Exhibit
10.1


 


TAX RECEIVABLE AGREEMENT


 


by and among


 


FOCUS FINANCIAL PARTNERS INC.,


 


THE TRA HOLDERS


 


and


 


THE AGENT


 


DATED AS OF MARCH 25, 2020


 



     


     


    




 





TAX RECEIVABLE AGREEMENT


 


This TAX RECEIVABLE
AGREEMENT (this “Agreement”), dated as of March 25, 2020, is hereby entered into by and among Focus Financial
Partners Inc., a Delaware corporation (the “Corporate Taxpayer”), the TRA Holders and the Agent.


 


RECITALS


 


WHEREAS, the Corporate
Taxpayer is the managing member of Focus Financial Partners, LLC, a Delaware limited liability company (“Focus LLC”),
an entity classified as a partnership for U.S. federal income tax purposes, and holds limited liability company interests in Focus
LLC;


 


WHEREAS, Focus LLC
and each of its direct and indirect Subsidiaries that is treated as a partnership for U.S. federal income tax purposes has or will
have in effect an election under Section 754 of the Internal Revenue Code of 1986, as amended (the “Code”),
for each Taxable Year in which an Exchange (as defined herein) occurs;


 


WHEREAS, each of the
TRA Holders holds Common Units and/or Incentive Units and may transfer all or a portion of such Units (after conversion of any
Incentive Units into Common Units) pursuant to the Exchange Right or the Call Right, as applicable, in a transaction that
is or is deemed to be a sale of such Common Units to the Corporate Taxpayer for U.S. federal income tax purposes (each such transfer
an “Exchange”), and as a result of such Exchanges, the Corporate Taxpayer is expected to obtain or be entitled
to certain Tax benefits as further described herein;


 


WHEREAS, the Corporate
Taxpayer has also entered into two tax receivable agreements, each dated as of July 30, 2018, in connection with the IPO, one with
certain entities affiliated with Focus LLC’s private equity investors (the “PE TRA”) and the other with
certain other continuing and former owners of Focus LLC (the “Non-PE TRA” and, together with the PE TRA, the
 “IPO TRAs”);


 


WHEREAS, this Agreement
is intended to set forth the agreement among the parties hereto regarding the sharing of the Tax benefits realized by the Corporate
Taxpayer as a result of Exchanges;


 


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


 


ARTICLE
I

DEFINITIONS


 


Section
1.1           Definitions.
As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be
equally applicable to both the singular and plural forms of the terms defined).


 


“Accrued Amount”
has the meaning set forth in Section 3.1(b) of this Agreement.


 


“Actual
Tax Liability” means, with respect to any Taxable Year, the actual liability for U.S. federal income Taxes of (a)
the Corporate Taxpayer, and (b) without duplication, Focus LLC and any of its Subsidiaries that are treated as a partnership
for U.S. federal income tax purposes, but only with respect to Taxes imposed on Focus LLC and such Subsidiaries that are
allocable to the Corporate Taxpayer; provided that the actual liability for U.S. federal income Taxes of the Corporate
Taxpayer shall be calculated assuming deductions of (and other impacts of) state and local income and franchise Taxes are
excluded.


 






     


     


    

 


“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, such first Person.


 


“Agent”
means the Person serving as the “Agent” with respect to the Non-PE TRA, as changed from time to time pursuant to and
in accordance with the terms of the Non-PE TRA.


 


“Agreed Rate”
means a per annum rate of LIBOR plus 100 basis points.


 


“Agreement”
has the meaning set forth in the preamble to this Agreement.


 


“Amended Schedule”
has the meaning set forth in Section 2.3(b) of this Agreement.


 


“Assumed State
and Local Tax Rate” means six percent (6%) or such other rate as the Corporate Taxpayer may in good faith determine to
be appropriate taking into account any changes, after the date hereof, to the Corporate Taxpayer’s apportionment factors
and/or the corporate income and franchise tax rates in any state and local jurisdictions in which the Corporate Taxpayer files
income and franchise tax returns.


 


“Attributable”
has the meaning set forth in Section 3.1(b) of this Agreement.


 


“Basis Adjustment”
means any adjustment to the Tax basis of a Reference Asset as a result of an Exchange and the payments made pursuant to this Agreement
with respect to such Exchange (as calculated under Section 2.1 of this Agreement), including, but not limited to: (a) under
Sections 734(b) and 743(b) of the Code (in situations where, following an Exchange, Focus LLC remains classified as a partnership
for U.S. federal income tax purposes); and (b) under Sections 732(b), 734(b) and 1012 of the Code (in situations where, as
a result of one or more Exchanges, Focus LLC becomes an entity that is disregarded as separate from its owner for U.S. federal
income tax purposes). For the avoidance of doubt, the amount of any Basis Adjustment resulting from an Exchange of Units shall
be determined without regard to any Section 743(b) adjustment attributable to such Units prior to such Exchange; and, further,
payments made under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments are treated
as Imputed Interest.


 


“Board”
means the board of directors of the Corporate Taxpayer.


 


“Business
Day” means Monday through Friday of each week, except that a legal holiday recognized as such by the government of the
United States of America or the State of New York shall not be regarded as a Business Day.


 


“Call Right”
means the “Call Right” as defined in the Focus LLC Agreement and any other purchase of Units by the Corporate Taxpayer
pursuant to Section 3.7 of the Focus LLC Agreement.


 






    2 


     


    

 


“Change of
Control” means the occurrence of any of the following events or series of related events after the date hereof:


 


(a)  
any Person or group of Persons acting together which would constitute a “group” for purposes of Section 13(d)
of the Exchange Act, or any successor provisions thereto, is or becomes the beneficial owner, directly or indirectly, of securities
of the Corporate Taxpayer representing more than 50% of the combined voting power of the Corporate Taxpayer’s then outstanding
voting securities;


 


(b)  
there is consummated a merger or consolidation of the Corporate Taxpayer with any other corporation or other entity, and,
immediately after the consummation of such merger or consolidation, the voting securities of the Corporate Taxpayer immediately
prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting
power of the then-outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving
company is a Subsidiary, the ultimate parent thereof; or


 


(c)  
the equity holders of the Corporate Taxpayer approve a plan of complete liquidation or dissolution of the Corporate Taxpayer
or there is consummated an agreement or series of related agreements for the sale or other disposition, directly or indirectly,
by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets, other than such sale or other disposition
by the Corporate Taxpayer of all or substantially all of the Corporate Taxpayer’s assets to an entity, at least 50% of the
combined voting power of the voting securities of which are owned by equity holders of the Corporate Taxpayer in substantially
the same proportions as their ownership of the Corporate Taxpayer immediately prior to such sale.


 


Notwithstanding the foregoing,
(i) except with respect to clause (b) above, a “Change of Control” shall not be deemed to have occurred by virtue of
the consummation of any transaction or series of integrated transactions immediately following which the record holders of the
voting power of the Corporate Taxpayer immediately prior to such transaction or series of transactions continue to have substantially
the same proportionate ownership in, and own substantially all of the voting power of, an entity which owns, either directly or
through a Subsidiary, all or substantially all of the assets of the Corporate Taxpayer immediately following such transaction or
series of transactions and (ii) a “Change of Control” shall not occur for purposes of this Agreement with respect to
an event or series of related events if the Majority Non-PE TRA Holders have waived the right of the Non-PE TRA Holders to treat
such event or series of related events as a “Change of Control” under the Non-PE TRA or have otherwise waived the rights
of the Non-PE TRA Holders under Section 4.2 of the Non-PE TRA with respect to such event or series of related events.


 


“Class
A Shares” means shares of Class A common stock of the Corporate Taxpayer.


 


“Class B Shares”
means shares of Class B common stock of the Corporate Taxpayer.


 


“Code”
has the meaning set forth in the Recitals of this Agreement.


 


“Common Units”
has the meaning set forth in the Focus LLC Agreement.


 






    3 


     


    

 


“Control”
means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.


 


“Corporate
Taxpayer” has the meaning set forth in the preamble to this Agreement.


 


“Corporate
Taxpayer Return” means the U.S. federal income Tax Return of the Corporate Taxpayer (including any consolidated group
of which the Corporate Taxpayer is a member, as further described in Section 7.12(a) of this Agreement) filed with respect
to any Taxable Year.


 


“Cumulative
Net Realized Tax Benefit” for a Taxable Year means the cumulative amount (but not less than zero) of Realized Tax Benefits
for all Taxable Years of the Corporate Taxpayer, up to and including such Taxable Year, net of the cumulative amount of Realized
Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined
based on the most recent Tax Benefit Payment Schedule or Amended Schedule, if any, in existence at the time of such determination.


 


“Default Rate”
means a per annum rate of LIBOR plus 500 basis points.


 


“Determination”
has the meaning ascribed to such term in Section 1313(a) of the Code or any other event (including the execution of IRS Form 870-AD)
that finally and conclusively establishes the amount of any liability for Tax.


