Exhibit 10.1


 


 


FORM OF


 


AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT



OF



FIFTH STREET HOLDINGS L.P.



Dated as of ________, 2014


 


 


THE PARTNERSHIP UNITS OF FIFTH STREET HOLDINGS L.P. HAVE NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THE SECURITIES LAWS OF ANY STATE, PROVINCE OR ANY OTHER APPLICABLE
SECURITIES LAWS AND ARE BEING SOLD IN RELIANCE UPON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH
LAWS. SUCH UNITS 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 OR PROVINCE,
AND ANY OTHER APPLICABLE SECURITIES LAWS; (II) THE TERMS AND CONDITIONS OF THIS AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT;
AND (III) ANY OTHER TERMS AND CONDITIONS AGREED TO IN WRITING BETWEEN THE GENERAL PARTNER AND THE APPLICABLE LIMITED PARTNER.
THE UNITS MAY NOT BE TRANSFERRED OF RECORD EXCEPT IN COMPLIANCE WITH SUCH LAWS; THIS LIMITED PARTNERSHIP AGREEMENT; AND ANY OTHER
TERMS AND CONDITIONS AGREED TO IN WRITING BY THE GENERAL PARTNER AND THE APPLICABLE LIMITED PARTNER. THEREFORE, PURCHASERS AND
OTHER TRANSFEREES OF SUCH UNITS 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	1
	 	 	 
	SECTION 1.01	Definitions	1
	 	 	 
	ARTICLE II	FORMATION, TERM, PURPOSE AND POWERS	9
	 	 	 
	SECTION 2.01	Formation	9
	SECTION 2.02	Name	9
	SECTION 2.03	Term	9
	SECTION 2.04	Offices	9
	SECTION 2.05	Agent for Service of Process; Existence and Good Standing; Foreign Qualification	9
	SECTION 2.06	Business Purpose	10
	SECTION 2.07	Powers of the Partnership	10
	SECTION 2.08	Partners; Admission of New Partners	10
	SECTION 2.09	Withdrawal	10
	SECTION 2.10	Investment Representations of Partners	11
	 	 	 
	ARTICLE III	MANAGEMENT	11
	 	 	 
	SECTION 3.01	General Partner	11
	SECTION 3.02	Compensation	11
	SECTION 3.03	Expenses	12
	SECTION 3.04	Officers	12
	SECTION 3.05	Authority of Partners	13
	SECTION 3.06	Action by Written Consent or Ratification	13
	 	 	 
	ARTICLE IV	DISTRIBUTIONS	13
	 	 	 
	SECTION 4.01	Distributions	13
	SECTION 4.02	Liquidation Distribution	14
	SECTION 4.03	Limitations on Distribution	14
	 	 	 
	ARTICLE V	CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS; TAX ALLOCATIONS; TAX MATTERS	15
	 	 	 
	SECTION 5.01	Initial Capital Contributions	15
	SECTION 5.02	No Additional Capital Contributions	15
	SECTION 5.03	Capital Accounts	15
	SECTION 5.04	Allocations of Profits and Losses	15
	SECTION 5.05	Special Allocations	15
	SECTION 5.06	Tax Allocations	17
	SECTION 5.07	Tax Advances	17
	SECTION 5.08	Tax Matters	18


 




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	SECTION 5.09	Other Allocation Provisions	18
	SECTION 5.10	Section 754 Election	18
	 	 	 
	ARTICLE VI	BOOKS AND RECORDS; REPORTS	18
	 	 	 
	SECTION 6.01	Books and Records	18
	 	 	 
	ARTICLE VII	PARTNERSHIP UNITS	19
	 	 	 
	SECTION 7.01	Units	19
	SECTION 7.02	Register	20
	SECTION 7.03	Registered Partners	20
	SECTION 7.04	Preemptive Rights	20
	 	 	 
	ARTICLE VIII	VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS	21
	 	 	 
	SECTION 8.01	Vesting of Unvested Units	21
	SECTION 8.02	Limited Partner Transfers	21
	SECTION 8.03	Mandatory Exchanges	22
	SECTION 8.04	Encumbrances	22
	SECTION 8.05	Further Restrictions	22
	SECTION 8.06	Rights of Assignees	24
	SECTION 8.07	Admissions, Withdrawals and Removals	24
	SECTION 8.08	Admission of Assignees as Substitute Limited Partners	24
	SECTION 8.09	Withdrawal and Removal of Limited Partners	25
	 	 	 
	ARTICLE IX	DISSOLUTION, LIQUIDATION AND TERMINATION	25
	 	 	 
	SECTION 9.01	No Dissolution	25
	SECTION 9.02	Events Causing Dissolution	25
	SECTION 9.03	Distribution upon Dissolution	26
	SECTION 9.04	Time for Liquidation	26
	SECTION 9.05	Termination	26
	SECTION 9.06	Claims of the Partners	26
	SECTION 9.07	Survival of Certain Provisions	27
	 	 	 
	ARTICLE X	LIABILITY AND INDEMNIFICATION	27
	 	 	 
	SECTION 10.01	Liability of Partners	27
	SECTION 10.02	Indemnification	28
	 	 	 
	ARTICLE XI	MISCELLANEOUS	30
	 	 	 
	SECTION 11.01	Severability	30
	SECTION 11.02	Notices	31
	SECTION 11.03	Cumulative Remedies	31
	SECTION 11.04	Binding Effect	31


 




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	SECTION 11.05	Interpretation	31
	SECTION 11.06	Counterparts	31
	SECTION 11.07	Further Assurances	32
	SECTION 11.08	Entire Agreement	32
	SECTION 11.09	Governing Law	32
	SECTION 11.10	Dispute Resolution	32
	SECTION 11.11	Expenses	34
	SECTION 11.12	Amendments and Waivers	35
	SECTION 11.13	No Third Party Beneficiaries	36
	SECTION 11.14	Headings	36
	SECTION 11.15	Power of Attorney	36
	SECTION 11.16	Separate Agreements; Schedules	36
	SECTION 11.17	Partnership Status	37
	SECTION 11.18	Delivery by Facsimile or Email	37


 




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AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT



OF



FIFTH STREET HOLDINGS L.P.


 


This AMENDED AND RESTATED LIMITED PARTNERSHIP
AGREEMENT (this “Agreement”) of Fifth Street Holdings L.P. (the “Partnership”) is made as
of the ____ day of________________, 2014, by and among Fifth Street Asset Management, Inc., a corporation formed
under the laws of the State of Delaware (“FSAM”), as general partner, and the Limited Partners (as defined herein)
of the Partnership.


 


WHEREAS, the Partnership was formed as a
limited partnership pursuant to the Act, by the filing of a Certificate of Limited Partnership (the “Certificate”)
with the Office of the Secretary of State of the State of Delaware and the execution of the Limited Partnership Agreement of the
Partnership dated as of June 27, 2014 (the “Original Agreement”); and


 


WHEREAS, the parties hereto desire to enter
into this Amended and Restated Limited Partnership Agreement of the Partnership and to permit the admission of the Limited Partners
to the Partnership.


 


NOW, THEREFORE, in consideration of the
mutual promises and agreements herein made and intending to be legally bound hereby, the parties hereto agree to amend and restate
the Original Agreement in its entirety to read as follows:


 


ARTICLE I



DEFINITIONS


 


SECTION 1.01         Definitions.
Capitalized terms used herein without definition have the following meanings (such meanings being equally applicable to both the
singular and plural form of the terms defined):


 


“Act” means, the Delaware
Revised Uniform Limited Partnership Act, 6 Del. C. Section 17-101, et seq., as it may be amended from time to time.


 


“Additional Credit Amount”
has the meaning set forth in Section 4.01(b)(ii).


 


“Adjusted Capital Account Balance”
means, with respect to each Partner, the balance in such Partner’s Capital Account adjusted (a) by taking into account the
adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6); and
(b) by adding to such balance such Partner’s share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain,
determined pursuant to Treasury Regulations Sections 1.704-2(g) and 1.704-2(i)(5), any amounts such Partner is obligated to restore
pursuant to any provision of this Agreement or by applicable Law. The foregoing definition of Adjusted Capital Account Balance
is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently
therewith.


 




    	 



    	 



    

 


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


 


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


 


“Amended Tax Amount”
has the meaning set forth in Section 4.01(b)(ii).


 


“Assignee” has the meaning
set forth in Section 8.07.


 


“Assumed Tax Rate” means
the highest effective marginal combined U.S. federal, state and local income tax rate for a Fiscal Year prescribed for an individual
or corporate resident in New York, New York (taking into account (a) the nondeductiblity of expenses subject to the limitation
described in Section 67(a) of the Code and (b) the character (e.g., long-term or short-term capital gain or ordinary or exempt
income) of the applicable income, but not taking into account the deductibility of state and local income taxes for U.S. federal
income tax purposes). For the avoidance of doubt, the Assumed Tax Rate will be the same for all Partners.


 


“Available Cash” means,
with respect to any fiscal period, the amount of cash on hand which the General Partner, in its reasonable discretion, deems available
for distribution to the Partners, taking into account all debts, liabilities and obligations of the Partnership and amounts which
the General Partner, in its reasonable discretion, deems necessary to expend or retain for working capital or to place into reserves
for customary and usual claims with respect to the Partnership’s operations.


 


“Capital Account” means
the separate capital account maintained for each Partner in accordance with Section 5.03 hereof.


 


“Capital Contribution”
means, with respect to any Partner, the aggregate amount of money contributed to the Partnership and the Carrying Value of any
property (other than money), net of any liabilities assumed by the Partnership upon contribution or to which such property is subject,
contributed to the Partnership pursuant to Article V.


 


“Carrying Value” means,
with respect to any Partnership asset, the asset’s adjusted basis for U.S. federal income tax purposes, except that the initial
carrying value of assets contributed to the Partnership shall be their respective gross fair market values on the date of contribution
as determined by the General Partner, and the Carrying Values of all Partnership assets shall be adjusted to equal their respective
fair market values, in accordance with the rules set forth in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), except as otherwise
provided herein, as of: (a) the date of the acquisition of any additional Partnership interest by any new or existing Partner
in exchange for more than a de minimis Capital Contribution; (b) the date of the distribution of more than a de minimis
amount of Partnership assets to a Partner; (c) the date a Partnership interest is relinquished to the Partnership; or (d) any other
date specified in the Treasury Regulations; provided, however, that adjustments pursuant to clauses (a), (b) (c) and (d) above
shall be made only if such adjustments are deemed necessary or appropriate by the General Partner to reflect the relative economic
interests of the Partners. The Carrying Value of any Partnership asset distributed to any Partner shall be adjusted immediately
before such distribution to equal its fair market value. In the case of any asset that has a Carrying Value that differs from its
adjusted tax basis, Carrying Value shall be adjusted by the amount of depreciation calculated for purposes of the definition of
“Profits (Losses)” rather than the amount of depreciation determined for U.S. federal income tax purposes, and depreciation
shall be calculated by reference to Carrying Value rather than tax basis once Carrying Value differs from tax basis.


 




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“Cause” means, with respect
to any Service Provider, the definition set forth in their respective employment agreement with FSM LLC or an Affiliate or, if
no such agreement exists or if not defined in such agreement, (a) the failure of such Service Provider to substantially perform
his duties to FSM LLC or any Affiliate of FSM LLC that employs the Service Provider, including, without limitation, a material
reduction in working hours or work product, or a material decline in quality of work (other than any such failure caused by such
Service Provider’s incapacity due to physical or mental impairment); (b) the conviction or admission of a felony or a crime
involving moral turpitude; (c) conduct reasonably tending to bring the Company, FSM LLC, FSAM, FSC or FSFR into public disgrace
or disrepute; (d) an act of fraud, misappropriation or embezzlement of any material assets or property of the Company or any of
its customers or Affiliates; (e) gross negligence or willful misconduct with respect to the Company or any of its customers or
Affiliates; (f) breach, in any material respect, of any of the representations or warranties of the Service Provider set forth
in a written employment agreement, non-solicitation agreement or non-disclosure agreement between FSM LLC (or an Affiliate of the
Company) and the Service Provider; or (g) willful breach of any covenant set forth in a written employment agreement, non-solicitation
agreement or non-disclosure agreement between FSM LLC (or an Affiliate of the Company) and the Service Provider.


 


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


 


“Class” means the classes
of Units into which the limited partnership interests in the Partnership may be classified or divided from time to time by the
General Partner in its sole discretion pursuant to the provisions of this Agreement. As of the date of this Agreement the only
Class is the Class A Units. Subclasses within a Class shall not be separate Classes for purposes of this Agreement. For all purposes
hereunder and under the Act, only such Classes expressly established under this Agreement, including by the General Partner in
accordance with this Agreement, shall be deemed to be a class of limited partner interests in the Partnership. For the avoidance
of doubt, to the extent that the General Partner holds limited partner interests of any Class, the General Partner shall not be
deemed to hold a separate Class of such interests from any other Limited Partner because it is the General Partner.


