purposes;


 


(ii)            to
elect to amortize the organizational expenses of the Company as permitted by Section 709(b) of the Code; and


 


(iii)            except
as otherwise provided in this LLC Agreement, any other election the Company Representative may deem appropriate and in the best interests
of the Company.


 






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10.3          Tax
Returns; Information.


 


(a)            The
Company Representative shall arrange for the preparation and timely filing of all income and other tax and informational returns of the
Company. The Company shall prepare and deliver (or cause to be prepared and delivered) to each Person who was a Member at any time during
the relevant quarter of the relevant Taxable Year an estimated K-1, including reasonable quarterly estimates of such Member’s state
tax apportionment information and the allocations to such Member of taxable income, gains, losses, deductions or credits for such Taxable
Year for U.S. federal, and applicable state and local, income tax reporting purposes at least fifteen (15) days prior to the individual
or corporate quarterly estimate payment deadline for U.S. federal income taxes for calendar year filers (whichever is earlier). As promptly
as reasonably practicable following the end of each Taxable Year, the Company shall prepare and deliver (or cause to be prepared and
delivered) to each Person who was a Member at any time during such Taxable Year (i) in no event later than forty-five (45) days
after the end of each Taxable Year, an estimated IRS Schedule K-1 (and any similar form prescribed for applicable state and local income
tax purposes) or similar documents with such information of the Company and all relevant information regarding the Company reasonably
necessary for the Members to estimate their taxable income for such Taxable Year, and (ii) in no event later than seventy-five (75)
days after the end of each Taxable Year, a final IRS Schedule K-1 (and any similar form prescribed for applicable state and local income
tax purposes) and all relevant information regarding the Company reasonably necessary for the Members to file their tax returns on a
timely basis (including extensions) for such Taxable Year. The Company shall use commercially reasonable efforts to furnish to each Member
and former Member, as soon as reasonably practicable after an applicable request, all information relating to the Company and in the
Company’s possession reasonably requested by such Member and that is reasonably necessary for such Member to prepare and file its
own tax returns and pay its own taxes or make distributions to its members in order for them to pay their taxes (including copies of
the Company’s federal, state and local income tax returns). Each Member and former Member shall furnish to the Company all pertinent
information in its possession that is reasonably necessary to enable the Company’s tax returns to be prepared and filed. Each Member
further agrees (including with respect to the Taxable Year that such Member becomes a former Member) that such Member shall notify the
Company and consult with the Company regarding a position on its tax return in the event such Member intends to file its tax returns
in a manner that is inconsistent with the Schedule K-1 or other statements furnished by the Company to such Member for purposes of preparing
tax returns.


 


(b)            In
addition to each Member’s rights to information pursuant to and in accordance with Section 18-305 of the Act, each Member
shall be entitled to examine, either directly or through its representatives, the books and records of the Company or any of its Subsidiaries
at the principal office of the Company or such other location as the Managing Member shall reasonably approve during normal business
hours for any purpose reasonably related to such Member’s interest as a Member of the Company with the information to which such
Member shall be entitled about the Company or any of its Subsidiaries being the same information to which a stockholder of a Delaware
corporation would have with respect to such corporation; provided that, in any event, the Managing Member has a right to keep
confidential from the Members certain information in accordance with Section 18-305 of the Act.


 






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10.4          Company
Representative.


 


(a)            PubCo
is hereby designated as the Company Representative. In addition, PubCo is hereby authorized to designate or remove any other Person selected
by PubCo as the Company Representative; provided that all actions taken by the Company Representative pursuant to this Section 10.4
shall be subject to the overall oversight and authority of the Board. For each Taxable Year in which the Company Representative is
an entity, the Company shall appoint the “designated individual” identified by the Company Representative and approved by
the Board to act on its behalf in accordance with the applicable Treasury Regulations or analogous provisions of state or local Law.
Each Member hereby expressly consents to such designations and agrees to take, and that the Managing Member is authorized to take (or
cause the Company to take), such other actions as may be necessary or advisable pursuant to Treasury Regulations or other Internal Revenue
Service or Treasury guidance or state or local Law to cause such designations or evidence such Member’s consent to such designations,
including removing any Person designated as the Company Representative (including any “designated individual”) prior to the
date of this LLC Agreement.


 


(b)            Subject
to this Section 10.4, the Company Representative shall have the sole authority to act on behalf of the Company in connection
with, make all relevant decisions regarding application of, and to exercise the rights and powers provided for in the BBA Rules, including
making any elections under the BBA Rules or any decisions to settle, compromise, challenge, litigate or otherwise alter the defense
of any Action, audit or examination before the Internal Revenue Service or any other tax authority (each an “Audit”),
and to reasonably expend Company funds for professional services and other expenses reasonably incurred in connection therewith. Subject
to the provisions of Section 10.4(d), the Company Representative will have sole discretion to determine whether the Company
(either on its own behalf or on behalf of the Members) will contest or continue to contest any tax deficiencies assessed or proposed
to be assessed by any tax authority; provided, that, except as provided in Section 10.4(h), the Company Representative shall
obtain the prior written consent of the Continuing Member Representative (which consent shall not be unreasonably withheld, delayed or
conditioned) before (i) making an election under Section 6226(a) of the Code (or any analogous provision of state or local
Law) (a “Push-Out Election”) or (ii) taking any material action under the BBA Rules that would reasonably
be expected to have a disproportionate (compared to PubCo) and material adverse effect on the Continuing Members.