 


“Dispute”
has the meaning set forth in Section 7.9(a) of this Agreement.


 


“Disputing
Party” has the meaning set forth in Section 7.10 of this Agreement.


 


“Early Termination”
has the meaning set forth in Section 4.1 of this Agreement.


 


“Early Termination
Date” means the date of an Early Termination Notice for purposes of determining the Early Termination Payment.


 


“Early Termination
Effective Date” has the meaning set forth in Section 4.4 of this Agreement.


 


“Early Termination
Notice” has the meaning set forth in Section 4.4 of this Agreement.


 


“Early Termination
Payment” has the meaning set forth in Section 4.5(b) of this Agreement.


 


“Early Termination
Rate” means a per annum rate of LIBOR plus 150 basis points.


 


“Early Termination
Schedule” has the meaning set forth in Section 4.4 of this Agreement.


 


“Exchange”
has the meaning set forth in the Recitals of this Agreement.


 


“Exchange
Act” means the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, as the same may
be amended from time to time (or any corresponding provisions of succeeding law).


 


“Exchange
Date” means each date on which an Exchange occurs.


 






    4 


     


    

 


“Exchange
Notice” has the meaning given to the term “Exchange Notice” in the Focus LLC Agreement.


 


“Exchange
Right” means the exchange right set forth in Section 3.6 of the Focus LLC Agreement, including any such exchange right
exercised pursuant to Section 3.9 of the Focus LLC Agreement.


 


“Exchange
Schedule” has the meaning set forth in Section 2.1 of this Agreement.


 


“Expert”
means Ernst & Young, LLP or such nationally recognized expert in the particular area of disagreement as is mutually acceptable
to the Corporate Taxpayer, the Agent and, in the event any holders of rights under any other Tax Receivable Agreement are involved
in such disagreement, each “Agent” as defined under such other Tax Receivable Agreement.


 


“Focus LLC”
has the meaning set forth in the Recitals of this Agreement.


 


“Focus LLC
Agreement” means the Fourth Amended and Restated Limited Liability Company Agreement of Focus LLC, as amended from time
to time.


 


“Future TRA”
means any tax receivable agreement (or comparable agreement) entered into after the date of this Agreement by the Corporate Taxpayer
or any of its Subsidiaries pursuant to which the Corporate Taxpayer is obligated to pay over amounts with respect to tax benefits
resulting from any tax attributes to which the Corporate Taxpayer becomes entitled as a result of a transaction after the date
of this Agreement.


 


“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability for U.S. federal income Taxes of (a) the Corporate
Taxpayer, and (b) without duplication, Focus LLC and any of its Subsidiaries that are treated as a partnership for U.S. federal
income tax purposes, but only with respect to Taxes imposed on Focus LLC and such Subsidiaries that are allocable to the Corporate
Taxpayer (using the same methods, elections, conventions, U.S. federal income tax rate and similar practices used on the relevant
Corporate Taxpayer Return), but without taking into account (x) any Basis Adjustments, (y) any deduction attributable
to Imputed Interest for the Taxable Year, and (z) any Other-TRA Benefits. For the avoidance of doubt, Hypothetical Tax Liability
shall be determined without taking into account the carryover or carryback of any U.S. federal income Tax item (or portions thereof)
that is attributable to any Basis Adjustments, Imputed Interest, or any Other-TRA Benefits. Furthermore, the Hypothetical Tax Liability
shall be calculated assuming deductions of (and other impacts of) state and local income and franchise Taxes are excluded.


 


“Imputed Interest”
means any interest imputed under Section 1272, 1274 or 483 or other provision of the Code with respect to the Corporate Taxpayer’s
payment obligations under this Agreement.


 


“Incentive
Units” has the meaning set forth in the Focus LLC Agreement.


 


“IPO”
means the initial public offering of shares by the Corporate Taxpayer.


 


“IPO TRAs”
has the meaning set forth in the Recitals of this Agreement.


 


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


 






    5 


     


    

 


“LIBOR”
means during any period, an interest rate per annum equal to (a) the one-year LIBOR rate reported, on the date two (2) calendar
days prior to the first day of such period, on the Telerate Page 3750 (or if such screen shall cease to be publicly available,
as reported on Reuters Screen page “LIBOR01” or by any other publicly available source of such market rate) for London
interbank offered rates for United States dollar deposits for such period or (b) any successor to or substitute for the one-year
LIBOR rate as reasonably determined by the Corporate Taxpayer and the Agent (with appropriate margin adjustments also to be made
to the definitions of “Agreed Rate”, “Default Rate” and “Early Termination Rate” as reasonably
determined by the Corporate Taxpayer and the Agent).


 


“Majority
Non-PE TRA Holders” means the “Majority TRA Holders” (as defined in the Non-PE TRA) under the Non-PE TRA.


 


“Majority
TRA Holders” means, at the time of any determination, TRA Holders who would be entitled to receive more than fifty percent
(50%) of the aggregate amount of the Early Termination Payments payable to all TRA Holders hereunder (determined using such calculations
of Early Termination Payments reasonably estimated by the Corporate Taxpayer in consultation with the Agent) if the Corporate Taxpayer
had exercised its right of early termination on such date.


 


“Market Value”
means the closing price of the Class A Shares on the applicable Exchange Date on the national securities exchange or interdealer
quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided, that if
the closing price is not reported by Bloomberg L.P. for the applicable Exchange Date, then the Market Value means the closing price
of the Class A Shares on the Business Day immediately preceding such Exchange Date on the national securities exchange or interdealer
quotation system on which such Class A Shares are then traded or listed, as reported by Bloomberg L.P.; provided further
that if the Class A Shares are not then listed on a national securities exchange or interdealer quotation system, “Market
Value” means the cash consideration paid for Class A Shares, or the fair market value of the other property delivered for
Class A Shares, as determined by the Board in good faith.


 


“Material
Objection Notice” has the meaning set forth in Section 4.4 of this Agreement.


 


“Net Tax Benefit”
has the meaning set forth in Section 3.1(b) of this Agreement.


 


“Non-PE TRA”
has the meaning set forth in the Recitals of this Agreement.


 


“Non-PE TRA
Holders” means the “TRA Holders” (as defined in the Non-PE TRA) under the Non-PE TRA.


 


“Objection
Notice” has the meaning set forth in Section 2.3(a) of this Agreement.


 


“Other-TRA
Benefits” means any tax benefits resulting from increases in Tax basis or other Tax attributes with respect to which
the Corporate Taxpayer or any of its Subsidiaries is obligated to make payments under the IPO TRAs or any Future TRA.


 


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


 


“PE TRA”
has the meaning set forth in the Recitals of this Agreement.


 






    6 


     


    

 


“Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity or other entity.


 


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


 


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


 


“Reconciliation
Dispute” has the meaning set forth in Section 7.10 of this Agreement.


 


“Reconciliation
Procedures” means the procedures described in Section 7.10 of this Agreement.


 


“Reference
Asset” means, with respect to any Exchange, an asset (other than cash or a cash equivalent) that is held by Focus LLC,
or any of its direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for U.S. federal income tax
purposes (but only to the extent such Subsidiaries are not held through any entity treated as a corporation for U.S. federal income
tax purposes), at the time of such Exchange. A Reference Asset also includes any asset that is “substituted basis property”
under Section 7701(a)(42) of the Code with respect to a Reference Asset.


 


“Schedule”
means any of the following: (a) an Exchange Schedule, (b) a Tax Benefit Payment Schedule, or (c) the Early Termination
Schedule.


 


“Senior Obligations”
has the meaning set forth in Section 5.1 of this Agreement.


 


“State and
Local Tax Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax
Liability; provided that, for purposes of determining the State and Local Tax Benefit, each of the Hypothetical Tax Liability
and the Actual Tax Liability shall be calculated using the Assumed State and Local Tax Rate instead of the rate applicable for
U.S. federal income tax purposes.


 


“State and
Local Tax Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical
Tax Liability; provided that, for purposes of determining the State and Local Tax Detriment, each of the Actual Tax Liability
and the Hypothetical Tax Liability shall be calculated using the Assumed State and Local Tax Rate instead of the rate applicable
for U.S. federal income tax purposes.


 






    7 


     


    

 


“Subsidiaries”
means, with respect to any Person, as of any date of determination, any other Person as to which such Person, owns, directly or
indirectly, or otherwise controls more than 50% of the voting power or other similar interests or the sole general partner interest
or managing member or similar interest of such Person.


 


“Tax Benefit
Payment” has the meaning set forth in Section 3.1(b) of this Agreement.


 


“Tax Benefit
Payment Schedule” has the meaning set forth in Section 2.2 of this Agreement.


 


“Tax Proceeding”
has the meaning set forth in Section 6.1 of this Agreement.