 


“Class A Units” means
the Units of partnership interest in the Partnership designated as the “Class A Units” herein and having the rights
pertaining thereto as are set forth in this Agreement.


 


“Code” means the Internal
Revenue Code of 1986, as amended from time to time.


 




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“Class A Common Shares”
means shares of Class A Common Stock, par value $0.001, of FSAM.


 


“Consenting Party” has
the meaning set forth in Section 11.10(a).


 


“Contingencies” has the
meaning set forth in Section 9.03(a).


 


“Contribution Agreement”,
with respect to any Limited Partner, means the Contribution Agreement entered into by and between the Partnership and such Limited
Partner, pursuant to which, inter alia, such Limited Partner party thereto agreed to contribute his, her or its membership
interests of Fifth Street Management LLC to the Partnership in exchange for Class A Units.


 


“Control” (including
the terms “Controlled by” and “under common Control with”) means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership
of voting securities, as trustee or executor, by contract or otherwise, including, without limitation, the ownership, directly
or indirectly, of securities having the power to elect a majority of the board of directors or similar body governing the affairs
of such Person.


 


“Credit Amount” has the
meaning set forth in Section 4.01(b)(ii).


 


“Creditable Non-U.S. Tax”
means a non-U.S. tax paid or accrued for United States federal income tax purposes by the Partnership, in either case to the extent
that such tax is eligible for credit under Section 901(a) of the Code. A non-U.S. tax is a Creditable Non-U.S. Tax for these
purposes without regard to whether a partner receiving an allocation of such non-U.S. tax elects to claim a credit for such amount.
This definition is intended to be consistent with the term “creditable foreign tax” in Treasury Regulations Section 1.704-1(b)(4)(viii),
and shall be interpreted consistently therewith.


 


“Disabling Event” means
the General Partner ceasing to be the general partner of the Partnership pursuant to Section 17-402 of the Act.


 


“Dispute” has the meaning
set forth in Section 11.10(a).


 


“Dissolution Event” has
the meaning set forth in Section 9.02.


 


“Encumbrance” means any
mortgage, hypothecation, claim, lien, encumbrance, conditional sales or other title retention agreement, right of first refusal,
preemptive right, pledge, option, charge, security interest or other similar interest, easement, judgment or imperfection of title
of any nature whatsoever.


 


“ERISA” means The Employee
Retirement Income Security Act of 1974, as amended.


 


“Exchange Act” means
the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.


 




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“Exchange Agreement”
means the exchange agreement dated as of or about the date hereof among FSAM, the Partnership, the Limited Partners from time to
time party thereto, and the other parties thereto, as amended from time to time.


 


“Exchange Transaction”
means an exchange of Units for Class A Common Shares pursuant to, and in accordance with, the Exchange Agreement or, if FSAM and
the exchanging Limited Partner shall mutually agree, a Transfer of Units to FSAM, the Partnership or any of their subsidiaries
for other consideration.


 


“Final Tax Amount” has
the meaning set forth in Section 4.01(b)(ii).


 


“Fiscal Year” means,
unless otherwise determined by the General Partner in its sole discretion in accordance with Section 11.12, (a) the period commencing
upon the formation of the Partnership and ending on December 31, 2014 or (b) any subsequent twelve-month period commencing on January
1 and ending on December 31.


 


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


 


“FSAM Controlling Shareholders”
means the owners of the Class B Common Shares of FSAM.


 


“FSAM Governing Documents”
means, collectively, the Amended and Restated Certificate of Incorporation and Bylaws of FSAM, as such documents may be amended,
supplemented or restated from time to time.


 


“FSC” means Fifth Street
Finance Corp., a Delaware corporation.


 


“FSFR” means Fifth Street
Senior Floating Rate Corp., a Delaware corporation.


 


“FSM LLC” means Fifth
Street Management LLC, a Delaware limited liability company.


 


“GAAP” means accounting
principles generally accepted in the United States of America as in effect from time to time.


 


“General Partner” means
FSAM, or any successor general partner to whom FSAM may transfer its General Partnership Interests and is admitted to the Partnership
in accordance with the terms of this Agreement.


 


“General Partnership Interests”
means the general partnership interests held by the General Partner which, for the avoidance of doubt, will not be entitled to
any distributions under this Agreement.


 


“Good Reason” means,
with respect to any Limited Partner, the definition set forth in their respective employment agreement with FSM LLC or an Affiliate
of FSM LLC, or, if such Limited Partner does not have such an agreement, (a) a material diminution by FSM LLC or any Affiliate
of FSM LLC of such Limited Partner’s title, base salary or benefits without the consent of such Limited Partner; (b) the
failure of FSM LLC or any Affiliate of FSM LLC to pay to such Limited Partner any undisputed amounts on a timely basis, after notice
and a reasonable opportunity to cure; or (c) the change of such Limited Partner’s primary work location without the consent
of such Limited Partner to a location that is more than a 50 mile radius from the primary work location of such Limited Partner
at the time of the change.


 







“Incapacity” means, with
respect to any Person, the bankruptcy, dissolution, termination, entry of an order of incompetence, or the insanity, permanent
disability or death of such Person.


 




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“Indemnitee” (a) the
General Partner, (b) any additional or substitute General Partner, (c) any Person who is or was a Tax Matters Partner, officer
or director of the General Partner or any additional or substitute General Partner, (d) any officer or director of the General
Partner or any additional or substitute General Partner who is or was serving at the request of the General Partner or any additional
or substitute General Partner as an officer, director, employee, member, partner, Tax Matters Partner, agent, fiduciary or trustee
of another Person; provided that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee,
fiduciary or custodial services, (e) any Person the General Partner in its sole discretion designates as an “Indemnitee”
for purposes of this Agreement and (f) any heir, executor or administrator with respect to Persons named in clauses (a) through
(e).


 


“Law” means any statute,
law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order issued or promulgated by any
national, supranational, state, federal, provincial, local or municipal government or any administrative or regulatory body with
authority therefrom with jurisdiction over the Partnership or any Partner, as the case may be.


 


“Limited Partner” means
each of the Persons from time to time listed as a limited partner in the books and records of the Partnership, and, for purposes
of Sections 8.01, 8.02, 8.03, 8.04, 8.05 and 8.06, and 8.12 any Personal Planning Vehicle of such Limited Partner.


 


“Liquidation Agent” has
the meaning set forth in Section 9.03.


 


“Minimum Retained Ownership Requirement”
has the meaning set forth in Section 8.12.


 


“Net Taxable Income”
has the meaning set forth in Section 4.01(b)(i).


 


“Nonrecourse Deductions”
has the meaning set forth in Treasury Regulations Section 1.704-2(b). The amount of Nonrecourse Deductions of the Partnership
for a fiscal year equals the net increase, if any, in the amount of Partnership Minimum Gain of the Partnership during that fiscal
year, determined according to the provisions of Treasury Regulations Section 1.704-2(c).


 


“Officer” means each
Person designated as an officer of the Partnership by the General Partner pursuant to and in accordance with the provisions of
Section 3.04, subject to any resolutions of the General Partner appointing such Person as an officer of the Partnership or relating
to such appointment.


 


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


 


“Partners” means, at
any time, each person listed as a Partner (including the General Partner) on the books and records of the Partnership, in each
case for so long as he, she or it remains a partner of the Partnership as provided hereunder.


 


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


 


“Partnership Minimum Gain”
has the meaning set forth in Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).


 




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“Partner Nonrecourse Debt Minimum
Gain” means an amount with respect to each partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4))
equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability
(as defined in Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with Treasury Regulations Section 1.704-2(i)(3).


 


“Partner Nonrecourse Deductions”
has the meaning ascribed to the term “partner nonrecourse deductions” set forth in Treasury Regulations Section 1.704-2(i)(2).


 


“Person” means any individual,
estate, corporation, partnership, limited partnership, limited liability company, limited company, joint venture, trust, unincorporated
or governmental organization or any agency or political subdivision thereof.


 


“Personal Planning Vehicle”
means, in respect of any Person that is a natural person, any other Person that is not a natural person designated as a “Personal
Planning Vehicle” of such natural person in the books and records of the Partnership.


 


“Primary Indemnification”
has the meaning set forth in Section 10.02(a).


 


“Profits” and “Losses”
means, for each Fiscal Year or other period, the taxable income or loss of the Partnership, or particular items thereof, determined
in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments:
(a) all items of income, gain, loss or deduction allocated pursuant to Section 5.05 shall not be taken into account in computing
such taxable income or loss; (b) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise
taken into account in computing Profits and Losses shall be added to such taxable income or loss; (c) if the Carrying Value of
any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any gain or loss resulting from a disposition
of such asset shall be calculated with reference to such Carrying Value; (d) upon an adjustment to the Carrying Value (other than
an adjustment in respect of depreciation) of any asset, pursuant to the definition of Carrying Value, the amount of the adjustment
shall be included as gain or loss in computing such taxable income or loss; (e) if the Carrying Value of any asset differs from
its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions
with respect to such asset for purposes of determining Profits and Losses, if any, shall be an amount which bears the same ratio
to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such
adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction
is zero, the General Partner may use any reasonable method for purposes of determining depreciation, amortization or other cost
recovery deductions in calculating Profits and Losses); and (f) except for items in (a) above, any expenditures of the Partnership
not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing
Profits and Losses pursuant to this definition shall be treated as deductible items.


 


“Service Provider” means
any Limited Partner (in his, her or its individual capacity) or other Person, who at the time in question, is employed by or providing
services to FSAM, the Partnership or any of its subsidiaries.


 


“Securities Act” means
the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.


 




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“Similar Law” means any
law or regulation that could cause the underlying assets of the Partnership to be treated as assets of a Limited Partner by virtue
of its limited partner interest in the Partnership and thereby subject the Partnership and the General Partner (or other persons
responsible for the investment and operation of the Partnership’s assets) to laws or regulations that are similar to the
fiduciary responsibility or prohibited transaction provisions contained in Title I of ERISA or Section 4975 of the Code.


 


“Tax Advances” has the
meaning set forth in Section 5.07.


 


“Tax Amount” has the
meaning set forth in Section 4.01(b)(i).


 


“Tax Distributions” has
the meaning set forth in Section 4.01(b)(i).


 


“Tax Matters Partner”
has the meaning set forth in Section 5.08.


 


“Total Percentage Interest”
means, with respect to any Partner, the quotient obtained by dividing the number of Units (vested and unvested) then owned by such
Partner by the number of Units (vested and unvested) then owned by all Partners.


 


“Transfer” means, in
respect of any Unit, property or other asset, any sale, assignment, transfer, distribution, exchange, mortgage, pledge, hypothecation
or other disposition thereof, whether voluntarily or by operation of Law, directly or indirectly, in whole or in part, including,
without limitation, the exchange of any Unit for any other security.


 


“Transferee” means any
Person that is a permitted transferee of a Partner’s interest in the Partnership, or part thereof.


 


“Treasury Regulations”
means the income tax regulations, including temporary regulations, promulgated under the Code, as such regulations may be amended
from time to time (including corresponding provisions of succeeding regulations).


 


“Units” means the Class
A Units and any other Class of limited partnership interests that is established in accordance with this Agreement, which shall
constitute limited partnership interests in the Partnership as provided in this Agreement and under the Act, entitling the holders
thereof to the relative rights, title and interests in the profits, losses, deductions and credits of the Partnership at any particular
time as set forth in this Agreement, and any and all other benefits to which a holder thereof may be entitled as a Partner as provided
in this Agreement, together with the obligations of such Partner to comply with all terms and provisions of this Agreement.


 


“Unvested Units” means
those Units from time to time listed as unvested Units in the books and records of the Partnership, as the same may be amended
from time to time in accordance with this Agreement.


 


“Vested Percentage Interest”
means, with respect to any Partner, the quotient obtained by dividing the number of Vested Units then owned by such Partner by
the number of Vested Units then owned by all Partners.


 




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“Vested Units” means
those Units listed as vested Units in the books and records of the Partnership, as the same may be amended from time to time in
accordance with this Agreement.