 


(c)            The
Company Representative is authorized, to the extent permissible under applicable Law, to cause the Company to pay any imputed underpayment
of taxes and any related interest, penalties and additions to tax determined in accordance with Code Section 6225 that may from
time to time be required to be made under Code Section 6232 and to pay any similar amounts arising under state, local, or foreign
tax Laws (together, “Imputed Tax Underpayments”). Imputed Tax Underpayments also shall include any imputed
underpayment within the meaning of Code Section 6225 (any similar amounts arising under state, local, or foreign tax Laws) paid
(or payable) by any entity treated as a partnership for U.S. federal income tax purposes in which the Company holds (or has held) a direct
or indirect interest other than through entities treated as corporations for U.S. federal income tax purposes to the extent that the
Company bears the economic burden of such amounts, whether by Law or contract. To the extent permissible under applicable Law, the Company
Representative may cause the Company to allocate the amount of any Imputed Tax Underpayment among the Members (including any former Members)
in an equitable manner, taking into account, among other factors, the magnitude of the Imputed Tax Underpayment, the nature of the tax
items that are the subject of the adjustment giving rise to the Imputed Tax Underpayment, the classification of the Members for U.S.
federal income tax purposes, and the Persons who received (and the proportions in which they received) the benefits of the activities
that gave rise to that Imputed Tax Underpayment. To the extent that the Company Representative elects to cause the Company to pay an
Imputed Tax Underpayment, the Company Representative shall use commercially reasonable efforts to pursue available procedures under applicable
Law to reduce such Imputed Tax Underpayment on account of its Members’ (or any of the Members’ direct or indirect beneficial
owners’) tax status, with any corresponding reduction being credited to the applicable Member for purposes of allocating such Imputed
Tax Underpayment among the relevant Members or former Members to the extent relevant.


 






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(d)            Without
limiting the foregoing, the Company Representative shall give prompt written notice to the Continuing Member Representative of the commencement
of any income tax Audit of the Company or any of its Subsidiaries that would reasonably be expected to have a material adverse effect
on the Continuing Members (or their owners), other than any Audit that is the subject of Section 10.1(g) of the Business Combination
Agreement to the extent that such Audit is governed by such provisions of the Business Combination Agreement (any such Audit that is
not the subject of Section 10.1(g) of the Business Combination Agreement, a “Specified Audit”). The
Company Representative shall (i) keep the Continuing Member Representative reasonably informed of the material developments and
status of any such Specified Audit, (ii) permit the Continuing Member Representative (or its designee) to participate (including
using separate counsel), in each case at the Continuing Members’ sole cost and expense, in any such Specified Audit, to the extent
permitted under applicable tax Law, and (iii) promptly notify the Continuing Member Representative of receipt of a notice of a final
partnership adjustment (or equivalent under applicable Laws) or a final decision of a court or IRS Appeals panel (or equivalent body
under applicable Laws) with respect to such Specified Audit. The Company Representative or the Company shall promptly provide the Continuing
Member Representative with copies of all material correspondence between the Company Representative or the Company (as applicable) and
any Governmental Entity in connection with such Specified Audit and shall give the Continuing Member Representative a reasonable opportunity
to review and comment on any material, non-ministerial correspondence, submission (including settlement or compromise offers) or filing
in connection with any such Specified Audit. The Company Representative shall not (and the Company shall not (and shall not authorize
the Company Representative to)) settle, compromise or abandon any Specified Audit in a manner that would reasonably be expected to have
a disproportionate (compared to PubCo) and material adverse effect on the Continuing Members without the Continuing Member Representative’s
prior written consent (which consent shall not be unreasonably withheld, delayed or conditioned). The obligations of the Company and
the Company Representative under this Section 10.4(d) with respect to any Specified Audit affecting Continuing Members
as a result of their prior ownership of Units shall continue after the Continuing Members Transfer any or all of such Units.


 


(e)            If
the Company Representative causes the Company to make a Push-Out Election, each Member who was a Member of the Company for U.S. federal
income tax purposes for the “reviewed year” (within the meaning of Code Section 6225(d)(1) or similar concept under
applicable state, local, or non-U.S. Law), shall take any adjustment to income, gain, loss, deduction, credit or otherwise (as determined
in the notice of final partnership adjustment or similar concept under applicable state, local, or non-U.S. Law) into account as provided
for in Code Section 6226(b) (or similar concept under applicable state, local, or non-U.S. Law). The Company shall consult
in good faith with the Continuing Member Representative with respect to any material tax election with respect to the Company that could
reasonably be expected to have an adverse effect on the Continuing Members.


 






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(f)            Promptly
following the written request of the Company Representative, the Company shall, to the fullest extent permitted by Law, reimburse and
indemnify the Company Representative (including, for the avoidance of doubt, any “designated individual”) for all reasonable
expenses, including reasonable legal and accounting fees, claims, liabilities, losses and damages incurred by the Company Representative
in connection with the exercise of its rights and fulfillment of its duties under this Section 10.4. Nothing in this LLC
Agreement will be construed to restrict the Company or the Company Representative from engaging an accounting firm or legal counsel to
assist the Company Representative in discharging its duties under this LLC Agreement.


 


(g)            Each
Member agrees to cooperate in good faith with the Company Representative and to do or refrain from doing any or all things reasonably
requested by the Company Representative with respect to this Section 10.4, including timely providing any information reasonably
necessary or advisable for the Company Representative to comply with its obligations under Section 10.4(c), that is or are
reasonably necessary or advisable to reduce the amount of any tax, interest, penalties or similar amounts the cost of which is (or would
otherwise be) borne by the Company (directly or indirectly) or to make any election permitted by this LLC Agreement and the Code or other
relevant tax Law unless such Member is restricted from providing such information under any applicable Law or contract. Each Member acknowledges
that any action taken by the Company Representative in its capacity as such may be binding upon such Members and that such Member shall
not independently act with respect to Audits affecting the Company or its Subsidiaries (but the Continuing Member shall in all events
retain all rights provided to it under this LLC Agreement, including Section 10.4(d)). Notwithstanding anything to the contrary
contained in this LLC Agreement, no provision of this LLC Agreement shall require, or give any Person the right to require, PubCo or
the Continuing Members to file any amended tax return.