 


“Tax Receivable
Agreements” means this Agreement, the IPO TRAs and any Future TRA.


 


“Tax Return”
means any return, declaration, report or similar statement required to be filed with respect to Taxes (including any attached schedules),
including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax.


 


“Taxable Year”
means a taxable year of the Corporate Taxpayer as defined in Section 441(b) of the Code (which, for the avoidance of doubt, may
include a period of less than twelve (12) months for which a Tax Return is made).


 


“Taxes”
means any and all U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect
to net income or profits (including any franchise taxes based on or measured with respect to net income or profits), and any interest
related to such Tax.


 


“Taxing Authority”
means the IRS and any other federal, national, state, county or municipal or other local government, any subdivision, agency, commission
or authority thereof, or any quasi-governmental body exercising any taxing authority or any other authority exercising Tax regulatory
authority.


 


“TRA Holder”
means each of those Persons set forth on a schedule of parties to this Agreement maintained by the Corporate Taxpayer, including
those who join this Agreement after such date pursuant to the last sentence of this definition, and their respective successors
and permitted assigns pursuant to Section 7.6(a)(i). Persons shall only be added to the schedule referenced in the first
sentence of this definition if: (a) the Person proposed to be added is or has been issued Common Units and/or Incentive Units in
exchange for the contribution of property to Focus LLC or for the performance of services to or for the benefit of Focus LLC, (b)
such Person is not a “TRA Holder” under any other Tax Receivable Agreement, and (c) such Person has executed and delivered
a joinder to this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to become a “TRA
Holder” for all purposes of this Agreement.


 


“Transferor”
has the meaning set forth in Section 7.12(b) of this Agreement.


 


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


 


“Units”
means Common Units and Incentive Units.


 






    8 


     


    

 


“Valuation
Assumptions” means, as of an Early Termination Date, the assumptions that


 


(a)   in each Taxable Year ending on or after such Early Termination Date, the Corporate Taxpayer will have taxable income sufficient
to fully utilize the deductions arising from all Basis Adjustments and Imputed Interest during such Taxable Year or future Taxable
Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit
Payments that would be paid in accordance with the Valuation Assumptions, further assuming such future Tax Benefit Payments would
be paid on the due date, without extensions, for filing the Corporate Taxpayer Return for the applicable Taxable Year) in which
such deductions would become available;


 


(b)   any
loss or credit carryovers generated by deductions or losses arising from any Basis Adjustment or Imputed Interest (including such
Basis Adjustment and Imputed Interest generated as a result of payments under this Agreement) that are available in the Taxable
Year that includes the Early Termination Date will be utilized by the Corporate Taxpayer ratably in each Taxable Year over the
five Taxable Years beginning with the Taxable Year that includes the Early Termination Date;


 


(c)   the U.S. federal, state and local income and franchise tax rates that will be in effect for each Taxable Year ending on
or after such Early Termination Date will be those specified for each such Taxable Year by the Code and other law as in effect
on the Early Termination Date, except to the extent any change to such tax rates for such Taxable Year have already been enacted
into law;


 


(d)   any
Reference Asset that is not subject to amortization, depreciation or other cost recovery deduction to which any Basis Adjustment
is attributable will be disposed of in a fully taxable transaction for U.S. federal income tax purposes on the fifth anniversary
of the Early Termination Date for an amount sufficient to fully utilize the Basis Adjustment with respect to such Reference Asset;
provided, that in the event of a Change of Control which includes a taxable sale of such Reference Asset (including the
sale of all of the equity interests in an entity classified as a partnership or disregarded entity that directly or indirectly
owns such Reference Asset), such Reference Asset shall be deemed disposed of at the time of the Change of Control; and


 


(e)  
if, at the Early Termination Date, there are Units (other than those held by the Corporate Taxpayer or its Subsidiaries)
that have not been transferred in an Exchange, then all such Units shall be deemed to be transferred pursuant to the Exchange Right
effective on the Early Termination Date.


 






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Section
1.2           Other
Definitional and Interpretative Provisions. The words “hereof,” “herein” and
 “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to
any particular provision of this Agreement. References to Articles, Sections, Exhibits and Schedules are to Articles,
Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or
referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any
capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in
this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular.
Whenever the words “include,” “includes” or “including” are used in this Agreement, they
shall be deemed to be followed by the words “without limitation,” whether or not they are in fact followed by
those words or words of like import. “Writing,” “written” and comparable terms refer to printing,
typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or
contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the
terms thereof. References to any Person include the successors and permitted assigns of that Person. References from or
through any date mean, unless otherwise specified, from and including or through and including, respectively.


 


ARTICLE
II

DETERMINATION OF CERTAIN REALIZED TAX BENEFITS


 


Section
2.1           Exchange Schedules.
Within ninety (90) calendar days after the filing of the Corporate Taxpayer Return for each Taxable Year in which any Exchange
has been effected by a TRA Holder, the Corporate Taxpayer shall deliver to the Agent a schedule (the “Exchange Schedule”)
that shows, in reasonable detail necessary to perform the calculations required by this Agreement, including with respect to each
applicable TRA Holder, (a) the Basis Adjustments as a result of the Exchanges effected by such TRA Holder in such Taxable
Year and (b) the period (or periods) over which such Basis Adjustments are amortizable and/or depreciable.


 


Section
2.2           Tax Benefit Payment
Schedules.


 


(a)   Within
ninety (90) calendar days after the filing of the Corporate Taxpayer Return for any Taxable Year in which there is a Realized
Tax Benefit or Realized Tax Detriment, the Corporate Taxpayer shall provide to the Agent: (i) a schedule showing, in reasonable
detail, (A) the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year, (B) the portion
of the Net Tax Benefit, if any, that is Attributable to each TRA Holder, (C) the Accrued Amount with respect to any such
Net Tax Benefit that is Attributable to such TRA Holder, (D) the Tax Benefit Payment due to each such TRA Holder, and (E) the
portion of such Tax Benefit Payment that the Corporate Taxpayer intends to treat as Imputed Interest (a “Tax Benefit
Payment Schedule”), (ii) a reasonably detailed calculation of the Hypothetical Tax Liability, (iii) a reasonably
detailed calculation of the Actual Tax Liability, (iv) a copy of the Corporate Taxpayer Return for such Taxable Year, and (v) any
other work papers reasonably requested by the Agent. In addition, the Corporate Taxpayer shall allow the Agent reasonable access
at no cost to the appropriate representatives of the Corporate Taxpayer in connection with a review of such Tax Benefit Payment
Schedule; provided that, in the event of a dispute governed by Section 7.9 or Section 7.10, any such costs
shall be borne as set forth in such sections. The Tax Benefit Payment Schedule will become final as provided in Section 2.3(a)
and may be amended as provided in Section 2.3(b) (subject to the procedures set forth in Section 2.3(b)).


 


(b)   For
purposes of calculating the Realized Tax Benefit or Realized Tax Detriment for any Taxable Year, carryovers or carrybacks of
any U.S. federal income Tax item attributable to the Basis Adjustments, Imputed Interest, and any Other-TRA Benefits shall be
considered to be subject to the rules of the Code and the Treasury Regulations, as applicable, governing the use, limitation
and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any U.S. federal income Tax
item includes a portion that is attributable to the Basis Adjustment, Imputed Interest, or any Other-TRA Benefits and another
portion that is not so attributable, such respective portions shall be considered to be used in accordance with the
 “with and without” methodology. The parties agree that (i) any payment under this Agreement (to the extent
permitted by law and other than amounts accounted for as Imputed Interest) will be treated as a subsequent upward adjustment
to the purchase price of the relevant Common Units and will have the effect of creating additional Basis Adjustments to
Reference Assets for the Corporate Taxpayer in the year of payment, and (ii) as a result, such additional Basis
Adjustments will be incorporated into the current year calculation and into future year calculations, as appropriate.


 






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Section
2.3           Procedure; Amendments.


 


(a)   An
applicable Schedule or amendment thereto shall become final and binding on all parties thirty (30) calendar days from the first
date on which the Agent has received the applicable Schedule or amendment thereto unless (i) the Agent, within thirty (30)
calendar days after receiving an applicable Schedule or amendment thereto, provides the Corporate Taxpayer with notice of a material
objection to such Schedule (“Objection Notice”) made in good faith or (ii) the Agent provides a written
waiver of such right of any Objection Notice within the period described in clause (i) above, in which case such Schedule or amendment
thereto becomes binding on the date a waiver from the Agent has been received by the Corporate Taxpayer. If the Corporate Taxpayer
and the Agent, for any reason, are unable to successfully resolve the issues raised in an Objection Notice within thirty (30)
calendar days after receipt by the Corporate Taxpayer of such Objection Notice, the Corporate Taxpayer and the Agent shall employ
the Reconciliation Procedures under Section 7.10 or Resolution of Disputes procedures under Section 7.9, as applicable.