 


ARTICLE II



FORMATION, TERM, PURPOSE AND POWERS


 


SECTION 2.01         Formation.
The Partnership was formed as a limited partnership under the provisions of the Act by the filing on June 27, 2014 of the Certificate
as provided in the preamble of this Agreement and execution of the Original Agreement. If requested by the General Partner, the
Limited Partners shall promptly execute all certificates and other documents consistent with the terms of this Agreement necessary
for the General Partner to accomplish all filing, recording, publishing and other acts as may be appropriate to comply with all
requirements for (a) the formation and operation of a limited partnership under the laws of the State of Delaware, (b) if the General
Partner deems it advisable, the operation of the Partnership as a limited partnership, or partnership in which the Limited Partners
have limited liability, in all jurisdictions where the Partnership proposes to operate and (c) all other filings required to be
made by the Partnership. The rights, powers, duties, obligations and liabilities of the Partners shall be determined pursuant to
the Act and this Agreement. To the extent that the rights, powers, duties, obligations and liabilities of any Partner are different
by reason of any provision of this Agreement than they would be in the absence of such provision, this Agreement shall, to the
extent permitted by the Act, control. The execution and filing of the Certificate and each amendment thereto is hereby ratified,
approved and confirmed by the Partners.


 


SECTION 2.02         Name.
The name of the Partnership shall be, and the business of the Partnership shall be conducted under the name of “Fifth Street
Holdings L.P.,” and all Partnership business shall be conducted in that name or in such other names that comply with applicable
law as the General Partner in its sole discretion may select from time to time. Subject to the Act, the General Partner may change
the name of the Partnership (and amend this Agreement to reflect such change) at any time and from time to time without the consent
of any other Person. Prompt notification of any such change shall be given to all Partners.


 


SECTION 2.03         Term.
The term of the Partnership commenced on the date of the filing of the Certificate, and the term shall continue until the dissolution
of the Partnership in accordance with Article IX. The existence of the Partnership shall continue until cancellation of the Certificate
in the manner required by the Act.


 


SECTION 2.04         Offices.
The Partnership may have offices at such places either within or outside the State of Delaware as the General Partner from time
to time may select. As of the date hereof, the principal place of business and office of the Partnership is located at 777 West
Putnam Avenue, Greenwich, Connecticut.


 


SECTION 2.05         Agent
for Service of Process; Existence and Good Standing; Foreign Qualification. (a) The Partnership’s registered agent and
registered office for service of process in the State of Delaware shall be as set forth in the Certificate, as the same may be
amended by the General Partner from time to time.


 




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(b)          The
General Partner may take all action which may be necessary or appropriate (i) for the continuation of the Partnership’s valid
existence as a limited partnership under the laws of the State of Delaware (and of each other jurisdiction in which such existence
is necessary to enable the Partnership to conduct the business in which it is engaged) and (ii) for the maintenance, preservation
and operation of the business of the Partnership in accordance with the provisions of this Agreement and applicable laws and regulations.
The General Partner may file or cause to be filed for recordation in the proper office or offices in each other jurisdiction in
which the Partnership is formed or qualified, such certificates (including certificates of limited partnership and fictitious name
certificates) and other documents as are required by the applicable statutes, rules or regulations of any such jurisdiction or
as are required to reflect the identity of the Partners. The General Partner may cause the Partnership to comply, to the extent
procedures are available and those matters are reasonably within the control of the Officers, with all requirements necessary to
qualify the Partnership to do business in any jurisdiction other than the State of Delaware.


 


SECTION 2.06         Business
Purpose. The Partnership was formed for the object and purpose of, and the nature and character of the business to be conducted
by the Partnership is, engaging in any lawful act or activity for which limited partnerships may be formed under the Act.


 


SECTION 2.07         Powers
of the Partnership. Subject to the limitations set forth in this Agreement, the Partnership will possess and may exercise all
of the powers and privileges granted to it by the Act including, without limitation, the ownership and operation of the assets
and other property contributed to the Partnership by the Partners, by any other Law or this Agreement, together with all powers
incidental thereto, so far as such powers are necessary or convenient to the conduct, promotion or attainment of the purpose of
the Partnership set forth in Section 2.06.


 


SECTION 2.08         Partners;
Admission of New Partners. Each of the Persons listed in the books and records of the Partnership, as the same may be amended
from time to time in accordance with this Agreement, by virtue of the execution of this Agreement, are admitted as Partners of
the Partnership. The rights, duties and liabilities of the Partners shall be as provided in the Act, except as is otherwise expressly
provided herein, and the Partners consent to the variation of such rights, duties and liabilities as provided herein. Subject to
Section 8.09 with respect to substitute Limited Partners, a Person may be admitted from time to time as a new Limited Partner with
the written consent of the General Partner in its sole discretion. Each new Limited Partner shall execute and deliver to the General
Partner an appropriate supplement to this Agreement pursuant to which the new Limited Partner agrees to be bound by the terms and
conditions of the Agreement, as it may be amended from time to time. A new General Partner or substitute General Partner may be
admitted to the Partnership solely in accordance with Section 8.08 or Section 9.02(e) hereof.


 


SECTION 2.09         Withdrawal.
No Partner shall have the right to withdraw as a Partner of the Partnership other than following the Transfer of all Units owned
by such Partner in accordance with Article VIII.


 




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SECTION 2.10         Investment
Representations of Partners. Each Partner hereby represents, warrants and acknowledges to the Partnership that: (a) such Partner
has such knowledge and experience in financial and business matters and is capable of evaluating the merits and risks of an investment
in the Partnership and is making an informed investment decision with respect thereto; (b) such Partner is acquiring interests
in the Partnership for investment only and not with a view to, or for resale in connection with, any distribution to the public
or public offering thereof; and (c) the execution, delivery and performance of this Agreement have been duly authorized by such
Partner.


 


ARTICLE III



MANAGEMENT


 


SECTION 3.01         General
Partner. (a) The business, property and affairs of the Partnership shall be managed under the sole, absolute and exclusive
direction of the General Partner, which may from time to time delegate authority to Officers or to others to act on behalf of the
Partnership.


 


(b)          Without
limiting the foregoing provisions of this Section 3.01, the General Partner shall have the general power to manage or cause the
management of the Partnership (which may be delegated to Officers of the Partnership), including, without limitation, the following
powers:


 


(i)          to
execute and deliver or to authorize the execution and delivery of contracts, deeds, leases, licenses, instruments of transfer and
other documents on behalf of the Partnership;


 


(ii)         the
making of any expenditures, the lending or borrowing of money, the assumption or guarantee of, or other contracting for, indebtedness
and other liabilities, the issuance of evidences of indebtedness and the incurring of any other obligations;


 


(iii)        to
establish and enforce limits of authority and internal controls with respect to all personnel and functions;


 


(iv)        to
engage attorneys, consultants and accountants for the Partnership;


 


(v)         to
develop or cause to be developed accounting procedures for the maintenance of the Partnership’s books of account; and


 


(vi)        to
do all such other acts as shall be authorized in this Agreement or by the Partners in writing from time to time.


 


SECTION 3.02         Compensation.
The General Partner shall not be entitled to any compensation for services rendered to the Partnership in its capacity as General
Partner.


 




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SECTION 3.03         Expenses.
The Partnership shall pay, or cause to be paid, all costs, fees, operating expenses and other expenses of the Partnership (including
the costs, fees and expenses of attorneys, accountants or other professionals) incurred in pursuing and conducting, or otherwise
related to, the activities of the Partnership. The Partnership shall also, in the sole discretion of the General Partner, bear
and/or reimburse the General Partner for (a) any costs, fees or expenses incurred by the General Partner in connection with serving
as the General Partner, (b) all other expenses allocable to the Partnership or otherwise incurred by the General Partner in connection
with operating the Partnership’s business (including expenses allocated to the General Partner by its Affiliates) and (c)
all costs, fees or expenses owed directly or indirectly by the Partnership or the General Partner to the FSAM Controlling Shareholders
pursuant to their reimbursement obligations under, or which are otherwise allocated to the General Partner pursuant to, the FSAM
Governing Documents. To the extent that the General Partner determines in its sole discretion that such expenses are related to
the business and affairs of the General Partner that are conducted through the Partnership and/or its subsidiaries (including expenses
that relate to the business and affairs of the Partnership and/or its subsidiaries and that also relate to other activities of
the General Partner), the General Partner may cause the Partnership to pay or bear all expenses of the General Partner, including,
without limitation, compensation and meeting costs of any board of directors or similar body of the General Partner, any salary,
bonus, incentive compensation and other amounts paid to any Person including Affiliates of the General Partner to perform services
for the Partnership, litigation costs and damages arising from litigation, accounting and legal costs and franchise taxes, provided
that the Partnership shall not pay or bear any income tax obligations of the General Partner. Reimbursements pursuant to this Section
3.03 shall be in addition to any reimbursement to the General Partner as a result of indemnification pursuant to Section 10.02.


 


SECTION 3.04         Officers.
Subject to the direction and oversight of the General Partner, the day-to-day administration of the business of the Partnership
may be carried out by persons who may be designated as officers by the General Partner, with titles including but not limited to
“assistant secretary,” “assistant treasurer,” “chairman,” “chief executive officer,”
“chief financial officer,” “chief operating officer,” “chief risk officer,” “director,”
“general counsel,” “general manager,” “managing director,” “president,” “principal
accounting officer,” “secretary,” “senior chairman,” “senior managing director,” “treasurer,”
“vice chairman” or “vice president,” and as and to the extent authorized by the General Partner. The officers
of the Partnership shall have such titles and powers and perform such duties as shall be determined from time to time by the General
Partner and otherwise as shall customarily pertain to such offices. Any number of offices may be held by the same person. In its
sole discretion, the General Partner may choose not to fill any office for any period as it may deem advisable. All officers and
other persons providing services to or for the benefit of the Partnership shall be subject to the supervision and direction of
the General Partner and may be removed, with or without cause, from such office by the General Partner and the authority, duties
or responsibilities of any employee, agent or officer of the Partnership may be suspended by the General Partner from time to time,
in each case in the sole discretion of the General Partner. The General Partner shall not cease to be a general partner of the
Partnership as a result of the delegation of any duties hereunder. No officer of the Partnership, in its capacity as such, shall
be considered a general partner of the Partnership by agreement, as a result of the performance of its duties hereunder or otherwise.


 




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SECTION 3.05         Authority
of Partners. No Limited Partner, in its capacity as such, shall participate in or have any control over the business of the
Partnership. Except as expressly provided herein, the Units do not confer any rights upon the Limited Partners to participate in
the affairs of the Partnership described in this Agreement. Except as expressly provided herein, no Limited Partner shall have
any right to vote on any matter involving the Partnership, including with respect to any merger, consolidation, combination or
conversion of the Partnership, or any other matter that a limited partner might otherwise have the ability to vote on or consent
with respect to under the Act, at law, in equity or otherwise. The conduct, control and management of the Partnership shall be
vested exclusively in the General Partner. In all matters relating to or arising out of the conduct of the operation of the Partnership,
the decision of the General Partner shall be the decision of the Partnership. Except as required or permitted by Law, or expressly
provided in the ultimate sentence of this Section 3.05 or by separate agreement with the Partnership, no Partner who is not also
a General Partner (and acting in such capacity) shall take any part in the management or control of the operation or business of
the Partnership in its capacity as a Partner, nor shall any Partner who is not also a General Partner (and acting in such capacity)
have any right, authority or power to act for or on behalf of or bind the Partnership in his or its capacity as a Partner in any
respect or assume any obligation or responsibility of the Partnership or of any other Partner. Notwithstanding the foregoing, the
Partnership may from time to time appoint one or more Partners as officers or employ one or more Partners as employees, and such
Partners, in their capacity as officers or employees of the Partnership (and not, for clarity, in their capacity as Limited Partners
of the Partnership), may take part in the control and management of the business of the Partnership to the extent such authority
and power to act for or on behalf of the Partnership has been delegated to them by the General Partner.


 


SECTION 3.06         Action
by Written Consent or Ratification. Any action required or permitted to be taken by the Partners pursuant to this Agreement
shall be taken if all Partners whose consent or ratification is required consent thereto or provide a consent or ratification in
writing.


 


ARTICLE IV



DISTRIBUTIONS


 


SECTION 4.01         Distributions.
(a) The General Partner, in its sole discretion, may authorize distributions by the Partnership to the Partners, which distributions
shall be made pro rata in accordance with the Partners’ respective Total Percentage Interests. For the avoidance of
doubt, no Partner who does not hold Units shall be entitled to receive distributions under this Agreement.


 


(b)          (i)
In addition to the foregoing, if the General Partner reasonably determines that the taxable income of the Partnership for a Fiscal
Year will give rise to taxable income for the Partners (“Net Taxable Income”), the General Partner shall cause
the Partnership to distribute Available Cash in respect of income tax liabilities (the “Tax Distributions”)
to the extent that other distributions made by the Partnership for such year were otherwise insufficient to cover such tax liabilities.
The Tax Distributions payable with respect to any Fiscal Year shall be computed based upon the General Partner’s estimate
of the allocable Net Taxable Income in accordance with Article V, multiplied by the Assumed Tax Rate (the “Tax Amount”).
For purposes of computing the Tax Amount, the effect of any benefit under Section 743(b) of the Code will be ignored.