 


(h)            Notwithstanding
anything to the contrary contained in this LLC Agreement, in the event of any conflict between Section 14.1 of the Business Combination
Agreement and this LLC Agreement, Section 14.1 of the Business Combination Agreement shall control. The Company, the Company Representative,
the Managing Member, and the Members hereby acknowledge and agree to the foregoing sentence and expressly agree to be bound by the terms
of Section 14.1 of the Business Combination Agreement, including that with respect to any Audit of the Company or any of its Subsidiaries
for any taxable period ending before or including the date of the Company Effective Time and for which a Push-Out Election is available,
all such available elections shall be made in accordance with applicable Laws.


 


(i)            This
Section 10.4 shall be interpreted to apply to Members and former Members and shall survive the Transfer of a Member’s
Units and the termination, dissolution, liquidation and winding up of the Company and, for this purpose to the extent not prohibited
by applicable Law, the Company shall be treated as continuing in existence.


 






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10.5          Withholding
Tax Payments and Obligations.


 


(a)            If
the Company or any other Person in which the Company holds an interest is required by Law to withhold or to make tax payments on behalf
of or with respect to any Member, or the Company is subjected to tax itself (including any amounts withheld from amounts directly or
indirectly payable to the Company or to any other Person in which the Company holds an interest) by reason of the status of any Member
as such or that is specifically attributable to a Member (including federal, state, local or foreign withholding, personal property,
unincorporated business or other taxes, the amount of any Imputed Tax Underpayments allocated to a Member in accordance with Section 10.4,
and any interest, penalties, additions to tax, and expenses related to any such amounts) (“Tax Advances”),
the Managing Member may cause the Company to withhold such amounts and cause the Company to make such tax payments as so required, and
each Member hereby authorizes the Company to do so; provided, the Company and Managing Member shall cooperate in good faith with
the Continuing Member Representative to minimize, to the extent permissible under applicable Law, the amount of any such withholding
which relates to any Continuing Member. All Tax Advances made on behalf of a Member shall be repaid by reducing the amount of the current
or next succeeding Tax Distribution or Tax Distributions and, if applicable, the proceeds of liquidation that would otherwise have been
made to such Member under this LLC Agreement; provided, that if a Tax Advance is made on behalf of a former Member, then such
former Member shall indemnify and hold harmless the Company for the entire amount of such Tax Advance. For all purposes of this LLC Agreement,
such Member shall be treated as having received the amount of the distribution, if applicable, that is equal to the Tax Advance at the
time of such Tax Advance and (if applicable) as having paid such Tax Advance to the relevant taxing jurisdiction. Notwithstanding the
foregoing, to the extent that the aggregate amount of Tax Advances for any period made on behalf of a Member exceeds the actual Tax Distributions
that would have otherwise been made to such Member during the fifteen (15) months following such Tax Advances, then such Member shall
indemnify and hold harmless the Company for the entire amount of such excess (which has not offset Tax Distributions pursuant to this
Section 10.5); provided, that such indemnification obligation shall be the several obligation of such Member and shall
not be treated as Capital Contributions. For the avoidance of doubt, any income taxes, penalties, additions to tax and interest payable
by the Company or any fiscally transparent entity in which the Company owns an interest shall be treated as specifically attributable
to the Members and shall be allocated among the Members such that the burden of (or any diminution in distributable proceeds resulting
from) any such amounts is borne by those Members to whom such amounts are specifically attributable or their successors in interest (whether
as a result of their status, actions, inactions or otherwise, including pursuant to an allocation made under Section 10.4(c)),
in each case as reasonably determined by the Company Representative.


 


(b)            This
Section 10.5 shall be interpreted to apply to Members and former Members and shall survive the Transfer of a Member’s
Units and the termination, dissolution, liquidation and winding up of the Company and, for this purpose, to the extent not prohibited
by applicable Law, the Company shall be treated as continuing in existence.


 


10.6         Rights
of the Continuing Members. Notwithstanding anything in this Agreement to the contrary, neither
the Company Representative, the Managing Member, nor the Company shall make, change or revoke any tax election or allocation (including
any allocation of Imputed Tax Underpayment), or take any tax position on any tax return or otherwise, in each case, including in connection
with a tax audit or other tax proceeding, that could have a disproportionate, material and adverse effect on the Continuing Members or
their direct or indirect owners without the prior written consent of the Continuing Member Representative.


 






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Article XI

DISSOLUTION


 


11.1          Liquidating
Events. The Company shall dissolve and commence winding up and liquidating upon the first to occur of the following (each, a
 “Liquidating Event”):


 


(a)            the
sale of all or substantially all of the assets of the Company;


 


(b)            the
determination of the Managing Member, with the consent of the Continuing Member Representative for so long as the Continuing Members
and their Permitted Transferees hold two percent (2%) or more of the Common Units held by the Common Members on the date of this Agreement;


 


(c)            the
termination of the legal existence of the last remaining Member of the Company or the occurrence of any other event which terminates
the continued membership of the last remaining Member in the Company unless the Company is continued without dissolution in a manner
permitted by this LLC Agreement or the Act; and


 


(d)            the
entry of a decree of judicial dissolution under Section 18-802 of the Act.


 


The Members hereby agree
that the Company shall not dissolve prior to the occurrence of a Liquidating Event. In the event of a dissolution pursuant to Section 11.1,
the relative economic rights of each class of Units immediately prior to such dissolution shall be preserved to the greatest extent practicable
with respect to distributions made to Members pursuant to Section 11.3 in connection with such dissolution, taking into consideration
tax and other legal constraints that may adversely affect one or more Members and subject to compliance with applicable Laws, unless,
with respect to any class of Units, (x) for so long as the Continuing Members hold Common Units and their Permitted Transferees
hold two percent (2%) or more of the Common Units held by the Common Members on the date of this Agreement, the Continuing Member Representative
and (y) holders of at least seventy-five percent (75%) of the Units of such class consent in writing to a treatment other than as
described above.