 


(b)   The
applicable Schedule for any Taxable Year may be amended from time to time by the Corporate Taxpayer (i) in connection with
a Determination affecting such Schedule, (ii) to correct inaccuracies in the Schedule identified as a result of the receipt
of additional factual information relating to a Taxable Year after the date the Schedule was provided to the Agent, (iii) to
comply with the Expert’s determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized
Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryback or carryforward of a loss or other Tax
item to such Taxable Year, (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable
Year attributable to an amended Corporate Taxpayer Return filed for such Taxable Year or (vi) to adjust an Exchange Schedule
to take into account payments made pursuant to this Agreement (any such Schedule, an “Amended Schedule”). The
Corporate Taxpayer shall provide an Amended Schedule to the Agent within sixty (60) calendar days of the occurrence of an event
referenced in clauses (i) through (vi) of the preceding sentence and shall, at the reasonable request of the Agent, provide any
other work papers relating to such Amended Schedule. For the avoidance of doubt, in the event a Schedule is amended after such
Schedule becomes final pursuant to Section 2.3(a), the Amended Schedule shall not be taken into account in calculating
any Tax Benefit Payment in the Taxable Year to which the amendment relates but instead shall be taken into account in calculating
the Cumulative Net Realized Tax Benefit for the Taxable Year in which the amendment actually occurs.


 


Section
2.4           Section 754
Election. In its capacity as the sole managing member of Focus LLC, the Corporate Taxpayer will ensure that, on and after
the date hereof and continuing throughout the term of this Agreement, Focus LLC and all of its eligible Subsidiaries will
have in effect an election pursuant to Section 754 of the Code (and under any similar provisions of applicable U.S. state or
local law).


 






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ARTICLE
III

TAX BENEFIT PAYMENTS


 


Section
3.1            Payments.


 


(a)   Within five (5) Business Days after a Tax Benefit Payment Schedule delivered to the Agent becomes final in accordance with
Section 2.3(a), the Corporate Taxpayer shall pay to each TRA Holder the Tax Benefit Payment in respect of such TRA Holder
determined pursuant to Section 3.1(b) for such Taxable Year. Each such payment shall be made by check, by wire transfer
of immediately available funds to the bank account previously designated by such TRA Holder to the Corporate Taxpayer, or as otherwise
agreed by the Corporate Taxpayer and such TRA Holder. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect
of estimated Tax payments, including, without limitation, U.S. federal or state estimated income Tax payments.


 


(b)   A
 “Tax Benefit Payment” in respect of a TRA Holder for a Taxable Year means an amount, not less than zero, equal
to the sum of the portion of the Net Tax Benefit Attributable to such TRA Holder and the Accrued Amount with respect thereto.
The “Net Tax Benefit” for a Taxable Year shall be an amount equal to the excess, if any, of 85% of the Cumulative
Net Realized Tax Benefit as of the end of such Taxable Year over the sum of (i) the total amount of payments previously made
under this Section 3.1 (excluding payments attributable to Accrued Amounts) and (ii) the total amount of Tax Benefit
Payments previously made under the corresponding provision of the IPO TRAs and any Future TRA; provided, for the avoidance
of doubt, that no TRA Holder shall be required to return any portion of any previously made Tax Benefit Payment. Subject to Section
3.3, the portion of the Net Tax Benefit for a Taxable Year that is “Attributable” to a TRA Holder is the
portion of such Net Tax Benefit that is derived from (y) any Basis Adjustment that is attributable to the Common Units acquired
or deemed acquired by the Corporate Taxpayer in an Exchange undertaken by or with respect to such TRA Holder or (z) any Imputed
Interest with respect to Tax Benefit Payments made to such TRA Holder. The “Accrued Amount” with respect to
any portion of a Net Tax Benefit shall equal an amount determined in the same manner as interest on such portion of the Net Tax
Benefit for a Taxable Year calculated at the Agreed Rate from the due date (without extensions) for filing the Corporate Taxpayer
Return for such Taxable Year until the Payment Date. For the avoidance of doubt, for Tax purposes, the Accrued Amount on the portion
of a Net Tax Benefit relating to an Exchange shall not be treated as interest but shall instead be treated as additional consideration
for the acquisition of Common Units in an Exchange unless otherwise required by law.


 


(c)   Notwithstanding
any provision of this Agreement to the contrary, unless a TRA Holder elects for the provisions of this Section 3.1(c)
not to apply to any Exchange by notifying the Corporate Taxpayer in writing on or before the due date for providing the
Exchange Notice with respect to such Exchange, the aggregate Tax Benefit Payments to be made to such TRA Holder with respect
to any Exchange shall be limited to (i) 50%, or such other percentage such TRA Holder elects to apply by notifying the
Corporate Taxpayer in writing on or before the due date for providing the Exchange Notice with respect to such Exchange, of
(ii) the amount equal to the sum of (A) any cash, excluding any Tax Benefit Payments, and the fair market value of
any noncompensatory options received by such TRA Holder in such Exchange and (B) the aggregate Market Value of the Class
A Shares received by such TRA Holder in such Exchange, provided, for the avoidance of doubt, that such amount shall
not include any Imputed Interest with respect to such Exchange. An election made by a TRA Holder pursuant to this Section
3.1(c) may not be revoked.


 






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(d)   The
Corporate Taxpayer and the TRA Holders hereby acknowledge that, as of the date of this Agreement and as of the date of any future
Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot reasonably be ascertained
for United States federal income tax or other applicable Tax purposes.


 


Section
3.2           No Duplicative Payments.
It is intended that the provisions of this Agreement will not result in duplicative payment of any amount (including interest)
required under the Tax Receivable Agreements. It is also intended that the provisions of the Tax Receivable Agreements will result
in 85% of the Cumulative Net Realized Tax Benefit, and the Accrued Amount thereon, being paid to the Persons to whom payments are
due pursuant to the Tax Receivable Agreements. The provisions of this Agreement shall be construed in the appropriate manner to
achieve these fundamental results.


 


Section
3.3           Pro Rata Payments;
Coordination of Benefits with Other Tax Receivable Agreements.


 


(a)   Notwithstanding
anything in Section 3.1 to the contrary, to the extent that the aggregate amount of the Corporate Taxpayer’s tax
benefit subject to the Tax Receivable Agreements is limited in a particular Taxable Year because the Corporate Taxpayer does not
have sufficient taxable income to fully utilize available deductions and other attributes, the following rules shall apply:


 


(i)               The limitation on the tax benefit for the Corporate Taxpayer shall be allocated as follows: (A) first to this Agreement
and any Future TRA (and among all Persons eligible for payments hereunder or under any Future TRAs as set forth in Section 3.3(a)(ii)
and in any such Future TRAs) and (B) to the extent of any remaining limitation on the tax benefit for the Corporate Taxpayer after
the application of clause (A), to the IPO TRAs (and among all Persons eligible for payments thereunder in the manner set forth
in such IPO TRAs). For the avoidance of doubt, for purposes of this Section 3.3(a)(i), it is intended that in calculating
the Corporate Taxpayer’s tax benefit subject to the Tax Receivable Agreements, any available taxable income of the Corporate
Taxpayer be first allocated to the IPO TRAs and any remaining available taxable income will then be allocated to this Agreement
and any Future TRAs.


 






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(ii)              If
any part of the limitation on the tax benefit is allocated to this Agreement and any Future TRAs pursuant to Section
3.3(a)(i)(A), unless a Future TRA provides that any such allocation limitation shall first be allocated to such Future
TRA, such allocated limitation shall be further allocated among all TRA Holders hereunder and all “TRA Holders”
under each and any Future TRA in proportion to the respective portion of the Net Tax Benefit that would have been
Attributable to each such TRA Holder in such Taxable Year under this Agreement and each and any Future TRA if the Corporate
Taxpayer had sufficient taxable income in such Taxable Year so that there was no such limitation; provided that if any
portion of the Net Tax Benefit for any Taxable Year results from the carryback of a loss or other Tax item to such Taxable
Year from a later Taxable Year (for the avoidance of doubt, carrybacks of losses and other Tax items from more than one later
Taxable Year shall be used in the order prescribed in the applicable rules of the Code and the Treasury Regulations), no part
of the limitation shall be allocated to the tax benefits set forth on the Schedule prior to its amendment to reflect the
carryback and any limitation shall instead be applied to the tax benefits carried back and such limitation shall be further
allocated among all such TRA Holders in proportion to the respective portion of the Net Tax Benefit that would have been
Attributable to each such TRA Holder in the Taxable Year in which such carried back losses or other Tax items arose under
this Agreement and such Future TRA if the Corporate Taxpayer had sufficient taxable income in such Taxable Year so that there
was no such limitation.