 




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(ii)         Tax
Distributions shall be calculated and paid no later than ten days prior to each quarterly due date for the payment by corporations
on a calendar year of estimated taxes under the Code in the following manner (A) for the first quarterly period, 25% of the Tax
Amount, (B) for the second quarterly period, 50% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year, (C) for
the third quarterly period, 75% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year and (D) for the fourth
quarterly period, 100% of the Tax Amount, less the prior Tax Distributions for the Fiscal Year. Following each Fiscal Year, and
no later than ten days prior to the due date for the payment by corporations of income taxes for such Fiscal Year, the General
Partner shall make an amended calculation of the Tax Amount for such Fiscal Year (the “Amended Tax Amount”),
and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that the Amended Tax Amount
so calculated exceeds the cumulative Tax Distributions previously made by the Partnership in respect of such Fiscal Year. If the
Amended Tax Amount is less than the cumulative Tax Distributions previously made by the Partnership in respect of the relevant
Fiscal Year, then the difference (the “Credit Amount”) shall be applied against, and shall reduce, the amount
of Tax Distributions made for subsequent Fiscal Years. Within 30 days following the date on which the Partnership files a
tax return on Form 1065, the General Partner shall make a final calculation of the Tax Amount of such Fiscal Year (the “Final
Tax Amount”) and shall cause the Partnership to distribute a Tax Distribution, out of Available Cash, to the extent that
the Final Tax Amount so calculated exceeds the Amended Tax Amount. If the Final Tax Amount is less than the Amended Tax Amount
in respect of the relevant Fiscal Year, then the difference (“Additional Credit Amount”) shall be applied against,
and shall reduce, the amount of Tax Distributions made for subsequent Fiscal Years. Any Credit Amount and Additional Credit Amount
applied against future Tax Distributions shall be treated as an amount actually distributed pursuant to this Section 4.01(b) for
purposes of the computations herein.


 


SECTION 4.02         Liquidation
Distribution. Distributions made upon dissolution of the Partnership shall be made as provided in Section 9.03.


 


SECTION 4.03         Limitations
on Distribution. Notwithstanding any provision to the contrary contained in this Agreement, the General Partner shall not make
a Partnership distribution to any Partner if such distribution would violate Section 17-607 of the Act or other applicable Law.


 




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ARTICLE V



CAPITAL CONTRIBUTIONS; CAPITAL ACCOUNTS;

TAX ALLOCATIONS; TAX MATTERS


 


SECTION 5.01         Initial
Capital Contributions. The Partners have made, on or prior to the date hereof, Capital Contributions and, in exchange, the
Partnership has issued to the Partners the number of Class A Units as specified in the books and records of the Partnership.


 


SECTION 5.02         No
Additional Capital Contributions. Except as otherwise provided in this Article V, no Partner shall be required to make additional
Capital Contributions to the Partnership without the consent of such Partner or permitted to make additional capital contributions
to the Partnership without the consent of the General Partner.


 


SECTION 5.03         Capital
Accounts. A separate capital account (a “Capital Account”) shall be established and maintained for each
Partner in accordance with the provisions of Treasury Regulations Section 1.704-1(b)(2)(iv). The Capital Account of each Partner
shall be credited with such Partner’s Capital Contributions, if any, all Profits allocated to such Partner pursuant to Section
5.04 and any items of income or gain which are specially allocated pursuant to Section 5.05; and shall be debited with all Losses
allocated to such Partner pursuant to Section 5.04, any items of loss or deduction of the Partnership specially allocated
to such Partner pursuant to Section 5.05, and all cash and the Carrying Value of any property (net of liabilities assumed by such
Partner and the liabilities to which such property is subject) distributed by the Partnership to such Partner. Any references in
any section of this Agreement to the Capital Account of a Partner shall be deemed to refer to such Capital Account as the same
may be credited or debited from time to time as set forth above. In the event of any transfer of any interest in the Partnership
in accordance with the terms of this Agreement, the Transferee shall succeed to the Capital Account of the transferor to the extent
it relates to the transferred interest.


 


SECTION 5.04         Allocations
of Profits and Losses. Except as otherwise provided in this Agreement, Profits and Losses (and, to the extent necessary, individual
items of income, gain or loss or deduction of the Partnership) shall be allocated pro rata to each of the holders of Units
in accordance with their Total Percentage Interests. For purposes of this Article V, each Unvested Unit shall be treated as a Vested
Unit. Notwithstanding the foregoing, the General Partner shall make such adjustments to Capital Accounts as it determines in its
sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s interest in the Partnership.


 


SECTION 5.05         Special
Allocations. Notwithstanding any other provision in this Article V:


 


(a)          Minimum
Gain Chargeback. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (determined
in accordance with the principles of Treasury Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year,
the Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years)
in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Treasury Regulations
Sections 1.704-2(g) and 1.704-2(i) (5). The items to be so allocated shall be determined in accordance with Treasury Regulations
Section 1.704-2(f). This Section 5.05(a) is intended to comply with the minimum gain chargeback requirements in such Treasury Regulations
Sections and shall be interpreted consistently therewith; including that no chargeback shall be required to the extent of the exceptions
provided in Treasury Regulations Sections 1.704-2(f) and 1.704-2(i) (4).


 






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(b)          Qualified
Income Offset. If any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), items of Partnership income and gain shall be specially allocated to such Partner
in an amount and manner sufficient to eliminate the deficit balance in such Partner’s Adjusted Capital Account Balance created
by such adjustments, allocations or distributions as promptly as possible; provided that an allocation pursuant to this
Section 5.05(b) shall be made only to the extent that a Partner would have a deficit Adjusted Capital Account Balance in excess
of such sum after all other allocations provided for in this Article V have been tentatively made as if this Section 5.05(b) were
not in this Agreement. This Section 5.05(b) is intended to comply with the “qualified income offset” requirement of
the Code and shall be interpreted consistently therewith.


 


(c)          Gross
Income Allocation. If any Partner has a deficit Capital Account at the end of any Fiscal Year which is in excess of the sum
of (i) the amount such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount
such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Treasury Regulations Section 1.704-2(g)(1)
and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess
as quickly as possible; provided that an allocation pursuant to this Section 5.05(c) shall be made only if and to the extent
that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article
V have been tentatively made as if Section 5.05(b) and this Section 5.05(c) were not in this Agreement.


 


(d)          Nonrecourse
Deductions. Nonrecourse Deductions shall be allocated to the Partners in accordance with their respective Total Percentage
Interests.


 


(e)          Partner
Nonrecourse Deductions. Partner Nonrecourse Deductions for any taxable period shall be allocated to the Partner who bears the
economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance
with Treasury Regulations Section 1.704-2(j).


 


(f)          Creditable
Non-U.S. Taxes. Creditable Non-U.S. Taxes for any taxable period attributable to the Partnership, or an entity owned directly
or indirectly by the Partnership, shall be allocated to the Partners in proportion to the partners’ distributive shares of
income (including income allocated pursuant to Section 704(c) of the Code) to which the Creditable Non-U.S. Tax relates (under
principles of Treasury Regulations Section 1.904-6). The provisions of this Section 5.05(f) are intended to comply with the provisions
of Treasury Regulations Section 1.704-1(b)(4) (viii), and shall be interpreted consistently therewith.


 




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(g)          Ameliorative
Allocations. Any special allocations of income or gain pursuant to Sections 5.05(b) or 5.05(c) hereof shall be taken into account
in computing subsequent allocations pursuant to Section 5.04 and this Section 5.05(g), so that the net amount of any items so allocated
and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated
to each Partner if such allocations pursuant to Sections 5.05(b) or 5.05(c) had not occurred.


 


SECTION 5.06         Tax
Allocations. For income tax purposes, each item of income, gain, loss and deduction of the Partnership shall be allocated among
the Partners in the same manner as the corresponding items of Profits and Losses and specially allocated items are allocated for
Capital Account purposes; provided that in the case of any asset the Carrying Value of which differs from its adjusted tax
basis for U.S. federal income tax purposes, income, gain, loss and deduction with respect to such asset shall be allocated solely
for income tax purposes in accordance with the principles of Sections 704(b) and (c) of the Code (in any manner determined by the
General Partner and permitted by the Code and Treasury Regulations) so as to take account of the difference between Carrying Value
and adjusted basis of such asset; provided further that the Partnership shall use the traditional method with curative allocations
(as provided in Treasury Regulations Section 1.704-3(c)) for all Section 704(c) allocations, limited to allocations of income or
gain from the disposition of Partnership property where allocations of depreciation deductions have been limited by the ceiling
rule throughout the term of the Partnership). Notwithstanding the foregoing, the General Partner shall make such allocations for
tax purposes as it determines in its sole discretion to be appropriate to ensure allocations are made in accordance with a partner’s
interest in the Partnership.


 


SECTION 5.07         Tax
Advances. To the extent the General Partner reasonably believes that the Partnership is required by law to withhold or to make
tax payments on behalf of or with respect to any Partner or the Partnership is subjected to tax itself by reason of the status
of any Partner (“Tax Advances”), the General Partner may withhold such amounts and make such tax payments as
so required. All Tax Advances made on behalf of a Partner shall be repaid by reducing the amount of the current or next succeeding
distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient
for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. For all purposes of this Agreement
such Partner shall be treated as having received the amount of the distribution that is equal to the Tax Advance. Each Partner hereby agrees to furnish to the Partnership such
information and forms as required in order to comply with any laws and regulations governing withholding of tax or in order to
claim any reduced rate of, or exemption from, withholding to which the Partner is legally entitled. Each Partner
hereby agrees to indemnify and hold harmless the Partnership and the other Partners from and against any liability (including,
without limitation, any liability for taxes, penalties, additions to tax or interest other than any penalties, additions to tax
or interest: (i) imposed as a result of the Partnership’s failure to withhold or make a tax payment on behalf of such Partner
which withholding or payment is required pursuant to applicable Law, and (ii) to the extent amounts sufficient to pay such taxes
were not timely distributed to the Partner pursuant to Section 4.01(b)) with respect to income attributable to or distributions
or other payments to such Partner.


 




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SECTION 5.08         Tax
Matters. The General Partner shall be the initial “tax matters partner” within the meaning of Section 6231(a)(7)
of the Code (the “Tax Matters Partner”). The Partnership shall file as a partnership for federal, state, provincial
and local income tax purposes, except where otherwise required by Law. All elections required or permitted to be made by the Partnership,
and all other tax decisions and determinations relating to federal, state, provincial or local tax matters of the Partnership,
shall be made by the Tax Matters Partner, in consultation with the Partnership’s attorneys and/or accountants. Tax audits,
controversies and litigations shall be conducted under the direction of the Tax Matters Partner. The Tax Matters Partner shall
keep the other Partners reasonably informed as to any tax actions, examinations or proceedings relating to the Partnership and
shall submit to the other Partners, for their review and comment, any settlement or compromise offer with respect to any disputed
item of income, gain, loss, deduction or credit of the Partnership. As soon as reasonably practicable after the end of each Fiscal
Year, the Partnership shall send to each Partner a copy of U.S. Internal Revenue Service Schedule K-1, and any comparable statements
required by applicable U.S. state or local income tax Law as a result of the Partnership’s activities or investments, with
respect to such Fiscal Year. The Partnership also shall provide the Partners with such other information as may be reasonably requested
for purposes of allowing the Partners to prepare and file their own tax returns.


 


SECTION 5.09         Other
Allocation Provisions. Certain of the foregoing provisions and the other provisions of this Agreement relating to the maintenance
of Capital Accounts are intended to comply with Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in
a manner consistent with such regulations. In addition to amendments effected in accordance with Section 11.12 or otherwise in
accordance with this Agreement, Sections 5.03, 5.04 and 5.05 may also, so long as any such amendment does not materially change
the relative economic interests of the Partners, be amended at any time by the General Partner if necessary, in the opinion of
tax counsel to the Partnership, to comply with such regulations or any applicable Law.


 


SECTION 5.10         Section
754 Election. The Tax Matters Partner shall cause the Partnership to make an election under Section 754 of the Code and for
such election to be in effect for the first taxable year of the existence of the Partnership and each taxable year in which a Limited
Partner Transfers Units.


 


ARTICLE VI



BOOKS AND RECORDS; REPORTS


 


SECTION 6.01         Books
and Records. (a) At all times during the continuance of the Partnership, the Partnership shall prepare and maintain separate
books of account for the Partnership in accordance with GAAP.