 


11.2          Bankruptcy.
For purposes of this LLC Agreement, the “bankruptcy” of a Member shall mean the occurrence of any of the following: (a) (i) any
Governmental Entity shall take possession of any substantial part of the property of that Member or shall assume control over the affairs
or operations thereof, or (ii) a receiver or trustee shall be appointed, or a writ, order, attachment or garnishment shall be issued
with respect to any substantial part thereof, and such possession, assumption of control, appointment, writ or order shall continue for
a period of ninety (90) consecutive days, (b) a Member shall (i) admit in writing its inability to pay its debts when due,
or make an assignment for the benefit of creditors, (ii) apply for or consent to the appointment of any receiver, trustee or similar
officer or for all or any substantial part of its property or (iii) institute (by petition, application, answer, consent or otherwise)
any bankruptcy, insolvency, reorganization, arrangement, readjustment of debts, dissolution, liquidation, or similar proceeding under
the Laws of any jurisdiction or (c) a receiver, trustee or similar officer shall be appointed for such Member or with respect to
all or any substantial part of its property without the application or consent of that Member, and such appointment shall continue undischarged
or unstayed for a period of ninety (90) consecutive days or any bankruptcy, insolvency, reorganization, arrangement, readjustment of
debt, dissolution, liquidation or similar proceedings shall be instituted (by petition, application or otherwise) against that Member
and shall remain undismissed for a period of ninety (90) consecutive days.


 






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11.3          Procedure.


 


(a)            In
the event of the dissolution of the Company for any reason, the Managing Member (or in the event that there is no Managing Member or
the Managing Member is in bankruptcy, any Person selected by the majority of Members holding Common Units) shall commence to wind up
the affairs of the Company and, subject to Section 11.4(a), the Managing Member shall have full right to determine in good
faith the time, manner and terms of any sale or sales of the property or other assets pursuant to such liquidation, having due regard
to the activity and condition of the relevant market and general financial and economic conditions. The Members shall continue to share
Profits and Losses during the period of liquidation in the same manner and proportion as immediately prior to the Liquidating Event.
The Company shall engage in no further business except as may be necessary to preserve the value of the Company’s assets during
the period of dissolution and liquidation.


 


(b)            Following
the payment of all expenses of liquidation and allocation of all Profits and Losses as provided in Article V, the net proceeds
of the liquidation and any other funds of the Company shall be distributed in the following order of priority:


 


(i)            first,
to the payment and discharge of all expenses of liquidation and discharge of all of the Company’s Liabilities to creditors (whether
third parties or, to the fullest extent permitted by law, Members), in the order of priority as provided by Law, except any obligations
to the Members in respect of their Capital Accounts or liabilities under 18-601 or 18-604 of the Act;


 


(ii)            second,
to set up such cash reserves which the Managing Member reasonably deems necessary for contingent, conditional or unmatured Liabilities
or future payments described in this Section 11.3(b) (which reserves when they become unnecessary shall be distributed
in accordance with the provisions of clause (iii), below); and


 


(iii)            third,
the balance to the Members in accordance with Section 6.1(a).


 


(c)            Except
as provided in Section 11.4(b), no Member shall have any right to demand or receive property other than cash upon dissolution
and termination of the Company.


 


(d)            Upon
the completion of the liquidation of the Company and the distribution of all Company funds, the Company shall terminate and the Managing
Member shall have the authority to execute and record a certificate of cancellation of the Company, as well as any and all other documents
required to effectuate the dissolution and termination of the Company.


 






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(e)            Prior
to the distribution of the proceeds of the liquidation and any other funds of the Company in liquidation, a proper accounting shall be
made from the date of the last previous accounting to the date of dissolution, and a final allocation of all items of income, gain, loss,
deduction and credit in accordance with Article V shall be made in such a manner that, immediately before distribution of
assets pursuant to Section 11.3(b)(iii), the positive balance of the Capital Account of each Member shall, to the greatest
extent possible, be equal to the net amount that would so be distributed to such Member (and any non-cash assets to be distributed will
first be written up or down to their Fair Market Value, thus creating hypothetical gain or loss (if any), which resulting hypothetical
gain or loss shall be allocated to the Members’ Capital Accounts in accordance with the requirements of Treasury Regulation Section 1.704-1(b) and
other applicable provisions of the Code and this LLC Agreement).


 


11.4          Rights
of Members.


 


(a)            Each
Member irrevocably waives any right that it may have to maintain an action for partition with respect to the property of the Company.


 


(b)            Except
as otherwise provided in this LLC Agreement, (i) each Member shall look solely to the assets of the Company for the return of its
Capital Contributions, and (ii) no Member shall have priority over any other Member as to the return of its Capital Contributions,
distributions or allocations. The right to a return of Capital Contributions shall be solely to the extent set forth in this LLC Agreement.


 


11.5          Notices
of Dissolution. In the event a Liquidating Event occurs, the Company shall, within thirty (30) days thereafter, (a) provide
written notice thereof to each of the Members and to all other parties with whom the Company regularly conducts business (as reasonably
determined by the Managing Member), and (b) comply, in a timely manner, with all filing and notice requirements under the Act or
any other applicable Law.


 


11.6          Reasonable
Time for Winding Up. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company
and the liquidation of its assets in order to minimize any losses that might otherwise result from such winding up.


 


11.7          No
Deficit Restoration. No Member shall be personally liable for a deficit Capital Account balance of that Member, it being expressly
understood that the distribution of liquidation proceeds shall be made solely from existing Company assets.