 


(iii)           
  If any part of the limitation on the tax benefit is allocated to a TRA Holder, such allocated limitation shall first be
applied to any deductions arising from Imputed Interest Attributable to such TRA Holder, and then, to the extent of any remaining
limitation on the tax benefit allocated to such TRA Holder, to any deductions arising from Basis Adjustments Attributable to such
TRA Holder.


 


(iv)            
To the extent any part of the limitation on the tax benefit subject to the Tax Receivable Agreements is allocated in a manner
that differs from the order prescribed in the applicable rules of the Code and the Treasury Regulations regarding the utilization,
or deemed utilization, of such tax benefit, appropriate adjustments, consistent with the principles of this Section 3.3(a),
shall be made in future Taxable Years to take into account such differing allocation.


 


(b)   After
taking into account Section 3.3(a), if for any reason the Corporate Taxpayer does not fully satisfy its payment obligations
to make all Tax Benefit Payments due under the Tax Receivable Agreements in respect of a particular Taxable Year, then, (i) the
Corporate Taxpayer will pay the same proportion of each Tax Benefit Payment due to each Person to whom a payment is due under
each of the Tax Receivable Agreements in respect of such Taxable Year, without favoring one obligation over the other, and (ii) no
Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments under all of the Tax Receivable
Agreements in respect of prior Taxable Years have been made in full.


 






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(c)   To
the extent the Corporate Taxpayer makes a payment to a TRA Holder in respect of a particular Taxable Year under Section
3.1(a) of this Agreement (taking into account Section 3.3(a) and Section 3.3(b), but excluding payments
attributable to Accrued Amounts) in an amount in excess of the amount of such payment that should have been made to such TRA
Holder in respect of such Taxable Year, then (i) such TRA Holder shall not receive further payments under Section
3.1(a) until such TRA Holder has foregone an amount of payments equal to such excess and (ii) the Corporate Taxpayer
will pay the amount of such TRA Holder’s foregone payments to the other Persons to whom a payment is due under the Tax
Receivable Agreements in a manner such that each such Person to whom a payment is due under the Tax Receivable Agreements, to
the maximum extent possible, receives aggregate payments under Section 3.1(a) or the comparable section of the other
Tax Receivable Agreement(s), as applicable (in each case, taking into account Section 3.3(a) and Section 3.3(b)
or the comparable sections of the other Tax Receivable Agreement(s), but excluding payments attributable to Accrued Amounts)
in the amount it would have received if there had been no excess payment to such TRA Holder.


 


(d)   The
parties hereto agree that the parties to the IPO TRAs and any Future TRA are expressly made third party beneficiaries of the provisions
of this Section 3.3.


 


ARTICLE
IV

TERMINATION


 


Section
4.1           Early Termination
at Election of the Corporate Taxpayer. Provided that each IPO TRA has either (a) previously terminated or (b) the Corporate
Taxpayer concurrently terminates such IPO TRA pursuant to Section 4.1 of such IPO TRA, the Corporate Taxpayer may terminate this
Agreement at any time by paying to each TRA Holder the Early Termination Payment due to such TRA Holder pursuant to Section
4.5(b) (such termination, an “Early Termination”); provided that the Corporate Taxpayer may withdraw
any notice of exercise of its termination rights under this Section 4.1 prior to the time at which any Early Termination
Payment has been paid. Upon payment of each Early Termination Payment to each TRA Holder by the Corporate Taxpayer, the Corporate
Taxpayer shall not have any further payment obligations under this Agreement, other than for any Tax Benefit Payment previously
due and payable but unpaid as of the Early Termination Notice and, except to the extent included in the Early Termination Payment,
any Tax Benefit Payment due for any Taxable Year ending prior to, with or including the Early Termination Date. Upon payment in
full of all amounts provided for in this Section 4.1, this Agreement shall terminate, provided that Article VI, Sections
7.1 through 7.10 (inclusive), and Section 7.13 shall remain in full force and effect to the extent applicable.


 


Section
4.2           Early Termination
upon Change of Control. In the event of a Change of Control, all payment obligations hereunder shall be accelerated and such
obligations shall be calculated as if an Early Termination Notice had been delivered on the closing date of the Change of Control
and shall include, but not be limited to the following: (a) payment of the Early Termination Payment calculated as if an Early
Termination Notice had been delivered on the effective date of a Change of Control, (b) payment of any Tax Benefit Payment previously
due and payable but unpaid as of the Early Termination Notice, and (c) except to the extent included in the Early Termination
Payment or if included as a payment under clause (b) of this Section 4.2, payment of any Tax Benefit Payment due for any
Taxable Year ending prior to, with or including the effective date of a Change of Control. In the event of a Change of Control,
the Early Termination Payment shall be calculated utilizing the Valuation Assumptions and by substituting in each case the terms
 “the closing date of a Change of Control” for an “Early Termination Date.”


 






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Section
4.3           Breach of Agreement.


 


(a)   In
the event that the Corporate Taxpayer breaches any of its material obligations under this Agreement, whether as a result of
failure to make any payment within three (3) months of the date when due, as a result of failure to honor any other material
obligation required hereunder or by operation of law as a result of the rejection of this Agreement in a case commenced under
the United States Bankruptcy Code or otherwise, then if the Majority TRA Holders so elect, such breach shall be treated as an
Early Termination hereunder, provided that if there is a contemporaneous breach of the Corporate Taxpayer’s material
obligations under the Non-PE TRA, then the Majority Non-PE TRA Holders must have also elected to treat such breach of the
Non-PE TRA as an “Early Termination” under the Non-PE TRA in order for the TRA Holders to elect to treat the
contemporaneous breach of this Agreement as an Early Termination hereunder. Upon such elections, all payment obligations
hereunder shall be automatically accelerated and shall become due and payable in accordance with Section 4.5(a), and
such obligations shall be calculated as if an Early Termination Notice had been delivered on the date of such breach and
shall include, but shall not be limited to, (i) payment of the Early Termination Payment calculated as if an Early
Termination Notice had been delivered on the date of a breach, (ii) payment of any Tax Benefit Payment previously due
and payable but unpaid as of the date of the breach, and (iii) except to the extent included in the Early Termination Payment
or if included as a payment under clause (ii) of this Section 4.3(a), any Tax Benefit Payment due for any Taxable Year
ending prior to, with or including the date of the breach. Notwithstanding the foregoing, in the event that the Corporate
Taxpayer breaches this Agreement, if the Majority TRA Holders do not elect to treat such breach as an Early Termination
pursuant to this Section 4.3(a), the TRA Holders shall be entitled to seek specific performance of the terms hereof,
provided that if the Majority Non-PE TRA Holders have not elected to treat such breach as an “Early Termination”
under the Non-PE TRA, then the Non-PE TRA Holders must have also sought specific performance of the terms of the Non-PE TRA
under one or more similar provisions of the Non-PE TRA in order for the TRA Holders to seek specific performance of this
Agreement.


 


(b)   The parties agree that the failure of the Corporate Taxpayer to make any payment due pursuant to this Agreement within three
(3) months of the date such payment is due shall be deemed to be a breach of a material obligation under this Agreement for all
purposes of this Agreement, and that it shall not be considered to be a breach of a material obligation under this Agreement to
make a payment due pursuant to this Agreement within three (3) months of the date such payment is due. Notwithstanding anything
in this Agreement to the contrary, except in the case of an Early Termination Payment or any payment treated as an Early Termination
Payment, it shall not be a breach of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment when due to
the extent that the Corporate Taxpayer has insufficient funds available to make, or to the extent that the Corporate Taxpayer is
contractually constrained from making, such payment in the Corporate Taxpayer’s sole discretion, exercised in good faith;
provided that the interest provisions of Section 5.2 shall apply to such late payment (unless the Corporate Taxpayer
does not have sufficient cash to make such payment as a result of limitations imposed by any credit agreement to which Focus LLC
or any Subsidiary of Focus LLC is a party, in which case Section 5.2 shall apply, but the Default Rate shall be replaced
by the Agreed Rate); provided further that it shall be a breach of this Agreement, and the provisions of Section 4.3(a)
shall apply as of the original due date of the Tax Benefit Payment, if the Corporate Taxpayer makes any distribution of cash or
other property to its equity holders while any Tax Benefit Payment is due and payable but unpaid.