 


(b)          Except
as limited by Section 6.01(c), each Limited Partner shall have the right to receive, for a purpose reasonably related to such Limited
Partner’s interest as a Limited Partner in the Partnership, upon reasonable written demand stating the purpose of such demand
and at such Limited Partner’s own expense:


 


(i)          a
copy of the Certificate and this Agreement and all amendments thereto, together with a copy of the executed copies of all powers
of attorney pursuant to which the Certificate and this Agreement and all amendments thereto have been executed; and


 




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(ii)         promptly
after their becoming available, copies of the Partnership’s federal income tax returns for the three most recent years.


 


(c)          The
General Partner may keep confidential from the Limited Partners, for such period of time as the General Partner determines in its
sole discretion, (i) any information that the General Partner reasonably believes to be in the nature of trade secrets or (ii)
other information the disclosure of which the General Partner believes is not in the best interests of the Partnership, could damage
the Partnership or its business or that the Partnership is required by law or by agreement with any third party to keep confidential.


 


ARTICLE VII



PARTNERSHIP UNITS


 


SECTION 7.01         Units.
Limited partnership interests in the Partnership shall be represented by Units. General partnership interests in the Partnership
shall be represented by General Partnership Interests. The Units initially are comprised of one Class: “Class A Units”.
Subject to Section 7.04, the General Partner in its sole discretion may establish and issue, from time to time in accordance with
such procedures as the General Partner shall determine from time to time, additional Units, in one or more Classes or series of
Units, or other Partnership securities, at such price, and with such designations, preferences and relative, participating, optional
or other special rights, powers and duties (which may be senior to existing Units, Classes and series of Units or other Partnership
securities), as shall be determined by the General Partner without the approval of any Partner or any other Person who may acquire
an interest in any of the Units, including (a) the right of such Units to share in Profits and Losses or items thereof; (b) the
right of such Units to share in Partnership distributions; (c) the rights of such Units upon dissolution and liquidation of the
Partnership; (d) whether, and the terms and conditions upon which, the Partnership may or shall be required to redeem such Units
(including sinking fund provisions); (e) whether such Units are issued with the privilege of conversion or exchange and, if so,
the terms and conditions of such conversion or exchange; (f) the terms and conditions upon which such Units will be issued, evidenced
by certificates and assigned or transferred; (g) the method for determining the Total Percentage Interest as to such Units; (h)
the terms and conditions of the issuance of such Units (including, without limitation, the amount and form of consideration, if
any, to be received by the Partnership in respect thereof, the General Partner being expressly authorized, in its sole discretion,
to cause the Partnership to issue such Units for less than fair market value); and (i) the right, if any, of the holder of
such Units to vote on Partnership matters, including matters relating to the relative designations, preferences, rights, powers
and duties of such Units. Subject to Section 7.04, the General Partner in its sole discretion, without the approval of any Partner
or any other Person, is authorized (i) to issue Units or other Partnership securities of any newly established Class or any existing
Class to Partners or other Persons who may acquire an interest in the Partnership and (ii) to amend this Agreement to reflect
the creation of any such new Class, the issuance of Units or other Partnership securities of such Class, and the admission of any
Person as a Partner which has received Units or other Partnership securities. All Units of a particular Class shall have identical
rights in all respects as all other Units of such Class, except in each case as otherwise specified in this Agreement.


 




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SECTION 7.02         Register.
The register of the Partnership shall be the definitive record of ownership of each Unit and all relevant information with respect
to each Partner. Unless the General Partner shall determine otherwise, Units shall be uncertificated and recorded in the books
and records of the Partnership.


 


SECTION 7.03         Registered
Partners. The Partnership shall be entitled to recognize the exclusive right of a Person registered on its records as the owner
of Units for all purposes and shall not be bound to recognize any equitable or other claim to or interest in Units on the part
of any other Person, whether or not it shall have express or other notice thereof, except as otherwise provided by the Act or other
applicable Law.


 


SECTION 7.04         Preemptive
Rights.


 


(a)          In
the event the General Partner intends to issue any Units or equity securities (including debt that is by its terms convertible
into Units or equity securities) (the “New Securities”), the Partnership shall not issue or sell, agree to issue
or sell, or reserve or set aside for issuance or sale, any such New Securities unless and until it first offers to sell such New
Securities to each Limited Partner (for purposes of this Section 7.04, the “Offerees”) on the terms set forth
in this Section 7.04 (the “Preemptive Offer”). Each Offeree will have a preemptive right to purchase up to such
Offeree’s proportionate number of such New Securities in accordance with the provisions of this Section 7.04. For purposes
of this Section 7.04, “proportionate number” means the product of (i) the number of New Securities of a particular
Class (or Series of a Class) proposed to be issued, and (ii) a percentage determined by dividing (x) the number of Units held by
such Limited Partner, by (y) the total number of Units held by all Offerees exercising their rights hereunder. The General Partner
will determine the value of the New Securities in good faith by considering all appropriate factors.


 


(b)          The
Partnership will deliver to each Offeree written notice of each Preemptive Offer, specifying the price and terms and conditions
of such Preemptive Offer, the number of New Securities proposed to be sold by the Partnership pursuant to such Preemptive Offer,
and each Offeree’s proportionate number of New Securities offered by such Preemptive Offer. Each Preemptive Offer by its
terms will remain open and irrevocable for a period of thirty (30) days from the date such notice is given (the “Offer
Period”).


 


(c)          If
an Offeree desires to purchase New Securities pursuant to a Preemptive Offer, such Offeree will evidence his, her or its intention
to accept such Preemptive Offer by delivering a written notice to the Partnership, no later than the end of the Offer Period, setting
forth the number of the New Securities (not exceeding such Offeree’s proportionate number of New Securities for such Preemptive
Offer) that such Offeree elects to purchase (the “Notice of Acceptance”). If the Partnership does not receive
a timely Notice of Acceptance from an Offeree, such Offeree will be deemed to have irrevocably determined not to exercise its right
to acquire any of the New Securities subject to such Preemptive Offer. If an Offeree does provide a timely Notice of Acceptance,
then the Partnership will be obligated to sell to such Offeree, and such Offeree will be obligated to purchase from the Partnership,
the number of New Securities set forth in its Notice of Acceptance. If any Member Offeree fails to deliver a timely Notice of Acceptance
to the Partnership, the Partnership shall have one hundred twenty (120) days thereafter to sell the New Securities as to which
the Offerees’ rights hereunder were not exercised, at a price and upon terms no more favorable to the purchasers thereof
than those specified in the notice of such Preemptive Offer. In the event the Partnership has not sold such New Securities within
said one hundred twenty (120)-day period, the Partnership shall not thereafter issue or sell any New Securities without first offering
such New Securities to the Offerees in the manner provided above.


 




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(d)          The
provisions of this Section 7.04 shall apply, mutatis mutandis, to an issuance by a subsidiary of the Partnership
to any Person other than the Partnership or another subsidiary of the Partnership that would constitute New Securities if issued
by the Partnership.


 


ARTICLE VIII



VESTING; FORFEITURE OF INTERESTS; TRANSFER RESTRICTIONS


 


SECTION 8.01         Vesting
of Unvested Units. (a) Unvested Units shall vest and shall thereafter be Vested Units for all purposes of this Agreement as
provided in the Contribution Agreement or otherwise as agreed to in writing between the General Partner and the applicable Limited
Partner and reflected in the books and records of the Partnership.


 


(b)          The
General Partner in its sole discretion may authorize the earlier vesting of all or a portion of Unvested Units owned by any one
or more Limited Partners at any time and from time to time, and in such event, such Unvested Units shall vest and thereafter be
Vested Units for all purposes of this Agreement. Any such determination in the General Partner’s discretion in respect of
Unvested Units shall be final and binding. Such determinations need not be uniform and may be made selectively among Limited Partners,
whether or not such Limited Partners are similarly situated, and shall not constitute the breach of any duty hereunder or otherwise
existing at law, in equity or otherwise.


 


(c)          Upon
the vesting of any Unvested Units in accordance with this Section 8.01, the General Partner shall modify the books and records
of the Partnership to reflect such vesting.


 


SECTION 8.02         Limited
Partner Transfers. (a) Except as otherwise agreed to in writing between the General Partner and the applicable Limited Partner
and reflected in the books and records of the Partnership, no Limited Partner or Assignee thereof may Transfer (including pursuant
to an Exchange Transaction) all or any portion of its Units or other interest in the Partnership (or beneficial interest therein)
without the prior consent of the General Partner, which consent may be given or withheld, or made subject to such conditions (including,
without limitation, the receipt of such legal opinions and other documents that the General Partner may require) as are determined
by the General Partner, in each case in the General Partner’s sole discretion, and which consent may be in the form of a
plan or program entered into or approved by the General Partner, in its sole discretion. Any such determination in the General
Partner’s discretion in respect of Units shall be final and binding. Such determinations need not be uniform and may be made
selectively among Limited Partners, whether or not such Limited Partners are similarly situated, and shall not constitute the breach
of any duty hereunder or otherwise existing at law, in equity or otherwise. Any purported Transfer of Units that is not in accordance
with, or subsequently violates, this Agreement shall be, to the fullest extent permitted by law, null and void.


 




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(b)          Notwithstanding
anything otherwise to the contrary in this Section 8.02, each Limited Partner may Transfer Units in Exchange Transactions pursuant
to, and in accordance with, the Exchange Agreement; provided that such Exchange Transactions shall be effected in compliance with
policies that the General Partner may adopt or promulgate from time to time (including policies requiring the use of designated
administrators or brokers).


 


(c)          Notwithstanding
anything otherwise to the contrary in this Section 8.02, a Personal Planning Vehicle of a Limited Partner may Transfer Units: (i)
to the donor thereof; (ii) if the Personal Planning Vehicle is a grantor retained annuity trust and the trustee(s) of such
grantor retained annuity trust is obligated to make one or more distributions to the donor of the grantor retained annuity trust,
the estate of the donor of the grantor retained annuity trust, the spouse of the donor of the grantor retained annuity trust or
the estate of the spouse of the donor of the grantor retained annuity trust, to any such Persons; or (iii) upon the death of such
Limited Partner, to the spouse of such Limited Partner or a trust for which a deduction under Section 2056 or 2056A (or any
successor provisions) of the Code may be sought.


 


SECTION 8.03         Mandatory
Exchanges. The General Partner may in its sole discretion at any time and from time to time, without the consent of any Limited
Partner or other Person, cause to be Transferred in an Exchange Transaction any and all Units, except for Units held by any Person
that is a Service Provider at the time in question and/or in which a Person that is a Service Provider at the time in question
has an indirect interest as set forth in the books and records of the Partnership. Any such determinations by the General Partner
need not be uniform and may be made selectively among Limited Partners, whether or not such Limited Partners are similarly situated.
In addition, the General Partner may, with the consent of Partners whose Vested Percentage Interests exceed 75% of the Vested Percentage
Interests of all Partners in the aggregate, require all Limited Partners to Transfer in an Exchange Transaction all Units held
by them.


 


SECTION 8.04         Encumbrances.
No Limited Partner or Assignee may create an Encumbrance with respect to all or any portion of its Units (or any beneficial interest
therein) other than Encumbrances that run in favor of the Limited Partner unless the General Partner consents in writing thereto,
which consent may be given or withheld, or made subject to such conditions as are determined by the General Partner, in the General
Partner’s sole discretion. Consent of the General Partner shall be withheld until the holder of the Encumbrance acknowledges
the terms and conditions of this Agreement. Any purported Encumbrance that is not in accordance with this Agreement shall be, to
the fullest extent permitted by law, null and void.


 


SECTION 8.05         Further
Restrictions. (a) Notwithstanding any contrary provision in this Agreement, the General Partner may impose such vesting requirements,
forfeiture provisions, Transfer restrictions, minimum retained ownership requirements or other similar provisions with respect
to any Units that are outstanding as of the date of this Agreement or are created thereafter, with the written consent of the holder
of such Units. Such requirements, provisions and restrictions need not be uniform and may be waived or released by the General
Partner in its sole discretion with respect to all or a portion of the Units owned by any one or more Limited Partners at any time
and from time to time, and shall not constitute the breach of any duty hereunder or otherwise existing at law, in equity or otherwise.