 






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Article XII

GENERAL


 


12.1          Amendments;
Waivers.


 


(a)            Except
as otherwise provided in this LLC Agreement, the terms and provisions of this LLC Agreement may be altered, modified or amended (including
by means of merger, consolidation or other business combination to which the Company is a party) only with the approval of the Managing
Member; provided, that no alteration, modification or amendment shall be effective until written notice has been provided to the
Members, and, for the avoidance of doubt, any Member, shall have the right to file an Exchange Notice prior to the effectiveness of such
alteration, modification or amendment with respect to all of such Member’s remaining Common Units; provided, further,
that no amendment to this LLC Agreement may (v) disproportionately and adversely affect, or remove a right or privilege granted
to, a Member who also holds Class B Common Stock or a Member who also holds Earnout Common Units without such Member’s prior
written consent, or (w) disproportionately and adversely affect a Member or remove a right or privilege granted to a Member, without
such Member’s prior written consent (provided that the creation or issuance of any new Unit or Equity Security of the Company
permitted pursuant to Section 4.1 and Section 4.3 and any amendments or modifications to this LLC Agreement to
the extent necessary to reflect such creation or issuance shall not be deemed to disproportionately and adversely affect a Member or
remove a right or privilege specifically granted to a Member in any event); or (x) modify the limited liability of any Member, or
increase the Liabilities of any Member, in each case, without the prior written consent of each such affected Member; or (y) alter
or change any rights, preferences or privileges of any Units in a manner that is different or prejudicial relative to any other Units
in the same class of Units, without the prior written consent of each such affected Member; or (z) modify the requirement that any
action, election, decision or determination that is required to be approved or made by the Disinterested Majority be so approved or made
by the Disinterested Majority, without the prior written approval of the Disinterested Majority serving on the Board at such time as
such modification is proposed to be made.


 


(b)            Notwithstanding
the foregoing clause (a), the Managing Member, acting alone, may amend this LLC Agreement, including Exhibit A, (i) to
reflect the admission of new Members, Transfers of Units, the issuance of additional Units, in each case in accordance with the terms
of this LLC Agreement, and, subject to Section 12.1(a), subdivisions or combinations of Units made in accordance with Section 4.1(h) and
(ii) as necessary, and solely to the extent necessary, based on the reasonable written advice of legal counsel or a qualified tax
advisor (including any nationally recognized accounting firm) to the Company, to avoid the Company being classified as a “publicly
traded partnership” within the meaning of Section 7704(b) of the Code.


 


(c)            No
waiver of any provision or default under, nor consent to any exception to, the terms of this LLC Agreement shall be effective unless
in writing and signed by the Party to be bound and then only to the specific purpose, extent and instance so provided.


 


12.2          Further
Assurances. Each Party agrees that it will from time to time, upon the reasonable request of another Party, execute such documents
and instruments and take such further action as may be reasonably required to carry out the provisions of this LLC Agreement. The consummation
of Transfers, Exchanges and issuances of Equity Securities pursuant to this LLC Agreement shall be subject to, and conditioned on, the
completion of any required regulatory filings with any applicable Governmental Entity (or the termination or expiration of any waiting
period in connection therewith), including the expiration or termination of the applicable waiting period, if any, under the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, to the extent required in connection with such Transfer, Exchange or issuance. The Members shall
reasonably cooperate in connection with any such filing.


 


12.3          Successors
and Assigns. All of the terms and provisions of this LLC Agreement shall be binding upon the Parties and their respective successors
and assigns, but shall inure to the benefit of and be enforceable by the successors and assigns of any Member only to the extent that
they are permitted successors and assigns pursuant to the terms of this LLC Agreement. No Party may assign its rights under this LLC
Agreement except as permitted pursuant to this LLC Agreement, including assignment of such rights to a Permitted Transferee and a Transferee
of Units pursuant to and in accordance with Section 9.3.


 






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12.4            Entire
Agreement. This LLC Agreement, together with all Exhibits and Schedules to this LLC Agreement, the Business Combination Agreement,
the Investor Rights Agreement, the Tax Receivable Agreement and all other Ancillary Agreements (as such term is defined in the Business
Combination Agreement), constitute the entire agreement among the Parties with respect to the subject matter hereof and thereof and supersede
all prior and contemporaneous agreements, understandings and discussions, whether oral or written, relating to such subject matter in
any way and there are no warranties, representations or other agreements between the Parties in connection with such subject matter except
as set forth in this LLC Agreement and therein.


 


12.5            Rights
of Members Independent. The rights available to the Members under this LLC Agreement and at Law shall be deemed to be several
and not dependent on each other and each such right accordingly shall be construed as complete in itself and not by reference to any
other such right. Any one or more or any combination of such rights may be exercised by a Member or the Company from time to time and
no such exercise shall exhaust the rights or preclude another Member from exercising any one or more of such rights or combination thereof
from time to time thereafter or simultaneously.


 


12.6            Governing
Law; Waiver of Jury Trial; Jurisdiction. The Law of the State of Delaware shall govern (a) all Actions, claims or matters
related to or arising from this LLC Agreement (including any tort or non-contractual claims) and (b) any questions concerning the
construction, interpretation, validity and enforceability of this LLC Agreement, and the performance of the obligations imposed by this
LLC Agreement, in each case without giving effect to any choice of law or conflict of law rules or provisions (whether of the State
of Delaware or any other jurisdiction) that would cause the application of the Law of any jurisdiction other than the State of Delaware.
EACH PARTY TO THIS LLC AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION BROUGHT TO RESOLVE ANY DISPUTE BETWEEN
OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO
THIS LLC AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS LLC AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES UNDER
THIS LLC AGREEMENT. THE PARTIES HERETO FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT
EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. Each of the Parties submits to
the exclusive jurisdiction of first, the Chancery Court of the State of Delaware or if such court declines jurisdiction, then to the
Federal District Court for the District of Delaware, in any Action arising out of or relating to this LLC Agreement, agrees that all
claims in respect of the Action shall be heard and determined in any such court and agrees not to bring any Action arising out of or
relating to this LLC Agreement in any other courts. Nothing in this Section 12.6, however, shall affect the right of any
Party to serve legal process in any other manner permitted by Law or at equity. Each Party agrees that a final judgment in any Action
so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by Law or at equity.


 






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12.7            Headings.
The descriptive headings of the Articles, Sections and clauses of this LLC Agreement are for convenience only and do not constitute a
part of this LLC Agreement.


 


12.8            Counterparts;
Electronic Delivery. This LLC Agreement and any amendment hereto or any other agreements delivered pursuant to this LLC Agreement
may be executed and delivered in one or more counterparts and by fax, .pdf, email or other electronic transmission, each of which shall
be deemed an original and all of which shall be considered one and the same agreement. No Party shall raise the use of a fax machine
or email to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the
use of a fax machine or email as a defense to the formation or enforceability of a contract and each Party forever waives any such defense.


 


12.9            Notices.
All notices, demands and other communications to be given or delivered under this LLC Agreement shall be in writing and shall be deemed
to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by email (with confirmation
of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if otherwise, on the next Business Day, (b) one (1) Business
Day following sending by reputable overnight express courier (charges prepaid) or (c) three (3) calendar days following mailing
by certified or registered mail, postage prepaid and return receipt requested. Unless another address is specified in writing pursuant
to the provisions of this Section 12.9, notices, demands and other communications shall be sent to the addresses indicated
below:


 


If to the Pubco or the Managing Member:


 


CR
Financial Holdings, Inc.

888 San Clemente Drive, Suite 400

Newport Beach, CA 92660

Attention:     Byron Roth


E-mail:           


 






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with a copy (which shall not constitute notice) to:


 


Loeb & Loeb LLP


345 Park Avenue


New York, New York 10154


		Attention:	Mitchell Nussbaum, Esq.



		E-mail:	



		Attention:	Mitchell
                                            Nussbaum, Esq.



		E-mail:	



 


If to the Company,


 


QualTek Holdco, LLC

475 Sentry Parkway E

Blue Bell, PA 19422


		Attention:	Scott
                                            Hisey



		Email:	



 


with a copy (which shall not constitute notice) to:


 


Kirkland &
Ellis LLP

601 Lexington Avenue

New York, New York


		Attention:	Michael
                                            E. Weisser, P.C.

                                            Matthew S. Arenson, P.C.
	 	 	Tim
                                            Cruickshank, P.C.
	 	 	Erika P. López



 


		E-mail:	 



 


If to any Continuing Member, to the address for such Continuing
Member set forth on Exhibit A.


 


with a copy (which shall not constitute notice) to:


 


Kirkland & Ellis LLP

601 Lexington Avenue

New York, New York


		Attention:	Michael E. Weisser, P.C.

                                            Matthew S. Arenson, P.C.






Tim Cruickshank, P.C.

Erika P. López


		E-mail:	 



 






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12.10            Representation
by Counsel; Interpretation. The Parties acknowledge that each Party to this LLC Agreement has been represented by counsel in
connection with this LLC Agreement and the transactions contemplated by this LLC Agreement. Accordingly, any rule of Law, or any
legal decision that would require interpretation of any claimed ambiguities in this LLC Agreement against the Party that drafted it has
no application and is expressly waived.


 


12.11            Severability.
Whenever possible, each provision of this LLC Agreement shall be interpreted in such manner as to be effective and valid under applicable
Law, but if any provision of this Agreement or the application of any such provision to any Person or circumstance shall be held to be
prohibited by or invalid, illegal or unenforceable under applicable Law in any respect by a court of competent jurisdiction, such provision
shall be ineffective only to the extent of such prohibition or invalidity, illegality or unenforceability, without invalidating the remainder
of such provision or the remaining provisions of this LLC Agreement. Furthermore, in lieu of such illegal, invalid or unenforceable provision,
there shall be added automatically as a part of this LLC Agreement a legal, valid and enforceable provision as similar in terms to such
illegal, invalid, or unenforceable provision as may be possible.


 


12.12            Expenses.
Except as otherwise provided in this LLC Agreement (or as set forth in the Business Combination Agreement with respect to expenses incurred
in connection with the entry into this LLC Agreement), each Party shall bear its own expenses in connection with the transactions contemplated
by this LLC Agreement.


 


12.13            No
Third Party Beneficiaries. Except as provided in Section 7.4 and Section 10.3(a), this LLC Agreement
is for the sole benefit of the Parties and their permitted assigns and nothing herein, express or implied, shall give or be construed
to give any Person, other than the Parties and such permitted assigns, any legal or equitable rights under this LLC Agreement.


 


12.14            Confidentiality.
Except as required by applicable Law, each Member (other than the Managing Member) agrees to hold the Company’s Confidential Information
in confidence and shall not, unless authorized in writing by the Managing Member, (a) disclose any Confidential Information to any
third party or (b) use such information except in furtherance of the business of the Company; provided, however, that
(i) each Member may disclose Confidential Information to such Member’s Affiliates, attorneys, accountants, consultants and
other advisors who are bound by an obligation of confidentiality with respect to such Confidential Information; provided such
Member will be responsible for any violation by any of its Affiliates, attorneys, accountants, consultants or other advisors of the confidentiality
provisions in this Section 12.14, (ii) each Member may disclose Confidential Information as required in response to
any summons, subpoena or other legal requirement, provided that such Member shall promptly notify the Managing Member in writing
so the Company may seek a protective order or appropriate remedy, (iii) each Member may disclose Confidential Information to a proposed
Transferee if such disclosure is reasonably required in connection with any proposed Transfer of Units to such Transferee pursuant to
the terms of this LLC Agreement, provided, that such Transferee executed and delivers to the Company a customary non-disclosure
agreement and (iv) each Member may disclose Confidential Information to the extent necessary for such Member to prepare and file
its tax returns, to respond to any inquiries regarding such tax returns from any taxing authority or to prosecute or defend any action,
proceeding or audit by any taxing authority with respect to such tax returns. In addition, each of the Continuing Members that is private
equity, venture capital or other investment firm or similarly regulated entity (x) may disclose Confidential Information in connection
with routine supervisory audit or regulatory examinations (including by regulatory or self-regulatory bodies) to which they are subject
in the course of their respective businesses without liability hereunder and (y) shall not be required to provide notice to any
party in the course of any such routine supervisory audit or regulatory examination, provided that such routine audit or examination
does not specifically target PubCo, any of its subsidiaries or the Confidential Information, and (z) may provide information about
the subject matter of this Agreement to prospective and existing investors in connection with fund raising, marketing, informational,
transactional or reporting activities. Each Member and the Company acknowledges and agrees that the certain of the Continuing Members
and their respective Affiliates may currently be invested in, may invest in, or may consider investments in companies that compete either
directly or indirectly with PubCo and its Subsidiaries, or operate in the same or similar business as PubCo and its Subsidiaries, and
that nothing herein shall be in any way construed to prohibit or such Continuing Members or their respective Affiliates’ ability
to maintain, make or consider such other investments; provided, however, that no Confidential Information is used or disclosed
in connection with such activities.


 






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12.15            No
Recourse. Notwithstanding anything that may be expressed or implied in this LLC Agreement (except in the case of the immediately
succeeding sentence) or any document, agreement, or instrument delivered contemporaneously herewith, and notwithstanding the fact that
any Party may be a partnership or limited liability company, each Party hereto, by its acceptance of the benefits of this LLC Agreement,
covenants, agrees and acknowledges that no Persons other than the Parties shall have any obligation hereunder and that it has no rights
of recovery hereunder against, and no recourse hereunder or under any documents, agreements, or instruments delivered contemporaneously
herewith or in respect of any oral representations made or alleged to be made in connection herewith or therewith shall be had against,
any former, current or future director, officer, agent, Affiliate, manager, assignee, incorporator, controlling Person, fiduciary, representative
or employee of any Party (or any of their successors or permitted assignees), against any former, current, or future general or limited
partner, manager, stockholder or member of any Party (or any of their successors or permitted assignees) or any Affiliate thereof or
against any former, current or future director, officer, agent, employee, Affiliate, manager, assignee, incorporator, controlling Person,
fiduciary, representative, general or limited partner, stockholder, manager or member of any of the foregoing, but in each case not including
the Parties (each, but excluding for the avoidance of doubt, the Parties, a “Non-Party Affiliate”), whether
by or through attempted piercing of the corporate veil, by or through a claim (whether in tort, contract or otherwise) by or on behalf
of such Party against the Non-Party Affiliates, by the enforcement of any assessment or by any Action, or by virtue of any statute, regulation
or other applicable Law, or otherwise; it being expressly agreed and acknowledged that no personal Liability whatsoever shall attach
to, be imposed on, or otherwise be incurred by any Non-Party Affiliate, as such, for any obligations of the applicable Party under this
LLC Agreement or the transactions contemplated by this LLC Agreement, under any documents or instruments delivered contemporaneously
herewith, in respect of any oral representations made or alleged to be made in connection herewith or therewith, or for any claim (whether
in tort, contract or otherwise) based on, in respect of, or by reason of, such obligations or their creation. Notwithstanding the foregoing,
a Non-Party Affiliate may have obligations under any documents, agreements or instruments delivered contemporaneously herewith or otherwise
required by this LLC Agreement if such Non-Party Affiliate is party to such document, agreement or instrument. Except to the extent otherwise
expressly set forth in, and subject in all cases to the terms and conditions of and limitations herein, this LLC Agreement may only be
enforced against, and any claim or cause of action of any kind based upon, arising out of, or related to this LLC Agreement, or the negotiation,
execution or performance of this LLC Agreement, may only be brought against the Persons that are expressly named as Parties hereto and
then only with respect to the specific obligations set forth herein with respect to such Party. Each Non-Party Affiliate is expressly
intended as a third party beneficiary of this Section 12.15.


 


[Signatures on Next Page]


 






    62


     


    

 


IN WITNESS WHEREOF, each
of the Parties hereto has caused this Third Amended and Restated Limited Liability Company Agreement to be executed as of the date first
above written.


 


	 	COMPANY:
	 	 
	 	QUALTEK HOLDCO, LLC
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 




 


Signature Page to
Third Amended and Restated Limited Liability Company Agreement of QualTek HoldCo, LLC


 






    


     


    

 


	 	MANAGING MEMBER:
	 	 
	 	ROTH
                                            CH ACQUISITION III CO.


	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 




 


Signature Page to Third Amended and Restated
Limited Liability Company Agreement of QualTek HoldCo, LLC


 






    


     


    

 


	 	MEMBERS:
	 	 
	 	BCP QUALTEK INVESTOR HOLDINGS, L.P.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 


 


Signature Page to Third Amended and Restated
Limited Liability Company Agreement of QualTek HoldCo, LLC


 






    


     


    

 


EXHIBIT A


 


Capitalization


 


See attached.


 


Exhibit A






    


     


    

 


EXHIBIT B


 


Exchange Notice


 


Dated: _____________


 


QualTek
HoldCo, LLC

[________]

[________]

[________]

Attention:      [________]


 


copy to:


 


[●]

[________]

[________]

[________]

Attention:      [________]


 


Reference is hereby made
to the Third Amended and Restated Limited Liability Company Agreement of QualTek HoldCo, LLC, dated as of [●], 2021 (as amended
from time to time in accordance with its terms, the “LLC Agreement”) of QualTek HoldCo, LLC, a Delaware limited
liability company (the “Company”), by and among Roth CH Acquisition III Co., a Delaware corporation, the other
Members set forth on Exhibit A to the LLC Agreement (the “Continuing Members”) and each other Person
who is or at any time becomes a Member in accordance with the terms of this LLC Agreement and the Act (such Persons, together with PubCo
and the Continuing Members, the “Unitholders”). Capitalized terms used but not defined herein shall have the
meanings given to them in the LLC Agreement.


 


Effective as of the Exchange
Date as determined in accordance with the LLC Agreement, the undersigned Unitholder hereby transfers and surrenders to the Company the
number of Common Units set forth below and an equal number of shares of Class B Common Stock held by such Unitholder in Exchange
for the issuance to the undersigned Unitholder of that number of shares of Class A Common Stock equal to the number of Common Units
so exchanged (to be issued in its name as set forth below), or, at the election of PubCo, for a Cash Exchange Payment to the account
set forth below, in each case in accordance with the LLC Agreement. The undersigned hereby acknowledges that the Exchange of Common Units
shall include the cancellation of an equal number of outstanding shares of Class B Common Stock held by the undersigned that have
been surrendered in such Exchange.


 


		Legal Name of Unitholder:	 



 


		Address:	 



 


		Number of Common
                                            Units to be Exchanged:	 
	 	 	 
	 	Cash
                                            Exchange Payment instructions:	 



 






    Exhibit B-1


     


    

 


If the Unitholder desires
the shares of Class A Common Stock be settled through the facilities of The Depositary Trust Company (“DTC”),
please indicate the account of the DTC participant below.


 


In the event PubCo elects
to certificate the shares of Class A Common Stock issued to the Unitholder, please indicate the following:


 


	 	Legal Name for Certificate Delivery:	 
	 	 	 
	 	Address for Certificate Delivery:	 



 


The undersigned hereby represents
and warrants that the undersigned is the owner of the number of Common Units the undersigned is electing to Exchange pursuant to this
Exchange Notice, and that such Common Units are not subject to any liens or restrictions on transfer (other than restrictions imposed
by the LLC Agreement, the charter and governing documents of PubCo and applicable Law).


 


The undersigned hereby irrevocably
constitutes and appoints any officer of PubCo, as applicable, as the attorney of the undersigned, with full power of substitution and
resubstitution in the premises, solely to do any and all things and to take any and all actions necessary to effect the Exchange elected
hereby.


 


[Signatures on Next Page]


 






    Exhibit B-2


     


    

 


IN WITNESS WHEREOF the undersigned
has caused this Exchange Notice to be executed and delivered as of the date first set forth above.


 


	 	[Unitholder]
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 




 






    Exhibit B-3


     


    

 


EXHIBIT C


 


Officers


 


[●]


 


Exhibit C






    


     


    

 


EXHIBIT D


 


Form of Joinder


 


This
Joinder (this “Joinder”) to the LLC Agreement (as defined below), made as of                                               ,
is between                                              (“Transferor”)
and                   (“Transferee”).


 


WHEREAS,
as of the date hereof, Transferee is acquiring                                    
                        (the
 “Acquired Interests”) from Transferor;


 


WHEREAS, Transferor is a
party to that certain Third Amended and Restated Limited Liability Company Agreement of QualTek HoldCo, LLC (the “Company”),
dated as of [●], 2021, by and among the Company, Roth CH Acquisition III Co., a Delaware corporation (“PubCo”),
the Members set forth on Exhibit A to the LLC Agreement, and each other Person who is or at any time becomes a Member in accordance
with the terms of the LLC Agreement (as the same may be amended or restated from time to time, the “LLC Agreement”);
and


 


WHEREAS, Transferee is required,
at the time of and as a condition to such Transfer, to become a party to the LLC Agreement by executing and delivering this Joinder,
whereupon such Transferee will be treated as a Party (with the rights and obligations as a Member) for all purposes of the LLC Agreement.


 


NOW, THEREFORE, in consideration
of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties
hereto agree as follows:


 


Section 1.1
     Definitions. To the extent capitalized
words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings set forth in the LLC Agreement.


 


Section 1.2
     Acquisition. Transferor
hereby Transfers to Transferee all of the Acquired Interests.


 


Section 1.3
     Joinder. Transferee hereby
acknowledges and agrees that (a) such Transferee has received and read the LLC Agreement, (b) such Transferee is acquiring
the Acquired Interests in accordance with and subject to the terms and conditions of the LLC Agreement and (c) such Transferee will
be treated as a Party (with the same rights and obligations as the Transferor) for all purposes of the LLC Agreement.


 


Section 1.4
     Notice. Any notice, demand
or other communication under the LLC Agreement to Transferee shall be given to Transferee at the address set forth on the signature page hereto
in accordance with Section 12.9 of the LLC Agreement.


 


Section 1.5
     Governing Law. This Joinder
shall be governed by and construed in accordance with the law of the State of Delaware.


 






    Exhibit D-1


     


    

 


Section 1.6
     Counterparts; Electronic Delivery.
This Joinder may be executed and delivered in one or more counterparts, by fax, email or other electronic transmission, each of which
shall be deemed an original and all of which shall be considered one and the same agreement.


 


[Signatures on Next Page]


 






    Exhibit D-2


     


    

 


IN WITNESS WHEREOF, this
Joinder has been duly executed and delivered by the parties as of the date first above written.


 


	 	[TRANSFEROR]
	 	 
	 	By:	                
	 	Name:	     
	 	Title:	 
	 	 
	 	[TRANSFEREE]
	 	 
	 	By:	     
	 	Name:	     
	 	Title:	 
	 	 
	 	Address for notices:




 






    Exhibit D-3