 






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Section
4.4           Early
Termination Notice. If the Corporate Taxpayer chooses to exercise its right of early termination under Section 4.1
above, the Corporate Taxpayer shall deliver to the Agent notice of such intention to exercise such right (the “Early
Termination Notice”). Upon delivery of the Early Termination Notice or the occurrence of an event described in Section
4.2 or Section 4.3(a), the Corporate Taxpayer shall deliver (a) a schedule showing in reasonable detail the
calculation of the Early Termination Payment (the “Early Termination Schedule”) and (b) any other work
papers related to the calculation of the Early Termination Payment reasonably requested by the Agent. In addition, the
Corporate Taxpayer shall allow the Agent reasonable access at no cost to the appropriate representatives of the Corporate
Taxpayer in connection with a review of such Early Termination Schedule; provided that, in the event of a dispute
governed by Section 7.9 or Section 7.10, any such costs shall be borne as set forth in such sections. The Early
Termination Schedule shall become final and binding on all parties thirty (30) calendar days from the first date on which the
Agent has received such Schedule or amendment thereto unless (x) the Agent, within thirty (30) calendar days after
receiving the Early Termination Schedule, provides the Corporate Taxpayer with notice of a material objection to such
Schedule made in good faith (“Material Objection Notice”) or (y) the Agent provides a written waiver
of such right of a Material Objection Notice within the period described in clause (x) above, in which case such Schedule
becomes binding on the date waivers from the Agent has been received by the Corporate Taxpayer (the “Early
Termination Effective Date”). If the Corporate Taxpayer and the Agent, for any reason, are unable to successfully
resolve the issues raised in such notice within thirty (30) calendar days after receipt by the Corporate Taxpayer of the
Material Objection Notice, the Corporate Taxpayer and the Agent shall employ the Reconciliation Procedures under Section
7.10 or Resolution of Disputes procedures under Section 7.9, as applicable.


 


Section
4.5           Payment upon Early
Termination.


 


(a)   Subject
to its right to withdraw any notice of Early Termination pursuant to Section 4.1, within three (3) Business Days after
the Early Termination Effective Date, the Corporate Taxpayer shall pay to each TRA Holder its Early Termination Payment. Each
such payment shall be made by check, by wire transfer of immediately available funds to a bank account or accounts designated
by the TRA Holder, or as otherwise agreed by the Corporate Taxpayer and the TRA Holder.


 


(b)   A TRA Holder’s “Early Termination Payment” as of the Early Termination Date shall equal, with respect
to such TRA Holder, the present value, discounted at the Early Termination Rate as of the Early Termination Date, of all Tax Benefit
Payments that would be required to be paid by the Corporate Taxpayer to such TRA Holder beginning from the Early Termination Date
and assuming that the Valuation Assumptions are applied.


 


ARTICLE
V

SUBORDINATION AND LATE PAYMENTS


 


Section
5.1           Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any payment due under this Agreement shall rank
subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any
obligations in respect of indebtedness for borrowed money of the Corporate Taxpayer (such obligations, “Senior
Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Corporate Taxpayer
that are not Senior Obligations. For the avoidance of doubt, notwithstanding the above, the determination of whether it is a
breach of this Agreement if the Corporate Taxpayer fails to make any Tax Benefit Payment or other payment under this
Agreement when due is governed by Section 4.3(b). To the extent that any payment due under this Agreement is not
permitted to be made at the time such payment is due as a result of this Section 5.1 and the terms of the agreements
governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit of the TRA Holders, and the
Corporate Taxpayer shall make such payments at the first opportunity that such payments are permitted to be made in
accordance with the terms of the Senior Obligations.


 






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Section
5.2           Late Payments by
the Corporate Taxpayer. The amount of all or any portion of any Tax Benefit Payment, Early Termination Payment or any other
payment under this Agreement not made to any TRA Holder when due under the terms of this Agreement, whether
as a result of Section 5.1 and the terms of the Senior Obligations or otherwise, shall be payable together with any interest
thereon, computed at the Default Rate (or, if so provided in Section 4.3(b), at the Agreed Rate) and commencing from the
date on which such Tax Benefit Payment, Early Termination Payment or any other payment under this Agreement was due and
payable.


 


ARTICLE
VI

NO DISPUTES; CONSISTENCY; COOPERATION


 


Section
6.1           Participation in
the Corporate Taxpayer’s and Focus LLC’s Tax Matters. Except as otherwise provided herein or in the Focus LLC Agreement,
the Corporate Taxpayer shall have full responsibility for, and sole discretion over, all Tax matters concerning the Corporate Taxpayer
and Focus LLC, including without limitation preparing, filing or amending any Tax Return and defending, contesting or settling
any issue pertaining to Taxes. Notwithstanding the foregoing, the Corporate Taxpayer (a) shall notify the Agent of, and keep the
Agent reasonably informed with respect to, the portion of any audit, examination, or any other administrative or judicial proceeding
(a “Tax Proceeding”) of the Corporate Taxpayer or Focus LLC by a Taxing Authority the outcome of which is reasonably
expected to affect the rights and obligations of the TRA Holders under this Agreement, and (b) shall provide the Agent with reasonable
opportunity to provide information and other input to the Corporate Taxpayer, Focus LLC and their respective advisors concerning
the conduct of any such portion of a Tax Proceeding; provided, however, that nothing in this Section 6.1 shall be
construed as requiring or preventing either of the Corporate Taxpayer or Focus LLC from taking or refraining to take any action
that is inconsistent with, or otherwise provided for under, any provision of the Focus LLC Agreement.


 


Section
6.2           Consistency.
Unless there is a Determination or written opinion, reasonably acceptable to the Corporate Taxpayer and Focus LLC, of legal counsel
or a nationally recognized tax advisor to the contrary, the Corporate Taxpayer and each of the TRA Holders agree to report, and
to cause their respective Subsidiaries to report, for all purposes (including U.S. federal, state and local Tax purposes), all
Tax-related items (including, without limitation, the Basis Adjustments and each Tax Benefit Payment) in a manner consistent with
the description of any Tax characterization herein (including as set forth in Section 2.2(b) and Section 3.1(a) and
any Schedule required to be provided by or on behalf of the Corporate Taxpayer under this Agreement, as finally determined pursuant
to Section 2.3). If the Corporate Taxpayer and any TRA Holder, for any reason, are unable to successfully resolve any disagreement
concerning such treatment within thirty (30) calendar days, the Corporate Taxpayer and such TRA Holder shall employ the Reconciliation
Procedures under Section 7.10 or Resolution of Disputes procedures under Section 7.9, as applicable.


 






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Section
6.3           Cooperation.
Each TRA Holder shall (a) furnish to the Corporate Taxpayer in a timely manner such information, documents and other
materials as the Corporate Taxpayer may reasonably request for purposes of making any determination or computation necessary
or appropriate under this Agreement, preparing any Tax Return, or contesting or defending any Tax Proceeding, (b) make
itself reasonably available to the Corporate Taxpayer and its representatives to provide explanations of documents and
materials and such other information as the Corporate Taxpayer or its representatives may reasonably request in connection
with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such matter.
The Corporate Taxpayer shall reimburse each TRA Holder for any reasonable third-party costs and expenses incurred pursuant to
this Section 6.3.


 


Section
6.4           Tax Proceedings.
The Corporate Taxpayer shall use reasonable efforts (for the avoidance of doubt, taking into account the interests and entitlements
of all TRA Holders, the Corporate Taxpayer and Focus LLC) to defend the Tax treatment contemplated by this Agreement and any Schedule
in any audit, contest or similar proceeding with any Taxing Authority.


 


ARTICLE
VII

MISCELLANEOUS


 


Section
7.1           Notices. All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed duly given and received
(a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax
machine if sent on a Business Day (or otherwise on the next Business Day) or (b) on the first Business Day following the date of
dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or
pursuant to such other instructions as may be designated in writing by the party to receive such notice:


 


If to the Corporate Taxpayer,
to:


 


Focus Financial Partners Inc.


875 Third Avenue, 28th
Floor


New York, NY 10022

Attention: Chief Financial Officer


 


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


 


Vinson & Elkins L.L.P.

666 Fifth Avenue, 26th Floor


New York, NY 10103-0040

Telephone: (212) 237-0000

Attention: Robert Seber


 


If to the Agent, to:


 


The address set forth in the corresponding
provision of the Non-PE TRA.


 


If to a TRA Holder, other than an
Agent, that is or was a partner in Focus LLC, to:


 


The address set forth in the records
of Focus LLC.


 






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Any party may change its address or fax number by giving the
other party written notice of its new address or fax number in the manner set forth above.


 


Section
7.2           Counterparts.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it being
understood that all parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by facsimile
transmission or otherwise (including an electronically executed signature page) shall be as effective as delivery of a manually
signed counterpart of this Agreement.


 


Section
7.3           Entire Agreement;
No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings,
both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure
solely to the benefit of each party hereto and their respective successors and permitted assigns, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever
under or by reason of this Agreement, except as expressly provided in Section 3.3.


 


Section
7.4           Governing Law.
This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with,
the law of the State of New York, without regard to the conflicts of laws principles thereof that would mandate the application
of the laws of another jurisdiction.


 


Section
7.5           Severability.
If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or public policy,
all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable
manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.


 


Section
7.6           Successors; Assignment.


 


(a)   No TRA Holder may assign this Agreement to any Person without the prior written consent of the Corporate Taxpayer; provided,
however, that:


 


(i)               to
the extent Units are transferred in accordance with the terms of the Focus LLC Agreement (except pursuant to the Exchange Right
or the Call Right), the transferring TRA Holder shall assign to the transferee of such Units the transferring TRA Holder’s
rights under this Agreement with respect to such transferred Units, and such transferee shall execute and deliver a joinder to
this Agreement, in form and substance reasonably satisfactory to the Corporate Taxpayer, agreeing to become a “TRA Holder”
for all purposes of this Agreement, and


 






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(ii)             
the right to receive any and all payments payable or that may become payable to a TRA Holder pursuant to this Agreement
that, once an Exchange has occurred, arise with respect to the Units transferred in such Exchange, may be assigned to any Person
or Persons without the prior written consent of the Corporate Taxpayer as long as any such Person has executed and delivered, or,
in connection with such assignment, executes and delivers, a joinder to this Agreement, in form and substance reasonably satisfactory
to the Corporate Taxpayer, agreeing to be bound by Section 7.13.


 


For the avoidance of
doubt, the parties acknowledge that an assignment of rights pursuant to this Section 7.6(a) is not expected to affect the
U.S. federal income (or applicable state and local) Tax characterization by the Corporate Taxpayer of payments made under this
Agreement.


 


(b)   The Person designated as the Agent for the TRA Holders may not be changed without the prior written consent of the Corporate
Taxpayer.


 


(c)   Except as otherwise specifically provided herein, all of the terms and provisions of this Agreement shall be binding upon,
shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors,
administrators and legal representatives. The Corporate Taxpayer shall cause any direct or indirect successor (whether by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporate Taxpayer, by written
agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporate
Taxpayer would be required to perform if no such succession had taken place.


 


Section
7.7           Amendments; Waivers.
No provision of this Agreement may be amended in a manner that materially affects the substantive rights of any TRA Holder hereunder
unless such amendment is approved in writing by each of the Corporate Taxpayer and the Majority TRA Holders; provided, however,
that no such amendment shall be effective if such amendment would have a materially disproportionate effect on the payments certain
TRA Holders will or may receive under this Agreement unless a majority of such disproportionately affected TRA Holders (as determined
in the same manner as the Majority TRA Holders would be determined if such disproportionately affected TRA Holders were the only
TRA Holders) consent in writing to such amendment. Notwithstanding anything in this Agreement to the contrary, if an amendment
is made to a provision of the Non-PE TRA that is substantially similar to a provision in this Agreement, a substantially similar
amendment shall concurrently be made to the relevant provision(s) of this Agreement and the Corporate Taxpayer and the Majority
TRA Holders shall be deemed to have approved in writing such amendment.


 


Section
7.8           Titles and Subtitles.
The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered
in construing this Agreement.


 






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Section
7.9           Resolution of Disputes.


 


(a)    Any
and all disputes which are not governed by Section 7.10, including any ancillary claims of any party, arising out of,
relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of
this Agreement (including the validity, scope and enforceability of this Section 7.9 and Section 7.10) (each a
 “Dispute”) shall be governed by this Section 7.9. The parties hereto shall attempt in good faith to
resolve all Disputes by negotiation. If a Dispute between the parties hereto cannot be resolved in such manner, such Dispute
shall be finally settled by arbitration conducted by a single arbitrator in accordance with the then-existing rules of
arbitration of the American Arbitration Association. If the parties to the Dispute fail to agree on the selection of an
arbitrator within ten (10) calendar days of the receipt of the request for arbitration, the American Arbitration Association
shall make the appointment. The arbitrator shall be a lawyer admitted to the practice of law in a U.S. state, or a nationally
recognized expert in the relevant subject matter, and shall conduct the proceedings in the English language. Performance
under this Agreement shall continue if reasonably possible during any arbitration proceedings. In addition to monetary
damages, the arbitrator shall be empowered to award equitable relief, including an injunction and specific performance of any
obligation under this Agreement. The arbitrator is not empowered to award damages in excess of compensatory damages, and each
party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. The
award shall be the sole and exclusive remedy between the parties regarding any claims, counterclaims, issues, or accounting
presented to the arbitral tribunal. Judgment upon any award may be entered and enforced in any court having jurisdiction over
a party or any of its assets. The parties involved in any Dispute shall each bear their own costs and expenses of such
Dispute unless, in the event of an arbitration, otherwise determined by the arbitrator in accordance with the then-existing
rules of arbitration of the American Arbitration Association.


 


(b)   Notwithstanding
the provisions of Section 7.9(a), the Corporate Taxpayer may bring an action or special proceeding in any court of competent
jurisdiction for the purpose of compelling a party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration
hereunder, and/or enforcing an arbitration award and, for the purposes of this Section 7.9(b), the Agent and each TRA Holder
(i) expressly consents to the application of Section 7.9(c) to any such action or proceeding, (ii) agrees that
proof shall not be required that monetary damages for breach of the provisions of this Agreement would be difficult to calculate
and that remedies at law would be inadequate, and (iii) irrevocably appoints the Corporate Taxpayer as agent of such party
for service of process in connection with any such action or proceeding and agrees that service of process upon such agent, who
shall promptly advise such party in writing of any such service of process, shall be deemed in every respect effective service
of process upon such party in any such action or proceeding.


 


(c)   EACH
PARTY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF COURTS LOCATED IN New York
FOR THE PURPOSE OF ANY JUDICIAL PROCEEDING BROUGHT IN ACCORDANCE WITH THE PROVISIONS OF PARAGRAPH (B) OF THIS Section
7.9 OR ANY JUDICIAL PROCEEDING ANCILLARY TO AN ARBITRATION OR CONTEMPLATED ARBITRATION ARISING OUT OF OR RELATING TO
OR CONCERNING THIS AGREEMENT. Such ancillary judicial proceedings include any suit, action or proceeding to compel arbitration,
to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm an arbitration award. The parties acknowledge
that the forum designated by this Section 7.9(c) have a reasonable relation to this Agreement, and to the parties’
relationship with one another.


 






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(d)   The parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may
have to personal jurisdiction or to the laying of venue of any such ancillary suit, action or proceeding brought in any court referred
to in Section 7.9(c) and such parties agree not to plead or claim the same.


 


Section
7.10         Reconciliation. In the event that the
Agent or any TRA Holder (as applicable, the “Disputing Party”) and the Corporate Taxpayer are unable to resolve
a disagreement with respect to the calculations required to produce the schedules described in Section 2.3, Section 4.4
and Section 6.2 (but not, for the avoidance doubt, with respect to any legal interpretation with respect to such provisions
or schedules) within the relevant period designated in this Agreement (“Reconciliation Dispute”), the Reconciliation
Dispute shall be submitted for determination to the Expert. The Expert shall be a partner or principal in a nationally recognized
accounting or law firm, and unless the Corporate Taxpayer and the Disputing Party agree otherwise, the Expert shall not, and the
firm that employs the Expert shall not, have any material relationship with the Corporate Taxpayer or the Disputing Party or other
actual or potential conflict of interest. If the parties are unable to agree on an Expert within fifteen (15) calendar days of
receipt by the respondent(s) of written notice of a Reconciliation Dispute, the Expert shall be appointed by the American Arbitration
Association. The Expert shall resolve (a) any matter relating to the Exchange Schedule or an amendment thereto or the Early Termination
Schedule or an amendment thereto within thirty (30) calendar days, (b) any matter relating to a Tax Benefit Payment Schedule or
an amendment thereto within fifteen (15) calendar days, and (c) any matter related to treatment of any tax-related item as contemplated
in Section 6.2 within fifteen (15) calendar days, or, in each case, as soon thereafter as is reasonably practicable after
such matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved
before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting
the subject of a disagreement is due, any portion of such payment that is not under dispute shall be paid on the date prescribed
by this Agreement and such Tax Return may be filed as prepared by the Corporate Taxpayer, subject to adjustment or amendment upon
resolution. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporate
Taxpayer except as provided in the next sentence. The Corporate Taxpayer and the Disputing Party shall each bear its own costs
and expenses of such proceeding, unless (i) the Expert adopts such Disputing Party’s position, in which case the Corporate
Taxpayer shall reimburse such Disputing Party for any reasonable out-of-pocket costs and expenses in such proceeding, or (ii) the
Expert adopts the Corporate Taxpayer’s position, in which case such Disputing Party shall reimburse the Corporate Taxpayer
for any reasonable out-of-pocket costs and expenses in such proceeding. Any dispute as to whether a dispute is a Reconciliation
Dispute within the meaning of this Section 7.10 shall be decided by the Expert. The Expert shall finally determine any Reconciliation
Dispute and the determinations of the Expert pursuant to this Section 7.10 shall be binding on the Corporate Taxpayer and
its Subsidiaries and the Disputing Party and may be entered and enforced in any court having jurisdiction.


 


Section
7.11         Withholding. The
Corporate Taxpayer shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as
the Corporate Taxpayer is required to deduct and withhold with respect to the making of such payment under the Code or any provision
of U.S. federal, state, local or non-U.S. tax law. To the extent that amounts are so withheld and paid over to the appropriate
Taxing Authority by the Corporate Taxpayer, such withheld amounts shall be treated for all purposes of this Agreement as having
been paid to the relevant TRA Holder. Upon a TRA Holder’s request, the Corporate Taxpayer shall provide evidence of any
such payment to such TRA Holder. Each TRA Holder shall furnish to the Corporate Taxpayer in a timely manner such statements, certifications
or other information reasonably requested by the Corporate Taxpayer for purposes of determining the extent to which any payments
hereunder are subject to withholding or deduction. The Corporate Taxpayer and the TRA Holders shall reasonably cooperate to reduce
or eliminate any withholding or deduction from any payment made pursuant to this Agreement.


 






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Section
7.12          Status of Corporate Taxpayer as a Member
of a Consolidated Group; Transfers of Corporate Assets.


 


(a)   If the Corporate Taxpayer is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated
income Tax Return pursuant to Sections 1501 et seq. of the Code, then: (i) the provisions of this Agreement shall be
applied with respect to the group as a whole; and (ii) Tax Benefit Payments, Early Termination Payments and other applicable
items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole.


 


(b)   If
the Corporate Taxpayer (or any other entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder),
Focus LLC or any of Focus LLC’s direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for
U.S. federal income tax purposes (but only to the extent such Subsidiaries are not held through any entity treated as a corporation
for U.S. federal income tax purposes) (a “Transferor”) transfers one or more Reference Assets to a corporation
(or a Person classified as a corporation for U.S. federal income tax purposes) with which the Transferor does not file a consolidated
Tax Return pursuant to Section 1501 of the Code, the Transferor, for purposes of calculating the amount of any Tax Benefit Payment
or Early Termination Payment (e.g., calculating the gross income of the entity and determining the Realized Tax Benefit of such
entity) due hereunder, shall be treated as having disposed of such Reference Assets in a fully taxable transaction on the date
of such contribution. The consideration deemed to be received by the Transferor shall be equal to the fair market value of the
transferred Reference Assets, plus, without duplication, (i) the amount of debt to which any such Reference Asset is subject,
in the case of a transfer of an encumbered Reference Asset or (ii) the amount of debt allocated to any such Reference Asset,
in the case of a contribution of a partnership interest. For purposes of this Section 7.12(b), a transfer of a partnership
interest shall be treated as a transfer of the Transferor’s share of each of the assets and liabilities of that partnership.


 






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Section
7.13       Confidentiality.


 


(a)   The
Agent and each of its assignees and each TRA Holder and each of such TRA Holder’s assignees acknowledges and agrees
that the information of the Corporate Taxpayer is confidential and, except in the course of performing any duties as
necessary for the Corporate Taxpayer and its Affiliates, as required by law or legal process or to enforce the terms of this
Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any Person any confidential
matters, acquired pursuant to this Agreement, of the Corporate Taxpayer and its Affiliates and successors, concerning Focus
LLC and its Affiliates and successors or the TRA Holders, learned by the Agent or any TRA Holder heretofore or hereafter.
This Section 7.13 shall not apply to (i) any information that has been made publicly available by the Corporate
Taxpayer or any of its Affiliates, becomes public knowledge (except as a result of an act of an Agent or a TRA Holder in
violation of this Agreement) or is generally known to the business community and (ii) the disclosure of information
(A) as may be proper in the course of performing the Agent’s or a TRA Holder’s obligations, or monitoring or
enforcing a TRA Holder’s rights, under this Agreement, (B) as part of a TRA Holder’s normal reporting,
rating or review procedure (including normal credit rating and pricing process), or in connection with a TRA Holder’s
or such TRA Holder’s Affiliates’ normal fund raising, financing, marketing, informational or reporting
activities, or to a TRA Holder’s (or any of its Affiliates’) or its direct or indirect owners or Affiliates,
auditors, accountants, employees, attorneys or other agents, (C) to any bona fide prospective assignee of a TRA
Holder’s rights under this Agreement, or prospective merger or other business combination partner of a TRA Holder, provided
that such assignee or merger partner agrees to be bound by the provisions of this Section 7.13, (D) as is
required to be disclosed by order of a court of competent jurisdiction, administrative body or governmental body, or by
subpoena, summons or legal process, or by law, rule or regulation; provided that any TRA Holder required to make any
such disclosure to the extent legally permissible shall provide the Corporate Taxpayer prompt notice of such disclosure, or
to regulatory authorities or similar examiners conducting regulatory reviews or examinations (without any such notice to the
Corporate Taxpayer), or (E) to the extent necessary for a TRA Holder or its direct or indirect owners 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 Tax Proceeding with respect to such Tax Returns. Notwithstanding anything to the contrary herein, the Agent (and
each employee, representative or other agent of such Agent or its assignees, as applicable) and each TRA Holder and each of
its assignees (and each employee, representative or other agent of such TRA Holder or its assignees, as applicable) may
disclose to any and all Persons, without limitation of any kind, the Tax treatment and Tax structure of the Corporate
Taxpayer, Focus LLC, the Agent, the TRA Holders and their Affiliates, and any of their transactions, and all materials of any
kind (including opinions or other Tax analyses) that are provided to the Agent or any TRA Holder relating to such Tax
treatment and Tax structure.


 


(b)   If an Agent or an assignee or a TRA Holder or an assignee commits a breach, or threatens to commit a breach, of any of the
provisions of this Section 7.13, the Corporate Taxpayer shall have the right and remedy to have the provisions of this Section
7.13 specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post
any bond or other security, it being acknowledged and agreed that any such breach or threatened breach shall cause irreparable
injury to the Corporate Taxpayer or any of its Subsidiaries or the TRA Holders and the accounts and funds managed by the Corporate
Taxpayer and that money damages alone shall not provide an adequate remedy to such Persons. Such rights and remedies shall be in
addition to, and not in lieu of, any other rights and remedies available at law or in equity.


 






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Section
7.14         Certain Terminations by a TRA
Holder. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a
TRA Holder reasonably believes that the existence of this Agreement (a) could cause income (other than income arising from
receipt of a payment under this Agreement) recognized by such TRA Holder upon any Exchange that as of the date of this
Agreement would be treated as capital gain to instead to be treated as ordinary income rather than capital gain (or otherwise
taxed at ordinary income rates) for U.S. federal income tax purposes or (b) would have other material adverse tax
consequences to such TRA Holder and/or its direct or indirect owners, then, in either case, at the election of such TRA
Holder and to the extent specified by such TRA Holder, this Agreement (i) shall not apply to an Exchange by such TRA Holder
occurring after a date specified by it or (ii) shall otherwise be amended in a manner determined by such TRA Holder to waive
any benefits to which such TRA Holder would otherwise be entitled under this Agreement, provided that such amendment shall
not result in an increase in or acceleration of payments under this Agreement at any time as compared to the amounts and
times of payments that would have been due in the absence of such amendment. Further, notwithstanding anything herein to the
contrary, any TRA Holder may, at any time, elect for this Agreement to cease to have further effect in its entirety with
respect to such TRA Holder, and the Corporate Taxpayer shall cease to have any further obligations in respect of such TRA
Holder, in each case from and after the date specified by such TRA Holder.


 


Section
7.15         Independent Nature of Members’ Rights
and Obligations. The obligations of each TRA Holder hereunder are several and not joint with the obligations of any other TRA
Holder, and no TRA Holder shall be responsible in any way for the performance of the obligations of any other TRA Holder hereunder.
The decision of each TRA Holder to enter into this Agreement has been made by such TRA Holder independently of any other TRA Holder.
Nothing contained herein, and no action taken by any TRA Holder pursuant hereto, shall be deemed to constitute the TRA Holders
as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the TRA Holders are
in any way acting in concert or as a group with respect to such obligations or the transactions contemplated hereby and the Corporate
Taxpayer acknowledges that the TRA Holders are not acting in concert or as a group, and the Corporate Taxpayer will not assert
any such claim, with respect to such obligations or the transactions contemplated hereby.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF,
the Corporate Taxpayer, the TRA Holders, and the Agent have duly executed this Agreement as of the date first written above.


 


	 	CORPORATE TAXPAYER:
	 	 
	 	FOCUS FINANCIAL PARTNERS INC.
	 	 
	 	By:	 /s/ Ruediger Adolf
	 	 	Name:	Ruediger Adolf
	 	 	Title:	 Chief Executive Officer




 


Signature Page to Tax
Receivable Agreement




 









     


     


    

 


	 	AGENT:
	 	 
	 	RUEDIGER ADOLF
	 	 
	 	/s/ Ruediger Adolf
	 	Ruediger Adolf




 


 


[The signatures of
the TRA Holders are included in their individual joinders to this Agreement] 


 


Signature
Page to Tax Receivable Agreement