 




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(b)          Notwithstanding
any contrary provision in this Agreement, in no event may any Transfer of a Unit be made by any Limited Partner or Assignee if:


 


(i)          such
Transfer is made to any Person who lacks the legal right, power or capacity to own such Unit;


 


(ii)         such
Transfer would require the registration of such transferred Unit or of any Class of Unit pursuant to any applicable United States
federal or state securities laws (including, without limitation, the Securities Act or the Exchange Act) or other non-U.S. securities
laws (including Canadian provincial or territorial securities laws) or would constitute a non-exempt distribution pursuant to applicable
provincial or state securities laws;


 


(iii)        such
Transfer would cause (i) all or any portion of the assets of the Partnership to (A) constitute “plan assets” (under
ERISA, the Code or any applicable Similar Law) of any existing or contemplated Limited Partner, or (B) be subject to the provisions
of ERISA, Section 4975 of the Code or any applicable Similar Law, or (ii) the General Partner to become a fiduciary with respect
to any existing or contemplated Limited Partner, pursuant to ERISA, any applicable Similar Law, or otherwise;


 


(iv)        to
the extent requested by the General Partner, the Partnership does not receive such legal and/or tax opinions and written instruments
(including, without limitation, copies of any instruments of Transfer and such Assignee’s consent to be bound by this Agreement
as an Assignee) that are in a form satisfactory to the General Partner, as determined in the General Partner’s sole discretion;
or


 


(v)         the
General Partner shall determine in its sole discretion that such Transfer would pose a material risk that the Partnership would
be a “publicly traded partnership” as defined in Section 7704 of the Code.


 


In addition, notwithstanding any contrary
provision in this Agreement, to the extent the General Partner shall determine that interests in the Partnership do not meet the
requirements of Treasury Regulation section 1.7704-1(h), the General Partner may impose such restrictions on the Transfer of Units
or other interests in the Partnership as the General Partner may determine in its sole discretion to be necessary or advisable
so that the Partnership is not treated as a publicly traded partnership taxable as a corporation under Section 7704 of the Code.


 


(c)          Any
Transfer in violation of this Article VIII shall be deemed null and void ab initio and of no effect.


 




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SECTION 8.06         Rights
of Assignees. The Transferee of any permitted Transfer pursuant to this Article VIII will be an
assignee only (“Assignee”), and only will receive, to the extent transferred, the distributions and allocations
of income, gain, loss, deduction, credit or similar item to which the Partner which transferred its Units would be entitled, and
such Assignee will not be entitled or enabled to exercise any other rights or powers of a Partner, such other rights, and all obligations
relating to, or in connection with, such interest remaining with the transferring Partner. The transferring Partner will remain
a Partner even if it has transferred all of its Units to one or more Assignees until such time as the Assignee(s) is admitted to
the Partnership as a Partner pursuant to Section 8.08.


 


SECTION 8.07         Admissions,
Withdrawals and Removals. (a) No Person may be admitted to the Partnership as an additional General Partner or substitute General
Partner without the prior written consent of each incumbent General Partner, which consent may be given or withheld, or made subject
to such conditions as are determined by each incumbent General Partner, in each case in the sole discretion of each incumbent General
Partner. A General Partner will not be entitled to withdraw from being a General Partner of the
Partnership unless another General Partner shall have been admitted hereunder (and not have previously been removed or withdrawn).


 


(b)          No
Limited Partner will be removed or entitled to withdraw from being a Partner of the Partnership except in accordance with Section
8.09 hereof. Any additional General Partner or substitute General Partner admitted as a general partner of the Partnership pursuant
to this Section 8.08 is hereby authorized to, and shall, continue the Partnership without dissolution.


 


(c)          Except
as otherwise provided in Article IX or the Act, no admission, substitution, withdrawal or removal of a Partner will cause the dissolution
of the Partnership. To the fullest extent permitted by law, any purported admission, withdrawal or removal that is not in accordance
with this Agreement shall be null and void.


 


SECTION 8.08         Admission
of Assignees as Substitute Limited Partners. An Assignee will become a substitute Limited Partner only if and when each of
the following conditions is satisfied:


 


(a)          the
General Partner consents in writing to such admission, which consent may be given or withheld, or made subject to such conditions
as are determined by the General Partner, in each case in the General Partner’s sole discretion;


 


(b)          if
required by the General Partner, the General Partner receives written instruments (including, without limitation, copies of any
instruments of Transfer and such Assignee’s consent to be bound by this Agreement as a substitute Limited Partner) that are
in a form satisfactory to the General Partner (as determined in its sole discretion);


 


(c)          if
required by the General Partner, the General Partner receives an opinion of counsel satisfactory to the General Partner to the
effect that such Transfer is in compliance with this Agreement and all applicable Law; and


 


(d)          if
required by the General Partner, the parties to the Transfer, or any one of them, pays all of the Partnership’s reasonable
expenses connected with such Transfer (including, but not limited to, the reasonable legal and accounting fees of the Partnership).


 




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SECTION 8.09         Withdrawal
and Removal of Limited Partners. Subject to Section 8.06, if a Limited Partner ceases to hold any Units, including as a result
of a forfeiture of Units, then such Limited Partner shall cease to be a Limited Partner and to have the
power to exercise any rights or powers of a Limited Partner, and shall be deemed to have withdrawn from the Partnership.


 


ARTICLE IX



DISSOLUTION, LIQUIDATION AND TERMINATION


 


SECTION 9.01         No
Dissolution. Except as required by the Act, the Partnership shall not be dissolved by the admission of additional Partners
or withdrawal of Partners in accordance with the terms of this Agreement. The Partnership may be dissolved, liquidated, wound up
and terminated only pursuant to the provisions of this Article IX, and the Partners hereby irrevocably waive any and all other
rights they may have to cause a dissolution of the Partnership or a sale or partition of any or all of the Partnership assets.


 


SECTION 9.02         Events
Causing Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the occurrence of any of the
following events (each, a “Dissolution Event”):


 


(a)          the
entry of a decree of judicial dissolution of the Partnership under Section 17-802 of the Act upon the finding by a court of competent
jurisdiction that it is not reasonably practicable to carry on the business of the Partnership in conformity with this Agreement;


 


(b)          any
event which makes it unlawful for the business of the Partnership to be carried on by the Partners;


 


(c)          the
written consent of all Partners;


 


(d)          at
any time there are no limited partners, unless the Partnership is continued in accordance with the Act;


 


(e)          the
Incapacity or removal of the General Partner or the occurrence of a Disabling Event with respect to the General Partner; provided
that the Partnership will not be dissolved or required to be wound up in connection with any of the events specified in this Section
9.02(e) if: (i) at the time of the occurrence of such event there is at least one other general partner of the Partnership who
is hereby authorized to, and elects to, carry on the business of the Partnership; or (ii) all remaining Limited Partners consent
to or ratify the continuation of the business of the Partnership and the appointment of another general partner of the Partnership,
effective as of the event that caused the General Partner to cease to be a general partner of the Partnership, within 120 days
following the occurrence of any such event, which consent shall be deemed (and if requested each Limited Partner shall provide
a written consent or ratification) to have been given for all Limited Partners if the holders of more than 50% of the Vested Units
then outstanding agree in writing to so continue the business of the Partnership; or


 




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(f)          the
determination of the General Partner in its sole discretion; provided that in the event of a dissolution pursuant to this
clause (f), 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 Partners pursuant to Section 9.03 below in connection with the
winding up of the Partnership, taking into consideration tax and other legal constraints that may adversely affect one or more
parties hereto and subject to compliance with applicable laws and regulations, unless, and to the extent that, with respect to
any Class of Units, holders of not less than 90% of the Units of such Class consent in writing to a treatment other than as described
above.


 


SECTION 9.03         Distribution
upon Dissolution. Upon dissolution, the Partnership shall not be terminated and shall continue until the winding up of the
affairs of the Partnership is completed. Upon the winding up of the Partnership, the General Partner, or any other Person designated
by the General Partner (the “Liquidation Agent”), shall take full account of the assets and liabilities of the
Partnership and shall, unless the General Partner determines otherwise, liquidate the assets of the Partnership as promptly as
is consistent with obtaining the fair value thereof. The proceeds of any liquidation shall be applied and distributed in the following
order:


 


(a)          First,
to the satisfaction of debts and liabilities of the Partnership (including satisfaction of all indebtedness to Partners and/or
their Affiliates to the extent otherwise permitted by law) including the expenses of liquidation, and including the establishment
of any reserve which the Liquidation Agent shall deem reasonably necessary for any contingent, conditional or unmatured contractual
liabilities or obligations of the Partnership (“Contingencies”). Any such reserve may be paid over by the Liquidation
Agent to any attorney-at-law, or acceptable party, as escrow agent, to be held for disbursement in payment of any Contingencies
and, at the expiration of such period as shall be deemed advisable by the Liquidation Agent for distribution of the balance in
the manner hereinafter provided in this Section 9.03; and


 


(b)          The
balance, if any, to the holders of Units, pro rata to each of the holders of Units in accordance with their Total Percentage
Interests.


 


SECTION 9.04         Time
for Liquidation. A reasonable amount of time shall be allowed for the orderly liquidation of the assets of the Partnership
and the discharge of liabilities to creditors so as to enable the Liquidation Agent to minimize the losses attendant upon such
liquidation.


 


SECTION 9.05         Termination.
The Partnership shall terminate when all of the assets of the Partnership, after payment of or due provision for all debts, liabilities
and obligations of the Partnership, shall have been distributed to the holders of Units in the manner provided for in this Article
IX, and the Certificate shall have been cancelled in the manner required by the Act.


 


SECTION 9.06         Claims
of the Partners. The Partners shall look solely to the Partnership’s assets for the return of their Capital Contributions,
and if the assets of the Partnership remaining after payment of or due provision for all debts, liabilities and obligations of
the Partnership are insufficient to return such Capital Contributions, the Partners shall have no recourse against the Partnership
or any other Partner or any other Person. No Partner with a negative balance in such Partner’s Capital Account shall have
any obligation to the Partnership or to the other Partners or to any creditor or other Person to restore such negative balance
during the existence of the Partnership, upon dissolution or termination of the Partnership or otherwise, except to the extent
required by the Act.


 




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SECTION 9.07         Survival
of Certain Provisions. Notwithstanding anything to the contrary in this Agreement, the provisions of Sections 10.02, 11.09
and 11.10 shall survive the termination of the Partnership.


 


ARTICLE X



LIABILITY AND INDEMNIFICATION


 


SECTION 10.01         Liability
of Partners.


 


(a)          No
Limited Partner and no Affiliate, manager, member, employee or agent of a Limited Partner shall be liable for any debt, obligation
or liability of the Partnership or of any other Partner or have any obligation to restore any deficit balance in its Capital Account
solely by reason of being a Partner of the Partnership, except to the extent required by the Act.


 


(b)          This
Agreement is not intended to, and does not, create or impose any duty (including any fiduciary duty) on any of the Partners (including
without limitation, the General Partner) hereto or on their respective Affiliates. Further, the Partners hereby waive any and all
duties (including fiduciary duties) that, absent such waiver, may exist at or be implied by Law or in equity, and in doing so,
recognize, acknowledge and agree that their duties and obligations to one another and to the Partnership are only as expressly
set forth in this Agreement and those required by the Act.


 


(c)          To
the extent that, at law or in equity, any Partner (including without limitation, the General Partner) has duties (including fiduciary
duties) and liabilities relating thereto to the Partnership, to another Partner or to another Person who is a party to or is otherwise
bound by this Agreement, the Partners (including without limitation, the General Partner) acting under this Agreement will not
be liable to the Partnership, to any such other Partner or to any such other Person who is a party to or is otherwise bound by
this Agreement, for their good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent
that they restrict or eliminate the duties and liabilities relating thereto of any Partner (including without limitation, the General
Partner) otherwise existing at law or in equity, are agreed by the Partners to replace to that extent such other duties and liabilities
of the Partners relating thereto (including without limitation, the General Partner).


 


(d)          The
General Partner may consult with legal counsel, accountants and financial or other advisors and any act or omission suffered or
taken by the General Partner on behalf of the Partnership or in furtherance of the interests of the Partnership in good faith in
reliance upon and in accordance with the advice of such counsel, accountants or financial or other advisors will be full justification
for any such act or omission, and the General Partner will be fully protected in so acting or omitting to act so long as such counsel
or accountants or financial or other advisors were selected with reasonable care.


 




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(e)          Notwithstanding
any other provision of this Agreement or otherwise applicable provision of law or equity, whenever in this Agreement the General
Partner is permitted or required to make a decision (i) in its “sole discretion” or “discretion” or under
a grant of similar authority or latitude, such General Partner shall be entitled to consider only such interests and factors as
it desires, including its own interests, and shall, to the fullest extent permitted by applicable Law, have no duty or obligation
to give any consideration to any interest of or factors affecting the Partnership or the Limited Partners, or (ii) in its “good
faith” or under another expressed standard, such General Partner shall act under such express standard and shall not be subject
to any other or different standards.


 


SECTION 10.02         Indemnification.


 


(a)          Indemnification.
To the fullest extent permitted by law, as the same exists or hereafter be amended (but in the case of any such amendment, only
to the extent that such amendment permits the Partnership to provide broader indemnification rights than such law permitted the
Partnership to provide prior to such amendment), the Partnership shall indemnify any Indemnitee who was or is made or is threatened
to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought in the
right of the Partnership or otherwise), whether civil, criminal, administrative, arbitrative or investigative, and whether formal
or informal, including appeals, by reason of his or her or its status as an Indemnitee or by reason of any action alleged to have
been taken or omitted to be taken by Indemnitee in such capacity, for and against all loss and liability suffered and expenses
(including attorneys’ fees), judgments, fines and amounts paid in settlement reasonably incurred by such Indemnitee in connection
with such action, suit or proceeding, including appeals; provided that such Indemnitee shall not be entitled to indemnification
hereunder if, but only to the extent that, such Indemnitee’s conduct constituted fraud, bad faith or willful misconduct.
Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c), the Partnership shall be required to
indemnify an Indemnitee in connection with any action, suit or proceeding (or part thereof) (i) commenced by such Indemnitee only
if the commencement of such action, suit or proceeding (or part thereof) by such Indemnitee was authorized by the General Partner
and (ii) by or in the right of the Partnership only if the General Partner has provided its prior written consent. The indemnification
of an Indemnitee of the type identified in clause (d) of the definition of Indemnitee shall be secondary to any and all indemnification
to which such Indemnitee is entitled from (x) the relevant other Person (including any payment made to such Indemnitee under any
insurance policy issued to or for the benefit of such Person or Indemnitee), and (y) the relevant Fund (if applicable) (including
any payment made to such Indemnitee under any insurance policy issued to or for the benefit of such Fund or the Indemnitee) (clauses
(x) and (y) together, the “Primary Indemnification”), and will only be paid to the extent the Primary Indemnification
is not paid and/or does not provide coverage (e.g., a self-insured retention amount under an insurance policy). No such Person
or Fund shall be entitled to contribution or indemnification from or subrogation against the Partnership. The indemnification of
any other Indemnitiee shall, to the extent not in conflict with such policy, be secondary to any and all payment to which such
Indemnitee is entitled from any relevant insurance policy issued to or for the benefit of the Partnership or any Indemnitee. “Fund”
means any fund, investment vehicle or account whose investments are managed or advised by FSAM, FSM LLC (if any) or its Affiliates.


 




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(b)          Advancement
of Expenses. To the fullest extent permitted by law, the Partnership shall promptly pay expenses (including attorneys’
fees) incurred by any Indemnitee in appearing at, participating in or defending any action, suit or proceeding in advance of the
final disposition of such action, suit or proceeding, including appeals, upon presentation of an undertaking on behalf of such
Indemnitee to repay such amount if it shall ultimately be determined that such Indemnitee is not entitled to be indemnified under
this Section 10.02 or otherwise. Notwithstanding the preceding sentence, except as otherwise provided in Section 10.02(c),
the Partnership shall be required to pay expenses of an Indemnitee in connection with any action, suit or proceeding (or part thereof)
(i) commenced by such Indemnitee only if the commencement of such action, suit or proceeding (or part thereof) by such Indemnitee
was authorized by the General Partner and (ii) by or in the right of the Partnership only if the General Partner has provided its
prior written consent.


 


(c)          Unpaid
Claims. If a claim for indemnification (following the final disposition of such action, suit or proceeding) or advancement
of expenses under this Section 10.02 is not paid in full within 30 days after a written claim therefor by any Indemnitee has
been received by the Partnership, such Indemnitee may file proceedings to recover the unpaid amount of such claim and, if successful
in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Partnership shall
have the burden of proving that such Indemnitee is not entitled to the requested indemnification or advancement of expenses under
applicable Law.


 


(d)          Insurance.
(i) To the fullest extent permitted by law, the Partnership may purchase and maintain insurance on behalf of any person described
in Section 10.02(a) against any liability asserted against such person, whether or not the Partnership would have the power to
indemnify such person against such liability under the provisions of this Section 10.02 or otherwise.


 


(ii)         In
the event of any payment by the Partnership under this Section 10.02, the Partnership shall be subrogated to the extent of
such payment to all of the rights of recovery of the Indemnitee from any relevant other Person or under any insurance policy issued
to or for the benefit of the Partnership, such relevant other Person, or any Indemnitee. Each Indemnitee agrees to execute all
papers required and take all action necessary to secure such rights, including the execution of such documents as are necessary
to enable the Partnership to bring suit to enforce any such rights in accordance with the terms of such insurance policy or other
relevant document. The Partnership shall pay or reimburse all expenses actually and reasonably incurred by the Indemnitee in connection
with such subrogation.


 


(iii)        The
Partnership shall not be liable under this Section 10.02 to make any payment of amounts otherwise indemnifiable hereunder (including,
but not limited to, judgments, fines and amounts paid in settlement, and excise taxes with respect to an employee benefit plan
or penalties) if and to the extent that the applicable Indemnitee has otherwise actually received such payment under this Section
10.02 or any insurance policy, contract, agreement or otherwise.


 




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(e)          Non-Exclusivity
of Rights. The provisions of this Section 10.02 shall be applicable to all actions, claims, suits or proceedings made or commenced
after the date of this Agreement, whether arising from acts or omissions to act occurring before or after its adoption. The provisions
of this Section 10.02 shall be deemed to be a contract between the Partnership and each person entitled to indemnification under
this Section 10.02 (or legal representative thereof) who serves in such capacity at any time while this Section 10.02 and the relevant
provisions of applicable Law, if any, are in effect, and any amendment, modification or repeal hereof shall not affect any rights
or obligations then existing with respect to any state of facts or any action, suit or proceeding then or theretofore existing,
or any action, suit or proceeding thereafter brought or threatened based in whole or in part on any such state of facts. If any
provision of this Section 10.02 shall be found to be invalid or limited in application by reason of any law or regulation, it shall
not affect the validity of the remaining provisions hereof. The rights of indemnification provided in this Section 10.02 shall
neither be exclusive of, nor be deemed in limitation of, any rights to which any person may otherwise be or become entitled or
permitted by contract, this Agreement or as a matter of law, both as to actions in such person’s official capacity and actions
in any other capacity, it being the policy of the Partnership that indemnification of any person whom the Partnership is obligated
to indemnify pursuant to Section 10.02(a) shall be made to the fullest extent permitted by law.


 


For purposes of this Section 10.02, references
to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise
taxes assessed on a person with respect to an employee benefit plan; and references to “serving at the request of the Partnership”
shall include any service as a director, officer, employee or agent of the Partnership which imposes duties on, or involves services
by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants, or beneficiaries.


 


This Section 10.02 shall not limit the right
of the Partnership, to the extent and in the manner permitted by law, to indemnify and to advance expenses to, and purchase and
maintain insurance on behalf of, persons other than persons described in Section 10.02(a).


 


ARTICLE XI



MISCELLANEOUS


 


SECTION 11.01         Severability.
If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of Law,
or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long
as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a 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 a mutually acceptable
manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.


 




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SECTION 11.02         Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be
deemed to have been duly given upon receipt) by delivery in person, by courier service (delivery receipt requested), by fax, by
electronic mail or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the
following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section
11.02):


 


(a)          If
to the Partnership or the General Partner, to it at:


 


777 West Putnam Avenue, 3rd Floor

Greenwich, CT 06830

Attention: Leonard M. Tannenbaum and Bernard D. Berman

Electronic Mail: 


 


(b)          If
to any Partner, to the contact information on file with the Partnership.


 


FSAM shall use commercially reasonable efforts to forward any
such communication to the applicable Partner’s address, email address or facsimile number as shown in the Partnership’s
books and records.


 


SECTION 11.03         Cumulative
Remedies. The rights and remedies provided by this Agreement are cumulative and the use of any one right or remedy by any party
shall not preclude or waive its right to use any or all other remedies. Said rights and remedies are given in addition to any other
rights the parties may have by Law.


 


SECTION 11.04         Binding
Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent permitted by
this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns.


 


SECTION 11.05         Interpretation.
Throughout this Agreement, nouns, pronouns and verbs shall be construed as masculine, feminine, neuter, singular or plural, whichever
shall be applicable. Unless otherwise specified, all references herein to “Articles,” “Sections” and paragraphs
shall refer to corresponding provisions of this Agreement.


 


Each party hereto acknowledges and agrees
that the parties hereto have participated collectively in the negotiation and drafting of this Agreement and that he or she or
it has had the opportunity to draft, review and edit the language of this Agreement; accordingly, it is the intention of the parties
that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any dispute
relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive to the fullest extent permitted
by law the benefit of any rule of law or any legal decision that would require that in cases of uncertainty, the language of a
contract should be interpreted most strongly against the party who drafted such language.


 


SECTION 11.06         Counterparts.
This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different
parties hereto in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of
which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other
electronic transmission service shall be considered original executed counterparts for purposes of this Section 11.06.


 




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SECTION 11.07         Further
Assurances. Each Limited Partner shall perform all other acts and execute and deliver all other documents as may be necessary
or appropriate to carry out the purposes and intent of this Agreement.


 


SECTION 11.08         Entire
Agreement. This Agreement constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof
and supersedes all prior agreements and understandings pertaining thereto.


 


SECTION 11.09         Governing
Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of Delaware.


 


SECTION 11.10         Dispute
Resolution.


 


(a)          The
Partnership and each Partner, each other Person who acquires a Unit or other interest in the Partnership and each other Person
who is bound by this Agreement (collectively, the “Consenting Parties” and each a “Consenting Party”)
(i) irrevocably agrees that, unless the General Partner shall otherwise agree in writing, any claims, suits, actions or proceedings
arising out of or relating in any way to this Agreement or any interest in the Partnership (including, without limitation, any
claims, suits or actions under or to interpret, apply or enforce (A) the provisions of this Agreement, including without limitation
the validity, scope or enforceability of this Section 11.10(a) or the arbitrability of any Dispute (as defined below), (B)
the duties, obligations or liabilities of the Partnership to the Partners, or of the Partners to the Partnership, or among Partners,
(C) the rights or powers of, or restrictions on, the Partnership, or any Partner, (D) any provision of the Act or other similar
applicable statutes, (E) any other instrument, document, agreement or certificate contemplated either by any provision of the Act
relating to the Partnership or by this Agreement or (F) the federal securities laws of the United States or the securities or antifraud
laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including,
in each case, the applicable rules and regulations promulgated thereunder (regardless of whether such Disputes (x) sound in contract,
tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct
claims)) (a “Dispute”) shall be finally settled by arbitration conducted by three arbitrators (or, in the event
the amount of quantified claims and/or estimated monetary value of other claims contained in the applicable request for arbitration
is less than $3.0 million, by a sole arbitrator) in the Borough of Manhattan, New York City in accordance with the Rules of Arbitration
of the International Chamber of Commerce (including the rules relating to costs and fees) existing on the date of this Agreement
except to the extent those rules are inconsistent with the terms of this Section 11.10, and that such arbitration shall be the
exclusive manner pursuant to which any Dispute shall be resolved; (ii) agrees that this Agreement involves commerce and is governed
by the Federal Arbitration Act, 9 U.S.C. Section 1, et seq. and any applicable treaties governing the recognition and enforcement
of international arbitration agreements and awards; (iii) agrees to take all steps necessary or advisable, including the execution
of documents to be filed with the International Court of Arbitration or the International Centre for ADR in order to properly submit
any Dispute for arbitration pursuant to this Section 11.10; (iv) irrevocably waives, to the fullest extent permitted by law,
any objection it may have or hereafter have to the submission of any Dispute for arbitration pursuant to this Section 11.10 and
any right to lay claim to jurisdiction in any venue; (v) agrees that (A) the arbitrator(s) shall be U.S. lawyers, U.S. law professors
and/or retired U.S. judges and all arbitrators, including the president of the arbitral tribunal, may be U.S. nationals and (B)
the arbitrator(s) shall conduct the proceedings in the English language; (vi) agrees that except as required by law (including
any disclosure requirement to which the Partnership may be subject under any securities law, rule or regulation or applicable securities
exchange rule or requirement) or as may be reasonably required in connection with ancillary judicial proceedings to compel arbitration,
to obtain temporary or preliminary judicial relief in aid of arbitration, or to confirm or challenge an arbitration award, the
arbitration proceedings, including any hearings, shall be confidential, and the parties shall not disclose any awards, any materials
in the proceedings created for the purpose of the arbitration, or any documents produced by another party in the proceedings not
otherwise in the public domain; (vii) irrevocably agrees that, unless the General Partner and the relevant named party or parties
shall otherwise mutually agree in writing, (A) the arbitrator(s) may award declaratory or injunctive relief only in favor of the
individual party seeking relief and only to the extent necessary to provide relief warranted by that party’s individual claim,
(B) SUCH CONSENTING PARTY MAY BRING CLAIMS ONLY IN ITS INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF, CLASS REPRESENTATIVE OR CLASS
MEMBER, OR AS A PRIVATE ATTORNEY GENERAL, IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING, and (C) the arbitrators) may not
consolidate more than one person’s claims, and shall not have authority otherwise to preside over any form of a representative
or class or consolidated proceeding or entertain any claim on behalf of a person who is not a named party, nor shall any arbitrator
have authority to make any award for the benefit of, or against, any person who is not a named party; and (viii) agrees that if
a Dispute that would be arbitrable under this Agreement if brought against a Consenting Party is brought against an employee, officer,
director, agent or indemnitee of such Consenting Party or its Affiliates (other than Disputes brought by the employer or principal
of any such employee, officer, director, agent or indemnitee) for alleged actions or omissions of such employee, officer, director,
agent or indemnitee undertaken as an employee, officer, director, agent or indemnitee of such Consenting Party or its Affiliates,
such employee, officer, director, agent or indemnitee shall be entitled to invoke this arbitration agreement. Notwithstanding Section
11.01, each provision of this Section 11.10(a) shall be deemed material, and shall not be severable and this Section 11.10(a) shall
be enforced only in its entirety. Performance under this Agreement shall continue if reasonably possible during any arbitration
proceedings.


 




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(b)          Notwithstanding
the provisions of paragraph (a), any Consenting Party may bring an action or special proceeding for the purpose of compelling a
party to arbitrate, seeking temporary or preliminary relief in aid of an arbitration hereunder, or enforcing an arbitration award
and, for the purposes of this paragraph (b), each Consenting Party (i) irrevocably agrees that, unless the General Partner
consents in writing to the selection of an alternative forum, any such action or special proceeding shall be exclusively brought
in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other
court located in the State of Delaware with subject matter jurisdiction; (ii) irrevocably submits to the exclusive jurisdiction
of such courts in connection with any such action or special proceeding; (iii) irrevocably agrees not to, and waives any right
to, assert in any such action or special proceeding that (A) it is not personally subject to the jurisdiction of such courts or
any other court to which proceedings in such courts may be appealed, (B) such action or special proceeding is brought in an inconvenient
forum, or (C) the venue of such action or special proceeding is improper; (iv) expressly waives any requirement for the posting
of a bond by a party bringing such action or special proceeding; (v) consents to process being served in any such action or special
proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices
hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided that
nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law; (VI) IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUCH CLAIM, SUIT, ACTION OR PROCEEDING; and (vii) 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.


 




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(c)          If
the arbitrator(s) shall determine that any Dispute is not subject to arbitration, or the arbitrator(s) or any court or tribunal
of competent jurisdiction shall refuse to enforce any provision of Section 11.10(a) or shall determine that any Dispute is not
subject to arbitration as contemplated thereby, then, and only then, shall the alternative provisions of this Section 11.10(c)
be applicable. Each Consenting Party, to the fullest extent permitted by law, (i) irrevocably agrees that unless the General
Partner consents in writing to the selection of an alternative forum, any Dispute shall be exclusively brought in the Court of
Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court located
in the State of Delaware with subject matter jurisdiction over such Dispute; (ii) irrevocably submits to the exclusive jurisdiction
of such courts in connection with any such claim, suit, action or proceeding; (iii) irrevocably agrees not to, and waives any right
to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts
or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in
an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper; (iv) expressly waives any requirement
for the posting of a bond by a party bringing such claim, suit, action or proceeding; (v) consents to process being served in any
such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the
address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and
notice thereof; provided that nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner
permitted by law; and (VI) IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUCH CLAIM, SUIT, ACTION OR PROCEEDING;
AND (vii) 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. The parties acknowledge that the fora designated by this paragraph
(c) have a reasonable relation to this Agreement, and to the parties’ relationship with one another.


 


SECTION 11.11         Expenses.
Except as otherwise specified in this Agreement, the Partnership shall be responsible for all costs and expenses, including, without
limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in connection with its operation.


 




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SECTION 11.12         Amendments
and Waivers. (a) This Agreement (including the Annexes hereto) may be amended, supplemented, waived or modified in writing
by the General Partner and Limited Partners holding a majority of the Units; provided that no amendment may materially and
adversely affect the rights of a holder of Units, as such, other than on a pro rata basis with other holders of Units of the same
Class without the consent of such holder (or, if there is more than one such holder that is so affected, without the consent of
a majority in interest of such affected holders in accordance with their holdings of such Class of Units); provided further,
however, that notwithstanding the foregoing, the General Partner may, without the written consent of any Limited Partner or any
other Person, amend, supplement, waive or modify any provision of this Agreement and execute, swear to, acknowledge, deliver, file
and record whatever documents may be required in connection therewith, to reflect: (i) any amendment, supplement, waiver or modification
that the General Partner determines to be necessary or appropriate in connection with the creation, authorization or issuance of
Units or any Class or series of equity interest in the Partnership pursuant to Section 7.01 hereof; (ii) the admission, substitution,
withdrawal or removal of Partners in accordance with this Agreement, including pursuant to Section 7.01 hereof; (iii) a change
in the name of the Partnership, the location of the principal place of business of the Partnership, the registered agent of the
Partnership or the registered office of the Partnership; (iv) any amendment, supplement, waiver or modification that the General
Partner determines in its sole discretion to be necessary or appropriate to address changes in U.S. federal income tax regulations,
legislation or interpretation; and/or (v) a change in the Fiscal Year or taxable year of the Partnership and any other changes
that the General Partner determines to be necessary or appropriate as a result of a change in the Fiscal Year or taxable year of
the Partnership including a change in the dates on which distributions are to be made by the Partnership. If an amendment has been
approved in accordance with this agreement, such amendment shall be adopted and effective with respect to all Partners. Upon obtaining
such approvals as may be required by this Agreement, and without further action or execution on the part of any other Partner or
other Person, any amendment to this Agreement may be implemented and reflected in a writing executed solely by the General Partner
and the Limited Partners shall be deemed a party to and bound by such amendment.


 


(b)          No
failure or delay by any party in exercising any right, power or privilege hereunder (other than a failure or delay beyond a period
of time specified herein) shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by Law.


 


(c)          The
General Partner may, in its sole discretion, unilaterally amend this Agreement on or before the effective date of the final regulations
to provide for (i) the election of a safe harbor under Proposed Treasury Regulation Section 1.83-3(l) (or any similar provision)
under which the fair market value of a partnership interest (or interest in an entity treated as a partnership for U.S. federal
income tax purposes) that is transferred is treated as being equal to the liquidation value of that interest, (ii) an agreement
by the Partnership and each of its Partners to comply with all of the requirements set forth in such regulations and Notice 2005-43
(and any other guidance provided by the Internal Revenue Service with respect to such election) with respect to all partnership
interests (or interest in an entity treated as a partnership for U.S. federal income tax purposes) transferred in connection with
the performance of services while the election remains effective, (iii) the allocation of items of income, gains, deductions and
losses required by the final regulations similar to Proposed Treasury Regulation Section 1.704-1(b)(4)(xii)(b) and (c), and
(iv) any other related amendments.


 




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(d)          Except
as may be otherwise required by law in connection with the winding-up, liquidation, or dissolution of the Partnership, each Partner
hereby irrevocably waives any and all rights that it may have to maintain an action for judicial accounting or for partition of
any of the Partnership’s property.


 


SECTION 11.13         No
Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of the parties hereto and their
permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other Person or
entity, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement (other than
pursuant to Section 10.02 hereof); provided, however that each employee, officer, director, agent or indemnitee of any Consenting
Party or its Affiliates is an intended third party beneficiary of Section 11.10(a) and shall be entitled to enforce its rights
thereunder.


 


SECTION 11.14         Headings.
The headings and subheadings in this Agreement are included for convenience and identification only and are in no way intended
to describe, interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof.


 


SECTION 11.15         Power
of Attorney. Each Limited Partner, by its execution hereof, hereby makes, constitutes and appoints the General Partner as its
true and lawful agent and attorney in fact, with full power of substitution and full power and authority in its name, place and
stead, to make, execute, sign, acknowledge, swear to, record and file (a) this Agreement and any amendment to this Agreement that
has been adopted as herein provided; (b) the original certificate of limited partnership of the Partnership and all amendments
thereto required or permitted by law or the provisions of this Agreement; (c) all certificates and other instruments (including
consents and ratifications which the Limited Partners have agreed to provide upon a matter receiving the agreed support of Limited
Partners) deemed advisable by the General Partner to carry out the provisions of this Agreement (including the provisions of Section
8.05) and Law or to permit the Partnership to become or to continue as a limited partnership or partnership wherein the Limited
Partners have limited liability in each jurisdiction where the Partnership may be doing business; (d) all instruments that the
General Partner deems appropriate to reflect a change or modification of this Agreement or the Partnership in accordance with this
Agreement, including, without limitation, the admission of additional Limited Partners or substituted Limited Partners pursuant
to the provisions of this Agreement; (e) all conveyances and other instruments or papers deemed advisable by the General Partner
to effect the liquidation and termination of the Partnership; and (f) all fictitious or assumed name certificates required or permitted
(in light of the Partnership’s activities) to be filed on behalf of the Partnership.


 


SECTION 11.16         Separate
Agreements; Schedules. Notwithstanding any other provision of this Agreement, including Section 11.12, the General Partner
may, or may cause the Partnership to, without the approval of any Limited Partner or other Person, enter into separate subscription,
letter or other agreements with individual Limited Partners with respect to any matter, which have the effect of establishing rights
under, or altering, supplementing or amending the terms of, this Agreement. The parties hereto agree that any terms contained in
any such separate agreement shall govern with respect to such Limited Partner(s) party thereto notwithstanding the provisions of
this Agreement. The General Partner may from time to time execute and deliver to the Limited Partners schedules which set forth
information contained in the books and records of the Partnership and any other matters deemed appropriate by the General Partner.
Such schedules shall be for information purposes only and shall not be deemed to be part of this Agreement for any purpose whatsoever.


 




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SECTION 11.17         Partnership
Status. The parties intend to treat the Partnership as a partnership for U.S. federal income tax purposes.


 


SECTION 11.18         Delivery
by Facsimile or Email. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into
in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed
and delivered by means of a facsimile machine or email with scan or facsimile attachment, shall be treated in all manner and respects
as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of a facsimile
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 facsimile machine or email as a defense to the formation or enforceability of a contract, and each such party
forever waives any such defense.


 


[Remainder of Page Intentionally Left Blank]


 




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IN WITNESS WHEREOF, the parties hereto have
entered into this Agreement or have caused this Agreement to be duly executed by their respective authorized officers, in each
case as of the date first above stated.


 


	 	GENERAL PARTNER:
	 	 	 
	 	FIFTH STREET ASSET MANAGEMENT INC.
	 	 	 
	 	By:	 
	 	 	Name:  Leonard M. Tannenbaum
	 	 	Title:  Chief Executive Officer


 


[Amended and Restated Limited Partnership
Agreement of Fifth Street Holdings L.P.]


 




    	 



    	 



    

 


	 	LIMITED PARTNERS
	 	 
	 	 
	 	Name: Leonard M. Tannenbaum
	 	 
	 	 
	 	Name: Bernard D. Berman
	 	 
	 	 
	 	Name: Ivelin M. Dimitrov
	 	 
	 	 
	 	Name: Charles J. Zmijeski
	 	 
	 	 
	 	Name: Sandeep K. Khorana
	 	 
	 	 
	 	Name: Alexander C. Frank
	 	 
	 	 
	 	Name: Brian D. Finkelstein
	 	 
	 	 
	 	Name: Kyde S. Sharp
	 	 
	 	 
	 	Name: James F. Velgot


 




    	 



    	 



    

 


	 	 
	 	Name: Stacey L. Tannenbaum
	 	 
	 	 
	 	Name: Steven M. Noreika
	 	 
	 	 
	 	Name: Matthew Bandini
	 	 
	 	 
	 	Name: Greg Browne


 




    	 



    	 



    

 


	 	Tannenbaum Family 2012 Trust
	 	 
	 	 
	 	Name:
	 	Title:
	 	 
	 	FSC CT II, Inc.
	 	 
	 	 
	 	Name: 
	 	Title:


 




    	 



    	 



    

 


	 	Bernard D. Berman 2012 Trust
	 	 	 
	 	By	 
	 	Name:
	 	Title    
	 	 	 
	 	By	 
	 	Name:
	 	Title: