# EDGAR Filing Document

**Accession Number:** 0001925283
**File Stem:** 0001628280-26-033128
**Filing Date:** 2026-5
**Character Count:** 2122488
**Document Hash:** fe73836bf57ca56975884eda1d4335df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-033128.hdr.sgml**: 20260511

**ACCESSION NUMBER**: 0001628280-26-033128

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 54

**FILED AS OF DATE**: 20260511

**DATE AS OF CHANGE**: 20260511

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Lincoln International, Inc.
- **CENTRAL INDEX KEY:** 0001925283
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-295322
- **FILM NUMBER:** 26960862

**BUSINESS ADDRESS:**
- **STREET 1:** 110 NORTH WACKER DRIVE
- **STREET 2:** 51ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3125808339

**MAIL ADDRESS:**
- **STREET 1:** 110 NORTH WACKER DRIVE
- **STREET 2:** 51ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**As filed with the Securities and Exchange Commission on May 11, 2026.**

**Registration No. 333-295322**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**AMENDMENT NO. 1** 

**TO FORM S-1**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Lincoln International, Inc.**

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Delaware** | **6282** | **38-4224068** |
| **(State or other jurisdiction of <br>incorporation or organization)** | **(Primary Standard Industrial <br>Classification Code Number)** | **(I.R.S. Employer <br>Identification No.)** |

---

**110 North Wacker Drive, 51st Floor**<br>**Chicago, Illinois 60606**<br>**Telephone: (312) 580-8339**<br>

**(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)**

**Kristin M. Marvin, Esq.**

**General Counsel**

**110 North Wacker Drive, 51st Floor**

**Chicago, Illinois 60606**

**Telephone: (312) 796-8550**

**(Name, address, including zip code, and telephone number, including area code, of agent for service)**

***Copies to:***

---

| | |
|:---|:---|
| **Steven B. Stokdyk, Esq. <br>Lewis W. Kneib, Esq. <br>Scott W. Westhoff, Esq. <br>Latham & Watkins LLP<br>330 North Wabash Avenue, Suite 2800<br>Chicago, Illinois 60611<br>Telephone: (312) 876-7700** | **Mitchell S. Eitel, Esq. <br>Catherine M. Clarkin, Esq. <br>Sullivan & Cromwell LLP <br>125 Broad Street<br>New York, New York 10004<br>Telephone: (212) 558-4000** |

---

**Approximate date of commencement of proposed sale to the public:**

**As soon as practicable after this Registration Statement is declared effective.**

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐ |
| | | Emerging Growth Company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☒

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

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**The information in this preliminary prospectus is not complete and may be changed. We and the selling stockholders may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**Subject to completion, dated May 11 , 2026**

**PRELIMINARY PROSPECTUS**

**21,049,988 Shares**

![prospectuscoverlogo1a.jpg](prospectuscoverlogo1a.jpg)

**Lincoln International, Inc.**

**Class A Common Stock**

This is an initial public offering of shares of Class A common stock of Lincoln International, Inc. We are selling 20,604,046 shares of our Class A common stock in this offering, and the selling stockholders identified in this prospectus are selling 445,942 shares of our Class A common stock.

Prior to this offering, there has been no public market for our Class A common stock. We will not receive any proceeds from the sale of shares of Class A common stock by any of the selling stockholders. It is currently estimated that the initial public offering price for our Class A common stock will be between $18.00 and $20.00 per share. We have applied to list our Class A common stock on the New York Stock Exchange (the "NYSE") under the symbol "LCLN."

Following this offering, we will have three classes of authorized common stock: Class A common stock, Class B common stock and Class C common stock. Our Class A common stock offered hereby and our Class B common stock will each be entitled to one vote per share and our Class C common stock will be entitled to ten votes per share. Immediately following the consummation of this offering, all of the outstanding shares of our Class B common stock will be held by the LILP Non-controlling Partners (as defined below) of Lincoln International, LP ("LILP"), which will represent approximately 6% of the voting power of our outstanding capital stock (or approximately 6% if the underwriters exercise their option to purchase additional shares of Class A common stock in full). Immediately following the consummation of this offering, all of the outstanding shares of our Class C common stock will be held by the LILP Controlling Partners (as defined below), which will represent approximately 87% of the voting power of our outstanding capital stock (or approximately 86% if the underwriters exercise their option to purchase additional shares of Class A common stock in full). As a result, the LILP Controlling Partners will control more than a majority of the combined voting power of our outstanding shares of capital stock and will be able to control any action requiring the general approval of our stockholders.

We intend to use the net proceeds from this offering, after the underwriting discount but before estimated offering expenses payable by us, to purchase 20,604,046 newly issued common units (as defined below) (or 23,682,849 common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offer price per share of Class A common stock we issue in this offering, less the underwriting discount, and we intend to cause LILP to use the net proceeds from the sale of common units to us as described in "Use of Proceeds," including to partially redeem units from certain of the LILP Partners (as defined below), which include certain executive officers and directors, to pay fees and expenses in connection with this offering and the Reorganization Transactions (as defined below), to repay amounts outstanding under the Term Loan Credit Facility (as defined below) and, to the extent there are remaining proceeds, for general corporate purposes.

We will be a holding company and the sole general partner of LILP, and upon the consummation of a series of Organizational Transactions (as defined below), our principal asset will consist of common units. We will conduct our business through LILP and its direct and indirect subsidiaries.

After the consummation of the Reorganization Transactions and this offering, we will be a "controlled company" within the meaning of the NYSE rules. See "Our Organizational Structure" and "Management—Controlled Company Exception."

We are an "emerging growth company" as that term is defined under the federal securities laws and, as such, we have elected to comply with certain reduced reporting requirements for this prospectus and may elect to do so in future filings. See "Prospectus Summary—Implications of Being an Emerging Growth Company."

**Investing in our Class A common stock involves risks. See "<u>[Risk Factors](#i7a3c422cdd584cf6a1030e898a63848a_28)</u>" beginning on page <u>[31](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> to read about factors that you should consider before buying shares of our Class A common stock.**

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved these securities, or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

---

| | | |
|:---|:---|:---|
| | **Per Share** | **Total** |
| Initial public offering price |  |  |
| Underwriting discount<sup>(1)</sup>  |  |  |
| Proceeds, before expenses, to Lincoln International, Inc. |  |  |
| Proceeds, before expenses, to the selling stockholders |  |  |

---

__________________

(1)See "<u>[Underwriting](#i7a3c422cdd584cf6a1030e898a63848a_85)</u>" for a description of the compensation payable to the underwriters.

The underwriters may also exercise their option to purchase up to an additional 3,078,803 shares of Class A common stock from us and 78,695 shares of Class A common stock from the selling stockholders at the initial public offering price, less underwriting discounts and commissions, within 30 days after the date of this prospectus.

The underwriters expect to deliver the shares of Class A common stock against payment in New York, New York on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026.

***Joint Lead Book-Running Managers***

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| | |
|:---|:---|
| **Goldman Sachs & Co. LLC** | **Morgan Stanley** |

---

***Bookrunners***

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| | | |
|:---|:---|:---|
| **BMO Capital Markets** | **Citizens Capital Markets** | **Evercore ISI** |

---

***Co-Managers***

---

| | |
|:---|:---|
| **Keefe, Bruyette & Woods** | **Wolfe \| Nomura Alliance** |
| *A Stifel Company* | |

---

**The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026.**

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![prospectussummary1ha.jpg](prospectussummary1ha.jpg)

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![prospectussummary2ha.jpg](prospectussummary2ha.jpg)

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| <u>[PROSPECTUS SUMMARY](#i7a3c422cdd584cf6a1030e898a63848a_19)</u> | <u>[1](#i7a3c422cdd584cf6a1030e898a63848a_19)</u> |
| <u>[RISK FACTORS](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> | <u>[31](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> |
| <u>[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_31)</u> | <u>[64](#i7a3c422cdd584cf6a1030e898a63848a_31)</u> |
| <u>[OUR ORGANIZATIONAL STRUCTURE](#i7a3c422cdd584cf6a1030e898a63848a_34)</u> | <u>[66](#i7a3c422cdd584cf6a1030e898a63848a_34)</u> |
| <u>[USE OF PROCEEDS](#i7a3c422cdd584cf6a1030e898a63848a_37)</u> | <u>[70](#i7a3c422cdd584cf6a1030e898a63848a_37)</u> |
| <u>[CAPITALIZATION](#i7a3c422cdd584cf6a1030e898a63848a_40)</u> | <u>[71](#i7a3c422cdd584cf6a1030e898a63848a_40)</u> |
| <u>[DIVIDEND POLICY](#i7a3c422cdd584cf6a1030e898a63848a_43)</u> | <u>[72](#i7a3c422cdd584cf6a1030e898a63848a_43)</u> |
| <u>[DILUTION](#i7a3c422cdd584cf6a1030e898a63848a_46)</u> | <u>[74](#i7a3c422cdd584cf6a1030e898a63848a_46)</u> |
| <u>[UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION](#i7a3c422cdd584cf6a1030e898a63848a_49)</u> | <u>[77](#i7a3c422cdd584cf6a1030e898a63848a_49)</u> |
| <u>[MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#i7a3c422cdd584cf6a1030e898a63848a_58)</u> | <u>[92](#i7a3c422cdd584cf6a1030e898a63848a_58)</u> |
| <u>[BUSINESS](#i7a3c422cdd584cf6a1030e898a63848a_61)</u> | <u>[119](#i7a3c422cdd584cf6a1030e898a63848a_61)</u> |
| <u>[MANAGEMENT](#i7a3c422cdd584cf6a1030e898a63848a_64)</u> | <u>[137](#i7a3c422cdd584cf6a1030e898a63848a_64)</u> |
| <u>[EXECUTIVE AND DIRECTOR COMPENSATION](#i7a3c422cdd584cf6a1030e898a63848a_67)</u> | <u>[144](#i7a3c422cdd584cf6a1030e898a63848a_67)</u> |
| <u>[CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#i7a3c422cdd584cf6a1030e898a63848a_70)</u> | <u>[154](#i7a3c422cdd584cf6a1030e898a63848a_70)</u> |
| <u>[PRINCIPAL](#i7a3c422cdd584cf6a1030e898a63848a_73)[AND SELLING](#i7a3c422cdd584cf6a1030e898a63848a_73)[STOCKHOLDERS](#i7a3c422cdd584cf6a1030e898a63848a_73)</u> | <u>[164](#i7a3c422cdd584cf6a1030e898a63848a_73)</u> |
| <u>[DESCRIPTION OF CAPITAL STOCK](#i7a3c422cdd584cf6a1030e898a63848a_76)</u> | <u>[168](#i7a3c422cdd584cf6a1030e898a63848a_76)</u> |
| <u>[SHARES ELIGIBLE FOR FUTURE SALE](#i7a3c422cdd584cf6a1030e898a63848a_79)</u> | <u>[175](#i7a3c422cdd584cf6a1030e898a63848a_79)</u> |
| <u>[MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF CLASS A COMMON STOCK](#i7a3c422cdd584cf6a1030e898a63848a_82)</u> | <u>[178](#i7a3c422cdd584cf6a1030e898a63848a_82)</u> |
| <u>[UNDERWRITING](#i7a3c422cdd584cf6a1030e898a63848a_85)</u> | <u>[182](#i7a3c422cdd584cf6a1030e898a63848a_85)</u> |
| <u>[VALIDITY OF CLASS A COMMON STOCK](#i7a3c422cdd584cf6a1030e898a63848a_88)</u> | <u>[191](#i7a3c422cdd584cf6a1030e898a63848a_88)</u> |
| <u>[EXPERTS](#i7a3c422cdd584cf6a1030e898a63848a_91)</u> | <u>[191](#i7a3c422cdd584cf6a1030e898a63848a_91)</u> |
| <u>[WHERE YOU CAN FIND MORE INFORMATION](#i7a3c422cdd584cf6a1030e898a63848a_94)</u> | <u>[191](#i7a3c422cdd584cf6a1030e898a63848a_94)</u> |
| <u>[INDEX TO FINANCIAL STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_97)</u> | <u>[F-1](#i7a3c422cdd584cf6a1030e898a63848a_97)</u> |

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You should rely only on the information contained in this prospectus or in any free writing prospectus we may authorize to be delivered or made available to you. Neither we, the selling stockholders nor the underwriters have authorized anyone to provide you with different information. We and the selling stockholders take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is an offer to sell only the shares offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of shares of our Class A common stock.

**Through and including&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.**

For investors outside the United States: We, the selling stockholders and the underwriters have not done anything that would permit this offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of Class A common stock and the distribution of this prospectus outside the United States. See "Underwriting."

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**BASIS OF PRESENTATION**

**Organizational Structure**

In connection with this offering, we will undertake reorganization transactions to reorganize our corporate structure. Unless otherwise stated or the context otherwise requires, all information in this prospectus reflects the consummation of the reorganization transactions described in the section titled "Our Organizational Structure-Reorganization Transactions," to which we refer to as the "Reorganization Transactions," and offering transactions described in the section titled "Our Organizational Structure-Offering Transactions," including this offering and the application of the proceeds therefrom, to which we refer to as the "Offering Transactions." We refer to the Reorganization Transactions and the Offering Transactions collectively as the "Organizational Transactions."

See "Our Organizational Structure" for a diagram depicting our organizational structure after giving effect to the Organizational Transactions, including this offering.

**Recent Acquisition**

On October 31, 2025, we consummated the MarshBerry Acquisition by acquiring MarshBerry pursuant to the Equity Purchase Agreement, dated as of September 9, 2025, by and among LILP, Lincoln International Holdings Limited, Lincoln International Parent B.V., Lincoln International B.V., MarshBerry Holdco, Inc., MarshBerry Holdco II, LLC, AMC MB Mini-Master, LP, DB FLF MBH LLC, the specified holders party thereto, MarshBerry Holding Company, LLC, and Atlas Merchant Capital LLC.

Unless otherwise indicated, (i) information presented for a period ended prior to the date of the MarshBerry Acquisition does not give effect to the MarshBerry Acquisition and (ii) information presented for a period ended after the MarshBerry Acquisition includes the impact of the MarshBerry Acquisition from the date of the MarshBerry Acquisition.

**Definitions**

As used in this prospectus, unless the context otherwise requires, references to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Basis Adjustments" refers to (i) Lincoln International, Inc.'s allocable share of the existing tax basis of LILP's assets, which tax basis is attributable to the common units being acquired in the Reorganization Transactions and this offering, (ii) an increase in Lincoln International, Inc.'s allocable share of the tax basis of LILP's assets and Lincoln International, Inc.'s allocable share of the existing tax basis of LILP's assets in the future, (A) when (as described below under "—Prospectus Summary—The Offering—Redemption rights of LILP Partners holding common units") an LILP Partner receives Class A common stock or cash, as applicable, in connection with an exercise of such LILP Partner's right to have common units held by such LILP Partner redeemed by LILP (including redemptions that occur in connection with this offering) or, at our election, exchanged directly with us (or a wholly-owned subsidiary of ours), (B) when LILP makes, or is deemed to make, certain distributions to the LILP Partners and (C) when Lincoln International, Inc. makes payments under the Tax Receivable Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Blocker Companies" refers to (i) Lincoln International Partners Holdings, LLC, (ii) Lincoln International Partners Holdings II, LLC, and (iii) MarshBerry Holdco II, LLC and "Blocker Company" refers to each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class A common stock" refers to the Class A common stock, par value $0.00001 per share, of Lincoln International, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class B common stock" refers to the Class B common stock, par value $0.00001 per share, of Lincoln International, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Class C common stock" refers to the Class C common stock, par value $0.00001 per share, of Lincoln International, Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "common units" refers to the limited partnership interests of LILP, which are units designated as common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "common stock" refers to (a) prior to the Reorganization Transactions, the common stock, par value $0.0001 per share, of Lincoln International, Inc. and (b) after the Reorganization Transactions, the Class A common stock, Class B common stock and Class C common stock of Lincoln International, Inc., collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "continuation vehicle" refers to an investment fund established by a private equity firm for the purpose of acquiring certain of the firm's assets from its existing funds that are reaching the end of such funds' terms as an alternative to disposing of such assets to a third-party purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Credit Agreement" refers to the Credit Agreement, dated as of October 31, 2025, by and among Monarch FinCo, LLC, as borrower, Lincoln International CentCo, LLC, as holdings, Antares Capital LP, as administrative agent, collateral agent and an issuing bank, and the lenders party thereto from time to time, as amended by Amendment No. 1 to Credit Agreement, dated as of April 13, 2026, by and among Monarch FinCo, LLC, as borrower, Antares Capital LP, as administrative agent and collateral agent, and the lenders party thereto, and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Credit Facilities" collectively refers to the Term Loan Credit Facility, the Delayed Draw Term Loan Credit Facility, and Revolving Credit Facility (each as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Interest Deductions" refers to deductions attributable to imputed interest and other payments of interest pursuant to the Tax Receivable Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP" refers to Lincoln International, LP, a Delaware limited partnership, and its predecessors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Controlling Partners" refers to Lawrence James Lawson III, our co-founder and Chairman of our board of directors, Robert Bruce Barr, our co-founder and director, Robert Todd Brown, our Chief Executive Officer and director, and Eric Dennis Malchow, our President, Global Head of M&A and director, who will each be holders of common units and our Class A and Class C common stock immediately following consummation of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Non-controlling Partners" refers to holders, consisting of certain of our executive officers, managing directors and senior professionals (other than the LILP Controlling Partners and Other Senior Professionals), of common units and our Class B common stock immediately following consummation of the Organizational Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Partners" refers to the LILP Controlling Partners and the LILP Non-controlling Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "LILP Partnership Agreement" refers to LILP's Fourth Amended and Restated Limited Partnership Agreement, which will become effective prior to the consummation of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Liquidity Event Shares" refers to shares of Class A common stock to be issued within 90 days of the closing of this offering in satisfaction of obligations of LILP under the Existing Partnership Agreement and the applicable redemption agreement that become due to certain partners and former partners (or their estates) whose units in LILP were repurchased by LILP (i) due to death, retirement, or permanent disability during the three years prior to the offering or (ii) following certain termination events during the year prior to the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Lock-Up Common Units" refers to (i) common units held by an LILP Partner on the closing date of this offering and (ii) common units received by an LILP Partner upon the exercise of any option to purchase common units held by such LILP Partner as of the closing date of this offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Lock-Up Shares" refers to (i) shares of Class A common stock issued as consideration in the Corporate Mergers, (ii) shares of Class A common stock received by the Other Senior Professionals in connection

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with the exercise of any options that were converted in the Corporate Mergers into options to purchase shares of Class A common stock and (iii) shares of Rollover Class A common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MarshBerry" refers to MarshBerry Holding Company, LLC and its consolidated subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MarshBerry Acquisition" refers to the transaction consummated on October 31, 2025, pursuant to which we acquired MarshBerry. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Acquisitions."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Other Senior Professionals" refers to members of the Blocker Companies and holders of options to purchase membership interests in the Blocker Companies who are international and U.S. based managing directors and certain other senior professionals of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "private credit" refers to the market for debt financing that is privately originated and negotiated and is not issued or traded in public securities markets, in which non-bank lenders—including direct lending funds, credit opportunity funds, business development companies, banks, asset managers, insurance companies and other institutional investors—provide financing to corporate borrowers and/or structured products. Such financing typically includes senior secured loans, unsecured loans, unitranche facilities, mezzanine debt, and other privately negotiated credit or equity instruments, which can be classified as either investment grade or non-investment grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "private equity-backed company" and "portfolio company" refer to a company in which a private equity fund or other investment vehicle managed or advised by a private equity sponsor has made an equity investment and with respect to which such sponsor has the ability to exercise significant influence over, or control of, the company's management, business or policies, whether through ownership of voting securities, board representation, contractual rights or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Rollover Class A common stock" refers to shares of Class A common stock received by certain of the LILP Partners in connection with the Reorganization Transactions, other than the Corporate Mergers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "secondary transaction" refers to transactions pursuant to which private equity funds or other investors buy and sell pre-existing commitments, interests or stakes in portfolio companies (i.e., to a continuation vehicle) or private equity funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Sunset Date" refers to such date that is the earlier of (i) the ten (10) year anniversary of the effective date of this registration statement and (ii) the date on which the LILP Controlling Partners first cease to own, in the aggregate, at least twenty (20%) percent of the issued and outstanding shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Tax Receivable Agreement" means the tax receivable agreement entered into between Lincoln International, Inc., LILP and the TRA Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Tax Receivable Agreement Representative" refers to Theodore J. Heidloff, our Chief Financial Officer and his successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "TRA Parties" refers to, collectively, the LILP Partners, certain Other Senior Professionals and any future party to the Tax Receivable Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "we," "us," "our," the "Company," "Lincoln," and similar references refer: (1) following the consummation of the Organizational Transactions, including this offering, to Lincoln International, Inc., a Delaware corporation, and, unless otherwise stated, all of its direct and indirect subsidiaries, including LILP; and (2) prior to the completion of the Organizational Transactions, including this offering, to LILP and, unless otherwise stated, all of its direct and indirect subsidiaries. In each case, such references include MarshBerry from and after the date of the MarshBerry Acquisition unless otherwise stated or the context otherwise requires.

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We will be a holding company and the sole general partner of LILP, and upon the consummation of a series of Organizational Transactions, our principal asset will consist of common units. We will conduct our business through LILP and its direct and indirect subsidiaries.

**Presentation of Financial Information**

LILP is the accounting predecessor of the issuer, Lincoln International, Inc., for financial reporting purposes. Lincoln International, Inc. will be the financial reporting entity following this offering. Accordingly, this prospectus contains the following historical financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Lincoln International, Inc.—*Other than the balance sheet dated as of December 31, 2024, the historical financial information of Lincoln International, Inc. has not been included in this prospectus as it has no business transactions or activities to date and had no assets or liabilities during the periods presented in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *LILP—*Because Lincoln International, Inc. will have no interest in any operations, other than those of LILP and its subsidiaries, the historical consolidated financial information included in this prospectus is that of LILP and its subsidiaries.

Except as otherwise noted, the unaudited pro forma condensed consolidated financial information of Lincoln International, Inc. presented in this prospectus has been derived by the application of pro forma adjustments to the audited historical consolidated financial statements of LILP and its subsidiaries included elsewhere in this prospectus. These pro forma adjustments give effect to the MarshBerry Acquisition and to the Organizational Transactions as described in "Our Organizational Structure," including the consummation of this offering, as if all such transactions had occurred on January 1, 2025 in the case of the unaudited pro forma condensed consolidated statements of income data, and as of December 31, 2025, in the case of the unaudited pro forma condensed consolidated balance sheet data. See "Unaudited Pro Forma Condensed Consolidated Financial Information" for a complete description of the adjustments and assumptions underlying the pro forma financial information included in this prospectus.

Certain monetary amounts, percentages, and other figures included in this prospectus have been subject to rounding adjustments. Percentage amounts included in this prospectus have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures in our consolidated financial statements included elsewhere in this prospectus. Other amounts that appear in this prospectus may not sum due to rounding.

**TRADEMARKS**

This prospectus includes our trademarks and trade names which are protected under applicable intellectual property laws and are our property. This prospectus also contains trademarks, trade names and service marks of other companies, which are the property of their respective owners. Solely for convenience, trademarks, trade names and service marks referred to in this prospectus may appear without the®,™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent permitted under applicable law, our rights or the right of the applicable licensor to these trademarks, trade names and service marks. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by, these other parties.

**MARKET AND INDUSTRY DATA**

Unless otherwise indicated, information contained in this prospectus concerning our industry, competitive position and the markets in which we operate is based on information from independent industry and research organizations, other third-party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, including trade associations and government agencies and data from our internal research, and are based on assumptions made by us upon reviewing such data and our experience in, and knowledge of, such industry and markets, which we

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believe to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which we operate, and our future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements." These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

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**PROSPECTUS SUMMARY**

*This summary highlights information appearing elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider before making your investment decision. Before investing in our Class A common stock, you should carefully read the entire prospectus, including the financial data and related notes and the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Some of the statements in this prospectus constitute forward-looking statements.*

**Company Overview**

We are a global independent investment banking advisory firm focused on the private capital markets. As a leader in advising private equity and private credit investors, private company business owners and other senior executives, our globally integrated platform allows us to deliver comprehensive, sector-focused advisory services to clients across key areas of the economy.

Our experienced professionals provide meaningful and differentiated private capital markets expertise across our two segments, Investment Banking Advisory and Valuations and Opinions:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Valuations and Opinions** |
| **Mergers & Acquisitions** | **Capital Advisory** | **Private Funds Advisory** | **Other Services** | **Valuations and Opinions** |
| • Sell-Sides<br>• Buy-Sides<br>• Add-ons | • Debt Advisory <br>• Special Situations & Restructuring <br>• Growth Capital & Minority Equity | • Continuation Vehicles<br>• Single Asset and Co-Investment Vehicles<br>• Primary Funds | • Strategic Consulting<br>• Executive Peer Networks<br>• Agency Member Network | • Portfolio Valuations<br>• Transaction Opinions & Board Advisory<br>• Disputes Advisory |

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Since our founding in 1996, we have experienced significant growth achieved through investments in our talent, our platform, the complementary capabilities we offer—including our growing, recurring, and non-cyclical valuations business—and the strategic positioning of the firm. As a result, we have built a platform to support clients in attracting capital and investing with purpose, driving value and realizing returns. As of December 31, 2025, approximately 1,400 professionals, including 159 managing directors, serve our clients and operate our business from more than 30 offices across 14 countries throughout the Americas, Europe, Middle East and Asia. *Mergermarket* has ranked us the #2 sell-side advisor for private equity transactions globally over the three years ending December 31, 2025.

Our success is rooted in a thoughtfully designed, institutionalized, and proactively managed entrepreneurial culture, fostering collaboration and engagement while strengthening our ability to attract, develop, and retain exceptional talent at all levels of the organization. We believe this culture is distinctive within our industry and is reinforced by a proven executive leadership team with strong continuity, as well as experienced senior professionals who lead our industry, product, and administrative groups. Reflecting this continuity, our leadership team has been with Lincoln for an average of approximately 20 years, and our managing directors have averaged more than eight years with the firm. We continue to build our next generation of leaders through a deliberate focus on high-performing talent and internal promotion, as demonstrated by the fact that approximately 43% of U.S. managing directors were promoted from within—one-third of whom joined Lincoln as junior professionals.

Over time, we have intentionally diversified our business across service offerings and created depth of expertise and client relationships within industry sectors, including Business Services, Consumer, Healthcare, Industrials, Technology, and, through our acquisition of MarshBerry that we closed on October 31, 2025, Financial Services. MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

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**The Evolution of Lincoln International**![business1e.jpg](business1e.jpg)

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Note: (1) 2025 represents pro forma client revenue. (2) 2008 and 2015 product group diversity only reflect U.S. operations. (3) Financial Services and Energy included within Business Services except for Financial Services is called out separately in 2025 pro forma with MarshBerry. (4) Excludes MarshBerry offices in locations where Lincoln has an established office. (5) "M&A" incorporates MarshBerry's M&A-related client revenue, while "Other" incorporates FirstChoice, Connect and consulting client revenue.

We continue to invest to drive growth. As a catalyst for growth, we accelerated our lateral managing director hiring in recent years, leading to the onboarding of 31 new managing directors since the beginning of 2024 who either introduce—or strengthen—certain sector, product, or geographic expertise. Furthermore, since the end of 2022, we have increased the number of Capital Advisory and Private Funds Advisory managing directors by 43%. This senior talent hiring success is a testament to the strength of our brand and culture. Lincoln has become a destination for talent as we have evolved. We have also invested in our technology infrastructure, including designing a customer relationship management system that also functions as an enterprise resource planning system, by building a proprietary artificial intelligence, or AI, tool that aggregates institutional, market and client intelligence to drive efficiency and optimize knowledge sharing, and by improving the delivery of portfolio valuations through automation.

Our relentless focus on client success and continued investments in our people and platform have produced substantial growth in revenue and profits. Our client revenues have increased from $191.9 million in 2015 to $842.4 million on a pro forma basis in 2025, a 16% annualized growth rate. Our business has also become more diverse with the non-M&A revenue contribution growing from 21% in 2015 to 32% in 2025. For the three months ended March 31, 2026, after giving effect to the Organizational Transactions, our pro forma earnings (loss) before income taxes were $(28.8) million and $(0.2) million on an adjusted basis. For the year ended December 31, 2025, after giving effect to the MarshBerry Acquisition and the Organizational Transactions, our pro forma earnings before income taxes were $14.8 million and $145.9 million on an adjusted basis. See the section titled "—Summary Consolidated Financial and Other Data" for information regarding our use of adjusted earnings before income taxes ("adjusted EBT"), which is considered a non-GAAP measure, and a reconciliation from income before income taxes.

**Our Services**

Our services are delivered with "Real Connection and True Perspective," the essence of our brand, which underpins partnership-oriented advisory relationships with our clients. Our proactively managed culture promotes knowledge sharing and, when combined with our deep relationships across the private capital markets, enables us to deliver differentiated insights. Our core segments—Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions (comprised of Portfolio

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Valuations, Transaction Opinions and Board Advisory, and Disputes Advisory)—provide revenue diversification, multiple avenues for growth across market cycles, and complementary services that support our clients' evolving needs. Our international reach enables clients to access the optimal acquirers, investors and capital pools in nearly every major market in the world.

**Private Capital Markets Continuum of Services**

We strive to support our clients throughout the full private equity and debt lifecycle, delivering value at each stage through the combination of expertise and insights across our service offerings.

![prosumm7b.jpg](prosumm7b.jpg)

The global private equity community is a focal point of our client service model. Our Financial Sponsors Coverage group, together with our industry and practice professionals, form a collaborative team, delivering timely, tailored services to meet client needs. This coverage strategy complements our ongoing engagement with other market-leading companies, both private and public, across sectors, enabling us to optimally serve our wide-ranging client base. Within our highly customized database and software system platform, we maintain a proprietary target list. We actively cover more than 1,000 private equity firms that collectively have more than 18,500 portfolio companies, and we have identified and strategically target approximately 3,300 as potential advisory opportunities in the next five years in addition to our coverage of approximately 1,150 global corporations. We have also invested in enhancing our coverage of private companies with a dedicated group of professionals focused on identifying and engaging with private, founder-owned companies within our core sectors and sub-sectors. We believe the combination of these efforts with MarshBerry's existing depth and breadth of relationships with private companies provides us with an even deeper pool of potential clients. MarshBerry uniquely targets its predominantly private company client base through an advisory-led model and evolves with its clients to the point of exit, creating a unique ecosystem that attracts and retains clients throughout their phases of growth. We believe that our comprehensive coverage strategy enables us to develop differentiated relationships that support the strength of our platform; excluding MarshBerry, 57% of advisory transactions closed during 2025 were with repeat clients.

Further, our Valuations and Opinions practice is a recognized market leader, valuing approximately 32% of all U.S. private equity-backed companies in 2025 through our private equity and private credit portfolio valuation engagements. Moreover, approximately 50% of fairness opinion transactions in 2025 were continuation vehicles or secondary transactions. In addition to supporting our growth and revenue diversification, the Valuations and Opinions practice provides us with unique access to information and enhances our ability to deliver differentiated insights to clients.

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**Selected Transactions Across Industries and Practices**

![prospectussummary3fa.jpg](prospectussummary3fa.jpg)

Our services are organized in the following groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Mergers & Acquisitions Advisory***: Our M&A Advisory practice services are delivered by a team of industry-focused professionals who have spent their careers developing deep professional connections and providing knowledgeable market perspectives and sector expertise to our clients. Our business is balanced across six core industries—Business Services, Consumer, Financial Services, Healthcare, Industrials, and Technology—and we continue to expand into new sectors within each industry. We have successfully added high-quality senior talent through lateral hiring and by purposefully developing talent internally in sectors we believe are likely to experience significant M&A growth.

Our focus is on private market transactions between $250 million and $2 billion in deal value, which we believe represents a large, sustainable, and growing segment of the market for investment banking advisory services. However, as we continue to grow with our clients and deepen our expertise, we expect that the number of transactions we advise on that are greater than this threshold will continue to expand, particularly where we have strong sub-sector expertise. As demonstrated below, our M&A Advisory practice is largely oriented towards sell-side advisory and we most frequently represent private equity firms as they seek return on their portfolio companies, typically selling to corporate or private equity acquirers. Excluding MarshBerry, cross-continental transactions represented approximately 25% of our M&A Advisory activity in 2025, reinforcing the importance of our international footprint and connectivity with acquirers and investors around the world.

**Composition of our 2025 M&A Advisory Transactions by Transaction Count**![business4c.jpg](business4c.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Capital Advisory:*** Our Capital Advisory practice delivers advisory services spanning the entire capital structure from healthy to distressed situations, with services ranging from raising minority growth equity to advising on special situations and restructuring to arranging debt financing. Our bankers have decades of experience providing bespoke services for stakeholders in a variety of complex situations and markets including storied M&A, capital structure assessment, bridge and rescue financing and other liquidity solutions. Approximately one-third of our Capital Advisory managing directors have experience in distressed and restructuring situations, bolstered by the recent hiring of senior professionals with this expertise. As an independent, advisory-only firm, client outcomes—not capital deployment—drive our recommendations, allowing us to build a differentiated sense of trust with our clients in any market cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Private Funds Advisory:*** Established at the beginning of 2022, our Private Funds Advisory practice works with financial sponsors to design comprehensive capital solutions that align with their strategic growth objectives. Whether seeking capital for direct new investments, executing GP-led secondary transactions and continuation vehicles to extend hold periods, or raising new funds, our team has access to and knowledge of capital providers (*e.g.*, limited partners) to assist sponsor clients with a tailored private capital fundraising solution aligned with their investment strategies. From 2022 to 2025, our Private Funds Advisory revenue grew at a 125% annualized growth rate, and since the beginning of 2024, we have tripled the number of managing directors in this group and added senior professionals with significant experience in GP-led secondaries and continuation vehicles. We continue to sharpen our focus and deepen our expertise in this area as global secondaries volumes reached nearly $200 billion in 2025 (up from approximately $40 billion in 2015). Our Private Funds Advisory practice has grown rapidly by both closed assignments and headcount in the short period of time since its creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Valuations and Opinions:*** Our Valuations and Opinions practice has established us as a thought leader that routinely provides independent, timely valuations and advisory services for many of the world's leading alternative asset managers. These alternative asset managers include private equity firms, private credit firms, mutual funds, insurance companies, banks, infrastructure firms, hedge funds, and institutional investors. In addition to servicing these institutions, we also provide leading financial advice to general partners, boards of directors, special committees, investors, trustees, and other corporate decision-makers at both public and private companies.

Our Valuations and Opinions practice is primarily organized into two sub-groups—(1) Portfolio Valuation and (2) Transaction Opinions and Board Advisory. Our global Portfolio Valuation practice operates on a recurring-revenue model, performing valuations of illiquid securities on behalf of our clients for financial and tax reporting purposes, with frequency of valuations varying from daily to annual. Our global Transaction Opinions and Board Advisory team provides transaction and fairness opinions for mergers, acquisitions, continuation vehicles, and various other transactions as well as solvency opinions for corporate spin-offs, dividend recapitalizations, alongside a range of financial opinions tailored to other types of transactions. In addition to these two sub-groups, in 2025, the Valuations and Opinions group launched a dedicated dispute advisory services business. Leveraging our core competencies in M&A and valuations, our disputes team specializes in advising either sellers or buyers on the resolution of post-closing purchase price adjustments (*e.g.*, working capital and earnouts). The Valuations and Opinions practice has significant market share—valuing approximately 32% of all U.S. private equity-backed companies in 2025 and having grown at a 28% annualized revenue growth rate since 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• *Other Services:*** In addition to its core Investment Banking Advisory services, MarshBerry offers services that we believe provide an early entry point into our ecosystem of offerings, enabling our team to learn a client's business and add value throughout its lifecycle. These services include strategic consulting, an executive peer exchange called Connect, which fosters connection and mentorship among leaders within the insurance and wealth sectors, and an agency member network, FirstChoice, which provides members direct insurance carrier access, strategic business planning, advanced technology services, and a comprehensive education platform. We believe these offerings enable us to build relationships with smaller, privately held insurance agencies and wealth management practices, and evolve with them to the point of eventual exit.

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**Our Market Opportunity**

We believe an attractive market opportunity exists for an independent investment banking advisory firm focused on the private capital markets, and that we are uniquely positioned to benefit from compelling trends underlying the broader industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growth in the Global Private Capital Markets:*** Since 2000, the number of private companies in the United States backed by private equity firms has grown from approximately 2,000 to approximately 13,600, with private market assets under management expected to grow from $19 trillion in 2024 to $32 trillion in 2030, while the number of U.S. public companies has declined from approximately 7,000 to approximately 4,200 over the same period. Global funds raised but not yet deployed by private equity firms remain abundant at more than $2.6 trillion globally as of December 31, 2025, providing sponsors with capital to support new platforms. We believe these dynamics—abundant investable capital, evolving exit pathways, and heightened liquidity needs—position us to capitalize on strong demand for advisory services in the private capital markets.

**Global Private Equity Undeployed Funds ($T)**

![business5c.jpg](business5c.jpg)

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Source: *S&P Global Market Intelligence*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing and Resilient Private Market M&A Transaction Activity:*** M&A activity in the private capital markets benefits from higher and more stable transaction activity than public, large-cap M&A. Private transactions up to $2 billion in deal value averaged approximately 25.2x the annual number of large-cap market transactions over the past ten years according to Dealogic. Additionally, transactions below $2 billion in deal value experienced significantly more stability in annual transaction count relative to the market from 2015 to 2025, with volatility of 19% over the period relative to 37% for transactions over $2 billion. We believe this long-term stability supports our business model.

![prosumm4b.jpg](prosumm4b.jpg)<br>

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Source: Dealogic

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Increasing M&A Fee Pool for Private Equity:*** We believe the expansion of private capital has contributed to a structurally larger and more durable M&A fee pool, particularly for sponsor-led transactions. Global M&A advisory revenues have grown from approximately $12 billion in 2000 to $27.6 billion for the twelve

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months ended December 31, 2025, while independent advisors have meaningfully increased market share from approximately 17% to approximately 37% over the same period. The proliferation of private equity-backed companies, coupled with abundant investable capital, extended hold periods, and evolving exit and liquidity pathways, is driving sustained demand for platform formation, add-on acquisitions, recapitalizations, and exits. Additionally, an increase in the multiple on invested capital ("MOIC") serves as an indicator of more deals coming to market. We believe these dynamics will continue to support strong M&A activity and advisory demand, positioning Lincoln to capture an increasing share of sponsor-driven fee opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Expansion of Retail Investor Participation in the Private Capital Markets:*** Asset managers are increasingly capitalizing on growing retail investor demand for access to private market investments, driven by the search for higher returns, diversification, and income amid public market volatility. This has led to the expansion of retail-accessible private market products, including interval funds, tender offer funds, BDCs, and other semi-liquid vehicles across private equity, private credit, and real assets. Reflecting this shift, a 2025 global private markets survey found that 56% of institutional investors expect at least half of private market capital flows to come through semi-liquid, retail-oriented vehicles within the next one to two years. We believe these trends will continue to support demand for our capital advisory and valuation services as sponsors evaluate retail and wealth-channel fundraising strategies and navigate increasing product, liquidity, and governance complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasing Demand for Independent Advice:*** The demand for unbiased, specialized expertise has supported the ability of independent advisors to capture increasing share of growing M&A fees. Clients are increasingly scrutinizing any potential conflicts of interest at large financial institutions that operate investment banking businesses alongside sales and trading, underwriting, and lending businesses. We believe these large investment banks often face greater regulatory constraints and the relative size and complexity of their organizations can render them less able than independent firms to move nimbly and deliver customized service without any actual or perceived conflicts of interest. We believe that commercial banks view investment banking as a secondary offering to supplement lending activities in specific sub-sectors. In contrast, independent firms have been able to specialize in providing advisory and broader financial services and offer a differentiated level of industry knowledge, quality of service, and the flexibility to rapidly adapt to client needs. In addition to gaining market share from full-service investment banking firms, we believe that the leading independent firms will grow market position relative to smaller, specialized "boutique" advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increase in Private Debt Issuance:*** Companies have capitalized on robust investor demand for higher yielding assets by issuing large volumes of debt, including leveraged loans, structured debt capital, and other similar products. Loan volumes have been particularly high across a broad range of non-bank private capital providers ranging from private credit funds, BDCs, insurance companies, mezzanine funds, and other institutional investors. The demand for credit assets has supported significant growth in global private credit assets under management. After growing at approximately 13-16% per year over the last decade, global private credit assets under management reached approximately $2.3 trillion in 2025 and is forecasted to grow to $4.5 trillion by 2030 according to a report by Preqin. North America direct lending, the most popular strategy, comprises nearly 30% of the global private credit market. We believe that these market trends will continue to support demand for our capital advisory services, particularly as companies seek to evaluate the full range of financing alternatives in the private capital markets. The expansion of the private debt markets is expected to increase demand for valuations and opinions services in all market environments, and particularly during periods of uncertainty, which we believe demonstrates the ability of our business to capitalize on different phases of the business cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasingly Competitive Fundraising Markets:*** We believe that the extension of private investment holding periods, coupled with elevated levels of undeployed funds, has limited institutional investors' ability to deploy new capital, contributing to a "tightening" of fundraising markets. As a result, we believe fund limited partners have become increasingly selective in allocating funds to investment opportunities, which has catalyzed an increasing demand for advisory services by asset managers to support private capital fundraising efforts. This trend has supported the growth of our Private Funds Advisory practice, as

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fund general partners have increasingly sought advisory services to support the achievement of fundraising goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing Need for Third-Party Valuation Services:*** Alternative asset managers are typically required to complete valuations that align with their financial reporting requirements to investors, as well as when subscriptions or redemptions occur within a fund vehicle, to satisfy compliance standards and regulatory reporting obligations. Coupled with the need to maintain high governance standards, alternative asset managers often engage third-party valuation firms to consult on internally prepared valuations or to provide independent ranges of values. We believe that as both alternative asset managers and the capital held within private capital markets continue to grow—including growth of such investments within the retail channel—the importance, use and frequency of third-party portfolio valuations will only increase. During the quarter ending December 31, 2025, we performed approximately 7,100 portfolio company valuations and approximately 1,800 investment valuations through our newly launched asset-backed finance practice. In all of 2025, we performed more than 25,000 portfolio company valuations, with no single asset manager or fund group representing a material portion of our valuations revenue. While the most common valuation cadence is quarterly, more than 30% of the portfolio company valuations we performed in 2025 were conducted more frequently (*i.e.*, daily, weekly, or monthly).

**Our Key Competitive Strengths**

We believe that our business is differentiated from our competitors based on several factors, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Proactively Managed Culture Drives Exceptional Human Capital:*** Since our inception, we have cultivated a collaborative and entrepreneurial culture that enables us to attract, retain, and engage exceptional people. We anchored our strategy in a clearly defined purpose, vision, and mission, supported by the five core values that define our culture and enable its execution.

![business7b.jpg](business7b.jpg)

We define our culture at a granular level and actively measure it using data-driven tools, including an annual, third-party administered culture and engagement survey and regular focus groups. We take deliberate action based on this feedback to ensure we are upholding our values and addressing issues directly. We believe our high levels of employee engagement validate the widespread adoption of our values, and our compensation structure is designed to reinforce and incentivize dedication to promoting our culture.

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Our unique culture supports strong retention and effective recruiting, both on university campuses and laterally within the industry. We invest significant resources in developing our talent, creating clear pathways for professional advancement, and fostering long-term retention by enabling employees at all levels to have a meaningful impact on the firm's growth and success. This is reflected in approximately 80% employee retention since 2020, an approximately 80% junior banker direct promotion acceptance rate since 2015, and an average managing director tenure of more than eight years. At the same time, we have established ourselves as a destination for top talent. At the end of 2023, we made a deliberate strategic decision to accelerate the hiring of high-quality senior professionals based on our experience that the strongest talent is most willing to change platforms during periods of market uncertainty. This strategy has proven to be highly effective, as evidenced by the successful onboarding of 31 managing directors laterally from January 1, 2024 to January 1, 2026. Our focus on attracting and retaining top talent fosters a collaborative culture rather than a "star banker" model. No individual managing director accounted for more than 2% of 2025 revenue and no managing director was in the top five revenue producers in each of the past three years ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Advisor of Choice for Large, Loyal and Repeat Client Base:*** We have long-standing relationships with many of the world's most active and respected private equity firms, and are ranked as the #2 sell-side advisor globally for private equity transactions over the three years ending December 31, 2025 according to *Mergermarket*. Private equity clients are among the most sophisticated and frequent users of investment banking services and deep relationships with this community are critical to driving repeat business and market visibility in a private market M&A advisory business. Beyond sell-side advisory, we have purpose-built our service offerings to support the full continuum of private equity and private debt needs, from attracting capital, to investing with purpose, to creating value and ultimately realizing returns.

Led by our Financial Sponsors group, we actively cover more than 1,000 private equity firms worldwide with more than 18,500 portfolio companies, of which we have identified approximately 3,300 as targets for potential advisory engagements in the next five years. We strategically identify potential targets through an evaluation of size, industry, and investor relationships, and prioritize opportunities where we believe we can achieve optimal outcomes for our clients. For each of the approximately 3,300 targets, we maintain an institutionalized strategic business planning approach captured within our CRM system enabling us to develop an authentic relationship with the decision makers while delivering value to the portfolio company during the private equity group's hold period. Our track record of driving successful outcomes for private equity firms across numerous transactions and services has resulted in deeply embedded relationships. We believe these relationships are further supported by how we are often a top source of new investment opportunities for these firms. Excluding MarshBerry, approximately 57% of our advisory transactions closed in 2025 were with repeat clients, which we believe demonstrates the quality of our advisory services and client coverage efforts. Many of our repeat clients utilize multiple products across business lines, as demonstrated in the examples below:

**Examples of Breadth of Private Equity Client Relationships**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** |
|<br>**Client** |<br>**# of Total Portfolio Companies** |<br>**# of Portfolio Companies on LI Target List** | **Sold a Business To?** | **Sold a Business For?** | **Completed a Capital Raise For?** | **Valuations and Opinions Client?** |
| Client A | 97 | 11 | Y | Y | N | Y |
| Client B | 84 | 12 | Y | Y | N | Y |
| Client C | 43 | 8 | Y | Y | Y | Y |
| Client D | 33 | 8 | Y | Y | Y | N |

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We believe the above examples are representative of our breadth of private equity client relationships as a whole and demonstrate the typical engagement of these clients across our continuum of services. Our robust and consistent deal flow as a result of our meticulous target tracking efforts and continuous engagement with these clients, enables us to generate more transaction opportunities that deliver excellent outcomes. Further, our hiring efforts are focused on expanding our industry expertise, which we believe

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will support our ability to expand our target universe, further deepen client relationships and enhance our ability to capture a greater share of advisory opportunities among our client base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Complementary Services, with Growing and Recurring Revenue Streams:*** Since our founding, we have strategically expanded into a diversified platform offering complementary services to clients across key sectors of the economy. Our advisory capabilities span two core segments: Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions.

**Complementary Service Offerings**

![prosumm7ca.jpg](prosumm7ca.jpg)

This expansion has broadened our client relationships and deepened our engagement across the private capital markets, creating multiple entry points for new business and recurring revenue streams. In particular, our Valuations and Opinions practice provides ongoing, comprehensive valuation services that generate predictable, repeatable revenue, enhance connectivity with clients and often facilitate the identification of potential advisory opportunities. Market dynamics and evolving investment opportunities drive increased demand for higher frequency valuations. While the most common valuation cadence is quarterly, more than 30% of the portfolio company valuations we performed in 2025 were conducted more frequently (*i.e.*, daily, weekly, or monthly). Collectively, we believe our complementary service offerings create a balanced revenue mix, enhance stability, reduce cyclicality, and position us for continued growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Globally Integrated Organization:*** We have strategically expanded into new geographies with a focus on building a locally deep and globally integrated presence across the world's top economies. This approach has resulted in an integrated global footprint, providing broad market knowledge and strong access to investors. Our teams are embedded within their local business communities around the world, enhancing our ability to win assignments and deliver tailored advisory services. We believe this globally integrated organization enables us to deliver superior outcomes for our clients.

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**<u>Global Client Professionals</u>**

![business9ha.jpg](business9ha.jpg)

We have intentionally expanded our global footprint to be present in the largest markets for our services, with approximately 77% of global M&A transactions closed in 2025 occurring in markets where we operate. We have well-established teams in the three largest Western European markets by gross domestic product, with a presence in Germany since 1999, France since 2006, and the United Kingdom since 2008. We believe that operating near the headquarters of many pan-European private equity firms positions us well to deploy cross-border European advisory teams in support of our clients' objectives. We also maintain an established presence in Asia, having entered Japan in 2008, India in 2011, China in 2013, and Dubai in 2025. In 2023, we established a strategic partnership with Miles Advisory Partners, which expanded our global footprint into Australia and New Zealand, enhancing our geographic reach, industry expertise, and investor connectivity in a region with growing deal activity. This global reach also diversifies our business from the impact of regional economic cycles.

Our collaborative culture and global systems infrastructure enable real-time knowledge sharing and the ability to provide differentiated service to our clients. This level of global connectivity is particularly valuable in facilitating successful outcomes in cross-border transactions. For example, in a sell-side transaction, our footprint allows us to access a global universe of strategic and financial buyers, enabling us to drive competitive tension and generate superior outcomes for our clients. As a result of our global footprint and collaboration, excluding adjustment for the MarshBerry Acquisition, 51% of our M&A transactions closed in 2025 were cross-border and over the two year period ended December 31, 2025, approximately 30% of our closed engagements combined a local market professional with a sector expert from another geography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Distinctive Technology and Data–Driven Approach:*** We employ a data-driven approach to managing our business and leverage technology to enhance knowledge sharing and client service. Our investments in data and technology enable leadership, client facing professionals, and administrative teams to collaborate effectively, lead, forecast, generate business, and execute transactions.

Our highly customized customer relationship management system is built to maximize collaboration and analytical decision making, featuring a robust target list of potential advisory opportunities, proprietary

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dashboards that provide actionable insights that help us to manage our business, and deep intelligence that enable us to better serve clients. Real-time access to productivity metrics, revenue backlog, closed deal statistics and target scores informs strategic planning and support enterprise resource planning.

We have also developed an internal, bespoke generative artificial intelligence powered knowledge retrieval engine to enhance the efficiency and quality of our client service. Leveraging the expertise of our global professionals, we completed an extensive development process through the targeted collection of Lincoln's proprietary documents and client meeting notes, organization by industry and deal type, cleansing of sensitive data, and implementation of retrieval algorithms. This tool has equipped our team with instant access to critical client and market information, enabling us to better share insights across global offices and deliver deeper value for our clients.

To improve our portfolio valuation service within our Valuations and Opinions group, we have implemented cloud-based platforms that streamline the management of large datasets and complex analyses, as well as tools that enhance the transparency of our processes with clients. Additionally, we have integrated artificial intelligence and other automation technologies to extract data from information received from our clients and to uniformly incorporate market data into our valuations systemically. These advancements enable our valuations professionals to improve accuracy of results, enhance process efficiency, strengthen quality control, and deliver deeper, more insightful results, on a near real-time basis to our clients and, where applicable, their fund administrators.

Through our portfolio valuation and opinions business, Lincoln has captured and aggregated significant amounts of private company performance and transaction data since 2011. This enables us to analyze, in an anonymized and aggregated manner, key indicators regarding the health of the private capital markets and can extract themes across industry verticals, investment vintage, and size categories. The data we regularly report on includes, but is not limited to, enterprise valuation levels, business performance, financial covenants and investment interest rates in private credit transactions. On February 23, 2026, Lincoln entered into a partnership with S&P Dow Jones Indices ("S&P DJI") to launch the U.S. and Europe S&P Lincoln Senior Debt Indices, combining Lincoln's private market insights with S&P DJI's expertise in index design, administration, and governance.

**Our Growth Opportunities**

Since our founding, we have proactively capitalized on opportunities to drive growth throughout market cycles. Our vision is to continue advancing our position as a leading global independent investment banking advisory firm serving the private capital markets through the consistent execution of our growth strategies. We have a long track-record of evolving our business model by identifying and acting on opportunities to accelerate our growth, including during periods of market uncertainty, resulting in increased scale, productivity, and diversification.

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**Global Revenue Over Time**

![business10e.jpg](business10e.jpg)

We plan to further our growth objectives by continuing to focus on:

***Expand Market Share***

We believe there is a significant opportunity to continue to increase our share of the expanding demand for investment banking advisory services in the private capital markets. We intend to accomplish this by both deepening relationships with existing clients and adding new clients across sectors and geographies. As our client relationships mature, we increasingly serve as a holistic advisor, helping clients navigate often complex strategic objectives. Several of our private equity clients with whom we have worked for decades have grown into diversified asset managers, requiring sophisticated and wide-ranging advisory support. Moreover, over the last five years, approximately 2,400 new private equity groups have been formed globally, many of which have investment professionals with whom we have worked while they were at other firms. We have grown and adapted alongside our clients, expanding our industry expertise and service offerings to meet their evolving needs in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Deepen Current Expertise:** We continue to build depth and scale in our existing industries and products by developing high performing talent internally and hiring senior professionals who expand our expertise. The strength of our platform and collaborative culture enables retention and promotion of our internal talent and makes us an attractive destination for high-caliber lateral hires. This approach is supported by a robust internal pipeline, including more than 120 directors and more than 140 vice presidents as of December 31, 2025, who represent potential future managing directors. This deep bench of internal talent, combined with strategic lateral hiring, allows us to strengthen sector, sub-sector and product density. Throughout our history, we've employed this approach to expand our coverage and reach in nearly all of our industry groups and products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Expand into New Industries and Products:** While we continue to drive talent density in our current industry and product groups, we remain focused on leveraging our proven strategy to further expand our advisory capabilities across new industries and offerings. We are an employer of choice for lateral hiring. We added a record 66 managing directors from January 1, 2024 to January 1, 2026, of which 31 were outside hires, 21 joined through acquisitions, and 14 were internally promoted. The MarshBerry Acquisition added 16 managing directors with sub-sector experience across the insurance brokerage and wealth management sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cross-Sell Services:** Our deep M&A client relationships create significant opportunities to introduce Capital Advisory, Private Funds Advisory, and Valuations and Opinions services, further embedding us in our clients' businesses. Likewise, our Valuations and Opinions practice serves many of the largest asset managers, providing a strong opportunity to expand into more transaction-oriented advisory services. These efforts are reinforced by deliberate relationship-building initiatives, including our Financial Sponsors

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group, Private Company Coverage group, private markets conferences and other forums designed to create lasting client connections.

This expanding market opportunity is reflected in our strong and growing backlog which is at an all-time high as of December 31, 2025. This important benchmark underscores the continued demand for our services, the depth of our client relationships, and our ability to capitalize on our growth opportunities across our complimentary advisory offerings. We regularly review and assess backlog on both a gross and probability weighted basis.

***Increase Productivity & Expand Margins***

We strive to increase productivity and expand margins by driving greater discipline and consistency across target coverage, fee realization and deal execution. As our platform has scaled, we've sharpened our focus on deal selection and target coverage, which supports increases in revenue per managing director as well as average deal and fee size.

Maintaining a high-performance culture remains central to this effort. We actively manage productivity expectations and hold employees accountable to meeting those standards, which has been validated by growth in employee productivity. This discipline also ensures we reserve capacity within the organization for opportunities that increase our franchise value. In addition, we expect the full productivity impact of the significant number of lateral managing directors onboarded in the past two years to be fully realized in 2026, 2027 and beyond.

Another key driver of this margin expansion is the continued growth of insourcing to our operations in India, which provides high-quality, cost-efficient support across the platform. While this has been most impactful to date in our Valuations and Opinions business, we expect similar productivity gains in our Investment Banking Advisory business going forward. In parallel, we are increasingly 'working smarter' by automating workflows and leveraging technology to improve efficiency and accelerate execution. These efficiencies allow us to support growth in managing directors while growing incoming junior banker classes at a slower rate, reflecting productivity improvements enabled by technology and outsourced support.

We believe these investments to date lay the groundwork for further expanded margins through operating leverage and continued efficiency gains. We have made significant, forward-looking investments in our real estate footprint across nearly all major office locations, providing substantial capacity to support future headcount growth. Investments made in real estate, as well as technology, infrastructure, talent optimization, and our global operating model, are beginning to deliver scale benefits, allowing incremental revenue to convert at higher margins while preserving the high-quality service clients expect from us.

***Strategically Invest in the Platform***

We take an approach of investing in our business to establish competitive advantages in the way we serve clients. Our strategic investments drive growth, efficiency, and client impact. We continue to invest in technology and tools that further professionalize our organization and optimize employee efficiency, ensuring our teams can operate at the highest level. We are already beginning to realize tangible benefits from recent investments in artificial intelligence, including improved data aggregation, faster insight generation, and more efficient execution. As these capabilities scale, they enhance our ability to deliver differentiated perspectives, support banker productivity, and provide a consistently high-quality client experience.

In parallel, we are expanding our coverage of private companies in an organized, methodical, and data-driven way through the recent addition of our Private Company Coverage Group, aimed at identifying growth-oriented, entrepreneur-owned businesses that require advisory services. Connections with private company leadership teams unlock new insights into industry and private market trends that we can leverage across the platform. These investments position us for long-term success, strengthening our ability to deliver differentiated insights and exceptional client outcomes.

We are also investing in the aggregation of our proprietary data to create opportunities for data commercialization. By systematically capturing and organizing transactional and operational private capital information generated through our client engagements, we have built a differentiated dataset that can be leveraged

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beyond individual client engagements. On February 23, 2026, Lincoln entered into a partnership with S&P DJI to launch the U.S. and Europe S&P Lincoln Senior Debt Indices, combining Lincoln's private market insights with S&P DJI's expertise in index design, administration, and governance. These investments reinforce our position as a leading source of proprietary perspectives in the private capital markets.

***Selectively Pursue Acquisitions***

We have pursued, and will continue to pursue, strategic acquisitions that expand our capabilities, strengthen our industry and geographic reach, and enhance our ability to serve both existing and new clients. Alongside organic growth, acquisitions represent a critical lever to accelerate expansion, particularly in targeted sectors and key markets, with cultural alignment remaining a top priority to ensure seamless integration and long-term success. Over the past four years, we have demonstrated our ability to execute this strategy through the acquisitions of Spurrier Capital Partners in 2022 and TCG Corporate Finance in 2024, which significantly enhanced our technology sector expertise in the United States and Europe while deepening relationships with leading private equity firms. The MarshBerry Acquisition provided immediate entry at scale into the Financial Services sector—one of the most active M&A sectors over the past five years—while also diversifying our end markets, client base, and business model. In addition, we view group hires as a valuable complement to acquisitions, strengthening sector and product expertise across the firm. We expect to build on this momentum by leveraging both acquisitions and group hires as key drivers of continued growth.

**Summary Risk Factors**

Participating in this offering involves substantial risk. Our ability to execute our strategy is also subject to risks. The risks described under the heading "Risk Factors" immediately following this summary may cause us not to realize the full benefits of our strengths or may cause us to be unable to successfully execute all or part of our strategy. Some of the most significant challenges and risks we face include the following:

***Risks Related to Our Business***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Retaining and Recruiting Talent and Maintaining Our Culture*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our ability to retain our managing directors and professionals, including our executive officers and other key senior professionals, is critical to the success of our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our future growth will depend on, among other things, our ability to successfully identify, recruit and develop talent and will require us to commit additional resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ If we are unable to maintain our corporate culture as we grow, we could lose focus on the core values that we believe contribute to our success and our business may be harmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Market Conditions and the Impact on Our Business*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Changing market conditions and the impact of economic conditions, including those resulting from military conflicts and public health incidents, can adversely affect, and in the past has adversely affected, our business in many ways, including by reducing the volume of the transactions involving our business, which could materially impact our performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to the Drivers of Our Revenues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ A substantial portion of our revenue is derived from advisory engagements under which a significant portion of our fees is not paid until the completion of a transaction. As a result, our revenue and profits can be highly volatile on a quarterly basis and may cause the price of our Class A common stock to fluctuate and decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We derive a substantial portion of our revenue from private equity firms, and the loss of major clients or a downturn in that industry would harm our business and financial results.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our revenues in any given period are dependent on the number of fee-paying clients in such period and the size of transactions on which we are advising. A significant reduction in the number of fee-paying clients in any given period could reduce our revenue and adversely affect our operating results in such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We face strong competition from other financial advisory firms, many of which offer clients a wider range of products and services than those we offer. Our competitors' wider range of products and services could cause us to lose engagements to competitors and subject us to pricing pressures that could materially adversely affect our revenue and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Conflicts of Interest, Misconduct by Employees, Client Satisfaction and Our Reputation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our failure to properly manage actual, potential or perceived conflicts of interest could damage our reputation and materially adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Employee misconduct, which is difficult to detect and deter, and other labor-related issues could harm us by impairing our ability to attract and retain clients and by subjecting us to legal liability and reputational harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Litigation, Compliance and Information Technology and Security*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ As a member of the financial services industry, we face substantial litigation risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Extensive and evolving regulation of our business and the businesses of our clients exposes us to the potential for significant penalties and fines due to compliance failures, increases our costs and may result in limitations on the manner in which our business is conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We are exposed to risks and costs associated with protecting the integrity and security of our clients', employees' and others' personal data and other sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Artificial intelligence presents risks and challenges that can impact our business including by, among other things, posing security risks to our confidential information, proprietary information, and personal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The cost of compliance with international broker-dealer, securities, data privacy, employment, labor, benefits and tax regulations may adversely affect our business and hamper our ability to expand internationally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Risks Related to Growing Our Business*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We may be unable to execute on our growth initiatives, business strategies or operating plans, which would harm our business and financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Our inability to successfully identify, consummate and integrate acquisitions and strategic investments, including integrating the MarshBerry Acquisition, may result in additional risks and uncertainties in our businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Goodwill and other intangible assets may represent a significant portion of our assets, and an impairment of these assets could have a material adverse effect on our business, financial condition and results of operation.

***Risks Related to our Indebtedness***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restrictions imposed by our Credit Facilities may materially limit our ability to operate our business and finance our future operations or capital needs.

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***Risks Related to Our Organizational Structure***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our principal asset after the completion of this offering will be our interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Tax Receivable Agreement with the TRA Parties will require us to make cash payments to them in respect of tax benefits to which we may become entitled, and we expect that such payments will be substantial.

***Risks Related to Our Class A Common Stock and This Offering***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We will be controlled by the LILP Controlling Partners whose interests may differ from those of our other stockholders and may give rise to actual or perceived conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you purchase shares of Class A common stock in this offering, you will incur immediate and substantial dilution and may experience additional dilution in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• While we currently intend to pay a quarterly cash dividend to our stockholders, we may change our dividend policy at any time and we may not continue to declare cash dividends.

**Summary of the Organizational Transactions**

Lincoln International, Inc., the issuer of Class A common stock in this offering, was incorporated as a Delaware corporation on April 6, 2022. Prior to this offering and the other Organizational Transactions, all of our business operations have been conducted through LILP and its subsidiaries, which has been owned by the LILP Partners, LI GP, Inc. and the Blocker Companies. After giving effect to this offering and the other Organizational Transactions, Lincoln International, Inc. will be a holding company whose principal asset will consist of 31% of the outstanding common units of LILP (or 34% if the underwriters exercise their option to purchase additional shares of our Class A common stock in full).

**Reorganization Transactions**

Prior to the Reorganization Transactions, there is only one holder of common stock of Lincoln International, Inc. We will consummate the following transactions in connection with this offering, to which we refer collectively as the "Reorganization Transactions":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate the existing limited partnership agreement of LILP, which will become effective prior to the consummation of this offering, to, among other things, (1) recapitalize all existing ownership interests in LILP into one class of common units, (2) admit Lincoln International, Inc. as the general partner of LILP upon its acquisition of common units in connection with the Corporate Mergers (as defined below) and (3) provide certain redemption rights to the LILP Partners as described in "Certain Relationships and Related Party Transactions—LILP Partnership Agreement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate Lincoln International, Inc.'s certificate of incorporation to, among other things, provide for (1) Class A common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, (2) Class B common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, and that shares of our Class B common stock may only be held by the LILP Partners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class B Common Stock," (3) Class C common stock, entitling its holder to ten votes per share on all matters presented to our stockholders generally, and that shares of our Class C common stock may only be held by the LILP Controlling Partners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class C Common Stock" and (4) the recapitalization of our outstanding shares of existing common stock into shares of Class A common stock;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire, (i) by contributions from certain members of Lincoln International Partners Holdings, LLC ("LIPH"), membership interests in LIPH (the "LIPH Contribution") and by mergers, LI GP, Inc. and the Blocker Companies (together with the LIPH Contribution, the "Corporate Mergers"), and issue an aggregate of 998,400 shares of Class A common stock and an aggregate of 43,335,500 shares of Class C common stock to the stockholders of LI GP, Inc. (who are Messrs. Lawson, Barr and Brown) and an aggregate of 9,296,950 shares of Class A common stock to the members of the Blocker Companies (who are certain of the Other Senior Professionals) as consideration in the Corporate Mergers and (ii) by contributions from certain LILP Partners, common units from such LILP Partners, and issue an aggregate of 757,623 shares of Rollover Class A common stock to such LILP Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue 32,064,439 shares of our Class B common stock to the LILP Non-controlling Partners, which is equal to the number of common units held directly by such LILP Non-controlling Partners immediately following the Reorganization Transactions, for nominal consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue 5,525,000 shares of our Class C common stock to Mr. Malchow, which is equal to the number of common units held directly by Mr. Malchow immediately following the Reorganization Transactions, for nominal consideration.

**Offering Transactions**

Following the Reorganization Transactions, we will consummate the following transactions in connection with this offering, to which we refer collectively as the "Offering Transactions":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue 20,604,046 shares of our Class A common stock to the investors in this offering (or 23,682,849 shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full) in exchange for net proceeds, after taking into account the underwriting discount, of approximately $368 million (or approximately $423 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the net proceeds from this offering, after taking into account the underwriting discount but before estimated offering expenses payable by us, to purchase 20,604,046 newly issued common units (or 23,682,849 common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to redeem $180 million in common units held by certain LILP Partners, $125 million of which will be received by certain of our directors and executive officers, (ii) to repay $186 million under the Term Loan Credit Facility and, (iii) if any remaining proceeds, for general corporate purposes, including paying fees and expenses incurred in connection with this offering and the other Organizational Transactions. Our management will have broad discretion to direct LILP's use of the proceeds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will enter into the Tax Receivable Agreement with LILP and the TRA Parties. The Tax Receivable Agreement will provide for the payment by Lincoln International, Inc. to the TRA Parties of 85% of the amount of tax benefits, if any, that Lincoln International, Inc. actually realizes (or in some circumstances is deemed to realize) as a result of the Basis Adjustments and Interest Deductions. For a description of the terms of the Tax Receivable Agreement, see "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

**Organizational Structure Following the Organizational Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be a holding company and its principal asset will consist of common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be the sole general partner of LILP and will control the business and affairs of LILP and its direct and indirect subsidiaries;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will own 31,657,019 common units of LILP, representing approximately 31% of the economic interest in LILP (or 34,735,822 common units, representing approximately 34% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners will own (1) directly through the LILP Controlling Partners' ownership of common units and indirectly through Lincoln International, Inc.'s ownership of common units, approximately 42% of the economic interest in LILP (or approximately 40% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full), (2) 1,518,400 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 1,518,400 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (3) 41,388,490 shares of Class C common stock of Lincoln International, Inc., representing approximately 87% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 38,861,506 shares of Class C common stock of Lincoln International, Inc., representing approximately 86% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Non-controlling Partners will own (1) directly through the LILP Non-controlling Partners' ownership of 28,937,403 common units, approximately 28% of the economic interest in LILP (or approximately 28% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full), (2) 237,623 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 237,623 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (3) 28,937,403 shares of Class B common stock of Lincoln International, Inc., representing approximately 6% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 28,385,584 shares of Class B common stock of Lincoln International, Inc., representing approximately 6% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Other Senior Professionals will (1) own 8,851,008 shares of Class A common stock of Lincoln International, Inc. representing approximately 2% of the combined voting power of all of Lincoln International, Inc.'s common stock and approximately 28% of the economic interest in Lincoln International, Inc. (or 8,772,313 shares of Class A common stock of Lincoln International, Inc. representing approximately 2% of such combined voting power and 25% of the economic interest if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2) indirectly through Lincoln International, Inc.'s ownership of common units, hold approximately 9% of the economic interest in LILP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investors in this offering will own (1) indirectly through Lincoln International, Inc.'s ownership of common units, approximately 21% of the economic interest in LILP (or approximately 24% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2) 21,049,988 shares of Class A common stock of Lincoln International, Inc., representing approximately 4% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 24,207,486 shares of Class A common stock of Lincoln International, Inc., representing approximately 5% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

As the sole general partner of LILP, we will operate and control all of the business and affairs of LILP and, through LILP and its subsidiaries, conduct our business. Following the Organizational Transactions, including this offering, Lincoln International, Inc. will have a minority economic interest in LILP, and will control the management of LILP as its sole general partner. As a result, Lincoln International, Inc. will consolidate LILP and record a significant non-controlling interest in a consolidated entity.

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For more information regarding the Organizational Transactions and our structure, see "Our Organizational Structure."

**Ownership Structure**

The diagram below depicts our organizational structure as of December 31, 2025.

![prosumm11aa.jpg](prosumm11aa.jpg)

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The diagram below depicts our organizational structure after giving effect to the Organizational Transactions, including this offering and the use of net proceeds of this offering as described under "Use of Proceeds," assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

![ourorgstructure2b.jpg](ourorgstructure2b.jpg)

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(1)Investors in this offering will hold approximately 4% of the combined voting power of Lincoln International, Inc. (or approximately 5% of the combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

**Special Dividend**

Prior to the consummation of this offering, LILP intends to declare and pay a special cash dividend of $70.4 million in the aggregate (the "Special Dividend") prior to the Reorganization Transactions and this offering to holders of units in LILP. LILP intends to fund the Special Dividend using a combination of cash on hand and borrowings under the Delayed Draw Term Loan Credit Facility. The record date for the Special Dividend will precede the consummation of the Reorganization Transactions and this offering, and investors in this offering will not be entitled to receive any payments or distributions in connection with the Special Dividend on shares purchased in this offering.

**Corporate Information**

Our corporate headquarters is located at 110 North Wacker Drive, 51st Floor, Chicago, Illinois 60606. Our telephone number is (312) 580-8339. Our principal website address is www.lincolninternational.com. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Implications of Being an Emerging Growth Company**

We qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements

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that are otherwise applicable, in general, to public companies that are not emerging growth companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the option to present only two years of audited financial statements and only two years of related Management's Discussion and Analysis of Financial Condition and Results of Operations in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure obligations regarding executive compensation in our periodic reports, proxy statements and registration statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exemptions from the requirements of holding nonbinding, advisory stockholder votes on executive compensation or on any golden parachute payments not previously approved.

We will remain an emerging growth company until the earliest to occur of: (i) the last day of the first fiscal year in which our annual gross revenue exceeds $1.235 billion; (ii) the date that we become a "large accelerated filer," with at least $700 million of equity securities held by non-affiliates as of the end of the second quarter of that fiscal year; (iii) the date on which we have issued, in any three-year period, more than $1 billion in non-convertible debt securities; and (iv) the last day of the fiscal year ending after the fifth anniversary of the completion of this offering.

We may choose to take advantage of some but not all of these reduced requirements. We have elected to adopt the reduced disclosure with respect to financial statements and the related Management's Discussion and Analysis of Financial Condition and Results of Operations disclosure, as well as executive compensation. As a result of this election, the information that we provide stockholders may be different than other public companies in which you hold equity.

The JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We are choosing to "opt out" of this provision because FINRA regulations require all broker dealers to adopt new accounting standards on public company timelines. As a result, we will comply with new or revised accounting standards as required when they are adopted. This decision to opt out of the extended transition period is irrevocable.

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**The Offering**

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| | |
|:---|:---|
| Issuer | Lincoln International, Inc. |
| Shares of Class A common stock offered by us | 20,604,046 shares (23,682,849 shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |
| Shares of Class A common stock offered by the selling stockholders | 445,942 shares (524,637 shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |
| Option to purchase additional shares of Class A common stock after this offering | We have granted the underwriters the right to purchase 3,078,803 additional shares of Class A common stock from us within 30 days from the date of this prospectus.<br>The selling stockholders have granted the underwriters the right to purchase 78,695 additional shares of Class A common stock from the selling stockholders within 30 days from the date of this prospectus. |
| Shares of Class A common stock to be outstanding immediately after this offering | 31,657,019 shares, representing approximately 7% of the combined voting power of all of our common stock (or 34,735,822 shares, representing approximately 8% of the combined voting power of all of our common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full), 100% of the economic interest in Lincoln International, Inc. and 31% of the indirect economic interest in LILP. |
| Shares of Class B common stock to be outstanding immediately after this offering | 28,937,403 shares, representing approximately 6% of the combined voting power of all of our common stock (or 28,385,584 shares, representing approximately 6% of the combined voting power of all of our common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and no economic interest in Lincoln International, Inc. |
| Shares of Class C common stock to be outstanding immediately after this offering | 41,388,490 shares, representing approximately 87% of the combined voting power of all of our common stock (or 38,861,506 shares, representing approximately 86% of the combined voting power of all of our common stock if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and no economic interest in Lincoln International, Inc. |
| Common units to be held by us immediately after this offering | 31,657,019 common units, representing approximately 31% of the economic interest in LILP (or 34,735,822 common units, representing approximately 34% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |

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| | |
|:---|:---|
| Common units to be held by the LILP Controlling Partners immediately after this offering | 41,388,490 common units, representing approximately 41% of the economic interest in LILP (or 38,861,506 common units, representing approximately 38% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |
| Common units to be held by the LILP Non-controlling Partners immediately after this offering | 28,937,403 common units, representing approximately 28% of the economic interest in LILP (or 28,385,584 common units, representing approximately 28% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full). |
| Ratio of shares of Class A common stock to common units | Our amended and restated certificate of incorporation and the LILP Partnership Agreement will require that we and LILP at all times maintain a one-to-one ratio between the number of shares of Class A common stock issued and outstanding and the number of common units owned by us and our subsidiaries. |
| Voting rights | Holders of shares of our Class A common stock, our Class B common stock and our Class C common stock will vote together as a single class on all matters presented to stockholders for their vote or approval, except as otherwise required by law or our amended and restated certificate of incorporation. Each share of our Class A common stock and our Class B common stock entitles its holder to one vote per share and each share of our Class C common stock entitles its holder to ten votes per share on all matters presented to our stockholders generally. See "Description of Capital Stock." |
|  | Immediately after this offering, holders of shares of our Class A common stock, Class B common stock and Class C common stock will represent approximately 7%, 6% and 87%, respectively, of the voting interest in Lincoln International, Inc. (or 8%, 6% and 86%, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering). If all shares of Class C common stock are exchanged for Class A common stock or Class B common stock, at a one-to-one ratio immediately after this offering, existing holders of our Class A common stock would represent approximately 72% or 31%, respectively, of the voting interest in Lincoln International, Inc. (or 72% or 34%, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering). |

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| | |
|:---|:---|
| Lock-Ups | Under the LILP Partnership Agreement, Lock-Up Common Units held by the LILP Partners will generally be subject to a lock-up period of two years <br>following the date of the effectiveness of this registration statement, after which such Lock-Up Common Units will become transferable in three equal installments on each of the second, third and fourth anniversary of date of effectiveness of this registration statement (the "LILP Lock-Up Period").<br>In connection with the Corporate Mergers and issuance of the Rollover Class A common stock, the Other Senior Professionals, Messrs. Lawson, Barr and Brown and holders of Rollover Class A common stock will enter into lock-up agreements with us, pursuant to which the Lock-Up Shares held by such holders will generally be subject to a lock-up period that is substantially the same as the LILP Lock-Up Period.<br>We, our officers and directors and the holders of substantially all of our outstanding capital stock have agreed that, for a period of 180 days from the date of this prospectus, they will not, without the prior written consent of Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, dispose of, hedge, make any demand for registration or otherwise publicly announce any intention to do any of the foregoing for any shares of our Class A common stock or any securities convertible into or exchangeable for our Class A common stock, subject to certain exceptions. |
| Redemption rights of LILP Partners holding common units | After the expiration or earlier termination of any applicable LILP Lock-Up Period, the LILP Partners may, subject to exceptions, from time to time at their option require LILP to redeem all or a portion of their common units in exchange for, at our election (determined solely by a majority of our directors who are disinterested), newly issued shares of our Class A common stock on a one-for-one basis, or to the extent there is cash available from a secondary offering, a cash payment equal to (i) a volume-weighted average market price of one share of our Class A common stock for each common unit so redeemed or (ii) in the case that the cash is from a related sale of stock by us, the net proceeds per share from such sale, in each case, in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. (or a subsidiary thereof) of such Class A common stock or such cash, as applicable, for such common units. The LILP Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement—Agreement in Effect Upon Consummation of the Organizational Transactions." <br>Simultaneously with the payment of cash or shares of Class A common stock, as applicable, in connection with a redemption or exchange of common units pursuant to the terms of the LILP Partnership Agreement, a number of shares of our Class B common stock or our Class C common stock registered in the name of the redeeming or exchanging LILP Partner, as applicable, will be transferred to the Company and will be cancelled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged. |

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| | |
|:---|:---|
| Use of proceeds | We estimate, based upon an assumed initial public offering price $19.00 per share (which is the midpoint of the price range set forth on the front cover page of this prospectus), that we will receive net proceeds from this offering of approximately $368 million (or $423 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), after deducting the underwriting discount but before estimated offering expenses payable by us. We intend to use the net proceeds from this offering to purchase 20,604,046 newly issued common units (or 23,682,849 common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount. We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to redeem $180 million in common units held by certain LILP Partners, $125 million of which will be received by certain of our directors and executive officers, (ii) to repay $186 million under the Term Loan Credit Facility and, (iii) if any remaining proceeds, for general corporate purposes, including paying fees and expenses incurred in connection with this offering and the other Organizational Transactions. Our management will have broad discretion to direct LILP's use of the proceeds. We will not receive any proceeds from the sale of Class A common stock in this offering by the selling stockholders including upon the sale of shares of our Class A common stock by the selling stockholders if the underwriters exercise their option. |
| Dividend policy | Following this offering and subject to applicable laws and regulations as well as funds being available, we intend to pay a quarterly cash dividend to holders of our Class A common stock, initially equal to $0.07 per share of Class A common stock, commencing with the third quarter of fiscal 2026. Any declaration and payment of future dividends will be at the discretion of our board of directors and will depend on many factors, including our financial condition, earnings, cash flows, capital requirements, level of indebtedness, statutory and contractual restrictions applicable to the payment of dividends, including those contained in the Credit Agreement, and other considerations that our board of directors deems relevant. While we currently intend to pay a quarterly cash dividend to holders of our Class A common stock, we may change our dividend policy at any time and we may discontinue the issuance of cash dividends. Our ability to pay dividends may also be restricted by the terms of the Credit Agreement and any future credit agreement or any future debt or preferred equity securities of us or of our subsidiaries. See "Dividend Policy" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Cash and Liquidity—Credit Facilities."<br>Prior to the consummation of this offering, LILP intends to declare and pay the Special Dividend of $70.4 million in the aggregate to holders of units in LILP. The record date for the Special Dividend will precede the consummation of the Reorganization Transactions and this offering, and investors in this offering will not be entitled to receive any payments or distributions in connection with the Special Dividend on shares purchased in this offering. |
| Controlled company exception | Following this offering, we will be a "controlled company" within the meaning of the New York Stock Exchange ("NYSE") rules. See "Our Organizational Structure" and "Management—Controlled Company Exception." |

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| | |
|:---|:---|
| Tax receivable agreement | We will enter into a Tax Receivable Agreement with LILP and the TRA Parties that will provide for the payment by Lincoln International, Inc. to the TRA Parties of 85% of the amount of tax benefits, if any, that Lincoln International, Inc. actually realizes (or in some circumstances is deemed to realize) as a result of the Basis Adjustments and Interest Deductions. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for more information. Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we expect that the tax savings associated with the Basis Adjustments and Interest Deductions would aggregate to approximately $80.9 million over approximately 20 years from the date of this offering based on the assumed initial public offering price of $19.00 per share of our Class A common stock, which is the midpoint of the price range set forth on the front cover page of this prospectus, and assuming all future redemptions or exchanges would occur on the date of this offering at the same assumed price per share. Under such scenario, assuming future payments are made on the date each relevant tax return is due, without extensions, we would be required to pay approximately 85% of such amount, or approximately $68.7 million, over the 20-year period from the date of this offering. We will depend on cash distributions from LILP to make payments under the Tax Receivable Agreement. Any payments made by Lincoln International, Inc. to the TRA Parties under the Tax Receivable Agreement will generally reduce the amount of cash that might have otherwise been available to us. We expect to benefit from the remaining 15% of the tax benefits, if any, that we may actually realize. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for a discussion of the Tax Receivable Agreement. |
| Risk Factors | See "<u>[Risk Factors](#i7a3c422cdd584cf6a1030e898a63848a_28)</u>" beginning on page <u>[31](#i7a3c422cdd584cf6a1030e898a63848a_28)</u> and other information included in this prospectus for a discussion of factors you should carefully consider before deciding to invest in shares of our Class A common stock. |
| Trading symbol | We have applied to list our Class A common stock on the NYSE under the symbol "LCLN." |

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Unless we indicate otherwise or the context otherwise requires, all information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gives effect to the MarshBerry Acquisition and Organizational Transactions, including the consummation of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes 25,495,728 shares of Class A common stock reserved for issuance under our 2026 Incentive Award Plan (the "2026 Plan"), which will become effective in connection with the consummation of this offering (which number includes (i) 1,612,000 shares of Class A common stock issuable upon exercise of options held by certain of the Other Senior Professionals, and (ii) 4,052,632 shares of Class A common stock subject to restricted stock unit awards that will be granted to certain of our employees and directors pursuant to our 2026 Plan in connection with the consummation of this offering, based upon an assumed initial public offering price of $19.00 per share (the midpoint of the estimated price range set forth on the cover page of this prospectus));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• excludes 1,660,064 Liquidity Event Shares, based upon an assumed initial public offering price of $19.00 per share (the midpoint of the estimated price range set forth on the cover page of this prospectus);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes an initial public offering price of $19.00 per share of Class A common stock, which is the midpoint of the price range set forth on the front cover page of this prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assumes no exercise by the underwriters of their option to purchase 3,078,803 additional shares of Class A common stock from us and 78,695 additional shares of Class A common stock from the selling stockholders.

The 2026 Plan also provides for automatic annual increases in the number of shares reserved thereunder, which are not reflected in the numbers above. See "Executive and Director Compensation—Equity Incentive Plans" for additional information.

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**Summary Consolidated Financial and Other Data**

The following tables present the summary historical consolidated financial and other data for Lincoln International, LP and its subsidiaries and the summary pro forma condensed consolidated financial and other data for Lincoln International, Inc. Lincoln International, LP is the predecessor of the issuer, Lincoln International, Inc., for financial reporting purposes. The summary consolidated statement of income data for the three months ended March 31, 2026 and 2025 and the summary consolidated balance sheet data as of March 31, 2026 are derived from the unaudited condensed consolidated financial statements and notes of Lincoln International, LP and its subsidiaries included elsewhere in this prospectus. The summary consolidated income statement data for the years ended December 31, 2025 and 2024 and the summary consolidated balance sheet data as of December 31, 2025 and 2024 are derived from the audited consolidated financial statements and notes of Lincoln International, LP and its subsidiaries included elsewhere in this prospectus. The results of operations for the periods presented below are not necessarily indicative of the results to be expected for any future period. The information set forth below should be read together with the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the consolidated financial statements and the accompanying notes included elsewhere in this prospectus.

The summary unaudited pro forma condensed consolidated financial data of Lincoln International, Inc. presented below have been derived from our unaudited pro forma condensed consolidated financial information included elsewhere in this prospectus. These pro forma adjustments give effect to the MarshBerry Acquisition and the Organizational Transactions as described in "Our Organizational Structure," including the consummation of this offering, as if all such transactions had occurred on January 1, 2025 in the case of the unaudited pro forma condensed consolidated statements of income data and as of December 31, 2025 in the case of the unaudited pro forma condensed consolidated balance sheet data. The unaudited pro forma condensed consolidated financial information includes various estimates which are subject to material change and may not be indicative of what our operations or financial position would have been had the MarshBerry Acquisition and the Organizational Transactions taken place on the dates indicated or that may be expected to occur in the future. See "Unaudited Pro Forma Condensed Consolidated Financial Information" for a complete description of the adjustments and assumptions underlying the summary unaudited pro forma condensed consolidated financial information.

The summary historical consolidated financial and other data of Lincoln International, Inc. has not been presented because Lincoln International, Inc. is a newly incorporated entity, has had no business transactions or activities to date and had no assets or liabilities during the periods presented in this section.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Lincoln International, LP Three Months Ended** | **Lincoln International, LP Three Months Ended** | **Lincoln International, LP Year Ended** | **Lincoln International, LP Year Ended** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| **(USD in thousands)** | **March 31,** <br>**2026** | **March 31,** <br>**2025** | **December 31, 2025** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| **Consolidated statements of income data**: | | | | | | |
| Revenues: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenues | $154931 | $130002 | $772051 | $572061 | $154931 | $842405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed expenses | 2869 | 2206 | 11756 | 6686 | 2869 | 11756 |
| **Total revenues**  | $**157800** | $**132208** | $**783807** | $**578747** | $157800 | $854161 |
| Expenses: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 96097 | 70329 | 387683 | 285003 | 130114 | 570015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses | 55757 | 38968 | 180204 | 135557 | 55757 | 255875 |
| **Total expenses**  | **151854** | **109297** | **567887** | **420560** | **185871** | **825890** |
| **Total operating income (loss)** | **5946** | **22911** | **215920** | **158187** | **(28071)** | **28271** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net of other expenses | (3958) | 1882 | 3934 | 9296 | (702) | (13492) |
| **Income (loss) before income taxes**  | 1988 | 24793 | 219854 | 167483 | (28773) | 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 64 | 843 | 5721 | 3889 | (793) | 2206 |
| **Net income (loss)**  | $**1924** | $**23950** | $**214133** | $**163594** | $**(27980)** | $**12573** |
| Less: net income (loss) attributable to noncontrolling interests |  | (640) |  | 2855 | (19851) | 7289 |
| **Net income (loss) attributable to Lincoln International, LP**  | $**1924** | $**24590** | $**214133** | $**160739** | $**(8129)** | $**5284** |
| **Consolidated balance sheet data** |  |  |  |  |  |  |
| Cash and cash equivalents | 241977 |  | 320169 | 225638 | 211628 |  |
| **Total assets**  | $**949819** |  | $**1118138** | $**640161** | $**936332** |  |
| **Total liabilities**  | $**602396** |  | $**679532** | $**285735** | $**515225** |  |
| **Total equity** <sup>(1)</sup> | $**347423** |  | $**438606** | $**354426** | $**421107** |  |
| **Other financial data** |  |  |  |  |  |  |
| Compensation Ratio<sup>(2)</sup> | 60.9% | 53.2% | 49.5% | 49.2% | 82.5% | 66.7% |
| Non-Compensation Ratio<sup>(3)</sup> | 35.3% | 29.5% | 23.0% | 23.4% | 35.3% | 30.0% |
| Adjusted EBT<sup>(4)</sup> | $25324 | $33893 | $266296 | $182216 | $(196) | $145937 |
| Client revenue per Managing Director | $962 | $890 | $4856 | $3918 | $962 | $5298 |
| Number of investment banking advisory transactions completed | 67 | 38 | 321 | 273 | 67 | 321 |
| Number of Managing Directors | 161 | 146 | 159 | 146 | 161 | 159 |
| Number of employees | 1453 | 1136 | 1455 | 1085 | 1453 | 1455 |

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(1)Equity includes redeemable noncontrolling interests

(2)Compensation ratio is calculated as compensation and related expenses divided by total revenues.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(3)Non-compensation ratio is calculated non-compensation expenses divided by total revenues.

(4)Adjusted EBT is considered non-GAAP measure. Please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations— Non-GAAP Financial Measures" section for additional information on non-GAAP measures. We define adjusted EBT as Income before income taxes adjusted for certain non-cash items that we may record each period, as well as non-recurring items such as acquisition costs, integration and severance costs, business transformation costs and other discrete expenses, when applicable.

The following table presents a reconciliation of income before income taxes to adjusted EBT:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Lincoln International, LP Three Months Ended** | **Lincoln International, LP Three Months Ended** | **Lincoln International, LP Three Months Ended** | **Lincoln International, LP Three Months Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP**<br>**Year Ended** | **Lincoln International, LP**<br>**Year Ended** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| **(USD in thousands, except percentages)** | **March 31, <br>2026** | **March 31, <br>2026** | **March 31, <br>2025** | **March 31, <br>2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| Income (loss) before income taxes | $| 1988 | $| 24793 | $| 219854 | $| 167483 | $| (28773) | $| 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition-related expenses<sup>(a)</sup> | 18493 | 18493 | 8284 | 8284 | 37926 | 37926 | 6895 | 6895 | 18493 | 18493 | 96671 | 96671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other expenses<sup>(b)</sup> | 4843 | 4843 | 816 | 816 | 8516 | 8516 | 7838 | 7838 | 10084 | 10084 | 34487 | 34487 |
| **Adjusted EBT**<sup>(c)</sup>  | $| 25324 | $| 33893 | $| 266296 | $| 182216 | $| (196) | $| 145937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other income, net of other expenses | (3958) | (3958) | 1882 | 1882 | 3934 | 3934 | 9296 | 9296 | (702) | (702) | (13492) | (13492) |
| **Adjusted operating income** (loss) | $| 29282 | $| 32011 | $| 262362 | $| 172920 | $| 506 | $| 159429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income margin | 18.6% | 18.6% | 24.2% | 24.2% | 33.5% | 33.5% | 29.9% | 29.9% | 0.3% | 0.3% | 18.7% | 18.7% |

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(a)Acquisition-related expenses primarily represent amortization of the backlog intangible acquired as part of the MarshBerry and TCG Corporate Finance acquisition in October 2025 and October 2024, respectively, and transaction costs related to these acquisitions.

(b)Other expenses represent restructuring expenses, costs of one-time employee legal matters, and expenses incurred in connection with the Company's initial public offering and related corporate reorganization, including advisory, legal, accounting and other professional fees.

(c)LILP has not historically been subject to US federal income tax. For illustrative purposes, we calculate adjusted net income using an assumed 26% income tax rate to approximate LILP being taxed as a corporation subject to US federal income tax.

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**RISK FACTORS**

*Investing in our Class A common stock involves a high degree of risk. You should carefully consider the following risks and all other information contained in this prospectus, including our financial statements and the related notes thereto, before investing in our Class A common stock. The risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not currently known to us, or that we currently believe are not material, may become important factors that affect us. If any of the following risks materialize, our business, financial condition, results of operations, cash flow and liquidity could be materially adversely affected. In that case, the trading price of our Class A common stock could decline, and you may lose some or all of your investment.*

**Risks Related to Our Business**

**Risks Related to Retaining and Recruiting Talent and Maintaining Our Culture**

***Our ability to retain our managing directors and professionals, including our executive officers and other key senior professionals, is critical to the success of our business.***

We depend on the efforts and reputations of our professionals. Our managing directors' and other professionals' reputations and relationships with clients and potential clients are critical elements in the success of our business. Our future success depends to a substantial degree on our ability to retain qualified professionals within our organization. However, we may not be successful in our efforts to retain the required personnel as the market for qualified professionals is extremely competitive. Our professionals possess substantial experience and expertise and have strong relationships with our advisory clients. As a result, the loss of any of these professionals could jeopardize our relationships with clients and result in the loss of client engagements. For example, if our managing directors or other senior professionals were to join or form a competing firm, some of our current clients could choose to use the services of that competitor rather than our services. Managing directors and other professionals have resigned from Lincoln in the past and others may do so in the future, including at rates that exceed our historical retention rates, and the departure of any of these professionals may have an adverse impact on our business. Our compensation arrangements and post-employment restriction agreements with our managing directors and other professionals may not provide sufficient incentives or protections to prevent these professionals from resigning to join our competitors. In addition, some of our competitors have more resources than we do, which may allow them to attract some of our existing professionals by offering superior compensation and benefits or otherwise. The departure of a number of managing directors or groups of professionals could have a material adverse effect on our business, financial condition and results of operations.

We also depend on the efforts, reputations, and the continued services of our executive officers and other key senior professionals. The loss of any one of these individuals could disrupt our operations and strategic plans. Our executive officers' reputations and relationships with clients, potential clients, managing directors and other staff are critical elements in the success of our business. While we generally require notice, any of our personnel may terminate their employment at will. If we lose one or more of our executive officers or other key senior professionals, our ability to implement our business strategy successfully could be seriously harmed. Furthermore, replacing executive officers or other key senior professionals may be difficult and may take an extended period of time as we compete for talent not only within our industry but also from other industries. The loss of the services of any of them could have a material adverse effect on our business, including our ability to attract clients.

***Our future growth will depend on, among other things, our ability to successfully identify, recruit and develop talent and will require us to commit additional resources.***

Our business involves the delivery of professional services and is largely dependent on the talents and efforts of highly skilled individuals. Our continued growth will depend on, among other things, our ability to successfully identify and recruit individuals and teams to join our firm. It typically takes time for these professionals to become fully integrated and profitable. During that time, we may incur significant expenses and expend significant time and resources toward training, integration and business development aimed at developing this new talent. If we are unable to recruit and develop profitable professionals, we will not be able to implement our growth strategy, which ultimately could materially adversely affect our financial results.

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Our recruitment efforts may be negatively affected by the use of non-solicitation and non-competition agreements by other firms from which we may seek to attract talent, including as a result of such firms threatening or commencing litigation against individuals that we hire based on alleged violations of such agreements or against us based on allegations that we induce such alleged violations.

In addition, sustaining growth will require us to commit additional management, operational and financial resources and to maintain appropriate operational and financial systems to adequately support expansion, especially in instances where we enter new lines of business or open new offices that may require additional resources before they become profitable. We may not be able to recruit and develop talent and manage our expanding operations effectively, and any failure to do so could materially adversely affect our ability to grow revenue and control our expenses.

***If we are unable to maintain our corporate culture as we grow, we could lose focus on the core values that we believe contribute to our success and our business may be harmed.***

We believe a critical component to our success has been our collaborative and entrepreneurial culture. We have invested substantial time and resources in building our team. We believe our culture resonates across our organization and enables us to retain and recruit effectively both on university campuses and laterally in the industry. As we continue to grow and develop our infrastructure as a public company, our operations may become increasingly complex. We may find it difficult to maintain these important aspects of our corporate culture when integrating an increasing number of employees across the globe. We will need to expend significant efforts to maintain our culture among a larger number of employees dispersed in various geographic regions, which may not be successful. Any failure to preserve and enhance our culture could materially adversely affect our future success, including our ability to retain and recruit personnel, and to effectively focus on and pursue our corporate objectives.

**Risks Related to Market Conditions and the Impact on Our Business**

***Changing market conditions and the impact of economic conditions resulting from military conflicts, and public health incidents can adversely affect, and in the past have adversely affected, our business in many ways, including by reducing the volume of the transactions involving our business, which could materially impact our performance.***

As a participant in the financial services industry, we are materially affected by conditions in the global financial markets and economic conditions throughout the world. The future market and economic climate may deteriorate because of many factors beyond our control, including interest rates, availability of credit, inflation rates, economic uncertainty, market volatility, evolving regulatory environment (and the timing and nature of legal and regulatory reform), natural disasters, pandemics or other severe public health events, trade barriers (including tariffs and other barriers under any applicable trade agreements), sanctions, commodity prices, supply chain disruptions, currency exchange rates and controls, national and international political circumstances (including political uncertainty, government shutdowns, sanctions, wars, terrorist acts or military operations), and the effects of climate change.

Unfavorable market or economic conditions may adversely affect our businesses and demand for our services; in particular where revenue generated is directly related to the volume and size of the transactions in which we are involved. For example, weak market or economic conditions may adversely affect our business because, in an economic downturn, the volume and size of transactions may decrease, thereby reducing the demand for our Investment Banking Advisory Services and Valuations and Opinions services. In addition, we may experience increasing price competition among financial services companies seeking such engagements. Specifically, over the past three years, economic uncertainty associated with increased interest rates, inflation and military conflicts have negatively impacted M&A activity volume and lengthened transaction timelines as clients wait out market volatility. Relatedly, over the past three years, increases in interest rates have caused our private equity clients to hold portfolio companies for increased periods of time to create further value, which has lowered M&A volumes across the industry.

Moreover, in the period following an economic downturn, the volume and size of transactions typically takes time to recover and lags a recovery in market and economic conditions. Although not a significant contributor to our

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results of operations, our Special Situations and Restructuring practice may be adversely affected by strong market or economic conditions. In a strong market or economic environment, the volume and size of recapitalization and restructuring transactions, including debt defaults and bankruptcies, may decrease, thereby reducing the demand for our Special Situations and Restructuring practice and increasing price competition among financial services companies seeking such engagements. Demand for much of our valuation work is driven by regulatory requirements and any changes in requirements or trends may materially affect our Valuations and Opinions practice.

Changes in market and economic conditions could impact our businesses in different ways, and we may not be able to benefit from such changes. For example, in 2022, in connection with the military conflict between Russia and Ukraine, we made the choice to cease all operations in our Moscow, Russia office. In addition, the military conflict with the Islamic Republic of Iran has created uncertainty and volatility in global energy and financial markets, and may impact global supply chains and create inflationary pressure, all of which may negatively impact the ability of our clients to complete transactions on time or at all. Moreover, our operations in the Dubai International Financial Centre may be impacted making it more difficult to conduct business in the region. Further, our profitability may also be adversely affected by our fixed costs because we may not be able to reduce costs within a time frame sufficient to match any decreases in revenue relating to changes in market and economic conditions, which would adversely affect our results of operations.

***Adverse developments affecting the financial services industry, including events or concerns involving liquidity, defaults or non-performance by financial institutions could adversely affect our business, financial condition or results of operations, or our prospects.***

Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults, or non-performance by financial institutions or transactional counterparties, could adversely affect our current and projected business operations, ability to pay operational expenses or make other payments, and our financial condition and results of operations. Our cash held in non-interest bearing and interest-bearing accounts exceeds the Federal Deposit Insurance Corporation ("FDIC") limits and is predominantly held at one institution, Bank of America, N.A. Should events, including limited liquidity, defaults, non-performance or other adverse developments occur with respect to the banks or other financial institutions that hold our funds, or that affect financial institutions or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, the value of the cash held by these institutions could be impaired, which could have a material impact on our operating results, liquidity, financial condition and prospects. For example, the closures of Silicon Valley Bank, Signature Bank and First Republic Bank and their placement into receivership with the FDIC created bank-specific and broader financial institution liquidity risk and concerns. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us to acquire financing on acceptable terms or at all. Any decline in available funding or access to our cash and liquidity resources could, among other risks, adversely impact our ability to meet our operating expenses, financial obligations or fulfill our other obligations, result in breaches of our financial and/or contractual obligations or result in violations of federal or state wage and hour laws. Any of these impacts, or any other impacts resulting from the factors described above or other related or similar factors not described above, could have material adverse impacts on our liquidity and our current and/or projected business operations and financial condition and results of operations.

**Risks Related to the Drivers of Our Revenues**

***A substantial portion of our revenue is derived from advisory engagements under which a significant portion of our fees is not paid until the completion of a transaction. As a result, our revenue and profits can be highly volatile on a quarterly basis and may cause the price of our Class A common stock to fluctuate and decline.***

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advisory engagements that do not result in the successful consummation of a transaction or other key milestones, we are not paid a success fee, receiving only the reimbursement of out of pocket expenses and, in some cases, a modest retainer, despite having devoted considerable resources to these transactions. The achievement of these contractually defined goals is often impacted by factors outside of our control, such as market conditions and the decisions and actions of our clients and interested third parties. Complications that may terminate or delay a transaction include failure to agree upon terms between counterparties, failure to obtain board or stockholder approvals, failure to secure financing, adverse market conditions, unexpected operating or financial problems related to either party of the transaction or failure to obtain required regulatory consents. Anticipated bidders for client assets during a restructuring transaction may not materialize or our client may not be able to restructure its operations or indebtedness due to a failure to reach agreement with its principal creditors. Capital Advisory and Private Funds Advisory transactions may not be completed due to the client being unsatisfied with market terms. Because these fees are contingent, revenue on such engagements, which is recognized when all revenue recognition criteria are met, is not certain and the timing of receipt is difficult to predict and may not occur evenly throughout the year.

We expect that we will continue to rely on advisory fees, including fees based upon achievement of specified goals, such as the completion of a transaction, for a substantial portion of our revenue. Accordingly, a decline in our advisory engagements or the market for advisory services would adversely affect our business. In addition, our financial results will likely fluctuate from quarter to quarter based on when fees are earned, and high levels of revenue in one quarter will not necessarily be predictive of continued high levels of revenue in future periods. Should these fee arrangements represent a greater percentage of our business in the future, we may experience increased volatility in our working capital requirements and greater variations in our quarter-to-quarter results, which could increase the price volatility of our Class A common stock. Because advisory revenue can be volatile and represents a significant portion of our total revenue, we may experience greater variations in our revenue and profits than other larger, more diversified competitors in the financial services industry.

***We derive a substantial portion of our revenue from private equity firms, and the loss of major clients or a downturn in that industry would harm our business and financial results.***

In 2025, we derived approximately 62% of our Investment Banking Advisory revenues from private equity firms or their portfolio companies, approximately 31% of our Investment Banking Advisory revenues from privately held companies (other than privately held private equity firms or their portfolio companies) and approximately 7% of our Investment Banking Advisory revenues from publicly traded companies. The loss of any of our major private equity firm clients, or a reduction in our level of business with them, would adversely affect our business and results of operations.

A downturn in the private equity industry would also harm our business and financial results. The business of private equity firms is materially affected by conditions in the global financial markets and economic conditions or events throughout the world that are outside of our and their control, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, pandemics or other severe public health events, trade barriers (including tariffs and other barriers under any applicable trade agreements), sanctions, commodity prices, currency exchange rates and controls, national and international political circumstances (including government shutdowns, sanctions, wars, terrorist acts or military operations), natural disasters, and the effects of climate change. Recently, markets have been affected by inflation rates, changes in interest rates, the imposition of trade barriers and tariffs, ongoing negotiations with major U.S. trading partners, changes in U.S. tax regulations and geopolitical events such as the military conflicts involving the Middle East and between Russia and Ukraine. These conditions, events and factors, which are outside of our control, could reduce the volume and/or value of transactions by our private equity clients as well as the level of business we conduct with our private equity clients.

***Our revenues in any given period are dependent on the number of fee-paying clients in such period and the size of transactions on which we are advising. A significant reduction in the number of fee-paying clients in any given period could reduce our revenue and adversely affect our operating results in such period.***

Although no single client represented more than 3% of our client revenues in 2025, a significant reduction in the number of our fee-paying clients would harm our business and results of operations. Our revenue in any given period is dependent on the number of fee-paying clients in such period and the size of transactions on which we

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advised. We may lose clients as a result of the sale or merger of a client, a change in a client's senior management, competition from other financial advisors and financial institutions and other causes. A significant reduction in the number of fee-paying clients in any given period could reduce our revenue and adversely affect our results of operations in such period and in future periods.

***We face strong competition from other financial advisory firms, many of which offer clients a wider range of products and services than those we offer. Our competitors' wider range of products and services could cause us to lose engagements to competitors and subject us to pricing pressures that could materially adversely affect our revenue and profitability.***

The financial services industry is intensely competitive, highly fragmented and subject to rapid change, and we expect it to remain so. Our competitors are other investment banking and financial advisory firms. We compete on both a global and a regional basis, and on the basis of a number of factors, including depth of client relationships, industry knowledge, transaction execution skills, range of products and services, innovation, reputation and price. In addition, in our business, there are usually no long-term contracted sources of revenue. Each revenue-generating engagement typically is separately solicited, awarded and negotiated and our engagements are typically terminable without cause upon written notice, subject to customary tail period provisions. If we are unable to compete successfully with our existing competitors or with any new competitors, we will not be able to successfully implement our growth strategy, which ultimately could materially adversely affect our business, financial condition and results of operations.

Our primary competitors include other investment banks, many of which have greater financial and other resources, greater name recognition and a greater range of products and services. Many of our competitors also have more extensive marketing resources, larger customer bases, more managing directors to serve their clients' needs, greater global reach and more established relationships with their clients. These larger and better capitalized competitors may be better able to respond to changes in the investment banking market, to compete for skilled professionals, to finance acquisitions, to fund internal growth and to compete for market share generally, which puts us at a competitive disadvantage and could result in pricing pressures or loss of opportunities, which could materially adversely affect our revenue and profitability. In particular, we may be at a competitive disadvantage with regard to our competitors who are able to, and often do, provide financing or market making services that are often a crucial component of the types of transactions on which we advise.

In addition to our existing competitors, new entrants into the market seeking to gain market share could create pricing pressures, which would adversely affect our revenue and earnings. We have experienced intense competition over obtaining advisory engagements in recent years, and we may experience further pricing pressures in our business in the future as some of our competitors may seek to obtain increased market share by reducing fees. In particular, when making proposals for fixed-fee engagements, we estimate the costs and timing for completing the engagements. Any increased or unexpected costs or unanticipated delays in connection with the performance of fixed-fee engagements, including delays caused by factors outside our control, could make these contracts less profitable or unprofitable, which would have an adverse effect on our business, financial condition, and results of operations.

Existing and new competitors may have or develop technological advantages, including effective customer relationship management systems, target lists and client portals, that are superior to our customer relationship management system, and thereby may erode what we believe is a proprietary advantage to track advisory opportunities, which would have an adverse effect on our business and results of operations.

***Our international operations are subject to risks that may affect our revenue and margins.***

In 2025, we earned approximately 26% of our client revenue from our international operations. We intend to grow our non-U.S. business, including growth into new regions with which we have less familiarity and experience, and this growth is important to our overall success. In addition, many of our clients are non-U.S. entities seeking to enter into transactions involving U.S. businesses. Our international operations carry special financial and business risks, which could include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater difficulties in managing and staffing foreign operations;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of U.S. management's time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased investment in regulatory compliance infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in foreign currency exchange rates that could adversely affect our results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected changes in trading policies, regulatory requirements, tariffs and other barriers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• longer transaction cycles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher operating costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower margins;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• local labor conditions and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse consequences or restrictions on the repatriation of earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional reporting obligations such as climate-related reporting that is costly and time-consuming;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potentially adverse tax consequences including, but not limited to, trapped foreign losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potentially less stable political and economic environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• terrorism, political hostilities, war and other civil disturbances or other catastrophic events that reduce business activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputational risk from operating in politically or popularly disfavored jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cultural and language barriers and the need to adopt different business practices in different geographic areas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• less profitable fee structures, including lower fees for similarly sized deals, and difficulty collecting fees.

As part of our day-to-day operations outside the United States, we are required to create compliance policies and procedures, employment policies, compensation programs and other administrative programs that comply with the laws of multiple countries. We also must communicate and monitor standards, compliance initiatives and directives across our global operations. Our failure to successfully manage our geographically diverse operations could impair our ability to react quickly to changing business and market conditions and result in non-compliance with non-U.S. standards and procedures.

Any payment of distributions, loans or advances to and from our subsidiaries could be subject to restrictions on or taxation of, dividends or repatriation of earnings under applicable local law, monetary transfer restrictions, foreign currency exchange regulations in the jurisdictions in which our subsidiaries operate or other restrictions imposed by current or future agreements, including debt instruments, to which our non-U.S. subsidiaries or U.S. subsidiaries may be a party. Our business, financial condition and/or results of operations could be adversely impacted, possibly materially, if we are unable to successfully manage these and other risks of international operations in a volatile environment. If our international business increases relative to our total business, these factors could have a more pronounced effect on our operating results or growth prospects.

In recent years, the U.S. Department of Justice and the SEC have devoted greater resources to enforcement of the Foreign Corrupt Practices Act (the "FCPA"). In addition, the United Kingdom has significantly expanded the reach of its anti-bribery laws. Although we have developed and implemented policies and procedures designed to ensure compliance by us and our personnel with the FCPA and other anti-corruption laws, such policies and procedures may not be effective in all instances to prevent violations. Any determination that we have violated the FCPA or other applicable anti-corruption laws could subject us to, among other things, civil and criminal penalties, material fines, profit disgorgement, injunctions on future conduct, securities litigation, reputational harm and a

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general loss of investor confidence, any one of which could adversely affect our business prospects, financial position or the market value of our Class A common stock.

Because our financial statements are denominated in U.S. dollars and we receive a portion of our net revenue in other currencies, we are exposed to fluctuations in foreign currencies. In addition, we pay some of our expenses in such currencies. As presented in our cash flow statement, fluctuations in foreign currency exchange rates led to a net gain in cash of $7.8 million in 2025, compared to a net loss in cash of $3.8 million in 2024. In particular, we are exposed to the Euro and the Pound Sterling, and the weakening of the Euro, Pound Sterling and other currencies relative to the U.S. dollar has had, and may continue to have, an adverse effect on our revenue. An appreciation or depreciation of any of the currencies to which we are exposed relative to the U.S. dollar could result in an adverse or beneficial impact to our business, financial condition, results of operations and/or cash flows. In the future, we may enter into hedging transactions, which would expose us to additional risks.

***Our clients may be unable or unwilling to pay us for our services, which would impact our accounts receivable and cash flows.***

We face the risk that clients may not have the financial resources to pay our agreed-upon advisory fees, including in the bankruptcy or insolvency context. Our clients include some companies that may from time to time encounter financial difficulties. If a client's financial difficulties become severe, the client may be unwilling or unable to pay our invoices in the ordinary course of business, which could adversely affect collections of both our accounts receivable and unbilled services. On occasion, some of our clients have entered bankruptcy, which has prevented us from collecting amounts owed to us. The bankruptcy of a number of our clients that, in the aggregate, owe us substantial accounts receivable could have a material adverse effect on our business, financial condition and results of operations. In addition, if a number of clients declare bankruptcy after paying us only some of their invoices, courts may determine that we are not properly entitled to those payments and may require repayment of some or all of the amounts we received, which could adversely affect our business, financial condition and results of operations. In addition, some fees earned from activities in our Capital Advisory practice are subject to approval by the U.S. Bankruptcy Courts and other interested parties, including U.S. Trustees, have the ability to challenge the payment of those fees. Fees earned and reflected in our future revenue may from time to time be subject to successful challenges, which could result in a reduction of future revenue. Finally, clients may also be unwilling to pay our advisory fees in whole or in part, in which case we may have to incur significant costs to bring legal action to enforce our engagement agreement to obtain our advisory fees. We incurred bad debt expense of $2.8 million in 2024 and $4.3 million in 2025 related to uncollectible or doubtful accounts receivable. In addition, our clients may not be sufficiently capitalized or otherwise have sufficient assets or cash flows to satisfy their contractual indemnification obligations to us. Finally, clients may also be unwilling to indemnify us in whole or in part even where contractually obligated to do so, in which case we may have to incur significant costs to bring legal action to enforce our engagement agreement.

**Risks Related to Conflicts of Interest, Misconduct by Employees, Client Satisfaction and Our Reputation**

***Our failure to properly manage actual, potential or perceived conflicts of interest could damage our reputation and materially adversely affect our business.***

We confront actual, potential or perceived conflicts of interest in our business. For instance, such a conflict may arise when we represent a client on a transaction in which an existing (or potential) client is (or becomes) a party. We may be asked by two or more potential clients to act on their behalf on the same transaction, including multiple clients as potential buyers in the same acquisition transaction, and we may act for such clients if all such clients agree to us doing so (with such agreement potentially being subject to operational or other conditions). In each of these situations, we face the risk that our current policies, controls and procedures may not timely identify, disclose or appropriately manage such conflicts of interest.

Conflicts may also arise from investments or activities of employees outside their business activities on behalf of us, including, for example, investments that senior professionals may have in clients, potential clients, counterparties and potential counterparties in transactions that we may advise on. It is possible that actual, potential or perceived conflicts could give rise to client dissatisfaction, litigation or regulatory enforcement actions, or result

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in a client terminating our engagement. Appropriately identifying and managing actual or perceived conflicts of interest is complex and difficult, and our reputation could be damaged if we fail, or appear to fail, to deal appropriately with one or more potential or actual conflicts of interest. Regulatory scrutiny of, or litigation in connection with, conflicts of interest could have a material adverse effect on our reputation which could materially adversely affect our business in a number of ways, including a reluctance of some potential clients and counterparties to do business with us.

We have established a commitment committee to review all potential new business activity in each jurisdiction. Financial professionals are required to submit a memorandum to the commitment committee that includes a discussion of potential conflicts. If there are potential conflicts, the commitment committee evaluates and consults with relevant functional groups (such as legal and compliance) as necessary before entering the engagement.

Further, we maintain policies and procedures that address conflicts of interest. Our employees are required to annually certify that they comply with these policies, including a requirement for our U.S. employees to report investments in other entities or serving in a fiduciary or employee capacity of any entity.

Other policies, controls and procedures that we implement to identify and mitigate actual or potential conflicts of interest, may increase our costs (including for additional personnel and infrastructure and information technology improvements), limit our activities, or reduce the positive synergies that we seek to cultivate across our businesses.

***Employee misconduct, which is difficult to detect and deter, and other labor-related issues could harm us by impairing our ability to attract and retain clients and by subjecting us to legal liability and reputational harm.***

There have been a number of highly publicized cases involving fraud, insider trading and other misconduct by employees in the financial services industry, and there is a risk that our employees could engage in misconduct that would adversely affect our business. For example, our business often requires that we deal with confidential matters of great significance to our clients. If our employees were to improperly use or disclose confidential information provided by our clients, or fail to follow proper measures to maintain confidentiality, resulting in the disclosure of such information, we could be subject to legal sanctions and suffer serious harm to our reputation, financial position, current client relationships and ability to attract future clients. In addition, our professionals are responsible for following proper measures to maintain the confidentiality of information we hold. Many of our professionals also have access to our proprietary information and data, and unauthorized use or theft of such information or data could disrupt our business and have an adverse effect on our financial condition and reputation.

Furthermore, we are subject to and may be under greater risk of becoming subject to legal proceedings related to employee misconduct including, but not limited to, discrimination, harassment (sexual or otherwise), wrongful termination and local, state, federal or foreign labor law violations. It is not always possible to deter employee misconduct, and the precautions we take to detect and prevent misconduct may not be effective in all cases. If our employees engage in misconduct or fail to follow appropriate policies, procedures and security measures, our business could be materially adversely affected.

***We may face damage to our reputation if our services are not regarded as satisfactory or for other reasons.***

As an advisory service firm, we depend to a large extent on our relationships with our clients and our reputation for integrity and high caliber professional services to attract and retain clients. Our ability to secure new engagements is substantially dependent on our reputation and the individual reputations of our professionals. Any factor that diminishes our reputation or that of our professionals, including not meeting client expectations or actual or alleged misconduct by our professionals, including misuse of confidential information or mishandling actual or perceived conflicts, could make it substantially more difficult for us to attract new engagements and clients or retain existing clients. As a result, if a client is not satisfied with our services, it may be more damaging in our field of business than in other business fields.

Further, because we provide our services primarily in connection with significant or complex transactions, disputes or other matters that usually involve confidential and sensitive information or are adversarial, and because our work is the product of myriad judgments of our professionals operating under significant time and other pressures, we may not always perform to the standards expected by our clients.

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***We are subject to various risks regarding environmental, social, and governance matters, including how negative publicity regarding our clients, our business and our people could adversely affect our reputation and our business.***

There is increased scrutiny from investors, customers, policymakers, and other stakeholders regarding companies' management of various environmental, social, and governance ("ESG"), matters. While we engage in various initiatives to manage such matters and address stakeholder expectations, such efforts can be costly and may not have the desired effect. Navigating these issues is complex, particularly as stakeholder expectations are not uniform, and any failure to successfully navigate such expectations (including as they evolve) may result in reputational damage, loss of customers, investor or regulatory engagement, or other adverse business impacts. We depend to a large extent on our reputation for integrity and high-caliber professional services to attract and retain clients. We may experience negative publicity from time to time relating to our clients (including their actual or alleged misconduct), our business and our people, regardless of whether the allegations are valid. Such negative publicity may adversely affect our business in a number of ways, including whether potential clients choose to engage us and our ability to attract and retain talent. Additionally, our reputation and client relationships may be damaged as a result of our involvement, or our clients' involvement, in certain industries or projects, as well as any decisions we make to continue to conduct or change our activities in response to considerations relating to climate change, human capital, or other ESG matters. There are also increasing regulatory requirements, disclosure related and otherwise, on such matters. As with other stakeholder expectations, such requirements are not uniform, which increases the cost and complexity of compliance, as well as associated risks. The risks described herein also apply to our clients and other stakeholders, which can exacerbate or result in additional risks to our business.

***If we are not able to maintain our brand and comply with third-party trademark agreements, our business and operating results will be harmed. Damage to our reputation and negative publicity could have a material adverse effect on our business, financial condition and results of operations.***

We are aware of at least two other third-party businesses that use the "Lincoln" name in the financial services industry, but are not affiliated with our business. We entered into an agreement with these two third parties that, together, place restrictions on our ability to use or register the "Lincoln International" and "Lincoln Partners" marks in certain geographic areas and with respect to certain products and services. While we do not anticipate expanding into any of the business areas restricted under these agreements and there have been no material disputes with the applicable third parties under such agreements, these agreements create legal risks in the operation of our business and any breach of such agreements could result in litigation, impair our ability to operate under the Lincoln International name, and negatively impact our business, operating results and financial condition. Furthermore, if despite these agreements, our business is mistakenly confused with either third-party business or another business, the value of our brand could be adversely impacted, which could harm our business, operating results and financial condition.

**Risks Related to Litigation, Compliance and Information Technology and Security**

***As a member of the financial services industry, we face substantial litigation risks.***

Our role as advisor to our clients involves complex analysis and the exercise of professional judgment, including valuing complex illiquid securities and debt positions and rendering fairness opinions and solvency opinions in connection with mergers and other transactions. Our activities, and particularly those of our Valuations and Opinions practice, may subject us to the risk of significant legal liabilities to our clients and affected third parties, including our clients and their equity holders who could bring securities class actions, claims for aiding and abetting breaches of fiduciary duty or other actions against us. In recent years, the volume of claims and amount of damages claimed in litigation and regulatory proceedings against financial services companies have been increasing. Although we are not currently party to any material litigation, litigation alleging that we performed below our agreed standard of care, aided and abetted a breach of fiduciary duty or breached any other obligations to a client could expose us to significant legal liabilities and, regardless of outcome, is often very costly, could distract our management and could damage our reputation. These risks may be difficult to assess or quantify and their existence and magnitude often remain unknown for substantial periods of time. In addition, as a result of being involved in matters of great significance to our clients, from time-to-time we receive third-party subpoenas or other information

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requests during the ordinary course of business which divert time and resources away from our core business activities. Our engagements typically include broad indemnities from our clients and provisions to limit our exposure to legal claims relating to our services, but these provisions may not protect us in all cases, including when we perform below our agreed standard of care, when a client does not have the financial capacity to pay under the indemnity or if we have to engage in litigation or take other costly action in order to enforce the indemnity. As a result, we may incur significant legal expenses in defending against or settling litigation. In addition, we may have to spend a significant amount to adequately insure against these potential claims, or insurance coverage may not be available on commercial terms or at all. Substantial legal liability or significant regulatory action against us could have a material adverse effect on our business and results of operations or cause significant reputational harm to us, which could seriously harm our business prospects.

***Extensive and evolving regulation of our business and the businesses of our clients exposes us to the potential for significant penalties and fines due to compliance failures, increases our costs and may result in limitations on the manner in which our business is conducted.***

As a participant in the financial services industry, we are subject to extensive regulation in the United States and internationally. We are subject to regulation by governmental and self-regulatory organizations in the jurisdictions in which we operate. For example, our U.S. broker-dealer entities, Lincoln International LLC and MarshBerry Capital, LLC, are primarily regulated by the Financial Industry Regulatory Authority, Inc. ("FINRA"), of which each is a member, and the U.S. Securities and Exchange Commission ("SEC"). Our failure to comply with applicable laws or regulations could result in adverse publicity and reputational harm as well as fines, suspensions of personnel or other sanctions, including revocation of any required registration of us or any of our subsidiaries and could impair executive retention or recruitment. In addition, any changes in the regulatory framework under which we operate could impose additional expenses or capital requirements on us, result in limitations on the manner in which our business is conducted, have an adverse impact upon our business, financial condition and results of operations and require substantial attention by senior management. In addition, our business is subject to periodic examination by various regulatory authorities, and we cannot predict the outcome of any such examinations.

Our ability to conduct business and our operating results, including compliance costs, may be adversely affected as a result of any new requirements imposed by the SEC, FINRA, the United Kingdom's Financial Conduct Authority (the "FCA"), or other U.S. or foreign governmental regulatory authorities or self-regulatory organizations that regulate financial services firms or supervise financial markets. We may be adversely affected by changes in the interpretation or enforcement of existing laws and rules by these governmental authorities and self-regulatory organizations. FINRA, FCA and the SEC have adopted extensive regulatory requirements which apply to all aspects of our business, including communications with the public, capital structure, recordkeeping, anti-money laundering, trade and sales practices, advertising, the qualifications, registration, conduct and supervision of personnel, compensation and disclosure. Our broker-dealer entities are also subject to net capital rules that mandate that our subsidiaries subject to regulation by FINRA, the FCA and/or the SEC maintain specific levels of capital. We are also regulated by state securities administrators in those U.S. states where we do business. In addition, FINRA, FCA, the SEC and some U.S. states also have the authority to conduct periodic examinations of us and monitor our operations on an ongoing basis, and may also conduct administrative proceedings. Violations of any rules and regulations referenced above could result in censure, penalties and fines, the issuance of cease-and-desist orders, the suspension or expulsion from the securities industry of us or our officers or employees, or other similar consequences. Even if a sanction imposed against us or our personnel is small in monetary amount, the adverse publicity arising from the imposition of sanctions against us by regulators could harm our reputation and our brand and lead to material legal, regulatory and financial exposure (including fines and other penalties), cause us to lose existing clients or fail to gain new clients. Additionally, material expansions of the business in which we engage are subject to approval by FINRA, the FCA, or other foreign governmental regulatory authorities or self-regulatory organizations. This could delay, or even prevent, our ability to expand our business offerings in the future. Finally, some of our clients or prospective clients may adopt policies that exceed regulatory requirements and impose additional restrictions affecting their dealings with us. In light of the foregoing factors, we may incur significant costs to comply with U.S. and foreign regulations and the requirements of our clients. Our expenses incurred in complying with these regulatory requirements, including legal fees and fees paid to the SEC, FINRA, the FCA and U.S. or foreign governmental regulatory authorities or self-regulatory organizations, have increased in recent years. In addition, new

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laws or regulations or changes in enforcement of existing laws or regulations applicable to our clients may adversely affect our business. For example, changes in antitrust enforcement or the foreign investment review process could affect the level of M&A activity and changes in applicable regulations could restrict the activities of our clients and their need for the types of advisory services that we provide to them.

***We are exposed to risks and costs associated with protecting the integrity and security of our clients', employees' and others' personal data and other sensitive information.***

As part of our business, we manage, utilize and store sensitive or confidential client or employee data, including personal data. As a result, we are subject to various risks and costs associated with the collection, handling, storage, processing and transmission of sensitive information, including those related to compliance with increasingly stringent U.S. and foreign data collection and privacy laws and other contractual obligations, as well as those associated with the breach of our information systems collecting such information. For example, the GDPR (as defined below) requires companies to meet more stringent requirements regarding the processing of personal data. Any failure to comply with these regulations could expose us to liability and/or reputational damage.

If any person, including any of our employees, negligently disregards or intentionally breaches our established controls with respect to client or employee data, or otherwise mismanages or misappropriates that data, we could be subject to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution. In addition, unauthorized disclosure of sensitive or confidential client or employee data, whether through cyber-attacks, systems failure, employee negligence, fraud or misappropriation, could damage our reputation and cause us to lose clients, potential clients and related revenue in the future.

***If we or our third-party providers fail to protect confidential information and/or experience data security incidents, there may be damage to our brand and reputation, material financial penalties, and legal liability, which would materially adversely affect our business, results of operations and financial condition.***

We rely on computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT Systems"). We and some of our third-party providers collect, maintain and process data about customers, employees, business partners and others, including information about individuals, as well as proprietary information belonging to our business such as trade secrets (collectively, "Confidential Information").

We face various cybersecurity and other operational risks related to our business on a day-to-day basis. There have been a number of highly publicized cases involving financial services companies, consumer-based companies, governmental agencies and other organizations reporting the unauthorized disclosure of Confidential Information in recent years, as well as cyber-attacks involving the dissemination, theft and destruction of Confidential Information or other assets, as a result of failures of employees or contractors or as a result of actions by third parties, including actions by foreign governments. There have also been several highly publicized cases where hackers have demanded ransom payments to prevent the disclosure of their victims' Confidential Information or to restore their victims' access to IT Systems. Certain types of cyberattacks or security breaches could harm us even if our systems are left undisturbed. For example, cyberattacks or security breaches may be designed to deceive employees and service providers into releasing control of our systems to a hacker, while others may aim to introduce computer viruses or malware into our systems with a view to stealing confidential or proprietary data. Additionally, certain threats are designed to remain dormant or undetectable until launched against a target, and we may not be able to implement adequate preventative measures. Even when a cyberattack or security breach is detected, the full extent of the breach may not be able to be determined immediately.

We rely heavily on financial, accounting, communication and other IT Systems, including, without limitation, mobile and cloud-based systems, and the people who operate them. These IT Systems, including the systems of third parties on whom we rely, may fail to operate properly or become disabled as a result of tampering or a breach of our or our third-party service providers' IT Systems. Any such failure, disablement, tampering or breach would have an adverse impact on our business.

Our clients typically provide us with Confidential Information. We are dependent on IT Systems to securely process, transmit and store such Confidential Information and to communicate among our locations around the

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world and with our professionals, clients and vendors. We and some of our third-party providers are and have been subject to security attacks that threatened the confidentiality, integrity, and availability of our IT Systems and Confidential Information. While none of these attacks have had a material impact on our business to date, we cannot guarantee that material incidents will not occur in the future and if we experience a successful attack, it could lead to shutdowns or disruptions of our IT Systems or third-party IT Systems on which we rely, potential unauthorized disclosure of Confidential Information, and other negative effects. Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools—including AI—that circumvent security controls, evade detection and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT Systems, Confidential Information or business. There can also be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT Systems and Confidential Information. Furthermore, while we deploy scanning tools across our networks and products to identify and track security vulnerabilities, we are unable to comprehensively apply patches or confirm that adequate measures are in place to mitigate such vulnerabilities, or that patches will be applied before vulnerabilities are exploited by a threat actor.

Breaches of our IT Systems or third-party IT Systems on which we rely could involve attacks that are intended to obtain unauthorized access to our Confidential Information, destroy data or disable, degrade or sabotage our IT Systems through a variety of attack vectors, including the introduction of computer viruses, malware, ransomware, social engineering/phishing, malfeasance by insiders, human or technological error, malicious code embedded in open-source software, or misconfigurations, bugs or other vulnerabilities in commercial software that is integrated into our (or our suppliers' or service providers') IT Systems. In addition, such attacks could originate from a wide variety of sources, including state-sponsored organizations, opportunistic hackers and hacktivists, and other unknown third parties outside the Company. If our IT Systems or any third-party IT Systems on which we rely are compromised, do not operate properly or are disabled, we could suffer a disruption of our business, financial losses, liability to clients, regulatory sanctions and damage to our reputation. Phishing attacks and email spoofing attacks are often used to attempt to obtain information to impersonate employees or clients in order to, among other things, direct fraudulent bank transfers or obtain valuable information. Fraudulent bank transfers resulting from phishing attacks or email spoofing of our employees could result in a material loss of assets, reputational harm or legal liability and in turn materially adversely affect our business and our results of operations. In addition, our professionals are responsible for following proper protocols to maintain the confidentiality of information we hold. If an employee's failure to do so results in the improper release of Confidential Information, or our IT Systems are otherwise compromised or do not operate properly, we could suffer a disruption of our business, financial losses, liability to clients, regulatory sanctions and reputational harm and in turn materially adversely affect our business. The increased use of mobile technologies can heighten these and other operational risks. The Company has taken measures to prevent, detect or otherwise mitigate the business impact from a compromise of business systems or third-party systems, but there can be no assurance that we or the third parties on whom we rely will be able to anticipate, detect or implement effective preventative measures against frequently changing cyber threats.

We operate a business that is highly dependent on IT Systems and technology. Any failure to keep accurate books and records can render us liable to disciplinary action by governmental and self-regulatory authorities, as well as to claims by our clients (including class actions). We rely on third-party service providers for aspects of our business. Any interruption or deterioration in the performance of these third parties or failures of their IT Systems and technologies could impair our operations, affect our reputation and adversely affect our business. Additionally, we cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

In addition, a disaster or other business continuity problem, such as a pandemic, or other severe public health event, government shutdown, war, terrorist act or military operation, or other man-made or natural disaster or disruption involving electronic communications or other services used by us or third parties with whom we conduct business, could lead us to experience operational challenges, and if we were unable to timely and successfully recover from such event, our business could be materially disrupted and we may face material financial loss, regulatory actions, reputational harm or legal liability. Climate change may cause natural disasters or extreme

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weather events and is expected to increase the frequency and/or severity of such events, as well as contribution to various chronic changes in meteorological and hydrological patterns, which could increase the risk of disruption to our business and the risks identified above. The incidence and severity of catastrophes and other disasters are inherently difficult to predict, especially over longer time horizons, and our inability to timely and successfully recover could materially disrupt our business and cause material financial loss, regulatory actions, reputational harm or legal liability.

***Our data collection and processing activities are governed by restrictive regulations, laws, and other requirements governing the privacy, security, use, processing and, in some jurisdictions, cross-border transfer of personal information.***

In connection with running our business, we receive, store, use and otherwise process information that relates to individuals and/or constitutes "personal data," "personal information," "personally identifiable information," or similar terms under applicable data privacy laws (collectively, "Personal Information"), including from and about employees and business contacts. We also depend on a number of third-party vendors in relation to the operation of our business, a number of which process Personal Information on our behalf.

We and our vendors are therefore subject to a variety of federal, state and foreign laws, regulations and other requirements relating to the privacy, security and handling of Personal Information in the United States, Europe, the United Kingdom and other countries. These laws require us to adhere to disclosure requirements and deletion obligations with respect to the Personal Information of their residents, and allow for penalties for violations and, in some cases, a private right of action. These laws also impose transparency and other obligations with respect to Personal Information of their respective residents and provide residents with similar rights with respect to their Personal Information. We have invested, and continue to invest, human and technology resources in our efforts to comply with such requirements, and such efforts may be time-intensive and costly.

We have personnel located in the United States, United Kingdom, Japan, China, Brazil, Switzerland, India, the United Arab Emirates, and the European Economic Area ("EEA") subjecting us to additional privacy restrictions and data protection requirements. For example, the collection and use of Personal Information in the EEA and the UK are governed by the provisions of the EU General Data Protection Regulation ("EU GDPR") as well as other national data protection legislation in force in relevant EEA member states, with respect to the EEA, and the UK General Data Protection Regulation (the "UK GDPR," together with the EU GDPR, the "GDPR") and the UK Data Protection Act 2018 with respect to the UK. These laws impose a broad range of strict requirements on companies subject to the GDPR, such as requirements that companies, among other things, have a legal basis for processing Personal Information relating to identifiable individuals or transferring such information outside the EEA or the UK, transparency obligations to data subjects with respect to the processing of their Personal Information, implement safeguards to keep Personal Information secure, enter into data processing agreements with third parties who process Personal Information, respond to individuals' requests to exercise their rights with respect to their Personal Information, report security and privacy breaches involving Personal Information to the competent national data protection authority and affected individuals, appoint data protection officers, conducting data protection impact assessments, and maintain documentation demonstrating accountability for their obligations. The GDPR may impose additional responsibility and liability in relation to Personal Information that we process and we may be required to put in place additional mechanisms ensuring compliance with the EEA and UK data protection regimes. This may be onerous and adversely affect our business, financial condition, results of operations and prospects. A breach of the EU GDPR or UK GDPR or any other privacy restrictions and data protection requirements could result in regulatory investigations, reputational damage, fines and sanctions, orders to cease or change our processing of our data, enforcement notices, assessment notices (for a compulsory audit), and civil claims, including representative actions and other class action-type litigation. Further, Post-Brexit, the UK GDPR will not automatically incorporate changes made to the EU GDPR going forward, which creates a risk that the EU GDPR and the UK GDPR may increasingly diverge from each other, thereby increasing both our compliance costs and the potential for noncompliance.

The GDPR prohibits the international transfer of Personal Information to certain countries outside of the EEA or the UK ("third countries") which are not deemed as adequate by the European Commission or UK Information Commissioner's Office for the transfers of Personal Information, unless a derogation exists or additional safeguards

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are put in place. These obligations may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another and may conflict with other requirements or our practices. Case law from the Court of Justice of the European Union states that reliance on standard contractual clauses—a standard form of contract approved by the European Commission as an adequate data transfer mechanism—alone may not necessarily be sufficient in all circumstances and that transfers must be assessed on a case-by-case basis. With respect to the United States, on July 10, 2023, the European Commission rendered an adequacy decision for the EU-U.S. Data Privacy Framework (the "EU-U.S. DPF") (a new framework for transferring personal information from the EEA to the United States), having determined that such framework ensures that the protection of Personal Information transferred from the EEA to the United States will be comparable to the protection offered in the EU. However, this decision will likely face legal challenges and ultimately may be invalidated by the Court of Justice of the European Union mid-term. Additionally, on October 12, 2023, a UK-U.S. Data Bridge went into effect to operate as an extension of the EU-U.S. DPF to facilitate transfers of Personal Information from the United Kingdom to the United States. Such Data Bridge could not only be challenged, but also may be affected by any challenges to the EU-U.S. DPF. We expect the existing legal complexity and uncertainty regarding international data transfers to continue. The international transfer obligations under the EEA and UK data protection regimes will require significant effort and cost. Any inability to transfer Personal Information from the EEA and UK to the United States or other third countries in compliance with data protection laws may impede our ability to conduct our business and may adversely affect our business and financial position. If the provisions and enforcement of the EU GDPR and UK GDPR further diverge, we will face additional regulatory challenges and uncertainty. The lack of clarity on future UK laws and regulations and their interaction with EU laws and regulations could add legal risk, uncertainty, complexity and cost to our handling of European Personal Information and our privacy and data security compliance programs and could require us to implement different compliance measures for the UK and the EEA. In addition, EEA member states have adopted national laws to implement the EU GDPR that may partially deviate from the EU GDPR or impose additional obligations. Furthermore, competent authorities in the EEA member states may interpret the EU GDPR obligations slightly differently from country to country. Therefore, we do not expect to operate in a uniform legal landscape in the EEA. If we are investigated by an EEA or UK data protection authority, we may face fines and other corrective measures, including bans on processing and transferring Personal Information. EEA and UK data protection authorities have the power to impose administrative fines for violations of the GDPR of up to a maximum of €20 million (£17.5 million under the UK GDPR) or 4% of our total worldwide global turnover for the preceding fiscal year, whichever is higher. Violations of the GDPR may also lead to damages claims by affected data subjects. Such penalties are in addition to any potential civil litigation claims by customers and other affected individuals. As such, we will need to take steps to cause our processes to continue to be compliant with the applicable portions of the GDPR, but we cannot assure that we will be able to implement changes in a timely manner or without significant disruption to our business, or that such steps will be effective, and we may face the risk of liability under the GDPR.

We are also subject to data protection laws in other jurisdictions in which we operate, including India's Digital Personal Data Protection Act and the UAE's Federal Decree-Law No. 45 of 2021 on Personal Data Protection, which impose requirements regarding the collection, processing, and transfer of personal data and may require localization of certain data or other compliance measures. Many jurisdictions outside of Europe where we may do business in the future are also considering and/or have enacted comprehensive data protection legislation. In addition, we also continue to see jurisdictions imposing data localization laws. These and similar regulations may interfere with our intended business activities or inhibit our ability to expand into those markets without significant additional costs.

Even though we believe we and our vendors are generally in compliance with applicable laws, rules and regulations relating to privacy and data security, these laws, and their application, interpretation and amendment are constantly evolving. It is also possible that new laws, regulations and other requirements, or amendments to or changes in interpretations of existing laws, regulations and other requirements may require us to incur significant costs, implement new processes, or change our handling of information and business operations, which could ultimately hinder our ability to grow our business by extracting value from our data assets. Any failure or perceived failure by us to comply with data privacy laws, rules, regulations, industry standards and other requirements could result in proceedings or actions against us by individuals, consumer rights groups, government agencies, or others. We could incur significant costs in investigating and defending such claims and, if found liable, pay significant damages or fines or be required to make changes to our business. Further, these proceedings and any subsequent

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adverse outcomes may subject us to significant negative publicity and an erosion of trust. If any of these events were to occur, our business, results of operations, and financial condition could be materially adversely affected.

***Artificial intelligence presents risks and challenges that can impact our business including by, among other things, posing security risks to our confidential information, proprietary information, and personal data.***

We use AI, machine learning, automated decision-making technologies and similar tools, including generative AI (collectively, "AI Technologies"), within our business. Specifically, we utilize a proprietary AI tool that aggregates institutional, market and client intelligence to provide employees with critical client and market information. Issues in the use of AI, combined with an uncertain regulatory environment, may result in reputational harm, liability, or other adverse consequences to our business and results of operations. As with many technological innovations, AI presents risks and challenges that could impact our business. In particular, if the models underlying our AI Technologies are: incorrectly designed or implemented; trained or reliant on incomplete, inadequate, inaccurate, biased or otherwise poor quality data, or on data to which we do not have sufficient rights or in relation to which we and/or the providers of such data have not implemented sufficient legal compliance measures; used without sufficient oversight and governance to ensure their responsible use; and/or adversely impacted by unforeseen defects, technical challenges, cybersecurity threats or material performance issues, then the performance of our products, services and business, as well as our reputation and the reputations of our customers, could suffer or we could incur liability resulting from the violation of laws applicable to us, the breach of contracts to which we are a party, or civil claims.

The development, deployment, provision, and other uses of AI Technologies within the European Union ("EU"), or outside the EU where there is a relevant EU connection, are governed by the EU Artificial Intelligence Act ("AI Act"). The AI Act imposes a comprehensive set of requirements on providers and deployers of AI Technologies, as well as on other specified actors. It adopts a risk-based and roles-based approach, primarily focusing on high-risk AI systems. Additionally, some AI Technologies, such as systems designed to evaluate or classify individuals' social behavior, are generally prohibited under the AI Act. The specific obligations under the AI Act vary according to the risk profile of the AI Technology and the role of the relevant actor. Providers and deployers of high-risk AI systems must, among others, maintain risk management systems, adhere to data governance requirements, record-keeping and maintain certain documentation, provide adequate human oversight, implement measures to ensure accuracy, robustness, and cybersecurity, and conduct conformity assessments and quality management processes. For non-high-risk AI Technologies, the AI Act imposes transparency and documentation obligations, along with AI literacy requirements. The obligations under the AI Act will be phased in over time, with the majority of requirements becoming applicable by August 2026, and full compliance required by August 2027. Currently, there is no established case law or regulatory best practice concerning the AI Act, which presents increased challenges in implementing its requirements. If we are investigated by the competent supervisory authority under the AI Act, we may face fines and other corrective measures, including bans on some AI Technologies. The AI Act empowers supervisory authorities to impose administrative fines of up to €35 million or 7% of our total worldwide turnover for the preceding fiscal year, whichever is higher. Violations may also result in claims for damages by affected individuals. While the AI Act does not establish an independent liability framework, non-compliance may be subject to existing liability regimes under EU law, such as the GDPR, other EU acts, and/or EEA member state laws. In light of these considerations, we will need to take measures to ensure compliance with applicable provisions of the AI Act. However, we cannot guarantee that we will be able to implement all requirements in a timely manner or without significant disruption to our business, nor can we assure the effectiveness of such measures. Consequently, we may face liability under the AI Act and other applicable privacy or digital services laws.

Additionally, our vendors may incorporate generative AI tools (*i.e.*, AI Technologies that can produce and output new content, software code, data and information) into their offerings without disclosing this use to us, and the providers of these generative AI tools may not meet existing or rapidly evolving regulatory or industry standards with respect to privacy and data protection and may inhibit our or our vendors' ability to maintain an adequate level of service and experience. The regulatory framework for AI Technologies is rapidly evolving as many federal, state and foreign government bodies and agencies have introduced or are currently considering additional laws and regulations. Additionally, existing laws and regulations may be interpreted in ways that would affect the operation of our AI Technologies. As a result, implementation standards and enforcement practices are likely to remain uncertain

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for the foreseeable future, and we cannot yet determine the impact that future laws, regulations or standards (or the market reaction to such laws, regulations and standards) may have on our business and we may not be able to anticipate how to respond to these laws, regulations and standards. We may need to expend resources to adjust our products or services in some jurisdictions if the laws, regulations, or decisions are not consistent across jurisdictions. Further, the cost to comply with such laws, regulations, or decisions and/or guidance interpreting existing laws, could be significant and may increase our operating expenses (including, for example by imposing additional reporting obligations regarding our use of AI Technologies).

Further, if we, our vendors, or our third-party partners experience an actual or perceived privacy or security incident or breach because of the use of AI, including generative AI, we may lose valuable intellectual property and confidential information and our reputation and the public perception of the effectiveness of our security measures could be harmed. Further, bad actors around the world use increasingly sophisticated methods, including the use of AI, to engage in illegal activities involving the theft and misuse of personal information, confidential information, and intellectual property. Any of these outcomes could damage our reputation, result in the loss of valuable property and information, and adversely impact our business.

***The cost of compliance with international broker-dealer, securities, data privacy, employment, labor, benefits and tax regulations may adversely affect our business and hamper our ability to expand internationally.***

Because we operate our business both in the United States and internationally, we are subject to many distinct broker-dealer, securities, data privacy, employment, labor, benefits and tax laws in each country in which we operate, including regulations affecting our employment practices and our relations with our employees and service providers. If we are required to comply with new regulations or new interpretations of existing regulations, or if we are unable to comply with these regulations or interpretations, our business could be adversely affected or the cost of compliance may make it difficult to expand into new international markets. Additionally, our competitiveness in international markets may be adversely affected by regulations requiring, among other things, the awarding of contracts to local contractors, the employment of local citizens and/or the purchase of services from local businesses or favoring or requiring local ownership.

***A change in relevant income tax laws, regulations, or treaties, or an adverse interpretation of these items by tax authorities, could result in an audit adjustment or revaluation of our deferred tax assets that may cause our effective tax rate and tax liability to be higher than what is currently presented in the consolidated statements of financial condition.***

As part of the process of preparing our consolidated statements of financial condition, we are required to estimate income taxes in each of the jurisdictions in which we operate. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against our deferred tax assets. This process requires us to estimate our actual current tax liability and to assess temporary differences between the financial statement and tax bases of our assets and liabilities. Our effective tax rate and tax liability are based on the application of current income tax laws, regulations, and treaties. These laws, regulations, and treaties are complex, and the manner in which they apply to our facts and circumstances is sometimes open to interpretation. We believe our application of current laws, regulations, and treaties to be correct and sustainable upon examination by the tax authorities. However, the tax authorities could challenge our interpretation resulting in additional tax liability or adjustment to our income tax provision that could increase our effective tax rate. In addition, tax laws, regulations, or treaties enacted in the future may cause us to revalue our net deferred tax assets and have a material change to our effective tax rate and corresponding income tax liabilities.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our results of operations and financial condition.***

We are subject to taxes by the U.S. federal, state, local and foreign tax authorities. Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• allocation of revenues and expenses to and among different jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to intercompany restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, tax treaties, regulations or interpretations thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower than anticipated future earnings in jurisdictions where we have lower statutory tax rates and higher than anticipated future earnings in jurisdictions where we have higher statutory tax rates.

In addition, we may be subject to tax audits of our income, sales and other taxes by U.S. federal, state, and local and foreign taxing authorities. Outcomes from these audits could have an adverse effect on our operating results and financial condition.

***We are exposed to risks related to our insurance coverage.***

We maintain insurance for a variety of risks, including cybersecurity risk. Although we endeavor to purchase insurance coverage appropriate for our risk assessment, we are unable to predict with certainty the frequency, nature or magnitude of claims for direct, consequential, or other special damages. Our business may be negatively affected if our insurance coverage proves to be inadequate, unavailable or the insurance carriers deny coverage of any claim for whatever reason. Insurance claims may divert management resources away from operating our business. In addition, our insurance costs may increase based on market conditions or in the event we purchase additional insurance to reflect changes in the size of our business, or the nature of our operations, or if we make a business determination that more or differing coverage may be warranted.

**Risks Related to Growing Our Business**

***Our growth strategy may require substantial investment by us and could materially and adversely affect our operating results.***

Our ability to grow our business organically depends in part on our ability to open or acquire new offices, expand internationally and hire new managing directors and other senior professionals for these offices. We may not be successful in any efforts to do so. The costs of opening a new office, expanding internationally and hiring the necessary personnel may be substantial. If we are not successful in these efforts, we may not be able to recover our investments or our substantial cost outlays, and new international operations may not achieve profitability.

***We may be unable to execute on our growth initiatives, business strategies or operating plans, which would harm our business and financial results.***

We are executing on a number of growth initiatives, strategies and operating plans designed to enhance our business. For example, we intend to continue to further integrate our global operations, expand our platform into new industry and product sectors such as our Private Funds Advisory practice that we launched in 2022 or Financial Services industry coverage that we established through the acquisition of MarshBerry in 2025, both organically and through acquisitions, and we intend to expand our existing expertise into new geographies, some of which may be more profitable than others. The anticipated benefits from these efforts are based on several assumptions that may prove to be inaccurate such as projected revenue, costs of doing business and the volume of transactions. Moreover, we may not be able to successfully complete these growth initiatives, strategies and operating plans and realize any or all of the intended benefits, including growth targets and cost savings, we expect to achieve or it may be more costly to do so than we anticipate. A variety of factors could cause us not to realize some or all of the expected benefits. These factors include, among others, delays in the anticipated timing of activities related to such growth initiatives, strategies and operating plans; difficulty in competing in specific industries, product areas and geographies in which we have less experience than others; negative attention from any failed initiatives; and increased or unexpected costs in implementing these efforts.

Moreover, our continued implementation of our growth plans may disrupt our operations and performance. As a result, we may not realize the expected benefits from these plans. If, for any reason, the benefits we realize are less

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than our estimates or the implementation of these growth initiatives, strategies and operating plans adversely affect our operations or cost more or take longer to effectuate than we expect, or if our assumptions prove inaccurate, we will not be able to implement our growth strategy, which ultimately could materially adversely affect our business, financial condition and results of operations.

***Our inability to successfully identify, consummate and integrate acquisitions and strategic investments, including integrating the MarshBerry Acquisition, may result in additional risks and uncertainties in our businesses.***

In addition to recruiting and organic expansion, we have grown, and intend to continue to grow, our core businesses through acquisitions. We regularly evaluate opportunities to acquire other businesses. On October 31, 2025, we consummated the MarshBerry Acquisition. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Acquisitions." The success of the MarshBerry Acquisition will depend in part on our ability to realize the anticipated business opportunities from combining the operations of MarshBerry with our business in an efficient and effective manner. The integration process could take longer than anticipated and could result in the loss of key employees, the disruption of each company's ongoing businesses, tax costs or inefficiencies or inconsistencies in standards, controls, IT systems, procedures and policies, any of which could adversely affect our ability to maintain relationships with customers, employees or other third parties, or our ability to achieve the anticipated benefits of the MarshBerry Acquisition, and could harm our financial performance. If we are unable to successfully or timely integrate the operations of MarshBerry with our business, we may incur unanticipated liabilities and be unable to realize the revenue growth, synergies and other anticipated benefits resulting from the MarshBerry Acquisition, and our business, results of operations and financial condition could be materially and adversely affected. Additionally, we acquired TCG Corporate Finance in October 2024, with the goal of increasing the breadth of our technology industry vertical by adding additional investment banking advisors in Europe focused on technology, including software and information-technology services, while further deepening connectivity with leading private equity firms in Europe and accelerating revenue growth.

Unless and until such acquisitions generate meaningful revenues, the purchase prices we pay to acquire such businesses could have a material adverse effect on our business, financial condition and results of operations. We may be unable to manage any acquired business, including MarshBerry, profitably or successfully integrate its operations with our own. Moreover, we may be unable to realize the financial, operational, and other benefits and synergies we anticipate from such acquisitions.

Competition for future acquisition opportunities in our markets could increase the price we pay for businesses we acquire and could reduce the number of potential acquisition targets. Further, acquisitions may involve a number of specific financial and business risks, including expenses related to any potential acquisition from which we may withdraw, diversion of our management's time, attention, and resources, decreased utilization during the integration process, loss of key acquired personnel, difficulties in integrating different corporate cultures, increased costs to improve or integrate personnel and financial, accounting, technology and other systems, including dilutive issuances of equity securities, the assumption of legal liabilities, amortization of acquired intangible assets, potential write-offs related to the impairment of goodwill and additional conflicts of interest. If we are unable to successfully manage these risks, we will not be able to implement our growth strategy, which ultimately could materially adversely affect our business, financial condition and results of operations.

***Goodwill and other intangible assets may represent a portion of our assets, and an impairment of these assets could have a material adverse effect on our business, financial condition and results of operation.***

Goodwill and other intangible assets represent a portion of our assets and totaled $374.1 million as of March 31, 2026. We recognized $209.6 million of goodwill in connection with the MarshBerry Acquisition. Goodwill is the excess of the fair value of consideration transferred over the fair value of identifiable net assets, including other intangibles, acquired at the time of an acquisition. We review goodwill and other intangible assets at least annually for impairment. We may need to perform impairment tests more frequently if events occur or circumstances indicate that the carrying amount of these assets may not be recoverable. These events or circumstances could include a significant change in the business climate, attrition of key personnel, a prolonged decline in our stock price and market capitalization, legal factors, or operating performance indicators, competition, sale or disposition of a significant portion of one of our businesses and other factors. Annual impairment reviews of indefinite-lived

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intangible assets, any future impairment of goodwill or other intangible assets would result in a non-cash charge against earnings, which would adversely affect our results of operations. The valuation of the reporting unit requires judgment in estimating future cash flows, discount rates and other factors. In making these judgments, we evaluate the financial health of our reporting unit, including such factors as market performance, changes in our client base and projected growth rates. Because these factors are ever changing, due to market and general business conditions, our goodwill and indefinite-lived intangible assets may be impaired in future periods.

***We may enter into new lines of business, which may result in additional risks and uncertainties in our business.***

We currently generate substantially all of our revenue from advisory services. While we have no current plans to do so, we may grow our business by entering into new lines of business. To the extent we enter into new lines of business, we will face numerous risks and uncertainties, including risks associated with actual or perceived conflicts of interest because we would no longer be limited to the advisory business, the possibility that we have insufficient expertise to engage in such activities profitably or without incurring inappropriate amounts of risk, the required investment of capital and other resources and the loss of clients due to the perception that we are no longer focusing on a core business.

We have also expanded our advisory services historically. For example, in 2022, we launched our Private Funds Advisory practice through lateral hires. We may be unable to manage this expansion (or other future expansions) profitably or successfully integrate its (or their) operations with our existing advisory services. Moreover, we may be unable to realize the financial, operational and other benefits and synergies we anticipate from such expansions of advisory services.

Entry into new lines of business and expansion of our advisory services may subject us to new laws and regulations with which we are not familiar, or from which we are currently exempt, and may lead to increased litigation and regulatory risk. In addition, some aspects of our cost structure, such as costs for compensation, occupancy and equipment rentals, communication and information technology services, and depreciation and amortization will be largely fixed, and we may not be able to timely adjust these costs to match fluctuations in revenue related to our entering into new lines of business. If a new business generates insufficient revenue or if we are unable to efficiently manage our expanded operations, our business, financial condition and results of operations could be materially adversely affected.

***Our backlog is not necessarily indicative of our future revenue or profits, and we may not fully realize the revenue estimated in our backlog.***

Our backlog, at an all-time high as of December 31, 2025, is a useful metric that senior management reviews on a regular basis to gauge our expected operating performance in the near to medium term, and the amount is based on feedback from our managing directors who are closest to our clients. Engagements included in our backlog, as of any date of estimation, may not close, may be delayed and typically experience subsequent changes that increase or decrease the amount of fees we ultimately earn for such engagements, causing us to realize more or less revenue than was reflected in our backlog as of the date of estimation. Our backlog also changes from quarter to quarter based on the addition of new engagements and changes to existing engagements. Although we believe that our backlog provides visibility as to our future operating performance, our backlog is based on a number of assumptions and estimates. We may not realize the revenue we currently expect from our backlog, or, if realized, such revenue may not result in expected profits. For example, if an engagement reflected in our backlog is abandoned, terminated or reduced in scope or if such engagement is delayed, suspended or disrupted, our backlog may be reduced, and we may experience a delay in the realization of our estimated revenue and/or may experience unrecoverable costs, which could materially reduce the revenue and profits we realize in any particular period. If a client abandons or terminates an engagement, we may retain non-refundable initial retainer fees and be reimbursed for costs incurred, but we typically have no contractual right to the total fees reflected in our backlog. Significant abandonments, terminations, reductions in scope or delays, suspensions or disruptions of, or unrecoverable costs on, engagements in our backlog could materially adversely affect our business, revenues and profitability.

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**Risks Related to our Indebtedness**

***Restrictions imposed by our Credit Facilities may materially limit our ability to operate our business and finance our future operations or capital needs.***

Our current financing arrangements (including the Credit Agreement) contain certain covenants that restrict us and our restricted subsidiaries from engaging in specified types of transactions, including, among other things, our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incur certain liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidate, merge or sell or otherwise dispose of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make certain investments, loans, advances, capital contributions, guarantees, assumptions of indebtedness, acquisitions and purchases, including without limitation, in our subsidiaries not party to the Credit Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make dispositions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pay dividends or make other distributions on equity interests, or purchase, redeem, retire, acquire, cancel or terminate equity interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into hedge agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• enter into transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• alter the business conducted by us and our subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• change our fiscal year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend or modify governing documents.

A breach of any of these covenants, or any other covenant in the documents governing our Credit Facilities or other indebtedness, could result in a default or event of default under our Credit Facilities. In the event of any event of default under our Credit Facilities, the applicable lenders or agents could elect to terminate borrowing commitments and declare the unpaid principal amount of all outstanding loans thereunder, together with all premium and interest accrued and any fees and other obligations, to be immediately due and payable. In addition, or in the alternative, the applicable lenders or agents could require that we cash collateralize our letters of credit issued under the Revolving Credit Facility. In addition, or in the alternative, the applicable lenders or agents could exercise their rights under the security documents and any other loan documents entered into in connection with our Credit Facilities. Subject to exceptions, the parties party to the Credit Agreement have pledged substantially all of their assets as collateral securing our Credit Facilities and any such exercise of remedies on any material portion of such collateral would likely materially adversely affect our business, financial condition or results of operations.

If we were unable to repay or otherwise refinance these borrowings and loans when due, and the applicable lenders proceeded against the collateral granted to them to secure that indebtedness, we may be forced into bankruptcy or liquidation. In the event the applicable lenders accelerate the repayment of our borrowings, we may not have sufficient assets to repay that indebtedness. Any acceleration of amounts due under our Credit Facilities or other outstanding indebtedness would also likely have a material adverse effect on us.

An event of default also could significantly limit our financing alternatives, which could cause us to curtail our investment activities and/or dispose of assets when we otherwise would not choose to do so. If we default on several of our debt agreements or any single significant debt agreement, it could have a material adverse effect on our business, prospects, liquidity, financial condition, and results of operations.

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***We expect to use leverage in executing our business strategy, which may adversely affect the return on our assets.***

We and our subsidiaries may be able to incur substantial additional debt in the future. Although the Credit Agreement contains restrictions on the incurrence of additional indebtedness, these restrictions are subject to a number of significant qualifications and exceptions, and under certain circumstances, the amount of debt that could be incurred in compliance with these restrictions could be substantial. Subject to customary conditions (including, without limitation, absence of an event of default), Monarch FinCo, LLC may incur additional debt in the form of term loans or revolving loans in an aggregate principal amount equal to the sum of (a) the greater of $128 million and 100% of Lincoln International CentCo, LLC's most recently reported last-twelve-month EBITDA (calculated in accordance with the Credit Agreement), (b) the aggregate amount of prepayments and permanent commitment reductions of other debt secured on a pari passu basis to the loans under the Term Loan Credit Facility and/or the Revolving Credit Facility to the extent not funded with other long-term debt, (c) unused general debt basket up to the greater of $65 million and 100% of Lincoln International CentCo, LLC's most recently reported last-twelve-month EBITDA (calculated in accordance with the Credit Agreement) and (d) additional unlimited amounts, subject to compliance with the following leverage ratios: (i) for debt secured on a pari passu basis with the obligations under the Term Loan Credit Facility and/or the Revolving Credit Facility, a first lien net leverage ratio no greater than 3.50x, (ii) for debt secured on a junior-priority basis to the obligations under the Term Loan Credit Facility and/or the Revolving Credit Facility, a secured net leverage ratio no greater than 3.50x, and (iii) for unsecured debt or debt that is not secured by any collateral that secures the obligations under the Credit Agreement, a total net leverage ratio no greater than 3.50x. In addition, the terms of the Credit Agreement will not prevent us from incurring obligations that do not constitute prohibited indebtedness thereunder. If new debt is added to our and our subsidiaries' existing debt levels, the related risks that we now face would increase. Our board of directors will consider several factors when evaluating our level of indebtedness and when making decisions regarding the incurrence of new indebtedness, including the purchase price of assets to be acquired with debt financing, the estimated market value of our assets, and the ability of particular assets, and us as a whole, to generate cash flow to cover the expected debt service. Our governing corporate documents do not contain a limitation on the amount of debt we may incur, and our board of directors may change our target debt levels at any time without the approval of our stockholders.

Incurring substantial additional debt could have important consequences for our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making it more difficult for us to satisfy our obligations with respect to our debt or to our trade or other creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to adverse economic or industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to obtain additional financing to fund capital expenditures and acquisitions, particularly when the availability of financing in the capital markets is limited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring a substantial portion of our cash flows from operations and the proceeds from this offering for the payment of interest on our debt and reducing our ability to use our cash flows and the proceeds from this offering to fund working capital, capital expenditures, acquisitions, and general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• placing us at a competitive disadvantage to less leveraged competitors.

We cannot assure you that our business will generate sufficient cash flow from operations or that future borrowings will be available to us through capital markets financings or under our Credit Facilities or otherwise in an amount sufficient to enable us to pay our indebtedness or to fund our other liquidity needs. We may need to refinance all or a portion of our indebtedness, on or before its maturity. We cannot assure you that we will be able to refinance any of our indebtedness on commercially reasonable terms or at all. In addition, we may incur additional indebtedness to finance our operations or to repay existing indebtedness. If we cannot service our indebtedness, we may have to take actions such as selling assets, seeking additional debt or equity, financing, or reducing or delaying capital expenditures, strategic acquisitions, investments, and alliances. We cannot assure you that any such actions,

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if necessary, could be effected on commercially reasonable terms or at all, or on terms that would be advantageous to our stockholders or on terms that would not require us to breach the terms and conditions of our existing or future debt agreements.

***An increase in interest rates would increase interest costs on our Credit Facilities and any variable rate debt we incur, which could adversely impact our ability to refinance existing debt or acquire assets.***

Borrowings under our Credit Facilities bear interest, at our election, at term Secured Overnight Financing Rate ("SOFR") (subject to a 0.50% floor) plus a margin of 4.25% or at the base rate (subject to a 1.50% floor) plus a margin of 3.25%. Any increase in the interest rate applicable to borrowings under the Credit Facilities will reduce our cash flows available for other corporate purposes, including operations, capital expenditures and acquisitions. Further, rising interest rates could limit our ability to refinance existing debt when it matures and increase interest costs on any debt that is refinanced. We may from time to time enter into agreements such as interest rate swaps or other interest rate hedging contracts. While these agreements may lessen the impact of rising interest rates, they also expose us to the risk that other parties to the agreements will not perform or that the agreements will be unenforceable.

The variable interest rates applicable to loans under our Credit Facilities are expected to fluctuate with any future Federal Reserve Board interest rate changes and future changes in SOFR. In addition, increases in interest expenses are considered with other expense increases that may be passed, in whole or in part, along to our customers; however, we do not expect increases in interest expenses to materially impact our pricing strategy in the near term. The increased interest payments on our variable rate debt are not expected to be material to our overall liquidity position and have not impacted, and are not expected to have an impact on, our ability to make timely payments under our Credit Facilities.

***We and our subsidiaries may incur substantially more indebtedness, which could further exacerbate the risks associated with our indebtedness.***

We and our subsidiaries may incur substantial additional indebtedness in the future. The terms of the instruments governing our indebtedness do not prohibit us or fully prohibit our subsidiaries from doing so. The Credit Facilities permit additional borrowings beyond the committed amounts under certain circumstances. If new indebtedness is added to our current indebtedness levels, the related risks we face would increase, and we may not be able to meet all of our debt obligations.

**Risks Related to Our Organizational Structure**

***Our principal asset after the completion of this offering will be our interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions.***

Upon the consummation of this offering and the other Organizational Transactions, we will be a holding company and will have no material assets other than our ownership of common units in LILP. As such, we will have no independent means of generating revenue or cash flow, and our ability to pay our taxes and operating expenses (including payments due under the Tax Receivable Agreement) or declare and pay dividends in the future, if any, will be dependent upon the financial results and cash flows of LILP and its subsidiaries and distributions we receive from LILP. There can be no assurance that LILP and its subsidiaries will generate sufficient cash flow to distribute funds to us or that applicable state law and contractual restrictions, including negative covenants contained in current or future debt instruments, will permit such distributions. LILP is generally prohibited under Delaware law from making distributions to its members to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of LILP exceed the fair value of its assets. Certain operating subsidiaries of LILP are subject to regulatory minimum capital requirements and other minimum capital requirements contained in debt instruments, each of which could restrict the ability of such subsidiaries to make distributions to LILP and indirectly to us. Under the Credit Agreement, we will be restricted from paying cash dividends in certain circumstances and we expect these restrictions to continue in the future. In addition, the terms of future credit facilities and other indebtedness incurred in the future may restrict the ability of our subsidiaries to pay dividends to us.

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LILP will continue to be treated as a partnership for U.S. federal income tax purposes and, as such, generally will not be subject to any entity-level U.S. federal income tax. Instead, any taxable income of LILP will be allocated to holders of common units, including us. Accordingly, we will incur income taxes on our allocable share of any net taxable income of LILP. Under the terms of the LILP Partnership Agreement, LILP will be obligated, subject to various limitations and restrictions, including with respect to our debt agreements, to make tax distributions to holders of common units, including us. In addition to tax expenses, we will also incur expenses related to our operations, including payments under the Tax Receivable Agreement, which we expect could be significant. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." We intend, as its general partner, to cause LILP to make cash distributions to the holders of common units in an amount sufficient to (i) fund all or part of their tax obligations in respect of taxable income allocated to them and (ii) cover our operating expenses, including payments under the Tax Receivable Agreement. However, LILP's ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on distributions that would either violate any contract or agreement to which LILP is then a party, including debt agreements, or any applicable law, or that would have the effect of rendering LILP insolvent. If we do not have sufficient funds to pay tax or other liabilities, or to fund our operations (including, if applicable, as a result of an acceleration of our obligations under the Tax Receivable Agreement), we may have to borrow funds, which could materially and adversely affect our liquidity and financial condition, and subject us to various restrictions imposed by any lenders of such funds. To the extent we are unable to make timely payments under the Tax Receivable Agreement for any reason, such payments generally will be deferred and will accrue interest until paid; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement resulting in the acceleration of payments due under the Tax Receivable Agreement. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." In addition, if LILP does not have sufficient funds to make distributions, our ability to declare and pay cash dividends will also be restricted or impaired.

Under the LILP Partnership Agreement, we intend to cause LILP, from time to time, to make distributions in cash to its common unit holders (including us) in amounts at least sufficient to cover the taxes imposed on their allocable share of taxable income of LILP. As a result of (i) potential differences in the amount of net taxable income allocable to us and to the LILP Partners, (ii) the lower tax rate under current law applicable to corporations as compared to individuals, and (iii) that tax distributions are required to be paid by LILP to its common unit holders pro rata in accordance with each common unit holder's economic interests in LILP, these tax distributions may be in amounts that exceed our tax liabilities and our obligations under the Tax Receivable Agreement. Our board of directors will determine the appropriate uses for any excess cash so accumulated, which may include, among other uses, the payment of obligations under the Tax Receivable Agreement and the payment of other expenses. We will have no obligation to distribute such cash (or other available cash) to our stockholders. In addition, no adjustments to the exchange ratio for common units and corresponding shares of Class A common stock will be made as a result of any cash distribution by us or any retention of cash by us. The holders of common units may benefit from any value attributable to such cash balances if they acquire shares of Class A common stock in exchange for their common units, notwithstanding that such holders may have participated previously as holders of common units in distributions that resulted in such excess cash balances to us. To the extent we do not distribute such excess cash as dividends on our Class A common stock we may take other actions with respect to such excess cash, for example, holding such excess cash, contributing such cash to LILP in exchange for additional common units (or contributing such cash to LILP and making corresponding adjustments to other LILP Partners' common units) or lending it (or a portion thereof) to LILP, or repurchasing outstanding shares of our Class A common stock, some of which may result in shares of our Class A common stock increasing in value relative to the value of common units.

***The Tax Receivable Agreement with the TRA Parties will require us to make cash payments to them in respect of tax benefits to which we may become entitled, and we expect that such payments will be substantial.***

In connection with the consummation of this offering, we will enter into a Tax Receivable Agreement with LILP and the TRA Parties. Under the Tax Receivable Agreement, we will be required to make cash payments to the TRA Parties equal to 85% of the cash tax benefits, if any, that we actually realize, or in certain circumstances are deemed to realize, as a result of the Basis Adjustments and Interest Deductions. Payments under the Tax Receivable Agreement will not be conditioned upon one or more of the TRA Parties maintaining a continued ownership interest in LILP or us.

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The payment obligation is an obligation of Lincoln International, Inc. and not of LILP. We expect that the amount of the cash payments we will be required to make under the Tax Receivable Agreement will be substantial. Any payments made by us to the TRA Parties under the Tax Receivable Agreement will not be available for reinvestment in our business and will generally reduce the amount of overall cash flow that might have otherwise been available to us. To the extent that we are unable to make timely payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement resulting in the acceleration of payments due under the Tax Receivable Agreement. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Furthermore, if we experience a change of control (as defined under the Tax Receivable Agreement), which includes certain mergers, asset sales, and other forms of business combinations, we would be obligated to make an immediate payment, and such payment may be significantly in advance of, and may materially exceed, the actual realization, if any, of the future tax benefits to which the payment relates. This payment obligation could (i) make us a less attractive target for an acquisition, particularly in the case of an acquirer that cannot use some or all of the tax benefits that are the subject of the Tax Receivable Agreement, and (ii) result in holders of our Class A common stock receiving substantially less consideration in connection with a change of control transaction than they would receive in the absence of such obligation.

Assuming no material changes in the relevant tax law and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we expect that the tax savings associated with the Basis Adjustments and Interest Deductions would aggregate to approximately $80.9 million over approximately 20 years from the date of this offering based on the assumed initial public offering price of $19.00 per share of our Class A common stock, which is the midpoint of the range set forth on the cover page of this prospectus, and assuming all future redemptions or exchanges would occur on the date of this offering at the same assumed price per share. Under such scenario, assuming future payments are made on the date each relevant tax return is due, without extensions, we would be required to pay approximately 85% of such amount, or approximately $68.7 million, over the approximately 20-year period from the date of this offering. We will depend on cash distributions from LILP to make payments under the Tax Receivable Agreement.

The actual tax benefits described above, and the actual utilization of such tax benefits, as well as the amount and timing of any payments under the Tax Receivable Agreement, will vary depending upon a number of factors, including the timing of redemptions by the LILP Partners; the price of shares of our Class A common stock at the time of the exchange; the extent to which such exchanges are taxable; the amount of gain recognized by such LILP Partners; the amount and timing of the taxable income allocated to us or otherwise generated by us in the future; the portion of our payments under the Tax Receivable Agreement constituting imputed interest; and the federal and state tax rates then applicable.

***In certain cases, payments under the Tax Receivable Agreement to the TRA Parties may be accelerated or significantly exceed any actual benefits we realize in respect of the tax attributes subject to the Tax Receivable Agreement.***

The Tax Receivable Agreement will generally apply to each of our taxable years, beginning with the first taxable year ending after the consummation of the Offering Transactions. There is no maximum term for the Tax Receivable Agreement. However, the Tax Receivable Agreement will provide that if (i) we materially breach any of our material obligations under the Tax Receivable Agreement, (ii) certain mergers, asset sales, other forms of business combinations or other changes of control occur after the consummation of this offering, or (iii) we elect an early termination of the Tax Receivable Agreement, then our obligations, or our successor's obligations, under the Tax Receivable Agreement to make payments will be determined based on certain assumptions, including an assumption that we will have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement.

As a result of the foregoing, we would be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the Tax Receivable Agreement, based on certain assumptions, which payment may be made significantly in advance of the actual realization, if any, of such future

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tax benefits. Such cash payment to the TRA Parties could be greater than the specified percentage of any actual benefits we ultimately realize in respect of the tax benefits that are subject to the Tax Receivable Agreement. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of discouraging, delaying, deferring or preventing certain mergers, asset sales, other forms of business combinations or other changes of control, even if such a change in control would be beneficial to our stockholders. For example, should we elect to terminate the Tax Receivable Agreement immediately following this offering, assuming no material changes in the relevant tax laws or tax rates and that we earn sufficient taxable income to realize all potential tax benefits that are subject to the Tax Receivable Agreement, we estimate that the aggregate of termination payments would be approximately $214.8 million based on the assumed initial public offering price of $19.00 per share of our Class A common stock, which is the midpoint of the range set forth on the cover page of this prospectus, and assuming SOFR (as defined in the Tax Receivable Agreement) were to be 4%. There can be no assurance that we will be able to fund or finance our obligations under the Tax Receivable Agreement. We may need to incur debt to finance payments under the Tax Receivable Agreement to the extent our cash resources are insufficient to meet our obligations under the Tax Receivable Agreement as a result of timing discrepancies or otherwise.

***We will not be reimbursed for any payments made to the TRA Parties under the Tax Receivable Agreement in the event that any tax benefits are disallowed.***

Payments under the Tax Receivable Agreement will be based on the tax reporting positions that we determine, and the U.S. Internal Revenue Service (the "IRS"), or another tax authority, may challenge all or part of the tax basis increases or other tax benefits we claim, as well as other related tax positions we take, and a court could sustain such challenge. If the outcome of any such challenge would reasonably be expected to materially and adversely affect the rights and obligations of the TRA Parties under the Tax Receivable Agreement, then we will not be permitted to settle such challenge without the consent (not to be unreasonably withheld or delayed) of the Tax Receivable Agreement Representative. The interests of the TRA Parties in any such challenge may differ from or conflict with our interests and your interests, and the Tax Receivable Agreement Representative may exercise its consent rights relating to any such challenge in a manner adverse to our interests and your interests. We will not be reimbursed for any cash payments previously made to the TRA Parties under the Tax Receivable Agreement in the event that any tax benefits initially claimed by us and for which payment has been made to a TRA Party are subsequently challenged by a taxing authority and are ultimately disallowed. Instead, any excess cash payments made by us to a TRA Party will be netted against any future cash payments we might otherwise be required to make to such TRA Party under the terms of the Tax Receivable Agreement. However, we might not determine that we have effectively made an excess cash payment to a TRA Party for a number of years following the initial time of such payment and, if any of our tax reporting positions are challenged by a taxing authority, we will not be permitted to reduce any future cash payments under the Tax Receivable Agreement until any such challenge is finally settled or determined. Moreover, the excess cash payments we made previously under the Tax Receivable Agreement could be greater than the amount of future cash payments against which we would otherwise be permitted to net such excess. The applicable U.S. federal income tax rules for determining applicable tax benefits we may claim are complex and factual in nature, and there can be no assurance that the IRS or a court will agree with our tax reporting positions. As a result, payments could be made under the Tax Receivable Agreement significantly in excess of any actual cash tax savings that we realize in respect of the tax attributes with respect to a TRA Party that are the subject of the Tax Receivable Agreement.

**Risks Related to Our Class A Common Stock and This Offering**

***We will be controlled by the LILP Controlling Partners whose interests may differ from those of our other stockholders and may give rise to actual or perceived conflicts of interest.***

Upon completion of this offering, we will be controlled by the LILP Controlling Partners. The LILP Controlling Partners' interests may differ from those of other stockholders. Upon completion of this offering, the LILP Controlling Partners will control approximately 88% of the voting interest in Lincoln International, Inc. (or 86% if the underwriters exercise their option to purchase additional shares of Class A common stock in full), as a result of the LILP Controlling Partners holding all outstanding Class C common stock upon completion of this offering. The shares of Class C common stock will entitle the LILP Controlling Partners to ten votes per share for so long as such

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shares of Class C common stock are not exchanged for shares of Class B common stock or transferred to someone other than a permitted transferee as described in "Description of Capital Stock—Common Stock—Class C Common Stock," after which they will be entitled to one vote per share. As a result, because the LILP Controlling Partners will have a majority of the voting power in Lincoln International and our amended and restated certificate of incorporation to be in effect upon consummation of this offering will not provide for cumulative voting, the LILP Controlling Partners will have the ability to elect all of the members of our board of directors and thereby to control our management and affairs, including determinations with respect to acquisitions, dispositions, borrowings, issuances of Class A common stock or other securities, and the declaration and payment of dividends. The LILP Controlling Partners will be able to determine the outcome of all matters requiring stockholder approval and will be able to cause or prevent a change of control of Lincoln International or a change in the composition of our board of directors and could preclude any unsolicited acquisition of Lincoln International. The LILP Controlling Partners' voting control could deprive our stockholders of an opportunity to receive a premium for their Class A common stock as part of a sale of Lincoln International and might ultimately affect the market price of our Class A common stock. As a result of the control exercised by the LILP Controlling Partners over us, none of our agreements with them have been negotiated on arm's length terms. We cannot assure you that we would not have received more favorable terms from an unaffiliated party.

In addition, immediately following this offering and application of the net proceeds therefrom, the LILP Partners, will own approximately 69% of the common units (or approximately 66% if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Because they hold their ownership interest in our business directly in LILP, the LILP Partners, may have conflicting interests with holders of shares of our Class A common stock. For example, if LILP makes distributions to Lincoln International, Inc., the LILP Partners will also be entitled to receive such distributions pro rata in accordance with their ownership of common units and their preferences as to the timing and amount of any such distributions may differ from those of our public shareholders. The LILP Partners, including the LILP Controlling Partners, may also have different tax positions from us that could influence their decisions regarding whether and when to dispose of assets, especially in light of the existence of the Tax Receivable Agreement that we will enter into in connection with this offering with LILP and the TRA Parties, whether and when to incur new or refinance existing indebtedness and whether and when Lincoln International, Inc. should terminate the Tax Receivable Agreement and accelerate its obligations thereunder. In addition, the structuring of future transactions may take into consideration our pre-initial public offering owners' tax or other considerations even where no similar benefit would accrue to us. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

***If you purchase shares of Class A common stock in this offering, you will incur immediate and substantial dilution and may experience additional dilution in the future.***

Dilution is the difference between the offering price per share and the pro forma net tangible book value per share of our Class A common stock immediately after this offering. The price you pay for shares of our Class A common stock sold in this offering will be substantially higher than our pro forma net tangible book value per share immediately after this offering. If you purchase shares of Class A common stock in this offering, you will incur immediate and substantial dilution in the amount of $18.27 per share based upon an assumed initial public offering price of $19.00 per share, which is the midpoint of the price range listed on the cover page of this prospectus. In addition, you may also experience additional dilution, or potential dilution, upon future equity issuances to investors (including upon redemption or exchange of our Class B or Class C common stock), in connection with future acquisitions, or to our employees, consultants and directors under the 2026 Plan and/or any other equity incentive compensation plans we may adopt. As a result of this dilution, investors purchasing shares of Class A common stock in this offering may receive significantly less than the full purchase price that they paid for the stock purchased in this offering in the event of liquidation.

***While we currently intend to pay a quarterly cash dividend to our stockholders, we may change our dividend policy at any time and we may not continue to declare cash dividends.***

Although we currently intend to pay a quarterly cash dividend to our stockholders, we have no obligation to do so, and our dividend policy may change at any time. Returns on stockholders' investments will primarily depend on the appreciation, if any, in the price of our Class A common stock. The amount and timing of dividends, if any, are

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subject to capital availability and periodic determinations by our board of directors that cash dividends are in the best interest of our stockholders and are in compliance with all applicable laws and any other contractual agreements limiting our ability to pay dividends. Under the Credit Agreement, we will be restricted from paying cash dividends in certain circumstances and we expect these restrictions to continue in the future. Our ability to pay dividends may also be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of ours or of our subsidiaries. See "Dividend Policy" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Cash and Liquidity—Credit Facilities." Future dividends, including their timing and amount, may be affected by, among other factors: general economic and business conditions; our financial condition and operating results; our available cash and current anticipated cash needs; capital requirements; contractual, legal, tax and regulatory restrictions and implications on the payment of dividends by us to our stockholders; and such other factors as our board of directors may deem relevant.

Our dividend payments may change from time to time, and we may not continue to declare dividends in any particular amounts or at all. The reduction in or elimination of our dividend payments could have a negative effect on our stock price.

***We are a "controlled company" within the meaning of the NYSE listing standards and, as a result, will qualify for, and intend to rely on, exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

After this offering, the LILP Controlling Partners will continue to control a majority of the voting power of our outstanding common stock. As a result, we will qualify as a "controlled company" within the meaning of the corporate governance standards of the NYSE. Under these rules, a listed company of which more than 50% of the voting power is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements, including: the requirement that a majority of the board of directors consist of independent directors, the requirement that we have a nominating and corporate governance committee that is composed entirely of independent directors and the requirement that we have a compensation committee that is composed entirely of independent directors.

Following this offering, we intend to rely on some or all of these exemptions. As a result, we will not have a majority of independent directors and our compensation and nominating and corporate governance committees will not consist entirely of independent directors. Accordingly, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

In connection with this offering, the LILP Controlling Partners will enter into a voting agreement with the Company (the "Voting Agreement"). For more information regarding the Voting Agreement, see "Certain Relationships and Related Party Transactions—Voting Agreement."

***We do not know whether a market will develop for our Class A common stock or what the market price of our Class A common stock will be and as a result it may be difficult for you to sell your shares of our Class A common stock.***

Before this offering, there was no public trading market for our Class A common stock. If a market for our Class A common stock does not develop or is not sustained, it may be difficult for you to sell your shares of Class A common stock at an attractive price or at all. We cannot predict the prices at which our Class A common stock will trade. It is possible that in one or more future periods our results of operations may be below the expectations of public market analysts and investors and, as a result of these and other factors, the price of our Class A common stock may fall.

***If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our Class A common stock, the price of our Class A common stock could decline.***

The trading market for our Class A common stock will rely in part on the research and reports that industry or financial analysts publish about us or our business. We do not currently have and may never obtain research coverage by industry or financial analysts. If no or few analysts commence coverage of us, the trading price of our stock would likely decrease. Even if we do obtain analyst coverage, if one or more of the analysts covering our

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business downgrade their evaluations of our stock, the price of our Class A common stock could decline. If one or more of these analysts cease to cover our Class A common stock, we could lose visibility in the market for our stock, which in turn could cause our Class A common stock price to decline.

***The market price of our Class A common stock may be volatile or may decline regardless of our operating performance and you may not be able to resell your shares at or above the initial public offering price.***

After this offering, the market price for our Class A common stock is likely to be volatile, in part because our shares have not been traded publicly. In addition, the market price of our Class A common stock may fluctuate significantly in response to a number of factors, most of which we cannot control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our operating and financial performance and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our quarterly or annual earnings or those of other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's reaction to our press releases, our other public announcements and our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• quarterly variations in our operating results compared to market expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in, or failure to meet, earnings estimates or recommendations by research analysts who track our common shares or the stock of other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse publicity about us, the industries we participate in or individual scandals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements of new offerings by us or our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock price performance of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure of research analysts to cover our common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in stock market prices and volumes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default on our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actions by competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in senior management or key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in financial estimates by securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market's reaction to our reduced disclosure as a result of being an "emerging growth company" under the JOBS Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market's reaction to our status as a "controlled company";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative earnings or other announcements by us or other financial services companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• downgrades in our credit ratings or the credit ratings of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incurrence of indebtedness or issuances of capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global economic, legal and regulatory factors unrelated to our performance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the other factors listed in this "Risk Factors" section.

The initial public offering price of our Class A common stock will be determined by negotiations between us, the Selling Stockholders and the underwriters based upon a number of factors and may not be indicative of prices that will prevail following the closing of this offering. Volatility in the market price of our common stock may prevent investors from being able to sell their Class A common stock at or above the initial public offering price. As a result, you may suffer a loss on your investment.

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In addition, stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies in our industry. In the past, stockholders have instituted securities class action litigation following periods of market volatility. If we were involved in securities litigation, we could incur substantial costs and our resources and the attention of management could be diverted from our business.

***Our share price may decline due to the large number of shares eligible for future sale and for exchange.***

The market price of our Class A common stock could decline as a result of sales of a large number of shares of Class A common stock in the market after this offering or the perception that such sales could occur. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

We and all of our executive officers, directors and holders of substantially all of our outstanding capital stock, including the LILP Controlling Partners, are subject to lock-up agreements with the underwriters in this offering that restrict our and their ability to transfer shares of our capital stock for 180 days from the date of this prospectus without the consent of the representatives of the underwriters. After the expiration of the 180-day lock-up period, 78,000 shares of Rollover Class A common stock and 32,500 shares of Class A common stock held by our non-employee directors will become eligible for sale unless the representatives of the underwriters provide their written consent for their earlier sale.

In addition, 10,262,850 shares of Class A common stock held by Other Senior Professionals and Messrs. Lawson, Barr and Brown received in the Corporate Mergers, 679,623 shares of Rollover Class A common stock and 70,325,893 shares of Class A common stock issuable upon exchange of outstanding Class B common stock and Class C common stock are subject to lock-up agreements with us or LILP, pursuant to which their Lock-Up Shares or Lock-Up Common Units, as applicable, will generally be subject to a lock-up period of two years following the date of effectiveness of this registration statement, after which their Lock-Up Shares or Lock-Up Common Units will become transferable in three equal installments on each of the second, third and fourth anniversary of date of effectiveness of this registration statement.

Stockholders who are subject to any of the lock-up agreements described above may be permitted to sell shares of Class A common stock prior to the expiration of the applicable lock-up agreement in certain circumstances, including as the result of the waiver or termination of such lock-up agreement.

***The JOBS Act will allow us to postpone the date by which we must comply with certain laws and regulations intended to protect investors and to reduce the amount of information we provide in our reports filed with the SEC, and taking advantage of the reduced disclosure requirements applicable to "emerging growth companies" may make our Class A common stock less attractive to investors.***

The JOBS Act provides that, so long as a company qualifies as an "emerging growth company," it will, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from the provisions of Section 404(b) of the Sarbanes-Oxley Act requiring that its independent registered public accounting firm provide an attestation report on the effectiveness of its internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from the "say on pay" and "say on golden parachute" advisory vote requirements of the Dodd-Frank Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from certain disclosure requirements of the Dodd-Frank Act relating to compensation of its executive officers and be permitted to omit the detailed compensation discussion and analysis from proxy statements and reports filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• be exempt from any rules that may be adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotations or a supplement to the auditor's report on the financial statements.

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We currently intend to take advantage of each of the exemptions described above. We have irrevocably elected not to take advantage of the extension of time to comply with new or revised financial accounting standards available under Section 107(b) of the JOBS Act, which is mandated by FINRA for our broker-dealer entities. We could be an emerging growth company for up to five years after this offering. We cannot predict if investors will find our Class A common stock less attractive if we elect to rely on these exemptions, or if taking advantage of these exemptions would result in less active trading or more volatility in the price of our Class A common stock.

***The historical and pro forma financial information in this prospectus may make it difficult to accurately predict our costs of operations in the future.***

The historical financial information in this prospectus does not reflect the added costs we expect to incur as a public company or the resulting changes that will occur in our capital structure and operations. In preparing our pro forma financial information we have given effect to, among other items, the MarshBerry Acquisition and the Organizational Transactions. The estimates we used in our pro forma financial information may not be similar to our actual experience as a public company. For more information on our historical financial information and pro forma financial information, see "Unaudited Pro Forma Condensed Consolidated Financial Information," "Prospectus Summary—Summary Consolidated Financial and Other Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Our Organizational Structure," and our consolidated financial statements included elsewhere in this prospectus.

***We have not previously operated as a public company and we will incur increased costs as a result of becoming a public company and in the administration of our organizational structure, and the compliance and operational activities could harm our business.***

Our management team has historically operated our business as a privately owned company. Most of the individuals who now constitute our management have not previously managed a publicly traded company. Compliance with public company requirements will place significant additional demands on our management and will require us to enhance our investor relations, legal, financial reporting, internal audit, compliance with the Sarbanes-Oxley Act and corporate communications functions. These additional efforts may strain our resources and divert management's attention from other business concerns, which could adversely affect our business and profitability.

As a public company, we will incur significant legal, accounting, insurance and other expenses that we have not incurred as a private company, including costs associated with public company reporting requirements. We also have incurred and will incur costs associated with the Sarbanes-Oxley Act and related rules implemented by the SEC. Following the completion of this offering, we will also incur ongoing periodic expenses in connection with the administration of our organizational structure. The expenses incurred by public companies generally for reporting and corporate governance purposes have been increasing and are expected to increase in light of new and proposed rules and regulations. We expect these rules and regulations to increase our legal, accounting, financial and other compliance costs and to make some activities more time-consuming and costly. Due to these laws and regulations, it may become more difficult or costly for us to obtain some types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. Potential legal liability and limitations on insurance coverage could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as our executive officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our Class A common stock, fines, sanctions and other regulatory action and potentially civil litigation.

The historical financial information in this prospectus for the periods presented herein do not reflect the added costs we will incur as a public company, including costs related to public company reporting, investor relations and compliance with the Sarbanes-Oxley Act. As a result of these matters, among others, it may be difficult for investors to compare our future results to historical results or to evaluate our relative performance or trends in our business.

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***Failure to establish and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and market price of our Class A common stock.***

We are not currently required to comply with the rules of the SEC implementing Section 404 of the Sarbanes-Oxley Act and are therefore not required to make a formal assessment of the effectiveness of our internal control over financial reporting for that purpose. Upon becoming a public company, we will be required to comply with the SEC's rules implementing Sections 302 and 404 of the Sarbanes-Oxley Act, which will require management to certify financial and other information in our quarterly and annual reports and provide an annual management report on the effectiveness of controls over financial reporting. Though we will be required to disclose changes made in our internal controls and procedures on a quarterly basis, we will not be required to make our first annual assessment of our internal controls over financial reporting pursuant to Section 404 until the year following our first annual report required to be filed with the SEC. However, as an emerging growth company, our independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal controls over financial reporting pursuant to Section 404 until the later of the year following our first annual report required to be filed with the SEC or the date we are no longer an emerging growth company. At such time, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our controls are documented, designed or operating.

To comply with the requirements of being a public company, we have undertaken various actions, and will need to take additional actions, such as implementing new internal controls and procedures and hiring additional accounting or internal audit staff. Testing and maintaining internal controls can divert our management's attention from other matters that are important to the operation of our business. Although we have not identified a material weakness or significant deficiency in the past two fiscal years, in the future when evaluating our internal control over financial reporting, we may identify material weaknesses or significant deficiencies that we may not be able to remediate in time to meet the applicable deadline imposed upon us for compliance with the requirements of Section 404. If we identify any material weaknesses or significant deficiencies in our internal control over financial reporting or are unable to comply with the requirements of Section 404 in a timely manner or assert that our internal control over financial reporting is effective, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting once we are no longer an emerging growth company, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our Class A common stock could be negatively affected, and we could become subject to investigations by the stock exchange on which our securities will be listed, the SEC or other regulatory authorities, which could require additional financial and management resources and could lead to a decline in our stock price.

***Our anti-takeover provisions could prevent or delay a change in control of our company, even if such change in control would be beneficial to our stockholders.***

Provisions of our amended and restated certificate of incorporation and amended and restated bylaws, as they will be in effect upon completion of this offering, as well as provisions of Delaware law, to which we are subject, could discourage, delay or prevent a merger, acquisition or other change in control of our company, even if such change in control would be beneficial to our stockholders. Provisions of our amended and restated certificate of incorporation and our amended and restated bylaws, as they will be in effect upon the completion of this offering, that could prevent or delay a change in control of our company include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners control approximately 88% of the voting interest in Lincoln International, Inc. (or 86% if the underwriters exercise their option to purchase additional shares of Class A common stock in full), as a result of the LILP Controlling Partners holding all outstanding Class C common stock upon completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to issue "blank check" preferred stock, which could increase the number of outstanding shares and thwart a takeover attempt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a classified board of directors so that not all members of our board of directors are elected at one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to remove directors only for cause;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• no use of cumulative voting for the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on the ability of stockholders to call special meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supermajority voting provisions for stockholder approval of amendments to our amended and restated certificate of incorporation and amended and restated bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement that, to the fullest extent permitted by law and unless we agree otherwise, certain proceedings against or involving us or our directors, officers or stockholders be brought exclusively in the Court of Chancery in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of stockholders to take action by written consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advance notice and duration of ownership requirements for nominations for election to the board of directors or for proposing matters that can be acted upon by stockholders at stockholder meetings.

These provisions, along with the Voting Agreement, could also discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and cause us to take other corporate actions you desire. For more information regarding the Voting Agreement see "Certain Relationships and Related Party Transactions—Voting Agreement." In addition, because our board of directors is responsible for appointing the members of our management team, these provisions could in turn affect any attempt by our stockholders to replace current members of our management team.

In addition, our amended and restated certificate of incorporation will prohibit us, except under specified circumstances, from engaging in any mergers, significant sales of stock or assets or business combinations with any stockholder or group of stockholders who owns at least 15% of our outstanding voting stock.

The Tax Receivable Agreement will also provide that if certain mergers, asset sales, other forms of business combinations or other changes of control were to occur after the consummation of this offering, then our obligations, or our successor's obligations, under the Tax Receivable Agreement to make payments would be accelerated and become immediately due and payable.

***We may issue shares of preferred stock in the future, which could make it difficult for another company to acquire us or could otherwise adversely affect holders of our Class A common stock, which could depress the price of our Class A common stock.***

Our amended and restated certificate of incorporation authorizes us to issue one or more series of preferred stock. Our board of directors has the authority to determine the preferences, limitations and relative rights of the shares of preferred stock and to fix the number of shares constituting any series and the designation of such series, without any further vote or action by our stockholders. Our preferred stock could be issued with voting, liquidation, dividend and other rights superior to the rights of our Class A common stock. The potential issuance of preferred stock may delay or prevent a change in control of us, discourage bids for our Class A common stock at a premium to the market price, and materially and adversely affect the market price and the voting and other rights of the holders of our Class A common stock.

***Our amended and restated certificate of incorporation will provide for an exclusive forum in the Court of Chancery of the State of Delaware for certain disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our amended and restated certificate of incorporation will provide that the Court of Chancery of the State of Delaware (or, in the event that the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware or other state courts in the State of Delaware) is the exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a claim of breach of fiduciary duty, any action asserting a claim against us arising pursuant to the DGCL, our amended and restated certificate of incorporation or our amended and restated bylaws, or any action asserting a claim against us that is governed by the internal affairs doctrine; provided that, the exclusive forum provision will not apply to suits brought to enforce any liability or duty created

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by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction; and provided further that, if and only if the Court of Chancery of the State of Delaware dismisses any such action for lack of subject matter jurisdiction, such action may be brought in another state or federal court sitting in the State of Delaware. Our amended and restated certificate of incorporation will also provide that the federal district courts of the United States will be the exclusive forum for the resolution of any complaint asserting a cause or causes of action against any defendant arising under the Securities Act. Such provision is intended to benefit and may be enforced by us, our officers and directors, the underwriters to any offering giving rise to such complaint, and any other professional or entity whose profession gives authority to a statement made by that person or entity and who has prepared or certified any part of the documents underlying the offering (including this prospectus). Nothing in our amended and restated certificate of incorporation precludes stockholders that assert claims under the Exchange Act from bringing such claims in state or federal court, subject to applicable law.

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**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this prospectus may be forward-looking statements. Statements regarding our future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding the MarshBerry Acquisition and the Organizational Transactions, including the consummation of this offering, expected growth, future capital expenditures and debt service obligations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms, such as "may," "will," "would," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "commits," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain our managing directors and our other senior professionals and executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully identify, recruit and develop talent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our acquisitions, joint ventures and strategic investments, including our ability to successfully integrate the MarshBerry Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to generate sufficient cash in the future to service our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changing market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of major clients or a downturn in the private equity industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reputational risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our highly volatile revenue and profits on a quarterly basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strong competition from other financial advisory and investment banking firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to execute on our growth initiatives, business strategies or operating plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our management not having previously managed a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to acquire and open new offices and expand internationally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs of compliance associated with international broker-dealer, securities, data privacy, employment, labor, benefits and tax regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on fee-paying clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our clients' ability to pay us for our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our potential growth into new lines of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operational risks;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• extensive and evolving regulation of our business and the business of our clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantial litigation risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impact on economic conditions resulting from military conflicts, public health incidents and natural catastrophes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity and other security risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated changes in effective tax rates or adverse outcomes resulting from examinations of our income or other tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on distributions from LILP to pay our taxes and expenses after completion of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with our obligations under the Tax Receivable Agreement associated with the consummation of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners' ability to control our company immediately following this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of the costs, fees, expenses and charges related to this offering and the related costs of being a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors disclosed in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any statements of belief and any statements of assumptions underlying any of the foregoing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors beyond our control.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this prospectus. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

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**OUR ORGANIZATIONAL STRUCTURE**

Lincoln International, Inc., a Delaware corporation, was formed on April 6, 2022, and is the issuer of Class A common stock offered by this prospectus. Prior to this offering and the other Organizational Transactions, all of our business operations have been conducted through LILP and its subsidiaries. We will consummate the Reorganization Transactions prior to the consummation of this offering.

**Existing Organization**

LILP is treated as a partnership for U.S. federal income tax purposes and, as such, is generally not subject to any U.S. federal entity-level income taxes. Taxable income or loss of LILP is included in the U.S. federal income tax returns of LILP's partners. Prior to the consummation of this offering, LI GP, Inc., the LILP Partners and the Blocker Companies were the only partners of LILP.

The diagram below depicts our organizational structure as of December 31, 2025.

![ourorgstructure1aa.jpg](ourorgstructure1aa.jpg)

**Incorporation of Lincoln International, Inc.**

Lincoln International, Inc., the issuer of Class A common stock offered by this prospectus, was incorporated as a Delaware corporation on April 6, 2022. Lincoln International, Inc. has not engaged in any material business or other activities except in connection with its formation and the Organizational Transactions. The amended and restated certificate of incorporation of Lincoln International, Inc. that will become effective immediately prior to the consummation of this offering will, among other things, (i) authorize three classes of common stock, Class A common stock, Class B common stock and Class C common stock, and one or more series of preferred stock, each having the terms described in "Description of Capital Stock" and (ii) recapitalize the outstanding common stock into Class A common stock.

**Reorganization Transactions**

Prior to the Reorganization Transactions, there is only one holder of common stock of Lincoln International, Inc. We will consummate the following Reorganization Transactions in connection with this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate the existing limited partnership agreement of LILP, which will become effective prior to the consummation of this offering, to, among other things, (1) recapitalize all existing ownership interests

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in LILP into one class of common units, (2) admit Lincoln International, Inc. as the general partner of LILP upon its acquisition of common units in connection with the Corporate Mergers and (3) provide certain redemption rights to the LILP Partners as described in "Certain Relationships and Related Party Transactions—LILP Partnership Agreement";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend and restate Lincoln International, Inc.'s certificate of incorporation to, among other things, provide for (1) Class A common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, (2) Class B common stock, entitling its holder to one vote per share on all matters presented to our stockholders generally, and that shares of our Class B common stock may only be held by the LILP Partners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class B Common Stock," (3) Class C common stock, entitling its holder to ten votes per share on all matters presented to our stockholders generally, and that shares of our Class C common stock may only be held by the LILP Controlling Partners and their respective permitted transferees as described in "Description of Capital Stock—Common Stock—Class C Common Stock" and (4) the recapitalization of our outstanding shares of existing common stock into shares of Class A common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquire, (i) by the Corporate Mergers, LI GP, Inc. and the Blocker Companies, and issue an aggregate of 998,400 shares of Class A common stock and an aggregate of 43,335,500 shares of Class C common stock to the stockholders of LI GP, Inc. (who are Messrs. Lawson, Barr and Brown) and an aggregate of 9,296,950 shares of Class A common stock to the members of the Blocker Companies (who are certain of the Other Senior Professionals) as consideration in the Corporate Mergers and (ii) by contributions from certain LILP Partners, common units from such LILP Partners, and issue an aggregate of 757,623 shares of Rollover Class A common stock to such LILP Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue 32,064,439 shares of our Class B common stock to the LILP Non-Controlling Partners, which is equal to the number of common units held directly by such LILP Non-Controlling Partners immediately following the Reorganization Transactions, for nominal consideration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue 5,525,000 shares of our Class C common stock to Mr. Malchow, which is equal to the number of common units held directly by Mr. Malchow immediately following the Reorganization Transactions, for nominal consideration.

**Offering Transactions**

Following the Reorganization Transactions, we will consummate the following Offering Transactions in connection with this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• issue 20,604,046 shares of our Class A common stock to the investors in this offering (or 23,682,849 shares if the underwriters exercise their option to purchase additional shares of Class A common stock in full) in exchange for net proceeds, after taking into account the underwriting discount, of approximately $368 million (or approximately $423 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use the net proceeds from this offering, after taking into account the underwriting discount but before estimated offering expenses payable by us, to purchase 20,604,046 newly issued common units (or 23,682,849 common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to redeem $180 million in common units held by certain LILP Partners, $125 million of which will be received by certain of our directors and executive officers, (ii) to repay $186 million under the Term Loan Credit Facility and, (iii) if any remaining proceeds, for general corporate purposes, including paying fees and expenses incurred in connection with this offering and the other Organizational Transactions. Our management will have broad discretion to direct LILP's use of the proceeds; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will enter into the Tax Receivable Agreement with LILP and the TRA Parties. The Tax Receivable Agreement will provide for the payment by Lincoln International, Inc. to the TRA Parties of 85% of the amount of tax benefits, if any, that Lincoln International, Inc. actually realizes (or in some circumstances is deemed to realize) as a result of the Basis Adjustments and Interest Deductions. For a description of the terms of the Tax Receivable Agreement, see "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

**Organizational Structure Following the Organizational Transactions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be a holding company and its principal asset will consist of common units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will be the sole general partner of LILP and will control the business and affairs of LILP and its direct and indirect subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lincoln International, Inc. will own 31,657,019 common units of LILP, representing approximately 31% of the economic interest in LILP (or 34,735,822 common units, representing approximately 34% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Controlling Partners will own (1) directly through the LILP Controlling Partners' ownership of common units and indirectly through Lincoln International, Inc.'s ownership of common units, approximately 42% of the economic interest in LILP (or approximately 40% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full), (2) 1,518,400 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 1,518,400 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (3) 41,388,490 shares of Class C common stock of Lincoln International, Inc., representing approximately 87% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 38,861,506 shares of Class C common stock of Lincoln International, Inc., representing approximately 86% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the LILP Non-controlling Partners will own (1) directly through the LILP Non-controlling Partners' ownership of 28,937,403 common units, approximately 28% of the economic interest in LILP (or approximately 28% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full), (2) 237,623 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 237,623 shares of Class A common stock of Lincoln International, Inc., representing approximately 0% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (3) 28,937,403 shares of Class B common stock of Lincoln International, Inc., representing approximately 6% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 28,385,584 shares of Class B common stock of Lincoln International, Inc., representing approximately 6% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Other Senior Professionals will (1) own 8,851,008 shares of Class A common stock of Lincoln International, Inc. representing approximately 2% of the combined voting power of all of Lincoln International, Inc.'s common stock and approximately 28% of the economic interest in Lincoln International, Inc. (or 8,772,313 shares of Class A common stock of Lincoln International, Inc. representing approximately 2% of such combined voting power and 25% of the economic interest if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2) indirectly through Lincoln International, Inc.'s ownership of common units, hold approximately 9% of the economic interest in LILP; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investors in this offering will own (1) indirectly through Lincoln International, Inc.'s ownership of common units, approximately 21% of the economic interest in LILP (or approximately 24% of the economic interest in LILP if the underwriters exercise their option to purchase additional shares of Class A common stock in full) and (2) 21,049,988 shares of Class A common stock of Lincoln International, Inc., representing approximately 4% of the combined voting power of all of Lincoln International, Inc.'s common stock (or 24,207,486 shares of Class A common stock of Lincoln International, Inc., representing approximately 5% of such combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

The diagram below depicts our organizational structure after giving effect to the Organizational Transactions, including this offering and the use of net proceeds of this offering as described under "Use of Proceeds," assuming no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

![ourorgstructure2b.jpg](ourorgstructure2b.jpg)

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(1)Investors in this offering will hold approximately 4% of the combined voting power of Lincoln International, Inc. (or approximately 5% of the combined voting power if the underwriters exercise their option to purchase additional shares of Class A common stock in full).

As the sole general partner of LILP, we will operate and control all of the business and affairs of LILP and, through LILP and its subsidiaries, conduct our business. Following the Organizational Transactions, including this offering, Lincoln International, Inc. will have a minority economic interest in LILP, and will control the management of LILP as its sole general partner. As a result, Lincoln International, Inc. will consolidate LILP and record a significant non-controlling interest in a consolidated entity.

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**USE OF PROCEEDS**

We estimate that we will receive net proceeds from this offering of approximately $368 million (or $423 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), after deducting the underwriting discount but before estimated offering expenses payable by us. We will not receive any proceeds from the sale of Class A common stock by the selling stockholders including upon the sale of shares of our Class A common stock by the selling stockholders if the underwriters exercise their option to purchase additional shares in this offering.

Each $1.00 increase (decrease) in the assumed initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, would increase (decrease) the net proceeds to us by approximately $19.4 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting the underwriting discount but before estimated offering expenses payable by us. We may also increase or decrease the number of shares we are offering. Each increase (decrease) of 1,000,000 shares in the number of shares offered by us would increase (decrease) the net proceeds to us by approximately $17.9 million, assuming that the assumed initial public offering price remains the same, and after deducting the underwriting discount but before estimated offering expenses payable by us.

We intend to use the net proceeds from this offering to purchase 20,604,046 newly issued common units (or 23,682,849 common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount and estimated offering expenses payable by us.

We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to redeem $180 million in common units held by certain LILP Partners, $125 million of which will be received by certain of our directors and executive officers, (ii) to repay $186 million under the Term Loan Credit Facility and, (iii) if any remaining proceeds, for general corporate purposes, including paying fees and expenses incurred in connection with this offering and the other Organizational Transactions. Our management will have broad discretion to direct LILP's use of the proceeds.

As of March 31, 2026, outstanding borrowings under the Term Loan Credit Facility consisted of $249.4 million. Borrowings under the Term Loan Credit Facility bore interest, at our election, at a rate equal to either (i) term SOFR (subject to a 0.50% floor) plus a margin of 4.25% or (ii) the base rate (subject to a 1.50% floor), which is equal to the greatest of (A) the prime rate, (B) the NYFRB rate plus 0.50% and (C) one-month term SOFR plus 1.00%, plus a margin of 3.25%. All amounts outstanding thereunder will be due and payable on October 31, 2032. For a further description of our Term Loan Credit Facility, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Cash and Liquidity—Credit Facilities."

LILP will either bear or reimburse Lincoln International, Inc. for all of the expenses incurred in connection with the Organizational Transactions, including this offering.

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**CAPITALIZATION**

The following table sets forth our cash, cash equivalents and restricted cash and capitalization as of March 31, 2026 as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of LILP and its subsidiaries on a historical basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• of Lincoln International, Inc. and its subsidiaries on a pro forma basis to give effect to the MarshBerry Acquisition, the Special Dividend and the Organizational Transactions, including this offering.

For more information, please see "Our Organizational Structure," "Use of Proceeds" and "Unaudited Pro Forma Condensed Consolidated Financial Information" included elsewhere in this prospectus. You should read this information in conjunction with our consolidated financial statements and the related notes included elsewhere in this prospectus and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section and other financial information contained in this prospectus.

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| | | |
|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** |
| **(USD in thousands, except share and per share data)** | **Lincoln International, LP Actual** | **Lincoln International, Inc. Pro Forma** |
| Cash, cash equivalents and restricted cash | $246714 | $216365 |
| Long-term debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Term Loan Credit Facility | 245465 | 62428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delayed Draw Term Loan Credit Facility | 24388 | 49388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revolving Credit Facility |  |  |
| Redeemable noncontrolling interests | 7420 | 7420 |
| Partners' capital/stockholders' equity: |  |  |
| Preferred stock, par value $0.00001 per share, 5,000,000 shares authorized and no shares outstanding on a pro forma basis |  |  |
| Class A common stock, par value $0.00001 per share, 650,000,000 shares authorized and 31,657,019 shares outstanding on a pro forma basis |  | 0 |
| Class B common stock, par value $0.00001 per share, 250,000,000 shares authorized and 28,937,403 shares outstanding on a pro forma basis |  | 0 |
| Class C common stock, par value $0.00001 per share, 100,000,000 shares authorized and 41,388,490 shares outstanding on a pro forma basis |  | 0 |
| Additional paid-in capital |  | 105241 |
| Retained Deficit |  | (2210) |
| Partners' equity | 340003 |  |
| Non-controlling interest |  | 310655 |
| **Total partners' capital /stockholders' equity**  | $340003 | $413687 |
| **Total capitalization**  | $617276 | $532923 |

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A $1.00 increase (decrease) in the assumed initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, would increase (decrease) the pro forma amount of each of cash and cash equivalents, additional paid-in capital and total capitalization by approximately $19.4 million, assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discount and estimated offering expenses payable by us.

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**DIVIDEND POLICY**

Following this offering and subject to applicable laws and regulations as well as funds being available, we intend to pay a quarterly cash dividend to holders of our Class A common stock, initially equal to $0.07 per share of Class A common stock, commencing with the third quarter of fiscal 2026. Holders of our Class B common stock and Class C common stock, as stockholders, are not entitled to participate in any dividends declared by our board of directors. Any declaration and payment of future dividends by Lincoln International, Inc. will be at the sole discretion of our board of directors. When considering the issuance of dividends, our board of directors will consider many factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general business, economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• current and projected financial condition, earnings, cash flows, capital requirements, and level of indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• available cash less any current and anticipated cash needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statutory, tax, legal and regulatory considerations applicable to the payment of dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• considerations as specified in our Tax Receivable Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other considerations that our board of directors may deem relevant.

While we currently intend to pay a quarterly cash dividend to holders of our Class A common stock, we may change our dividend policy at any time and we may discontinue the issuance of cash dividends.

Prior to the consummation of this offering, LILP intends to declare and pay the Special Dividend of $70.4 million in the aggregate to holders of units in LILP. The record date for the Special Dividend will precede the consummation of the Reorganization Transaction and this offering, and investors in this offering will not be entitled to receive any payments or distributions in connection with the Special Dividend on shares purchased in this offering.

Because we are a holding company and our principal asset will be the ownership of common units, our ability to pay cash dividends on our Class A common stock depends on our receipt of cash distributions from LILP and, through LILP, cash distributions and dividends from our indirect subsidiaries. Under Delaware law, dividends may be payable only out of surplus, which is calculated as our assets less our liabilities and our capital, or, if we have no surplus, out of our net profits for the fiscal year in which the dividend is declared and/or the preceding fiscal year. Under the Credit Agreement, we will be restricted from paying cash dividends in certain circumstances and we expect these restrictions to continue in the future. Our ability to pay dividends may also be restricted by the terms of any future credit agreement or any future debt or preferred equity securities of us or our subsidiaries. See "Description of Capital Stock" and "Management's Discussion and Analysis of Financial Condition and Results of Operation—Cash and Liquidity." Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of our board of directors, subject to compliance with Delaware law and contractual restrictions and covenants in the agreements governing our current and future indebtedness. Any such determination will also depend upon our business prospects, results of operations, financial condition, cash requirements and availability, industry trends and other factors that our board of directors may deem relevant. Accordingly, you may need to sell your shares of our Class A common stock to realize a return on your investment, and you may not be able to sell your shares at or above the price you paid for them. See "Risk Factors—Risks Related to Our Organizational Structure—Our principal asset after the completion of this offering will be our interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions."

Immediately following this offering, we will be a holding company, and our principal asset will be common units. If we decide to pay a dividend in the future, we would need to cause LILP to make distributions to us in an amount sufficient to cover such dividend. If LILP makes such distributions to us, the holders of our Class B

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common stock and Class C common stock will be entitled to receive pro rata distributions as holders of common units. See "Risk Factors—Risks Related to Our Organizational Structure— Our principal asset after the completion of this offering will be our interest in LILP, and, as a result, we will depend on distributions from LILP to pay our dividends, taxes and expenses, including payments under the Tax Receivable Agreement. LILP's ability to make such distributions may be subject to various limitations and restrictions."

Additionally, we will use any distributions from LILP to pay our taxes, make payments in accordance with the Tax Receivable Agreement and pay our expenses. Accordingly, amounts ultimately distributed as dividends to holders of our Class A common stock are expected to be less than the amounts distributed by us to the LILP Partners on a per share basis. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement."

Assuming LILP makes distributions to its partners in any given year, the determination to pay dividends, if any, to our Class A common stockholders out of the portion, if any, of such distributions remaining after our payment of taxes, Tax Receivable Agreement payments and expenses (any such portion, an "excess distribution") will be made by our board of directors. Because our board of directors may determine to pay or not pay dividends to our Class A common stockholders, our Class A common stockholders may not necessarily receive dividend distributions relating to excess distributions, even if LILP makes such distributions to us.

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**DILUTION**

The LILP Partners will own common units after the Organizational Transactions. Because the LILP Partners will not own any Class A common stock at the time of the offering or have any right to receive distributions from Lincoln International, Inc. (other than (i) Messrs. Lawson, Barr and Brown, who will own shares of Class A common stock received as stockholders of LI GP, Inc. in the Corporate Mergers and (ii) certain LILP Partners, who will own shares of Rollover Class A common stock), we have presented dilution in pro forma net tangible book value per share both before and after this offering assuming that all of the holders of common units (other than Lincoln International, Inc.) had their common units redeemed or exchanged for newly issued shares of Class A common stock on a one-for-one basis (rather than for cash) and the cancellation for no consideration of all of their shares of Class B common stock and Class C common stock (which are not entitled to receive distributions or dividends, whether cash or stock from Lincoln International, Inc.) in order to more meaningfully present the dilutive impact on the investors in this offering. We refer to the assumed redemption or exchange of all common units for shares of Class A common stock and cancellation of all shares of Class B common stock and Class C common stock as described in the previous sentence as the "Assumed Redemption."

Dilution is the amount by which the offering price paid by the purchasers of the Class A common stock in this offering exceeds the pro forma net tangible book value per share of Class A common stock after the offering. LILP's pro forma net tangible book value (deficit) as of March 31, 2026 prior to this offering and after giving effect to the Special Dividend, the Organizational Transactions and the Assumed Redemption was $(106.4) million. Pro forma net tangible book value per share prior to this offering is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of Class A common stock deemed to be outstanding after giving effect to the Assumed Redemption.

If you invest in our Class A common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share and the pro forma net tangible book value per share of our Class A common stock after this offering.

Pro forma net tangible book value per share after this offering is determined by subtracting our total liabilities from the total book value of our tangible assets and dividing the difference by the number of shares of Class A common stock deemed to be outstanding, after giving effect to the Special Dividend, the Organizational Transactions, including this offering and the application of the proceeds from this offering as described in "Use of Proceeds," and the Assumed Redemption. Based on the assumed initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover of this prospectus, our pro forma net tangible book value as of March 31, 2026 after this offering would have been approximately $74.4 million, or $0.73 per share of Class A common stock. This amount represents an immediate increase in pro forma net tangible book value of $1.89 per share to our existing stockholders and an immediate dilution in pro forma net tangible book value of approximately $18.27 per share to new investors purchasing shares of Class A common stock in this offering. We determine dilution by subtracting the pro forma net tangible book value per share after this offering from the amount of cash that a new investor paid for a share of Class A common stock. The following table illustrates this dilution:

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| | | |
|:---|:---|:---|
| Assumed initial public offering price per share |  | $19.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share as of March 31, 2026, before this offering | (1.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase per share attributable to new investors in this offering | 1.89 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma net tangible book value per share after this offering |  | $0.73 |
| Dilution per share to new Class A common stock investors in this offering |  | $18.27 |

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A $1.00 increase (decrease) in the assumed initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, would increase the pro forma net tangible book value (deficit) per share after this offering by approximately $0.10, and increase dilution in pro forma net tangible book value (deficit) per share to new investors by approximately $0.90 assuming that the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the underwriting discount and estimated offering expenses payable by us. Similarly, each 1,000,000 increase or decrease

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in the number of shares of our Class A common stock offered by us and the selling stockholders would increase or decrease, as applicable, our pro forma as adjusted net tangible book value by approximately $0.17 per share and increase or decrease, as applicable, the dilution to investors purchasing shares of our Class A common stock in this offering by $0.17 per share, assuming the assumed initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, remains the same and after deducting the underwriting discount and estimated offering expenses payable by us.

If the underwriters exercise their option to purchase additional shares of Class A common stock in full, the pro forma net tangible book value (deficit) after the offering would be $0.73 per share, the increase in pro forma net tangible book value per share to existing stockholders would be $1.89 per share and the dilution in pro forma net tangible book value to new investors would be $18.27 per share, in each case assuming an initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover page of this prospectus.

The following table summarizes, as of March 31, 2026, after giving effect to the Organizational Transactions (including this offering) and the Assumed Redemption, the number of shares of Class A common stock purchased from us, the total consideration paid, or to be paid, to us and the average price per share paid, or to be paid, by existing owners and by the new investors. The calculation below is based on an assumed initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, before deducting the underwriting discount and estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares Purchased** | **Shares Purchased** | **Total Consideration** | **Total Consideration** | **Average Price Per Share** |
| | **Number** | **Percent** | **Amount** | **Percent** | **Average Price Per Share** |
| LILP Non-controlling Partners | 29175026 | 29% | 120 | 16% | $4.12 |
| LILP Controlling Partners | 42906890 | 42% | 185 | 25% | $4.32 |
| Other Senior Professionals | 8851008 | 9% | 35 | 5% | $3.90 |
| New investors | 21049988 | 21% | 400 | 54% | $19.00 |
| **Total**  | **101982912** | **100%** | **740** | **100%** | $**7.26** |

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Each $1.00 increase (decrease) in the assumed initial public offering price of $19.00 per share would increase (decrease) the total consideration paid by new investors and the total consideration paid by all stockholders by $19.4 million, assuming the number of shares offered by us remains the same and after deducting the underwriting discount but before estimated offering expenses.

Except as otherwise indicated, the discussion and the tables above assume no exercise of the underwriters' option to purchase additional shares of Class A common stock. In addition, the discussion and tables above exclude shares of Class B common stock and Class C common stock, because holders of the Class B common stock and Class C common stock are not entitled to distributions or dividends, whether cash or stock, from Lincoln International, Inc. The number of shares of our Class A common stock outstanding after this offering as shown in the tables above is based on the number of shares outstanding as of March 31, 2026, after giving effect to the Organizational Transactions and the Assumed Redemption, and excludes 25,495,728 shares of Class A common stock reserved for issuance under the 2026 Plan, which will become effective in connection with the consummation of this offering, as well as any shares that will become issuable pursuant to provisions in the 2026 Plan that automatically increase the share reserve under the 2026 Plan.

To the extent any of these outstanding options are exercised, there will be further dilution to new investors. To the extent all of such outstanding options had been exercised as of March 31, 2026, the pro forma net tangible book value (deficit) per share after this offering would be $0.68, and total dilution per share to new investors would be $18.32.

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After giving effect to the Assumed Redemption, if the underwriters exercise their option to purchase additional shares of Class A common stock in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held by the LILP Non-controlling Partners will decrease to approximately 28% of the voting power of all our shares of Class A common stock outstanding after this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held by the LILP Controlling Partners will decrease to approximately 40% of the voting power of all our shares of Class A common stock outstanding after this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of shares of Class A common stock held by the Other Senior Professionals will decrease to approximately 9% of the voting power of all our shares of Class A common stock outstanding after this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of Class A common stock held by new investors will increase to 24,207,486, or approximately 24% of the voting power of all our shares of Class A common stock outstanding after this offering.

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**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION**

The unaudited pro forma condensed consolidated balance sheet as of March 31, 2026 and the unaudited pro forma condensed consolidated statement of income for the three months ended March 31, 2026 and the year ended December 31, 2025 present our financial position and results of operations after giving effect to the following pro forma transactions (collectively, the "Pro Forma Transactions"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the MarshBerry Acquisition, as described in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Recent Acquisitions" and further defined in Note 1 of the Unaudited Pro Forma Financial Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Special Dividend, as described in "Prospectus Summary" and further discussed in Note 1 of the Unaudited Pro Forma Financial Information below as part of the Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Reorganization Transactions, as described in "Our Organizational Structure—Reorganization Transactions" and further defined in Note 1 of the Unaudited Pro Forma Financial Information below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Offering Transactions, as described in "Our Organizational Structure—Offering Transactions" and further defined in Note 1 of the Unaudited Pro Forma Financial Information below.

The unaudited pro forma condensed consolidated balance sheet as of March 31, 2026, gives effect to the Pro Forma Transactions as if the Pro Forma Transactions had occurred on March 31, 2026. No adjustments have been made within the pro forma condensed consolidated balance sheet as of March 31, 2026 or the unaudited pro forma condensed consolidated statement of income for the three months ended March 31, 2026 for the MarshBerry Acquisition as these are already consolidated and reflected in our historical consolidated financial statements for such periods. The unaudited pro forma condensed consolidated statement of income for the three months ended March 31, 2026 and the year ended December 31, 2025 gives effect to the Pro Forma Transactions as if the Pro Forma Transactions had occurred on January 1, 2025.

Our historical consolidated financial information has been derived from LILP's unaudited condensed consolidated financial statements for the three months ended March 31, 2026 and the audited consolidated financial statements for the year ended December 31, 2025 and the accompanying notes to each of the respective consolidated financial statements included elsewhere in this prospectus. Lincoln International, Inc. was formed on April 6, 2022 and will have no material assets or results of operations until the completion of this offering. Therefore, historical financial information for Lincoln International, Inc. is not included in the unaudited pro forma condensed consolidated financial information.

We have based the pro forma adjustments on available information and on assumptions that we believe are reasonable under the circumstances in order to reflect, on a pro forma basis, the impact of the Pro Forma Transactions on the historical financial information of LILP.

The unaudited pro forma condensed consolidated financial information has been prepared based on these assumptions and is for illustrative and informational purposes only. The final amounts recorded may differ materially from the information presented. The unaudited pro forma condensed consolidated financial information is not intended to represent what our financial position or results of operations would have been had the relevant transactions occurred on the dates assumed. It does not project our financial position or results of operations for any future period or date.

For purposes of the unaudited pro forma condensed consolidated financial information, we have assumed that (i) we will issue 20,604,046 shares of Class A common stock at a price per share of $19.00, which is the midpoint of the price range set forth on the front cover page of this prospectus, and (ii) upon completion of this offering, the ownership percentage represented by common units not held by us will be 69%. The net income attributable to common units not held by us will accordingly represent 69% of our net income. Except as otherwise indicated, the unaudited pro forma condensed consolidated financial information presented assumes no exercise by the underwriters of their option to purchase additional shares of Class A common stock.

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We plan to implement additional policies and procedures to address new requirements applicable to us as we transition to operating in a public company environment. We expect to incur additional annual expenses related to these requirements, including but not limited to directors' fees and insurance, transfer agent fees, SEC reporting requirements, increased auditing and legal fees and similar expenses as well as the hiring additional functional staff, including accounting and finance, investor relations, legal and administrative personnel. Our unaudited pro forma condensed consolidated financial information does not reflect any pro forma adjustments relating to these expenses. The unaudited pro forma condensed consolidated financial information also does not reflect any anticipated revenue synergies, operating efficiencies, cost savings or tax savings (beyond the benefits of the Tax Receivable Agreement), which we might otherwise expect to generate from operating as a public company.

This presentation of the unaudited pro forma condensed consolidated financial information is prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses," using the assumptions set forth herein. The unaudited pro forma financial information presented below should be read together with "Audited Consolidated Financial Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations."

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**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET** 

**As of March 31, 2026**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **($ in thousands)** | **Lincoln International, LP Audited As Reported (A)** | **Reorganization Transactions Adjustments** | | **Offering Transactions Adjustments** | | **Lincoln International, Inc. <br>Pro Forma** |
| **Assets** | | | | | | |
| Cash and cash equivalents | $241977 | $(28095) | B | $187977 | H | $211628 |
|  |  | 426 | C | (186000) | I |  |
|  |  | (500) | E | (4157) | J |  |
| Restricted cash | 4737 |  |  |  |  | 4737 |
| Receivables |  |  |  |  |  |  |
| &nbsp;&nbsp;Client accounts receivable, net of allowance | 90920 |  |  |  |  | 90920 |
| &nbsp;&nbsp;Related party receivables | 28975 | (17270) | B |  |  |  |
|  |  | (11705) | C |  |  |  |
| Total receivables | 119895 | (28975) |  |  |  | 90920 |
| Prepaid expenses | 20656 | 500 | E |  |  | 21156 |
| Income tax receivable | 2675 |  |  |  |  | 2675 |
| Other assets | 9009 |  | C |  |  | 9009 |
| Furniture, equipment and leasehold improvements, net | 55406 |  |  |  |  | 55406 |
| Other intangible assets, net | 99207 |  |  |  |  | 99207 |
| Deferred tax assets | 9018 | 7118 | F | 38219 | K | 54355 |
| Goodwill | 274877 |  |  |  |  | 274877 |
| Right-of-use lease asset | 112362 |  |  |  |  | 112362 |
| **Total assets** | $949819 | $(49526) |  | $36039 |  | $936332 |
| **Liabilities and Equity** |  |  |  |  |  |  |
| Liabilities |  |  |  |  |  |  |
| Accounts payable and accrued expenses | $105440 | $1994 | C | $— |  | $107434 |
| Long-term debt | 269853 | 25000 | B | (183037) | I | 111816 |
| Compensation payable | 71746 |  |  |  |  | 71746 |
| Income tax payable | 8535 |  |  |  |  | 8535 |
| Deferred revenue | 4270 |  |  |  |  | 4270 |
| Deferred tax liability | 76 |  |  |  |  | 76 |
| Lease liability | 142476 |  |  |  |  | 142476 |
| Payable to related parties pursuant to the Tax Receivable Agreement |  | 5262 | F | 63610 | K | 68872 |
| **Total liabilities** | $602396 | $32256 |  | $(119427) |  | $515225 |
| **Commitments and contingencies** |  |  |  |  |  |  |
| Redeemable noncontrolling interests | 7420 |  |  |  |  | 7420 |
| **Equity** |  |  |  |  |  |  |
| Partners' Capital/Stockholders' Equity: |  |  |  |  |  |  |
| Class A common stock, par value $0.00001 per share |  | 0 | C | 0 | H | 0 |
|  |  | 0 | D |  |  |  |
| Class B common stock, par value $0.00001 per share |  | 0 | D | 0 | H | 0 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **($ in thousands)** | **Lincoln International, LP Audited As Reported (A)** | **Reorganization Transactions Adjustments** | | **Offering Transactions Adjustments** | | **Lincoln International, Inc. <br>Pro Forma** |
| Class C common stock, par value $0.00001 per share |  | 0 | D | 0 | H | 0 |
| Additional Paid in Capital |  | 17080 | C | 187976 | H | 105241 |
|  |  | 239284 | D | (25390) | K |  |
|  |  | 1856 | F | (78513) | L |  |
|  |  | (237052) | G |  |  |  |
| Retained Deficit |  |  |  | (2963) | I | (2210) |
|  |  |  |  | (4157) | J |  |
|  |  |  |  | 4910 | L |  |
| Partners' Equity | 340003 | (70365) | B |  |  |  |
|  |  | (30353) | C |  |  |  |
|  |  | (239285) | D |  |  |  |
| Noncontrolling interest |  | 237052 | G | 73603 | L | 310655 |
| **Total equity** | 340003 | (81782) |  | 155466 |  | 413687 |
| **Total liabilities and equity** | $949819 | $(49526) |  | $36039 |  | $936332 |

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------

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME** 

**For the Three Months Ended March 31, 2026**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **($ in thousands)** | **Lincoln International, LP As Reported (M)** | **Reorganization Transaction Adjustments** | | **Offering Transactions Adjustments** | | **Lincoln International, Inc. <br>Pro Forma Combined** |
| **Revenues:** | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenues | $154931 | $— |  | $— |  | $154931 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed Expenses | 2869 |  |  |  |  | 2869 |
| **Total revenues** | $157800 | $— |  | $— |  | $157800 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 96097 | 28684 | W | 5241 | Z | 130114 |
|  |  | 92 | X |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel, meals and entertainment | 8074 |  |  |  |  | 8074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 7939 |  |  |  |  | 7939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recruiting and training | 1060 |  |  |  |  | 1060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology and communication services | 4977 |  |  |  |  | 4977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional service fees | 7554 |  |  |  |  | 7554 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19236 |  |  |  |  | 19236 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 6917 |  |  |  |  | 6917 |
| **Total expenses** | $151854 | $28776 |  | $5241 |  | $185871 |
| **Total operating income (loss)** | $5946 | $(28776) |  | $(5241) |  | $(28071) |
| &nbsp;&nbsp;Other income, net of other expenses | (3958) | (506) | Y | 3762 | AB | (702) |
| **Income (loss) before income taxes** | $1988 | $(29282) |  | $(1479) |  | $(28773) |
| &nbsp;&nbsp;Provision (benefit) for income taxes | 64 | (306) | U | (551) | U | (793) |
| **Net income (loss)** | $1924 | $(28976) |  | $(928) |  | $(27980) |
| Less: Net income (loss) attributable to non-controlling interests |  | (24007) | V | 4156 | V | (19851) |
| **Net income (loss) attributable to Lincoln International LP** | $1924 | $(4969) |  | $(5084) |  | $(8129) |
| **Pro Forma Earnings Per Share** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  |  |  | AC | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  |  |  | AC | (0.25) |
| Weighted-average shares used to compute net income per share |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  |  |  | AC | 33317083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  |  |  | AC | 103642976 |

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------

**UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME** 

**For the Year Ended December 31, 2025**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Lincoln International, LP As Reported (M)** | **MarshBerry Holding Company LLC As Reported For the Ten Months ended October 30, 2025 (N)** | **Acquisition Transaction Adjustments** | | **Reorganization Transaction Adjustments** | | **Offering Transactions Adjustments** | | **Lincoln International, Inc. <br>Pro Forma Combined** |
| **($ in thousands)**<br>**Revenues:** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenues | $772051 | $70354 | $— |  | $— |  | $— |  | $842405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed Expenses | 11756 |  |  |  |  |  |  |  | 11756 |
| **Total revenues** | $783807 | $70354 | $— |  | $— |  | $— |  | $854161 |
| **Expenses:** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 387683 | 40373 | 3125 | O | 114736 | W | 20965 | Z | 570015 |
|  |  |  | 2766 | P | 367 | X |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel, meals and entertainment | 27068 | 3750 |  |  |  |  |  |  | 30818 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 30182 | 2010 |  |  |  |  |  |  | 32192 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recruiting and training | 7286 | 435 |  |  |  |  |  |  | 7721 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology and communication services | 18738 | 1781 |  |  |  |  |  |  | 20519 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional service fees | 25618 | 1899 |  |  |  |  |  |  | 27517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 37803 | 3258 | 52854 | Q |  |  |  |  | 93915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 33509 | 5527 |  |  |  |  | 4157 | AA | 43193 |
| **Total expenses** | $567887 | $59033 | $58745 |  | $115103 |  | $25122 |  | $825890 |
| **Total operating income** | $215920 | $11321 | $(58745) |  | $(115103) |  | $(25122) |  | $28271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net of other expenses | 3934 | (18905) | 9957 | R | (2023) | Y | 12085 | AB | (13492) |
|  |  |  | (18540) | S |  |  |  |  |  |
| **Income (loss) before income taxes** | $219854 | $(7584) | $(67328) |  | $(117126) |  | (13037) |  | $14779 |
| Provision (benefit) for income taxes | 5721 | (276) | (1163) | T | (2096) | U | 20 | U | 2206 |
| **Net income (loss)** | $214133 | $(7308) | $(66165) |  | $(115030) |  | $(13057) |  | $12573 |
| Less: Net income (loss) attributable to non-controlling interests |  |  |  |  | 20866 | V | (13489) | V | 7289 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **($ in thousands)** | **Lincoln International, LP As Reported (M)** | **MarshBerry Holding Company LLC As Reported For the Ten Months ended October 30, 2025 (N)** | **Acquisition Transaction Adjustments** | **Reorganization Transaction Adjustments** | **Offering Transactions Adjustments** | | **Lincoln International, Inc. <br>Pro Forma Combined** |
| **Net income (loss) attributable to Lincoln International LP** | $214133 | $(7220) | $(66165) | $(135896) | $432 |  | $5284 |
| **Pro Forma Earnings Per Share** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  |  |  |  | AC | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  |  |  |  | AC | 0.09 |
| Weighted-average shares used to compute net income per share |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic |  |  |  |  |  | AC | 33317083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted |  |  |  |  |  | AC | 106982752 |

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**1. DESCRIPTION OF PRO FORMA TRANSACTIONS & BASIS OF PRESENTATION**

The unaudited pro forma condensed consolidated financial information was prepared in accordance with Article 11 of Regulation S-X and presents the pro forma financial condition and results of operations of the Company based upon the historical financial information of LILP and MarshBerry after giving effect to the transaction accounting adjustments set forth in the notes to the unaudited pro forma condensed consolidated financial information.

***MarshBerry Acquisition***

On October 31, 2025, we consummated the MarshBerry Acquisition. The purchase consideration included cash of $234.1 million subject to customary post-closing adjustments, partnership units in LILP with an estimated fair value of $15.1 million and up to $43.8 million in potential future earnout payments, a portion of which was determined to represent contingent consideration with an estimated fair value of $8.8 million.

The unaudited pro forma condensed combined statements of operations was prepared using the acquisition method of accounting under the provisions of Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 805, *Business Combinations* ("ASC 805"). The acquisition method of accounting requires use of the fair value concepts defined in ASC 820, *Fair Value Measurement* ("ASC 820").

As part of the transaction, certain subsidiaries of LILP entered into a Credit Agreement to fund the MarshBerry Acquisition. The Credit Agreement provides for (a) the Term Loan Credit Facility with an original aggregate principal amount of $250 million, (b) the Delayed Draw Term Loan Credit Facility with original aggregate commitments of $75 million, and (c) the Revolving Credit Facility having original aggregate commitments of $5 million. The obligations under the Credit Agreement are secured by all or substantially all assets of LILP's domestic subsidiaries, subject to customary and negotiated exclusions. Each Credit Facility has a term of seven years, and all amounts outstanding thereunder will be due and payable on October 31, 2032. Borrowings under the Credit Facilities bear interest, at our election, at a rate equal to either (i) term SOFR (subject to a 0.50% floor) plus a margin of 4.25% or (ii) the base rate (subject to a 1.50% floor), which is equal to the greatest of (A) the prime rate, (B) the NYFRB rate plus 0.50% and (C) one-month term SOFR plus 1.00%, plus a margin of 3.25%. Interest on SOFR loans is payable (x) based on the selected interest period if such interest period is less than three months or (y) quarterly if the selected interest period is three months or longer. Interest on base rate loans is payable quarterly. As of December 31, 2025, we had $250 million principal outstanding under the Term Loan Credit Facility and $24.9 million principal outstanding under the Delayed Draw Term Loan Credit Facility.

***Reorganization Transactions***

As part of the Reorganization Transactions, LILP's existing ownership interests will be recapitalized into a single class of common units, with Lincoln International, Inc. being admitted as the general partner of LILP upon its acquisition of common units in connection with this offering.

Following the amendment and restatement of Lincoln International, Inc.'s certificate of incorporation, Lincoln International, Inc. will acquire LI GP, Inc. and the Blocker Companies through the Corporate Mergers in exchange for shares of Class A common stock and, in the case of LI GP, Inc., shares of Class C common stock.

Additionally, shares of Class B common stock and Class C common stock will be issued to the LILP Non-controlling Partners and LILP Controlling Partners, respectively, in amounts equal to the number of common units held by each such LILP Partner immediately following the Organizational Transactions.

Following the Reorganization Transactions, Lincoln International, Inc. will become the general partner of LILP. Although Lincoln International, Inc. will have a minority economic interest in LILP, Lincoln International, Inc. will have the majority voting interest in, and control the management of LILP.

See "Our Organizational Structure—Reorganization Transactions" for a complete description of the Reorganization Transactions.

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***Special Dividend***

Additionally, LILP intends to declare and pay the Special Dividend of $70.4 million in the aggregate to holders of common units in LILP on the dividend record date. LILP intends to fund the Special Dividend using a combination of cash on hand and borrowings under the Delayed Draw Term Loan Facility. This transaction is reflected as part of the Reorganization Transactions in the unaudited pro forma condensed consolidated financial information.

***Offering Transactions***

The Company is offering shares of Class A Common Stock in this offering at an assumed initial public offering price of $19.00 per share, which is the midpoint of the price range set forth on the front cover page of this prospectus, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us in connection with this offering.

We intend to use the net proceeds from this offering to purchase 20,604,046 newly issued common units (or 23,682,849 common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount and estimated offering expenses payable by us.

We intend to cause LILP to use the net proceeds from the sale of common units to us (i) to redeem $180 million in common units held by certain LILP Partners, $125 million of which will be received by certain of our directors and executive officers, (ii) to repay $186 million under the Term Loan Credit Facility and, (iii) if any remaining proceeds, for general corporate purposes, including paying fees and expenses incurred in connection with this offering and the other Organizational Transactions. Our management will have broad discretion to direct LILP's use of the proceeds.

See "Our Organizational Structure—Offering Transactions" for a complete description of the Offering Transactions.

**2. NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)Lincoln International, Inc. was incorporated as a Delaware corporation on April 6, 2022, and will have no material assets or results of operations until the completion of this offering and therefore its historical financial position is not shown in a separate column in this unaudited pro forma condensed consolidated balance sheet. This column represents the audited consolidated historical financial statements of LILP, the predecessor for accounting purposes.

***Reorganization Transactions Adjustments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)Reflects a $28.1 million decrease to cash and cash equivalents, $25 million increase to long-term debt, $17.3 million decrease to related party receivables, and $70.4 million decrease to retained earnings related to the payment of the Special Dividend of $70.4 million. LILP funded the Special Dividend using cash on hand and cash funded through borrowings under the Delayed Draw Term Loan Credit Facility. The Special Dividend will also be used to settle related party receivables due from certain LILP Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)As part of the Reorganization Transactions, each of LI GP, Inc. and each Blocker Company will merge with and into Lincoln International, Inc. in exchange for 10,295,350 shares of Class A common stock. We have recorded the asset acquisition of LI GP, Inc. and each Blocker Company by allocating the cost to the

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assets acquired and liabilities assumed by Lincoln International, Inc. on a relative fair value basis as follows:

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| | | | |
|:---|:---|:---|:---|
| **(USD in thousands, except share and per share data)** | **Asset Acquisition Accounting** <sup>(1)</sup> | **Intercompany Eliminations and Equity Reclassifications** | **Pro Forma Adjustment** |
| **Assets acquired:** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $426 | $— | $426 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party receivables <sup>(2)</sup> |  | (11705) | (11705) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets <sup>(3)</sup> | 208885 | (208885) |  |
| **Liabilities assumed:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses <sup>(3)</sup> | $13699 | $(11705) | $1994 |
| **Equity:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A common stock, par value $0.00001 per share | 0 |  | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 195612 | (208885) | 17080 |
|  |  | 30353 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' Equity <sup>(4)</sup> |  | (30353) | (30353) |

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_________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)The fair value of the Class A common stock issued to the selling shareholders of LI GP, Inc. and each Blocker Company is based on the assumed initial public offering price (the midpoint of the estimated price range set forth on the cover page of this prospectus) and is allocated to the assets and liabilities acquired by Lincoln International, Inc. on a relative fair value basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)A portion of the assumed accounts payable and accrued expenses represents a payable due to LILP which is eliminated against an equal LILP related party receivable balance upon Lincoln International, Inc's consolidation of LILP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)The primary assets of LI GP, Inc. and each Blocker Company are common units in LILP which historically represent equity method investments. Upon Lincoln International, Inc's consolidation of LILP as part of the Reorganization Transactions, this acquired equity method investment is eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)As a corporation, Lincoln International, Inc. will not record partners' equity in the consolidated balance sheet; as such, a portion is reclassified to additional paid-in capital representing Lincoln International, Inc.'s proportionate share of the net assets in LILP following the merger transactions with LI GP, Inc. and each Blocker Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)Reflects the issuance of Class B and Class C common stock to LILP Partners, on a one-to-one basis with the number of common units they own, along with the issuance of Class A common stock to participating LILP Partners in exchange for their common units. As a corporation, Lincoln International, Inc. will not record partners' equity in the consolidated balance sheet; as such, the remaining portion will be reclassified to additional paid-in capital. To reflect the corporation structure of our equity, we will separately present the value of our common stock and additional paid-in capital. The portion of partners' capital reclassified to additional paid-in capital represents partners' capital less amounts attributed to the par value of common stock. This amount is then subject to the allocation of additional paid-in capital to non-controlling interests (see Note G below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)Reflects payment of $0.5 million for the Weber Retention Bonus (as defined below), recorded as a reduction to cash with a corresponding increase to prepaid expenses, which will be amortized over the service period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)The following are the tax related adjustments associated with the Reorganization Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Record a deferred tax asset of $7.1 million. Following the Reorganization Transactions, Lincoln International, Inc. will be subject to U.S. federal income taxes, in addition to state and local taxes as a corporation on its share of LILP's taxable income. As a result, the pro forma balance sheet reflects an adjustment to our taxes assuming the federal rates currently in effect and the highest statutory rates apportioned to each state, local and foreign jurisdiction. The presented deferred tax asset is measured based on differences between financial reporting and tax basis associated with Lincoln International, Inc.'s investment in LILP. The deferred tax asset includes (i) $6.6 million related to Lincoln International, Inc.'s investment in LILP (ii) $0.5 million related to tax benefits from future deductions attributable to payments under the Tax Receivable Agreement as a result of the Reorganization

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Transactions. To the extent we estimate that we will not realize either a portion or all of our deferred tax assets, based on an analysis of the available sources of taxable income, we will reduce our deferred tax assets with a valuation allowance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Record a $5.3 million liability under the Tax Receivable Agreement based on our estimate of the aggregate amount that we will pay to the TRA Parties under the Tax Receivable Agreement as a result of the Reorganization Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Record an adjustment to additional paid-in capital of $1.9 million, for the change in deferred tax assets and the increase in liabilities due to existing owners under the Tax Receivable Agreement as a result of the Reorganization Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)Following the Reorganization Transactions, Lincoln International, Inc. will become the general partner of LILP. Although Lincoln International, Inc. will have a minority economic interest in LILP, Lincoln International, Inc. will have the majority voting interest in, and control (as its general partner) of the management of LILP. As a result, we will consolidate the financial results of LILP and will report a non-controlling interest related to the common units held by the LILP Partners on our consolidated balance sheet. The adjustments to (i) non-controlling interest of $237.1 million and (ii) additional paid in capital of $237.1 million reflects the proportional interest in the pro forma condensed consolidated total equity of Lincoln International, Inc. owned by the LILP Partners.

***Offering Transactions Adjustments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)Reflects a $188 million increase to cash and cash equivalents with a corresponding offset of $188 million to additional paid in capital and $0 million to Class A common stock related to the issuance of Class A common stock to the public pursuant to this offering. We estimate that the net proceeds to us from this offering will be approximately $368 million (or $423 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full), based on an assumed initial public offering price of $19.00 per share, which is the midpoint of the estimated public offering price range set forth on the cover page of this prospectus, after deducting $23.5 million of assumed underwriting discounts and commissions. We will use $180 million of net proceeds to acquire currently outstanding common units from participating LILP Partners which will also result in the cancellation of the Class B common stock and Class C common stock associated with the acquired common units from the participating LILP Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)Reflects the payment of approximately $186 million to repay a portion of the borrowings outstanding under our Term Loan Credit Facility. The repayment of a portion of the borrowings under the Term Loan Credit Facility is treated as a partial extinguishment of debt, resulting in the write-off of approximately $3 million of the related unamortized debt issuance costs, which was recognized as a loss on debt extinguishment and recorded to retained deficit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)As of March 31, 2026, the unaudited pro forma condensed consolidated balance sheet reflects (i) the reduction of cash of $4.2 million and (ii) $4.2 million to retained deficit for the remaining transaction costs estimated to be incurred which are not subject to be deferred and capitalized as part of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)As described in greater detail in "Our Organizational Structure," in connection with the completion of this offering, we will enter into a Tax Receivable Agreement with certain of our pre-initial public offering owners that provides for the payment by Lincoln International, Inc. to TRA Parties of 85% of certain tax benefits, if any, that Lincoln International, Inc. actually realizes, or is deemed to realize (calculated using assumptions), as a result of the Basis Adjustments and Interest Deductions. The Tax Receivable Agreement will be accounted for as a contingent liability, with amounts accrued when considered probable and reasonably estimable. The following are the tax related adjustments associated with these Offering Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Record a deferred tax asset of $38.2 million (or $53.9 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Following the Organizational Transactions, Lincoln International, Inc. will be subject to U.S. federal income taxes, in addition to

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state and local taxes, as a corporation on its share of LILP's taxable income. As a result, the pro forma balance sheet reflects an adjustment to our taxes assuming the federal rates currently in effect and the highest statutory rates apportioned to each state, local and foreign jurisdiction. The presented deferred tax asset is measured based on the following: (i) differences between financial reporting and tax basis associated with Lincoln International, Inc.'s investment in LILP; and (ii) tax benefits from future deductions attributable to payments under the Tax Receivable Agreement as a result of the Offering Transactions. The deferred tax asset includes (i) a gross deferred tax asset of $73.7 million related to Lincoln International, Inc.'s investment in LILP (ii) $17.4 million related to tax benefits from future deductions attributable to payments under the Tax Receivable Agreement and (iii) a reduction for the partial valuation allowance of $52.9 million on our investment in LILP related to the portion of the tax basis difference that will only reverse upon the sale of our interests, which would result in a capital loss that we do not expect to be able to utilize. To the extent we estimate that we will not realize either a portion or all of our deferred tax assets, based on an analysis of the available sources of taxable income, we will further reduce our deferred tax assets with a valuation allowance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Record a $63.6 million liability under the Tax Receivable Agreement (or $79.5 million if the underwriters exercise in full their option to purchase additional shares of Class A common stock) based on our estimate of the aggregate amount that we will pay to the TRA Parties under the Tax Receivable Agreement as a result of the Offering Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Record an adjustment to additional paid-in capital of $25.4 million, for the change in deferred tax assets and the increase in liabilities due to existing owners under the Tax Receivable Agreement as a result of the Offering Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)As outlined in Note G, Lincoln International, Inc. will consolidate LILP. The adjustment to (i) noncontrolling interest of $73.6 million, (ii) additional paid in capital of $78.5 million, and (iii) retained deficit of $4.9 million reflects the proportional interest in the pro forma condensed consolidated total equity of Lincoln International, Inc. owned by the LILP Partners upon the Offering Transactions.

**3. NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M)Lincoln International, Inc. was incorporated as a Delaware corporation on April 6, 2022, and will have no material assets or results of operations until the completion of this offering and therefore its historical financial position is not shown in a separate column in this unaudited pro forma condensed consolidated statement of income. This column represents the audited consolidated historical financial statements of LILP, the predecessor for accounting purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N)This column represents the audited consolidated historical financial statements of MarshBerry for the ten months ended October 30, 2025. Refer to the MarshBerry audited financial statements for further details.

***Acquisition Transaction Adjustments***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O)Reflects incremental compensation expense of $3.1 million for the year ended December 31, 2025, related to employee retention awards issued in conjunction with the acquisition. These awards are contractually required per the Equity Purchase Agreement. The amount includes 10 months of associated expense. The adjustment represents the estimated post-combination compensation expense for retention awards granted to MarshBerry employees. The awards vest on an annual basis over a 4-year service period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P)Reflects incremental compensation expense of $2.8 million for the year ended December 31, 2025, associated with the earnout issued in connection with the acquisition, a portion of which is accounted for as deferred compensation. The earnout is contractually required per the Equity Purchase Agreement. The amount includes 10 months of associated expense. The adjustment represents the estimated post-combination compensation expense for awards granted to MarshBerry employees that are payable based on Company revenue targets and continued employment. The awards vest on an annual basis over a 4-year service period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Q)Reflects the adjustment of $52.9 million for the year ended December 31, 2025 to increase amortization expense related to the intangible assets acquired in the acquisition. The amount includes the incremental expense for the 10 months and removal of MarshBerry's historical amortization expense. The following table summarizes the adjustment to amortization expense based on the fair value of identified definite-lived intangible assets with estimated assigned useful lives:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Amount** | **Amortization Method** | **Weighted-Average Amortization Period<br>(in years)** | **Total Incremental Amortization Expense** |
| Trade names | $15800 | Straight-line | 7.4 | $1802 |
| Customer relationships | 43000 | Straight-line | 10 | 3583 |
| Developed technology | 10500 | Straight-line | 5 | 1750 |
| Backlog | 57792 | Straight-line | 1 | 48160 |
| Total | $127092 |  |  | $55296 |
| Less: MarshBerry's historical amortization expense |  |  |  | (2442) |
| Incremental amortization expense |  |  |  | $52854 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(R)Reflects the removal of MarshBerry's historical interest expense of $10 million for the year ended December 31, 2025, as the associated debt was extinguished upon the closing date of acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(S)Reflects incremental interest expense of $18.5 million for the year ended December 31, 2025, associated with the borrowings under the Credit Facilities. On October 31, 2025, the Company entered into the Credit Agreement to fund the MarshBerry Acquisition. This agreement provides for (a) a Term Loan Credit Facility with an original aggregate principal amount of $250 million, (b) a Delayed Draw Term Loan Credit Facility with original aggregate commitments of $75 million, and (c) a Revolving Credit Facility having original aggregate commitments of $5 million. On October 31, 2025, LILP drew the full $250 million Term Loan Credit Facility and $25 million of the $75 million Delayed Draw Term Loan Credit Facility. Each Credit Facility has a term of seven years, and all amounts outstanding thereunder will be due and payable on October 31, 2032. Incremental interest expense has been calculated as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Principal** | **Interest** | **Total Incremental Interest Expense** |
| Interest on Credit Facilities <sup>(1)</sup> | 275000 | 8.1% | $18540 |
| Total | 275000 | 8.1% | 18540 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Interest on the Credit Facilities is calculated using the Term SOFR plus a margin as defined within the Credit Facilities and is estimated to be 8.1%. An increase or decrease of 1/8% in the interest rate applied to the Credit Facilities would result in a change in pro forma interest expense of approximately $0.3 million for the year-end December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(T)Reflects the net tax effect of the pro forma adjustments of $(1.2) million related to MarshBerry's provision of income taxes for the year ended December 31, 2025, which assumes the highest applicable statutory tax rate for jurisdictions where MarshBerry is subject to tax.

***Reorganization Transactions & Offering Transactions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(U)Following the Reorganization Transactions and Offering Transactions, Lincoln International, Inc. and its subsidiaries will collectively be subject to U.S. federal income taxes, in addition to state, local and foreign taxes. As a result, the unaudited pro forma condensed consolidated statements of income reflects an adjustment to our provision for corporate income taxes for the three months ended March 31, 2026 and the year ended December 31, 2025, which includes a provision for U.S. federal income taxes and assumes the highest statutory rates apportioned to each state, local and foreign jurisdiction. LILP has been, and will continue to be, treated as a partnership for U.S. federal and state income tax purposes. As such, LILP

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profits and losses will flow through to its common unit holders, including Lincoln International, Inc., and are generally not subject to tax at the LILP level.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(V)As described in "Reorganization Transactions," upon completion of the Reorganization Transactions, Lincoln International, Inc. will become the general partner of LILP. As a result of the Reorganization Transactions, Lincoln International, Inc. will initially own approximately 12% of the economic interest in LILP and the economic interest held by noncontrolling interests will be approximately 88%. Net earnings attributable to the noncontrolling interests after the Reorganization Transactions will represent 88% of net earnings before income taxes.

Immediately following the completion of this offering, the economic interests held by Lincoln International, Inc. and by noncontrolling interests will be approximately 31% and 69%, respectively. Net earnings attributable to the noncontrolling interests after the Offering Transactions will represent 69% of net earnings before income taxes. These amounts have been determined based on an assumption that the underwriters' option to purchase additional shares is not exercised. If the underwriters' option to purchase additional shares is exercised in full, the economic interest held by the noncontrolling interests would decrease to 66%.

***Reorganization Transactions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(W)Represents incremental compensation expense of $28.7 million and $114.7 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively. This adjustment reflects the impact to compensation for the LILP Partners that have entered into employment agreements that are expected to be effective in connection with the Reorganization Transactions as the LILP Partners historically received equity distributions that were not recorded in the consolidated statements of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(X)Reflects incremental compensation expense of $0.1 million and $0.4 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, related to the Weber Retention Bonus and a compensation program for non-employee directors entered into in connection with the Reorganization Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Y)Reflects incremental interest expense of $0.5 million and $2 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively. The incremental interest expense is associated with $25 million of additional borrowings under the Delayed Draw Term Loan Credit Facility in connection with the payment of the Special Dividend. Interest on the Delayed Draw Term Loan Credit Facility is calculated using the Term SOFR plus a margin as defined within the Credit Facilities and is estimated to be 8.1%. An increase or decrease of 1/8% in the interest rate applied to the additional borrowings under the Delayed Draw Term Loan Credit Facility would result in a change in pro forma interest expense of less than $0.1 million for the three months ended March 31, 2026 and the year-end December 31, 2025.

***Offering Transactions***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Z)Reflects incremental compensation expense of $5.2 million and $21 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, related to the issuance of 4,052,632 IPO Equity Awards, assuming an initial public offering price of $19.00 per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, with the actual number of IPO Equity Awards to be issued to be determined at the pricing of this offering. The IPO Equity Award expense has been calculated using straight-line amortization of the aggregate grant-date fair value of the awards over the applicable service period.

&nbsp;&nbsp;&nbsp;&nbsp;(AA)Reflects non-recurring transaction-related costs of $4.2 million incurred in connection with the Offering Transactions that were not included in the historical consolidated statement of income of LILP. These non-recurring transaction-related costs were not eligible for capitalization and are reflected as if incurred on January 1, 2025, the date the Offering Transaction occurred for purposes of the unaudited pro forma condensed consolidated statement of income.

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&nbsp;&nbsp;&nbsp;&nbsp;(AB)Reflects the removal of historical interest expense of $3.8 million and $15.1 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, in connection with the repayment of a portion of the borrowings under the Term Loan Credit Facility. Additionally, the adjustment for the year ended December 31, 2025 reflects the write-off of approximately $3 million of unamortized debt issuance costs related to the partial repayment of the Term Loan Credit Facility, which was recognized as a loss on debt extinguishment.

&nbsp;&nbsp;&nbsp;&nbsp;(AC)The weighted average number of shares underlying the basic earnings per share calculation is 33,317,083 which includes 31,657,019 shares of Class A common stock outstanding and the Liquidity Event Shares. Class A common stock outstanding after the offering are included within the weighted average number of shares as they are the only outstanding securities which participate in distributions or dividends by Lincoln International, Inc.

The pro forma diluted net income per share calculation includes the basic weighted average shares of Class A common stock outstanding plus the dilutive effect that would result from (i) the LILP common unit holders converting their units for Class A common stock, (ii) the issuance of the IPO Equity Awards, and (iii) the exercise of pre-existing options to purchase LILP common units and the subsequent conversion of those units to Class A common stock, only to the extent dilutive.

The following table sets forth a calculation of the numerator and denominator used to compute pro forma basic and diluted earnings per share:

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| | | |
|:---|:---|:---|
| **(USD in thousands, except share and per share data)** | **Three Months Ended March 31, 2026** | **Year Ended<br>December 31, 2025** |
| **Pro forma basic earnings (loss) per share:** | | |
| Net income (loss) | $(27980) | $12573 |
| Income (loss) attributable to non-controlling interests | (19851) | 7289 |
| Income (loss) available to common shareholders, pro forma basic | (8129) | 5284 |
| Weighted average shares outstanding | 33317083 | 33317083 |
| **Net income (loss) per share, pro forma basic**  | $(0.24) | $0.16 |
| **Pro forma diluted earnings (loss) per share:** |  |  |
| Income (loss) available to common shareholders, pro forma basic | $(8129) | $5286 |
| Impact to net income (loss) attributable to dilutive instruments<sup>(1)</sup> | (18024) | 3963 |
| Income (loss) available to common shareholders, pro forma diluted | $(26153) | $9249 |
| Weighted average shares outstanding – basic | 33317083 | 33317083 |
| Incremental shares of common stock attributable to dilutive instruments<sup>(2)</sup> | 70325893 | 73665669 |
| Weighted average shares outstanding – diluted | 103642976 | 106982752 |
| **Net income (loss) per share, pro forma diluted**  | $(0.25) | $0.09 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Represents the impact to pro forma net income (loss) attributable to the assumed conversion of LILP common units into Class A common stock. As a result of the conversion, the pro forma net income (loss) attributable to noncontrolling interests will be entirely attributable to the common shareholders, adjusted for the tax impact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)The incremental shares of Class A common stock attributable to the assumed conversion of LILP common units into Class A common stock is 70,325,893 for the three months ended March 31, 2026 and the year ended December 31, 2025. The incremental shares of Class A common stock attributable to the IPO Equity Awards and pre-existing options to purchase LILP common units is 551,711 and 2,788,065, respectively, for the year ended December 31, 2025.

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**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The historical financial data discussed below reflects the historical results of operations and financial condition of Lincoln International, LP and its consolidated subsidiaries and does not give effect to the MarshBerry Acquisition for periods prior to its consummation or the Organizational Transactions. See "Organizational Structure" and "Unaudited Pro Forma Condensed Consolidated Financial Information" included elsewhere in this prospectus.*

*This following discussion and analysis contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, those discussed in the section titled "Risk Factors" and those that can be found elsewhere in this prospectus.*

**Overview**

We are a global independent investment banking advisory firm focused on the private capital markets. As a leader in advising private equity and private credit investors, private company business owners and other senior executives, our globally integrated platform allows us to deliver comprehensive, sector-focused advisory services to clients across key areas of the economy. Our experienced professionals provide meaningful and differentiated private capital markets expertise across our two segments, Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions (comprised of portfolio valuations, transaction opinions, board advisory, and disputes advisory).

Since our founding in 1996, we have experienced significant growth achieved through investments in talent, complementary capabilities we offer—including our growing, recurring, and non-cyclical valuations business—and the strategic positioning of the firm. As a result, we have built a platform to support clients in attracting capital and investing with purpose, driving value and realizing returns. As of December 31, 2025, approximately 1,400 professionals, including 159 managing directors, serve our clients and operate our business from more than 30 offices across 14 countries throughout the Americas, Europe, Middle East and Asia. *Mergermarket* has ranked us the #2 sell-side advisor for private equity transactions globally over the three years ending December 31, 2025. We have invested in our technology infrastructure, including designing a customer relationship management system that also functions as an enterprise resource planning system, by building a proprietary artificial intelligence, or AI, tool that aggregates institutional, market and client intelligence to drive efficiency and optimize knowledge sharing, and by improving the delivery of portfolio valuations through automation.

We operate in two business segments: Investment Banking Advisory and Valuations and Opinions. In our Investment Banking Advisory business segment, we provide global mergers and acquisitions advisory, capital advisory, private funds advisory services, and other services. Through our Valuations and Opinions business segment, we provide financial valuations of illiquid securities and fairness and other transaction opinions. We plan to grow our firm across industries, service offerings, and geographies to deliver quality advice and services to our clients. Our acquisitions of Spurrier Capital Partners in April 2022 and TCG Corporate Finance in October 2024 expanded our M&A technology franchise, thereby increasing our capabilities in this sector and creating a more robust client offering. Over time, we have intentionally diversified our business across service offerings and created depth of expertise and client relationships within the Business Services, Consumer, Healthcare, Industrials, Technology, and through our acquisition of MarshBerry that we closed on October 31, 2025, Financial Services industries. MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

The historical results of operations discussed in this Management's Discussion and Analysis of Financial Condition and Results of Operations are those of LILP and its consolidated subsidiaries. After the completion of the Organizational Transactions, as the sole general partner of LILP, we will control its business and affairs and, therefore, consolidate its financial results with ours. In light of the LILP Partners' collective 69% equity interest in

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LILP immediately after the Organizational Transactions and this offering, we will reflect their interests as a non-controlling interest in our consolidated financial statements. As a result, our net income, after excluding that non-controlling interest, will represent 31% of LILP's net income and, similarly, outstanding shares of our Class A common stock will represent 31% of the outstanding equity interests of LILP. We will also enter into a Tax Receivable Agreement that will allocate some of the tax benefits on exchange of the ownership interests of LILP to the exchanging holder. Finally, our GAAP compensation expense will change, as much of our historical payments to managing directors were in the form of distributions on LILP's equity interests. For more information on the pro forma impact of the Organizational Transactions and this offering, see "Unaudited Pro Forma Condensed Consolidated Financial Information."

**Business Environment and Outlook**

Our business is affected by a variety of factors, including general conditions in the financial markets as well as economic and geopolitical conditions. Changes in global economic conditions, including inflation rates, changes in interest rates, the imposition of trade barriers and tariffs, ongoing negotiations with major U.S. trading partners, changes in U.S. tax regulations and geopolitical events such as the military conflicts involving the Middle East and between Russia and Ukraine can materially affect our business. We believe that while these events may continue to add uncertainty to the business environment, we remain well positioned for the future due to our experienced management team and focused client coverage. See "Risk Factors—Risks Related to Our Business" in this prospectus for a discussion of some of the factors that can affect our performance. As a result, revenue and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from quarter to quarter and year to year.

Worldwide announced M&A volumes during 2025 increased by 6% and M&A value increased by 37%, each as compared to 2024. We expect the level of M&A advisory activity to remain strong across all our industry groups and geographies through Q1 2026. As companies focus intently on strategic growth and capital deployment, we expect these factors will catalyze activity in the medium term.

In the United States, clients continue to evaluate strategic alternatives and our revenue backlog remains strong. Financing continues to be available despite a prolonged period of higher interest rates. Financing availability has continued to drive M&A growth, but our M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services businesses could be adversely impacted if inflation persists or worsens. In addition, in the current economic environment, companies and private equity firms globally are pursuing M&A in order to drive greater efficiencies by reducing costs and increasing cash flows.

We continue to experience demand for our capital advisory services due to client demand to finance transactions and growth opportunities. Restructuring opportunities have come as a result of disruption in some industries and increases in cost of capital. In the current economic environment, geographic and industry specific dislocations may result in increased restructuring activity worldwide. We intend to leverage our existing infrastructure to capitalize on the increasing breadth and depth of the private capital markets, activity in the M&A market, and our capital-light business model through deploying our intellectual capital to generate new revenue.

We believe that as private debt and private equity have continued to grow as asset classes, the importance of completing third-party portfolio valuations has only increased. Alternative asset management firms ranging from private equity funds, business development companies, and credit funds regularly look for an independent firm to establish ranges of values, consult on internally prepared valuations, and to review valuation policies and procedures. These firms are typically required to complete valuations on at least a quarterly basis, and increasingly more often, to satisfy compliance standards. Additionally, we believe growth in complex structured products across various collateral types has expanded investor demand for independent valuations.

Finally, we are well positioned to continue to identify attractive opportunities in geographies where markets are evolving, driven by increased external investment and continued development of financial and legal sophistication, such as India and the UAE.

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**Recent Acquisitions**

***MarshBerry***

On October 31, 2025, we consummated the MarshBerry Acquisition. The purchase consideration included cash of $234.1 million subject to customary post-closing adjustments, partnership units in LILP with an estimated fair value of $15.1 million and up to $43.8 million in potential future earnout payments, a portion of which was determined to represent contingent consideration with an estimated fair value of $8.8 million. We funded the purchase price from debt financing under the Credit Agreement and cash on hand. The contingent consideration will be paid to the sellers upon achievement of specified revenue targets over a four-year earnout period.

MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

Our audited financial statements as of and for the year ended December 31, 2025, include the results of operations of MarshBerry for the period between October 31, 2025, when the acquisition was consummated, and December 31, 2025. As a result, our results of operations for the year ended December 31, 2025 may not be directly comparable to prior periods. See "Unaudited Pro Forma Condensed Consolidated Financial Information" in this prospectus for additional information.

***TCG Corporate Finance***

On October 31, 2024, Lincoln International Parent B.V, a wholly-owned subsidiary of LILP, acquired TCG Corporate Finance, a boutique European technology and digital economy advisory firm headquartered in Germany. The total purchase price of $40 million consisted of cash of $15.2 million, partnership units in LILP of $12.4 million, and potential earnout payments of $12.4 million.

Our audited financial statements as of and for the year ended December 31, 2024, include the results of operations of TCG Corporate Finance for the period between October 31, 2024, when the acquisition was consummated, and December 31, 2024. As a result, our results of operations for the year ended December 31, 2024 may not be directly comparable to prior periods.

**Key Financial Measures**

***Client Revenues***

We generate revenues primarily from providing advisory services on transactions that are subject to individually negotiated engagement letters that set forth our fee structure. The amount and timing of fees we recognize can vary based on the type of engagement. We follow specific guidelines to ensure that our revenue is recognized in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). In general, revenue is recognized when the performance obligation outlined in the engagement letter has been satisfied.

Substantially all of our Investment Banking Advisory engagements include a success fee, a small number of which also include a non-refundable retainer fee that is earned and due upon signing of the engagement. The timing of the recognition of Investment Banking Advisory client revenues is dependent upon the closing of a third-party transaction, which generally is not within our control. Accordingly, our client revenues and net income in any period may not be indicative of full year results or the results of any other period and may vary significantly from quarter to quarter and year to year.

Revenue in our Valuations and Opinions business segment can be categorized into two primary components: non-transaction-based services and transaction-based services. Non-transaction-based services reflect recurring portfolio valuations required by our clients for financial reporting. Transaction-based services include fairness

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opinions in connection with mergers and acquisitions and other transactions, solvency opinions, other types of financial opinions in connection with other transactions and our new dispute advisory services.

***Investment Banking Advisory Revenues***

Our senior professionals maintain strong relationships with existing and potential clients. We add new clients each year as existing senior professionals continue to expand their relationships and newly hired senior professionals bring their client relationships to our firm. We can lose clients due to changes in client senior management, acquisitions or divestitures of client businesses or competition from other investment banking firms.

Our Investment Banking Advisory business segment operates in a competitive environment. The majority of revenue-generating engagements are separately solicited, negotiated, awarded, and executed. Although each client fee from an individual investment banking transaction is non-recurring, we have a history of providing advisory services to repeat clients. We also have visibility of transactions and associated potential revenues from our backlog, client target list and long-term client relationships.

Our Investment Banking Advisory business segment earns fees from our clients by providing M&A, capital advisory, and private funds advisory services. We advise public and private institutions on a broad spectrum of financial transactions, including buy side and sell side M&A transactions as well as debt, minority equity, primary/secondary fundraising, special situations and restructuring transactions. We also generate revenue through other services obtained via the MarshBerry Acquisition, including an executive peer exchange program, Connect, which charges a membership fee and provides members with direct access to insurance carriers.

The vast majority of our Investment Banking Advisory revenues consist of a success fee from completing each assignment. Success fees are recognized when we have completed our performance obligation as outlined in the engagement letter, which typically occurs upon completion of the transaction. Milestone fees are invoiced and recognized as income upon reaching a specific contractual outcome. A small number of transactions also include a non-refundable initial retainer fee, which is initially recorded as a deferred revenue liability and is recognized over time as the performance obligations are provided by the Company. The Company's standard practice is to recognize this deferred revenue over eight months, which the Company has assessed as the average life of an engagement.

As we generally earn our revenues upon completion of advisory engagements, we are only paid upon successful completion of an underlying transaction. Complications that may terminate or delay a transaction include, among others, failure to agree upon terms between counterparties, failure to obtain board, stockholder or regulatory approvals, failure to secure financing, adverse market conditions or adverse operating or financial considerations related to either party of the transaction. These events are outside of our control. While we may have devoted considerable time and resources to the transaction, our fees are generally limited to the initial retainer fee if the original engagement is terminated prior to completion.

Invoiced client receivables are recorded as accounts receivable in the consolidated balance sheets. See "—Critical Accounting Estimates—Revenue Recognition" for a more detailed discussion.

***Valuations and Opinions Revenues***

Our Valuations and Opinions business segment earns fees from our clients for providing valuations of various assets including: entire companies, illiquid debt and equity securities, and intellectual property (among other assets and liabilities). These valuations are used for financial reporting, tax reporting, and other purposes. In addition, our Valuations and Opinions business segment renders fairness opinions in connection with mergers and acquisitions and other transactions, expert witness testimony, solvency opinions in connection with corporate spin-offs and dividend re-capitalizations, and other types of financial opinions in connection with other transactions. In 2025, the Valuations and Opinions group launched a dedicated dispute advisory services business. Leveraging our core competencies in M&A and valuations, our disputes team specializes in advising either sellers or buyers on the resolution of post-closing purchase price adjustments (*e.g.*, working capital and earnouts), serving as neutral accountants in post-acquisition disputes and providing expert services in accounting, valuation or other M&A-related matters.

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Unlike our Investment Banking Advisory business segment, the fees generated in our Valuations and Opinions business segment are generally not contingent on the successful completion of a single transaction. Engagements for asset valuations are generally ongoing in nature, recurring on a daily, monthly, quarterly, semi- annually or annual basis. In 2025, 81% of Valuations and Opinions revenue was recurring, driven largely by our portfolio valuation work.

Revenue related to portfolio valuation fees is fully recognized when the fee is invoiced. At the time of invoicing, we have completed and delivered the valuation, which is the performance obligation as described in the engagement letter. Valuation fees are related to valuations that can be completed daily, monthly, quarterly, semi-annually or annually, depending on the client's needs.

Revenue generated from initial retainers related to fairness opinions is fully recognized when the fee is invoiced. The average fairness opinion is generally completed within three weeks of engagement, thus no portion of revenue is deferred. See "—Critical Accounting Estimates—Revenue Recognition" for a more detailed discussion.

In both of our operating segments, we incur various transaction-related expenditures, such as travel and professional fees, in the course of performing our services on behalf of our clients. Pursuant to the engagement letters with our clients, these expenditures may be reimbursable. We define these expenses, which are associated with revenue activities earned over time or at a point in time, as transaction-related expenses and record such expenditures as incurred. We record the corresponding reimbursement revenue when it is determined that a client has an obligation to reimburse us for such transaction-related expenses and we have issued the corresponding invoice to the client for reimbursement of expenses incurred. Client expense reimbursements are recorded as a component of revenue on the consolidated statements of comprehensive income.

***Operating Expenses***

Our operating expenses are broadly classified as either compensation and related expenses or non-compensation expenses. The primary drivers of our compensation and related expenses are salary and wages and variable compensation related to firm and individual performance. Expenses are recorded on the consolidated statements of income when accrued, inclusive of expenses subsequently reimbursed by clients in accordance with ASC 606.

***Compensation and Related Expenses***

Our compensation and related expenses, which account for the majority of our operating expenses, are determined by management based on revenues earned, headcount, hiring plans, individual performance, the competitive nature of the prevailing investment banking labor market, anticipated compensation requirements for our employees, and the anticipated needs related to the recruiting of new managing directors. These factors may vary over time and, as a result, our compensation and related expenses may fluctuate materially in any particular period. Accordingly, the amount of compensation and related expenses recognized in any particular period may not be consistent with prior periods or indicative of future periods.

Our compensation and related expenses consist of base salary, benefits and payroll taxes, annual incentive compensation and sign-on bonuses, which are payable as cash bonus awards, including certain amounts subject to clawback and contingent upon a required period of service. Base salary, benefits and payroll tax expenses are driven by headcount and are paid ratably throughout the year. Our annual incentive compensation bonuses are awarded and payable in the form of current year cash bonus awards and deferred cash bonus awards. Cash bonuses, for which we accrue monthly, are discretionary and dependent upon a number of factors including company and employee performance. These amounts are generally awarded and paid in December of the current performance year or within four months following the end of the calendar year with respect to the prior year's results. The deferred cash bonus awards include amounts that are contingent upon a required period of service. A portion of the cash bonus is also deferred and paid according to a prescribed deferral schedule based on employee level. Sign-on bonuses are accrued and paid in accordance with the terms of individualized employment arrangements.

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***Non-Compensation Expenses***

Our non-compensation expenses include costs for rent and occupancy of our leased office spaces, travel and entertainment-related expenses, consulting and professional service fees, information technology and communication services, recruiting and training, depreciation and amortization, and other miscellaneous operating expenses. We refer to all of these expenses collectively as non-compensation expenses. The majority of our non-compensation expenses, including travel and entertainment-related expenses, recruiting and training costs, and information technology and communications services, fluctuate in response to changes in headcount.

Our leases for office space are recorded in accordance with ASC 842, Leases. Accordingly, rent expense for our leased office space is recorded in conjunction with our right-of-use lease assets and lease liabilities. Although we have previously made significant investments in our real estate footprint in nearly all of our major offices, we expect our rental and occupancy costs to continue to grow as our business expands.

We expect to incur additional annual expenses related to new requirements applicable to us as we transition to operating in a public company environment, including but not limited to directors' fees and insurance, transfer agent fees, SEC reporting requirements, increased auditing and legal fees and similar expenses as well as the hiring additional functional staff, including accounting and finance, investor relations, legal and administrative personnel.

***Other Income, Net of Other Expenses***

Our other income, net of other expenses includes (i) interest income earned on investment securities, cash and cash equivalents, and (ii) interest expense and fees on our term loan.

***Provision for Income Taxes***

We account for income taxes in accordance with ASC 740, Income Taxes ("ASC 740"), which requires the recognition of tax benefits or expenses based on temporary differences between the financial reporting and tax bases of our assets and liabilities. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial reporting basis and the tax basis of our assets and liabilities. The measurement of the deferred items is based on enacted tax laws and applicable tax rates. A valuation allowance related to a deferred tax asset is recorded if it is more likely than not that some portion or all of the deferred tax asset will not be realized.

**Key Performance Metrics**

Key measures that we use in assessing and evaluating our business include compensation ratio, non- compensation ratio, client revenue per managing director, number of investment banking advisory transactions completed, number of managing directors and number of employees.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Lincoln International, LP** <br>**Three Months Ended** | **Lincoln International, LP** <br>**Three Months Ended** | **Lincoln International, LP Year Ended** | **Lincoln International, LP Year Ended** |
| | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| Compensation ratio | 60.9% | 53.2% | 49.5% | 49.2% |
| Non-compensation ratio | 35.3% | 29.5% | 23.0% | 23.4% |
| Client revenue per managing director ($ in thousands) | $962 | $890 | $4856 | $3918 |
| Number of investment banking advisory transactions completed | 67 | 38 | 321 | 273 |
| Number of managing directors | 161 | 146 | 159 | 146 |
| Number of employees | 1453 | 1136 | 1455 | 1085 |

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*Compensation Ratio*. Compensation ratio is calculated as compensation and related expenses divided by total revenues. Newly hired and newly promoted professionals typically require a ramp up period before they and their client relationships begin to contribute meaningful revenues to the Company. As a result, our compensation ratio has been higher in periods of significant headcount growth. We have increased our compensation ratio in 2025 primarily

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through the addition of new managing directors in the United States. Over time, we expect the compensation ratio to stabilize due to the continued maturation of our advisory platform as the tenure of our financial professionals has increased and revenue has grown.

The compensation ratio presented is based on our historical entity structure as a privately held partnership where payments to LILP Partners are historically treated as equity distributions and does not give effect to the Organizational Transactions. In connection with this offering, we expect to update our compensation structure with respect to the LILP Partners. As a result, we expect to recognize increased compensation and related expenses as these distributions are reallocated from equity to expense. This change will drive a meaningful increase in our compensation and related expenses and corresponding compensation ratio. Based on these factors, we intend to target a competitive compensation ratio commensurate with our industry peers. However, if we identify opportunities to grow revenues through significant expansion or to position our Company during challenging market conditions for future growth, we may report a compensation ratio in excess of this target. We intend to compensate our personnel competitively in order to continue building our business and growing our Company.

*Non-compensation Ratio*. Non-compensation ratio is calculated as non-compensation expenses divided by total revenues. Historically, our non-compensation expenses, particularly occupancy and travel costs associated with business development, have increased as we have grown our business and made strategic investments in real estate and technology. We expect this trend may continue as we expand across industries and geographies and products to serve our clients' evolving needs. In addition, we will experience increased non-compensation expenses in connection with operating as a public company.

*Client revenue per Managing Director*. Client revenue per managing director is calculated as client revenues divided by the number of managing directors, which we measure using headcount and revenue as of the end of a given period. We utilize this metric to measure our average productivity across our business. Client revenue per managing director varies across our geographies due to differing fee structures in international markets.

**Non-GAAP Financial Measures**

In addition to our financial results prepared in accordance with GAAP, we consider certain non-GAAP measures in assessing the performance of our business. The key non-GAAP measures we use are adjusted EBT adjusted compensation and related expenses and adjusted compensation ratio, adjusted non-compensation expenses and adjusted non-compensation ratio, and adjusted operating income and adjusted operating income margin, which management believes provide useful information to investors to enhance their ability to analyze our performance from period to period, enhance their overall understanding of our past performance and future prospects, and allow for greater transparency with respect to metrics used by our management in their financial and operational decision making. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for Income before income taxes, Net income, compensation expenses, non-compensation expenses or any other measure calculated in accordance with GAAP and may not be comparable to similarly titled measures reported by other companies.

Management recognizes that these non-GAAP financial measures have limitations, including that they may be calculated differently by other companies or may be used under different circumstances or for different purposes, thereby affecting their comparability from company to company. In order to compensate for these and the other limitations discussed below, management does not consider these measures in isolation from or as alternatives to the comparable financial measures determined in accordance with GAAP. Readers should review the reconciliations below and should not rely on any single financial measure to evaluate our business. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable GAAP financial measures follow.

***Adjusted EBT, Adjusted Operating Income and Adjusted Operating Income Margin***

We define adjusted operating income and adjusted EBT as Income before income taxes adjusted for non-cash items that we may record each period, as well as non-recurring items such as acquisition costs, integration and severance costs, business transformation costs and other discrete expenses, when applicable. We use adjusted operating income and adjusted EBT as internal performance measures in the management of our operations because

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we believe they give our management and other users of our financial information useful insight into our results of operations and our underlying business performance by providing consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our operations, as these metrics generally eliminate the effects of variables unrelated to our overall operating performance.

The following table presents a reconciliation of income before income taxes to adjusted operating income and adjusted EBT:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| **(USD in thousands, except percentages)** | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| Income (loss) before income taxes | $1988 | $24793 | $219854 | $167483 | $| (28773) | $| 14779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Acquisition-related expenses<sup>(a)</sup> | 18493 | 8284 | 37926 | 6895 | 18493 | 18493 | 96671 | 96671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Other expenses<sup>(b)</sup> | 4843 | 816 | 8516 | 7838 | 10084 | 10084 | 34487 | 34487 |
| **Adjusted EBT**<sup>(c)</sup> | $25324 | $33893 | $266296 | $182216 | $| (196) | $| 145937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other income, net of other expenses | (3958) | 1882 | 3934 | 9296 | (702) | (702) | (13492) | (13492) |
| **Adjusted operating income (loss)** | 29282 | 32011 | 262362 | 172920 | 506 | 506 | 159429 | 159429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted operating income (loss) margin | 18.6% | 24.2% | 33.5% | 29.9% | 0.3% | 0.3% | 18.7% | 18.7% |

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__________________

(a)Acquisition-related expenses primarily represent amortization of the backlog intangible acquired as part of the MarshBerry and TCG Corporate Finance acquisitions in October 2025 and 2024, respectively, and transaction costs related to these acquisitions.

(b)Other expenses represent restructuring expenses, costs of one-time employee legal matters, and expenses incurred in connection with the Company's initial public offering and related corporate reorganization, including advisory, legal, accounting, and other professional fees.

(c)LILP has not historically been subject to US federal income tax. For illustrative purposes, we calculate adjusted net income using an assumed 26% income tax rate to approximate LILP being taxed as a corporation subject to US federal income tax.

***Adjusted compensation and related expenses and adjusted compensation ratio***

We define adjusted compensation and related expenses as compensation and related expenses adjusted for non-recurring items such as restructuring, when applicable. Adjusted compensation ratio is adjusted compensation and related expenses as a percentage of total revenues. We use adjusted compensation and related expenses and adjusted compensation ratio to evaluate our performance as an indicator of the efficiency of our operations between reporting periods.

The following table presents a reconciliation of compensation and related expenses to adjusted compensation and related expenses:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| **(USD in thousands, except percentages)** | **March 31, 2026** | **March 31, 2025** | **December 31, 2025** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| Compensation and related expenses | $96097 | $70329 | $387683 | $285003 | $130114 | $570015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Acquisition-related expenses<sup>(a)</sup> | (1510) |  | (3293) | (581) | (1510) | (9184) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other expenses<sup>(b)</sup> |  |  | (4635) | (2373) | (5241) | (30606) |
| **Adjusted compensation and related expenses**<sup>(c)</sup>  | $94587 | $70329 | $379755 | $282049 | $123363 | $530225 |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| **(USD in thousands, except percentages)** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| Total revenues | $| 157800 | $| 132208 | $| 783807 | $| 578747 | $| 157800 | $| 854161 |
| Compensation ratio | 60.9% | 60.9% | 53.2% | 53.2% | 49.5% | 49.5% | 49.2% | 49.2% | 82.5% | 82.5% | 66.7% | 66.7% |
| **Adjusted compensation ratio**  | 59.9% | 59.9% | 53.2% | 53.2% | 48.5% | 48.5% | 48.7% | 48.7% | 78.2% | 78.2% | 62.1% | 62.1% |

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__________________

(a)Acquisition-related expenses represent acquisition retention expenses.

(b)Other expenses represent restructuring expenses.

(c)The historical financial information presented reflects LILP's US-based partner compensation, which is recorded as equity on our balance sheet and includes semi-monthly draws, quarterly tax advances and annual performance incentives. As a corporation, our US-based partner compensation will be recorded as compensation and related expenses on our income statement.

***Adjusted non-compensation expenses and adjusted non-compensation ratio***

We define adjusted non-compensation expenses as non-compensation expenses adjusted for non-cash items we may record each period, as well as non-recurring items such as acquisition costs, integration costs, business transformation costs and other discrete expenses, when applicable. Adjusted non-compensation ratio is adjusted non-compensation expenses as a percentage of total revenues. We use adjusted non-compensation expenses and adjusted non-compensation ratio to evaluate our performance as an indicator of the efficiency of our operations between reporting periods.

The following table presents a reconciliation of non-compensation expenses to adjusted non-compensation expenses:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Three Months Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, LP<br>Year Ended** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| **(USD in thousands, except percentages)** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Three Months Ended March 31, 2026** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** | **Lincoln International, Inc. Pro Forma Year Ended December 31, 2025** |
| Non-compensation expenses | $| 55757 | $| 38968 | $| 180204 | $| 135557 | $| 55757 | $| 255875 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Acquisition-related expenses<sup>(a)</sup> | (16982) | (16982) | (8484) | (8484) | (34633) | (34633) | (6314) | (6314) | (16982) | (16982) | (87487) | (87487) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Other expenses<sup>(b)</sup> | (4843) | (4843) | (816) | (816) | (3881) | (3881) | (5465) | (5465) | (4843) | (4843) | (3881) | (3881) |
| **Adjusted Non-compensation expenses**  | $| 33932 | $| 29668 | $| 141690 | $| 123778 | $| 33932 | $| 164507 |
| Total revenues | $| 157800 | $| 132208 | $| 783807 | $| 578747 | $| 157800 | $| 854161 |
| Non-compensation ratio  | 35.3% | 35.3% | 29.5% | 29.5% | 23.0% | 23.0% | 23.4% | 23.4% | 35.3% | 35.3% | 30.0% | 30.0% |
| **Adjusted Non-compensation ratio**  | 21.5% | 21.5% | 22.4% | 22.4% | 18.1% | 18.1% | 21.4% | 21.4% | 21.5% | 21.5% | 19.3% | 19.3% |

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__________________

(a)Acquisition-related expenses primarily represent amortization of the backlog intangible acquired as part of the MarshBerry and TCG Corporate Finance acquisitions in October 2025 and 2024, respectively, and transaction costs related to these acquisitions.

(b)Other expenses represent restructuring expenses, costs of one-time employee legal matters, and expenses incurred in connection with the Company's initial public offering and related corporate reorganization, including advisory, legal, accounting, and other professional fees.

**Consolidated Results of Operations for the Three Months Ended March 31, 2026 and 2025**

The following is a discussion of our consolidated results of operations for the three months ended March 31, 2026 and March 31, 2025. For a more detailed discussion of the factors that affected the revenues and operating expenses of our Investment Banking Advisory and Valuations and Opinions practices in these periods, please see "—Business Segments" below.

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The historical financial information presented below reflects our business as a privately held partnership. As such, our LILP U.S.-based partner compensation, including semi-monthly draws, quarterly tax advances and annual performance incentives, is recorded as a reduction of equity on the balance sheet. As a public company, this cost will be recorded on our income statement as compensation and related expenses. Additionally, as a privately held partnership, LILP is not subject to U.S. federal income tax. Instead, each partner is individually liable for taxes on his or her share of LILP's income or loss. As a public company, we will be subject to U.S. federal income taxes which will be recorded on our financial statements. Please see "Unaudited Pro Forma Condensed Consolidated Financial Information" for additional information on the recording of U.S.-based partner compensation as an expense and the inclusion of U.S. federal income tax.

Substantially all of our revenue is earned by providing financial advisory services to our investment banking clients and portfolio valuations and transaction opinions to our valuations and opinions clients.

Reimbursed expenses include amounts reimbursed by our clients for costs incurred in connection with client engagements.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| **(USD in thousands)** | **2026** | **2025** | **Change $** | **% Change** |
| Client revenues | $154931 | $130002 | $24929 | 19% |
| Reimbursed expenses | 2869 | 2206 | 663 | 30% |
| **Total revenues**  | $157800 | $132208 | $25592 | 19% |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 96097 | 70329 | 25768 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses | 55757 | 38968 | 16789 | 43% |
| **Total expenses**  | 151854 | 109297 | 42557 | 39% |
| **Total operating income**  | 5946 | 22911 | (16965) | (74)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net of other expenses | (3958) | 1882 | (5840) | (310)% |
| **Income before income taxes**  | 1988 | 24793 | (22805) | (92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 64 | 843 | (779) | (92)% |
| **Net income**  | $1924 | $23950 | $(22026) | (92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interest |  | (640) | 640 | (100)% |
| **Net income (loss) attributable to Lincoln International**  | $1924 | $24590 | $(22666) | (92)% |
| **Other comprehensive income (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (2436) | 1934 | (4370) | (226)% |
| **Comprehensive income** (loss) | $(512) | $25884 | $(26396) | (102)% |

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*Total revenues.* The period-over-period increase in total revenues of $25.6 million was primarily driven by an increase in client revenues of $24.9 million as well as an increase in reimbursed expenses of $0.7 million. The increase in our Investment Banking Advisory business segment is the result of an increase in investment banking advisory transactions completed of 76% from 38 in the three months ended March 31, 2025 to 67 for the three months ended March 31, 2026. The increase in our Valuations and Opinions segment is due to an increase in portfolio valuations of approximately 24% from 5,810 for the three months ended March 31, 2025 to approximately 7,180 for the three months ended March 31, 2026. Further detail can be found in "—Business Segments."

*Compensation and Related Expenses.* The increase in compensation and related expenses was primarily due to increased compensation costs resulting from an increase in client fee revenue as well as an increase in global employee headcount during 2026.

Compensation and related expenses were $96.1 million for the three months ended March 31, 2026 and $70.3 for the three months ended March 31, 2025. This represented approximately 61% of total revenues for the three

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months ended March 31, 2026, and approximately 53% of total revenues for the three months ended March 31, 2025. The period-over-period increase in the ratio of compensation and related expenses relative to total revenues primarily relates to our focus on actively managing our compensation ratio.

Our fixed compensation costs, which consist primarily of base salaries, benefits and payroll taxes, were $60.7 million for the three months ended March 31, 2026, and $55.4 million for the three months ended March 31, 2025. Our fixed compensation costs may vary from quarter to quarter based on a variety of factors such as changes to headcount, changes to the composition of headcount, prevailing market conditions that affect salary levels and other related matters. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses. These costs generally represent the amount of total compensation that is in excess of base compensation. Variable compensation costs were $35.4 million for the three months ended March 31, 2026, which consisted of $32.2 million of annual performance bonuses and $3.2 million of sign-on bonuses, and $15 million for the three months ended March 31, 2025, which consisted primarily of $16.4 million of annual performance bonuses, partially offset by a $1.4 million reduction driven by the timing of sign-on bonus accruals for newly hired managing directors.

*Non-Compensation Expenses.* Non-compensation expenses were $55.8 million for the three months ended March 31, 2026 and $39 million for the three months ended March 31, 2025. This represented 35% of total revenues for the three months ended March 31, 2026, and 29% of total revenues for the three months ended March 31, 2025. The period-over-period increase in non-compensation expenses of $16.8 million was primarily attributable to higher depreciation and amortization expense due to the amortization of intangible assets recognized in connection with the MarshBerry acquisition in October 2025, increased consulting and professional services costs related to the MarshBerry acquisition and other strategic and compliance initiatives, and higher travel and entertainment expenses. These expenses also include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

*Provision for Income Taxes*. The provision for income taxes was $0.1 million for the three months ended March 31, 2026, compared to $0.8 million for the three months ended March 31, 2025. The decrease of $0.7 million was primarily due to reduced earnings before income taxes.

*Other Income, Net of Other Expenses*. Our other income, net of other expenses was $4 million of expense for the three months ended March 31, 2026 compared to $1.9 million of income for the three months ended March 31, 2025. The change of $5.9 million was due primarily to increased interest expense resulting from indebtedness incurred under the Term Loan Credit Facility and the Delayed Draw Term Loan Credit Facility.

**Consolidated Results of Operations for the Years Ended December 31, 2025 and 2024**

The following is a discussion of our consolidated results of operations for the years ended December 31, 2025 and December 31, 2024. For a more detailed discussion of the factors that affected the revenues and operating expenses of our Investment Banking Advisory and Valuations and Opinions practices in these periods, please see "—Business Segments" below.

The historical financial information presented below reflects our business as a privately held partnership. As such, our LILP U.S.-based partner compensation, including semi-monthly draws, quarterly tax advances and annual performance incentives, is recorded in equity on the balance sheet. As a public company, this cost will be recorded on our income statement as compensation and related expenses. Additionally, as a privately held partnership, LILP is not subject to U.S. federal income tax. Instead, each partner is individually liable for taxes on his or her share of LILP's income or loss. As a public company, we will be subject to U.S. federal income taxes which will be recorded on our financial statements. Please see "Unaudited Pro Forma Condensed Consolidated Financial Information" for additional information on the recording of U.S.-based partner compensation as an expense and the inclusion of U.S. federal income tax.

Substantially all of our revenue is earned by providing financial advisory services to our investment banking clients and portfolio valuations and transaction opinions to our valuations and opinions clients.

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Reimbursed expenses include amounts reimbursed by our clients for costs incurred in connection with client engagements.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | | |
| **(USD in thousands)** | **2025** | **2024** | **Change $** | **% Change** |
| Client revenues | $772051 | $572061 | $199990 | 35% |
| Reimbursed expenses | 11756 | 6686 | 5070 | 76% |
| **Total revenues**  | $783807 | $578747 | 205060 | 35% |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 387683 | 285003 | 102680 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses | 180204 | 135557 | 44647 | 33% |
| **Total expenses**  | 567887 | 420560 | 147327 | 35% |
| **Total operating income**  | 215920 | 158187 | 57733 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net of other expenses | 3934 | 9296 | (5362) | (58)% |
| **Income before income taxes**  | 219854 | 167483 | 52371 | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 5721 | 3889 | 1832 | 47% |
| **Net income**  | $214133 | $163594 | 50539 | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to noncontrolling interest |  | 2855 | (2855) | (100)% |
| **Net income attributable to Lincoln International**  | $214133 | $160739 | 53394 | 33% |
| **Other comprehensive income (loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 5169 | (4112) | 9281 | (226)% |
| **Comprehensive income**  | $219302 | $159482 | $59820 | 38% |

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*Total revenues.* The year-over-year increase in total revenues of $205.1 million was primarily driven by an increase in client revenues of $200 million as well as an increase in reimbursed expenses of $5.1 million. The increase in our Investment Banking Advisory business segment is the result of increased investment banking advisory transactions completed of 48 from 273 in 2024 to 321 in 2025. The increase in our Valuations and Opinions segment is due to the increase in portfolio valuations of approximately 3,000 from 22,000 in 2024 to approximately 25,000 in 2025. Further detail can be found in "—Business Segments."

*Compensation and Related Expenses.* The increase in compensation and related expenses was primarily due to increased compensation costs resulting from an increase in client fee revenue as well as an increase in global employee headcount during 2025.

Compensation and related expenses were $387.7 million in 2025 and $285 million in 2024. This represented approximately 49% of total revenues in 2025 and approximately 49% of total revenues in 2024. The year-over-year consistency in the ratio of compensation and related expenses relative to client revenues primarily relates to our focus on actively managing our compensation ratio. Additionally, the new managing directors that we hired in 2024 are beginning to contribute revenues to the Company.

Our fixed compensation costs, which consist primarily of base salaries, benefits and payroll taxes, were $221.8 million in 2025 and $174.7 million in 2024. Our fixed compensation costs may vary from year to year based on a variety of factors such as changes to headcount, changes to the composition of headcount, prevailing market conditions that affect salary levels and other related matters. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses. These costs generally represent the amount of total compensation that is in excess of base compensation. Variable compensation costs were $165.9 million in 2025, which consisted of $149.2 million of annual performance bonuses and $16.7 million of sign-on bonuses, and $110.3 million in 2024, which consisted primarily of $95.9 million of annual performance bonuses and $14.3 million of sign-on bonuses.

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*Non-Compensation Expenses.* Non-compensation expenses were $180.2 million in 2025 and $135.6 million in 2024. This represented 23% of total revenues in 2025 and 23% of total revenues in 2024. The year-over-year increase in non-compensation expenses of $44.6 million was primarily attributable to an increase in depreciation and amortization resulting from the amortization of backlog intangible assets from the acquisition of TCG in October 2024 and MarshBerry in October 2025, recruiting expenses associated with the lateral hiring of 31 managing directors throughout the United States. During the course of 2025, information technology expenses increased as well, as we have continued to invest in technology to support our platform, and travel and entertainment-related expenses. These expenses also include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

*Provision for Income Taxes*. The provision for income taxes was $5.7 million in 2025 compared to $3.9 million in 2024. The increase of $1.8 million was primarily due to the Company's net increase to income before income taxes on a global basis.

*Other Income, Net of Other Expenses*. Our other income, net of other expenses was $3.9 million of income in 2025 compared to $9.3 million of income in 2024. The decrease of $5.4 million was due primarily to a decrease in interest income earned on our investment securities as a result of decreasing interest rates.

**Business Segments**

***Investment Banking Advisory Business Segment***

Revenue trends in our Investment Banking Advisory business segment are generally correlated to the total volume and size of investment banking transactions completed. However, fluctuations from this trend have and may in the future occur in any given year for any number of reasons, including but not limited to, changes in our market share or the ability of our clients to close transactions on which we have been engaged and are owed contingent fees. These events can cause our revenues to diverge from the level of overall volume of investment banking transactions completed.

The following table summarizes the results of operations of our Investment Banking Advisory business segment for the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| **(USD in thousands)** | **2026** | **2025** | **Change $** | **Change %** |
| Total revenues | $109845 | $93566 | $16279 | 17% |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 78506 | 57997 | 20509 | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses | 43638 | 30386 | 13252 | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 122144 | 88383 | 33761 | 38% |
| Segment operating income (loss) | $(12299) | $5183 | $(17482) | (337)% |

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*Total revenues:* Our increase in total revenues of $16.3 million was primarily driven by an increase of 29 investment banking advisory transactions completed from 38 in the three months ended March 31, 2025, to 67 in the three months ended March 31, 2026, representing an approximate 76% increase.

*Compensation and related expenses:* The increase in compensation and related expenses is primarily the result of (i) revenue growth resulting in higher compensation to investment banking professionals, and (ii) an approximately 14% increase in the number of investment banking professionals from March 31, 2025 as compared to March 31, 2026. Fixed compensation costs increased from $43.3 million for the three months ended March 31, 2025, to $47.5 million for the three months ended March 31, 2026, or an increase of approximately 10%. Our fixed compensation costs increased due to an increase in headcount and changes to the composition of headcount. Variable compensation costs increased from $14.8 million for the three months ended March 31, 2025, to $31.1 million for the three months ended March 31, 2026, or an increase of approximately 110%. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award

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expenses which increased for the three months ended March 31, 2026 based on our performance and timing of new hires of senior professionals. Headcount of financial professionals in Investment Banking Advisory increased from 685 at March 31, 2025 to 779 at March 31, 2026, an increase of approximately 14%. The increase in headcount contributes to both the amount of fixed and variable compensation incurred throughout the year.

*Non-compensation expenses:* Non-compensation expenses increased primarily as a result of the amortization related to the intangible assets acquired as part of the MarshBerry acquisitions (see "—Critical Accounting Estimates—Business Combinations"), increase in consulting and professional services costs related to the MarshBerry acquisition and other strategic and compliance initiatives, and travel and entertainment-related expenses for our professionals. These expenses include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

The following table summarizes the results of operations of our Investment Banking Advisory business segment for the years ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | | |
| **(USD in thousands)** | **2025** | **2024** | **Change $** | **Change %** |
| Total revenues | $617606 | $442885 | $174721 | 39% |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 324542 | 239298 | 85244 | 36% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses | 136747 | 99704 | 37043 | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 461289 | 339002 | 122287 | 36% |
| Segment operating income | $156317 | $103883 | $52434 | 50% |

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*Total revenues:* Our increase in total revenues of $174.7 million was primarily driven by an increase of investment banking advisory transactions completed from 273 in 2024 to 321 in 2025, representing an approximate 18% increase, with a small increase in average fee per transaction from $1.6 million in 2024 to $1.9 million in 2025.

*Compensation and related expenses:* The increase in compensation and related expenses is primarily the result of (i) revenue growth resulting in higher compensation to investment banking professionals, and (ii) an approximately 15% increase in the number of investment banking professionals from December 31, 2024 to December 31, 2025. Fixed compensation costs increased from $143.6 million in 2024 to $176.4 million in 2025, or an increase of approximately 23%. Our fixed compensation costs increased due to an increase in headcount and changes to the composition of headcount. Variable compensation costs increased from $95.7 million in 2024 to $148.2 million in 2025, or an increase of approximately 55%. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses which has increased in 2025 based on our performance and timing of new hires of senior professionals. Headcount of financial professionals in Investment Banking Advisory increased from 687 as of December 31, 2024 to 788 as of December 31, 2025, an increase of approximately 15%. The increase in headcount contributes to both the amount of fixed and variable compensation incurred throughout the year.

*Non-compensation expenses:* Non-compensation expenses increased primarily as a result of the amortization related to the backlog assets acquired as part of the TCG and MarshBerry acquisitions (see "—Critical Accounting Estimates—Business Combinations"), recruiting expenses associated with the hiring of our new managing directors, travel and entertainment-related expenses for our professionals and increased investments in information technology and communication platforms. These expenses include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

***Valuations and Opinions Business Segment***

Revenue trends in our Valuations and Opinions business segment can be categorized into two primary components: non-transaction-based services and transaction-based services. Non-transaction-based services are recurring portfolio valuations that are required by our valuation clients for financial reporting and regulatory purposes. The transaction-based services are primarily influenced by the overall market for United States announced

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M&A and financing transactions in a given year. Transaction based services include fairness opinions, solvency opinions, dispute advisory, and other transaction-based opinions and advisory services.

The following table summarizes the results of the Valuations and Opinions business segment for the three months ended March 31, 2026 and 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** | | |
| **(USD in thousands)** | **2026** | **2025** | **Change $** | **Change %** |
| Total revenues | $47955 | $38642 | $9313 | 24% |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 17591 | 12332 | 5259 | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses | 12119 | 8582 | 3537 | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 29710 | 20914 | 8795 | 42% |
| Segment operating income | $18245 | $17728 | $517 | 3% |

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*Total revenues:* Our increase in total revenues of $9.3 million was primarily the result of (i) our approximately 24% growth in the number of portfolio valuations from approximately 5,810 in the three months ended March 31, 2025 to approximately 7,180 in the three months ended March 31, 2026 and (ii) approximately 50% growth in the number of completed transaction opinions from 18 in the three months ended March 31, 2025 to 27 in the three months ended March 31, 2026.

*Compensation and related expenses:* The increase in compensation and related expenses is primarily the result of (i) revenue growth resulting in higher absolute compensation to Valuations and Opinions professionals, and (ii) an approximately 28% increase in the number of Valuations and Opinions professionals from March 31, 2025 to March 31, 2026. Fixed compensation costs rose from $12.1 million for the three months ended March 31, 2025, to $13.2 million for the three months ended March 31, 2026, an increase of approximately 9% due to increases in headcount. Variable compensation costs rose from $0.2 million for the three months ended March 31, 2025, to $4.3 million for the three months ended March 31, 2026, an increase of approximately 2,050%. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses which increased based on our performance and new hires. Headcount of financial professionals in Valuations and Opinions rose from 200 as of March 31, 2025 to 255 as of March 31, 2026, an increase of approximately 28%. The increase in headcount contributes to both the amount of fixed and variable compensation incurred throughout the year.

*Non-compensation expenses:* Non-compensation expenses increased primarily as a result of higher allocated consulting and professional expenses and higher travel and entertainment-related expenses. These expenses include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

The following table summarizes the results of the Valuations and Opinions business segment for the years ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | | |
| **(USD in thousands)** | **2025** | **2024** | **Change $** | **Change %** |
| Total revenues | $166201 | $135862 | $30339 | 22% |
| Operating Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 63141 | 45705 | 17436 | 38% |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-compensation expenses | 43457 | 35853 | 7604 | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 106598 | 81558 | 25040 | 31% |
| Segment operating income | $59603 | $54304 | $5299 | 10% |

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*Total revenues:* Our increase in total revenues of $30.3 million was primarily the result of (i) our approximately 14% growth in the number of portfolio valuations from approximately 22,000 in 2024 to approximately 25,000 in

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2025 and (ii) approximately 24% growth in the number of completed transaction opinions from 91 in 2024 to 113 in 2025.

*Compensation and related expenses:* The increase in compensation and related expenses is primarily the result of (i) revenue growth resulting in higher absolute compensation to Valuations and Opinions professionals, and (ii) an approximately 32% increase in the number of Valuations and Opinions professionals from December 31, 2024 to December 31, 2025. Fixed compensation costs rose from $31.1 million in 2024 to $44.4 million in 2025, an increase of approximately 43% due to increases in headcount. Variable compensation costs rose from $14.6 million in 2024 to $18.8 million in 2025, an increase of approximately 29%. Our variable compensation costs include the aggregate amount of discretionary performance and sign-on cash bonus award expenses which increased based on our performance and new hires. Headcount of financial professionals in Valuations and Opinions rose from 163 in 2024 to 254 in 2025, an increase of approximately 32%. The increase in headcount contributes to both the amount of fixed and variable compensation incurred throughout the year.

*Non-compensation expenses:* Non-compensation expenses increased primarily as a result of higher travel and entertainment-related expenses and recruiting expenses for our professionals. These expenses include the impact of costs incurred by us in connection with client engagements that were subsequently reimbursed by our clients.

**Cash and Liquidity**

We regularly monitor our liquidity position, including cash and cash equivalents, working capital assets and liabilities, any commitments and other liquidity requirements in the aggregate. Our cash and cash equivalents reflects the cash generated by our operating entities. Prior to this offering, such cash has been used to fund our working capital needs and strategic and capital investments. After the offering, the cash will either be retained by us or distributed to holders of our Class A common stock, Class B common stock and Class C common stock.

Our current assets have historically consisted of cash and cash equivalents, receivables related to fees earned from providing advisory and valuation services, receivables from the LILP Partners resulting from tax advances made to state and local jurisdictions on their behalf and prepaid expenses, largely related to sponsored events and annual software licenses.

Our current liabilities include accounts payable and accrued expenses, including accrued employee compensation. We pay a significant portion of annual incentive compensation to non-partner employees in December of the calendar year with respect to the current year's performance. We also pay a significant portion of annual incentive compensation to partners in February of the next calendar year with respect to the prior year's performance. Additionally, we have historically distributed estimated tax advance payments on our retained earnings to the LILP Partners on a quarterly basis throughout the year. As a result, our cash balances generally decline in the first quarter of each year after incentive compensation is paid to our employees and partners. Our cash balances then increase over the remainder of the year. We expect these practices and seasonal trends to continue.

We also evaluate our cash needs on a regular basis in light of current global and local economic and market conditions, and our strategic and capital investment requirements. Cash and cash equivalents include all short-term highly liquid investments that are readily convertible to cash. Our cash and cash equivalents and restricted cash balances were $246.7 million at March 31, 2026 and $324.8 million at December 31, 2025.

Our liquidity is highly dependent upon cash receipts from clients in respect of fees for our Investment Banking Advisory services and our Valuations and Opinions services. The engagement letters for our U.S.-based Investment Banking Advisory business generally provide for our clients to pay our fees concurrent with the successful completion of a transaction and do not generally result in a receivable balance. Non-U.S. based Investment Banking Advisory fees are often received after completion of the transaction. Our Valuations and Opinions business requires clients to settle our fees upon receipt of the related portfolio valuation or fairness opinion. We regularly monitor aging associated with the collection of these receivable balances, which generally occurs within 30 days of billing. Accounts receivable for our Valuations and Opinions business was $43.4 million at March 31, 2026 and $37 million at December 31, 2025.

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We believe that cash and cash equivalents on hand, cash flows from operations, and available borrowings under our Credit Facilities will adequately fund our ongoing working capital, investing, and financing requirements for at least the next year and thereafter.

***Line of Credit***

To provide for working capital and other general corporate purposes, we maintain a line of credit available for advances and letters of credit, with a pledge capacity of $50 million from Morgan Stanley Private Bank, National Association. As of March 31, 2026, we had $4.3 million in cash on deposit. Our available credit under this facility as of March 31, 2026 was $1.9 million as a result of the issuance of an aggregate amount of $2.4 million of letters of credit, which are required in connection with our lease agreements for some of our U.S.-based office leases. We incur a monthly fee calculated as the SOFR plus 1.1% per annum on the outstanding balances of issued letters of credit under our line of credit. The proceeds of the advances are available solely to provide financing for our working capital and investment purposes and to pay reimbursement obligations in connection with letters of credit.

***Credit Facilities***

On October 31, 2025, we entered into the Credit Agreement, which provides for (a) the Term Loan Credit Facility with an original aggregate principal amount of $250 million (the "Term Loan Credit Facility"), (b) the Delayed Draw Term Loan Credit Facility with original aggregate commitments of $75 million (the "Delayed Draw Term Loan Credit Facility"), and (c) the Revolving Credit Facility having original aggregate commitments of $5 million (the "Revolving Credit Facility"). Term loans drawn under the Delayed Draw Term Loan Credit Facility (if any) constitute loans outstanding under the Term Loan Credit Facility. The obligations under the Credit Agreement are secured by all or substantially all assets of LILP's domestic subsidiaries, subject to customary and negotiated exclusions. Each Credit Facility has a term of seven years, and all amounts outstanding thereunder will be due and payable on October 31, 2032. Borrowings under the Credit Facilities bear interest, at our election, at a rate equal to either (i) term SOFR (subject to a 0.50% floor) plus a margin of 4.25% or (ii) the base rate (subject to a 1.50% floor), which is equal to the greatest of (A) the prime rate, (B) the NYFRB rate plus 0.50% and (C) one-month term SOFR plus 1.00%, plus a margin of 3.25%. Interest on SOFR loans is payable (x) based on the selected interest period if such interest period is less than three months or (y) quarterly if the selected interest period is three months or longer. Interest on base rate loans is payable quarterly. As of March 31, 2026, we had $249.4 million principal outstanding under the Term Loan Credit Facility and $24.9 million principal outstanding under the Delayed Draw Term Loan Credit Facility.

The Credit Agreement also includes certain prepayment mechanism for term loans subject to leverage-based step-downs and/or thresholds.

In addition, the Credit Agreement contains customary non-financial covenants limiting, among other things, mergers and acquisitions; investments, loans, and advances; affiliate transactions; changes to capital structure and the business; additional indebtedness; additional liens; the payment of dividends; and the sale of assets, in each case, subject to certain customary exceptions. The Credit Agreement contains customary events of default, including payment defaults, breaches of representations and warranties, covenant defaults, defaults under other material debt, events of bankruptcy and insolvency, failure of any guaranty or security document supporting the Credit Agreement to be in full force and effect, and a change of control of our business. We were in compliance with all covenants under the Credit Agreement as of March 31, 2026.

***Return of Excess Capital***

In 2021, we made our first return of excess capital to our partners of approximately $40 million. Three years later, in 2024, we made our second return of excess capital to our partners of approximately $13.9 million, and in 2025, we made our third return of excess capital to our partners of approximately $13.8 million. These returns of capital were recorded as net cash used in financing activities in our consolidated statements of cash flows. Historically, we retained our capital to fund growth opportunities and build our balance sheet, particularly cash, and to provide appropriate working capital for our growing business.

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**Tax Receivable Agreement**

In connection with the Organizational Transactions, we will enter into a Tax Receivable Agreement with LILP and the TRA Parties, which will generally provide for the payment by Lincoln International, Inc. to the TRA Parties in an amount equal to 85% of the tax benefits, if any, that we actually realize (or in certain circumstances are deemed to realize) as a result of the Basis Adjustments and Interest Deductions. See "Certain Relationships and Related Party Transactions—Tax Receivable Agreement" for more information. We expect that the amount of the cash payments we will be required to make under the Tax Receivable Agreement will be substantial. Any payments made by Lincoln International, Inc. to the TRA Parties under the Tax Receivable Agreement will not be available for reinvestment in our business and will generally reduce the amount of overall cash flow that might have otherwise been available to us.

The Tax Receivable Agreement will provide that if certain mergers, asset sales, other forms of business combination, or other changes of control were to occur after the consummation of this offering, if we materially breach any of our material obligations under the Tax Receivable Agreement or if, at any time, we elect an early termination of the Tax Receivable Agreement, then the Tax Receivable Agreement will terminate and our obligations, or our successor's obligations, under the Tax Receivable Agreement would accelerate and become due and payable, based on certain assumptions, including an assumption that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement. In those circumstances, the TRA Parties, as applicable, would be deemed to exchange any remaining outstanding common units for Class A common stock and the TRA Parties generally would be entitled to payments under the Tax Receivable Agreement resulting from such deemed exchanges. As a result of the foregoing, we could be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the Tax Receivable Agreement, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. We also could be required to make cash payments to the TRA Parties that are greater than the specified percentage of the actual benefits we ultimately realize in respect of the tax benefits that are subject to the Tax Receivable Agreement. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combination, or other changes of control. For example, should we elect to terminate the Tax Receivable Agreement immediately following this offering, assuming no material changes in the relevant tax laws or tax rates and that we earn sufficient taxable income to realize all tax potential benefits that are subject to the Tax Receivable Agreement, we estimate that the aggregate of termination payments would be approximately $214.8 million based on the assumed initial public offering price of $19.00 per share of our Class A common stock (the midpoint of the range set forth on the cover page of this prospectus). There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. In the case of such an acceleration in connection with a change of control, where applicable, we generally expect the accelerated payments due under the Tax Receivable Agreement to be funded out of the proceeds of the change of control transaction giving rise to such acceleration, which could have a significant impact on our ability to consummate a change of control or reduce the proceeds received by our stockholders in connection with a change of control. However, we may be required to fund such payment from other sources, and as a result, any early termination of the Tax Receivable Agreement could have a substantial negative impact on our liquidity or financial condition.

The actual timing and amount of any payments that may be made under the Tax Receivable Agreement are unknown at this time and will vary based on a number of factors. For more information about these factors, see "Certain Relationships and Related Party Transactions—Tax Receivable Agreement." However, we expect that the payments that we will be required to make to the TRA Parties (or their permitted assignees) in connection with the Tax Receivable Agreement will be substantial. Any payments made by Lincoln International, Inc. to the TRA Parties (or their permitted assignees) under the Tax Receivable Agreement will generally reduce the amount of cash that might have otherwise been available to us or LILP. To the extent LILP has available cash and subject to the terms of any current or future debt or other agreements, the LILP Partnership Agreement will require LILP to make cash distributions to the holders of common units in an amount sufficient to (1) fund all or part of their tax obligations in respect of taxable income allocated to them and (2) cover our operating expenses, including payments under the Tax Receivable Agreement. However, LILP's ability to make such distributions may be subject to various limitations and restrictions, such as restrictions on distributions that would either violate any contract or agreement

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to which LILP is then a party, including debt agreements, or any applicable law, or that would have the effect of rendering LILP insolvent. We generally expect LILP to fund such distributions out of available cash and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us and such interest may significantly exceed our other costs of capital. Further, except to the extent nonpayment is a result of restrictions under any current debt or other similar agreement or to the extent we do not have, and cannot take commercially reasonable action to obtain, sufficient funds to make such payments due under the Tax Receivable Agreement, nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and, therefore, may accelerate payments due to the TRA Parties under the Tax Receivable Agreement.

**Regulatory Capital**

Certain of our subsidiaries in the United States and the United Kingdom are subject to regulatory requirements in their respective jurisdictions to ensure general financial soundness and liquidity. This requires, among other things, that those subsidiaries comply with minimum capital requirements, record-keeping, reporting procedures, experience and training requirements for employees and other requirements and procedures. These regulatory requirements, which differ between the United States and the United Kingdom, may restrict the flow of funds to and from affiliates. We actively monitor our regulatory capital base in conjunction with regulatory requirements. We believe that we provide each of our subsidiaries with sufficient capital and liquidity in a manner that is consistent with their business and regulatory requirements. Our required U.S. regulatory capital was $5.1 million, of which $5.1 million was required for Lincoln International LLC and a nominal amount for MarshBerry Capital, LLC, and our assigned U.K. regulatory capital was £3.2 million, of which £3.2 million was required for Lincoln International LLP and a nominal amount for IMAS Corporate Finance LLP, in each case at March 31, 2026.

**Cash Flows**

Our operating cash flows are primarily influenced by the timing and receipt of advisory fees from clients, which are generally collected by our Investment Banking Advisory business segment upon completion of a transaction and by our Valuations and Opinions business segment generally within 30 days of billing, and the payment of operating expenses, including payments of incentive compensation to our managing directors and employees. We pay a significant portion of annual incentive compensation to non-partner employees in December of the calendar year with respect to the current year's performance. We also pay a significant portion of annual incentive compensation to partners in March of the next calendar year with respect to the prior year's performance.

A summary of our operating, investing and financing cash flows for the three months ended March 31, 2026 and 2025 is as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| **(USD in thousands)** | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | $1924 | $23950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash sources and uses | 19872 | 14777 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | (1406) | (8467) |
| Net cash provided by operating activities | 20390 | 30260 |
| **Cash flows from investing activities**  |  |  |
| Net cash used in investing activities | (18) | (2616) |
| **Cash flows from financing activities**  |  |  |
| Net cash used in financing activities | (94920) | (47268) |
| **Effect of exchange rate changes on cash and equivalents**  | (3565) | 3429 |
| **Net (decrease) in cash, cash equivalents and restricted cash**  | (78113) | (16195) |
| **Cash, cash equivalents and restricted cash, beginning of period**  | 324827 | 228988 |
| **Cash, cash equivalents and restricted cash, end of period**  | $246714 | $212793 |

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***Three Months Ended March 31, 2026***

Cash and cash equivalents and restricted cash were $246.7 million at March 31, 2026, an increase of $33.9 million from $212.8 million at March 31, 2025. Operating activities resulted in a net inflow of $20.4 million primarily due to net income of $1.9 million, non-cash charges of $19.9 million, and a decrease in other operating activities of $1.4 million. Investing activities resulted in a net outflow of $18 thousand primarily attributable purchase of furniture. Financing activities resulted in a net cash outflow of $94.9 million, primarily attributable to payments made to LPs, which include semi-monthly draws, tax advances and performance bonuses,

***Three Months Ended March 31, 2025***

Cash and cash equivalents and restricted cash were $212.8 million at March 31, 2025. Operating activities resulted in a net cash inflow of $30.3 million primarily due to net income of $24 million and non-cash charges of $14.8 million, and partially offset by a decrease in other operating activities of $8.5 million. Investing activities resulted in a net outflow of $2.6 million primarily attributable to the construction of new office facilities. Financing activities resulted in a net cash outflow of $47.3 million, primarily attributable to payments made to LPs, which include semi-monthly draws, tax advances and performance bonuses.

A summary of our operating, investing and financing cash flows for the years ended December 31, 2025 and 2024 is as follows:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| **(USD in thousands)** | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Income | $214133 | $163594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash sources and uses | 54764 | 28545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of liabilities assumed in acquisition | (74866) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating activities | 22294 | (42800) |
| Net cash provided by operating activities | 216325 | 149339 |
| **Cash flows from investing activities**  |  |  |
| Net cash used in investing activities | (232432) | (13872) |
| **Cash flows from financing activities**  |  |  |
| Net cash used in financing activities | 104105 | (171943) |
| **Effect of exchange rate changes on cash and equivalents**  | 7841 | (3757) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash**  | 95839 | (40233) |
| **Cash, cash equivalents and restricted cash, beginning of year**  | 228988 | 269221 |
| **Cash, cash equivalents and restricted cash, end of year**  | $324827 | $228988 |

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***Year Ended December 31, 2025***

Cash and cash equivalents and restricted cash were $324.8 million at December 31, 2025, an increase of $95.8 million from $229 million at December 31, 2024. Operating activities resulted in a net inflow of $216.3 million primarily due to net income of $214.1 million, non-cash charges of $54.8 million, and an increase in other operating activities of $22.3 million. Investing activities resulted in a net outflow of $232.4 million primarily attributable to cash paid for the MarshBerry Acquisition. Financing activities resulted in a net cash inflow of $104.1 million, primarily attributable to our debt financing structure related to the MarshBerry Acquisition.

***Year Ended December 31, 2024***

Cash and cash equivalents and restricted cash were $229 million at December 31, 2024. Operating activities resulted in a net cash inflow of $149.3 million primarily due to net income of $163.6 million and non-cash charges of $28.5 million, and partially offset by a decrease in other operating activities of $42.8 million. Investing activities resulted in a net outflow of $13.9 million primarily attributable to the construction of new office facilities. Financing

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activities resulted in a net cash outflow of $171.9 million, primarily attributable to payments made to LPs, which include semi-monthly draws, tax advances and performance bonuses, as well as approximately $13.9 million of our return of capital distribution of excess cash to partners in 2024.

**Off Balance Sheet Arrangements**

We do not invest in off-balance sheet vehicles that provide liquidity, capital resources, market or credit risk or engage in any leasing activities that expose us to liabilities that are not reflected in our consolidated financial statements.

**Market And Credit Risk**

Given the low capital intensity of our business, we do not believe that we are subject to significant market risk (including interest rate risk, exchange rate risk, and foreign currency risk) or credit or indebtedness risk, as further described below.

***Risks Related to Cash and Short-Term Investments***

Our cash and cash equivalents include short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or fewer from the date of purchase. We invest most of our cash in bank time deposits and money market funds. Cash is maintained in U.S. and non-U.S. bank accounts for the working capital needs of our U.S. and international operations. We maintain U.S. deposits at financial institutions that at times may exceed federally insured coverage limits. Such deposits are held in non-interest bearing and interest-bearing accounts, predominantly at one institution, Bank of America, N.A., which deposit amounts exceed the Federal Deposit Insurance Corporation limits. We have not experienced any losses in these accounts and believe we are not exposed to any significant credit risks. We believe our cash and short-term investments are not subject to any material interest rate risk, equity price risk, credit risk or other market risk.

***Credit Risk***

We regularly review our accounts receivable and allowance for doubtful accounts by considering factors such as historical experience, business life cycle, credit quality, age of client accounts receivable and recoverable out-of-pocket expense balances, and the current economic conditions that may affect a client's ability to pay such amounts owed to us. We maintain an allowance for doubtful accounts that, in our opinion, provides for an adequate reserve to cover losses that may be incurred. The balance of allowance for credit losses was $6.1 million at March 31, 2026 and $9.8 million at December 31, 2025. See "—Critical Accounting Estimates—Accounts Receivable and Allowance for Credit Losses."

***Indebtedness Risk***

Our indebtedness resulting from the MarshBerry Acquisition could limit our financial and operational flexibility and subjects us to restrictive covenants. The debt structure may limit our ability to pursue strategic opportunities, invest in our business, or respond to competitive pressures. Our debt agreements contain covenants that restrict our operations, such as limitations on incurring additional indebtedness, drawing on our line of credit, making acquisitions, and selling assets. Failure to comply with these covenants could result in an event of default, even if we are current on our principal and interest payments.

***Exchange Rate Risk***

We are exposed to the risk that the exchange rate of the U.S. dollar relative to our other operating currencies may have an adverse effect on the reported value of our non-U.S. dollar denominated assets and liabilities. In addition, the reported amounts of our revenues may be affected by movements in the rate of exchange primarily between each of the Euro and the Pound Sterling and the U.S. dollar, the currency in which our financial statements are denominated. We believe the majority of our business has a natural hedge against exchange rate risk because our cash inflows are largely denominated in the same currency as our cash outflows. As a result, we have not entered into any currency-related transactions to hedge our exposure to these foreign currency fluctuations through the use of derivative instruments or other methods, but we may do so in the future.

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***Foreign Currency Risk***

We incur foreign currency transaction risk whenever we enter into a transaction using a currency other than the currency of the transacting entity. We conduct business in various jurisdictions throughout the world and are subject to market risk due to change in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. The functional currencies of our foreign operating locations are generally the local currency in the country. The net impact of the fluctuation of foreign currencies in other comprehensive income in the consolidated statements of comprehensive income for the three months ended March 31, 2026 and 2025 was a loss of $2.4 million and a gain of $1.9 million, respectively.

**Critical Accounting Estimates**

Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") which require us to make estimates and assumptions that affect reported amounts. The estimates and assumptions used are based on historical experience and on other factors that we believe to be reasonable. Actual results may differ from these estimates and assumptions. We review these estimates and assumptions on a periodic basis to ensure reasonableness. While actual results may differ from these estimates and assumptions, we believe such differences are not likely to be material.

***Accounting Policies***

We follow GAAP established by the Financial Accounting Standards Board (the "FASB") to ensure consistent reporting of financial condition, results of operations, and cash flows. The following is a summary of our significant accounting policies.

***Revenue Recognition***

Client revenues are recognized when we satisfy our performance obligation by delivering the promised services to its clients under the terms of each engagement. Our Investment Banking Advisory fees generally consist of a non-refundable initial retainer fee and a success fee, and we may also receive milestone fees and opinion fees for select engagements.

The non-refundable initial retainer fee is initially recorded as a deferred revenue liability and is recognized over time as we fulfill our performance obligations. Our standard practice is to recognize this deferred revenue over eight months, which we have assessed as the average life of an engagement. Any non-refundable fees are recognized immediately at the time a deal is considered to be terminated or closed before the amount of the deferred revenue is fully recognized.

Milestone fees arise when a specific outcome, which is outlined in underlying client engagement letters, has been achieved in an Investment Banking Advisory engagement. We fully recognize any such milestone fee revenue when it is billed since the performance obligation has been achieved.

We recognize success fee revenue upon the satisfaction of our performance obligation, which generally occurs upon the successful closing of the transaction to which the relevant engagement relates. Revenue related to portfolio valuation fees is fully recognized when the fee is invoiced. At the time of invoicing, we have completed the valuation, which is generally the performance obligation as described in the relevant engagement letters.

Fairness opinion engagement revenues generally consist of a non-refundable initial retainer fee and a fee that is payable upon the delivery of our opinion. We have assessed the average life of a fairness opinion engagement as three weeks; therefore, our standard practice is to recognize the initial retainer fee as revenue when it is invoiced. The opinion fee revenue is recognized upon completion and delivery of the opinion. At this time, our performance obligation in respect of these engagements is fulfilled, and the client obtains control of the promised service.

Client revenues are presented gross of related client reimbursed expenses. Expenses related to investment banking advisory transactions are recognized as expenses on the statement of income as incurred. Revenue related to the reimbursement of these expenses is reported separately as reimbursed expenses on the statement of income when we are contractually entitled to reimbursement. While the majority of our revenue is earned from success fees on the

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successful closing of an engagement, deferred revenue represents the contract liabilities related to non-refundable fees received for which the performance obligation has not been satisfied.

The revenue recognition process requires management to make significant judgments and estimates regarding various aspects of the revenue transaction. We apply significant judgments in the key areas related to revenue recognition.

We evaluate our client contracts to determine whether goods or services promised in the contract are distinct and should be treated as separate performance obligations. This evaluation involves assessing whether the client can benefit from the goods or services either on their own or together with other readily available resources and whether the performance obligations are separately identifiable in the context of the contract.

The transaction price is determined based the performance obligation as noted in the contract. The transaction price is allocated to each performance obligation based on the relative price of the goods or services. Determining standalone prices often requires judgment when observable prices are not available.

We recognize revenue when the performance obligation as stated in the engagement letter has been completed. In the case of non-refundable retainer fees, the performance obligations are satisfied over time, so we estimate progress toward completion based on the average life of a transaction. These estimates involve judgment and are reassessed periodically.

The judgments and estimates described above may have a material impact on the timing and amount of revenue recognized. Differences between estimated and actual outcomes may result in adjustments to revenue in future periods. Management continually reviews and updates these judgments and estimates based on historical experience and changes in market or contractual conditions.

***Accounts Receivable and Allowance for Credit Losses***

The consolidated balance sheets present accounts receivable balances net of allowance for credit losses based on our assessment of the collectability of client receivables. Accounts receivable primarily represents contract assets due from investment banking and advisory and valuations and opinions services and includes both billed and unbilled amounts. We maintain an allowance for credit losses that, in our opinion, provides for sufficient reserves to cover our current expectation of future losses as of the reporting date. We determine the appropriate allowance by considering factors such as historical experience, credit quality, age of the accounts receivable and the current economic conditions that may affect a client's ability to pay such amounts when due to us, Uncollectible amounts are written off at the time the individual receivable is determined to be uncollectible. The balance of allowance for credit losses decreased to $6.1 million at March 31, 2026 from $9.8 million at December 31, 2025 due to recovery of uncollectible accounts.

As of March 31, 2026 and December 31, 2025, the asset and liability balances related to contracts with clients were as follows:

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| | | |
|:---|:---|:---|
| **(USD in thousands)** | **March 31, 2026** | **December 31, 2025** |
| Client accounts receivable, net of allowance | 90,920 | 160,225 |
| Deferred revenue | 4,270 | 2,737 |

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***Income Taxes***

We are currently organized as a limited partnership under the Internal Revenue Code. We are not subject to U.S. federal income tax but are subject to certain state and local taxes. Each LILP partner is individually liable for taxes on his or her share of our taxable income. Certain foreign subsidiaries and affiliates are subject to income taxes in their jurisdictions. For a discussion of our structure after this offering, see "Unaudited Pro Forma Condensed Consolidated Financial Information."

We file tax returns in all jurisdictions when required, including U.S. federal, state, local and international filings.

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Deferred tax assets or liabilities are recognized for the estimated future tax effects attributable to tax carryforwards and temporary differences in the timing of the recognition of income and expense for tax and financial reporting purposes. Temporary differences arise from differences between the book basis and tax basis of the assets and liabilities of the applicable subsidiaries or affiliates, which are expected to reverse at some future date. The provision for income taxes generally equals income taxes currently payable for the year and the net change in the deferred asset/liability balance.

We record a valuation allowance to reduce a deferred tax asset when it is not more likely than not that such amount will be realized. Deferred taxes have been provided for applicable subsidiaries and affiliates and are reported in the consolidated balance sheet.

We have adopted the guidance issued by the FASB on accounting for uncertainty in income taxes. ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, and disclosure.

FASB guidance requires the evaluation of tax positions taken or expected to be taken in the course of preparing the tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority. Tax positions deemed to meet the more- likely-than-not threshold are recorded as a tax benefit or expense and liability in the current year. Management has determined that there are no material uncertain income tax positions as of March 31, 2026.

***Goodwill***

Goodwill is recognized for the excess of the purchase price over the fair value of the tangible and identifiable intangible net assets of businesses acquired. We review goodwill for impairment annually or whenever indicators of impairment exist. An impairment would occur if the carrying amount of a reporting unit exceeds the fair value of that reporting unit. If management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management conducts a goodwill impairment test to assess if the carrying value of goodwill exceeds its fair value, in which case an impairment loss is recognized. A discounted cash flow model is used to determine the fair value of our reporting units for purposes of testing for impairment. We perform our annual impairment tests on December 31 of each year. There was no impairment for the years ended December 31, 2025 and 2024.

As part of the acquisitions of MarshBerry, Spurrier Capital Partners, and TCG Corporate Finance, we allocated each purchase price to the fair value of identifiable assets acquired and liabilities assumed. The residual amount was recognized as goodwill. Judgment on our part was required to identify and estimate the fair value of the acquired assets, including intangible assets such as the acquired backlog and then determine the fair value of liabilities assumed, including contingent liabilities and deferred revenue.

We evaluate goodwill for impairment outside of the annual testing cycle if events or changes in circumstances ("triggering events") indicate that the carrying value of a reporting unit may not be recoverable. Triggering events may include a significant adverse change in market conditions or the regulatory environment, a significant decline in our internal deal backlog, deterioration in the financial performance of a reporting unit and the identification of triggering events and the timing of impairment testing require consideration of both qualitative and quantitative factors.

Goodwill is tested for impairment at the level of a reporting unit, which is typically an operating segment or a component of an operating segment. Significant judgment is required in assessing goodwill, including our reporting units, estimating fair value of the reporting unit and comparing to our carrying value. If the fair value of a reporting unit is less than its carrying value, an impairment is recognized for the amount by which the carrying value exceeds the fair value, but not exceeding the total amount of goodwill allocated to the reporting unit.

The determination of goodwill value involves significant judgment. Changes in key assumptions or market conditions could result in material impairments. To date, we have not recorded any impairment charges.

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***Leases***

We are a lessee in several operating leases for office space and minor office equipment with non-cancellable terms in excess of one year. We determine if a contract contains a lease at the contract's inception and when the terms of an existing contract change. These leases can contain renewal options or early termination periods ranging from one to five years. Because we are not reasonably certain to exercise the renewal options or termination options, the renewal or termination periods are disregarded when determining the lease term and the costs associated with the renewal or termination options are excluded from lease payments.

We determine if an arrangement is a lease at inception in accordance with ASC 842, Leases. We recognize a lease liability and a right-of-use (ROU) asset for all leases with a term greater than twelve months. The lease liability is initially and subsequently measured at the present value of future lease payments, and the ROU asset is measured based on the lease liability, adjusted for any lease incentives received and initial direct costs incurred. We use our incremental borrowing rate as the discount rate because the implicit rates of our leases are not readily determinable. The incremental borrowing rate is the rate of interest we would pay to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The right-of-use asset is subsequently measured throughout the lease term at the present value of the remaining lease payments, plus any prepaid lease payments, less the unamortized balance of lease incentives received. Lease expense is recognized on a straight-line basis over the lease term.

In accounting for our leases under ASC 842, we make significant judgments and estimates in particular, in assessing the lease term, incremental borrowing rate (IBR) and impact of lease renewals and modifications.

For contracts that include renewal or termination options, we evaluate whether it is reasonable for us to exercise or not exercise these options. This assessment requires significant judgment and considers factors such as economic and strategic incentives to exercise renewal options, including the importance of the leased asset to our operations, costs associated with relocating operations to alternative office locations and our historical practice and the availability of similar leased office space within the local market. As a result, the lease term generally reflects only the non-cancelable period of the lease. We do not include periods covered by options to extend or terminate the lease if we are not reasonably certain to exercise those options.

We use our incremental borrowing rate to calculate the present value of lease payments when the implicit rate in the lease is not readily determinable. The incremental borrowing rate is the interest rate that we have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments in a similar economic environment.

Determining the IBR requires judgment and involves considering a proxy for our borrowing rate if one is not available, the lease term and payment structure and market conditions at the lease commencement date, including prevailing interest rates

For leases that are modified or reassessed due to changes in the lease term, we measure the lease liability using the updated IBR at the time of modification. Additionally, any changes to the ROU asset are recorded based on the remeasurement of the lease liability.

The judgments and estimates involved in determining the lease term and incremental borrowing rate could have a significant impact on the valuation of lease liabilities, ROU assets, and related expense recognition in the Company's financial statements. Changes in assumptions regarding the likelihood of renewals, modifications, or adjustments to the incremental borrowing rate may also result in material differences in amounts reported.

***Commitments and Contingencies***

We maintain a line of credit agreement, available for advances and letters of credit, with Morgan Stanley with a pledge capacity of $50 million and a borrowing capacity of $50 million. To date, we have pledged $4.3 million in cash and cash equivalents. Any amount outstanding under the agreement bears interest at a floating rate of interest equal to SOFR plus 1.1% per annum.

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We have security deposit requirements on office leases in the amount of $2.4 million, for which we maintain letters of credit with various banks. In connection with such letters of credit, Morgan Stanley places restrictions on our cash resources in the amounts drawn.

The amounts drawn on the line of credit were $0 as of March 31, 2026 and $0 as of December 31, 2025.

We also entered into the Credit Agreement to fund the MarshBerry Acquisition. Under the Credit Agreement, we have aggregate commitments of $75 million under the Delayed Draw Term Loan Credit Facility and $5 million under the Revolving Credit Facility available for drawing, in each case, subject to certain customary conditions and limitations. Amounts repaid or prepaid under the Delayed Draw Term Loan Facility may not be reborrowed. Amounts prepaid under the Revolving Credit Facility may be reborrowed. As of March 31, 2026, we had $24.9 million drawn under the Delayed Draw Term Loan Credit Facility and $0 in loans outstanding under the Revolving Credit Facility.

Borrowings under the Delayed Draw Term Loan Facility and the Revolving Credit Facility bear interest, at our election, at a rate equal to either (i) term SOFR (subject to a 0.50% floor) plus a margin of 4.25% or (ii) the base rate (subject to a 1.50% floor), which is equal to the greatest of (A) the prime rate, (B) the NYFRB rate plus 0.50% and (C) one-month term SOFR plus 1.00%, plus a margin of 3.25%. Interest on SOFR loans is payable (x) based on the selected interest period if such interest period is less than three months or (y) quarterly if the selected interest period is three months or longer. Interest on base rate loans is payable quarterly.

In the normal course of business, we are subject to various claims, litigation, regulatory and arbitration matters. Because these claims and matters are at different stages, management is unable to predict their outcomes. We also enter into contracts that contain a variety of representations and warranties and provide indemnifications for breaches of such representations and warranties under certain circumstances. Our maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against us that have not yet occurred.

***Partner and Employee Compensation and Benefit Plans***

Certain partners and employees' compensation consists of a base salary and an annual performance bonus. The annual performance bonus payable to such partners and employees may be subject to forfeiture if, among other things, the employee's employment terminates prior to the payment date. This compensation is expensed over the period that future service is provided. The annual performance bonus, subject to certain conditions, including continued employment, is fully paid to partners and employees within two years after the date of the award. We may also award cash bonuses to new partners and employees as incentives to join our company. These bonuses are paid in accordance with service or individual employment agreements. They may be paid over multiple years, and future payments related to these awards are generally subject to the same forfeiture provisions as the annual performance bonuses. The amount of annual performance bonus payable was $67.1 million at March 31, 2026 and $134.6 million at December 31, 2025.

We maintain a qualified profit sharing and 401(k) plan for the benefit of most full-time U.S. employees who have attained age 18. Effective January 1, 2017, we make a 3% safe harbor non-elective contribution with immediate vesting for Non-Highly Compensated Employees (as defined by the IRS) each year. We also make a discretionary profit-sharing contribution to Highly Compensated Employees, subject to vesting over a six-year period. Employer safe harbor and discretionary profit-sharing contributions were $0 in the three months ended March 31, 2026 and March 31, 2025.

The collective amounts of annual bonus payable and accrued profit-sharing contributions were $71.7 million in the three months ended March 31, 2026 and $138.4 million for the year ended December 31, 2025 and are reported as compensation payable.

Through our office in the United Kingdom, we also operate a defined contribution pension plan. The assets of the plan are held separately from those of the rest of the Company in an independently administered fund. The pension cost charge represents contributions payable by us to the fund. There were no contributions payable to the plan at the balance sheet date.

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***Business Combinations***

Accounting for business combinations requires management to make significant estimates and assumptions. Critical estimates include valuing of certain intangible assets include, but are not limited to, future expected cash flows, expected asset lives, geographic risk premiums, discount rates, and more. The amounts and useful lives assigned to acquisition-related intangible assets impact the amount and timing of future amortization expense.

The purchase price includes the consideration transferred by us, which may consist of cash, equity ownership, contingent consideration, or other forms of payment. For contingent consideration, we estimate the fair value using probability-weighted scenarios and discounted cash flow models, which require assumptions about the likelihood of achieving performance targets and the timing of payments.

We identify all tangible and intangible assets acquired and liabilities assumed as part of the transaction. Judgment is required to assess whether certain assets or liabilities meet the criteria for recognition under GAAP, value any leases acquired to in accordance with ASC 842, to determine whether certain assets, such as our acquired backlog or customer relationships, qualify as identifiable intangible assets and evaluate contingent liabilities and uncertain tax positions for recognition and measurement.

Once the fair values of the identifiable assets and liabilities are determined, the purchase price is allocated accordingly. Any residual amount is recorded as goodwill. Judgment is required to allocate fair value to individual assets when they are part of broader asset groups, determine whether any portion of the purchase price should be allocated to non-controlling interests, assess whether any portion of the purchase price represents a bargain purchase gain, which would be recognized in earnings.

Goodwill is calculated as the excess of the purchase price over the fair value of the identifiable net assets. The determination of goodwill requires accurate estimation of the fair value of all assets and liabilities and consideration of synergies, strategic benefits, and market conditions that contributed to the purchase price exceeding the fair value of net assets.

We expense acquisition-related costs, such as legal, accounting, and advisory fees, as incurred. Judgment is required to distinguish acquisition-related costs from costs associated with post-acquisition integration or restructuring activities.

The judgments and estimates involved in accounting for business combinations can be subjective and may result in material adjustments to our financial statements in future periods. Changes in assumptions, valuation methodologies, or market conditions could affect the fair value of acquired assets and liabilities, the amount of goodwill recognized, and the overall financial impact of the business combination.

***Recent Accounting Pronouncements***

In November 2024, the FASB issued ASU No. 2024-03, "Disaggregation of Income Statement Expenses" ("ASU 2024-03"). ASU 2024-03 improves public entity disclosures by requiring the disaggregation of certain expense categories in the notes to the financial statements for qualifying entities. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Upon initial evaluation, we do not expect the adoption of ASU 2024-03 to have a material impact on our consolidated financial statements.

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**BUSINESS**

**Company Overview**

We are a global independent investment banking advisory firm focused on the private capital markets. As a leader in advising private equity and private credit investors, private company business owners and other senior executives, our globally integrated platform allows us to deliver comprehensive, sector-focused advisory services to clients across key areas of the economy.

Our experienced professionals provide meaningful and differentiated private capital markets expertise across our two segments, Investment Banking Advisory and Valuations and Opinions:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Investment Banking Advisory** | **Valuations and Opinions** |
| **Mergers & Acquisitions** | **Capital Advisory** | **Private Funds Advisory** | **Other Services** | **Valuations and Opinions** |
| • Sell-Sides<br>• Buy-Sides<br>• Add-ons | • Debt Advisory <br>• Special Situations & Restructuring <br>• Growth Capital & Minority Equity | • Continuation Vehicles<br>• Single Asset and Co-Investment Vehicles<br>• Primary Funds | • Strategic Consulting<br>• Executive Peer Networks<br>• Agency Member Network | • Portfolio Valuations<br>• Transaction Opinions & Board Advisory<br>• Disputes Advisory |

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Since our founding in 1996, we have experienced significant growth achieved through investments in our talent, our platform, the complementary capabilities we offer—including our growing, recurring, and non-cyclical valuations business—and the strategic positioning of the firm. As a result, we have built a platform to support clients in attracting capital and investing with purpose, driving value and realizing returns. As of December 31, 2025, approximately 1,400 professionals, including 159 managing directors, serve our clients and operate our business from more than 30 offices across 14 countries throughout the Americas, Europe, Middle East and Asia. *Mergermarket* has ranked us the #2 sell-side advisor for private equity transactions globally over the three years ending December 31, 2025.

Our success is rooted in a thoughtfully designed, institutionalized, and proactively managed entrepreneurial culture, fostering collaboration and engagement while strengthening our ability to attract, develop, and retain exceptional talent at all levels of the organization. We believe this culture is distinctive within our industry and is reinforced by a proven executive leadership team with strong continuity, as well as experienced senior professionals who lead our industry, product, and administrative groups. Reflecting this continuity, our leadership team has been with Lincoln for an average of approximately 20 years, and our managing directors have averaged more than eight years with the firm. We continue to build our next generation of leaders through a deliberate focus on high-performing talent and internal promotion, as demonstrated by the fact that approximately 43% of U.S. managing directors were promoted from within—one-third of whom joined Lincoln as junior professionals.

Over time, we have intentionally diversified our business across service offerings and created depth of expertise and client relationships within industry sectors, including Business Services, Consumer, Healthcare, Industrials, Technology, and, through our acquisition of MarshBerry that we closed on October 31, 2025, Financial Services. MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. MarshBerry has been recognized by *S&P Global Market Intelligence* as the #1 M&A sell-side advisor in insurance brokerage in each year since 2022. We believe this strategic acquisition solidifies our position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

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**The Evolution of Lincoln International**![business1e.jpg](business1e.jpg)

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Note: (1) 2025 represents pro forma client revenue. (2) 2008 and 2015 product group diversity only reflect U.S. operations. (3) Financial Services and Energy included within Business Services except for Financial Services is called out separately in 2025 pro forma with MarshBerry. (4) Excludes MarshBerry offices in locations where Lincoln has an established office. (5) "M&A" incorporates MarshBerry's M&A-related client revenue, while "Other" incorporates FirstChoice, Connect and consulting client revenue.

We continue to invest to drive growth. As a catalyst for growth, we accelerated our lateral managing director hiring in recent years, leading to the onboarding of 31 new managing directors since the beginning of 2024 who either introduce—or strengthen—certain sector, product, or geographic expertise. Furthermore, since the end of 2022, we have increased the number of Capital Advisory and Private Funds Advisory managing directors by 43%. This senior talent hiring success is a testament to the strength of our brand and culture. Lincoln has become a destination for talent as we have evolved. We have also invested in our technology infrastructure, including designing a customer relationship management system that also functions as an enterprise resource planning system, by building a proprietary artificial intelligence, or AI, tool that aggregates institutional, market and client intelligence to drive efficiency and optimize knowledge sharing, and by improving the delivery of portfolio valuations through automation.

Our relentless focus on client success and continued investments in our people and platform have produced substantial growth in revenue and profits. Our client revenues have increased from $191.9 million in 2015 to $842.4 million on a pro forma basis in 2025, a 16% annualized growth rate. Our business has also become more diverse with the non-M&A revenue contribution growing from 21% in 2015 to 32% in 2025. For the three months ended March 31, 2026, after giving effect to the Organizational Transactions, our pro forma earnings before income taxes were $(28.8) million and $(0.2) million on an adjusted basis. For the year ended December 31, 2025, after giving effect to the MarshBerry Acquisition and the Organizational Transactions, our pro forma earnings before income taxes were $14.8 million and $145.9 million on an adjusted basis. See the section titled "—Summary Consolidated Financial and Other Data" for information regarding our use of adjusted EBT, which is considered a non-GAAP measure, and a reconciliation from income before income taxes.

**Our Services**

Our services are delivered with "Real Connection and True Perspective," the essence of our brand, which underpins partnership-oriented advisory relationships with our clients. Our proactively managed culture promotes knowledge sharing and, when combined with our deep relationships across the private capital markets, enables us to deliver differentiated insights. Our core segments—Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions (comprised of Portfolio Valuations, Transaction Opinions and Board Advisory, and Disputes Advisory)—provide revenue diversification,

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multiple avenues for growth across market cycles, and complementary services that support our clients' evolving needs. Our international reach enables clients to access the optimal acquirers, investors and capital pools in nearly every major market in the world.

**Private Capital Markets Continuum of Services**

We strive to support our clients throughout the full private equity and debt lifecycle, delivering value at each stage through the combination of expertise and insights across our service offerings.

![prosumm7b.jpg](prosumm7b.jpg)

The global private equity community is a focal point of our client service model. Our Financial Sponsors Coverage group, together with our industry and practice professionals, form a collaborative team, delivering timely, tailored services to meet client needs. This coverage strategy complements our ongoing engagement with other market-leading companies, both private and public, across sectors, enabling us to optimally serve our wide-ranging client base. Within our highly customized database and software system platform, we maintain a proprietary target list. We actively cover more than 1,000 private equity firms that collectively have more than 18,500 portfolio companies, and we have identified and strategically target approximately 3,300 as potential advisory opportunities in the next five years in addition to our coverage of approximately 1,150 global corporations. We have also invested in enhancing our coverage of private companies with a dedicated group of professionals focused on identifying and engaging with private, founder-owned companies within our core sectors and sub-sectors. We believe the combination of these efforts with MarshBerry's existing depth and breadth of relationships with private companies provides us with an even deeper pool of potential clients. MarshBerry uniquely targets its predominantly private company client base through an advisory-led model and evolves with its clients to the point of exit, creating a unique ecosystem that attracts and retains clients throughout their phases of growth. We believe that our comprehensive coverage strategy enables us to develop differentiated relationships that support the strength of our platform; excluding MarshBerry, 57% of advisory transactions closed during 2025 were with repeat clients.

Further, our Valuations and Opinions practice is a recognized market leader, valuing approximately 32% of all U.S. private equity-backed companies in 2025 through our private equity and private credit portfolio valuation engagements. Moreover, approximately 50% of fairness opinion transactions in 2025 were continuation vehicles or secondary transactions. In addition to supporting our growth and revenue diversification, the Valuations and Opinions practice provides us with unique access to information and enhances our ability to deliver differentiated insights to clients.

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**Selected Transactions Across Industries and Practices**

![prospectussummary3fa.jpg](prospectussummary3fa.jpg)

Our services are organized in the following groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Mergers & Acquisitions Advisory***: Our M&A Advisory practice services are delivered by a team of industry-focused professionals who have spent their careers developing deep professional connections and providing knowledgeable market perspectives and sector expertise to our clients. Our business is balanced across six core industries—Business Services, Consumer, Financial Services, Healthcare, Industrials, and Technology—and we continue to expand into new sectors within each industry. We have successfully added high-quality senior talent through lateral hiring and by purposefully developing talent internally in sectors we believe are likely to experience significant M&A growth.

Our focus is on private market transactions between $250 million and $2 billion in deal value, which we believe represents a large, sustainable, and growing segment of the market for investment banking advisory services. However, as we continue to grow with our clients and deepen our expertise, we expect that the number of transactions we advise on that are greater than this threshold will continue to expand, particularly where we have strong sub-sector expertise. As demonstrated below, our M&A Advisory practice is largely oriented towards sell-side advisory and we most frequently represent private equity firms as they seek return on their portfolio companies, typically selling to corporate or private equity acquirers. Excluding MarshBerry, cross-continental transactions represented approximately 25% of our M&A Advisory activity in 2025, reinforcing the importance of our international footprint and connectivity with acquirers and investors around the world.

**Composition of our 2025 M&A Advisory Transactions by Transaction Count**![business4c.jpg](business4c.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Capital Advisory:*** Our Capital Advisory practice delivers advisory services spanning the entire capital structure from healthy to distressed situations, with services ranging from raising minority growth equity to advising on special situations and restructuring to arranging debt financing. Our bankers have decades of experience providing bespoke services for stakeholders in a variety of complex situations and markets including storied M&A, capital structure assessment, bridge and rescue financing and other liquidity solutions. Approximately one-third of our Capital Advisory managing directors have experience in distressed and restructuring situations, bolstered by the recent hiring of senior professionals with this expertise. As an independent, advisory-only firm, client outcomes—not capital deployment—drive our recommendations, allowing us to build a differentiated sense of trust with our clients in any market cycle.

Our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Debt Advisory**: Acquisition financing, dividend recapitalization financing, refinancing, and structured capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Special Situations and Restructuring**: Liability management, financial restructuring, distressed M&A, and creditor advisory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Growth/Minority Equity**: Sourcing and structuring of growth capital and minority equity investments.

This cross-functional team stretches across geographies and leverages our platform to achieve the best possible outcome for our global client base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Private Funds Advisory:*** Established at the beginning of 2022, our Private Funds Advisory practice works with financial sponsors to design comprehensive capital solutions that align with their strategic growth objectives. Whether seeking capital for direct new investments, executing GP-led secondary transactions and continuation vehicles to extend hold periods, or raising new funds, our team has access to and knowledge of capital providers (*e.g.*, limited partners) to assist sponsor clients with a tailored private capital fundraising solution aligned with their investment strategies. From 2022 to 2025, our Private Funds Advisory revenue grew at a 125% annualized growth rate, and since the beginning of 2024, we have tripled the number of managing directors in this group and added senior professionals with significant experience in GP-led secondaries and continuation vehicles. We continue to sharpen our focus and deepen our expertise in this area as global secondaries volumes reached nearly $200 billion in 2025 (up from approximately $40 billion in 2015). Our Private Funds Advisory practice has grown rapidly by both closed assignments and headcount in the short period of time since its creation.

Our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Structured / Continuation Vehicles**: Enable financial sponsors to maintain ownership of their highest quality portfolio companies; opportunities often exist for both single-asset and diversified multi-asset portfolios allowing financial sponsors to hold assets beyond the typical fund lifecycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Single Asset Vehicles:** Provide timely execution for new independent financial sponsors seeking to make multiple investments ahead of raising a blind fund pool.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Primary Funds:** Develop a thoughtful approach to deliver not only capital but also "speed to market" and brand enhancement strategies to clients. We facilitate a tactical and relationship-based approach to raising capital rather than following the traditional, high volume, low completion rate, "numbers game."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Co-investment Vehicles**: Arrange co-investment capital for financial sponsors seeking to complete out-sized investments beyond fund-level capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Valuations and Opinions:*** Our Valuations and Opinions practice has established us as a thought leader that routinely provides independent, timely valuations and advisory services for many of the world's leading alternative asset managers. These alternative asset managers include private equity firms, private credit

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firms, mutual funds, insurance companies, banks, infrastructure firms, hedge funds, and institutional investors. In addition to servicing these institutions, we also provide leading financial advice to general partners, boards of directors, special committees, investors, trustees, and other corporate decision-makers at both public and private companies.

Our Valuations and Opinions practice is primarily organized into two sub-groups—(1) Portfolio Valuation and (2) Transaction Opinions and Board Advisory. Our global Portfolio Valuation practice operates on a recurring-revenue model, performing valuations of illiquid securities on behalf of our clients for financial and tax reporting purposes, with frequency of valuations varying from daily to annual. Our global Transaction Opinions and Board Advisory team provides transaction and fairness opinions for mergers, acquisitions, continuation vehicles, and various other transactions as well as solvency opinions for corporate spin-offs, dividend recapitalizations, alongside a range of financial opinions tailored to other types of transactions. In addition to these two sub-groups, in 2025, the Valuations and Opinions group launched a dedicated dispute advisory services business. Leveraging our core competencies in M&A and valuations, our disputes team specializes in advising either sellers or buyers on the resolution of post-closing purchase price adjustments (*e.g.*, working capital and earnouts). The Valuations and Opinions practice has significant market share—valuing approximately 32% of all U.S. private equity-backed companies in 2025 and having grown at a 28% annualized revenue growth rate since 2022.

Our services include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Portfolio Valuations**: Delivering independent valuations to alternative asset managers for illiquid investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Transaction Opinions and Board Advisory**: Providing independent fairness opinions, solvency opinions, and other transaction opinions to boards of directors, special committees, fiduciaries, and general partners of investment funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ **Disputes Advisory:** Advising clients on the resolution of post-close purchase price adjustments and serving as experts in accounting, valuation or other mergers and acquisitions-related matters

As we scale and perform additional valuations, we gather data and glean insights increasing the richness of our proprietary databases. Notable outputs from these databases are the Lincoln Private Market Index and the Lincoln Senior Debt Index. We believe the U.S. Lincoln Private Market Index is the largest and one of the most relied upon indices that tracks changes in the enterprise value of U.S. privately held companies, which makes us uniquely positioned to provide superior client advice. These indices have recently been published in *The Wall Street Journal, Bloomberg, S&P Global, StreetInsider.com, and Private Equity International.* The outputs from our proprietary databases are also highly marketable across our M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services by providing our clients with truly differentiated perspectives based on aggregated data across industries, geographies, and company size.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• *Other Services:*** In addition to its core Investment Banking Advisory services, MarshBerry offers services that we believe provide an early entry point into our ecosystem of offerings, enabling our team to learn a client's business and add value throughout its lifecycle. These services include strategic consulting, an executive peer exchange called Connect, which fosters connection and mentorship among leaders within the insurance and wealth sectors, and an agency member network, FirstChoice, which provides members direct insurance carrier access, strategic business planning, advanced technology services, and a comprehensive education platform. We believe these offerings enable us to build relationships with smaller, privately held insurance agencies and wealth management practices, and evolve with them to the point of eventual exit.

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**Our Market Opportunity**

We believe an attractive market opportunity exists for an independent investment banking advisory firm focused on the private capital markets, and that we are uniquely positioned to benefit from compelling trends underlying the broader industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growth in the Global Private Capital Markets:*** Since 2000, the number of private companies in the United States backed by private equity firms has grown from approximately 2,000 to approximately 13,600, with private market assets under management expected to grow from $19 trillion in 2024 to $32 trillion in 2030, while the number of U.S. public companies has declined from approximately 7,000 to approximately 4,200 over the same period. Global funds raised but not yet deployed by private equity firms remain abundant at more than $2.6 trillion globally as of December 31, 2025, providing sponsors with capital to support new platforms. We believe these dynamics—abundant investable capital, evolving exit pathways, and heightened liquidity needs—position us to capitalize on strong demand for advisory services in the private capital markets.

**Global Private Equity Undeployed Funds ($T)**

![business5c.jpg](business5c.jpg)

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Source: *S&P Global Market Intelligence*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing and Resilient Private Market M&A Transaction Activity:*** M&A activity in the private capital markets benefits from higher and more stable transaction activity than public, large-cap M&A. Private transactions up to $2 billion in deal value averaged approximately 25.2x the annual number of large-cap market transactions over the past ten years according to Dealogic. Additionally, transactions below $2 billion in deal value experienced significantly more stability in annual transaction count relative to the market from 2015 to 2025, with volatility of 19% over the period relative to 37% for transactions over $2 billion. We believe this long-term stability supports our business model.

![prosumm4b.jpg](prosumm4b.jpg)<br>

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Source: Dealogic

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Increasing M&A Fee Pool for Private Equity:*** We believe the expansion of private capital has contributed to a structurally larger and more durable M&A fee pool, particularly for sponsor-led transactions. Global M&A advisory revenues have grown from approximately $12 billion in 2000 to $27.6 billion for the twelve

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months ended December 31, 2025, while independent advisors have meaningfully increased market share from approximately 17% to approximately 37% over the same period. The proliferation of private equity-backed companies, coupled with abundant investable capital, extended hold periods, and evolving exit and liquidity pathways, is driving sustained demand for platform formation, add-on acquisitions, recapitalizations, and exits. Additionally, an increase in the MOIC serves as an indicator of more deals coming to market. We believe these dynamics will continue to support strong M&A activity and advisory demand, positioning Lincoln to capture an increasing share of sponsor-driven fee opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Expansion of Retail Investor Participation in the Private Capital Markets:*** Asset managers are increasingly capitalizing on growing retail investor demand for access to private market investments, driven by the search for higher returns, diversification, and income amid public market volatility. This has led to the expansion of retail-accessible private market products, including interval funds, tender offer funds, BDCs, and other semi-liquid vehicles across private equity, private credit, and real assets. Reflecting this shift, a 2025 global private markets survey found that 56% of institutional investors expect at least half of private market capital flows to come through semi-liquid, retail-oriented vehicles within the next one to two years. We believe these trends will continue to support demand for our capital advisory and valuation services as sponsors evaluate retail and wealth-channel fundraising strategies and navigate increasing product, liquidity, and governance complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasing Demand for Independent Advice:*** The demand for unbiased, specialized expertise has supported the ability of independent advisors to capture increasing share of growing M&A fees. Clients are increasingly scrutinizing any potential conflicts of interest at large financial institutions that operate investment banking businesses alongside sales and trading, underwriting, and lending businesses. We believe these large investment banks often face greater regulatory constraints and the relative size and complexity of their organizations can render them less able than independent firms to move nimbly and deliver customized service without any actual or perceived conflicts of interest. We believe that commercial banks view investment banking as a secondary offering to supplement lending activities in specific sub-sectors. In contrast, independent firms have been able to specialize in providing advisory and broader financial services and offer a differentiated level of industry knowledge, quality of service, and the flexibility to rapidly adapt to client needs. In addition to gaining market share from full-service investment banking firms, we believe that the leading independent firms will grow market position relative to smaller, specialized "boutique" advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increase in Private Debt Issuance:*** Companies have capitalized on robust investor demand for higher yielding assets by issuing large volumes of debt, including leveraged loans, structured debt capital, and other similar products. Loan volumes have been particularly high across a broad range of non-bank private capital providers ranging from private credit funds, BDCs, insurance companies, mezzanine funds, and other institutional investors. The demand for credit assets has supported significant growth in global private credit assets under management. After growing at approximately 13-16% per year over the last decade, global private credit assets under management reached approximately $2.3 trillion in 2025 and is forecasted to grow to $4.5 trillion by 2030 according to a report by Preqin. North America direct lending, the most popular strategy, comprises nearly 30% of the global private credit market. We believe that these market trends will continue to support demand for our capital advisory services, particularly as companies seek to evaluate the full range of financing alternatives in the private capital markets. The expansion of the private debt markets is expected to increase demand for valuations and opinions services in all market environments, and particularly during periods of uncertainty, which we believe demonstrates the ability of our business to capitalize on different phases of the business cycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Increasingly Competitive Fundraising Markets:*** We believe that the extension of private investment holding periods, coupled with elevated levels of undeployed funds, has limited institutional investors' ability to deploy new capital, contributing to a "tightening" of fundraising markets. As a result, we believe fund limited partners have become increasingly selective in allocating funds to investment opportunities, which has catalyzed an increasing demand for advisory services by asset managers to support private capital fundraising efforts. This trend has supported the growth of our Private Funds Advisory practice, as

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fund general partners have increasingly sought advisory services to support the achievement of fundraising goals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Growing Need for Third-Party Valuation Services:*** Alternative asset managers are typically required to complete valuations that align with their financial reporting requirements to investors, as well as when subscriptions or redemptions occur within a fund vehicle, to satisfy compliance standards and regulatory reporting obligations. Coupled with the need to maintain high governance standards, alternative asset managers often engage third-party valuation firms to consult on internally prepared valuations or to provide independent ranges of values. We believe that as both alternative asset managers and the capital held within private capital markets continue to grow—including growth of such investments within the retail channel—the importance, use and frequency of third-party portfolio valuations will only increase. During the quarter ending December 31, 2025, we performed approximately 7,100 portfolio company valuations and approximately 1,800 investment valuations through our newly launched asset-backed finance practice. In all of 2025, we performed more than 25,000 portfolio company valuations, with no single asset manager or fund group representing a material portion of our valuations revenue. While the most common valuation cadence is quarterly, more than 30% of the portfolio company valuations we performed in 2025 were conducted more frequently (*i.e.*, daily, weekly, or monthly).

**Our Key Competitive Strengths**

We believe that our business is differentiated from our competitors based on several factors, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Proactively Managed Culture Drives Exceptional Human Capital:*** Since our inception, we have cultivated a collaborative and entrepreneurial culture that enables us to attract, retain, and engage exceptional people. We anchored our strategy in a clearly defined purpose, vision, and mission, supported by the five core values that define our culture and enable its execution.

![business7b.jpg](business7b.jpg)

We define our culture at a granular level and actively measure it using data-driven tools, including an annual, third-party administered culture and engagement survey and regular focus groups. We take deliberate action based on this feedback to ensure we are upholding our values and addressing issues directly. We believe our high levels of employee engagement validate the widespread adoption of our values, and our compensation structure is designed to reinforce and incentivize dedication to promoting our culture.

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Our unique culture supports strong retention and effective recruiting, both on university campuses and laterally within the industry. We invest significant resources in developing our talent, creating clear pathways for professional advancement, and fostering long-term retention by enabling employees at all levels to have a meaningful impact on the firm's growth and success. This is reflected in approximately 80% employee retention since 2020, an approximately 80% junior banker direct promotion acceptance rate since 2015, and an average managing director tenure of more than eight years. At the same time, we have established ourselves as a destination for top talent. At the end of 2023, we made a deliberate strategic decision to accelerate the hiring of high-quality senior professionals based on our experience that the strongest talent is most willing to change platforms during periods of market uncertainty. This strategy has proven to be highly effective, as evidenced by the successful onboarding of 31 managing directors laterally from January 1, 2024 to January 1, 2026. Our focus on attracting and retaining top talent fosters a collaborative culture rather than a "star banker" model. No individual managing director accounted for more than 2% of 2025 revenue and no managing director was in the top five revenue producers in each of the past three years ending December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Advisor of Choice for Large, Loyal and Repeat Client Base:*** We have long-standing relationships with many of the world's most active and respected private equity firms, and are ranked as the #2 sell-side advisor globally for private equity transactions over the three years ending December 31, 2025 according to *Mergermarket*. Private equity clients are among the most sophisticated and frequent users of investment banking services and deep relationships with this community are critical to driving repeat business and market visibility in a private market M&A advisory business. Beyond sell-side advisory, we have purpose-built our service offerings to support the full continuum of private equity and private debt needs, from attracting capital, to investing with purpose, to creating value and ultimately realizing returns.

Led by our Financial Sponsors group, we actively cover more than 1,000 private equity firms worldwide with more than 18,500 portfolio companies, of which we have identified approximately 3,300 as targets for potential advisory engagements in the next five years. We strategically identify potential targets through an evaluation of size, industry, and investor relationships, and prioritize opportunities where we believe we can achieve optimal outcomes for our clients. For each of the approximately 3,300 targets, we maintain an institutionalized strategic business planning approach captured within our CRM system enabling us to develop an authentic relationship with the decision makers while delivering value to the portfolio company during the private equity group's hold period. Our track record of driving successful outcomes for private equity firms across numerous transactions and services has resulted in deeply embedded relationships. We believe these relationships are further supported by how we are often a top source of new investment opportunities for these firms. Excluding MarshBerry, approximately 57% of our advisory transactions closed in 2025 were with repeat clients, which we believe demonstrates the quality of our advisory services and client coverage efforts. Many of our repeat clients utilize multiple products across business lines, as demonstrated in the examples below:

**Examples of Breadth of Private Equity Client Relationships**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** | **Transactions (2019-2025)** |
|<br>**Client** |<br>**# of Total Portfolio Companies** |<br>**# of Portfolio Companies on LI Target List** | **Sold a Business To?** | **Sold a Business For?** | **Completed a Capital Raise For?** | **Valuations and Opinions Client?** |
| Client A | 97 | 11 | Y | Y | N | Y |
| Client B | 84 | 12 | Y | Y | N | Y |
| Client C | 43 | 8 | Y | Y | Y | Y |
| Client D | 33 | 8 | Y | Y | Y | N |

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We believe the above examples are representative of our breadth of private equity client relationships as a whole and demonstrate the typical engagement of these clients across our continuum of services. Our robust and consistent deal flow as a result of our meticulous target tracking efforts and continuous engagement with these clients, enables us to generate more transaction opportunities that deliver excellent outcomes. Further, our hiring efforts are focused on expanding our industry expertise, which we believe

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will support our ability to expand our target universe, further deepen client relationships and enhance our ability to capture a greater share of advisory opportunities among our client base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Complementary Services, with Growing and Recurring Revenue Streams:*** Since our founding, we have strategically expanded into a diversified platform offering complementary services to clients across key sectors of the economy. Our advisory capabilities span two core segments: Investment Banking Advisory (comprised of M&A Advisory, Capital Advisory, Private Funds Advisory, and Other Services) and Valuations and Opinions.

**Complementary Service Offerings**

![prosumm7ca.jpg](prosumm7ca.jpg)

This expansion has broadened our client relationships and deepened our engagement across the private capital markets, creating multiple entry points for new business and recurring revenue streams. In particular, our Valuations and Opinions practice provides ongoing, comprehensive valuation services that generate predictable, repeatable revenue, enhance connectivity with clients and often facilitate the identification of potential advisory opportunities. Market dynamics and evolving investment opportunities drive increased demand for higher frequency valuations. While the most common valuation cadence is quarterly, more than 30% of the portfolio company valuations we performed in 2025 were conducted more frequently (*i.e.*, daily, weekly, or monthly). Collectively, we believe our complementary service offerings create a balanced revenue mix, enhance stability, reduce cyclicality, and position us for continued growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Globally Integrated Organization:*** We have strategically expanded into new geographies with a focus on building a locally deep and globally integrated presence across the world's top economies. This approach has resulted in an integrated global footprint, providing broad market knowledge and strong access to investors. Our teams are embedded within their local business communities around the world, enhancing our ability to win assignments and deliver tailored advisory services. We believe this globally integrated organization enables us to deliver superior outcomes for our clients.

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**<u>Global Client Professionals</u>**

![business9ha.jpg](business9ha.jpg)

We have intentionally expanded our global footprint to be present in the largest markets for our services, with approximately 77% of global M&A transactions closed in 2025 occurring in markets where we operate. We have well-established teams in the three largest Western European markets by gross domestic product, with a presence in Germany since 1999, France since 2006, and the United Kingdom since 2008. We believe that operating near the headquarters of many pan-European private equity firms positions us well to deploy cross-border European advisory teams in support of our clients' objectives. We also maintain an established presence in Asia, having entered Japan in 2008, India in 2011, China in 2013, and Dubai in 2025. In 2023, we established a strategic partnership with Miles Advisory Partners, which expanded our global footprint into Australia and New Zealand, enhancing our geographic reach, industry expertise, and investor connectivity in a region with growing deal activity. This global reach also diversifies our business from the impact of regional economic cycles.

Our collaborative culture and global systems infrastructure enable real-time knowledge sharing and the ability to provide differentiated service to our clients. This level of global connectivity is particularly valuable in facilitating successful outcomes in cross-border transactions. For example, in a sell-side transaction, our footprint allows us to access a global universe of strategic and financial buyers, enabling us to drive competitive tension and generate superior outcomes for our clients. As a result of our global footprint and collaboration, excluding adjustment for the MarshBerry Acquisition, 51% of our M&A transactions closed in 2025 were cross-border and over the two year period ended December 31, 2025, approximately 30% of our closed engagements combined a local market professional with a sector expert from another geography.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Distinctive Technology and Data–Driven Approach:*** We employ a data-driven approach to managing our business and leverage technology to enhance knowledge sharing and client service. Our investments in data and technology enable leadership, client facing professionals, and administrative teams to collaborate effectively, lead, forecast, generate business, and execute transactions.

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Our highly customized customer relationship management system is built to maximize collaboration and analytical decision making, featuring a robust target list of potential advisory opportunities, proprietary dashboards that provide actionable insights that help us to manage our business, and deep intelligence that enable us to better serve clients. Real-time access to productivity metrics, revenue backlog, closed deal statistics and target scores informs strategic planning and support enterprise resource planning.

We have also developed an internal, bespoke generative artificial intelligence powered knowledge retrieval engine to enhance the efficiency and quality of our client service. Leveraging the expertise of our global professionals, we completed an extensive development process through the targeted collection of Lincoln's proprietary documents and client meeting notes, organization by industry and deal type, cleansing of sensitive data, and implementation of retrieval algorithms. This tool has equipped our team with instant access to critical client and market information, enabling us to better share insights across global offices and deliver deeper value for our clients.

To improve our portfolio valuation service within our Valuations and Opinions group, we have implemented cloud-based platforms that streamline the management of large datasets and complex analyses, as well as tools that enhance the transparency of our processes with clients. Additionally, we have integrated artificial intelligence and other automation technologies to extract data from information received from our clients and to uniformly incorporate market data into our valuations systemically. These advancements enable our valuations professionals to improve accuracy of results, enhance process efficiency, strengthen quality control, and deliver deeper, more insightful results, on a near real-time basis to our clients and, where applicable, their fund administrators.

Through our portfolio valuation and opinions business, Lincoln has captured and aggregated significant amounts of private company performance and transaction data since 2011. This enables us to analyze, in an anonymized and aggregated manner, key indicators regarding the health of the private capital markets and can extract themes across industry verticals, investment vintage, and size categories. The data we regularly report on includes, but is not limited to, enterprise valuation levels, business performance, financial covenants and investment interest rates in private credit transactions. On February 23, 2026, Lincoln entered into a partnership with S&P DJI to launch the U.S. and Europe S&P Lincoln Senior Debt Indices, combining Lincoln's private market insights with S&P DJI's expertise in index design, administration, and governance.

**Our Growth Opportunities**

Since our founding, we have proactively capitalized on opportunities to drive growth throughout market cycles. Our vision is to continue advancing our position as a leading global independent investment banking advisory firm serving the private capital markets through the consistent execution of our growth strategies. We have a long track-record of evolving our business model by identifying and acting on opportunities to accelerate our growth, including during periods of market uncertainty, resulting in increased scale, productivity, and diversification.

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**Global Revenue Over Time**![business10e.jpg](business10e.jpg)

We plan to further our growth objectives by continuing to focus on:

***Expand Market Share***

We believe there is a significant opportunity to continue to increase our share of the expanding demand for investment banking advisory services in the private capital markets. We intend to accomplish this by both deepening relationships with existing clients and adding new clients across sectors and geographies. As our client relationships mature, we increasingly serve as a holistic advisor, helping clients navigate often complex strategic objectives. Several of our private equity clients with whom we have worked for decades have grown into diversified asset managers, requiring sophisticated and wide-ranging advisory support. Moreover, over the last five years, approximately 2,400 new private equity groups have been formed globally, many of which have investment professionals with whom we have worked while they were at other firms. We have grown and adapted alongside our clients, expanding our industry expertise and service offerings to meet their evolving needs in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Deepen Current Expertise:** We continue to build depth and scale in our existing industries and products by developing high performing talent internally and hiring senior professionals who expand our expertise. The strength of our platform and collaborative culture enables retention and promotion of our internal talent and makes us an attractive destination for high-caliber lateral hires. This approach is supported by a robust internal pipeline, including more than 120 directors and more than 140 vice presidents as of December 31, 2025, who represent potential future managing directors. This deep bench of internal talent, combined with strategic lateral hiring, allows us to strengthen sector, sub-sector and product density. Throughout our history, we've employed this approach to expand our coverage and reach in nearly all of our industry groups and products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Expand into New Industries and Products:** While we continue to drive talent density in our current industry and product groups, we remain focused on leveraging our proven strategy to further expand our advisory capabilities across new industries and offerings. We are an employer of choice for lateral hiring. We added a record 66 managing directors from January 1, 2024 to January 1, 2026, of which 31 were outside hires, 21 joined through acquisitions, and 14 were internally promoted. The MarshBerry Acquisition added 16 managing directors with sub-sector experience across the insurance brokerage and wealth management sectors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cross-Sell Services:** Our deep M&A client relationships create significant opportunities to introduce Capital Advisory, Private Funds Advisory, and Valuations and Opinions services, further embedding us in our clients' businesses. Likewise, our Valuations and Opinions practice serves many of the largest asset managers, providing a strong opportunity to expand into more transaction-oriented advisory services. These efforts are reinforced by deliberate relationship-building initiatives, including our Financial Sponsors

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group, Private Company Coverage group, private markets conferences and other forums designed to create lasting client connections.

This expanding market opportunity is reflected in our strong and growing backlog which is at an all-time high as of December 31, 2025. This important benchmark underscores the continued demand for our services, the depth of our client relationships, and our ability to capitalize on our growth opportunities across our complimentary advisory offerings. We regularly review and assess backlog on both a gross and probability weighted basis.

***Increase Productivity & Expand Margins***

We strive to increase productivity and expand margins by driving greater discipline and consistency across target coverage, fee realization and deal execution. As our platform has scaled, we've sharpened our focus on deal selection and target coverage, which supports increases in revenue per managing director as well as average deal and fee size.

Maintaining a high-performance culture remains central to this effort. We actively manage productivity expectations and hold employees accountable to meeting those standards, which has been validated by growth in employee productivity. This discipline also ensures we reserve capacity within the organization for opportunities that increase our franchise value. In addition, we expect the full productivity impact of the significant number of lateral managing directors onboarded in the past two years to be fully realized in 2026, 2027 and beyond.

Another key driver of this margin expansion is the continued growth of insourcing to our operations in India, which provides high-quality, cost-efficient support across the platform. While this has been most impactful to date in our Valuations and Opinions business, we expect similar productivity gains in our Investment Banking Advisory business going forward. In parallel, we are increasingly 'working smarter' by automating workflows and leveraging technology to improve efficiency and accelerate execution. These efficiencies allow us to support growth in managing directors while growing incoming junior banker classes at a slower rate, reflecting productivity improvements enabled by technology and outsourced support.

We believe these investments to date lay the groundwork for further expanded margins through operating leverage and continued efficiency gains. We have made significant, forward-looking investments in our real estate footprint across nearly all major office locations, providing substantial capacity to support future headcount growth. Investments made in real estate, as well as technology, infrastructure, talent optimization, and our global operating model, are beginning to deliver scale benefits, allowing incremental revenue to convert at higher margins while preserving the high-quality service clients expect from us.

***Strategically Invest in the Platform***

We take an approach of investing in our business to establish competitive advantages in the way we serve clients. Our strategic investments drive growth, efficiency, and client impact. We continue to invest in technology and tools that further professionalize our organization and optimize employee efficiency, ensuring our teams can operate at the highest level. We are already beginning to realize tangible benefits from recent investments in artificial intelligence, including improved data aggregation, faster insight generation, and more efficient execution. As these capabilities scale, they enhance our ability to deliver differentiated perspectives, support banker productivity, and provide a consistently high-quality client experience.

In parallel, we are expanding our coverage of private companies in an organized, methodical, and data-driven way through the recent addition of our Private Company Coverage Group, aimed at identifying growth-oriented, entrepreneur-owned businesses that require advisory services. Connections with private company leadership teams unlock new insights into industry and private market trends that we can leverage across the platform. These investments position us for long-term success, strengthening our ability to deliver differentiated insights and exceptional client outcomes.

We are also investing in the aggregation of our proprietary data to create opportunities for data commercialization. By systematically capturing and organizing transactional and operational private capital information generated through our client engagements, we have built a differentiated dataset that can be leveraged

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beyond individual client engagements. On February 23, 2026, Lincoln entered into a partnership with S&P DJI to launch the U.S. and Europe S&P Lincoln Senior Debt Indices, combining Lincoln's private market insights with S&P DJI's expertise in index design, administration, and governance. These investments reinforce our position as a leading source of proprietary perspectives in the private capital markets.

***Selectively Pursue Acquisitions***

We have pursued, and will continue to pursue, strategic acquisitions that expand our capabilities, strengthen our industry and geographic reach, and enhance our ability to serve both existing and new clients. Alongside organic growth, acquisitions represent a critical lever to accelerate expansion, particularly in targeted sectors and key markets, with cultural alignment remaining a top priority to ensure seamless integration and long-term success. Over the past four years, we have demonstrated our ability to execute this strategy through the acquisitions of Spurrier Capital Partners in 2022 and TCG Corporate Finance in 2024, which significantly enhanced our technology sector expertise in the United States and Europe while deepening relationships with leading private equity firms. The MarshBerry Acquisition provided immediate entry at scale into the Financial Services sector—one of the most active M&A sectors over the past five years—while also diversifying our end markets, client base, and business model. In addition, we view group hires as a valuable complement to acquisitions, strengthening sector and product expertise across the firm. We expect to build on this momentum by leveraging both acquisitions and group hires as key drivers of continued growth.

**Our People**

We believe our people are our most valuable asset, and strive to maintain our position as a destination for world class talent. Our proactively managed, collaborative, and entrepreneurial culture fosters a high sense of empowerment and creativity and promotes exceptional employee retention. Since 2020, our average annual employee retention rate has been approximately 80%. Our culture is reinforced through our dedication to recruiting top talent, engaging that talent, and making investments that allow us to retain them for the long term.

We recruit professionals from the world's leading undergraduate and graduate programs, and have hired approximately 335 analysts and associates since 2019 through our dedicated campus recruiting efforts. We also recruit laterally from other investment banking advisory firms, professional services firms and accounting firms. In particular, we have attracted senior market-leading bankers who have enabled us to enter new business lines and sectors. In our hiring efforts, we place a high degree of emphasis on cultural fit, sector and product expertise, and technical ability, and we seek high performing individuals with a variety of experiences to drive our leading client satisfaction and market position.

Our human capital initiatives are a key strategic focus. We are an equal opportunity employer and believe individuals should be able to succeed, regardless of background, based on their qualifications, demonstrated skills, and achievements. We have undertaken various initiatives to increase employee engagement on key aspects of our culture, as well as to formalize our oversight and governance of such matters. We believe these efforts help to create differentiation in the industry and incremental value-add for clients.

We are committed to developing professionals into successful, high-performing managing directors, as evidenced by over 43% of our managing directors reaching their position through internal promotions. Across the firm, we devote significant time and resources to ongoing training and mentorship. Globally, our professionals receive continuous development plans throughout their careers and in the form of proprietary training content through "Lincoln University," as well as third-party training programs. Our emphasis on development extends to our staffing model, in which we employ an apprenticeship approach under the leadership of our managing directors. We are also diligent in rewarding our high-performing professionals through competitive compensation and benefits, and initiatives such as a global office transfer program which allows our professionals to take advantage of our global reach.

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**Competition**

The market for financial advisory services is highly competitive. We compete with other investment banks and independent financial advisory firms on the basis of a number of factors including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Depth and quality of client relationships

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Industry knowledge

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction execution skills

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Breadth of products and services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reputation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Track record of successful prior transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fees

We believe that we compete favorably with respect to these factors. Broadly, we compete with Harris Williams & Co., Houlihan Lokey, Inc., Jefferies LLC, Lazard Ltd, Moelis & Company, Piper Sandler Companies, Raymond James Financial, Inc., Robert W. Baird & Co. Incorporated, Rothschild & Co., Stifel Financial Corp., and William Blair & Company, L.L.C. While our competition may provide advisory services, only a subset is primarily focused on the private capital markets and even a smaller subset is focused solely on advisory services in the space, and where they are, they are generally not as global. We believe that we are one of two independent firms that truly focus on global investment banking advisory services for the private capital markets.

![business11ba.jpg](business11ba.jpg)

More broadly, the competitive landscape is highly fragmented, which we believe presents opportunities for consolidation of market share by leading firms that can achieve faster organic growth, as well as those that can complete selective acquisitions. We believe our focus on the private capital markets and global reach are highly differentiating, and that our strength and success among private equity firms is unique and reinforces our market position. As a result, we believe we are able to deliver superior advice to clients, and at the same time attract and retain industry-leading talent which is instrumental to effectively competing in this space.

**Conflicts of Interest**

Prior to taking on any client engagement, we review actual, potential or perceived conflicts of interest. Our internal protocols include a commitment committee that reviews all new engagements, and decisions of this committee are based on the facts and circumstances and guidance provided in our conflicts of interest policy. We have not had any material issues related to conflicts.

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**Legal Proceedings**

From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. We are not currently a party to any material litigation.

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**MANAGEMENT**

The following table provides information regarding our executive officers and members of our board of directors (ages as of May 11, 2026):

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Lawrence James Lawson III | 70 | Co-Founder, Executive Chairman and Chairman of the Board of Directors |
| Robert T. Brown | 58 | Chief Executive Officer and Director |
| Eric D. Malchow | 58 | President and Global Head of M&A, Director |
| Robert B. Barr | 72 | Co-Founder, Managing Director and Director |
| M. Christie Smith, Ph.D<sup>(1)</sup> | 61 | Director |
| John W. Oleniczak<sup>(1)</sup> | 62 | Director |
| Theodore J. Heidloff | 49 | Chief Financial Officer |
| Kristin M. Marvin | 45 | General Counsel |
| Mary R. Weber | 39 | Chief Operating Officer |

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__________________

(1)The noted individual has agreed to become a director and such individual will be appointed to the board effective upon the adoption of Lincoln International, Inc.'s amended and restated bylaws.

**Executive Officers and Directors**

***Lawrence James Lawson III*** is expected to serve as Chairman of the board of directors of Lincoln International, Inc. upon adoption of its amended and restated bylaws and as Executive Chairman of Lincoln International LLC upon the consummation of this offering and has served as a Director of Lincoln International, Inc. since February 2026. He is also a co-founder of Lincoln and has served as Chairman of the advisory board to Lincoln since November 2022 and as a director of LI GP, Inc. since December 2011. He also served as Global Co-Chief Executive Officer and Managing Director from the firm's inception in April 1996 through September 2021. Mr. Lawson has served on the board of Washington & Lee University since May 2023. Prior to co-founding Lincoln, Mr. Lawson served as a senior officer at Peers & Co., a M&A boutique, where he helped establish the Chicago office and worked on cross-border transactions. Previously, he was a senior vice president in corporate finance for PaineWebber Incorporated (which was acquired by UBS) ("PaineWebber"), where he worked on equity capital market and debt capital market deals as well as in the M&A group. He began his career in public accounting with KPMG LLP. In addition to co-founding and co-leading Lincoln, Mr. Lawson also co-founded a private equity firm and a manufacturing and servicing company of printing consumables. Mr. Lawson earned a Master of Business Administration from the University of Chicago Booth School of Business and a Bachelor of Science from Washington and Lee University, where he graduated magna cum laude and a member of Beta Gamma Sigma.

We believe Mr. Lawson is qualified to serve on our board of directors due to his extensive experience in the industry, broad financial expertise, years of leadership experience and his knowledge of our business in particular gained through years of service as co-founder and leader of Lincoln.

***Robert T. Brown*** is expected to serve as Chief Executive Officer of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as a Director of Lincoln International, Inc. since February 2026, Chief Executive Officer of Lincoln since October 2021 and as a director of LI GP, Inc. since April 2021. Prior to that, Mr. Brown led Lincoln's North American business and its business services practice. Having been with Lincoln for 28 years, he has been instrumental in many of the firm's growth initiatives, including building out several of the firm's industry practices, recruiting talent to the platform and expanding internationally. Mr. Brown serves on the board of UNICEF USA and the Dean's Business Council for the Gies School of Business at the University of Illinois. Previously, Mr. Brown worked in management positions at Price Waterhouse LLP in its investment banking subsidiary and the transaction services group. Mr. Brown earned a Master of Business Administration from Columbia University Graduate School of Business and a Bachelor of Science from the University of Illinois. He is a Certified Public Accountant (inactive).

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We believe Mr. Brown is qualified to serve on our board of directors due to his extensive experience in the industry, years of leadership experience and his knowledge of our business in particular, gained through his long tenure at Lincoln.

***Eric D. Malchow*** is expected to serve as President and Global Head of M&A of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as a Director of Lincoln International, Inc. since February 2026 and the President of Lincoln since October 2021. Prior to that, Mr. Malchow served as the Co-President of Lincoln's North American business and Managing Director. He established and built the firm's industrials M&A practice since the firm's founding in 1996 and led the firm's Industrials M&A practice for more than a decade. Throughout his 38-year investment banking career, Mr. Malchow has provided mid-market M&A advisory services for leading private equity groups and publicly traded corporations. Prior to co-founding Lincoln, Mr. Malchow was a senior associate at Peers & Co. and an officer with Heller Financial, concentrating on leveraged buyout financings of mid-market companies on behalf of private equity groups. Mr. Malchow serves on the Advisory Board for the Tippie College of Business at the University of Iowa. Mr. Malchow earned a Master of Business Administration from the University of Chicago Booth School of Business and a Bachelor of Business Administration from the University of Iowa.

We believe Mr. Malchow is qualified to serve on our board of directors due to his extensive experience in the industry, years of leadership experience and his knowledge of our business in particular, gained through 30 years of service to Lincoln.

***Robert B. Barr*** is expected to serve as Managing Director of Lincoln International LLC upon the consummation of this offering and has served as a Director of Lincoln International, Inc. since February 2026. He is also a co-founder of Lincoln, has served as a director of LI GP, Inc. since December 2011 and served as Global Co-Chief Executive Officer and Managing Director from the firm's inception in April 1996 through September 2021. Mr. Barr also served as Lincoln's Co-Head of Europe from November 2023 until April 2026. Prior to co-founding Lincoln, Mr. Barr advised on cross-border M&A as a Managing Director at Peers & Co. and as a Senior Vice President at PaineWebber. He began his career as a consultant with Data Resources, Inc., an econometric consulting firm. Mr. Barr earned a Master of Business Administration from Harvard Business School and a Bachelor of Arts (with honors) from Case Western Reserve University.

We believe Mr. Barr is qualified to serve on our board of directors due to his extensive experience in the industry, broad financial expertise, years of leadership experience and his knowledge of our business in particular, gained through 30 years of service as co-founder and Managing Director of Lincoln.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***M. Christie Smith, Ph.D*** is expected to serve as Director of Lincoln International, Inc. upon adoption of its amended and restated bylaws. She has served on the advisory board to LILP since March 2024 and served on the Board of Directors of Endo, Inc. (NASDAQ: ENDP) from 2020 to July 2025. Dr. Smith has been a Partner of Heidrick & Struggles, a premier provider of executive search and leadership consulting services, since March 2025. Prior to that, Dr. Smith served as a Senior Managing Director at Accenture from 2020 to August 2023 and as a Global Vice President for Inclusion and Diversity at Apple from 2017 to 2020. Dr. Smith was also a member of Deloitte's executive leadership team from 2011 to 2017, responsible for defining and implementing the firm's strategy and business, operations and international expansion plans. Dr. Smith holds Doctorate from New York University, a Masters in Social Work from Rutgers University and a Bachelor of Arts from Loyola College in Baltimore.

We believe Dr. Smith is qualified to serve on our board of directors due to her extensive management expertise and significant strategy development, board, data and analytics, and mergers and acquisitions experience.

***John W. Oleniczak*** is expected to serve as a Director of Lincoln International, Inc. upon adoption of its amended and restated bylaws. Mr. Oleniczak was a partner of PricewaterhouseCoopers LLP ("PwC") and a Certified Public Accountant, where he spent more than 38 years before retiring in June 2024, most recently serving in PwC's Governance Insights Center advising boards of directors, executive teams and investors on corporate governance matters. During his tenure at PwC, Mr. Oleniczak held numerous leadership roles, including Leader of PwC's Midwest Audit Practice during the implementation of the Sarbanes-Oxley Act and PCAOB standards,

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Managing Partner of PwC's Cybersecurity and Forensics Practice, and U.S. Markets and Operations Leader of PwC's Risk and Internal Audit Practice. He also led PwC's Chicago leveraged buyout and private equity practice within the firm's Deals group and served as lead partner on multiple large multinational client engagements, advising on mergers and acquisitions, internal controls, governance, and cybersecurity strategy.

Mr. Oleniczak has served on the Board of Directors of the Archdiocese of Chicago since June 2023, where he currently serves as the Audit Committee Chair, and as a director of the Western Golf Association since 2020. He served on the Board of Directors of the Lyric Opera of Chicago until 2020, where he served as Audit Committee Chair, and as a member of the Executive Committee of the Morton Arboretum until 2014, where he chaired the Finance Committee. Mr. Oleniczak holds a Masters in Management from Northwestern University and a Bachelor of Business Administration from the University of Wisconsin-Milwaukee.

We believe Mr. Oleniczak is qualified to serve on our board of directors due to his extensive audit and accounting expertise, deep experience advising boards and management teams on governance and risk matters, and significant leadership experience across cybersecurity, internal audit, and transaction advisory functions.

***Theodore J. Heidloff*** is expected to serve as Chief Financial Officer of Lincoln International, Inc. upon adoption of its amended and restated bylaws. He has served as Chief Financial Officer at Lincoln since 2018, where he is responsible for all aspects of the firm's accounting, forecasting, tax and treasury operations. Mr. Heidloff has more than 25 years of diverse global finance leadership experience at several SEC registrants. Prior to joining Lincoln, Mr. Heidloff was the Global Controller for Cushman & Wakefield, a global real estate services firm, and Controller and Chief Accounting Officer for Walgreens. Mr. Heidloff serves on the board of EverPulse Foundation, a nonprofit enterprise committed to accelerating innovation in pediatric cardiology. Mr. Heidloff holds a Bachelor of Business Administration from the University of Notre Dame and is a Certified Public Accountant.

***Kristin M. Marvin*** is expected to serve as General Counsel of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as General Counsel at Lincoln since September 2024, where she is responsible for all aspects of the firm's legal and compliance operations. She previously served in roles of increasing responsibility at Lincoln from 2015 until 2018. Prior to rejoining Lincoln in 2024, Ms. Marvin was in roles of increasing responsibility at Xeris Biopharma Holdings, Inc. (NASDAQ: XERS), most recently as General Counsel, from 2018 to September 2024, Senior Counsel at Durata Therapeutics, Inc. from 2014 to 2015 and was an attorney in the New York offices of Simpson, Thacher & Bartlett LLP from 2008 until 2014. Ms. Marvin earned her Juris Doctorate magna cum laude from Fordham University School of Law and a Bachelor of Arts in Economics from Tufts University.

***Mary R. Weber*** is expected to serve as the Chief Operating Officer of Lincoln International, Inc. upon adoption of its amended and restated bylaws and has served as Chief Operating Officer at Lincoln since January 2024. As Chief Operating Officer, Ms. Weber drives Lincoln's change management initiatives, collaborating closely with group leaders to ensure coordination, communication and consistency globally. She provides leadership on many of the firm's key initiatives, applying her experience as an investment banker to inform decisions on the firm's operations. In her role, Ms. Weber also oversees the Talent function, including the strategic planning and initiatives that help Lincoln attract, retain and engage high performers. She previously served as the Chief Talent Officer at Lincoln from July 2022 through January 2024 and as the Chief Talent Officer for North America at Lincoln from 2019 through July 2022. Before leading the talent and operations functions for Lincoln, Ms. Weber worked in client advisory at the firm, primarily focused on sell-side assignments in the Business Services, Consumer and Industrials sectors. Ms. Weber holds a Master of Business Administration from Northwestern's Kellogg School of Management and a Bachelor of Finance and a Bachelor of Accounting from the University of Illinois.

**Family Relationships**

There are no family relationships among any of our executive officers or directors.

**Composition of our Board of Directors**

Our business and affairs are managed under the direction of our board of directors, which will consist of members upon consummation of the Organizational Transactions. Our certificate of incorporation will provide that

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the number of directors on our board of directors shall be fixed exclusively by resolution adopted by our board of directors. Our certificate of incorporation will provide that our board of directors will be divided into three classes, as nearly equal in number as possible, with the directors in each class servicing for a three-year term, and one class being elected each year by our stockholders.

When considering whether directors have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business.

In accordance with our certificate of incorporation any series of preferred stock then outstanding, any director, or the entire board of directors, may be removed (i) prior to the Sunset Date, with or without cause by the affirmative vote of a majority of the voting power of all of the then outstanding shares of stock entitled to vote generally in the election of directors and (ii) from and after the Sunset Date, only for cause by an affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all the outstanding shares of stock entitled to vote generally in the election of directors. Our certificate of incorporation will provide that our board of directors will be divided into three classes with staggered three-year terms. At each annual meeting of stockholders after the initial classification, the successors to the directors whose terms will then expire will be elected to serve from the time of election and qualification until the third annual meeting following their election. Our directors will be divided among the three classes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class I directors will be Mr. Brown and Ms. Smith, and their terms will expire at the annual meeting of stockholders to be held in 2027;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class II directors will be Mr. Barr and Mr. Oleniczak, and their terms will expire at the annual meeting of stockholders to be held in 2028; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Class III directors will be Mr. Lawson and Mr. Malchow, and their terms will expire at the annual meeting of stockholders to be held in 2029.

Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. This classification of our board of directors may have the effect of delaying or preventing changes in control of our Company.

**Director Independence**

Prior to the consummation of the Organizational Transactions, our board of directors undertook a review of the independence of our directors and considered whether any director has a relationship with us that could compromise that director's ability to exercise independent judgment in carrying out that director's responsibilities. Our board of directors has affirmatively determined that Mr. Oleniczak and Ms. Smith will each be an "independent director," as defined under the rules of the NYSE.

**Controlled Company Exception**

After the consummation of the Organizational Transactions, the LILP Controlling Partners will have more than 50% of the combined voting power of our common stock. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the rules of the NYSE. As a controlled company, we may elect not to comply with certain corporate governance standards, including that: (1) a majority of our board of directors consists of "independent directors," as defined under the rules of the NYSE; (2) we have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; (3) we have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and (4) we perform annual performance evaluations of the nominating and corporate governance and compensation committees. Immediately following the consummation of the Organizational Transactions and this offering, we intend to rely on certain of the exemptions listed above, and we will not have an entirely independent compensation committee or

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perform annual performance evaluations of the nominating and corporate governance and compensation committees unless and until such time as we are required to do so. We may also elect to rely on additional exemptions for so long as we remain a "controlled company." Accordingly, you may not have the same protections afforded to stockholders of companies that are subject to all of these corporate governance requirements. In the event that we cease to be a "controlled company" and our shares continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition periods. See "Risk Factors—Risks related to Our Class A Common Stock and this Offering."

In connection with this offering, the LILP Controlling Partners and the Company will enter into the Voting Agreement. For more information regarding the Voting Agreement see "Certain Relationships and Related Party Transactions—Voting Agreement."

**Committees of Our Board of Directors**

Our board of directors directs the management of our business and affairs, as provided by Delaware law, and conducts its business through meetings of the board of directors and its standing committees. We will have a standing audit committee, nominating and corporate governance committee and compensation committee. In addition, from time to time, special committees may be established under the direction of the board of directors when necessary to address specific issues.

***Audit Committee***

Our audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appointing, approving the fees of, retaining and overseeing our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing with our independent registered public accounting firm their independence from management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discussing with our independent registered public accounting firm any audit problems or difficulties and management's response;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving all audit and permissible non-audit services to be performed by our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the financial reporting process and discussing with management and our independent registered public accounting firm the interim and annual financial statements that we file with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing our policies on risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing related person transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the confidential anonymous submission of complaints regarding questionable accounting, internal controls or auditing matters, and for the confidential anonymous submission of concerns regarding questionable accounting or auditing matters.

Upon the consummation of the Organizational Transactions, our audit committee will consist of Mr. Oleniczak, Ms. Smith and Mr. Lawson, with Mr. Oleniczak serving as chair. Rule 10A-3 of the Exchange Act and the rules of the NYSE require that our audit committee have at least one independent member upon the listing of our Class A common stock, have a majority of independent members within 90 days of the date of this prospectus and be composed entirely of independent members within one year of the date of this prospectus. Our board of directors has affirmatively determined that Mr. Oleniczak and Ms. Smith will each meet the definition of "independent director" under the rules of the NYSE and the independence standards under Rule 10A-3 of the Exchange Act. Each member of our audit committee meets the financial literacy requirements of the rules of the NYSE. In addition, our board of directors has determined that Mr. Oleniczak will qualify as an "audit committee financial expert," as such term is defined in Item 407(d)(5) of Regulation S-K. Our board of directors has adopted a written charter for the audit committee, which will be available on our principal corporate website at www.lincolninternational.com substantially

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concurrently with the consummation of the Organizational Transactions. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

***Nominating and Corporate Governance Committee***

Our nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying individuals qualified to become members of our board of directors, consistent with criteria set forth in our corporate governance guidelines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually reviewing the committee structure of the board of directors and recommending to the board of the directors the directors to serve as members of each committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developing and recommending to our board of directors a set of corporate governance guidelines.

Upon the consummation of the Organizational Transactions, our nominating and corporate governance committee will consist of Messrs. Brown and Lawson and Ms. Smith with Mr. Lawson serving as chair. We intend to avail ourselves of the "controlled company" exception under the rules of the NYSE, which exempts us from the requirement that we have a nominating and corporate governance committee composed entirely of independent directors. Messrs. Brown and Lawson do not qualify as "independent directors" under the rules of the NYSE.

Our board of directors has adopted a written charter for the nominating and corporate governance committee, which will be available on our principal corporate website at www.lincolninternational.com substantially concurrently with the consummation of the Organizational Transactions. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

***Compensation Committee***

Our compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or recommending that the board of directors approve, the compensation of our Chief Executive Officer and other executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• making recommendations to the board of directors regarding director compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving incentive compensation and equity-based plans and arrangements and making grants of cash-based and equity-based awards under such plans.

Upon the consummation of the Organizational Transactions, our compensation committee will consist of Messrs. Barr and Oleniczak and Ms. Smith, with Ms. Smith serving as chair. We intend to avail ourselves of the "controlled company" exception under the rules of the NYSE, which exempts us from the requirement that we have a compensation committee composed entirely of independent directors. Mr. Barr does not qualify as an "independent director" under the rules of the NYSE. Our board of directors has adopted a written charter for the compensation committee, which will be available on our principal corporate website at www.lincolninternational.com substantially concurrently with the consummation of the Organizational Transactions. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Risk Oversight**

Our audit committee will be responsible for overseeing our risk management process. Our audit committee will focus on our general risk management policies and strategy, the most significant risks facing us, and overseeing the implementation of risk mitigation strategies by management. Our board of directors is also apprised of particular

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risk management matters in connection with its general oversight and approval of corporate matters and significant transactions.

**Risk Considerations in our Compensation Program**

We conducted an assessment of our compensation policies and practices for our employees and concluded that these policies and practices are not reasonably likely to have a material adverse effect on our Company.

**Compensation Committee Interlocks and Insider Participation**

None.

**Code of Ethics and Code of Conduct**

Prior to the completion of the Organizational Transactions, we will adopt a written code of business conduct and ethics that applies to our directors, officers, partners, employees, and other agents designated by us as being subject to the code, including our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of the code will be posted on our website at www.lincolninternational.com. In addition, we intend to post on our website all disclosures that are required by law or the rules of the NYSE concerning any amendments to, or waivers from, any provision of the code. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Conflicts of Interest**

We have policies and procedures designed to minimize conflicts of interest arising from any dealings we have with our affiliates and to provide appropriate procedures for the disclosure of any real or potential conflicts of interest. Our board of directors will adopt a written code of business conduct and ethics that will provide that all of our directors, officers, partners, employees and other agents designated by us as being subject to the code are required to promptly report internally any situation that involves, or may reasonably be expected to involve, a conflict of interest with Lincoln. Our directors, officers, partners, employees, and other agents designated by us as being subject to the code are prohibited from (i) engaging in any conduct or activities that are inconsistent with our best interests or disrupts or impairs our relationship with any person or entity with which we have or propose to enter a business or contractual relationship; (ii) accepting compensation, in any form, for services performed for Lincoln from any other source other than Lincoln or our subsidiaries; (iii) take up any management or other employment position with, or have any material interest in, any firm or company that is in direct or indirect competition with Lincoln. Additionally, our board of directors will adopt a related person transaction policy, to be effective upon the closing of this offering and which will require, subject to certain exceptions, the Audit Committee of our board of directors to independently approve transactions, agreements or relationships in which certain related persons have a material interest and the amount involved exceeds $120,000. See "Certain Relationships and Related Party Transactions—Related Person Transaction Policy and Procedures."

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**EXECUTIVE AND DIRECTOR COMPENSATION**

**Executive Compensation**

This section discusses the material components of the executive compensation program for our executive officers who are named in the "2025 Summary Compensation Table" below. In 2025, our "named executive officers" and their positions were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Robert T. Brown, our Chief Executive Officer and a Managing Director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eric D. Malchow, our President, Global Head of M&A and a Managing Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mary R. Weber, our Chief Operating Officer.

This discussion may contain forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. As we transition from a private company to a publicly traded company, we intend to evaluate our compensation values and philosophy and compensation plans and arrangements as circumstances require. Actual compensation programs that we adopt following the completion of this offering may differ materially from the existing and currently planned programs summarized in this discussion.

**2025 Summary Compensation Table**

The following table sets forth information concerning the compensation of our named executive officers for the fiscal year ended December 31, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position** | **Year** | **Salary<br>($)** | **Bonus**<br>**($)**<sup>(1)</sup> | **Option Awards ($)**<sup>(</sup><sup>2)</sup> | **All Other Compensation**<br>**($)**<sup>(3)</sup> | **Total($)** |
| Robert T. Brown | 2025 | 350000 | 4150000 | 242786 | 4551 | 4747337 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Executive Officer* |  |  |  |  |  |  |
| Eric D. Malchow | 2025 | 350000 | 3045000 | 40305 | 801 | 3436106 |
| &nbsp;&nbsp;&nbsp;&nbsp;*President* |  |  |  |  |  |  |
| Mary R. Weber | 2025 | 425000 | 915000 | 89600 | 943891 | 2373491 |
| &nbsp;&nbsp;&nbsp;&nbsp;*Chief Operating Officer* |  |  |  |  |  |  |

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__________________

(1)Amounts reflect the discretionary performance bonuses paid to each named executive officer with respect to fiscal 2025. The total discretionary performance bonuses payable to Mr. Brown and Mr. Malchow in respect of 2025 performance of $4,150,000 and $3,045,000, respectively, were paid in full in March 2026. The total discretionary performance bonus payable to Ms. Weber in respect of 2025 performance of $915,000 is payable in three installments: $532,500 was paid in February 2026 and two installments of $191,250 which will be paid to Ms. Weber in each of December 2026 and December 2027, subject to her continued employment through the applicable payment date. For additional information on our discretionary performance bonus program, see "Narrative to Summary Compensation Table—2025 Bonuses."

(2)Amounts reflect the fair value of unit options granted during 2025, computed in accordance with FASB ASC Topic 718, rather than the amounts paid to or realized by the named individual. We use the Black-Scholes option-pricing model to estimate the fair value of our option awards, which requires a number of assumptions, of which the most significant are: the expected stock price volatility, expected option term, risk-free interest rates and the exercise price of the options. The assumptions used to determine the fair value of the option awards represent management's best estimates.

(3)Amounts reflect (i) for Mr. Brown, a company-paid contribution of $4,551 to his 401(k) plan account, (ii) for Mr. Malchow, a company-paid contribution of $801 to his 401(k) plan account and (iii) for Ms. Weber, (a) a company-paid contribution of $801 to her 401(k) plan account and (b) $943,090 relating to forgiveness of an outstanding loan to the company associated with the purchase of the company's equity.

**Narrative to Summary Compensation Table**

The primary elements of compensation for our named executive officers are base salaries, annual discretionary cash bonuses and equity compensation awards. The named executive officers also participate in employee benefit plans and programs that we offer to our other full-time employees on the same basis, including medical, dental, vision and death/disability benefits.

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***Salaries***

The named executive officers receive a base salary to compensate them for services rendered to our company. The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role and responsibilities.

The total base salaries earned by our named executive officers in fiscal 2025 are disclosed in the "Salary" column in the Summary Compensation Table set forth above. The following table sets forth fiscal 2025 base salaries for each of our named executive officers, which remain unchanged from fiscal 2024 base salaries for each of our named executive officers. We expect that, following the completion of this offering, base salaries for the named executive officers will be reviewed periodically by the board of directors or the compensation committee thereof, referred to as the compensation committee, with adjustments expected to be made generally in accordance with the considerations described above and to maintain base salaries at competitive levels.

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| | |
|:---|:---|
| **Named Executive Officer** | **Fiscal 2025 Annual Base Salary ($)** |
| Robert T. Brown | $350000 |
| Eric D. Malchow | $350000 |
| Mary R. Weber | $425000 |

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***2025 Discretionary Performance Bonuses***

During fiscal 2025, we did not maintain a formal bonus program; rather, annual bonuses with respect to fiscal 2025 performance were determined on a discretionary basis by the general partner of LILP based on a subjective assessment of the applicable executive's performance and the performance of the company.

These discretionary performance bonuses are paid (if at all) either (i) in full in the first quarter following the end of the applicable fiscal year or (ii) in three installments, with the first installment paid in the first quarter following the end of the applicable fiscal year, the second installment paid in December of the year following the end of the applicable fiscal year and the third installment paid in the December of the second year following the end of the applicable fiscal year, subject to the executive's continued employment through each payment date. Messrs. Brown and Malchow's 2025 discretionary performance bonuses were paid in full to them in March of 2026. The total discretionary performance bonus payable to Ms. Weber in respect of 2025 performance of $915,000 is payable in three installments: $532,500 was paid in February of 2026 and two installments of $191,250 which will be paid to Ms. Weber in each of December 2026 and December 2027, subject to her continued employment through the applicable payment date.

In addition, in 2025 Ms. Weber received two additional installments of her discretionary performance bonuses earned with respect to fiscal 2023 and 2024 performance in an aggregate amount of $234,000, which had been deferred until 2025 subject to her continued employment through the applicable payment date.

***Retention Bonus***

We entered into a retention bonus agreement with Ms. Weber, dated as of March 24, 2026, pursuant to which Ms. Weber is eligible to receive a cash retention bonus in an aggregate amount equal to $500,000, payable within two pay periods following the execution of the retention bonus agreement (the "Weber Retention Bonus"). In the event that Ms. Weber's employment is terminated by us for any reason or Ms. Weber resigns within three (3) years following the date of payment, then Ms. Weber must repay the entire amount of the retention bonus.

***Equity Compensation***

We have historically granted options to purchase units in LILP to certain of our eligible service providers, including to our named executive officers.

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In 2025, Mr. Brown was granted options to purchase 500 units in LILP, Mr. Malchow was granted options to purchase 100 units in LILP, and Ms. Weber was granted options to purchase 100 units in LILP, respectively, each with a per unit exercise price of $4,800. The options granted to Messrs. Brown and Malchow vest on January 1, 2027, subject to the executive's continued service through the applicable vesting date. The options granted to Ms. Weber vested on January 1, 2026. The options granted to each named executive officer become exercisable on the applicable vesting date and remain exercisable through the period beginning on the applicable vesting date and ending on the earlier of (a) the day before the executive's termination from employment for any reason and (b) the last day of the calendar year in which the applicable vesting tranche of the option becomes exercisable. In the event of the occurrence of a liquidity event other than an initial public offering, the options will accelerate and vest in full. In connection with this offering, we expect that each option award will be recapitalized into an option to purchase common units of LILP pursuant to the Reorganization Transactions.

In connection with the offering, we intend to adopt the 2026 Incentive Award Plan, referred to below as the 2026 Plan, in order to facilitate the grant of cash and equity incentives to directors, employees (including our named executive officers) and consultants of our company and certain of its affiliates and to enable our company and certain of its affiliates to obtain and retain services of these individuals, which is essential to our long-term success. For additional information about the 2026 Plan, please see the section titled "Equity Incentive Plans" below.

Our Board intends to approve the grant of restricted stock unit awards pursuant to the 2026 Plan to certain of our employees, including certain of our named executive officers, Mr. Brown, Mr. Malchow and Ms. Weber, and one of our non-employee directors, Mr. Oleniczak, which grants will become effective in connection with the consummation of this offering ("IPO Equity Awards"), subject to continued service through the grant date.

The IPO Equity Awards that will be granted to each of Mr. Brown, Mr. Malchow and Ms. Weber will be comprised of restricted stock units and are expected to have a cumulative value of $7 million, $4.5 million, and $1 million, respectively, as of the closing of this offering. The IPO Equity Awards that will be granted to Mr. Oleniczak will be comprised of restricted stock unit awards, which are further described under the section titled "Executive and Director Compensation—Director Compensation" below. The aggregate value of restricted stock unit awards to be granted to our employees and non-employee director in connection with the offering will equal approximately $77 million. The aggregate number of shares of our Class A common stock that will be issued pursuant to the IPO Equity Awards will be determined based on the initial public offering price per share of our Class A common stock in this offering.

Each IPO Equity Award granted to our named executive officers will vest in two substantially equal annual installments on each of the third and fourth anniversaries of the closing of this offering, subject to the executive's continued service with us through the applicable vesting date.

***Other Elements of Compensation***

*Retirement Plan*

We maintain a qualified 401(k) retirement savings plan, or the 401(k) plan, for our employees, including our named executive officers, who satisfy certain eligibility requirements. The Internal Revenue Code of 1986, as amended, or the Code, allows eligible employees to defer a portion of their compensation, within prescribed limits, through contributions to the 401(k) plan, and/or receive employer contributions in respect of their 401(k) plan accounts. Currently, we provide employer safe harbor and profit-sharing contributions, subject to limits provided in the Code. We make annual safe harbor nonelective contributions to Non-Highly Compensated Employees of 3% of the participant's eligible compensation, which are fully vested as of the date on which the contribution is made. We also make profit-sharing contributions to Highly Compensated Employees, which vest over a six-year period. We believe that providing a vehicle for retirement savings through our 401(k) plan adds to the overall desirability of our compensation package and further incentivizes our employees, including our named executive officers, in accordance with our compensation policies.

The amounts of such Company contributions paid by us on behalf of each named executive officer are set forth above in the Summary Compensation Table in the column titled "All Other Compensation."

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*Health and Welfare and Perquisites*

All of our full-time employees, including our named executive officers, are eligible to participate in our health and welfare plans, including medical, dental and vision benefits; health and transit flexible spending accounts; charitable donation matching; short-term and long-term disability insurance; travel insurance; accident insurance; and life and accidental death and dismemberment insurance.

In June 2022, we entered into a loan agreement with Ms. Weber pursuant to which we agreed to loan Ms. Weber $845,000 in connection with her purchase of equity in LILP. In December 2025, we determined that it was appropriate to forgive the loan (including the associated interest), with the total amount forgiven equal to $943,090.

We did not provide any perquisites or special personal benefits to our named executive officers in fiscal 2025 other than the loan forgiveness for Ms. Weber, but our compensation committee may from time to time approve them in the future if it determines that such perquisites are necessary or advisable to fairly compensate or incentivize our employees.

We believe the perquisites and benefits described above are necessary and appropriate to provide a competitive compensation package to our named executive officers.

*No tax gross-ups*

We did not make gross-up payments to cover our named executive officers' personal income taxes that may pertain to any of the compensation paid or provided by us during 2025.

***Clawback Policy***

In connection with this offering, our board of directors intends to adopt a compensation recovery policy that is compliant with the listing rules of the NYSE, as required by the Dodd-Frank Act.

**Outstanding Equity Awards at Fiscal Year-End 2025**

The following table summarizes the number of units of LILP underlying outstanding equity incentive plan awards for each named executive officer as of December 31, 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** |
|<br>**Name** |<br>**Grant Date** | **Number of Securities Underlying Unexercised Options (#) Exercisable** | **Number of Securities Underlying Unexercised Options (#) Unexercisable** | **Number of Securities Underlying Unexercised Options (#) Unexercisable** | **Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)** | **Option Exercise Price<br>($)** | **Option Expiration Date** |
| Robert T. Brown | 4/7/2025 |  | 500 | <sup>(1)</sup> |  | 4800 | 12/31/27 |
| Eric D. Malchow | 6/12/2025 |  | 100 | <sup>(2)</sup> |  | 4800 | 12/31/27 |
| Mary R. Weber | 4/7/2025 |  | 100 | <sup>(3)</sup> |  | 4800 | 12/31/26 |
| Mary R. Weber | 9/30/2024 |  | 25 | <sup>(4)</sup> |  | 4440 | 12/31/26 |
| Mary R. Weber | 9/30/2024 |  | 25 | <sup>(5)</sup> |  | 4440 | 12/31/27 |

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__________________

(1)The options vest in full on January 1, 2027, subject to Mr. Brown's continued service through such date, and are exercisable from such date through the earlier of (a) the day before Mr. Brown's termination from employment for any reason and (b) December 31, 2027.

(2)The options vest in full on January 1, 2027, subject to Mr. Malchow's continued service through such date, and are exercisable from such date through the earlier of (a) the day before Mr. Malchow's termination from employment for any reason and (b) December 31, 2027.

(3)The options vested in full on January 1, 2026 and are exercisable from such date through the earlier of (a) the day before Ms. Weber's termination from employment for any reason and (b) December 31, 2026.

(4)The options vested in full on January 1, 2026 and are exercisable from such date through the earlier of (a) the day before Ms. Weber's termination from employment for any reason and (b) December 31, 2026.

(5)The options vest in full on April 1, 2027, subject to Ms. Weber's continued service through such date, and are exercisable from such date through the earlier of (a) the day before Ms. Weber's termination from employment for any reason and (b) December 31, 2027.

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**Executive Compensation Arrangements**

We have not previously entered into any employment, severance or change in control arrangements with our named executive officers, though we expect to enter into employment agreements with Messrs. Brown and Malchow in connection with this offering. The material terms of such employment agreements are described below.

*Robert T. Brown*

In connection with this offering, we expect to enter into an employment agreement with Mr. Brown providing for his employment as Chief Executive Officer (the "Brown Employment Agreement"). The term of the Brown Employment Agreement will be for the seven-year period following the date of consummation of this offering.

Under the Brown Employment Agreement, Mr. Brown will earn an annual base salary of $500,000. Mr. Brown will also be eligible to earn an annual incentive bonus (the "Annual Bonus"), payable in a mix of cash and equity-based compensation awards, with the amount of such Annual Bonus as determined by the board of directors. Unless otherwise agreed to by us and Mr. Brown, the Annual Bonus shall be payable 65% in cash and 35% in equity for the applicable year. In addition, Mr. Brown will be eligible to receive an equity award in connection with this offering, consisting of restricted stock units with a grant date fair value of $7,000,000, which shall vest as to 50% of the shares underlying the restricted stock units on the third (3rd) anniversary of the date of consummation of this offering and as to 50% of the shares underlying the restricted stock units on the fourth (4th) anniversary of the date of consummation of this offering, generally subject to the executive's continued employment through the applicable vesting dates. Mr. Brown will have the right to be nominated by our board of directors for re-election at each annual meeting of the Company's stockholders during the term of the Brown Employment Agreement, subject to applicable legal or regulatory requirements. In addition, we agreed to reimburse Mr. Brown for the legal fees incurred in respect of the negotiation and finalization of the Brown Employment Agreement in an amount up to $50,000.

In addition, under the Brown Employment Agreement, in the event of Mr. Brown's termination of employment by the Company without Cause (other than by reason of Mr. Brown's death or Disability) or by Mr. Brown for Good Reason (each as defined in the Brown Employment Agreement), Mr. Brown would be entitled to receive (i) cash severance in an amount equal to three (3) times the average of the sum of his annual base salary plus the cash amount of the Annual Bonus earned by Mr. Brown with respect to each of the last three completed calendar years immediately preceding the date of termination (the "Average Annual Cash Compensation"), paid in substantially equal installments in accordance with the Company's normal payroll practices over the 24-month period following the date of termination, (ii) continued vesting as though no termination of employment for Mr. Brown had occurred for each outstanding time-based vesting equity award, (iii) a pro-rated cash Annual Bonus for Mr. Brown for the year of termination (with such Annual Bonus deemed to equal the average of Mr. Brown's annual cash bonuses earned during each of the three completed calendar years immediately preceding the date of termination), payable in a single lump sum within 60 days following the date of termination, and (iv) continued coverage under the Company's group health plans (or reimbursement of premiums) at the same cost to Mr. Brown as if he had remained employed for the period beginning on the date of termination and ending on the second anniversary thereof, in each case subject to his execution and non-revocation of a release of claims and compliance with applicable restrictive covenants. The Company may terminate Mr. Brown's employment during the Employment Period for Cause or without Cause, though in the event of a termination without Cause, the Company must provide the executive one hundred eighty (180) days prior written notice thereof (or provide pay in lieu of such notice).

The Brown Employment Agreement will also provide that, in the event of the termination of employment for Mr. Brown due to his death or Disability, Mr. Brown would be entitled to receive a pro-rated Annual Bonus, based on the actual achievement of applicable performance goals, and (1) in the case of Mr. Brown's death, immediate accelerated vesting of any outstanding time-based vesting equity award and (2) in the case of Mr. Brown's becoming disabled, continued vesting as though no such disability had occurred for each outstanding time-based vesting equity award, in each case subject to execution and non-revocation of a release of claims by Mr. Brown.

Mr. Brown is subject to restrictive covenant obligations under a proprietary interests protection agreement, as amended by the Brown Employment Agreement, including perpetual confidentiality obligations and twenty four-month post-termination non-compete and non-solicit restrictions.

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*Eric D. Malchow*

In connection with this offering, we expect to enter into an employment agreement with Mr. Malchow providing for his employment as President and Global Head of Mergers & Acquisitions (the "Malchow Employment Agreement"). The Malchow Employment Agreement provides for an initial term of five years, subject to up to two automatic one-year renewals unless either party provides at least 180 days' prior written notice of non-renewal.

Under the Malchow Employment Agreement, Mr. Malchow will earn an annual base salary of $500,000. Mr. Malchow will also be eligible to earn an annual incentive bonus (the "Annual Bonus"), payable in a mix of cash and equity-based compensation awards, with the amount of such Annual Bonus as determined by the board of directors. Unless otherwise agreed to by us and Mr. Malchow, the Annual Bonus shall be payable 65% in cash and 35% in equity for the applicable year. In addition, Mr. Malchow will be eligible to receive an equity award in connection with this offering, consisting of restricted stock units with a grant date fair value of $4,500,000, which shall vest as to 50% of the shares underlying the restricted stock units on the third (3rd) anniversary of the date of consummation of this offering and as to 50% of the shares underlying the restricted stock units on the fourth (4th) anniversary of the date of consummation of this offering, generally subject to the executive's continued employment through the applicable vesting dates.

In addition, under the Malchow Employment Agreement, in the event of Mr. Malchow's termination of employment by the Company without Cause (other than by reason of Mr. Malchow's death or Disability) or by Mr. Malchow for Good Reason (each as defined in the Malchow Employment Agreement), Mr. Malchow would be entitled to receive (i) cash severance in an amount equal to one and a half (1.5) times the average of the sum of his annual base salary plus the cash amount of the Annual Bonus earned by Mr. Malchow with respect to each of the last three completed calendar years immediately preceding the date of termination (the "Average Annual Cash Compensation"), paid in substantially equal installments in accordance with the Company's normal payroll practices over the 24-month period following the date of termination, (ii) continued vesting as though no termination of employment for Mr. Malchow had occurred for each outstanding time-based vesting equity award, (iii) a pro-rated cash Annual Bonus for Mr. Malchow for the year of termination (with such Annual Bonus deemed to equal the average of Mr. Malchow's annual cash bonuses earned during each of the three completed calendar years immediately preceding the date of termination), payable in a single lump sum within 60 days following the date of termination, and (iv) continued coverage under the Company's group health plans (or reimbursement of premiums) at the same cost to Mr. Malchow as if he had remained employed for the period beginning on the date of termination and ending on the second anniversary thereof, in each case subject to his execution and non-revocation of a release of claims and compliance with applicable restrictive covenants. The Company may terminate Mr. Malchow's employment during the Employment Period for Cause or without Cause, though in the event of a termination without Cause, the Company must provide the executive one hundred eighty (180) days prior written notice thereof (or provide pay in lieu of such notice).

The Malchow Employment Agreement will also provide that, in the event of the termination of employment for Mr. Malchow due to his death or Disability, Mr. Malchow would be entitled to receive a pro-rated Annual Bonus, based on the actual achievement of applicable performance goals, and (1) in the case of Mr. Malchow's death, immediate accelerated vesting of any outstanding time-based vesting equity award and (2) in the case of Mr. Malchow's becoming disabled, continued vesting as though no such disability had occurred for each outstanding time-based vesting equity award, in each case subject to execution and non-revocation of a release of claims by Mr. Malchow.

Mr. Malchow is subject to restrictive covenant obligations under a proprietary interests protection agreement, as amended by the Malchow Employment Agreement, including perpetual confidentiality obligations and twenty four-month post-termination non-compete and non-solicit restrictions.

**Director Compensation**

We provided compensation to our non-employee member of the advisory board of directors of LILP as set forth below, which functioned as a predecessor to our board of directors. Messrs. Brown and Malchow, who are also our employees, received no additional compensation for their service as members of our advisory board of directors.

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***Director Compensation Table***

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Fees Earned or Paid in Cash ($)** | **Stock Awards ($)**<sup>(1)</sup> | **All Other Compensation ($)**<sup>(2)</sup> | **Total ($)** |
| M. Christie Smith | $5000 | $100000 | $95000 | $200000 |

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(1)Amounts reflect the full grant-date fair value of units in LIPH granted during 2025 computed in accordance with ASC Topic 718, rather than the amounts paid to or realized by Ms. Smith. The assumptions used to determine the fair value of the units represent management's best estimates. As of December 31, 2025, Ms. Smith held 50 units in LIPH.

(2)Represents the aggregate cost of Company purchases of books authored by Ms. Smith for charitable donations by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*M. Christie Smith*

We entered into a Non-Employee Advisory Board Member Agreement with Ms. Smith on January 19, 2024, as amended January 15, 2025, providing for the terms of her service as a non-employee member of the advisory board to LILP. In consideration for her services on the advisory board, she is entitled to an annual fee equal to $200,000, payable quarterly in arrears on the last business day of each quarter. In connection with signing the agreement, Ms. Smith was granted 10 units in LIPH. Additionally, she may elect to receive 50% of her annual fee payable in units of LIPH. With respect to 2025, we agreed to use a portion of the cash fee otherwise payable to Ms. Smith for 2025 to purchase copies of her book.

In connection with this offering, we intend to approve and implement a compensation program for our non-employee directors that consists of annual retainer fees and equity awards. The program is expected to provide non-employee directors with an annual equity award, prorated for the initial year of service, which will vest on the earlier to occur of the first anniversary of the grant date and the date immediately preceding the date of the next annual meeting following the grant date, subject to continued service on our board of directors. Each is expected to be denominated as a restricted stock unit award with an aggregate value of $100,000. Each equity award granted to a non-employee director will vest in full immediately prior to the occurrence of a "change in control" (as defined in the 2026 Plan). Each non-employee director is also expected to receive an annual cash retainer for his or her services in an amount equal to $100,000. In addition, certain positions on the board of directors or committees of the board of directors are expected to receive additional retainers, including the lead independent director, if any, of the board who is expected to receive an additional retainer of $30,000, the chairperson of the audit committee who is expected to receive an additional retainer of $30,000 and the chairperson of the compensation committee who is expected to receive an additional retainer of $20,000. Compensation under the program will be subject to annual limits on non-employee director compensation set forth in the 2026 Plan.

In connection with this offering, we intend to grant an IPO Equity Award to Mr. Oleniczak, which grant will become effective in connection with the completion of this offering and is expected to have a value of $50,000. This restricted stock unit award will vest in full on the third anniversary of the closing of this offering, subject to the director's continued service through such date.

**Equity Incentive Plans**

***2026 Incentive Award Plan***

In connection with the offering, we expect to adopt, subject to approval by our stockholders, the 2026 Plan, under which we may grant equity and cash incentive awards to eligible service providers (including our named executive officers) in order to attract, motivate and retain the talent for which we compete. The material terms of the 2026 Plan, as it is currently contemplated, are summarized below. Our board of directors is still in the process of developing, approving and implementing the 2026 Plan and, accordingly, this summary is subject to change.

*Eligibility and Administration*. Our employees, consultants and directors, and employees, consultants and directors of our subsidiaries, will be eligible to receive awards under the 2026 Plan. Following this offering, the 2026 Plan will be administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (referred to collectively as the plan administrator

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below), subject to certain limitations that may be imposed under Section 16 of the Exchange Act, and/or stock exchange rules, as applicable. The plan administrator will have the authority to make all determinations and interpretations under, prescribe all forms for use with, and adopt rules for the administration of, the 2026 Plan, subject to its express terms and conditions. The plan administrator will also set the terms and conditions of all awards under the 2026 Plan, including any vesting and vesting acceleration conditions.

*Limitation on Awards and Shares Available*. The initial aggregate number of shares of our Class A common stock available for issuance under the 2026 Plan will be equal to 25% of the number of shares of our Class A common stock, Class B common stock and Class C common stock outstanding as of immediately following the completion of this offering (which is expected to be 25,495,728 shares, based on an initial public offering price of $19.00 per share).

The number of shares available for issuance under the 2026 Plan will be increased annually on the first day of each calendar year beginning January 1, 2027 and ending on and including January 1, 2036, equal to the excess, if any, of (i) 15% of the aggregate number of shares of Class A common stock, Class B common stock and Class C common stock outstanding on the final day of the immediately preceding calendar year over (ii) the aggregate number of shares of Class A Common Stock reserved and available for issuance in respect of future grants of awards under the Plan as of the last day of the immediately preceding calendar year (or such smaller number of shares as is determined by our board of directors). Shares may be issued under the 2026 Plan as Class A common stock, which shares may be authorized but unissued shares, treasury shares or shares purchased in the open market. Notwithstanding anything to the contrary in the 2026 Plan, no more than a number of shares of our Class A common stock equal to five times the initial aggregate number of shares of our Class A common stock reserved for issuance under the 2026 Plan may be issued pursuant to the exercise of incentive stock options under the 2026 Plan.

If an award under the 2026 Plan expires, lapses or is terminated, exchanged for or settled for cash, surrendered, repurchased, cancelled without having been fully exercised or forfeited, any shares subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the 2026 Plan. Further, shares delivered to us to satisfy the applicable exercise or purchase price of an award under the 2026 Plan and/or to satisfy any applicable tax withholding obligations (including shares retained by us from the award under the 2026 Plan being exercised or purchased and/or creating the tax obligation) will become or again be available for award grants under the 2026 Plan. The payment of dividend equivalents in cash in conjunction with any awards under the 2026 Plan will not reduce the shares available for grant under the 2026 Plan. However, the following shares may not be used again for grant under the 2026 Plan: (i) shares subject to stock appreciation rights, or SARs, that are not issued in connection with the stock settlement of the SAR on exercise and (ii) shares purchased on the open market with the cash proceeds from the exercise of options.

Awards granted under the 2026 Plan upon the assumption of, or in substitution for, awards authorized or outstanding under a qualifying equity plan maintained by an entity with which we enter into a merger or similar corporate transaction will not reduce the shares available for grant under the 2026 Plan.

The 2026 Plan will provide that the sum of any cash compensation and the aggregate grant date fair value (determined as of the date of the grant under FASB ASC Topic 718, or any successor thereto) of all awards granted to a non-employee director as compensation for services as a non-employee director during any fiscal year may not exceed an amount equal to $750,000, which limits shall not apply to the compensation for any non-employee director who serves in any capacity in addition to that of a non-employee director for which he or she receives additional compensation.

*Awards*. The 2026 Plan will provide for the grant of stock options, including incentive stock options ("ISOs"), and nonqualified stock options ("NSOs"), restricted stock, dividend equivalents, stock payments, restricted stock units ("RSUs"), performance shares, other incentive awards, stock appreciation rights ("SARs"), and cash awards. Certain awards under the 2026 Plan may constitute or provide for a deferral of compensation, subject to Section 409A of the Code, which may impose additional requirements on the terms and conditions of such awards. All awards under the 2026 Plan will be set forth in award agreements, which will detail all terms and conditions of the awards, including any applicable vesting and payment terms and post-termination exercise limitations. Awards other

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than cash awards generally will be settled in shares of our Class A common stock, but the plan administrator may provide for cash settlement of any award. A brief description of each award type follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Stock Options</u>. Stock options provide for the purchase of shares of our Class A common stock in the future at an exercise price set on the grant date. ISOs, by contrast to NSOs, may provide tax deferral beyond exercise and favorable capital gains tax treatment to their holders if certain holding period and other requirements of the Code are satisfied. The exercise price of a stock option may not be less than 100% of the fair market value of the underlying share on the date of grant (or 110% in the case of ISOs granted to individuals then owning more than 10% of the total combined voting power of all classes of our common stock), except with respect to certain substitute options granted in connection with a corporate transaction. The term of a stock option may not be longer than ten years (or five years in the case of ISOs granted to individuals then owning more than 10% of the total combined voting power of all classes of our common stock). Vesting conditions determined by the plan administrator may apply to stock options and may include continued service, performance and/or other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>SARs</u>. SARs entitle their holder, upon exercise, to receive from us an amount equal to the appreciation of the shares subject to the award between the grant date and the exercise date. The exercise price of a SAR may not be less than 100% of the fair market value of the underlying share on the date of grant (except with respect to certain substitute SARs granted in connection with a corporate transaction) and the term of a SAR may not be longer than ten years. Vesting conditions determined by the plan administrator may apply to SARs and may include continued service, performance and/or other conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Restricted Stock and RSUs</u>. Restricted stock is an award of nontransferable shares of our Class A common stock that remain forfeitable unless and until specified conditions are met, and which may be subject to a purchase price. RSUs are contractual promises to deliver shares of our Class A common stock in the future, which may also remain forfeitable unless and until specified conditions are met, and may be accompanied by the right to receive the equivalent value of dividends paid on shares of our Class A common stock prior to the delivery of the underlying shares. Settlement of RSUs may be deferred under the terms of the award or at the election of the participant, if the plan administrator permits such a deferral. Conditions applicable to restricted stock and RSUs may be based on continuing service, the attainment of performance goals and/or such other conditions as the plan administrator may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Other Stock- or Cash-Based Awards</u>. Other stock- or cash-based awards include cash, fully vested shares of our Class A common stock and other awards valued wholly or partially by referring to, or otherwise based on, shares of our Class A common stock. Other stock- or cash-based awards may be granted to participants and may also be available as a payment form in the settlement of other awards, as standalone payments and as payment in lieu of base salary, bonus, fees or other cash compensation otherwise payable to any individual who is eligible to receive awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Dividend Equivalents</u>. Dividend equivalents represent the right to receive the equivalent value of dividends paid on shares of our Class A common stock and may be granted alone or in tandem with awards other than stock options or SARs. Dividend equivalents are credited as of dividend record dates during the period between the date an award is granted and the date such award vests, is exercised, is distributed or expires, as determined by the plan administrator.

*Certain Transactions*. The plan administrator will have broad discretion to take action under the 2026 Plan, as well as make adjustments to the terms and conditions of existing and future awards, to prevent the dilution or enlargement of intended benefits and facilitate necessary or desirable changes in the event of certain transactions and events affecting our Class A common stock, such as stock dividends, stock splits, mergers, acquisitions, consolidations and other corporate transactions. In addition, in the event of certain non-reciprocal transactions with our stockholders known as "equity restructurings," the plan administrator will make equitable adjustments to the 2026 Plan and outstanding awards. In the event of a change in control of our company (as defined in the 2026 Plan), to the extent that the surviving entity declines to continue, convert, assume or replace outstanding awards, then all such awards will become fully vested and exercisable in connection with the transaction. Additionally, in the event of a change in control in which the surviving entity assumes the outstanding award, if a participant's employment is

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terminated by the Company without cause or by the participant for good reason (each as defined in the 2026 Plan) on or within 12 months following the change in control, then such awards will become fully vested and exercisable on the date of such termination of employment. Upon or in anticipation of a change of control, the plan administrator may cause any outstanding awards to terminate at a specified time in the future and give the participant the right to exercise such awards during a period of time determined by the plan administrator in its sole discretion. Individual award agreements may provide for additional accelerated vesting and payment provisions.

*Repricing*. Our board of directors may, without approval of the stockholders, reduce the exercise price of any stock option or SAR, or cancel any stock option or SAR in exchange for cash, other awards or stock options or SARs with an exercise price per share that is less than the exercise price per share of the original stock options or SARs.

*Foreign Participants, Clawback Provisions, Transferability, and Participant Payments*. The plan administrator may modify award terms, establish subplans and/or adjust other terms and conditions of awards, subject to the share limits described above, in order to facilitate grants of awards subject to the laws and/or stock exchange rules of countries outside of the United States. All awards will be subject to the provisions of any clawback policy implemented by our company from time to time to the extent set forth in such clawback policy and/or in the applicable award agreement. With limited exceptions for estate planning, domestic relations orders, certain beneficiary designations and the laws of descent and distribution, awards under the 2026 Plan are generally non-transferable prior to vesting, and are exercisable only by the participant. With regard to tax withholding, exercise price and purchase price obligations arising in connection with awards under the 2026 Plan, the plan administrator may, in its discretion, accept cash or check, shares of our Class A common stock that meet specified conditions, a "market sell order" or such other consideration as it deems suitable.

*Plan Amendment and Termination*. Our board of directors may amend or terminate the 2026 Plan at any time; however, except in connection with certain changes in our capital structure, stockholder approval will be required for any amendment that increases the number of shares available under the 2026 Plan. No award may be granted pursuant to the 2026 Plan after the tenth anniversary of the earlier of the date on which our stockholders approved the 2026 Plan and the date on which our board of directors adopted the 2026 Plan.

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**CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS**

The following are summaries of certain transactions and relationships with our directors, executive officers and stockholders and certain provisions of our related party agreements and are qualified in their entirety by reference to all of the provisions of such agreements. Because these descriptions are only summaries of the applicable agreements, they do not necessarily contain all of the information that you may find useful. We, therefore, urge you to review the agreements in their entirety. Copies of the forms of the agreements have been filed as exhibits to the registration statement of which this prospectus is a part, and are available electronically on the website of the SEC at www.sec.gov. We have included the SEC's website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, the SEC's website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

**Related Party Agreements in Effect Prior to the Organizational Transactions**

See "Executive and Director Compensation" for a description of certain arrangements with our executive officers and directors. There are otherwise no related party agreements in effect prior to the Organizational Transactions.

**Special Dividend**

Prior to the consummation of this offering, LILP intends to declare and pay the Special Dividend of $70.4 million in the aggregate prior to the Reorganization Transactions and this offering to holders of units in LILP.

**Voting Agreement**

In connection with this offering, we will enter into the Voting Agreement with the LILP Controlling Partners, pursuant to which the LILP Controlling Partners will agree to vote all shares of capital stock of the Company that they own, or over which they have voting control, in favor of the election of each individual nominated by our board of directors and submitted for approval by the Company's stockholders, whether by written consent or at a special or annual meeting of the Company's stockholders. The Voting Agreement will terminate upon the earliest to occur of (i) the parties' mutual written agreement and (ii) the date on which the LILP Controlling Partners collectively hold capital stock representing fifty percent (50%) or less of the voting power of all of the then-outstanding shares of capital stock of the Company.

**Offer Letters**

*Lawrence James Lawson III*

On May 11, 2026, we entered into an offer letter with Mr. Lawson (the "Lawson Offer Letter") providing for his employment as Executive Chairman of Lincoln International LLC for a term commencing on the date of consummation of this offering through the third anniversary of the consummation of this offering, continuing thereafter unless either party provides written notice of termination. Under the Lawson Offer Letter, Mr. Lawson will earn an annual base salary of $350,000 and will be eligible for a discretionary bonus or performance-based compensation as determined by our board of directors or a committee thereof.

*Robert B. Barr*

On May 11, 2026, we entered into an offer letter with Mr. Barr (the "Barr Offer Letter") providing for his employment as Managing Director of Lincoln International LLC for a term commencing on the date of consummation of this offering through December 31, 2028, continuing thereafter unless either party provides written notice of termination. Under the Barr Offer Letter, Mr. Barr will earn an annual base salary of $350,000 and will be eligible for a discretionary bonus or performance-based compensation as determined by our board of directors or a committee thereof.

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**The Organizational Transactions**

In connection with the Organizational Transactions, we will engage in certain transactions with certain of our directors, executive officers and other persons and entities which are or will become holders of 5% or more of our voting securities upon the consummation of the Organizational Transactions. These transactions are described in "Our Organizational Structure."

We intend to use the net proceeds from this offering (including any net proceeds from any exercise of the underwriters' option to purchase additional shares of Class A common stock), after taking into account the underwriting discount and estimated offering expenses payable by us, to purchase 20,604,046 common units (or 23,682,849 common units if the underwriters exercise their option to purchase additional shares of Class A common stock in full) from LILP at a purchase price per unit equal to the initial public offering price per share of Class A common stock in this offering less the underwriting discount.

**Tax Receivable Agreement**

As a result of our organizational structure, we expect to obtain tax benefits from Basis Adjustments and Interest Deductions. Basis Adjustments and Interest Deductions may have the effect of reducing the amounts that we would otherwise pay in the future to various tax authorities.

In connection with the Organizational Transactions, we will enter into a Tax Receivable Agreement with LILP and the TRA Parties that will provide for the payment by Lincoln International, Inc. to the TRA Parties of 85% of the amount of certain tax benefits, if any, that Lincoln International, Inc. actually realizes, or in some circumstances is deemed to realize, as a result of the Basis Adjustments and Interest Deductions. LILP will have in effect an election under Section 754 of the Code effective for the taxable year that includes the Organizational Transactions and each taxable year thereafter. We intend to treat redemptions or exchanges of common units held by any LILP Partner for Class A common stock or cash, as applicable, in connection with an exercise of such LILP Partner's right to have common units held by such LILP Partner redeemed by LILP or, at our election, exchanged directly with us (or a wholly-owned subsidiary of ours) as our direct purchase of common units from the LILP Partners for U.S. federal income and other applicable tax purposes, regardless of whether such common units are surrendered by the LILP Partners to LILP for redemption or sold to us upon the exercise of our election to acquire such common units directly.

Tax Receivable Agreement payments are not conditioned upon one or more of the LILP Partners maintaining a continued ownership interest in LILP. If an LILP Partner transfers common units but does not assign to the transferee of such units its rights under the Tax Receivable Agreement, such LILP Partner generally will continue to be entitled to receive payments under the Tax Receivable Agreement arising in respect of a subsequent exchange of such common units. In general, the TRA Parties' rights under the Tax Receivable Agreement may not be assigned, sold, pledged or otherwise alienated to (i) any person without such person becoming a party to the Tax Receivable Agreement and agreeing to succeed to the applicable TRA Party's interest therein (ii) or to a competitor of Lincoln International, Inc. Any permitted assignment, sale, pledge or other transfer of a TRA Party's rights under the Tax Receivable Agreement for consideration would be subject to Lincoln International, Inc.'s right of first refusal.

The actual Basis Adjustments and Interest Deductions, as well as any amounts paid to the TRA Parties under the Tax Receivable Agreement, will vary depending on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the timing of any future redemptions or exchanges***—for instance, the increase in any tax deductions will vary depending on the fair value, which may fluctuate over time, of the depreciable or amortizable assets of LILP at the time of each redemption, exchange or distribution (or deemed distribution) as well as the amount of remaining existing tax basis at the time of such redemption, exchange or distribution (or deemed distribution);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the price of shares of our Class A common stock at the time of the purchases from the LILP Partners in connection with this offering and any applicable redemptions or exchanges***—the Basis Adjustments, as well as any related increase in any tax deductions, are directly related to the price of shares of our Class A common stock at the time of such purchases or future redemptions or exchanges;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the extent to which such redemptions or exchanges are taxable***—if a redemption or exchange is not taxable for any reason, increased tax deductions, other than those deductions that relate to an increase in the allocable share of existing basis, will not be available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the U.S. federal income tax rate applicable to corporations***—an increase in the U.S. federal income tax rate applicable to corporations may increase the value of certain tax benefits that are the subject of the Tax Receivable Agreement, and any increase in the value of those tax benefits may increase the amount we pay under the Tax Receivable Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the extent to which such Basis Adjustments are immediately deductible***—we may be permitted to immediately expense a portion of the Basis Adjustment attributable to a redemption or exchange, which could significantly accelerate the timing of our realization of the associated tax benefits. Under the LILP Partnership Agreement, the determination of whether to immediately expense such Basis Adjustments will be made in our sole discretion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the applicable interest rate and timing of payments due under the Tax Receivable Agreement***—payments owed under the Tax Receivable Agreement will accrue interest at a rate equal to SOFR plus basis points, beginning on the due date (without extensions) of the tax return to which such payment relates until such payments are made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***the amount and timing of our income***—the Tax Receivable Agreement generally will require us to pay 85% of the tax benefits as and when those benefits are treated as realized under the terms of the Tax Receivable Agreement. If we do not have sufficient taxable income to realize any of the applicable tax benefits, we generally will not be required (absent a material breach of a material obligation under the Tax Receivable Agreement, change of control or other circumstances requiring an early termination payment and treating any outstanding common units held directly or indirectly by LILP Partners as having been exchanged for Class A common stock for purposes of determining such early termination payment) to make payments under the Tax Receivable Agreement for that taxable year because no tax benefits will have been actually realized. However, any tax benefits that do not result in realized tax benefits in a given taxable year may generate tax attributes that may be utilized to generate tax benefits in previous or future taxable years. The utilization of any such tax attributes will result in payments under the Tax Receivable Agreement.

For purposes of the Tax Receivable Agreement, cash savings in income tax will be computed by comparing our actual income tax liability to the amount of such taxes that we would have been required to pay had there been no Basis Adjustments or Interest Deductions; provided that, for purposes of determining cash savings with respect to state and local income taxes we will use an assumed tax rate. The Tax Receivable Agreement will generally apply to each of our taxable years, beginning with the first taxable year ending after the consummation of the Organizational Transactions. There is no maximum term for the Tax Receivable Agreement; however, the Tax Receivable Agreement may be terminated by us pursuant to an early termination procedure that requires us to pay the TRA Parties an agreed-upon amount equal to the estimated present value of the remaining payments to be made under the agreement (calculated with assumptions, including regarding tax rates and utilization of the Basis Adjustments and Interest Deductions).

The payment obligations under the Tax Receivable Agreement are obligations of Lincoln International, Inc. and not of LILP. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect that the payments that we may be required to make to the TRA Parties could be substantial. Assuming no material changes in the relevant tax laws and that we earn sufficient taxable income to realize all potential tax benefits that are subject to the Tax Receivable Agreement, we expect that the tax savings associated with the purchase of common units in connection with this offering, together with future redemptions or exchanges of all remaining common units owned by the LILP Partners pursuant to the LILP Partnership Agreement, would aggregate to approximately $520.6 million over approximately 20 years from the date of this offering based on the initial public offering price of $19.00 per share of our Class A common stock and assuming all future redemptions or exchanges would occur on the date of this offering. Under such scenario, assuming future payments are made on the date each relevant tax return is due, without extensions, we would be required to pay approximately

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85% of such amount, or approximately $442.5 million, over the twenty year period from the date of this offering. Any payments made by us to the TRA Parties under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to LILP and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and, therefore, may accelerate payments due under the Tax Receivable Agreement. We anticipate funding ordinary course payments under the Tax Receivable Agreement from cash flow from operations of our subsidiaries, available cash or any future debt agreements. Decisions made by us in the course of running our business, such as with respect to mergers, asset sales, other forms of business combinations or other changes in control, may influence the timing and amount of payments that are received by a redeeming LILP Partner under the Tax Receivable Agreement. For example, the earlier disposition of assets following an exchange or acquisition transaction will generally accelerate payments under the Tax Receivable Agreement and increase the present value of such payments.

The Tax Receivable Agreement provides that if certain mergers, asset sales, other forms of business combination, or other changes of control were to occur, if we materially breach any of our material obligations under the Tax Receivable Agreement or if, at any time, we elect an early termination of the Tax Receivable Agreement, then the Tax Receivable Agreement will terminate and our obligations, or our successor's obligations, under the Tax Receivable Agreement would accelerate and become due and payable, based on assumptions, including (i) that we would have sufficient taxable income to fully utilize all potential future tax benefits that are subject to the Tax Receivable Agreement, (ii) the U.S. federal income tax rates that will be in effect for each applicable taxable year will be those specified for each such taxable year by the Code and other applicable law as in effect on the effective date of the acceleration, except to the extent any change to such tax rates for such taxable year has already been enacted into law, and (iii) as of the effective date of the acceleration, any LILP Partner that has common units that have not been exchanged will be deemed to have exchanged such common units for the fair market value of the shares of our Class A common stock or the amount of cash that would be received by such LILP Partner had such common units actually been exchanged on such date. In those circumstances, LILP Partners generally would be entitled to payments under the Tax Receivable Agreement resulting from such deemed exchanges. We may elect to completely terminate the Tax Receivable Agreement early only with the written approval of a majority of Lincoln International, Inc.'s "independent directors" (within the meaning of Rule 10A-3 promulgated under the Exchange Act and the rules of the NYSE).

As a result of the foregoing, we could be required to make an immediate cash payment equal to the present value of the anticipated future tax benefits that are the subject of the Tax Receivable Agreement, which payment may be made significantly in advance of the actual realization, if any, of such future tax benefits. We also could be required to make cash payments to the TRA Parties that are greater than the specified percentage of the actual benefits we ultimately realize in respect of the tax benefits that are subject to the Tax Receivable Agreement. In these situations, our obligations under the Tax Receivable Agreement could have a substantial negative impact on our liquidity and could have the effect of delaying, deferring or preventing certain mergers, asset sales, other forms of business combination, or other changes of control. There can be no assurance that we will be able to finance our obligations under the Tax Receivable Agreement. If we were to elect to terminate the Tax Receivable Agreement immediately after this offering, based on the initial public offering price of $19.00 per share of our Class A common stock and assuming no material changes in the relevant tax laws or tax rates and that we earn sufficient taxable income to realize all tax benefits that are subject to the Tax Receivable Agreement, we estimate that we would be required to pay approximately $214.8 million in the aggregate under the Tax Receivable Agreement.

Payments under the Tax Receivable Agreement will generally be based on the tax reporting positions that we determine. We will not be reimbursed for any cash payments previously made to the TRA Parties pursuant to the Tax Receivable Agreement if any tax benefits initially claimed by us are subsequently challenged by a taxing authority and ultimately disallowed. Instead, any excess cash payments made by us to a TRA Party will be netted against future cash payments, if any, we might otherwise be required to make under the terms of the Tax Receivable Agreement to such TRA Party. However, a challenge to any tax benefits initially claimed by us may not arise for a number of years following the initial time of such payment or, even if challenged early, such excess cash payment may be greater than the amount of future cash payments, if any, we might otherwise be required to make under the

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terms of the Tax Receivable Agreement and, as a result, there might not be future cash payments from which to net against. The applicable U.S. federal income tax rules are complex and factual in nature, and there can be no assurance that the IRS or a court will not disagree with our tax reporting positions. As a result, it is possible that we could make cash payments under the Tax Receivable Agreement that are substantially greater than our actual cash tax savings.

We will have full responsibility for, and sole discretion over, all Lincoln International, Inc. tax matters, including the filing and amendment of all tax returns and claims for refund and defense of all tax contests, subject to participation and approval rights held by the Tax Receivable Agreement Representative. If the outcome of any challenge to all or part of the Basis Adjustments or other tax benefits we claim would reasonably be expected to materially and adversely affect the payments to TRA Parties from us under the Tax Receivable Agreement, then we will not be permitted to settle such challenge without the consent (not to be unreasonably withheld or delayed) of the Tax Receivable Agreement Representative. The interests of the Tax Receivable Agreement Representative in any such challenge may differ from or conflict with our interests and your interests, and the Tax Receivable Agreement Representative may exercise their consent rights relating to any such challenge in a manner adverse to our interests.

Under the Tax Receivable Agreement, we are required to provide the Tax Receivable Agreement Representative with a schedule showing the calculation of payments that are due under the Tax Receivable Agreement with respect to each taxable year with respect to which a payment obligation arises within 120 days after the due date of the U.S. federal income Tax Return of Lincoln International, Inc. (including applicable extensions thereof) for such taxable year. This calculation will be based upon the advice of our tax advisors. Payments under the Tax Receivable Agreement will generally be made to the TRA Parties within 5 business days after this schedule becomes final pursuant to the procedures set forth in the Tax Receivable Agreement, although interest on such payments will begin to accrue at a rate of SOFR plus 100 basis points from the due date (without extensions) of such tax return. Any late payments that may be made under the Tax Receivable Agreement will continue to accrue interest at a rate equal to SOFR plus 500 basis points, until such payments are made, generally including any late payments that we may subsequently make because we did not have enough available cash to satisfy our payment obligations at the time at which they originally arose.

**LILP Partnership Agreement**

***Agreement in Effect Before Consummation of the Organizational Transactions***

LILP and the LILP Controlling Partners are parties to the Third Amended and Restated Limited Partnership Agreement of LILP, effective as of April 27, 2022, as amended by Amendment No. 1 to the Third Amended and Restated Limited Partnership Agreement, effective as of January 1, 2025 and Amendment No. 2 to the Third Amended and Restated Limited Partnership Agreement, effective as of April 21, 2026 (the "Existing Partnership Agreement"), which governs the business operations of LILP and defines the relative rights and privileges associated with the existing units of LILP. Under the Existing Partnership Agreement, subject to exceptions contained therein, the general partner of LILP, LI GP, has the full, exclusive and complete discretion to manage and control the business and affairs of LILP, to make all decisions affecting the business and affairs of LILP, to take all such actions as it deems necessary or appropriate to accomplish the purpose of LILP, and the day-to-day business operations of LILP are overseen and implemented by the general partner or individuals designated by the general partner. Each LILP Controlling Partner's rights under the Existing Partnership Agreement continue until the effective time of the new LILP limited partnership agreement to be adopted in connection with the Organizational Transactions, as described below, at which time the LILP Partners will continue as partners that hold common units with the respective rights thereunder.

***Agreement in Effect Upon Consummation of the Organizational Transactions***

In connection with the consummation of the Organizational Transactions, we and the LILP Partners will enter into LILP's Fourth Amended and Restated Limited Partnership Agreement, which we refer to as the LILP Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Admission as General Partner***. Under the LILP Partnership Agreement, Lincoln International, Inc. will become the general partner of LILP. As its general partner, we will be able to control all of the day-to-day

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business affairs and decision-making of LILP without the approval of any other partner. As such, we, through our officers and directors, will be responsible for all operational and administrative decisions of LILP and daily management of LILP's business. Pursuant to the terms of the LILP Partnership Agreement, we cannot be removed or replaced as the general partner of LILP except by our resignation, which may be given at any time by written notice to the partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Compensation, Fees and Expenses***. We will not be entitled to compensation for our services as the general partner of LILP. We will be entitled to reimbursement by LILP for reasonable fees and expenses incurred on behalf of LILP, including all expenses associated with the Organizational Transactions, any subsequent offering of our Class A common stock, being a public company and maintaining our corporate existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Distributions***. The LILP Partnership Agreement will require "tax distributions" (as that term is used in the agreement), to be made by LILP to its partners, except to the extent such distributions would render LILP insolvent or are otherwise prohibited by law or any of our future debt agreements. Tax distributions will be made on a quarterly basis to each partner of LILP, including us, pro rata in accordance with economic interests and based on such partner's allocable share of the taxable income of LILP and an assumed tax rate that will be determined by us, as described below. For this purpose, each partner's allocable share of Lincoln International, Inc.'s taxable income shall be net of its allocable share of taxable losses of LILP. The assumed tax rate for purposes of determining tax distributions from LILP to its partners will be the highest combined U.S. federal, state, and local tax rate applicable to a corporate or individual taxpayer (whichever is higher), resident in New York, New York, regardless of the actual final tax liability of any partner; provided, however, that tax distributions will be made in an amount sufficient to allow Lincoln International, Inc. to pay its actual tax liability and any amounts due with respect to the Tax Receivable Agreement. The LILP Partnership Agreement will also allow for cash distributions to be made by LILP (subject to our sole discretion as the sole general partner of LILP) to its partners on a pro rata basis out of "distributable cash," as that term is defined in the agreement. We expect LILP may make distributions out of distributable cash periodically and as necessary to enable us to cover our operating expenses and other obligations, including our tax liability and obligations under the Tax Receivable Agreement, except to the extent such distributions would render LILP insolvent or are otherwise prohibited by law, or any of our future debt agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Transfer Restrictions***. The LILP Partnership Agreement generally does not permit transfers of common units by partners, without the consent of the general partner of LILP, except for transfers pursuant to the common unit redemption rights and participation rights described below and other limited exceptions. The LILP Partnership Agreement may impose additional restrictions on transfers (including redemptions described below with respect to each common unit) that are necessary or advisable so that LILP is not treated as a "publicly traded partnership" for U.S. federal income tax purposes. In the event of a permitted transfer under the LILP Partnership Agreement, an LILP Partner will be required to simultaneously transfer shares of Class B common stock or Class C common stock, as applicable, to such transferee equal to the number of common units that were transferred to such transferee in such permitted transfer, it being understood that the only permitted holders of Class C common stock are the LILP Controlling Partners and certain of their permitted transferees as set forth in the LILP Partnership Agreement.

The LILP Partnership Agreement provides that, in the event that a tender offer, share exchange offer, issuer bid, take over bid, recapitalization or similar transaction with respect to our Class A common stock, each of which we refer to as a "Lincoln International, Inc. Offer," is approved by our board of directors or otherwise effected or to be effected with the consent or approval of our board of directors, each holder of common units shall be permitted to participate in such Lincoln International, Inc. Offer by delivering a redemption notice, which shall be effective immediately prior to, and contingent upon, the consummation of such Lincoln International, Inc. Offer. If a Lincoln International, Inc. Offer is proposed by Lincoln International, Inc., then Lincoln International, Inc. is required to use its reasonable best efforts expeditiously and in good faith to take all such actions and do all such things as are necessary or desirable to enable and permit the holders of such common units to participate in such Lincoln International, Inc. Offer to the same extent as or on an economically equivalent basis with the holders of shares of Class A common stock, provided that in no event shall any holder of common units be entitled to receive aggregate

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consideration for each common unit that is greater than the consideration payable in respect of each share of Class A common stock pursuant to the Lincoln International, Inc. Offer.

Any transferee of common units must assume, by operation of law or by executing a joinder to the LILP Partnership Agreement, all of the obligations of a transferring partner with respect to the transferred units, and such transferee shall be bound by any limitations and obligations under the LILP Partnership Agreement even if the transferee is not admitted as a partner of LILP. A partner shall remain as a partner with all rights and obligations until the transferee is accepted as substitute partner in accordance with the LILP Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Recapitalization***. The LILP Partnership Agreement will recapitalize the units currently held by the existing partners of LILP into a new single class of common units. The LILP Partnership Agreement will also reflect a split of common units such that one common unit can be acquired with the net proceeds received in the initial offering from the sale of one share of our Class A common stock, after the deduction of the underwriting discount and estimated offering expenses payable by us. Each common unit generally will entitle the holder to a pro-rata share of the net profits and net losses and distributions of LILP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Maintenance of One-to-One Ratio Between (i) Shares of Class A Common Stock and Common Units Owned by the Company and (ii) Shares of Class B Common Stock or Class C Common Stock and Common Units Owned by the LILP Partners***. Except as otherwise determined by us, the LILP Partnership Agreement requires LILP to take all actions with respect to its common units, including issuances, reclassifications, distributions, divisions or recapitalizations, such that (1) we and LILP at all times maintain a ratio of one common unit owned by us and our subsidiaries, collectively, for each share of Class A common stock issued and outstanding, and (2) we and LILP at all times maintain a one-to-one ratio between the aggregate number of shares of Class B common stock and Class C common stock issued and outstanding and the number of common units owned collectively by the LILP Partners and their permitted transferees, it being understood that the only permitted holders of Class C common stock are the LILP Controlling Partners and certain of their permitted transferees as set forth in the LILP Partnership Agreement. This ratio requirement disregards (1) shares of our Class A common stock issuable pursuant to unvested awards granted under our equity incentive plans and with respect to which an election under Section 83(b) of the Code has not been made, (2) treasury stock, and (3) preferred stock or other debt or equity securities (including warrants, options or rights) issued by us that are convertible into or exercisable or exchangeable for shares of Class A common stock, except to the extent we have contributed the net proceeds from such other securities, including any exercise or purchase price payable upon exercise or exchange thereof, to the equity capital of LILP. In addition, the Class A common stock ratio requirement disregards all common units at any time held by any other person, including the LILP Partners and the holders of options over common units. If we issue, transfer or deliver from treasury stock or repurchase or redeem shares of Class A common stock, we, as the general partner of LILP, have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the number of outstanding common units we and our subsidiaries own, collectively, equals, on a one-for-one basis, the number of outstanding shares of Class A common stock. If we issue, transfer or deliver from treasury stock or repurchase or redeem any of our preferred stock, we, as the general partner of LILP, have the authority to take all actions such that, after giving effect to all such issuances, transfers, deliveries repurchases or redemptions, we and our subsidiaries, collectively, hold (in the case of any issuance, transfer or delivery) or cease to hold (in the case of any repurchase or redemption), in each case, equity interests in LILP which (in our good faith determination) are in the aggregate substantially equivalent to our preferred stock so issued, transferred, delivered, repurchased or redeemed. LILP is prohibited from undertaking any subdivision (by any split of units, distribution of units, reclassification, recapitalization or similar event) or combination (by reverse split of units, reclassification, recapitalization or similar event) of the common units that is not accompanied by an identical subdivision or combination of (1) our Class A common stock to maintain at all times a one-to-one ratio between the number of common units owned by us and our subsidiaries, collectively, and the number of outstanding shares of our Class A common stock and (2) our Class B common stock and Class C common stock to maintain at all times a one-to-one ratio between the number of common units owned by the LILP Partners and their permitted transferees, collectively, and the

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number of outstanding shares of our Class B common stock and Class C common stock, as applicable. If we or any of our subsidiaries holds a material amount of cash (or obligations of LILP or its subsidiaries in respect of loans made by us or our subsidiaries thereto) (which we refer to, collectively, as "Excess Assets") in excess of any monetary obligations we reasonably anticipate, we may, in our sole discretion, take, or cause to be taken, any actions with respect to any such Excess Assets and make, or cause to be made, any corresponding adjustments to our or LILP's respective capitalization as we in good faith determine to be fair and reasonable to our stockholders and the LILP Partners and their permitted transferees to preserve the one-to-one ratios and intended economic effect and provisions of the LILP Partnership Agreement (including contributing any such Excess Assets to LILP and causing LILP to recapitalize its common units to reflect such contribution and maintain such one-to-one ratios, resulting in a pro rata reduction in the common units and corresponding shares of our Class B common stock and/or Class C common stock held by the members of LILP other than us).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Issuance of Common Units upon Exercise of Options or Issuance of Other Equity Compensation***. Upon the exercise of options issued by us (as opposed to options issued by LILP), or the issuance of other types of equity compensation by us (such as the issuance of restricted or non-restricted stock, payment of bonuses in stock or settlement of stock appreciation rights in stock), we will have the right to acquire from LILP a number of common units equal to the number of our shares of Class A common stock being issued in connection with the exercise of such options or issuance of other types of equity compensation. When we issue shares of Class A common stock in settlement of stock options granted to persons who are not officers or employees of LILP or its subsidiaries, we will make, or be deemed to make, a capital contribution in LILP equal to the aggregate value of such shares of Class A common stock and LILP will issue to us a number of common units equal to the number of shares issued. When we issue shares of Class A common stock in settlement of stock options granted to persons who are officers or employees of LILP or its subsidiaries, then we will be deemed to have sold directly to the person exercising such award a portion of the value of each share of Class A common stock equal to the exercise price per share, and we will be deemed to have sold directly to LILP (or the applicable subsidiary of LILP) the difference between the exercise price and market price per share for each such share of Class A common stock. In cases where we grant other types of equity compensation to employees of LILP or its subsidiaries, on each applicable vesting date we will be deemed to have sold to LILP (or such subsidiary) the number of vested shares at a price equal to the market price per share, LILP (or such subsidiary) will deliver the shares to the applicable person, and we will be deemed to have made a capital contribution in LILP equal to the purchase price for such shares in exchange for an equal number of common units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Dissolution***. The LILP Partnership Agreement will provide that the consent of Lincoln International, Inc. as the general partner of LILP and partners holding a majority of the common units then outstanding (excluding common units held directly or indirectly by us) will be required to voluntarily dissolve LILP. In addition to a voluntary dissolution, LILP will be dissolved upon the entry of a decree of judicial dissolution or other circumstances in accordance with Delaware law. Upon a dissolution event, the proceeds of a liquidation will be distributed in the following order: (1) first, to pay the expenses of winding up LILP; (2) second, to pay debts and liabilities owed to creditors of LILP, other than partners; (3) third, to pay debts and liabilities owed to the partners (other than payments or distributions owed to the partners in their capacity as such pursuant to the LILP Partnership Agreement); and (4) fourth, to the partners pro-rata in accordance with their respective percentage ownership interests in LILP (as determined based on the number of common units held by a partner relative to the aggregate number of all outstanding common units).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Confidentiality***. We, as general partner, and each partner agree to maintain the confidentiality of LILP's confidential information. This obligation excludes information independently obtained or developed by the partners, information that is in the public domain or otherwise disclosed to a partner, in either such case not in violation of a confidentiality obligation of the LILP Partnership Agreement or approved for release by written authorization of the Chief Executive Officer or the General Counsel of either Lincoln International, Inc. or LILP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Indemnification***. Subject to certain limitations and exceptions, the LILP Partnership Agreement will provide for indemnification of the LILP Partners and their affiliates, the general partner and certain directors, officers, employees or other agents of the general partner, and directors, managers, officers, employees or other agents of Lincoln International, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Common Unit Redemption Right***. The LILP Partnership Agreement will provide a redemption right to the LILP Partners which will entitle them to have their common units redeemed for, at our election (determined solely by a majority of our directors who are disinterested), newly issued shares of our Class A common stock on a one-for-one basis, or in connection with a redemption exercised in connection with the closing of this offering, a cash payment equal to the price per share for which shares of Class A common stock are sold in this offering less any applicable underwriters' discounts or commissions and brokers' fees or commissions, or to the extent there is cash available from a secondary offering, a cash payment equal to a (i) volume-weighted average market price of one share of Class A common stock for each common unit so redeemed or (ii) in the case that the cash is from a related sale of stock by us, the net proceeds per share from such sale, in each case in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. (or a subsidiary thereof) of such Class A common stock or such cash, as applicable, for such common units. The LILP Partners may exercise such redemption right, subject to any applicable LILP Lock-Up Period and certain exceptions, for as long as their common units remain outstanding. In connection with the exercise of the redemption or exchange of common units (1) the LILP Partners will be required to surrender a number of shares of our Class B common stock registered in the name of such redeeming or exchanging LILP Partner, and such surrendered shares of our Class B common stock will be transferred to the Company and will be canceled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged, (2) the LILP Controlling Partners will be required to surrender a number of shares of our Class C common stock registered in the name of such redeeming or exchanging LILP Controlling Partner, and such surrendered shares of our Class C common stock will be transferred to the Company and will be canceled for no consideration on a one-for-one basis with the number of common units so redeemed or exchanged and (3) all redeeming LILP Partners will surrender common units to LILP for cancellation.

Each LILP Partner's redemption rights will also be subject to customary limitations, including a minimum redemption amount of common units, a quarterly redemption limitation and the expiration of any contractual lock-up period relating to the shares of our Class A common stock that may be applicable to such LILP Partner and the absence of any liens or encumbrances on such common units redeemed. Additionally, in the event we elect a cash settlement, such LILP Partner may rescind its redemption request within a specified period of time. Moreover, in the case of a settlement in Class A common stock, such redemption may be conditioned on the closing of an underwritten distribution of the shares of Class A common stock that may be issued in connection with such proposed redemption. In the case of a settlement in Class A common stock, such LILP Partner may also revoke or delay its redemption request if the following conditions exist: (1) any registration statement pursuant to which the resale of the Class A common stock to be registered for such LILP Partner at or immediately following the consummation of the redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective; (2) we failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such redemption; (3) we exercised our right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such LILP Partner to have its Class A common stock registered at or immediately following the consummation of the redemption; (4) such LILP Partner is in possession of any material non-public information concerning us, the receipt of which results in such LILP Partner being prohibited or restricted from selling Class A common stock at or immediately following the redemption without disclosure of such information (and we do not permit disclosure); (5) any stop order relating to the registration statement pursuant to which the Class A common stock was to be registered by such LILP Partner at or immediately following the redemption shall have been issued by the SEC; (6) there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A common stock is then traded; (7) there shall be in effect an injunction, a restraining order

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or a decree of any nature of any governmental entity that restrains or prohibits the redemption; or (8) the redemption date would occur three business days or less prior to, or during, a black-out period.

The LILP Partnership Agreement will require that in the case of a redemption by an LILP Partner we contribute cash or shares of our Class A common stock, as applicable, to LILP in exchange for an amount of newly issued common units that will be issued to us equal to the number of common units redeemed from such LILP Partner. LILP will then distribute the cash or shares of our Class A common stock, as applicable, to such LILP Partner to complete the redemption. In the event of an election by an LILP Partner, we may, at our option, effect a direct exchange by Lincoln International, Inc. of cash or our Class A common stock, as applicable, for such common units in lieu of such a redemption. Whether by redemption or exchange, we are obligated to ensure that at all times the number of common units that we own equals the number of our outstanding shares of Class A common stock (subject to exceptions for treasury shares and shares underlying certain convertible or exchangeable securities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Amendments***. In addition to other requirements, our consent, as general partner, and the consent of partners holding a majority of the common units then outstanding (excluding common units held directly or indirectly by us) will generally be required to amend or modify the LILP Partnership Agreement.

**Lock-Up Agreements**

The Other Senior Professionals, holders of Rollover Class A common stock and Messrs. Lawson, Barr and Brown are subject to lock-up agreements with us, under which their Lock-Up Shares will generally be subject to a lock-up period that is substantially the same as the LILP Lock-Up Period.

**Director and Officer Indemnification and Insurance**

Prior to the consummation of this offering, we intend to enter into separate indemnification agreements with each of our directors and executive officers. We have also purchased directors' and officers' liability insurance. See "Description of Capital Stock—Limitations on Liability and Indemnification of Officers and Directors."

**Related Person Transaction Policy and Procedures**

Our board of directors will adopt a related person transaction policy, to be effective upon the closing of this offering, setting forth the policies and procedures for the review and approval or ratification by our audit committee of related person transactions. This policy will cover, with exceptions set forth in Item 404 of Regulation S-K under the Securities Act, any existing or proposed transaction, arrangement or relationship, or any series of similar existing or proposed transactions, arrangements or relationships, in which we were or are to be a participant, where the amount involved exceeds $120,000 in any fiscal year and a related person had, has or will have a direct or indirect material interest. In reviewing and approving any such transactions, our audit committee is tasked to consider all relevant known facts and circumstances, including, but not limited to, whether the transaction is on terms comparable to those that could be obtained in arm's length dealings with an unrelated third party, whether the transaction arose in the ordinary course of business, and the extent of the related person's interest in the transaction, taking into account the conflicts of interest and corporate opportunity provisions of our organizational documents and code of business conduct and ethics. All of the transactions described in this section occurred prior to the adoption of this policy.

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**PRINCIPAL AND SELLING STOCKHOLDERS**

The following table sets forth information with respect to the beneficial ownership of our Class A common stock, Class B common stock and Class C common stock (1) immediately following the consummation of the Organizational Transactions (excluding this offering), as described in "Our Organizational Structure" and (2) as adjusted to give effect to this offering, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each person known by us to beneficially own more than 5% of our capital stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our directors and director nominees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each of our named executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all of our executive officers, directors and director nominees as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all selling stockholders.

As described in "Our Organizational Structure" and "Certain Relationships and Related Party Transactions," each common unit (other than common units held by us) is redeemable from time to time at each holder's option for, at our election (determined solely by a majority of our directors who are disinterested), newly issued shares of our Class A common stock on a one-for-one basis, or in connection with a redemption exercised in connection with the closing of this offering, a cash payment equal to price per share for which shares of Class A common stock are sold in this offering less any applicable underwriters' discounts or commissions and brokers' fees or commissions, or to the extent there is cash available from a secondary offering, a cash payment equal to a volume-weighted average market price of one share of Class A common stock for each common unit so redeemed, in each case, in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. (or a subsidiary thereof) of such Class A common stock or such cash, as applicable, for such common units.

After the expiration or earlier termination of any applicable LILP Lock-Up Period, the LILP Non-controlling Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." In connection with this offering, we will issue to each LILP Non-controlling Partner, for nominal consideration, one share of Class B common stock for each common unit such LILP Non-controlling Partner will own. As a result, the number of shares of Class B common stock listed in the table below correlates to the number of common units the LILP Non-controlling Partners will own immediately after the Organizational Transactions. See "Our Organizational Structure."

After the expiration or earlier termination of any applicable LILP Lock-Up Period, the LILP Controlling Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." In connection with this offering, we will issue to each LILP Controlling Partner, for nominal consideration, one share of Class C common stock for each common unit such LILP Controlling Partner will own. As a result, the number of shares of Class C common stock listed in the table below correlates to the number of common units the LILP Controlling Partners will own immediately after the Organizational Transactions. See "Our Organizational Structure."

The number of shares beneficially owned by each stockholder as described in this prospectus is determined under rules issued by the SEC. Under these rules, beneficial ownership includes any shares as to which the individual or entity has sole or shared voting power or investment power. In computing the number of shares beneficially owned by an individual or entity and the percentage ownership of that person, shares of common stock subject to options, or other rights, including the redemption right described above with respect to each common unit, held by such person that are currently exercisable or will become exercisable within 60 days of May 11, 2026, are considered outstanding, although these shares are not considered outstanding for purposes of computing the percentage ownership of any other person. The percentage ownership of each individual or entity after giving effect to the Organizational Transactions and before this offering is computed on the basis of 11,052,973 shares of our

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Class A common stock outstanding, 32,064,439 shares of our Class B common stock outstanding and 48,340,500 shares of our Class C common stock outstanding. The percentage ownership of each individual or entity after the Organizational Transactions and after this offering (assuming no exercise of the underwriters' option to purchase 3,157,498 additional shares of Class A common stock in this offering) is computed on the basis of 31,657,019 shares of our Class A common stock outstanding, 28,937,403 shares of our Class B common stock outstanding and 41,388,490 shares of our Class C common stock outstanding. The percentage ownership of each individual or entity after the Organizational Transactions and after this offering (assuming full exercise of the underwriters' option to purchase 3,157,498 additional shares of Class A common stock in this offering) is computed on the basis of 34,735,822 shares of our Class A common stock outstanding, 28,385,584 shares of our Class B common stock outstanding and 38,861,506 shares of our Class C common stock outstanding. The table below does not reflect any shares of our Class A common stock that may be purchased in this offering by directors, executive officers or beneficial holders of more than 5% of our outstanding common stock. Unless otherwise indicated, the address of all listed stockholders is 110 North Wacker Drive, 51st Floor, Chicago, Illinois 60606.

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Each of the stockholders listed has sole voting and investment power with respect to the shares beneficially owned by the stockholder unless noted otherwise, subject to community property laws where applicable.

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Class A Common Stock Beneficially<br>Owned** | **Class A Common Stock Beneficially<br>Owned** | **Class A Common Stock Beneficially<br>Owned** | **Class A Common Stock Beneficially<br>Owned** | **Class A Common Stock Beneficially<br>Owned** | **Class B Common Stock Beneficially Owned** | **Class B Common Stock Beneficially Owned** | **Class B Common Stock Beneficially Owned** | **Class C Common Stock Beneficially Owned** | **Class C Common Stock Beneficially Owned** | **Class C Common Stock Beneficially Owned** | **Combined Common Stock Beneficially Owned** | **Combined Common Stock Beneficially Owned** | **Combined Voting Power**<sup>(1)</sup> | **Combined Voting Power**<sup>(1)</sup> |
|<br>**Name of Beneficial Owner** | **Before this Offering** | **Shares to be Sold (No Exercise Option)** | **Shares to be Sold (With Full Exercise Option)** | **After this Offering (No Exercise Option)** | **After this Offering (With Full Exercise Option)** | **Before this Offering** | **After this Offering (No Exercise Option)** | **After this Offering (With Full Exercise Option)** | **Before this Offering** | **After this Offering (No Exercise Option)** | **After this Offering (With Full Exercise Option)** | **After this Offering (No Exercise Option)** | **After this Offering (With Full Exercise Option)** | **After this Offering (No Exercise Option)** | **After this Offering (With Full Exercise Option)** |
| | **Number** | **Number** | **Number** | **Number** | **Number** | **Number** | **Number** | **Number** | **Number** | **Number** | **Number** | **%** | **%** | **%** | **%** |
| ***Named Executive Officers, Directors and Director Nominees*** | | | | | | | | | | | | | | | |
| Lawrence James Lawson III | 332800 |  |  | 332800 | 332800 |  |  |  | 21117200 | 17242282 | 15781290 | 16.9% | 15.5% | 36.4% | 35.0% |
| Robert T. Brown | 657800 |  |  | 657800 | 657800 |  |  |  | 7792200 | 7792200 | 7792200 | 7.6% | 7.6% | 16.6% | 17.4% |
| Eric D. Malchow |  |  |  |  |  |  |  |  | 5525000 | 5055375 | 4972500 | 4.9% | 4.9% | 10.6% | 11.0% |
| Robert B. Barr<sup>(2)</sup> | 527800 |  |  | 527800 | 527800 |  |  |  | 13906100 | 11298633 | 10315516 | 11.1% | 10.1% | 23.9% | 22.9% |
| M. Christie Smith, Ph.D | 32500 |  |  | 32500 | 32500 |  |  |  |  |  |  | \* | \* | \* | \* |
| John W. Oleniczak |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mary R. Weber<sup>(3)</sup> |  |  |  |  |  | 438750 | 423800 | 420550 |  |  |  | \* | \* | \* | \* |
| All executive officers, directors and director nominees as a group (nine persons)<sup>(4)</sup>  | 1617200 |  |  | 1617200 | 1617200 | 788450 | 744494 | 736125 | 48340500 | 41388490 | 38861506 | 42.9% | 40.4% | 87.7% | 86.5% |
| ***Selling Stockholders***  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Dominique Lecendreux<sup>(5)</sup> | 627900 | 64045 | 75347 | 563855 | 552553 |  |  |  |  |  |  | \* | \* | \* | \* |
| Eric Wijs<sup>(6)</sup> | 471900 | 16630 | 19565 | 455270 | 452335 |  |  |  |  |  |  | \* | \* | \* | \* |
| Selling Stockholders owning between 0.31% and 0.5% of common stock<sup>(7)</sup> | 814450 | 103840 | 122166 | 710610 | 692284 |  |  |  |  |  |  | \* | \* | \* | \* |
| Selling Stockholders owning between 0.13% and 0.3% of common stock<sup>(7)</sup> | 904800 | 106378 | 125150 | 798422 | 779650 |  |  |  |  |  |  | \* | \* | \* | \* |
| Selling Stockholders owning between 0.09% and 0.12% of common stock<sup>(7)</sup> | 780000 | 88055 | 103595 | 691945 | 676405 |  |  |  |  |  |  | \* | \* | \* | \* |
| Selling Stockholders owning less than 0.09% of common stock<sup>(7)</sup> | 599300 | 66994 | 78814 | 532306 | 520486 |  |  |  |  |  |  | \* | \* | \* | \* |

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\*Less than 1%.

(1)Represents the voting power with respect to all shares of our Class A common stock, Class B common stock and Class C common stock, voting as a single class. Each share of Class A common stock and Class B common stock will be entitled to one vote per share and each share of Class C common stock will be entitled to ten votes per share. For more information, see "Description of Capital Stock—Common Stock."

(2)Includes 975,000 shares of Class C common stock held by the Robert B. Barr 2025 Grantor Retained Annuity Trust. As the trustee of the Robert B. Barr 2025 Grantor Retained Annuity Trust, Mr. Barr may be deemed to hold shared voting and investment power with respect to the shares of Class C common stock held by the Robert B. Barr 2025 Grantor Retained Annuity Trust.

(3)Includes 81,250 shares of Class B common stock underlying stock options held of record by Ms. Weber that are exercisable within 60 days.

(4)Includes 89,700 shares of Class B common stock underlying stock options that are exercisable within 60 days.

(5)Represents shares of Class A common stock held by Dominique Lecendreux, a managing director of the Company.

(6)Represents shares of Class A common stock and shares of Class A common stock underlying stock options held by Mr. Wijs, a managing director of the Company.

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(7)Represents shares of Class A common stock held by managing directors of the Company who are not otherwise listed in the table and who collectively own less than 1% of our common stock immediately following the consummation of the Organizational Transactions (excluding this offering). Certain of such individuals hold their shares through entities over which they have control.

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**DESCRIPTION OF CAPITAL STOCK**

**General**

At or prior to the consummation of this offering, we will file an amended and restated certificate of incorporation and we will adopt our amended and restated bylaws. Our amended and restated certificate of incorporation will authorize capital stock consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 650,000,000 shares of Class A common stock, par value $0.00001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 250,000,000 shares of Class B common stock, par value $0.00001 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100,000,000 shares of Class C common stock, par value $0.00001 per share; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 5,000,000 shares of preferred stock, par value $0.00001 per share.

The following summary describes the material provisions of our capital stock and provisions of our amended and restated certification of incorporation and our amended and restated bylaws, each of which will become effective in connection with this offering, and the General Corporation Law of the State of Delaware and are summaries and are qualified by reference to the amended and restated certificate of incorporation and the amended and restated bylaws. We urge you to read our amended and restated certificate of incorporation and our amended and restated bylaws, which are included as exhibits to the registration statement of which this prospectus forms a part.

Provisions of our amended and restated certificate of incorporation and our amended and restated bylaws summarized below may be deemed to have an anti-takeover effect and may delay or prevent a tender offer or takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the market price for the shares of common stock.

**Voting Agreement**

In connection with this offering, we will enter into the Voting Agreement with the LILP Controlling Partners, pursuant to which the LILP Controlling Partners will agree to vote all shares of capital stock of the Company that they own, or over which they have voting control, in favor of the election of each individual nominated by our board of directors and submitted for approval by the Company's stockholders, whether by written consent or at a special or annual meeting of the Company's stockholders. The Voting Agreement will terminate upon the earliest to occur of (i) the parties' mutual written agreement and (ii) the date on which the LILP Controlling Partners collectively hold capital stock representing fifty percent (50%) or less of the voting power of all of the then-outstanding shares of capital stock of the Company.

**Common Stock**

***Class A Common Stock***

Holders of shares of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders.

Holders of shares of our Class A common stock are entitled to receive dividends when and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock.

Upon our dissolution or liquidation, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the remaining funds of the Company available for distribution will be divided among the holders of all outstanding shares of our Class A common stock, Class B common stock and Class C common stock such that (i) the holders of shares of our Class B common stock will be entitled to receive only $0.00001 per share, and upon receiving such amount, such holders of shares of our Class B

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common stock will not be entitled to receive any other assets or funds of the Company, (ii) the holders of shares of our Class C common stock will be entitled to receive only $0.00001 per share, and upon receiving such amount, such holders of shares of our Class C common stock will not be entitled to receive any other assets or funds of the Company, and (iii) the holders of shares of our Class A common stock will share ratably in any such remaining assets and funds in proportion to the number of shares held by each such stockholder.

Holders of shares of our Class A common stock do not have preemptive, subscription, redemption, or conversion rights with respect to such shares of Class A common stock. There will be no redemption or sinking fund provisions applicable to the Class A common stock.

***Class B Common Stock***

Each share of our Class B common stock entitles its holders to one vote per share on all matters presented to our stockholders generally.

Shares of Class B common stock may only be held by the LILP Partners and will be initially held by the LILP Non-controlling Partners. Shares of Class B common stock will be issued in the future only in connection with (i) new issuances of common units by LILP to maintain a one-to-one ratio between the aggregate number of shares of Class B common stock and Class C common stock issued and outstanding and the number of common units owned collectively by the LILP Partners and their permitted transferees and (ii) the conversion of shares of Class C common stock to Class B common stock pursuant to our amended and restated certificate of incorporation. Shares of Class B common stock are transferable only together with an equal number of common units. Only permitted transferees of common units held by the LILP Partners will be permitted transferees of Class B common stock. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." Shares of Class B common stock will be redeemed in exchange for shares of Class A common stock on a one-for-one basis upon the death or incapacitation of any LILP Non-controlling Partner holding such shares of Class B common stock. Shares of Class B common stock transferred to Lincoln International, Inc. pursuant to our amended and restated certificate of incorporation or upon the redemption or exchange of their corresponding common units pursuant to the terms of the LILP Partnership Agreement will be canceled and may not be reissued.

Holders of shares of our Class B common stock will vote together with holders of our Class A common stock and Class C common stock as a single class on all matters presented to our stockholders for their vote or approval, except for amendments to our certificate described below or as otherwise required by applicable law or the certificate.

Holders of our Class B common stock, as stockholders, do not have any right to receive dividends, other than dividends declared by our board of directors in connection with a "poison pill" or similar stockholder rights plan or the right to receive $0.00001 per share of Class B common stock upon our dissolution or liquidation. Additionally, holders of shares of our Class B common stock do not have preemptive, subscription or conversion rights with respect to such shares of Class B common stock. There will be no sinking fund provisions applicable to the Class B common stock. Upon the redemption or exchange of common units (together with a corresponding number of shares of Class B common stock) for Class A common stock, the shares of Class B common stock will be automatically transferred to Lincoln International, Inc. for no consideration and will be canceled and no longer outstanding. Such shares of Class B common stock may not be reissued. Any amendment of our amended and restated certificate of incorporation that gives holders of our Class B common stock (1) any rights to receive dividends (other than as described above) or any other kind of distribution, (2) any right to convert into or be exchanged for Class A common stock or (3) any other economic rights (except for payments in cash in lieu of receipt of fractional stock) will require, in addition to stockholder approval required by applicable law or the amended and restated certificate of incorporation, the affirmative vote of holders of a majority of our Class A common stock voting separately as a class.

Upon the consummation of the Organizational Transactions, the LILP Non-controlling Partners will own, in the aggregate, all outstanding shares of our Class B common stock.

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***Class C Common Stock***

Each share of our Class C common stock entitles its holders to ten votes per share on all matters presented to our stockholders generally.

Shares of Class C common stock will be held by the LILP Controlling Partners and will be issued in the future only to the extent necessary to maintain a one-to-one ratio between the aggregate number of shares of Class B common stock and Class C common stock issued and outstanding and the number of common units owned collectively by the LILP Partners and their permitted transferees. Shares of Class C common stock are transferable only together with an equal number of common units. Only permitted transferees of common units held by the LILP Controlling Partners will be permitted transferees of Class C common stock. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." Shares of Class C common stock will be converted to shares of Class B common stock on a one-for-one basis (i) upon the occurrence of the Sunset Date, (ii) upon the death or incapacitation of any LILP Controlling Partner holding such shares of Class C common stock and (iii) in connection with transfers of Class C common stock to transferees that are not permitted owners of Class C common stock or that cease to be permitted owners of Class C common stock. Shares of Class C common stock transferred to Lincoln International, Inc. pursuant to our amended and restated certificate of incorporation or upon the redemption or exchange of their corresponding common units pursuant to the terms of the LILP Partnership Agreement will be canceled and may not be reissued.

Holders of shares of our Class C common stock will vote together with holders of our Class A common stock and Class B common stock as a single class on all matters presented to our stockholders for their vote or approval, except for amendments to our certificate described below or as otherwise required by applicable law or the certificate.

Holders of our Class C common stock, as stockholders, do not have any right to receive dividends, other than dividends declared by the board of directors in connection with a "poison pill" or similar stockholder rights plan or the right to receive $0.00001 per share of Class C common stock upon our dissolution or liquidation. Additionally, holders of shares of our Class C common stock do not have preemptive or subscription rights with respect to such shares of Class C common stock. There will be no redemption or sinking fund provisions applicable to the Class C common stock. Upon the redemption or exchange of common units (together with a corresponding number of shares of Class C common stock) for Class A common stock, the shares of Class C common stock will be automatically transferred to Lincoln International, Inc. for no consideration and will be canceled and no longer outstanding. Such shares of Class C common stock may not be reissued. Any amendment of our amended and restated certificate of incorporation that gives holders of our Class C common stock (1) any rights to receive dividends (other than as described above) or any other kind of distribution, (2) any right to convert into or be exchanged for Class A common stock or (3) any other economic rights (except for payments in cash in lieu of receipt of fractional stock) will require, in addition to stockholder approval required by applicable law or the amended and restated certificate of incorporation, the affirmative vote of holders of a majority of our Class A common stock voting separately as a class.

Upon the consummation of the Organizational Transactions, the LILP Controlling Partners will own, in the aggregate, all outstanding shares of our Class C common stock. Immediately after this offering, holders of shares of our Class A common stock and Class C common stock will represent approximately 7% and 87%, respectively, of the voting interest in Lincoln International, Inc. (or 8% and 86%, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering). If all shares of Class C common stock are exchanged for Class A common stock or Class B common stock, at a one-to-one ratio immediately after this offering, holders of our Class A common stock would represent approximately 72% or 31%, respectively, of the voting interest in Lincoln International, Inc. (or 72% or 34%, respectively, if the underwriters exercise their option to purchase additional shares of Class A common stock in full in this offering).

***Preferred Stock***

Upon the consummation of the Organizational Transactions and the effectiveness of our amended and restated certificate of incorporation that will become effective in connection with the Organizational Transactions, the total

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of our authorized shares of preferred stock will be 5,000,000 shares. Upon the consummation of the Organizational Transactions, we will have no shares of preferred stock outstanding.

Under the terms of our amended and restated certificate of incorporation that will become effective in connection with the Organizational Transactions, our board of directors is authorized to direct us to issue shares of preferred stock in one or more series without stockholder approval. Our board of directors has the discretion to determine the number and designation of such series and the powers, rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences, of each series of preferred stock.

The purpose of authorizing our board of directors to issue preferred stock and determine its rights and preferences is to eliminate delays associated with a stockholder vote on specific issuances. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions, future financings and other corporate purposes, could have the effect of making it more difficult for a third party to acquire, or could discourage a third party from seeking to acquire, a majority of our outstanding voting stock. Additionally, the issuance of preferred stock may adversely affect the holders of our Class A common stock by restricting dividends on the Class A common stock, diluting the voting power of the Class A common stock or subordinating the liquidation rights of the Class A common stock. As a result of these or other factors, the issuance of preferred stock could have an adverse impact on the market price of our Class A common stock.

**Forum Selection**

If any action the subject matter of which is within the scope described above is filed in a court other than a court located within the State of Delaware, or a Foreign Action, in the name of any stockholder, such stockholder shall be deemed to have consented to the personal jurisdiction of the state and federal courts located within the State of Delaware in connection with any action brought in any such court to enforce the applicable provisions of our amended and restated certificate of incorporation and having service of process made upon such stockholder in any such action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder. Although our amended and restated certificate of incorporation will contain the choice of forum provision described above, it is possible that a court could find that such a provision is inapplicable for a particular claim or action or that such provision is unenforceable.

This choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, other employees or stockholders, which may

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discourage lawsuits with respect to such claims or make such lawsuits more costly for stockholders, although our stockholders will not be deemed to have waived our compliance with federal securities laws and the rules and regulations thereunder.

**Dividends**

Declaration and payment of any dividend will be subject to the discretion of our board of directors. The time and amount of dividends will be dependent upon our business prospects, results of operations, financial condition, cash requirements and availability, debt repayment obligations, capital expenditure needs, contractual restrictions, covenants in the agreements governing our current and future indebtedness, industry trends, the provisions of Delaware law affecting the payment of distributions to stockholders and any other factors our board of directors may consider relevant. Following the completion of this offering, our board of directors may elect to pay cash dividends on our Class A common stock. See "Dividend Policy."

**Anti-Takeover Provisions**

Our amended and restated certificate of incorporation and amended and restated bylaws, as they will be in effect immediately prior to the consummation of the Offering Transactions, will contain provisions that may delay, defer or discourage another party from acquiring control of us. We expect that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors, which we believe may result in an improvement of the terms of any such acquisition in favor of our stockholders. However, they also give our board of directors the power to discourage acquisitions that some stockholders may favor.

**Authorized but Unissued Shares**

The authorized but unissued shares of our common stock and our preferred stock are available for future issuance without stockholder approval, subject to any limitations imposed by the rules of the NYSE or any preferred stock designation. These additional shares may be used for a variety of corporate finance transactions, acquisitions and employee benefit plans and, as described under "Certain Relationships and Related Party Transactions—LILP Partnership Agreement—Agreement in Effect Upon Consummation of the Organizational Transactions," funding of redemptions of common units. The existence of authorized but unissued and unreserved common stock and preferred stock could make more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise.

**Classified Board of Directors**

Our amended and restated certificate of incorporation will provide that our board of directors will be divided into three classes, with the classes as nearly equal in number as possible and each class serving three-year staggered terms. Our amended and restated certificate of incorporation will also provide that subject to the rights of the holders of any series of preferred stock then outstanding, any director, or the entire board of directors, may be removed (i) prior to the Sunset Date, with or without cause by the affirmative vote of a majority of the voting power of all of the then outstanding shares of stock entitled to vote generally in the election of directors and (ii) from and after the Sunset Date, only for cause by an affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all the outstanding shares of stock entitled to vote generally in the election of directors. See "Management—Composition of our Board of Directors." These provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control of us or our management.

**Stockholder Action by Consent**

Our amended and restated certificate of incorporation will provide that prior to the Sunset Date, any action required or permitted to be taken by our stockholders at an annual meeting or special meeting of stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents, setting forth the action so taken, are signed by the holders of our outstanding shares of the Company representing not less than the minimum number of votes that would be necessary to authorize such action at a meeting at which all outstanding shares of the Company entitled to vote thereon were present and voted and such consent is delivered to us in

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accordance with applicable law. However, from and after the Sunset Date, any action required or permitted to be taken at any annual or special meeting of stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by consent in lieu of a meeting; provided, however, that any action required or permitted to be taken by the holders of preferred stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable preferred stock designation.

**Special Meetings of Stockholders**

Our amended and restated bylaws will provide that a special meeting of our stockholders may be called only by the chairperson of the board of directors, pursuant to a resolution adopted by a majority of the whole board of directors or, prior to the Sunset Date, by our secretary (or other officer or the board of directors), upon the request of the stockholders holding a majority of the voting power of the Company.

**Advance Notice Requirements for Stockholder Proposals and Director Nominations**

In addition, our amended and restated bylaws will establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of candidates for election to our board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice and provide us with information on the timeframe set forth in the amended and restated bylaws. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a qualified stockholder of record on the record date for the meeting and at the time of the meeting, who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder's intention to bring such business or nominations before the meeting. These provisions could have the effect of delaying stockholder actions that are favored by the holders of a majority of our outstanding voting securities until the next stockholder meeting.

**Amendment of Certificate of Incorporation or Bylaws**

The DGCL provides generally that the affirmative vote of the holders of a majority of the shares entitled to vote thereon is required to amend a corporation's certificate of incorporation, unless a corporation's certificate of incorporation requires a greater percentage. Our amended and restated certificate of incorporation will provide that, from and after the Sunset Date, certain provisions of our amended and restated certificate of incorporation may be amended, altered, repealed or rescinded, in whole or in part, or any provision inconsistent therewith may be adopted, only by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the total voting power of all outstanding shares of stock entitled to vote, voting together as a single class.

Our amended and restated bylaws may be adopted, amended or repealed by (i) a majority vote of our whole board of directors, (ii) prior to the Sunset Date, stockholders holding a majority of the voting power of the Company, voting together as a single class, or (iii) from and after the Sunset Date, stockholders holding at least sixty-six and two-thirds percent (66 2/3%) of the voting power of the Company, voting together as a single class.

**Limitations on Liability and Indemnification of Officers and Directors**

Our amended and restated bylaws provide indemnification for our directors and officers to the fullest extent permitted by the DGCL. Prior to the consummation of the Organizational Transactions, we intend to enter into indemnification agreements with each of our directors and executive officers that may, in some cases, be broader than the specific indemnification provisions contained under Delaware law. In addition, as permitted by Delaware law, our amended and restated certificate of incorporation includes provisions that eliminate the personal liability of our directors for monetary damages resulting from breaches of fiduciary duties as a director. The effect of this provision is to restrict our rights and the rights of our stockholders in derivative suits to recover monetary damages against a director for breach of fiduciary duties as a director.

These provisions may be held not to be enforceable for violations of the federal securities laws of the United States.

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**Transfer Agent and Registrar**

The transfer agent and registrar for our Class A common stock is Equiniti Trust Company, LLC.

**Trading Symbol and Market**

We have applied to list our Class A common stock on the NYSE under the symbol "LCLN."

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**SHARES ELIGIBLE FOR FUTURE SALE**

Immediately prior to this offering, there was no public market for our Class A common stock. Future sales of substantial amounts of Class A common stock in the public market (including shares of Class A common stock issuable upon redemption or exchange of common units of the LILP Partners), or the perception that such sales may occur, could adversely affect the market price of our Class A common stock. Although we have applied to list our Class A common stock on the NYSE, we cannot assure you that there will be an active public market for our Class A common stock.

Upon the closing of this offering, we will have outstanding an aggregate of 31,657,019 shares of Class A common stock, assuming the issuance of 21,049,988 shares of Class A common stock offered by us and the selling stockholders in this offering. Of these shares, all shares sold in this offering will be freely tradable without restriction or further registration under the Securities Act, except for any shares purchased by our "affiliates," as that term is defined in Rule 144 under the Securities Act, whose sales would be subject to the Rule 144 resale restrictions described below, other than the holding period requirement.

None of the shares of Class A common stock issued in this offering will be "restricted securities," as that term is defined in Rule 144 under the Securities Act. Restricted securities are eligible for public sale only if they are registered under the Securities Act or if they qualify for an exemption from registration under the Securities Act, including Rules 144 or 701 under the Securities Act, which are summarized below.

In addition, each common unit held directly or indirectly by the LILP Partners will be redeemable, subject to the expiration or earlier termination of any applicable LILP Lock-Up Period, at the election of each LILP Partner, for, at our election, (i) newly issued shares of our Class A common stock on a one-for-one basis, (ii) in connection with a redemption exercised in connection with the closing of this offering, a cash payment equal to the price per share for which shares of Class A common stock are sold in this offering less the underwriters' discounts, or (iii) to the extent there is cash available from a secondary offering, a cash payment equal to a volume-weighted average market price of one share of Class A common stock for common unit so redeemed, in each case, in accordance with the terms of the LILP Partnership Agreement; provided that, at our election, we may effect a direct exchange by Lincoln International, Inc. (or a subsidiary thereof) of such Class A common stock or such cash, as applicable, for such common units. The LILP Partners may, subject to exceptions, exercise such redemption right for as long as their common units remain outstanding. See "Certain Relationships and Related Party Transactions—LILP Partnership Agreement." Upon consummation of the Organizational Transactions, the LILP Partners will hold 70,325,893 common units, all of which will be exchangeable for shares of our Class A common stock. The shares of Class A common stock we issue upon such exchanges would be "restricted securities" as defined in Rule 144 unless we register such issuances.

**Lock-Up Agreements**

*Underwriting Agreement*

We, our officers and directors and holders of substantially all of our outstanding capital stock have agreed that, without the prior written consent of Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, as the representatives of the underwriters, we and they will not, subject to exceptions (including, with respect to us, the issuance of the Liquidity Event Shares), during the period ending 180 days after the date of this prospectus (the "Underwriter Lock-Up Period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise transfer or dispose of any shares of our Class A common stock, or any options or warrants to purchase any shares of our Class A common stock, or any securities convertible into, or exchangeable for, or that represent the right to receive, shares of our Class A common stock (such shares of Class A common stock, options, rights, warrants or other securities, collectively, "Underwriter Lock-Up Securities");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to, or which

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reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition, or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any Underwriter Lock-Up Securities, whether any transaction described above is to be settled by delivery of our common stock or other securities, in cash or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any demand for or exercise any right with respect to the registration of any Underwriter Lock-Up Securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• otherwise publicly announce any intention to engage in or engage in or cause any action or activity described above or transaction or arrangement described above.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC, in their sole discretion as representatives, may release the Underwriter Lock-Up Securities in whole or in part at any time. These agreements are subject to exceptions described under "Underwriting."

*Members of Blocker Companies, Holders of Rollover Class A Common Stock and Stockholders of LI GP, Inc.*

The Other Senior Professionals, holders of Rollover Class A common stock and Messrs. Lawson, Barr and Brown are subject to lock-up agreements with us, under which their Lock-Up Shares will generally be subject to a lock-up period of two years following the date of effectiveness of this registration statement, after which their Lock-Up Shares will become transferable in three equal installments on each of the second, third and fourth anniversary of date of effectiveness of this registration statement. 78,000 shares of Rollover Class A common stock and 32,500 shares of Class A common stock held by our non-employee directors are not subject to the same lock-up period and will become eligible for sale after the expiration of the Underwriter Lock-Up Period, unless the representatives of the underwriters provide their written consent for their earlier sale.

*LILP Partnership Agreement*

Under the LILP Partnership Agreement, the Lock-Up Common Units held by the LILP Partners are subject to substantially the same lock-up period as the Other Senior Professionals, holders of Rollover Class A common stock and Messrs. Lawson, Barr and Brown, upon the expiration or earlier termination of which the LILP Partners may redeem their common units in exchange for Class A common stock.

Upon the expiration of the applicable lock-up periods, substantially all of the shares of Class A common stock subject to such lock-up restrictions will become eligible for sale, subject to the limitations discussed above.

**Rule 144**

In general, a person who has beneficially owned our Class A common stock that are restricted shares for at least six months would be entitled to sell such securities, provided that (1) such person is not deemed to have been one of our affiliates at the time of, or at any time during the 90 days preceding, a sale and (2) we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Persons who have beneficially owned our Class A common stock that are restricted shares for at least six months but who are our affiliates at the time of, or any time during the 90 days preceding, a sale, would be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number of securities that does not exceed the greater of either of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1% of the number of our Class A common stock then outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the average weekly trading volume of our Class A common stock on the NYSE during the four calendar weeks preceding the filing of a notice on Form 144 with respect to the sale; provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the sale. Such sales both by affiliates and by non-affiliates must also comply with the manner of sale, current public information and notice provisions of Rule 144 to the extent applicable.

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**Rule 701**

In general, under Rule 701, any of our employees, directors, officers, consultants or advisors who purchases shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of the registration statement of which this prospectus forms a part is entitled to sell such shares 90 days after such effective date in reliance on Rule 144. Our affiliates can resell shares in reliance on Rule 144 without having to comply with the holding period requirement, and non-affiliates of the issuer can resell shares in reliance on Rule 144 without having to comply with the current public information and holding period requirements.

The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after an issuer becomes subject to the reporting requirements of the Exchange Act.

**Equity Plans**

We intend to file one or more registration statements on Form S-8 under the Securities Act to register the offer and sale of all shares of Class A common stock subject to certain outstanding stock options and Class A common stock issued or issuable under the 2026 Plan.

Such registration statement is expected to be filed and become effective as soon as practicable after the completion of this offering. Accordingly, shares registered under such registration statement will be available for sale in the open market following its effective date, subject to certain Rule 144 limitations applicable to affiliates, vesting restrictions, and the lock-up agreements and market standoff restrictions described above, if applicable. See "Executive and Director Compensation—Equity Incentive Plans" for a description of the 2026 Plan.

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**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF CLASS A COMMON STOCK**

The following discussion is a summary of the material U.S. federal income tax consequences to Non-U.S. Holders (as defined below) of the purchase, ownership and disposition of our Class A common stock issued pursuant to this offering, but does not purport to be a complete analysis of all potential tax effects. The effects of other U.S. federal tax laws, such as estate and gift tax laws, and any applicable state, local or non-U.S. tax laws are not discussed. This discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations promulgated thereunder, judicial decisions, and published rulings and administrative pronouncements of the IRS, in each case in effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder. We have not sought and will not seek any rulings from the IRS regarding the matters discussed below. There can be no assurance the IRS or a court will not take a contrary position to that discussed below regarding the tax consequences of the purchase, ownership and disposition of our Class A common stock.

This discussion is limited to Non-U.S. Holders that hold our Class A common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder's particular circumstances, including the impact of the Medicare contribution tax on net investment income and the alternative minimum tax. In addition, it does not address consequences relevant to Non-U.S. Holders subject to special rules, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. expatriates and former citizens or long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our Class A common stock as part of a hedge, straddle or other risk reduction strategy or as part of a conversion transaction or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• banks, insurance companies, and other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brokers, dealers or traders in securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "controlled foreign corporations," "foreign controlled foreign corporations," "passive foreign investment companies," and corporations that accumulate earnings to avoid U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes (and investors therein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt organizations or governmental organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons deemed to sell our Class A common stock under the constructive sale provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons who hold or receive our Class A common stock pursuant to the exercise of any employee stock option or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax-qualified retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• persons subject to special tax accounting rules as a result of any item of gross income with respect to the stock being taken into account in an applicable financial statement.

If an entity treated as a partnership for U.S. federal income tax purposes holds our Class A common stock, the tax treatment of a partner in the partnership will depend on the status of the partner, the activities of the partnership and certain determinations made at the partner level. Accordingly, partnerships holding our Class A common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal income tax consequences to them.

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**THIS DISCUSSION IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S. FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR CLASS A COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION OR UNDER ANY APPLICABLE INCOME TAX TREATY.**

**Definition of a Non-U.S. Holder**

For purposes of this discussion, a "Non-U.S. Holder" is any beneficial owner of our Class A common stock that is neither a "U.S. person" nor an entity treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes, is or is treated as any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a corporation created or organized under the laws of the United States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income tax regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (1) is subject to the primary supervision of a U.S. court and the control of one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code), or (2) has a valid election in effect to be treated as a United States person for U.S. federal income tax purposes.

**Distributions**

As described in the section titled "Dividend Policy," following the completion of this offering, our board of directors may elect to pay cash dividends on our Class A common stock. If we do make distributions of cash or property on our Class A common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder's adjusted tax basis in its Class A common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under "—Sale or Other Taxable Disposition."

Subject to the discussion below on effectively connected income, dividends paid to a Non-U.S. Holder will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of the dividends (or such lower rate specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their entitlement to benefits under any applicable income tax treaty.

If dividends paid to a Non-U.S. Holder are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States.

Any such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to a U.S. person. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively

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connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.

**Sale or Other Taxable Disposition**

A Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon the sale or other taxable disposition of our Class A common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with the Non-U.S. Holder's conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment in the United States to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more during the taxable year of the disposition and other requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our common stock constitutes a U.S. real property interest ("USRPI"), by reason of our status as a U.S. real property holding corporation ("USRPHC"), for U.S. federal income tax purposes.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to a U.S. person. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on such effectively connected gain, as adjusted for certain items.

A Non-U.S. Holder described in the second bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on gain realized upon the sale or other taxable disposition of our common stock, which may be offset by U.S. source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.

With respect to the third bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were to become a USRPHC, gain arising from the sale or other taxable disposition of our Class A common stock by a Non-U.S. Holder will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market and such Non-U.S. Holder owned, actually and constructively, 5% or less of our Class A common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder's holding period.

Non-U.S. Holders should consult their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.

**Information Reporting and Backup Withholding**

Payments of dividends on our Class A common stock will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN, W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection with any distributions on our Class A common stock paid to the Non-U.S. Holder, regardless of whether such distributions constitute dividends or whether any tax was actually withheld. In addition, proceeds of the sale or other taxable disposition of our Class A common stock within the United States or conducted through certain U.S.-related brokers generally will not be subject to backup withholding or information reporting if the applicable withholding agent receives the certification described above and does not have actual knowledge or reason to know that such holder is a United States person or the holder otherwise establishes an exemption. Proceeds of a disposition of our Class A common stock conducted through a non-U.S. office of a non-U.S. broker generally will not be subject to backup withholding or information reporting.

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Copies of information returns that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities of the country in which the Non-U.S. Holder resides or is established.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Additional Withholding Tax on Payments Made to Foreign Accounts**

Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such Sections commonly referred to as the Foreign Account Tax Compliance Act, or FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from the sale or other disposition of, our Class A common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (1) the foreign financial institution undertakes certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain "specified United States persons" or "United States owned foreign entities" (each as defined in the Code), annually report certain information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally applies to payments of dividends on our Class A common stock. While withholding under FATCA would have applied also to payments of gross proceeds from the sale or other disposition of stock on or after January 1, 2019, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.

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**UNDERWRITING**

We, the selling stockholders and the underwriters named below will enter into an underwriting agreement with respect to the shares of Class A common stock being offered. Subject to certain conditions, each underwriter will severally agree to purchase the number of shares indicated in the following table. Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the representatives of the underwriters.

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| | |
|:---|:---|
| **Underwriters** | **Number of Shares** |
| Goldman Sachs & Co. LLC |  |
| Morgan Stanley & Co. LLC |  |
| BMO Capital Markets Corp. |  |
| Citizens JMP Securities, LLC |  |
| Evercore Group L.L.C. |  |
| Keefe, Bruyette & Woods, Inc. |  |
| Nomura Securities International, Inc.<sup>(1)</sup> |  |
| WR Securities, LLC<sup>(1)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | 21049988 |

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___________________

(1)"Wolfe \| Nomura Alliance" is the marketing name used by Wolfe Research Securities and Nomura Securities International, Inc. in connection with certain equity capital markets activities conducted jointly by the firms. Both Nomura Securities International, Inc. and WR Securities, LLC are serving as underwriters in the offering described herein. In addition, WR Securities, LLC and certain of its affiliates may provide sales support services, investor feedback, investor education, and/or other independent equity research services in connection with this offering.

The underwriters will be committed to take and pay for all of the shares being offered, if any are taken, other than the shares covered by the option described below unless and until this option is exercised.

The underwriters will have an option to purchase up to an additional 3,078,803 shares of Class A common stock from us and 78,695 shares of Class A common stock from the selling stockholders to cover sales by the underwriters of a greater number of shares of Class A common stock than the total number set forth in the table above. They may exercise that option for 30 days from the date of this prospectus. If any shares are purchased pursuant to this option, the underwriters will severally purchase shares of Class A common stock in approximately the same proportion as set forth in the table above.

The following table shows the per share and total underwriting discounts and commissions to be paid to the underwriters by us and the selling stockholders in connection with this offering. Such amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase 3,157,498 additional shares of Class A common stock.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Per Share** | **Per Share** | **Total** | **Total** |
| | **No Exercise** | **Full Exercise** | **No Exercise** | **Full Exercise** |
| Initial Public offering price | $ | $ | $ | $ |
| Underwriting discounts and commissions paid by us |  |  |  |  |
| Proceeds to us, before expenses |  |  |  |  |
| Underwriting discounts and commissions paid by the selling stockholders |  |  |  |  |
| Proceeds to the selling stockholders, before expenses |  |  |  |  |
| **Total**  | $ | $ | $ | $ |

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Shares sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus. Any shares sold by the underwriters to securities dealers may be sold at a discount of

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up to $ per share from the initial public offering price. After the initial offering of the shares, the representatives may change the offering price and the other selling terms. The offering of the shares by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject any order in whole or in part.

We, our officers and directors and the holders of substantially all of our outstanding capital stock have agreed with the underwriters, subject to certain exceptions (including, with respect to us, the issuance of the Liquidity Event Shares), not to dispose of, hedge, make any demand for registration or otherwise publicly announce any intention to do any of the foregoing with respect to the Underwriter Lock-Up Securities during the Underwriter Lock-Up Period. The restrictions imposed by the lock-up agreements with the underwriters, as described in "Shares Eligible for Future Sale—Lock-Up Agreements—Underwriting Agreement," are subject to certain exceptions, including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)transfers of the holder's Underwriter Lock-Up Securities: (i) in the initial public offering pursuant to the underwriting agreement, (ii) as one or more bona fide gifts or charitable contributions, or for bona fide estate planning purposes; (iii) upon death by will, testamentary document or the laws of intestate succession; (iv) (A) if the holder is a natural person, to any member of the holder's immediate family or to any trust for the direct or indirect benefit of the holder or the holder's immediate family or (B) if the holder is a trust, to a trust or, trustee or beneficiary of the trust or the estate of a beneficiary of such trust; (v) to a corporation, partnership, limited liability company or other entity of which the holder and the holder's immediate family are the legal and beneficial owner of all of the outstanding equity securities or similar interests; or (vi) to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (a)(i) through (iv) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if the holder is a corporation, partnership, limited liability company, trust or other business entity, (A) transfers to another corporation, partnership, limited liability company or other business entity that is an affiliate (as defined in Rule 405 under the Securities Act) of the holder, or to any investment fund or other entity which fund or entity is controlling, controlled by, managing or managed by or under common control with the holder or affiliates of the holder, or (B) as part of a distribution, transfer or disposition by the holder to its shareholders, limited stockholders, partners, general partners, limited liability company members or other equityholders or to the estate of any such shareholders, limited stockholders, partners, general partners, limited liability company members or other equityholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)transfers by operation of law, such as pursuant to a qualified domestic order, divorce settlement, divorce decree, separation agreement or other court or regulatory agency order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)transfers to us from our employee upon death, disability or in connection with termination of employment, in each case, of such employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)if the holder is not an officer or director of the Company, transfers in connection with a sale of the holder's shares of Class A common stock acquired (A) from the underwriters in the offering or (B) in open market transactions after the closing date of this offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)transfers to us in connection with the vesting, settlement or exercise of RSUs, shares of restricted stock, options, warrants or other rights to purchase shares of Class A common stock (including, in each case, by way of "net" or "cashless" exercise) that are scheduled to expire or automatically vest or settle during the Underwriter Lock-Up Period, including any transfer to us for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement or exercise of such restricted stock units, options, warrants or other rights, or in connection with the conversion or exchange of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan, each as described herein, or pursuant to the terms of convertible or exchangeable securities, as applicable, provided that any securities received upon such vesting, settlement, exercise or conversion that are not transferred to cover any such tax obligations shall be subject to the terms of the lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)transfers to the Company in connection with the conversion, exchange or reclassification of the outstanding equity securities of the Company into shares of common stock, or any reclassification, exchange or

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conversion of the common stock, provided that any such shares of common stock received upon such conversion or reclassification shall be subject to the terms of the lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)transfers in "sell to cover" or similar open market transactions (including, without limitation, sales pursuant to any written plan meeting the requirements of Rule 10b5-1 under the Exchange Act, relating to the transfer, sale or other disposition of the undersigned's Underwriter Lock-Up Securities) during the Underwriter Lock-Up Period to satisfy tax withholding obligations as a result of the exercise, vesting and/or settlement of Company equity awards (including options and RSUs) held by the undersigned and issued pursuant to a plan or arrangement described in the Prospectus, provided that, if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of common stock in connection with such "sell to cover" transaction shall be legally required during the Underwriter Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the exchange of the holder's securities issued by LILP for securities of the Company solely in connection with, and as contemplated by, the Organizational Transactions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)transfers made with the prior written consent of Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC on behalf of the underwriters;

*provided* that (A) in the case of clauses (a)(i), (a)(ii), (a)(iii), (a)(iv), (a)(v), (a)(vi) and (f) above, such transfer or distribution shall not involve a disposition for value, (B) in the case of clauses (a)(i), (a)(ii), (a)(iii), (a)(iv), (a)(v), (a)(vi) and (b) above, it shall be a condition to the transfer or distribution that the donee, devisee, transferee or distributee, as the case may be, shall sign and deliver a lock up agreement in the form of the lock-up agreement, (C) in the case of clauses (a)(ii), (a)(iii), (a)(iv), (a)(v), (a)(vi) and (d) above, no filing by any party (including, without limitation, any donor, donee, devisee, transferor, transferee, distributor or distributee) under the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of Underwriter Lock-Up Securities shall be required or shall be voluntarily made in connection with such transfer or distribution, and (D) in the case of clauses (a)(i), (b), (c), (e) and (g) above, no filing under the Exchange Act or other public filing, report or announcement shall be voluntarily made, and if any such filing, report or announcement shall be legally required during the Underwriter Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto (1) the circumstances of such transfer or distribution and (2) in the case of a transfer or distribution pursuant to clauses (a)(i) or (b) above, that the donee, devisee, transferee or distributee has agreed to be bound by a lock-up agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)entry into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act relating to the transfer, sale or other disposition of the holder's Underwriter Lock-Up Securities, if then permitted by the Company, provided that none of the securities subject to such plan may be transferred, sold or otherwise disposed of until after the expiration of the Underwriter Lock-Up Period (except to the extent otherwise allowed pursuant to the lock-up agreement) and no public announcement, report or filing under the Exchange Act, or any other public filing, report or announcement, shall be voluntarily made (whether by or on behalf of the holder, the Company or any other party) regarding, or that otherwise discloses, the establishment of such plan during the Underwriter Lock-Up Period, and if any such filing, report or announcement shall be legally required during the Underwriter Lock-Up Period, such filing, report or announcement shall clearly indicate that that none of the securities subject to such plan may be transferred, sold or otherwise disposed of pursuant to such plan until after the expiration of the Underwriter Lock-Up Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)transfers pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control of the Company (as defined in the lock-up agreement); provided that in the event that such tender offer, merger, consolidation or other similar transaction is not completed, the holder's Underwriter Lock-Up Securities shall remain subject to the provisions of the lock-up agreement.

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Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC may, in their discretion, release any of the securities subject to the lockup agreements with the underwriters at any time, subject to applicable notice requirements.

Prior to the offering, there has been no public market for the shares of Class A common stock. The initial public offering price has been negotiated among us and the representatives. Among the factors to be considered in determining the initial public offering price of the shares of Class A common stock, in addition to prevailing market conditions, will be our historical performance, estimates of our business potential and earnings prospects, an assessment of our management and the consideration of the above factors in relation to market valuation of companies in related businesses.

We have applied to list the shares of our Class A common stock on the NYSE under the symbol "LCLN."

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Purchases to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have the effect of preventing or retarding a decline in the market price of the company's stock, and together with the imposition of the penalty bid, may stabilize, maintain or otherwise affect the market price of the Class A common stock. As a result, the price of the Class A common stock may be higher than the price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any of these activities at any time. These transactions may be effected on the NYSE, in the over-the-counter market or otherwise.

We estimate that our share of the total expenses of the offering, excluding underwriting discounts and commissions, will be approximately $9 million.

We will also agree to reimburse the underwriters for expenses in an amount not to exceed $75,000 relating to any applicable state securities filings and to clearance of this offering with the Financial Industry Regulatory Authority. We and the selling stockholders will also agree to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage and other financial and non-financial activities and services. Certain of the underwriters and their respective affiliates have provided, and may in the future provide, a variety of these services to the Company and to persons and entities with relationships with the Company, for which they received or will receive customary fees and expenses.

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In the ordinary course of their various business activities, the underwriters and their respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities, derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts of their customers, and such investments and trading activities may involve or relate to assets, securities and/or instruments of the Company (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the Company. The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold, or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.

**European Economic Area**

In relation to each member state of the EEA (each, a "Relevant Member State"), an offer to the public of any Class A common stock may not be made in that Relevant Member State, except that an offer to the public in that Relevant Member State of any Class A common stock may be made at any time under the following exemptions under the EU Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to any legal entity which is a "qualified investor" as defined under Article 2 of the EU Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to fewer than 150 natural or legal persons (other than "qualified investors" as defined under Article 2 of the EU Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in any other circumstances falling within Article 1(4) of the EU Prospectus Regulation,

provided that no such offer of shares of Class A common stock shall result in a requirement for the Company or any underwriter to publish a prospectus pursuant to Article 3 of the EU Prospectus Regulation or a supplemental prospectus pursuant to Article 23 of the EU Prospectus Regulation and each person who initially acquires any Class A common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the representatives and the Company that it is a qualified investor within the meaning of Article 2 of the EU Prospectus Regulation.

In the case of any Class A common stock being offered to a financial intermediary as that term is used in Article 1(4) of the EU Prospectus Regulation, each financial intermediary will also be deemed to have represented, warranted and agreed that the Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer to the public other than their offer or resale in a Relevant Member State to qualified investors, as so defined or in circumstances in which the prior written consent of the representatives has been obtained to each such proposed offer or resale.

We, the underwriters and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified investor" and who has notified the representatives of such fact in writing may, with the prior consent of the representatives, be permitted to acquire Class A common stock in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to any shares of Class A common stock in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, and the expression "EU Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

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**United Kingdom**

An offer to the public of any Class A common stock may not be made in the United Kingdom, except that an offer to the public in the United Kingdom of any Class A common stock may be made at any time under the following exemptions under the POATRs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)to any legal entity which is a qualified investor as defined in paragraph 15 of Schedule 1 to the POATRs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to the POATRs) in the United Kingdom, subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.

Each person who initially acquires any Class A common stock or to whom any offer is made will be deemed to have represented, warranted and agreed to and with each of the representatives and the Company that it is a qualified investor within the meaning of paragraph 15 of Schedule 1 to the POATRs.

In the case of any Class A common stock being offered to a financial intermediary, each such financial intermediary will also be deemed to have represented, warranted and agreed that the Class A common stock acquired by it in the offer will not be offered or resold by it in any circumstances which may constitute a public offer of securities in the United Kingdom for the purposes of the POATRs and PRM, other than in reliance on an exemption under Part 1 of Schedule 1 to the POATRs (including offers being made solely to qualified investors, as so defined).

We, the representatives and their affiliates will rely upon the truth and accuracy of the foregoing representations, warranties and agreements. Notwithstanding the above, a person who is not a "qualified investor" and who has notified the representatives of such fact in writing may, with the prior consent of the representatives, be permitted to acquire Class A common stock in the offer.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares of Class A common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of Class A common stock, the expression "POATRs" means the Public Offers and Admissions to Trading Regulations 2024, as amended, and the expression "PRM" means the Prospectus Rules: Admission to Trading on a Regulated Market sourcebook.

This prospectus is only being distributed to and is only directed at: (A) persons who are outside the United Kingdom; or (B) qualified investors who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"), or (ii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons falling within (A)-(B) together being referred to as "relevant persons"). The Class A common stock are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the Class A common stock will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this Prospectus or any of its contents.

**Canada**

The shares of Class A common stock may be sold in Canada only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the shares of Class A common stock must be made in accordance with an exemption form, or in a transaction not subject to, the prospectus requirements of applicable securities laws. Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this offering memorandum (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or

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damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (NI 33-105), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

**Hong Kong**

The shares of Class A common stock may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("Companies (Winding Up and Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("Securities and Futures Ordinance"), or (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the shares of Class A common stock may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of Class A common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

**Singapore**

This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of Class A common stock may not be circulated or distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined under Section 4A of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA")) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to conditions set forth in the SFA.

Where the shares of Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor, the securities (as defined in Section 239(1) of the SFA) of that corporation shall not be transferable for 6 months after that corporation has acquired the shares of Class A common stock under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer in that corporation's securities pursuant to Section 275(1A) of the SFA, (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (Regulation 32).

Where the shares of Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as defined in Section 4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an accredited investor, the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable for 6 months after that trust has acquired the shares of Class A common stock under Section 275 of the SFA except: (1) to an institutional

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investor under Section 274 of the SFA or to a relevant person (as defined in Section 275(2) of the SFA), (2) where such transfer arises from an offer that is made on terms that such rights or interest are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction (whether such amount is to be paid for in cash or by exchange of securities or other assets), (3) where no consideration is or will be given for the transfer, (4) where the transfer is by operation of law, (5) as specified in Section 276(7) of the SFA, or (6) as specified in Regulation 32.

**Japan**

The securities have not been and will not be registered under the Financial Instruments and Exchange Act of Japan (Act No. 25 of 1948, as amended) (the "FIEA"). The securities may not be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.

**Dubai International Financial Centre**

This prospectus relates to an "Exempt Offer" in accordance with the Offered Securities Rules of the Dubai Financial Services Authority (the "DFSA"). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for the prospectus. The shares of Class A common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of our Class A common stock should conduct their own due diligence on such shares. If you do not understand the contents of this prospectus, you should consult an authorized financial advisor.

**Switzerland**

The Class A common stock may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the "SIX") or on any other stock exchange or regulated trading facility in Switzerland. This document does not constitute a prospectus within the meaning of, and has been prepared without regard to the disclosure standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the Class A common stock or the offering may be publicly distributed or otherwise made publicly available in Switzerland.

Neither this document nor any other offering or marketing material relating to the offering, our company or our common stock has been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer of Class A common stock will not be supervised by, the Swiss Financial Market Supervisory Authority and the offer of Class A common stock has not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (the "CISA"). The investor protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of Class A common stock.

**Australia**

No placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian Securities and Investments Commission, or ASIC, in relation to the offering. This prospectus does not constitute a prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001, or the Corporations Act, and does not purport to include the information required for a prospectus, product disclosure statement or other disclosure document under the Corporations Act.

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Any offer in Australia of our Class A common stock may only be made to persons, or Exempt Investors (within the meaning of section 708 of the Corporations Act), who are "sophisticated investors" (within the meaning of section 708(8) of the Corporations Act), "professional investors" (within the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to offer our Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.

The shares of our Class A common stock applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares of our common stock must observe such Australian on-sale restrictions.

This prospectus contains general information only and does not take account of the investment objectives, financial situation or particular needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives and circumstances, and, if necessary, seek expert advice on those matters.

**Brazil**

The offer and sale of the securities have not been and will not be registered with the Brazilian Securities Commission (Comissão de Valores Mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No 160, dated 13 July 2022, as amended ("CVM Resolution 160") or unauthorized distribution under Brazilian laws and regulations. the securities may only be offered to Brazilian professional investors (as defined by applicable CVM Regulation), who may only acquire the securities through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. the trading of these securities on regulated securities markets in Brazil is prohibited.

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**VALIDITY OF CLASS A COMMON STOCK**

The validity of the shares of Class A common stock offered hereby will be passed upon for us by Latham & Watkins LLP, Chicago, Illinois, and for the underwriters by Sullivan & Cromwell LLP, New York, New York.

**EXPERTS**

The financial statement of Lincoln International, Inc. as of December 31, 2025 and 2024, included in this prospectus, has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statement is included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The financial statements of Lincoln International, LP as of December 31, 2025 and 2024, and for each of the two years in the period ended December 31, 2025, included in this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

The financial statements of MarshBerry Holding Company, LLC as of October 30, 2025 and December 31, 2024, and for the ten-month period ended October 30, 2025 and the year ended December 31, 2024, included in this prospectus, have been audited by Deloitte & Touche LLP, an independent auditor, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

**WHERE YOU CAN FIND MORE INFORMATION**

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of Class A common stock offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules filed therewith. For further information about us and the Class A common stock offered hereby, we refer you to the registration statement and the exhibits and schedules filed thereto. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and each such statement is qualified in all respects by reference to the full text of such contract or other document filed as an exhibit to the registration statement. The exhibits to the registration statement should be reviewed for the complete contents of these contracts and documents. A copy of the registration statement and its exhibits may be accessed through the SEC's website at www.sec.gov, as further discussed below.

Upon the closing of this offering, we will be required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. The SEC maintains an Internet website that contains reports, proxy statements and other information about registrants, like us, that file electronically with the SEC. The address of that site is www.sec.gov. We also maintain a website at www.lincolninternational.com. We have included our website address in this prospectus as an inactive textual reference only. The information contained on, or that can be accessed through, our website is not a part of, and should not be considered as being incorporated by reference into, this prospectus.

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**INDEX TO FINANCIAL STATEMENTS** 

---

| | |
|:---|:---|
| **Contents** | **Page** |
| **Lincoln International, Inc.** | |
| &nbsp;&nbsp;&nbsp;&nbsp;*Audited Balance Sheet* |  |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i7a3c422cdd584cf6a1030e898a63848a_100)</u> | <u>[F-2](#i7a3c422cdd584cf6a1030e898a63848a_100)</u> |
| <u>[BALANCE SHEETS AS OF DECEMBER 31, 2025 AND DECEMBER 31, 2024](#i7a3c422cdd584cf6a1030e898a63848a_103)</u> | <u>[F-3](#i7a3c422cdd584cf6a1030e898a63848a_103)</u> |
| <u>[NOTES TO FINANCIAL STATEMENT](#i7a3c422cdd584cf6a1030e898a63848a_106)</u> | <u>[F-4](#i7a3c422cdd584cf6a1030e898a63848a_106)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;*Unaudited Balance Sheets* |  |
| <u>[BALANCE SHEETS AS OF March 31, 2026 AND DECEMBER 31, 2025](#i7a3c422cdd584cf6a1030e898a63848a_1099511630909)</u> | <u>[F-5](#i7a3c422cdd584cf6a1030e898a63848a_1099511630909)</u> |
| <u>[NOTES TO FINANCIAL STATEMENT](#i7a3c422cdd584cf6a1030e898a63848a_1099511630925)</u> | <u>[F-6](#i7a3c422cdd584cf6a1030e898a63848a_1099511630925)</u> |
| **Lincoln International, LP and Subsidiaries** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Audited Consolidated Financial Statements* |  |
| <u>[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#i7a3c422cdd584cf6a1030e898a63848a_121)</u> | <u>[F-7](#i7a3c422cdd584cf6a1030e898a63848a_121)</u> |
| <u>[CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2025 AND 2024](#i7a3c422cdd584cf6a1030e898a63848a_124)</u> | <u>[F-8](#i7a3c422cdd584cf6a1030e898a63848a_124)</u> |
| <u>[CONSOLIDATED STATEMENT](#i7a3c422cdd584cf6a1030e898a63848a_127)[S](#i7a3c422cdd584cf6a1030e898a63848a_127)[OF COMPREHENSIVE INCOME FOR THE YEA](#i7a3c422cdd584cf6a1030e898a63848a_127)[R](#i7a3c422cdd584cf6a1030e898a63848a_127)[S](#i7a3c422cdd584cf6a1030e898a63848a_127)[ENDED DECEMBER 31, 2025 AND 2024](#i7a3c422cdd584cf6a1030e898a63848a_127)</u> | <u>[F-9](#i7a3c422cdd584cf6a1030e898a63848a_127)</u> |
| <u>[CONSOLIDATED STATEMENT](#i7a3c422cdd584cf6a1030e898a63848a_130)[S](#i7a3c422cdd584cf6a1030e898a63848a_130)[OF CHANGES IN EQUITY FOR THE YEAR](#i7a3c422cdd584cf6a1030e898a63848a_130)[S](#i7a3c422cdd584cf6a1030e898a63848a_130)[ENDED DECEMBER 31, 202](#i7a3c422cdd584cf6a1030e898a63848a_130)[5 AND 202](#i7a3c422cdd584cf6a1030e898a63848a_130)[4](#i7a3c422cdd584cf6a1030e898a63848a_130)</u> | <u>[F-10](#i7a3c422cdd584cf6a1030e898a63848a_130)</u> |
| <u>[CONSOLIDATED STATEMENTS OF](#i7a3c422cdd584cf6a1030e898a63848a_133)[CASH FLOW](#i7a3c422cdd584cf6a1030e898a63848a_133)[S](#i7a3c422cdd584cf6a1030e898a63848a_133)[F](#i7a3c422cdd584cf6a1030e898a63848a_133)[OR THE YEARS ENDED DECEMBER 31, 2025 AND 2024](#i7a3c422cdd584cf6a1030e898a63848a_133)</u> | <u>[F-11](#i7a3c422cdd584cf6a1030e898a63848a_133)</u> |
| <u>[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_136)</u> | <u>[F-13](#i7a3c422cdd584cf6a1030e898a63848a_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;*Condensed Consolidated Financial Statements (Unaudited)* |  |
| <u>[CONDENSED CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2026 AND DECEMBER 31, 2025](#i7a3c422cdd584cf6a1030e898a63848a_2433)</u> | <u>[F-31](#i7a3c422cdd584cf6a1030e898a63848a_2433)</u> |
| <u>[CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#i7a3c422cdd584cf6a1030e898a63848a_2453)</u> | <u>[F-32](#i7a3c422cdd584cf6a1030e898a63848a_2453)</u> |
| <u>[CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#i7a3c422cdd584cf6a1030e898a63848a_2474)</u> | <u>[F-33](#i7a3c422cdd584cf6a1030e898a63848a_2474)</u> |
| <u>[CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025](#i7a3c422cdd584cf6a1030e898a63848a_2495)</u> | <u>[F-34](#i7a3c422cdd584cf6a1030e898a63848a_2495)</u> |
| <u>[NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_2515)</u> | <u>[F-35](#i7a3c422cdd584cf6a1030e898a63848a_2515)</u> |
| **MarshBerry Holding Company, LLC** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Audited Consolidated Financial Statements* |  |
| <u>[**TABLE OF CONTENTS**](#i7a3c422cdd584cf6a1030e898a63848a_1372)</u>  | <u>[F-47](#i7a3c422cdd584cf6a1030e898a63848a_1372)</u> |
| <u>[INDEPENDENT AUDITOR'S REPORT](#i7a3c422cdd584cf6a1030e898a63848a_1397)</u>  | <u>[F-48](#i7a3c422cdd584cf6a1030e898a63848a_1397)</u> |
| <u>[CONSOLIDATED BALANCE SHEETS](#i7a3c422cdd584cf6a1030e898a63848a_1419)</u>  | <u>[F-50](#i7a3c422cdd584cf6a1030e898a63848a_1419)</u> |
| <u>[CONSOLIDATED STATEMENTS OF OPERATIONS](#i7a3c422cdd584cf6a1030e898a63848a_1444)</u>  | <u>[F-51](#i7a3c422cdd584cf6a1030e898a63848a_1444)</u> |
| <u>[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)](#i7a3c422cdd584cf6a1030e898a63848a_1466)</u>  | <u>[F-52](#i7a3c422cdd584cf6a1030e898a63848a_1466)</u> |
| <u>[CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY](#i7a3c422cdd584cf6a1030e898a63848a_1488)</u>  | <u>[F-53](#i7a3c422cdd584cf6a1030e898a63848a_1488)</u> |
| <u>[CONSOLIDATED STATEMENTS OF CASH FLOWS](#i7a3c422cdd584cf6a1030e898a63848a_1510)</u>  | <u>[F-54](#i7a3c422cdd584cf6a1030e898a63848a_1510)</u> |
| <u>[NOTES TO THE CONS](#i7a3c422cdd584cf6a1030e898a63848a_1532)[OLIDATED FINANCIAL STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_1532)</u> | <u>[F-55](#i7a3c422cdd584cf6a1030e898a63848a_1532)</u> |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Directors of Lincoln International, Inc.

**Opinion on the Financial Statement**

We have audited the accompanying balance sheets of Lincoln International, Inc. (the "Company") as of December 31, 2025 and 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

The financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

March 23, 2026

Chicago, Illinois

We have served as the Company's auditor since 2022.

------

**Lincoln International, Inc.**

**BALANCE SHEETS AS OF DECEMBER 31, 2025 AND DECEMBER 31, 2024**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| **(USD in thousands)** | **2025** | **2024** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | $— |
| Total assets |  | $— |
| Stockholder's equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value per share, 100 shares authorized | $— | $— |
| Total stockholder's equity | $— | $— |

---

The accompanying notes are an integral part of the financial statement.

------

**LINCOLN INTERNATIONAL, INC.**

**NOTES TO FINANCIAL STATEMENT**

**Note 1. Organization**

Lincoln International, Inc. (the "Company") was formed as a Delaware corporation on April 6, 2022. The Company was formed for the purpose of completing a public offering and related transactions in order to carry on the business of Lincoln International LP and its subsidiaries. Upon successful completion of a public offering, the Company is expected to operate and control all of the business and affairs of Lincoln International LP, and subsidiaries and through Lincoln International LP, and subsidiaries, continue to conduct the business.

**Note 2. Basis of Presentation and Significant Accounting Policies**

The Company follows generally accepted accounting principles (GAAP), as established by the Financial Accounting Standards Board (the FASB). Separate statement of operations, comprehensive income, changes to stockholders equity, and cash flow have not been presented because there have been no activities in this entity as of December 31, 2025.

**Use of estimates**: The preparation of the Company's financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Note 3. Common Stock**

As of December 31, 2025, the Company was authorized to issue 100 shares of common stock, par value $0.0001 per share.

**Note 4. Subsequent Events**

The Company has evaluated subsequent events through March 23, 2026. The Company has concluded that no subsequent events have occurred that require disclosure.

------

**Lincoln International, Inc.**

**BALANCE SHEETS AS OF March 31, 2026 AND DECEMBER 31, 2025**

---

| | | |
|:---|:---|:---|
| | **March 31,** | **December 31,** |
| **(USD in thousands)** | **2026** | **2025** |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash |  | $— |
| Total assets |  | $— |
| Stockholder's equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value per share, 100 shares authorized | $— | $— |
| Total stockholder's equity | $— | $— |

---

The accompanying notes are an integral part of the financial statement.

------

**LINCOLN INTERNATIONAL, INC.**

**NOTES TO FINANCIAL STATEMENT**

**Note 1. Organization**

Lincoln International, Inc. (the "Company") was formed as a Delaware corporation on April 6, 2022. The Company was formed for the purpose of completing a public offering and related transactions in order to carry on the business of Lincoln International LP and its subsidiaries. Upon successful completion of a public offering, the Company is expected to operate and control all of the business and affairs of Lincoln International LP, and subsidiaries and through Lincoln International LP, and subsidiaries, continue to conduct the business.

**Note 2. Basis of Presentation and Significant Accounting Policies**

The Company follows generally accepted accounting principles (GAAP), as established by the Financial Accounting Standards Board (the FASB). Separate statement of operations, comprehensive income, changes to stockholders equity, and cash flow have not been presented because there have been no activities in this entity as of March 31, 2026.

**Use of estimates**: The preparation of the Company's financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Note 3. Common Stock**

As of March 31, 2026, the Company was authorized to issue 100 shares of common stock, par value $0.0001 per share.

**Note 4. Subsequent Events**

The Company has evaluated subsequent events through May 11, 2026. The Company has concluded that no subsequent events have occurred that require disclosure.

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Managing Directors of Lincoln International, LP and Subsidiaries:

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Lincoln International, LP and Subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in equity, and cash flows, for each of the two years in the period ended December 31, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, Illinois

March 23, 2026

We have served as the Company's auditor since 2020.

------

**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2024 AND 2025**

---

| | | |
|:---|:---|:---|
| ***(USD in thousands)*** | **December 31, 2025** | **December 31, 2024** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $320169 | $225638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 4658 | 3350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client accounts receivable, net of allowance | 160225 | 114352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party receivables | 28583 | 21695 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 188808 | 136047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 17458 | 10943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 2620 | 2136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 9393 | 7086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture, equipment and leasehold improvements, net | 57597 | 58065 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 115903 | 16067 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 9525 | 5083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 274470 | 59887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use lease asset | 117537 | 115859 |
| **Total assets**  | $1118138 | $640161 |
| **Liabilities and Equity** |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $108921 | $37179 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 270374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation payable | 138404 | 85385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 9770 | 7270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 2737 | 1085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 481 | 4811 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 148845 | 150005 |
| Total liabilities  | 679532 | 285735 |
| **Commitments and contingencies (Note 9)** |  |  |
| Redeemable noncontrolling interests | 7420 |  |
| **Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' equity | 431186 | 350829 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests |  | 3597 |
| **Total equity**  | 431186 | 354426 |
| **Total liabilities and equity**  | $1118138 | $640161 |

---

See Notes to Consolidated Financial Statements.

------

**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| **Revenues:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenues | $772051 | $572061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed expenses | 11756 | 6686 |
| **Total revenues**  | 783807 | 578747 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 387683 | 285003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel, meals and entertainment | 27068 | 23730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 30182 | 27051 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recruiting and training | 7286 | 9323 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology and communication services | 18738 | 17036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional service fees | 25618 | 19640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 37803 | 13890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 33509 | 24887 |
| **Total expenses**  | 567887 | 420560 |
| **Total operating income**  | 215920 | 158187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net of other expenses | 3934 | 9296 |
| **Income before income taxes**  | 219854 | 167483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 5721 | 3889 |
| **Net income**  | 214133 | 163594 |
| Less: Net income attributable to non-controlling interests |  | 2855 |
| Net income attributable to Lincoln International LP  | $214133 | $160739 |
| **Other comprehensive income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 5169 | (4112) |
| **Comprehensive income**  | $219302 | $159482 |

---

See Notes to Consolidated Financial Statements.

------

**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024**

---

| | | | |
|:---|:---|:---|:---|
| ***(USD in thousands)*** | **Partner Equity** | **Non-Controlling Interest** | **Total Equity** |
| Balance as of January 1, 2024 | $329612 | $886 | $330498 |
| Net income | 160739 | 2855 | 163594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income—cumulative translation adjustment | (3968) | (144) | (4112) |
| Comprehensive income | 156771 | 2711 | 159482 |
| Contributions and other | 17842 |  | 17842 |
| Distributions | (153396) |  | (153396) |
| Balance as of December 31, 2024 | $350829 | $3597 | $354426 |
| Balance as of January 1, 2025 | $350829 | $3597 | $354426 |
| Net income | 214133 |  | 214133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income—cumulative translation adjustment | 5169 |  | 5169 |
| Comprehensive income | 219302 |  | 219302 |
| Contributions and other | 16315 |  | 16315 |
| Distributions | (173977) |  | (173977) |
| Repurchase of noncontrolling interests | 3597 | (3597) |  |
| Issuance of units in acquisition | 15120 |  | 15120 |
| Balance as of December 31, 2025 | $431186 | $— | $431186 |

---

See Notes to Consolidated Financial Statements.

------

**Lincoln International, LP and Subsidiaries**

**CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024**

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net income | $214133 | $163594 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 37803 | 13890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | (8465) | (3789) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash compensation expense | 6156 | 2001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for credit loss | 4380 | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 14543 | 12681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non - cash activity  | 347 | 172 |
| Payment of liabilities assumed in acquisition | (74866) |  |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 1475 | (55665) |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party receivables | (7788) | 3719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and other receivables | (88) | 3739 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (2603) | (1231) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable  | (252) | (1219) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets  | (3199) | (832) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses  | 10550 | 1679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation payable  | 40412 | 17716 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 1777 | 3487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue  | (346) | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | (17644) | (14576) |
| **Net cash provided by operating activities**  | 216325 | 149339 |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of furniture, equipment and leasehold improvements | (1888) | (8611) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for acquisition, net of cash acquired  | (230544) | (5261) |
| **Net cash used in investing activities** | (232432) | (13872) |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution to non-controlling interests | (2340) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to partners | (173977) | (153396) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions and other | 10160 | 3453 |
| Payment of debt issuance costs | (4675) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 275000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment on long-term debt | (63) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from line of credit | 25200 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment on line of credit | (25200) | (22000) |
| **Net cash flow from financing activities**  | 104105 | (171943) |
| **Effect of exchange rate changes on cash, cash equivalents, and restricted cash**  | 7841 | (3757) |

---

------

---

| | | |
|:---|:---|:---|
| | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| **Net increase (decrease) in cash, cash equivalents and restricted cash**  | 95839 | (40233) |
| **Cash, cash equivalents and restricted cash, beginning of year**  | 228988 | 269221 |
| **Cash, cash equivalents and restricted cash, end of year**  | $324827 | $228988 |
| **SUPPLEMENTAL CASH FLOW DISCLOSURE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $13206 | $4378 |

---

See Notes to Consolidated Financial Statements.

------

**LINCOLN INTERNATIONAL, LP AND SUBSIDIARIES** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**AS OF AND FOR YEARS ENDED DECEMBER 31, 2025 AND 2024**

**Note 1.Nature of Operations and Significant Accounting Policies**

**Nature of operations**: Lincoln International, LP (the "Parent"), together with its consolidated domestic and foreign subsidiaries and affiliates (collectively, the "Company"), is a multinational investment banking advisory firm focused on the private capital markets. The Company provides merger and acquisition advisory, capital advisory, private funds advisory, valuation advisory and other related services to private equity firms, public corporations, and privately-owned companies worldwide. The Company offers its services through more than thirty offices across 14 countries throughout the Americas, Europe, Middle East and Asia.

**Partnership Agreement**: The Parent is a Delaware limited partnership and the General Partner of the Parent is LI GP, Inc., a Delaware corporation. Partner contributions, distributions and income allocations are governed by the Parent's Partnership Agreement.

**Accounting policies**: The Company follows generally accepted accounting principles in the United States of America ("GAAP"), as established by the Financial Accounting Standards Board (the "FASB") to ensure consistent reporting of financial condition, results of operations, and cash flows. The following is a summary of the Company's significant accounting policies:

**Principles of consolidation**: The consolidated financial statements include the accounts of the Parent and its wholly-owned and majority-owned subsidiaries. The equity method of accounting is used for investments in affiliates over which the Company has significant influence but does not have control. Significant influence is generally deemed to exist when the Company has an ownership interest in the voting stock of the investee of between 20% and 50%, although other factors, such as representation on the investee's Board of Directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate.

Intercompany accounts and transactions are eliminated in consolidation. Non-controlling interests are reported as a component of equity on the consolidated balance sheet.

**Foreign currency translation**: The financial statements of foreign subsidiaries and affiliates are translated to U.S. dollars using the period-end exchange rate for assets and liabilities and average exchange rates for activity in the statements of comprehensive income and for the statements of cash flows. Equity transactions are translated at the exchange rate in effect on each related transaction date. Cumulative translation adjustments are included as a component of equity in the consolidated balance sheet. The local currency is the functional currency for the foreign subsidiaries and affiliates.

**Use of estimates**: The preparation of the Company's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

**Cash and cash equivalents**: The Company considers all highly liquid debt instruments acquired with a maturity of three months or less to be cash equivalents. Cash and cash equivalents include amounts deposited in money market accounts or money market instruments. The Company considers any portion of cash that cannot be withdrawn without prior notice or penalty to be restricted cash. (see Note 12: Credit Facility for a description of the Company's restricted cash.)

------

As of December 31, 2025 and 2024, cash and restricted cash were as follows:

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| Cash and cash equivalents, end of period | $320169 | $225638 |
| Restricted cash, end of period | 4658 | 3350 |
| Cash and cash equivalents and restricted cash, end of period | $324827 | $228988 |

---

**Fair value of financial instruments:** Investments are recorded on the trade date and are reflected at fair value. Unrealized gains and losses are reflected in other income.

**Revenue recognition:** Client revenues are recognized when the Company satisfies its performance obligation by delivering the promised services to its clients under the terms of each engagement. The Company's client revenues generally consist of a success fee and may include a nonrefundable up-front fee. The Company may also receive milestone fees and opinion fees for select engagements.

The nonrefundable up-front fee is initially recorded as a deferred revenue liability and is recognized over time as the performance obligations are provided by the Company. The Company's standard practice is to recognize this deferred revenue over eight months, which the Company has assessed as the average life of an engagement. Any nonrefundable fees are recognized immediately if a transaction is terminated or closed before the amount of the deferred revenue is fully recognized.

Milestone fees arise when a specific outcome, which is outlined in the client contract, has been reached in an investment banking engagement. The Company fully recognizes milestone fee revenue when invoiced to the client since the performance obligation has been achieved.

The Company recognizes success fee revenue upon the satisfaction of the performance obligation, which generally occurs upon the successful closing of an engagement.

Transaction opinion engagement revenues generally consist of an up-front fee and an opinion fee. The Company has assessed the average life of a transaction opinion engagement as three weeks; therefore, its standard practice is to recognize the up-front fee revenue when it is invoiced. The opinion fee revenue is recognized when the opinion is delivered to the client upon completion of the opinion. At this time, the Company's performance obligation is fulfilled, and the client obtains control of the promised service.

For the years ended December 31, 2025 and 2024, client revenues consists of:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| Success, advisory and opinion fees | $753757 | $554872 |
| Nonrefundable up-front and milestone fees | 18294 | 17189 |
| Total client revenues | $772051 | $572061 |

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Client revenues are presented before the impact of client reimbursed transaction expenses. Revenue related to client reimbursed deal expenses is presented separately under reimbursed expenses on the statement of comprehensive income. The expenses associated with reimbursed expenses are recognized as expenses on the statement of comprehensive income when incurred.

While the majority of the Company's revenue is earned from success fees on the successful closing of an engagement, deferred revenue represents the contract liabilities related to non-refundable up-front fees received for which the performance obligation has not been satisfied.

**Segments:** The Company operates its business through its two operating and reportable segments: Investment Banking Advisory and Valuations and Opinions (see Note 2: Segments).

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**Accounts receivable:** Accounts receivable primarily represents contract assets due from investment banking and advisory services and includes both billed and unbilled amounts. Uncollectible amounts are written off at the time the individual receivable is determined to be uncollectible. Allowance for credit losses is determined on a case by case basis. As of December 31, 2025 and 2024, the balance of allowance for credit losses was $9.8 million and $4.8 million, respectively (see Note 8: Allowance for Credit Losses).

**Furniture, equipment, and leasehold improvements**: Fixed assets are recorded at cost less accumulated depreciation and amortization. Cost comprises purchase price and directly attributable costs of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price. Depreciation and amortization are computed under straight-line methods.

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| | |
|:---|:---|
| Computer equipment | 3-10 years |
| Other equipment | 3-10 years |
| Furniture | 3-15 years |
| Leasehold improvements | Lease term |
| IT software | 3-4 years |

---

**Accounts payable and accrued expenses:** Accounts payable and accrued expenses for the years ended December 31, 2025 and 2024 were as follows:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| Accounts payable | $88485 | $14264 |
| Accrued expenses | 20436 | 22915 |
| Total accounts payable and accrued expenses | $108921 | $37179 |

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__________________

(1)The increase in accounts payable is primarily attributable to the acquisition of MarshBerry Holding Company, LLC and its subsidiaries (see Note 14: Business Combinations).

**Income taxes**: The Company files tax returns in all appropriate jurisdictions, which include federal, state, local and international filings. The Parent is organized as a limited partnership under the Internal Revenue Code. The Parent is not subject to federal income tax, but is subject to certain local taxes. Certain foreign subsidiaries and affiliates are subject to income taxes in their jurisdictions (see Note 17: Income Taxes).

Each partner is individually liable for taxes on his or her share of the Parent's income or loss. The Company files tax returns in certain state jurisdictions on a composite basis on behalf of the partners. Additionally, the Company elected in 2024 and 2025 to be taxed at the entity level in various state tax jurisdictions. Taxes paid on behalf of the partners are reported in Related party receivables on the consolidated balance sheet.

Deferred tax assets or liabilities are recognized for the estimated future tax effects attributable to tax carryforwards and temporary differences between the book basis and tax basis of the assets and liabilities of the applicable subsidiaries or affiliates, which are expected to reverse at some future date. The provision for income taxes equals income taxes currently payable for the year, which may include true-up adjustments related to prior tax years, and the net change in the deferred tax asset and deferred tax liability balances, excluding deferred tax assets or liabilities arising from a business combination.

The Company records valuation allowances to reduce its deferred tax assets when it is not more likely than not that such deferred tax assets will be realized. Deferred taxes have been provided for applicable subsidiaries and affiliates and are reported in the consolidated balance sheet.

The Company has adopted the guidance issued by the FASB on accounting for uncertainty in income taxes. Accounting Standards Codification (ASC) Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken in a tax return. ASC Topic 740 also

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provides guidance on de-recognition, classification, interest and penalties, and disclosure. FASB guidance requires the evaluation of tax positions taken or expected to be taken in the course of preparing the tax returns to determine whether the tax positions are "more-likely- than-not" of being sustained "when challenged" or "when examined" by the applicable tax authority.

Tax positions deemed to meet the more-likely-than-not threshold are reported as a tax benefit or expense and liability in the current year. Management has determined that there are no material uncertain income tax positions as of December 31, 2025 and 2024. The Parent is generally not subject to U.S. federal, state, or local income tax examinations for tax years before 2022.

**Goodwill**: Goodwill is recognized for the excess of the purchase price over the fair value of the tangible and identifiable intangible net assets of businesses acquired. The Company reviews goodwill for impairment annually or whenever indicators of impairment exist. An impairment would occur if the carrying amount of a reporting unit exceeds the fair value of that reporting unit. If management concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management conducts a goodwill impairment test to assess if the carrying value of goodwill exceeds its fair value, in which case an impairment loss is recognized. At December 31, management completed a qualitative assessment of the goodwill and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount. The Company performs its annual impairment test on December 31. There were no impairments for the years ended December 31, 2025 and 2024 (see Note 6: Goodwill).

**Leases:** The Company accounts for leases pursuant to ASU 2016-02, *Leases (Topic 842)*. This standard requires lessees to recognize a right-of-use asset and lease liability for all leases that have a duration of longer than one year. The standard requires additional disclosures to understand the financial impact, timing and cash flows associated with its lease commitments (see Note 7: Leases).

**Fair value of earnout liabilities:** The Company's business combinations may include contingent consideration arrangements, typically structured as earnouts based on the achievement of future financial performance. Any applicable earnout liability is initially recorded at fair value on the acquisition date and is included in accounts payable and accrued expenses on the consolidated balance sheets. The fair value of the earnout liability is remeasured at each reporting period, with changes in fair value recognized in other operating expenses in the consolidated statements of comprehensive income. The change in fair value of the Company's earnout liabilities was not material for the years ended December 31, 2025 and 2024.

**Recently Adopted Accounting Pronouncements**

In November 2023, FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): *Improvements to Reportable Segment Disclosures*. The ASU required disclosure of additional segment level information, particularly regarding significant segment expenses. The Company has disclosed significant expense categories and amounts that are regularly provided to the chief operating decision maker ("CODM") and included in the reported segment measure of profit or loss. As appropriate, other segment items have also been reported, which are those items that make up the difference between segment revenues less significant segment expenses and reported segment profit or loss. Additionally, the Company has disclosed the title and position of the CODM and how the CODM uses the reported measures of segment profit or loss for assessing the performance of and allocating resources to the Company's operating segments. The guidance was effective for the Company for the year ending December 31, 2024, and interim periods thereafter and has been applied retrospectively.

**Recently Issued Accounting Pronouncements (Not Yet Adopted)**

In November 2024, Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*. This ASU aims to build a better understanding of an entity's expenses through more detailed tabular disclosures surrounding certain costs and expenses (including but not limited to employee compensation, amortization of intangibles, and depreciation), defining and disclosing selling expense, and qualitatively describing remaining amounts not disaggregated in relevant expense captions. In addition, certain existing expense disclosures will be required to be presented within the same note and tabular format as

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prescribed by ASU No. 2024-03. The new guidance will be effective for annual periods beginning after December 31, 2026, and interim periods beginning after December 15, 2027 and can be applied on a prospective or retrospective basis. The Company is evaluating the effects of adopting this new accounting guidance.

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosure*s. ASU 2023-09 requires consistent categories and greater disaggregation of information in the effective income tax rate reconciliation disclosure in addition to disaggregated reporting of income taxes paid by jurisdiction. ASU 2023-09 also amends certain other current disclosure and information reporting requirements. For emerging growth companies , the guidance will be effective for annual periods beginning after December 15, 2025. The Company is evaluating the effects of adopting this new accounting guidance.

**Note 2.Segments**

The Company operates its business through its two operating and reportable segments: Investment Banking Advisory and Valuations and Opinions. Each segment is individually managed and provides separate services which require specialized expertise for the provision of those services.

The Investment Banking Advisory segment offers a range of services related to mergers and acquisitions, with key areas of focus including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary and secondary capital raising, and merger-related engagements. The Company's client base includes private equity, public and private company executives, boards of directors, special committees and financial sponsors.

The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The client list includes businesses, investment companies, credit opportunity, private equity, venture, and hedge funds. Services include portfolio valuations, business valuations, transaction opinions, and dispute advisory.

The Company's chief operating decision maker, or CODM, consists of the Company's three Directors of the General Partner. They review financial information about the Company's revenue and profitability, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM receives discrete financial information for the Company's two reportable segments. The CODM reviews both segment revenue and operating income by segment as the key segment measures of performance and uses segment results to make key resource allocation decisions. The CODM does not receive and review asset information by segment.

The following table presents revenue and expenses by segment, including compensation expenses which is a significant segment expense and includes salaries, bonuses, benefits, and other compensation expenses, for the years ended December 31, 2025 and 2024. Corporate expenses for globally managed functions, including executive office, accounting, human capital, marketing, information technology, and legal and compliance, are allocated to the

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Investment Banking and Valuation segments based on an allocation methodology that management believes is systematic and rational and reflects the relative level of support provided to each segment.

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| **Revenues by segment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $617606 | $442885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 166201 | 135862 |
| Total revenues by segment | $783807 | $578747 |
| Compensation and related expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $324542 | $239298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 63141 | 45705 |
| Other Segment Items<sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $136747 | $99704 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 43457 | 35853 |
| **Operating income by segment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | $156317 | $103883 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions | 59603 | 54304 |
| **Total operating income**  | $215920 | $158187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net of other expenses  | 3934 | 9296 |
| **Total income before provision for income taxes**  | $219854 | $167483 |

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__________________

(1)Other segment items include travel, meals, and entertainment, rent and occupancy, recruiting and training, information technology, consulting and professional services, and other operating expenses.

Depreciation and amortization expense for the Investment Banking Advisory segment for the years ended December 31, 2025 and 2024 was $35.3 million and $11.6 million, respectively. Depreciation and amortization for the Valuations and Opinions segment for the years ended December 31, 2025 and 2024 was $2.5 million and $2.3 million, respectively. Capital expenditures were immaterial for the periods presented.

**Note 3.Geographic Information**

Due to the highly integrated nature of international financial markets, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. The Company's revenue and identifiable assets are generally reported based on the country or domicile of the legal entity providing the service. Revenues from external customers in Germany, which are included in the Europe region, represented approximately 14% of the Company's total revenues for the year ended December 31, 2025. No other individual foreign country represented 10% or more of total revenues for the year ended December 31, 2025.

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The following table disaggregates the revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located. No client accounted for more than 10% of revenues for the years ended December 31, 2025 and 2024.

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $566570 | $419144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 207696 | 149786 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 9541 | 9817 |
| Total revenues | $783807 | $578747 |
| Income before income taxes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $213330 | $162506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 5028 | 2808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 1496 | 2169 |
| Total income before income taxes | $219854 | $167483 |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $838719 | $405034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 265662 | 221128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 13757 | 13999 |
| Total assets | $1118138 | $640161 |

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**Note 4.Fair Value Measurements**

ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below.

<u>Level 1</u>: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

<u>Level 2</u>: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

<u>Level 3</u>: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company held a money market account with a fair value equal to its carrying value of $4.2 million and $28.2 million as of December 31, 2025 and 2024, respectively. The money market account is categorized as a Level 1 asset in the fair value hierarchy and is included in cash and cash equivalents in the consolidated balance sheet.

There were no Level 2 assets or liabilities for the years ended December 31, 2025 and 2024.

In October 2024, the Company recorded an earnout liability upon the acquisition of TCG Corporate Finance GmbH (see Note 14: Business Combinations). At December 31, 2025, the liability held a fair value of $13.3 million and is categorized as a Level 3 liability as it is based on projected future revenues, which is an unobservable input that is significant to the fair value measurement.

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In October 2025, the Company recorded earnout liabilities upon the acquisition of MarshBerry Holding Company, LLC (see Note 14: Business Combinations). At December 31, 2025, the liabilities held a fair value of $19.8 million and are categorized as a Level 3 liability as they are based on projected future revenues, which are unobservable inputs that are significant to the fair value measurements.

The Company assesses the levels of assets and liabilities measured at fair value at each measurement date. Transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2 and 3 during the years ended December 31, 2025 and 2024.

**Note 5.Furniture, Equipment and Leasehold Improvements**

At December 31, 2025 and 2024, furniture, equipment, and leasehold improvements, net consists of the following:

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| Furniture and equipment | $23826 | $18152 |
| Leasehold improvements | 65524 | 61658 |
| Software | 4595 | 4314 |
| Construction in progress | 298 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $94243 | $84382 |
| Accumulated depreciation and amortization | (36646) | (26317) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total furniture, equipment and leasehold improvements, net | $57597 | $58065 |

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Depreciation and amortization expenses for fixed assets totaled $8.9 million and $8.5 million for the years ended December 31, 2025 and 2024, respectively.

The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. As of December 31, 2025 and 2024, there was no indicator of impairment with respect to these long-lived assets.

**Note 6.Goodwill**

Goodwill attributable to the Company's business segments for the years ended December 31, 2025 and 2024, as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(USD in thousands)*** | **Balance as of<br>January 1, 2025** | **Acquisition** | **Foreign Exchange Translation & Remeasurement** | **Balance as of<br>December 31, 2025** |
| Investment banking advisory | 59887 | 209622 | 4961 | $274470 |
| Total goodwill | $59887 | $209622 | $4961 | $274470 |

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The change in goodwill for the year ended December 31, 2025 is primarily due to the acquisition of MarshBerry(see Note 14: Business Combinations).

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(USD in thousands)*** | **Balance as of<br>January 1, 2024** | **Acquisition** | **Foreign Exchange Translation & Remeasurement** | **Balance as of<br>December 31, 2024** |
| Investment banking advisory | 38853 | 22137 | (1103) | 59887 |
| Total goodwill | $38853 | $22137 | $(1103) | $59887 |

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The change in goodwill for the year ended December 31, 2024 is primarily due to the acquisition of TCG Corporate Finance GmbH (see Note 14: Business Combinations).

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**Note 7.Leases**

The Company is a lessee in several operating leases for office space and minor office equipment with non-cancellable terms in excess of one year. The Company determines if a contract contains a lease at the contract's inception and when the terms of an existing contract change. These leases can contain renewal options or early termination periods ranging from one to five years. Because the Company is not reasonably certain to exercise the renewal options or termination options, the renewal or termination periods are disregarded when determining the lease term and the costs associated with the renewal or termination options are excluded from lease payments.

At the commencement date of the lease, the Company recognizes a lease liability and a right-of-use asset. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The Company uses its incremental borrowing rate as the discount rate because the implicit rates of its leases are not readily determinable. The incremental borrowing rate is the rate of interest the Company would pay to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The right-of-use asset is subsequently measured throughout the lease term at the present value of the remaining lease payments, plus any prepaid lease payments, less the unamortized balance of lease incentives received. Lease cost is recognized on a straight-line basis over the lease term.

The weighted average lease remaining lease term and discount rate are as follows:

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| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| Weighted average remaining lease term (years) | 7.6 | 8.7 |
| Weighted average discount rate (%) | 3.5% | 3.2% |

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The right-of-use assets arising from entering new operating leases, , cash paid for operating leases, and rental expense (excluding operating expenses and real estate taxes) are as follows:

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| | | |
|:---|:---|:---|
| | **December 31.** | **December 31.** |
| ***(USD in thousands)*** | **2025** | **2024** |
| Right-of-use assets from entering new leases and remeasurements | $11565 | $9481 |
| Cash paid for operating leases | $22878 | $18939 |
| Rental expense | $19480 | $18225 |

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Future minimum annual rentals required under the lease agreements, excluding additional payments for certain operating, tax, and maintenance costs as of December 31, 2025 are approximately as follows:

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| | |
|:---|:---|
| ***(USD in thousands)*** | **Total** |
| 2026 | $24311 |
| 2027 | 24042 |
| 2028 | 22794 |
| 2029 | 22421 |
| 2030 | 20506 |
| Thereafter | 57674 |
| Total | $171748 |
| Less: Present value adjustment | 22903 |
| Total lease liability | $148845 |

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**Note 8.Allowance for Credit Losses**

The following table represents the change in allowance for credit losses for the years ended December 31, 2025 and 2024, respectively:

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| | | |
|:---|:---|:---|
| ***(USD in thousands)*** | **2025** | **2024** |
| Beginning balance | $4835 | $2612 |
| Provision for credit losses | 4380 | 3589 |
| Write-off and recovery of uncollectible accounts, net | 551 | (1366) |
| Ending balance | $9766 | $4835 |

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**Note 9.Commitments and Contingencies**

In the normal course of business, the Company is subject to various claims, litigation, regulatory and arbitration matters. Because these claims and matters are at different stages, management is unable to predict their outcomes. The Company also enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company believes the risk of loss to be remote.

**Note 10.Employee Compensation and Benefit Plan**

Compensation payable at year end includes accrued performance bonus payable. Performance bonus payable to employees at year end may be subject to forfeiture if, among other things, the employee's employment terminates prior to the payment date. This compensation is expensed over the period that future service is provided. The annual performance bonus, subject to certain conditions, is fully paid within two years after the grant date of the award. The Company may also award cash bonuses to new employees as incentives to join the Company. These bonuses may be paid over time, up to a maximum of two years following the end of the applicable performance year. Future payments related to these awards are generally subject to the same forfeiture provisions as the annual performance bonuses. Compensation payable at December 31, 2025 and 2024 was $134.6 million and $82.3 million, respectively.

The Company maintains a qualified profit sharing and 401(k) plan for the benefit of all US employees who have attained age 18 and have enrolled in the Company's 401(k) plan. Effective January 1, 2017, the Company makes a 3% safe harbor non-elective contribution with immediate vesting for Non-Highly Compensated Employees (as defined by the IRS). The Company also makes a discretionary profit-sharing contribution to Highly Compensated Employees, subject to vesting over a six-year period.

Employer contributions for the years ended December 31, 2025 and 2024 were $3 million and $3.1 million, respectively.

The following table reconciles compensation payable and accrued profit sharing to compensation payable on the consolidated balance sheets for the years ended December 31, 2025 and 2024, respectively.

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| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| ***(USD in thousands)*** | **2025** | **2024** |
| Compensation payable | $134648 | $82322 |
| Accrued profit sharing payable | 3756 | 3063 |
| Total compensation payable | $138404 | $85385 |

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**Note 11.Related-Party Transactions**

As discussed in Note 1, the Company has amounts due from the partners related to tax payments advanced on their behalf. Such amounts are $15.3 million and $15.2 million at December 31, 2025 and 2024, respectively, and are recorded in related party receivables in the consolidated balance sheets.

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Included within related party receivables are $13.3 million and $6.4 million at December 31, 2025 and 2024, respectively, in amounts due from LI GP, Inc and an affiliated entity that holds equity interests in the Parent for certain of our partners for estimated tax payments. Related-party receivables do not bear interest, have no established repayment date, but are generally repaid using proceeds from distributions.

**Note 12.Credit Facility**

The Company maintains a line of credit agreement with Morgan Stanley with a borrowing capacity of $50 million. Borrowings are subject to collateral requirements and are due on demand at the discretion of the lender. The Company pledged $4.2 million and $28.2 million in cash and cash equivalents as of December 31, 2025 and 2024, respectively. Any amount outstanding under the credit agreement bears interest at a variable rate of interest equal to the Secured Overnight Financing Rate (SOFR) in effect from time to time plus the Margin (as defined in the agreement). No borrowings were outstanding as of December 31, 2025 and 2024.

The Company has security deposit requirements on office leases in the amount of $4.6 million, for which it maintains letters of credit with various banks. Morgan Stanley has placed restrictions on the Company's cash resources in the amount of $2.4 million, the amount of security deposits on US-based leases.

As of December 31, 2025 and 2024, the amount drawn on the line of credit was $0.

On October 31, 2025, in connection with the acquisition of MarshBerry, the Company entered into a credit agreement (the "Credit Agreement"). The Credit Agreement provides for (i) a Term Loan Credit Facility with an aggregate principal amount of $250 million, (ii) a Delayed Draw Term Loan Credit Facility with aggregate commitments of $75 million, and (iii) a Revolving Credit Facility with aggregate commitments of $5 million (together, the "Credit Facilities").

On October 31, 2025, the Company drew the full $250 million available under the Term Loan Credit Facility and $25 million under the Delayed Draw Term Loan Credit Facility.

Borrowings under the Credit Facilities bear interest, at the Company's election, at either (i) a term SOFR, subject to a 0.50% floor, plus an applicable margin of 4.25%, with interest payable based on the selected interest period if such period is less than three months or quarterly if the selected interest period is three months or longer, or (ii) a base rate, subject to a 1.50% floor, plus an applicable margin of 3.25%, with interest payable quarterly. At December 31, 2025, interest under the Credit Facilities was 8.1%.

As of December 31, 2025, the outstanding credit facility is comprised of the following:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Outstanding as of December 31, 2025** | **Outstanding as of December 31, 2025** | **Outstanding as of December 31, 2025** |
| ***(USD in thousands)*** |<br>**Initial Principal** |<br>**Maturity Date** | **Principal** | **Unamortized Debt Costs** | **Carrying Value** |
| Term Loan Credit Facility | $250000 | 10/31/2032 <sup>(1)</sup> | $250000 | $(4076) | $245924 |
| Delayed Draw Term Loan Credit Facility | $25000 | 10/31/2032 <sup>(1)</sup> | 24937 | (487) | 24450 |
| Total |  |  | $274937 | $(4563) | $270374 |

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(1)The Term Loan Facility and Delayed Draw Term Loan Facility require scheduled quarterly principal payments equal to 0.25% of the principal amount of such loans, with the remaining outstanding principal balance due on October 31, 2032.

The Credit Agreement contains customary affirmative and negative covenants that, among other things, restrict additional indebtedness, liens, asset sales, investments, dividends and certain affiliate transactions, subject to customary exceptions. The Credit Agreement also contains customary events of default. The Company was in compliance with all covenants under the Credit Agreement as of December 31, 2025. The Credit Agreement is secured by substantially all of the assets of the Company's domestic subsidiaries.

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Principal payments relating to the Credit Facilities outstanding at December 31, 2025 for each of the five years in the period ending December 31, 2030 and thereafter are set forth in the table below.

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| | |
|:---|:---|
| ***(USD in thousands)*** | **Total** |
| 2026 | $2750 |
| 2027 | 2750 |
| 2028 | 2750 |
| 2029 | 2750 |
| 2030 | 2750 |
| Thereafter | $261188 |

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As of December 31, 2025, the fair value of the Company's Outstanding Credit Facility, based on Level 2 inputs, was $275 million.

The Company pays a commitment fee on the unused portion of the Revolving Credit Facility at a rate of 0.50% per annum until the Company's First Lien Net Leverage Ratio is first calculated. Thereafter at 0.50% or 0.25% per annum based on the Company's First Lien Net Leverage Ratio, payable quarterly in arrears. In addition, the Company pays an unused commitment fee on unfunded Delayed Draw Term Loan commitments at a rate of 0.50% per annum through the first anniversary of the Closing Date and 1.00% per annum thereafter through the end of the Delayed Draw commitment period, payable quarterly in arrears. As of December 31, 2025, the Company had $5 million of unused Revolving Credit Facility commitments and $50 million of unfunded Delayed Draw Term Loan commitments.

**Note 13.Intangibles**

The following table summarizes the gross carrying amount and accumulated amortization for each major category of intangible assets as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Finite-lived:** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***(USD in thousands)*** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| Acquired backlog | $91177 | $(43017) | $48160 |
| Customer relationships | 43000 | (717) | 42283 |
| Trade names | 15800 | (490) | 15310 |
| Developed technology | 10500 | (350) | 10150 |
| Total | $160477 | $(44574) | $115903 |
| **Finite-lived:** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| ***(USD in thousands)*** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| Acquired backlog | $33385 | $(17318) | $16067 |
| Total | $33385 | $(17318) | $16067 |

---

------

Amortization expense related to finite-lived other intangible assets for the years ended December 31, 2025 and 2024, was approximately $27.3 million and $6.4 million, respectively. Expected future amortization expense as of December 31, 2025, is as follows:

---

| | |
|:---|:---|
| ***(USD in thousands)*** | **Total** |
| 2026 | $57720 |
| 2027 | 9560 |
| 2028 | 9560 |
| 2029 | 9560 |
| 2030 | 8720 |
| Thereafter | 20783 |
| Total | $115903 |

---

**Note 14.Business Combinations**

***MarshBerry***

On October 31, 2025, Lincoln International, LP completed the acquisition of all of the issued and outstanding equity interests of MarshBerry Holding Company, LLC pursuant to an Equity Purchase Agreement dated as of September 9, 2025, in exchange for total purchase consideration of $258 million, subject to customary post-closing adjustments. MarshBerry is a global leader in investment banking advisory services, serving the insurance brokerage and wealth and retirement sectors through all stages of growth. The acquisition supports the Company's position as a leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

The acquisition was accounted for as a business combination using the acquisition method of accounting in accordance with ASC 805, Business Combinations ("ASC 805"). The purchase price was allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition.

The purchase consideration included $234.1 million in cash paid on the closing date, subject to customary post-closing adjustments, 3,150 units of the Company with an estimated fair value of $15.1 million, and up to $43.8 million in potential future earnout payments, a portion of which was determined to represent contingent consideration with an estimated fair value of $8.8 million. Any future earnout payments will be paid to the sellers upon achievement of specified revenue and compensation targets over a four-year earnout period. In addition to the amount deemed to be contingent consideration, the potential future earnout payments include an amount determined to represent deferred compensation which will be recognized as a component of compensation and related expenses over the earnout period. The Company also recognized a noncontrolling interest with an estimated fair value of $7.4 million related to the MarshBerry Connect Platform LLC subsidiary, which remains partially owned by third-party minority investors. The noncontrolling interest is redeemable at the option of the minority investors and accordingly is presented outside of equity. There was no material activity related to the noncontrolling interest between the acquisition date and December 31, 2025. No pre-existing relationships were settled in connection with the transaction.

In connection with the acquisition of MarshBerry, the Company incurred transaction-related costs of approximately $6.6 million. In accordance with ASC 805, these costs were expensed as incurred and recognized as a component of other operating expenses in the consolidated statement of comprehensive income for the year ended December 31, 2025. Additionally, the Company paid $63.1 million in liabilities of the sellers related to employee compensation arrangements under pre-existing plans, and $11.7 million in acquisition costs of the seller. Such obligations are excluded from the determination of consideration transferred and represent liabilities assumed by the Company. The payment of such amounts are presented within payment of liabilities assumed in the acquisition in the consolidated statement of cash flows.

The acquisition was financed primarily from debt financing under the Credit Agreement and the Company's available cash on hand. Refer to Note 12: Credit Facility for additional information regarding the Credit Agreement.

------

Borrowings were also used to fund transaction-related costs, including compensation and advisory fees, which were expensed as incurred as they were deemed to be outside of the business combination.

The following table summarizes the preliminary allocation of consideration transferred to the fair value of the identifiable assets acquired and liabilities assumed as of the acquisition date (in thousands):

---

| | |
|:---|:---|
| **Identifiable assets acquired:** | **October 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | 50276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture, equipment and leasehold improvements | 3939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 127092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use lease asset | 6953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fair value of identifiable assets acquired | $194584 |
| **Liabilities assumed:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $(120117) |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation payable | (8809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (1453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | (1489) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability and other liabilities | (6952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fair value of liabilities assumed: | (138820) |
| **Total fair value of identifiable net assets acquired:**  | $55764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 209622 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | (7420) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total consideration transferred:**  | $257966 |

---

The values allocated to the major identifiable intangible assets and their estimated useful lives are as follows:

---

| | | |
|:---|:---|:---|
| **Identifiable intangible assets** | **Fair Value <br>(in thousands)** | **Weighted-Average Amortization Period <br>(in years)** |
| Acquired backlog | $57792 | 1 year |
| Customer relationships | 43000 | 10 years |
| Trade names | 15800 | 7.4 years |
| Developed technology | 10500 | 5 years |
| Total Intangibles | 127092 | 5.2 years |

---

Goodwill recognized in connection with the acquisition represents the excess of the consideration transferred, including the fair value of noncontrolling interests, over the fair value of the identifiable net assets acquired. Goodwill reflects the future economic benefits expected to arise from assets that do not qualify for separate recognition, including expected synergies, the assembled workforce, and growth opportunities resulting from the expansion of the Company's advisory and consulting platform. Of the purchase price, $209.6 million has been allocated to goodwill, substantially all of which will be deductible for income tax purposes. The entire goodwill amount is attributable to the Company's Investment Banking Advisory segment.

------

The allocation of the purchase price is preliminary, and is subject to finalization based upon a working capital adjustment to be determined under the terms of the Equity Purchase Agreement, among other potential adjustments during a measurement period not to exceed one year from the acquisition date. The allocation of the purchase price was based upon valuations performed to determine the fair value of the identifiable net assets acquired as of the acquisition date using Level 3 inputs under ASC 820, Fair Value Measurement. In many cases, the determination of the fair values required estimates about discount rates, growth rates, future expected cash flows and other future events that are not observable. In certain instances, the Company determined the fair value of the identifiable intangible assets acquired and the applicable components of the purchase price with the assistance of third-party valuation consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fair value of the identifiable intangible assets was estimated based on a combination of the cost approach, market approach, and income approach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fair value of the units issued and the noncontrolling interest was estimated based on the application of the market approach, among other factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The fair value of the contingent consideration was estimated based on a discounted cash flow analysis.

The results of the Company's operations for the year ended December 31, 2025 include the results of MarshBerry since the acquisition date of October 31, 2025. Total revenues and net income of MarshBerry included in the Company's consolidated statements of comprehensive income for the year ended December 31, 2025 were $44.7 million and $17.5 million, respectively.

Pro Forma Financial Information — The following unaudited pro forma financial information summarizes the results of operations for the Company as though the MarshBerry acquisition had occurred on January 1, 2024:

---

| | | |
|:---|:---|:---|
| ***(USD in thousands)*** | **Pro Forma<br>Statements of Income** | **Pro Forma<br>Statements of Income** |
| | **Year Ended** | **Year Ended** |
| | **December 31, 2025** | **December 31, 2024** |
| Total revenues | $854161 | $683942 |
| Net income | $197547 | $102232 |

---

The unaudited pro forma financial information does not assume any impacts from revenue, cost or other operating synergies that could be generated as a result of the MarshBerry acquisition. The unaudited pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved had the MarshBerry acquisition been consummated on January 1, 2024.

The pro forma financial information includes adjustments to reflect intangible asset amortization based on the economic values derived from definite-lived intangible assets, the interest expense impact resulting from the new debt financing and the extinguishment of historical MarshBerry debt, and compensation expense resulting from arrangements entered in conjunction with the MarshBerry acquisition. These adjustments are net of taxes.

***TCG***

On October 31 2024, Lincoln International Parent B.V, a wholly-owned subsidiary of the Parent acquired TCG Corporate Finance GmbH ("TCG"), a boutique European technology and digital economy advisory firm headquartered in Germany. The total purchase price of $40 million as defined in the Purchase and Share Purchase Agreement consists of cash of $15.2 million, partnership units in the Parent of $12.4 million, and potential earnout payments $12.4 million. The partnership units are recorded within contributions and other in the consolidated statement of equity for the year ended December 31, 2024. The estimated fair value of the earnout is recorded in accounts payable and accrued expenses based on projections of future revenue, and accordingly is a Level 3 fair value measurement. With the acquisition, the Company's team of dedicated technology investment banking advisors serving the private equity community in Europe has doubled to more than 60 and brings the Global Technology Group to over 130 professionals worldwide.

------

The following table summarizes the identifiable assets acquired and liabilities assumed at the acquisition of date of October 31, 2024 and corresponding purchase accounting:

---

| | |
|:---|:---|
| **(USD in thousands)** | **October 31,<br>2024** |
| Cash | $9955 |
| Compensation payable | (6347) |
| Other assets and liabilities | (1327) |
| Acquired backlog | 22353 |
| Goodwill | 22137 |
| Deferred tax liability | (6781) |
| Total identifiable assets, net | $39990 |

---

Of the net assets acquired, $22.4 million was recorded as an intangible asset related to TCG's backlog of outstanding transactions. The intangible asset was fully amortized over 8 months, the useful life of the asset. Amortization expense related to the intangible asset for the years ended December 31, 2025 and 2024, was approximately $17.0 million and $5.4 million, respectively.

**Note 15.Concentration of Credit Risk**

The Company maintains deposits at financial institutions that at times may exceed federally insured limits. The Company has not experienced any losses in these accounts and management believes the Company is not exposed to any significant credit risk.

**Note 16.Equity Transactions**

In 2025, Lincoln International Parent BV, a subsidiary of LI LP acquired the remaining shares of Lincoln Italy in exchange for $0.5 million in cash and ownership in LI LP and Lincoln International Partner Holdings Ltd, an affiliated entity established to hold certain partnership interests in LI LP. As of December 31, 2025, LI LP's ownership of Lincoln Italy is 100%.

**Note 17.Income Taxes**

The components of the Company's provision for income taxes for the years ended December 31, 2025 and 2024 were:

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***(USD in thousands)*** | **2025** | **2025** | **2024** | **2024** |
| State income taxes | $2657 | 1.2% | $1951 | 1.2% |
| Foreign income taxes | 3064 | 1.4% | 1938 | 1.2% |
| Total income tax expense | $5721 | 2.6% | $3889 | 2.3% |

---

------

Additionally, the current and deferred components of the Company's provision for income taxes for the years ended December 31, 2025 and 2024 were:

---

| | | |
|:---|:---|:---|
| ***(USD in thousands)*** | **2025** | **2024** |
| Current |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 2746 | 1942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 12476 | 5855 |
| Total current | 15222 | 7797 |
| Deferred |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;State | (89) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | (9412) | (3917) |
| Total deferred | (9501) | (3908) |
| Total provision for income taxes | $5721 | $3889 |

---

The Company accounts for income taxes pursuant to which deferred assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities, using enacted tax rates. The Parent is organized as a limited partnership under the Internal Revenue Code. Accordingly, no provision or liability for federal or state income taxes is reflected in the accompanying consolidated financial statements, other than for a certain local jurisdiction that assesses taxes on limited partnerships. Deferred taxes have been provided for U.S. entities and foreign subsidiaries.

The major components of the Company's deferred tax assets and deferred tax liabilities at December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| ***(USD in thousands)*** | **2025** | **2024** |
| Deferred tax asset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial statement leases | $13620 | $13558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net operating losses | 8684 | 3241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4023 | 3173 |
| Gross deferred tax asset | $26327 | $19972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuation allowance | (1137) | (1090) |
| Total tax asset | $25190 | $18882 |
| Deferred tax liability |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial statement leases | $(13105) | $(13024) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrual to cash adjustment | (142) | (228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition accounting intangible | (1927) | (4874) |
| &nbsp;&nbsp;&nbsp;&nbsp;Others | (972) | (483) |
| Total tax liability | $(16146) | $(18609) |

---

Management assesses the available evidence to estimate whether sufficient future taxable income will be generated to permit the use of the existing deferred tax assets. Based on this evaluation, as of December 31, 2025, and December 31, 2024, valuation allowances of $1.1 million and $1.1 million, respectively, were recorded to recognize only the portion of the deferred tax assets more likely than not to be realized. The valuation allowances generally related to certain foreign jurisdictions with historical losses on a cumulative basis. The amounts of the valuation allowances could be adjusted in future periods if estimates of future taxable income during the carryforward period are reduced or increased or if objective negative evidence in the form of cumulative losses is no longer present and additional weight is given to subjective evidence such as the Company's earnings projections.

------

As of December 31, 2025 and 2024, the Company had tax loss carryforwards for foreign income tax purposes of approximately $34.1 million and $12.2 million, respectively. The carryforward periods vary by jurisdiction and may be subject to limitation.

The Company anticipates the earnings to its foreign operations, to the extent they arise, will continue to be invested in those subsidiaries indefinitely. Accordingly, neither deferred taxes nor withholding taxes has been recorded on the unremitted earnings of foreign subsidiaries.

The Company has concluded there are no significant uncertain tax positions requiring recognition in its consolidated financial statements.

**Note 18.Net Capital Requirement**

The Company's wholly-owned subsidiaries Lincoln International, LLC ("LI LLC") and MarshBerry Capital, LLC are registered broker-dealers and are subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires, among other things, the maintenance of minimum net capital. As of December 31, 2025 and 2024, both subsidiaries were in compliance with this requirement.

**Note 19.Subsequent Events**

The Company has evaluated subsequent events through March 23, 2026. Other than the event disclosed below, there was no other subsequent event that occurred that would require recognition or disclosure in the financial statements.

As of February 23, 2026 Lincoln entered into a partnership with S&P Dow Jones Indices (S&P DJI) to launch the U.S. and Europe S&P Lincoln Senior Debt Indices, combining Lincoln's private market insights with S&P DJI's expertise in index design, administration, and governance.

------

**Lincoln International, LP and Subsidiaries**

**Condensed Consolidated Balance Sheets**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| ***(USD in thousands)*** | **March 31,<br>2026** | **December 31,<br>2025** |
| **Assets** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $241977 | $320169 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 4737 | 4658 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client accounts receivable, net of allowance | 90920 | 160225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party receivables | 28975 | 28583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total receivables | 119895 | 188808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 20656 | 17458 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | 2675 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 9009 | 9393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture, equipment and leasehold improvements, net | 55406 | 57597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets, net | 99207 | 115903 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 9018 | 9525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 274877 | 274470 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use lease asset | 112362 | 117537 |
| **Total assets**  | $949819 | $1118138 |
| **Liabilities and Equity** |  |  |
| Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $105440 | $108921 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt | 269853 | 270374 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation payable | 71746 | 138404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 8535 | 9770 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 4270 | 2737 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | 76 | 481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | 142476 | 148845 |
| Total liabilities | 602396 | 679532 |
| Commitments and contingencies (Note 9) |  |  |
| Redeemable noncontrolling interests | 7420 | 7420 |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Partners' equity | 340003 | 431186 |
| Total liabilities and equity  | $949819 | $1118138 |

---

------

See notes to condensed consolidated financial statements.

**Lincoln International, LP and Subsidiaries**

**Condensed Consolidated Statements of Comprehensive Income (Loss)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(USD in thousands)*** | **2026** | **2025** |
| **Revenues:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Client revenues | $154931 | $130002 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursed expenses | 2869 | 2206 |
| **Total revenues**  | 157800 | 132208 |
| **Expenses:**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 96097 | 70329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel, meals and entertainment | 8074 | 5642 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 7939 | 7009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recruiting and training | 1060 | 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology and communication services | 4977 | 4294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional service fees | 7554 | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19236 | 10404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 6917 | 5551 |
| **Total expenses**  | 151854 | 109297 |
| **Total operating income**  | 5946 | 22911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (3958) | 1882 |
| **Income before income taxes**  | 1988 | 24793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 64 | 843 |
| **Net income**  | 1924 | 23950 |
| Less: Net income (loss) attributable to noncontrolling interests |  | (640) |
| **Net income attributable to Lincoln International LP**  | $1924 | $24590 |
| **Other comprehensive income (loss):**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | (2436) | 1934 |
| **Comprehensive income (loss)**  | $(512) | $25884 |

---

See notes to condensed consolidated financial statements.

------

**Lincoln International, LP and Subsidiaries**

**Condensed Consolidated Statements of Changes in Equity**

---

| | | | |
|:---|:---|:---|:---|
| ***(USD in thousands)*** | **Partners' Equity** | **Non-Controlling Interest** | **Total Equity** |
| Balance as of January 1, 2025 | $350829 | $3597 | $354426 |
| Net income (loss) | 24590 | (640) | 23950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) - cumulative translation adjustment | 1811 | 123 | 1934 |
| Comprehensive income (loss) | 26401 | (517) | 25884 |
| Contributions and other | 1191 |  | 1191 |
| Distributions | (67657) |  | (67657) |
| Balance as of March 31, 2025 | $310764 | $3080 | $313844 |
| Balance as of January 1, 2026 | $431186 | $— | $431186 |
| Net income | 1924 |  | 1924 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) - cumulative translation adjustment | (2436) |  | (2436) |
| Comprehensive income (loss) | (512) |  | (512) |
| Contributions and other | 4877 |  | 4877 |
| Distributions | (95548) |  | (95548) |
| Balance as of March 31, 2026 | $340003 | $— | $340003 |

---

See notes to the condensed consolidated financial statements.

------

**Lincoln International, LP and Subsidiaries**

**Condensed Consolidated Statements of Cash Flows**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(USD in thousands)*** | **2026** | **2025** |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $1924 | $23950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 19236 | 10404 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes, net | (80) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash lease expense | 3830 | 3276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-cash activity | (3114) | 1021 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 71768 | 23224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Related party receivables | (397) | (180) |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (1303) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | (3270) | (3915) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax receivable | (134) | (551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 905 | (1717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (284) | 10541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation payable | (65443) | (31669) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net long-term debt payable | 166 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1553 | (295) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability | (4967) | (3905) |
| **Net cash provided by operating activities**  | 20390 | 30260 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of furniture, equipment and leasehold improvements | (18) | (2616) |
| **Net cash flow used in investing activities**  | (18) | (2616) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to partners | (95548) | (67657) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributions and other | 4610 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration (earnout) | (3294) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment on long-term debt | (688) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from line of credit |  | 20000 |
| **Net cash flow used in financing activities**  | (94920) | (47268) |
| **Effect of exchange rate changes on cash, cash equivalents, and restricted cash**  | (3565) | 3429 |
| **Net decrease in cash, cash equivalents, and restricted cash**  | (78113) | (16195) |
| **Cash, cash equivalents, and restricted cash, beginning of period**  | 324827 | 228988 |
| **Cash, cash equivalents, and restricted cash, end of period**  | $246714 | $212793 |
| **SUPPLEMENTAL CASH FLOWS DISCLOSURE**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for income taxes | $1354 | $315 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | $5624 | $— |

---

See notes to condensed consolidated financial statements.

------

**Note 1.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Operations and Significant Accounting Policies**

**Nature of operations**: Lincoln International, LP (the "Parent"), together with its consolidated domestic and foreign subsidiaries and affiliates (collectively, the "Company"), is a multinational investment banking advisory firm focused on the private capital markets. The Company provides merger and acquisition advisory, capital advisory, private funds advisory, valuation advisory and other related services to private equity firms, public corporations, and privately-owned companies worldwide. The Company offers its services through more than thirty offices across 14 countries throughout the Americas, Europe, Middle East and Asia.

**Partnership Agreement**: The Parent is a Delaware limited partnership and the General Partner of the Parent is LI GP, Inc., a Delaware corporation. Partner contributions, distributions and income allocations are governed by the Parent's Partnership Agreement.

**Accounting policies**: The Company follows accounting principles generally accepted in the United States of America ("GAAP"), as established by the Financial Accounting Standards Board (the "FASB") to ensure consistent reporting of financial condition, results of operations, and cash flows. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission in Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The financial statements reflect all adjustments necessary for the fair presentation of results for the interim period. All such adjustments are of a normal, recurring nature. Interim results are not necessarily indicative of results for a full year. The interim condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2025.

**Recently Issued Accounting Pronouncements (Not Yet Adopted)**In December 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") *2025-11, Narrow-Scope Improvements ("ASU 2025-11")*. ASU 2025-11 clarifies the current interim disclosure requirements and the applicability of Accounting Standards Codification ("ASC") 270, Interim Reporting by creating a comprehensive list of required interim disclosures and adding a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The guidance is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the effects of adopting this new accounting guidance.

In November 2024, FASB issued ASU No. 2024-03, *Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses*. This ASU aims to build a better understanding of an entity's expenses through more detailed tabular disclosures surrounding certain costs and expenses (including but not limited to employee compensation, amortization of intangibles, and depreciation), defining and disclosing selling expense, and qualitatively describing remaining amounts not disaggregated in relevant expense captions. In addition, certain existing expense disclosures will be required to be presented within the same note and tabular format as prescribed by ASU No. 2024-03. The new guidance will be effective for annual periods beginning after December 31, 2026, and interim periods beginning after December 15, 2027 and can be applied on a prospective or retrospective basis. The Company is evaluating the effects of adopting this new accounting guidance.

In December 2023, FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*. ASU 2023-09 requires consistent categories and greater disaggregation of information in the effective income tax rate reconciliation disclosure in addition to disaggregated reporting of income taxes paid by jurisdiction. ASU 2023-09 also amends certain other current disclosure and information reporting requirements. For emerging growth companies , the guidance will be effective for annual periods beginning after December 15, 2025. The Company is evaluating the effects of adopting this new accounting guidance.

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**Note 2.&nbsp;&nbsp;&nbsp;&nbsp;Segments**

The Company operates its business through its two operating and reportable segments: Investment Banking Advisory and Valuations and Opinions. Each segment is individually managed and provides separate services which require specialized expertise for the provision of those services.

The Investment Banking Advisory segment offers a range of services related to mergers and acquisitions, with key areas of focus including sell-side advisory, buy-side advisory, asset sales and divestitures, restructuring, primary and secondary capital raising, and merger-related engagements. The Company's client base includes private equity, public and private company executives, boards of directors, special committees and financial sponsors.

The Valuations and Opinions segment provides valuation services to investment funds and financial institutions. The client list includes businesses, investment companies, credit opportunity, private equity, venture, and hedge funds. Services include portfolio valuations, business valuations, transaction opinions, and dispute advisory.

The Company's chief operating decision maker, or CODM, consists of the Company's three Directors of the General Partner. They review financial information about the Company's revenue and profitability, for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM receives discrete financial information for the Company's two reportable segments. The CODM reviews both segment revenue and operating income by segment as the key segment measures of performance and uses segment results to make key resource allocation decisions. The CODM does not receive and review asset information by segment.

The following table presents revenue and expenses by segment, including compensation expenses which is a significant segment expense and includes salaries, bonuses, benefits, and other compensation expenses, for the three months ended March 31, 2026 and 2025. Corporate expenses for globally managed functions, including executive office, accounting, human capital, marketing, information technology, and legal and compliance, are allocated to the Investment Banking and Valuation segments based on an allocation methodology that management believes is systematic and rational and reflects the relative level of support provided to each segment.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(USD in thousands)*** | **2026** | **2025** |
| **Revenues by segment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory  | $109845 | $93566 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions  | 47955 | 38642 |
| Total revenues by segment | $157800 | $132208 |
| Compensation and related expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | 78506 | 57997 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions  | 17591 | 12332 |
| Other Segment Items <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | 43638 | 30386 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions  | 12119 | 8582 |
| **Operating income (loss) by segment** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Banking Advisory | (12299) | 5183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Valuations and Opinions  | 18245 | 17728 |
| **Total operating income**  | 5946 | 22911 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net of other expenses | (3958) | 1882 |
| **Total income before income taxes**  | $1988 | $24793 |

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__________________

<sup>(1)</sup> Other segment items include travel, meals, and entertainment, rent and occupancy, recruiting and training, information technology, consulting and professional services, and other operating expenses.

Depreciation and amortization expense for the Investment Banking Advisory segment for the three months ended March 31, 2026 and 2025 was $18.6 million and $9.8 million, respectively. Depreciation and amortization for

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the Valuations and Opinions segment for the three months ended March 31, 2026 and 2025, was $0.7 and $0.6 million, respectively. Capital expenditures were immaterial for the periods presented.

**Note 3.&nbsp;&nbsp;&nbsp;&nbsp;Geographic Information**

Due to the highly integrated nature of international financial markets, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. The Company's revenue and identifiable assets are generally reported based on the country or domicile of the legal entity providing the service.

The following table disaggregates the revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located. No client accounted for more than 10% of revenues for the three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(USD in thousands)*** | **2026** | **2025** |
| **Revenues** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $137328 | $109153 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 19056 | 20400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 1416 | 2655 |
| **Total revenues**  | $157800 | $132208 |

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| | | |
|:---|:---|:---|
| ***(USD in thousands)*** | **March 31<br>2026** | **December 31<br>2025** |
| **Assets by geography** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $737478 | $838719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 199311 | 265662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asia | 13030 | 13757 |
| **Total assets**  | $949819 | $1118138 |

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**Note 4.&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements** 

ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below.

<u>Level 1</u>: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

<u>Level 2</u>: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

<u>Level 3</u>: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The Company held a money market account with a fair value equal to its carrying value of $4.3 million and $4.2 million as of March 31, 2026 and December 31, 2025, respectively. The money market account is categorized

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as a Level 1 asset in the fair value hierarchy and is included in cash and cash equivalents in the consolidated balance sheet.

There were no Level 2 assets or liabilities as of March 31, 2026 and December 31, 2025.

In October 2024, the Company recorded an earnout liability upon the acquisition of TCG Corporate Finance GmbH (see Note 14: Business Combinations). At March 31, 2026 and December 31, 2025, the liability held a fair value of $9.8 million and $13.3 million, respectively, and is categorized as a Level 3 liability as it is based on projected future revenues, which is an unobservable input that is significant to the fair value measurement.

In October 2025, the Company recorded earnout liabilities upon the acquisition of MarshBerry Holding Company, LLC (see Note 14: Business Combinations). At March 31, 2026 and December 31, 2025, the liabilities held a fair value of $18.8 million and $19.8 million, respectively, and are categorized as Level 3 liabilities as they are based on projected future revenues, which are unobservable inputs that are significant to the fair value measurements.

The Company assesses the levels of assets and liabilities measured at fair value at each measurement date. Transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2 and 3 during the three months ended March 31, 2026 or March 31, 2025.

**Note 5.&nbsp;&nbsp;&nbsp;&nbsp;Furniture, Equipment and Leasehold Improvements**

At March 31, 2026 and December 31, 2025, furniture, equipment, and leasehold improvements, net consists of the following:

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| | | |
|:---|:---|:---|
| | **March 31,<br>2026** | **December 31,<br>2025** |
| ***(USD in thousands)*** | **March 31,<br>2026** | **December 31,<br>2025** |
| Furniture and equipment | $23990 | $23826 |
| Leasehold improvements | 65183 | 65524 |
| Software | 4588 | 4595 |
| Construction in progress | 449 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | 94210 | 94243 |
| Accumulated depreciation and amortization | (38804) | (36646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total furniture, equipment and leasehold improvements, net  | $55406 | $57597 |

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Depreciation and amortization expenses for fixed assets totaled $2.4 million and $2.3 million for the three months ended March 31, 2026 and 2025, respectively.

The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.

As of March 31, 2026 and December 31, 2025, there were no indicators of impairment with respect to these long-lived assets.

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**Note 6.&nbsp;&nbsp;&nbsp;&nbsp;Goodwill**

Goodwill attributable to the Company's business segments for the three months ended March 31, 2026 and year ended December 31, 2025 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(USD in thousands)*** | **Balance as of**<br>**January 1, 2026** | **Measuring Period Adjustment** | **Foreign Currency**<br>**Translation &**<br>**Remeasurement** | **Balance as of**<br>**March 31, 2026** |
| Investment Banking Advisory | $274470 | $1258 | $(851) | $274877 |
| Total goodwill | $274470 | $1258 | $(851) | $274877 |

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| | | | | |
|:---|:---|:---|:---|:---|
| ***(USD in thousands)*** | **Balance as of**<br>**January 1, 2025** | **Acquisition** | **Foreign Currency**<br>**Translation &**<br>**Remeasurement** | **Balance as of**<br>**December 31, 2025** |
| Investment Banking Advisory | $59887 | $209622 | $4961 | $274470 |
| Total goodwill | $59887 | $209622 | $4961 | $274470 |

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There was no goodwill attributable to the Valuations and Opinions business segment as of March 31, 2026 or December 31, 2025. The change in goodwill for the year ended December 31, 2025 is primarily due to the acquisition of MarshBerry Holding Company, Inc. (see Note 14: Business Combinations).

**Note 7.&nbsp;&nbsp;&nbsp;&nbsp;Leases**

The Company is a lessee in several operating leases for office space and minor office equipment with non-cancellable terms in excess of one year. The Company determines if a contract contains a lease at the contract's inception and when the terms of an existing contract change. These leases can contain renewal options or early termination periods ranging from one to five years. Because the Company is not reasonably certain to exercise the renewal options or termination options, the renewal or termination periods are disregarded when determining the lease term and the costs associated with the renewal or termination options are excluded from lease payments.

At the commencement date of the lease, the Company recognizes a lease liability and a right-of-use asset. The lease liability is initially and subsequently recognized based on the present value of its future lease payments. The Company uses its incremental borrowing rate as the discount rate because the implicit rates of its leases are not readily determinable. The incremental borrowing rate is the rate of interest the Company would pay to borrow an amount equal to the lease payments under similar terms and in a similar economic environment. The right-of-use asset is subsequently measured throughout the lease term at the present value of the remaining lease payments, plus any prepaid lease payments, less the unamortized balance of lease incentives received. Lease cost is recognized on a straight-line basis over the lease term.

The weighted average lease remaining lease term and discount rate are as follows:

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| | | |
|:---|:---|:---|
| | **March 31,** | **March 31,** |
| | **2026** | **2025** |
| Weighted average remaining lease term (years) | 7.4 | 8.4 |
| Weighted average discount rate (%) | 3.6% | 3.3% |

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The right-of-use assets arising from entering new operating leases, reductions to assets and liabilities due to termination, cash paid for operating leases, and rental expense (excluding operating expenses and real estate taxes) are as follows:

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(USD in thousands)*** | **2026** | **2025** |
| Right-of-use assets from entering new leases and remeasurements | $4536 | $1808 |
| Reductions of right-of-use asset due to termination | $5016 | $— |
| Reductions of lease liability due to termination | $5506 | $— |
| Cash paid for operating leases | $5755 | $5137 |
| Rental expense | $5107 | $4618 |

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Future minimum annual rentals required under the lease agreements, excluding additional payments for certain operating, tax, and maintenance costs as of March 31, 2026 are as follows:

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| | |
|:---|:---|
| ***(USD in thousands)*** | **Total** |
| Remainder of 2026 | $17782 |
| 2027 | 23832 |
| 2028 | 22620 |
| 2029 | 22266 |
| 2030 | 20400 |
| Thereafter | 57588 |
| Total | $164488 |
| Less: Present value adjustment | 22012 |
| Total lease liability | $142476 |

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**Note 8.&nbsp;&nbsp;&nbsp;&nbsp;Allowance for Credit Losses**

The following table represents the change in allowance for credit losses for the three months ended March 31, 2026 and 2025.

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| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| ***(USD in thousands)*** | **2026** | **2025** |
| Beginning balance | $9766 | $4835 |
| Provision for credit losses, net | (3381) | 219 |
| Write off and recovery of uncollectible accounts, net | (325) | (171) |
| Ending Balance | $6060 | $4883 |

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**Note 9.&nbsp;&nbsp;&nbsp;&nbsp;Commitments and Contingencies**

In the normal course of business, the Company is subject to various claims, litigation, regulatory and arbitration matters. Because these claims and matters are at different stages, management is unable to predict their outcomes. The Company also enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Company's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Company that have not yet occurred. The Company does not believe that the outcome of such matters will have a material effect on the Company's financial position, results of operations, or cash flows.

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**Note 10.&nbsp;&nbsp;&nbsp;&nbsp;Employee Compensation and Benefit Plan**

Compensation payable includes accrued performance bonuses payable. Performance bonus payable to employees may be subject to forfeiture if, among other things, the employee's employment terminates prior to the payment date. This compensation is expensed over the period that future service is provided. The annual performance bonus, subject to certain conditions, is fully paid within two years after the grant date of the award. The Company may also award cash bonuses to new employees as incentives to join the Company. These bonuses may be paid over time, up to a maximum of two years following the end of the applicable performance year. Future payments related to these awards are generally subject to the same forfeiture provisions as the annual performance bonuses. Compensation payable at March 31, 2026 and December 31, 2025 was $67.1 million and $134.6 million, respectively.

The Company maintains a qualified profit sharing and 401(k) plan for the benefit of all US employees who have attained age 18 and have enrolled in the Company's 401(k) plan. Effective January 1, 2017, the Company makes a 3% safe harbor non-elective contribution with immediate vesting for Non-Highly Compensated Employees (as defined by the IRS). The Company also makes a discretionary profit-sharing contribution to Highly Compensated Employees, subject to vesting over a six-year period. The Company accrued expenses relating to employer contributions of $0.9 million for the three months ended March 31, 2026. There were no employer contributions paid for the three months ended March 31, 2026. Employer contributions for the year ended December 31, 2025 were $3.0 million.

The following table reconciles compensation payable and accrued profit sharing to compensation payable on the consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively.

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| | | |
|:---|:---|:---|
| ***(USD in thousands)*** | **March 31,<br>2026** | **December 31,<br>2025** |
| Compensation payable | $67077 | $134648 |
| Accrued profit sharing payable | 4669 | 3756 |
| Total compensation payable | $71746 | $138404 |

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**Note 11.&nbsp;&nbsp;&nbsp;&nbsp;Related-Party Transactions**

The Company has amounts due from the partners related to tax payments advanced on their behalf. Such amounts are $17.3 million and $15.3 million at March 31, 2026 and December 31, 2025, respectively, and are recorded in related party receivables in the consolidated balance sheets.

Included within related party receivables are $11.7 million and $13.3 million at March 31, 2026 and December 31, 2025, respectively, in amounts due from LI GP, Inc and an affiliated entity that holds equity interests in the Parent for certain of our partners for estimated tax payments. Related-party receivables do not bear interest, have no established repayment date, but are generally repaid using proceeds from distributions.

**Note 12.&nbsp;&nbsp;&nbsp;&nbsp;Credit Facility**

On October 31, 2025, in connection with the acquisition of MarshBerry, the Company entered into a credit agreement (the "Credit Agreement"). The Credit Agreement provides for (i) a Term Loan Credit Facility with an aggregate principal amount of $250 million, (ii) a Delayed Draw Term Loan Credit Facility with aggregate commitments of $75 million, and (iii) a Revolving Credit Facility with aggregate commitments of $5 million (together, the "Credit Facilities").

On October 31, 2025, the Company drew the full $250 million available under the Term Loan Credit Facility and $25 million under the Delayed Draw Term Loan Credit Facility.

Borrowings under the Credit Facilities bear interest, at the Company's election, at either (i) a term SOFR, subject to a 0.50% floor, plus an applicable margin of 4.25%, with interest payable based on the selected interest period if such period is less than three months or quarterly if the selected interest period is three months or longer, or

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(ii) a base rate, subject to a 1.50% floor, plus an applicable margin of 3.25%, with interest payable quarterly. At March 31, 2026, interest under the Credit Facilities was 7.9%.

As of March 31, 2026, the outstanding credit facility is comprised of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Outstanding as of March 31, 2026** | **Outstanding as of March 31, 2026** | **Outstanding as of March 31, 2026** |
| ***(USD in thousands)*** |<br>**Initial Principal** | **Maturity Date** | **Maturity Date** | **Principal** | **Unamortized**<br>**Debt Costs** | **Carrying Value** |
| Term Loan Credit Facility | $250000 | 10/31/2032 | <sup>(1)</sup> | $249375 | $(3910) | $245465 |
| Delayed Draw Term Loan Credit Facility | $25000 | 10/31/2032 | <sup>(1)</sup> | $24875 | (487) | 24388 |
| Total |  |  |  | $274250 | $(4397) | $269853 |

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_______________

(1)The Term Loan Facility and Delayed Draw Term Loan Facility require scheduled quarterly principal payments equal to 0.25% of the principal amount of such loans, with the remaining outstanding principal balance due on October 31, 2032.

The Credit Agreement contains customary affirmative and negative covenants that, among other things, restrict additional indebtedness, liens, asset sales, investments, dividends and certain affiliate transactions, subject to customary exceptions. The Credit Agreement also contains customary events of default. The Company was in compliance with all covenants under the Credit Agreement as of March 31, 2026. The Credit Agreement is secured by substantially all of the assets of the Company's domestic subsidiaries.

Principal payments relating to the Credit Facilities outstanding at March 31, 2026 for each of the five years in the period ending December 31, 2030 and thereafter are set forth in the table below.

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| | |
|:---|:---|
| ***(USD in thousands)*** | **Total** |
| Remainder of 2026 | $2062 |
| 2027 | 2750 |
| 2028 | 2750 |
| 2029 | 2750 |
| 2030 | 2750 |
| Thereafter | 261188 |

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As of March 31, 2026, the fair value of the Company's Outstanding Credit Facility, based on Level 2 inputs, was $275 million.

The Company pays a commitment fee on the unused portion of the Revolving Credit Facility at a rate of 0.50% per annum until the Company's First Lien Net Leverage Ratio is first calculated. Thereafter at 0.50% or 0.25% per annum based on the Company's First Lien Net Leverage Ratio, payable quarterly in arrears. In addition, the Company pays an unused commitment fee on unfunded Delayed Draw Term Loan commitments at a rate of 0.50% per annum through the first anniversary of the Closing Date and 1.00% per annum thereafter through the end of the Delayed Draw commitment period, payable quarterly in arrears. As of March 31, 2026, the Company had $5 million of unused Revolving Credit Facility commitments and $50 million of unfunded Delayed Draw Term Loan commitments.

The Company maintains a line of credit agreement with Morgan Stanley with a borrowing capacity of $50 million. Borrowings are subject to collateral requirements and are due on demand at the discretion of the lender. The Company pledged $4.3 million and $4.2 million in cash and cash equivalents as collateral as of March 31, 2026 and December 31, 2025, respectively. Any amount outstanding under the credit agreement bears interest at a variable rate of interest equal to the Secured Overnight Financing Rate (SOFR) in effect from time to time plus the Margin (as defined in the agreement). No borrowings were outstanding as of March 31, 2026 and December 31, 2025.

The Company has security deposit requirements on office leases in the amount of $4.7 million, for which it maintains letters of credit with various banks. Morgan Stanley has placed restrictions on the Company's cash resources in the amount of $2.5 million, the amount of security deposits on US-based leases.

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As of March 31, 2026 and December 31, 2025, the amount drawn on the line of credit was $0.

**Note 13.&nbsp;&nbsp;&nbsp;&nbsp;Intangibles**

The following table summarizes the gross carrying amount and accumulated amortization for each major category of intangible assets as of March 31, 2026 and December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| ***(USD in thousands)*** | **Gross Carrying**<br>**Amount** | **Accumulated**<br>**Amortization** | **Net Carrying**<br>**Amount** |
| Acquired backlog | $91244 | $(57445) | $33799 |
| Customer relationships | 43000 | (1792) | 41208 |
| Trade names | 15800 | (1225) | 14575 |
| Developed technology | 10500 | (875) | 9625 |
| Total | $160544 | $(61337) | $99207 |

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| | | | |
|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| ***(USD in thousands)*** | **Gross Carrying**<br>**Amount** | **Accumulated**<br>**Amortization** | **Net Carrying**<br>**Amount** |
| Acquired backlog | $91177 | $(43017) | $48160 |
| Customer relationships | 43000 | $(717) | 42283 |
| Trade names | 15800 | $(490) | 15310 |
| Developed technology | 10500 | $(350) | 10150 |
| Total | $160477 | $(44574) | $115903 |

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Amortization expense related to intangible assets for the three months ended March 31, 2026 and 2025, was approximately $16.7 million and $8.1 million, respectively. Expected future amortization expense as of March 31, 2026, is as follows:

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| | |
|:---|:---|
| ***(USD in thousands)*** | **Total** |
| 2026 | $41024 |
| 2027 | 9560 |
| 2028 | 9560 |
| 2029 | 9560 |
| 2030 | 8720 |
| Thereafter | 20783 |
| Total | $99207 |

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**Note 14.&nbsp;&nbsp;&nbsp;&nbsp;Business Combinations**

On October 31, 2025, the Company acquired MarshBerry Holding Company, LLC. The purchase price allocation remains preliminary as of March 31, 2026 and may change during the measurement period (not to exceed one year from the acquisition date) as the Company finalizes, among other items, the working capital adjustment, valuations of identified intangible assets, and related deferred tax amounts. The Company recorded no material measurement-period adjustments during the three months ended March 31, 2026.

The following table summarizes the preliminary allocation of consideration transferred to the fair value of the identifiable assets acquired and liabilities assumed as of the acquisition date (in thousands) and measurement period adjustments during the three months ended March 31, 2026:

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| | | | |
|:---|:---|:---|:---|
| **Identifiable assets acquired:** | **October 31, 2025** | **Measurement period adjustment** | **March 31, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3531 |  | $3531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | 50276 |  | 50276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 2793 |  | 2793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Furniture, equipment and leasehold improvements | 3939 |  | 3939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other intangible assets | 127092 |  | 127092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use lease asset | 6953 |  | $6953 |
| **Total fair value of identifiable assets acquired**  | $194584 |  | $194584 |
| **Liabilities assumed:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $(120117) | (1258) | $(121375) |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation payable | (8809) |  | (8809) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (1453) |  | (1453) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability | (1489) |  | (1489) |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liability and other liabilities | (6952) |  | (6952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total fair value of liabilities assumed: | $(138820) |  | $(140078) |
| **Total fair value of identifiable net assets acquired:**  | $55764 |  | $54506 |
| Goodwill | $209622 | $1258 | $210880 |
| Noncontrolling interests | (7420) |  | (7420) |
| Total consideration transferred: | $257966 |  | $257966 |

---

The business combination included a contingent consideration arrangement, structured as an earnout based on the achievement of future financial performance. The applicable contingent consideration liability is initially recorded at fair value on the acquisition date and is included in accounts payable and accrued expenses on the consolidated balance sheets. The fair value of the contingent consideration liability is remeasured at each reporting period, with changes in fair value recognized in other operating expenses in the condensed consolidated statements of comprehensive income (loss). The Company recognized no material change in the fair value of contingent consideration during the three months ended March 31, 2026.

**Note 15.&nbsp;&nbsp;&nbsp;&nbsp;Concentration of Credit Risk**

The Company maintains deposits at financial institutions that at times may exceed federally insured limits. The Company has not experienced any losses in these accounts and management believes the Company is not exposed to any significant credit risk.

**Note 16.&nbsp;&nbsp;&nbsp;&nbsp;Equity Transactions**

In 2025, Lincoln International Parent BV, a subsidiary of LI LP acquired the remaining shares of Lincoln Italy in exchange for $0.5 million in cash and ownership in LI LP and Lincoln International Partner Holdings Ltd, an affiliated entity established to hold certain partnership interests in LI LP. As of December 31, 2025, LI LP's ownership of Lincoln Italy is 100%.

**Note 17.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

For the three months ended March 31, 2026 and 2025, the Company's effective tax rates were 3.2% and 3.4%, respectively. The effective tax rates for all periods presented reflect the Parent's pre-tax results not being subject to U.S. federal income tax at the Company level. In addition, the effective tax rates for all periods presented consider

------

the Company's non-U.S. pre-tax results being subject to income taxation in various jurisdictions worldwide as well as the Parent's U.S. pre-tax results being subject to certain local income taxes.

**Note 18.&nbsp;&nbsp;&nbsp;&nbsp;Net Capital Requirement**

The Company's wholly-owned subsidiaries Lincoln International, LLC ("LI LLC") and MarshBerry Capital, LLC are registered broker-dealers and are subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires, among other things, the maintenance of minimum net capital. As of March 31, 2026 and December 31, 2025, both subsidiaries were in compliance with this requirement.

**Note 19.&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events**

The Company has evaluated subsequent events through May 11, 2026. There was no other subsequent event that occurred that would require recognition or disclosure in the condensed consolidated financial statements.

------

![marshberrylogoa.jpg](marshberrylogoa.jpg)

Consolidated Financial Statements

as of and for the ten-month period ended October 30, 2025 and

as of and for the year ended December 31, 2024 and

Independent Auditor's Report

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES**

**OCTOBER 30, 2025 AND DECEMBER 31, 2024**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| <u>[**TABLE OF CONTENTS**](#i7a3c422cdd584cf6a1030e898a63848a_1372)</u>  | <u>[F-47](#i7a3c422cdd584cf6a1030e898a63848a_1372)</u> |
| <u>[INDEPENDENT AUDITOR'S REPORT](#i7a3c422cdd584cf6a1030e898a63848a_1397)</u>  | <u>[F-48](#i7a3c422cdd584cf6a1030e898a63848a_1397)</u> |
| <u>[CONSOLIDATED BALANCE SHEETS](#i7a3c422cdd584cf6a1030e898a63848a_1419)</u>  | <u>[F-50](#i7a3c422cdd584cf6a1030e898a63848a_1419)</u> |
| <u>[CONSOLIDATED STATEMENTS OF OPERATIONS](#i7a3c422cdd584cf6a1030e898a63848a_1444)</u>  | <u>[F-51](#i7a3c422cdd584cf6a1030e898a63848a_1444)</u> |
| <u>[CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)](#i7a3c422cdd584cf6a1030e898a63848a_1466)</u>  | <u>[F-52](#i7a3c422cdd584cf6a1030e898a63848a_1466)</u> |
| <u>[CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY](#i7a3c422cdd584cf6a1030e898a63848a_1488)</u>  | <u>[F-53](#i7a3c422cdd584cf6a1030e898a63848a_1488)</u> |
| <u>[CONSOLIDATED STATEMENTS OF CASH FLOWS](#i7a3c422cdd584cf6a1030e898a63848a_1510)</u>  | <u>[F-54](#i7a3c422cdd584cf6a1030e898a63848a_1510)</u> |
| <u>[NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#i7a3c422cdd584cf6a1030e898a63848a_1532)</u>  | <u>[F-55](#i7a3c422cdd584cf6a1030e898a63848a_1532)</u> |

---

------

---

| | |
|:---|:---|
| ![imagea.jpg](imagea.jpg) | **Deloitte & Touche LLP**<br>111 South Wacker Drive<br>Chicago, IL 60606-4301 USA<br>Tel: +1 312 486 1000<br>Fax: +1 312 486 1486<br>www.deloitte.com |

---

**INDEPENDENT AUDITOR'S REPORT**

To the Managers of Marsh, Berry & Company, LLC:

**Opinion**

We have audited the consolidated financial statements of MarshBerry Holding Company, LLC and subsidiaries (the "Company"), which comprise the consolidated balance sheets as of October 30, 2025 and December 31, 2024, and the related consolidated statements of operations, comprehensive income (loss), members' equity, and cash flows for the ten-month period ended October 30, 2025 and the year ended December 31, 2024, and the related notes to the consolidated financial statements (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of October 30, 2025 and December 31, 2024, and the results of its operations and its cash flows for the ten-month period ended October 30, 2025 and the year ended December 31, 2024 in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a

material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

------

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

***/s/ Deloitte & Touche LLP***

March 20, 2026

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **October 30, 2025** | **December 31, 2024** |
| **CURRENT ASSETS**  | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3531 | $26914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Client accounts receivable, net of allowance | 9020 | 22037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables, net of allowance | 40074 | 39808 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Receivables – Net of allowance for credit loss of $202 and $222, respectively | 49094 | 61845 |
| &nbsp;&nbsp;&nbsp;&nbsp;Refundable income taxes | 510 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 3815 | 2757 |
| **TOTAL CURRENT ASSETS**  | 56950 | 92198 |
| **PROPERTY AND EQUIPMENT - NET**  | 3851 | 3813 |
| **OTHER ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 7675 | 3097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangibles - net | 19288 | 21730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 135501 | 135501 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps |  | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deposits and other | 432 | 406 |
| **TOTAL OTHER ASSETS**  | 162896 | 163390 |
| **TOTAL ASSETS**  | $223697 | $259401 |
| **CURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term debt | $4720 | $4714 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 940 | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 48228 | 56451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 1344 | 865 |
| **TOTAL CURRENT LIABILITIES**  | 55232 | 62972 |
| **LONG-TERM LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term debt - net | 80365 | 101560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Subordinated debt | 568 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable (Note 2) | 10000 | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 6334 | 2561 |
| **TOTAL LONG-TERM LIABILITIES**  | 97267 | 107189 |
| **COMMITMENTS & CONTINGENCIES (Note 17)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Redeemable noncontrolling interests | 7420 | 5544 |
| **MEMBERS' EQUITY**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Members' equity | 87065 | 85271 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (23785) | (2218) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 498 | 643 |
| **TOTAL MEMBERS' EQUITY**  | 63778 | 83696 |
| **TOTAL LIABILITIES & MEMBERS' EQUITY**  | $223697 | $259401 |

---

See Notes to Consolidated Financial Statements.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **For the ten months ended October 30, 2025** | **For the year ended December 31, 2024** |
| **REVENUES**  | $70354 | $105195 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compensation and related expenses | 40373 | 56387 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel, meals and entertainment | 3750 | 3890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rent and occupancy | 2010 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Recruiting and training | 435 | 613 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information technology and communication services | 1781 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and professional service fees | 1899 | 1943 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 3258 | 7392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses, net | 5527 | 5220 |
| **TOTAL EXPENSES**  | $59033 | $79318 |
| **TOTAL OPERATING INCOME**  | 11321 | 25877 |
| **OTHER (INCOME) EXPENSE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 9957 | 13712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1318) | (1770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses | 2137 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous expense - net | 8129 | 40 |
| **TOTAL OTHER (INCOME) EXPENSE**  | $18905 | $12720 |
| **INCOME (LOSS) BEFORE INCOME TAXES**  | (7584) | 13157 |
| **FOREIGN AND STATE AND LOCAL INCOME TAXES**  | (276) | 243 |
| **NET INCOME (LOSS)**  | $(7308) | $12914 |
| **INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS**  | $(88) | $338 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTERESTS**  | $(7220) | $12576 |

---

See Notes to Consolidated Financial Statements.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **For the ten months ended October 30, 2025** | **For the year ended December 31, 2024** |
| NET INCOME (LOSS) | $(7308) | $12914 |
| OTHER COMPREHENSIVE INCOME (LOSS) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 1011 | (742) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in interest rate swap value | (946) | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification of gain on settlement | (210) |  |
| TOTAL OTHER COMPREHENSIVE INCOME (LOSS) | (145) | (468) |
| COMPREHENSIVE INCOME (LOSS) | (7453) | 12446 |
| LESS:COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NCI | (88) | 338 |
| COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTERESTS | $(7365) | $12108 |

---

See Notes to Consolidated Financial Statements.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**CONSOLIDATED STATEMENTS OF MEMBERS' EQUITY**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(USD in thousands)** | **Members' Equity** | **Accumulated Deficit**  | **Accumulated Other Comprehensive Income** | **Total Members' Equity** |
| **Balance - January 1, 2024**  | $81648 | $(7996) | $1111 | $74763 |
| Member Contributions | 2883 |  |  | 2883 |
| Unit-Based Compensation | 823 |  |  | 823 |
| Redemption of NCI | 162 |  |  | 162 |
| Member Redemptions | (245) |  |  | (245) |
| Distributions |  | (6798) |  | (6798) |
| Net Income |  | 12576 |  | 12576 |
| Foreign Currency Translation Adjustment |  |  | (742) | (742) |
| Value Adjustment to Interest Rate Swaps |  |  | 274 | 274 |
| **Balance - December 31, 2024**  | $**85271** | $**(2218)** | $**643** | $**83696** |
| Member Contributions | 713 |  |  | 713 |
| Unit-Based Compensation | 1081 |  |  | 1081 |
| Distributions |  | (12293) |  | (12293) |
| Net Income (loss) |  | (7220) |  | (7220) |
| Foreign Currency Translation Adjustment |  |  | 1011 | 1011 |
| Change in redeemable noncontrolling interest |  | (2054) |  | (2054) |
| Adjustments to Interest Rate Swaps |  |  | (946) | (946) |
| Reclassification of Gain on Settlement |  |  | (210) | (210) |
| **Balance – October 30, 2025**  | $**87065** | $**(23785)** | $**498** | $**63778** |

---

See Notes to Consolidated Financial Statements.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **For the ten months ended October 30, 2025** | **For the year-end December 31, 2024** |
| **CASH FLOW PROVIDED BY OPERATING ACTIVITIES** | | |
| Net Income (loss) | $(7308) | $12914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash flow provided by operating activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of property and equipment | 816 | 1196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of finite-life intangibles | 2442 | 6196 |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncash lease expense | 459 | 1092 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 349 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unit-based compensation | 1081 | 823 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of contingent consideration | 7500 |  |
| Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable - Net | 12750 | (32526) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | (1057) | (533) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (2) | (262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (7990) | 18864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes payable and refundable income taxes | (61) | (1076) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (785) | (1251) |
| Net cash flow provided by operations | **8194** | **5856** |
| **CASH FLOW USED IN INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid in business combination - Net of cash acquired (see Note 2) |  | (5604) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (854) | (444) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in deposits and other | (26) | 76 |
| Net cash flow used in investing activities | **(880)** | **(5972)** |
| **CASH FLOW USED IN FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on long-term debt | (21538) | (3925) |
| &nbsp;&nbsp;&nbsp;&nbsp;Member contributions | 713 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Member redemptions |  | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions | (12383) | (6832) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid to acquire noncontrolling interests |  | (238) |
| Net cash flow used in financing activities | **(33208)** | **(10345)** |
| **EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND RESTRICTED CASH** | **1011** | **(741)** |
| **NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH**  | **(24883)** | **(11202)** |
| **CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - BEGINNING OF YEAR**  | **28414** | **39616** |
| **CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - END OF YEAR**  | $**3531** | $**28414** |
| **NONCASH INVESTING AND FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in value of interest rate swaps - Net | 1156 | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Member redemption funded through subordinated debt |  | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets obtained in exchange for operating lease liabilities | 5038 | 633 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rollover investment in business combination |  | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Member contribution financed through note receivable |  | 75 |
| **SUPPLEMENTAL FINANCIAL INFORMATION** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign and state and local income taxes paid | 1000 | 1542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for interest | 9334 | 13898 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for amounts included in the measurement of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows for operating leases | 1136 | 1434 |

---

See Notes to Consolidated Financial Statements.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**1.&nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***Principles of Consolidation***

The accompanying consolidated financial statements include the accounts of MarshBerry Holding Company, LLC (Holding), and its subsidiaries, which are as follows (\*Wholly-owned):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Marsh, Berry & Co., LLC (MarshBerry)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MarshBerry Capital, LLC (Capital)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MarshBerry Global, LLC (Global)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MarshBerry Connect Platform LLC (Connect) (majority owned by Holding)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First Choice Agents Alliance, LLC (First Choice) (Wholly-owned by Connect)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MarshBerry International Inc. (International)\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MarshBerry International Coöperatief U.A (Wholly-owned by International)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MarshBerry UK Holding Company Limited (UK Holding) (Wholly-owned by International)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IMAS Corporate Finance LLP (IMAS) (Owned equally by OLS, FH, and JDN)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OLS IMAS Limited (OLS), FH IMAS Limited (FH), and JDN IMAS Limited (JDN) (Wholly-owned by UK Holding)

Holding and its subsidiaries are collectively referred to as the Company. All intercompany balances and transactions have been eliminated in consolidation.

***Description of Business***

Holding was established on January 4, 2022, by a private equity firm to acquire and own the equity interests of the Company's Members, which include entities owned by the Company's private equity owner and the Company's primary lender (see Note 18).

MarshBerry and IMAS provide intellectual capital, strategic consulting and merger and acquisition advisory to clients within the insurance and wealth management industries. Management believes that the consulting solutions can help clients understand best practices, collaborate with non-competing peers, design and refine strategy, build an execution plan, find, hire and train salespeople, track the impact on value, remain independent, sell or take on capital.

Capital is the Financial Industry Regulatory Authority (FINRA) registered broker-dealer for MarshBerry.

Global is the operating entity for an aircraft that is used primarily for the benefit of the Company.

Connect was formed for the purpose of helping firms leverage scope, scale and resources to maximize growth through business intelligence, resource optimization and carrier alignment.

First Choice was acquired in 2022 and provides resources, tools and strategic support to insurance agents and agencies.

International was formed for the purpose of expanding the Company's global presence, through specialty financial advisory and perpetuation services to guide successful merger and acquisition transactions and investigating strategic opportunities.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

UK Holding was formed for the purpose of acquiring IMAS (see Note 2).

***Noncontrolling Interest***

Noncontrolling interests ("NCI") represent the minority ownership in MarshBerry Connect Platform LLC and are subject to a redemption feature that allows the noncontrolling interest holders to sell shares back to the Company at fair value on an annual basis. The redeemable NCI is presented outside of shareholders' equity in the Consolidated Balance Sheets as temporary equity under the caption, *Redeemable noncontrolling interests*, and are measured at either the carrying value or redemption value. If the redemption value is greater than the carrying value, an adjustment is recorded in accumulated deficit to adjust the NCI to its redemption value. Activity related to the redeemable noncontrolling interest is as follows:

---

| | |
|:---|:---|
| **(USD in thousands)** | |
| Balance - January 1, 2024 | $5640 |
| Redemptions | (400) |
| Distributions | (34) |
| Net income attributable | 338 |
| Balance - December 31, 2024 | $5544 |
| Distributions | (90) |
| Net loss attributable  | (88) |
| Adjustment to redemption value | 2054 |
| Balance - October 30, 2025 | $7420 |

---

***Use of Accounting Estimates***

Management uses estimates and assumptions in preparing the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenue and expenses. Actual results could vary from the estimates that were used, and such differences may be material.

***Cash, Cash Equivalents, and Restricted Cash***

Cash and cash equivalents include cash in a bank and highly liquid investments with an original maturity date of three months or less. The Company's cash and cash equivalents are held in accounts with balances which, at times, may exceed federally insured limits. The Company has not experienced any losses, material or otherwise, due to this concentration. As of October 30, 2025, and December 31, 2024, the Company has cash in foreign bank accounts of $1.9 million and $4.7 million, respectively.

Total cash, cash equivalents, and restricted cash shown in the consolidated statements of cash flows is as follows:

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **October 30, 2025** | **December 31, 2024** |
| Cash and cash equivalents | $3531 | $26914 |
| Restricted cash |  | 1500 |
| Total cash and cash equivalents and restricted cash | $3531 | $28414 |

---

The restricted cash is related to the interest rate swap arrangement, which required the Company to hold cash in escrow (see Note 9).

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

***Accounts Receivable, Other Receivables and Allowance for Credit Losses***

The Company operates in the insurance services and wealth management industries and its accounts receivable are primarily derived from consulting engagements. Since the Company's trade receivables are largely similar, the Company evaluates its allowance for credit losses as one portfolio segment. Client accounts receivable primarily represent contract assets from investment banking and advisory services, and include both billed and unbilled amounts. Other receivables primarily represent contract assets associated with estimated insurance commissions earned by First Choice.

At each balance sheet date, the Company recognizes an expected allowance for credit losses. In addition, also at each reporting date, this estimate is updated to reflect any changes in credit risk since the receivable was initially recorded. This estimate is calculated on a pooled basis where similar risk characteristics exist. During the ten months ended October 30, 2025 and for the year ended December 31, 2024, no single customer represented more than 10% of total Company sales.

The allowance estimate is derived from a review of the Company's historical losses based on the aging of receivables. This estimate is adjusted for management's assessment of current conditions, reasonable and supportable forecasts regarding future events, and any other factors deemed relevant by the Company. The Company believes historical loss information is a reasonable basis to calculate the expected allowance for credit losses as the Company's portfolio segment has remained consistent since the Company's inception.

The Company writes off receivables when information indicates the debtor is facing financial difficulty and with no possibility of recovery. If any recoveries are made from any accounts previously written off, they will be recognized in income or an offset to credit loss expense in the year of recovery, in accordance with the Company's accounting policy election.

***Revenue Recognition***

The Company's revenue is principally from contracts with customers to provide merger and acquisition advisory services, specialized management consulting, insurance brokerage services, and related services associated with specific customer requirements.

The identification of a contract with a customer for purposes of accounting and financial reporting requires an evaluation of the terms and conditions of agreements to determine whether presently enforceable rights and obligations exist. Management considers a number of factors when making this evaluation that include, but are not limited to, the nature and substance of the business exchange, the specific contractual terms and conditions, the promised services, the termination provisions in the contract, and how the Company is authorized to perform work. Generally, enforceable rights and obligations are not created until an engagement letter is signed by a customer for a specified service. Therefore, the signing of an engagement letter is generally the point at which a contract is identified for accounting and financial reporting purposes.

Management identifies the promises to the customer. Promises are generally explicitly stated in each contract, but management also evaluates whether any promises are implied based on the terms of the agreement, past business practice, or other facts and circumstances. Each promise is evaluated to determine if it is a performance obligation. A performance obligation is a promise in a contract to transfer a distinct service. The Company considers a number of factors when determining whether a promise is a contractual performance obligation, including whether the customer can benefit from the service on its own or together with other resources that are readily available to the customer, whether the Company provides a significant service of integrating services to deliver a combined output to the customer, or whether the services are highly interdependent. The Company's performance obligations on merger and acquisition advisory services consist of performing advisor due diligence and sale preparation, marketing of the customer to the buyer/seller market, as well as negotiation and final due diligence on purchase agreements. The Company's performance obligations on specialized management consulting services consist of performing due diligence and the preparation and delivery of final reports.

When value to the customer is being delivered over time, revenue is recognized over time as the services are performed. For performance obligations that are recognized over time, the Company estimates progress toward

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**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

completion based on the average life of a transaction, as our clients simultaneously receive and consume the benefits of those services as they are provided.

Revenues for performance obligations that are not recognized over time are recognized at the point in time when value is delivered to the customer. For performance obligations that are satisfied at a point in time, the Company evaluates the point in time when the customer can direct the use of and obtain the benefits from the products and services. Generally, when the service is performed determines the point in time when value is delivered to customers.

Revenue is recognized in an amount that reflects the consideration we expect to be entitled to in exchange for the promised goods or services (the "transaction price"). In determining the transaction price, we consider various factors, including the impact of variable consideration. Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal of cumulative revenue recognized will not occur when the related uncertainties are resolved. In assessing whether to include variable consideration, we evaluate the range of possible outcomes, the extent to which past experience is predictive of future results, the expected timing of resolution of the uncertainties, and the degree to which the consideration is subject to factors outside of our control, such as market volatility or the actions and judgments of third parties.

Differences in the timing of revenue recognition and contractual billing and payment terms result in the recognition of contract assets and liabilities. Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract liabilities primarily represent cash received that is in excess of revenues recognized and is contingent upon the satisfaction of performance obligations.

We recognize revenue gross as a principal or net as an agent. We record revenue on a gross basis when we are the principal in the arrangement. To determine whether we are a principal or an agent, we identify the specified good or service to be provided to the customer and assess whether we control the specified good or service before that good or service is transferred to the customer. Generally, our revenues are recorded gross, as we are the principal in each arrangement, with the exception of insurance brokerage services, which are presented on a net basis in the consolidated statements of operations.

We do not disclose information about remaining performance obligations for (i) contracts with an original expected duration of one year or less and (ii) contracts for which the variable consideration is allocated entirely to a wholly unsatisfied promise to transfer a distinct service that is, or forms part of, a single performance obligation. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material as of October 30, 2025 and December 31, 2024.

***Depreciation and Amortization***

Depreciation and amortization of property and equipment are provided by use of the straight-line method over the following estimated useful lives of the assets:

---

| | |
|:---|:---|
| **Leasehold improvements** | **Term of lease** |
| Aircraft | 7 years |
| Furniture and fixtures | 5 - 7 years |
| Computer equipment | 1 - 5 years |
| Computer software | 3 years |

---

Property and equipment acquired through acquisitions are recorded at fair value as of the date of acquisition. All other property and equipment are recorded at cost.

Maintenance and repairs that do not extend the useful life of property and equipment are charged to expense as incurred.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

***Finite-Life Intangible Assets***

Identifiable intangible assets acquired in a business combination are recorded based upon fair value at the date of acquisition using variations of the income approach, including the cost approach. Varying discount rates were also applied to the projected net cash flows. The Company's intangible assets at October 30, 2025 and December 31, 2024 are amortized using the straight line method over the useful life of the intangible asset (Note 4).

***Goodwill***

Goodwill is recognized for the excess of the purchase price over the fair value of the tangible and identifiable intangible net assets of businesses acquired. The Company reviews goodwill for impairment annually or whenever indicators of impairment exist. An impairment would occur if the carrying amount of a reporting unit exceeds the fair value of that reporting unit. The Company has two reporting units and tests goodwill for impairment at the reporting unit level. As part of the goodwill impairment test, the Company first performs a qualitative assessment to determine whether further impairment testing is necessary. If, as a result of its qualitative assessment, it is more-likely-than-not that the fair value of the Company's reporting unit is less than its carrying amount, a two-step impairment test is required.

If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment, and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the implied fair value of the reporting unit's goodwill is calculated and an impairment loss equal to the excess is recorded.

The Company performs its annual impairment test on September 30 of each year. At September 30, 2025, management completed a qualitative assessment of the goodwill and determined that it was not more likely than not that the fair value of any reporting unit was less than its carrying amount. There were no impairments for the ten months ended October 30, 2025 and year ended December 31, 2024.

***Impairment of Long-Lived Assets***

The Company evaluates the recoverability of long-lived assets, including finite-life intangible assets, whenever events or changes in circumstances may indicate that the carrying value of the assets are not recoverable or are less than fair value. No such indicators of impairment were noted during the ten months ended October 30, 2025, and December 31, 2024, and as such, management did not test long-lived assets for impairment.

***Hedge Accounting***

The Company holds derivative financial instruments for the purpose of hedging the risks of certain anticipated transactions. The designation of a derivative instrument as a hedge and its ability to meet the hedge accounting criteria determine how we reflect the change in fair value of the derivative instrument. A derivative qualifies for hedge accounting treatment if, at inception, it meets defined correlation and effectiveness criteria. These criteria require that the anticipated cash flows and/or changes in fair value of the hedging instrument substantially offset those of the position being hedged.

Our interest rate swaps are designated as cash flow hedges. Accordingly, the interest rate swaps are recorded as either an asset or liability in the accompanying Consolidated Balance Sheets at fair value. The mark-to-market gains or losses on the swaps are deferred and included as a component of accumulated other comprehensive income ("AOCI"), net of tax, to the extent the hedge is determined to be effective and reclassified to interest expense in the same period during which the hedged transaction affects earnings. The interest rate swaps are assessed for effectiveness and continued qualification for hedge accounting. Through the settlement date and as of December 31, 2024, the interest rate swaps were deemed to be effective. The swaps were settled on October 28, 2025, and had no outstanding balance as of October 30, 2025.

***Income Taxes***

Holding, MarshBerry, Capital, Connect and Global are limited liability companies with indefinite lives, the income of which is taxed directly to their members.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

International is taxed as a C corporation and utilizes an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax basis of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The provision for income taxes is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities.

The Company evaluated its tax positions and determined it has no uncertain tax positions as of October 30, 2025 and December 31, 2024.

***Leases***

The Company determines if an arrangement is, or contains, a lease at the inception date. In evaluating contracts to determine if they qualify as a lease, the Company considers factors such as if the Company has obtained substantially all of the rights to the underlying asset through exclusivity, if the Company can direct the use of the asset by making decisions about how and for what purpose the asset will be used, and if the lessor has substantive substitution rights.

Right-of-use (ROU) assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based primarily on the present value of lease payments over the lease term. In determining the discount rate used to measure the ROU assets and lease liabilities, the Company uses its incremental borrowing rate (IBR). The operating lease ROU assets also include any lease payments made at commencement and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.

The Company elected to apply the short-term lease exemption. Under this exemption, ROU assets and lease liabilities are not recognized for leases with an initial term of twelve months or less. The Company's short-term lease commitments during the ten months ended October 30, 2025 and year ended December 31, 2024, were immaterial.

The Company has lease agreements with both lease and non-lease components, which are generally accounted for separately. The Company elected the practical expedient to account for lease and non-lease components as a single lease component. There may be variability in future lease payments as the amount of the non-lease components is typically revised from one period to the next. Payments for non-lease components, which are primarily comprised of common area maintenance, utilities, and real estate taxes that are passed on from the lessor, are recognized in operating expenses in the period in which the obligation for those payments was incurred.

***Foreign Currency Translation***

The consolidated financial statements of International, the Company's non-U.S. subsidiary, have been translated from their local functional currency into U.S. dollars. All assets and liabilities have been translated at required exchange rates at the end of the period. Income and expense items have been translated at the average exchange rates for the respective period. The gains or losses that result from the translation process at period end are recorded as other comprehensive income or loss. Gains and losses resulting from foreign currency transactions during the period (transactions denominated in a currency other than the subsidiary entity's local currency) are included in miscellaneous (income) expense in the consolidated statements of operations.

***Debt Issuance Costs***

The Company's debt issuance costs are recorded at cost less accumulated amortization and presented as a direct reduction to long-term debt. For financial statement purposes, amortization is calculated using the straight-line method over the term of the associated debt and recorded as interest expense on the consolidated statements of operations. Debt issuance costs consist of loan fees of $2.4 million at October 30, 2025, and December 31, 2024,

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

and accumulated amortization on the debt issuance costs of approximately $1.5 million and $1.2 million, respectively. Amortization expense amounted to approximately $0.3 million and $0.4 million during the ten months ended October 30, 2025 and for the year ending December 31, 2024, respectively. Amortization will be approximately $0.4 million for 2025, 2026, and 2027.

***Advertising Costs***

The Company expenses advertising costs as incurred. Total advertising costs during the ten months ended October 30, 2025, and for the year ended December 31, 2024, amounted to approximately $1.2 million and $1.1 million, respectively.

**2.&nbsp;&nbsp;&nbsp;&nbsp;BUSINESS COMBINATIONS**

***IMAS Corporate Finance LLP***

In January 2024, International entered into a Sale and Purchase agreement (the "Agreement") with OLS IMAS Limited, FH IMAS Limited, and JDN IMAS Limited (collectively, the sellers), to purchase the entire issued share capital of IMAS Corporate Finance LLP, an M&A advisory firm in the United Kingdom. The Agreement was reached in order to increase the Company's market presence and expand operations. The following table summarizes the final allocation of the purchase price to assets acquired and liabilities assumed based on their fair values:

---

| | |
|:---|:---|
| **(USD in thousands)** | |
| Assets Acquired: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 563 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired Backlog | 3266 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 52 |
| Total Assets Acquired | $4591 |
| Liabilities Assumed: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1321 |
| Total Liabilities Assumed | $1325 |
| Identifiable net assets acquired | 3266 |
| Purchase price | (8459) |
| Goodwill – excess of purchase price over fair value of net assets acquired | $5193 |

---

The purchase was financed with $8.5 million in cash, rollover equity and an earnout arrangement. Management evaluated the value of the earnout and determined it to be zero.

Of the net assets acquired, $3.3 million was recorded as an intangible asset related to IMAS's backlog of outstanding transactions. The intangible asset was amortized over 8 months, the useful life of the asset. As of December 31, 2024, intangible backlog was fully amortized.

Goodwill recognized in the acquisition is attributable to the potential to outperform the market due to its existing relationships, other synergies within the Company, and intangibles that do not qualify for separate recognition. All of the goodwill is tax deductible. Acquisition costs of $0.7 million were incurred and recorded in other income (expense) on the consolidated statement of operations.

***First Choice Agents Alliance, LLC***

During August 2022, the Company acquired First Choice Agents Alliance, LLC ("First Choice") and entered into an earnout arrangement that provided for additional consideration based on revenue growth achieved by First Choice during a measurement period from January 1, 2023 to December 31, 2026. The earnout was initially recorded at a fair value of $2.5 million. During the year ended October 30, 2025, the Company adjusted the fair

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**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

value of the earnout to $10.0 million based on revenue growth achieved to date and expected revenue growth in 2026. The liability is recorded in contingent consideration payable in the consolidated balance sheets, and the change in fair value was recorded in miscellaneous expense – net in the consolidated statement of operations for the ten months ended October 30, 2025.

**3.&nbsp;&nbsp;&nbsp;&nbsp;PROPERTY AND EQUIPMENT - NET**

At October 30, 2025 and December 31, 2024, property and equipment - net consisted of the following:

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **October 30, 2025** | **December 31, 2024** |
| Leasehold improvements | $2095 | $1983 |
| Aircraft | 2971 | 2761 |
| Furniture and fixtures | 1205 | 843 |
| Computer equipment | 925 | 739 |
| Computer software | 564 | 556 |
| Capital projects in process | 102 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment - gross | 7862 | 6998 |
| Less: Accumulated depreciation and amortization | (4011) | (3185) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Property and equipment - net**  | $3851 | $3813 |

---

**4.&nbsp;&nbsp;&nbsp;&nbsp;INTANGIBLES - NET**

The Company's intangible assets subject to amortization consisted of the following at October 30, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Weighted Average Useful Life in Years** | **October 30, 2025** | **October 30, 2025** | **October 30, 2025** |
| **(USD in thousands)** | **Weighted Average Useful Life in Years** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| Trade name | 10 | $8800 | $(3350) | $5450 |
| Customer relationships | 10 | 20500 | (6662) | 13838 |
| Total | 10 | $29300 | $(10012) | $19288 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Weighted Average Useful Life in Years** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **(USD in thousands)** | **Weighted Average Useful Life in Years** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| Trade name | 10 | $8800 | $(2616) | $6184 |
| Customer relationships | 10 | 20500 | (4954) | 15546 |
| Backlog | 0.7 | 3266 | (3266) |  |
| Total | 6.9 | $32566 | $(10836) | $21730 |

---

Estimated future amortization expense for intangible assets as of October 30, 2025 is as follows:

---

| | |
|:---|:---|
| **(USD in thousands)** | |
| 2025 | $488 |
| 2026 | 2930 |
| 2027 | 2930 |
| 2028 | 2930 |
| 2029 | 2930 |
| 2030 | 2930 |
| **Total**  | $**15138** |

---

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**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**5.&nbsp;&nbsp;&nbsp;&nbsp;GOODWILL**

The table below sets forth the changes in the carrying amount of for the ten months ended October 30, 2025 and year ended December 31, 2024.

---

| | |
|:---|:---|
| **(USD in thousands)** | |
| Balance January 1, 2024 | $130308 |
| Goodwill recorded in connection with business combination (see Note 2) | 5193 |
| Balance December 31, 2024 | 135501 |
| **Balance October 30, 2025**  | $135501 |

---

**6.&nbsp;&nbsp;&nbsp;&nbsp;ACCRUED LIABILITIES**

At October 30, 2025 and December 31, 2024, accrued liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **October 30, 2025** | **December 31, 2024** |
| Bonuses and related taxes | $9888 | $22497 |
| Wages and related taxes | 215 | 98 |
| Interest | 942 | 321 |
| Taxes |  | 233 |
| Commissions payable | 32795 | 31312 |
| Other | 4388 | 1990 |
| Total accrued liabilities | $**48228** | $**56451** |

---

Commissions payable represent estimated insurance commissions payable to our network of agents and agencies who purchase insurance through First Choice.

**7.&nbsp;&nbsp;&nbsp;&nbsp;LONG-TERM DEBT - NET**

The Company has a credit agreement with a lender which allowed for a maximum commitment of $115 million through an $85 million term loan and two $15 million additional term loans. The term notes bear interest at a base rate which fluctuates with the SOFR, as defined (4.13% and 4.53% at October 30, 2025 and December 31, 2024, respectively) plus an applicable margin, depending upon a leverage ratio, subject to adjustment each quarter, as defined. The interest rates at October 30, 2025 and December 31, 2024, ranged from 10.48% - 11.23% and 10.90% - 11.65%, respectively. The term notes mature on January 10, 2028, and are secured by substantially all assets of the Company.

The agreement contains various restrictive and financial covenants, including a cash flow leverage ratio, as defined. The agreement also contains a requirement for an excess cash flow payment, as defined, on the term loans, which is applied to the Company's future principal payments. As of October 30, 2025, the Company has estimated that it will have not have to make an excess cash flow payment in 2026.

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**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

At October 30, 2025 and December 31, 2024, long-term debt - net, consisted of the following:

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **October 30, 2025** | **December 31, 2024** |
| Term notes | $85225 | $106675 |
| Note, payable to a bank in monthly payments of $13.5 through February 2028, including interest at 6.69%, collateralized by specific property. | 725 | 813 |
| Total Long-Term Debt | $85950 | $107488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unamortized debt issuance costs | (865) | (1214) |
| Total Long-Term Debt Carrying Value | $85085 | $106274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion | (4720) | (4714) |
| Total Long-Term Debt, net of current portion | $80365 | $101560 |

---

At October 30, 2025, future maturities of long-term debt are as follows:

---

| | |
|:---|:---|
| **(USD in thousands)** | |
| 2025 | $20 |
| 2026 | 4722 |
| 2027 | 4729 |
| 2028 | 70894 |
|  | $80365 |

---

Interest expense incurred on term debt and amortization of debt issuance costs amounted to approximately $9.9 million and $13.7 million during the ten months ended October 30, 2025 and year ended December 31, 2024, respectively.

**8.&nbsp;&nbsp;&nbsp;&nbsp;SUBORDINATED DEBT**

During 2023, the Company purchased 3,285 outstanding units from a former member. The Company partially financed the transaction through a subordinated promissory note in the amount of $0.3 million that accrues interest at 3.74%. The note will be repaid upon the earlier of a) March 2033; or b) a change in control event, as defined. During 2024, the Company purchased 2,494 outstanding units from former members. The Company partially financed the transactions through subordinated promissory notes in the amount of $0.2 million that accrue interest at 4.18%. The notes will be repaid upon the earlier of a) February 2034; or b) a change in control event, as defined. At October 30, 2025 and December 31, 2024, outstanding subordinated debt balances amounted to $0.6 million. Interest expense on the subordinated debt amounted to approximately $0.02 million for the ten months ended October 30, 2025, and year ended December 31, 2024, respectively.

**9.&nbsp;&nbsp;&nbsp;&nbsp;INTEREST RATE SWAP**

The Company holds derivative financial instruments for the purpose of hedging the risks of certain anticipated transactions. The type of risk hedged is related to the variability of future cash earnings and cash flows caused by fluctuations in interest rates. In hedging the transactions, the Company in the normal course of business, entered into interest rate swap agreements to hedge the cash flows of variable rate financial liabilities. The derivatives are held for the purpose of hedging such risks, not for speculation or trading. Generally, the Company enters into hedging relationships such that changes in the cash flows of transactions being hedged are expected to be offset by corresponding changes in the value of the derivative.

The Company held an interest rate swap that effectively changed the Company's exposure on $42.5 million of term debt to fixed rate of 2.97%. The Company designated this interest rate swap as a cash flow hedge and reported it at its fair value.

On October 28, 2025, the Company settled the interest rate swap for a gain of $0.2 million, which had been previously recorded in accumulated other comprehensive loss and was reclassified to interest income upon

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

settlement. As a result, there was no accumulated other comprehensive loss related to the swap as of October 30, 2025.

For the year ended December 31, 2024, cash flow hedges of forecasted interest rate transactions resulted in a gain of $0.3 million, remaining in accumulated other comprehensive loss. Interest income related to the swaps during the ten months ended October 30, 2025 and year ended December 31, 2024, was $0.6 million and $0.9 million, respectively, and is recorded in interest income on the accompanying consolidated statements of operations.

**10.&nbsp;&nbsp;&nbsp;&nbsp;LEASES**

The Company maintains operating leases for office space. These leases have remaining lease terms expiring at various times through 2033.

During the ten months ended October 30, 2025, and year ended December 31, 2024, the Company's expenses relating to leases consisted of operating lease expense of approximately $1.3 million for both periods.

At October 30, 2025, the weighted average remaining lease term and weighted average discount rate for operating leases was 5.74 years and 4.12%, respectively. At December 31, 2024, the weighted average remaining lease term and weighted average discount rate for operating leases was 5.09 years and 4.85%, respectively.

At October 30, 2025, future minimum lease payments under non-cancellable operating leases are *as follows:*

---

| | |
|:---|:---|
| **(USD in thousands)** | |
| 2025 | $270 |
| 2026 | 1631 |
| 2027 | 1600 |
| 2028 | 1382 |
| 2029 | 1383 |
| 2030 | 1008 |
| Thereafter | 1699 |
| Total undiscounted cash flows | $8973 |
| Present value discount | 1295 |
| Total operating lease liabilities | $7678 |

---

**11.&nbsp;&nbsp;&nbsp;&nbsp;MEMBERS' EQUITY**

At October 30, 2025, and December 31, 2024, Holding had one class of common units outstanding. The significant features of the common units are as follows:

***Preemptive Rights***

Subject to certain restrictions defined in the LLC agreement, the Board may authorize issuance of additional units. Prior to or upon issuance of additional units the LLC agreement provides that Holding grants each member rights to purchase their pro-rata share of additional units granted.

***Allocation of Profits, Losses, and Distributions***

Profits, losses, and distributions for any year shall be allocated to the members in accordance with their ownership interest, as defined.

***Drag-Along Rights***

If the Investor Member, as defined within the LLC agreement, (Drag-Along seller) proposes to transfer any units in a transaction that would constitute a liquidity event and the Drag-Along sale is approved by the board, the Drag-Along seller may at its option require the other members to transfer a portion of their common units.

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**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

***Tag-Along Rights***

If a member proposes to transfer a number of units equal to at least 5% of the Company's outstanding units to a person, as defined in the LLC agreement, other than a permitted transferee, as defined in the LLC agreement, then each unit holder shall have the option to participate in the proposed transfer.

***Liquidation Rights***

In the event of any liquidation, dissolution, or winding up of the Company, either voluntary or involuntary, after satisfaction of all debts, liabilities, and obligations of the Company, the excess cash balance will be paid to the members in accordance with their respective ownership interest, as defined.

***Unit Bonus Plan***

The Company maintains an Officer and Director Equity Plan (the O&D Plan) for officers and directors. Member units are awarded to the specified directors and officers. Vesting terms are defined in each unit award agreement, and generally vest over a three-year period. Payments by the Company to participants for their vested units occur at the Company's option, only upon the participants' death, disability, or termination without cause by the Company or upon the sale of the Company, as defined in the O&D Plan. If a participant ceases to be in service of the Company for any reason other than the participants' death, disability, or termination without cause by the Company, all units held by the participant will be forfeited. Compensation expense is recognized over the vesting period.

During the ten months ended October 30, 2025 and year ended December 31, 2024, the Company granted 8,923 and 6,616 units, respectively, to certain employees, with a three-year vesting period, with vesting occurring upon the anniversary of the grant date. The units were valued at fair value at the grant dates. The units granted during the ten months ended October 30, 2025 and year ended December 31, 2024 were granted with a fair value of $213.79 and $190.75, respectively. At October 30, 2025 and December 31, 2024, the value of the 6,403 and 5,057 vested options was approximately $1.2 million and $0.8 million, respectively. For the ten months ended October 30, 2025 and year ended December 31, 2024, in accordance with ASC 718, compensation expense of approximately $1.1 million and $0.8 million was recognized, respectively.

Unit bonus plan activity for the ten months ended October 30, 2025 and year ended December 31, 2024, is set forth below:

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **Number of Units** | **Weighted Average Grant Date Fair Value** |
| Units outstanding at January 1, 2024 | 10187 | $143.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 6616 | 190.75 |
| Units outstanding at December 31, 2024 | 16803 | $162.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 8923 | 213.79 |
| Units outstanding at October 30, 2025 | 25726 | $180.22 |

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**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

Unvested unit activity for the ten months ended October 30, 2025 and year ended December 31, 2024, is set forth below:

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| | | |
|:---|:---|:---|
| **(USD in thousands)** | **Number of Units** | **Weighted Average Grant Date Fair Value** |
| Units unvested at January 1, 2024 | 7629 | $143.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 6616 | 190.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (5057) | 162.37 |
| Units unvested at December 31, 2024 | 9188 | $167.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 8923 | 213.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (6403) | 180.22 |
| Units unvested at October 30, 2025 | 11708 | $195.85 |

---

As of October 30, 2025 and December 31, 2024, there was approximately $2.5 million and $1.5 million, respectively, of total unrecognized compensation cost, adjusted for estimated forfeitures, related to nonvested stock-based compensation.

**12.&nbsp;&nbsp;&nbsp;&nbsp;FOREIGN AND STATE AND LOCAL INCOME TAXES**

For the ten months ended October 30, 2025 and year ended December 31, 2024, foreign and state and local income taxes consisted of the following:

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| | | |
|:---|:---|:---|
| **(USD in thousands)** | **'October 30, 2025** | **'December 31, 2024** |
| CURRENT: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dutch federal | $(493) | $290 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and local | 217 | (47) |
| Total current taxes | $(276) | $243 |

---

Deferred taxes are insignificant for the ten months ended October 30, 2025 and year ended December 31, 2024.

**13.&nbsp;&nbsp;&nbsp;&nbsp;RETIREMENT PLAN**

The Company has a contributory profit-sharing and 401(k) plan covering substantially all employees. Under the 401(k) provisions of the plan, employees may elect to contribute up to 100% of their compensation, subject to the legal maximum limitations. The plan provides for employer matching and profit-sharing contributions to be made at the discretion of the Board of Directors. Total matching and profit-sharing contributions authorized during the ten months ended October 30, 2025 and year ended December 31, 2024, amounted to approximately $0.7 million and $0.8 million, respectively.

**14.&nbsp;&nbsp;&nbsp;&nbsp;REVENUE**

***Disaggregation of Revenue***

The majority of the Company's revenue is recognized at a point in time based on transfer of services. Revenue recognized over time primarily consists of performance obligations that are satisfied within one year or less.

Due to the highly integrated nature of international financial markets, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. The Company's revenues are generally reported based on the country or domicile of the legal entity providing the service.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

The following table disaggregates the revenues based on the location of the office that generates the revenues, and therefore may not be reflective of the geography in which our clients are located.

---

| | | |
|:---|:---|:---|
| **(USD in thousands)** | **For the ten months ended October 30, 2025** | **For the year ended December 31, 2024** |
| REVENUES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Americas | $66014 | $94854 |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe | 4340 | 10341 |
| Total Revenue | $70354 | $105195 |

---

**15. &nbsp;&nbsp;&nbsp;&nbsp;FAIR VALUE MEASUREMENTS**

ASC Topic 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below.

<u>Level 1:</u> Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

<u>Level 2:</u> Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

<u>Level 3:</u> Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability.

The following table summarizes our assets and (liabilities) at October 30, 2025 and December 31, 2024 that are measured at fair value on a recurring basis subsequent to initial recognition and indicates the fair value hierarchy of the valuation techniques utilized by us to determine such fair value:

---

| | | | |
|:---|:---|:---|:---|
| **(USD in thousands)** | **Level** | **October 30, 2025** | **December 31, 2024** |
| Interest Rate Swaps | 2 |  | 1156 |
| Earnout Liability  | 3 | (10000) | (2500) |

---

The Company assesses the levels of assets and liabilities measured at fair value at each measurement date and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. The earnout liability is based on the compounded annual revenue growth rate for First Choice during a defined measurement period, which is an unobservable input that is significant to the fair value measurement. There were no transfers among Levels 1, 2, and 3 during the ten months ended October 30, 2025 and year ended December 31, 2024.

**16. &nbsp;&nbsp;&nbsp;&nbsp;NET CAPITAL REQUIREMENT** 

The Company's wholly-owned subsidiary MarshBerry Capital, LLC, is a registered broker-dealer and is subject to the SEC Uniform Net Capital Rule (SEC Rule 15c3-1), which requires, among other things, the maintenance of minimum net capital. As of October 30, 2025 and December 31, 2024, MarshBerry Capital, LLC was in compliance with this requirement.

------

**MARSHBERRY HOLDING COMPANY, LLC AND SUBSIDIARIES** <br>

**17.&nbsp;&nbsp;&nbsp;&nbsp;COMMITMENTS & CONTINGENCIES** 

***Litigation***

In the ordinary course of business, the Company is subject to, or party to, pending or threatened litigation, assessments, and claims. While it is not possible to predict with certainty the outcome of such matters individually or in the aggregate, management believes that the ultimate result will not have a material adverse effect on the financial position or results of operations of the Company.

**18.&nbsp;&nbsp;&nbsp;&nbsp;RELATED PARTY TRANSACTIONS**

The Company issued distributions to its Members of $12,293 and $6,798 during the ten months ended October 30, 2025 and the year ended December 31, 2024, respectively, primarily related to the income tax obligations of the Members associated with the Company's results of operations.

As discussed in Note 8, the Company issued subordinated notes to finance certain redemptions of members' equity.

As discussed in Note 1, an entity owned by the Company's primary lender held an equity interest in the Company of less than 10%.

**19.&nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS**

Management has evaluated subsequent events through March 20, 2026, the date the consolidated financial statements were available to be issued.

On October 31, 2025, MarshBerry Holding, LLC and its subsidiaries were acquired by Lincoln International, LP ("Lincoln") in a business combination transaction pursuant to an Equity Purchase Agreement entered into on September 9, 2025. This strategic acquisition solidifies Lincoln's position as the leading advisor for independent owners, strategic acquirers, and private equity firms amidst the evolving and growing landscape of insurance brokerage and wealth management.

On the acquisition date, the Company's long-term debt and subordinated notes were repaid. The classification of assets and liabilities of the Company have not been adjusted as a result of this transaction.

------

&nbsp;&nbsp;&nbsp;&nbsp;**21,049,988 Shares**

![prospectuscoverlogo1a.jpg](prospectuscoverlogo1a.jpg)

**Lincoln International, Inc.**

**Class A Common Stock**

**PROSPECTUS**

***Joint Lead Book-Running Managers***

---

| | |
|:---|:---|
| **Goldman Sachs & Co. LLC** | **Morgan Stanley** |

---

***Bookrunners***

---

| | | |
|:---|:---|:---|
| **BMO Capital Markets** | **Citizens Capital Markets** | **Evercore ISI** |

---

***Co-Managers***

---

| | |
|:---|:---|
| **Keefe, Bruyette & Woods** | **Wolfe \| Nomura Alliance** |
| *A Stifel Company* | |

---

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026**

------

**PART II**

**INFORMATION NOT REQUIRED IN THE PROSPECTUS**

**Item 13. Other expenses of issuance and distribution.**

The following table sets forth all fees and expenses, other than the underwriting discounts and commissions payable solely by Lincoln International, Inc. in connection with the offer and sale of the securities being registered. All amounts shown are estimated except for the SEC registration fee, the Financial Industry Regulatory Authority, Inc., or FINRA, filing fee and the NYSE listing fee.

---

| | |
|:---|:---|
| SEC registration fee | $66862 |
| FINRA filing fee | 73123 |
| NYSE listing fee | 325000 |
| Printing and engraving expenses | 325000 |
| Legal fees and expenses | 2083941 |
| Accounting fees and expenses | 6108574 |
| Transfer agent fees and expenses | 17500 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total**  | $**9000000** |

---

**Item 14. Indemnification of directors and officers.**

Section 102 of the DGCL permits a corporation to eliminate the personal liability of directors of a corporation to the corporation or its stockholders for monetary damages for a breach of fiduciary duty as a director, except where the director breached his or her duty of loyalty, failed to act in good faith, engaged in intentional misconduct or knowingly violated a law, authorized the payment of a dividend or approved a stock repurchase or redemption in violation of Delaware corporate law or obtained an improper personal benefit. Our amended and restated certificate of incorporation provides that no director of Lincoln International, Inc. shall be personally liable to it or its stockholders for monetary damages for any breach of fiduciary duty as a director, notwithstanding any provision of law imposing such liability, except to the extent that the General Corporation Law of the State of Delaware prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty.

Section 145 of the DGCL provides that a corporation has the power to indemnify a director, officer, employee, or agent of the corporation, or a person serving at the request of the corporation for another corporation, partnership, joint venture, trust or other enterprise in related capacities against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the person in connection with an action, suit or proceeding to which he was or is a party or is threatened to be made a party to any threatened, ending or completed action, suit or proceeding by reason of such position, if such person acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the corporation, and, in any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful, except that, in the case of actions brought by or in the right of the corporation, no indemnification shall be made with respect to any claim, issue or matter as to which such person shall have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or other adjudicating court determines that, despite the adjudication of liability but in view of all of the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such other court shall deem proper.

Upon consummation of the Organizational Transactions, our amended and restated bylaws will provide indemnification for our directors and officers to the fullest extent permitted by the DGCL. We will indemnify any director or officer who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "Proceeding") by reason of the fact that such person, or a person for whom such person is the legal representative, is or was a director or officer of Lincoln International, Inc. or, while serving as a director or officer of the Lincoln International, Inc., is or was serving at the our request as a director, officer, employee or agent of another corporation or of a partnership (a "covered person"), joint venture, trust, enterprise or non-profit entity, including service with respect to employee benefit plans (all such

------

persons being referred to as an "Indemnitee"), against all liability and loss suffered and expenses (including attorneys' fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred by such person in connection with any such Proceeding. Notwithstanding the preceding sentence, our amended and restated bylaws will provide that we will indemnify an Indemnitee in connection with a Proceeding initiated by such person only if the Proceeding was authorized in the specific case by the Board.

Prior to the consummation of this offering, we intend to enter into separate indemnification agreements with each of our directors and executive officers. Each indemnification agreement will provide, among other things, for indemnification to the fullest extent permitted by law against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements will provide for the advancement or payment of all expenses to the Indemnitee and for the reimbursement to us if it is found that such Indemnitee is not entitled to such indemnification under applicable law and our amended and restated certificate of incorporation and amended and restated bylaws.

We maintain a general liability insurance policy that covers certain liabilities of directors and officers of our corporation arising out of claims based on acts or omissions in their capacities as directors or officers.

In any underwriting agreement we enter into in connection with the sale of Class A common stock being registered hereby, the underwriters will agree to indemnify, under certain conditions, us, the selling stockholders, our directors, our officers and persons who control us within the meaning of the Securities Act, against certain liabilities.

**Item 15. Recent sales of unregistered securities.**

None.

**Item 16. Exhibits and financial statements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)***Exhibits.*** The following documents are filed as exhibits to this registration statement.

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 1.1 | <u>[Form of Underwriting Agreement.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit11-sx1.htm)</u> |
| 2.1+ | <u>[Equity Purchase Agreement, dated as of September 9, 2025, by and among Lincoln International, LP, Lincoln International Holdings Limited, Lincoln International Parent B.V., Lincoln International B.V., MarshBerry Holdco, Inc., MarshBerry Holdco II, LLC, AMC MB Mini-Master, LP, DB FLF MBH LLC, the specified holders party thereto, MarshBerry Holding Company, LLC, and Atlas Merchant Capital LLC](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit21-sx1.htm)[.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit21-sx1.htm)</u> |
| 3.1 | <u>[Certificate of Incorporation of Lincoln International, Inc., as in effect prior to the consummation of the Organizational Transactions.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit31-sx1.htm)</u> |
| 3.2 | <u>[Form of Amended and Restated Certificate of Incorporation of Lincoln International, Inc., to be in effect upon the consummation of the Organizational Transactions.](exhibit32-sx1a.htm)</u> |
| 3.3 | <u>[Bylaws of Lincoln International, Inc., as in effect prior to the consummation of the Organizational Transactions.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit33-sx1.htm)</u> |
| 3.4 | <u>[Form of Amended and Restated Bylaws of Lincoln International, Inc. to be in effect upon the consummation of the Organizational Transactions.](exhibit34-sx1a.htm)</u> |
| 4.1 | <u>[Stock Certificate evidencing the shares of Class A common stock.](exhibit41-sx1a.htm)</u> |
| 5.1 | <u>[Opinion of Latham & Watkins LLP.](exhibit51-sx1a.htm)</u> |
| 10.1 | <u>[Form of Tax Receivable Agreement, to be effective upon the consummation of the Organizational Transactions.](exhibit101-sx1a.htm)</u> |
| 10.2 | <u>[Form of Limited Partnership Agreement of Lincoln International, LP, to be effective upon the consummation of the Organizational Transactions.](exhibit102-sx1a.htm)</u> |
| 10.3# | <u>[2026 Incentive Award Plan.](exhibit103-sx1a.htm)</u> |

---

------

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| 10.4# | <u>[Non-Employee Director Compensation Program.](exhibit104-sx1a.htm)</u> |
| 10.5 | <u>[Form of Indemnification Agreement.](exhibit105-sx1a.htm)</u> |
| 10.6# | <u>[Form of Option Agreement under the 202](exhibit106-sx1a.htm)[6](exhibit106-sx1a.htm)[Incentive Award Plan.](exhibit106-sx1a.htm)</u> |
| 10.7# | <u>[Form of Restricted Stock Unit Agreement under the 202](exhibit107-sx1a.htm)[6](exhibit107-sx1a.htm)[Incentive Award Plan.](exhibit107-sx1a.htm)</u> |
| 10.8+ | <u>[Credit Agreement, dated as of October 31, 2025, by and among Monarch](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit108-sx1.htm)[FinCo](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit108-sx1.htm)[, LLC, Lincoln International Cent](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit108-sx1.htm)[C](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit108-sx1.htm)[o, LLC, Antares Capital LP, as administrative agent and collateral agent, and the lenders party thereto.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit108-sx1.htm)</u> |
| 10.9+ | <u>[Amendment No. 1 to Credit Agreement, dated as of April 13, 2026, by and among Monarch FinCo, LLC, as borrower, Antares Capital LP, as administrative agent and collateral agent, and the lenders party thereto.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit109-sx1.htm)</u> |
| 10.10# | <u>[Retention Bonus Letter, dated as of March 24, 2026, by and between Lincoln International](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit1010-sx1.htm)[LLC and Mary Weber.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit1010-sx1.htm)</u> |
| 10.11 | <u>[Form of Lock-Up Agreement between Lincoln International, Inc. and certain stockholders.](exhibit1011-sx1a.htm)</u> |
| 10.12# | <u>[Form of](exhibit1012-sx1a.htm)[Employment Agreement](exhibit1012-sx1a.htm)[,](exhibit1012-sx1a.htm)[by and between Lincoln International, Inc.](exhibit1012-sx1a.htm)[,](exhibit1012-sx1a.htm)[Lincoln International LLC](exhibit1012-sx1a.htm)[and](exhibit1012-sx1a.htm)[R](exhibit1012-sx1a.htm)[obert Brown](exhibit1012-sx1a.htm)[.](exhibit1012-sx1a.htm)</u> |
| 10.13# | <u>[Form of](exhibit1013-sx1a.htm)[E](exhibit1013-sx1a.htm)[mployment Agreemen](exhibit1013-sx1a.htm)[t](exhibit1013-sx1a.htm)[,](exhibit1013-sx1a.htm)[by and between Lincoln](exhibit1013-sx1a.htm)[International, Inc.](exhibit1013-sx1a.htm)[,](exhibit1013-sx1a.htm)[Lincoln International LLC](exhibit1013-sx1a.htm)[and Eric](exhibit1013-sx1a.htm)[Malchow](exhibit1013-sx1a.htm)</u>. |
| 10.14# | <u>[Offer Letter,](exhibit1014-sx1a.htm)[dated May 11, 2026,](exhibit1014-sx1a.htm)[by and betwe](exhibit1014-sx1a.htm)[en Lincoln International](exhibit1014-sx1a.htm)[LLC and](exhibit1014-sx1a.htm)[Robert Barr](exhibit1014-sx1a.htm)</u>. |
| 10.15# | <u>[Offer Letter,](exhibit1015-sx1a.htm)[dated May 11, 2026,](exhibit1015-sx1a.htm)[by and between Lincoln International](exhibit1015-sx1a.htm)[LLC and Lawrence James Lawson III](exhibit1015-sx1a.htm)</u>. |
| 10.16 | <u>[Form of Voting Agreement among Lincoln International, Inc., Lawrence James Lawson III, Robert B. Barr,](exhibit1016-sx1a.htm)[the Robert B. Barr 2025](exhibit1016-sx1a.htm)[GRAT,](exhibit1016-sx1a.htm)[Robert T. Brown and Eric D. Malchow](exhibit1016-sx1a.htm)</u>. |
| 21.1 | <u>[List of Subsidiaries of Lincoln International, Inc.](exhibit211-sx1a.htm)</u> |
| 23.1 | <u>[Consent of Deloitte & Touche LLP, as to Lincoln International, Inc.](exhibit231-s1a.htm)</u> |
| 23.2 | <u>[Consent of Deloitte & Touche LLP, as to Lincoln International, LP.](exhibit232-sx1a.htm)</u> |
| 23.3 | <u>[Consent of Deloitte & Touche LLP, as to MarshBerry Holding Company, LLC.](exhibit233-sx1a.htm)</u> |
| 23.4 | <u>[Consent of Latham & Watkins LLP (contained in its opinion filed as Exhibit 5.1 hereto).](exhibit51-sx1a.htm)</u> |
| 24.1 | <u>[Power of Attorney (included on](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/lincolninternational-sx1xa.htm#i7a3c422cdd584cf6a1030e898a63848a_208)[the](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/lincolninternational-sx1xa.htm#i7a3c422cdd584cf6a1030e898a63848a_208)[signature page of](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/lincolninternational-sx1xa.htm#i7a3c422cdd584cf6a1030e898a63848a_208)[the initial filing of](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/lincolninternational-sx1xa.htm#i7a3c422cdd584cf6a1030e898a63848a_208)[this registration statement).](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/lincolninternational-sx1xa.htm#i7a3c422cdd584cf6a1030e898a63848a_208)</u> |
| 99.1 | <u>[Consent of M. Christie Smith to be named as a director nominee.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit991-sx1.htm)</u> |
| 99.2 | <u>[Consent of John W. Oleniczak to be named as a director nominee.](https://www.sec.gov/Archives/edgar/data/1925283/000162828026027260/exhibit992-sx1.htm)</u> |
| 107 | <u>[Filing Fee Table](exfilingfees.htm)</u>. |

---

__________________

#&nbsp;&nbsp;&nbsp;&nbsp; Indicates management contract or compensatory plan.

+&nbsp;&nbsp;&nbsp;&nbsp; Schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Registrant undertakes to furnish supplemental copies of any of the omitted schedules upon request by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)***Financial Statement Schedules***. None.

**Item 17. Undertakings.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of Lincoln International, Inc. pursuant to the foregoing provisions, or

------

otherwise, Lincoln International, Inc. has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by Lincoln International, Inc. of expenses incurred or paid by a director, officer or controlling person of Lincoln International, Inc. in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, Lincoln International, Inc. will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction, the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The undersigned hereby further undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)For purposes of determining any liability under the Securities Act the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by Lincoln International, Inc. pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)For the purpose of determining any liability under the Securities Act each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, Lincoln International, Inc. has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Chicago, state of Illinois, on this 11th day of May, 2026.

---

| | |
|:---|:---|
| **Lincoln International, Inc.** | **Lincoln International, Inc.** |
| By: | /s/ Robert T. Brown |
|  | Robert T. Brown |
|  | Chief Executive Officer and Director |

---

Pursuant to the requirements of the Securities Act of 1933, as amended this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Robert T. Brown | Director and Chief Executive Officer<br>(Principal Executive Officer) | May 11, 2026 |
| Robert T. Brown | Director and Chief Executive Officer<br>(Principal Executive Officer) | May 11, 2026 |
| /s/ Theodore J. Heidloff | Chief Financial Officer (Principal Financial<br>Officer and Principal Accounting Officer) | May 11, 2026 |
| Theodore J. Heidloff | Chief Financial Officer (Principal Financial<br>Officer and Principal Accounting Officer) | May 11, 2026 |
| \* | Chairman of the Board of Directors | May 11, 2026 |
| Lawrence James Lawson III | Chairman of the Board of Directors | May 11, 2026 |
| \* | Director | May 11, 2026 |
| Robert B. Barr | Director | May 11, 2026 |
| \* | President and Global Head of M&A, Director | May 11, 2026 |
| Eric D. Malchow | President and Global Head of M&A, Director | May 11, 2026 |

---

---

| | |
|:---|:---|
| \* By: | /s/ Robert T. Brown |
|  | Robert T. Brown |
|  | Attorney-in-Fact |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Lincoln International, Inc.**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Class A Common Stock, $0.00001 par value per share | 457(a) | 19207500 | $20.00 | $384150000.00 | 0.0001381 | $53051.11 |
| Fees Previously Paid | 2 | Equity | Class A Common Stock, $0.00001 par value per share | 457(a) | 5000000 | $20.00 | $100000000.00 |  | $13810.00 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $484150000.00  |  | $66861.11  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $13810.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $53051.11  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Includes the aggregate offering price of additional shares of Class A common stock that the underwriters have the option to purchase to cover over-allotments, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> This Maximum Aggregate Offering Price was originally registered under 457(o) and is now converted to 457(a).

---

| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---

## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**LINCOLN INTERNATIONAL, INC.**

Lincoln International, Inc. (the "***Corporation***"), a corporation organized and existing under the General Corporation Law of the State of Delaware (the "***DGCL***"), does hereby certify as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The name of the Corporation is Lincoln International, Inc. The Corporation was incorporated by the filing of its original Certificate of Incorporation with the Secretary of State of the State of Delaware on April 6, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.This Amended and Restated Certificate of Incorporation (the "***Restated Certificate***"), which amends, restates and further integrates the certificate of incorporation of the Corporation as heretofore in effect, has been approved by the Board of Directors of the Corporation (the "***Board of Directors***") in accordance with Sections 242 and 245 of the DGCL, and has been adopted by the written consent of the stockholders of the Corporation in accordance with Section 228 of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The text of the certificate of incorporation of the Corporation, as heretofore amended, is hereby amended and restated by this Restated Certificate to read in its entirety as set forth in <u>EXHIBIT A</u> attached hereto.

IN WITNESS WHEREOF, Lincoln International, Inc. has caused this Restated Certificate to be signed by a duly authorized officer of the Corporation, on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026.

---

| |
|:---|
| **Lincoln International, Inc.**, a Delaware corporation |
| By: |
| Name: |
| Title: |

---

[Signature Page to Lincoln International, Inc. Certificate of Incorporation]

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**<u>EXHIBIT A</u>**

**ARTICLE I**

The name of the corporation is Lincoln International, Inc. (the "***Corporation***").

**ARTICLE II**

The address of the Corporation's registered office in the State of Delaware is 850 New Burton Road, Suite 201, in the City of Dover, County of Kent, 19904, and the name of its registered agent at such address is Cogency Global Inc.

**ARTICLE III**

The nature of the business of the Corporation and the objects or purposes to be transacted, promoted or carried on by the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware (the "***DGCL***"), including, without limitation, (i) investing in securities of Lincoln International, LP, a Delaware limited partnership, or any successor entities thereto ("***LILP***") and any of its subsidiaries, (ii) exercising all rights, powers, privileges and other incidents of ownership or possession with respect to the Corporation's assets, including managing, holding, selling and disposing of such assets and (iii) engaging in any other activities incidental or ancillary thereto.

**ARTICLE IV**

**Section 4.1.&nbsp;&nbsp;&nbsp;&nbsp;**The total number of shares of all classes of capital stock which the Corporation will have authority to issue is 1,005,000,000 shares, consisting of (i) 1,000,000,000 shares of Common Stock, $0.00001 par value per share (the "***Common Stock***"), of which (a) 650,000,000 shares shall be Class A Common Stock ("***Class A Common Stock***"), (b) 250,000,000 shares shall be Class B Common Stock ("***Class B Common Stock***"), and (c) 100,000,000 shares shall be Class C Common Stock ("***Class C Common Stock***") and (ii) 5,000,000 shares of Preferred Stock, $0.00001 par value per share ("***Preferred Stock***"). 

**Section 4.2.&nbsp;&nbsp;&nbsp;&nbsp;**The number of authorized shares of any of the Class A Common Stock, Class B Common Stock, Class C Common Stock or Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) without a separate vote of any holders of shares of Class A Common Stock, Class B Common Stock, Class C Common Stock or Preferred Stock, unless a separate vote of any such holders is required pursuant to the terms of any Preferred Stock Designation, irrespective of the provisions of Section 242(b)(2) of the DGCL (or any successor provision thereto).

**Section 4.3.&nbsp;&nbsp;&nbsp;&nbsp;**Upon the effectiveness of this Restated Certificate (such time, the "***Effective Time***"), (i) each share of capital stock of the Corporation (the "***Prior Stock***") authorized under the Corporation's certificate of formation heretofore in effect issued and outstanding or held in treasury immediately prior to the Effective Time shall, automatically and

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without further action by any shareholder, be reclassified as, and shall become, one (1) share of Class A Common Stock (the "***Reclassification***"), (ii) the shareholders registered on the Corporation's books as owners of any shares of Prior Stock shall be registered on the Corporation's books as the owners of shares of Class A Common Stock issued upon the Reclassification and (iii) any stock certificate that, immediately prior to the Effective Time, represented one or more shares of Prior Stock, shall, from and after the Effective Time, automatically and without the necessity of presenting the same for surrender or exchange, represent the same number of shares of Class A Common Stock.

**Section 4.4.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Common Stock</u>. The designations and the powers, preferences privileges and rights, and the qualifications, limitations or restrictions thereof in respect of each class of capital stock of the Corporation are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>.&nbsp;&nbsp;&nbsp;&nbsp;The rights, privileges, preferences and powers of shares of Class A Common Stock, Class B Common Stock and Class C Common Stock shall be as set forth in this Section 4.4. The voting, dividend, liquidation and other rights, powers and preferences of the holders of Common Stock are subject to, and qualified by, the rights, powers and preferences of any series of Preferred Stock as may be designated by the Board of Directors of the Corporation (the "***Board of Directors***") and outstanding from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting</u>.&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein or expressly required by law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;each holder of Class A Common Stock, as such, shall have one (1) vote per share of Class A Common Stock held of record by such holder, on all matters submitted to a vote of the holders of Class A Common Stock, whether voting separately as a class or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;each holder of Class B Common Stock, as such, shall have one (1) vote per share of Class B Common Stock held of record by such holder on all matters submitted to a vote of the holders of Class B Common Stock, whether voting separately as a class or otherwise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; each holder of Class C Common Stock, as such, shall have ten (10) votes per share of Class C Common Stock held of record by such holder, on all matters submitted to a vote of the holders of Class C Common Stock, whether voting separately as a class or otherwise. On the earlier of (a) the ten (10) year anniversary of the effective date of the Registration Statement and (b) the date on which the LILP Controlling Partners first cease to own, in the aggregate, at least twenty percent (20%) of the issued and outstanding shares of Common Stock (such earlier date, the "***Sunset Date***"), each outstanding share of Class C Common Stock shall automatically, without further action by the Corporation or any holder thereof, convert to one fully paid non-assessable share of Class B Common Stock.

*provided*, *however*, that except as otherwise required by law, the holders of Class A Common Stock, Class B Common Stock and Class C Common Stock, as such, shall not be entitled to vote on any amendment to this Restated Certificate (including any Preferred Stock Designation) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more

------

other such series, to vote thereon pursuant to this Restated Certificate (including any Preferred Stock Designation) or the DGCL.

Except as otherwise required by law or this Restated Certificate, the holders of shares of Class A Common Stock, Class B Common Stock and Class C Common Stock shall vote together as a single class (or, if any holders of shares of Preferred Stock are entitled to vote together with the holders of Class A Common Stock, Class B Common Stock and Class C Common Stock, as a single class with such holders of Preferred Stock) on all matters submitted to a vote of stockholders of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends</u>. Subject to applicable law, any contractual restrictions and the rights and preferences of any holders of any outstanding series of Preferred Stock, dividends may be declared and paid on the Class A Common Stock out of the assets or funds of the Corporation that are by law available therefor, at such times and in such amounts as the Board of Directors in its discretion shall determine. Other than in connection with a dividend declared by the Board of Directors in connection with a "poison pill" or similar stockholder rights plan, dividends shall not be declared or paid on the Class B Common Stock or the Class C Common Stock and the holders of shares of Class B Common Stock and Class C Common Stock shall have no right to receive dividends in respect of such shares of Class B Common Stock or Class C Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Subdivisions, Combinations or Reclassifications</u>. If the Corporation in any manner subdivides, combines or reclassifies the outstanding shares of Class A Common Stock, Class B Common Stock or Class C Common Stock, the outstanding shares of the other such classes shall, concurrently therewith, be subdivided, combined, or reclassified in the same proportion and manner such that the same proportionate equity ownership among the holders of outstanding Class A Common Stock, Class B Common Stock and Class C Common Stock on the record date for such subdivision, combination or reclassification is preserved, unless different treatment of the shares of each such class is approved by (i) the holders of a majority of the outstanding Class A Common Stock, (ii) the holders of a majority of the outstanding Class B Common Stock and (iii) the holders of a majority of the outstanding Class C Common Stock, each of (i), (ii) and (iii) voting as separate classes. In the event of any such subdivision, combination or reclassification, the Corporation shall cause LILP to make corresponding changes to the Common Units to give effect to such subdivision, combination or reclassification, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Liquidation</u>. In the event of liquidation, dissolution or winding up of the affairs of the Corporation, whether voluntary or involuntary, after payment or provision for payment of the debts and other liabilities of the Corporation and after making provisions for preferential and other amounts, if any, to which the holders of any outstanding series of Preferred Stock or any class or series of stock having a preference over or the right to participate with the Class A Common Stock with respect to the distribution of assets of the Corporation upon such dissolution, liquidation or winding up shall be entitled, the remaining assets and funds of the Corporation available for distribution shall be divided among the holders of all outstanding shares of Common Stock such that (i) the holders of shares of Class B Common Stock and Class

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C Common Stock, as such, shall be entitled to receive only $0.00001 per share of Class B Common Stock or Class C Common Stock and (ii) the holders of shares of Class A common stock will share ratably in any such remaining assets and funds in proportion to the number of shares of Class A Common Stock held by each such stockholder. A consolidation, reorganization or merger of the Corporation with any other Person or Persons (as defined below), a conversion of the Corporation, or a sale of all or substantially all of the assets of the Corporation, shall not be considered to be a dissolution, liquidation or winding up of the Corporation within the meaning of this Section 4.4(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Class B Common Stock.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(x) shares of Class B Common Stock may be issued only to, and registered only in the name of, the holders of Common Units (excluding the Corporation) and their respective Permitted Transferees in accordance with Section 4.4(h) (including all subsequent Permitted Transferees) (the holders of Common Units (excluding the Corporation) together with such Persons, collectively, the "***Permitted Class B Owners***") and (y) the aggregate number of shares of Class B Common Stock at any time registered in the name of each such Permitted Class B Owner must be equal to the aggregate number of Common Units (as defined below) held of record at such time by such Permitted Class B Owner (less the number of shares of Class C Common Stock held by such Permitted Class B Owner, if any). Notwithstanding the foregoing, the Corporation may issue additional shares of Class B Common Stock in the event LILP issues additional Common Units (other than to the Corporation) following the date of the closing of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall, to the fullest extent permitted by law, undertake all necessary and appropriate action within its control to ensure that the number of shares of Class B Common Stock issued by the Corporation at any time to, or otherwise held of record by, any Permitted Class B Owner shall be equal to the aggregate number of Common Units held of record by such Permitted Class B Owner (less the number of shares of Class C Common Stock held by such Permitted Class B Owner, if any) in accordance with the terms of the LPA. In accordance with the foregoing, in the event that the Corporation contributes property (including cash) to LILP in accordance with Section 3.04(c) of the LPA and such contribution results in an adjustment of the Common Units held by the Permitted Class B Owners, the number of Class B Common Stock shall be correspondingly adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; In the event that there is a merger, consolidation, conversion, transfer, reorganization or Change of Control (as defined below) of the Corporation that was approved by the Board of Directors prior to such merger, consolidation, conversion, transfer, reorganization or Change of Control, without limiting the rights of the holders of Class B Common Stock to have their Common Units redeemed or exchanged in accordance with Section 10.09 of the LPA, the holders of shares of Class B Common Stock shall not be entitled to receive more than $0.00001 per share of Class B Common Stock, whether in the form of consideration for such shares or in the form of a distribution of the proceeds of a sale of all or substantially all of the assets of the Corporation with respect to such shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;<u>Class C Common Stock</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;(x) shares of Class C Common Stock may be issued only to, and registered only in the name of, the LILP Controlling Partners, an Estate Planning Vehicle (as defined in the LPA) of an LILP Controlling Partner or a Permitted Transferee in an estate planning Transfer by a Controlling Partner to a Permitted Transferee that the Controlling Partner controls and is approved in advance and in writing by the General Partner (collectively, the "***Permitted Class C Owners***") and (y) the aggregate number of shares of Class C Common Stock at any time registered in the name of each such Permitted Class C Owner must be equal to the aggregate number of Common Units held of record at such time by such Permitted Class C Owner (less the number of shares of Class B Common Stock held by such Permitted Class C Owner, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall, to the fullest extent permitted by law, undertake all necessary and appropriate action within its control to ensure that the number of shares of Class C Common Stock issued by the Corporation at any time to, or otherwise held of record by, any Permitted Class C Owner shall be equal to the aggregate number of Common Units held of record by such Permitted Class C Owner (less the number of shares of Class B Common Stock held by such Permitted Class C Owner, if any) in accordance with the terms of the LPA. In accordance with the foregoing, in the event that the Corporation contributes property (including cash) to LILP in accordance with Section 3.04(c) of the LPA and such contribution results in an adjustment of the Common Units held by the Permitted Class C Owners, the number of Class C Common Stock shall be correspondingly adjusted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; In the event that there is a merger, consolidation, conversion, transfer, reorganization or Change of Control (as defined below) of the Corporation that was approved by the Board of Directors prior to such merger, consolidation, conversion, transfer, reorganization or Change of Control, without limiting the rights of the holders of Class C Common Stock to have their Common Units redeemed or exchanged in accordance with Section 10.09 of the LPA, the holders of shares of Class C Common Stock shall not be entitled to receive more than $0.00001 per share of Class C Common Stock, whether in the form of consideration for such shares or in the form of a distribution of the proceeds of a sale of all or substantially all of the assets of the Corporation with respect to such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Class B Common Stock and Class C Common Stock; Conversion of Class C Common Stock</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;A holder of Class B Common Stock or Class C Common Stock may surrender and transfer shares of such Class B Common Stock or Class C Common Stock, as applicable, to the Corporation for cancellation for no consideration at any time. Following the surrender and transfer, or other acquisition, of any shares of Class B Common Stock or Class C Common Stock to or by the Corporation, the Corporation will take all actions necessary to cancel and retire such shares and such shares shall not be re-issued by the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Except as set forth in Section 4.4(h)(i), a holder of Class B Common Stock or Class C Common Stock may Transfer shares of Class B Common Stock or Class C Common

------

Stock only to a Permitted Transferee of such holder, and only if such holder also simultaneously Transfers an equal number of such holder's Common Units to such Permitted Transferee in compliance with the LPA. The Transfer restrictions described in this Section 4.4(h)(ii) are referred to as the "***Restrictions***".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any purported Transfer of shares of Class B Common Stock or Class C Common Stock in violation of the Restrictions shall be null and void ab initio. If, notwithstanding the Restrictions, a Person, voluntarily or involuntarily (including by way of a foreclosure), purportedly becomes or attempts to become, the purported owner (the "***Purported Owner***") of shares of Class B Common Stock or Class C Common Stock, in violation of the Restrictions, then the Purported Owner shall not obtain any rights in, to or with respect to such shares of (x) Class B Common Stock or Class C Common Stock, as applicable, and the purported Transfer of the Class B Common Stock or Class C Common Stock, as applicable, to the Purported Owner shall not be recognized by the Corporation, the Corporation's transfer agent (the "***Transfer Agent***") or the Secretary of the Corporation and (y) each holder of such Class B Common Stock or Class C Common Stock, as applicable, shall, to the fullest extent permitted by law, automatically, without any further action on the part of the Corporation, the holder thereof, the Purported Owner or any other party, not be entitled to any voting rights with respect to such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Upon a determination by the Board of Directors that a Person has attempted or may attempt to Transfer or to acquire Class B Common Stock or Class C Common Stock in violation of the Restrictions, the Corporation may take such action as it deems necessary or advisable to refuse to give effect to such Transfer or acquisition on the books and records of the Corporation, including without limitation to cause the Transfer Agent or the Secretary of the Corporation, as applicable, to not record the Purported Owner as the record owner of the Class B Common Stock or Class C Common Stock, as applicable, on the books and records of the Corporation and to institute proceedings to enjoin or rescind any such Transfer or acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors may, to the extent permitted by law, from time to time establish, modify, amend or rescind, by bylaw or otherwise, regulations and procedures not inconsistent with the provisions of this Section 4.4(h) for determining whether any Transfer or acquisition of shares of Class B Common Stock or Class C Common Stock would violate the Restrictions, and for the orderly application, administration and implementation of the provisions of this Section 4.4(h). Any such procedures and regulations shall be kept on file with the Secretary of the Corporation and with the Transfer Agent and shall be made available for inspection by and, upon written request shall be mailed to, any requesting holders of shares of stock of the Corporation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTIFICATES</u> 

All certificates or book entries representing shares of Class B Common Stock and/or Class C Common Stock shall bear a legend substantially in the following form (or in such other form as the Board of Directors may determine):

THE SECURITIES REPRESENTED BY THIS [CERTIFICATE][BOOK ENTRY] ARE SUBJECT TO THE RESTRICTIONS (INCLUDING RESTRICTIONS ON TRANSFER) SET FORTH IN THE CERTIFICATE OF INCORPORATION OF THE CORPORATION AS IT MAY BE AMENDED AND/OR RESTATED AND THE LIMITED PARTNERSHIP AGREEMENT OF LINCOLN INTERNATIONAL, LP AS IT MAY BE AMENDED AND/OR RESTATED (COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE CORPORATION AND SHALL BE PROVIDED FREE OF CHARGE TO ANY STOCKHOLDER MAKING A REQUEST THEREFOR).

A notice of such legend shall be given to holders of shares of Class B Common Stock and Class C Common Stock in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;<u>RESERVATION OF STOCK</u>

The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class A Common Stock, such number of shares of Class A Common Stock that shall from time to time be sufficient to effect (i) the redemption or exchange of all outstanding Common Units held by holders of Class B Common Stock (along with Class B Common Stock) for shares of Class A Common Stock, and (ii) the redemption or exchange of all outstanding Common Units held by holders of Class C Common Stock (along with Class C Common Stock) for shares of Class A Common Stock, *provided* that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of the redemption or exchange of the Common Units by delivery of shares of Class A Common Stock that are held in the treasury of the Corporation.

The Corporation shall at all times reserve and keep available out of its authorized but unissued shares of Class B Common Stock, such number of shares of Class B Common Stock that shall from time to time be sufficient to effect the conversion of all outstanding shares of Class C Common Stock for shares of Class B Common Stock.

The Corporation shall use its best efforts to cause to be reserved and kept available for issuance at all times a sufficient number of authorized but unissued shares of Class B Common Stock, such number of shares of Class B Common Stock that shall from time to time be sufficient to effect the issuance of shares of Class B Common Stock after the Effective Time to holders of newly issued Common Units for such consideration and for such corporate purposes as the Board of Directors may from time to time determine. 

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**Section 4.5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Preferred Stock</u>.

Shares of Preferred Stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed herein and in the resolution or resolutions providing for the creation and issuance of such series adopted by the Board of Directors as hereinafter provided.

Authority is hereby expressly granted to the Board of Directors from time to time to issue the Preferred Stock in one or more series, and in connection with the creation of any such series, by adopting a resolution or resolutions providing for the issuance of the shares thereof and by filing a certificate of designation relating thereto in accordance with the DGCL (a "***Certificate of Designation***"), to determine and fix the number of shares of such series and such voting powers, full or limited, or no voting powers, and such designations, preferences and relative participating, optional or other special rights, and qualifications, limitations or restrictions thereof, including without limitation thereof, dividend rights, conversion rights, redemption privileges and liquidation preferences, and to increase or decrease (but not below the number of shares of such series then outstanding) the number of shares of any series as shall be stated and expressed in such resolutions, all to the fullest extent now or hereafter permitted by the DGCL. Without limiting the generality of the foregoing, the resolution or resolutions providing for the creation and issuance of any series of Preferred Stock may provide that such series shall be superior or rank equally or be junior to any other series of Preferred Stock to the extent permitted by law and this Restated Certificate (including any Certificate of Designation). Except as otherwise required by law, holders of any series of Preferred Stock shall be entitled only to such voting rights, if any, as shall expressly be granted thereto by this Restated Certificate (including any Certificate of Designation).

The number of authorized shares of Preferred Stock may be increased or decreased (but not below the number of shares thereof then outstanding) irrespective of the provisions of Section 242(b)(2) of the DGCL.

**ARTICLE V**

For the management of the business and for the conduct of the affairs of the Corporation it is further provided that:

**Section 5.1.&nbsp;&nbsp;&nbsp;&nbsp;**Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the directors of the Corporation shall be classified with respect to the time for which they severally hold office into three classes, designated as Class I, Class II and Class III, with the classes as nearly equal in number as possible. The initial Class I directors shall serve for a term expiring at the first annual meeting of stockholders following the initial registration of the Corporation's Class A Common Stock pursuant to the Securities Exchange Act of 1934, as amended; the initial Class II directors shall serve for a term expiring at the second annual meeting of stockholders following such registration; and the initial Class III directors shall serve for a term expiring at the third annual meeting of stockholders following such registration. At each annual meeting of stockholders of the Corporation beginning with the first annual meeting of stockholders following the Effective Time, subject to

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any special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, the successors of the class of directors whose term expires at that meeting shall be elected to hold office for a term expiring at the annual meeting of stockholders held in the third year following the year of their election. Each director shall hold office until his or her successor is duly elected and qualified or until his or her earlier death, resignation, disqualification or removal. No decrease in the number of directors shall shorten the term of any incumbent director. The Board of Directors is authorized to designate members of the Board of Directors already in office as Class I, Class II and Class III.

**Section 5.2.&nbsp;&nbsp;&nbsp;&nbsp;**Except as otherwise expressly provided by the DGCL or this Restated Certificate, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors. The number of directors which shall constitute the whole Board of Directors shall be fixed exclusively by one or more resolutions adopted from time to time by the Board of Directors.

**Section 5.3.&nbsp;&nbsp;&nbsp;&nbsp;**Subject to the rights of the holders of any series of Preferred Stock to elect directors, the Board of Directors or any individual director may be removed from office at any time either with or without cause by the affirmative vote of the holders of capital stock representing a majority of the voting power of all of the then outstanding shares of capital stock of the Corporation entitled to vote thereon; *provided*, *however*, that from and after the Sunset Date the Board of Directors or any individual director may be removed from office only for cause by the affirmative vote of the holders of capital stock representing at least sixty-six and two-thirds percent (66 2⁄3%) of the voting power of all of the then outstanding shares of capital stock of the Corporation entitled to vote thereon.

**Section 5.4.&nbsp;&nbsp;&nbsp;&nbsp;**Subject to the special rights of the holders of one or more outstanding series of Preferred Stock to elect directors, except as otherwise provided by law, any vacancies on the Board of Directors resulting from death, resignation, disqualification, retirement, removal or other causes and any newly created directorships resulting from any increase in the number of directors shall be filled exclusively by the affirmative vote of a majority of the directors then in office, even though less than a quorum, or by a sole remaining director (other than any directors elected by the separate vote of one or more outstanding series of Preferred Stock), and shall not be filled by the stockholders. Any director appointed in accordance with the preceding sentence shall hold office until the expiration of the term of the class to which such director shall have been appointed or until his or her earlier death, resignation, retirement, disqualification or removal.

**Section 5.5.&nbsp;&nbsp;&nbsp;&nbsp;**Whenever the holders of any one or more series of Preferred Stock issued by the Corporation shall have the right, voting separately as a series or separately as a class with one or more such other series, to elect directors at an annual or special meeting of stockholders, the election, term of office, removal and other features of such directorships shall be governed by the terms of this Restated Certificate (including any Certificate of Designation). Notwithstanding anything to the contrary in this Article V, the number of directors that may be elected by the holders of any such series of Preferred Stock shall be in addition to the number fixed pursuant to Section 5.2, and the total number of directors constituting the whole Board of Directors shall be

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automatically adjusted accordingly. Except as otherwise provided in the Certificate of Designation(s) in respect of one or more series of Preferred Stock, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such Certificate of Designation(s), the terms of office of all such additional directors elected by the holders of such series of Preferred Stock, or elected to fill any vacancies resulting from the death, resignation, disqualification or removal of such additional directors, shall forthwith terminate (in which case each such director thereupon shall cease to be qualified as, and shall cease to be, a director) and the total authorized number of directors of the Corporation shall automatically be reduced accordingly.

**Section 5.6.&nbsp;&nbsp;&nbsp;&nbsp;**In furtherance and not in limitation of the powers conferred by statute, the Board of Directors is expressly authorized to adopt, amend or repeal Bylaws of the Corporation. The stockholders may not adopt, amend, alter or repeal the Bylaws of the Corporation unless such action is approved, in addition to any other vote required by this Restated Certificate or applicable law, (a) prior to the Sunset Date, by the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, or (b) from and after the Sunset Date, by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class.

**Section 5.7.&nbsp;&nbsp;&nbsp;&nbsp;**The directors of the Corporation need not be elected by written ballot unless the Bylaws so provide.

**ARTICLE VI**

**Section 6.1.&nbsp;&nbsp;&nbsp;&nbsp;**Prior to the Sunset Date, any action required or permitted to be taken by stockholders at an annual meeting or special meeting of stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents, setting forth the action so taken, are signed by the holders of outstanding shares of the Corporation representing not less than the minimum number of votes that would be necessary to authorize such action at a meeting at which all outstanding shares of the Corporation entitled to vote thereon were present and voted and such consent is delivered to us in accordance with applicable law. However, from and after the Sunset Date, any action required or permitted to be taken at any annual or special meeting of stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by consent in lieu of a meeting; *provided*, *however*, that any action required or permitted to be taken by the holders of Preferred Stock, voting separately as a series or separately as a class with one or more other such series, may be taken without a meeting, without prior notice and without a vote, to the extent expressly so provided by the applicable Certificate of Designation relating to such series of Preferred Stock. Any such action taken by written consent pursuant to this Article VI shall be delivered to the Corporation at its principal office.

**Section 6.2.&nbsp;&nbsp;&nbsp;&nbsp;**Special meetings of stockholders of the Corporation may only be called in the manner provided in the Bylaws of the Corporation.

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**Section 6.3.&nbsp;&nbsp;&nbsp;&nbsp;**Advance notice of stockholder nominations for the election of directors and of other business proposed to be brought by stockholders before any meeting of stockholders of the Corporation shall be given in the manner provided in the Bylaws of the Corporation.

**ARTICLE VII**

No director or officer of the Corporation shall have any personal liability to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty as a director or officer, except to the extent such exemption from liability or limitation thereof is not permitted under the DGCL as the same exists or hereafter may be amended. Any amendment, repeal or modification of this Article VII, or the adoption of any provision of the Restated Certificate inconsistent with this Article VII, shall not adversely affect any right or protection of a director or officer of the Corporation with respect to any act or omission occurring prior to such amendment, repeal, modification or adoption. If the DGCL is amended after approval by the stockholders of this Article VII to authorize corporate action further eliminating or limiting the personal liability of directors or officers, then the liability of a director or officer of the Corporation shall be eliminated or limited to the fullest extent permitted by the DGCL as so amended.

**ARTICLE VIII**

The Corporation shall have the power to provide rights to indemnification and advancement of expenses to its current and former officers, directors, employees and agents and to any person who is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise.

**ARTICLE IX**

&nbsp;&nbsp;&nbsp;&nbsp;Unless the Corporation consents in writing to the selection of an alternative forum, (a) the Court of Chancery (the "***Chancery Court***") of the State of Delaware (or, in the event that the Chancery Court does not have jurisdiction, the federal district court for the District of Delaware or other state courts of the State of Delaware) shall, to the fullest extent permitted by law, be the sole and exclusive forum for (i) any derivative action, suit or proceeding brought on behalf of the Corporation, (ii) any action, suit or proceeding asserting a claim of breach of a fiduciary duty owed by any director, officer or stockholder of the Corporation to the Corporation or to the Corporation's stockholders, (iii) any action, suit or proceeding arising pursuant to any provision of the DGCL or the bylaws of the Corporation or this Restated Certificate (as either may be amended from time to time) or (iv) any action, suit or proceeding asserting a claim against the Corporation governed by the internal affairs doctrine; and (b) subject to the preceding provisions of this Article IX, the federal district courts of the United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause or causes of action arising under the Securities Act of 1933, as amended, including all causes of action asserted against any defendant to such complaint. If any action the subject matter of which is within the scope of clause (a) of the immediately preceding sentence is filed in a court other than the courts in the State of Delaware (a "***Foreign Action***") in the name of any stockholder, such stockholder shall be deemed to have consented to (x) the personal jurisdiction of the state and federal courts in the

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State of Delaware in connection with any action brought in any such court to enforce the provisions of clause (a) of the immediately preceding sentence and (y) having service of process made upon such stockholder in any such action by service upon such stockholder's counsel in the Foreign Action as agent for such stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;If any provision or provisions of this Article IX shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever, (a) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article IX (including, without limitation, each portion of any paragraph of this Article IX containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and (b) the application of such provision to other persons or entities and circumstances shall not in any way be affected or impaired thereby.

**ARTICLE X**

The Corporation reserves the right to amend, alter, change, adopt or repeal any provision contained in this Restated Certificate, in the manner now or hereafter prescribed by statute, and all rights conferred upon stockholders herein are granted subject to this reservation; *provided*, *however*, that from and after the Sunset Date, the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required to amend or repeal, or adopt any provision of this Restated Certificate inconsistent with Sections 4.2, 4.3, 4.4(a)-(h) and 4.4(j) or with Articles V, VI, VII, VIII, X and XI; *provided further*, that any amendment (including by merger, consolidation conversion, transfer or otherwise) to this Restated Certificate (whether prior to or following the Sunset Date) that gives holders of the Class B Common Stock or Class C Common Stock (i) any rights to receive dividends (other than as set forth in the last sentence of Section 4.4(c) of Article IV) or any other kind of distribution, (ii) any right to convert into or be exchanged for shares of Class A Common Stock or (iii) any other economic rights (except for payments in cash in lieu of receipt of fractional stock) shall, in addition to the vote of the holders of shares of any class or series of capital stock of the Corporation required by law or by this Restated Certificate, also require the affirmative vote of the holders of a majority of the voting power of the outstanding shares of Class A Common Stock voting separately as a class.

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If any provision or provisions of this Restated Certificate shall be held to be invalid, illegal or unenforceable as applied to any circumstance for any reason whatsoever: (i) the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Restated Certificate (including, without limitation, each portion of any paragraph of this Restated Certificate containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) shall not, to the fullest extent permitted by applicable law, in any way be affected or impaired thereby and (ii) to the fullest extent permitted by applicable law, the provisions of this Restated Certificate (including, without limitation, each such portion of any paragraph of this Restated Certificate containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to permit the Corporation to protect its directors, officers, employees and agents from personal liability in respect of their good faith service to or for the benefit of the Corporation to the fullest extent permitted by law.

**ARTICLE XI**

**Section 11.1.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Section 203 of the DGCL</u>. The Corporation expressly elects not to be governed by Section 203 of the DGCL and the restrictions and limitations set forth therein.

**Section 11.2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Interested Stockholder Transactions</u>. Notwithstanding anything to the contrary set forth in this Restated Certificate, the Corporation shall not engage in any Business Combination (as defined below) at any point in time at which the Corporation's Class A Common Stock, Class B Common Stock or Class C Common Stock is registered under Section 12(b) or 12(g) of the Exchange Act (as defined below) with any Interested Stockholder (as defined below) for a period of three (3) years following the time that such stockholder became an Interested Stockholder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;prior to such time that such stockholder became an Interested Stockholder, the Board of Directors approved either the Business Combination or the transaction which resulted in such stockholder becoming an Interested Stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;upon consummation of the transaction which resulted in the stockholder becoming an Interested Stockholder, the Interested Stockholder owned at least eighty-five percent (85%) of the voting stock (as defined below) of the Corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the Interested Stockholder) those shares owned by (A) Persons who are Directors and also officers and (B) employee stock plans in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;at or subsequent to such time that such stockholder became an Interested Stockholder, the Business Combination is approved by the Board of Directors and authorized at an annual or special meeting of stockholders by the affirmative vote of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of the outstanding shares of capital stock of the Corporation which is not owned by such Interested Stockholder.

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**Section 11.3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Definitions</u>. As used in this Restated Certificate, the following terms shall have the following meaning: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"***Affiliate***" means a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, another Person and, for purposes of the definition of Affiliate "control," (including the terms "controlling," "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 stock, by contract, or otherwise. A Person who is the owner, of twenty percent (20%) or more of the outstanding voting stock of a corporation, partnership, unincorporated association or other entity shall be presumed to have control of such entity, in the absence of proof by a preponderance of the evidence to the contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such Person holds voting stock, in good faith and not for the purpose of circumventing this Article XI, as an agent, bank, broker, nominee, custodian or trustee for one or more owners who do not individually or as a group have control of such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"***Associate***", when used to indicate a relationship with any Person, means: (i) any corporation, partnership, unincorporated association or other entity of which such Person is a Director, officer or partner or is, directly or indirectly, the owner of twenty percent (20%) or more of any class of shares of voting stock of the Corporation; (ii) any trust or other estate in which such Person has at least a twenty percent (20%) beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity; and (iii) any relative or spouse of such Person, or any relative of such spouse, who has the same residence as such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"***Business Combination***" means (i) any merger or consolidation of the Corporation or any direct or indirect majority-owned subsidiary of the Corporation (A) with the Interested Stockholder, or (B) with any other corporation, partnership, unincorporated association or other entity if the merger or consolidation is caused by the Interested Stockholder and as a result of such merger or consolidation this Article XI is not applicable to the surviving entity; (ii) any sale, lease, exchange, mortgage, pledge, Transfer or other disposition (in one transaction or a series of transactions), except proportionately as a stockholder of the Corporation, to or with the Interested Stockholder, whether as part of a dissolution or otherwise, of assets of the Corporation or of any direct or indirect majority-owned subsidiary of the Corporation which assets have an aggregate market value equal to ten percent (10%) or more of either the aggregate market value of all the assets of the Corporation determined on a consolidated basis or the aggregate market value of all the outstanding shares of capital stock of the Corporation; (iii) any transaction which results in the issuance or Transfer by the Corporation or by any direct or indirect majority-owned subsidiary of the Corporation of any stock of the Corporation or of such subsidiary to the Interested Stockholder, except: (A) pursuant to the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into stock of the Corporation or any such subsidiary which securities were outstanding prior to the time that the Interested Stockholder became such; (B) pursuant to a merger under Section 251(g) of the DGCL (or any successor provision thereto); (C) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable for,

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exchangeable for or convertible into stock of the Corporation or any such subsidiary which security is distributed, pro rata to all holders of a class or series of stock of the Corporation subsequent to the time the Interested Stockholder became such; (D) pursuant to an exchange offer by the Corporation to purchase stock made on the same terms to all holders of said stock; or (E) any issuance or Transfer of stock by the Corporation; *provided*, *however*, that in no case under items (C) through (E) of this subsection shall there be an increase in the Interested Stockholder's proportionate share of the stock of any class or series of the Corporation or of the voting stock of the Corporation (except as a result of immaterial changes due to fractional share adjustments); (iv) any transaction involving the Corporation or any direct or indirect majority-owned subsidiary of the Corporation which has the effect, directly or indirectly, of increasing the proportionate share of the stock of any class or series, or securities convertible into the stock of any class or series, of the Corporation or of any such subsidiary which is owned by the Interested Stockholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption of any shares of stock not caused, directly or indirectly, by the Interested Stockholder; or (v) or any receipt by the Interested Stockholder of the benefit, directly or indirectly (except proportionately as a stockholder of the Corporation), of any loans, advances, guarantees, pledges, or other financial benefits (other than those expressly permitted in subsections (i) through (iv) above) provided by or through the Corporation or any direct or indirect majority-owned subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"***Change of Control***" means the occurrence of any of the following events: (1) any "Person" or "group" (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the "beneficial owner" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares of Class A Common Stock, Class B Common Stock, Class C Common Stock, Preferred Stock and/or any other class or classes of capital stock of the Corporation (if any) representing in the aggregate more than fifty percent (50%) of the voting power of all of the outstanding shares of capital stock of the Corporation entitled to vote; (2) the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated a transaction or series of related transactions for the sale, lease, exchange or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation's assets (including a sale of all or substantially all of the assets of LILP); (3) there is consummated a merger or consolidation of the Corporation with any other corporation or entity, and, immediately after the consummation of such merger or consolidation, the voting securities of the Corporation immediately prior to such merger or consolidation do not continue to represent, or are not converted into, voting securities representing more than fifty percent (50%) of the combined voting power of the outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a subsidiary, the ultimate parent thereof; or (4) the Corporation ceases to be the sole general partner of LILP; *provided*, *however*, that a "Change of Control" shall not be deemed to have occurred by virtue of the consummation of any transaction or series of related transactions immediately following which (a) the beneficial owners of the Class A Common Stock, Class B Common Stock, Class C Common Stock, Preferred Stock and/or any other class or classes of capital stock of the Corporation immediately prior to such transaction or series of transactions

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continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions or (b) in the case of the foregoing clauses (1) or (3), the LILP Controlling Partners are the "beneficial owner" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares of Class A Common Stock, Class B Common Stock, Class C Common Stock, Preferred Stock and/or any other class or classes of capital stock of the Corporation (if any) representing in the aggregate more than fifty percent (50%) of the voting power of all of the outstanding shares of capital stock of the Corporation entitled to vote (or, in the case of a transaction described in the foregoing clause (3), more than fifty percent (50%) of the combined voting power of the then outstanding voting securities of the Person resulting from such merger of consolidation or, if the surviving company is a subsidiary, the ultimate parent thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"***Common Unit***" has the meaning set forth in the LPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended, and any applicable rules and regulations promulgated thereunder, and any successor to such statute, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"***Interested Stockholder***" means any Person (other than the Corporation and any direct or indirect majority-owned subsidiary of the Corporation) that (i) is the owner of fifteen percent (15%) or more of the outstanding voting stock of the Corporation, or (ii) is an Affiliate of the Corporation and was the owner of fifteen percent (15%) or more of the outstanding voting stock of the Corporation at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such Person is an Interested Stockholder, and the Affiliates and Associates of such Person. Notwithstanding anything in this Article XI to the contrary, the term "Interested Stockholder" shall not include the LILP Controlling Partners. For the purpose of determining whether a Person is an Interested Stockholder, the voting stock of the Corporation deemed to be outstanding shall include stock deemed to be owned by the Person through application of the definition of "owner" below but shall not include any other unissued stock of the Corporation which may be issuable pursuant to any agreement, arrangement or understanding, or upon exercise of conversion rights, warrants or options, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"***IPO***" means the sale of shares of Class A Common Stock to the public in a firm-commitment underwritten initial public offering, pursuant to an effective registration statement under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"***LILP Controlling Partners***" means Lawrence James Lawson III, Robert Bruce Barr, Robert Todd Brown and Eric Dennis Malchow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;"***LPA***" means that certain Fourth Amended and Restated Limited Partnership Agreement of Lincoln International, LP, dated as of the effective date of the Registration Statement, as such agreement may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp; "***owner***," including the terms "own" and "owned," when used with respect to any stock, means, for purposes of this Article XI, a Person that individually or with or through any of its Affiliates or Associates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;beneficially owns such stock, directly or indirectly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;has (A) the right to acquire such stock (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise; *provided*, *however*, that a Person shall not be deemed the owner of stock tendered pursuant to a tender or exchange offer made by such Person or any of such Person's Affiliates or Associates until such tendered stock is accepted for purchase or exchange; or (B) the right to vote such stock pursuant to any agreement, arrangement or understanding; *provided*, *however*, that a Person shall not be deemed the owner of any stock because of such Person's right to vote such stock if the agreement, arrangement or understanding to vote such stock arises solely from a revocable proxy or consent given in response to a proxy or consent solicitation made to ten (10) or more Persons; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except voting pursuant to a revocable proxy or consent as described in clause (B) of subsection (ii) above), or disposing of such stock with any other person that beneficially owns, or whose Affiliates or Associates beneficially own, directly or indirectly, such stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transfer***" means a transfer or assignment of Class B Common Stock or Class C Common Stock, as applicable, (or any legal or beneficial interest in such shares) by the holder thereof to any transferee only to the extent permitted by the LPA; *provided* that any share of Class C Common Stock subject to a Permitted Transfer to a transferee that is not a Permitted Class C Owner, or if such Permitted Transferee ceases to be a Permitted Class C Owner, shall automatically convert into a share of Class B Common Stock without further action by the Corporation, the transferring holder or the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;&nbsp;&nbsp;&nbsp;"***Permitted Transferee***" means the recipient of any transfer or assignment of Class B Common Stock or Class C Common Stock (or any legal or beneficial interest in such shares) in connection with a Permitted Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;"***Person***" means any individual, corporation, partnership, limited liability company, unincorporated association or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;"***Registration Statement***" means the Registration Statement on Form S-1 (File no. 333-295322) pursuant to which the Corporation sold shares of its Class A Common stock to the public in the IPO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp; "***Securities Act***" means the U.S. Securities Act of 1933, as amended, and applicable rules and regulations promulgated thereunder, and any successor to such statute, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;"***stock***" means, for purposes of this Article XI, with respect to any corporation, capital stock and, with respect to any other entity, any equity interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;&nbsp;&nbsp;&nbsp;"***Transfer***" (and, with a correlative meaning, "Transferring") means any sale, transfer, assignment, redemption or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of law) (a) any interest (legal or beneficial) in any shares of capital of stock of the Corporation or (b) any equity or other interest (legal or beneficial) in any stockholder if substantially all of the assets of such stockholder consist solely of shares of capital stock of the Corporation; *provided*, *however*, that the following shall not be considered a Transfer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the granting of a revocable proxy to officers or directors of the Corporation at the request of the Board of Directors in connection with (i) actions to be taken at an annual or special meeting of stockholders, or (ii) any other action of the stockholders permitted by this Restated Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the pledge of shares of Class B Common Stock or Class C Common Stock by a stockholder that creates a mere security interest in such shares pursuant to a bona fide loan or indebtedness transaction for so long as such stockholder continues to exercise voting control over such pledged shares; *provided*, *however*, that a foreclosure on such shares or other similar action by the pledgee shall constitute a Transfer unless such foreclosure or similar action qualifies as a Permitted Transfer at such time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;entering into a support, voting, tender or similar agreement or arrangement (with or without granting a proxy) or tendering any shares in any tender or exchange offer for all of the outstanding shares of Class A Common Stock, Class C Common Stock and Class B Common Stock, in each case, in connection with a Change of Control transaction, sale of all or substantially all assets, or any merger, consolidation or other business combination involving the Corporation, whether effectuated through one transaction or series of related transactions, that, in each case, has been approved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;&nbsp;&nbsp;&nbsp;"***voting stock***" means stock of any class or series entitled to vote generally in the election of Directors and, with respect to any entity that is not a corporation, any equity interest entitled to vote generally in the election of the governing body of such entity. Every reference in this Article XI to a percentage or proportion of voting stock shall refer to such percentage or other proportion of the votes of such voting stock.

## Exhibit 3.4

**Exhibit 3.4**

**Amended and Restated Bylaws of**

**Lincoln International, Inc.**

**(a Delaware corporation)**

**as of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026**

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**Table of Contents**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Article I - Corporate Offices | Article I - Corporate Offices | 3 |
| 1.1 | Registered Office | 3 |
| &nbsp;&nbsp;1.2 | Other Offices | 3 |
| Article II - Meetings of Stockholders | Article II - Meetings of Stockholders | 3 |
| 2.1 | Place of Meetings | 3 |
| 2.2 | Annual Meeting | 3 |
| 2.3 | Special Meeting | 3 |
| 2.4 | Notice of Business to be Brought before a Meeting | 4 |
| 2.5 | Notice of Nominations for Election to the Board of Directors | 4 |
| 2.6 | Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors | 12 |
| 2.3 | Notice of Stockholders' Meetings | 12 |
| 2.7 | Quorum | 13 |
| 2.9 | Adjourned Meeting; Notice | 14 |
| 2.10 | Conduct of Business | 14 |
| 2.11 | Voting | 15 |
| 2.12 | Record Date for Stockholder Meetings and Other Purposes | 15 |
| 2.13 | Proxies | 16 |
| 2.14 | List of Stockholders Entitled to Vote | 16 |
| 2.15 | Inspectors of Election | 16 |
| 2.16 | Delivery to the Corporation | 17 |
| Article III - Directors | Article III - Directors | 17 |
| 3.1 | Powers | 17 |
| 3.2 | Number of Directors | 17 |
| 3.3 | Election, Qualification and Term of Office of Directors | 17 |
| 3.4 | Resignation and Vacancies | 18 |
| 3.5 | Place of Meetings; Meetings by Telephone | 18 |
| 3.6 | Regular Meetings | 18 |
| 3.7 | Special Meetings; Notice | 18 |
| 3.8 | Quorum | 19 |
| 3.9 | Board Action without a Meeting | 19 |
| 3.10 | Fees and Compensation of Directors | 19 |
| Article IV - Committees | Article IV - Committees | 19 |
| 4.1 | Committees of Directors | 19 |
| 4.2 | Committee Minutes | 20 |
| 4.3 | Meetings and Actions of Committees | 20 |
| 4.4 | Subcommittees | 20 |
| Article V - Officers | Article V - Officers | 21 |
| 5.1 | Officers | 21 |
| 5.2 | Appointment of Officers | 21 |

---

------

**TABLE OF CONTENTS**

**(continued)**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| 5.3 | Subordinate Officers | 21 |
| 5.4 | Removal and Resignation of Officers | 21 |
| 5.5 | Vacancies in Offices | 21 |
| 5.6 | Representation of Shares of Other Corporations | 21 |
| 5.7 | Authority and Duties of Officers | 22 |
| 5.8 | Compensation | 22 |
| Article VI - Records | Article VI - Records | 22 |
| Article VII - General Matters | Article VII - General Matters | 22 |
| 7.1 | Execution of Corporate Contracts and Instruments | 22 |
| 7.2 | Stock Certificates | 22 |
| 7.3 | Special Designation of Certificates | 23 |
| 7.4 | Lost Certificates | 23 |
| 7.5 | Shares Without Certificates | 23 |
| 7.6 | Construction; Definitions | 24 |
| 7.7 | Dividends | 24 |
| 7.8 | Fiscal Year | 24 |
| 7.9 | Seal | 24 |
| 7.10 | Transfer of Stock | 24 |
| 7.11 | Stock Transfer Agreements | 24 |
| 7.12 | Registered Stockholders | 25 |
| 7.13 | Waiver of Notice | 25 |
| Article VIII - Notice | Article VIII - Notice | 25 |
| 8.1 | Delivery of Notice; Notice by Electronic Transmission | 25 |
| Article IX - Indemnification | Article IX - Indemnification | 26 |
| 9.1 | Indemnification of Directors and Officers | 26 |
| 9.2 | Indemnification of Others | 26 |
| 9.3 | Prepayment of Expenses | 27 |
| 9.4 | Determination; Claim | 27 |
| 9.5 | Non-Exclusivity of Rights | 27 |
| 9.6 | Insurance | 27 |
| 9.7 | Other Indemnification | 27 |
| 9.8 | Continuation of Indemnification | 27 |
| 9.9 | Amendment or Repeal; Interpretation | 28 |
| Article X - Amendments | Article X - Amendments | 28 |
| Article XI - Definitions | Article XI - Definitions | 29 |

---

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**Amended and Restated Bylaws of**

**Lincoln International, Inc.**

**Article I - Corporate Offices**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Office</u>.

The address of the registered office of Lincoln International, Inc. (the "<u>Corporation</u>") in the State of Delaware, and the name of its registered agent at such address, shall be as set forth in the Corporation's certificate of incorporation, as the same may be amended and/or restated from time to time (the "<u>Certificate of Incorporation</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Offices</u>.

The Corporation may have additional offices at any place or places, within or outside the State of Delaware, as the Corporation's board of directors (the "<u>Board</u>") may from time to time establish or as the business of the Corporation may require.

**Article II - Meetings of Stockholders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Meetings</u>.

Meetings of stockholders shall be held at any place within or outside the State of Delaware, designated by the Board. The Board may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized by Section 211(a)(2) of the General Corporation Law of the State of Delaware (the "<u>DGCL</u>"). In the absence of any such designation or determination, stockholders' meetings shall be held at the Corporation's principal executive office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Meeting</u>.

The Board shall designate the date and time of the annual meeting of stockholders. At the annual meeting of stockholders, directors shall be elected and other proper business properly brought before the meeting in accordance with Section 2.4 of these bylaws may be transacted. The Board may postpone, reschedule or cancel any previously scheduled annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meeting</u>.Special meetings of stockholders for any purpose or purposes may be called only (i) by the Chairman of the Board, (ii) by the Board of Directors, pursuant to a resolution approved by a majority of the entire Board of Directors, or, (iii) prior to the Sunset Date (as defined in the Certificate of Incorporation), by the Secretary (or other officer or the Board of Directors) at the request of stockholders owning at least a majority of the voting power of all of the then outstanding shares of capital stock of the Corporation entitled to vote thereon, and shall not be called by any other person or persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Business to be Brought before a Meeting</u>.(a)&nbsp;&nbsp;&nbsp;&nbsp;At an annual meeting of the stockholders, only such business shall be conducted as shall have been properly brought before the meeting. To be properly brought before an annual meeting, business must be (i) specified in a notice of meeting given by or at the direction of the Board of Directors, (ii) if not specified in a notice of meeting,

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otherwise brought before the meeting by or at the direction of the Board of Directors or the Chairman of the Board or (iii) otherwise properly brought before the meeting by a stockholder present in person who (A) (1) was a record owner of shares of capital stock of the Corporation both at the time of giving the notice provided for in this Section 2.4 and at the time of the meeting, (2) is entitled to vote at the meeting, and (3) has complied with this Section 2.4 in all applicable respects or (B) properly made such proposal in accordance with Rule 14a-8 under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (as so amended and inclusive of such rules and regulations, the "<u>Exchange Act</u>"). The foregoing clause (iii) shall be the exclusive means for a stockholder to propose business to be brought before an annual meeting of the stockholders. For purposes of this Section 2.4, "present in person" shall mean that the stockholder proposing that the business be brought before the annual meeting of the Corporation, or a qualified representative of such proposing stockholder, appear at such annual meeting, either in person or by means of remote communication. A "qualified representative" of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at or before the meeting of stockholders in writing or by electronic transmission. Stockholders seeking to nominate persons for election to the Board of Directors must comply with Section 2.5 and Section 2.6 and this Section 2.4 shall not be applicable to nominations except as expressly provided in Section 2.5 and Section 2.6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without qualification, for business to be properly brought before an annual meeting by a stockholder, the stockholder must (i) provide Timely Notice (as defined below) thereof in writing and in proper form to the Secretary of the Corporation and (ii) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.4. To be timely, a stockholder's notice must be delivered to, or mailed and received at, the principal executive offices of the Corporation not less than ninety (90) days nor more than one hundred twenty (120) days prior to the one-year anniversary of the preceding year's annual meeting which, in the case of the first annual meeting of stockholders following the closing of the Corporation's initial underwritten public offering of Class A common stock, the date of the preceding year's annual meeting shall be deemed to be June 1, 2026; *provided, however*, that if the date of the annual meeting is more than thirty (30) days before or more than sixty (60) days after such anniversary date, notice by the stockholder to be timely must be so delivered, or mailed and received, not more than the hundred twentieth (120<sup>th</sup>) day prior to such annual meeting and not later than (i) the ninetieth (90<sup>th</sup>) day prior to such annual meeting or, (ii) if later, the tenth (10<sup>th</sup>) day following the day on which public disclosure of the date of such annual meeting was first made by the Corporation (such notice within such time periods, "<u>Timely Notice</u>"). In no event shall any adjournment or postponement of an annual meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of Timely Notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To be in proper form for purposes of this Section 2.4, a stockholder's notice to the Secretary shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;As to each Proposing Person (as defined below), (A) the name and address of such Proposing Person (including, if applicable, the name and address that appear on the Corporation's books and records), (B) the class or series and number of shares of capital stock of the Corporation that are, directly or indirectly, owned of record or beneficially owned (within the meaning of Rule 13d-3 under the Exchange Act) by such Proposing Person, except that such Proposing Person shall in all events be deemed to beneficially own any shares of any class or series of capital stock of the Corporation as to which such Proposing Person has a right to acquire

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beneficial ownership at any time in the future, (C) the date or dates such shares were acquired, (D) the investment intent of such acquisition and (E) any pledge by such Proposing Person with respect to any of such shares (the disclosures to be made pursuant to the foregoing clauses (A) through (E) are referred to as "<u>Stockholder Information</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;As to each Proposing Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the material terms and conditions of any "derivative security" (as such term is defined in Rule 16a-1(c) under the Exchange Act) that constitutes a "call equivalent position" (as such term is defined in Rule 16a-1(b) under the Exchange Act) or a "put equivalent position" (as such term is defined in Rule 16a-1(h) under the Exchange Act) or other derivative or synthetic arrangement in respect of any class or series of shares of capital stock of the Corporation ("<u>Synthetic Equity Position</u>") that is, directly or indirectly, held or maintained by, held for the benefit of, or involving such Proposing Person, including, without limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any option, warrant, convertible security, stock appreciation right, future or similar right with an exercise or conversion privilege or a settlement payment or mechanism at a price related to any class or series of shares of capital stock of the Corporation or with a value derived in whole or in part from the value of any shares of any class or series of shares of capital stock of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any derivative or synthetic arrangement having the characteristics of a long position or a short position in any class or series of shares of capital stock of the Corporation, including, without limitation, a stock loan transaction, a stock borrow transaction, or a share repurchase transaction or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any contract, derivative, swap or other transaction or series of transactions designed to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) produce economic benefits and risks that correspond substantially to the ownership of any class or series of shares of capital stock of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) mitigate any loss relating to, reduce the economic risk (of ownership or otherwise) of, or manage the risk of share price decrease in, any class or series of shares of capital stock of the Corporation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) increase or decrease the voting power in respect of any class or series of shares of capital stock of the Corporation held or maintained by, held for the benefit of, or involving such Proposing Person,

including, without limitation, due to the fact that the value of such contract, derivative, swap or other transaction or series of transactions is determined by reference to the price, value or volatility of any class or series of shares of capital stock of the Corporation, whether or not such instrument, contract or right shall be subject to settlement in the underlying class or series of shares of capital stock of the Corporation, through the delivery of cash or other property, or otherwise, and without regard to whether the holder thereof may have entered into

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transactions that hedge or mitigate the economic effect of such instrument, contract or right, or any other direct or indirect opportunity to profit or share in any profit derived from any increase or decrease in the price or value of any shares of any class or series of shares of capital stock of the Corporation;

*provided that*, for the purposes of the definition of "Synthetic Equity Position," the term "derivative security" shall also include any security or instrument that would not otherwise constitute a "derivative security" as a result of any feature that would make any conversion, exercise or similar right or privilege of such security or instrument becoming determinable only at some future date or upon the happening of a future occurrence, in which case the determination of the amount of securities into which such security or instrument would be convertible or exercisable shall be made assuming that such security or instrument is immediately convertible or exercisable at the time of such determination; *and, provided, further, that* any Proposing Person satisfying the requirements of Rule 13d-1(b)(1) under the Exchange Act (other than a Proposing Person that so satisfies Rule 13d-1(b)(1) under the Exchange Act solely by reason of Rule 13d-1(b)(1)(ii)(E)) shall not be deemed to hold or maintain the notional amount of any securities that underly any Synthetic Equity Position that is, directly or indirectly, held or maintained by, held for the benefit of, or involving such Proposing Person as a hedge with respect to a bona fide derivatives trade or position of such Proposing Person arising in the ordinary course of such Proposing Person's business as a derivatives dealer,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a description of any agreement, arrangement or understanding with respect to any rights to dividends on the shares of any class or series of shares of capital stock of the Corporation owned beneficially by such Proposing Person that are separated or separable pursuant to such agreement, arrangement or understanding from the underlying shares of capital stock of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any material pending or threatened legal proceeding in which such Proposing Person is a party or material participant involving the Corporation or any of its officers or directors, or any affiliate of the Corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any other material relationship between such Proposing Person, on the one hand, and the Corporation or any affiliate of the Corporation, on the other hand,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any direct or indirect material interest in any material contract or agreement of such Proposing Person with the Corporation or any affiliate of the Corporation (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any proportionate interest in shares of capital stock of the Corporation or a Synthetic Equity Position held, directly or indirectly, by a general or limited partnership, limited liability company or similar entity in which any such Proposing Person (1) is a general partner or, directly or indirectly, beneficially owns an interest in a general partner of such general or limited partnership or (2) is the manager, managing member or, directly or indirectly, beneficially owns an interest in the manager or managing member of such limited liability company or similar entity,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) a representation that such Proposing Person intends or is part of a group that intends to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's outstanding capital stock required to approve or adopt the proposal or otherwise solicit proxies or votes from stockholders in support of such proposal and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) any other information relating to such Proposing Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies or consents by such Proposing Person in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act,

(the disclosures to be made pursuant to the foregoing clauses (A) through (H) are referred to as "<u>Disclosable Interests</u>"); *provided*, *however*, that Disclosable Interests shall not include any such disclosures with respect to the ordinary course business activities of any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;As to each item of business that the stockholder proposes to bring before the annual meeting, (A) a brief description of the business desired to be brought before the annual meeting, the reasons for conducting such business at the annual meeting and any material interest in such business of each Proposing Person, (B) the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend the Bylaws, the language of the proposed amendment), (C) a reasonably detailed description of all agreements, arrangements and understandings (x) between or among any of the Proposing Persons or (y) between or among any Proposing Person and any other person or entity (including their names) in connection with the proposal of such business by such stockholder, and (D) any other information relating to such item of business that would be required to be disclosed in a proxy statement or other filing required to be made in connection with solicitations of proxies in support of the business proposed to be brought before the meeting pursuant to Section 14(a) of the Exchange Act; *provided*, *however*, that the disclosures required by this paragraph (iii) shall not include any disclosures with respect to any broker, dealer, commercial bank, trust company or other nominee who is a Proposing Person solely as a result of being the stockholder directed to prepare and submit the notice required by these Bylaws on behalf of a beneficial owner.

For purposes of this Section 2.4, the term "<u>Proposing Person</u>*"* shall mean (i) the stockholder providing the notice of business proposed to be brought before an annual meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the business proposed to be brought before the annual meeting is made, and (iii) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may request that any Proposing Person furnish such additional information as may be reasonably required by the Board of Directors. Such Proposing Person shall provide such additional information within ten (10) days after it has been requested by the Board of Directors.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;A Proposing Person shall update and supplement its notice to the Corporation of its intent to propose business at an annual meeting, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.4 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any proposal or to submit any new proposal, including by changing or adding matters, business or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in these Bylaws to the contrary, no business shall be conducted at an annual meeting that is not properly brought before the meeting in accordance with this Section 2.4. The presiding officer of the meeting (or, in advance of any meeting of stockholders, the Board of Directors or an authorized committee thereof) shall, if the facts warrant, determine that the business was not properly brought before the meeting in accordance with this Section 2.4, and if he or she should so determine, he or she shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;This Section 2.4 is expressly intended to apply to any business proposed to be brought before an annual meeting of stockholders other than any proposal made in accordance with Rule 14a-8 under the Exchange Act and included in the Corporation's proxy statement. In addition to the requirements of this Section 2.4 with respect to any business proposed to be brought before an annual meeting, each Proposing Person shall comply with all applicable requirements of the Exchange Act with respect to any such business. Nothing in this Section 2.4 shall be deemed to affect the rights of stockholders to request inclusion of proposals in the Corporation's proxy statement pursuant to Rule 14a-8 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of these Bylaws, "<u>public disclosure</u>" shall mean disclosure in a press release reported by a national news service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Sections 13, 14 or 15(d) of the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Nominations for Election to the Board of Directors</u>. (a)&nbsp;&nbsp;&nbsp;&nbsp;Nominations of any person for election to the Board of Directors at an annual meeting or at a special meeting (but only if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling such special meeting) may be made at such meeting only (i) by or at the direction of the Board of Directors, including by any committee or persons authorized to do so by the Board of Directors or these bylaws, or (ii) by a stockholder present in person who (A) was a record owner of shares of capital stock of the Corporation both at the time of giving the notice provided for in this Section 2.5 and at the time of the meeting, (B) is entitled to vote at the meeting, and (C) has complied with this Section 2.5 and Section 2.6 as to such notice and nomination. For purposes of this Section 2.5, "present in person" shall mean that the stockholder nominating any person for election to the Board of Directors at the meeting of the Corporation, or a qualified representative of such stockholder, appear at such meeting, either in person or by means of remote communication. A "qualified representative" of such proposing stockholder shall be a duly authorized officer, manager or partner of such stockholder or any other person authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at or before the meeting of stockholders in writing or by electronic transmission. The foregoing clause (ii) shall be the exclusive means for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting or special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) Without qualification, for a stockholder to make any nomination of a person or persons for election to the Board of Directors at an annual meeting, the stockholder must (1) provide Timely Notice (as defined in Section 2.4) thereof in writing and in proper form to the Secretary of the Corporation, (2) provide the information, agreements and questionnaires with respect to each Nominating Person (as defined below) and its candidate for nomination as required to be set forth by this Section 2.5 and Section 2.6 and (3) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5 and Section 2.6 *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without qualification, if the election of directors is a matter specified in the notice of meeting given by or at the direction of the person calling a special meeting, then for a stockholder to make any nomination of a person or persons for election to the Board of Directors at a special meeting, the stockholder must (A) provide timely notice thereof in writing and in proper form to the Secretary of the Corporation at the principal executive offices of the Corporation, (B) provide the information with respect to each Nominating Person and its candidate for nomination as required by this Section 2.5 and Section 2.6 and (C) provide any updates or supplements to such notice at the times and in the forms required by this Section 2.5. To be timely, a stockholder's notice for nominations to be made at a special meeting must be delivered to, or mailed and received at, the principal executive offices of the Corporation not earlier than the one hundred twentieth (120<sup>th</sup>) day prior to such special meeting and not later than the ninetieth (90<sup>th</sup>) day prior to such special meeting or, if later, the tenth (10<sup>th</sup>) day following the day on which public disclosure (as defined in Section 2.4) of the date of such special meeting was first made (such notice within such time periods, "<u>Special Meeting Timely Notice</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In no event shall any adjournment or postponement of an annual meeting or special meeting or the announcement thereof commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) In no event may a Nominating Person deliver a notice of nomination, as applicable, with respect to a greater number of director candidates than are subject to election by stockholders at the applicable meeting. If the Corporation shall, subsequent to such notice, increase the number of directors

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subject to election at the meeting, such notice as to any additional nominees shall be due on the later of (i) the conclusion of the time period for Timely Notice or Special Meeting Timely Notice, as applicable, or (ii) the tenth day following the date of public disclosure (as defined in Section 2.4) of such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To be in proper form for purposes of this Section 2.5, a stockholder's notice to the Secretary shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;As to each Nominating Person, the Stockholder Information (as defined in Section 2.4(c)(i), except that for purposes of this Section 2.5 the term "Nominating Person" shall be substituted for the term "Proposing Person" in all places it appears in Section 2.4(c)(i));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;As to each Nominating Person, any Disclosable Interests (as defined in Section 2.4(c)(ii), except that for purposes of this Section 2.5 the term "Nominating Person" shall be substituted for the term "Proposing Person" in all places it appears in Section 2.4(c)(ii) and the disclosure with respect to the business to be brought before the meeting in Section 2.4(c)(ii) shall be made with respect to the nomination proposed to be made at the meeting); and provided that, in lieu of including the information set forth in Section 2.4(c)(ii)(G), the Nominating Person's notice for purposes of this Section 2.5 shall include a representation as to whether the Nominating Person intends or is part of a group that intends to deliver a proxy statement and solicit the holders of shares representing at least 67% of the voting power of shares entitled to vote on the election of directors in support of director nominees other than the Corporation's nominees in accordance with Rule 14a-19 promulgated under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;As to each candidate whom a Nominating Person proposes to nominate for election as a director, (A) all information relating to such candidate for nomination that is required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in a contested election pursuant to Section 14(a) under the Exchange Act (including such candidate's written consent to being named in a proxy statement and accompanying proxy card relating to the Corporation's next meeting of stockholders at which directors are to be elected and to serving as a director for a full term if elected), (B) a description of any direct or indirect material interest in any material contract or agreement between or among any Nominating Person, on the one hand, and each candidate for nomination or his or her respective associates (as defined in Rule 14a-1(a) promulgated under the Exchange Act) or any other participants (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) in such solicitation, on the other hand, including, without limitation, all information that would be required to be disclosed pursuant to Item 404 under Regulation S-K if such Nominating Person were the "registrant" for purposes of such rule and the candidate for nomination were a director or executive officer of such registrant (the disclosures to be made pursuant to the foregoing clauses (A) and (B) are referred to as "*Nominee Information*"), and (C) a completed and signed questionnaire, representation and agreement as provided in Section 2.6(a).

For purposes of this Section 2.5, the term "<u>Nominating Person</u>" shall mean (i) the stockholder providing the notice of the nomination proposed to be made at the meeting, (ii) the beneficial owner or beneficial owners, if different, on whose behalf the notice of the nomination proposed to be made at the meeting is made, and (iii) any participant (as defined in paragraphs (a)(ii)-(vi) of Instruction 3 to Item 4 of Schedule 14A) with such stockholder in such solicitation.

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&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may request that any Nominating Person furnish such additional information as may be reasonably required by the Board of Directors. Such Nominating Person shall provide such additional information within ten (10) days after it has been requested by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;A stockholder providing notice of any nomination proposed to be made at a meeting shall further update and supplement such notice or the materials delivered pursuant to this Section 2.5, as applicable, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 2.5 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination, including by changing or adding nominees, or to submit any new nomination, or submit any new proposal, matters, business or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the requirements of this Section 2.5 with respect to any nomination proposed to be made at a meeting, each Nominating Person shall comply with all applicable requirements of the Exchange Act with respect to any such nominations. Notwithstanding the foregoing provisions of this Section 2.5, unless otherwise required by law, (i) no Nominating Person shall solicit proxies in support of director nominees other than the Corporation's nominees unless such Nominating Person has, or is part of a group that has, complied with Rule 14a-19 promulgated under the Exchange Act in connection with the solicitation of such proxies, including the provision to the Corporation of notices required thereunder, in accordance with the time frames required in this Section 2.5 or by Rule 14a-19 promulgated under the Exchange Act, as applicable, and (ii) if (1) any Nominating Person provides notice in accordance with Rule 14a-19(b) promulgated under the Exchange Act and (2) (x) such notice in accordance with Rule 14a-19(b) is not provided within the time period for Timely Notice or Special Meeting Timely Notice, as applicable, (y) such Nominating Person subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) promulgated under the Exchange Act or (z) such Nominating Person fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such Nominating Person has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance with the following sentence, then the nomination of such Nominating Person's proposed nominees shall be disregarded, notwithstanding that each such nominee is included as a nominee in the Corporation's proxy statement, notice of meeting or other proxy materials for any meeting of stockholders (or any supplement thereto) and notwithstanding that proxies or votes in respect of the election of such proposed nominees may have been received by the Corporation (which proxies and votes shall be disregarded). If any Nominating Person provides notice in accordance with Rule 14a-19(b) promulgated under the Exchange Act, such Nominating Person shall deliver to the Corporation, no later than seven (7) business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Requirements for Valid Nomination of Candidates to Serve as Director and, if Elected, to be Seated as Directors</u>. (a)&nbsp;&nbsp;&nbsp;&nbsp;To be eligible to be a candidate for election as a director of the Corporation at an annual or special meeting, a candidate must be nominated in the manner prescribed in Section 2.5 and the candidate for nomination, whether nominated by the Board of Directors or by a stockholder of record, must have previously delivered, to the Secretary at the principal executive offices of the Corporation, (i) a completed written questionnaire (in the form provided by the Corporation within ten (10) days upon written request of any stockholder of record therefor) with respect to the background, qualifications, stock ownership and independence of such proposed nominee and (ii) a written representation and agreement (in the form provided by the Corporation within ten (10) days upon written request of any stockholder of record therefor) that such candidate for nomination (A) is not and, if elected as a director during his or her term of office, will not become a party to (1) any agreement, arrangement or understanding with, and has not given and will not give any commitment or assurance to, any person or entity as to how such proposed nominee, if elected as a director of the Corporation, will act or vote on any issue or question (a "<u>Voting Commitment</u>") or (2) any Voting Commitment that could limit or interfere with such proposed nominee's ability to comply, if elected as a director of the Corporation, with such proposed nominee's fiduciary duties under applicable law, (B) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation or reimbursement for service as a director that has not been disclosed therein or to the Corporation, (C) if elected as a director of the Corporation, will comply with all applicable corporate governance, conflict of interest, confidentiality, stock ownership and trading and other policies and guidelines of the Corporation applicable to directors and in effect during such person's term in office as a director (and, if requested by any candidate for nomination, the Secretary of the Corporation shall provide to such candidate for nomination all such policies and guidelines then in effect), and (D) if elected as a director of the Corporation, intends to serve the entire term until the next meeting at which such candidate would face re-election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors may also require any proposed candidate for nomination as a director to furnish such other information related to such candidate's eligibility or qualification to serve as a director as may reasonably be requested by the Board of Directors in writing prior to the meeting of stockholders at which such candidate's nomination is to be acted upon. Without limiting the generality of the foregoing, the Board of Directors may request such other information in order for the Board of Directors to determine the eligibility of such candidate for nomination to be an independent director of the Corporation or to comply with the director qualification standards and additional selection criteria in accordance with the Corporation's Corporate Governance Guidelines. Such other information shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the request by the Board of Directors has been delivered to, or mailed and received by, the Nominating Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;A candidate for nomination as a director shall further update and supplement the materials delivered pursuant to this Section 2.6, if necessary, so that the information provided or required to be provided pursuant to this Section 2.6 shall be true and correct as of the record date for stockholders entitled to vote at the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary at the principal executive offices of the Corporation not later than five (5) business days after the record date for stockholders entitled to vote at the meeting (in the case of the update and supplement required to be made as of such record date), and not later than eight (8) business days prior to the date for the meeting or, if practicable, any adjournment or postponement thereof (and, if not practicable, on the first practicable date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be made as of ten (10) business days

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prior to the meeting or any adjournment or postponement thereof). For the avoidance of doubt, the obligation to update and supplement as set forth in this paragraph or any other Section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any notice provided by a stockholder, extend any applicable deadlines hereunder or enable or be deemed to permit a stockholder who has previously submitted notice hereunder to amend or update any nomination or to submit any new proposal, including by changing or adding nominees, matters, business or resolutions proposed to be brought before a meeting of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;No candidate nominated pursuant to Section 2.5(a)(ii) shall be eligible for nomination as a director of the Corporation unless such candidate for nomination and the Nominating Person seeking to place such candidate's name in nomination has complied with Section 2.5 and this Section 2.6, as applicable. The presiding officer at the meeting shall, if the facts warrant, determine that a nomination was not properly made in accordance with Section 2.5 and this Section 2.6, and if he or she should so determine, he or she shall so declare such determination to the meeting, the defective nomination shall be disregarded and any ballots cast for the candidate in question (but in the case of any form of ballot listing other qualified nominees, only the ballots cast for the nominee in question) shall be void and of no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in these Bylaws to the contrary, no candidate for nomination shall be eligible to be seated as a director of the Corporation unless nominated in accordance with Section 2.5 and this Section 2.6 and elected as a director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Stockholder Action by Written Consent</u>.

Stockholders may not take action by written consent without a meeting except as may be permitted by the Certificate of Incorporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Stockholders' Meetings</u>.

Unless otherwise provided by law, the Certificate of Incorporation or these bylaws, the notice of any meeting of stockholders shall be sent or otherwise given in accordance with Section 8.1 of these bylaws not less than ten (10) nor more than sixty (60) days before the date of the meeting to each stockholder entitled to vote at such meeting. The notice shall specify the place, if any, date and time of the meeting, the means of remote communication, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting of stockholders, the purpose or purposes for which such meeting is called.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>.

Unless otherwise provided by law, the rules of any stock exchange upon which the Corporation's securities are listed, the Certificate of Incorporation or these bylaws, the holders of a majority in voting power of the stock issued and outstanding and entitled to vote, present in person, or by remote communication, if applicable, or represented by proxy, shall constitute a quorum for the transaction of business at all meetings of stockholders. Notwithstanding the foregoing, where a separate vote by a class or series or classes or series is required, the holders of a majority in voting power of the outstanding shares of such class or series or classes or series, present in person, or by remote communication, if applicable, or represented by proxy, shall constitute a quorum entitled to take action with respect to the vote on that matter. A quorum, once established at a meeting, shall not be broken by the withdrawal of enough votes to leave less than a quorum. If, however, a quorum is not present or represented at any meeting of stockholders, then either (i) the person presiding over the meeting or (ii) a majority in voting

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power of the stockholders entitled to vote at the meeting, present in person, or by remote communication, if applicable, or represented by proxy, shall have power to recess the meeting or adjourn the meeting from time to time in the manner provided in Section 2.10 of these bylaws until a quorum is present or represented. At any recessed or adjourned meeting at which a quorum is present or represented, any business may be transacted that might have been transacted at the meeting as originally noticed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjourned Meeting; Notice</u>.

When a meeting is adjourned to another time or place, unless these bylaws otherwise require, notice need not be given of the adjourned meeting if the time, place, if any, thereof, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken or are provided in any other manner permitted by the DGCL. At any adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than thirty (30) days, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting. If after the adjournment a new record date for determination of stockholders entitled to vote is fixed for the adjourned meeting, the Board shall fix as the record date for determining stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote at the adjourned meeting, and shall give notice of the adjourned meeting to each stockholder of record entitled to vote at such meeting as of the record date so fixed for notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Conduct of Business</u>.

The date and time of the opening and the closing of the polls for each matter upon which the stockholders will vote at a meeting shall be announced at the meeting by the person presiding over the meeting. The Board may adopt by resolution such rules and regulations for the conduct of the meeting of stockholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board, the person presiding over any meeting of stockholders shall have the right and authority to convene and (for any or no reason) to recess and/or adjourn the meeting, to prescribe such rules, regulations and procedures (which need not be in writing) and to do all such acts as, in the judgment of such presiding person, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board or prescribed by the person presiding over the meeting, may include, without limitation, the following: (i) the establishment of an agenda or order of business for the meeting; (ii) rules and procedures for maintaining order at the meeting and the safety of those present (including, without limitation, rules and procedures for removal of disruptive persons from the meeting); (iii) limitations on attendance at or participation in the meeting to stockholders entitled to vote at the meeting, their duly authorized and constituted proxies or such other persons as the person presiding over the meeting shall determine; (iv) restrictions on entry to the meeting after the time fixed for the commencement thereof; and (v) limitations on the time allotted to questions or comments by participants. The presiding person at any meeting of stockholders, in addition to making any other determinations that may be appropriate to the conduct of the meeting (including, without limitation, determinations with respect to the administration and/or interpretation of any of the rules, regulations or procedures of the meeting, whether adopted by the Board or prescribed by the person presiding over the meeting), shall, if the facts warrant, determine and declare to the meeting that a matter of business was not properly brought before the meeting and if such presiding person should so determine, such presiding person shall so declare to the meeting and any such matter or business not properly brought before the meeting shall not be transacted or considered. Unless and to the extent determined by the Board or the

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person presiding over the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting</u>.

Except as may be otherwise provided in the Certificate of Incorporation, these bylaws or the DGCL, each stockholder entitled to vote at any meeting of stockholders shall be entitled to one (1) vote for each share of capital stock held by such stockholder that has voting power upon the manner in question.

Unless a different or minimum vote is required by the Certificate of Incorporation, at all duly called or convened meetings of stockholders at which a quorum is present, for the election of directors, a plurality of the votes cast shall be sufficient to elect a director. Except as otherwise provided by the Certificate of Incorporation, these bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or applicable law or pursuant to any regulation applicable to the Corporation or its securities, in which case such different or minimum vote shall be the applicable vote on the matter, each other matter presented to the stockholders at a duly called or convened meeting at which a quorum is present shall be decided by the affirmative vote of the holders of a majority of the votes cast (excluding abstentions and broker non-votes) on such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Record Date for Stockholder Meetings and Other Purposes</u>.

In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall, unless otherwise required by law, not be more than sixty (60) days nor less than ten (10) days before the date of such meeting. If the Board so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be the close of business on the next day preceding the day on which notice is first given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board may fix a new record date for determination of stockholders entitled to vote at the adjourned meeting; and in such case shall also fix as the record date for stockholders entitled to notice of such adjourned meeting the same or an earlier date as that fixed for determination of stockholders entitled to vote in accordance herewith at the adjourned meeting.

In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment or any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of capital stock, or for the purposes of any other lawful action, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than sixty (60) days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board adopts the resolution relating thereto.

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Unless otherwise restricted by the Certificate of Incorporation, in order that the Corporation may determine the stockholders entitled to express consent to corporate action without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which record date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board. If no record date for determining stockholders entitled to express consent to corporate action without a meeting is fixed by the Board, (i) when no prior action of the Board is required by law, the record date for such purpose shall be the first date on which a signed consent setting forth the action taken or proposed to be taken is delivered to the Corporation in accordance with applicable law, and (ii) if prior action by the Board is required by law, the record date for such purpose shall be at the close of business on the day on which the Board adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Proxies</u>.

Each stockholder entitled to vote at a meeting of stockholders may authorize another person or persons to act for such stockholder, in any manner provided under applicable law, by proxy authorized by an instrument in writing or by a transmission permitted by law, including Rule 14a-19 promulgated under the Exchange Act, filed in accordance with the procedure established for the meeting, but no such proxy shall be voted or acted upon after three (3) years from its date, unless the proxy provides for a longer period. The revocability of a proxy is coupled with an interest sufficient in law to support an irrevocable power and that states on its face that it is irrevocable shall be governed by the provisions of Section 212 of the DGCL. A proxy may be in the form of an electronic transmission which sets forth or is submitted with information from which it can be determined that the transmission was authorized by the stockholder.

Any stockholder directly or indirectly soliciting proxies from other stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15&nbsp;&nbsp;&nbsp;&nbsp;<u>List of Stockholders Entitled to Vote</u>.

The Corporation may, and shall if required by law, prepare, no later than the tenth day before each meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting (provided, however, that if the record date for determining the stockholders entitled to vote is less than ten (10) days before the date of the meeting, the list shall reflect the stockholders entitled to vote as of the tenth day before the meeting date), arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. The Corporation shall not be required to include electronic mail addresses or other electronic contact information on such list. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting for a period of ten (10) days ending on the day before the meeting date: (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the Corporation's principal executive office. In the event that the Corporation determines to make the list available on an electronic network, the Corporation may take reasonable steps to ensure that such information is available only to stockholders of the Corporation. Such list shall presumptively determine the identity of the stockholders entitled to vote at the meeting and the number of shares held by each of them. Except as otherwise provided by law, the stock ledger shall be the only evidence as to who are the stockholders entitled to examine the list of stockholders required by this Section 2.15 or to vote in person or by proxy at any meeting of stockholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspectors of Election.</u>

Before any meeting of stockholders, the Corporation shall appoint an inspector or inspectors of election to act at the meeting or its adjournment and make a written report thereof. The Corporation may designate one or more persons as alternate inspectors to replace any inspector who fails to act. If any person appointed as inspector or any alternate fails to appear or fails or refuses to act, then the person presiding over the meeting shall appoint a person to fill that vacancy.

Such inspectors shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;determine the number of shares outstanding and the voting power of each, the number of shares represented at the meeting and the validity of any proxies and ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;count all votes or ballots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;count and tabulate all votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;determine and retain for a reasonable period a record of the disposition of any challenges made to any determination by the inspector(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;certify its or their determination of the number of shares represented at the meeting and its or their count of all votes and ballots.

Each inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the duties of inspection with strict impartiality and according to the best of such inspector's ability. Any report or certificate made by the inspectors of election is prima facie evidence of the facts stated therein. The inspectors of election may appoint such persons to assist them in performing their duties as they determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery to the Corporation.</u>

Whenever this Article II requires one or more persons (including a record or beneficial owner of stock) to deliver a document or information to the Corporation or any officer, employee or agent thereof (including any notice, request, questionnaire, revocation, representation or other document or agreement), such document or information shall be in writing exclusively (and not in an electronic transmission) and shall be delivered exclusively by hand (including, without limitation, overnight courier service) or by certified or registered mail, return receipt requested, and the Corporation shall not be required to accept delivery of any document not in such written form or so delivered. For the avoidance of doubt, the Corporation expressly opts out of Section 116 of the DGCL with respect to the delivery of information and documents to the Corporation required by this Article II.

**Article III - Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Powers</u>.

Except as otherwise provided by the Certificate of Incorporation or the DGCL, the business and affairs of the Corporation shall be managed by or under the direction of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Directors</u>.

Subject to the Certificate of Incorporation, the total number of directors constituting the Board shall be determined from time to time by resolution of the Board. No reduction of the authorized number of directors shall have the effect of removing any director before that director's term of office expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Election, Qualification and Term of Office of Directors</u>.

Except as provided in Section 3.4 of these bylaws, and subject to the Certificate of Incorporation, each director, including a director elected to fill a vacancy or newly created directorship, shall hold office until the expiration of the term of the class, if any, for which elected and until such director's successor is elected and qualified or until such director's earlier death, resignation, disqualification or removal. Directors need not be stockholders. The Certificate of Incorporation or these bylaws may prescribe qualifications for directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Vacancies</u>.

Any director may resign at any time upon notice given in writing or by electronic transmission to the Corporation. The resignation shall take effect at the time specified therein or upon the happening of an event specified therein, and if no time or event is specified, at the time of its receipt. The acceptance of a resignation shall not be necessary to make it effective unless otherwise expressly provided in the resignation. When one or more directors so resigns and the resignation is effective at a future date or upon the happening of an event to occur on a future date, a majority of the directors then in office, including those who have so resigned, shall have power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in Section 3.3.

Unless otherwise provided in the Certificate of Incorporation or these bylaws, vacancies resulting from the death, resignation, disqualification or removal of any director, and newly created directorships resulting from any increase in the authorized number of directors shall be filled only by a majority of the directors then in office, although less than a quorum, or by a sole remaining director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Place of Meetings; Meetings by Telephone</u>.

The Board may hold meetings, both regular and special, either within or outside the State of Delaware.

Unless otherwise restricted by the Certificate of Incorporation or these bylaws, members of the Board, or any committee designated by the Board, may participate in a meeting of the Board, or any committee, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting pursuant to this bylaw shall constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Regular Meetings</u>.

Regular meetings of the Board may be held within or outside the State of Delaware and at such time and at such place as which has been designated by the Board and publicized among all directors, either orally or in writing, by telephone, including a voice-messaging system or other system designed to record and communicate messages, facsimile, telegraph or telex, or by electronic mail or other means of electronic transmission. No further notice shall be required for regular meetings of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings; Notice</u>.

Special meetings of the Board for any purpose or purposes may be called at any time by the chairperson of the Board, the Chief Executive Officer, the President, the Secretary or a majority of the total number of directors constituting the Board.

Notice of the time and place of special meetings shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;delivered personally by hand, by courier or by telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;sent by United States first-class mail, postage prepaid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;sent by facsimile or electronic mail; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;sent by other means of electronic transmission,

directed to each director at that director's address, telephone number, facsimile number or electronic mail address, or other address for electronic transmission, as the case may be, as shown on the Corporation's records.

If the notice is (i) delivered personally by hand, by courier or by telephone, (ii) sent by facsimile or electronic mail, or (iii) sent by other means of electronic transmission, it shall be delivered or sent at least twenty-four (24) hours before the time of the holding of the meeting. If the notice is sent by U.S. mail, it shall be deposited in the U.S. mail at least four (4) days before the time of the holding of the meeting. The notice need not specify the place of the meeting (if the meeting is to be held at the Corporation's principal executive office) nor the purpose of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Quorum</u>.

At all meetings of the Board, unless otherwise provided by the Certificate of Incorporation, a majority of the total number of directors shall constitute a quorum for the transaction of business. The vote of a majority of the directors present at any meeting at which a quorum is present shall be the act of the Board, except as may be otherwise specifically provided by statute, the Certificate of Incorporation or these bylaws. If a quorum is not present at any meeting of the Board, then the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum is present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Board Action without a Meeting</u>.

Unless otherwise restricted by the Certificate of Incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board, or of any committee thereof, may be taken without a meeting if all members of the Board or committee, as the case may be, consent thereto in writing or by electronic transmission. After such action is taken, the consent or consents relating thereto shall be filed with the minutes of the proceedings of the Board, or the committee thereof, in the same paper or electronic form as the minutes are maintained. Such action by written consent or consent by electronic transmission shall have the same force and effect as a unanimous vote of the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Fees and Compensation of Directors</u>.

Unless otherwise restricted by the Certificate of Incorporation or these bylaws, the Board shall have the authority to fix the compensation, including fees and reimbursement of expenses, of directors for services to the Corporation in any capacity.

**Article IV - Committees**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Committees of Directors</u>.

The Board may designate one (1) or more committees, each committee to consist, of one (1) or more of the directors of the Corporation. The Board may designate one (1) or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board or in these bylaws, shall have and may exercise all the powers and authority of the Board in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers that may require it; but no such committee shall have the power or authority to (i) approve or adopt, or recommend to the stockholders, any action or matter expressly required by the DGCL to be submitted to stockholders for approval, or (ii) adopt, amend or repeal any bylaw of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Minutes</u>.

Each committee shall keep regular minutes of its meetings and report the same to the Board when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Meetings and Actions of Committees</u>.

Meetings and actions of committees shall be governed by, and held and taken in accordance with, the provisions of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.5 (place of meetings; meetings by telephone);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.6 (regular meetings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.7 (special meetings; notice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Section 3.9 (board action without a meeting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 (waiver of notice),

with such changes in the context of those bylaws as are necessary to substitute the committee and its members for the Board and its members. *However*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the time of regular meetings of committees may be determined either by resolution of the Board or by resolution of the committee;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;special meetings of committees may also be called by resolution of the Board or the chairperson of the applicable committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Board may adopt rules for the governance of any committee to override the provisions that would otherwise apply to the committee pursuant to this Section 4.3, provided that such rules do not violate the provisions of the Certificate of Incorporation or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Subcommittees.</u>

Unless otherwise provided in the Certificate of Incorporation, these bylaws or the resolutions of the Board designating the committee, a committee may create one (1) or more subcommittees, each subcommittee to consist of one (1) or more members of the committee, and delegate to a subcommittee any or all of the powers and authority of the committee.

**Article V - Officers**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Officers</u>.

The officers of the Corporation shall include a Chief Executive Officer, a President and a Secretary. The Corporation may also have, at the discretion of the Board, a Chairperson of the Board, a Vice Chairperson of the Board, a Chief Financial Officer, a Treasurer, one (1) or more Vice Presidents, one (1) or more Assistant Vice Presidents, one (1) or more Assistant Treasurers, one (1) or more Assistant Secretaries, and any such other officers as may be appointed in accordance with the provisions of these bylaws. Any number of offices may be held by the same person. No officer need be a stockholder or director of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Officers</u>.

The Board or a duly authorized committee or subcommittee thereof shall appoint the officers of the Corporation, except such officers as may be appointed in accordance with the provisions of Section 5.3 of these bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Subordinate Officers</u>.

The Board or a duly authorized committee or subcommittee thereof may appoint, or empower the Chief Executive Officer or, in the absence of a Chief Executive Officer, the President, to appoint, such other officers and agents as the business of the Corporation may require. Each of such officers and agents shall hold office for such period, have such authority, and perform such duties as are provided in these bylaws or as the Board or a duly authorized committee or subcommittee thereof may from time to time determine, or as determined by the officer upon whom such power of appointment has been conferred by the Board or a duly authorized committee or subcommittee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Removal and Resignation of Officers</u>.

Subject to the rights, if any, of an officer under any contract of employment, any officer may be removed, either with or without cause, by the Board or, except in the case of an officer chosen by the Board, by any officer upon whom such power of removal may be conferred by the Board.

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Any officer may resign at any time by giving written notice to the Corporation. Any resignation shall take effect at the date of the receipt of that notice or at any later time specified in that notice. Unless otherwise specified in the notice of resignation, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights, if any, of the Corporation under any contract to which the officer is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Vacancies in Offices</u>.

Any vacancy occurring in any office of the Corporation shall be filled by the Board or a duly authorized committee or subcommittee thereof as provided in Section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Representation of Shares of Other Entities</u>.

The Chairperson of the Board, the Chief Executive Officer, or the President of this Corporation, or any other person authorized by the Board, the Chief Executive Officer or the President, is authorized to vote, represent and exercise on behalf of this Corporation all rights incident to any and all shares or voting securities of any other corporation or other entity standing in the name of this Corporation. The authority granted herein may be exercised either by such person directly or by any other person authorized to do so by proxy or power of attorney duly executed by such person having the authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Authority and Duties of Officers</u>.

All officers of the Corporation shall respectively have such authority and perform such duties in the management of the business of the Corporation as may be provided herein or designated from time to time by the Board and, to the extent not so provided, as generally pertain to their respective offices, subject to the control of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation.</u>

The compensation of the officers of the Corporation for their services as such shall be fixed from time to time by or at the direction of the Board. An officer of the Corporation shall not be prevented from receiving compensation by reason of the fact that he or she is also a director of the Corporation.

**Article VI - Records** 

A stock ledger consisting of one or more records in which the names of all of the Corporation's stockholders of record, the address and number of shares registered in the name of each such stockholder, and all issuances and transfers of stock of the corporation are recorded in accordance with Section 224 of the DGCL shall be administered by or on behalf of the Corporation. Any records administered by or on behalf of the Corporation in the regular course of its business, including its stock ledger, books of account, and minute books, may be kept on, or by means of, or be in the form of, any information storage device, or method, or one or more electronic networks or databases (including one or more distributed electronic networks or databases), provided that the records so kept can be converted into clearly legible paper form within a reasonable time and, with respect to the stock ledger, that the records so kept (i) can be used to prepare the list of stockholders specified in Sections 219 and 220 of the DGCL, (ii) record the information specified in Sections 156, 159, 217(a) and 218 of the DGCL, and (iii) record transfers of stock as governed by Article 8 of the Uniform Commercial Code as adopted in the State of Delaware.

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**Article VII - General Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution of Corporate Contracts and Instruments</u>.

The Board, except as otherwise provided in these bylaws, may authorize any officer or officers, or agent or agents, to enter into any contract or execute any instrument in the name of and on behalf of the Corporation; such authority may be general or confined to specific instances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Certificates</u>.

The shares of the Corporation shall be represented by certificates, provided that the Board by resolution may provide that some or all of the shares of any class or series of stock of the Corporation shall be uncertificated. Certificates for the shares of stock, if any, shall be in such form as is consistent with the Certificate of Incorporation and applicable law. Every holder of stock represented by a certificate shall be entitled to have a certificate signed by, or in the name of the Corporation by, any two officers authorized to sign stock certificates representing the number of shares registered in certificate form. The Chairperson or Vice Chairperson of the Board, Chief Executive Officer, the President, Vice President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Corporation shall be specifically authorized to sign stock certificates. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate has ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if he or she were such officer, transfer agent or registrar at the date of issue.

The Corporation may issue the whole or any part of its shares as partly paid and subject to call for the remainder of the consideration to be paid therefor. Upon the face or back of each stock certificate issued to represent any such partly paid shares, or upon the books and records of the Corporation in the case of uncertificated partly paid shares, the total amount of the consideration to be paid therefor and the amount paid thereon shall be stated. Upon the declaration of any dividend on fully paid shares, the Corporation shall declare a dividend upon partly paid shares of the same class, but only upon the basis of the percentage of the consideration actually paid thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Designation of Certificates.</u>

If the Corporation is authorized to issue more than one class of stock or more than one series of any class, then the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights shall be set forth in full or summarized on the face or on the back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of uncertificated shares, set forth in a notice provided pursuant to Section 151 of the DGCL); provided, however, that except as otherwise provided in Section 202 of the DGCL, in lieu of the foregoing requirements, there may be set forth on the face or back of the certificate that the Corporation shall issue to represent such class or series of stock (or, in the case of any uncertificated shares, included in the aforementioned notice) a statement that the Corporation will furnish without charge to each stockholder who so requests the powers, the designations, the preferences and the relative, participating, optional or other special rights of each class of stock or series thereof and the qualifications, limitations or restrictions of such preferences and/or rights.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Lost Certificates</u>.

Except as provided in this Section 7.4, no new certificates for shares shall be issued to replace a previously issued certificate unless the latter is surrendered to the Corporation and cancelled at the same time. The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it, alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.5&nbsp;&nbsp;&nbsp;&nbsp;Shares Without Certificates</u>

The Corporation may adopt a system of issuance, recordation and transfer of its shares of stock by electronic or other means not involving the issuance of certificates, provided the use of such system by the Corporation is permitted in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Construction; Definitions</u>.

Unless the context requires otherwise, the general provisions, rules of construction and definitions in the DGCL shall govern the construction of these bylaws. Without limiting the generality of this provision, the singular number includes the plural and the plural number includes the singular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends</u>.

The Board, subject to any restrictions contained in either (i) the DGCL or (ii) the Certificate of Incorporation, may declare and pay dividends upon the shares of its capital stock. Dividends may be paid in cash, in property or in shares of the Corporation's capital stock.

The Board may set apart out of any of the funds of the Corporation available for dividends a reserve or reserves for any proper purpose and may abolish any such reserve. Such purposes shall include but not be limited to equalizing dividends, repairing or maintaining any property of the Corporation, and meeting contingencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Fiscal Year</u>.

The fiscal year of the Corporation shall be fixed by resolution of the Board and may be changed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Seal</u>.

The Corporation may adopt a corporate seal, which shall be adopted and which may be altered by the Board. The Corporation may use the corporate seal by causing it or a facsimile thereof to be impressed or affixed or in any other manner reproduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Stock</u>.

Shares of the Corporation shall be transferable in the manner prescribed by law and in these bylaws and subject to any transfer restrictions contained in the Certificate of Incorporation. Shares of stock of the Corporation shall be transferred on the books of the Corporation only by the holder of record

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thereof or by such holder's attorney duly authorized in writing, upon surrender to the Corporation of the certificate or certificates representing such shares endorsed by the appropriate person or persons (or by delivery of duly executed instructions with respect to uncertificated shares), with such evidence of the authenticity of such endorsement or execution, transfer, authorization and other matters as the Corporation may reasonably require, and accompanied by all necessary stock transfer stamps. No transfer of stock shall be valid as against the Corporation for any purpose until it shall have been entered in the stock records of the Corporation by an entry showing the names of the persons from and to whom it was transferred. The Corporation shall have power and authority to make such rules and regulations as it may deem necessary or proper concerning the issuance, transfer and registration of certificates for shares of stock of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Transfer Agreements</u>.

The Corporation shall have power to enter into and perform any agreement with any number of stockholders of any one or more classes or series of stock of the Corporation to restrict the transfer of shares of stock of the Corporation of any one or more classes owned by such stockholders in any manner not prohibited by the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Registered Stockholders</u>.

The Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends and to vote as such owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of another person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Notice</u>.

Whenever notice is required to be given under any provision of the DGCL, the Certificate of Incorporation or these bylaws, a written waiver, signed by the person entitled to notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time of the event for which notice is to be given, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the stockholders need be specified in any written waiver of notice or any waiver by electronic transmission unless so required by the Certificate of Incorporation or these bylaws.

**Article VIII - Notice**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Delivery of Notice; Notice by Electronic Transmission</u>.

Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provisions of the DGCL, the Certificate of Incorporation, or these bylaws may be given in writing directed to the stockholder's mailing address (or

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by electronic transmission directed to the stockholder's electronic mail address, as applicable) as it appears on the records of the Corporation and shall be given (1) if mailed, when the notice is deposited in the U.S. mail, postage prepaid, (2) if delivered by courier service, the earlier of when the notice is received or left at such stockholder's address or (3) if given by electronic mail, when directed to such stockholder's electronic mail address unless the stockholder has notified the Corporation in writing or by electronic transmission of an objection to receiving notice by electronic mail. A notice by electronic mail must include a prominent legend that the communication is an important notice regarding the Corporation.

Without limiting the manner by which notice otherwise may be given effectively to stockholders, any notice to stockholders given by the Corporation under any provision of the DGCL, the Certificate of Incorporation or these bylaws shall be effective if given by a form of electronic transmission consented to by the stockholder to whom the notice is given. Any such consent shall be revocable by the stockholder by written notice or electronic transmission to the Corporation. Notwithstanding the provisions of this paragraph, the Corporation may give a notice by electronic mail in accordance with the first paragraph of this section without obtaining the consent required by this paragraph.

Any notice given pursuant to the preceding paragraph shall be deemed given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if by facsimile telecommunication, when directed to a number at which the stockholder has consented to receive notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if by a posting on an electronic network together with separate notice to the stockholder of such specific posting, upon the later of (A) such posting and (B) the giving of such separate notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;if by any other form of electronic transmission, when directed to the stockholder.

Notwithstanding the foregoing, a notice may not be given by an electronic transmission from and after the time that (1) the Corporation is unable to deliver by such electronic transmission two (2) consecutive notices given by the Corporation and (2) such inability becomes known to the Secretary or an Assistant Secretary of the Corporation or to the transfer agent, or other person responsible for the giving of notice, provided, however, the inadvertent failure to discover such inability shall not invalidate any meeting or other action.

An affidavit of the Secretary or an Assistant Secretary or of the transfer agent or other agent of the Corporation that the notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein.

**Article IX - Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Directors and Officers</u>.

The Corporation shall indemnify and hold harmless, to the fullest extent permitted by the DGCL as it presently exists or may hereafter be amended, any director or officer of the Corporation who was or is made or is threatened to be made a party or is otherwise involved in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a "<u>Proceeding</u>") by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was a director or officer of the Corporation or, while serving as a director or officer of the Corporation, is or was serving at the request of

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the Corporation as a director, officer, employee or agent of another corporation or of a partnership (a "covered person"), joint venture, trust, enterprise or non-profit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses (including attorneys' fees, judgments, fines ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred by such person in connection with any such Proceeding. Notwithstanding the preceding sentence, except as otherwise provided in Section 9.4, the Corporation shall be required to indemnify a person in connection with a Proceeding initiated by such person only if the Proceeding was authorized in the specific case by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification of Others</u>.

The Corporation shall have the power to indemnify and hold harmless, to the fullest extent permitted by applicable law as it presently exists or may hereafter be amended, any employee or agent of the Corporation who was or is made or is threatened to be made a party or is otherwise involved in any Proceeding by reason of the fact that he or she, or a person for whom he or she is the legal representative, is or was an employee or agent of the Corporation or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation or of a partnership, joint venture, trust, enterprise or non-profit entity, including service with respect to employee benefit plans, against all liability and loss suffered and expenses reasonably incurred by such person in connection with any such Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Prepayment of Expenses</u>.

The Corporation shall to the fullest extent not prohibited by applicable law pay the expenses (including attorneys' fees) incurred by any covered person, and may pay the expenses incurred by any employee or agent of the Corporation, in defending any Proceeding in advance of its final disposition; provided, however, that such payment of expenses in advance of the final disposition of the Proceeding shall be made only upon receipt of an undertaking by the person to repay all amounts advanced if it should be ultimately determined that the person is not entitled to be indemnified under this Article IX or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Determination; Claim</u>.

If a claim for indemnification (following the final disposition of such Proceeding) under this Article IX is not paid in full within sixty (60) days, or a claim for advancement of expenses under this Article IX is not paid in full within thirty (30) days, after a written claim therefor has been received by the Corporation the claimant may thereafter (but not before) file suit 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 to the fullest extent permitted by law. In any such action the Corporation shall have the burden of proving that the claimant was not entitled to the requested indemnification or payment of expenses under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Exclusivity of Rights</u>.

The rights conferred on any person by this Article IX shall not be exclusive of any other rights which such person may have or hereafter acquire under any statute, provision of the Certificate of Incorporation, these bylaws, agreement, vote of stockholders or disinterested directors or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Insurance</u>.

The Corporation may purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust enterprise or non-profit entity against any liability asserted against him or her and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Indemnification</u>.

The Corporation's obligation, if any, to indemnify or advance expenses to any person who was or is serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust, enterprise or non-profit entity shall be reduced by any amount such person may collect as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, enterprise or non-profit enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Continuation of Indemnification</u>.

The rights to indemnification and to prepayment of expenses provided by, or granted pursuant to, this Article IX shall continue notwithstanding that the person has ceased to be a director or officer of the Corporation and shall inure to the benefit of the estate, heirs, executors, administrators, legatees and distributees of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment or Repeal; Interpretation</u>.

The provisions of this Article IX shall constitute a contract between the Corporation, on the one hand, and, on the other hand, each individual who serves or has served as a director or officer of the Corporation (whether before or after the adoption of these bylaws), in consideration of such person's performance of such services, and pursuant to this Article IX the Corporation intends to be legally bound to each such current or former director or officer of the Corporation. With respect to current and former directors and officers of the Corporation, the rights conferred under this Article IX are present contractual rights and such rights are fully vested, and shall be deemed to have vested fully, immediately upon adoption of theses bylaws. With respect to any directors or officers of the Corporation who commence service following adoption of these bylaws, the rights conferred under this provision shall be present contractual rights and such rights shall fully vest, and be deemed to have vested fully, immediately upon such director or officer commencing service as a director or officer of the Corporation. Any repeal or modification of the foregoing provisions of this Article IX shall not adversely affect any right or protection (i) hereunder of any person in respect of any act or omission occurring prior to the time of such repeal or modification or (ii) under any agreement providing for indemnification or advancement of expenses to an officer or director of the Corporation in effect prior to the time of such repeal or modification.

Any reference to an officer of the Corporation in this Article IX shall be deemed to refer exclusively to the Chief Executive Officer, President, and Secretary, or other officer of the Corporation appointed by (x) the Board pursuant to Article V of these bylaws or (y) an officer to whom the Board has delegated the power to appoint officers pursuant to Article V of these bylaws, and any reference to an officer of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be deemed to refer exclusively to an officer appointed by the board of directors (or equivalent

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governing body) of such other entity pursuant to the certificate of incorporation and bylaws (or equivalent organizational documents) of such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. The fact that any person who is or was an employee of the Corporation or an employee of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise has been given or has used the title of "Vice President" or any other title that could be construed to suggest or imply that such person is or may be an officer of the Corporation or of such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall not result in such person being constituted as, or being deemed to be, an officer of the Corporation or of such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for purposes of this Article IX.

**Article X - Amendments**

In furtherance and not in limitation of the powers conferred by statute, the Board is expressly authorized to adopt, amend or repeal the bylaws of the Corporation. The stockholders may not adopt, amend, alter or repeal the bylaws of the Corporation unless such action is approved, in addition to any other vote required by the Certificate of Incorporation or applicable law, (a) prior to the Sunset Date (as defined in the Certificate of Incorporation), by the affirmative vote of the holders of at least a majority of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, or (b) from and after the Sunset Date, by the affirmative vote of the holders of at least sixty-six and two-thirds percent (66 2/3%) of the voting power of all of the then-outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class.

**Article XI - Definitions**

As used in these bylaws, unless the context otherwise requires, the following terms shall have the following meanings:

An "<u>electronic transmission</u>" means any form of communication, not directly involving the physical transmission of paper, including the use of, or participation in, one or more electronic networks or databases (including one or more distributed electronic networks or databases), that creates a record that may be retained, retrieved and reviewed by a recipient thereof, and that may be directly reproduced in paper form by such a recipient through an automated process.

An "<u>electronic mail</u>" means an electronic transmission directed to a unique electronic mail address (which electronic mail shall be deemed to include any files attached thereto and any information hyperlinked to a website if such electronic mail includes the contact information of an officer or agent of the Corporation who is available to assist with accessing such files and information).

An "<u>electronic mail address</u>" means a destination, commonly expressed as a string of characters, consisting of a unique user name or mailbox (commonly referred to as the "local part" of the address) and a reference to an internet domain (commonly referred to as the "domain part" of the address), whether or not displayed, to which electronic mail can be sent or delivered.

The term "<u>person</u>" means any individual, general partnership, limited partnership, limited liability company, corporation, trust, business trust, joint stock company, joint venture, unincorporated association, cooperative or association or any other legal entity or organization of whatever nature, and shall include any successor (by merger or otherwise) of such entity.

## Exhibit 4.1

**Exhibit 4.1**

![lincolninternationalclassaa.jpg](lincolninternationalclassaa.jpg)

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![a1lincolninternationalclasa.jpg](a1lincolninternationalclasa.jpg)

## Exhibit 5.1

**Exhibit 5.1**

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| | | |
|:---|:---|:---|
| ![image_2a.jpg](image_2a.jpg) | 330 North Wabash Avenue<br>Suite 2800<br>Chicago, Illinois 60611<br>Tel: +1.312.876.7700 Fax: +1.312.993.9767<br>www.lw.com | 330 North Wabash Avenue<br>Suite 2800<br>Chicago, Illinois 60611<br>Tel: +1.312.876.7700 Fax: +1.312.993.9767<br>www.lw.com |
|  | FIRM / AFFILIATE OFFICES | FIRM / AFFILIATE OFFICES |
|  | Austin | Milan |
|  | Beijing | Munich |
|  | Boston | New York |
|  | Brussels | Orange County |
|  | Chicago | Paris |
|  | Dubai | Riyadh |
|  | Düsseldorf | San Diego |
|  | Frankfurt | San Francisco |
|  | Hamburg | Seoul |
|  | Hong Kong | Silicon Valley |
|  | Houston | Singapore |
|  | London | Tel Aviv |
|  | Los Angeles | Tokyo |
|  | Madrid | Washington, D.C. |

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May 11, 2026

Lincoln International, Inc.

110 N Wacker Drive 51<sup>st</sup> Floor

Chicago, IL 60606

Re: Registration Statement (No. 333-295322)

Up to 24,207,486 shares of Class A common stock, $0.00001 par value per share

To the addressee set forth above:

We have acted as special counsel to Lincoln International, Inc., a Delaware corporation (the "***Company***"), in connection with the proposed issuance of up to 24,207,486 shares of Class A common stock, $0.00001 par value per share (the "***Shares***"). The Shares are included in a registration statement on Form S–1 under the Securities Act of 1933, as amended (the "***Act***"), initially filed with the Securities and Exchange Commission (the "***Commission***") on April 24, 2026 (Registration No. 333–295322) (as amended, the "***Registration Statement***"). The term "Shares" shall include any additional shares of common stock registered by the Company pursuant to Rule 462(b) under the Act in connection with the offering contemplated by the Registration Statement. This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related Prospectus, other than as expressly stated herein with respect to the issue of the Shares.

As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware, and we express no opinion with respect to any other laws.

Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof, upon the proper filing of the amended and restated certificate of incorporation of the Company, in the form most recently filed as an exhibit to the Registration Statement, with the Secretary of the State of Delaware, and when the Shares shall have been duly registered on the books of the transfer agent and registrar therefor in the name or on behalf of the purchasers and

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**May 11, 2026**<br>**Page 2**<br>

![image_2a.jpg](image_2a.jpg)

have been issued by the Company against payment therefor (not less than par value) in the circumstances contemplated by the form of underwriting agreement most recently filed as an exhibit to the Registration Statement, the issue and sale of the Shares will have been duly authorized by all necessary corporate action of the Company, and the Shares will be validly issued, fully paid and nonassessable. In rendering the foregoing opinion, we have assumed that the Company will comply with all applicable notice requirements regarding uncertificated shares provided in the General Corporation Law of the State of Delaware.

This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus under the heading "Legal Matters." We further consent to the incorporation by reference of this letter and consent into any registration statement filed pursuant to Rule 462(b) with respect to the Shares. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.

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|:---|
| Sincerely, |
| /s/ Latham & Watkins LLP |

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## Exhibit 10.1

**Exhibit 10.1**

TAX RECEIVABLE AGREEMENT

by and among

LINCOLN INTERNATIONAL, INC.

LINCOLN INTERNATIONAL, LP

THE TRA REPRESENTATIVE

TRA PARTIES

and

OTHER PERSONS FROM TIME TO TIME PARTY HERETO

Dated as of [ 🟇 ], 2026

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | **Page** | **Page** |
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 2 |
| Section 1.1 | Definitions | 2 |
| Section 1.2 | Rules of Construction | 14 |
| ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT | ARTICLE II DETERMINATION OF REALIZED TAX BENEFIT | 15 |
| Section 2.1 | Basis Adjustments; Company 754 Election | 15 |
| Section 2.2 | Attribute Schedules | 16 |
| Section 2.3 | Tax Benefit Schedules | 16 |
| Section 2.4 | Procedures; Amendments | 17 |
| ARTICLE III TAX BENEFIT PAYMENTS | ARTICLE III TAX BENEFIT PAYMENTS | 18 |
| Section 3.1 | Timing and Amount of Tax Benefit Payments | 18 |
| Section 3.2 | No Duplicative Payments | 20 |
| Section 3.3 | Pro-Ration of Payments as Between the TRA Parties | 21 |
| Section 3.4 | Overpayments | 21 |
| Section 3.5 | IPO Existing Basis | 21 |
| ARTICLE IV TERMINATION | ARTICLE IV TERMINATION | 22 |
| Section 4.1 | Early Termination of Agreement; Acceleration Events | 22 |
| Section 4.2 | Early Termination Notice | 23 |
| Section 4.3 | Payment upon Early Termination | 24 |
| ARTICLE V SUBORDINATION AND LATE PAYMENTS | ARTICLE V SUBORDINATION AND LATE PAYMENTS | 24 |
| Section 5.1 | Subordination | 24 |
| Section 5.2 | Late Payments by the Corporation | 24 |
| ARTICLE VI TAX MATTERS; CONSISTENCY; COOPERATION | ARTICLE VI TAX MATTERS; CONSISTENCY; COOPERATION | 24 |
| Section 6.1 | Participation in the Corporation's and the Company's Tax Matters | 24 |
| Section 6.2 | Consistency | 25 |
| Section 6.3 | Cooperation | 25 |
| ARTICLE VII MISCELLANEOUS | ARTICLE VII MISCELLANEOUS | 26 |
| Section 7.1 | Notices | 26 |

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| | | |
|:---|:---|:---|
| Section 7.2 | Counterparts | 26 |
| Section 7.3 | Entire Agreement; No Third-Party Beneficiaries | 26 |
| Section 7.4 | Severability | 27 |
| Section 7.5 | Assignments; Amendments; Successors; No Waiver | 27 |
| Section 7.6 | Titles and Subtitles | 29 |
| Section 7.7 | Resolution of Disputes; Governing Law | 29 |
| Section 7.8 | Reconciliation Procedures | 31 |
| Section 7.9 | Withholding | 31 |
| Section 7.10 | Admission of the Corporation into a Consolidated Group; Transfers of Corporate Assets | 32 |
| Section 7.11 | Confidentiality | 33 |
| Section 7.12 | Change in Law | 33 |
| Section 7.13 | Interest Rate Limitation | 34 |
| Section 7.14 | Independent Nature of Rights and Obligations | 34 |
| Section 7.15 | Coordination with Limited Partnership Agreement | 35 |
| Section 7.16 | TRA Representative | 35 |

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| | | |
|:---|:---|:---|
| **<u>Exhibits</u>** | | |
| Exhibit A | - | Form of Joinder Agreement |
| Exhibit B | - | Net Tax Benefit Splits |

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iii

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**TAX RECEIVABLE AGREEMENT**

This TAX RECEIVABLE AGREEMENT (this "<u>Agreement</u>"), dated as of [ 🟇 ], 2026, is hereby entered into by and among Lincoln International, Inc., a Delaware corporation (the "<u>Corporation</u>"), Lincoln International, LP, a Delaware limited partnership (the "<u>Company</u>"), the TRA Representative and each of the TRA Parties.

**RECITALS**

WHEREAS, the Company is treated as a partnership for U.S. federal income tax purposes;

WHEREAS, as a result of certain reorganization transactions undertaken in connection with the IPO of the Corporation, (i) all of the shares of the Blockers and LI GP, Inc. were acquired by the Corporation in exchange for Class A Common Stock and, in the case of LI GP, Inc., Class C Common Stock (the "<u>Pre-IPO Mergers</u>") and (ii) certain TRA Parties (the "<u>Rolling Partners</u>") contributed all or a portion of their Common Units (the "<u>Rolled Common</u> <u>Units</u>") to the Corporation in exchange for Class A Common Stock (the "<u>Pre-IPO Roll</u>"), and (iii) pursuant to such transactions, the Corporation acquired (A) all of the Common Units owned by the Blockers and LI GP, Inc. and (B) the Rolled Common Units owned by the Rolling Partners (the Pre-IPO Mergers and the Pre-IPO Roll collectively, the "<u>Reorganization</u>");

WHEREAS, as a result of the Reorganization, the Corporation will be entitled to utilize (or otherwise be entitled to the benefits arising out of) the Transferred IPO Existing Basis;

WHEREAS, in connection with the Reorganization, the Company entered into the Limited Partnership Agreement wherein the Company recapitalized all existing ownership interests in the Company into limited partnership interests in the form of Common Units (the "<u>Recapitalization</u>") and admitted the Corporation as the sole general partner of the Company;

WHEREAS, on the date hereof, the Corporation issued shares of its Class A Common Stock in an initial public offering of its Class A Common Stock (the "<u>IPO</u>");

WHEREAS, immediately following the consummation of the IPO, the Corporation acquired newly issued Common Units by (i) contributing cash to the Company which was not used to fund a distribution to or redemption of Common Units held by any other partner of the Company (the "<u>Unit Purchase</u>") and (ii) contributing cash to the Company which was used to fund a Redemption of Common Units held by certain Unit Holders (the "<u>IPO Unit</u> <u>Redemption</u>");

WHEREAS, as a result of the Unit Purchase, the Corporation will be entitled to utilize (or otherwise be entitled to the benefits arising out of) the IPO Existing Basis;

WHEREAS, the Limited Partnership Agreement provides each Unit Holder a redemption right pursuant to which each such Unit Holder may cause the Company to redeem all or a portion of its Common Units from time to time for shares of Class A Common Stock or,

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under certain circumstances and at the Corporation's election, cash (a "<u>Redemption</u>"), subject to the Corporation's right, in its sole discretion, to elect to effect a direct exchange of cash or shares of Class A Common Stock for such Common Units between the Corporation (or wholly-owned Subsidiary thereof) and the applicable Unit Holder in lieu of such a Redemption (a "<u>Direct</u> <u>Exchange</u>");

WHEREAS, as a result of any such Redemption (including the IPO Unit Redemption) or Direct Exchange or any other Exchange, the Corporation will be entitled to utilize (or otherwise be entitled to the benefits arising out of) the Exchange Existing Basis and Basis Adjustments;

WHEREAS, the Company and its Subsidiaries that are treated as a partnership for U.S. federal income tax purposes will have in effect an election under Section 754 of the Code for the Taxable Year in which any Exchange occurs, which election will cause any such Exchange to result in an adjustment to the Corporation's proportionate share of the tax basis of the assets owned by the Company and such Subsidiaries pursuant to Section 743(b) and Section 734(b) of the Code; and

WHEREAS, the Parties to this Agreement desire to provide for certain payments and make certain arrangements with respect to certain tax benefits to be derived by the Corporation as the result of Covered Tax Assets and the making of payments under this Agreement.

NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth herein, the Parties hereto agree as follows:

**ARTICLE I**

**DEFINITIONS**

Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions</u>. As used in this Agreement, the terms set forth in this <u>Article I</u> shall have the following meanings (such meanings to be equally applicable to (i) the singular and plural, (ii) the active and passive and (iii) for defined terms that are nouns, the verb forms of the terms defined).

"<u>Actual Tax Liability</u>" means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation or the Company (but only to the extent allocable to the Corporation) for such Taxable Year, including without duplication, the portion of any liability for U.S. federal income Taxes imposed directly on the Company under Section 6225 or any similar provision of the Code that is allocable to the Corporation under Section 704 of the Code, or (b) if applicable, determined in accordance with a Determination; <u>provided</u>, that for purposes of determining Actual Tax Liability, the Corporation shall use the Assumed State and Local Tax Rate for purposes of determining liabilities for all state and local Covered Taxes (including, for the avoidance of doubt, the U.S. federal income tax benefit realized by the Corporation with respect to such state and local Covered Taxes).

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"<u>Advisory Firm</u>" means an accounting firm that is nationally recognized as being expert in Covered Tax matters selected by the Corporation.

"<u>Affiliate</u>" means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person.

"<u>Agreed Rate</u>" means SOFR plus 100 basis points.

"<u>Agreement</u>" is defined in the preamble to this Agreement.

"<u>Amended Schedule</u>" is defined in <u>Section 2.4(b)</u>.

"<u>Amount Realized</u>" means, with respect to any Exchange that is not eligible for nonrecognition treatment (as determined for U.S. federal income tax purposes), at any time, the sum of (i) the Market Value of the shares of Class A Common Stock or the amount of cash (as applicable) transferred to a TRA Party pursuant to such Exchange, (ii) the amount of payments made pursuant to this Agreement with respect to such Exchange (but excluding any portions thereof attributable to Imputed Interest) and (iii) the amount of liabilities allocated to the Common Units acquired pursuant to the Exchange under Section 752 of the Code.

"<u>Assumed State and Local Tax Rate</u>" means the Corporation's reasonable estimate of the tax rate equal to the sum of the products of (i) the Corporation's or the Company's income tax apportionment factor for each state and local jurisdiction in which the Corporation or the Company files income or franchise tax returns for the relevant Taxable Year and (ii) the highest applicable corporate income and franchise tax rate(s) for each such state and local jurisdiction in which the Corporation or the Company files income tax returns for each relevant Taxable Year.

"<u>Attributable</u>" is defined in <u>Section 3.1(b)(i)</u>.

"<u>Attribute Schedule</u>" is defined in <u>Section 2.2</u>.

"<u>Audit Committee</u>" means the audit committee of the Board.

"<u>Basis Adjustment</u>" is defined in <u>Section 2.1(a)</u>.

"<u>Beneficial Owner</u>" means, with respect to any security, a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares (i) voting power, which includes the power to vote, or to direct the voting of, with respect to such security or (ii) investment power, which includes the power to dispose of, or to direct the disposition of, such security.

"<u>Blocker</u>" means each of Lincoln International Partners Holdings, LLC, Lincoln International Partners Holdings II, LLC and MarshBerry Holdco II, LLC.

"<u>Board</u>" means the Board of Directors of the Corporation.

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"<u>Business Day</u>" means any day other than a Saturday or a Sunday or a day on which banks located in New York City, New York generally are authorized or required by Law to close.

"<u>Change of Control</u>" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any "person" or "group" (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but excluding any (A) employee benefit plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, (B) "person" or "group" who, on the date of the consummation of the IPO, is the Beneficial Owner of securities of the Corporation representing more than 50% of the combined voting power of the Corporation's then outstanding voting securities or (C) any "group" formed after the IPO that includes members who collectively, as of the IPO, are the Beneficial Owners of securities of the Corporation representing more than 50% of the combined voting power of the Corporation's then outstanding voting securities) becomes the "beneficial owner" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares of Class A Common Stock, Class B Common Stock, Class C Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation (if any) representing in the aggregate more than fifty percent (50%) of the voting power of all of the outstanding shares of capital stock of the Corporation entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated an agreement or series of related agreements for the sale, lease, exchange or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation's assets (including a sale of all or substantially all of the assets of the Company) other than such sale or other disposition by the Corporation of all or substantially all of the Corporation's assets to an entity at least fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Corporation in substantially the same proportions as their ownership of the Corporation immediately prior to such sale or other disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;there is consummated a merger or consolidation of the Corporation with any other corporation or entity, and, immediately after the consummation of such merger or consolidation, the voting securities of the Corporation outstanding immediately prior to such merger or consolidation do not continue to represent, or are not converted into, voting securities representing in the aggregate more than fifty percent (50%) of the voting power of all of the outstanding voting securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof.

Notwithstanding the foregoing, a "Change of Control" shall not be deemed to have occurred (a) by virtue of the consummation of any transaction or series of related transactions immediately following which the Beneficial Owners of the Class A Common Stock, Class B Common Stock,

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Class C Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions or (b) if the TRA Representative agrees in writing to elect for a "Change of Control" to not have occurred upon the occurrence of any transaction, series of related transactions or any other occurrence that may otherwise qualify as a "Change of Control."

"<u>Class A Common Stock</u>" means the Class A common stock, par value $0.00001 per share, of the Corporation.

"<u>Class B Common Stock</u>" means the Class B common stock, par value $0.00001 per share, of the Corporation.

"<u>Class C Common Stock</u>" means the Class C common stock, par value $0.00001 per share, of the Corporation.

"<u>Code</u>" means the U.S. Internal Revenue Code of 1986, as amended. Unless the context requires otherwise, any reference herein to a specific section of the Code shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period.

"<u>Common Units</u>" shall have the meaning ascribed to such term in the Limited Partnership Agreement.

"<u>Company</u>" is defined in the preamble to this Agreement.

"<u>Company Group</u>" means the Company and each of its direct or indirect Subsidiaries that is treated as a partnership or disregarded entity for applicable tax purposes (but excluding any such Subsidiary to the extent it is directly or indirectly held by any entity treated as a corporation for applicable tax purposes (other than the Corporation)).

"<u>Control</u>" means the direct or indirect possession of the power to direct or cause the direction of the management or policies of a Person, whether through ownership of voting securities, by contract or otherwise.

"<u>Corporation</u>" is defined in the preamble to this Agreement.

"<u>Covered Tax Assets</u>" means (i) IPO Existing Basis; (ii) Transferred IPO Existing Basis; (iii) Exchange Existing Basis; (iv) Basis Adjustments; and (v) Imputed Interest reasonably determined to be allocable to payments pursuant to this Agreement arising from the items described in clauses (i) through (iv). The determination of IPO Existing Basis, Transferred IPO Existing Basis and Exchange Existing Basis that is attributable to Common Units being Exchanged by the TRA Party or Common Units acquired by the Corporation at the time of the Reorganization or IPO (and, in each case, payments made hereunder with respect to such tax basis) shall be determined in good faith by the Corporation in consultation with the Advisory

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Firm; <u>provided</u>, that in no event will the portions of existing tax basis in the Reference Assets that are included as Covered Tax Assets exceed one hundred percent (100%) of the existing tax basis in the Reference Assets that is allocable to the Corporation at any time. For the avoidance of doubt, Covered Tax Assets shall include any carryforwards, carrybacks or similar attributes that are attributable to the tax items described in clauses (i) through (v).

"<u>Covered Taxes</u>" means any U.S. federal, state and local taxes, assessments or similar charges that are based on or measured with respect to net income or profits and any interest imposed in respect thereof under applicable Law.

"<u>Cumulative Net Realized Tax Benefit</u>" is defined in <u>Section 3.1(b)(iii)</u>.

"<u>Default Rate</u>" means SOFR plus 500 basis points.

"<u>Default Rate Interest</u>" is defined in <u>Section 5.2</u>.

"<u>Determination</u>" shall have the meaning ascribed to such term in Section 1313(a) of the Code or any similar provisions of state, local or foreign tax Law, as applicable, or any other event (including the execution of IRS Form 870-AD) that finally and conclusively establishes the amount of any liability for tax.

"<u>Direct Exchange</u>" is defined in the recitals to this Agreement.

"<u>Dispute</u>" is defined in <u>Section 7.7(a)</u>.

"<u>Early Termination Effective Date</u>" means (i) with respect to an early termination pursuant to <u>Section 4.1(a)</u>, the date an Early Termination Notice is delivered, (ii) with respect to an early termination pursuant to <u>Section 4.1(b)</u>, the date of the applicable Change of Control and (iii) with respect to an early termination pursuant to <u>Section 4.1(c)</u>, the date of the applicable Material Breach.

"<u>Early Termination Notice</u>" is defined in <u>Section 4.2(a)</u>.

"<u>Early Termination Payment</u>" is defined in <u>Section 4.3(b)</u>.

"<u>Early Termination Reference Date</u>" is defined in <u>Section 4.2(b)</u>.

"<u>Early Termination Schedule</u>" is defined in <u>Section 4.2(b)</u>.

"<u>Exchange</u>" means any (1) Direct Exchange, (2) Redemption (including the IPO Unit Redemption), (3) other taxable transfer (as determined for U.S. federal income tax purposes) of Common Units to the Corporation from a TRA Party (including a purchase by the Company deemed or treated as a purchase by the Corporation under Section 707(a) of the Code and any taxable transfer of Common Units to the Corporation arising from the Pre-IPO Roll) or (4) distribution (including a deemed distribution) by the Company to a TRA Party, in each case, that results in a Basis Adjustment; <u>provided</u>, that, for the avoidance of doubt, the term Exchange

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does not include any exchange, transaction or otherwise that occurred prior to the IPO (other than any taxable transfer of Common Units to the Corporation arising from the Pre-IPO Roll).

"<u>Exchange Act</u>" means the Securities and Exchange Act of 1934, as amended, and applicable rules and regulations thereunder, and any successor to such statute, rules or regulations.

"<u>Exchange Existing Basis</u>" means the existing Tax basis of the Reference Assets that is amortizable under Section 197 of the Code, depreciable under Section 168 of the Code or that is otherwise reported as depreciable or amortizable on IRS Form 4562 (or any successor form) for U.S. federal income tax purposes (without taking into account Section 704(c) of the Code), in each case, relating to the Common Units transferred upon an Exchange, determined as of immediately prior to the time of such Exchange and without regard to any dilutive or antidilutive effect of any contribution by or distribution to the Corporation after the relevant Exchange; <u>provided</u>, that any tax basis included in the IPO Existing Basis Attributable to Unit Holders shall be excluded from the determination of the Exchange Existing Basis.

"<u>Exercise Period</u>" is defined in <u>Section 7.5(a)(ii)</u>.

"<u>Expert</u>" is defined in <u>Section 7.8(a)</u>.

"<u>Final Payment Date</u>" means any date on which a Payment is required to be made pursuant to this Agreement. The Final Payment Date in respect of (i) a Tax Benefit Payment is determined pursuant to <u>Section 3.1(a)</u> and (ii) an Early Termination Payment is determined pursuant to <u>Section 4.3(a)</u>.

"<u>GP Shareholder</u>" means a TRA Party that was a shareholder of LI GP, Inc. immediately prior to the Reorganization.

"<u>Hypothetical Tax Liability</u>" means, with respect to any Taxable Year, the hypothetical liability of the Corporation that would arise in respect of Covered Taxes, including without duplication, the portion of any liability for U.S. federal income Taxes imposed directly on the Company under Section 6225 or any similar provision of the Code that is allocable to the Corporation under Section 704 of the Code, in each case, using the same methods, elections, conventions and similar practices used on the actual relevant Tax Returns of the Corporation and the Company but calculated without taking into account the Covered Tax Assets; <u>provided</u>, that for purposes of determining the Hypothetical Tax Liability, (a) the combined tax rate for U.S. state and local Covered Taxes shall be the Assumed State and Local Tax Rate, (b) the Corporation shall use the Non-Transferred IPO Existing Basis, the Non-IPO Existing Basis, the Non-Exchange Existing Basis, and the Non-Basis Adjustment Basis, (c) the Corporation shall exclude any deduction attributable to Imputed Interest and (d) the Corporation shall be entitled to make reasonable simplifying assumptions in making any determinations contemplated by this definition. For the avoidance of doubt, the Hypothetical Tax Liability shall be determined without taking into account the carryover or carryback of any tax item (or portions thereof) that is attributable to a Covered Tax Asset and shall not be an amount less than zero.

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"<u>Imputed Interest</u>" means any interest imputed under Section 483, 1272 or 1274 or any other provision of the Code or any similar provisions of state, local or foreign tax Law with respect to the Corporation's payment obligations under this Agreement.

"<u>Independent Directors</u>" means the members of the Board who are "independent" under the standards of the principal U.S. securities exchange on which the Class A Common Stock is traded or quoted.

"<u>Interest Amount</u>" is defined in <u>Section 3.1(b)(vii)</u>.

"<u>IPO</u>" is defined in the recitals to this Agreement.

"<u>IPO Existing Basis</u>" means the existing Tax basis of the Reference Assets that is amortizable under Section 197 of the Code, depreciable under Section 168 of the Code or that is otherwise reported as depreciable or amortizable on IRS Form 4562 (or any successor form) for U.S. federal income tax purposes to the extent allocable to the Corporation as a result of the Unit Purchase, in each case, determined at the time of the IPO (without taking into account Section 704(c) of the Code).

"<u>IRS</u>" means the U.S. Internal Revenue Service.

"<u>Joinder</u>" means a joinder to this Agreement, in form and substance substantially similar to <u>Exhibit A</u> to this Agreement.

"<u>Joinder Requirement</u>" is defined in <u>Section 7.5(b)</u>.

"<u>Law</u>" means all laws, statutes, ordinances, rules and regulations of the U.S., any foreign country and each state, commonwealth, city, county, municipality, regulatory or self-regulatory body, agency or other political subdivision thereof.

"<u>Limited Partnership Agreement</u>" means that certain Fourth Amended and Restated Limited Partnership Agreement of the Company, dated as of the date hereof, as such agreement may be further amended, restated, supplemented or otherwise modified from time to time.

"<u>Market Value</u>" means (i) with respect to an Exchange (other than a deemed Exchange described in clause (ii) below), the value of the Class A Common Stock on the applicable Redemption or Direct Exchange date determined by the Corporation on a reasonable and consistent basis and used by the Corporation in its U.S. federal income tax reporting with respect to such Exchange, and (ii) with respect to a deemed Exchange pursuant to Valuation Assumptions, (a) if the Class A Common Stock trades on a securities exchange or automated or electronic quotation system, the arithmetic average of the high trading price on such date (or if such date is not a Trading Day, the immediately preceding Trading Day) and the low trading price on such date (or if such date is not a Trading Day, the immediately preceding Trading Day) or (b) if the Class A Common Stock no longer trades on a securities exchange or automated or electronic quotation system, the fair market value of one share of Class A Common Stock, as

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determined by the Corporation in good faith, that would be obtained in an arms' length transaction for cash between an informed and willing buyer and an informed and willing seller, neither of whom is under any compulsion to buy or sell, and without regard to the particular circumstances of the buyer or seller and without any discounts for liquidity or minority discount.

"<u>Material Breach</u>" means the (i) material breach by the Corporation of a material obligation under this Agreement or (ii) the rejection of this Agreement by operation of law in a case commenced in bankruptcy or otherwise.

"<u>Net Tax Benefit</u>" is defined in <u>Section 3.1(b)(ii)</u>.

"<u>Non-Basis Adjustment Basis</u>" means, with respect to any Reference Asset reported as depreciable or amortizable on IRS Form 4562 for U.S. federal income tax purposes (without taking into account Section 704(c) of the Code) at the time of an Exchange, the tax basis that such asset would have had at such time if no Basis Adjustments had been made.

"<u>Non-Exchange Existing Basis</u>" means, with respect to any Reference Assets reported as depreciable or amortizable on IRS Form 4562 for U.S. federal income tax purposes (without taking into account Section 704(c) of the Code) at the time of an Exchange, the tax basis that such Reference Assets would have had if the Exchange Existing Basis was equal to zero.

"<u>Non-IPO Existing Basis</u>" means, with respect to any Reference Assets reported as depreciable or amortizable on IRS Form 4562 for U.S. federal income tax purposes at the time of the Unit Purchase, the tax basis that such Reference Assets would have had if the IPO Existing Basis was equal to zero.

"<u>Non-Participating Blocker Shareholder</u>" means any Person who (i) immediately prior to the Reorganization beneficially owned its Common Units indirectly through one of the Blockers and (ii) is not a TRA Party as of the date hereof.

"<u>Non-TRA Portion</u>" is defined in <u>Section 2.3(b)</u>.

"<u>Non-Transferred IPO Existing Basis</u>" means, with respect to any Reference Assets reported as depreciable or amortizable on IRS Form 4562 for U.S. federal income tax purposes (without taking into account Section 704(c) of the Code) at the time of the Reorganization, the tax basis that such Reference Assets would have had if the Transferred IPO Existing Basis was equal to zero.

"<u>Objection Notice</u>" is defined in <u>Section 2.4(a)</u>.

"<u>Offered Price</u>" is defined in <u>Section 7.5(a)(i)</u>.

"<u>Offered TRA Interests</u>" is defined in <u>Section 7.5(a)(i)</u>.

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"<u>Parties</u>" means the parties named on the signature pages to this Agreement and each additional party that satisfies the Joinder Requirement, in each case with their respective successors and assigns.

"<u>Participating Blocker Shareholder</u>" means a TRA Party that, immediately prior to the Reorganization, beneficially owned its Common Units indirectly through one of the Blockers.

"<u>Payment</u>" means any Tax Benefit Payment or Early Termination Payment and in each case, unless otherwise specified, refers to the entire amount of such Payment or any portion thereof.

"<u>Permitted Transferee</u>" means a holder of Common Units pursuant to any Permitted Transfer (as such term is defined in the Limited Partnership Agreement).

"<u>Person</u>" means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, governmental entity or other entity.

"<u>Pre-Exchange Transfer</u>" means any transfer (or deemed transfer) of one or more Common Units (i) that occurs after the consummation of the IPO but prior to an Exchange of such Common Units and (ii) to which Section 743(b) of the Code applies.

"<u>Proposed Transferee</u>" is defined in <u>Section 7.5(a)(i)</u>.

"<u>Realized Tax Benefit</u>" is defined in <u>Section 3.1(b)(iv)</u>.

"<u>Realized Tax Detriment</u>" is defined in <u>Section 3.1(b)(v)</u>.

"<u>Recapitalization</u>" is defined in the recitals to this Agreement.

"<u>Reconciliation Dispute</u>" is defined in <u>Section 7.8(a)</u>.

"<u>Reconciliation Procedures</u>" is defined in <u>Section 7.8(a)</u>.

"<u>Redemption</u>" is defined in the recitals to this Agreement.

"<u>Reference Asset</u>" means any asset of any member of the Company Group on the relevant date of determination under this Agreement (including at the time of the Reorganization, an Exchange or the IPO, as applicable). A Reference Asset also includes any asset the tax basis of which is determined, in whole or in part, by reference to the tax basis of an asset that is described in the preceding sentence, including "substituted basis property" within the meaning of Section 7701(a)(42) of the Code.

"<u>Right of First Refusal</u>" is defined in <u>Section 7.5(a)</u>.

"<u>Right of First Refusal Closing</u>" is defined in <u>Section 7.5(a)(iv)</u>.

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"Rolled Common Units" is defined in the recitals to this Agreement.

"<u>Rolling Partners</u>" is defined in the recitals to this Agreement.

"<u>Schedule</u>" means any of the following: (i) an Attribute Schedule; (ii) a Tax Benefit Schedule; (iii) an Early Termination Schedule; and (iv) any Amended Schedule.

"<u>Seller</u>" is defined in <u>Section 7.5(a)</u>.

"<u>Senior Obligations</u>" is defined in <u>Section 5.1</u>.

"<u>SOFR</u>" means the Secured Overnight Financing Rate, as reported by the Wall Street Journal.

"<u>Subsidiary</u>" means, with respect to any Person and as of any determination date, any other Person as to which such first Person (i) owns, directly or indirectly, or otherwise controls, more than 50% of the voting power or other similar interests of such other Person or (ii) is the sole general partner interest, or managing member or similar interest, of such other Person.

"<u>Subsidiary Stock</u>" means any stock or other equity interest in any Subsidiary of the Corporation that is treated as a corporation for U.S. federal income tax purposes.

"<u>Tax Benefit Payment</u>" is defined in <u>Section 3.1(b)</u>.

"<u>Tax Benefit Schedule</u>" is defined in <u>Section 2.3(a)</u>.

"<u>Tax Return</u>" means any return, declaration, report or similar statement filed or required to be filed with respect to taxes (including any attached schedules), including any information return, claim for refund, amended return and declaration of estimated tax.

"<u>Taxable Year</u>" means a taxable year of the Corporation as defined in Section 441(b) of the Code or any similar provisions of U.S. state or local tax Law, as applicable (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is filed), ending on or after the closing date of the IPO.

"<u>Taxing Authority</u>" means any national, federal, state, county, municipal or local government, or any subdivision, agency, commission or authority thereof, or any quasi-governmental body, or any other authority of any kind, exercising regulatory or other authority in relation to tax matters.

"<u>Threshold Exchange Units</u>" is defined in <u>Section 3.5</u>.

"<u>Trading Day</u>" means a day on which the New York Stock Exchange or such other principal United States securities exchange on which the Class A Common Stock is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day).

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"<u>TRA Interests</u>" is defined in <u>Section 7.5(a)</u>.

"<u>Transfer</u>" has the meaning set forth in the Limited Partnership Agreement and the terms "<u>Transferee,</u>" "<u>Transferor,</u>" "<u>Transferred,</u>" and other forms of the word "<u>Transfer</u>" shall have the correlative meanings.

"<u>Transfer Notice</u>" is defined in <u>Section 7.5(a)(i)</u>.

"<u>Transferred IPO Existing Basis</u>" means the existing tax basis of the Reference Assets that is amortizable under Section 197 of the Code, depreciable under Section 168 of the Code or that is otherwise reported as depreciable or amortizable on IRS Form 4562 (or any successor form) for U.S. federal income tax purposes (without taking into account Section 704(c) of the Code) to the extent allocable to the Corporation as a result of the Reorganization; <u>provided</u>, that any tax basis included in the IPO Existing Basis Attributable to the Participating Blocker Shareholders, GP Shareholders or Rolling Partners (in each case, with respect to the Unit Purchase) shall be excluded from the determination of the Transferred IPO Existing Basis; <u>provided</u> <u>further</u>, that notwithstanding anything to the contrary in this Agreement, any such existing tax basis described in the foregoing that is attributable to any Non-Participating Blocker Shareholder as described on Exhibit B shall not be included in Transferred IPO Existing Basis or any other Covered Tax Asset.

"<u>TRA Parties</u>" means each of the signatories to this Agreement as of the date hereof.

"<u>TRA Portion</u>" is defined in <u>Section 2.3(b)</u>.

"<u>TRA Representative</u>" means Theodore J. Heidloff, or his successor as determined by the Corporation.

"<u>Treasury Regulations</u>" means the final, temporary and (to the extent they can be relied upon) proposed regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) and as in effect for the relevant taxable period.

"<u>U.S.</u>" means the United States of America.

"<u>Unit Holder</u>" means a TRA Party (and its Permitted Transferees) that directly holds Common Units immediately after the Reorganization and Recapitalization, other than the Corporation; <u>provided</u>, that the term "Unit Holder" refers to such Unit Holder solely with respect to the Common Units such Unit Holder directly owns following the Reorganization and does not refer to a Unit Holder in its capacity as a GP Shareholder, Rolling Partner or otherwise.

"<u>Unit Purchase</u>" is defined in the recitals to this Agreement.

"<u>UTPR Taxes</u>" means any taxes imposed pursuant to any provision of non-U.S. tax law implementing the "undertaxed payments rule" of the OECD's Global Anti-Base Erosion Model Rules under Pillar Two.

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"<u>Valuation Assumptions</u>" means, as of an Early Termination Effective Date, the assumptions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;in each Taxable Year ending on or after such Early Termination Effective Date, the Corporation will have taxable income sufficient to fully use the Covered Tax Assets (other than any such Covered Tax Assets that constitute or have resulted in net operating losses, disallowed interest expense carryforwards, or credit carryforwards or carryovers (determined as of the Early Termination Effective Date), which shall be governed by paragraph (iv) below) during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions) in which such deductions would become available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the U.S. federal income tax rates that will be in effect for each such Taxable Year will be those specified for each such Taxable Year by the Code and other applicable Law as in effect on the Early Termination Effective Date, except to the extent any change to such tax rates for such Taxable Year have already been enacted into Law, and the combined U.S. state and local income tax rates shall be the Assumed State and Local Tax Rate in effect for each such Taxable Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;all taxable income of the Corporation will be subject to the maximum applicable tax rates for each Covered Tax throughout the relevant period; <u>provided</u>, that the combined tax rate for U.S. state and local income taxes shall be the Assumed State and Local Tax Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any carryovers or carrybacks of losses, credits, or disallowed interest expense generated by any Covered Tax Assets (including any Basis Adjustments or Imputed Interest generated as a result of payments made or deemed to be made under this Agreement) and available (taking into account any known and applicable limitations, other than, for the avoidance of doubt, any such limitation arising from any Change of Control) as of the date of the Early Termination Schedule will be used by the Corporation ratably in each of the five consecutive Taxable Years beginning with the Taxable Year that includes the date of the Early Termination Schedule (but, in the case of any such carryover or carryback that has less than five remaining Taxable Years, ratably through the scheduled expiration date of such carryover or carryback) (by way of example, if on the date of the Early Termination Schedule the Corporation had $100 of net operating losses, $20 of such net operating losses would be used in each of the five consecutive Taxable Years beginning in the Taxable Year of such Early Termination Schedule);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;any non-amortizable assets (other than Subsidiary Stock) will be disposed of on the fifteenth (15th) anniversary of the Early Termination Effective Date; <u>provided</u>, that in the event of a Change of Control that includes the sale of any non-amortizable assets (or the sale of equity interests in a partnership or disregarded entity for U.S. federal income tax purposes that directly or indirectly owns non-amortizable assets), such non-amortizable assets shall be disposed of at the time of the direct or indirect sale

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of the relevant asset in such Change of Control (if earlier than such fifteenth anniversary) for such price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;if, on the Early Termination Effective Date, any TRA Party has Common Units that have not been Exchanged, then such Common Units shall be deemed to be Exchanged for the Market Value of the shares of Class A Common Stock or the amount of cash that would be received by such TRA Party had such Common Units actually been Exchanged on the Early Termination Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;any future payment obligations pursuant to this Agreement that are used to calculate the Early Termination Payment will be satisfied on the date that any Tax Return to which any such payment obligation relates is required to be filed excluding any extensions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;with respect to Taxable Years ending prior to the Early Termination Effective Date, any unpaid Tax Benefit Payments and any applicable Default Rate Interest will be paid.

"<u>Voluntary Early Termination</u>" is defined in <u>Section 4.2(a)</u>.

Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Rules of Construction</u>. Unless otherwise specified herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of interpretation of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The words "herein," "hereto," "hereof" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Unless specified otherwise, references to an Article, Section or clause refer to the appropriate Article, Section or clause in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;References to dollars or "<u>$</u>" refer to the lawful currency of the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The terms "include" or "including" are by way of example and not limitation and shall be deemed followed by the words "without limitation".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The term "or", when used in a list of two or more items, means "and/or" and may indicate any combination of the items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including", the words "to" and "until" each mean "to but excluding" and the word "through" means "to and including."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise expressly provided herein, (i) references to organizational documents (including the Limited Partnership Agreement), agreements (including this Agreement) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are permitted hereby, and (ii) references to any Law (including the Code and the Treasury Regulations) include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

**ARTICLE II**

**DETERMINATION OF REALIZED TAX BENEFIT**

Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Basis Adjustments; Company 754 Election</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Basis Adjustments.</u> The Parties acknowledge and agree that, to the extent permitted by applicable Law, (i) each Redemption shall be treated as a direct purchase of Common Units by the Corporation from the applicable TRA Party pursuant to Section 707(a)(2)(B) of the Code (or any similar provisions of applicable state, local or foreign tax Law) (i.e., equivalent to a Direct Exchange), (ii) all Tax Benefit Payments (other than Imputed Interest thereon) attributable to Transferred IPO Existing Basis that are allocable to a Participating Blocker Shareholder or a GP Shareholder (solely with respect to the Corporation's ability to utilize such Transferred IPO Existing Basis as a result of the Pre-IPO Mergers), will be treated as other property or money for purposes of Section 356 of the Code or otherwise as consideration received in the Pre-IPO Mergers, (iii) all Tax Benefit Payments (other than Imputed Interest thereon) attributable to Transferred IPO Existing Basis or Basis Adjustments that are allocable to a Rolling Partner (solely with respect to the Corporation's ability to utilize such Transferred IPO Existing Basis or Basis Adjustments as a result of the Pre-IPO Roll), will be treated as other property or money for purposes of Section 351 of the Code or otherwise as consideration received in the Pre-IPO Roll, (iv) each (A) Exchange, (B) payment made by the Corporation under this Agreement (excluding payments with respect to amounts that constitute Imputed Interest) to a TRA Party in connection with an Exchange, (C) payment to a TRA Party pursuant to this Agreement with respect to IPO Existing Basis (except with respect to amounts that constitute Imputed Interest) that is treated as consideration in respect of the Threshold Exchange Units and (D) distribution (or deemed distribution) from the Company to a TRA Party that may reasonably be treated as a transaction between the Corporation and the TRA Party pursuant to Section 707(a)(2)(B) of the Code (or any similar provisions of applicable state, local or foreign tax Law), in each case, will give rise to an increase or decrease to, or the Corporation's proportionate share of, the tax basis of the Reference Assets under Section 362(a), 732, 734(b), 743(b) or 1012 of the Code (or any similar provisions of state, local or foreign tax Law) to the maximum extent permitted by applicable law (the "<u>Basis Adjustments</u>") and (v) the Interest Amount and Default Rate Interest payable with respect to any Exchange shall not be treated as interest for tax purposes but instead shall be treated as additional consideration for the Common

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Units transferred by the TRA Party in the relevant Exchange. For purposes of determining the Corporation's proportionate share of the tax basis of the Reference Assets with respect to the Common Units transferred in an Exchange under Treasury Regulations Section 1.743-1(b) (or any similar provisions of state, local or foreign tax Law), the consideration paid by the Corporation for such Common Units shall be the Amount Realized. Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange of one or more Common Units is to be determined as if any Pre-Exchange Transfer of such Common Units had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Section 754 Election.</u> The Corporation shall cause each of the Company and its Subsidiaries (as reasonably determined by the Corporation) that is treated as a partnership for U.S. federal income tax purposes to have in effect an election under Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) for each Taxable Year. The Corporation shall take commercially reasonable efforts to cause each Person in which the Company owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election for each Taxable Year as reasonably determined by the Corporation.

Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Attribute Schedules</u>. Within one hundred twenty (120) calendar days after the due date of the U.S. federal income Tax Return of the Corporation (including applicable extensions thereof) for each relevant Taxable Year, the Corporation shall deliver to the TRA Representative a schedule showing, in reasonable detail, (i) the Covered Tax Assets that are available for use by the Corporation with respect to such Taxable Year with respect to each TRA Party (including the IPO Existing Basis, Transferred IPO Existing Basis, Exchange Existing Basis and Basis Adjustments, in each case, with respect to the Reference Assets resulting from the Reorganization, IPO or Exchanges effected in such Taxable Year, as applicable, and the periods over which such IPO Existing Basis, Transferred IPO Existing Basis, Exchange Existing Basis and Basis Adjustments are amortizable or depreciable), (ii) the portion of the Covered Tax Assets that are available for use by the Corporation in future Taxable Years with respect to each TRA Party and (iii) any limitations on the ability of the Corporation to utilize any Covered Tax Assets under applicable Laws (including as a result of the operation of Section 382 of the Code or Section 383 of the Code) (such schedule, an "<u>Attribute Schedule</u>"). An Attribute Schedule will become final and binding on the Parties pursuant to the procedures set forth in <u>Section 2.4(a)</u> and may be amended by the Parties pursuant to the procedures set forth in <u>Section 2.4(b)</u>.

Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Benefit Schedules</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Benefit Schedule.</u> Within one hundred twenty (120) days after the due date of the U.S. federal income Tax Return of the Corporation (including applicable extensions thereof) for any Taxable Year in which there is a Realized Tax Benefit or Realized Tax Detriment, the Corporation shall provide to the TRA Representative a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year (a "<u>Tax Benefit Schedule</u>"). A Tax Benefit Schedule will become final and binding

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on the Parties pursuant to the procedures set forth in <u>Section 2.4(a)</u> and may be amended by the Parties pursuant to the procedures set forth in <u>Section 2.4(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable Principles</u>. Subject to the provisions hereunder, the Realized Tax Benefit or Realized Tax Detriment for each Taxable Year is intended to measure the decrease or increase in the Actual Tax Liability of the Corporation for such Taxable Year attributable to the Covered Tax Assets, as determined using a "with and without" methodology (i.e., the Actual Tax Liability being the "with" calculation and the Hypothetical Tax Liability being the "without" calculation). Carryovers or carrybacks of any tax item attributable to any of the Covered Tax Assets shall be considered to be subject to the rules of the Code and the Treasury Regulations, and the appropriate provisions of state, local and foreign tax Law, governing the use, limitation or expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any tax item includes a portion that is attributable to any Covered Tax Assets (a "<u>TRA Portion</u>") and another portion that is not attributable to any Covered Tax Assets (a "<u>Non-TRA Portion</u>"), such portions shall be considered to be used in accordance with the "with and without" methodology so that (i) the amount of any Non-TRA Portion is deemed utilized first, followed by the amount of any TRA Portion (with the TRA Portion being applied on a proportionate basis consistent with the provisions of <u>Section 3.3(a)</u>) and (ii) in the case of a carryback of a Non-TRA Portion, such carryback shall not affect the original "with and without" calculation made in the prior Taxable Year.

Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedures; Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedures.</u> Each time the Corporation delivers a Schedule to the TRA Representative under this Agreement, the Corporation shall, with respect to such Schedule, also (i) deliver to the TRA Representative supporting schedules and work papers, as reasonably requested by any TRA Representative, that provide a reasonable level of detail regarding relevant data and calculations and (ii) allow the TRA Representative and its advisors to have reasonable access to the appropriate representatives, as reasonably requested by the TRA Representative, at the Corporation or the Advisory Firm in connection with a review of relevant information. A Schedule will become final and binding on the TRA Parties thirty (30) calendar days from the date on which the TRA Representative first received the applicable Schedule unless the TRA Representative, within such period, provides the Corporation with written notice of a material objection (made in good faith) to such Schedule and sets forth in reasonable detail the TRA Representative's material objection (an "<u>Objection Notice</u>"). If the Parties, for any reason, are unable to resolve the issues raised in such Objection Notice within thirty (30) calendar days after receipt by the Corporation of the Objection Notice, the Corporation and the TRA Representative shall employ the Reconciliation Procedures described in <u>Section 7.8</u> and the finalization of the Schedule will be conducted in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amended Schedule.</u> A Schedule (other than an Early Termination Schedule) for any Taxable Year may only be and shall be amended from time to time by the Corporation (i) in connection with a Determination affecting such Schedule, (ii) to correct inaccuracies in such Schedule identified as a result of the receipt of additional factual information relating to a Taxable Year after the date such Schedule was originally provided to

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the TRA Parties, (iii) to comply with an Expert's determination under the Reconciliation Procedures, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to a carryover or carryback of a loss or other tax item to such Taxable Year or (v) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year (any such Schedule in its amended form, an "<u>Amended Schedule</u>"). The Corporation shall provide any Amended Schedule to the TRA Representative within sixty (60) calendar days of the occurrence of an event referred to in any of <u>clauses (i)</u> through <u>(v)</u> of the preceding sentence, and the delivery and finalization of any such Amended Schedule shall, for the avoidance of doubt, be subject to the procedures described in <u>Section 2.4(a)</u>.

**ARTICLE III**

**TAX BENEFIT PAYMENTS**

Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing and Amount of Tax Benefit Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing of Payments</u>. Subject to <u>Sections 3.2</u> and <u>3.3</u>, by the date that is five (5) Business Days following the date on which each Tax Benefit Schedule becomes final in accordance with <u>Section 2.4(a)</u> (such date, the "<u>Final Payment Date</u>" in respect of any Tax Benefit Payment), the Corporation shall pay in full to each relevant TRA Party the Tax Benefit Payment as determined pursuant to <u>Section 3.1(b)</u>. Each such Tax Benefit Payment shall be made by wire transfer of immediately available funds to a bank account designated by such TRA Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amount of Payments.</u> For purposes of this Agreement, a "<u>Tax Benefit</u> <u>Payment</u>" with respect to any TRA Party means an amount equal to the sum of the Net Tax Benefit that is Attributable to such TRA Party and the Interest Amount with respect thereto. No Tax Benefit Payment shall be calculated or made in respect of any estimated tax payments, including any estimated U.S. federal income tax payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Attributable.</u> A Net Tax Benefit (and related Realized Tax Benefit) is "<u>Attributable</u>" to a TRA Party in accordance with the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;any Transferred IPO Existing Basis shall be determined separately with respect to each Participating Blocker Shareholder, GP Shareholder (solely with respect to such GP Shareholder's participation in the Pre-IPO Mergers) and Rolling Partner (solely with respect to such Rolling Partner's participation in the Pre-IPO Roll) and is Attributable to each such Party proportionately in accordance with Exhibit B;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;any IPO Existing Basis shall be determined separately with respect to each Unit Holder and is Attributable to each Unit Holder proportionately in accordance with Exhibit B;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;any Exchange Existing Basis shall be determined separately with respect to each Unit Holder and is Attributable to each Unit Holder to the extent it is attributable to Common Units that were transferred in an Exchange by such Unit Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;any Basis Adjustments shall be determined separately with respect to each Unit Holder and Rolling Partner and are Attributable to each Unit Holder and Rolling Partner in an amount equal to the total Basis Adjustment relating to Common Units delivered to the Corporation by such Unit Holder or Rolling Partner in the Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;any deduction to the Corporation in respect of Imputed Interest is Attributable to the TRA Party that is required to include the Imputed Interest in income (without regard to whether such Person is actually subject to tax thereon).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Net Tax Benefit.</u> The "<u>Net Tax Benefit</u>" with respect to a TRA Party for a Taxable Year equals the amount of the excess, if any, of (A) 85% of the Cumulative Net Realized Tax Benefit Attributable to such TRA Party as of the end of such Taxable Year over (B) the aggregate amount of all Tax Benefit Payments previously made to such TRA Party under this <u>Section 3.1</u> (excluding payments attributable to Interest Amounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Cumulative Net Realized Tax Benefit.</u> The "<u>Cumulative Net</u> <u>Realized Tax Benefit</u>" for a Taxable Year equals the cumulative amount of Realized Tax Benefits for all Taxable Years of the Corporation up to and including such Taxable Year, net of the cumulative amount of Realized Tax Detriments for the same period. The Realized Tax Benefit and Realized Tax Detriment for each Taxable Year shall be determined based on the most recent Tax Benefit Schedule or Amended Schedule, if any, in existence at the time of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;<u>Realized Tax Benefit.</u> The "<u>Realized Tax Benefit</u>" for a Taxable Year equals the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability for such Taxable Year. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Benefit unless and until there has been a Determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;<u>Realized Tax Detriment.</u> The "<u>Realized Tax Detriment</u>" for a Taxable Year equals the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability for such Taxable Year. If all or a portion of the Actual Tax Liability for such Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of any Taxable Year, such liability shall not be included in determining the Realized Tax Detriment unless and until there has been a Determination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;<u>Imputed Interest.</u> The Parties acknowledge that a portion of any Net Tax Benefit payable by the Corporation to a TRA Party under this Agreement is to be treated as Imputed Interest in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Amount.</u> The "<u>Interest Amount</u>" in respect of a TRA Party equals interest on the unpaid amount of the Net Tax Benefit with respect to such TRA Party for a Taxable Year, calculated at the Agreed Rate from the due date (without extensions) for filing the U.S. federal income Tax Return of the Corporation for such Taxable Year until the earlier of (A) the date on which no remaining Tax Benefit Payment to the TRA Party is due in respect of such Net Tax Benefit and (B) the applicable Final Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;The TRA Parties acknowledge and agree that, as of the date of this Agreement and the date of any future Exchange that may be subject to this Agreement, the aggregate value of the Tax Benefit Payments cannot be reasonably ascertained for U.S. federal income or other applicable tax purposes. Notwithstanding anything to the contrary in this Agreement, the stated maximum selling price (within the meaning of Treasury Regulation 15A.453-1(c)(2)) with respect to any transfer of Common Units by a TRA Party pursuant to an Exchange shall not exceed the sum of (A) the amounts described in clauses (i) and (iii) of the definition of Amount Realized with respect to such Exchange plus (B) the amount, if any, set forth in the Redemption Notice (as defined in the Limited Partnership Agreement) or other written notification delivered by such TRA Party to the Corporation with respect to the relevant Exchange, and the aggregate Payments under this Agreement to such TRA Party (other than amounts accounted for as interest under the Code) in respect of the Covered Tax Assets relating to the Exchange shall not exceed the amount described in this clause (viii); <u>provided</u>, that if a TRA Party does not set forth any amount in the Redemption Notice, there shall not be any stated maximum selling price with respect to the relevant Exchange for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable Principles of Pillar Two.</u> Notwithstanding anything to the contrary in this Agreement, to the extent that any Covered Tax Assets increase UTPR Taxes over the amount of UTPR Taxes that would be payable absent the Covered Tax Assets (as determined on a "with and without" basis in a manner consistent with this Agreement), the Realized Tax Benefit or Realized Tax Detriment shall be decreased or increased, as applicable, to take into account such increase in UTPR Taxes. The TRA Parties agree that the Corporation and the Company may make reasonable assumptions and estimates consistent with the purpose of this section to reduce administrative burdens on the Corporation and the Company when computing whether the Covered Tax Assets resulted in an increase in UTPR Taxes; <u>provided</u>, <u>however</u>, that the Corporation shall disclose any such assumptions or estimates in the Tax Benefit Schedule and such assumptions and estimates shall be subject to the procedures set forth in <u>Section 2.4</u>.

Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>No Duplicative Payments.</u> It is intended that the provisions hereunder will not result in the duplicative payment of any amount that may be required under

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this Agreement, and the provisions hereunder shall be consistently interpreted and applied in accordance with that intent.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Pro-Ration of Payments as Between the TRA Parties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Insufficient Taxable Income.</u> Notwithstanding anything in <u>Section 3.1(b)</u> to the contrary, if the aggregate potential Covered Tax benefit of the Corporation as calculated with respect to the Covered Tax Assets (in each case, without regard to the Taxable Year of origination) is limited in a particular Taxable Year because the Corporation does not have sufficient actual taxable income, then the available Covered Tax benefit for the Corporation shall be allocated among the TRA Parties in proportion to the respective Tax Benefit Payment that would have been payable if the Corporation had sufficient taxable income. For example, if the Corporation had $200 of aggregate potential Covered Tax benefits with respect to the Covered Tax Assets in a particular Taxable Year (with $50 of such Covered Tax benefits Attributable to TRA Party A and $150 Attributable to TRA Party B), such that TRA Party A would have been entitled to a Tax Benefit Payment of $42.50 and TRA Party B would have been entitled to a Tax Benefit Payment of $127.50 if the Corporation had sufficient actual taxable income, and if the Corporation instead had insufficient actual taxable income in such Taxable Year, such that the Covered Tax benefit was limited to $100, then $25 of the aggregate $100 actual Covered Tax benefit for the Corporation for such Taxable Year would be allocated to TRA Party A and $75 would be allocated to TRA Party B, such that TRA Party A would receive a Tax Benefit Payment of $21.25 and TRA Party B would receive a Tax Benefit Payment of $63.75.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Late Payments.</u> If for any reason the Corporation is not able to fully satisfy its payment obligations to make all Tax Benefit Payments due in respect of a particular Taxable Year, then (i) Default Rate Interest will accrue pursuant to <u>Section 5.2</u>, (ii) the Corporation shall pay the available amount of such Tax Benefit Payments (and any applicable Default Rate Interest) in respect of such Taxable Year to each TRA Party pro rata in accordance with <u>Section 3.3(a)</u> and (iii) no Tax Benefit Payment shall be made in respect of any Taxable Year until all Tax Benefit Payments (and any applicable Default Rate Interest) to all TRA Parties in respect of all prior Taxable Years have been made in full.

Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Overpayments</u>. Subject to the procedures described in <u>Section 2.4(a)</u>, to the extent the Corporation makes a payment to a TRA Party in respect of a particular Taxable Year under <u>Section 3.1(a)</u> in an amount in excess of the amount of such payment that should have been made to such TRA Party in respect of such Taxable Year (taking into account <u>Section 3.3</u>) under the terms of this Agreement, then such TRA Party shall not receive further payments under <u>Section 3.1(a)</u> or <u>Section 4.3(a)</u> until such TRA Party has foregone an amount of payments equal to such excess; <u>provided</u>, that for the avoidance of the doubt, no TRA Party shall be required to return any payment paid by the Corporation to such TRA Party.

Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>IPO Existing Basis</u>. Notwithstanding anything to the contrary herein, no Unit Holder shall be entitled to any Tax Benefit Payments with respect to any IPO Existing Basis unless and until such TRA Party has Exchanged (in one or more Exchanges) Common Units equal to 5% of the Common Units held by such Unit Holder immediately prior to

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the IPO (such Common Units, with respect to each TRA Party, such TRA Party's "<u>Threshold</u> <u>Exchange Units</u>"). A Unit Holder which has Exchanged at least the Threshold Exchange Units shall become entitled to receive (a) on the immediately succeeding Final Payment Date, the Tax Benefit Payments foregone as a result of the immediately preceding sentence, if any, and (b) on each subsequent Final Payment Date, the amount of Tax Benefit Payments (including with respect to IPO Existing Basis), if any, otherwise payable to such Unit Holder on such Final Payment Date.

**ARTICLE IV**

**TERMINATION**

Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Early Termination of Agreement; Acceleration Events</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporation's Early Termination Right.</u> With the written approval of a majority of the Independent Directors, the Corporation may terminate this Agreement with respect to all or any of the TRA Parties, as and to the extent provided herein, by paying in full such TRA Party or TRA Parties the Early Termination Payment (along with any applicable Default Rate Interest) due to such TRA Party under this Agreement or such lesser amount otherwise agreed to by the Corporation and such TRA Party or TRA Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceleration upon Change of Control.</u> In the event of a Change of Control, the Early Termination Payment (calculated as if an Early Termination Notice had been delivered on the date of the Change of Control) shall become due and payable in accordance with <u>Section 4.3</u> and the Agreement shall terminate, as and to the extent provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceleration upon Breach of Agreement.</u> In the event of a Material Breach, the Early Termination Payment (calculated as if an Early Termination Notice had been delivered on the date of the Material Breach) shall become due and payable in accordance with <u>Section 4.3</u> and the Agreement shall terminate, as and to the extent provided herein. Subject to the next sentence, the Corporation's failure to make a Payment (along with any applicable Default Rate Interest) within one hundred twenty (120) calendar days of the applicable Final Payment Date shall be deemed to constitute a Material Breach. To the extent that any Tax Benefit Payment is not made by the date that is ninety (90) calendar days after the relevant Final Payment Date because the Corporation (i) is prohibited from making such payment under <u>Section 5.1</u> or the terms of any agreement governing any Senior Obligations or (ii) does not have, and cannot take commercially reasonable actions to obtain, sufficient funds to make such payment, such failure will not constitute a Material Breach; <u>provided</u>, that (A) such payment obligation nevertheless will accrue at the Default Rate Interest for the benefit of the TRA Parties, (B) the Corporation shall promptly (and in any event, within five (5) Business Days) pay the entirety of the unpaid amount (along with any applicable Default Rate Interest) once the Corporation is not prohibited from making such payment under <u>Section 5.1</u> or the terms of the agreements governing the Senior Obligations and the Corporation has sufficient funds to make such payment and (C) the failure of the Corporation to comply with the foregoing clause (B) will constitute a Material Breach; <u>provided</u> <u>further,</u> that the interest provision of <u>Section 5.2</u> shall apply to such late payment (unless the Corporation does not have sufficient funds to make such payment as a result of limitations imposed by any Senior Obligations, in which case <u>Section 5.2</u> 

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shall apply, but the Default Rate shall be replaced by the Agreed Rate). Notwithstanding anything to the contrary, it shall be a Material Breach if the Corporation makes any distribution of cash or other property (other than shares of Class A Common Stock) to its stockholders or uses cash or other property to repurchase any capital stock of the Corporation (including Class A Common Stock), in each case, before (x) all Tax Benefit Payments (along with any applicable Default Rate Interest) that are due and payable as of the date the Corporation enters into a binding commitment to make such distribution or repurchase have been paid or (y) sufficient funds for the payment of all Tax Benefit Payments (along with any applicable Default Rate Interest) that are due and payable on the date of the distribution or repurchase have been reserved therefor. The Corporation shall use commercially reasonable efforts to (1) obtain sufficient available funds for the purpose of making Tax Benefit Payments under this Agreement and (2) avoid entering into any agreements that could be reasonably anticipated to materially delay the timing of the making of any Tax Benefit Payments under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the case of a termination pursuant to any of the foregoing paragraphs (a), (b) or (c), upon the Corporation's payment to the relevant TRA Parties of the Early Termination Payment (along with any applicable Default Rate Interest) or such lesser amount agreed to by the Corporation and the relevant TRA Parties, the Corporation shall have no further payment obligations under this Agreement other than with respect to any Tax Benefit Payments (along with any applicable Default Rate Interest) in respect of any Taxable Year ending prior to the Early Termination Effective Date, and such payment obligations shall survive the termination of, and be calculated and paid in accordance with, this Agreement. For the avoidance of doubt, if an Exchange subsequently occurs with respect to Common Units for which the Corporation has paid the Early Termination Payment in full, the Corporation shall have no obligations under this Agreement with respect to such Exchange.

Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Early Termination Notice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If (i) the Corporation chooses to exercise its termination right under <u>Section 4.1(a)</u> ("<u>Voluntary Early Termination</u>"), (ii) a Change of Control occurs or (iii) a Material Breach occurs, the Corporation shall, in each case, deliver to the TRA Parties a reasonably detailed notice of the Corporation's decision to exercise such right or the occurrence of such event, as applicable (an "<u>Early Termination Notice</u>"). In the case of an Early Termination Notice delivered with respect to a Voluntary Early Termination, the Corporation may withdraw such Early Termination Notice and rescind its Voluntary Early Termination at any time prior to the time at which any Early Termination Payment is paid and the terms of this Agreement shall apply as if such Early Termination Notice had never been delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall deliver to the TRA Representative a schedule showing in reasonable detail the calculation of the Early Termination Payment (an "<u>Early</u> <u>Termination Schedule</u>") (i) simultaneously with the delivery of an Early Termination Notice or (ii) in the case of a termination pursuant to <u>Section 4.1(b)</u> or <u>Section 4.1(c)</u>, as soon as reasonably practicable following the occurrence of the Change of Control or Material Breach giving rise to such termination. The date on which such Early Termination Schedule becomes final in accordance with <u>Section 2.4(a)</u> shall be the "<u>Early Termination Reference Date</u>".

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Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment upon Early Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Timing of Payment.</u> By the date that is five (5) Business Days after the Early Termination Reference Date (such date, the "<u>Final Payment Date</u>" in respect of the Early Termination Payment), the Corporation shall pay in full to each TRA Party an amount equal to the Early Termination Payment applicable to such TRA Party. Such Early Termination Payment shall be made by the Corporation by wire transfer of immediately available funds to a bank account or accounts designated by the applicable TRA Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amount of Payment.</u> The "<u>Early Termination Payment</u>" payable to a TRA Party pursuant to <u>Section 4.3(a)</u> shall equal the present value, discounted at the Default Rate and determined as of the Early Termination Reference Date, of all Tax Benefit Payments (other than any Tax Benefit Payments in respect of Taxable Years ending prior to the Early Termination Effective Date) that would be required to be paid by the Corporation to such TRA Party, beginning from the Early Termination Effective Date and using the Valuation Assumptions. For the avoidance of doubt, an Early Termination Payment shall be made to each TRA Party in accordance with this Agreement, regardless of whether a TRA Party has Exchanged all of its Common Units as of the Early Termination Effective Date.

**ARTICLE V**

**SUBORDINATION AND LATE PAYMENTS**

Section 5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Subordination.</u> Notwithstanding any other provision of this Agreement to the contrary, any payment required to be made by the Corporation to the TRA Parties under this Agreement shall rank subordinate and junior in right of payment to any principal, interest or other amounts due and payable in respect of any obligations owed in respect of indebtedness for borrowed money of the Corporation (other than, for the avoidance of doubt, any trade payables, intercompany debt or other similar obligations) ("<u>Senior Obligations</u>") and shall rank *pari passu* in right of payment with all current or future obligations of the Corporation that are not Senior Obligations.

Section 5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Late Payments by the Corporation.</u> Subject to the second proviso in the third sentence of <u>Section 4.1(c)</u>, the amount of any Payment not made to any TRA Party by the applicable Final Payment Date shall be payable together with "<u>Default Rate Interest</u>", calculated at the Default Rate and accruing on the amount of the unpaid Payment from the applicable Final Payment Date until the date on which the Corporation makes such Payment to such TRA Party.

**ARTICLE VI<br>TAX MATTERS; CONSISTENCY; COOPERATION**

Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Participation in the Corporation's and the Company's Tax Matters.</u> Except as otherwise provided herein or in Article IX of the Limited Partnership Agreement, the Corporation shall have full responsibility for, and sole discretion over, all tax matters concerning the Corporation and the Company, including preparing, filing or amending any Tax Return and

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defending, contesting or settling any issue pertaining to taxes; <u>provided</u>, <u>however</u>, that the Corporation shall not settle any issue pertaining to Covered Taxes that is reasonably expected to materially adversely affect the TRA Parties' rights and obligations under this Agreement without the consent of the TRA Representative, such consent not to be unreasonably withheld or delayed. If the TRA Representative fails to respond to any notice with respect to the settlement of any such issue within thirty (30) calendar days of its receipt of the applicable notice, the TRA Representative shall be deemed to have consented to the proposed settlement or other disposition. Notwithstanding the foregoing, (i) the Corporation shall notify the TRA Representative of, and keep it reasonably informed with respect to, the portion of any audit by any Taxing Authority of the Corporation, the Company or any of the Company's Subsidiaries, the outcome of which is reasonably expected to materially and adversely affect the TRA Parties' rights and obligations under this Agreement, including the timing of anticipated Tax Benefit Payments and (ii) the TRA Representative shall have the right to participate in and to monitor at its own expense (but, for the avoidance of doubt, not to control) any such issue in any such tax audit. To the extent there is a conflict between this Agreement and the Limited Partnership Agreement as it relates to tax matters concerning Covered Taxes and the Corporation and the Company, including preparation, filing or amending of any Tax Return and defending, contesting or settling any issue pertaining to taxes, this Agreement shall control.

Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Consistency.</u> Except upon the written advice of the Advisory Firm, all calculations and determinations made hereunder, including any Basis Adjustments, the Schedules and the determination of any Realized Tax Benefits or Realized Tax Detriments, shall be made in accordance with the elections, methodologies and positions taken by the Corporation and the Company on their respective Tax Returns. Each TRA Party shall prepare its Tax Returns in a manner consistent with the terms of this Agreement and any related calculations or determinations made hereunder, including the terms of <u>Section 2.1</u> and the Schedules provided to each such TRA Party, except as otherwise required by Law. In the event that an Advisory Firm is replaced with another Advisory Firm acceptable to the Audit Committee, the TRA Parties shall cause such replacement Advisory Firm to perform its services necessitated by this Agreement using procedures and methodologies consistent with those of the previous Advisory Firm, unless otherwise required by Law or unless the Corporation and all of the TRA Parties agree to the use of other procedures and methodologies.

Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Cooperation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each TRA Party shall (i) furnish to the Corporation in a timely manner such information, documents and other materials as the Corporation may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement, preparing any Tax Return of the Company or any of its Subsidiaries or contesting or defending any related audit, examination or controversy with any Taxing Authority, or estimating any future Tax Benefit Payments hereunder, (ii) make itself available to the Corporation and its representatives to provide explanations of documents and materials and such other information as the Corporation or its representatives may reasonably request in connection with any of the matters described in <u>clause (i)</u> above and (iii) reasonably cooperate in connection with any such matter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall reimburse the TRA Parties for any reasonable and documented out-of-pocket costs and expenses incurred pursuant to <u>Section 6.3(a)</u>.

**ARTICLE VII**

**MISCELLANEOUS**

Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices.</u> All notices, requests, consents and other communications required or permitted hereunder shall be in writing and (i) delivered personally, (ii) sent by e-mail or (iii) sent by overnight courier, in each case, addressed as follows:

If to the Corporation, to:

Lincoln International, Inc.

110 North Wacker Drive, 51st Floor

Chicago, IL 60606

Attn: [ 🟇 ]

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

If to any TRA Party, to the address and e-mail address specified on such TRA Party's signature page to the applicable Joinder or otherwise on file with the Corporation or the Company.

Any Party may change its address or e-mail address by giving each of the other Parties written notice thereof in the manner set forth above.

Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts.</u> This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the TRA Parties and delivered to the other TRA Parties, it being understood that all TRA Parties need not sign the same counterpart. Delivery of an executed signature page to this Agreement by e-mail transmission shall be as effective as delivery of a manually signed counterpart of this Agreement.

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

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Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability.</u> If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any Law or public policy, all other terms and provisions hereunder shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner.

Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignments; Amendments; Successors; No Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Right of First Refusal.</u> Before a TRA Party (such TRA Party, the "<u>Seller</u>") may Transfer any interest in this Agreement, including the right to receive any Tax Benefit Payments under this Agreement (collectively, "<u>TRA Interests</u>"), to any Person (other than a Permitted Transferee), for consideration, in addition to any other requirements set forth in this Agreement (including as set forth in <u>Section 7.5(b)</u>), Seller must comply with the following (the "<u>Right of First Refusal</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;Prior to Seller Transferring any of its TRA Interests to any Person (other than a Permitted Transferee), Seller shall deliver to the Corporation a written notice (the "<u>Transfer Notice</u>") stating: (A) Seller's bona fide intention to Transfer such TRA Interests; (B) the name, address and phone number of each proposed purchaser or other Transferee (each, a "<u>Proposed Transferee</u>"); (C) a description of Seller's TRA Interests (or portion thereof) proposed to be Transferred to each Proposed Transferee (the "<u>Offered TRA Interests</u>"); and (D) the bona fide cash price or, in reasonable detail, other consideration for which Seller proposes to Transfer the Offered TRA Interests (the "<u>Offered Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For a period of 30 days (the "<u>Exercise Period</u>") after the date on which the Transfer Notice is, pursuant to <u>Section 7.1</u>, deemed to have been delivered to the Corporation, the Corporation shall have the right to purchase all or any portion of the Offered TRA Interests on the terms and conditions set forth in this <u>Section 7.5(a)</u>. In order to exercise its right hereunder, the Corporation must deliver written notice to elect to purchase to Seller within the Exercise Period. If no such written notice is given within the Exercise Period, the Corporation shall be deemed to have elected not to purchase the Offered TRA Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The purchase price for the Offered TRA Interests to be purchased by the Corporation exercising its Right of First Refusal under this Agreement will be the Offered Price and will be payable as set forth in <u>Section 7.5(a)(iv)</u>. If the Offered Price includes consideration other than cash, the cash equivalent value of the non-cash consideration will be determined by the Board in good faith, which determination will be binding upon the Corporation and the Seller, absent fraud or manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Subject to compliance with applicable state and federal securities laws, the Corporation and Seller shall effect the purchase and sale of all or any portion of the Offered TRA Interests, including the payment of the purchase price, within ten days

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after the expiration of the Exercise Period or as promptly as otherwise practicable thereafter (the "<u>Right of First Refusal Closing</u>"). Payment of the purchase price will be made by wire transfer to a bank account designated by Seller in writing to the Corporation at least 3 days prior to the Right of First Refusal Closing. At such Right of First Refusal Closing, Seller shall deliver to the Corporation, among other things, such documents and instruments of conveyance as may be necessary in the reasonable opinion of counsel to the Corporation to effect the Transfer of such Offered TRA Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;If any of the Offered TRA Interests remain available after the exercise, if any, of the Corporation's Right of First Refusal, then the Seller shall be free to transfer, subject to the general conditions to transfer set forth in <u>Section 7.5(b)</u>, any such remaining Offered TRA Interests to the Proposed Transferee at the Offered Price set forth in the Transfer Notice; <u>provided</u>, <u>however</u>, that if the Offered TRA Interests are not so transferred during the 90-day period following the delivery of the Transfer Notice, then the Seller may not Transfer any of such remaining Offered TRA Interests without complying again in full with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Assignment.</u> No TRA Party may assign, sell, pledge or otherwise alienate or Transfer any TRA Interests (i) to a competitor (or an Affiliate thereof) of the Company (as determined by the Corporation in its sole discretion) or (ii) to any other Person without such Person executing and delivering a Joinder agreeing to succeed to the applicable portion of such TRA Party's TRA Interest and to become a Party for all purposes of this Agreement (the "Joinder Requirement"); <u>provided</u>, that, for the avoidance of doubt, prior to any permitted assignment, sale, pledge or other alienation or transfer of an interest in this Agreement for consideration, the Corporation shall have the Right of First Refusal to purchase such TRA Interests from such TRA Party. Notwithstanding the foregoing limitations, if any TRA Party sells, exchanges, distributes or otherwise transfers Common Units to any Person (other than the Corporation or the Company) in accordance with the terms of the Limited Partnership Agreement, such TRA Party shall have the option to assign to the transferee of such Common Units its rights under this Agreement with respect to such transferred Common Units; <u>provided</u>, that such transferee has satisfied the Joinder Requirement. For the avoidance of doubt, if a TRA Party transfers Common Units in accordance with the terms of the Limited Partnership Agreement but does not assign to the transferee of such Common Units its rights and obligations under this Agreement with respect to such transferred Common Units, (i) such TRA Party remains a TRA Party under this Agreement for all purposes, including with respect to the receipt of the Tax Benefit Payments to the extent payable hereunder and (ii) the Transferee of such Common Units shall not be a TRA Party for purposes of this Agreement. The Corporation may not assign any of its rights or obligations under this Agreement to any Person (other than in connection with an assignment under <u>Section 7.5(d)</u>) without the prior written consent of the TRA Representative (not to be unreasonably withheld, conditioned or delayed). Any purported assignment in violation of the terms of this <u>Section 7.5</u> shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendments.</u> No provision of this Agreement may be amended unless such amendment is approved in writing by the Corporation and the TRA Representative; <u>provided</u>, that amendment of the definition of Change of Control will also require the written

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approval of a majority of the Independent Directors; <u>provided</u> <u>further,</u> that any amendment that materially and adversely affects one or more TRA Parties on a materially disproportionate basis relative to other similarly situated TRA Parties shall require the consent of a majority (measured by Tax Benefit Payments receivable) of such similarly situated TRA Parties so materially disproportionately affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors.</u> Except as provided in <u>Section 7.5(a)</u>, all of the terms and provisions hereunder shall be binding upon, and shall inure to the benefit of and be enforceable by, the Parties and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Corporation shall require and cause any direct or indirect successor (whether by equity purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Corporation, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver.</u> No provision of this Agreement may be waived unless such waiver is in writing and signed by the Party against whom the waiver is to be effective. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement, or to exercise any right or remedy consequent upon a breach thereof, shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition.

Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles and Subtitles.</u> The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Resolution of Disputes; Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except for Reconciliation Disputes subject to <u>Section 7.8</u>, any and all disputes which cannot be settled after good faith negotiation within sixty (60) calendar days, including any ancillary claims of any Party, arising out of, relating to or in connection with the validity, negotiation, execution, interpretation, performance or non-performance of this Agreement (including the validity, scope and enforceability of this <u>Section 7.7</u> or <u>Section 7.8</u>) (each, a "<u>Dispute</u>") shall be finally resolved by arbitration in accordance with the International Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by the majority vote of a panel of three arbitrators, of which the Corporation shall designate one arbitrator and the TRA Parties that are party to such Dispute shall designate one arbitrator, in each case in accordance with the "screened" appointment procedure provided in Resolution Rule 5.4. In addition to monetary damages, the arbitrators shall be empowered and permitted to award equitable relief, including an injunction and specific performance of any obligation under this Agreement. The arbitrators are not empowered to award damages in excess of compensatory damages, and each TRA Party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with respect to any Dispute. Any award shall be the sole and exclusive remedy between the TRA Parties regarding any claims, counterclaims, issues or accounting presented to the arbitrators. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 *et seq.,* and judgment upon the award rendered by the arbitrators

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may be entered by any court having jurisdiction thereof. The place of the arbitration shall be the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of <u>paragraph (a)</u> above, any Party may bring an action or special proceeding in any court of competent jurisdiction for the purpose of compelling another 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 <u>paragraph (b)</u>, each Party (i) expressly consents to the application of <u>paragraphs (c)</u> and <u>(d)</u> of this <u>Section 7.7</u> to any such action or proceeding and (ii) agrees that proof shall not be required that monetary damages for breach of the provisions hereunder would be difficult to calculate and that remedies at law would be inadequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed in all respects, including as to validity, interpretation and effect, by the internal Laws of the State of Delaware, without giving effect to the conflict of laws rules thereof. Subject to this <u>Section 7.7</u> and <u>Section 7.8</u>, the Parties agree that any suit or proceeding in connection with, arising out of or relating to this Agreement shall be instituted only in a Delaware state court (or U.S. federal court) located in the State of Delaware, and the Parties, for the purpose of any such suit or proceeding, irrevocably consent and submit to the exclusive personal jurisdiction and venue of any such court in any such suit or proceeding. Each Party agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each Party irrevocably and unconditionally waives, to the fullest extent permitted by Law, (i) any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in <u>Section 7.7(b)</u> or <u>7.7(c)</u> and (ii) the defense of an inconvenient forum to the maintenance of any such suit, action or proceeding in any such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Each Party irrevocably consents to service of process by means of notice in the manner provided for in <u>Section 7.1</u>. Nothing in this Agreement shall affect the right of any Party to serve process in any other manner permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;WAIVER OF RIGHT TO TRIAL BY JURY. EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY, INTENTIONALLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND WITH THE ADVICE OF ITS COUNSEL, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING, WHETHER A CLAIM, COUNTERCLAIM, CROSS-CLAIM, OR THIRD PARTY CLAIM, DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

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Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Reconciliation Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Corporation and any TRA Party are unable to resolve a disagreement with respect to a Schedule prepared in accordance with the procedures set forth in <u>Section 2.4</u> or <u>Section 4.2</u>, as applicable, within the relevant time period designated in this Agreement (a "<u>Reconciliation Dispute</u>"), the procedures described in this paragraph (the "<u>Reconciliation Procedures</u>") will apply. The applicable TRA Parties shall, within fifteen (15) calendar days of the commencement of a Reconciliation Dispute, mutually select a nationally recognized expert in the particular area of disagreement (the "<u>Expert</u>") and submit the Reconciliation Dispute to such Expert for determination. The Expert shall be a partner or principal in a nationally recognized accounting firm, and unless the Corporation and such TRA Party agree otherwise, the Expert (and its employing firm) shall not have any material relationship with the Corporation or such TRA Party or other actual or potential conflict of interest. If the applicable Parties are unable to agree on an Expert within such fifteen (15) calendar-day time period, the selection of an Expert shall be treated as a Dispute subject to <u>Section 7.7</u> and an arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not have any material relationship with the applicable Parties or other actual or potential conflict of interest. The Expert shall resolve any matter relating to (i) an Attribute Schedule, Early Termination Schedule or an amendment to either within thirty (30) calendar days and (ii) a Tax Benefit Schedule or an amendment thereto within fifteen (15) calendar days or as soon thereafter as is reasonably practicable, in each case after the matter has been submitted to the Expert for resolution. Notwithstanding the preceding sentence, if the matter is not resolved before any payment that is the subject of a disagreement would be due (in the absence of such disagreement) or any Tax Return reflecting the subject of a disagreement is due, the undisputed amount shall be paid by the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Corporation, subject to adjustment or amendment upon resolution. The Expert shall finally determine any Reconciliation Dispute, and its determinations pursuant to this <u>Section 7.8(a)</u> shall be binding on the applicable Parties and may be entered and enforced in any court having competent jurisdiction. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this <u>Section 7.8</u> or a Dispute within the meaning of <u>Section 7.7</u> shall be decided and resolved as a Dispute subject to the procedures set forth in <u>Section 7.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the next sentence, the applicable Parties shall bear their own costs and expenses of such proceeding, unless (i) the Expert adopts the TRA Party's position, in which case the Corporation shall reimburse the TRA Party for any reasonable and documented out-of-pocket costs and expenses in such proceeding or (ii) the Expert adopts the Corporation's position, in which case the TRA Parties shall reimburse the Corporation for any reasonable and documented out-of-pocket costs and expenses in such proceeding. The costs and expenses relating to the engagement of such Expert or amending any Tax Return shall be borne by the Corporation.

Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding.</u> The Corporation and its Affiliates shall be entitled to deduct and withhold from any payment that is payable to any TRA Party pursuant to this Agreement such amounts as the Corporation is required to deduct and withhold with respect to the making of such payment by applicable Law. To the extent that amounts are so deducted and

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withheld and paid over to the appropriate Taxing Authority by the Corporation, such deducted and withheld amounts shall be treated for all purposes of this Agreement as having been paid by the Corporation to the relevant TRA Party in respect of whom the deduction and withholding was made. Each TRA Party shall promptly provide the Corporation with any applicable tax forms and certifications reasonably requested by the Corporation in connection with determining whether any such deductions and withholdings are required by applicable Law.

Section 7.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Admission of the Corporation into a Consolidated Group;</u> <u>Transfers of Corporate Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation is or becomes a member of an affiliated or consolidated group of corporations that files a consolidated income Tax Return pursuant to Section 1501 or other applicable sections of the Code governing affiliated or consolidated groups, or any corresponding provisions of state, local or foreign tax Law, then (i) the provisions of this Agreement shall be applied with respect to the group as a whole, and (ii) Payments and other applicable items hereunder shall be computed with reference to the consolidated taxable income of the group as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation or any member of the Company Group transfers Common Units or Reference Assets to a Person treated as a corporation for U.S. federal income tax purposes (other than a member of a group described in Section 7.10(a)), such transferor, for purposes of calculating the amount of any Payment due hereunder, shall be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer; provided, that the foregoing shall not apply with respect to any such transfer by the Corporation if the Corporation transfers or is deemed to transfer any Common Units or Reference Assets to a transferee that is treated as a corporation for U.S. federal income Tax purposes (other than a member of a group described in <u>Section 7.10(a)</u>) in a transaction in which the transferee's basis in the property acquired is determined in whole or in part by reference to such transferor's basis in such property, and the Corporation causes such transferee to assume the obligation to make payments hereunder with respect to the applicable Covered Tax Assets associated with any Reference Asset or interest therein acquired (directly or indirectly) in such transfer (taking into account any gain recognized in the transaction) in a manner consistent with the terms of this Agreement as the transferee (or one of its Affiliates) actually realizes tax benefits from the Covered Tax Assets. With respect to any transfer of Common Units or Reference Assets that is treated as a fully taxable transaction in accordance with the foregoing sentence, the consideration deemed to be received by the Corporation or Company Group member, as the applicable transferor, shall be equal to the fair market value of the transferred asset plus the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset. For purposes of this <u>Section 7.10</u>, a transfer of a partnership interest shall be treated as a transfer of the transferring partner's applicable share of each of the assets and liabilities of that partnership. Notwithstanding anything to the contrary set forth herein, if the Corporation or any member of a group described in <u>Section 7.10(a)</u> transfers its assets pursuant to a transaction that qualifies as a "reorganization" (within the meaning of Section 368(a) of the Code) in which such entity does not survive, pursuant to a contribution described in Section 351(a) of the Code or pursuant to any other transaction to which Section 381(a) of the Code applies (other than any such reorganization

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or any such other transaction, in each case, pursuant to which such entity transfers assets to a corporation with which the Corporation or any member of the group described in <u>Section 7.10(a)</u> (excluding any such member being transferred in such reorganization or other transaction) does not file a consolidated Tax Return pursuant to Section 1501 of the Code), the transfer will not cause such entity to be treated as having transferred any assets to a corporation (or a Person classified as a corporation for U.S. federal income tax purposes) pursuant to this <u>Section 7.10(b)</u>.

Section 7.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality.</u> Each TRA Party and each of its respective assignees acknowledges and agrees that the information of the Corporation is confidential and, except in the course of performing any duties as necessary for the Corporation and its Affiliates, as required by Law or legal process or to enforce the terms of this Agreement, such Person shall keep and retain in the strictest confidence and not disclose to any other Person any confidential information acquired pursuant to this Agreement of the Corporation or its controlled Affiliates or their successors. This <u>Section 7.11</u> shall not apply to (i) any information that has been made publicly available by the Corporation or any of its controlled Affiliates, becomes public knowledge (except as a result of an act of any TRA Party in violation of this Agreement) or is generally known to the business community, (ii) the disclosure of information to the extent necessary for a TRA Party to prosecute or defend claims arising under or relating to this Agreement and (iii) the disclosure of information to the extent necessary for a TRA Party to prepare and file its Tax Returns, to respond to any inquiries regarding the same from any Taxing Authority or to prosecute or defend any action, proceeding or audit by any Taxing Authority with respect to such Tax Returns. Notwithstanding anything to the contrary herein, the TRA Parties and each of their assignees (and each employee, representative or other agent of the TRA Parties or their assignees, as applicable) may disclose at their discretion to any and all Persons, without limitation of any kind, the tax treatment and tax structure of the Corporation, the TRA Parties and any of their transactions, and all materials of any kind (including tax opinions or other tax analyses) that are provided to the TRA Parties relating to such tax treatment and tax structure. If a TRA Party or an assignee commits, or threatens to commit, a breach of any of the provisions of this <u>Section 7.11</u>, the Corporation shall have the right and remedy to have the provisions of this <u>Section 7.11</u> specifically enforced by injunctive relief or otherwise by any court of competent jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Corporation or any of its controlled Affiliates and that money damages alone will not provide an adequate remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available at Law or in equity.

Section 7.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Law.</u> Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in Law, a TRA Party reasonably believes that the existence of this Agreement could cause income (other than income arising from receipt of a payment under this Agreement) recognized by such TRA Party (or direct or indirect equity holders in such TRA Party) in connection with any Exchange to be treated as ordinary income (other than with respect to assets described in Section 751(a) of the Code) rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes or would have other material adverse tax consequences to such TRA Party or any direct or indirect owner of such TRA Party, then, at the written election of such TRA Party in its sole discretion (in an

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instrument signed by such TRA Party and delivered to the Corporation) and to the extent specified therein by such TRA Party, this Agreement shall cease to have further effect and shall not apply to an Exchange occurring after a date specified by such TRA Party; <u>provided</u>, for the avoidance of doubt, such voluntary termination of rights by a TRA Party shall not result in or cause a termination or acceleration event under <u>Section 4.1</u>.

Section 7.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate Limitation.</u> Notwithstanding anything to the contrary contained herein, the interest paid or agreed to be paid hereunder with respect to amounts due to any TRA Party hereunder shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the "<u>Maximum Rate</u>"). If any TRA Party shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the applicable payment (but in each case exclusive of any component thereof comprising interest) or, if it exceeds such unpaid non-interest amount, refunded to the Corporation. In determining whether the interest contracted for, charged or received by any TRA Party exceeds the Maximum Rate, such TRA Party may, to the extent permitted by applicable Law, (i) characterize any payment that is not principal as an expense, fee or premium rather than interest, (ii) exclude voluntary prepayments and the effects thereof or (iii) amortize, prorate, allocate and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the payment obligations owed by the Corporation to such TRA Party hereunder. Notwithstanding the foregoing, it is the intention of the Parties to conform strictly to any applicable usury Laws.

Section 7.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Independent Nature of Rights and Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The rights and obligations of each TRA Party hereunder are several and not joint with the rights and obligations of any other Person. A TRA Party shall not be responsible in any way for the performance of the obligations of any other Person hereunder, nor shall a TRA Party have the right to enforce the rights or obligations of any other Person hereunder (other than obligations of the Corporation). The obligations of a TRA Party hereunder are solely for the benefit of, and shall be enforceable solely by, the Corporation. Nothing contained herein or in any other agreement or document delivered in connection herewith, and no action taken by any TRA Party pursuant hereto or thereto, shall be deemed to constitute the TRA Parties acting as a partnership, association, joint venture or any other kind of entity, or create a presumption that the TRA Parties are in any way acting in concert or as a group with respect to such rights or obligations or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise explicitly provided in this Agreement, the actions of the TRA Representative pursuant to and in accordance with this Agreement shall be binding on all TRA Parties. To the fullest extent permitted by law, neither the TRA Representative nor any TRA Parties shall owe any duties (fiduciary or otherwise) to any other TRA Parties or any other Person in determining to take or refrain from taking any action or decision under or in connection with this Agreement. For purposes of this Agreement, the TRA Parties acknowledge that, in taking or omitting to take any action or decision hereunder, the TRA Representative and each TRA Party shall be permitted to take into consideration solely its own interests and shall have no duty or obligation to give any consideration to any interest of or factors affecting any other TRA Party or any other Person.

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Section 7.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Coordination with Limited Partnership Agreement</u>. To the extent this Agreement imposes obligations on the Company or a member of the Company, this Agreement shall be treated as part of the Limited Partnership Agreement as described in Section 761(c) of the Code and sections 1.761-1(c) and 1.704-1(b)(2)(ii)(h) of the Treasury Regulations.

Section 7.16&nbsp;&nbsp;&nbsp;&nbsp;<u>TRA Representative</u>. By executing this Agreement, each of the TRA Parties shall be deemed to have irrevocably appointed the TRA Representative as its agent and attorney in fact with full power of substitution to act from and after the date hereof and to do any and all things and execute any and all documents on behalf of such TRA Party which may be necessary, convenient or appropriate to facilitate any matters under this Agreement, including: (i) execution of the documents and certificates required pursuant to this Agreement; (ii) except to the extent provided in this Agreement, receipt and forwarding of notices and communications pursuant to this Agreement; (iii) administration of the provisions of this Agreement; (iv) any and all consents, waivers, amendments or modifications deemed by the TRA Representative to be necessary or appropriate under this Agreement and the execution or delivery of any documents that may be necessary or appropriate in connection therewith; (v) taking actions the TRA Representative is authorized to take pursuant to the other provisions of this Agreement; (vi) negotiating and compromising, on behalf of such TRA Parties, any dispute that may arise under, and exercising or refraining from exercising any remedies available under, this Agreement and executing, on behalf of such TRA Parties, any settlement agreement, release or other document with respect to such dispute or remedy; and (vii) engaging attorneys, accountants, agents or consultants on behalf of such TRA Parties in connection with this Agreement and paying any fees related thereto on behalf of such TRA Parties, subject to reimbursement by such TRA Parties. The TRA Representative may resign upon thirty (30) days' written notice to the Corporation.

*[Signature Page Follows this Page]*

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IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Agreement as of the date first written above.

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| |
|:---|
| **CORPORATION:** |
| **LINCOLN INTERNATIONAL, INC.** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| **COMPANY:** |
| **LINCOLN INTERNATIONAL, LP** |
| By: |
| Name: |
| Title: |

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**TRA PARTIES:**

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|:---|
| **[** 🟇 **]** |
| By: |
| Name: |
| Title: |

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|:---|
| **[** 🟇 **]** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| **[** 🟇 **]** |
| By: |
| Name: |
| Title: |

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| |
|:---|
| **[** 🟇 **]** |
| By: |
| Name: |
| Title: |

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**<u>Exhibit A</u>**

**FORM OF JOINDER AGREEMENT**

This JOINDER AGREEMENT, dated as of _______________, 20___ (this "<u>Joinder</u>"), is delivered pursuant to that certain Tax Receivable Agreement, dated as of [ 🟇 ] (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Tax</u> <u>Receivable Agreement</u>"), by and among Lincoln International, Inc., a Delaware corporation (the "<u>Corporation</u>"), Lincoln International, LP, a Delaware limited partnership, the TRA Representative and each of the TRA Parties from time to time party thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Tax Receivable Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Receivable Agreement Interest Assignment.</u> The undersigned hereby represents and warrants to the Corporation that, as of the date hereof, the undersigned has been assigned an interest in the Tax Receivable Agreement from a TRA Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Joinder to the Tax Receivable Agreement.</u> Upon the execution of this Joinder by the undersigned and delivery hereof to the Corporation, the undersigned hereby is and hereafter will be a TRA Party under the Tax Receivable Agreement, with all the rights, privileges and responsibilities of a party thereunder. The undersigned hereby agrees that it shall comply with and be fully bound by the terms of the Tax Receivable Agreement as if it had been a signatory thereto as of the date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation by Reference.</u> All terms and conditions of the Tax Receivable Agreement are hereby incorporated by reference in this Joinder as if set forth herein in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Address.</u> All notices under the Tax Receivable Agreement to the undersigned shall be directed to:

[Name]

[Address]

[City, State, Zip Code]

Attn:

Facsimile:

E-mail:

*[Signature Page Follows this Page]*

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IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written.

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| | |
|:---|:---|
| **[NAME OF NEW TRA PARTY]** | **[NAME OF NEW TRA PARTY]** |
| by | |
| | Name:&nbsp;&nbsp;&nbsp;&nbsp; |
| | Title:&nbsp;&nbsp;&nbsp;&nbsp; |

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| | |
|:---|:---|
| **LINCOLN INTERNATIONAL, INC.** | **LINCOLN INTERNATIONAL, INC.** |
| By | By |
| | Name:&nbsp;&nbsp;&nbsp;&nbsp; |
| | Title:&nbsp;&nbsp;&nbsp;&nbsp; |

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Acknowledged and agreed

as of the date first set forth above:

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**<u>Exhibit B</u>**

**<u>Net Tax Benefit Splits</u>**

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| | | |
|:---|:---|:---|
| **TRA Party** | **Transferred IPO Existing Basis Percentage** | **IPO Existing Basis Percentage** |
| [ 🟇 ] | [ 🟇 ] | [ 🟇 ] |
| [ 🟇 ] | [ 🟇 ] | [ 🟇 ] |
| [ 🟇 ] | [ 🟇 ] | [ 🟇 ] |
| [ 🟇 ] | [ 🟇 ] | [ 🟇 ] |
| [ 🟇 ] | [ 🟇 ] | [ 🟇 ] |
| [ 🟇 ] | [ 🟇 ] | [ 🟇 ] |
| Non-Participating Blocker Shareholders aggregate percentage | [ 🟇 ] | [ 🟇 ] |
| Total | 100% | 100% |

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## Exhibit 10.2

**Exhibit 10.2**

**LINCOLN INTERNATIONAL, LP**

**FOURTH AMENDED AND RESTATED**

**LIMITED PARTNERSHIP AGREEMENT**

Dated as of [ 🟇 ], 2026

THE LIMITED PARTNERSHIP INTERESTS REPRESENTED BY THIS FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS. SUCH LIMITED PARTNERSHIP INTERESTS MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF AT ANY TIME WITHOUT EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM, AND COMPLIANCE WITH THE OTHER SUBSTANTIAL RESTRICTIONS ON TRANSFERABILITY SET FORTH HEREIN.

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**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | **Page** |
| Article I. DEFINITIONS | Article I. DEFINITIONS | 3 |
| Article II. ORGANIZATIONAL MATTERS | Article II. ORGANIZATIONAL MATTERS | 18 |
| Section 2.01 | Formation of Company | 18 |
| Section 2.02 | Fourth Amended and Restated Limited Partnership Agreement | 18 |
| Section 2.03 | Name | 18 |
| Section 2.04 | Purpose; Powers | 18 |
| Section 2.05 | Principal Office; Registered Office | 18 |
| Section 2.06 | Term | 19 |
| Article III. PARTNERS; UNITS; CAPITALIZATION | Article III. PARTNERS; UNITS; CAPITALIZATION | 19 |
| Section 3.01 | Partners | 19 |
| Section 3.02 | Units | 20 |
| Section 3.03 | Recapitalization; the Corporation's Capital Contribution; the Corporation's Purchase of Common Units | 20 |
| Section 3.04 | Authorization and Issuance of Additional Units | 21 |
| Section 3.05 | Repurchase or Redemption of shares of Class A Common Stock | 23 |
| Section 3.06 | Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units | 24 |
| Section 3.07 | Negative Capital Accounts | 24 |
| Section 3.08 | No Withdrawal | 25 |
| Section 3.09 | Loans From Partners | 25 |
| Section 3.10 | Equity Plans | 25 |
| Section 3.11 | Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Plan or Other Plan | 25 |
| Article IV. DISTRIBUTIONS | Article IV. DISTRIBUTIONS | 25 |
| Section 4.01 | Distributions | 25 |
| Article V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS | Article V. CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS | 29 |
| Section 5.01 | Capital Accounts | 29 |
| Section 5.02 | Allocations | 29 |
| Section 5.03 | Special Allocations | 29 |
| Section 5.04 | Tax Allocations | 32 |

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| | | |
|:---|:---|:---|
| Section 5.05 | Indemnification and Reimbursement for Payments on Behalf of a Partner | 33 |
| Article VI. MANAGEMENT | Article VI. MANAGEMENT | 34 |
| Section 6.01 | Authority of General Partner | 34 |
| Section 6.02 | Actions of the General Partner | 35 |
| Section 6.03 | Resignation; No Removal | 35 |
| Section 6.04 | Vacancies | 35 |
| Section 6.05 | Transactions Between the Company and the General Partner | 35 |
| Section 6.06 | Reimbursement for Expenses | 36 |
| Section 6.07 | Delegation of Authority | 36 |
| Section 6.08 | Limitation of Liability of General Partner | 37 |
| Section 6.09 | Investment Company Act | 38 |
| Article VII. RIGHTS AND OBLIGATIONS OF PARTNERS AND GENERAL PARTNER | Article VII. RIGHTS AND OBLIGATIONS OF PARTNERS AND GENERAL PARTNER | 38 |
| Section 7.01 | Limitation of Liability and Duties of Partners and General Partner | 38 |
| Section 7.02 | Lack of Authority | 39 |
| Section 7.03 | No Right of Partition | 39 |
| Section 7.04 | Indemnification | 39 |
| Section 7.05 | Inspection Rights | 41 |
| Article VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS | Article VIII. BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS | 41 |
| Section 8.01 | Records and Accounting | 41 |
| Section 8.02 | Fiscal Year | 41 |
| Article IX. TAX MATTERS | Article IX. TAX MATTERS | 41 |
| Section 9.01 | Preparation of Tax Returns | 41 |
| Section 9.02 | Tax Elections | 41 |
| Section 9.03 | Tax Controversies | 42 |
| Article X. RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS | Article X. RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS | 43 |
| Section 10.01 | Transfers by Partners | 43 |
| Section 10.02 | Permitted Transfers | 43 |
| Section 10.03 | Restricted Units Legend | 44 |

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iii

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| | | |
|:---|:---|:---|
| Section 10.04 | Transfer | 44 |
| Section 10.05 | Assignee's Rights | 44 |
| Section 10.06 | Assignor's Rights and Obligations | 45 |
| Section 10.07 | Overriding Provisions | 45 |
| Section 10.08 | Spousal Consent | 46 |
| Section 10.09 | Certain Transactions with respect to the Corporation | 47 |
| Article XI. REDEMPTION AND DIRECT EXCHANGE RIGHTS | Article XI. REDEMPTION AND DIRECT EXCHANGE RIGHTS | 49 |
| Section 11.01 | Redemption Right of a Partner | 49 |
| Section 11.02 | Election and Contribution of the Corporation |  |
| Section 11.03 | Direct Exchange Right of the Corporation | 53 |
| Section 11.04 | Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation | 54 |
| Section 11.05 | Effect of Exercise of Redemption or Direct Exchange | 55 |
| Section 11.06 | Tax Treatment | 55 |
| Section 11.07 | Other Redemption Matters | 56 |
| Article XII. ADMISSION OF PARTNERS | Article XII. ADMISSION OF PARTNERS | 57 |
| Section 12.01 | Substituted Limited Partners | 57 |
| Section 12.02 | Additional Limited Partners | 57 |
| Article XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS | Article XIII. WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS | 57 |
| Section 13.01 | Withdrawal and Resignation of Partners | 57 |
| Article XIV. DISSOLUTION AND LIQUIDATION | Article XIV. DISSOLUTION AND LIQUIDATION | 58 |
| Section 14.01 | Dissolution | 58 |
| Section 14.02 | Winding Up | 58 |
| Section 14.03 | Deferment; Distribution in Kind | 59 |
| Section 14.04 | Cancellation of Certificate | 60 |
| Section 14.05 | Reasonable Time for Winding Up | 60 |
| Section 14.06 | Return of Capital | 60 |
| Article XV. RESTRICTIVE COVENANTS | Article XV. RESTRICTIVE COVENANTS | 60 |
| Section 15.01 | Purpose and Consideration | 60 |
| Section 15.02 | Definitions Relevant to this Article XV | 61 |
| Section 15.03 | Non-Solicitation of Clients | 62 |
| Section 15.04 | Client Non-Service | 62 |

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iv

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| | | |
|:---|:---|:---|
| Section 15.05 | Non-Solicitation of Restricted Persons | 62 |
| Section 15.06 | Reasonableness of Restrictions | 63 |
| Section 15.07 | Injunctive Relief, Attorneys' Fees, and Tolling of Restrictive Periods | 63 |
| Section 15.08 | Cumulative Agreement and Severability/Reformation | 63 |
| Section 15.09 | Duty to Disclose | 64 |
| Section 15.10 | Survival | 64 |
| Section 15.11 | Partner Review | 64 |
| Article XVI. GENERAL PROVISIONS | Article XVI. GENERAL PROVISIONS | 65 |
| Section 16.01 | Power of Attorney | 65 |
| Section 16.02 | Confidentiality | 65 |
| Section 16.03 | Amendments | 67 |
| Section 16.04 | Title to Company Assets | 67 |
| Section 16.05 | Addresses and Notices | 68 |
| Section 16.06 | Binding Effect; Intended Beneficiaries | 69 |
| Section 16.07 | Creditors | 69 |
| Section 16.08 | Waiver | 69 |
| Section 16.09 | Counterparts | 69 |
| Section 16.10 | Applicable Law | 69 |
| Section 16.11 | Severability | 70 |
| Section 16.12 | Further Action | 70 |
| Section 16.13 | Execution and Delivery by Electronic Signature and Electronic Transmission | 70 |
| Section 16.14 | Right of Offset | 70 |
| Section 16.15 | Entire Agreement | 70 |
| Section 16.16 | Remedies | 71 |
| Section 16.17 | Descriptive Headings; Interpretation | 71 |

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v

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| | |
|:---|:---|
| **<u>Schedules</u>** | |
| Schedule 1 | Schedule of Pre-IPO Partners |
| Schedule 2 | Schedule of Partners |
| **<u>Exhibits</u>** |  |
| Exhibit A | Form of Joinder Agreement |
| Exhibit B-1 | Form of Agreement and Consent of Spouse |
| Exhibit B-2 | Form of Spouse's Confirmation of Separate Property |
| Exhibit C | Policy Regarding Certain Equity Issuances |
| Exhibit D | Form of Redemption Notice |

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vi

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**LINCOLN INTERNATIONAL, LP**

**FOURTH AMENDED AND RESTATED**

**LIMITED PARTNERSHIP AGREEMENT**

This FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT (as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, this "***Agreement***") of Lincoln International, LP, a Delaware limited partnership (the "***Company***"), dated as of [ 🟇 ], 2026 (the "***Effective Date***"), is made and entered into by and among the Company, Lincoln International, Inc., a Delaware corporation (the "***Corporation***"), as the sole General Partner (as defined below) of the Company, and each of the other persons listed on <u>Schedule 2</u> attached hereto as limited partners (together with persons subsequently admitted as limited partners under this Agreement, the "***Limited Partners***").

**RECITALS**

WHEREAS, unless the context otherwise requires, capitalized terms used herein have the respective meaning ascribed to them in <u>Article I</u>;

WHEREAS, certain of the Partners (as defined below) were members of Lincoln Partners LLC, a Delaware limited liability company ("***Lincoln Partners***");

WHEREAS, certain of the Partners elected to convert Lincoln Partners into a Delaware limited partnership with the name "Lincoln International, LP" to be governed by the terms and conditions of the Limited Partnership Agreement of the Company, dated as of December 19, 2011 (the "***Original Partnership Agreement***");

WHEREAS, certain of the Partners amended and restated the Original Partnership Agreement by entering into that certain Amended and Restated Limited Partnership Agreement of the Company effective as of January 1, 2013 (as amended by Amendment No. 1, dated May 23, 2019, and Amendment No. 2, dated July 29, 2019, the "***First Amended and Restated LP Agreement***");

WHEREAS, certain of the Partners amended and restated the First Amended and Restated LP Agreement by entering into that certain Second Amended and Restated Limited Partnership Agreement of the Company, effective as of August 7, 2020 (the "***Second Amended and Restated LP Agreement***");

WHEREAS, immediately prior to the date hereof, the Company was governed by that certain Third Amended and Restated Limited Partnership Agreement of the Company, dated as of April 27, 2022 (as amended by Amendment No. 1 to the Third Amended and Restated Limited Partnership Agreement, effective as of January 1, 2025, and by Amendment No. 2 to the Third Amended and Restated Limited Partnership Agreement, effective as of April 21, 2026, and as further amended, restated, amended and restated, supplemented or otherwise modified from

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time to time, together with all schedules, exhibits and annexes thereto, the "***Prior LP Agreement***"), which the parties listed on <u>Schedule 1</u> hereto were parties in their capacity as partners (including pursuant to consents and joinders thereto) (collectively, the "***Pre-IPO Partners***");

WHEREAS, in connection with the IPO, the Company was a party to a series of reorganization transactions with the Corporation and various other parties pursuant to which, among other matters, the Corporation was admitted as a Pre-IPO Partner and as the sole General Partner of the Company and the Company was continued without dissolution (the "***Reorganization Transactions***");

WHEREAS, in connection with the IPO, the Company, the Corporation and the Pre-IPO Partners desire to recapitalize and convert all of the Original Units (as defined below) into Common Units (as defined below) (the "***Recapitalization***") as provided herein;

WHEREAS, except for the Over-Allotment Option (as defined below), the Corporation will sell shares of its Class A Common Stock to public investors in the IPO and will use the net proceeds received from the IPO (the "***IPO Net Proceeds***") to purchase newly issued Common Units from the Company pursuant to the IPO Common Unit Subscription Agreement;

WHEREAS, the Corporation may issue additional shares of Class A Common Stock in connection with the IPO as a result of the exercise by the underwriters of their over-allotment option (the "***Over-Allotment Option***") and, if the Over-Allotment Option is exercised in whole or in part, any additional net proceeds (the "***Over-Allotment Option Net Proceeds***") shall be used by the Corporation to purchase additional newly issued Common Units from the Company pursuant to the IPO Common Unit Subscription Agreement;

WHEREAS, the net proceeds received by the Company from the issuance of Common Units pursuant to the IPO Common Unit Subscription Agreement shall be used (i) to partially redeem certain of the Common Units held directly or indirectly by Partners, (ii) to pay fees and expenses in connection with the IPO and Recapitalization, (iii) to repay amounts under the Credit Agreements and (iv) for general corporate purposes; and

WHEREAS, in connection with the foregoing matters, the Company and the Partners desire to continue the Company without dissolution and amend and restate the Prior LP Agreement in its entirety as of the Effective Date to reflect, among other things, (a) the Recapitalization, (b) the admission of the Corporation as a Partner (which was effected in accordance with the foregoing Recitals) and its admission as sole General Partner of the Company and (c) the other rights and obligations of the Partners, the Company, the General Partner and the Corporation, in each case, as provided and agreed upon in the terms of this Agreement as of the Effective Date, at which time the Prior LP Agreement shall be superseded entirely by this Agreement and shall be of no further force or effect.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby

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acknowledged, this Agreement is hereby entered into by and among the Company, the Corporation and the Partners, each intending to be legally bound, each hereby agrees as follows:

ARTICLE I.

DEFINITIONS

The following definitions shall be applied to the terms used in this Agreement for all purposes, unless otherwise clearly indicated to the contrary.

"***Additional Limited Partner***" has the meaning set forth in <u>Section 12.02</u>.

"***Adjusted Capital Account Deficit***" means, with respect to the Capital Account of any Partner as of the end of any Taxable Year, the amount by which the balance in such Capital Account is less than zero. For this purpose, such Partner's Capital Account balance shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;reduced for any items described in Treasury Regulation Section 1.704- 1(b)(2)(ii)(d)(4), (5), and (6); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;increased for any amount such Partner is obligated to contribute or is treated as being obligated to contribute to the Company pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) (relating to partner liabilities to a partnership) or 1.704-2(g)(1) and 1.704-2(i) (relating to minimum gain).

"***Admission Date***" has the meaning set forth in <u>Section 10.06</u>.

"***Affiliate***" (and, with a correlative meaning, "***Affiliated***") means, with respect to a specified Person, each other Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control with, the Person specified. As used in this definition, "control" (including with correlative meanings, "controlled by" and "under common control with") means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of voting securities or by contract or other agreement).

"***Agreement***" has the meaning set forth in the Preamble.

"***Assignee***" means a Person to whom a Unit has been transferred but who has not become a Substituted Limited Partner pursuant to <u>Article XII</u>.

"***Assumed Tax Liability***" means, with respect to any Partner, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate *multiplied by* (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated to such Partner for full or partial Fiscal Years commencing on or after the Effective Date, *less* prior losses of the Company allocated to such Partner for full or partial Fiscal Years commencing on or after the Effective Date to the extent such prior losses are available to reduce such income or gain and have not previously been taken into account in the calculation of Assumed Tax Liability for any prior period, in each case, as determined by the General Partner *over* (ii) the the cumulative Tax Distributions made to such Partner after the Effective Date

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pursuant to <u>Sections 4.01(b)(i)</u>, <u>4.01(b)(ii)</u> and <u>4.01(b)(iii)</u>; *provided* that, (x) in the case of each Partner, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including "reverse" 704(c) allocations) as well as any adjustments under Sections 743 or 734 of the Code and (y) in the case of the Corporation, such Assumed Tax Liability shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year.

"***Base Rate***" means, on any date, a variable rate per annum equal to the rate of interest most recently published by *The Wall Street Journal* as the "prime rate" at large U.S. money center banks.

"***Black-Out Period***" means any "black-out" or similar period under the Corporation's policies covering trading in the Corporation's securities to which the applicable Redeeming Partner is subject (or shall be subject at such time as it owns Class A Common Stock), which period restricts the ability of such Redeeming Partner to immediately resell shares of Class A Common Stock to be delivered to such Redeeming Partner in connection with a Share Settlement.

"***Book Value***" means, with respect to any property of the Company, the Company's adjusted basis for U.S. federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section 1.704-1(b)(2)(iv)(d)-(g).

"***Business Day***" means any day other than a Saturday, Sunday or day on which banks located in New York City, New York are authorized or required by Law to close.

"***Capital Account***" means the capital account maintained for a Partner in accordance with <u>Section 5.01</u>.

"***Capital Contribution***" means, with respect to any Partner, the amount of any cash, cash equivalents, promissory obligations or the Fair Market Value of other property that such Partner (or such Partner's predecessor) contributes (or is deemed to contribute) to the Company pursuant to <u>Article III</u> hereof.

"***Cash Settlement***" means immediately available funds in U.S. dollars in an amount equal to the Redeemed Units Equivalent; provided, that such funds are (i) in the case of a Redemption occurring in connection with the closing of the IPO, funds that are received from the IPO and (ii) in any other case, funds that are received from a Qualifying Offering; for the avoidance of doubt, such funds shall be equal to the net proceeds received by the Corporation from the IPO or Qualifying Offering, as applicable, determined after deduction of the Discount.

"***Certificate***" means the Company's Certificate of Limited Partnership as filed with the Secretary of State of the State of Delaware, as amended or amended and restated from time to time.

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"***Certificate of Incorporation***" means the Certificate of Incorporation of the Corporation as in effect in the Corporation's jurisdiction of formation, as may be amended from time to time.

"***Cause***" means, with respect to any Partner who is an individual, (a) the Financial Industry Regulatory Authority of the United States ("FINRA") terminates a Partner's "Principal" or "Registered Representative" license or such license lapses and such Partner fails to reinstate such license within a reasonable period of time after proper notice that such license has lapsed; (b) a Partner commits any fraud, act of bad faith, theft of Company property, or property of any of its Subsidiaries or Affiliates, or makes a misrepresentation of material fact that results in a loss in excess of $2,500; (c) a Partner's indictment, conviction of, or entry of a plea of guilty or no contest with respect to a felony or any lesser crime of which fraud or dishonesty is a material element; (d) a Partner breaches its covenants under Article XV of this Agreement; (e) a Partner fails to comply with the codes, policies or procedures of the Company or of any of its Subsidiaries or Affiliates or any Federal or State laws and regulations regarding the hiring or treatment of employees; (f) a Partner's intoxication while engaged in the performance of any duties on behalf of the Company or its Subsidiaries or Affiliates or which interferes with such Partner's ability to perform such Partner's assigned duties or responsibilities, or use of illegal drugs; or (g) a Partner breaches or violates any employment or similar agreement with the Company or any of its Subsidiaries or Affiliates or any covenant or obligation pertaining to non-competition, non-solicitation of clients and/or employees, non-service of clients, assignment of intellectual property, or confidentiality owing to the Company or any of its Subsidiaries or Affiliates (including, without limitation, any Proprietary Interests Protection Agreement such Partner entered into with the Company or any of its Subsidiaries or Affiliates).

"***Change of Control***" means the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any "person" or "group" (within the meaning of Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such person and its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and excluding the Permitted Transferees) becomes the "beneficial owner" (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of shares of Class A Common Stock, Class B Common Stock, Class C Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation (if any) representing in the aggregate more than fifty percent (50%) of the voting power of all of the outstanding shares of capital stock of the Corporation entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation or there is consummated a transaction or series of related transactions for the sale, lease, exchange or other disposition, directly or indirectly, by the Corporation of all or substantially all of the Corporation's assets (including a sale of all or substantially all of the assets of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;there is consummated a merger or consolidation of the Corporation with any other corporation or entity, and, immediately after the consummation of such merger or consolidation, the voting securities of the Corporation immediately prior to such merger

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation ceases to be the sole general partner of the Company.

Notwithstanding the foregoing, a "Change of Control" shall not be deemed to have occurred by virtue of the consummation of any transaction or series of related transactions immediately following which the beneficial holders of the Class A Common Stock, Class B Common Stock, Class C Common Stock, preferred stock and/or any other class or classes of capital stock of the Corporation immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in and voting control over, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Corporation immediately following such transaction or series of transactions.

"***Change of Control Date***" has the meaning set forth in <u>Section 10.09(a)</u>.

"***Change of Control Transaction***" means any Change of Control that was approved by the Corporate Board prior to such Change of Control.

"***Class A Common Stock***" means the shares of Class A common stock, par value $0.00001 per share, of the Corporation.

"***Class B Common Stock***" means the shares of Class B Common Stock, par value $0.00001 per share, of the Corporation.

"***Class C Common Stock***" means the shares of Class C Common Stock, par value $0.00001 per share, of the Corporation.

"***Code***" means the United States Internal Revenue Code of 1986, as amended. Unless the context requires otherwise, any reference herein to a specific section of the Code shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period.

"***Common Unit***" means a Unit designated as a "Common Unit" and having the rights and obligations specified with respect to the Common Units in this Agreement.

"***Common Unit Redemption Price***" means the price per share for which shares of Class A Common Stock are sold by the Corporation in the IPO or applicable Qualifying Offering, as applicable, after taking into account any Discount.

"***Common Unitholder***" means a Partner who is the registered holder of Common Units.

"***Company***" has the meaning set forth in the preamble to this Agreement.

"***Confidential Information***" has the meaning set forth in <u>Section 16.02(a)</u>.

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"***Controlling Partners***" means Lawrence James Lawson III, the Corporation's co-founder and Chairman of the Corporate Board, Robert Bruce Barr, the Corporation's co-founder and director of the Corporate Board, Robert Todd Brown, the Corporation's Chief Executive Officer and director of the Corporate Board, and Eric Dennis Malchow, the Corporation's President and Global Head of M&A and director of the Corporate Board, who will each be holders of Common Units, Class A Common Stock (other than Mr. Malchow) and Class C Common Stock immediately following consummation of the Reorganization Transactions.

"***Corporate Board***" means the board of directors of the Corporation.

"***Corporate Incentive Award Plan***" means the 2026 Incentive Award Plan of the Corporation, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

"***Corporation***" has the meaning set forth in the recitals to this Agreement, together with its successors and assigns.

"***Corporation Offer***" has the meaning set forth in <u>Section 10.09(b)</u>.

"***Corresponding Rights***" means any rights issued with respect to a share of Class A Common Stock, Class B Common Stock or Class C Common Stock pursuant to a "poison pill" or similar stockholder rights plan approved by the Corporate Board.

"***Credit Agreements***" means any promissory note, mortgage, loan agreement, indenture or similar instrument or agreement to which the Company or any of its Subsidiaries is or becomes a borrower, as such instruments or agreements may be amended, restated, supplemented or otherwise modified from time to time and including any one or more refinancing or replacements thereof, in whole or in part, with any other debt facility or debt obligation, for as long as the payee or creditor to whom the Company or any of its Subsidiaries owes such obligation is not an Affiliate of the Company.

"***Delaware Act***" means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time, and any successor thereto.

"***DGCL***" means the General Corporation Law of the State of Delaware.

"***Direct Exchange***" has the meaning set forth in <u>Section 11.03(a)</u>.

"***Discount***" has the meaning set forth in <u>Section 6.06</u>.

"***Disinterested Majority***" means a majority of the directors of the Corporate Board who are disinterested, as determined by the Corporate Board in accordance with the DGCL and applicable common law, with respect to the matter being considered by the Corporate Board; *provided,* that to the extent a matter being considered by the Corporate Board is required to be considered by disinterested directors under the rules of the Stock Exchange or, if the Class A Common Stock is not listed or admitted to trading on the Stock Exchange, the principal national securities exchange on which the Class A Common Stock is listed or admitted to trading, the

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Securities Act or the Exchange Act, such rules with respect to the definition of disinterested director shall apply solely with respect to such matter. For purposes of any election to be made by the Corporation between a Cash Settlement and a Share Settlement upon a Redemption of Common Units, the Disinterested Majority shall exclude any director who is (i) the beneficial owner of such Common Units; (ii) Affiliated with the beneficial owner of such Common Units; or (iii) serving on the Corporate Board as a nominee of the beneficial owner of such Common Units or its Affiliates.

"***Distributable Cash***" means, as of any relevant date on which a determination is being made by the General Partner regarding a potential distribution pursuant to <u>Section 4.01(a)</u>, the amount of cash that could be distributed by the Company for such purposes in accordance with the Credit Agreements (and without otherwise violating any applicable provisions of any of the Credit Agreements) and applicable Law.

"***Distribution***" (and, with a correlative meaning, "***Distribute***") means each distribution made by the Company to a Partner with respect to such Partner's Units, whether in cash, property or securities of the Company and whether by liquidating distribution or otherwise; *provided, however*, that none of the following shall be a Distribution: (a) any recapitalization that does not result in the distribution of cash or property to Partners or any exchange of securities of the Company, and any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Units or (b) any other payment made by the Company to a Partner that is not properly treated as a "distribution" for purposes of Sections 731, 732, or 733 or other applicable provisions of the Code.

"***Distribution Tax Rate***" means a rate equal to the highest effective marginal combined U.S. federal, state and local income tax rate applicable for a Fiscal Year applicable to a corporate or individual taxpayer (whichever is higher), resident in New York, New York, determined by taking into account the character of the relevant tax items (*e.g.*, ordinary or capital) and the deductibility of state and local income taxes for federal income tax purposes (but only to the extent such taxes are deductible under the Code), as reasonably determined by the General Partner; provided that, for the avoidance of doubt, such highest rate shall apply to all Partners for purposes of this Agreement.

"***Effective Date***" has the meaning set forth in the Preamble.

"***Election Notice***" has the meaning set forth in <u>Section 11.01(b)</u>.

"***Equity Plan***" means any stock or equity purchase plan, restricted stock, option, stock unit, restricted stock unit, dividend equivalent, appreciation right, phantom equity or other incentive equity or equity-based plan or program now or hereafter adopted by the Company or the Corporation, including, without limitation, the Corporate Incentive Award Plan.

"***Equity Securities***" means (a) Units or other equity interests in the Company or any Subsidiary of the Company (including other classes or groups thereof having such relative rights, powers and duties as may from time to time be established by the General Partner pursuant to the provisions of this Agreement, including rights, powers and/or duties senior to existing classes

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and groups of Units and other equity interests in the Company or any Subsidiary of the Company), (b) obligations, evidences of indebtedness or other securities or interests convertible or exchangeable into Units or other equity interests in the Company or any Subsidiary of the Company, and (c) warrants, options or other rights to purchase or otherwise acquire Units or other equity interests in the Company or any Subsidiary of the Company.

"***Estate Planning Vehicle***" means, with respect to any Partner (or former Partner) that is a natural person, (a) a trust which is at all times controlled by such Partner (or former Partner) under which a distribution of such Partner's (or former Partner's) Common Units may be made only to beneficiaries who are such Partner (or former Partner), his or her spouse, his or her parents or his or her lineal descendants, (b) a charitable remainder trust which is at all times controlled by such Partner (or former Partner), the income from which will be paid to such Partner (or former Partner) during his or her life, (c) a corporation, the sole assets of which are Equity Securities in the Company and/or the Corporation, and at all times the majority and controlling shareholder of which is only such Partner (or former Partner) and the remaining shareholders of which are either such Partner (or former Partner) or his or her spouse, his or her parents or his or her lineal descendants and (d) a partnership or limited liability company, the sole assets of which are Equity Securities in the Company and/or the Corporation, and at all times the general partner or managing or majority member of which is only such Partner (or former Partner), and the remaining partners or members of which are either such Partner (or former Partner) or his or her spouse, his or her parents or his or her lineal descendants.

"***Event of Withdrawal***" means any event that terminates the continued partnership of a Partner in the Company. "Event of Withdrawal" shall not include an event that (a) terminates the existence of a Partner for income tax purposes (including, without limitation, (i) a change in entity classification of a Partner under Treasury Regulation Section 301.7701-3, (ii) a sale of assets by, or liquidation of, a Partner pursuant to an election under Code Sections 336 or 338, or (iii) merger, severance, or allocation within a trust or among sub-trusts of a trust that is a Partner) but that (b) does not terminate the existence of such Partner under applicable state law (or, in the case of a trust that is a Partner, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Units of such trust that is a Partner).

"***Excess Assets***" has the meaning set forth in <u>Section 3.04(c)</u>.

"***Excess Cash***" has the meaning set forth in <u>Section 3.04(c)</u>.

"***Excess Loan Receivables***" has the meaning set forth in <u>Section 3.04(c)</u>.

"***Exchange Act***" means the U.S. Securities Exchange Act of 1934, as amended, and any applicable rules and regulations promulgated thereunder, and any successor to such statute, rules or regulations.

"***Exchange Election Notice***" has the meaning set forth in <u>Section 11.03(b)</u>.

"***Fair Market Value***" of a specific asset of the Company shall mean the amount which the Company would receive in an all-cash sale of such asset in an arms-length transaction with a

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willing unaffiliated third party, with neither party having any compulsion to buy or sell, consummated on the day immediately preceding the date on which the event occurred which necessitated the determination of the Fair Market Value (and after giving effect to any transfer taxes payable in connection with such sale), as such amount is determined by the General Partner (or, if pursuant to <u>Section 14.02</u>, the Liquidators) in its good faith judgment using all factors, information and data it deems to be pertinent.

"***Fiscal Period***" means any interim accounting period within a Taxable Year established by the General Partner and which is permitted or required by Section 706 of the Code.

"***Fiscal Year***" means the Company's annual accounting period established pursuant to <u>Section 8.02</u>.

"***General Partner***" has the meaning set forth in <u>Section 6.01</u>.

"***General Partner Interest***" means the entire Partnership Interest held by the General Partner, which Partnership Interest may be expressed as a number of Common Units or other Units.

"***Good Reason***" means the occurrence of any of the following to a Partner who is an individual, in each case without a Partner's consent: (i) a material reduction in his or her base compensation (and, for the avoidance of doubt, does not include any such reduction to such Partner's variable or incentive compensation) other than a general reduction in compensation that affects all similarly situated employees in substantially similar proportions; *provided*, that, for the avoidance of doubt, fluctuations in such Partner's variable or incentive compensation do not give rise to Good Reason; (ii) a relocation of his or her principal place of employment by more than 50 miles by action of the Company or any of its Subsidiaries or Affiliates; or (iii) a material, adverse change in his or her title or responsibilities (other than temporarily while he or she may be physically or mentally Incapacitated or as required by applicable Law or regulation); <u>provided</u>, <u>however</u>, that he or she must: (a) tender to the Company a signed written notice (x) detailing particular circumstances constituting the basis for such Partner's resignation with Good Reason and (y) referencing the specific applicable provisions of this Good Reason definition, within 15 calendar days after such Partner obtains actual knowledge of any such circumstance having occurred, and (b) allow the Company 30 calendar days from receipt of such notice to cure the same. If the Company so cures the circumstance(s), Good Reason shall be deemed not to exist with respect to such cured circumstance. In addition, such Partner must resign his or her employment 90 calendar days after providing the required written notice of such Good Reason circumstances, and the Company must fail to timely cure such circumstances, for such resignation to be for Good Reason.

"***Governmental Entity***" means (a) the United States of America, (b) any other sovereign nation, (c) any state, province, district, territory or other political subdivision of (a) or (b) of this definition, including, but not limited to, any county, municipal or other local subdivision of the foregoing, or (d) any agency, arbitrator or arbitral body, authority, board, body, bureau, commission, court, department, entity, instrumentality, organization or tribunal exercising

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executive, legislative, judicial, regulatory or administrative functions of government on behalf of (a), (b) or (c) of this definition.

"***Indemnified Person***" has the meaning set forth in <u>Section 7.04(a)</u>.

"***Investment Company Act***" means the U.S. Investment Company Act of 1940, as amended from time to time.

"***Incapacitated***" or "***Incapacity***" means, with respect to any Partner who is an individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such Partner incompetent to manage his or her person or his or her estate.

"***IPO***" means the initial underwritten public offering of shares of the Corporation's Class A Common Stock.

"***IPO Common Unit Subscription***" has the meaning set forth in <u>Section 3.03(b)</u>.

"***IPO Common Unit Subscription Agreement***" means that certain Common Unit Subscription Agreement, dated as of the Effective Date, by and between the Corporation and the Company.

"***IPO Net Proceeds***" has the meaning set forth in the Recitals.

"***Joinder***" means a joinder to this Agreement, in form and substance substantially similar to <u>Exhibit A</u> to this Agreement.

"***Law***" means all laws, statutes, ordinances, rules and regulations of any Governmental Entity.

"***Limited Partner***" has the meaning set forth in the Recitals.

"***Limited Partner Interest***" means a Partnership Interest of a Limited Partner in the Company representing a fractional part of the Partnership Interest of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. A Limited Partner Interest may be expressed as a number of Common Units or other Units.

"***Liquidator***" has the meaning set forth in <u>Section 14.02</u>.

"***Liquidity Proceeds***" means the right to receive proceeds on a sale or other disposition, including, but not limited to, a redemption of Common Units or liquidation of the Company but does not include any rights to vote, any rights to distributions (other than liquidating distributions), any rights to information or any other rights of a Partner under this Agreement.

"***Liquidity Proceeds Permitted Transferee***" means, with respect to any Partner (a) such Partner's spouse as well as any natural or adopted lineal descendants of such Partner or any

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natural or adoptive parents of such Partner, (b) a trust of which any one or more of such Partner, such Partner's spouse, such Partner's natural or adopted lineal descendants, and/or such Partner's natural or adoptive parents are the sole beneficiaries, or (c) a partnership or limited liability company controlled by such Partner, the partners or members of which consist solely of such Partner, such Partner's spouse, such Partner's natural or adopted lineal descendants, or such Partner's natural or adoptive parents. If a Partner has assigned any Liquidity Proceeds to a Liquidity Proceeds Permitted Transferee that is (1) such Partner's spouse (2) a trust of which such Partner's spouse is a beneficiary or (3) a partnership or limited liability company controlled by such Partner and in which the Partner's spouse is a partner or member, and such spouse thereafter becomes a former spouse, the General Partner may, in its sole discretion, require that such Partner as promptly as possible (at such Partner's sole cost and expense and in a manner reasonably acceptable to the General Partner) re-assign such Liquidity Proceeds from such spouse back to such Partner or a different Liquidity Proceeds Permitted Transferee, or make such other arrangements, in each case so that a Partner's former Spouse is not entitled to such Liquidity Proceeds.

"***Lock-Up Common Units***" means (i) Common Units held by an Original Partner on the closing date of the IPO and (ii) Common Units received by an Original Partner upon the exercise by such Original Partner of any option to purchase Common Units held by such Original Partner as of the closing date of the IPO.

"***Lock-Up Period***" means, as to Lock-Up Common Units outstanding as of the close of business on the closing date of the IPO, the period commencing on the date of this Agreement and continuing through, unless earlier terminated or waived by the General Partner, or its designee, in its sole discretion:

the second (2<sup>nd</sup>) anniversary of the closing date of the IPO, with respect to one-third of such Lock-Up Common Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the third (3<sup>rd</sup>) anniversary of the closing date of the IPO, with respect to one-third of such Lock-Up Common Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the fourth (4<sup>th</sup>) anniversary of the closing date of the IPO, with respect to one-third of such Lock-Up Common Units,

*provided*, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if, prior to the fourth (4<sup>th</sup>) anniversary of the closing date of the IPO, a Partner with respect to any Lock-Up Common Units is no longer employed by the Company or one of its Affiliates as a result of either (1) such Partner's termination of employment; *provided* that such termination is (i) without Good Reason and (ii) not in connection with such Partner's Retirement or (2) the Company's or the applicable employing Affiliate's termination of such Partner's employment with "Cause" (in each case including such termination that occurred in the period prior to the closing date of the IPO), in each case the Lock-Up Period shall automatically extend with respect to such Lock-Up Common Units held by such Partner or such Partner's Permitted Transferees on

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the date such Partner provided notice of such termination in the case of clause (1) or was notified by the Company of such termination in the case of clause (2) for a period ending no later than the seventh (7th) anniversary of the closing date of the IPO; *provided*, *however*, that the General Partner, or its designee, may, in its sole and absolute discretion, waive or shorten such extension; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if a Partner holding Lock-Up Common Units becomes deceased or such Partner's employment is terminated as a result of such Partner's Permanent Disability, the Lock-Up Period shall automatically end with respect to such Lock-Up Common Units.

"***Losses***" means items of loss or deduction of the Company determined according to <u>Section 5.01(b)</u>.

"***Minimum Gain***" means "partnership minimum gain" determined pursuant to Treasury Regulation Section 1.704-2(d).

"***Minimum Redemption Number***" means, with respect to a Redemption by any Partner, the lesser of (i) 15,000 Common Units and (ii) all of the Common Units held by the Redeeming Partner.

"***Minority Partner Redemption Date***" has the meaning set forth in <u>Section 11.07</u>.

"***Minority Partner Redemption Notice***" has the meaning set forth in <u>Section 11.07</u>.

"***Net Loss***" means, with respect to a Fiscal Year, the excess if any, of Losses for such Fiscal Year over Profits for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to <u>Section 5.03</u> and <u>Section 5.04</u>).

"***Net Profit***" means, with respect to a Fiscal Year, the excess if any, of Profits for such Fiscal Year over Losses for such Fiscal Year (excluding Profits and Losses specially allocated pursuant to <u>Section 5.03</u>).

"***Non-Foreign Person Certificate***" has the meaning set forth in <u>Section 11.06(a)</u>.

"***Officer***" has the meaning set forth in <u>Section 6.01(b)</u>.

"***One-to-One Ratio***" has the meaning set forth in <u>Section 3.04(a)(i)</u>.

"***Original Partner***" means any Person that is a Partner as of the close of business on the closing date of the IPO, and does not include any Assignee or other transferee, including any Substituted Limited Partner succeeding to all or any part of the Common Units of any such Person.

"***Original Units***" means the Partnership Interests of the Company prior to the Recapitalization.

"***Other Agreements***" has the meaning set forth in <u>Section 10.04</u>.

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"***Over-Allotment Contribution***" has the meaning set forth in <u>Section 3.03(b)</u>.

"***Over-Allotment Option***" has the meaning set forth in the Recitals.

"***Over-Allotment Option Net Proceeds***" has the meaning set forth in the Recitals.

"***Partner***" means, as of any date of determination, (a) each of the partners named on the Schedule of Partners and (b) any Person admitted to the Company as a Substituted Limited Partner or Additional Limited Partner in accordance with <u>Article XII</u>, but in each case only so long as such Person is shown on the Company's books and records as the owner of one or more Units, each in its capacity as a partner of the Company.

"***Partnership Audit Provisions***" means Section 1101 of Title XI (Revenue Provisions Related to Tax Compliance) of the Bipartisan Budget Act of 2015, H.R. 1314, Public Law Number 114-74, as amended. Unless the context requires otherwise, any reference herein to a specific section of the Partnership Audit Provisions shall be deemed to include any corresponding provisions of future Law as in effect for the relevant taxable period.

"***Partnership Interest***" means an ownership interest in the Company held by either the General Partner or a Limited Partner and includes any and all benefits to which the holder of such Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such person to comply with the terms and provisions of this Agreement. There may be one or more classes or series of Partnership Interests. A Partnership Interest may be expressed as a number of Common Units or other Units; however, notwithstanding that the General Partner and any Limited Partner may have different rights and privileges as specified in this Agreement (including differences in rights and privileges with respect to their Partnership Interests), the Partnership Interest held by the General Partner or any other Partner and designated as being of a particular class or series shall not be deemed to be a separate class or series of Partnership Interest from a Partnership Interest having the same designation as to class and series that is held by any other Partner solely because such Partnership Interest is held by the General Partner or any other Partner having different rights and privileges as specified under this Agreement.

"***Partnership Representative***" has the meaning set forth in <u>Section 9.03</u>.

"***Percentage Interest***" means, as among an individual class of Units and with respect to a Partner at a particular time, such Partner's percentage interest in the Company determined by dividing the number of such Partner's Units of such class by the total number of Units of all Partners of such class at such time. The Percentage Interest of each Partner shall be calculated to the fourth decimal place.

"***Permanent Disability***" means, with respect to any Partner, inability to substantially perform customary duties of the Partner for a period of nine months or more.

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"***Permitted Pledge***" means any bona fide pledge or collateralization of the Common Units held by a Partner to a financial institution of international standing in connection with any bona fide loan or debt transaction.

"***Permitted Transfer***" has the meaning set forth in <u>Section 10.02</u>.

"***Permitted Transferee***" has the meaning set forth in <u>Section 10.02</u>.

"***Person***" means an individual or any corporation, partnership, limited liability company, trust, unincorporated organization, association, joint venture or any other organization or entity, whether or not a legal entity.

"***Pre-IPO Distribution Agreement***" means with respect to each Partner, an agreement between such Partner and the Company, entered into prior to the Effective Date and relating the distribution of Company revenues from time periods prior to the Effective Date as described in the Deferral Program in such agreement.

"***Pre-IPO Partners***" has the meaning set forth in the recitals to this Agreement.

"***Prior LP Agreement***" has the meaning set forth in the Recitals.

"***Pro rata***," "***pro rata portion***," "***according to their interests***," "***ratably***," "***proportionately***," "***proportional***," "***in proportion to***," "***based on the number of Units held***," "***based upon the percentage of Units held***," "***based upon the number of Units outstanding***," and other terms with similar meanings, when used in the context of a number of Units of the Company relative to other Units, means as amongst an individual class of Units, *pro rata* based upon the number of such Units within such class of Units.

"***Profits***" means items of income and gain of the Company determined according to <u>Section 5.01(b)</u>.

"***Qualifying Offering***" means a private or public offering of shares of Class A Common Stock by the Corporation following the IPO.

"***Quarterly Tax Distribution***" has the meaning set forth in <u>Section 4.01(b)(i)</u>.

"***Recapitalization***" has the meaning set forth in the Recitals.

"***Redeemed Units***" has the meaning set forth in <u>Section 11.01(a)</u>.

"***Redeemed Units Equivalent***" means the product of (a) the applicable number of Redeemed Units, *multiplied by* (b) the Common Unit Redemption Price.

"***Redeeming Partner***" has the meaning set forth in <u>Section 11.01(a)</u>.

"***Redemption***" has the meaning set forth in <u>Section 11.01(a)</u>.

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"***Redemption Date***" has the meaning set forth in <u>Section 11.01(a)</u>.

"***Redemption Notice***" has the meaning set forth in <u>Section 11.01(a)</u>.

"***Redemption Right***" has the meaning set forth in <u>Section 11.01(a)</u>.

"***Registration Rights Agreement***" means that certain Registration Rights Agreement, dated as of the Effective Date, by and among the Corporation, certain of the Partners as of the Effective Date and certain other Persons whose signatures are affixed thereto (together with any joinder thereto from time to time by any successor or assign to any party to such agreement) (as it may be amended from time to time in accordance with its terms).

"***Regulatory Allocations***" has the meaning set forth in <u>Section 5.03(g)</u>.

"***Reorganization Transactions***" has the meaning set forth in the Recitals.

"***Retirement***" means an individual who is 65 years old or older resigning without going to work for or forming a competitor of the Company, its Subsidiaries or Affiliates within a three year period following such resignation, whereby "going to work for or forming a competitor" (or similarly derived phrases) means accepting employment with or providing professional services for or forming a firm that competes directly or indirectly with the Company, its Subsidiaries or Affiliates, which provides investment banking services, including merger and acquisition advisory, private capital raising, restructuring, joint venture and partnership advisory services, valuation advisory services, transaction opinion services or other services sold by or provided by the Company, its Subsidiaries or Affiliates during the individual's employment with the Company, its Subsidiaries or Affiliates, anywhere in the world.

"***Retraction Notice***" has the meaning set forth in <u>Section 11.01(c)</u>.

"***Schedule of Partners***" has the meaning set forth in <u>Section 3.01(b)</u>.

"***SEC***" means the U.S. Securities and Exchange Commission, including any governmental body or agency succeeding to the functions thereof.

"***Securities Act***" means the U.S. Securities Act of 1933, as amended, and applicable rules and regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future Law.

"***Share Settlement***" means a number of shares of Class A Common Stock (together with any Corresponding Rights) equal to the number of Redeemed Units.

"***Stock Exchange***" means the New York Stock Exchange.

"***Subsidiary***" means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which (a) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any

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contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (b) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of the voting interests thereof are at the time owned or controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, references to a "Subsidiary" of the Company shall be given effect only at such times that the Company has one or more Subsidiaries, and, unless otherwise indicated, the term "Subsidiary" refers to a Subsidiary of the Company.

"***Substituted Limited Partner***" means a Person that is admitted as a Limited Partner to the Company pursuant to <u>Section 12.01</u>.

"***Tax Distributions***" has the meaning set forth in <u>Section 4.01(b)(i)</u>.

"***Tax Receivable Agreement***" means that certain Tax Receivable Agreement, dated as of the Effective Date, by and among the Corporation and the Company, on the one hand, and the TRA Parties (as such term is defined in the Tax Receivable Agreement) party thereto, on the other hand (together with any joinder thereto from time to time by any successor or assign to any party to such agreement) (as it may be amended from time to time in accordance with its terms).

"***Taxable Year***" means the Company's accounting period for U.S. federal income tax purposes determined pursuant to <u>Section 9.02</u>.

"***Transfer***" (and, with a correlative meaning, "***Transferring***") means any sale, transfer, assignment, redemption, pledge, encumbrance or other disposition of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of Law) (a) any interest (legal or beneficial) in any Equity Securities or (b) any equity or other interest (legal or beneficial) in any Partner if substantially all of the assets of such Partner consist solely of Units.

"***Treasury Regulations***" means the final, temporary and (to the extent they can be relied upon) proposed regulations under the Code, as promulgated from time to time (including corresponding provisions and succeeding provisions) as in effect for the relevant taxable period.

"***Unit***" means the fractional interest of a Partner in Profits, Losses and Distributions of the Company, and otherwise having the rights and obligations specified with respect to "Units" in this Agreement; *provided, however*, that any class or group of Units issued shall have the relative rights, powers and duties set forth in this Agreement applicable to such class or group of Units.

"***Unvested Corporate Shares***" means shares of Class A Common Stock issuable pursuant to awards granted under an Equity Plan that are not Vested Corporate Shares.

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"***Vested Corporate Shares***" means the shares of Class A Common Stock issued pursuant to awards granted under an Equity Plan that are vested pursuant to the terms thereof or any award or similar agreement relating thereto.

ARTICLE II.

ORGANIZATIONAL MATTERS

<u>Section 2.01&nbsp;&nbsp;&nbsp;&nbsp;Formation of Company</u>. The Company was organized as a Delaware limited partnership on December 19, 2011 pursuant to the provisions of the Delaware Act. The Partners shall from time to time execute such documents as may be necessary to qualify the Company to do business in each jurisdiction where such qualification is necessary.

<u>Section 2.02&nbsp;&nbsp;&nbsp;&nbsp;Fourth Amended and Restated Limited Partnership Agreement</u>. The Partners hereby execute this Agreement for the purpose of amending, restating and superseding the Prior LP Agreement in its entirety and otherwise establishing the affairs of the Company and the conduct of its business in accordance with the provisions of the Delaware Act. The Partners hereby agree that during the term of the Company set forth in <u>Section 2.06</u> the rights and obligations of the Partners with respect to the Company shall be determined in accordance with the terms and conditions of this Agreement and the Delaware Act. No provision of this Agreement shall be in violation of the Delaware Act and to the extent any provision of this Agreement is in violation of the Delaware Act, such provision shall be void and of no effect to the extent of such violation without affecting the validity of the other provisions of this Agreement. Neither any Partner nor any other Person shall have appraisal rights with respect to any Units.

<u>Section 2.03&nbsp;&nbsp;&nbsp;&nbsp;Name</u>. The name of the Company is "Lincoln International, LP". The General Partner in its sole discretion may change the name of the Company at any time and from time to time. Notification of any such change shall be given to all of the Partners. The Company's business may be conducted under its name and/or any other name or names deemed advisable by the General Partner.

<u>Section 2.04&nbsp;&nbsp;&nbsp;&nbsp;Purpose; Powers</u>. The primary business and purpose of the Company shall be to engage in such activities as are permitted under the Delaware Act and determined from time to time by the General Partner in accordance with the terms and conditions of this Agreement. The Company shall have the power and authority to take (directly or indirectly through its Subsidiaries) any and all actions and engage in any and all activities necessary, appropriate, desirable, advisable, ancillary or incidental to accomplish the foregoing purpose.

<u>Section 2.05&nbsp;&nbsp;&nbsp;&nbsp;Principal Office; Registered Office</u>. The principal office of the Company shall be located at 110 N. Wacker Drive, 51st Floor, Chicago, Illinois 60606. The Company may locate its place of business and registered office at any other place or places, within or outside of Illinois, as the General Partner may from time to time choose. The Company's registered agent for service of process and the registered office are as stated in the Certificate. The registered office and registered agent may be changed from time to time by the General Partner by filing the address of the new registered office and/or the name of the new registered agent with the Delaware Secretary of State pursuant to the Delaware Act.

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<u>Section 2.06&nbsp;&nbsp;&nbsp;&nbsp;Term</u>. The term of the Company commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue in perpetuity unless dissolved in accordance with the provisions of <u>Article XIV</u> or the Delaware Act.

ARTICLE III.

PARTNERS; UNITS; CAPITALIZATION

<u>Section 3.01&nbsp;&nbsp;&nbsp;&nbsp;Partners</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with the Reorganization Transactions, the Corporation acquired Original Units (which shall be recapitalized into Common Units pursuant to the Recapitalization in accordance with <u>Section 3.03</u>) and was admitted as a partner of the Company and hereby continues as a Partner and (ii) in connection with the IPO, the Corporation shall acquire additional Common Units in exchange for the IPO Net Proceeds and the Over-Allotment Option Net Proceeds, if applicable, pursuant to the IPO Common Unit Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall maintain a schedule setting forth: (i) the name and address of each Partner and (ii) the aggregate number of outstanding Units and the number and class of Units held by each Partner (such schedule, the "***Schedule of Partners***"). The applicable Schedule of Partners in effect as of the Effective Date and after giving effect to the Recapitalization, Reorganization and redemptions or exchanges of Common Units occurring in connection with the IPO is set forth as <u>Schedule 2</u> to this Agreement. The Company shall also maintain a record of (1) the Capital Account of each Partner on the Effective Date, (2) the aggregate amount of cash Capital Contributions that has been made by the Partners with respect to their Units and (3) the Fair Market Value of any property other than cash contributed by the Partners with respect to their Units (including, if applicable, a description and the amount of any liability assumed by the Company or to which contributed property is subject) in its books and records. The Schedule of Partners may be updated by the General Partner without the consent of any Partner in the Company's books and records from time to time, and as so updated, it shall be the definitive record of ownership of each Unit of the Company and all relevant information with respect to each Partner. The Company 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 Delaware Act or other applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;No Partner shall be required or, except as approved by the General Partner pursuant to <u>Section 6.01</u> and in accordance with the other provisions of this Agreement, permitted to (i) loan any money or property to the Company (except for a loan by the Corporation pursuant to <u>Section 3.04(c)</u>), (ii) borrow any money or property from the Company or (iii) make any additional Capital Contributions (except for a contribution by the Corporation pursuant to <u>Section 3.04(c)</u> or <u>Section 3.04(d)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each Partner (or transferee thereof) that is treated for U.S. federal income tax purposes as a partnership, S-corporation or grantor trust (or as a disregarded entity whose owner for U.S. federal income tax purposes is a partnership, S-corporation, or grantor trust), upon

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receipt of Common Units, represents that such Partner (or such owner of such Partner) was not formed or used for the principal purpose or as one of its principal purposes to permit the Company to satisfy the "private placement" safe harbor (as described in Treasury Regulation Section 1.7704-1(h)(3)).

<u>Section 3.02&nbsp;&nbsp;&nbsp;&nbsp;Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Interests in the Company shall be represented by Units, or such other securities of the Company, in each case as the General Partner may establish in its discretion in accordance with the terms and subject to the restrictions hereof. At the Effective Date, the Units shall be comprised of a single class of Common Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 3.04(a)</u>, the General Partner may or may cause the Company to, without the vote or consent of any Partner or any other Person, (i) issue additional Common Units at any time in its sole discretion and (ii) create one or more classes or series of Units or preferred Units solely to the extent such new class or series of Units or preferred Units are substantially economically equivalent to a class of common or other stock of the Corporation or class or series of preferred stock of the Corporation, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 16.03(b)</u> and <u>Section 16.03(c)</u>, the General Partner may amend this Agreement, without the consent of any Partner or any other Person, in connection with the creation and issuance of such classes or series of Units pursuant to <u>Section 3.02(b)</u>, <u>Section 3.04(a)</u> or <u>Section 3.10</u>, as applicable.

<u>Section 3.03&nbsp;&nbsp;&nbsp;&nbsp;Recapitalization; the Corporation's Capital Contribution; the Corporation's Purchase of Common Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In order to effect the Recapitalization, the number of Original Units that were issued and outstanding and held by the Pre-IPO Partners prior to the Effective Date as set forth opposite the respective Pre-IPO Partner's name in <u>Schedule 1</u> are hereby recapitalized and converted, as of the Effective Date, and after giving effect to such recapitalization and conversion and the other transactions related to the Recapitalization, into the number of Common Units set forth opposite the name of the respective Partner on the Schedule of Partners attached hereto as <u>Schedule 2</u> (*provided*, for the avoidance of doubt, that the number of Common Units set forth on <u>Schedule 2</u> includes the Common Units issued to the Corporation pursuant to the IPO Common Unit Subscription Agreement and obtained by the Corporation as part of the Reorganization Transactions), and such Common Units are hereby issued and outstanding as of the Effective Date and the holders of such Common Units hereby continue as partners of the Company (and, for the avoidance of doubt, are Partners hereunder) and the Company is hereby continued without dissolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Following the Recapitalization, the Company shall issue to the Corporation, and the Corporation shall acquire [ 🟇 ] newly issued Common Units in exchange for a portion of the IPO Net Proceeds payable to the Company upon consummation of the IPO pursuant to the IPO Common Unit Subscription Agreement, and such issuance of Common Units shall be reflected on the Schedule of Partners (the "***IPO Common Unit Subscription***"). In addition, to the extent

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the underwriters in the IPO exercise the Over-Allotment Option in whole or in part, upon the exercise of the Over-Allotment Option, the Corporation shall contribute a portion of the Over-Allotment Option Net Proceeds to the Company in exchange for newly issued Common Units pursuant to the IPO Common Unit Subscription Agreement, and such issuance of additional Common Units shall be reflected on the Schedule of Partners (the "***Over-Allotment Contribution***"). The number of Common Units issued in the Over-Allotment Contribution, if applicable, shall be equal to the number of shares of Class A Common Stock issued by the Corporation in such exercise of the Over-Allotment Option. For the avoidance of doubt, the Corporation shall be admitted as a Partner with respect to all Common Units (including those it acquired as part of the Reorganization Transactions) it holds from time to time. The parties hereto acknowledge and agree that the transactions described in this <u>Section 3.03(b)</u> shall result in a "revaluation of partnership property" and corresponding adjustments to Capital Account balances as described in Section 1.704-1(b)(2)(iv)(f) of the Treasury Regulations.

<u>Section 3.04&nbsp;&nbsp;&nbsp;&nbsp;Authorization and Issuance of Additional Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise determined by the General Partner:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Company and the Corporation shall, notwithstanding any other provision of this Agreement, undertake all actions, including, without limitation, an issuance, reclassification, distribution, division, repurchase, redemption, cancellation or recapitalization, with respect to the Common Units and the Class A Common Stock, Class B Common Stock, Class C Common Stock or any other equity interests issued by the Company and/or Corporation, as applicable, to maintain at all times (i) a one-to-one ratio between the number of Common Units owned by the Corporation, directly or indirectly, and the number of outstanding shares of Class A Common Stock, (ii) a one-to-one ratio between the number of Common Units owned by the Partners and their Permitted Transferees (other than the Corporation and its Subsidiaries and the Controlling Partners and their Permitted Transferees), directly or indirectly, and the number of outstanding shares of Class B Common Stock owned by such Partners and Permitted Transferees, directly or indirectly, less the number of outstanding shares of Class C common stock owned by such Partners and Permitted Transferees, directly or indirectly, if any, (iii) a one-to-one ratio between the number of Common Units owned by the Controlling Partners and their Permitted Transferees, directly or indirectly, and the number of outstanding shares of Class C Common Stock owned by the Controlling Partners and their Permitted Transferees, directly or indirectly, less the number of outstanding shares of Class B common stock owned by such Partners and Permitted Transferees, directly or indirectly, if any, and (iv) a one-to-one ratio between the number of other equity interests in the Company owned by the Corporation, directly or indirectly, and the number of outstanding equity interests issued by the Corporation that are substantially economically equivalent to such other equity interests of the Company that are owned by the Corporation, in each case, disregarding, for purposes of maintaining the one-to-one ratio, (A) Unvested Corporate Shares (other than any Unvested Corporate Shares as to which an election has been made under Section 83(b) of the Code), (B) treasury stock or (C) preferred stock or other debt or equity securities (including, without

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limitation, warrants, options or rights) issued by the Corporation that are convertible into or exercisable or exchangeable for Class A Common Stock (except to the extent the net proceeds from such other securities, including any exercise or purchase price payable upon issuance, conversion, exercise or exchange thereof, has been contributed by the Corporation to the equity capital of the Company) (clauses (i) to (iv), the "***One-to-One Ratios***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems Class A Common Stock in a transaction not contemplated in this Agreement, the General Partner and the Corporation shall, notwithstanding any other provision of this Agreement to the contrary, take, or cause to be taken, all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the number of outstanding Common Units owned, directly or indirectly, by the Corporation shall equal on a one-for-one basis the number of outstanding shares of Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Corporation issues, transfers or delivers from treasury stock or repurchases or redeems the Corporation's preferred stock or other equity interests in a transaction not contemplated in this Agreement, the General Partner, the Company and the Corporation shall, notwithstanding any other provision of this Agreement to the contrary, take or cause to be taken all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, the Corporation, directly or indirectly, holds (in the case of any issuance, transfer or delivery) or ceases to hold (in the case of any repurchase or redemption) equity interests in the Company which (in the good faith determination by the General Partner) are in the aggregate substantially economically equivalent to the outstanding preferred stock or other equity interests of the Corporation so issued, transferred, delivered, repurchased or redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Company and the Corporation shall not undertake any subdivision (by any Common Unit split, stock split, Common Unit distribution, stock distribution, reclassification, division, recapitalization or similar event) or combination (by reverse Common Unit split, reverse stock split, reclassification, division, recapitalization or similar event) of the Common Units, Class A Common Stock, Class B Common Stock or Class C Common Stock or other equity interests in the Company or the Corporation, as applicable, that is not accompanied by an identical subdivision or combination of the Common Units, Class A Common Stock, Class B Common Stock or Class C Common Stock or other equity interests in the Company or Corporation, respectively, to maintain at all times the One-to-One Ratios, in each case, unless such action is necessary to maintain at all times the One-to-One Ratios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall only be permitted to issue additional Common Units, and/or establish other classes or series of Units or other Equity Securities in the Company to the Persons and on the terms and conditions provided for in <u>Section 3.02</u>, this <u>Section 3.04</u>, <u>Section 3.10</u> and <u>Section 3.11</u>. Subject to the foregoing, the General Partner may cause the Company to issue

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additional Common Units authorized under this Agreement and/or establish other classes or series of Units or other Equity Securities in the Company at such times and upon such terms as the General Partner shall determine and the General Partner shall amend this Agreement as necessary in connection with the issuance of additional Common Units and admission of additional Partners under this <u>Section 3.04</u>, in each case, without the requirement of any consent or acknowledgement of any other Partner or any other Person and notwithstanding anything to the contrary herein, including <u>Section 16.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding any other provision of this Agreement (including <u>Section 3.04(a)</u>), if the Corporation acquires or holds any material amount of cash (or any obligations of the Company or a Subsidiary thereof in respect of any loans made by the Corporation to the Company or such Subsidiary) in excess of any monetary obligations it reasonably anticipates (such cash, "***Excess Cash***", and such loan obligations, "***Excess Loan Receivables***" and, collectively, "***Excess Assets***"), the Corporation may, in its sole discretion, take, or cause to be taken, any actions with respect to any such Excess Assets and make, or cause to be made, any corresponding adjustments to the capitalization of the Corporation and/or the Company as the Corporation in good faith determines to be fair and reasonable to the equityholders of the Corporation and to the Partners to preserve the One-to-One Ratios and the intended economic effect of this <u>Section 3.04</u>, Section 11.01 and the other provisions hereof (including, but not limited to, contributing (or causing to be contributed) or loaning (or causing to be loaned) any such Excess Assets to the Company and causing the Company to recapitalize its Common Units to reflect such contribution and maintain such One-to-One Ratios).

<u>Section 3.05&nbsp;&nbsp;&nbsp;&nbsp;Repurchase or Redemption of shares of Class A Common Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise determined by the General Partner, if at any time, any shares of Class A Common Stock are repurchased or redeemed (whether by exercise of a put or call, automatically or by means of another arrangement) by the Corporation for cash, then the General Partner shall cause the Company, immediately prior to such repurchase or redemption of Class A Common Stock, to redeem a corresponding number of Common Units held (directly or indirectly) by the Corporation, at an aggregate redemption price equal to the aggregate purchase or redemption price of the shares of Class A Common Stock being repurchased or redeemed by the Corporation (plus any expenses related thereto) and upon such other terms as are the same for the shares of Class A Common Stock being repurchased or redeemed by the Corporation; *provided*, if the Corporation uses funds received from distributions from the Company or the net proceeds from an issuance of Class A Common Stock to fund such repurchase or redemption, then the Company shall cancel a corresponding number of Common Units held (directly or indirectly) by the Corporation for no consideration. Notwithstanding any provision to the contrary contained in this Agreement, neither the Company nor the Corporation shall make any repurchase, redemption or other acquisition if such repurchase, redemption or other acquisition or the corresponding repurchase, redemption or other acquisition at the other of the Company or the Corporation would violate any applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary herein, the Corporation may repurchase shares of Class A Common Stock using any portion of the proceeds received by the Corporation

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from any Tax Distribution, in which case the related Tax Distributions made to each Partner shall be in redemption of Common Units, *pro rata* according to the number of Common Units held by each Partner, such that the number of Common Units redeemed from the Corporation is equal to the number of shares of Class A Common Stock to be repurchased, and at the price per Common Unit equal to the price that is actually paid per share of Class A Common Stock in such repurchase(s). In such event, the Corporation shall, in addition, take such other action as is necessary to preserve the One-to-One Ratios.

<u>Section 3.06&nbsp;&nbsp;&nbsp;&nbsp;Certificates Representing Units; Lost, Stolen or Destroyed Certificates; Registration and Transfer of Units</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Units shall not be certificated unless otherwise determined by the General Partner. If the General Partner determines that one or more Units shall be certificated, each such certificate shall be signed by or in the name of the Company, by the Chief Executive Officer, Chief Financial Officer, General Counsel, Secretary or any other officer designated by the General Partner, representing the number of Units held by such holder. Such certificate shall be in such form (and shall contain such legends) as the General Partner may determine. Any or all of such signatures on any certificate representing one or more Units may be a facsimile, engraved or printed, to the extent permitted by applicable Law. Unless otherwise determined by the General Partner, no Units shall be treated as a "security" within the meaning of Article 8 of the Uniform Commercial Code unless all Units then outstanding are certificated; notwithstanding anything to the contrary herein, including <u>Section 16.03</u>, the General Partner is authorized to amend this Agreement in order for the Company to opt-in to the provisions of Article 8 of the Uniform Commercial Code without the consent or approval of any Partner of any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If Units are certificated, the General Partner may direct that a new certificate representing one or more Units be issued in place of any certificate theretofore issued by the Company alleged to have been lost, stolen or destroyed, upon delivery to the General Partner of an affidavit of the owner or owners of such certificate, setting forth such allegation. The General Partner may require the owner of such lost, stolen or destroyed certificate, or such owner's legal representative, to give the Company a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of any such new certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent Units are certificated, upon surrender to the Company or the transfer agent of the Company, if any, of a certificate for one or more Units, duly endorsed or accompanied by appropriate evidence of succession, assignment or authority to transfer, in compliance with the provisions hereof, the Company shall issue a new certificate representing one or more Units to the Person entitled thereto, cancel the old certificate and record the transaction upon its books. Subject to the provisions of this Agreement, the General Partner may prescribe such additional rules and regulations as it may deem appropriate relating to the issue, Transfer and registration of Units.

<u>Section 3.07&nbsp;&nbsp;&nbsp;&nbsp;Negative Capital Accounts</u>. No Partner shall be required to pay to any other Partner or the Company any deficit or negative balance which may exist from time to time in such Partner's Capital Account (including upon and after dissolution of the Company).

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<u>Section 3.08&nbsp;&nbsp;&nbsp;&nbsp;No Withdrawal</u>. No Person shall be entitled to withdraw any part of such Person's Capital Contribution or Capital Account or to receive any Distribution from the Company, except as expressly provided in this Agreement.

<u>Section 3.09&nbsp;&nbsp;&nbsp;&nbsp;Loans From Partners</u>. Loans by Partners to the Company shall not be considered Capital Contributions. Subject to the provisions of <u>Section 3.01(c)</u>, the amount of any such loans shall be a debt of the Company to such Partner and shall be payable or collectible in accordance with the terms and conditions upon which such loans are made.

<u>Section 3.10&nbsp;&nbsp;&nbsp;&nbsp;Equity Plans</u>. Nothing in this Agreement shall be construed or applied to preclude or restrain the General Partner or the Corporation from adopting, modifying or terminating an Equity Plan or from issuing shares of Class A Common Stock pursuant to any such plans. The Corporation may implement such Equity Plans and any actions taken under such Equity Plans (such as the grant or exercise of options to acquire shares of Class A Common Stock, or the issuance of Unvested Corporate Shares), whether taken with respect to or by an employee or other service provider of the Corporation, the Company or its Subsidiaries, in a manner determined by the Corporation, in accordance with the Policy Regarding Certain Equity Issuances attached to this Agreement as <u>Exhibit C</u>, which may be amended by the Corporation from time to time without the consent or approval of any Partner or any other Person. The General Partner may, without the consent of any Partner or any other Person and notwithstanding <u>Section 16.03</u>, amend this Agreement (including <u>Exhibit C</u>) as necessary or advisable in its sole discretion to adopt, implement, modify or terminate an Equity Plan. In the event of such an amendment by the General Partner, the Company shall provide notice of such amendment to the Partners. The Company is expressly authorized to issue Units (i) in accordance with the terms of any such Equity Plan, or (ii) in an amount equal to the number of shares of Class A Common Stock issued pursuant to any such Equity Plan, without any further act, approval or vote of any Partner or any other Persons.

<u>Section 3.11&nbsp;&nbsp;&nbsp;&nbsp;Dividend Reinvestment Plan, Cash Option Purchase Plan, Equity Plan or Other Plan</u>. Except as may otherwise be provided in this <u>Article III</u>, all amounts received or deemed received by the Corporation in respect of any dividend reinvestment plan, cash option purchase plan, Equity Plan or subscription plan or agreement, either (a) shall be utilized by the Corporation to effect open market purchases of shares of Class A Common Stock, or (b) if the Corporation elects instead to issue new shares of Class A Common Stock with respect to such amounts, shall be contributed by the Corporation to the Company in exchange for additional Common Units. Upon such contribution, the Company shall issue to the Corporation a number of Common Units equal to the number of new shares of Class A Common Stock so issued.

ARTICLE IV.

DISTRIBUTIONS

<u>Section 4.01&nbsp;&nbsp;&nbsp;&nbsp;Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;*Distributable Cash; Other Distributions*. To the extent permitted by applicable Law and hereunder, Distributions to Partners may be declared by the General Partner out of Distributable Cash or other funds or property legally available therefor in such amounts, at such

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time and on such terms (including the payment dates of such Distributions) as the General Partner in its sole discretion shall determine using such record date as the General Partner may designate. All Distributions made under this <u>Section 4.01</u> shall be made to the Partners as of the close of business on such record date on a *pro rata* basis in accordance with each Partner's Percentage Interest (other than, for the avoidance of doubt, any distributions made pursuant to <u>Section 4.01(b)(v),</u> <u>Section 4.01(c)</u> and <u>Section 4.01(d)</u>) as of the close of business on such record date; *provided, however*, that the General Partner shall have the obligation to make Distributions as set forth in <u>Sections 4.01(b)</u> and <u>14.02</u>; *provided*, *further*, that notwithstanding any other provision herein to the contrary, no distributions shall be made to any Partner to the extent such distribution would render the Company insolvent or violate the Delaware Act or other applicable Law. For purposes of the foregoing sentence, "insolvent" means the inability of the Company to meet its payment obligations when due. In furtherance of the foregoing, it is intended that the General Partner shall, to the extent permitted by applicable Law and hereunder, have the right in its sole discretion to cause the Company to make Distributions of Distributable Cash to the Partners pursuant to this <u>Section 4.01(a)</u> in such amounts as shall enable the Corporation to meet its obligations, including its obligations pursuant to the Tax Receivable Agreement (to the extent such obligations are not otherwise able to be satisfied as a result of Tax Distributions required to be made pursuant to <u>Section 4.01(b)</u>). Notwithstanding anything to the contrary in this <u>Section 4.01(a)</u>, (i) the Company shall not make a distribution (other than Tax Distributions under <u>Section 4.01(b)</u>) to any Partner in respect of any Common Units which remain subject to vesting conditions in accordance with any applicable Equity Plan or individual award agreement and (ii) with respect to any amounts that would otherwise have been distributed to a Partner but for the preceding clause (i), such amount shall be held in trust by the Company for the benefit of such Partner unless and until such time as such Common Units have vested in accordance with the applicable Equity Plan or individual award agreement, and within five (5) Business Days of such time, the Company shall distribute such amounts to such Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;*Tax Distributions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;With respect to each Fiscal Year, the Company shall, to the extent it has Distributable Cash and is permitted by applicable Law or current or future debt agreements, make cash distributions ("***Tax Distributions***") to each Partner in accordance with this <u>Section 4.01(b)</u>, and such Partner's Assumed Tax Liability. Tax Distributions pursuant to this <u>Section 4.01(b)(i)</u> shall be estimated by the Company on a quarterly basis and, to the extent feasible, shall be distributed to the Partners (together with a statement showing the calculation of such Tax Distribution and an estimate of the Company's net taxable income allocable to each Partner for such period) on a quarterly basis on April 15<sup>th</sup>, June 15<sup>th</sup>, September 15<sup>th</sup> and December 15<sup>th</sup> (or such other dates for which corporations or individuals are required to make quarterly estimated tax payments for U.S. federal income tax purposes, whichever is earlier) (each, a "***Quarterly Tax Distribution***"); *provided*, that the foregoing shall not restrict the Company from making a Tax Distribution on any other date as the Company determines is necessary to enable the Partners to timely make estimated income tax payments. Quarterly Tax Distributions shall take into account the estimated taxable income or loss of the Company for the Fiscal Year through the end of the relevant quarterly period. A final accounting for Tax

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Distributions shall be made for each Fiscal Year after the allocation of the Company's actual net taxable income or loss has been determined and any shortfall in the amount of Tax Distributions a Partner received for such Fiscal Year based on such final accounting shall promptly be distributed to such Partner. For the avoidance of doubt, (A) any excess Tax Distributions a Partner receives with respect to any Fiscal Year shall reduce future Tax Distributions otherwise required to be made to such Partner with respect to any subsequent Fiscal Year and (B), Tax Distributions shall not be treated as an advance on any Distributions pursuant to Section 4.01(a). Notwithstanding anything to the contrary in this Agreement, the General Partner shall make, in its reasonable discretion, equitable adjustments (downward (but not below zero) or upward) to the Partners' Tax Distributions to take into account increases or decreases in the number of Common Units held by each Partner during the relevant taxable period or portion thereof; provided that any such equitable adjustments are made in a manner that results in Tax Distributions being made *pro rata* in proportion to the Partners' respective Percentage Interests for any relevant taxable period or portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;To the extent a Partner otherwise would be entitled to receive less than its Percentage Interest of the aggregate Tax Distributions to be paid pursuant to this <u>Section 4.01(b)</u> (other than the last sentence of this <u>Section 4.01(b)(ii)</u> in respect of a shortfall or any distributions made pursuant to <u>Section 4.01(b)(iv)</u>) on any given date, the Tax Distributions to such Partner shall be increased to ensure that all Tax Distributions made pursuant to this <u>Section 4.01(b)</u> are made *pro rata* in accordance with the Partners' respective Percentage Interests; provided that, notwithstanding anything to the contrary, to the extent an immaterial portion of any Tax Distribution to any Partner determined in accordance with this <u>Section 4.01(b)</u> would have the effect of resulting in a material amount of excess Tax Distributions to the Corporation, in each case, as determined by the General Partner in its sole discretion, the Company shall be permitted to adjust Tax Distributions to minimize such excess Tax Distributions to the Corporation. If, on the date of a Tax Distribution, there is insufficient Distributable Cash on hand to distribute to the Partners the full amount of the Tax Distributions to which such Partners are otherwise entitled, Distributions pursuant to this <u>Section 4.01(b)</u> shall be made to the Partners to the extent of available funds in accordance with their Percentage Interests and the Company shall make future Tax Distributions in accordance with the Partners' Percentage Interests at the time of such shortfalls as soon as sufficient Distributable Cash become available to pay the remaining portion of the Tax Distributions to which such Partners are otherwise entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any audit by, or similar event with, a taxing authority that affects the calculation of any Partner's Assumed Tax Liability for any Taxable Year (other than an audit conducted pursuant to the Partnership Audit Provisions for which no election is made pursuant to Section 6226 thereof and the Treasury Regulations promulgated thereunder), or in the event the Company files an amended tax return or administrative adjustment requests, each Partner's Assumed Tax Liability with respect to such year shall be recalculated by giving effect to such event (for the avoidance of doubt, taking into account interest or penalties). Any shortfall in the amount of Tax

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Distributions the Partners and former Partners received for the relevant Taxable Years based on such recalculated Assumed Tax Liability promptly shall be distributed to such Partners and the successors of such former Partners in accordance with the applicable Partners' and former Partners' Percentage Interests at the time of such shortfalls, except, for the avoidance of doubt, to the extent Distributions were made to such Partners and former Partners pursuant to <u>Section 4.01(a)</u> and this <u>Section 4.01(b)</u> in the relevant Taxable Years sufficient to cover such shortfall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing and anything to the contrary in this Agreement, a final accounting for distributions under Section 5.2 of the Prior LP Agreement in respect of the taxable income of the Company for the Fiscal Years (or portions thereof) of the Company that end on or prior to the Effective Date shall be made by the Company following the closing date of the IPO and, based on such final accounting, the Company shall make a distribution to the Pre-IPO Partners (or in the case of any Pre-IPO Partner that no longer exists, the successor of such Pre-IPO Partner) in accordance with the applicable terms of the Prior LP Agreement to the extent of any shortfall in the amount of distributions the Pre-IPO Partners received prior to the Effective Date under Section 5.2 of the Prior LP Agreement with respect to taxable income of the Company for such portion of such Fiscal Year that shall be allocated to the Pre-IPO Partners pursuant to Section 706 of the Code. For the avoidance of doubt, the amount of distributions to be made pursuant to this <u>Section 4.01(b)(iv)</u> shall be calculated pursuant to Section 5.2 of the Prior LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Pre-IPO Distributable Amounts</u>. Notwithstanding the foregoing and anything to the contrary in this Agreement, the Company shall be permitted to make a distribution to the Partners with respect to any amounts distributable to such Partners pursuant to and in accordance with the Pre-IPO Distribution Agreements. For the avoidance of doubt, such distributions pursuant to this <u>Section 4.01(c)</u> and the Pre-IPO Distribution Agreements shall not be required to be made to all Partners on a *pro rata* basis in accordance with each Partner's Percentage Interest and shall not be treated as an advance on any other Distributions pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Clawback Payments Due Pursuant to Prior LP Agreement</u>. Notwithstanding the foregoing and anything to the contrary in this Agreement, the Company shall be permitted to make a distribution or payment to certain Partners and/or Persons previously a party to the Prior LP Agreement with respect to any Clawback Payments (as such term is defined in the Prior LP Agreement) due to such Partners or Persons pursuant to and in accordance with Section 9.13 of the Prior LP Agreement. In the event the Company's obligation to make a Clawback Payment pursuant to Section 9.13 of the Prior LP Agreement is satisfied with Class A Common Stock, (i) the Corporation shall or shall be deemed to have contributed such shares of Class A Common Stock to the Company in exchange for newly issued Common Units of the Company and (ii) the Company shall or shall be deemed to have transferred such shares of Class A Common Stock to the recipient of the Clawback Payment in satisfaction of the Company's obligation to make such payment pursuant to Section 9.13 of the Prior LP Agreement. For the avoidance of doubt, such distributions or payments pursuant to this <u>Section 4.01(d)</u> and Section 9.13 of the Prior LP Agreement shall not be required to be made to all Partners on a *pro rata* basis in accordance with

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each Partner's Percentage Interest and shall not be treated as an advance on any other Distributions pursuant to this Agreement.

ARTICLE V.

CAPITAL ACCOUNTS; ALLOCATIONS; TAX MATTERS

<u>Section 5.01&nbsp;&nbsp;&nbsp;&nbsp;Capital Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall maintain a separate Capital Account for each Partner according to the rules of Treasury Regulation Section 1.704-1(b)(2)(iv). For this purpose, the Company may (in the discretion of the General Partner), upon the occurrence of the events specified in Treasury Regulation Section 1.704-1(b)(2)(iv)(f), increase or decrease the Capital Accounts in accordance with the rules of such Treasury Regulation and Treasury Regulation Section 1.704-1(b)(2)(iv)(g) to reflect a revaluation of the Company's property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of computing the amount of any item of income, gain, loss or deduction with respect to the Company to be allocated pursuant to this <u>Article V</u> and to be reflected in the Capital Accounts of the Partners, the determination, recognition and classification of any such item shall be the same as its determination, recognition and classification for U.S. federal income tax purposes (including any method of depreciation, cost recovery or amortization used for this purpose); *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The computation of all items of income, gain, loss and deduction shall include those items described in Code Section 705(a)(l)(B) or Code Section 705(a)(2)(B) and Treasury Regulation Section 1.704-1(b)(2)(iv)(i), without regard to the fact that such items are not includible in gross income or are not deductible for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If the Book Value of any property of the Company is adjusted pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Items of income, gain, loss or deduction attributable to the disposition of property of the Company having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Items of depreciation, amortization and other cost recovery deductions with respect to property of the Company having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property's Book Value in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;To the extent an adjustment to the adjusted tax basis of any asset of the Company pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts

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shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis).

<u>Section 5.02&nbsp;&nbsp;&nbsp;&nbsp;Allocations</u>.

After giving effect to the allocations in <u>Section 5.03</u>, Net Profit and Net Loss (and, to the extent necessary, individual items of income, gain, loss, deduction or credit) of the Company for each applicable Fiscal Year or Fiscal Period shall be allocated among the Partners during such Fiscal Year or Fiscal Period in a manner such that the Adjusted Capital Account of each Partner, immediately after making such allocation, is, as nearly as possible, equal to the distributions that would be made to such Partner pursuant to <u>Section 14.02(c)</u> if the Company were dissolved, its affairs wound up and its assets sold for cash equal to their Book Value, all Company liabilities were satisfied (limited with respect to each nonrecourse liability to the Book Value of the assets securing such liability), and the net assets of the Company were distributed, in accordance with <u>Section 14.02(c)</u>, to the Partners immediately after making such allocation. Notwithstanding the foregoing, the General Partner may make allocations it (acting reasonably and in good faith) deems necessary to give economic effect to the provisions in <u>Article V</u>, <u>Article XIV</u> and the other relevant provisions of this Agreement and to properly reflect each Partner's "interest in the partnership" within the meaning of Treasury Regulation Section 1.704-1(b)(3).

<u>Section 5.03&nbsp;&nbsp;&nbsp;&nbsp;Special Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Losses attributable to partner nonrecourse debt (as defined in Treasury Regulation Section 1.704-2(b)(4)) shall be allocated in the manner required by Treasury Regulation Section 1.704-2(i). If there is a net decrease during a Taxable Year in partner nonrecourse debt minimum gain (as defined in Treasury Regulation Section 1.704-2(i)(3)), Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) shall be allocated to the Partners in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(i)(4). This Section 5.03(a) is intended to be a partner nonrecourse debt minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-1(i) and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Nonrecourse deductions (as determined according to Treasury Regulation Section 1.704-2(b)(1)) for any Taxable Year shall be allocated *pro rata* among the Partners in accordance with their Percentage Interests. Except as otherwise provided in <u>Section 5.03(a)</u>, if there is a net decrease in the Minimum Gain during any Taxable Year, each Partner shall be allocated Profits for such Taxable Year (and, if necessary, for subsequent Taxable Years) in the amounts and of such character as determined according to Treasury Regulation Section 1.704-2(f). This <u>Section 5.03(b)</u> is intended to be a minimum gain chargeback provision that complies with the requirements of Treasury Regulation Section 1.704-2(f) and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If any Partner that unexpectedly receives an adjustment, allocation or Distribution described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) has an Adjusted Capital Account Deficit as of the end of any Taxable Year, computed after the application of <u>Sections 5.03(a)</u> and <u>5.03(b)</u> but before the application of any other provision of this <u>Article V</u>,

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then Profits for such Taxable Year shall be allocated to such Partner in proportion to, and to the extent of, such Adjusted Capital Account Deficit. This <u>Section 5.03(c)</u> is intended to be a qualified income offset provision as described in Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted in a manner consistent therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If the allocation of Net Losses to a Partner as provided in <u>Section 5.02</u> would create or increase an Adjusted Capital Account Deficit, there shall be allocated to such Partner only that amount of Losses as will not create or increase an Adjusted Capital Account Deficit. The Net Losses that would, absent the application of the preceding sentence, otherwise be allocated to such Partner shall be allocated to the other Partners in accordance with their relative Percentage Interests, subject to this <u>Section 5.03(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any Partner has an Adjusted Capital Account Deficit at the end of any applicable Fiscal Year or Fiscal Period, such Partner shall be allocated items of Company gross income, and gain in the amount of such deficit as quickly as possible; provided, however, that an allocation pursuant to this <u>Section 5.03(e)</u> shall be made only if and to the extent that such Partner would have an Adjusted Capital Account Deficit after all other allocations provided for in <u>Sections 5.02</u> and <u>5.03</u> have been tentatively made as if <u>Section 5.03(c)</u> and this <u>Section 5.03(e)</u> were not in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Profits and Losses described in <u>Section 5.01(b)(v)</u> shall be allocated in a manner consistent with the manner that the adjustments to the Capital Accounts are required to be made pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(j), (k) and (m).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;The allocations set forth in <u>Section 5.03(a)</u> through and including <u>Section 5.03(f)</u> (the "***Regulatory Allocations***") are intended to comply with certain requirements of Sections 1.704-1(b) and 1.704-2 of the Treasury Regulations. The Regulatory Allocations may not be consistent with the manner in which the Partners intend to allocate Profit and Loss of the Company or make Distributions. Accordingly, notwithstanding the other provisions of this <u>Article V</u>, but subject to the Regulatory Allocations, income, gain, deduction and loss with respect to the Company shall be reallocated among the Partners so as to eliminate the effect of the Regulatory Allocations and thereby cause the respective Capital Accounts of the Partners to be in the amounts (or as close thereto as possible) they would have been if Profit and Loss (and such other items of income, gain, deduction and loss) had been allocated without reference to the Regulatory Allocations. In general, the Partners anticipate that this shall be accomplished by specially allocating other Profit and Loss (and such other items of income, gain, deduction and loss) among the Partners so that the net amount of the Regulatory Allocations and such special allocations to each such Partner is zero. In addition, if in any Fiscal Year or Fiscal Period there is a decrease in partnership minimum gain, or in partner nonrecourse debt minimum gain, and application of the minimum gain chargeback requirements set forth in <u>Section 5.03(a)</u> or <u>Section 5.03(b)</u> would cause a distortion in the economic arrangement among the Partners, the Partners may, if they do not expect that the Company will have sufficient other income to correct such distortion, request the Internal Revenue Service to waive either or both of such minimum gain chargeback requirements pursuant to Treasury Regulations Section 1.704-2(f)(4). If such request

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is granted, this Agreement shall be applied in such instance as if it did not contain such minimum gain chargeback requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp; If any holder of Common Units which are subject to vesting conditions forfeits (or the Company has repurchased at less than fair market value) all or a portion of such holder's unvested Common Units, the Company shall make forfeiture allocations in respect of such unvested Common Units in the manner and to the extent required by Proposed Treasury Regulation Section 1.704-1(b)(4)(xii) (as such Proposed Treasury Regulations may be amended or modified, including upon the issuance of temporary or final Treasury Regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Fiscal Year or Fiscal Period in which distributions are made to Partners pursuant to Section 4.01(c) and the Pre-IPO Distribution Agreements, Net Profit (and, to the extent necessary, individual items of income and gain) or tax items of income or gain of the Company for such applicable Fiscal Year or Fiscal Period in an amount equal to such distributions shall be specially allocated to the Partners to which such distributions are made, in each case, as reasonably determined by the General Partner

<u>Section 5.04&nbsp;&nbsp;&nbsp;&nbsp;Tax Allocations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The income, gains, losses, deductions and credits of the Company shall be allocated, for federal, state and local income tax purposes, among the Partners in accordance with the allocation of such income, gains, losses, deductions and credits among the Partners for computing their Capital Accounts; *provided* that if any such allocation is not permitted by the Code or other applicable Law, the Company's subsequent income, gains, losses, deductions and credits shall be allocated among the Partners so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Items of taxable income, gain, loss and deduction of the Company with respect to any property contributed to the capital of the Company shall be allocated among the Partners in accordance with Code Section 704(c) so as to take account of any variation between the adjusted basis of such property to the Company for federal income tax purposes and its Book Value using any method permitted under applicable Law (including the "traditional method with curative allocations limited to back end gain on sale" set forth in Treasury Regulation Section 1.704-3(c)) with such choice of method to be determined in the discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If the Book Value of any asset of the Company is adjusted pursuant to <u>Section 5.01(b)</u>, including adjustments to the Book Value of any asset of the Company in connection with the execution of this Agreement, subsequent allocations of items of taxable income, gain, loss and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value using any method permitted under applicable Law (including the "traditional method with curative allocations limited to back end gain on sale" set forth in Treasury Regulation Section 1.704-3(c) with such choice of method to be determined in the discretion of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Allocations of tax credits, tax credit recapture, and any items related thereto shall be allocated to the Partners as determined by the General Partner taking into account the principles of Treasury Regulation Section 1.704-1(b)(4)(ii).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of determining a Partner's share of the Company's "excess nonrecourse liabilities" within the meaning of Treasury Regulation Section 1.752-3(a)(3), each Partner's interest in income and gain shall be determined pursuant to any proper method, as reasonably determined by the General Partner; *provided*, that each year the General Partner shall use its reasonable best efforts (using in all instances any proper method permitted under applicable Law, including without limitation the "additional method" described in Treasury Regulation Section 1.752-3(a)(3)) to allocate a sufficient amount of the excess nonrecourse liabilities to those Partners who would have at the end of the applicable Taxable Year, but for such allocation, taxable income due to the deemed distribution of money to such Partner pursuant to Section 752(b) of the Code that is in excess of such Partner's adjusted tax basis in its Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In the event any Common Units issued pursuant to Section 1(b) of the Policy Regarding Certain Equity Issuances attached to this Agreement as Exhibit C are subsequently forfeited, the Company may make forfeiture allocations with respect to such Common Units in the Taxable Year of such forfeiture in accordance with the principles of proposed Treasury Regulations Section 1.704-1(b)(4)(xii)(c), taking into account any amendments thereto and any temporary or final Treasury Regulations issued pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Allocations pursuant to this <u>Section 5.04</u> are solely for purposes of U.S. federal, state and local taxes and shall not affect, or in any way be taken into account in computing, any Partner's Capital Account or share of Profits, Losses, Distributions or other items of the Company pursuant to any provision of this Agreement.

<u>Section 5.05&nbsp;&nbsp;&nbsp;&nbsp;Indemnification and Reimbursement for Payments on Behalf of a Partner</u>. The Company is authorized at all times to make payments with respect to each Partner in amounts required to discharge any obligation of the Company (as determined by the General Partner) to withhold or make payments to any Governmental Entity with respect to any distribution or allocation by the Company of income or gain to such Partner and to withhold the same from distributions to such Partner. Except as otherwise determined by the General Partner, if the Company or any other Person in which the Company holds an interest is obligated to pay any amount to a Governmental Entity (or otherwise makes a payment to a Governmental Entity) that is specifically attributable to a Partner or a Partner's status as such (including federal income taxes, additions to tax, interest and penalties as a result of obligations of the Company pursuant to the Partnership Audit Provisions, federal withholding taxes, state personal property taxes and state unincorporated business taxes, but excluding payments such as payroll taxes, withholding taxes, benefits or professional association fees and the like required to be made or made voluntarily by the Company on behalf of any Partner based upon such Partner's status as an employee of the Company), then such Partner shall indemnify the Company in full for the entire amount paid (including interest, penalties and related expenses). The General Partner may offset Distributions to which a Partner is otherwise entitled under this Agreement against such Partner's obligation to indemnify the Company under this <u>Section 5.05</u>. In addition, notwithstanding anything to the contrary, each Partner agrees that any Cash Settlement such Partner is entitled to receive pursuant to <u>Article XI</u> may be offset by an amount equal to such Partner's obligation to indemnify the Company under this <u>Section 5.05</u> and that such Partner shall be treated as receiving the full amount of such Cash Settlement and paying to the Company an amount equal

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to such obligation. A Partner's obligation to make payments to the Company under this <u>Section 5.05</u> shall survive the transfer or termination of any Partner's interest in any Units of the Company, the termination of this Agreement and the dissolution, liquidation, winding up and termination of the Company. In the event that the Company has been terminated prior to the date such payment is due, such Partner shall make such payment to the General Partner (or its designee), which shall distribute such funds in accordance with this Agreement. The Company may pursue and enforce all rights and remedies it may have against each Partner under this <u>Section 5.05</u>, including instituting a lawsuit to collect such contribution with interest calculated at a rate per annum equal to the sum of the Base Rate plus 300 basis points (but not in excess of the highest rate per annum permitted by Law). Each Partner hereby agrees to furnish to the Company such information and forms as required or reasonably requested 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. The Company may withhold any amount that it determines is required to be withheld from any amount otherwise payable to any Partner hereunder, and any such withheld amount shall be deemed to have been paid to such Partner for purposes of this Agreement, unless otherwise reimbursed by such Partner under this <u>Section 5.05</u>. For the avoidance of doubt, any income taxes, penalties, additions to tax and interest payable by the Company or any fiscally transparent entity in which the Company owns an interest that are attributable to income or gain that is (or otherwise would be) passed through to the Partners under applicable Law shall be treated as specifically attributable to the Partners and shall be allocated among the Partners such that the burden of (or any diminution in distributable proceeds resulting from) any such amounts is borne by those Partners to whom such amounts are specifically attributable, in each case as reasonably determined by the General Partner.

ARTICLE VI.

MANAGEMENT

<u>Section 6.01&nbsp;&nbsp;&nbsp;&nbsp;Authority of General Partner; Officer Delegation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except for situations in which the approval of any Partner(s) is specifically required by this Agreement, (i) all management powers over the business and affairs of the Company shall be exclusively vested in the Corporation, as the sole general partner of the Company (the Corporation and its successors and assigns, in such capacity, the "***General Partner***"), (ii) the General Partner shall conduct, direct and exercise full control over all activities of the Company and (iii) no other Partner shall have any right, authority or power to vote, consent or approve any matter, whether under the Delaware Act, this Agreement or otherwise. The General Partner shall be the "general partner" of the Company for the purposes of the Delaware Act. Except as otherwise expressly provided for herein and subject to the other provisions of this Agreement, the Partners hereby consent to the exercise by the General Partner of all such powers and rights conferred on the Partners by the Delaware Act with respect to the management and control of the Company. Any vacancies in the position of General Partner shall be filled in accordance with <u>Section 6.04</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the authority of the General Partner to act on behalf of the Company, the day-to-day business and operations of the Company shall be overseen and implemented by officers of the Company (each, an "***Officer***" and collectively, the "***Officers***"), subject to the limitations imposed by the General Partner. An Officer may, but need not, be a Partner. Each Officer shall be appointed by the General Partner and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. At the Effective Date, the Officers shall be the officers of the General Partner with the same titles and responsibilities and shall hold office until his or her successor shall be duly designated and shall qualify or until his or her death or until he or she shall resign or shall have been removed in the manner hereinafter provided. Any one Person may hold more than one office. Subject to the other provisions of this Agreement (including in <u>Section 6.07</u> below), the salaries or other compensation, if any, of the Officers of the Company shall be fixed from time to time by the General Partner. The authority and responsibility of the Officers shall be limited to such duties as the General Partner may, from time to time, delegate to them. Unless the General Partner decides otherwise, if the title is one commonly used for officers of a business corporation formed under the General Corporation Law of the State of Delaware, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally associated with that office. All Officers shall be, and shall be deemed to be, officers of the Company. An Officer may also perform one or more roles as an officer of the General Partner. Any Officer may be removed at any time, with or without cause, by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to the other provisions of this Agreement, the General Partner shall have the power and authority to effectuate the sale, lease, transfer, exchange or other disposition of any, all or substantially all of the assets of the Company (including the exercise or grant of any conversion, option, privilege or subscription right or any other right available in connection with any assets at any time held by the Company) or the merger, consolidation, conversion, division, reorganization or other combination of the Company with or into another entity, for the avoidance of doubt, without the prior consent of any Partner or any other Person being required.

<u>Section 6.02&nbsp;&nbsp;&nbsp;&nbsp;Actions of the General Partner</u>. The General Partner may act through any Officer or through any other Person or Persons to whom authority and duties have been delegated pursuant to <u>Section 6.07</u>.

<u>Section 6.03&nbsp;&nbsp;&nbsp;&nbsp;Resignation; No Removal</u>. The General Partner may resign at any time by giving written notice to the Limited Partners. Unless otherwise specified in the notice, the resignation shall take effect upon receipt thereof by the Limited Partners, and the acceptance of the resignation shall not be necessary to make it effective. For the avoidance of doubt, the Limited Partners have no right under this Agreement to remove or replace the General Partner.

<u>Section 6.04&nbsp;&nbsp;&nbsp;&nbsp;Vacancies</u>. Vacancies in the position of general partner occurring for any reason shall be filled by the Corporation (or, if the Corporation has ceased to exist without any successor or assign, then by the holders of a majority in interest of the voting capital stock of the Corporation immediately prior to such cessation). For the avoidance of doubt, the Partners

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(other than the Corporation in its capacity as General Partner) have no right under this Agreement to fill any vacancy in the position of general partner.

<u>Section 6.05&nbsp;&nbsp;&nbsp;&nbsp;Transactions Between the Company and the General Partner</u>. The General Partner may cause the Company to contract and deal with the General Partner, or any Affiliate of the General Partner, *provided*, that such contracts and dealings (other than contracts and dealings between the Company and its Subsidiaries) are on terms comparable to and competitive with those available to the Company from others dealing at arm's length or are approved by the Partners (other than the General Partner and its Affiliates) and otherwise are permitted by the Credit Agreements; *provided*, that the foregoing shall in no way limit the General Partner's rights under <u>Sections 3.02</u>, <u>3.04</u>, <u>3.05</u> or <u>3.10</u>. The Partners hereby approve each of the contracts or agreements between or among the General Partner, the Company and their respective Affiliates entered into on or prior to the date of this Agreement in accordance with the Prior LP Agreement or that the partners of the Company or the Corporate Board has approved in connection with the Recapitalization or the IPO as of the date of this Agreement, including, but not limited to, the IPO Common Unit Subscription Agreement and the Tax Receivable Agreement.

<u>Section 6.06&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement for Expenses</u>. The General Partner shall not be compensated for its services as General Partner of the Company except as expressly provided in this Agreement. The Partners acknowledge and agree that, upon consummation of the IPO, the General Partner's Class A Common Stock shall be publicly traded and therefore the General Partner shall have access to the public capital markets and that such status and the services performed by the General Partner shall inure to the benefit of the Company and all Partners; therefore, unless otherwise determined by the General Partner, the General Partner and the Corporation shall be reimbursed by the Company for any reasonable out-of-pocket expenses incurred on behalf of the Company, including without limitation all fees, expenses and costs associated with the IPO and all fees, expenses and costs of being a public company (including without limitation public reporting obligations, proxy statements, stockholder meetings, Stock Exchange fees, transfer agent fees, legal fees, SEC and FINRA filing fees and offering expenses and any excise taxes imposed pursuant to Section 4501 of the Code) and maintaining its corporate existence. In the event that shares of Class A Common Stock are sold to underwriters in the IPO (or in any Qualifying Offering) at a price per share that is lower than the price per share for which such shares of Class A Common Stock are sold to the public in the IPO (or in such subsequent Qualifying Offering, as applicable) after taking into account underwriters' discounts or commissions and brokers' fees or commissions (such difference, the "***Discount***") (i) the General Partner shall be deemed to have contributed to the Company in exchange for newly issued Common Units the full amount for which such shares of Class A Common Stock were sold to the public and (ii) the Company shall be deemed to have paid the Discount as an expense. To the extent practicable, expenses incurred by the General Partner on behalf of or for the benefit of the Company shall be billed directly to and paid by the Company and, if and to the extent any reimbursements to the General Partner or any of its Affiliates by the Company pursuant to this <u>Section 6.06</u> constitute gross income to such Person (as opposed to the repayment of advances made by such Person on behalf of the Company), such amounts shall be treated as "guaranteed payments" within the meaning of Code Section 707(c) and shall not be treated as distributions for purposes of computing the Partners' Capital Accounts. Notwithstanding the foregoing, the

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Company shall not bear any income tax obligations of the General Partner or any payments made pursuant to the Tax Receivable Agreement (for the avoidance of doubt, other than pursuant to Tax Distributions made to the Corporation).

<u>Section 6.07&nbsp;&nbsp;&nbsp;&nbsp;Delegation of Authority</u>. The General Partner (a) may, from time to time, delegate to one or more Persons such authority and duties as the General Partner may deem advisable, and (b) may assign titles (including, without limitation, chief executive officer, president, chief financial officer, chief operating officer, general counsel, senior vice president, vice president, secretary, assistant secretary, treasurer or assistant treasurer) and delegate certain authority and duties to such Persons which may be amended, restated or otherwise modified from time to time. Any number of titles may be held by the same individual. The salaries or other compensation, if any, of such agents of the Company shall be fixed from time to time by the General Partner, subject to the other provisions in this Agreement.

<u>Section 6.08&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability of General Partner</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein or in an agreement entered into by such Person and the Company, neither the General Partner nor any of the General Partner's Affiliates or the General Partner's officers, employees or other agents shall be liable to the Company, to any Partner or to any other Person bound by this Agreement for any act or omission performed or omitted by the General Partner or such Person in its capacity as the sole general partner of the Company or as an Affiliate, officer, employee or other agent of the General Partner, as applicable, pursuant to authority granted to the General Partner by this Agreement; *provided, however*, that, except as otherwise provided herein, such limitation of liability shall not apply to the extent the act or omission was attributable to the General Partner's willful misconduct or knowing violation of Law or for any present or future material breaches of any representations, warranties or covenants by the General Partner or its Affiliates contained herein or in the Other Agreements with the Company. The General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents, and shall not be responsible for any misconduct or negligence on the part of any such agent (so long as such agent was selected in good faith and with reasonable care). The General Partner and each of its Affiliates, officers, employees and other agents shall be entitled to rely upon the advice of legal counsel, independent public accountants and other experts, including financial advisors, as to matters such Person reasonably believes are within such other Person's professional or expert competence and any act of or failure to act by the General Partner or such other Person in good faith reliance on such advice shall in no event subject the General Partner or such other Person to liability to the Company or any Partner or to any other Person bound by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable Law, whenever this Agreement or any other agreement contemplated herein provides that the General Partner shall act in a manner which is, or provide terms which are, "fair and reasonable" to the Company or any Partner that is not the General Partner, the General Partner shall determine such appropriate action or provide such terms considering, in each case, the relative interests of each party to such agreement, transaction or situation and the benefits and burdens relating to such interests, any customary or

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accepted industry practices, and any applicable United States generally accepted accounting practices or principles, notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of Law or equity or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of Law or equity or otherwise, whenever in this Agreement or any other agreement contemplated herein, the General Partner is permitted or required to take any action or to make a decision in its "sole discretion" or "discretion," with "complete discretion," with its "approval" or "consent" or under a grant of similar authority or latitude, the General Partner shall be entitled to consider such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company, other Partners or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable Law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, (i) whenever in this Agreement the General Partner is permitted or required to take any action or to make a decision in "good faith" or under another express standard, the General Partner shall act under such express standard and shall not be subject to any other or different standards imposed by this Agreement or any other agreement contemplated herein, and (ii) so long as the General Partner acts in good faith or in accordance with such other express standard, the resolution, action or terms so made, taken or provided by the General Partner shall not constitute a breach of this Agreement or impose liability upon the General Partner or any of the General Partner's Affiliates and shall be deemed approved by all Partners.

<u>Section 6.09&nbsp;&nbsp;&nbsp;&nbsp;Investment Company Act</u>. The General Partner shall use its best efforts to ensure that the Company shall not be subject to registration as an investment company pursuant to the Investment Company Act.

ARTICLE VII.

RIGHTS AND OBLIGATIONS OF PARTNERS AND GENERAL PARTNER

<u>Section 7.01&nbsp;&nbsp;&nbsp;&nbsp;Limitation of Liability and Duties of Partners and General Partner</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this Agreement or in the Delaware Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company and no Partner or General Partner shall be obligated personally for any such debts, obligations, contracts or liabilities of the Company solely by reason of being a Partner or the General Partner. Notwithstanding anything contained herein to the contrary, to the fullest extent permitted by applicable Law, the failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Partners or the General Partner for liabilities of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In accordance with the Delaware Act and the laws of the State of Delaware, a Partner may, under certain circumstances, be required to return amounts previously distributed to such Partner. It is the intent of the Partners that no Distribution to any Partner pursuant to <u>Articles IV</u> or <u>XIV</u> shall be deemed a return of money or other property paid or distributed in violation of the Delaware Act. The payment of any such money or Distribution of any such property to a Partner shall be deemed to be a compromise within the meaning of Section 17-502(b) of the Delaware Act, and, to the fullest extent permitted by Law, any Partner receiving any such money or property shall not be required to return any such money or property to the Company or any other Person, unless such distribution was made by the Company to its Partners in clerical error. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Partner is obligated to make any such payment, such obligation shall be the obligation of such Partner and not of any other Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable Law, including Section 17-1101(d) of the Delaware Act, and notwithstanding any other provision of this Agreement (but subject, and without limitation, to <u>Section 6.08</u> with respect to the General Partner) or in any agreement contemplated herein or applicable provisions of Law or equity or otherwise, the parties hereto hereby agree that to the extent that any Partner (other than the General Partner in its capacity as such) (or any Partner's Affiliate or any manager, managing member, general partner, director, officer, employee, agent, fiduciary or trustee of any Partner or of any Affiliate of a Partner) has duties (including fiduciary duties) to the Company, to the General Partner, to another Partner, to any Person who acquires an interest in a Unit or to any other Person bound by this Agreement, all such duties (including fiduciary duties) are hereby eliminated, to the fullest extent permitted by Law, and replaced with the duties or standards expressly set forth herein, if any; *provided*, *however*, that the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing. The elimination of duties (including fiduciary duties) to the Company, the General Partner, each of the Partners, each other Person who acquires an interest in a Unit and each other Person bound by this Agreement and replacement thereof with the duties or standards expressly set forth herein, if any, are approved by the Company, the General Partner, each of the Partners, each other Person who acquires an interest in a Unit and each other Person bound by this Agreement.

<u>Section 7.02&nbsp;&nbsp;&nbsp;&nbsp;Lack of Authority</u>. No Partner, other than the General Partner or a duly appointed Officer or other agent of the Company, in each case in its capacity as such, has the authority or power to act for or on behalf of the Company, to do any act that would be binding on the Company or to make any expenditure on behalf of the Company. The Partners hereby consent to the exercise by the General Partner of the powers conferred on them by Law and this Agreement.

<u>Section 7.03&nbsp;&nbsp;&nbsp;&nbsp;No Right of Partition</u>. No Partner, other than the General Partner (in its capacity as such), shall have the right to seek or obtain partition by court decree or operation of Law of any property of the Company, or the right to own or use particular or individual assets of the Company.

<u>Section 7.04&nbsp;&nbsp;&nbsp;&nbsp;Indemnification</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 5.05</u>, the Company shall indemnify and hold harmless any Person (each an "***Indemnified Person***") to the fullest extent permitted by applicable Law (including as it presently exists or may hereafter be amended, substituted or replaced but, to the fullest extent permitted by applicable law, in the case of any such amendment, substitution or replacement only to the extent that such amendment, substitution or replacement permits the Company to provide broader indemnification rights than such law permitted the Company to provide immediately prior to such amendment, substitution or replacement), against all expenses, liabilities and losses (including attorneys' fees, judgments, fines, excise taxes or penalties, and amounts paid in settlement) reasonably incurred or suffered by such Person by reason of the fact that such Person is or was a Partner or an Affiliate thereof (other than as a result of an ownership interest in the Corporation) or is or was serving as the General Partner or a director, officer, employee or other agent of the General Partner, or a director, manager, Officer, employee or other agent of the Company or is or was serving at the request of the Company as a manager, officer, director, principal, member, employee or agent of another Person; *provided, however*, that no Indemnified Person shall be indemnified for any expenses, liabilities and losses suffered that are attributable to such Indemnified Person's or its Affiliates' willful misconduct or knowing violation of Law or for any present or future breaches of any representations, warranties or covenants by such Indemnified Person or its Affiliates contained herein or in Other Agreements with the Company. Reasonable expenses, including out-of-pocket attorneys' fees, incurred by any such Indemnified Person in defending a proceeding shall be paid by the Company in advance of the final disposition of such proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined that such Indemnified Person is not entitled to be indemnified by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The right to indemnification and the advancement of expenses conferred in this <u>Section 7.04</u> shall not be exclusive of any other right which any Person may have or hereafter acquire under any statute, agreement, bylaw, action by the General Partner or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall maintain directors' and officers' liability insurance, or substantially equivalent insurance, at its expense, to protect any Indemnified Person against any expense, liability or loss described in <u>Section 7.04(a)</u> whether or not the Company would have the power to indemnify such Indemnified Person against such expense, liability or loss under the provisions of this <u>Section 7.04</u>. The Company shall use its commercially reasonable efforts to purchase and maintain property, casualty and liability insurance in types and at levels customary for companies of similar size engaged in similar lines of business, as determined in good faith by the General Partner, and the Company shall use its commercially reasonable efforts to purchase directors' and officers' liability insurance (including employment practices coverage) with a carrier and in an amount determined necessary or desirable as determined in good faith by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The indemnification and advancement of expenses provided for in this <u>Section 7.04</u> shall be provided out of and to the extent of Company assets only. No Partner (unless such Partner otherwise agrees in writing or is found in a non-appealable decision by a court of competent jurisdiction to have personal liability on account thereof) shall have personal liability

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on account thereof or shall be required to make additional Capital Contributions to help satisfy such indemnity of the Company. The Company (i) shall be the primary indemnitor of first resort for such Indemnified Person pursuant to this <u>Section 7.04</u> and (ii) shall be fully responsible for the advancement of all expenses and the payment of all damages or liabilities with respect to such Indemnified Person which are addressed by this <u>Section 7.04</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If this <u>Section 7.04</u> or any portion hereof shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless indemnify and hold harmless each Indemnified Person pursuant to this <u>Section 7.04</u> to the fullest extent permitted by any applicable portion of this <u>Section 7.04</u> that shall not have been invalidated and to the fullest extent permitted by applicable Law.

<u>Section 7.05&nbsp;&nbsp;&nbsp;&nbsp;Inspection Rights</u>. The Company shall permit each Partner and each of its designated representatives at such Partner's sole cost and expense to examine the books and records of the Company at the principal office of the Company or such other location as the General Partner shall reasonably approve during normal business hours and upon reasonable notice for any purpose reasonably related to such Partner's interest as a partner of the Company; *provided*, that the General Partner has a right to keep confidential from the Partners certain information in accordance with Section 17-305 of the Delaware Act.

ARTICLE VIII.

BOOKS, RECORDS, ACCOUNTING AND REPORTS, AFFIRMATIVE COVENANTS

<u>Section 8.01&nbsp;&nbsp;&nbsp;&nbsp;Records and Accounting</u>. The Company shall keep, or cause to be kept, appropriate books and records with respect to the Company's business, including all books and records necessary to provide any information, lists and copies of documents required pursuant to applicable Laws. All matters concerning (a) the determination of the relative amount of allocations and Distributions among the Partners pursuant to <u>Articles IV</u> and <u>V</u> and (b) accounting procedures and determinations, and other determinations not specifically and expressly provided for by the terms of this Agreement, shall be determined by the General Partner, whose determination shall be final and conclusive as to all of the Partners absent manifest clerical error.

<u>Section 8.02&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year</u>. The Fiscal Year of the Company shall end on December 31 of each year or such other date as may be established by the General Partner.

ARTICLE IX.

TAX MATTERS

<u>Section 9.01&nbsp;&nbsp;&nbsp;&nbsp;Preparation of Tax Returns</u>. The General Partner shall arrange for the preparation and timely filing of all tax returns required to be filed by the Company. The General Partner shall use commercially reasonable efforts to furnish, within two hundred and forty (240) days of the close of each Taxable Year, to each Partner a completed IRS Schedule K-1 (and any comparable state income tax form) and such other information as is reasonably requested by such Partner relating to the Company that is necessary for such Partner to comply with its tax reporting obligations. Subject to the terms and conditions of this Agreement and except as

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otherwise provided in this Agreement, in its capacity as Partnership Representative, the Corporation shall have the authority to prepare the tax returns of the Company using such permissible methods and elections as it determines in its reasonable discretion, including without limitation the use of any permissible method under Section 706 of the Code for purposes of determining the varying Units of its Partners.

<u>Section 9.02&nbsp;&nbsp;&nbsp;&nbsp;Tax Elections</u>. The Taxable Year shall be the Fiscal Year set forth in <u>Section 8.02</u>, unless otherwise required by Section 706 of the Code. The General Partner shall cause the Company and each of its Subsidiaries that is treated as a partnership for U.S. federal income tax purposes to have in effect an election pursuant to Section 754 of the Code (or any similar provisions of applicable state, local or foreign tax Law) for the Taxable Year that includes the Effective Date and each subsequent Taxable Year. The General Partner shall take commercially reasonable efforts to cause each Person in which the Company owns a direct or indirect equity interest (other than a Subsidiary) that is so treated as a partnership to have in effect any such election for each Taxable Year. Each Partner shall upon request supply any information reasonably necessary to give proper effect to any such elections.

<u>Section 9.03&nbsp;&nbsp;&nbsp;&nbsp;Tax Controversies</u>. The General Partner shall cause the Company to take all necessary actions required by Law to designate the Corporation as the "tax matters partner" of the Company within the meaning of Section 6231 of the Code (as in effect prior to repeal of such section pursuant to the Partnership Audit Provisions) with respect any Taxable Year beginning on or before December 31, 2017. The General Partner shall further cause the Company to take all necessary actions required by Law to designate the Corporation as the "partnership representative" of the Company as provided in Section 6223(a) of the Code with respect to any Taxable Year of the Company beginning after December 31, 2017, and the Corporation is hereby authorized to designate an individual to be the sole individual through which such entity "partnership representative" shall act (in such capacities, including in similar capacities under analogous provisions of state or local Law, collectively, the "***Partnership Representative***"). The Company and the Partners shall cooperate fully with each other and shall use reasonable best efforts to cause the Corporation (or its designated individual, as applicable) to become the Partnership Representative with respect to any taxable period of the Company with respect to which the statute of limitations has not yet expired (and causing any tax matters partner, partnership representative or designated individual designated prior to the Effective Date to resign, be revoked or replaced, as applicable), including (as applicable) by filing certifications pursuant to Treasury Regulation Section 301.6231(a)(7)-1(d) and completing IRS Form 8979 or any other form or certificate required pursuant to Treasury Regulation Section 301.6223-1(e)(1). The Partnership Representative shall have the right and obligation to take all actions authorized and required, by the Code and Treasury Regulations (and analogous provisions of state or local law) for the Partnership Representative and is authorized and required to represent the Company (at the Company's expense) in connection with all examinations of the Company's affairs by tax authorities, including any resulting administrative and judicial proceedings, and to expend Company funds for professional services reasonably incurred in connection therewith. Each Partner agrees to cooperate with the Company and the Partnership Representative and to do or refrain from doing any or all things reasonably requested by the Company or the Partnership Representative with respect to the conduct of such proceedings. Without limiting the generality

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of the foregoing, with respect to any audit or other proceeding, the Partnership Representative shall be entitled to cause the Company (and any of its Subsidiaries) to make any available elections pursuant to Section 6226 of the Code (and similar provisions of state, local and other Law), and the Partners shall cooperate to the extent reasonably requested by the Company in connection therewith. The Company shall reimburse the Partnership Representative for all reasonable out-of-pocket expenses incurred by the Partnership Representative, including reasonable fees of any professional attorneys, in carrying out its duties as the Partnership Representative. The provisions of this <u>Section 9.03</u> shall survive the transfer or termination of any Partner's interest in any Units of the Company, the termination of this Agreement and the termination of the Company, and shall remain binding on each Partner for the period of time necessary to resolve all tax matters relating to the Company, and shall be subject to the provisions of the Tax Receivable Agreement, as applicable.

ARTICLE X.

RESTRICTIONS ON TRANSFER OF UNITS; CERTAIN TRANSACTIONS

<u>Section 10.01&nbsp;&nbsp;&nbsp;&nbsp;Transfers by Partners</u>. No holder of Units shall Transfer any interest in any Units, except Transfers (a) pursuant to and in accordance with <u>Sections 10.02</u>, <u>10.09</u> or <u>Section 10.11</u> or (b) approved in advance and in writing by the General Partner, or its designee, in the case of Transfers by any Partner other than the General Partner, or (c) in the case of Transfers by the General Partner, to any Person who succeeds to the General Partner in accordance with <u>Section 6.04</u>. Notwithstanding the foregoing, "Transfer" shall not include (i) an event that terminates the existence of a Partner for income tax purposes (including, without limitation, a change in entity classification of a Partner under Treasury Regulation Section 301.7701-3, a sale of assets by, or liquidation of, a Partner pursuant to an election under Code Sections 336 or 338, or merger, severance, or allocation within a trust or among sub-trusts of a trust that is a Partner), but that does not terminate the existence of such Partner under applicable state Law (or, in the case of a trust that is a Partner, does not terminate the trusteeship of the fiduciaries under such trust with respect to all the Units of such trust that is a Partner) or (ii) any indirect Transfer of Units held by the General Partner by virtue of any Transfer of Equity Securities in the Corporation.

<u>Section 10.02&nbsp;&nbsp;&nbsp;&nbsp;Permitted Transfers</u>. The restrictions contained in <u>Section 10.01</u> shall not apply to any of the following Transfers (each, a "***Permitted Transfer***" and each transferee, a "***Permitted Transferee***"): (a) a Transfer pursuant to a Redemption or Direct Exchange in accordance with <u>Article XI</u> hereof or that is necessary or desirable to comply with <u>Sections 3.04</u> or <u>3.05</u> as determined by the General Partner, (b) a Transfer by a Partner to the Corporation or any of its Subsidiaries, (c) a Transfer by a Subsidiary of the Corporation to the Corporation, (d) a Transfer by a Controlling Partner to an Estate Planning Vehicle, (e) a Transfer by a Partner approved in advance and in writing by the General Partner, (f) a Transfer following the death or Incapacitation of a Controlling Partner in accordance with <u>Article XI</u> and (g) with respect to Common Units received by a Permitted Transferee from a Partner or such Partner's other Permitted Transferee, a Transfer by such Permitted Transferee of such Common Units to such Partner. In the case of a Permitted Transfer of any Common Units by any Partner that is authorized to hold Class B Common Stock or Class C Common Stock in accordance with the

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Certificate of Incorporation to a Permitted Transferee in accordance with this <u>Section 10.02</u>, such Partner (or any subsequent Permitted Transferee of such Partner) shall also transfer a number of shares of Class B Common Stock or Class C Common Stock, as applicable, equal to the number of Common Units that were transferred by such Partner (or subsequent Permitted Transferee) in the transaction to such Permitted Transferee, *provided*, *however*, that with respect to any Transfer (other than a Transfer (i) by a Controlling Partner, pursuant to clause (d) above or a similar estate planning Transfer pursuant to clause (e) above by a Controlling Partner to a Permitted Transferee that the Controlling Partner controls or (ii) by a holder of Class C Common Stock to a Controlling Partner pursuant to clause (g) above) of any Common Unit that corresponds with a share of Class C Common Stock, such corresponding number of shares of Class C Common Stock so transferred will automatically be converted to Class B Common Stock pursuant to the Certificate of Incorporation, *provided further*, in the event that a Permitted Transferee holding Common Units and Class C Common Stock (i) pursuant to clause (d) ceases to be an Estate Planning Vehicle or (ii) pursuant to clause (e) ceases to be controlled by the Controlling Partner, such shares of Class C Common Stock shall automatically be converted to Class B Common Stock pursuant to the Certificate of Incorporation. All Permitted Transfers are subject to the additional limitations set forth in <u>Section 10.07(b)</u>.

<u>Section 10.03&nbsp;&nbsp;&nbsp;&nbsp;Restricted Units Legend</u>. The Units have not been registered under the Securities Act and, therefore, in addition to the other restrictions on Transfer contained in this Agreement, cannot be sold unless subsequently registered under the Securities Act or if an exemption from such registration is then available with respect to such sale. To the extent such Units have been certificated, each certificate evidencing Units and each certificate issued in exchange for or upon the Transfer of any Units shall be stamped or otherwise imprinted with a legend in substantially the following form:

"THE SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ISSUED ON [ ✯ ], AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT TO ADDITIONAL RESTRICTIONS ON TRANSFER SPECIFIED IN THE FOURTH AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT OF LINCOLN INTERNATIONAL, LP, AS IT MAY BE AMENDED, RESTATED, AMENDED AND RESTATED, OR OTHERWISE MODIFIED FROM TIME TO TIME, AND LINCOLN INTERNATIONAL, LP RESERVES THE RIGHT TO REFUSE THE TRANSFER OF SUCH SECURITIES UNTIL SUCH CONDITIONS HAVE BEEN FULFILLED WITH RESPECT TO ANY TRANSFER. A COPY OF SUCH CONDITIONS SHALL BE FURNISHED BY LINCOLN INTERNATIONAL, LP TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE."

The Company shall imprint such legend on certificates (if any) evidencing Units. The legend set forth above shall be removed from the certificates (if any) evidencing any Units which cease to be Units in accordance with the definition thereof.

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<u>Section 10.04&nbsp;&nbsp;&nbsp;&nbsp;Transfer</u>. Prior to Transferring any Units (other than in connection with a Permitted Pledge or a Redemption or Direct Exchange in accordance with <u>Article XI</u>), the Transferring holder of Units shall cause the prospective Permitted Transferee to be bound by this Agreement and any other agreements executed by the holders of Units and relating to such Units in the aggregate to which the transferor was a party (collectively, the "***Other Agreements***") by executing and delivering to the Company a duly executed Joinder and counterparts of this Agreement and any applicable Other Agreements.

<u>Section 10.05&nbsp;&nbsp;&nbsp;&nbsp;Assignee's Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Transfer of a Unit in accordance with this Agreement shall be effective as of the date of such Transfer (assuming compliance with all of the conditions to such Transfer set forth herein), and such Transfer shall be shown on the books and records of the Company. Profits, Losses and other items of the Company shall be allocated between the transferor and the transferee according to Code Section 706, using any permissible method as determined in the reasonable discretion of the General Partner. Distributions made before the effective date of such Transfer shall be paid to the transferor, and Distributions made on or after such date shall be paid to the Assignee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless and until an Assignee becomes a Partner pursuant to <u>Article XII</u>, the Assignee shall not be entitled to any of the rights granted to a Partner hereunder or under applicable Law, other than the rights granted specifically to Assignees pursuant to this Agreement; *provided, however*, that, without relieving the Transferring Partner from any such limitations or obligations as more fully described in <u>Section 10.06</u>, such Assignee shall be bound by any limitations and obligations of a Partner contained herein by which a Partner would be bound on account of the Assignee's Units (including the obligation to make Capital Contributions on account of such Units).

<u>Section 10.06&nbsp;&nbsp;&nbsp;&nbsp;Assignor's Rights and Obligations</u>. Any Partner who shall Transfer any Unit in a manner in accordance with this Agreement shall cease to be a Partner with respect to such Units and shall no longer have any rights or privileges, or, except as set forth in this <u>Section 10.06</u>, duties, liabilities or obligations, of a Partner with respect to such Units or other interest (it being understood, however, that the applicable provisions of <u>Sections 6.08</u> and <u>7.04</u> shall continue to inure to such Person's benefit), except that unless and until the Assignee (if not already a Partner) is admitted as a Substituted Limited Partner in accordance with the provisions of <u>Article XII</u> (the "***Admission Date***"), (i) such Transferring Partner shall retain all of the duties, liabilities and obligations of a Partner with respect to such Units, and (ii) the General Partner may, in its sole discretion, reinstate all or any portion of the rights and privileges of such Partner with respect to such Units for any period of time prior to the Admission Date. Nothing contained herein shall relieve any Partner who Transfers any Units in the Company from any liability of such Partner to the Company with respect to such Units that may exist as of the Admission Date or that is otherwise specified in the Delaware Act or for any liability to the Company or any other Person for any materially false statement made by such Partner (in its capacity as such) or for any present or future breaches of any representations, warranties or covenants by such Partner (in its capacity as such) contained herein or in the Other Agreements with the Company.

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<u>Section 10.07&nbsp;&nbsp;&nbsp;&nbsp;Overriding Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Any Transfer or attempted Transfer of any Units in violation of this Agreement (including any prohibited direct or indirect Transfers) shall be, to the fullest extent permitted by applicable Law, null and void *ab initio*, and the provisions of <u>Sections 10.05</u> and <u>10.06</u> shall not apply to any such Transfers. For the avoidance of doubt, any Person to whom a Transfer is made or attempted in violation of this Agreement shall not become a Partner and shall not have any other rights in or with respect to any rights of a Partner of the Company with respect to the applicable Units. The approval of any Transfer in any one or more instances shall not limit or waive the requirement for such approval in any other or future instance. The General Partner shall promptly amend the Schedule of Partners to reflect any Permitted Transfer pursuant to this <u>Article X</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained herein to the contrary (including, for the avoidance of doubt, the provisions of <u>Section 10.01</u> and <u>Article XI</u> and <u>Article XII</u>), in no event shall any Partner Transfer any Units to the extent such Transfer would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;result in the violation of the Securities Act, or any other applicable federal, state or foreign Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;cause an assignment under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;in the reasonable determination of the General Partner, be a violation of or a default (or an event that, with notice or the lapse of time or both, would constitute a default) under, or result in an acceleration of any obligation under any Credit Agreement to which the Company or the General Partner is a party; *provided* that the payee or creditor to whom the Company or the General Partner owes such obligation is not an Affiliate of the Company or the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;be a Transfer to a Person who is not legally competent or who has not achieved his or her majority of age under applicable Law (excluding trusts for the benefit of minors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;cause the Company to be treated as a "publicly traded partnership" or to be taxed as a corporation pursuant to Section 7704 of the Code or any successor provision thereto under the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;result in the Company having more than one hundred (100) partners, within the meaning of Treasury Regulation Section 1.7704-1(h)(1) (determined pursuant to the rules of Treasury Regulation Section 1.7704-1(h)(3)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything contained herein to the contrary, in no event shall any Partner that is not a "United States person" within the meaning of Section 7701(a)(30) of the Code Transfer any Units (including, for the avoidance of doubt, in connection with a Redemption or a Direct Exchange), unless such Partner and the transferee have delivered to the Company, in respect of the relevant Transfer, written evidence that all required withholding

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under Section 1446(f) of the Code shall have been done and duly remitted to the applicable Governmental Entity or duly executed certifications (prepared in accordance with the applicable Treasury Regulations or other authorities) of an exemption from such withholding.

<u>Section 10.08&nbsp;&nbsp;&nbsp;&nbsp;Spousal Consent</u>. In connection with the execution and delivery of this Agreement, any Partner who is a natural person shall deliver to the Company an executed consent from such Partner's spouse (if any) in the form of <u>Exhibit B-1</u> attached hereto or a Partner's spouse confirmation of separate property in the form of <u>Exhibit B-2</u> attached hereto. If, at any time subsequent to the date of this Agreement such Partner becomes legally married (whether in the first instance or to a different spouse), such Partner shall cause his or her spouse to execute and deliver to the Company a consent in the form of <u>Exhibit B-1</u> or <u>Exhibit B-2</u> attached hereto. Such Partner's non-delivery to the Company of an executed consent in the form of <u>Exhibit B-1</u> or <u>Exhibit B-2</u> at any time shall constitute such Partner's continuing representation and warranty that such Partner is not legally married as of such date.

<u>Section 10.09&nbsp;&nbsp;&nbsp;&nbsp;Certain Transactions with respect to the Corporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection with a Change of Control Transaction, the General Partner shall have the right, in its sole discretion, to require each Partner to effect a Redemption of all or a portion of such Partner's Units together with an equal number of shares of Class B Common Stock or Class C Common Stock, pursuant to which such Units and such shares of Class B Common Stock or Class C Common Stock, as applicable, shall be exchanged for shares of Class A Common Stock (or economically equivalent cash or securities of a successor entity) in accordance with the Redemption provisions of <u>Article XI</u>, *mutatis mutandis* (applied for this purpose as if the Corporation had delivered an Election Notice that specified a Share Settlement with respect to such Redemption) and otherwise in accordance with this <u>Section 10.09(a)</u>. Any such Redemption pursuant to this <u>Section 10.09(a)</u> shall be effective immediately prior to the consummation of such Change of Control Transaction (and, for the avoidance of doubt, shall be contingent upon the consummation of such Change of Control Transaction and shall not be effective if such Change of Control Transaction is not consummated) (the date of such Redemption pursuant to this <u>Section 10.09(a)</u>, the "***Change of Control Date***"). From and after the Change of Control Date, (i) the Units and any shares of Class B Common Stock or Class C Common Stock subject to such Redemption shall be deemed to be transferred to the Company or the Corporation, as applicable, on the Change of Control Date and (ii) each such Partner shall cease to have any rights with respect to the Units and any shares of Class B Common Stock or Class C Common Stock subject to such Redemption (other than the right to receive shares of Class A Common Stock (or economically equivalent cash or equity securities in a successor entity) pursuant to such Redemption). In the event the General Partner desires to initiate the provisions of this <u>Section 10.09</u>, the General Partner shall provide written notice of an expected Change of Control Transaction to all Partners within the earlier of (x) five (5) Business Days following the execution of an agreement with respect to such Change of Control Transaction and (y) ten (10) Business Days before the proposed date upon which the contemplated Change of Control Transaction is to be effected, including in such notice such information as may reasonably describe the Change of Control Transaction, subject to Law, including the date of execution of such agreement or such proposed effective date, as applicable, the amount and types

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of consideration to be paid for shares of Class A Common Stock in the Change of Control Transaction and any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with a Change of Control Transaction (which election shall be available to each Partner on the same terms as holders of shares of Class A Common Stock). Following delivery of such notice and on or prior to the Change of Control Date, the Partners shall take all actions reasonably requested by the Corporation to effect such Redemption in accordance with the terms of <u>Article XI</u>, including taking any action and delivering any document required pursuant to this <u>Section 10.09(a)</u> to effect such Redemption. Notwithstanding the foregoing, in the event the General Partner requires the Partners to exchange less than all of their outstanding Units (and to surrender a corresponding number of shares of Class B Common Stock or Class C Common Stock for cancellation), each Partner's participation in the Change of Control Transaction shall be reduced *pro rata*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization, or similar transaction with respect to Class A Common Stock (a "***Corporation Offer***") is proposed by the Corporation or is proposed to the Corporation or its stockholders and approved by the Corporate Board or is otherwise effected or to be effected with the consent or approval of the Corporate Board, the General Partner shall provide written notice of the Corporation Offer to all Partners within the earlier of (i) five (5) Business Days following the execution of an agreement (if applicable) with respect to, or the commencement of (if applicable), such Corporation Offer and (ii) ten (10) Business Days before the proposed date upon which the Corporation Offer is to be effected, including in such notice such information as may reasonably describe the Corporation Offer, subject to Law, including the date of execution of such agreement (if applicable) or of such commencement (if applicable), the material terms of such Corporation Offer, including the amount and types of consideration to be received by holders of shares of Class A Common Stock in the Corporation Offer, any election with respect to types of consideration that a holder of shares of Class A Common Stock, as applicable, shall be entitled to make in connection with such Corporation Offer, and the number of Units (and the corresponding shares of Class B Common Stock or Class C Common Stock) held by such Partner that is applicable to such Corporation Offer. The Partners (other than the Corporation and its Subsidiaries) shall be permitted to participate in such Corporation Offer by delivering a written notice of participation that is effective immediately prior to the consummation of such Corporation Offer (and that is contingent upon consummation of such offer and shall not be effective if such Corporation Offer is not consummated), and shall include such information necessary for consummation of such offer as requested by the Corporation. In the case of any Corporation Offer that was initially proposed by the Corporation, the Corporation shall use reasonable best efforts to enable and permit the Partners (other than the Corporation and its Subsidiaries) to participate in such transaction to the same extent or on an economically equivalent basis as the holders of shares of Class A Common Stock, and to enable such Partners to participate in such transaction without being required to exchange Units, shares of Class B Common Stock or shares of Class C Common Stock prior to the consummation of such transaction. For the avoidance of doubt, in no event shall Common Unitholders be entitled to receive in such Corporation Offer aggregate consideration for each Common Unit that is greater than the consideration payable in respect of each share of Class A Common Stock in connection

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with a Corporation Offer (it being understood that payments under or in respect of the Tax Receivable Agreement shall not be considered part of any such consideration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event that a transaction or proposed transaction constitutes both a Change of Control Transaction and a Corporation Offer, the provisions of <u>Section 10.09(a)</u> shall take precedence over the provisions of <u>Section 10.09(b)</u> with respect to such transaction, and the provisions of <u>Section 10.09(b)</u> shall be subordinate to provisions of <u>Section 10.09(a)</u>, and may only be triggered if the General Partner elects to waive the provisions of <u>Section 10.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Unvested Common Units. With respect to any shares of Class B Common Stock corresponding to Common Units which remain subject to vesting conditions in accordance with any applicable Equity Plan or individual award agreement, the Partner holding such shares of Class B Common Stock shall abstain from voting any such shares of Class B Common Stock with respect to any matter to be voted on or considered by the stockholders of the Corporation at any annual or special meeting of the stockholders of the Corporation or action by written consent of the stockholders of the Corporation unless and until such time as such Common Units have vested in accordance with the applicable Equity Plan or individual award agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Liquidity Proceeds. Notwithstanding anything to the contrary in this Agreement, a Partner may assign up to one hundred percent (100%) of such Partner's Liquidity Proceeds to any Liquidity Proceeds Permitted Transferee of such Partner upon written notice to the General Partner. A Liquidity Proceeds Permitted Transferee shall not be deemed a Partner for any purpose and shall not have any rights of a Partner under this Agreement.

ARTICLE XI.

REDEMPTION AND DIRECT EXCHANGE RIGHTS

<u>Section 11.01&nbsp;&nbsp;&nbsp;&nbsp;Redemption Right of a Partner</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;After the expiration or earlier termination of any applicable Lock-Up Period, each Partner (other than the Corporation and its Subsidiaries) shall be entitled to cause the Company to redeem (a "***Redemption***") all or any portion of such Partner's Common Units (excluding, for the avoidance of doubt, any Common Units that are subject to vesting conditions or the Transfer of which is prohibited pursuant to <u>Section 10.07(b)</u> or <u>Section 10.07(c)</u> of this Agreement) in whole or in part (the "***Redemption Right***") at any time and from time to time; *provided*, *however*, that the Redemption is for at least the Minimum Redemption Number; *provided*, *further*, that a Partner may only exercise a Redemption Right once per each calendar quarter. A Partner desiring to exercise its Redemption Right (each, a "***Redeeming Partner***") shall exercise such right by giving written notice, in the form attached to this Agreement as <u>Exhibit D</u> or any other writing including the information required by this <u>Section 11.01(a)</u> (the "***Redemption Notice***"), to the Company with a copy to the Corporation. The Redemption Notice shall specify the number of Common Units (the "***Redeemed Units***") that the Redeeming Partner intends to have the Company redeem and a date, not less than three (3) Business Days nor more than ten (10) Business Days after delivery of such Redemption Notice (unless and to the extent that the General Partner in its sole discretion agrees in writing to waive such time periods), on which exercise of the Redemption Right shall be completed (the "***Redemption Date***"); *provided*, that

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the Company, the Corporation and the Redeeming Partner may change the number of Redeemed Units and/or the Redemption Date specified in such Redemption Notice to another number and/or date by mutual agreement signed in writing by each of them; *provided, further,* that in the event the Corporation elects a Share Settlement, the Redemption may be conditioned (including as to timing) by the Redeeming Partner on the closing of an underwritten distribution of the shares of Class A Common Stock that may be issued in connection with such proposed Redemption. Subject to <u>Section 11.03</u> and unless the Redeeming Partner timely has delivered a Retraction Notice as provided in <u>Section 11.01(c)</u> or has revoked or delayed a Redemption as provided in <u>Section 11.01(d)</u>, on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Redeeming Partner shall Transfer and surrender, free and clear of all liens and encumbrances, all rights, title and interest to (x) the Redeemed Units to the Company (including any certificates representing the Redeemed Units if they are certificated), and (y) a number of shares of Class B Common Stock or Class C Common Stock, as applicable, (together with any Corresponding Rights) equal to the number of Redeemed Units to the Corporation, to the extent applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall (x) cancel the Redeemed Units, (y) transfer to the Redeeming Partner the consideration to which the Redeeming Partner is entitled under <u>Section 11.01(b)</u>, and (z) if the Units are certificated, issue to the Redeeming Partner a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming Partner pursuant to clause (i) of this <u>Section 11.01(a)</u> and the Redeemed Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation shall cancel and retire for no consideration the shares of Class B Common Stock or Class C Common Stock, as applicable, (together with any Corresponding Rights) that were Transferred to the Corporation pursuant to <u>Section 11.01(a)(i)(y)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall have the option (as determined solely by the Disinterested Majority) as provided in <u>Section 11.02</u> to elect to have the Redeemed Units be redeemed in consideration for either a Share Settlement or a Cash Settlement; *provided*, for the avoidance of doubt, that the Corporation may elect to have the Redeemed Units be redeemed in consideration for a Cash Settlement only to the extent that the Corporation has cash available in an amount equal to at least the Redeemed Units Equivalent, which cash was received from a substantially contemporaneous Qualifying Offering or, in the case of a Redemption occurring in connection with the closing of the IPO, the IPO. The Corporation shall give written notice (the "***Election Notice***") to the Company (with a copy to the applicable Redeeming Partner) of such election within three (3) Business Days of receiving the Redemption Notice; *provided*, that if the Corporation does not timely deliver an Election Notice, the Corporation shall be deemed to have elected the Share Settlement method (subject to the limitations set forth above). Notwithstanding anything to the contrary in this Agreement, neither the Corporation (acting through the Disinterested Majority) nor the Company shall effectuate a Cash Settlement unless the Corporation has authorized and consummated a Qualifying Offering by no later than the

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Redemption Date for the purpose of satisfying such Cash Settlement. If for any reason the Corporation is unable to complete such Qualifying Offering by the Redemption Date, then the applicable Redeemed Units shall instead be redeemed by Share Settlement, notwithstanding that the Corporation may have initially elected a Cash Settlement of such Redeemed Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Corporation elects the Cash Settlement in connection with a Redemption, the Redeeming Partner may retract its Redemption Notice with respect to such Redemption by giving written notice (the "***Retraction Notice***") to the Company (with a copy to the Corporation) within three (3) Business Days of delivery of the Election Notice. The timely delivery of a Retraction Notice shall terminate all of the Redeeming Partner's, the Company's and the Corporation's rights and obligations under this <u>Section 11.01</u> arising from the related Redemption Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Corporation elects a Share Settlement in connection with a Redemption, a Redeeming Partner shall be entitled to revoke its Redemption Notice or delay the consummation of a Redemption if any of the following conditions exists:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;any registration statement pursuant to which the resale of the Class A Common Stock to be registered for such Redeeming Partner at or immediately following the consummation of the Redemption shall have ceased to be effective pursuant to any action or inaction by the SEC or no such resale registration statement has yet become effective;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation shall have failed to cause any related prospectus to be supplemented by any required prospectus supplement necessary to effect such Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation shall have exercised its right to defer, delay or suspend the filing or effectiveness of a registration statement and such deferral, delay or suspension shall affect the ability of such Redeeming Partner to have its Class A Common Stock registered at or immediately following the consummation of the Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Redeeming Partner is in possession of any material non-public information concerning the Corporation, the receipt of which results in such Redeeming Partner being prohibited or restricted from selling Class A Common Stock at or immediately following the Redemption without disclosure of such information (and the Corporation does not permit disclosure of such information);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;any stop order relating to the registration statement pursuant to which the Class A Common Stock was to be registered by such Redeeming Partner at or immediately following the Redemption shall have been issued by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;there shall have occurred a material disruption in the securities markets generally or in the market or markets in which the Class A Common Stock is then traded;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;there shall be in effect an injunction, a restraining order or a decree of any nature of any Governmental Entity that restrains or prohibits the Redemption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation shall have failed to comply in all material respects with its obligations under the Registration Rights Agreement, and such failure shall have affected the ability of such Redeeming Partner to consummate the resale of Class A Common Stock to be received upon such Redemption pursuant to an effective registration statement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;the Redemption Date would occur three (3) Business Days or less prior to, or during, a Black-Out Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;If a Redeeming Partner delays the consummation of a Redemption pursuant to this <u>Section 11.01(d)</u>, the Redemption Date shall occur on the fifth (5<sup>th</sup>) Business Day following the date on which the condition(s) giving rise to such delay ceases to exist (or such earlier day as the Corporation, the Company and such Redeeming Partner may agree in writing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The number of shares of Class A Common Stock (or Redeemed Units Equivalent, if applicable) (together with any Corresponding Rights) applicable to any Share Settlement or Cash Settlement shall not be adjusted on account of any Distributions previously made with respect to the Redeemed Units or dividends previously paid with respect to Class A Common Stock; *provided, however*, that if a Redeeming Partner causes the Company to redeem Redeemed Units and the Redemption Date occurs subsequent to the record date for any Distribution with respect to the Redeemed Units but prior to payment of such Distribution, the Redeeming Partner shall be entitled to receive such Distribution with respect to the Redeemed Units on the date that it is made notwithstanding that the Redeeming Partner Transferred and surrendered the Redeemed Units to the Company prior to such date; *provided*, *further*, *however*, that a Redeeming Partner shall be entitled to receive any and all Tax Distributions that such Redeeming Partner otherwise would have received in respect of income allocated to such Partner for the portion of any Fiscal Year irrespective of whether such Tax Distribution(s) are declared or made after the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;In the case of a Share Settlement, in the event a reclassification or other similar transaction occurs following delivery of a Redemption Notice, but prior to the Redemption Date, as a result of which shares of Class A Common Stock are converted into another security, then a Redeeming Partner shall be entitled to receive the amount of such other security (and, if applicable, any Corresponding Rights) that the Redeeming Partner would have received if such Redemption Right had been exercised and the Redemption Date had occurred immediately prior to the record date of such reclassification or other similar transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary contained herein, neither the Company nor the Corporation shall be obligated to effectuate a Redemption if such Redemption could (as determined in the sole discretion of the General Partner) cause the Company to be treated as a "publicly traded partnership" or to be taxed as a corporation pursuant to Section 7704 of the Code or successor provisions of the Code.

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<u>Section 11.02&nbsp;&nbsp;&nbsp;&nbsp;Election and Contribution of the Corporation</u>. Unless the Redeeming Partner has timely delivered a Retraction Notice as provided in <u>Section 11.01(c)</u>, or has revoked or delayed a Redemption as provided in <u>Section 11.01(d)</u>, subject to <u>Section 11.03</u> on the Redemption Date (to be effective immediately prior to the close of business on the Redemption Date) (i) the Corporation shall make a Capital Contribution to the Company (in the form of the Share Settlement or the Cash Settlement, as determined by the Corporation in accordance with <u>Section 11.01(b)</u>), and (ii) the Company shall issue to the Corporation a number of Common Units equal to the number of Redeemed Units surrendered by the Redeeming Partner. Notwithstanding any other provisions of this Agreement to the contrary, but subject to <u>Section 11.03</u>, in the event that the Corporation elects a Cash Settlement, the Corporation shall only be obligated to contribute to the Company an amount in respect of such Cash Settlement equal to the Redeemed Units Equivalent with respect to such Cash Settlement, which in no event shall exceed the amount actually paid by the Company to the Redeeming Partner as the Cash Settlement. The timely delivery of a Retraction Notice shall terminate all of the Company's and the Corporation's rights and obligations under this <u>Section 11.02</u> arising from the Redemption Notice.

<u>Section 11.03&nbsp;&nbsp;&nbsp;&nbsp;Direct Exchange Right of the Corporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything to the contrary in this <u>Article XI</u> (save for the limitations set forth in <u>Section 11.01(b)</u> regarding the Corporation's option to select the Share Settlement or the Cash Settlement, and without limitation to the rights of the Partners under <u>Section 11.01</u>, including the right to revoke a Redemption Notice), the Corporation may, in its sole and absolute discretion (as determined solely by the Disinterested Majority) (subject to the timing limitations set forth on such discretion in <u>Section 11.01(b)</u>), elect to effect on the Redemption Date the exchange of Redeemed Units for the Share Settlement or the Cash Settlement, as the case may be, through a direct exchange of such Redeemed Units and the Share Settlement or the Cash Settlement, as applicable, between the Redeeming Partner, on the one hand, and the Corporation or, upon the election of the Corporation, a wholly owned subsidiary thereof (an "***Exchanging Subsidiary***"), on the other hand (a "***Direct Exchange***") (rather than contributing the Share Settlement or the Cash Settlement, as the case may be, to the Company in accordance with <u>Section 11.02</u> for purposes of the Company redeeming the Redeemed Units from the Redeeming Partner in consideration of the Share Settlement or the Cash Settlement, as applicable). Upon such Direct Exchange pursuant to this <u>Section 11.03</u>, the Corporation or Exchanging Subsidiary, as the case may be, shall acquire the Redeemed Units and shall be treated for all purposes of this Agreement as the owner of such Units. In connection with any Direct Exchange, the Company is hereby authorized to execute, deliver and perform, and the General Partner or any officer of the Company on behalf of the Company is hereby authorized to execute and deliver, any unit and share transfer and cancellation agreement (or similar document) and any documents contemplated thereby or related thereto and any amendments thereto, without any further act, vote or approval of any Person, including any Partner, notwithstanding any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation may, at any time prior to a Redemption Date (including after delivery of an Election Notice pursuant to <u>Section 11.01(b)</u>), deliver written notice (an

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"***Exchange Election Notice***") to the Company and the Redeeming Partner setting forth its election to exercise its right to consummate a Direct Exchange through the Corporation or an Exchanging Subsidiary; *provided*, that such election is subject to the limitations set forth in <u>Section 11.01(d)</u> and does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. An Exchange Election Notice may be revoked by the Corporation at any time; *provided*, that any such revocation does not unreasonably prejudice the ability of the parties to consummate a Redemption or Direct Exchange on the Redemption Date. The right to consummate a Direct Exchange in all events shall be exercisable for all of the Redeemed Units that would have otherwise been subject to a Redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided by this <u>Section 11.03</u>, a Direct Exchange shall be consummated pursuant to the same timeframe as the relevant Redemption would have been consummated if the Corporation had not delivered an Exchange Election Notice and as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If the Corporation elects to effect the Direct Exchange through an Exchanging Subsidiary, the Corporation shall make a Capital Contribution to such Exchanging Subsidiary (in the form of the Share Settlement or the Cash Settlement, as determined by the Corporation in accordance with <u>Section 11.01(b)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Redeeming Partner shall transfer, assign and surrender, as applicable, free and clear of all liens and encumbrances (x) the Redeemed Units and (y) a number of shares of Class B Common Stock or Class C Common Stock, as applicable, (together with any Corresponding Rights) equal to the number of Redeemed Units, to the extent applicable, in each case, to the Corporation or Exchanging Subsidiary, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation or the Exchanging Subsidiary, as the case may be, shall pay to the Redeeming Partner the Share Settlement or the Cash Settlement, as applicable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation shall cancel and retire for no consideration the shares of Class B Common Stock or Class C Common Stock, as applicable, (together with any Corresponding Rights) that were Transferred to the Corporation or the Exchanging Subsidiary pursuant to <u>Section 11.03(c)(ii)(y)</u> above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Company shall (x) register the Corporation or Exchanging Subsidiary, as applicable, as the owner of the Redeemed Units and (y) if the Units are certificated, issue to the Redeeming Partner a certificate for a number of Common Units equal to the difference (if any) between the number of Common Units evidenced by the certificate surrendered by the Redeeming Partner pursuant to <u>Section 11.03(c)(i)(x)</u> and the Redeemed Units, and issue to the Corporation or Exchanging Subsidiary, as applicable, a certificate for the number of Redeemed Units.

<u>Section 11.04&nbsp;&nbsp;&nbsp;&nbsp;Reservation of Shares of Class A Common Stock; Listing; Certificate of the Corporation</u>. At all times the Corporation shall reserve and keep available out of its authorized but unissued Class A Common Stock, solely for the purpose of issuance upon a Share

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Settlement in connection with a Redemption or Direct Exchange, such number of shares of Class A Common Stock as shall be issuable upon any such Share Settlement pursuant to a Redemption or Direct Exchange; *provided* that nothing contained herein shall be construed to preclude the Corporation from satisfying its obligations in respect of any such Share Settlement pursuant to a Redemption or Direct Exchange by delivery of purchased Class A Common Stock (which may or may not be held in the treasury of the Corporation) or by way of Cash Settlement. The Corporation shall deliver Class A Common Stock that has been registered under the Securities Act with respect to any Share Settlement pursuant to a Redemption or Direct Exchange to the extent a registration statement is effective and available with respect to such shares. The Corporation shall use its commercially reasonable efforts to list the Class A Common Stock required to be delivered upon any such Share Settlement pursuant to a Redemption or Direct Exchange prior to such delivery upon each national securities exchange upon which the outstanding shares of Class A Common Stock are listed at the time of such Share Settlement pursuant to a Redemption or Direct Exchange (it being understood that any such shares may be subject to transfer restrictions under applicable securities Laws). The Corporation covenants that all shares of Class A Common Stock issued in connection with a Share Settlement pursuant to a Redemption or Direct Exchange shall, upon issuance, be validly issued, fully paid and non-assessable. The provisions of this <u>Article XI</u> shall be interpreted and applied in a manner consistent with any corresponding provisions of the Certificate of Incorporation (if any).

<u>Section 11.05&nbsp;&nbsp;&nbsp;&nbsp;Effect of Exercise of Redemption or Direct Exchange</u>. This Agreement shall continue notwithstanding the consummation of a Redemption or Direct Exchange by a Partner and all rights set forth herein shall continue in effect with respect to the remaining Partners and, to the extent the Redeeming Partner has a remaining Unit following such Redemption or Direct Exchange, the Redeeming Partner. No Redemption or Direct Exchange shall relieve a Redeeming Partner of any prior breach of this Agreement by such Redeeming Partner.

<u>Section 11.06&nbsp;&nbsp;&nbsp;&nbsp;Tax Treatment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In connection with any Redemption or Direct Exchange, the Redeeming Partner shall, to the extent it is legally entitled to deliver such form, deliver to the General Partner or the Company, as applicable, a certificate, dated as of the Redemption Date, in a form reasonably acceptable to the General Partner or the Company, as applicable, certifying as to such Redeeming Partner's taxpayer identification number and that such Redeeming Partner is not a foreign person for purposes of Section 1445 and Section 1446(f) of the Code (which certificate may be an IRS Form W-9 if then sufficient for such purposes under applicable Law) (such certificate a "***<u>Non-Forei</u>g<u>n Person Certificate</u>***"). If a Redeeming Partner is unable to provide a Non-Foreign Person Certificate in connection with a Redemption or a Direct Exchange, then (i) such Redeeming Partner and the Company shall use commercially reasonable efforts to cooperate to provide any other certification or determination described in Treasury Regulations Sections 1.1446(f)-2(b) and 1.1446(f)-2(c) to the extent permitted under applicable Law at the time of such Redemption or Direct Exchange, and the Corporation, the Exchanging Subsidiary, the General Partner or the Company, as applicable, shall be permitted to withhold on the amount realized by such Redeeming Partner in respect of such Redemption or Direct Exchange to the

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extent required under Section 1446(f) of the Code and Treasury Regulations thereunder after taking into account the certificate or other determination provided pursuant this sentence and (ii) upon request and to the extent permitted under applicable Law, the Company shall deliver a certificate pursuant to Treasury Regulations Section 1.1445-11T(d)(2) certifying that fifty percent (50%) or more of the value of the gross assets of the Company does not consist of "U.S. real property interests" (as used in Treasury Regulations Section 1.1445-11T), or that ninety percent (90%) or more of the value of the gross assets of the Company does not consist of "U.S. real property interests" plus "cash or cash equivalents" (as used in Treasury Regulations Section 1.1445-11T); *provided*, that if the Company is not legally entitled to provide the certificate described in clause (ii), the Corporation, the Exchanging Subsidiary, the General Partner or the Company, as applicable, shall be permitted to withhold on the amount realized by such Redeeming Partner in respect of such Redemption or Direct Exchange to the extent required under Section 1445 of the Code and Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise required by applicable Law, the parties hereto acknowledge and agree that a Redemption or a Direct Exchange, as the case may be, shall be treated as a direct exchange of a Share Settlement or a Cash Settlement, as applicable, on the one hand, and the Redeemed Units, on the other hand, between the Corporation or Exchanging Subsidiary, as applicable, and the Redeeming Partner for U.S. federal and applicable state and local income tax purposes, which the parties intend to treat as an exchange for which the Corporation or Exchanging Subsidiary, as applicable, will be eligible to receive a special basis adjustment pursuant to Section 743(b) of the Code.

<u>Section 11.07&nbsp;&nbsp;&nbsp;&nbsp;Other Redemption Matters</u>. At the discretion of the General Partner, and provided that the Class A Common Stock is listed or admitted to trading on a national securities exchange, the Common Units may be subject to mandatory Redemption in each of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If the Partners (other than the Corporation and its wholly owned Subsidiaries) beneficially own, in the aggregate, less than 10% of the then outstanding Common Units, the General Partner shall have the right, in its sole discretion, to require any Partner (other than the Corporation and its wholly owned Subsidiaries) to effect a Redemption of some or all of such Partner's Common Units for Class A Common Stock (together with the surrender and delivery of the same number of shares of Class B Common Stock or Class C Common Stock, as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a Partner (i) withdraws from the Company (other than pursuant to Section 10.06), (ii) no longer is a party to an employment contract (through termination, retirement or otherwise) with the Company or a wholly-owned subsidiary of the Company, and (iii) no longer is a party to a services contract (through termination, retirement or otherwise) with the Company, its Subsidiaries or Affiliates, the General Partner shall have the right, in its sole discretion, to require such Partner to effect a Redemption of some or all of such Person's Common Units for Class A Common Stock (together with the surrender and delivery of the same number of shares of Class B Common Stock or Class C Common Stock, as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, if a Partner (other than a Controlling Partner) dies or becomes Incapacitated, such Partner's Common Units (whether held directly or indirectly

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through an Estate Planning Vehicle) shall automatically be redeemed pursuant to this Article XI in exchange for Class A Common Stock (together with the surrender and delivery of the same number of shares of Class B Common Stock); *provided, however*, if a Controlling Partner dies or becomes Incapacitated, such Controlling Partner's Common Units (whether held directly or indirectly through an Estate Planning Vehicle) shall remain outstanding and any shares of Class C Common Stock held by such Controlling Partner shall automatically convert to shares of Class B Common Stock pursuant to the Certificate of Incorporation.

The General Partner shall deliver written notice to the Company and any such Partner (or such Partner's estate) of its intention to exercise its Redemption Right pursuant to this <u>Section 11.07</u> (a "***Minority Partner Redemption Notice***") at least five (5) Business Days prior to the proposed date upon which such Redemption is to be effected (such proposed date, the "***Minority Partner Redemption Date***"), indicating in such notice the number of Common Units (and corresponding shares of Class B Common Stock or Class C Common Stock, as applicable) held by such Partner that the Corporation intends to require to be subject to such Redemption. Any Redemption pursuant to this <u>Section 11.07</u> shall be effective on the Minority Partner Redemption Date. From and after the Minority Partner Redemption Date, (i) the Common Units and shares of Class B Common Stock or Class C Common Stock, as applicable, subject to such Redemption shall be deemed to be transferred to the Corporation on the Minority Partner Redemption Date and (ii) such Partner shall cease to have any rights with respect to the Common Units and shares of Class B Common Stock or Class C Common Stock, as applicable, subject to such Redemption (other than the right to receive shares of Class A Common Stock pursuant to such Redemption). Following delivery of a Minority Partner Redemption Notice and on or prior to the Minority Partner Redemption Date, the Partners shall take all actions reasonably requested by the Corporation to effect such Redemption, including taking any action and delivering any document required pursuant to the remainder of this <u>Section 11.07</u> to effect a Redemption.

ARTICLE XII.

ADMISSION OF PARTNERS

<u>Section 12.01&nbsp;&nbsp;&nbsp;&nbsp;Substituted Limited Partners</u>. Subject to the provisions of <u>Article X</u> hereof, in connection with the Permitted Transfer of a Unit hereunder, the Permitted Transferee shall become a Substituted Limited Partner on the effective date of such Transfer, which effective date shall not be earlier than the date of compliance with the conditions to such Transfer, and such admission shall be shown on the books and records of the Company, including the Schedule of Partners.

<u>Section 12.02&nbsp;&nbsp;&nbsp;&nbsp;Additional Limited Partners</u>. Subject to the provisions of <u>Article X</u> hereof, any Person that is not a Partner as of the Effective Date may be admitted to the Company as an additional Limited Partner (any such Person, an "***Additional Limited Partner***") only upon furnishing to the General Partner (a) duly executed Joinder and counterparts to any applicable Other Agreements and (b) such other documents or instruments as may be reasonably necessary or appropriate to effect such Person's admission as a Partner (including entering into such documents as may reasonably be requested by the General Partner). Such admission shall become effective on the date on which the General Partner determines in its sole discretion that

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such conditions have been satisfied and when any such admission is shown on the books and records of the Company, including the Schedule of Partners.

ARTICLE XIII.

WITHDRAWAL AND RESIGNATION; TERMINATION OF RIGHTS

<u>Section 13.01&nbsp;&nbsp;&nbsp;&nbsp;Withdrawal and Resignation of Partners</u>. Except in the event of Transfers pursuant to <u>Section 10.06</u> and the General Partner's right to resign pursuant to <u>Section 6.03</u>, no Partner shall have the power or right to withdraw or otherwise resign as a Partner from the Company prior to the dissolution and winding up of the Company pursuant to <u>Article XIV</u>. Any Partner, however, that attempts to withdraw or otherwise resign as a Partner from the Company without the prior written consent of the General Partner upon or following the dissolution and winding up of the Company pursuant to <u>Article XIV</u>, but prior to such Partner receiving the full amount of Distributions from the Company to which such Partner is entitled pursuant to <u>Article XIV</u>, shall be liable to the Company for all damages (including all lost profits and special, indirect and consequential damages) directly or indirectly caused by the withdrawal or resignation of such Partner. Upon a Transfer of all of a Partner's Units in a Transfer permitted by this Agreement, subject to the provisions of <u>Section 10.06</u>, such Partner shall cease to be a Partner.

ARTICLE XIV.

DISSOLUTION AND LIQUIDATION

<u>Section 14.01&nbsp;&nbsp;&nbsp;&nbsp;Dissolution</u>. The Company shall not be dissolved by the admission of Additional Limited Partners or Substituted Limited Partners or the attempted withdrawal, removal, dissolution, bankruptcy or resignation of a Partner. The Company shall dissolve, and its affairs shall be wound up, upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the decision of the General Partner together with the written approval of the Common Unitholders (other than the General Partner) holding a majority of the Common Units (other than the Common Units held by the General Partner) to dissolve the Company (excluding for purposes of such calculation the Corporation and all Common Units held directly or indirectly by it);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;a dissolution of the Company under Section 17-801(4) of the Delaware Act, unless the Company is continued without dissolution pursuant thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the entry of a decree of judicial dissolution of the Company under Section 17-802 of the Delaware Act.

Except as otherwise set forth in this <u>Article XIV</u>, the Company is intended to have perpetual existence. An Event of Withdrawal shall not in and of itself cause a dissolution of the Company and the Company shall, to the fullest extent permitted by law, continue in existence subject to the terms and conditions of this Agreement.

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<u>Section 14.02&nbsp;&nbsp;&nbsp;&nbsp;Winding Up</u>. Subject to <u>Section 14.05</u>, on dissolution of the Company, the General Partner shall act as liquidating trustee or may appoint one or more Persons as liquidating trustee (each such Person, a "***Liquidator***"). The Liquidators shall proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall be borne as an expense of the Company. Until final distribution, the Liquidators shall, to the fullest extent permitted by applicable Law, continue to operate the properties of the Company with all of the power and authority of the General Partner. The steps to be accomplished by the Liquidators are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;as promptly as possible after dissolution and again after final liquidation, the Liquidators shall cause a proper accounting to be made by a recognized firm of certified public accountants of the Company's assets, liabilities and operations through the last day of the calendar month in which the dissolution occurs or the final liquidation is completed, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the Liquidators shall pay, satisfy or discharge from the Company's funds, or otherwise make adequate provision for payment and discharge thereof (including, without limitation, the establishment of a cash fund for contingent, conditional and unmatured liabilities in such amount and for such term as the liquidators may reasonably determine) the following: first, all of the debts, liabilities and obligations of the Company owed to creditors other than the Partners, including all expenses incurred in connection with the liquidation and winding up of the Company; and second, all of the debts, liabilities and obligations of the Company owed to the Partners (other than any payments or distributions owed to such Partners in their capacity as Partners pursuant to this Agreement); and

(c)&nbsp;&nbsp;&nbsp;&nbsp;following satisfaction of the Company's debts, liabilities and obligations pursuant to the foregoing <u>Section 14.02(b)</u>, all remaining assets of the Company shall be distributed to the Partners in accordance with <u>Section 4.01(a)</u> and <u>Section 4.01(d)</u> by the end of the Taxable Year during which the liquidation of the Company occurs (or, if later, by ninety (90) days after the date of the liquidation).

The distribution of cash and/or property to the Partners in accordance with the provisions of this <u>Section 14.02</u> and <u>Section 14.03</u> below shall constitute a complete return to the Partners of their Capital Contributions, a complete distribution to the Partners of their interest in the Company and all of the Company's property and shall constitute a compromise to which all Partners have consented within the meaning of the Delaware Act. To the extent that a Partner returns funds to the Company, it has no claim against any other Partner for those funds.

<u>Section 14.03&nbsp;&nbsp;&nbsp;&nbsp;Deferment; Distribution in Kind</u>. Notwithstanding the provisions of <u>Section 14.02</u>, but subject to the order of priorities set forth therein, if upon dissolution of the Company the Liquidators determine that an immediate sale of part or all of the Company's assets would be impractical or would cause undue loss (or would otherwise not be beneficial) to the Partners, the Liquidators may, in their sole discretion and to the fullest extent permitted by applicable Law, defer for a reasonable time the liquidation of any assets except those necessary to satisfy the Company's liabilities (other than loans to the Company by any Partner(s)) and reserves. Subject to the order of priorities set forth in <u>Section 14.02</u>, the Liquidators may, in their sole discretion, distribute to the Partners, in lieu of cash, either (a) all or any portion of such

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remaining assets in-kind of the Company in accordance with the provisions of <u>Section 14.02(c)</u>, (b) as tenants in common and in accordance with the provisions of <u>Section 14.02(c)</u>, undivided interests in all or any portion of such assets of the Company or (c) a combination of the foregoing. Any such Distributions in-kind shall be subject to (y) such conditions relating to the disposition and management of such assets as the Liquidators deem reasonable and equitable and (z) the terms and conditions of any agreements governing such assets (or the operation thereof or the holders thereof) at such time. Any assets of the Company distributed in kind shall first be written up or down to their Fair Market Value, thus creating Profit or Loss (if any), which shall be allocated in accordance with <u>Article V</u>. The Liquidators shall determine the Fair Market Value of any property so distributed.

<u>Section 14.04&nbsp;&nbsp;&nbsp;&nbsp;Cancellation of Certificate</u>. On completion of the winding up of the Company as provided herein, the General Partner (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation of the Certificate with the Secretary of State of Delaware, cancel any other filings made pursuant to this Agreement that should be canceled and take such other actions as may be necessary to terminate the existence of the Company. The Company shall continue in existence for all purposes of this Agreement until it is terminated pursuant to this <u>Section 14.04</u>.

<u>Section 14.05&nbsp;&nbsp;&nbsp;&nbsp;Reasonable Time for Winding Up</u>. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Company and the liquidation of its assets pursuant to <u>Sections 14.02</u> and <u>14.03</u> in order to minimize any losses otherwise attendant upon such winding up.

<u>Section 14.06&nbsp;&nbsp;&nbsp;&nbsp;Return of Capital</u>. The Liquidators shall not be personally liable for the return of Capital Contributions or any portion thereof to the Partners (it being understood that any such return shall be made solely from assets of the Company).

ARTICLE XV.

RESTRICTIVE COVENANTS

<u>Section 15.01&nbsp;&nbsp;&nbsp;&nbsp;Purpose and Consideration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Partners acknowledges that in the course of such Partner's affiliation with the Company Group, such Partner has and/or will become familiar with Confidential Information and Company Trade Secrets and that such Partner's services will be of special, unique and extraordinary value to the Company Group. Each Partner understands and agrees that without Partner's affiliation with the Company Group, Partner would not have access or exposure to Confidential Information and Company Trade Secrets. Each Partner further understands and agrees that Confidential Information and Company Trade Secrets take a long time to develop and is the product of substantial investment by the Company Group. Each Partner understands and agrees that the Company Group has a legitimate protectable interest in protecting its Confidential Information, Company Trade Secrets and goodwill. Each Partner further acknowledges and agrees that the Company Group invests substantial time and resources into building and maintaining long-term client relationships, including the development of goodwill and new Confidential Information relating to these client relationships, and that this

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investment extends to those client relationships that Partner may have brought to the Company Group from another entity and continued to develop utilizing the Company Group's time and resources, and that this substantial investment, goodwill and new Confidential Information provides the Company Group with a legitimate protectable interest in these client relationships. Each Partner also acknowledges and agrees that the Company Group invests substantial time and resources into recruiting, training and maintaining its workforce and has a legitimate protectable interest in protecting that investment and maintaining a stable workforce. The foregoing is a non-exhaustive list of the legitimate protectable interests supporting the covenants set forth in this Article XV (the "***<u>Covenants</u>***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Partners agrees to the Covenants in exchange for admission to the Company as a Partner and/or eligibility to remain a Partner of the Company. Partner further agrees to the Covenants in exchange for eligibility to receive distributions under this Agreement. Each of the Partners also agrees to the Covenants in exchange for the benefits conferred upon Partner by the protections afforded by this Article XV. Specifically, each of the Partners acknowledges and agrees that it is to the material benefit of Partner for each Partner to be subject to enforceable restrictive covenant agreements that protect the legitimate business interests of the Partners collectively and the Company as an enterprise. Each of the Partners and the Company hereby stipulate that the Covenants are supported by full and adequate consideration and agree not to challenge the sufficiency of said consideration or the enforceability of the Covenants.

<u>Section 15.02&nbsp;&nbsp;&nbsp;&nbsp;Definitions Relevant to this Article XV</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Company Group</u>***" means the Company and its affiliates, including, without limitation, Lincoln International LLC and Lincoln Partners Advisors LLC, and with respect to affiliates, only to the extent the applicable Partner conducts or supervises business activities on behalf of such entities at any time during the twenty-four (24) months preceding Partner's Service End Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Competitive Business Activity</u>***" means the sale or provision of any products or service sold by or provided by the Company Group during Partner's affiliation with the Company including, without limitation, buy-side and sell-side merger and acquisition advisory, capital advisory, private fund advisory, valuations, and opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Company Trade Secret</u>***" means Confidential Information that qualifies as a "trade secret" under applicable state or federal law, including, but not limited to, applicable state law and the Federal Defend Trade Secrets Act of 2016, 18 U.S.C. § 1836 *et seq*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Prospective Restrictive Client</u>***" means each and every prospective client, including, without limitation, any private equity and/or venture capital firms that refers business relating to their actual or prospective portfolio companies to the Company Group, targeted by the Company Group for business at any time during the twelve (12) months preceding Partner's Service End Date and with whom during such time Partner actively solicited, called upon, or contacted (or participated in such solicitation, call, or contact) on behalf of the Company Group or about which Partner acquired or learned Confidential Information, Company Trade Secrets or Third-Party Confidential Information; provided that a prospective client with whom the

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Company Group has not conducted business (including business with such prospective clients' portfolio companies, funds, or other affiliated vehicles) within the six (6) month period following Partner's Service End Date shall not constitute a Prospective Restricted Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Restricted Client</u>***" means each and every client with whom the Company Group has conducted business during the twenty-four (24) months preceding Partner's Service End Date and with which during such time Partner had supervisory responsibility, performed services or transacted business on behalf of the Company Group or about which Partner acquired or learned Confidential Information, Company Trade Secrets or Third-Party Confidential Information. The term Restricted Client expressly includes any private equity firms, venture capital firms, and/or investment manager that refer business relating to their actual or prospective portfolio companies, funds, or other vehicles to the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Restricted Person</u>***" means any Partners and each and every person employed or otherwise engaged by the Company Group, including independent contractors and consultants, during the twenty-four (24) months preceding Partner's Service End Date and with or for whom during such time Partner had supervisory responsibility or work-related contact in connection with performing services on behalf of the Company Group or about whom Partner acquired or learned personnel information relating to such persons' compensation, benefits, job duties or performance evaluations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Service End Date</u>***" means the date on which Partner ceases to provide services to the Company and any of its affiliates for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"***<u>Third-Party Confidential Information</u>***" means confidential and proprietary or private information received by the Company Group from clients or their affiliates (including private equity, venture firms, and investment managers), prospective clients, suppliers, distributors, vendors or other third parties in trust and confidence or pursuant to a duty of confidentiality.

<u>Section 15.03&nbsp;&nbsp;&nbsp;&nbsp;Non-Solicitation of Clients</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Partner shall not, subject to applicable Law, for a period of twelve (12) months following Partner's Service End Date, regardless of the reasons that such Partner no longer provides services to the Company Group, directly, or indirectly through another person or entity or by assisting others, solicit, call upon, or contact any Restricted Client or Prospective Restricted Client for the purpose of engaging in a Competitive Business Activity, or otherwise divert, interfere with, or attempt to divert or interfere with, the Company Group's business relationship with any Restricted Client.

<u>Section 15.04&nbsp;&nbsp;&nbsp;&nbsp;Client Non-Service</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Partner shall not, subject to applicable Law, for a period of twelve (12) months following Partner's Service End Date, regardless of the reasons that such Partner no longer provides services to the Company Group, directly, or indirectly through another person or entity

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or by assisting others, contract with, sell to, or perform services for or on behalf of a Restricted Client or Prospective Restricted Client in connection with a Competitive Business Activity.

<u>Section 15.05&nbsp;&nbsp;&nbsp;&nbsp;Non-Solicitation of Restricted Persons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For a period of twelve (12) months following Partner's Service End Date, regardless of the reasons that such Partner no longer provides services to the Company Group, Partner will not, subject to applicable Law, directly or indirectly through another person or entity or by assisting others, solicit, induce or encourage any Restricted Person to terminate or reduce such Restricted Person's employment or other association with the Company Group, or otherwise interfere with the faithful discharge by such Restricted Person of any employment, contractual and/or fiduciary obligations to serve the Company Group's best interests and those of its clients. The foregoing shall not prohibit general and non-targeted solicitation through job postings and similar advertising.

<u>Section 15.06&nbsp;&nbsp;&nbsp;&nbsp;Reasonableness of Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Partners stipulates that all of the restrictions and obligations in this Article XV are reasonable (including as to time, geographic area and activity limitations), are no greater than necessary to protect the Company Group's legitimate business interests, are ancillary to protecting such interests and goodwill, do not prohibit Partner from using general skills and know-how acquired during or prior to affiliation with the Company Group, and do not preclude Partner from earning a livelihood or otherwise impose any undue hardship. Partner agrees and acknowledges that the potential harm to the Company Group in the event of any breach of any provision of this Article XV outweighs any potential harm to Partner of its enforcement by injunction or otherwise. Each Partner acknowledges that Partner has carefully read this Article XV and consulted with legal counsel of Partner's choosing regarding its contents (or voluntarily chosen to not seek such consultation), has given careful consideration to the restraints imposed upon Partner by this Agreement and is in full accord as to their necessity for the reasonable and proper protection of the Company Group's legitimate protectable interests, including those set forth in Section 15.01.

<u>Section 15.07&nbsp;&nbsp;&nbsp;&nbsp;Injunctive Relief, Attorneys' Fees, and Tolling of Restrictive Periods</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Partners acknowledges that irreparable harm will result to the Company Group if Partner violates any of the restrictions or obligations set forth herein and that, under such circumstances, the Company Group will have no adequate remedy at law. Therefore, in the event of any actual, anticipated or threatened breach of such restrictions or obligations, the Company will be entitled to specific performance and the immediate entry of injunctive relief without imposition of bond or other security to the extent permitted by applicable law. Such relief is in addition to all other remedies available to the Company Group by contract, at law or in equity. If the Company succeeds in securing relief for any actual, anticipated or threatened breach of Sections 15.03 through 15.05, Partner will pay all of the costs and expenses, including reasonable attorneys' fees, incurred by the Company Group in obtaining such relief.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If Partner breaches any of the restrictions set forth in Sections 15.03 through 15.05 and the Company commences a legal proceeding in connection therewith, the time period applicable to each such restriction shall be tolled and extended for a period of time equal to the period of time during which Partner is determined by a court of competent jurisdiction to be in non-compliance or breach (not to exceed the duration set forth in the applicable restriction) commencing on the date of such determination, to the greatest extent permissible under applicable law.

<u>Section 15.08&nbsp;&nbsp;&nbsp;&nbsp;Cumulative Agreement and Severability/Reformation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The restrictions and obligations contained in this Article XV are in addition to and supplement those contained in any other agreements between the parties regarding the subject matter hereof. To the extent the restrictions or obligations set forth herein conflict or are inconsistent with those contained in such other agreements in a manner that cannot be reconciled, the restrictions and obligations that provide the broadest enforceable protection to the Company shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event that any provision of this Article XV is deemed to be invalid or unenforceable, in whole or in part, by a court or arbitrator of competent jurisdiction for any reason, the remaining provisions shall continue to be valid and enforceable. In the event that any provision of this Article XV or part thereof is declared by a court or arbitrator of competent jurisdiction to exceed the maximum time period, geographic area or activity limitation that such court deems reasonable and enforceable under circumstances then existing, the parties authorize the court or arbitrator to modify and reform such provision so that it may be enforced to the maximum extent permitted by law.

<u>Section 15.09&nbsp;&nbsp;&nbsp;&nbsp;Duty to Disclose</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;During Partner's affiliation with the Company and for a period of twelve (12) months following Partner's Service End Date, Partner will provide at least fourteen (14) days' advance written notice to the Company of any subsequent business activity to be undertaken by Partner in the financial services industry. Such notice shall include the name and address of Partner's new employer or entity for whom Partner plans to provide services, as well as the nature of such association and Partner's new position and job responsibilities. Each Partner will disclose the existence and terms of this Article XV to any such employer or entity and consents to the Company notifying such employer or entity about Partner's restrictions and obligations under this Agreement.

<u>Section 15.10&nbsp;&nbsp;&nbsp;&nbsp;Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, the restrictions and obligations contained in this Article XV shall survive with respect to any Partner following such Partner's Event of Withdrawal.

<u>Section 15.11&nbsp;&nbsp;&nbsp;&nbsp;Partner Review</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Partners acknowledge that Partner has received fourteen (14) days' to review this Agreement before being bound by its terms. Partner has read all provisions contained herein and fully understands their meaning. Partner has been advised in writing to consult an attorney before agreeing to the obligations in this Article XV (and this document constitutes that writing) and has had a reasonable opportunity to do so. Partner further acknowledges that the restrictions and obligations in this Article XV are legally binding and hereby affirms that Partner shall fully comply therewith. Partner acknowledges and agrees that Partner's agreement to be bound by the terms of this Article XV is a condition of Partner's admission to the Company or continued admission to the Company as a Partner.

ARTICLE XVI.

GENERAL PROVISIONS

<u>Section 16.01&nbsp;&nbsp;&nbsp;&nbsp;Power of Attorney</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Limited Partner hereby constitutes and appoints the General Partner (or the Liquidator, if applicable) with full power of substitution, as his, her or its true and lawful agent and attorney-in-fact, with full power and authority in his, her or its name, place and stead, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (A) this Agreement, all certificates and other instruments and all amendments thereof which the General Partner deems appropriate or necessary to form, qualify, or continue the qualification of, the Company as a limited partnership in the State of Delaware and in all other jurisdictions in which the Company may conduct business or own property; (B) all instruments which the General Partner deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement in accordance with its terms; (C) all conveyances and other instruments or documents which the General Partner deems appropriate or necessary to reflect the dissolution, winding up and termination of the Company pursuant to the terms of this Agreement, including a certificate of cancellation; and (D) all instruments relating to the admission, substitution or resignation of any Partner pursuant to <u>Article XII</u> or <u>XIII</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;sign, execute, swear to and acknowledge all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the reasonable judgment of the General Partner, to evidence, confirm or ratify any vote, consent, approval, agreement or other action which is made or given by the Partners hereunder or is consistent with the terms of this Agreement, in the reasonable judgment of the General Partner, to effectuate the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The foregoing power of attorney is coupled with an interest and, to the fullest extent permitted by law, irrevocable, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency or termination of any Partner and the transfer of all or any portion of his, her or its Units and shall extend to such Partner's heirs, successors, assigns and personal representatives.

<u>Section 16.02&nbsp;&nbsp;&nbsp;&nbsp;Confidentiality</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each of the Partners (other than the Corporation) agrees to hold the Company's Confidential Information in confidence and may not disclose or use such information except as otherwise authorized separately in writing by the General Partner. "***Confidential Information***" as used herein includes all non-public information concerning the Company or its Subsidiaries including, but not limited to, ideas, financial product structuring, business strategies, innovations and materials, all aspects of the Company's or any of its Subsidiaries' business plan, proposed operation and products, corporate structure, financial and organizational information, analyses, proposed partners, software code and system and product designs, employees and their identities, equity ownership, the methods and means by which the Company or such Subsidiary plans to conduct its business, all trade secrets, trademarks, tradenames and all intellectual property associated with the Company's and such Subsidiary's business. With respect to each Partner, Confidential Information does not include information or material that: (i) is rightfully in the possession of such Partner at the time of disclosure by the Company or any of its Subsidiaries without any obligation of confidentiality; (ii) before or after it has been disclosed to such Partner by the Company, becomes part of public knowledge, not as a result of any action or inaction of such Partner in violation of this Agreement; (iii) is approved for release by written authorization of the Chief Executive Officer, Chief Financial Officer or General Counsel of the Company or of the Corporation, or any other officer designated by the General Partner; (iv) is disclosed to such Partner or their representatives by a third party not, to the knowledge of such Partner, in violation of any obligation of confidentiality owed to the Company or any of its Subsidiaries with respect to such information; or (v) is or becomes independently developed by such Partner or their respective representatives without use of or reference to the Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Solely to the extent it is reasonably necessary or appropriate to fulfill its obligations or to exercise its rights under this Agreement, each of the Partners may disclose Confidential Information to its Subsidiaries, Affiliates, partners, members, stockholders, managers, directors, officers, employees, counsel, advisers, consultants, outside contractors and other agents, on the condition that such Persons keep the Confidential Information confidential to the same extent as such Partner is required to keep the Confidential Information confidential; *provided*, that such Partner shall remain liable with respect to any breach of this <u>Section 16.02</u> by any such Subsidiaries, Affiliates, partners, directors, officers, employees, counsel, advisers, consultants, outside contractors and other agents (as if such Persons were party to this Agreement for purposes of this <u>Section 16.02</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding <u>Section 16.02(a)</u> or <u>Section 16.02(b)</u>, each of the Partners may disclose Confidential Information (i) to the extent that such Partner is required by Law (by oral questions, interrogatories, request for information or documents, subpoena, civil investigative demand or similar process) to disclose any of the Confidential Information, (ii) for purposes of reporting to its stockholders and direct and indirect equity holders (each of whom are bound by customary confidentiality obligations) the performance of the Company and its Subsidiaries and for purposes of including applicable information in its financial statements to the extent required by applicable Law or applicable accounting standards; or (iii) to any *bona fide* prospective purchaser of the equity or assets of a Partner, or the Common Units held by such Partner, or a prospective merger partner of such Partner (provided, in each case, that such Partner determines in good faith that such prospective purchaser or merger partner would be a Permitted

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Transferee), (*provided*, that (i) such Persons shall be informed by such Partner of the confidential nature of such information and shall agree in writing to keep such information confidential in accordance with the contents of this Agreement and (ii) each Partner shall be liable for any breaches of this <u>Section 16.02</u> by any such Persons (as if such Persons were party to this Agreement for purposes of this <u>Section 16.02</u>)). Notwithstanding any of the foregoing, nothing in this <u>Section 16.02</u> shall restrict in any manner the ability of the Corporation to comply with its disclosure obligations under Law, and the extent to which any Confidential Information is necessary or desirable to disclose.

<u>Section 16.03&nbsp;&nbsp;&nbsp;&nbsp;Amendments</u>. Except as otherwise contemplated by this Agreement, this Agreement may be amended or modified upon the written consent of the General Partner, together with the written consent of the holders (other than the General Partner) of a majority of the Common Units then outstanding (excluding all Common Units held by the Corporation). Notwithstanding the foregoing, no amendment or modification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;to this <u>Section 16.03</u> that would adversely affect the Partners may be made without the prior written consent of the General Partner and each of the Limited Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;to any of the terms and conditions of this Agreement which terms and conditions expressly require the approval or action of certain Persons may be made without obtaining the consent of the requisite number or specified percentage of such Persons who are entitled to approve or take action on such matter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to any of the terms and conditions of this Agreement which would (i) reduce the amounts distributable to a Partner pursuant to <u>Articles IV</u> and <u>XIV</u> in a manner that is not *pro rata* with respect to all Partners, (ii) increase the liabilities of such Partner hereunder, (iii) otherwise materially and adversely affect a holder of Units (with respect to such Units) in a manner materially disproportionate to any other holder of Units of the same class or series (with respect to such Units) (other than amendments, modifications and waivers necessary to implement the provisions of <u>Article XII</u>) or (iv) materially and adversely affect the rights of any Partner under <u>Article XI</u>, shall be effective against such affected Partner or holder of Units, as the case may be, without the prior written consent of such Partner or holder of Units, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to convert a Limited Partner Interest in the Company into General Partner Interest (except as a result of the General Partner acquiring such Partnership Interest) may be made without the prior written consent of the Partners.

Notwithstanding any of the foregoing, the General Partner may make any amendment to this Agreement (i) of an administrative nature that is necessary in order to implement the substantive provisions hereof or to correct obvious errors, in each case without the consent of any other Partner; *provided*, that any such amendment does not adversely change the rights of the Partners hereunder in any respect, or (ii) to reflect any changes to the Class A Common Stock, Class B Common Stock or Class C Common Stock or the issuance of any other capital stock of the Corporation.

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<u>Section 16.04&nbsp;&nbsp;&nbsp;&nbsp;Title to Company Assets</u>. Company assets shall be owned by the Company as an entity, and no Partner, individually or collectively, shall have any ownership interest in such assets of the Company or any portion thereof. The Company shall hold title to all of its property in the name of the Company and not in the name of any Partner. All assets of the Company shall be recorded as the property of the Company on its books and records, irrespective of the name in which legal title to such assets is held. The Company's credit and assets shall be used solely for the benefit of the Company, and no asset of the Company shall be transferred or encumbered for, or in payment of, any individual obligation of any Partner.

<u>Section 16.05&nbsp;&nbsp;&nbsp;&nbsp;Addresses and Notices</u>. Any notice, request, demand or instruction specified or permitted by this Agreement shall be in writing and shall be either personally delivered, or received by certified mail, return receipt requested, or sent by reputable overnight courier service (charges prepaid) to the Company or by electronic mail at the address set forth below and to any other recipient and to any Partner at such address as indicated by the Company's records, or at such address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices shall be deemed to have been given hereunder when delivered personally or sent by telecopier (*provided* confirmation of transmission is received), three (3) days after deposit in the U.S. mail and one (1) day after deposit with a reputable overnight courier service or if sent by electronic mail, upon confirmed receipt. Whenever any notice is required to be given by Law or this Agreement, a written waiver thereof signed by the Person entitled to such notice, whether before or after the time stated at which such notice is required to be given, shall be deemed equivalent to the giving of such notice.

To the Company:

Lincoln International, LP

110 North Wacker Drive, 51<sup>st</sup> Floor

Chicago, IL 60606

Attn: General Counsel

E-mail: USLegalExternal@lincolninternational.com

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

Facsimile: (312) 993-9767

E-mail: Steven.Stokdyk@lw.com; Scott.Westhoff@lw.com

To the Corporation:

Lincoln International, Inc.

110 North Wacker Drive, 51<sup>st</sup> Floor

Chicago, IL 60606

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Attn: General Counsel

E-mail: USLegalExternal@lincolninternational.com

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

Facsimile: (312) 993-9767

E-mail: Steven.Stokdyk@lw.com; Scott.Westhoff@lw.com

To the Partners, as set forth on <u>Schedule 2</u>.

<u>Section 16.06&nbsp;&nbsp;&nbsp;&nbsp;Binding Effect; Intended Beneficiaries</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

<u>Section 16.07&nbsp;&nbsp;&nbsp;&nbsp;Creditors</u>. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Company (other than Indemnified Persons in their capacity as such) or any of its Affiliates, and no creditor who makes a loan to the Company or any of its Affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Company in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in Profits, Losses, Distributions, capital or property of the Company other than as a secured creditor.

<u>Section 16.08&nbsp;&nbsp;&nbsp;&nbsp;Waiver</u>. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement or condition.

<u>Section 16.09&nbsp;&nbsp;&nbsp;&nbsp;Counterparts</u>. This Agreement may be executed in separate counterparts, each of which shall be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto.

<u>Section 16.10&nbsp;&nbsp;&nbsp;&nbsp;Applicable Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. Any suit, dispute, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement shall be heard in the state or federal courts of the State of Delaware, and the parties hereby consent to the exclusive jurisdiction of such court (and of the appropriate appellate courts) in any such suit, action or proceeding and waives any objection to venue laid therein. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, PROCESS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE SERVED ON ANY PARTY ANYWHERE IN THE WORLD, WHETHER WITHIN OR

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WITHOUT THE JURISDICTION OF ANY SUCH COURT (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT) AND SHALL HAVE THE SAME LEGAL FORCE AND EFFECT AS IF SERVED UPON SUCH PARTY PERSONALLY WITHIN THE STATE OF DELAWARE. WITHOUT LIMITING THE FOREGOING, TO THE FULLEST EXTENT PERMITTED BY LAW, THE PARTIES AGREE THAT SERVICE OF PROCESS UPON SUCH PARTY AT THE ADDRESS REFERRED TO IN <u>SECTION 16.05</u> (INCLUDING BY PREPAID CERTIFIED MAIL WITH A VALIDATED PROOF OF MAILING RECEIPT), TOGETHER WITH WRITTEN NOTICE OF SUCH SERVICE TO SUCH PARTY, SHALL BE DEEMED EFFECTIVE SERVICE OF PROCESS UPON SUCH PARTY.

<u>Section 16.11&nbsp;&nbsp;&nbsp;&nbsp;Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

<u>Section 16.12&nbsp;&nbsp;&nbsp;&nbsp;Further Action</u>. The parties shall execute and deliver all documents, provide all information and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement.

<u>Section 16.13&nbsp;&nbsp;&nbsp;&nbsp;Execution and Delivery by Electronic Signature and Electronic Transmission</u>. This Agreement and any signed agreement or instrument entered into in connection with this Agreement or contemplated hereby, or entered into by the Company in accordance herewith, and any amendments hereto or thereto, to the extent signed and delivered by means of an electronic signature and/or an electronic transmission, including by a facsimile machine or via email, 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. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of electronic signature or electronic transmission to execute and/or deliver a document or the fact that any signature or agreement or instrument was transmitted or communicated through such electronic transmission as a defense to the formation of a contract and each such party forever waives any such defense.

<u>Section 16.14&nbsp;&nbsp;&nbsp;&nbsp;Right of Offset</u>. Whenever the Company or the Corporation is to pay any sum (other than pursuant to <u>Article IV</u>) to any Partner, any amounts that such Partner owes to the Company or the Corporation which are not the subject of a good faith dispute may be deducted from that sum before payment. For the avoidance of doubt, the distribution of Units to the Corporation shall not be subject to this <u>Section 16.14</u>.

<u>Section 16.15&nbsp;&nbsp;&nbsp;&nbsp;Entire Agreement</u>. This Agreement, those documents expressly referred to herein (including the Registration Rights Agreement and the Tax Receivable Agreement), any

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indemnity agreements entered into in connection with the Prior LP Agreement with the General Partner or any member of the board of directors of the General Partner or any other Indemnitee (as defined in the Prior LP Agreement) at that time, those documents entered into in connection with the Recapitalization or Reorganization Transactions of the Company and other documents of even date herewith embody the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way. For the avoidance of doubt, the Original Partnership Agreement, the First Amended and Restated LP Agreement, Second Amended and Restated LP Agreement and the Prior LP Agreement are superseded in their entirety by this Agreement as of the Effective Date and shall be of no further force and effect thereafter.

<u>Section 16.16&nbsp;&nbsp;&nbsp;&nbsp;Remedies</u>. Each Partner shall have all rights and remedies set forth in this Agreement and all rights and remedies which such Person has been granted at any time under any other agreement or contract and all of the rights which such Person has under any Law. Any Person having any rights under any provision of this Agreement or any other agreements contemplated hereby shall be entitled to enforce such rights specifically (without posting a bond or other security), to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by Law.

<u>Section 16.17&nbsp;&nbsp;&nbsp;&nbsp;Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. The use of the word "including" in this Agreement shall be by way of example rather than by limitation. Reference to any agreement, document or instrument means such agreement, document or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no amendment or other modification to any agreement, document or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement shall be given effect hereunder unless such Person has consented in writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The use of the words "or," "either" and "any" shall not be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. To the fullest extent permitted by law, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

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IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Fourth Amended and Restated Limited Partnership Agreement as of the date first written above.

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| |
|:---|
| **COMPANY:** |
| **LINCOLN INTERNATIONAL, LP** |
| By: |
| Name: |
| Title: |
| **CORPORATION:** |
| **LINCOLN INTERNATIONAL, INC** |
| By: |
| Name: |
| Title: |
| **PARTNERS:** |
| **[**✯**]** |
| By: |
| Name: |
| Title: |
| **[**✯**]** |
| By: |
| Name: |
| Title: |
| **[**✯**]** |
| **[**✯**]** |

---

*[Signature Page to Fourth Amended and Restated Limited Partnership Agreement]*

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**<u>SCHEDULE 1</u>**

**SCHEDULE OF PRE-IPO PARTNERS**

---

| | |
|:---|:---|
| Partner | Original Units |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |
| | **-** |

---

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**<u>SCHEDULE 2</u>\***

**SCHEDULE OF PARTNERS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Partner** | **Common Units (Vested)** | **[Common Units (Unvested)]** | **[Options]** | **Contact Information for Notice** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Lincoln International, Inc. | &nbsp;&nbsp;&nbsp;[ ✯ ] | &nbsp;&nbsp;&nbsp;- | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;[ ✯ ] | - | - |  |

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\* This Schedule of Partners shall be updated from time to time to reflect any adjustment with respect to any subdivision (by Unit split or otherwise) or any combination (by reverse Unit split or otherwise) of any outstanding Common Units, or to reflect any additional issuances of Common Units pursuant to this Agreement.

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**<u>Exhibit A</u>**

**FORM OF JOINDER AGREEMENT**

This JOINDER AGREEMENT, dated as of _________________, 20___ (this "<u>Joinder</u>"), is delivered pursuant to that certain Fourth Amended and Restated Limited Partnership Agreement, dated as of [ ✯ ], 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>LP Agreement</u>") of Lincoln International, LP, a Delaware limited partnership (the "<u>Company</u>"), by and among the Company, Lincoln International, Inc., a Delaware corporation and the sole general partner of the Company (the "<u>Corporation</u>"), and each of the Partners from time to time party thereto. Capitalized terms used but not otherwise defined herein have the respective meanings set forth in the LP Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Joinder to the LP Agreement</u>. Upon the execution of this Joinder by the undersigned and delivery hereof to the Corporation, the undersigned hereby is admitted as and hereafter shall be a Partner under the LP Agreement and a party thereto, with all the rights, privileges and responsibilities of a Partner thereunder. The undersigned hereby agrees that it shall comply with and be fully bound by the terms of the LP Agreement as if it had been a signatory thereto as of the date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation by Reference</u>. All terms and conditions of the LP Agreement are hereby incorporated by reference in this Joinder as if set forth herein in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Address</u>. All notices under the LP Agreement to the undersigned shall be direct to:

[Name]

[Address]

[City, State, Zip Code]

Attn:

Facsimile:

E-mail:

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Joinder as of the day and year first above written.

---

| |
|:---|
| **[NAME OF NEW PARTNER]** |
| By: |
| Name: |
| Title: |

---

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Acknowledged and agreed

as of the date first set forth above:

---

| |
|:---|
| **LINCOLN INTERNATIONAL, LP** |
| By: LINCOLN INTERNATIONAL, INC., its General Partner |
| By: |
| Name: |
| Title: |

---

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**<u>Exhibit B-1</u>**

**FORM OF AGREEMENT AND CONSENT OF SPOUSE**

The undersigned spouse of _____________________________ (the "<u>Partner</u>"), a party to that certain Fourth Amended and Restated Limited Partnership Agreement, dated as of [ ✯ ], 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>") of Lincoln International, LP, a Delaware limited partnership (the "<u>Company</u>"), by and among the Company, Lincoln International, Inc., a Delaware corporation and the sole general partner of the Company, and each of the Partners from time to time party thereto (capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Agreement), acknowledges on his or her own behalf that:

I have read the Agreement and understand its contents. I acknowledge and understand that under the Agreement, any interest I may have, community property or otherwise, in the Units owned by the Partner is subject to the terms of the Agreement, which include certain restrictions on Transfer.

I hereby consent to and approve the Agreement. I agree that said Units and any interest I may have, community property or otherwise, in such Units are subject to the provisions of the Agreement and that I will take no action at any time to hinder operation of the Agreement on said Units or any interest I may have, community property or otherwise, in said Units.

I hereby acknowledge that the meaning and legal consequences of the Agreement have been explained fully to me and are understood by me, and that I am signing this Agreement and consent without any duress and of free will.

Dated: _____________________________

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|:---|
| **[NAME OF SPOUSE]** |
| By: |
| Name: |

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**<u>Exhibit B-2</u>**

**FORM OF SPOUSE'S CONFIRMATION OF SEPARATE PROPERTY**

I, the undersigned, the spouse of _____________________________ (the "<u>Partner</u>"), who is a party to that certain Fourth Amended and Restated Limited Partnership Agreement, dated as of [ ✯ ], 2026 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "<u>Agreement</u>") of Lincoln International, LP, a Delaware limited partnership (the "<u>Company</u>"), by and among the Company, Lincoln International, Inc., a Delaware corporation and the sole general partner of the Company, and each of the Partners from time to time party thereto (capitalized terms used but not otherwise defined herein have the respective meanings set forth in the Agreement), acknowledge and confirm that the Units owned by said Partner are the sole and separate property of said Partner, and I hereby disclaim any interest in same, other than any interests previously assigned Liquidity Proceeds (as defined in the Agreement).

I hereby acknowledge that the meaning and legal consequences of this Partner's spouse's confirmation of separate property have been fully explained to me and are understood by me, and that I am signing this Partner's spouse's confirmation of separate property without any duress and of free will.

Dated: _____________________________

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| |
|:---|
| **[NAME OF SPOUSE]** |
| By: |
| Name: |

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**<u>Exhibit C</u>**

**<u>POLICY REGARDING CERTAIN EQUITY ISSUANCES</u>**

**LINCOLN INTERNATIONAL, INC.**

**2026 INCENTIVE AWARD PLAN**

All capitalized terms used herein without definition shall have the meanings ascribed to such terms in the 2026 Incentive Award Plan (the "***Plan***").

Pursuant to Sections 3.1 and 10.17 of the Plan, this Policy Regarding Certain Equity Issuances (this "***Policy***"), effective as of [ 🟇 ], 2026, is established to provide for the method by which shares of Common Stock or other securities and/or payment therefor may be exchanged or contributed between Lincoln International, Inc. (the "***Corporation***") and Lincoln International, LP (the "***Operating Company***"), or any of their respective Subsidiaries, or may be returned to the Corporation upon any forfeiture of such shares of Common Stock or other securities by the Participant, for the purpose of (i) ensuring that the relationship between the Corporation, the Operating Company and their respective Subsidiaries remains at arm's-length, and (ii) maintaining economic parity between one share of Class A Common Stock and one Common Unit (as defined in the Operating Agreement) by preserving the one-to-one ratio between (x) the aggregate number of outstanding shares of Class A Common Stock, Class B Common Stock and Class C Common Stock and (y) the number of Common Units held by the Corporation.

In the event of any conflict between the Fourth Amended and Restated Limited Partnership Agreement of Lincoln International, LP, dated as of [ 🟇 ], 2026 (the "***Operating Agreement***") or the Plan and this Policy, the Operating Agreement or the Plan, as applicable, will control. In the event of any conflict between the Operating Agreement and the Plan, unless explicitly stated otherwise, the Operating Agreement will control. This Policy may be modified, supplemented or terminated at any time and from time to time in the Corporation's discretion.

For purposes of this Policy, where this Policy refers to an Eligible Individual who is an Operating Company Service Provider (as defined below) or is an employee or service provider to a Subsidiary of the Operating Company, all such references shall be deemed to include a former employee of or service provider to the Operating Company or any of its Subsidiaries, as applicable, who at the time of grant of the relevant award was then an employee or service provider of such entity.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Stock Awards</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers of Restricted Stock to Corporation Employees, Corporation Consultants or Corporation Directors</u>. The following shall apply to Restricted Stock granted under the Plan to Employees and Consultants of the Corporation and Directors (collectively, "***Corporation Service Providers***") in consideration for services performed by such Corporation Service Providers for the Corporation (but not for the Operating Company or its Subsidiaries):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall issue such number of shares of Restricted Stock as are to be issued to the Corporation Service Provider in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with or prior to such issuance, a Corporation Service Provider shall pay the purchase price (if any) of the Restricted Stock to the Corporation in exchange for the issuance of the Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Vesting Date (as defined below), the Corporation shall pay dividends to the holder of the Restricted Stock and make any other payments to the Corporation Service Provider (less any applicable withholding and other payroll taxes) as the terms of the Restricted Stock Award Agreement provide for. The Corporation and the Operating Company shall treat such payments as having been made by the Corporation, and the Corporation shall report such payments as compensation to the Corporation Service Provider for all purposes. Prior to the Vesting Date (as defined below), the Operating Company shall pay to, or with respect to, the Corporation the amount of any such payments that the Corporation is required to pay to or with respect to the Corporation Service Provider as a reimbursement of Corporation expenses pursuant to Section [6.06] of the Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Restricted Stock</u>*.* On the date when the value of any share of Restricted Stock is includible in the taxable income (with respect to each such share, the "***Vesting Date***") of the Corporation Service Provider, the following events shall occur or be deemed to have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;If required by Section [6.06] of the Operating Agreement, the Operating Company shall be deemed to or actually reimburse the Corporation for the compensation expense equal to, or with respect to, the amount includible in the taxable income of the Corporation Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company shall issue to the Corporation on the Vesting Date a number of Common Units (as defined in the Operating Agreement) equal to the number of such shares of Restricted Stock (or portion thereof) that are includible in the taxable income of the Corporation Service Provider as of the applicable Vesting Date and any Restricted Stock (or portion thereof) purchased by the Corporation Service Provider in consideration for a deemed or actual Capital Contribution (as defined in the Operating Agreement) from the Corporation in an amount equal to the number of Common Units issued in accordance with this section, multiplied by the per-Common Unit Fair Market Value (as defined in the Operating Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers of Restricted Stock to Employees and other Service Providers of the Operating Company</u>. The following shall apply to Restricted Stock granted under the Plan to

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Employees and other service providers of the Operating Company or its Subsidiaries (each, "***Operating Company Service Providers***") in consideration for services performed by such Operating Company Service Providers for the Operating Company or its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;<u>Issuance of Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall issue such number of shares of Restricted Stock as are to be issued to the Operating Company Service Provider in accordance with the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Concurrently with or prior to such issuance, an Operating Company Service Provider shall pay the purchase price (if any) of the Restricted Stock to the Corporation in exchange for the issuance of the Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall transfer any such purchase price to the Operating Company (and, if the Operating Company Service Provider is an Employee or other Service Provider of a Subsidiary of the Operating Company, the Operating Company shall transfer such purchase price to such Subsidiary of the Operating Company). For tax purposes, any such purchase price shall be treated as paid by the Operating Company Service Provider to the Operating Company (or an applicable Subsidiary) as the employer of the Employee or the recipient of the Consultant's services (*i.e.*, not a capital contribution).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;Prior to the Vesting Date, the Corporation shall pay dividends to the holder of the Restricted Stock and make any other payments to the Operating Company Service Provider (less any applicable withholding and other payroll taxes) as provided by the terms of the Restricted Stock Award Agreement, provided that the Operating Company (or, if the Operating Company Service Provider is an Employee or other Service Providers of a Subsidiary of the Operating Company, the Subsidiary of the Operating Company) shall reimburse the Corporation for such amounts, handle any applicable withholding and deduct such amounts as compensation. In order to effectuate the foregoing, in addition to the Operating Company's distributions to the Corporation with respect to the Common Units held by the Corporation, the Operating Company (or the applicable Subsidiary) shall make an additional payment to the Corporation in the amount of this reimbursement, which shall not be treated as a partnership distribution. Such dividend or other payments shall be treated as having been made by the Operating Company (or the applicable Subsidiary), and not by the Corporation, to such Operating Company Service Provider, and the Operating Company (or the applicable Subsidiary) shall report such payments as compensation to the Operating Company Service Provider for all purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Restricted Stock</u>*.* On the Vesting Date of any shares of Restricted Stock of the Operating Company Service Provider, the following events shall occur or be deemed to have occurred:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall be deemed to sell to the Operating Company (or, if the Operating Company Service Provider is an Employee or other Service Provider of a Subsidiary of the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating Company) shall be deemed to purchase from the Corporation, such shares of Restricted Stock (or portion thereof) that are includible in the taxable income of the Operating Company Service Provider on such Vesting Date (the "***Operating Company Purchased Restricted Stock***"), which shall not include any Restricted Stock (or portion thereof) purchased by the Operating Company Service Provider. The deemed price paid by the Operating Company (or a Subsidiary of the Operating Company) to the Corporation for Operating Company Purchased Restricted Stock shall be an amount equal to the product of (x) the number of shares of Operating Company Purchased Restricted Stock and (y) the Fair Market Value of a share of Common Stock on the Vesting Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company (or any Subsidiary of the Operating Company) shall be deemed to transfer Operating Company Purchased Restricted Stock to the Participant at no additional cost, as additional compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company shall issue to the Corporation on the Vesting Date a number of Common Units equal to (i) the number of shares of Operating Company Purchased Restricted Stock in consideration for a deemed Capital Contribution from the Corporation in an amount equal to the number of Common Units issued in accordance with this section, multiplied by the per-Common Unit Fair Market Value and (ii) the number of shares of Restricted Stock (or portion thereof) purchased by the Operating Company Service Provider in consideration for the Capital Contribution from the Corporation of any purchase price paid by the Operating Company Service Provider for the applicable Restricted Stock (or portion thereof) to the Corporation. In the case where an Operating Company Service Provider is an employee or service provider to a Subsidiary of the Operating Company, then the Operating Company shall be deemed to have contributed such amount to the capital of such Subsidiary of the Operating Company.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Stock Unit and Other Stock or Cash Based Awards</u>. The following shall apply to all Restricted Stock Units and Other Stock or Cash Based Awards (other than cash awards) granted under the Plan and settled in shares of Common Stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfers of Common Stock to Corporation Service Providers</u>. The Corporation shall issue such number of shares of Common Stock as are to be issued to the Corporation Service Provider in accordance with the terms of the Plan and any Restricted Stock Unit

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or applicable Other Stock or Cash Based Award to a Corporation Service Provider in accordance with [Section 6.3 or Article VII] of the Plan. As soon as reasonably practicable after such Award is settled, with respect to each such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;If required by Section [6.06] of the Operating Agreement, the Operating Company shall be deemed to or actually reimburse the Corporation for the compensation expense equal to, or with respect to, the amount includible in the taxable income of the Corporation Service Provider with respect to such Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company shall issue to the Corporation on the date of settlement a number of Common Units equal to the number of shares of Common Stock issued in settlement of the Restricted Stock Unit or applicable Other Stock or Cash Based Award in consideration for a deemed Capital Contribution from the Corporation in an amount equal to the number of Common Units issued in accordance with this section, multiplied by the per-Common Unit Fair Market Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Common Stock to Operating Company Service Providers</u>. The Corporation shall issue such number of shares of Common Stock as are to be issued to an Operating Company Service Provider in accordance with the terms of the Plan and any Restricted Stock Unit or applicable Other Stock or Cash Based Award to an Operating Company Service Provider in accordance with [Section 6.3 or Article VII] of the Plan. As soon as reasonably practicable after such Award is settled, with respect to each such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall be deemed to sell to the Operating Company (or, if the Operating Company Service Provider is an Employee or other service provider of a Subsidiary of the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating Company) shall be deemed to purchase from the Corporation, the number of shares of Common Stock (the "***Operating Company Purchased RSU/Other Award Shares***") equal to the number issued in settlement of the Restricted Stock Units or Other Stock or Cash Based Awards. The deemed price paid by the Operating Company (or Subsidiary of the Operating Company) to the Corporation for Operating Company Purchased RSU/Other Award Shares shall be an amount equal to the product of (x) the number of Operating Company Purchased RSU/Other Award Shares and (y) the Fair Market Value of a share of Common Stock at the time of settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company (or Subsidiary of the Operating Company) shall be deemed to transfer such shares of Common Stock to the Participant at no additional cost, as additional compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company shall issue to the Corporation on the date of settlement a number of Common Units equal to the number of Operating Company Purchased RSU/Other Award Shares in consideration for a deemed Capital Contribution from the Corporation in an amount equal to the number of Common Units issued

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in accordance with this section, multiplied by the per-Common Unit Fair Market Value. In the case where an Operating Company Service Provider is an employee or service provider to a Subsidiary of the Operating Company, the Operating Company shall be deemed to have contributed such amount to the capital of such Subsidiary of the Operating Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Full-Value Awards</u>. To the extent the Corporation grants full-value Awards (other than Restricted Stock, Restricted Stock Units and Other Stock and Cash Based Awards), the provisions of this Section 2 shall apply *mutatis mutandis* with respect to such full-value Awards, to the extent applicable (as determined by the Administrator).

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Options</u>. The following shall apply to Options granted under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Common Stock to Corporation Service Providers</u>. As soon as reasonably practicable after receipt by the Corporation, pursuant to Section 5.5 of the Plan, of payment for the shares of Common Stock with respect to which an Option (which in the case of a Corporation Service Provider was issued to and is held by such Participant in such capacity), or portion thereof, is exercised by a Participant who is a Corporation Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall transfer to the holder of such Option the number of shares of Common Stock equal to the number of shares of Common Stock subject to the Option (or portion thereof) that is exercised subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation, shall, as soon as practicable after such exercise, make a Capital Contribution to the Operating Company in an amount equal to the exercise price paid to the Corporation by such Participant in connection with the exercise of the Option. If required by Section [6.06] of the Operating Agreement, the Operating Company shall reimburse the Corporation for the compensation expense equal to the Fair Market Value of a share of Common Stock as of the date of exercise multiplied by the number of shares of Common Stock then being issued in connection with the exercise of such Option, less the exercise price paid to the Corporation by such Participant in connection with the exercise of the Option. Notwithstanding the amount of the Capital Contribution actually made pursuant to this Section 3(a)(ii), the Corporation shall be deemed to have contributed in the aggregate to the Operating Company as a Capital Contribution, inclusive of any Capital Contribution actually made, an amount equal to the Fair Market Value of a share of Common Stock as of the date of exercise multiplied by the number of shares of Common Stock then being issued in connection with the exercise of such Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company shall issue to the Corporation, on the date of the issuance of any Common Stock described in Section 3(a)(i) hereof, a number of Common Units equal to the number of issued shares of Common Stock pursuant to Section 3(a)(i) hereof, in consideration for the Capital Contributions described in Section 3(a)(ii) hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Common Stock to Operating Company Service Providers</u>. As soon as reasonably practicable after receipt by the Corporation, pursuant to Section 5.5 of the Plan, of payment for the shares of Common Stock with respect to which an Option (which was issued to and is held by an Operating Company Service Provider in such capacity), or portion thereof, is exercised by a Participant who is an Operating Company Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall transfer to the Participant the total number of shares of Common Stock with respect to which the Option was exercised subject to the terms of the Plan (the "***Total Purchased Shares***"). Of the Total Purchased Shares, the number of shares of Common Stock that shall be deemed to be transferred directly to the Participant shall be equal to (A) the amount of the exercise price paid by the Participant to the Corporation pursuant to Section 5.5 of the Plan (the "***Exercise Price Paid***") divided by (B) the Fair Market Value of a share of Common Stock at the time of exercise (the "***Operating Company Holder Purchased Shares***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall be deemed to sell to the Operating Company (or, if the Operating Company Service Provider is an Employee or other service provider of a Subsidiary of the Operating Company, to such Subsidiary of the Operating Company), and the Operating Company (or such Subsidiary of the Operating Company) shall be deemed to purchase from the Corporation, the number of shares of Common Stock (the "***Operating Company Purchased Option Shares***") equal to the excess of (A) the number of Total Purchased Shares, over (B) the number of Operating Company Holder Purchased Shares. The deemed price paid by the Operating Company (or a Subsidiary of the Operating Company) to the Corporation for Operating Company Purchased Option Shares shall be an amount equal to the product of (x) the number of Operating Company Purchased Option Shares and (y) the Fair Market Value of a share of Common Stock at the time of the exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company (or a Subsidiary of the Operating Company) shall be deemed to transfer the Operating Company Purchased Option Shares to the Participant at no additional cost, as additional compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;The Operating Company shall issue to the Corporation on the date of exercise a number of Common Units equal to the sum of the number of Total Purchased Shares in consideration for (i) a deemed Capital Contribution from the Corporation in an amount equal to the number of Operating Company Purchased Option Shares, multiplied by the per-Common Unit Fair Market Value and (ii) a Capital Contribution from the Corporation in amount equal to the Exercise Price Paid. In the case where an Operating Company Service Provider is an Employee or other service provider to a Subsidiary of the Operating Company, the Operating Company shall be deemed to have contributed such amount to the capital of such Subsidiary of the Operating Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Appreciation Rights</u>. To the extent the Corporation grants any Stock Appreciation Rights, the provisions of this Section 3 shall apply *mutatis mutandis* with respect to such Stock Appreciation Rights, to the extent applicable (as determined by the Administrator).

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalent Awards</u>. The following shall apply to Dividend Equivalents granted under the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall make any payments to a Corporation Service Provider under the terms of the Dividend Equivalent award, provided that the Corporation and the Operating Company shall treat such payments as having been made by the Corporation, and the Corporation shall report such payments as compensation to the Corporation Service Provider for all purposes. The Operating Company shall pay to the Corporation the amount of any such payments that the Corporation is required to pay to, or with respect to, the Corporation Service Provider as a reimbursement of Corporation expenses pursuant to Section [6.06] of the Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall make any payments to an Operating Company Service Provider (less any applicable withholding and other payroll taxes) under the terms of the Dividend Equivalent award, provided that the Operating Company (or, if the Operating Company Service Provider is an Employee or other service provider of a Subsidiary of the Operating Company, such Subsidiary of the Operating Company) shall reimburse the Corporation for such amounts, handle any applicable withholding and deduct such amounts as compensation. In order to effectuate the foregoing, in addition to the Operating Company's (or the applicable Subsidiary's) distributions to the Corporation with respect to Common Units held by the Corporation, the Operating Company (or the applicable Subsidiary) shall make an additional payment to the Corporation in the amount of this reimbursement, which shall not be treated as a partnership distribution. Such payments shall be treated as having been made by the Operating Company (or the applicable Subsidiary), and not by the Corporation, to such Operating Company Service Provider, and the Operating Company (or the applicable Subsidiary) shall report such payments as compensation to such Operating Company Service Provider for all purposes.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Forfeiture, Surrender or Repurchase of Common Stock</u>*.* If any shares of Common Stock granted under the Plan are (a) forfeited or surrendered by any Eligible Individual eligible to participate in the Plan (an "***Eligible Service Provider***") or (b) repurchased from any Eligible Service Provider by the Corporation, the Operating Company or a Subsidiary, (i) the shares of Common Stock forfeited, surrendered or repurchased shall be returned to the Corporation, (ii) the Corporation (or, if the Eligible Service Provider is an Operating Company Service Provider, the Operating Company or a Subsidiary of the Operating Company, as applicable) shall pay the repurchase price (if any) of the repurchased shares of Common Stock to such Eligible Service Provider, and (iii) if corresponding Common Units had theretofore been issued in respect of the shares of Common Stock that were so forfeited, surrendered or repurchased, the Operating Company shall, contemporaneously with such forfeiture, surrender or repurchase of shares of Common Stock, redeem or repurchase a number of the Common Units held by the Corporation equal to the number of forfeited, surrendered or

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repurchased shares of Common Stock, such redemption or repurchase to be upon the same terms and for the same price per Common Unit as such shares of Common Stock are forfeited, surrendered or repurchased.

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**<u>Exhibit D</u>**

**<u>FORM OF COMMON UNIT REDEMPTION NOTICE</u>**

[ 🟇 ], 20[ 🟇 ]

Lincoln International, LP

110 North Wacker Drive, 51<sup>st</sup> Floor

Chicago, IL 60606

Attn: &nbsp;&nbsp;&nbsp;&nbsp;Kristin Marvin; Theodore Heidloff

Email: kmarvin@lincolninternational.com; theidloff@lincolninternational.com

With a copy to:

Lincoln International, Inc.

110 North Wacker Drive, 51<sup>st</sup> Floor

Chicago, IL 60606

Attn: &nbsp;&nbsp;&nbsp;&nbsp;Kristin Marvin; Theodore Heidloff

Email: kmarvin@lincolninternational.com; theidloff@lincolninternational.com

Re: <u>Redemption Notice</u>

Reference is made to that certain Fourth Amended and Restated Limited Partnership Agreement of Lincoln International, LP (the "<u>Company</u>"), dated as of [ 🟇 ], 2026 (the "<u>Agreement</u>"). All capitalized terms used herein but not defined shall have the meanings ascribed to such terms in the Agreement.

This Redemption Notice constitutes written notice of the undersigned's determination to exercise the undersigned's right to cause the Company to redeem [ 🟇 ] Common Units held by the undersigned (the "<u>Redeemed Units</u>"), in accordance with Section 11.01 of the Agreement including, without limitation, clause (i) thereof. Pursuant to and in accordance with Section 11.01 of the Agreement, and on the terms and subject to the conditions set forth in this Redemption Notice and the Agreement, the undersigned hereby exercises its right to cause the Company to redeem the Redeemed Units for the equivalent number of shares of Class A Common Stock of Lincoln International, Inc. (the "<u>Redemption</u>"). The undersigned hereby requests that the Redemption take place with respect to the Redeemed Units on [ 🟇 ], 20[ 🟇 ].

IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Redemption Notice to be executed and delivered by the undersigned or by its duly authorized attorney as of the date first written above.

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| **[** 🟇 **]** |
| By: |
| Name: |
| Title: |

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## Exhibit 10.3

**Exhibit 10.3**

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|:---|
| **LINCOLN INTERNATIONAL, INC.** |
| **2026 INCENTIVE AWARD PLAN** |

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**ARTICLE I.**

**PURPOSE** 

The Plan's purpose is to enhance the Company's ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing these individuals with equity ownership opportunities and/or equity-linked compensatory opportunities. Capitalized terms used in the Plan are defined in Article XI.

**ARTICLE II.**

**ELIGIBILITY**

Eligible Individuals are eligible to be granted Awards under the Plan, subject to the limitations described herein.

**ARTICLE III.**

**ADMINISTRATION AND DELEGATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Plan is administered by the Administrator. The Administrator has authority to determine which Eligible Individuals receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award Agreement as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator's determinations under the Plan are in its sole discretion and will be final and binding on all persons having or claiming any interest in the Plan or any Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment of Committees</u>. To the extent Applicable Laws permit, the Board or the Administrator may delegate any or all of its powers under the Plan to one or more Committees or one or more committees of directors or officers of the Company or any of its Subsidiaries; <u>provided</u>, <u>however</u>, that in no event shall an officer of the Company be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (a) individuals who are subject to Section 16 of the Exchange Act, or (b) officers of the Company (or Directors) to whom authority to grant or amend Awards has been delegated hereunder. The Board or the Administrator, as applicable, may rescind any such delegation, abolish any such Committee or committee and/or re-vest in itself any previously delegated authority at any time.

**ARTICLE IV.**

**STOCK AVAILABLE FOR AWARDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Number of Shares</u>. Subject to adjustment under Article VIII and the terms of this Article IV, the maximum number of Shares that may be issued pursuant to Awards under the Plan shall be equal to the Overall Share Limit. Shares issued under the Plan may consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Share Recycling</u>. If all or any part of an Award expires, lapses or is terminated, exchanged for or settled in cash, surrendered, repurchased, canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring Shares covered by the Award at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the Participant for such Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again be available for Award grants under the Plan. In addition, Shares delivered (either by actual delivery or attestation) to the Company by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding obligation with respect to an Award (including Shares retained by the Company from the Award being exercised or purchased and/or creating the tax obligation) will, as applicable, become or again be available for Award grants under the Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not count against the Overall Share Limit. Notwithstanding anything to the contrary contained herein, the following Shares shall not be added to the Shares authorized for grant under Section 4.1 and shall not be available for future grants of Awards: (i) Shares subject to a Stock Appreciation Right that are not issued in connection with the stock settlement of the Stock Appreciation Right on exercise thereof; and (ii) Shares purchased on the open market by the Company with the cash proceeds from the exercise of Options. Further, notwithstanding anything to the contrary contained herein, no Shares shall again be available for future grants of Awards under the Plan pursuant to this Article IV to the extent that such return of Shares would cause the Plan to be a "formula" plan or constitute a "material revision" or a "material amendment" subject to stockholder approval under the requirements of the established stock exchange on which the Company's securities are traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Incentive Stock Option Limitations</u>. Notwithstanding anything to the contrary herein, no more than [ 🟇 ] Shares may be issued pursuant to the exercise of Incentive Stock Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Substitute Awards</u>. In connection with an entity's merger or consolidation with the Company or the Company's acquisition of an entity's property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate. Substitute Awards may be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above), except that Shares acquired by exercise of substitute Incentive Stock Options will count against the maximum number of Shares that may be issued pursuant to the exercise of Incentive Stock Options under the Plan. Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by stockholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees, Consultants or Directors prior to such acquisition or combination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Employee Director Compensation</u>. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for non-employee Directors from time to time,

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subject to the limitations in the Plan and the requirements of Applicable Law and/or pursuant to a written nondiscretionary formula established by the Administrator (the "***Non-Employee Director Equity Compensation Policy***"). The sum of any cash compensation, or other compensation, and the value (determined as of the grant date in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or any successor thereto) of Awards granted to a non-employee Director as compensation for services as a non-employee Director during any fiscal year of the Company may not exceed $750,000 (the "***Director Limit***"), which limit shall not apply to the compensation for any non-employee Director who serves in any capacity in addition to that of a non-employee Director for which he or she receives additional compensation. The Administrator may make exceptions to the Director Limit in extraordinary circumstances, as the Administrator may determine in its discretion, provided that the non-employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving non-employee Directors.

**ARTICLE V.**

**STOCK OPTIONS AND STOCK APPRECIATION RIGHTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Administrator may grant Options or Stock Appreciation Rights to Eligible Individuals subject to the limitations in the Plan, including any limitations in the Plan that apply to Incentive Stock Options. A Stock Appreciation Right will entitle the Participant (or other person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares with respect to which the Stock Appreciation Right is exercised. Such amount shall be subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at Fair Market Value or a combination of the two as the Administrator may determine or provide in the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>. The Administrator will establish each Option's and Stock Appreciation Right's exercise price and specify the exercise price in the Award Agreement. The exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option (subject to Section 5.6) or Stock Appreciation Right. Notwithstanding the foregoing, in the case of an Option or a Stock Appreciation Right that is a Substitute Award, the exercise price per share of the Shares subject to such Option or Stock Appreciation Right, as applicable, may be less than the Fair Market Value per share on the date of grant; <u>provided</u> that the exercise price of any Substitute Award shall be determined in accordance with the applicable requirements of Sections 424 and 409A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration</u>. Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that, subject to Section 5.6, the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing and unless determined otherwise by the Company, in the event that on the last business day of the term of an Option or Stock Appreciation Right (other than an Incentive Stock Option) (a) the exercise of the Option or Stock Appreciation Right is prohibited by Applicable Law, as determined by the Company, or (b) Shares may not be purchased or sold by the applicable Participant due to any Company insider trading policy (including blackout periods) or a "lock-up" agreement undertaken in connection with an issuance of securities by the Company, the term of the Option or Stock Appreciation Right shall be extended until the date that is 30 days after the end of the legal prohibition, blackout period or lock-up agreement, as determined by the Company; <u>provided</u>, <u>however</u>, in no event shall the extension last beyond the ten year term of the applicable Option or Stock Appreciation Right. Notwithstanding the foregoing, to the extent

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permitted under Applicable Laws, if the Participant, prior to the end of the term of an Option or Stock Appreciation Right, violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant's transferees to exercise any Option or Stock Appreciation Right issued to the Participant shall terminate immediately upon such violation, unless the Company otherwise determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise</u>. Options and Stock Appreciation Rights may be exercised by delivering to the Company a written notice of exercise, in a form the Administrator approves (which may be electronic), signed by the person authorized to exercise the Option or Stock Appreciation Right, together with, as applicable, payment in full (a) as specified in Section 5.5 for the number of Shares for which the Award is exercised and (b) as specified in Section 9.5 for any applicable taxes. Unless the Administrator otherwise determines, an Option or Stock Appreciation Right may not be exercised for a fraction of a Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment Upon Exercise</u>. Subject to Sections 9.10 and 10.8, any Company insider trading policy (including blackout periods) and Applicable Laws, the exercise price of an Option must be paid by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;cash, wire transfer of immediately available funds or by check payable to the order of the Company, provided that the Company may limit the use of one of the foregoing payment forms if one or more of the payment forms below is permitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;if there is a public market for Shares at the time of exercise, unless the Company otherwise determines, (i) delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to pay the exercise price, or (ii) the Participant's delivery to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to pay the exercise price; provided that such amount is paid to the Company at such time as may be required by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;to the extent permitted by the Administrator, delivery (either by actual delivery or attestation) of Shares owned by the Participant valued at their Fair Market Value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;to the extent permitted by the Administrator, surrendering Shares then issuable upon the Option's exercise valued at their Fair Market Value on the exercise date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;to the extent permitted by the Administrator, delivery of a promissory note or any other property that the Administrator determines is good and valuable consideration; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;to the extent permitted by the Company, any combination of the above payment forms approved by the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Terms of Incentive Stock Options</u>. The Administrator may grant Incentive Stock Options only to employees of the Company, any of its present or future parent or subsidiary corporations, as defined in Sections 424(e) or (f) of the Code, respectively, and any other entities the employees of which are eligible to receive Incentive Stock Options under the Code. If an Incentive Stock Option is granted to a Greater Than 10% Stockholder, the exercise price will not be less than 110% of the Fair Market Value on the Option's grant date, and the term of the Option will not exceed five years. All Incentive Stock Options will be subject to and construed consistently with Section 422 of the Code. By accepting an Incentive Stock Option, the Participant agrees to give prompt notice to the Company of

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dispositions or other transfers (other than in connection with a Change in Control) of Shares acquired under the Option made within (a) two years from the grant date of the Option or (b) one year after the transfer of such Shares to the Participant, specifying the date of the disposition or other transfer and the amount the Participant realized, in cash, other property, assumption of indebtedness or other consideration, in such disposition or other transfer. Neither the Company nor the Administrator will be liable to a Participant, or any other party, if an Incentive Stock Option fails or ceases to qualify as an "incentive stock option" under Section 422 of the Code. Any Incentive Stock Option or portion thereof that fails to qualify as an "incentive stock option" under Section 422 of the Code for any reason, including becoming exercisable with respect to Shares having a fair market value exceeding the $100,000 limitation under Treasury Regulation Section 1.422-4, will be a Non-Qualified Stock Option.

**ARTICLE VI.**

**RESTRICTED STOCK; RESTRICTED STOCK UNITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Administrator may grant Restricted Stock, or the right to purchase Restricted Stock, to any Eligible Individual, subject to the Company's right to repurchase all or part of such Shares at their issue price or other stated or formula price from the Participant (or to require forfeiture of such Shares) if conditions the Administrator specifies in the Award Agreement are not satisfied before the end of the applicable restriction period or periods that the Administrator establishes for such Award. In addition, the Administrator may grant to Eligible Individuals Restricted Stock Units, which may be subject to vesting and forfeiture conditions during the applicable restriction period or periods, as set forth in an Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholders</u>. Subject to the Company's right of repurchase as described above, upon issuance of Restricted Stock, the Participant shall have, unless otherwise provided by the Administrator, all of the rights of a stockholder with respect to said Shares, subject to the restrictions in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends</u>. Participants holding Restricted Stock will be entitled to all ordinary cash dividends paid with respect to such Shares, unless the Administrator provides otherwise in the Award Agreement. In addition, unless the Administrator provides otherwise, if any dividends or distributions are paid in Shares, or consist of a dividend or distribution to holders of Common Stock of property other than an ordinary cash dividend, the Shares or other property will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock with respect to which they were paid. Notwithstanding anything to the contrary herein, with respect to any award of Restricted Stock, dividends which are paid to holders of Common Stock prior to vesting shall only be paid out to the Participant holding such Restricted Stock to the extent that the vesting conditions are subsequently satisfied. Except as otherwise set forth in the applicable Award Agreement, all such dividend payments will be made no later than March 15 of the calendar year following the calendar year in which the right to the dividend payment becomes nonforfeitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Certificates</u>. The Company may require that the Participant deposit in escrow with the Company (or its designee) any stock certificates issued in respect of Restricted Stock, together with a stock power endorsed in blank.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Restricted Stock Units.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement</u>. The Administrator may provide that settlement of Restricted Stock Units will occur upon or as soon as reasonably practicable after the Restricted Stock Units vest or will instead be deferred, on a mandatory basis or at the Participant's election, in a manner intended to comply with Section 409A (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stockholder Rights</u>. A Participant will have no rights of a stockholder with respect to Shares subject to any Restricted Stock Unit unless and until the Shares are delivered in settlement of the Restricted Stock Unit.

**ARTICLE VII.**

**OTHER STOCK OR CASH BASED AWARDS; DIVIDEND EQUIVALENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Stock or Cash Based Awards</u>. Other Stock or Cash Based Awards may be granted to Participants, including Awards entitling Participants to receive Shares to be delivered in the future and including annual or other periodic or long-term cash bonus awards (whether based on specified Performance Criteria or otherwise), in each case subject to any conditions and limitations in the Plan. Such Other Stock or Cash Based Awards will also be available as a payment form in the settlement of other Awards, as standalone payments and as payment in lieu of compensation to which a Participant is otherwise entitled. Other Stock or Cash Based Awards may be paid in Shares, cash or other property, as the Administrator determines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend Equivalents</u>. A grant of Restricted Stock Units or Other Stock or Cash Based Award may provide a Participant with the right to receive Dividend Equivalents, and no dividends or Dividend Equivalents shall be payable with respect to Options or Stock Appreciation Rights. Dividend Equivalents may be paid currently or credited to an account for the Participant, settled in cash or Shares and subject to the same restrictions on transferability and forfeitability as the Award with respect to which the Dividend Equivalents are paid and subject to other terms and conditions as set forth in the Award Agreement. Notwithstanding anything to the contrary herein, Dividend Equivalents with respect to an Award shall only be paid out to the Participant to the extent that the vesting conditions applicable to the underlying Award are satisfied. Except as otherwise set forth in the applicable Award Agreement, all such Dividend Equivalent payments will be made no later than March 15 of the calendar year following the calendar year in which the right to the Dividend Equivalent payment becomes nonforfeitable, unless otherwise determined by the Administrator or unless deferred in a manner to comply with Section 409A.

**ARTICLE VIII.**

**ADJUSTMENTS FOR CHANGES IN COMMON STOCK** 

**AND CERTAIN OTHER EVENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity Restructuring</u>. In connection with any Equity Restructuring, notwithstanding anything to the contrary in this Article VIII, the Administrator will equitably adjust each outstanding Award as it deems appropriate to reflect the Equity Restructuring, which may include adjusting the number and type of securities subject to each outstanding Award, adjusting the Award's exercise price, grant price and/or applicable performance goals, granting new Awards to Participants, and/or making a cash payment to Participants. The adjustments provided under this Section 8.1 will be nondiscretionary and final and binding on the affected Participant and the Company; provided that the Administrator will determine whether an adjustment is equitable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Transactions</u>. In the event of any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), reorganization, merger, consolidation, combination, amalgamation, repurchase, recapitalization, liquidation, dissolution, or sale, transfer, exchange or other disposition of all or substantially all of the assets of the Company, or sale or exchange of Common Stock or other securities of the Company, Change in Control, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, other similar corporate transaction or event, other unusual or nonrecurring transaction or event affecting the Company or its financial statements or any change in any Applicable Laws or accounting principles, the Administrator, on such terms and conditions as it deems appropriate, either by the terms of the Award or by action in connection with the occurrence of such transaction or event (except that action to give effect to a change in Applicable Law or accounting principles may be made within a reasonable period of time after such change), is hereby authorized to take any one or more of the following actions whenever the Administrator determines that such action is appropriate in order to (x) prevent dilution or enlargement of the benefits or potential benefits intended by the Company to be made available under the Plan or with respect to any Award granted or issued under the Plan, (y) facilitate such transaction or event or (z) give effect to such changes in Applicable Laws or accounting principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;To provide for the cancellation of any such Award in exchange for either an amount of cash or other property with a value equal to the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant's rights under the vested portion of such Award, as applicable; provided that, if the amount that could have been obtained upon the exercise or settlement of the vested portion of such Award or realization of the Participant's rights, in any case, is equal to or less than zero, then the Award may be terminated without payment; provided, further, that Awards held by members of the Board will be deemed settled in Shares on or immediately prior to the applicable event if the Administrator takes action under this clause (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;To provide that such Award shall vest and, to the extent applicable, be exercisable as to all Shares covered thereby, notwithstanding anything to the contrary in the Plan or the provisions of such Award;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To provide that such Award be assumed by the successor or survivor corporation, or a parent or subsidiary thereof, or shall be substituted for by awards covering the shares of the successor or survivor corporation, or a parent or subsidiary thereof, or equivalent value thereof in cash, with appropriate adjustments as to the number and kind of shares and/or applicable exercise or purchase price, in all cases, as determined by the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;To make adjustments in the number and type of Shares (or other securities or property) subject to outstanding Awards and/or with respect to which Awards may be granted under the Plan (including, but not limited to, adjustments of the limitations in Article IV on the maximum number and kind of shares which may be issued) and/or in the terms and conditions of (including the grant or exercise price or applicable performance goals), and the criteria included in, outstanding Awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;To replace such Award with other rights or property selected by the Administrator; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;To provide that the Award will terminate and cannot vest, be exercised or become payable after the applicable event.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect of a Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of Section 8.2, if a Change in Control occurs and a Participant's Award is not continued, converted, assumed or replaced with a substantially similar award by (i) the Company, or (ii) a successor entity or its parent or subsidiary (an "***Assumption***" or "***Assumed***"), and provided that the Participant has not had a Termination of Service, then, immediately prior to the Change in Control, such Award shall become fully vested, exercisable and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Award shall lapse, in which case, such Award shall be canceled upon the consummation of the Change in Control in exchange for the right to receive the Change in Control consideration payable to other holders of Common Stock (A) which may be on such terms and conditions as apply generally to holders of Common Stock under the Change in Control documents (including, without limitation, any escrow, earn-out or other deferred consideration provisions) or such other terms and conditions as the Administrator may provide, and (B) determined by reference to the number of Shares subject to such Award and net of any applicable exercise price; provided that to the extent that any Award constitutes "nonqualified deferred compensation" that may not be paid upon the Change in Control under Section 409A without the imposition of taxes thereon under Section 409A (and the Company does not otherwise terminate such Award to the extent permitted under Section 409A in connection with a Change in Control), the timing of such payments shall be governed by the applicable Award Agreement (or otherwise paid in a manner permitted under Section 409A, including taking into account any deferred consideration provisions applicable under the Change in Control documents); and provided, further, that if the amount to which the Participant would be entitled upon the settlement or exercise of such Award at the time of the Change in Control is equal to or less than zero, then such Award may be terminated without payment. An Award will be considered replaced with a substantially similar award if the Award is exchanged for an amount of cash or other property with a value equal to the amount that could have been obtained upon the settlement of such Award in such Change in Control (as determined by the Administrator), even if such cash or other property payable with respect to the unvested portion of such Award remains subject to similar vesting provisions following such Change in Control. Notwithstanding the foregoing, the Administrator shall have full and final authority to determine whether an Assumption of an Award has occurred in connection with a Change in Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a Change in Control occurs and a Participant's Awards are assumed pursuant to Section 8.3(a), and, on or within 12 months following such Change in Control, the Company or its successor entity or a parent or subsidiary thereof terminates such Participant's employment or service with such entity for any reason (other than for Cause and other than as a result of such Participant's death or Disability) or such Participant resigns from such Participant's employment for Good Reason, then (i) such Participant's remaining unvested Awards (including any Substitute Awards) shall become fully vested, exercisable and/or payable, as applicable, and all forfeiture, repurchase and other restrictions on such Awards (including any Substitute Awards) shall lapse, on the date of such Termination of Service, and (ii) with respect to Options or Stock Appreciation Rights then held by such Participant, the Participant shall have a period of six months following the date of such Termination of Service (or such longer period as may be set forth in the applicable Award Agreement(s)) to exercise such Options or Stock Appreciation Rights, to the extent that he or she was otherwise entitled to exercise such Options or Stock Appreciation Rights on the date of such Termination of Service (but in no event shall any Option or Stock Appreciation Rights remain exercisable beyond the last day of the term of such Option or Stock Appreciation Rights).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Administrative Stand Still</u>. In the event of any pending stock dividend, stock split, combination or exchange of shares, merger, consolidation or other distribution (other than normal cash

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dividends) of Company assets to stockholders, or any other extraordinary transaction or change affecting the Shares or the share price of Common Stock, including any Equity Restructuring or any securities offering or other similar transaction, for administrative convenience, the Administrator may refuse to permit the exercise of any Award for up to 60 days before or after such transaction (a "***Stand Still Period***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. Except as expressly provided in the Plan or the Administrator's action under the Plan, no Participant will have any rights due to any subdivision or consolidation of Shares of any class, dividend payment, increase or decrease in the number of Shares of any class or dissolution, liquidation, merger, or consolidation of the Company or other corporation. Except as expressly provided with respect to an Equity Restructuring under Section 8.1 or the Administrator's action under the Plan, no issuance by the Company of Shares of any class, or securities convertible into Shares of any class, will affect, and no adjustment will be made regarding, the number of Shares subject to an Award or the Award's grant or exercise price. The existence of the Plan, any Award Agreements and the Awards granted hereunder will not affect or restrict in any way the Company's right or power to make or authorize (a) any adjustment, recapitalization, reorganization or other change in the Company's capital structure or its business, (b) any merger, consolidation dissolution or liquidation of the Company or sale of Company assets or (c) any sale or issuance of securities, including securities with rights superior to those of the Shares or securities convertible into or exchangeable for Shares. The Administrator may in its discretion treat Participants and Awards (or portions thereof) differently under this Article VIII.

**ARTICLE IX.**

**GENERAL PROVISIONS APPLICABLE TO AWARDS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Transferability</u>. Except as the Administrator may determine or provide in an Award Agreement or otherwise for Awards other than Incentive Stock Options, Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, either voluntarily or by operation of law, except for certain beneficiary designations, by will or the laws of descent and distribution, or, subject to the Administrator's consent, pursuant to a domestic relations order, and, during the life of the Participant, will be exercisable only by the Participant. Any permitted transfer of an Award hereunder shall be without consideration, except as required by Applicable Law, and such Award transferred to a permitted transferee shall continue to be subject to all the terms and conditions of the Award as applicable to the original Participant and the Participant or transferor and the receiving permitted transferee shall execute any and all documents requested by the Administrator. References to a Participant, to the extent relevant in the context, will include references to a Participant's authorized transferee that the Administrator specifically approves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Documentation</u>. Each Award will be evidenced in an Award Agreement, which may be written or electronic, as the Administrator determines. Each Award may contain terms and conditions in addition to those set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Discretion</u>. Except as the Plan otherwise provides, each Award may be made alone or in addition or in relation to any other Award. The terms of each Award to a Participant need not be identical, and the Administrator need not treat Participants or Awards (or portions thereof) uniformly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Status</u>. The Administrator will determine how the disability, death, retirement, an authorized leave of absence or any other change or purported change in a Participant's Eligible Individual status affects an Award and the extent to which, and the period during which the

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Participant, the Participant's legal representative, conservator, guardian or Designated Beneficiary may exercise rights under the Award, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding</u>. Each Participant must pay the Company or a Subsidiary, or make provision satisfactory to the Administrator for payment of, any taxes required by Applicable Law to be withheld in connection with such Participant's Awards by the date of the event creating the tax liability. The Company or a Subsidiary may deduct an amount sufficient to satisfy such tax obligations based on the applicable statutory withholding rates (or such other rate as may be determined by the Company or a Subsidiary after considering any accounting consequences or costs) from any payment of any kind otherwise due to a Participant. The amount withheld pursuant to any of the below payment forms shall be determined by the Company (or, with respect to withholding pursuant to clause (b) below with respect to Awards held by individuals subject to Section 16 of the Exchange Act, by the Administrator) and all tax withholding obligations will be calculated based on the minimum applicable statutory withholding rate(s) or up to, but no greater than, the aggregate amount of such obligations based on the maximum applicable statutory withholding rates in the applicable Participant's jurisdiction. Subject to Section 10.8 and any Company insider trading policy (including blackout periods), Participants may satisfy such tax obligations (a) in cash, by wire transfer of immediately available funds, by check made payable to the order of the Company, provided that the Company may limit the use of the foregoing payment forms if one or more of the payment forms below is permitted, (b) to the extent permitted by the Administrator, in whole or in part by delivery of Shares, including Shares delivered by attestation and Shares retained from the Award creating the tax obligation, valued at their fair market value on the date of delivery, (c) subject to Section 9.10, if there is a public market for Shares at the time the tax obligations are satisfied, unless the Company otherwise determines, (i) delivery (including electronically or telephonically to the extent permitted by the Company) of an irrevocable and unconditional undertaking by a broker acceptable to the Company to deliver promptly to the Company sufficient funds to satisfy the tax obligations, or (ii) delivery by the Participant to the Company of a copy of irrevocable and unconditional instructions to a broker acceptable to the Company to deliver promptly to the Company cash or a check sufficient to satisfy the tax withholding; provided that such amount is paid to the Company at such time as may be required by the Administrator, or (d) to the extent permitted by the Company, any combination of the foregoing payment forms approved by the Administrator. Notwithstanding any other provision of the Plan, the number of Shares which may be so delivered or retained pursuant to clause (b) of the immediately preceding sentence shall be limited to the number of Shares which have a fair market value on the date of delivery or retention no greater than the aggregate amount of such liabilities based on the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability classification of the applicable award under generally accepted accounting principles in the United States of America); provided, however, to the extent such Shares were acquired by Participant from the Company as compensation, the Shares must have been held for the minimum period required by applicable accounting rules to avoid a charge to the Company's earnings for financial reporting purposes; provided, further, that, any such Shares delivered or retained shall be rounded up to the nearest whole Share to the extent rounding up to the nearest whole Share does not result in the liability classification of the applicable Award under generally accepted accounting principles in the United States of America. Subject to Section 9.10, if any tax withholding obligation will be satisfied under clause (b) above by the Company's retention of Shares from the Award creating the tax obligation and there is a public market for Shares at the time the tax obligation is satisfied, the Company may elect to instruct any brokerage firm determined acceptable to the Company for such purpose to sell on the applicable Participant's behalf some or all of the Shares retained and to remit the proceeds of the sale to the Company or its designee, and each Participant's acceptance of an Award under the Plan will constitute the Participant's authorization to the Company and instruction and authorization to such brokerage firm to complete the transactions described in this sentence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of Award; Repricing</u>. The Administrator may amend, modify or terminate any outstanding Award, including by substituting another Award of the same or a different type, changing the exercise or settlement date, and converting an Incentive Stock Option to a Non-Qualified Stock Option. The Participant's consent to such action will be required unless (a) the action, taking into account any related action, does not materially and adversely affect the Participant's rights under the Award, or (b) the change is permitted under Article VIII or pursuant to Section 10.6. Notwithstanding the foregoing or anything in the Plan to the contrary, the Administrator may, without the approval of the stockholders of the Company, (y) reduce the exercise price per share of outstanding Options or Stock Appreciation Rights or (z) cancel outstanding Options or Stock Appreciation Rights in exchange for cash, other Awards or Options or Stock Appreciation Rights with an exercise price per share that is less than the exercise price per share of the original Options or Stock Appreciation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions on Delivery of Shares</u>. The Company will not be obligated to deliver any Shares under the Plan or remove restrictions from Shares previously delivered under the Plan until (a) all Award conditions have been met or removed to the Company's satisfaction, (b) as determined by the Company, all other legal matters regarding the issuance and delivery of such Shares have been satisfied, including any applicable securities laws and stock exchange or stock market rules and regulations, and (c) the Participant has executed and delivered to the Company such representations or agreements as the Administrator deems necessary or appropriate to satisfy any Applicable Laws. The Company's inability to obtain authority from any regulatory body having jurisdiction, which the Administrator determines is necessary to the lawful issuance and sale of any securities, will relieve the Company of any liability for failing to issue or sell such Shares as to which such requisite authority has not been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Acceleration</u>. The Administrator may at any time provide that any Award will become immediately vested and fully or partially exercisable, free of some or all restrictions or conditions, or otherwise fully or partially realizable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Settlement</u>. Without limiting the generality of any other provision of the Plan, the Administrator may provide, in an Award Agreement or subsequent to the grant of an Award, in its discretion, that any Award may be settled in cash, Shares or a combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Broker-Assisted Sales</u>. In the event of a broker-assisted sale of Shares in connection with the payment of amounts owed by a Participant under or with respect to the Plan or Awards, including amounts to be paid under the final sentence of Section 9.5: (a) any Shares to be sold through the broker-assisted sale will be sold on the day the payment first becomes due, or as soon thereafter as practicable; (b) such Shares may be sold as part of a block trade with other Participants in the Plan in which all participants receive an average price; (c) the applicable Participant will be responsible for all broker's fees and other costs of sale, and by accepting an Award, each Participant agrees to indemnify and hold the Company harmless from any losses, costs, damages, or expenses relating to any such sale; (d) to the extent the Company or its designee receives proceeds of such sale that exceed the amount owed, the Company will pay such excess in cash to the applicable Participant as soon as reasonably practicable; (e) the Company and its designees are under no obligation to arrange for such sale at any particular price; and (f) in the event the proceeds of such sale are insufficient to satisfy the Participant's applicable obligation, the Participant may be required to pay immediately upon demand to the Company or its designee an amount in cash sufficient to satisfy any remaining portion of the Participant's obligation.

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**ARTICLE X.**

**MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>No Right to Employment or Other Status</u>. No person will have any claim or right to be granted an Award, and the grant of an Award will not be construed as giving a Participant the right to continued employment or any other relationship with the Company or any of its Subsidiaries. The Company and its Subsidiaries expressly reserves the right at any time to dismiss or otherwise terminate its relationship with a Participant free from any liability or claim under the Plan or any Award, except as expressly provided in an Award Agreement or in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Certificates</u>. Subject to the Award Agreement, no Participant or Designated Beneficiary will have any rights as a stockholder with respect to any Shares to be distributed under an Award until becoming the record holder of such Shares. Notwithstanding any other provision of the Plan, unless the Administrator otherwise determines or Applicable Laws require, the Company will not be required to deliver to any Participant certificates evidencing Shares issued in connection with any Award and instead such Shares may be recorded in the books of the Company (or, as applicable, its transfer agent or stock plan administrator). The Company may place legends on stock certificates issued under the Plan that the Administrator deems necessary or appropriate to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Effective Date and Term of Plan</u>. Unless earlier terminated by the Board, the Plan will become effective on the day prior to the Public Trading Date (the "***Effective Date***") and will remain in effect until terminated by the Administrator in accordance with the Plan. Notwithstanding anything to the contrary in the Plan, an Incentive Stock Option may not be granted under the Plan after 10 years from the earlier of (y) the date the Board adopted the Plan or (z) the date the Company's stockholders approved the Plan, but Awards previously granted may extend beyond that date in accordance with the Plan. If the Plan is not approved by the Company's stockholders, the Plan will not become effective and no Awards will be granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment of Plan</u>. The Administrator may amend, suspend or terminate the Plan at any time; provided that no amendment to the Plan, other than an increase to the Overall Share Limit, may materially and adversely affect any Award outstanding at the time of such amendment without the affected Participant's consent. No Awards may be granted under the Plan during any suspension period or after the Plan's termination. Awards outstanding at the time of any Plan suspension or termination will continue to be governed by the Plan and the Award Agreement, as in effect before such suspension or termination. The Board will seek to obtain stockholder approval of any Plan amendment to the extent necessary to comply with Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Provisions for Foreign Participants</u>. The Administrator may modify Awards granted to Participants who are foreign nationals or employed outside the United States or establish subplans or procedures under the Plan to address requirements of Applicable Laws and differences in laws, rules, regulations or customs of such foreign jurisdictions with respect to tax, securities, currency, employee benefit or other matters; <u>provided</u>, <u>however</u>, that no such subplans and/or modifications shall increase the Overall Share Limit or the Director Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Company intends that all Awards be structured to comply with, or be exempt from, Section 409A, such that no adverse tax consequences, interest, or penalties under

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Section 409A apply. Notwithstanding anything in the Plan or any Award Agreement to the contrary, the Administrator may, without a Participant's consent, amend this Plan or Awards, adopt policies and procedures, or take any other actions (including amendments, policies, procedures and retroactive actions) as are necessary or appropriate to preserve the intended tax treatment of Awards, including any such actions intended to (i) exempt this Plan or any Award from Section 409A, or (ii) comply with Section 409A, including regulations, guidance, compliance programs and other interpretative authority that may be issued after an Award's grant date. The Company makes no representations or warranties as to an Award's tax treatment under Section 409A or otherwise. The Company will have no obligation under this Section 10.6 or otherwise to avoid the taxes, penalties or interest under Section 409A with respect to any Award and will have no liability to any Participant or any other person if any Award, compensation or other benefits under the Plan are determined to constitute noncompliant "nonqualified deferred compensation" subject to taxes, penalties or interest under Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Separation from Service</u>. If an Award constitutes "nonqualified deferred compensation" under Section 409A, any payment or settlement of such Award upon a termination of a Participant's Eligible Individual relationship will, to the extent necessary to avoid taxes under Section 409A, be made only upon the Participant's "separation from service" (within the meaning of Section 409A), whether such "separation from service" occurs upon or after the termination of the Participant's Eligible Individual relationship. For purposes of this Plan or any Award Agreement relating to any such payments or benefits, references to a "termination," "termination of employment" or like terms means a "separation from service." Furthermore, notwithstanding any contrary provision of the Plan or any Award Agreement, any payment of "nonqualified deferred compensation" under the Plan that may be made in installments shall be treated as a right to receive a series of separate and distinct payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payments to Specified Employees</u>. Notwithstanding any contrary provision in the Plan or any Award Agreement, any payment(s) of "nonqualified deferred compensation" required to be made under an Award to a "specified employee" (as defined under Section 409A and as the Administrator determines) due to his or her "separation from service" will, to the extent necessary to avoid taxes under Section 409A(a)(2)(B)(i) of the Code, be delayed for the six-month period immediately following such "separation from service" (or, if earlier, until the specified employee's death) and will instead be paid (as set forth in the Award Agreement) on the day immediately following such six-month period or as soon as administratively practicable thereafter (without interest). Any payments of "nonqualified deferred compensation" under such Award payable more than six months following the Participant's "separation from service" will be paid at the time or times the payments are otherwise scheduled to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations on Liability</u>. Notwithstanding any other provisions of the Plan, and to the fullest extent permitted by Applicable Laws and the Company's Organizational Documents, (a) no individual acting as a director, officer, other employee or agent of the Company or any of its Subsidiaries or affiliates will be liable to any Participant, former Participant, spouse, beneficiary, or any other person for any claim, loss, liability, or expense incurred in connection with the Plan or any Award, and such individual will not be personally liable with respect to the Plan because of any contract or other instrument executed in his or her capacity as an Administrator, director, officer, other employee or agent of the Company or any of its Subsidiaries or affiliates and (b) the Company will indemnify and hold harmless each director, officer, other employee and agent of the Company or any of its Subsidiaries or affiliates that has been or will be granted or delegated any duty or power relating to the Plan's administration or interpretation, against any cost or expense (including attorneys' fees) or liability (including any sum paid in settlement of a claim with the Administrator's approval) arising from any act or omission concerning this Plan unless arising from such person's own fraud or bad faith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Lock-Up Period</u>. The Company may, at the request of any underwriter representative or otherwise, in connection with registering the offering of any Company securities under the Securities Act, prohibit Participants from, directly or indirectly, selling or otherwise transferring any Shares or other Company securities during a period of up to 180 days following the effective date of a Company registration statement filed under the Securities Act, or such longer period as determined by the underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>. As a condition for receiving any Award, each Participant explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of personal data as described in this section by and among the Company and its Subsidiaries and affiliates exclusively for implementing, administering and managing the Participant's participation in the Plan. The Company and its Subsidiaries and affiliates may hold certain personal information about a Participant, including the Participant's name, address and telephone number; birthdate; social security, insurance number or other identification number; salary; nationality; job title(s); any Shares held in the Company or its Subsidiaries and affiliates; and Award details, to implement, manage and administer the Plan and Awards (the "***Data***"). The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves as necessary to implement, administer and manage a Participant's participation in the Plan, and the Company and its Subsidiaries and affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management. These recipients may be located in the Participant's country, or elsewhere, and the Participant's country may have different data privacy laws and protections than the recipients' country. By accepting an Award, each Participant authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the Participant's participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the Participant may elect to deposit any Shares. The Data related to a Participant will be held only as long as necessary to implement, administer, and manage the Participant's participation in the Plan. A Participant may, at any time, view the Data that the Company holds regarding such Participant, request additional information about the storage and processing of the Data regarding such Participant, recommend any necessary corrections to the Data regarding the Participant or refuse or withdraw the consents in this Section 10.9 in writing, without cost, by contacting the Company's legal department. If the Participant refuses or withdraws the consents in this Section 10.9, the Company may cancel Participant's ability to participate in the Plan and, in the Administrator's discretion, the Participant may forfeit any outstanding Awards. For more information on the consequences of refusing or withdrawing consent, Participants may contact the Company's legal department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any portion of the Plan or any action taken under it is held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provisions had been excluded, and the illegal or invalid action will be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Documents</u>. If any contradiction occurs between the Plan and any Award Agreement or other written agreement between a Participant and the Company (or any Subsidiary) that the Administrator has approved, the Plan will govern, unless it is expressly specified in such Award Agreement or other written document that a specific provision of the Plan will not apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. The Plan and all Awards will be governed by and interpreted in accordance with the laws of Delaware, without giving effect to principles of conflicts of laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Clawback Provisions</u>. All Awards (including, without limitation, any proceeds, gains or other economic benefit actually or constructively received by Participant upon any receipt or exercise of any Award or upon the receipt or sale of any Shares underlying the Award) shall be subject to the provisions of any clawback policy implemented by the Company, including, without limitation, the Company's Policy for Recovery of Erroneously Awarded Compensation and any other clawback policy adopted to comply with Applicable Laws) as and to the extent set forth in such clawback policy or the Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles and Headings</u>. The titles and headings in the Plan are for convenience of reference only and, if there is any conflict, the Plan's text, rather than such titles or headings, will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Conformity to Laws</u>. Participant acknowledges that the Plan is intended to conform to the extent necessary with Applicable Laws. Notwithstanding anything herein to the contrary, the Plan and all Awards will be administered only in conformance with Applicable Laws. To the extent Applicable Laws permit, the Plan and all Award Agreements will be deemed amended as necessary to conform to Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Relationship to Other Benefits</u>. No payment under the Plan will be taken into account in determining any benefits under any pension, retirement, savings, profit sharing, group insurance, welfare or other benefit plan of the Company or any Subsidiary except as expressly provided in writing in such other plan or an agreement thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Awards to Certain Eligible Individuals</u>. The Company may provide through the establishment of a formal written policy (which shall be deemed a part of this Plan) or otherwise for the method by which Common Stock or other securities of the Company may be issued and by which such Common Stock or other securities and/or payment therefor may be exchanged or contributed among the Company, its Subsidiaries, or any of its affiliates, or may be returned to the Company upon any forfeiture of Common Stock or other securities by the Eligible Individual.

**ARTICLE XI.**

**DEFINITIONS** 

As used in the Plan, the following words and phrases will have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp;"***Administrator***" means the Board or a Committee to the extent that the Board's powers or authority under the Plan have been delegated to such Committee. Notwithstanding the foregoing, the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect to Awards granted to Directors and, with respect to such Awards, the term "Administrator" as used in the Plan shall be deemed to refer to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp;"***Applicable Laws***" means any applicable law, including without limitation: (a) provisions of the Code, the Securities Act, the Exchange Act and any rules or regulations thereunder; (b) corporate, securities, tax or other laws, statutes, rules, requirements or regulations, whether U.S. or non-U.S. federal, state or local; and (c) rules of any securities exchange or automated quotation system on which the Shares are listed, quoted or traded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3&nbsp;&nbsp;&nbsp;&nbsp;"***Award***" means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Dividend Equivalents, or Other Stock or Cash Based Awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4&nbsp;&nbsp;&nbsp;&nbsp;"***Award Agreement***" means a written agreement evidencing an Award, which may be electronic, that contains such terms and conditions as the Administrator determines, consistent with and subject to the terms and conditions of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5&nbsp;&nbsp;&nbsp;&nbsp;"***Board***" means the Board of Directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6&nbsp;&nbsp;&nbsp;&nbsp;"***Cause***" with respect to a Participant, "Cause" (or any term of similar effect) as defined in such Participant's employment or service agreement with the Company or an affiliate thereof if such an agreement exists and contains a definition of Cause (or term of similar effect), or, if no such agreement exists or such agreement does not contain a definition of Cause (or term of similar effect), then "Cause" shall mean one or more of the following: (a) repeated and gross failure to perform Participant's material duties, after written notice of such performance has been given to Participant with 30 days to cure such nonperformance; (b) commission of a felony, a crime of moral turpitude or a misdemeanor involving fraud or dishonesty (for avoidance of doubt, a single driving while intoxicated (or other similar charge) shall not be considered a felony or crime of moral turpitude); (c) the perpetration of any act of fraud or material dishonesty against or affecting the Company, any of its affiliates, or any customer, agent or employee thereof; (d) material breach of fiduciary duty or material breach of any Award Agreement or any employment, consulting, confidentiality, restrictive covenant or other agreement with the Company or any affiliate, after written notice of such breach has been given to Participant and, to the extent such breach is curable, within 30 days to cure such breach; (e) repeated insolent or abusive conduct in the workplace, including but not limited to, harassment of others of a racial or sexual nature after notice of such behavior; (f) taking any action which is intended to harm or disparage the Company or its affiliates, or their reputations, or which would reasonably be expected to lead to unwanted or unfavorable publicity to the Company or its affiliates; (g) engaging in any act of material self-dealing without prior notice to and consent by the Board; or (h) the Financial Industry Regulatory Authority of the United States terminates such Participant's "Principal" or "Registered Representative" license where such license is needed to perform Participant's duties as a Participant or such license lapses and Participant fails to reinstate such license within a reasonable period of time after proper notice that such license has lapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7&nbsp;&nbsp;&nbsp;&nbsp;"***Change in Control***" means and includes each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;A transaction or series of transactions (other than an offering of Shares to the general public through a registration statement filed with the Securities and Exchange Commission or a transaction or series of transactions that meets the requirements of clauses (i) and (ii) of subsection (c) below) whereby any "person" or related "group" of "persons" (as such terms are used in Sections 13(d) and 14(d)(2) of the Exchange Act) (other than the Company, any of its Subsidiaries, the Permitted Class C Owners (as defined in the Amended and Restated Certificate of Incorporation of the Company), an employee benefit plan maintained by the Company or any of its Subsidiaries or a "person" that, prior to such transaction, directly or indirectly controls, is controlled by, or is under common control with, the Company) directly or indirectly acquires beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the Company possessing more than 50% of the total combined voting power of the Company's securities outstanding immediately after such acquisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;During any period of twenty-four consecutive months, individuals who, at the beginning of such period, constitute the Board together with any new Director(s) (other than a Director designated by a person who shall have entered into an agreement with the Company to effect a transaction described in subsections (a) or (c)) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the Directors then still in office who either were Directors at the beginning of the twenty-four month period or whose election or

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nomination for election was previously so approved, cease for any reason to constitute a majority thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The consummation by the Company (whether directly involving the Company or indirectly involving the Company through one or more intermediaries) of (x) a merger, consolidation, reorganization, or business combination or (y) a sale or other disposition of all or substantially all of the Company's assets in any single transaction or series of related transactions or (z) the acquisition of assets or shares of another entity, in each case other than a transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;which results in the Company's voting securities outstanding immediately before the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the Company or the person that, as a result of the transaction, controls, directly or indirectly, the Company or owns, directly or indirectly, all or substantially all of the Company's assets or otherwise succeeds to the business of the Company (the Company or such person, the "***Successor Entity***")) directly or indirectly, at least a majority of the combined voting power of the Successor Entity's outstanding voting securities immediately after the transaction, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;after which no person or group beneficially owns voting securities representing 50% or more of the combined voting power of the Successor Entity; <u>provided</u>, <u>however</u>, that no person or group shall be treated for purposes of this clause (ii) as beneficially owning 50% or more of the combined voting power of the Successor Entity solely as a result of the voting power held in the Company prior to the consummation of the transaction.

Notwithstanding the foregoing, (1) the change in voting power of Class C Common Stock upon the earlier of (A) the ten-year anniversary of the effective date of the registration statement on Form S-1 pursuant to which the Company sold shares of Class A Common Stock to the public in an initial public offering and (B) the date the Permitted Class C Owners own less than 20% of the aggregate issued and outstanding shares of Class A Common Stock, Class B Common Stock and Class C Common Stock shall not constitute a Change in Control and (2) if a Change in Control constitutes a payment event with respect to any Award (or portion of any Award) that provides for the deferral of compensation that is subject to Section 409A, to the extent required to avoid the imposition of additional taxes under Section 409A, the transaction or event described in subsection (a), (b) or (c) with respect to such Award (or portion thereof) shall only constitute a Change in Control for purposes of the payment timing of such Award if such transaction also constitutes a "change in control event," as defined in Treasury Regulation Section 1.409A-3(i)(5).

The Administrator shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a Change in Control has occurred pursuant to the above definition, the date of the occurrence of such Change in Control and any incidental matters relating thereto; provided that any exercise of authority in conjunction with a determination of whether a Change in Control is a "change in control event" as defined in Treasury Regulation Section 1.409A-3(i)(5) shall be consistent with such regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8&nbsp;&nbsp;&nbsp;&nbsp;"***Class A Common Stock***" means the Class A common stock of the Company, par value $0.00001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9&nbsp;&nbsp;&nbsp;&nbsp;"***Class B Common Stock***" means the Class B common stock of the Company, par value $0.00001.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10&nbsp;&nbsp;&nbsp;&nbsp;"***Class C Common Stock***" means the Class C common stock of the Company, par value $0.00001.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11&nbsp;&nbsp;&nbsp;&nbsp;"***Code***" means the Internal Revenue Code of 1986, as amended, and the regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12&nbsp;&nbsp;&nbsp;&nbsp;"***Committee***" means one or more committees or subcommittees of the Board, which may include one or more Company directors or executive officers, to the extent Applicable Laws permit. To the extent required to comply with the provisions of Rule 16b-3, it is intended that each member of the Committee will be, at the time the Committee takes any action with respect to an Award that is subject to Rule 16b-3, a "non-employee director" within the meaning of Rule 16b-3; however, a Committee member's failure to qualify as a "non-employee director" within the meaning of Rule 16b-3 will not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13&nbsp;&nbsp;&nbsp;&nbsp; "***Common Stock***" means either the Class A Common Stock, Class B Common Stock or Class C Common Stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14&nbsp;&nbsp;&nbsp;&nbsp;"***Company***" means Lincoln International, Inc., a Delaware incorporated company, or any successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15&nbsp;&nbsp;&nbsp;&nbsp; "***Consultant***" means any consultant or advisor engaged by the Company or any of its Subsidiaries to render services to such entity, in each case that can be granted an Award that is eligible to be registered on a Form S-8 Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16&nbsp;&nbsp;&nbsp;&nbsp;"***Designated Beneficiary***" means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant's rights if the Participant dies or becomes incapacitated. Without a Participant's effective designation, "Designated Beneficiary" will mean the Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17&nbsp;&nbsp;&nbsp;&nbsp;"***Director***" means a Board member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18&nbsp;&nbsp;&nbsp;&nbsp;"***Disability***" means that the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19&nbsp;&nbsp;&nbsp;&nbsp;"***Dividend Equivalents***" means a right granted to a Participant under the Plan to receive the equivalent value (in cash or Shares) of dividends paid on Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20&nbsp;&nbsp;&nbsp;&nbsp;"***Eligible Individual***" means an Employee, Consultant or Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21&nbsp;&nbsp;&nbsp;&nbsp;"***Employee***" means any employee of the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22&nbsp;&nbsp;&nbsp;&nbsp;"***Equity Restructuring***" means, as determined by the Administrator, a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off or recapitalization,, or a large, nonrecurring cash dividend, that affects the shares of Common Stock (or other securities of the Company) or the share price of Common Stock (or other securities of the Company) and causes a change in the per share value of the Common Stock underlying outstanding Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23&nbsp;&nbsp;&nbsp;&nbsp;"***Exchange Act***" means the Securities Exchange Act of 1934, as amended.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24&nbsp;&nbsp;&nbsp;&nbsp;"***Fair Market Value***" means, as of any date, the value of a Share determined as follows: (a) if the Shares are listed on any established stock exchange, its Fair Market Value will be the closing sales price for such Shares as quoted on such exchange for such date, or if no sale occurred on such date, the last day preceding such date during which a sale occurred, as reported in *The Wall Street Journal* or another source the Administrator deems reliable; (b) if the Shares are not traded on a stock exchange but are quoted on a national market or other quotation system, the closing sales price on such date, or if no sales occurred on such date, then on the last date preceding such date during which a sale occurred, as reported in *The Wall Street Journal* or another source the Administrator deems reliable; or (c) without an established market for the Shares, the Administrator will determine the Fair Market Value in its discretion.

Notwithstanding the foregoing, with respect to any Award granted on the pricing date of the Company's initial public offering, the Fair Market Value shall mean the initial public offering price of a Share as set forth in the Company's final prospectus relating to its initial public offering filed with the Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25&nbsp;&nbsp;&nbsp;&nbsp;"***Good Reason***" with respect to a Participant, shall mean "Good Reason" (or any term of similar effect) as defined in such Participant's employment or service agreement with the Company or an affiliate thereof if such an agreement exists and contains a definition of Good Reason (or term of similar effect), or, if no such agreement exists or such agreement does not contain a definition of Good Reason (or term of similar effect), then "Good Reason" shall mean one or more of the following, in each case without Participant's written consent: (a) a material reduction in the Participant's base salary other than a general reduction in base salary that affects all similarly situated employees in substantially the same proportions; (b) a relocation of Participant's principal place of employment by more than fifty (50) miles by action of the Company or any of its Subsidiaries or affiliates; or (c) any material breach by the Company of any material provision of Participant's employment or service agreement with the Company or an affiliate thereof or Award Agreement between Participant and the Company or an affiliate thereof. In order for Participant to terminate his or her employment for Good Reason, (i) Participant must provide written notice to the Company of the existence of the circumstances (including reasonable detail describing such circumstances) providing grounds for termination for Good Reason within ninety (90) days of the initial existence of such grounds, (ii) the Company will have sixty (60) days from the date on which such notice is provided to cure such circumstances and (iii) Participant must terminate his or her employment within thirty (30) days following the expiration of such cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26&nbsp;&nbsp;&nbsp;&nbsp;"***Greater Than 10% Stockholder***" means an individual then owning (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of shares of the Company or its parent or subsidiary corporation, as defined in Section 424(e) and (f) of the Code, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.27&nbsp;&nbsp;&nbsp;&nbsp;"***Incentive Stock Option***" means an Option intended to qualify as an "incentive stock option" as defined in Section 422 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28&nbsp;&nbsp;&nbsp;&nbsp;"***Non-Qualified Stock Option***" means an Option, or portion thereof, not intended or not qualifying as an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29&nbsp;&nbsp;&nbsp;&nbsp;"***Option***" means an option to purchase Shares, which will either be an Incentive Stock Option or a Non-Qualified Stock Option.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30&nbsp;&nbsp;&nbsp;&nbsp;"***Organizational Documents***" shall mean, collectively, (a) the Company's articles of incorporation, certificate of incorporation, bylaws or other similar organizational documents relating to the creation and governance of the Company, and (b) the Committee's charter or other similar organizational documentation relating to the creation and governance of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31&nbsp;&nbsp;&nbsp;&nbsp;"***Other Stock or Cash Based Awards***" means cash awards, awards of Shares, and other awards valued wholly or partially by referring to, or are otherwise based on, Shares or other property awarded to a Participant under Article VII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.32&nbsp;&nbsp;&nbsp;&nbsp;"***Overall Share Limit***" means the sum of (a) [ 🟇 ] Shares; and (b) an annual increase on the first day of each calendar year beginning January 1, 2027 and ending on and including January 1, 2036, equal to the excess, if any, of (i) 15% of the aggregate number of shares of Class A Common Stock, Class B Common Stock and Class C Common Stock outstanding as of the last day of the immediately preceding calendar year over (ii) the aggregate number of shares of Class A Common Stock reserved and available for issuance in respect of future grants of awards under the Plan as of the last day of the immediately preceding calendar year (or such smaller number of Shares as is determined by the Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.33&nbsp;&nbsp;&nbsp;&nbsp; "***Participant***" means an Eligible Individual who has been granted an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.34&nbsp;&nbsp;&nbsp;&nbsp;"***Performance Criteria***" mean the criteria (and adjustments) that the Administrator may select for an Award to establish performance goals for a performance period, which may include (but is not limited to) the following: net earnings or losses (either before or after one or more of interest, taxes, depreciation, amortization, and non-cash equity-based compensation expense); gross or net sales or revenue or sales or revenue growth; net income (either before or after taxes) or adjusted net income; profits (including but not limited to gross profits, net profits, profit growth, net operation profit or economic profit), profit return ratios or operating margin; budget or operating earnings (either before or after taxes or before or after allocation of corporate overhead and bonus); cash flow (including operating cash flow and free cash flow or cash flow return on capital); return on assets; return on capital or invested capital; cost of capital; return on stockholders' equity; total stockholder return; return on sales; costs, reductions in costs and cost control measures; expenses; working capital; earnings or loss per share; adjusted earnings or loss per share; price per share or dividends per share (or appreciation in or maintenance of such price or dividends); regulatory achievements or compliance; implementation, completion or attainment of objectives relating to research, development, regulatory, commercial, or strategic milestones or developments; market share; economic value or economic value added models; division, group or corporate financial goals; customer satisfaction/growth; customer service; employee satisfaction; recruitment and maintenance of personnel; human resources management; supervision of litigation and other legal matters; strategic partnerships and transactions; financial ratios (including those measuring liquidity, activity, profitability or leverage); debt levels or reductions; sales-related goals; portfolio or acquisition goals; financing and other capital raising transactions; cash on hand; acquisition activity; investment sourcing activity; and marketing initiatives, any of which may be measured in absolute terms or as compared to any incremental increase or decrease. Such performance goals also may be based solely by reference to the Company's performance or the performance of a Subsidiary, division, business segment or business unit of the Company or a Subsidiary, or based upon performance relative to performance of other companies or upon comparisons of any of the indicators of performance relative to performance of other companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35&nbsp;&nbsp;&nbsp;&nbsp;"***Plan***" means this 2026 Incentive Award Plan, as may be amended from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.36&nbsp;&nbsp;&nbsp;&nbsp;"***Public Trading Date***" means the first date upon which the Class A Common Stock are listed (or approved for listing) upon notice of issuance on any securities exchange or designated (or approved for designation) upon notice of issuance as a national market security on an interdealer quotation system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.37&nbsp;&nbsp;&nbsp;&nbsp;"***Restricted Stock***" means Shares awarded to a Participant under Article VI subject to certain vesting conditions and other restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.38&nbsp;&nbsp;&nbsp;&nbsp;"***Restricted Stock Unit***" means an unfunded, unsecured right to receive, on the applicable settlement date, one Share or an amount in cash or other consideration determined by the Administrator to be of equal value as of such settlement date awarded to a Participant under Article VI subject to certain vesting conditions and other restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39&nbsp;&nbsp;&nbsp;&nbsp;"***Rule 16b-3***" means Rule 16b-3 promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.40&nbsp;&nbsp;&nbsp;&nbsp;"***Section 409A***" means Section 409A of the Code and all regulations, guidance, compliance programs and other interpretative authority thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41&nbsp;&nbsp;&nbsp;&nbsp;"***Securities Act***" means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.42&nbsp;&nbsp;&nbsp;&nbsp;"***Shares***" means a share of Class A Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43&nbsp;&nbsp;&nbsp;&nbsp;"***Stock Appreciation Right***" means a stock appreciation right granted under Article V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44&nbsp;&nbsp;&nbsp;&nbsp;"***Subsidiary***" means any entity (other than the Company), whether domestic or foreign, in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain beneficially owns, at the time of the determination, securities or interests representing at least 50% of the total combined voting power of all classes of securities or interests in one of the other entities in such chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45&nbsp;&nbsp;&nbsp;&nbsp;"***Substitute Awards***" means Awards granted or Shares issued by the Company in assumption of, or in substitution or exchange for, awards previously granted, or the right or obligation to make future awards, in each case by a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.46&nbsp;&nbsp;&nbsp;&nbsp;"***Termination of Service***" means the date the Participant ceases to be an Eligible Individual.

**\* \* \* \* \***

## Exhibit 10.4

**Exhibit 10.4**

**LINCOLN INTERNATIONAL, INC.**

**NON-EMPLOYEE DIRECTOR COMPENSATION POLICY**

Non-employee members of the board of directors (the "***Board***") of Lincoln International, Inc. (the "***Company***") shall be eligible to receive cash and equity compensation as set forth in this Non-Employee Director Compensation Policy (this "***Policy***"). The cash and equity compensation described in this Policy shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a "***Non-Employee Director***") who may be eligible to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Policy shall become effective upon the date the Company's initial public offering (the "***IPO***") price of the shares of the Company's Class A common stock is established in connection with the Company's IPO (the "***Pricing Date***") and shall remain in effect until it is revised or rescinded by further action of the Board. This Policy may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Policy shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors and between any subsidiary of the Company and any of its non-employee directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Cash Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Annual Retainers</u>. Each Non-Employee Director shall receive an annual retainer of $100,000 for service on the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Annual Retainers</u>. In addition, a Non-Employee Director shall receive the following annual retainers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Lead Independent Director</u>. A Non-Employee Director serving as Lead Independent Director of the Board shall receive an additional annual retainer of $30,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Audit Committee</u>. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $30,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Committee</u>. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $20,000 for such service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Retainers</u>. The annual retainers described in Sections 1(a) and 1(b) shall be earned on a quarterly basis based on a calendar quarter and shall be paid by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section 1(b), for an entire calendar quarter, such Non-Employee Director shall receive a prorated portion of the retainer(s) otherwise payable to such

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Non-Employee Director for such calendar quarter pursuant to Sections 1(a) and 1(b), with such prorated portion determined by multiplying such otherwise payable retainer(s) by a fraction, the numerator of which is the number of days during which the Non-Employee Director serves as a Non-Employee Director or in the applicable positions described in Section 1(b) during the applicable calendar quarter and the denominator of which is the number of days in the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Equity Compensation</u>. Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company's 2026 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (such plan, as may be amended from time to time, the "***Equity Plan***") and shall be granted subject to the execution and delivery of award agreements, including attached exhibits, in substantially the forms previously approved by the Board. All applicable terms of the Equity Plan apply to this Policy as if fully set forth herein, and all equity grants hereunder are subject in all respects to the terms of the Equity Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Annual Awards</u>. Each Non-Employee Director who (i) serves on the Board as of the date of any annual meeting of the Company's stockholders (an "***Annual Meeting***") after the Pricing Date and (ii) will continue to serve as a Non-Employee Director immediately following such Annual Meeting shall be automatically granted, on the date of such Annual Meeting, an award of restricted stock units that has an aggregate fair value on the date of such Annual Meeting of $100,000 (as determined in accordance with ASC 718) (with the number of shares of Class A common stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(b) shall be referred to as the "***Annual Awards***." For the avoidance of doubt, a Non-Employee Director elected for the first time to the Board at an Annual Meeting shall receive only an Annual Award in connection with such election, and shall not receive any Initial Award on the date of such Annual Meeting as well.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Initial Awards</u>. Except as otherwise determined by the Board, each Non-Employee Director who is initially elected or appointed to the Board after the Pricing Date on any date other than the date of an Annual Meeting shall be automatically granted, on the date of such Non-Employee Director's initial election or appointment (such Non-Employee Director's "***Start Date***"), an award of restricted stock units that has an aggregate fair value on such Non-Employee Director's Start Date equal to the product of (i) $100,000 (as determined in accordance with ASC 718) and (ii) a fraction, the numerator of which is (x) 365 minus (y) the number of days in the period beginning on the date of the Annual Meeting immediately preceding such Non-Employee Director's Start Date (or, if no such Annual Meeting has occurred, the Pricing Date) and ending on such Non-Employee Director's Start Date and the denominator of which is 365 (with the number of shares of Class A common stock underlying each such award subject to adjustment as provided in the Equity Plan). The awards described in this Section 2(c) shall be referred to as "***Initial Awards****.*" For the avoidance of doubt, no Non-Employee Director shall be granted more than one Initial Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment of Employee Directors</u>. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section 2(c) above, but to the extent that they are otherwise eligible, will be eligible to receive, after termination from employment with the Company and any parent or subsidiary of the Company, Annual Awards as described in Section 2(b) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of Awards Granted to Non-Employee Directors</u>. Each Annual Award and Initial Award shall vest and become exercisable on the earlier of (i) the day immediately preceding the date of the first Annual Meeting following the date of grant and (ii) the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board through the applicable vesting date. Any unvested portion of an Annual Award or Initial Award at the time of a Non-Employee Director's termination of service on the Board shall be forfeited upon such termination of service. A Non-Employee Director's Annual Awards and Initial Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.

\* \* \* \* \*

## Exhibit 10.5

**Exhibit 10.5**

**<u>INDEMNIFICATION AND ADVANCEMENT AGREEMENT</u>**

This Indemnification and Advancement Agreement ("Agreement") is made as of _____________, 2026 by and between Lincoln International, Inc., a Delaware corporation (the "Company"), and _____________, [a member of the Board of Directors/an executive officer] of the Company ("Indemnitee"). This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering indemnification and advancement of expenses.

**RECITALS**

WHEREAS, the Board of Directors of the Company (the "Board") believes that highly competent persons have become more reluctant to serve publicly-held corporations as directors, officers, or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification and advancement of expenses against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;

WHEREAS, the Board has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Company's Amended and Restated Bylaws (the "Bylaws") and Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation") require or permit, as applicable, indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the "DGCL"). The Bylaws, the Certificate of Incorporation, and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and its directors, officers, and other persons with respect to indemnification and advancement of expenses;

WHEREAS, the uncertainties relating to such insurance, to indemnification, and to advancement of expenses may increase the difficulty of attracting and retaining such persons;

WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;

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WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;

WHEREAS, this Agreement is a supplement to, and in furtherance of, the Bylaws, the Certificate of Incorporation and any resolutions adopted pursuant thereto, as well as any rights of Indemnitee under any directors' and officers' liability insurance policy, and is not a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder; and

WHEREAS, Indemnitee does not regard the protection available under the Bylaws, the Certificate of Incorporation, and available insurance as adequate in the present circumstances, and may not be willing to serve or continue to serve as [a/an] [director/executive officer] without adequate additional protection, and the Company desires Indemnitee to serve or continue to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that Indemnitee be so indemnified and be advanced expenses.

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Services to the Company.</u> Indemnitee agrees to serve as [a/an] [director/executive officer] of the Company and/or its subsidiaries. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law). This Agreement does not create any obligation on the Company to continue Indemnitee in such position and is not an employment contract between the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Definitions.</u> As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"Agent" means any person who is authorized by the Company or an Enterprise to act for or represent the interests of the Company or an Enterprise, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;A "Change in Control" occurs upon the earliest to occur after the date of this Agreement of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company's then outstanding securities unless the change in relative beneficial ownership of the Company's securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled to vote generally in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement),

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individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv) of this Agreement) whose election by the Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v.&nbsp;&nbsp;&nbsp;&nbsp;Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi.&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 2(b), the following terms have the following meanings:

1&nbsp;&nbsp;&nbsp;&nbsp;"Person" has the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person excludes (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

2&nbsp;&nbsp;&nbsp;&nbsp;"Beneficial Owner" has the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner excludes any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;"Corporate Status" describes the status of a person who is or was acting as a director, officer, employee, or Agent of the Company or an Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;"Disinterested Director" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;"Enterprise" means any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity for which Indemnitee is or was serving at the request of the Company as a director, officer, employee, or Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;"Exchange Act" means the Securities Exchange Act of 1934, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;"Expenses" includes all reasonable attorneys' fees, retainers, court costs, transcript costs, fees and other costs of experts, consultants, and other professionals, witness fees, travel expenses, duplicating costs, printing and binding costs, imaging costs, telephone charges, postage, delivery service fees, filing fees, costs of any investigation, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, excise taxes and penalties under the Employee Retirement Income Security Act of 1974, as amended, and all other disbursements, obligations, or expenses of the types customarily incurred in connection with preparing for or participating in a Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) of this Agreement only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee's rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee's counsel as being reasonable in the good faith judgment of such counsel will be presumed conclusively to be reasonable. Expenses, however, do not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;"Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the five years prior to its selection or appointment has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" does not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"Proceeding" includes any threatened, pending or completed action, suit, claim, counterclaim, cross claim, arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry, subpoena, interview, request for information or document production, administrative or legislative hearing, regulatory examination, or other actual, threatened or completed proceeding (formal or informal), and any appeal therefrom, whether civil, criminal, administrative, legislative, regulatory, or investigative in nature, in which Indemnitee was, is, or will be involved as a party, potential party, non-party witness, or otherwise by reason of Indemnitee's Corporate Status or by reason of any action taken by Indemnitee (or a failure to take action by Indemnitee) or of any action (or failure to act) on Indemnitee's part while acting pursuant to Indemnitee's Corporate Status, in each case whether or not serving in such capacity at the time any liability or Expense is incurred for which indemnification, reimbursement, or advancement of Expenses can be provided under this Agreement. A Proceeding also includes a situation Indemnitee believes in good faith may lead to, or culminate in, the institution of a Proceeding.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity in Third-Party Proceedings.</u> The Company will indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement (including all interest, assessments and other charges paid or payable in connection with, or in respect of, such Expenses, judgments, fines and amounts paid in settlement) actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue, or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company and, in the case of a criminal Proceeding, had no reasonable cause to believe that Indemnitee's conduct was unlawful.

Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnity in Proceedings by or in the Right of the Company.</u> The Company will indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company. The Company will not indemnify Indemnitee for Expenses under this Section 4 related to any claim, issue, or matter in a Proceeding for which Indemnitee has been finally adjudged by a court to be liable to the Company, unless, and only to the extent that, the Court of Chancery of the state of Delaware (the "Delaware Court") or any court in which the Proceeding was brought determines upon application by Indemnitee that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.

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Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification for Expenses of a Party Who is Wholly or Partly Successful.</u> To the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding to the extent that Indemnitee is successful, on the merits or otherwise. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues, or matters in such Proceeding, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. If the Indemnitee is not wholly successful in such Proceeding, the Company also shall indemnify Indemnitee, to the fullest extent permitted by law, against all Expenses reasonably incurred in connection with a claim, issue or matter related to any claim, issue, or matter on which the Indemnitee was successful. For purposes of this Section 5 and without limitation, the termination of any claim, issue, or matter in such a Proceeding by dismissal, with or without prejudice, will be deemed to be a successful result as to such claim, issue, or matter.

Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification for Expenses of a Witness.</u> To the fullest extent permitted by applicable law, the Company will indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with any Proceeding to which Indemnitee is not a party but to which Indemnitee is a witness, deponent, interviewee, or otherwise asked to participate or provide information.

Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Partial Indemnification.</u> If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company will indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Indemnification.</u> Notwithstanding any limitation in Sections 3, 4, or 5 of this Agreement, the Company will indemnify Indemnitee to the fullest extent permitted by applicable law (including but not limited to, the DGCL and any amendments to or replacements of the DGCL adopted after the date of this Agreement that expand the Company's ability to indemnify its officers, directors, employees or Agents) if Indemnitee is a party to, or threatened to be made a party to, any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor).

Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusions.</u> Notwithstanding any provision in this Agreement, the Company is not obligated under this Agreement to indemnify Indemnitee for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any amount actually paid to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except to the extent provided in Section 15(b) of this Agreement and except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 15(b) of the Exchange Act or similar provisions of state statutory law or common law;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;reimbursement of the Company by Indemnitee of any compensation pursuant to any compensation recoupment or clawback policy adopted by the Board or the compensation committee of the Board, including but not limited to any such policy adopted to comply with stock exchange listing requirements implementing Section 10D of the Exchange Act; provided that no such policy may be adopted, amended, or applied in a manner that would have the purpose or effect of excluding indemnification for Expenses that would otherwise be indemnifiable hereunder, to the extent such policy exceeds the requirements of applicable law or stock exchange listing standards; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;any Proceeding initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Proceeding or part of any Proceeding is to enforce Indemnitee's rights to indemnification or advancement of Expenses, including a Proceeding (or any part of any Proceeding) initiated pursuant to Section 14 of this Agreement, (ii) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation, or (iii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law. For the avoidance of doubt, any defensive counterclaim or cross-claim asserted by Indemnitee in response to a Proceeding against Indemnitee shall not be deemed a Proceeding initiated by Indemnitee for purposes of this Section 9(e).

Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Advances of Expenses.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company will advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;any Proceeding (or any part of any Proceeding) not initiated by Indemnitee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;any Proceeding (or any part of any Proceeding) initiated by Indemnitee if:

1&nbsp;&nbsp;&nbsp;&nbsp;the Proceeding or part of any Proceeding is to enforce Indemnitee's rights to obtain indemnification or advancement of Expenses from the Company or Enterprise, including a proceeding initiated pursuant to Section 14 of this Agreement, or

2&nbsp;&nbsp;&nbsp;&nbsp;the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company will advance the Expenses within thirty (30) days after the receipt by the Company of a statement or statements requesting such advances from time to time, whether prior to or after final disposition of any Proceeding eligible for advancement of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Advances will be unsecured and interest free. Indemnitee hereby undertakes to repay any amounts so advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company, thus Indemnitee qualifies for advances upon the execution of this Agreement and delivery to the Company. No further undertaking or documentation shall be required beyond Indemnitee's execution of this Agreement. The Company will make advances without regard to Indemnitee's ability to repay the Expenses and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. The Company's advancement obligations shall continue during any action to enforce this Agreement and shall not be stayed or tolled by the pendency of any such action.

Section 11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure for Notification of Claim for Indemnification or Advancement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Indemnitee will notify the Company in writing of any Proceeding with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. Indemnitee will include in the written notification to the Company a description of the nature of the Proceeding and the facts underlying the Proceeding and provide such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such Proceeding. Indemnitee's failure to notify the Company will not relieve the Company from any obligation it may have to Indemnitee under this Agreement, and any delay in so notifying the Company will not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company will, promptly upon receipt of such a request for indemnification or advancement, advise the Board in writing that Indemnitee has requested indemnification or advancement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company will be entitled to participate in the Proceeding at its own expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not enter into any settlement of any Proceeding in which Indemnitee is or could have been a party without Indemnitee's written consent unless such settlement solely involves the payment of money and includes a complete and unconditional release of the Indemnitee from all liability on any claims that are the subject matter of such Proceeding; provided, however, that Indemnitee may withhold consent to any settlement that (i) includes an admission of fault by Indemnitee, (ii) bars Indemnitee from serving as a director or officer of any company, (iii) bars Indemnitee from engaging in any professional occupation, or (iv) does not include a complete and unconditional release of Indemnitee; and provided, further, that Indemnitee will not unreasonably withhold his or her consent to any other proposed settlement.

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Section 12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Procedure Upon Application for Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Unless a Change in Control has occurred, the determination of Indemnitee's entitlement to indemnification will be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by written opinion provided by Independent Counsel selected by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;if so directed by the Board, by the stockholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a Change in Control has occurred, the determination of Indemnitee's entitlement to indemnification will be made by written opinion provided by Independent Counsel selected by Indemnitee (unless Indemnitee requests such selection be made by the Board).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The party selecting Independent Counsel pursuant to subsection (a)(iii) or (b) of this Section 12 will provide written notice of the selection to the other party. The notified party may, within ten (10) days after receiving written notice of the selection of Independent Counsel, deliver to the selecting party a written objection to such selection; <u>provided</u>, <u>however</u>, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of "Independent Counsel" as defined in Section 2 of this Agreement, and the objection will set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected will act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court has determined that such objection is without merit. If, within thirty (30) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) of this Agreement and the final disposition of the Proceeding, Independent Counsel has not been selected or, if selected, any objection to such selection has not been resolved, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection made by the Company or Indemnitee to the other's selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by such court or by such other person as such court designates. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Indemnitee will cooperate with the person, persons or entity making the determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons, or entity upon reasonable advance request any documentation or

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information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. The Company will advance and pay any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making the indemnification determination irrespective of the determination as to Indemnitee's entitlement to indemnification and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. The Company promptly will advise Indemnitee in writing of the determination that Indemnitee is or is not entitled to indemnification, including a description of any reason or basis for which indemnification has been denied and providing a copy of any written opinion provided to the Board by Independent Counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;If it is determined that Indemnitee is entitled to indemnification, the Company will make payment to Indemnitee within thirty (30) days after such determination.

Section 13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Presumptions and Effect of Certain Proceedings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In making a determination with respect to entitlement to indemnification under this Agreement, the person, persons, or entity making such determination will, to the fullest extent not prohibited by law, presume Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company will, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. Neither the failure of the Company (including by its directors or Independent Counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper under the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including by its directors or Independent Counsel) that Indemnitee has not met such applicable standard of conduct, will be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If the determination of Indemnitee's entitlement to indemnification has not been made pursuant to Section 12 of this Agreement within forty-five (45) days after the later of (i) receipt by the Company of Indemnitee's request for indemnification pursuant to Section 11(a) of this Agreement and (ii) the final disposition of the Proceeding for which Indemnitee requested indemnification (the "Determination Period"), the requisite determination of entitlement to indemnification will, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee will be entitled to such indemnification absent (x) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification or (y) a prohibition of such indemnification under applicable law. The Determination Period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, the Determination Period will not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a)(iv) of this Agreement, provided that (A) within fifteen (15) days after receipt by the Company of the

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request for such determination, the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat; or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel, provided that if the parties are unable to agree upon Independent Counsel within thirty (30) days after the later of submission by Indemnitee of a written request for indemnification and the final disposition of the Proceeding, either party may petition the Delaware Court for appointment of Independent Counsel, and such court appointment shall be completed within thirty (30) days of the petition; if the court does not appoint Independent Counsel within such period, or if Independent Counsel has not rendered a determination within thirty (30) days after appointment, Indemnitee shall be deemed entitled to indemnification as provided in this Section 13(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The termination of any Proceeding or of any claim, issue, or matter therein by judgment, order, settlement or conviction, or upon a plea of <u>nolo</u> <u>contendere</u> or its equivalent, will not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee's conduct was unlawful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of any determination of good faith, Indemnitee will be deemed to have acted in good faith if Indemnitee acted based on (i) the records or books of account of the Company, its subsidiaries, or an Enterprise, including financial statements, (ii) information supplied to Indemnitee by the directors or officers of the Company, its subsidiaries, or an Enterprise in the course of their duties, (iii) the advice of legal counsel for the Company, its subsidiaries, or an Enterprise or (iv) information or records given or reports made to the Company or an Enterprise by an independent certified public accountant or by an appraiser, financial advisor or other expert selected with reasonable care by or on behalf of the Company, its subsidiaries, or an Enterprise. Further, Indemnitee will be deemed to have acted in a manner "not opposed to the best interests of the Company," as referred to in this Agreement if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan. The provisions of this Section 13(d) are not exclusive and do not limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The knowledge and/or actions, or failure to act, of any other person affiliated with the Company or an Enterprise (including, but not limited to, a director, officer, trustee, partner, managing member, Agent or employee) may not be imputed to Indemnitee for purposes of determining Indemnitee's right to indemnification under this Agreement.

Section 14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies of Indemnitee.</u> 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Indemnitee may commence litigation against the Company in the Delaware Court to obtain indemnification or advancement of Expenses provided by this Agreement in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Company does not advance Expenses pursuant to Section 10 of this Agreement, (iii) the determination of entitlement to indemnification is not made pursuant to Section 12 of this Agreement within the Determination Period, (iv) the Company does not indemnify Indemnitee pursuant to Section 5 or 6 or the second to last sentence of Section 12(d) of this Agreement within thirty (30) days after receipt by the Company of a written request therefor, (v) the Company does not indemnify Indemnitee pursuant to Section 3, 4, 7, or 8 of this Agreement within thirty (30) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder. Any arbitration of a dispute under this Section 14 shall occur only with Indemnitee's prior written consent. The Company will not oppose Indemnitee's right to seek any such adjudication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 14 will be conducted in all respects as a *de novo* trial on the merits and Indemnitee may not be prejudiced by reason of that adverse determination. In any judicial proceeding commenced pursuant to this Section 14 the Company will have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and will not introduce evidence of the determination made pursuant to Section 12 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If a determination is made pursuant to Section 12 of this Agreement that Indemnitee is entitled to indemnification, the Company will be bound by such determination in any judicial proceeding commenced pursuant to this Section 14 unless (i) a misstatement of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with Indemnitee's request for indemnification, or (ii) the Company is prohibited from indemnifying Indemnitee under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Company is, to the fullest extent not prohibited by law, precluded from asserting in any judicial proceeding commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding, or enforceable and will stipulate in any such court that the Company is bound by all the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;It is the intent of the Company that, to the fullest extent permitted by law, Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement, or defense of Indemnitee's rights under this Agreement, by litigation or otherwise, because the cost and expense thereof would substantially detract from the benefits intended to be extended to Indemnitee under this Agreement. The Company, to the fullest extent permitted by law, will (within thirty (30) days after receipt by the Company of a written request therefor) advance to Indemnitee such Expenses which are incurred by Indemnitee in connection

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with a Proceeding concerning this Agreement, Indemnitee's other rights to indemnification or advancement of Expenses from the Company, or concerning any directors' and officers' liability insurance policies maintained by the Company, and will indemnify Indemnitee against any and all such Expenses unless the court determines that Indemnitee's claims in such action were made in bad faith or frivolous, or that the Company is prohibited by law from indemnifying Indemnitee for such Expenses.

Section 15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-exclusivity; Survival of Rights; Insurance; Subrogation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The indemnification and advancement of Expenses provided by this Agreement are not exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the Bylaws, any agreement, a vote of stockholders, a resolution of the board of directors, or otherwise. The indemnification and advancement of Expenses provided by this Agreement may not be limited or restricted by any amendment, alteration or repeal of this Agreement in any way with respect to any action taken or omitted by Indemnitee in Indemnitee's Corporate Status occurring prior to any amendment, alteration or repeal of this Agreement. No amendment to the Company's Certificate of Incorporation, Bylaws, or any other agreement shall adversely affect or limit the rights of Indemnitee under this Agreement. For the avoidance of doubt, the adoption or application of any compensation recoupment or clawback policy shall not limit or restrict the Company's advancement obligations under this Agreement unless required by applicable law, regulation or stock exchange listing requirement. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Bylaws, the Certificate of Incorporation, or this Agreement, it is the intent of the parties hereto that Indemnitee enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy is cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided by one or more other Persons with whom or which Indemnitee may be associated. The relationship between the Company and such other Persons, other than an Enterprise, with respect to Indemnitee's rights to indemnification, advancement of Expenses, and insurance is described by this subsection, subject to the provisions of subsection (d) of this Section 15 with respect to a Proceeding concerning Indemnitee's Corporate Status with an Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby acknowledges and agrees:

1)&nbsp;&nbsp;&nbsp;&nbsp;the Company's obligations to Indemnitee are primary and any obligation of any other Persons, other than an Enterprise, are secondary (i.e., the Company is the indemnitor of first resort) with respect to any request for indemnification or advancement of Expenses made pursuant to this Agreement concerning any Proceeding;

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3)&nbsp;&nbsp;&nbsp;&nbsp;any obligation of any other Persons with whom or which Indemnitee may be associated to indemnify Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary to the Company's obligations; and

4)&nbsp;&nbsp;&nbsp;&nbsp;the Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest extent provided herein without regard to any rights Indemnitee may have against any other Person with whom or which Indemnitee may be associated or an insurer of any such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;The Company irrevocably waives, relinquishes and releases (A) any other Person with whom or which Indemnitee may be associated (and their insurers) from any claim of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts paid by the Company to Indemnitee pursuant to this Agreement, and (B) any right to participate in any claim or remedy of Indemnitee against any Person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to take or receive from any Person, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.&nbsp;&nbsp;&nbsp;&nbsp;In the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability or loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise be payable by the Company or its insurers under this Agreement. In no event will payment by any other Person with whom or which Indemnitee may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company's obligation to indemnify or advance Expenses to any other Person with whom or which Indemnitee may be associated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.&nbsp;&nbsp;&nbsp;&nbsp;Any indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically in excess over the Company's obligation to indemnify and advance Expenses or any valid and collectible insurance (including but not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or Agents of the Company, the Company will obtain a policy or policies covering Indemnitee to the maximum extent of the coverage available for any such director, officer, employee or Agent under such policy or policies, including coverage in the event the Company does not or cannot, for any reason, indemnify or advance Expenses to Indemnitee as required by this Agreement. If, at the time of the receipt of a notice of a claim pursuant to this Agreement, the Company has director and officer liability insurance in effect, the Company will give prompt notice of such claim or of the

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commencement of a Proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company will thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. Indemnitee agrees to assist the Company's efforts to cause the insurers to pay such amounts and will comply with the terms of such policies, including selection of approved panel counsel, if required.

The Company's obligation to indemnify or advance Expenses hereunder to Indemnitee for any Proceeding concerning Indemnitee's Corporate Status with an Enterprise will be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such Enterprise. The Company and Indemnitee intend that any such Enterprise (and its insurers) be the indemnitor of first resort with respect to indemnification and advancement of Expenses for any Proceeding related to or arising from Indemnitee's Corporate Status with such Enterprise. The Company's obligation to indemnify and advance Expenses to Indemnitee is secondary to the obligations the Enterprise or its insurers owe to Indemnitee; provided, however, that notwithstanding the foregoing, the Company shall promptly advance Expenses to Indemnitee in accordance with Section 10 of this Agreement without regard to whether Indemnitee has first sought advancement from the Enterprise. Notwithstanding the foregoing, the Company shall be the indemnitor of first resort with respect to any Enterprise over which the Company has majority ownership or control. Indemnitee agrees to take all reasonably necessary and desirable action to obtain from an Enterprise indemnification and advancement of Expenses for any Proceeding related to, or arising from, Indemnitee's Corporate Status with such Enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of any payment made by the Company under this Agreement, the Company will be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee from any Enterprise or its insurance carrier. Indemnitee will execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

Section 16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration of Agreement.</u> The indemnification and advancement of Expenses rights provided by or granted pursuant to this Agreement are (i) binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), (ii) continue as to an Indemnitee who has ceased to be a director, officer, employee or Agent of the Company or of any other Enterprise, and (iii) inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives. The Company shall cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

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Section 17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability.</u> If any provision or provisions of this Agreement is held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will not in any way be affected or impaired thereby and will remain enforceable to the fullest extent permitted by law; (b) such provision or provisions will be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) will be construed so as to give effect to the intent manifested thereby.

Section 18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Interpretation</u>. Any ambiguity in the terms of this Agreement will be resolved in favor of Indemnitee and in a manner to provide the maximum indemnification and advancement of Expenses permitted by law. The Company and Indemnitee intend that this Agreement provide to the fullest extent permitted by law for indemnification and advancement of Expenses in excess of that expressly provided, without limitation, by the Certificate of Incorporation, the Bylaws, vote of the Company's stockholders or disinterested directors, or applicable law.

Section 19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer, employee, or Agent of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving or continuing to serve as director, officer, employee, or Agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation, the Bylaws, any directors' and officers' insurance maintained by the Company, and applicable law, is not a substitute therefor, and does not diminish or abrogate any rights of Indemnitee thereunder.

Section 20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification and Waiver.</u> No supplement, modification or amendment of this Agreement is binding unless executed in writing by the parties hereto. No waiver of any of the provisions of this Agreement will be valid unless executed in writing by the party entitled to enforce the provision to be waived and any such waiver will not be deemed or constitutes a waiver of any other provisions of this Agreement nor will any waiver constitute a continuing waiver.

Section 21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice by Indemnitee.</u> Indemnitee agrees to promptly notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment,

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information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company does not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise.

Section 22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices.</u> All notices, requests, demands and other communications under this Agreement will be in writing and will be deemed to have been duly given if (a) delivered by hand to the other party, (b) sent by reputable overnight courier to the other party or (c) sent by facsimile transmission or electronic mail, with receipt of oral confirmation that such communication has been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee provides to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;If to the Company to:

Name: Lincoln International, Inc.

Address: 10 North Wacker Drive, 51st Floor

Chicago, Illinois 60606

Attention: General Counsel

Email: USLegalExternal@lincolninternational.com

or to any other address as may have been furnished to Indemnitee by the Company.

Section 23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Contribution.</u> To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, will contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the Company (and its directors, officers, employees and Agents) and Indemnitee in connection with such event(s) and/or transaction(s).

Section 24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Applicable Law and Consent to Jurisdiction.</u> This Agreement and the legal relations among the parties are governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action, claim, or proceeding between the parties arising out of or in connection with this Agreement may be brought only in the Delaware Court and not in any other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive

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jurisdiction of the Delaware Court for purposes of any action, claim, or proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action, claim, or proceeding in the Delaware Court, and (d) waive, and agree not to plead or to make, any claim that any such action, claim, or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

Section 25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver of Jury Trial.</u> THE COMPANY AND INDEMNITEE HEREBY IRREVOCABLY WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF THE COMPANY OR INDEMNITEE IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE, AND ENFORCEMENT HEREOF.

Section 26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Specific Performance and Injunctive Relief.</u> The parties acknowledge that a breach by the Company of any of its obligations under this Agreement, including its obligations to indemnify, advance Expenses, and maintain insurance, may cause irreparable harm to Indemnitee and that monetary damages may be inadequate to compensate Indemnitee for such breach. Accordingly, the Company agrees that Indemnitee shall be entitled to seek specific performance and injunctive or other equitable relief as a remedy for any such breach, without proof of actual damages and without being required to post bond or other security. Such remedies shall not be deemed to be the exclusive remedies for a breach of this Agreement but shall be in addition to all other remedies available at law or in equity.

Section 27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Identical Counterparts.</u> This Agreement may be executed in one or more counterparts, each of which will for all purposes be deemed to be an original but all of which together constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.

Section 28.&nbsp;&nbsp;&nbsp;&nbsp;<u>Headings.</u> The headings of this Agreement are inserted for convenience only and do not constitute part of this Agreement or affect the construction thereof.

*[Signature Page Follows]*

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IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.

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| | |
|:---|:---|
| COMPANY | INDEMNITEE |
| By: |  |
| Name: | Name: |
| Title: | Address: |

---

## Exhibit 10.6

**Exhibit 10.6**

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| |
|:---|
| **LINCOLN INTERNATIONAL, INC.** |
| **2026 INCENTIVE AWARD PLAN** |

---

**OPTION GRANT NOTICE**

Capitalized terms not specifically defined in this Option Grant Notice (the "<u>Grant Notice</u>") have the meanings given to them in the 2026 Incentive Award Plan (as amended from time to time, the "<u>Plan</u>") of Lincoln International, Inc. (the "<u>Company</u>"). The Company hereby grants to the participant listed below ("<u>Participant</u>") the stock option described in this Grant Notice (the "<u>Option</u>"), subject to the terms and conditions of the Plan and the Stock Option Agreement attached hereto as <u>Exhibit A</u> (the "<u>Agreement</u>"), and the special terms and provisions, if any, for the Participant's country of residence in the appendix attached hereto as <u>Exhibit B</u> (the "<u>International Appendix</u>"), each of which are incorporated into this Grant Notice by reference.

---

| | | |
|:---|:---|:---|
| **Participant:** | *[Insert Participant Name]* | *[Insert Participant Name]* |
| **Grant Date:** | *[Insert Grant Date]* | *[Insert Grant Date]* |
| **Exercise Price per Share:** | *[Insert Exercise Price]* | *[Insert Exercise Price]* |
| **Shares Subject to the Option:** | *[Insert Number of Options]* | *[Insert Number of Options]* |
| **Final Expiration Date:** | *[Insert Expiration Date]* | *[Insert Expiration Date]* |
| **Vesting Commencement Date:** | *[Insert Vesting Commencement Date]* | *[Insert Vesting Commencement Date]* |
| **Vesting Schedule:** | *[To be specified in individual agreements]* | *[To be specified in individual agreements]* |
| **Type of Option** | □ Incentive Stock Option | □ Non-Qualified Option |

---

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By Participant's signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and the International Appendix, as applicable. Participant has reviewed the Plan, this Grant Notice, the Agreement and the International Appendix, as applicable, in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the International Appendix, as applicable. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan or relating to the Option.

---

| | |
|:---|:---|
| **LINCOLN INTERNATIONAL, INC.** | **PARTICIPANT** |
| By: | By: |
| Print Name: | Print Name: |
| Title: |  |

---

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**<u>EXHIBIT A</u>**

**<u>STOCK OPTION AGREEMENT</u>**

**ARTICLE I.**

**GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation of Terms of Plan</u>. The Option is subject to the terms and conditions set forth in this Agreement, the International Appendix, as applicable, and the Plan, which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Cessation Date</u>" shall mean the date of Participant's Termination of Service (regardless of the reason for such termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Participating Company</u>" shall mean the Company or any of its parents or Subsidiaries.

**ARTICLE II.**

**GRANT OF OPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant of Option</u>. In consideration of Participant's past and/or continued employment with or service to a Participating Company and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the "<u>Grant Date</u>"), the Company has granted to the Participant the Option to purchase any part or all of an aggregate number of Shares set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Article VIII of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Exercise Price</u>. The exercise price per Share of the Shares subject to the Option (the "<u>Exercise Price</u>") shall be as set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Consideration to the Company</u>. In consideration of the grant of the Option by the Company, Participant agrees to render faithful and efficient services to any Participating Company.

**ARTICLE III.**

**PERIOD OF EXERCISABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Commencement of Exercisability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Participant's continued employment with or service to a Participating Company on each applicable vesting date and subject to <u>Sections 3.1(b) – (e), 3.2</u>, <u>3.3</u>, <u>5.9</u> and <u>5.14</u> hereof, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise determined by the Administrator or as set forth in a written agreement between Participant and the Company, any portion of the Option that has not become vested and exercisable on or prior to the Cessation Date (including, without limitation, pursuant to any

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employment or similar agreement by and between Participant and the Company) shall be forfeited on the Cessation Date and shall not thereafter become vested or exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event of Participant's Termination of Service due to Participant's death or Disability, the Option shall become vested and exercisable in full as of the Cessation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event Participant incurs a Termination of Service for any reason other than due to Participant's death or Disability, except as may be otherwise provided by the Administrator or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any portion of the Option that has not become vested and exercisable on or prior to the Cessation Date and such forfeited portion of the Option shall not thereafter become vested or exercisable, provided that the Company may make a determination that it is in the Company's best interest that Participant not forfeit Participant's unvested Awards on the Cessation Date and that selected unvested Awards shall not be forfeited merely because of such a Termination of Service before the relevant scheduled vesting date or dates, but shall become fully vested and exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in the event of a Change in Control, the Award will be treated in accordance with Section 8.3 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration of Exercisability</u>. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment that becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice or in accordance with Section 3.1) shall remain vested and exercisable until it becomes unexercisable under <u>Section 3.3</u> hereof. Once the Option becomes unexercisable, it shall be forfeited immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Expiration of Option</u>. The Option may not be exercised to any extent by anyone after the first to occur of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The expiration date set forth in the Grant Notice; provided that such expiration date shall not be later than the tenth (10th) anniversary of the Grant Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Except as the Administrator may otherwise approve, the ninetieth (90th) day following the Cessation Date by reason of Participant's Termination of Service for any reason other than due to death, Disability or by a Participating Company for Cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Except as the Administrator may otherwise approve, immediately upon the Cessation Date by reason of Participant's Termination of Service by a Participating Company for Cause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The expiration of twelve (12) months from the Cessation Date by reason of Participant's Termination of Service due to death or Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;As set forth in Section 9.5 of the Plan, the Participating Companies shall have the authority to deduct or withhold, or require Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement. Unless the Administrator otherwise determines, the Company shall withhold, or cause to be withheld, a net number of vested Shares otherwise issuable upon

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the exercise of the Option having a then-current Fair Market Value not exceeding the amount necessary to satisfy the applicable tax withholding obligation of the Participating Companies based on Participant's Applicable Withholding Rate, subject to Section 9.5 of the Plan. Participant's "<u>Applicable Withholding Rate</u>" shall mean the greater of (i) the minimum applicable statutory tax withholding rate or (ii) a greater withholding rate designated by the Participant, but in no event greater than the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability classification of the Option under generally accepted accounting principles in the United States of America); provided, however, that the number of Shares tendered or withheld, if applicable, shall be rounded up to the nearest whole Share sufficient to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole Share does not result in the liability classification of the Option under generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the exercise of the Option to, or to cause any such Shares to be held in book-entry form by, Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Participant resulting from the exercise of the Option or any other taxable event related to the Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant is ultimately liable and responsible for all taxes owed in connection with the Option, regardless of any action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the Option. No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or exercise of the Option or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the Option to reduce or eliminate Participant's tax liability.

**ARTICLE IV.**

**EXERCISE OF OPTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Person Eligible to Exercise</u>. During the lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under <u>Section 3.3</u> hereof, be exercised by Participant's personal representative or by any Person empowered to do so under the deceased Participant's will or under the then Applicable Laws of descent and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Partial Exercise</u>. Subject to <u>Section 5.2</u>, any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under <u>Section 3.3</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Manner of Exercise</u>. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company (or any third party administrator or other Person designated by the Company), during regular business hours, of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under <u>Section 3.3</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;An exercise notice in a form specified by the Administrator, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The receipt by the Company of full payment for the Shares with respect to which the Option or portion thereof is exercised, in such form of consideration permitted under <u>Section 4.4</u> that is acceptable to the Administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The payment of any applicable withholding tax in accordance with <u>Section 3.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Any other written representations or documents as may be required in the Administrator's sole discretion to effect compliance with Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In the event the Option or portion thereof shall be exercised pursuant to <u>Section 4.1</u> by any Person or Persons other than Participant, appropriate proof of the right of such Person or Persons to exercise the Option.

Notwithstanding any of the foregoing, the Administrator shall have the right to specify all conditions of the manner of exercise, which conditions may vary by country and which may be subject to change from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Method of Payment</u>. Unless the Administrator otherwise determines, payment of the Exercise Price shall be by Participant's surrender of vested Shares (including, without limitation, Shares otherwise issuable upon exercise of the Option) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the aggregate Exercise Price of the Option or exercised portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Issuance of Shares</u>. The Company shall not be required to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute discretion, determine to be necessary or advisable, (d) the receipt by the Company of full payment for such Shares, which may be in one or more of the forms of consideration permitted under <u>Section 4.4</u>, and (e) the receipt of full payment of any applicable withholding tax in accordance with <u>Section 3.4</u> by the Participating Company with respect to which the applicable withholding obligation arises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Shareholder</u>. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares purchasable upon the exercise of any part of the Option unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents or registrars and delivered to Participant (including through electronic delivery to a brokerage account). No adjustment will be made for a dividend or other right for which the record date is prior to the date of such issuance, recordation and delivery, except as provided in Article VIII of the Plan. Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

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**ARTICLE V.**

**OTHER PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Administrator shall have the power to interpret the Plan, the Grant Notice, this Agreement and the International Appendix, as applicable, and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice, this Agreement and the International Appendix, as applicable, as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Law, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice, this Agreement or the International Appendix, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Whole Shares</u>. The Option may only be exercised for whole Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Option Not Transferable</u>. The Option shall be subject to the restrictions on transferability set forth in Section 9.1 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>. The Administrator may accelerate the vesting of all or a portion of the Option in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the Option is subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Article VIII of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company's principal office, and any notice to be given to Participant shall be addressed to Participant at Participant's last email or physical address reflected on the Company's records. By a notice given pursuant to this <u>Section 5.5</u>, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email (to Participant only) or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice, this Agreement and the International Appendix, as applicable, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to Applicable Law. To the extent permitted by Applicable Law, the Plan, the Grant Notice, this Agreement and the International Appendix, as applicable, shall be deemed amended to the extent necessary to conform to Applicable Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment, Suspension and Termination</u>. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board, provided that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the Option in any material respect without the prior written consent of Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in <u>Section 5.3</u> and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations Applicable to Section 16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Option, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12&nbsp;&nbsp;&nbsp;&nbsp;<u>Not a Contract of Service Relationship</u>. Nothing in this Agreement, the International Appendix, as applicable, or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any Participating Company, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (i) expressly provided otherwise in a written agreement between a Participating Company and Participant or (ii) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>. This Option is not intended to constitute "nonqualified deferred compensation" within the meaning of Section 409A. However, notwithstanding any other provision of the Plan, the Grant Notice or this Agreement, if at any time the Administrator determines that this Option (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion (without any obligation to do so or to indemnify Participant or any other Person for failure to do so) to adopt such amendments to the Plan, the Grant Notice or this Agreement, or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate for this Option either to be exempt from the application of Section 409A or to comply with the requirements of Section 409A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Severable</u>. In the event that any provision of the Grant Notice, this Agreement or the International Appendix, as applicable, is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice, this Agreement or the International Appendix, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the right to receive Shares as a general unsecured creditor with respect to the Option, as and when exercised pursuant to the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18&nbsp;&nbsp;&nbsp;&nbsp;<u>Electronic Delivery</u>. By accepting this Award, whether electronically or otherwise, Participant hereby (i) consents to receive such documents by electronic means, (ii) consents to the use of electronic signatures, and (iii) agrees to participate in the Plan and/or receive any such documents through an on line or electronic system established and maintained by the Company or a third party designated by the Company, including but not limited to the use of electronic signatures or click through electronic acceptance of terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19&nbsp;&nbsp;&nbsp;&nbsp;<u>Clawback</u>. The Option (including any proceeds, gains or other economic benefit actually or constructively received by the Participant upon any receipt or exercise of the Option or upon the receipt or resale of any Shares underlying the Option) will be subject to any Company claw-back policy as in effect from time to time, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20&nbsp;&nbsp;&nbsp;&nbsp;<u>Incentive Stock Options</u>. Participant acknowledges that to the extent the aggregate Fair Market Value of Shares (determined as of the time the option with respect to the Shares is granted) with respect to which Incentive Stock Options, including this Option (if applicable), are exercisable for the first time by Participant during any calendar year exceeds $100,000 or if for any other reason such Incentive Stock Options do not qualify or cease to qualify for treatment as "incentive stock options" under Section 422 of the Code, such Incentive Stock Options shall be treated as Non-Qualified Options. Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other stock options into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder. Participant also acknowledges that an Incentive Stock Option exercised more than three (3) months after Participant's Termination of Service, other than by reason of death or disability, will be taxed as a Non-Qualified Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21&nbsp;&nbsp;&nbsp;&nbsp;<u>Notification of Disposition</u>. If this Option is designated as an Incentive Stock Option, Participant shall give prompt written notice to the Company of any disposition or other transfer of any Shares acquired under this Agreement if such disposition or transfer is made (a) within two (2) years from the Grant Date or (b) within one (1) year after the transfer of such Shares to Participant. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Provisions for Options Granted to Participants Outside the United States</u>. If the Participant performs services for any Participating Company outside of the United States, this Agreement shall be subject to the special provisions, if any, for the Participant's country of residence, as set forth in the International Appendix. If the Participant relocates to one of the countries included in the International

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Appendix during the life of this Agreement, the special provisions for such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary or advisable in order to comply with applicable foreign and local law or facilitate the administration of the Plan. The Company reserves the right to impose other requirements on this Agreement, the Option and the Shares issued upon exercise of the Option, to the extent the Company determines it is necessary or advisable in order to comply with applicable foreign or local laws or facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

**\* \* \* \* \***

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**<u>EXHIBIT B</u>**

**<u>TO STOCK OPTION AWARD AGREEMENT</u>**

**SPECIAL PROVISIONS FOR STOCK OPTIONS**

**GRANTED TO PARTICIPANTS OUTSIDE THE U.S.**

This <u>Exhibit B</u> includes additional terms applicable to Participants who reside or provide services to a Participating Company in the countries identified below. These terms and conditions are in addition to those set forth in the Agreement to which this <u>Exhibit B</u> is attached and the Plan and to the extent there are any inconsistencies between these terms and conditions and those set forth in the Agreement, these terms and conditions shall prevail. Any capitalized term used in this <u>Exhibit B</u> without definition shall have the meaning ascribed to such term in the Plan or the Agreement, as applicable.

This International Appendix also includes information relating to exchange control and other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in the respective countries as of [ ● ], 2026. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Participant does not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the Option is exercised or Shares acquired under the Plan are sold.

In addition, the information is general in nature and may not apply to the particular situation of the Participant, and the Company is not in a position to assure the Participant of any particular result. Accordingly, the Participant is advised to seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if the Participant is a citizen or resident of a country other than the one in which he or she is currently working, the information contained herein may not be applicable to the Participant.

## Exhibit 10.7

**Exhibit 10.7**

**LINCOLN INTERNATIONAL, INC.**<br>**2026 INCENTIVE AWARD PLAN**<br>

**RESTRICTED STOCK UNIT GRANT NOTICE**

Capitalized terms not specifically defined in this Restricted Stock Unit Grant Notice (the "<u>Grant</u> <u>Notice</u>") have the meanings given to them in the 2026 Incentive Award Plan (as amended from time to time, the "<u>Plan</u>") of Lincoln International, Inc. (the "<u>Company</u>").

The Company hereby grants to the participant listed below ("<u>Participant</u>") the Restricted Stock Units described in this Grant Notice (the "<u>RSUs</u>"), subject to the terms and conditions of the Plan and the Restricted Stock Unit Agreement attached hereto as <u>Exhibit A</u> (the "<u>Agreement</u>"), and the special terms and provisions, if any, for the Participant's country of residence in the appendix attached hereto as <u>Exhibit</u> <u>B</u> (the "<u>International Appendix</u>"), each of which are incorporated into this Grant Notice by reference. Each vested RSU represents the right to receive, in accordance with the Agreement, one share of Class A Common Stock ("<u>Share</u>"). Each RSU is hereby granted in tandem with a corresponding dividend equivalent to the extent a portion of such RSU is vested, as further described in Article II of the Agreement (the "<u>Dividend Equivalents</u>").

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| | |
|:---|:---|
| &nbsp;&nbsp;**Participant:** | *[Insert Participant Name]* |
| &nbsp;&nbsp;**Grant Date:** | *[Insert Grant Date]* |
| &nbsp;&nbsp;**Number of RSUs:** | *[Insert Number of RSUs]*  |
| &nbsp;&nbsp;**Vesting Commencement Date:** | *[Insert Vesting Commencement Date]* |
| &nbsp;&nbsp;**Vesting Schedule:** | *[To be specified in individual agreements]* |

---

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By Participant's signature below or electronic acceptance or authentication in a form authorized by the Company, Participant agrees to be bound by the terms of this Grant Notice, the Plan, the Agreement and the International Appendix, as applicable. Participant has reviewed the Plan, this Grant Notice, the Agreement and the International Appendix, as applicable, in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of the Plan, this Grant Notice, the Agreement and the International Appendix, as applicable. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions arising under the Plan, the Grant Notice, the Agreement and the International Appendix, as applicable.

---

| | |
|:---|:---|
| **LINCOLN INTERNATIONAL, INC.** | **PARTICIPANT** |
| By: | By: |
| Print Name: | Print Name: |
| Title: |  |

---

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**<u>EXHIBIT A</u>**

**<u>TO RESTRICTED STOCK UNIT GRANT NOTICE</u>**

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

Pursuant to the Grant Notice to which this Agreement is attached, the Company has granted to Participant the number of RSUs set forth in the Grant Notice.

**ARTICLE I.**

**GENERAL**

<u>Section 1.1</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Defined Terms</u>. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice. For purposes of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; "<u>Cessation Date</u>" shall mean the date of Participant's Termination of Service (regardless of the reason for such termination).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;"<u>Participating Company</u>" shall mean the Company or any of its parents or Subsidiaries.

<u>Section 1.2</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation of Terms of Plan</u>. The RSUs and the shares of Common Stock issued to Participant hereunder ("<u>Shares</u>") are subject to the terms and conditions set forth in this Agreement and the Plan (including, without limitation, Section 10.6 thereof), which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

**ARTICLE II.**

**AWARD OF RESTRICTED STOCK UNITS**

<u>Section 2.1</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Award of RSUs and Dividend Equivalents.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;In consideration of Participant's past and/or continued employment with or service to a Participating Company and for other good and valuable consideration, effective as of the grant date set forth in the Grant Notice (the "<u>Grant Date</u>"), the Company has granted to Participant the number of RSUs set forth in the Grant Notice, upon the terms and conditions set forth in the Grant Notice, the Plan and this Agreement, subject to adjustment as provided in Article VIII of the Plan. Each RSU represents the right to receive one Share at the times and subject to the conditions set forth herein. However, unless and until the RSUs have vested, Participant will have no right to the payment of any Shares subject thereto. Prior to the actual delivery of any Shares, the RSUs will represent an unsecured obligation of the Company, payable only from the general assets of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company hereby grants to Participant an Award of Dividend Equivalents with respect to each RSU granted pursuant to the Grant Notice for all ordinary cash dividends that are paid to all or substantially all holders of the outstanding Shares between the Grant Date and the date when the applicable RSU is distributed or paid to Participant or is forfeited or expires. The Dividend Equivalents for each RSU shall be equal to the amount of cash that is paid as a dividend on one Share. All such Dividend Equivalents shall be credited to Participant and be deemed to be reinvested in additional RSUs as of the date of payment of any such dividend based on the Fair Market Value of a Share on such date. Each additional RSU that results from such deemed reinvestment of Dividend Equivalents granted hereunder shall be subject to the same vesting, distribution or payment, adjustment and other provisions that apply to the underlying RSU to which such additional RSU relates.

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<u>Section 2.2</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting of RSUs and Dividend Equivalents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Participant's continued employment with or service to a Participating Company on each applicable vesting date and subject to the terms of this Agreement (including <u>Sections</u> <u>2.2(b) – (e)</u> below), the RSUs shall vest in such amounts and at such times as are set forth in the Grant Notice. Each additional RSU that results from deemed reinvestments of Dividend Equivalents pursuant to <u>Section 2.1(b)</u> shall vest whenever the underlying RSU to which such additional RSU relates vests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event Participant incurs a Termination of Service for any reason other than due to Participant's death or Disability, except as may be otherwise provided by the Administrator or as set forth in a written agreement between Participant and the Company, Participant shall immediately forfeit any and all RSUs and Dividend Equivalents granted under this Agreement that have not vested or do not vest on or prior to the Cessation Date, and Participant's rights in any such RSUs and Dividend Equivalents that are not so vested shall lapse and expire; provided that, in the event of a Termination of Service described in this Section 2.2(b) other than a Termination of Service for Cause, the Company may make a determination that it is in the Company's best interest that Participant not forfeit Participant's unvested Awards on the Cessation Date and that selected unvested Awards shall not be forfeited merely because of such a Termination of Service before the relevant scheduled vesting date or dates, but shall continue to vest in accordance with the vesting schedule set forth in the Grant Notice so long as (i) Participant executes and does not revoke a release of claims in a form that is acceptable to the Company and (ii) continues to comply with any restrictive covenants to which Participant is subject. If Participant does not sign such release or revokes such release before it becomes irrevocable, or violates any applicable restrictive covenants prior to any scheduled vesting date set forth in the Grant Notice, any outstanding RSUs and Dividend Equivalents shall be forfeited and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In the event of Participant's Termination of Service due to Participant's death, any unvested RSUs will become fully vested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;In the event of Participant's Termination of Service due to Participant's Disability, any unvested RSUs will continue to vest in accordance with the vesting schedule set forth in the Grant Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, in the event of a Change in Control, the Award will be treated in accordance with Section 8.3 of the Plan.

<u>Section 2.3</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Distribution or Payment of RSUs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Participant's RSUs shall be distributed in Shares (either in book-entry form or otherwise) within thirty (30) days of the applicable vesting date of any RSUs pursuant to the Grant Notice and <u>Section 2.2</u> hereof. Notwithstanding the foregoing, the Company may delay a distribution in settlement of RSUs if it reasonably determines that such payment or distribution will violate federal securities laws or any other Applicable Law, *provided* that such distribution or payment shall be made at the earliest date at which the Company reasonably determines that the making of such distribution or payment will not cause such violation, as required by Treasury Regulation Section 1.409A-2(b)(7)(ii), and *provided further* that no payment or distribution shall be delayed under this <u>Section 2.3(a)</u> if such delay will result in a violation of Section 409A. Notwithstanding anything to the contrary, the exact payment date of this Award shall be determined by the Company in its sole discretion (and Participant shall not have a right to designate the time of payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;All distributions shall be made by the Company in the form of whole Shares.

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<u>Section 2.4</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Conditions to Issuance of Certificates</u>. The Company shall not be required to issue or deliver any certificate or certificates for any Shares or to cause any Shares to be held in book-entry form prior to the fulfillment of all of the following conditions: (a) the admission of the Shares to listing on all stock exchanges on which such Shares are then listed, (b) the completion of any registration or other qualification of the Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable, (c) the obtaining of any approval or other clearance from any state or federal governmental agency that the Administrator shall, in its absolute discretion, determine to be necessary or advisable, and (d) the receipt of full payment of any applicable withholding tax in accordance with <u>Section 2.5</u> by the Participating Company with respect to which the applicable withholding obligation arises.

<u>Section 2.5</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Withholding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;As set forth in Section 9.5 of the Plan, the Participating Companies shall have the authority to deduct or withhold, or require Participant to remit to the applicable Participating Company, an amount sufficient to satisfy any applicable federal, state, local and foreign taxes (including the employee portion of any FICA obligation) required by Applicable Law to be withheld with respect to any taxable event arising pursuant to this Agreement. Unless the Administrator otherwise determines, the Company shall withhold, or cause to be withheld, Shares otherwise vesting or issuable pursuant to the RSUs in satisfaction of any applicable tax withholding obligations based on Participant's Applicable Withholding Rate, subject to Section 9.5 of the Plan. Participant's "<u>Applicable Withholding Rate</u>" shall mean the greater of (i) the minimum applicable statutory tax withholding rate or (ii) a greater withholding rate designated by the Participant, but in no event greater than the maximum individual statutory tax rate in the applicable jurisdiction at the time of such withholding (or such other rate as may be required to avoid the liability classification of the RSUs under generally accepted accounting principles in the United States of America); provided, however, that the number of Shares tendered or withheld, if applicable, shall be rounded up to the nearest whole Share sufficient to cover the applicable tax withholding obligation, to the extent rounding up to the nearest whole Share does not result in the liability classification of the RSUs under generally accepted accounting principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Company shall not be obligated to deliver any certificate representing Shares issuable with respect to the RSUs to Participant or his or her legal representative unless and until Participant or his or her legal representative shall have paid or otherwise satisfied in full the amount of all federal, state, local and foreign taxes applicable with respect to the taxable income of Participant resulting from the vesting or settlement of the RSUs or any other taxable event related to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Participant is ultimately liable and responsible for all taxes owed in connection with the RSUs, regardless of any action any Participating Company takes with respect to any tax withholding obligations that arise in connection with the RSUs. No Participating Company makes any representation or undertaking regarding the treatment of any tax withholding in connection with the awarding, vesting or payment of the RSUs or the subsequent sale of Shares. The Participating Companies do not commit and are under no obligation to structure the RSUs to reduce or eliminate Participant's tax liability.

<u>Section 2.6</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Stockholder</u>. Neither Participant nor any Person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book-entry form) will have been issued and recorded on the records of the Company or its transfer agents

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or registrars and delivered to Participant (including through electronic delivery to a brokerage account). Except as otherwise provided herein, after such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect to such Shares, including, without limitation, the right to receipt of dividends and distributions on such Shares.

**ARTICLE III.**

**OTHER PROVISIONS**

<u>Section 3.1</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Administrator shall have the power to interpret the Plan, the Grant Notice and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan, the Grant Notice and this Agreement as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator will be final and binding upon Participant, the Company and all other interested Persons. To the extent allowable pursuant to Applicable Laws, no member of the Committee or the Board will be personally liable for any action, determination or interpretation made with respect to the Plan, the Grant Notice or this Agreement.

<u>Section 3.2</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>RSUs Not Transferable</u>. The RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Shares underlying the RSUs have been issued, and all restrictions applicable to such Shares have lapsed. No RSUs or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

<u>Section 3.3</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments</u>. The Administrator may accelerate the vesting of all or a portion of the RSUs in such circumstances as it, in its sole discretion, may determine. Participant acknowledges that the RSUs and the Shares subject to the RSUs are subject to adjustment, modification and termination in certain events as provided in this Agreement and the Plan, including Article VIII of the Plan.

<u>Section 3.4</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the Company's principal office, and any notice to be given to Participant shall be addressed to Participant at Participant's last email or physical address reflected on the Company's records. By a notice given pursuant to this <u>Section 3.4</u>, either party may hereafter designate a different address for notices to be given to that party. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

<u>Section 3.5</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles</u>. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

<u>Section 3.6</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. The laws of the State of Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

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<u>Section 3.7</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Conformity to Securities Laws</u>. Participant acknowledges that the Plan, the Grant Notice, this Agreement and the International Appendix, as applicable, are intended to conform to the extent necessary with all Applicable Laws, including, without limitation, the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated thereunder by the Securities and Exchange Commission, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to Applicable Laws. To the extent permitted by Applicable Laws, the Plan, the Grant Notice, this Agreement and the International Appendix, as applicable, shall be deemed amended to the extent necessary to conform to Applicable Laws.

<u>Section 3.8</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Amendment, Suspension and Termination</u>. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Administrator or the Board*, provided* that, except as may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the RSUs in any material way without the prior written consent of Participant, unless such action is necessary to ensure or facilitate compliance with Applicable Law, as determined by the Administrator.

<u>Section 3.9</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in <u>Section 3.2</u> and the Plan, this Agreement shall be binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

<u>Section 3.10</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitations Applicable to Section 16 Persons</u>. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the RSUs (including RSUs that result from the deemed reinvestment of Dividend Equivalents), the Dividend Equivalents, the Grant Notice and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by Applicable Laws, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

<u>Section 3.11</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Not a Contract of Service Relationship</u>. Nothing in this Agreement, the International Appendix, as applicable, or in the Plan shall confer upon Participant any right to continue to serve as an employee or other service provider of any Participating Company or shall interfere with or restrict in any way the rights of any Participating Company, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without cause, except to the extent (a) expressly provided otherwise in a written agreement between a Participating Company and Participant or (b) where such provisions are not consistent with applicable foreign or local laws, in which case such applicable foreign or local laws shall control.

<u>Section 3.12</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement</u>. The Plan, the Grant Notice and this Agreement (including any exhibit hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

<u>Section 3.13</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;*General*. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A, including without limitation any such regulations or other guidance that may be issued after the effective date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;*Non-qualified Deferred Compensation*. Sections 10.6(b) and (c) of the Plan shall apply to this Award and this Agreement.

<u>Section 3.14</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Severable</u>. In the event that any provision of the Grant Notice, this Agreement or the International Appendix, as applicable, is held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of the Grant Notice, this Agreement or the International Appendix, as applicable.

<u>Section 3.15</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation on Participant's Rights</u>. Participation in the Plan confers no rights or interests other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has any assets. Participant shall have only the rights of a general unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs and Dividend Equivalents.

<u>Section 3.16</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Clawback</u>. The RSUs (including any proceeds, gains or other economic benefit the Participant actually or constructively receives upon receipt or settlement of the RSUs or the receipt or resale of any Shares underlying the RSUs) will be subject to any Company claw-back policy as in effect from time to time, including any claw-back policy adopted to comply with Applicable Laws (including the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder).

<u>Section 3.17</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. The Grant Notice may be executed in one or more counterparts, including by way of any electronic signature, subject to Applicable Law, each of which shall be deemed an original and all of which together shall constitute one instrument.

<u>Section 3.18</u>&nbsp;&nbsp;&nbsp;&nbsp;Electronic Delivery. By accepting this Award, whether electronically or otherwise, Participant hereby (i) consents to receive such documents by electronic means, (ii) consents to the use of electronic signatures, and (iii) agrees to participate in the Plan and/or receive any such documents through an on line or electronic system established and maintained by the Company or a third party designated by the Company, including but not limited to the use of electronic signatures or click through electronic acceptance of terms and conditions.

<u>Section 3.19</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Provisions for RSUs Granted to Participants Outside the United States</u>. If the Participant performs services for any Participating Company outside of the United States, this Agreement shall be subject to the special provisions, if any, for the Participant's country of residence, as set forth in the International Appendix. If the Participant relocates to one of the countries included in the International Appendix during the life of this Agreement, the special provisions for such country shall apply to the Participant, to the extent the Company determines that the application of such provisions is necessary or advisable in order to comply with applicable foreign and local law or facilitate the administration of the Plan. The Company reserves the right to impose other requirements on this Agreement, the RSUs and the Shares issued upon settlement of the RSUs, to the extent the Company determines it is necessary or advisable in order to comply with applicable foreign or local laws or

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facilitate the administration of the Plan, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

\* \* \* \* \*

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**<u>EXHIBIT B</u>**

**<u>TO RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

**SPECIAL PROVISIONS FOR RESTRICTED STOCK UNITS**

**GRANTED TO PARTICIPANTS OUTSIDE THE U.S.**

This <u>Exhibit B</u> includes additional terms applicable to Participants who reside or provide services to a Participating Company in the countries identified below. These terms and conditions are in addition to those set forth in the Agreement to which this <u>Exhibit B</u> is attached and the Plan and to the extent there are any inconsistencies between these terms and conditions and those set forth in the Agreement, these terms and conditions shall prevail. Any capitalized term used in this <u>Exhibit B</u> without definition shall have the meaning ascribed to such term in the Plan or the Agreement, as applicable.

This International Appendix also includes information relating to exchange control and other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in the respective countries as of [____], 2026. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Participant does not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the RSUs are settled or Shares acquired under the Plan are sold.

In addition, the information is general in nature and may not apply to the particular situation of the Participant, and the Company is not in a position to assure the Participant of any particular result. Accordingly, the Participant is advised to seek appropriate professional advice as to how the relevant laws in his or her country may apply to his or her situation. Finally, if the Participant is a citizen or resident of a country other than the one in which he or she is currently working, the information contained herein may not be applicable to the Participant.

## Exhibit 10.11

**Exhibit 10.11**

**LINCOLN INTERNATIONAL, INC.**

**LOCK-UP AGREEMENT**

This LOCK-UP AGREEMENT (this "**Agreement**") is made and entered into as of [ 🟇 ], 2026, by and between the undersigned and Lincoln International, Inc., a Delaware corporation (the "**Company**").

<u>RECITALS</u>

**WHEREAS**, prior to the Reorganization Transactions (as defined below), the undersigned was (i) a member of either Lincoln International Partners Holdings, LLC, a Delaware limited liability company, Lincoln International Partners Holdings II, LLC, a Delaware limited liability company, or Marshberry Holdco II, LLC, a Delaware limited liability company (each, a "**Blocker Company**" and collectively, the "**Blocker Companies**"), a holder of options to purchase membership interests in a Blocker Company or (ii) a stockholder of LI GP, Inc., a Delaware corporation ("**LI GP**") or (iii) a limited partner of Lincoln International, LP, a Delaware limited partnership ("**LILP**"), which is an affiliate of the Company;

**WHEREAS**, prior to the Reorganization Transactions, LI GP and each Blocker Company was a limited partner of LILP;

**WHEREAS**, in connection with the proposed initial public offering (the "**Public Offering**") of shares of the Class A common stock, par value $0.00001 per share (the "**Class A Common Stock**"), of the Company, LILP and the Company consummated certain reorganization transactions (the "**Reorganization Transactions**"), including (a) amending and restating the existing limited partnership agreement of LILP (the "**A&R LP Agreement**") to recapitalize all existing ownership interests in LILP into one class of common units ("**LILP Units**") and to admit the Company as the general partner of LILP (the "**General Partner**"), (b) amending and restating the Company's certificate of incorporation to provide for the Class A Common Stock, and (c) the merger of LI GP and the Blocker Companies with and into the Company (the "**Mergers**"), with the Company surviving the Mergers;

**WHEREAS**, in connection with the Mergers, each Blocker Company and LI GP contributed all of the LILP Units it owns to the Company in exchange for shares of Class A Common Stock (together with shares of Class A Common Stock that may be received by the undersigned in connection with the exercise of any options to purchase Blocker Company equity that were converted in the Mergers into options to purchase shares of Class A Common Stock, the "**Merger Lock-up Shares**"), which were subsequently distributed to the respective members of each Blocker Company and the stockholders of LI GP;

**WHEREAS**, contemporaneously with the Reorganization Transactions, certain limited partners of LILP contributed LILP Units to the Company in exchange for shares of Class A Common Stock (the "**Rollover Lock-up Shares**" and, together with the Merger Lock-up Shares, the "**Lock-up Shares**");

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**WHEREAS**, the undersigned is a recipient and holder of Lock-up Shares;

**WHEREAS**, on the date hereof, the registration statement registering the Class A Common Stock sold in the Public Offering (the "**Registration Statement**") was declared effective by the Securities and Exchange Commission (the "**SEC**"); and

**WHEREAS**, in connection with its receipt of Lock-up Shares and effectiveness of the Registration Statement, the undersigned and the Company wish to enter into this Agreement concerning the transfer of the Lock-up Shares held or controlled by the undersigned, the provisions of which are substantially identical to lock-up provisions contained in the A&R LP Agreement.

<u>AGREEMENT</u>

**NOW, THEREFORE**, the parties agree as follows:

1.<u>Lock-up of the Shares</u>. In consideration of the issuance of the Lock-up Shares, and of other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the undersigned agrees that, during the Lock-up Period (as defined below), the undersigned shall not, and shall not cause or direct any of his, her or their affiliates to, sell, transfer, assign, redeem, pledge, encumber or otherwise dispose of (whether directly or indirectly, whether with or without consideration and whether voluntarily or involuntarily or by operation of law) (a) any interest (legal or beneficial) in any Lock-Up Shares or (b) any equity or other interest (legal or beneficial) in any partner of LILP ("**Partner**") if substantially all of the assets of such Partner consist solely of LILP Units ("**Transfer**").

2.<u>Lock-up Period</u>. The restrictions on Transfer of the Lock-up Shares shall, unless earlier terminated or waived by the board of directors of the Company (the "**Board**"), or its designee, apply for a period (the "**Lock-Up Period**") commencing on the date of this Agreement and continue through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.the second (2nd) anniversary of the closing date of the Public Offering, with respect to one-third of such Lock-Up Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.the third (3rd) anniversary of the closing date of the Public Offering, with respect to one-third of such Lock-Up Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.the fourth (4th) anniversary of the closing date of the Public Offering, with respect to one-third of such Lock-Up shares,

*provided*, that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.if, prior to the fourth (4<sup>th</sup>) anniversary of the closing date of the Public Offering, the undersigned is no longer employed by the Company or one of its Affiliates as a result of either (1) his or her termination of employment; *provided* that such termination is without (i) Good Reason and (ii) not in connection with his or her Retirement , or (2) the Company's or the applicable

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employing affiliate's termination of the undersigned's employment with Cause (in each case including such termination that occurred in the period prior to the closing date of the Public Offering), in each case the Lock-Up Period shall automatically extend with respect to such Lock-Up Shares held by the undersigned or his or her Permitted Transferees (as defined below) on the date the undersigned provided notice of such termination in the case of clause (1) or was notified by the Company of such termination in the case of clause (2) for a period ending no later than the seventh (7th) anniversary of the closing date of the Public Offering; *provided*, *however*, that the Company, or its designee, may, in its sole and absolute discretion, waive or shorten such extension, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.if the undersigned becomes deceased or his or her employment with the Company or one of its Affiliates is terminated as a result of his or her "Permanent Disability" (as defined in A&R LP Agreement), the Lock-Up Period shall automatically end with respect to such Lock-Up Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Permitted Transfers</u>. Notwithstanding the foregoing, the undersigned may Transfer (each transferee, a "**Permitted Transferee**") (a) Lock-up Shares at any time with prior written consent from the Board or its designee and (b) Rollover Lock-up Shares at any time (i) as a bona fide gift or charitable contribution to a qualified charitable organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "**Code**"), (ii) to a donor advised fund as defined in Section 4966(d)(2) of the Code or (iii) to a trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, *provided* that any such trust is controlled by the undersigned or persons designated by the undersigned and that any such transfer shall not involve a disposition for value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Termination</u>. This Agreement shall automatically terminate and the undersigned shall be released from all of his or her obligations hereunder upon the earlier of (i) the expiration of the Lock-up Period and (ii) the date on which the undersigned no longer owns any Lock-up Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a."**Cause**" means, with respect to the undersigned individual, (a) the Financial Industry Regulatory Authority of the United States terminates his or her "Principal" or "Registered Representative" license or such license lapses and he or she fails to reinstate such license within a reasonable period of time after proper notice that such license has lapsed; (b) he or she commits any fraud, act of bad faith, theft of Company property, or property of any of its subsidiaries or affiliates, or makes a misrepresentation of material fact that results in a loss in excess of $2,500; (c) his or her indictment, conviction of, or entry of a plea of guilty or no contest with respect to a felony or any lesser crime of which fraud or dishonesty is a material element; (d) he or she fails to comply with the codes, policies or procedures of the Company or of any of its subsidiaries or affiliates or any Federal or State laws and regulations

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regarding the hiring or treatment of employees; (e) his or her intoxication while engaged in the performance of any duties on behalf of the Company or its subsidiaries or affiliates or which interferes with his or her ability to perform such their assigned duties or responsibilities, or use of illegal drugs; or (f) he or she breaches or violates any employment or similar agreement with the Company or any of its subsidiaries or affiliates or any covenant or obligation pertaining to non-competition, non-solicitation of clients and/or employees, non-service of clients, assignment of intellectual property, or confidentiality owing to the Company or any of its subsidiaries or affiliates (including, without limitation, any Proprietary Interests Protection Agreement he or she entered into with the Company or any of its subsidiaries or affiliates).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b."**Good Reason**" means the occurrence of any of the following to the undersigned individual, in each case without his or her consent: (i) a material reduction in his or her base compensation (and, for the avoidance of doubt, does not include any such reduction to such individual's variable or incentive compensation) other than a general reduction in compensation that affects all similarly situated employees in substantially similar proportions; *provided*, that, for the avoidance of doubt, fluctuations in such individual's variable or incentive compensation do not give rise to Good Reason; (ii) a relocation of his or her principal place of employment by more than 50 miles by action of the Company or any of its subsidiaries or affiliates; or (iii) a material, adverse change in his or her title or responsibilities (other than temporarily while he or she may be physically or mentally Incapacitated or as required by applicable law or regulation); provided, however, that he or she must: (a) tender to the Company a signed written notice (x) detailing particular circumstances constituting the basis for his or her resignation with Good Reason and (y) referencing the specific applicable provisions of this Good Reason definition, within 15 calendar days after he or she obtains actual knowledge of any such circumstance having occurred, and (b) allow the Company 30 calendar days from receipt of such notice to cure the same. If the Company so cures the circumstance(s), Good Reason shall be deemed not to exist with respect to such cured circumstance. In addition, the undersigned must resign his or her employment 90 calendar days after providing the required written notice of such Good Reason circumstances, and the Company must fail to timely cure such circumstances, for such resignation to be for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c."**Incapacitated**" means, with respect to any individual, death, total physical disability or entry by a court of competent jurisdiction adjudicating such individual incompetent to manage his or her person or his or her estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d."**Retirement**" means an individual who is 65 years old or older resigning without going to work for or forming a competitor of the Company, its subsidiaries or affiliates within a three year period following such resignation, whereby "going to work for or forming a competitor" (or similarly derived phrases) means accepting employment with or providing professional services for or forming a firm that competes directly or indirectly with the Company, its subsidiaries or affiliates, which

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provides investment banking services, including merger and acquisition advisory, private capital raising, restructuring, joint venture and partnership advisory services, valuation advisory services, transaction opinion services or other services sold by or provided by the Company, its subsidiaries or affiliates during the individual's employment with the Company, its subsidiaries or affiliates, anywhere in the world.

Very truly yours,

---

| | |
|:---|:---|
| By: |  |
|  | &nbsp;&nbsp;*(duly authorized signature)* |
| Name: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(please print full name)* |

---

[*Signature Page to Blocker Member, LI GP Stockholder and Rollover Lock-Up Agreement*]

## Exhibit 10.12

**Exhibit 10.12**

**EMPLOYMENT AGREEMENT**

THIS EMPLOYMENT AGREEMENT (this "***Agreement***"), dated as of [●], 2026 (the "***Effective Date***"), is entered into by and between Lincoln International, Inc., a Delaware corporation ("***PubCo***"), Lincoln International LLC ("***OpCo***") (together with PubCo, the "***Company***") and Robert Brown (the "***Executive***").

WHEREAS, the Company desires to employ the Executive and the Company and the Executive desire to enter into an agreement embodying the terms of such employment, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Employment Period</u>. Effective upon the Effective Date, the Executive's employment hereunder shall be for a term commencing on the Effective Date and continuing through the seventh anniversary thereof (the "***Employment Period***"). Notwithstanding the foregoing, the Executive's employment with the Company is and shall continue on an "at will" basis, subject to the provisions of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms of Employment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Position and Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Role and Responsibilities</u>. During the Employment Period, the Executive shall serve as the Company's Chief Executive Officer and shall perform such employment duties as are usual and customary for such position. The Executive shall report directly to the Company's Board of Directors (the "***Board***"). At the Company's request, the Executive shall serve the Company and/or its subsidiaries or affiliates in other capacities in addition to the foregoing, consistent with the Executive's position hereunder. If the Executive, during the Employment Period, serves in any one or more of such additional capacities, the Executive's compensation shall not be increased beyond that specified in Section 2(b) hereof. In addition, if the Executive's service in one or more of such additional capacities is terminated, the Executive's compensation, as specified in Section 2(b), shall not be diminished or reduced in any manner as a result of such termination provided that the Executive otherwise remains employed under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Exclusivity</u>. During the Employment Period, and excluding any periods of leave to which the Executive may be entitled, the Executive agrees to devote the Executive's full business time and attention to the business and affairs of the Company. Notwithstanding the foregoing, during the Employment Period it shall not be a violation of this Agreement for the Executive to: (A) serve on boards, committees or similar bodies of charitable or nonprofit organizations, (B) fulfill limited teaching, speaking and writing engagements, (C) manage the Executive's personal investments, and (D) engage in any of the activities as set forth on <u>Exhibit A</u>, in each case, so long as such activities do not individually or in the aggregate materially interfere or conflict with the performance of the Executive's duties and responsibilities under this Agreement; provided, that with respect to the activities in subclauses (A) and/or (B), the Executive receives prior written approval from the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Principal Location</u>. During the Employment Period, the Executive generally shall perform the services required by this Agreement at the Company's offices located in Chicago, Illinois (the "***Principal Location***"), provided, however, that the parties acknowledge and agree that the Executive may be required to travel to other locations as may be necessary to fulfill the Executive's duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compensation, Benefits, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Base Salary</u>. Effective as of the Effective Date and during the Employment Period, the Executive shall receive a base salary (the "***Base Salary***") of $500,000 per annum. The Base Salary shall be paid in accordance with the Company's normal payroll practices for executive salaries generally, but no

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less often than monthly and shall be pro-rated for partial years of employment. The Board (or a subcommittee thereof) shall review the Executive's Base Salary at least annually and shall consider, among other things, increases based on the Executive's performance and the compensation of chief executive officers at peer companies, which Base Salary may be further increased in the discretion of the Board or a subcommittee thereof, but not reduced, and the term "***Base Salary***" as utilized in this Agreement shall refer to the Base Salary as so increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Annual Bonus Award</u>. For each calendar year ending during the Employment Period beginning with calendar year 2026, the Executive shall be eligible to earn an annual bonus (an "***Annual Bonus***") consisting of (1) a cash performance bonus (an "***Annual Cash Bonus***") under the Company's bonus plan or program applicable to senior executives for such year and (2) an equity-based compensation award (an "***Annual Equity Award***") under PubCo's 2026 Incentive Award Plan, as amended from time to time, or any successor plan thereto (the "***PubCo Plan***"), as determined by the Board (or a subcommittee thereof), from time to time. Unless otherwise agreed to by the Company and Executive, the Annual Cash Bonus will comprise approximately sixty-five percent (65%) of the amount of the Annual Bonus earned for an applicable year and the Annual Equity Award will comprise the remaining approximately thirty-five percent (35%) of the Annual Bonus earned for an applicable year (calculated based on the grant date fair value of such Annual Equity Award). The Board or such subcommittee shall determine in its sole discretion the grant timing, amount, form(s) and mix, and such other terms and conditions (including vesting, exercise and settlement) applicable to any such Annual Equity Award, taking into account the Executive's and the Company's performance; provided, however, that such terms and conditions (including vesting, exercise and settlement) shall be reasonably consistent with those applicable to other senior executives of the Company. Any such Annual Equity Award shall be evidenced by a separate award agreement in a form prescribed by the Company, to be entered into by PubCo and the Executive; provided that the vesting provisions set forth in Section 4(b)(ii) of this Agreement shall override any contrary terms in such award agreements. The actual amount of any Annual Bonus earned for an applicable year shall be determined by the Board (or a subcommittee thereof) in its discretion, based on the achievement of individual and/or Company performance goals as determined by the Board (or a subcommittee thereof). The payment of any Annual Bonus, to the extent any Annual Bonus becomes payable, will be made on the date on which annual bonuses are paid generally to the Company's senior executives, but in no event later than March 15th of the calendar year following the calendar year in which such Annual Bonus was earned. Except as provided in Section 4(c), payment of the Annual Cash Bonus and grant of the Annual Equity Award shall be subject to the Executive's continued employment through the payment or grant date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Initial Equity Grant</u>. In recognition of the Executive's transition from the partnership structure of Lincoln International, LP and to align the Executive's interests with those of the Company as a public company, on or as soon as practicable following the Effective Date (but in no event later than thirty (30) days thereafter), PubCo shall grant the Executive an initial equity award of restricted stock units under the PubCo Plan that has a target grant value of seven million dollars ($7.0 million) (the "***Initial Equity Award***"). The number of restricted stock units subject to the Initial Equity Award will be determined by dividing the target grant value by the initial price per share established in connection with the Company's initial public offering. The Initial Equity Award shall vest over 4 (four) years with 50% vesting on the third (3<sup>rd</sup>) anniversary of the Effective Date and the remaining 50% on the fourth (4<sup>th</sup>) anniversary of the Effective Date, subject to the Executive's continued employment through each such vesting date, except as otherwise provided in Section 4(b)(ii). The Initial Equity Award shall be evidenced by a separate award agreement in a form prescribed by the Company, which agreement shall be consistent with the terms of this Agreement, including without limitation the vesting provisions set forth in Section 4(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Registration of Shares</u>. No later than ten (10) days following the Effective Date, the Company shall, at its expense, cause the shares of PubCo Class A common stock issuable in respect of the Initial Equity Award and any other equity awards granted to the Executive hereunder to be registered under the Securities Act of 1933, as amended, pursuant to a registration statement on Form S-8 (or other appropriate form) and registered or qualified under applicable state law. The Company shall thereafter use commercially reasonable efforts to maintain the effectiveness of such registration and qualification for so long as the Executive holds any portion of such awards, or until such earlier date as such awards and shares of Pubco Class A common stock, as applicable, may otherwise be freely sold under applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Benefits</u>. During the Employment Period, the Executive (and the Executive's spouse and/or eligible dependents to the extent provided in the applicable plans and programs) shall be eligible to participate in and be covered under the health and welfare benefit plans and programs maintained by the Company for the benefit of its employees from time to time, pursuant to the terms of such plans and programs including any medical, life, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs on the same terms and conditions as those applicable to similarly situated senior executives. In addition, during the Employment Period, the Executive shall be eligible to participate in any retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executive officers. Nothing contained in this Section 2(b)(v) shall create or be deemed to create any obligation on the part of the Company to adopt or maintain any health, welfare, retirement or other benefit plan or program at any time or to create any limitation on the Company's ability to modify or terminate any such plan or program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Expenses</u>. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by the Executive in connection with the performance of the Executive's duties under this Agreement in accordance with the policies, practices and procedures of the Company provided to employees of the Company; provided, however, for all international business travel, the Executive shall be entitled to travel business class or equivalent at the Company's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Fringe Benefits</u>. During the Employment Period, the Executive shall be eligible to receive such fringe benefits and perquisites as are provided by the Company to its employees from time to time, in accordance with the policies, practices and procedures of the Company, and shall receive such additional fringe benefits and perquisites as the Company may, in its discretion, from time-to-time provide to its senior executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Vacation</u>. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its senior executive officers, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Legal Fees</u>. The Company shall reimburse the Executive (or, at the Executive's election, pay directly to the Executive's attorneys) for the Executive's reasonable and documented out-of-pocket legal fees and expenses incurred in connection with the negotiation and finalization of this Agreement; provided, however, that such fees and expenses shall not exceed $50,000 in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Board Seat</u>. The Company shall take all actions in its control necessary to cause the Executive to be appointed to the Board as of the Effective Date and to be nominated by the Board for election to the Board at each annual meeting of the Company's stockholders during the Employment Period; provided that the foregoing shall not be required to the extent prohibited by legal or regulatory requirements. The failure of the Company to appoint or nominate the Executive to the Board as required by this Section 2(b)(x) shall constitute Good Reason under Section 10(h) of this Agreement other than if (i) the Board has undertaken steps to make a formal determination that any of the events constituting Cause have occurred pursuant to Section 9(c) of this Agreement, (ii) the Executive has issued a Notice of Termination or (iii) during any period in which the Executive is subject to a Disability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. Either the Company or the Executive may terminate the Executive's employment in the event of the Executive's Disability during the Employment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Company</u>. The Company may terminate the Executive's employment during the Employment Period for Cause or without Cause. In the event of a termination without Cause, the Company must provide the Executive one hundred eighty (180) days prior written notice thereof. Provided, however, that the Board shall have the right to relieve the Executive, in whole or in part, of the Executive's duties under this Agreement or to

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accelerate the date of termination; provided that if the Company accelerates the date of termination, the Company shall (a) provide Executive written notice of such acceleration at least thirty (30) days before the acceleration occurs and (b) pay the Executive a lump sum payment in an amount equal to the pro rata portion of the Executive's Base Salary for the period by which the one hundred eighty (180) day notice period was shortened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Executive</u>. The Executive's employment may be terminated by the Executive for any or no reason, including with Good Reason or by the Executive without Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Termination</u>. Any termination of employment (other than due to the Executive's death), shall be communicated by a Notice of Termination to the other parties hereto given in accordance with Section 12(b). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive's or the Company's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Offices and Directorships; Return of Property</u>. Upon termination of the Executive's employment for any reason, unless otherwise specified in a written agreement between the Executive and the Company, the Executive shall be deemed to have resigned from all offices, directorships, and other employment positions if any, then held with the Company, and shall take all actions reasonably requested by the Company to effectuate the foregoing. In addition, upon the termination of the Executive's employment for any reason, the Executive agrees to return to the Company all documents of the Company and its Affiliates (and all copies thereof) and all other property of the Company or its Affiliates that the Executive has in the Executive's possession, custody or control. Such property includes, without limitation: (i) any materials of any kind that the Executive knows contain or embody any proprietary or confidential information of the Company or an Affiliate of the Company (and all reproductions thereof), (ii) computers (including, but not limited to, laptop computers, desktop computers and similar devices) and other portable electronic devices (including, but not limited to, tablet computers), cellular phones/smartphones, credit cards, phone cards, entry cards, identification badges and keys, and (iii) any correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the customers, business plans, marketing strategies, products and/or processes of the Company or any of its Affiliates and any information received from the Company or any of its Affiliates regarding third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Obligations of the Company upon Termination.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accrued Obligations; Equity Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Executive's employment under this Agreement terminates during the Employment Period for any reason, the Company will pay or provide to the Executive: (A) any earned but unpaid Base Salary and accrued vacation time, (B) reimbursement of any business expenses incurred by the Executive prior to the Date of Termination that are reimbursable in accordance with Section 2(b)(vi), and (C) any vested amounts due to the Executive under any plan, program or policy of the Company (together, the "***Accrued Obligations***"). The Accrued Obligations described in clauses (A) and (B) of the preceding sentence shall be paid within 30 days after the Date of Termination (or such earlier date as may be required by applicable law) and the Accrued Obligations described in clause (C) of the preceding sentence shall be paid in accordance with the terms of the governing plan or program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each outstanding equity or equity-based award granted to the Executive by PubCo that is outstanding and, if applicable, unexercised as of the Date of Termination shall be governed by the applicable award agreement evidencing such award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Qualifying Termination</u>. Subject to Sections 4(d), 4(f) and 12(d), and the Executive's continued compliance with the provisions of Section 7, if the Executive's employment with the Company is terminated during the Employment Period due to a Qualifying Termination, then in addition to the Accrued Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cash Severance</u>. The Company shall pay the Executive the *"****Severance***", which is defined and will be calculated by the Company as follows: (1) the sum of the Executive's Base Salary

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and Annual Cash Bonus earned with respect to each of the last three consecutive completed calendar years immediately preceding the Date of Termination (or during such shorter actual time of employment, as applicable); (2) calculate the average of the three twelve-month periods (or such shorter actual time of employment, as applicable) identified in step one to arrive at the "***Average Annual Cash Compensation***"; and (3) multiply by three (3x) the Average Annual Cash Compensation to arrive at the total gross amount of Severance. The Severance shall be paid in substantially equal installments in accordance with the Company's normal payroll practices over the twenty-four (24)-month period following the Date of Termination, but shall commence on the first normal payroll date following the 60th day following the Date of Termination, and amounts otherwise payable prior to such first payroll date shall be paid on such date without interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Equity Awards</u>. Each outstanding time-based vesting equity or equity-based award (including the Initial Equity Award) granted to the Executive by PubCo that is outstanding and, if applicable, unexercised as of the Date of Termination, shall continue to vest according to its terms as if no Qualifying Termination had occurred. The provisions of this Section 4(b)(ii) shall override any contrary terms in individual award agreements evidencing such awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Pro-Rated Bonus</u>. The Company shall pay the Executive, in a single lump sum cash payment within 60 days following the Date of Termination, an amount equal to a pro rata portion of the Executive's Annual Cash Bonus for the partial calendar year in which the Date of Termination occurs (prorated based on the number of days in the calendar year in which the Date of Termination occurs, through the Date of Termination). For purposes of this Section 4(b)(iii), the Annual Cash Bonus shall be deemed to be the average of the Executive's annual cash bonus earned during each of the three consecutive completed calendar years immediately preceding the Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>COBRA</u>. Subject to the Executive's valid election to continue healthcare coverage under Section 4980B of the Code, the Company shall continue to provide, during the COBRA Period, the Executive and the Executive's eligible dependents with coverage under its group health plans at the same levels and the same cost to the Executive as would have applied if the Executive's employment had not been terminated based on the Executive's elections in effect on the Date of Termination, <u>provided</u>*,* <u>however</u>, that (A) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or (B) the Company is otherwise unable to continue to cover the Executive under its group health plans without incurring penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to the Executive in substantially equal monthly installments over the continuation coverage period (or the remaining portion thereof). For purposes of this Agreement, "***COBRA Period***" shall mean the period beginning on the Date of Termination and ending on the second anniversary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Death or Disability</u>. If the Executive's employment with the Company terminates as a result of the Executive's death or Disability, then the Executive (or the Executive's estate) shall receive the Accrued Obligations, and, subject to Section 4(d), shall be eligible to receive (i) an amount equal to a pro rata portion of the Executive's Annual Bonus for the partial calendar year in which the Date of Termination occurs, based on the actual achievement of applicable performance goals as determined by the Board (or a subcommittee thereof) (prorated based on the number of days in the calendar year in which the Date of Termination occurs, through the Date of Termination), payable as provided in Section 2(b)(ii), and (ii) (1) in the case of the Executive's death, immediate acceleration and full vesting of all outstanding time-based vesting equity or equity-based awards (including the Initial Equity Award) granted to the Executive by PubCo, which awards shall become fully exercisable or non-forfeitable as of the Date of Termination and (2) in the case of the Executive's Disability, the continued vesting of all outstanding time-based vesting equity or equity-based awards (including the Initial Equity Award) granted to the Executive by PubCo as if such Disability had not occurred, which awards shall become non-forfeitable as of the Date of Termination. The provisions of this Section 4(c) shall override any contrary terms in individual award agreements evidencing such awards.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Release</u>. Notwithstanding the foregoing, it shall be a condition to the Executive's (or the Executive's estate's) right to receive the amounts provided for in Section 4(b) or 4(c) that the Executive (or the Executive's estate, if applicable) execute and deliver to the Company an effective release of claims in substantially the form attached hereto as <u>Exhibit B</u> (the "***Release***") and the Release becomes irrevocable within 30 days (or, to the extent required by law, 52 days) following the Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Terminations</u>. Except as otherwise set forth in a written agreement by and between the Executive and the Company, if the Executive's employment is terminated for any reason not described in Section 4(b) or 4(c), the Company will pay the Executive only the Accrued Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Six-Month Delay</u>. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under this Section 4, shall be paid to the Executive during the six-month period following the Executive's Separation from Service if the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive's death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Exclusive Benefits</u>. Except as expressly provided in this Section 4 and subject to Section 5, the Executive shall not be entitled to any additional payments or benefits upon or in connection with the Executive's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Exclusivity of Rights</u>. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Excess Parachute Payments; Limitation on Payments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Best Pay Cap</u>. Notwithstanding any other provision of this Agreement, if any payment or benefit received or to be received by the Executive (including any payment or benefit received in connection with a termination of the Executive's employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits, including the payments and benefits under Section 4, being hereinafter referred to as the "***Total Payments***") would be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the "***Excise Tax***"), then, the Total Payments shall be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). If the Total Payments are so reduced, the Company shall reduce or eliminate the Total Payments (A) by first reducing or eliminating the portion of the Total Payments which are not payable in cash (other than that portion of the Total Payments subject to clause (C)), (B) then by reducing or eliminating cash payments (other than that portion of the Total Payments subject to clause (C)) and (C) then by reducing or eliminating the portion of the Total Payments (whether payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Certain Exclusions</u>. For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a "payment" within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into

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account which, in the written opinion of an independent, nationally recognized accounting firm (the "***Independent Advisors***") selected by the Company, does not constitute a "parachute payment" within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the "base amount" (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants.</u> The Executive and the Company agree that the Executive shall remain bound by the provisions of that certain Proprietary Interests Protection Agreement that Executive executed on February 23, 2026 (the "***PIPA***"), which is incorporated herein by reference and attached hereto as Exhibit C. However, in consideration of the Executive's continued employment with the Company and the Company's agreement to compensate the Executive on the terms set forth in Section 2(b), the Executive and the Company agree that the PIPA is hereby amended to reflect the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Executive shall be bound by the obligations in Sections 6, 7, and 8 of the PIPA during his employment with the Company and for a period of twenty-four (24) months thereafter; provided, however, that if the Company materially breaches this Agreement, the Executive's obligations under Sections 6, 7, and 8 of the PIPA (as amended hereby) shall immediately terminate and become unenforceable.

For the avoidance of doubt, except as specifically amended by Sections 7(a) herein, all other provisions of the PIPA shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations.</u> The Executive hereby represents and warrants to the Company that (a) the Executive is entering into this Agreement voluntarily and that the performance of the Executive's obligations hereunder will not violate any agreement between the Executive and any other person, firm, organization or other entity, or any policy, program or code of such other person, firm, organization or other entity, and (b) the Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party that would be violated by the Executive's entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be assignable by the Executive other than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Certain Definitions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Affiliate***" of any particular Person means any other Person directly or indirectly controlling, controlled by, or under common control with such particular Person, where "control" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, by contract, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Board***" means the Board of Directors of PubCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Cause***" means the occurrence of any one or more of the following events, provided that the determination of Cause shall require the affirmative vote of not less than three-quarters of the entire membership of the Board (excluding the Executive) at a meeting of the Board held for such purpose (after reasonable notice is

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provided to the Executive and the Executive is given an opportunity, together with Executive's counsel, to be heard before the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's willful failure to substantially perform the Executive's duties with the Company (other than any such failure resulting from the Executive's incapacity due to physical or mental illness or any such actual or anticipated failure after the Executive's issuance of a Notice of Termination for Good Reason), including the Executive's failure to follow any lawful material directive from the Board within the reasonable scope of the Executive's duties and the Executive's failure to correct the same (if capable of correction, as determined by the Board), within 30 days after a written notice is delivered to the Executive, which demand specifically identifies the manner in which the Board believes that the Executive has not performed the Executive's duties. For the avoidance of doubt, the Executive's failure to satisfy any specific performance goal or metric or the Company's failure to attain any specific level of financial performance shall not constitute a failure to perform for purposes of this clause (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Executive's conviction of, indictment for or entry of a plea of guilty or *nolo contendere* to a felony crime (excluding vehicular crimes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's breach of any material obligation of the Executive under any written agreement with the Company or its Affiliates or under any applicable policy of the Company or its Affiliates that have been provided to or made available to the Executive (including any code of conduct or harassment policies), and the Executive's failure to correct the same (if capable of correction, as determined by the Board), within 30 days after a written notice is delivered to the Executive, which demand specifically identifies the manner in which the Board believes that the Executive has materially breached such agreement or obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any act of fraud, embezzlement, theft or misappropriation from the Company or its Affiliates by the Executive; provided that, for the avoidance of doubt, the occasional, customary and de minimis use of property of the Company or any of its Affiliates for personal purposes shall not constitute fraud, embezzlement, theft or misappropriation for purposes of this clause (iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Executive's willful misconduct or gross negligence with respect to any material aspect of the Company's business or a material breach by the Executive of the Executive's fiduciary duty to the Company or its Affiliates, which willful misconduct, gross negligence or material breach has a material and demonstrable adverse effect on the Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Change in Control***" has the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "***Code***" means the Internal Revenue Code of 1986, as amended and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "***Date of Termination***" means the date on which the Executive's employment with the Company terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "***Disability***" means that the Executive has become entitled to receive benefits under an applicable Company long-term disability plan or, if no such plan covers the Executive, the Executive's inability, due to physical or mental illness, to perform the essential functions of the Executive's job, with or without a reasonable accommodation for 180 consecutive days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "***Good Reason***" means the occurrence of any one or more of the following events without the Executive's prior written consent, unless the Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in the Executive's Base Salary, other than as part of an across the board reduction applicable to the Company's senior executives, and further excluding any voluntary reductions agreed to in writing by the Executive;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a change in the geographic location of the Principal Location by more than 25 miles from its existing location by action of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a change in the Executive's title without the Executive's consent or a material diminution in the Executive's authority, responsibilities or duties, as contemplated by this Agreement, including, without limitation, (A) the Executive ceasing to report directly to the Board, (B) the Company ceasing to be a public company or ceasing to be traded on the New York Stock Exchange (or similar exchange) following a Change in Control, or (C) the failure of the Company to cause the Executive to be appointed or nominated to the Board as required by Section 2(b)(x), other than if (I) the Board has undertaken steps to make a formal determination that any of the events constituting Cause have occurred pursuant to Section 9(c) of this Agreement, (II) the Executive has issued a Notice of Termination or (III) during any period in which the Executive is subject to a Disability, and excluding for purposes of this clause (iii) any isolated, insubstantial or inadvertent actions not taken in bad faith and which are remedied by the Company promptly after receipt of notice thereof given by the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's material breach of this Agreement.

Notwithstanding the foregoing, the Executive will not be deemed to have resigned for Good Reason unless (1) the Executive provides the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Executive to constitute Good Reason within 45 days after the date of the occurrence of any event that the Executive knows or should reasonably have known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within 30 days following its receipt of such notice, and (3) the effective date of the Executive's termination for Good Reason occurs no later than 60 days after the expiration of the Company's cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Notice of Termination***" means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than 30 days after the giving of such notice unless as otherwise provided upon a termination for Good Reason).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "***Person***" means any individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization, bank, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "***Plan***" means the PubCo Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "***Qualifying Termination***" means a termination of the Executive's employment (i) by the Company without Cause (other than by reason of the Executive's death or Disability), or (ii) by the Executive for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "***Section 409A***" means Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "***Separation from Service***" means a "separation from service" (within the meaning of Section 409A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>; D&O Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby acknowledge that in connection with the execution of this Agreement, they have entered into an Indemnification Agreement (the "***Indemnification Agreement***"), attached hereto as <u>Exhibit D</u>, which became effective as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall maintain directors and officers liability insurance ("***D&O Insurance***") covering the Executive during the Employment Period and for a period of six (6) years following the termination of the Executive's employment for any reason, with coverage limits and terms no less favorable than the coverage

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provided to other senior executive officers of the Company. The Company shall provide the Executive with written evidence of such coverage upon request. The Company's obligation to maintain D&O Insurance under this Section 11(b) shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

<u>If to the Executive</u>: at the Executive's most recent address on the records of the Company.

with copies (which shall not constitute notice) to:

Foley & Lardner LLP

111 Huntington Avenue, Suite 26

Boston, MA 02119

Attention: Susan E. Pravda; Alexander J. Miska

Email: spravda@foley.com; amiska@foley.com

<u>If to the Company</u>:

Lincoln International, Inc.

110 N. Wacker Dr., Floor 51

Chicago, IL 60606

Attention: Legal Department

Email: USLegalExternal@lincolninternational.com

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sarbanes-Oxley Act of 2002</u>. Notwithstanding anything herein to the contrary, if the Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "***Exchange Act***"), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Section 409A of the Code</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Notwithstanding any provision of this Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company shall work in good faith with the Executive to adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions intended to (A) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (B) comply with the requirements of Section 409A; <u>provided</u>*,* <u>however</u>*,* that this Section 12(d) shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments. To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed "nonqualified deferred compensation" subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. Any payments subject to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A. All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of employment under this Agreement may only be made upon the Executive's Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that any payments or reimbursements provided to the Executive under this Agreement are deemed to constitute compensation to the Executive to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed reasonably promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and the Executive's right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Withholding</u>. The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Waiver</u>. The Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 3(c), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Entire Agreement</u>. As of the Effective Date, this Agreement, constitutes the final, complete and exclusive agreement between the Executive and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, by any member of the Company and its Affiliates, or representative thereof. Notwithstanding anything herein to the contrary, this Agreement and the obligations and commitments hereunder shall neither commence nor be of any force or effect prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Mitigation. The Executive shall not be required to mitigate the amount of any payment or benefit provided for pursuant to this Agreement by seeking other employment or otherwise, and no amounts payable or benefits provided hereunder shall be reduced or offset due to any employment of the Executive following termination of employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Arbitration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any controversy or dispute that establishes a legal or equitable cause of action ("***Arbitration Claim***") between any two or more Persons Subject to Arbitration (as defined below), including any controversy or dispute, whether based on contract, common law, or federal, state or local statute or regulation, arising out of, or relating to the Executive's service or the termination thereof, shall be submitted to final and binding arbitration as the sole and exclusive remedy for such controversy or dispute in accordance with the rules of JAMS pursuant to its Employment Arbitration Rules and Procedures, which are available at http://www.jamsadr.com/rules-employment-arbitration/, and the Company will provide a copy upon the Executive's request. Notwithstanding the foregoing, this Agreement shall not require any Person Subject to Arbitration to arbitrate pursuant to this Agreement any claims: (A) under a Company benefit plan subject to the Employee Retirement Income Security Act, as amended; or (B) as to which applicable law not preempted by the Federal Arbitration Act prohibits resolution by binding arbitration. Either party may seek provisional

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non-monetary remedies in a court of competent jurisdiction to the extent that such remedies are not available or not available in a timely fashion through arbitration. It is the parties' intent that issues of arbitrability of any dispute shall be decided by the arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "***Persons Subject to Arbitration***" means, individually and collectively, (A) the Executive, (B) any person in privity with or claiming through, on behalf of or in the right of the Executive, (C) the Company, (D) any past, present or future Affiliate, employee, officer, director or agent of the Company, and/or (E) any person or entity alleged to be acting in concert with or to be jointly liable with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The arbitration shall take place before a single neutral arbitrator at the JAMS office in Chicago, Illinois. Such arbitrator shall be provided through JAMS by mutual agreement of the parties to the arbitration; <u>provided</u> that, absent such agreement, the arbitrator shall be selected in accordance with the rules of JAMS then in effect. The arbitrator shall permit reasonable discovery. The award or decision of the arbitrator shall be rendered in writing; shall be final and binding on the parties; and may be enforced by judgment or order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each party will be responsible for its own attorneys' fees and expenses, including travel expenses, except as otherwise provided by law, and the cost of a copy of the reporter's transcript of the proceedings, if desired. The Executive shall pay the applicable filing fee with JAMS. The Company shall bear the arbitrator's fee and expenses and any costs associated with the facilities for the arbitration. Postponement and cancellation fees shall be payable, at the discretion of the arbitrator, by the party causing the postponement or cancellation. The expenses of witnesses shall be paid by the party requiring the presence of such witnesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) THE EXECUTIVE AND THE COMPANY UNDERSTAND THAT BY AGREEING TO ARBITRATE ANY ARBITRATION CLAIM, THEY WILL NOT HAVE THE RIGHT TO HAVE ANY ARBITRATION CLAIM DECIDED BY A JURY OR A COURT, BUT SHALL INSTEAD HAVE ANY ARBITRATION CLAIM DECIDED THROUGH ARBITRATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) THE EXECUTIVE AND THE COMPANY WAIVE ANY CONSTITUTIONAL OR OTHER RIGHT TO BRING CLAIMS COVERED BY THIS AGREEMENT OTHER THAN IN THEIR INDIVIDUAL CAPACITIES. EXCEPT AS MAY BE PROHIBITED BY LAW, THIS WAIVER INCLUDES THE ABILITY TO ASSERT CLAIMS AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) This Section 12(j) shall be interpreted to conform to any applicable law concerning the terms and enforcement of agreements to arbitrate service disputes. To the extent any terms or conditions of this Section 12(j) would preclude its enforcement, such terms shall be severed or interpreted in a manner to allow for the enforcement of this Section 12(j). To the extent applicable law imposes additional requirements to allow enforcement of this Section 12(j), this Agreement shall be interpreted to include such terms or conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Amendment; Survival</u>. No amendment or other modification of this Agreement shall be effective unless made in writing and signed by the parties hereto. The respective rights and obligations of the parties under this Agreement shall survive the Executive's termination of employment and the termination of this Agreement to the extent necessary for the intended preservation of such rights and obligations (including without limitation the covenants set forth in Section 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Counterparts</u>. This Agreement and any agreement referenced herein may be executed in two or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.

[**SIGNATURES APPEAR ON FOLLOWING PAGE**]

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IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

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| | |
|:---|:---|
| LINCOLN INTERNATIONAL, INC. | LINCOLN INTERNATIONAL, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| LINCOLN INTERNATIONAL LLC | LINCOLN INTERNATIONAL LLC |
| By: |  |
|  | Name: |
|  | Title: |
| "EXECUTIVE" | "EXECUTIVE" |

---

Robert T. Brown

<u>Attachments:</u>

Exhibit A: Exclusivity Carve-Outs

Exhibit B: Release

Exhibit C: PIPA

Exhibit D: Indemnification Agreement

*[Signature Page to Employment Agreement]*

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**<u>EXHIBIT A</u>**

**EXCLUSIVITY CARVE-OUTS**

 1. [●]

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**<u>EXHIBIT B</u>**

**GENERAL RELEASE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Release</u>. For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge the "***Releasees***" hereunder, consisting of Lincoln International, Inc., a Delaware corporation ("***PubCo***") and Lincoln International LLC ("***OpCo***") (together with PubCo, the "***Company***"), and the Company's partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives, lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys' fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called "***Claims***"), which the undersigned now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. The Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the employment or termination of employment of the undersigned by the Releasees, or any of them; any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees' right to terminate the employment of the undersigned; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act ("***ADEA***"), the Americans With Disabilities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Claims Not Released</u>. Notwithstanding the foregoing, this general release (the "***Release***") shall not operate to release any rights or claims of the undersigned (i) to payments or benefits under Section 4(b) or 4(c) of that certain Employment Agreement, dated as of [●], 2026, between the Company and the undersigned (the "***Employment Agreement***"), with respect to the payments and benefits provided in exchange for this Release, (ii) to payments or benefits under any equity award agreement between the undersigned and PubCo or as a holder of any securities of PubCo, (iii) with respect to Sections 2(b)(vii) or 4(a) of the Employment Agreement, (iv) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or agreement with the Company, (v) to any Claims, including claims for indemnification and/or advancement of expenses arising under any indemnification agreement between the undersigned and the Company or under the bylaws, certificate of incorporation or other similar governing document of the Company, (vi) to any Claims which cannot be waived by an employee under applicable law or (vii) with respect to the undersigned's right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exceptions</u>. Notwithstanding anything in this Release to the contrary, nothing contained in this Release shall prohibit the undersigned from (i) filing a charge with, reporting possible violations of federal law or regulation to, participating in any investigation by, or cooperating with any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation and/or (ii) communicating directly with, cooperating with, or providing information (including trade secrets) in confidence to, any federal, state or local government regulator (including, but not limited to, the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice) for the purpose of reporting or investigating a suspected violation of law, or from providing such information to the undersigned's attorney or in a sealed complaint or other document filed in a lawsuit or other governmental proceeding. Pursuant to 18 USC Section 1833(b), (1) the undersigned will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (2) the undersigned acknowledges that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations</u>. The undersigned represents and warrants that there has been no assignment or other transfer of any interest in any Claim which the undersigned may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses and attorneys' fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of the parties

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that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the undersigned under this indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Action</u>. The undersigned agrees that if the undersigned hereafter commences any suit arising out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys' fees incurred by Releasees in defending or otherwise responding to said suit or Claim. Notwithstanding the foregoing, this provision shall not apply to any suit or Claim to the extent it challenges the effectiveness of this release with respect to a claim under the ADEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Admission</u>. The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>OWBPA</u>. The undersigned agrees and acknowledges that this Release constitutes a knowing and voluntary waiver and release of all Claims the undersigned has or may have against the Company and/or any of the Releasees as set forth herein, including, but not limited to, all Claims arising under the Older Worker's Benefit Protection Act and the ADEA. In accordance with the Older Worker's Benefit Protection Act, the undersigned is hereby advised as follows:

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned has read the terms of this Release, and understands its terms and effects, including the fact that the undersigned agreed to release and forever discharge the Company and each of the Releasees, from any Claims released in this Release;

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned understands that, by entering into this Release, the undersigned does not waive any Claims that may arise after the date of the undersigned's execution of this Release, including without limitation any rights or claims that the undersigned may have to secure enforcement of the terms and conditions of this Release;

(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned has signed this Release voluntarily and knowingly in exchange for the consideration described in this Release, which the undersigned acknowledges is adequate and satisfactory to the undersigned and which the undersigned acknowledges is in addition to any other benefits to which the undersigned is otherwise entitled;

(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company advises the undersigned to consult with an attorney prior to executing this Release;

(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned has been given at least 21 days in which to review and consider this Release. To the extent that the undersigned chooses to sign this Release prior to the expiration of such period, the undersigned acknowledges that the undersigned has done so voluntarily, had sufficient time to consider the Release, to consult with counsel and that the undersigned does not desire additional time and hereby waives the remainder of the 21-day period; and

(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned may revoke this Release within seven days from the date the undersigned signs this Release and this Release will become effective upon the expiration of that revocation period if the undersigned has not revoked this Release during such seven-day period. If the undersigned revokes this Release during such seven-day period, this Release will be null and void and of no force or effect on either the Company or the undersigned and the undersigned will not be entitled to any of the payments or benefits which are expressly conditioned upon the execution and non-revocation of this Release. Any revocation must be in writing and sent to the Legal Department, via electronic mail at USLegalExternal@lincolninternational.com, on or before 5:00 p.m. Eastern time on the seventh day after this Release is executed by the undersigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Acknowledgement</u>. The undersigned acknowledges that different or additional facts may be discovered in addition to what is now known or believed to be true by the undersigned with respect to the matters released in this

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Release, and the undersigned agrees that this Release shall be and remain in effect in all respects as a complete and final release of the matters released, notwithstanding any different or additional facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Release is deemed made and entered into in the State of Illinois, and in all respects shall be interpreted, enforced and governed under the internal laws of the State of Illinois, to the extent not preempted by federal law.

IN WITNESS WHEREOF, the undersigned has executed this Release this ____ day of ___________, ____.

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**<u>EXHIBIT C</u>**

**PIPA**

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**<u>EXHIBIT D</u>**

**INDEMNIFICATION AGREEMENT**

**[**Intentionally Omitted]

## Exhibit 10.13

**Exhibit 10.13**

**EMPLOYMENT AGREEMENT**

THIS EMPLOYMENT AGREEMENT (this "***Agreement***"), dated as of [●], 2026 (the "***Effective Date***"), is entered into by and between Lincoln International, Inc., a Delaware corporation ("***PubCo***"), Lincoln International LLC ("***OpCo***") (together with PubCo, the "***Company***") and Eric Malchow (the "***Executive***").

WHEREAS, the Company desires to employ the Executive and the Company and the Executive desire to enter into an agreement embodying the terms of such employment, subject to the terms and conditions of this Agreement.

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Employment Period. Effective upon the Effective Date, the Executive's employment hereunder shall be for a term commencing on the Effective Date and continuing through the fifth anniversary thereof (the "Initial Employment Period"). This Agreement will be automatically renewed for up to two successive terms of one year each, unless the Company or the Executive gives written notice of non-renewal ("***Non-Renewal***") at least 180 days prior to the end of the then-current term (the Initial Employment Period and all renewals collectively, the "***Employment Period***"). Notwithstanding the foregoing, the Executive's employment with the Company is and shall continue on an "at will" basis, subject to the provisions of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Terms of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Position and Duties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Role and Responsibilities</u>. During the Employment Period, the Executive shall serve as the Company's President and Global Head of Mergers & Acquisitions and shall perform such employment duties as are usual and customary for such position. The Executive shall report directly to the Company's Chief Executive Officer. At the Company's request, the Executive shall serve the Company and/or its subsidiaries or affiliates in other capacities in addition to the foregoing, consistent with the Executive's position hereunder. If the Executive, during the Employment Period, serves in any one or more of such additional capacities, the Executive's compensation shall not be increased beyond that specified in Section 2(b) hereof. In addition, if the Executive's service in one or more of such additional capacities is terminated, the Executive's compensation, as specified in Section 2(b), shall not be diminished or reduced in any manner as a result of such termination provided that the Executive otherwise remains employed under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Exclusivity</u>. During the Employment Period, and excluding any periods of leave to which the Executive may be entitled, the Executive agrees to devote the Executive's full business time and attention to the business and affairs of the Company. Notwithstanding the foregoing, during the Employment Period it shall not be a violation of this Agreement for the Executive to: (A) serve on boards, committees or similar bodies of charitable or nonprofit organizations, (B) fulfill limited teaching, speaking and writing engagements, (C) manage the Executive's personal investments, and (D) engage in any of the activities as set forth on <u>Exhibit A</u>, in each case, so long as such activities do not individually or in the aggregate materially interfere or conflict with the performance of the Executive's duties and responsibilities under this Agreement; provided, that with respect to the activities in subclauses (A) and/or (B), the Executive receives prior written approval from the Company's Board of Directors (the "***Board***").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Principal Location</u>. During the Employment Period, the Executive generally shall perform the services required by this Agreement at the Company's offices located in Chicago, Illinois (the "***Principal Location***"), provided, however, that the parties acknowledge and agree that the Executive may be required to travel to other locations as may be necessary to fulfill the Executive's duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compensation, Benefits, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Base Salary</u>. Effective as of the Effective Date and during the Employment Period, the Executive shall receive a base salary (the "***Base Salary***") of $500,000 per annum. The Base Salary shall be paid in accordance with the Company's normal payroll practices for executive salaries generally, but no less often than monthly and shall be pro-rated for partial years of employment. The Board (or a subcommittee thereof) shall review the Executive's Base Salary at least annually and shall consider, among other things, increases based on the Executive's performance and the compensation of similarly situated executives at peer companies, which Base Salary may be further increased in the discretion of the Board or a subcommittee thereof, but not reduced, and the term "***Base Salary***" as utilized in this Agreement shall refer to the Base Salary as so increased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Annual Bonus Award</u>. For each calendar year ending during the Employment Period beginning with calendar year 2026, the Executive shall be eligible to earn an annual bonus (an "***Annual Bonus***") consisting of (1) a cash performance bonus (an "***Annual Cash Bonus***") under the Company's bonus plan or program applicable to senior executives for such year and (2) an equity-based compensation award (an "***Annual Equity Award***") under PubCo's 2026 Incentive Award Plan, as amended from time to time, or any successor plan thereto (the "***PubCo Plan***"), as determined by the Board (or a subcommittee thereof), from time to time. Unless otherwise agreed to by the Company and Executive, the Annual Cash Bonus will comprise approximately sixty-five percent (65%) of the amount of the Annual Bonus earned for an applicable year and the Annual Equity Award will comprise the remaining approximately thirty-five percent (35%) of the Annual Bonus earned for an applicable year (calculated based on the grant date fair value of such Annual Equity Award). The Board or such subcommittee shall determine in its sole discretion the grant timing, amount, form(s) and mix, and such other terms and conditions (including vesting, exercise and settlement) applicable to any such Annual Equity Award, taking into account the Executive's and the Company's performance; provided, however, that such terms and conditions (including vesting, exercise and settlement) shall be reasonably consistent with those applicable to other senior executives of the Company. Any such Annual Equity Award shall be evidenced by a separate award agreement in a form prescribed by the Company, to be entered into by PubCo and the Executive; provided that the vesting provisions set forth in Section 4(b)(ii) of this Agreement shall override any contrary terms in such award agreements. The actual amount of any Annual Bonus earned for an applicable year shall be determined by the Board (or a subcommittee thereof) in its discretion, based on the achievement of individual and/or Company performance goals as determined by the Board (or a subcommittee thereof). The payment of any Annual Bonus, to the extent any Annual Bonus becomes payable, will be made on the date on which annual bonuses are paid generally to the Company's senior executives, but in no event later than March 15th of the calendar year following the calendar year in which such Annual Bonus was earned. Except as provided in Section 4(c), payment of the Annual Cash Bonus and grant of the Annual Equity Award shall be subject to the Executive's continued employment through the payment or grant date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Initial Equity Grant</u>. In recognition of the Executive's transition from the partnership structure of Lincoln International, LP and to align the Executive's interests with those of the

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Company as a public company, on or as soon as practicable following the Effective Date (but in no event later than thirty (30) days thereafter), PubCo shall grant the Executive an initial equity award of restricted stock units under the PubCo Plan that has a target grant value of four million five hundred thousand dollars ($4.5 million) (the "***Initial Equity Award***"). The number of restricted stock units subject to the Initial Equity Award will be determined by dividing the target grant value by the initial price per share established in connection with the Company's initial public offering. The Initial Equity Award shall vest over 4 (four) years with 50% vesting on the third (3<sup>rd</sup>) anniversary of the Effective Date and the remaining 50% on the fourth (4<sup>th</sup>) anniversary of the Effective Date, subject to the Executive's continued employment through each such vesting date, except as otherwise provided in Section 4(b)(ii). The Initial Equity Award shall be evidenced by a separate award agreement in a form prescribed by the Company, which agreement shall be consistent with the terms of this Agreement, including without limitation the vesting provisions set forth in Section 4(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Benefits</u>. During the Employment Period, the Executive (and the Executive's spouse and/or eligible dependents to the extent provided in the applicable plans and programs) shall be eligible to participate in and be covered under the health and welfare benefit plans and programs maintained by the Company for the benefit of its employees from time to time, pursuant to the terms of such plans and programs including any medical, life, hospitalization, dental, disability, accidental death and dismemberment and travel accident insurance plans and programs on the same terms and conditions as those applicable to similarly situated senior executives. In addition, during the Employment Period, the Executive shall be eligible to participate in any retirement, savings and other employee benefit plans and programs maintained from time to time by the Company for the benefit of its senior executive officers. Nothing contained in this Section 2(b)(v) shall create or be deemed to create any obligation on the part of the Company to adopt or maintain any health, welfare, retirement or other benefit plan or program at any time or to create any limitation on the Company's ability to modify or terminate any such plan or program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Expenses</u>. During the Employment Period, the Executive shall be entitled to receive prompt reimbursement for all reasonable business expenses incurred by the Executive in connection with the performance of the Executive's duties under this Agreement in accordance with the policies, practices and procedures of the Company provided to employees of the Company; provided, however, for all international business travel, the Executive shall be entitled to travel business class or equivalent at the Company's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Fringe Benefits</u>. During the Employment Period, the Executive shall be eligible to receive such fringe benefits and perquisites as are provided by the Company to its employees from time to time, in accordance with the policies, practices and procedures of the Company, and shall receive such additional fringe benefits and perquisites as the Company may, in its discretion, from time-to-time provide to its senior executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Vacation</u>. During the Employment Period, the Executive shall be entitled to paid vacation in accordance with the plans, policies, programs and practices of the Company applicable to its senior executive officers, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Termination of Employment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Death or Disability</u>. The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. Either the Company or the Executive may terminate the Executive's employment in the event of the Executive's Disability during the Employment Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Termination by the Company</u>. The Company may terminate the Executive's employment during the Employment Period for Cause or without Cause. In the event of a termination without Cause, the Company must provide the Executive one hundred eighty (180) days prior written notice thereof. Provided, however, that the Board shall have the right to relieve the Executive, in whole or in part, of the Executive's duties under this Agreement or to accelerate the date of termination; provided that if the Company accelerates the date of termination, the Company shall (a) provide Executive written notice of such acceleration at least thirty (30) days before the acceleration occurs and (b) pay the Executive a lump sum payment in an amount equal to the pro rata portion of the Executive's Base Salary for the period by which the one hundred eighty (180) day notice period was shortened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination by the Executive</u>. The Executive's employment may be terminated by the Executive for any or no reason, including with Good Reason or by the Executive without Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Termination</u>. Any termination of employment (other than due to the Executive's death), shall be communicated by a Notice of Termination to the other parties hereto given in accordance with Section 12(b). The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, respectively, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing the Executive's or the Company's rights hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination of Offices and Directorships; Return of Property</u>. Upon termination of the Executive's employment for any reason, unless otherwise specified in a written agreement between the Executive and the Company, the Executive shall be deemed to have resigned from all offices, directorships, and other employment positions if any, then held with the Company, and shall take all actions reasonably requested by the Company to effectuate the foregoing. In addition, upon the termination of the Executive's employment for any reason, the Executive agrees to return to the Company all documents of the Company and its Affiliates (and all copies thereof) and all other property of the Company or its Affiliates that the Executive has in the Executive's possession, custody or control. Such property includes, without limitation: (i) any materials of any kind that the Executive knows contain or embody any proprietary or confidential information of the Company or an Affiliate of the Company (and all reproductions thereof), (ii) computers (including, but not limited to, laptop computers, desktop computers and similar devices) and other portable electronic devices (including, but not limited to, tablet computers), cellular phones/smartphones, credit cards, phone cards, entry cards, identification badges and keys, and (iii) any correspondence, drawings, manuals, letters, notes, notebooks, reports, programs, plans, proposals, financial documents, or any other documents concerning the customers, business plans, marketing strategies, products and/or processes of the Company or any of its Affiliates and any information received from the Company or any of its Affiliates regarding third parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Obligations of the Company upon Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accrued Obligations; Equity Awards</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Executive's employment under this Agreement terminates during the Employment Period for any reason, the Company will pay or provide to the Executive: (A) any earned but unpaid Base Salary and accrued vacation time, (B) reimbursement of any business expenses incurred by the Executive prior to the Date of Termination that are reimbursable in

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accordance with Section 2(b)(v), and (C) any vested amounts due to the Executive under any plan, program or policy of the Company (together, the "***Accrued Obligations***"). The Accrued Obligations described in clauses (A) and (B) of the preceding sentence shall be paid within 30 days after the Date of Termination (or such earlier date as may be required by applicable law) and the Accrued Obligations described in clause (C) of the preceding sentence shall be paid in accordance with the terms of the governing plan or program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each outstanding equity or equity-based award granted to the Executive by PubCo that is outstanding and, if applicable, unexercised as of the Date of Termination shall be governed by the applicable award agreement evidencing such award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Qualifying Termination</u>. Subject to Sections 4(d), 4(f) and 12(d), and the Executive's continued compliance with the provisions of Section 7, if the Executive's employment with the Company is terminated during the Employment Period due to a Qualifying Termination, then in addition to the Accrued Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Cash Severance</u>. The Company shall pay the Executive the *"****Severance***", which is defined and will be calculated by the Company as follows: (1) the sum of the Executive's Base Salary and Annual Cash Bonus earned with respect to each of the last three consecutive completed calendar years immediately preceding the Date of Termination (or during such shorter actual time of employment, as applicable); (2) calculate the average of the three twelve-month periods (or such shorter actual time of employment, as applicable) identified in step one to arrive at the "***Average Annual Cash Compensation***"; and (3) multiply by one and half (1.5x) the Average Annual Cash Compensation to arrive at the total gross amount of Severance. The Severance shall be paid in substantially equal installments in accordance with the Company's normal payroll practices over the twenty-four (24)-month period following the Date of Termination, but shall commence on the first normal payroll date following the 60th day following the Date of Termination, and amounts otherwise payable prior to such first payroll date shall be paid on such date without interest thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Equity Awards</u>. Each outstanding time-based vesting equity or equity-based award (including the Initial Equity Award) granted to the Executive by PubCo that is outstanding and, if applicable, unexercised as of the Date of Termination, shall continue to vest according to its terms as if no Qualifying Termination had occurred. The provisions of this Section 4(b)(ii) shall override any contrary terms in individual award agreements evidencing such awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Pro-Rated Bonus</u>. The Company shall pay the Executive, in a single lump sum cash payment within 60 days following the Date of Termination, an amount equal to a pro rata portion of the Executive's Annual Cash Bonus for the partial calendar year in which the Date of Termination occurs (prorated based on the number of days in the calendar year in which the Date of Termination occurs, through the Date of Termination). For purposes of this Section 4(b)(iii), the Annual Cash Bonus shall be deemed to be the average of the Executive's annual cash bonus earned during each of the three consecutive completed calendar years immediately preceding the Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>COBRA</u>. Subject to the Executive's valid election to continue healthcare coverage under Section 4980B of the Code, the Company shall continue to provide, during the COBRA Period, the Executive and the Executive's eligible dependents with coverage under its group health plans at the same levels and the same cost to the Executive as would have applied if the Executive's employment had not been terminated based on the Executive's elections in effect on the Date of

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Termination, <u>provided</u>*,* <u>however</u>, that (A) if any plan pursuant to which such benefits are provided is not, or ceases prior to the expiration of the period of continuation coverage to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A-1(a)(5), or (B) the Company is otherwise unable to continue to cover the Executive under its group health plans without incurring penalties (including without limitation, pursuant to Section 2716 of the Public Health Service Act or the Patient Protection and Affordable Care Act), then, in either case, an amount equal to each remaining Company subsidy shall thereafter be paid to the Executive in substantially equal monthly installments over the continuation coverage period (or the remaining portion thereof). For purposes of this Agreement, "***COBRA Period***" shall mean the period beginning on the Date of Termination and ending on the second anniversary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Death or Disability</u>. If the Executive's employment with the Company terminates as a result of the Executive's death or Disability, then the Executive (or the Executive's estate) shall receive the Accrued Obligations, and, subject to Section 4(d), shall be eligible to receive (i) an amount equal to a pro rata portion of the Executive's Annual Bonus for the partial calendar year in which the Date of Termination occurs, based on the actual achievement of applicable performance goals as determined by the Board (or a subcommittee thereof) (prorated based on the number of days in the calendar year in which the Date of Termination occurs, through the Date of Termination), payable as provided in Section 2(b)(ii), and (ii) (1) in the case of the Executive's death, immediate acceleration and full vesting of all outstanding time-based vesting equity or equity-based awards (including the Initial Equity Award) granted to the Executive by PubCo, which awards shall become fully exercisable or non-forfeitable as of the Date of Termination and (2) in the case of the Executive's Disability, the continued vesting of all outstanding time-based vesting equity or equity-based awards (including the Initial Equity Award) granted to the Executive by PubCo as if such Disability had not occurred, which awards shall become non-forfeitable as of the Date of Termination. The provisions of this Section 4(c) shall override any contrary terms in individual award agreements evidencing such awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Release</u>. Notwithstanding the foregoing, it shall be a condition to the Executive's (or the Executive's estate's) right to receive the amounts provided for in Section 4(b) or 4(c) that the Executive (or the Executive's estate, if applicable) execute and deliver to the Company an effective release of claims in substantially the form attached hereto as <u>Exhibit B</u> (the "***Release***") and the Release becomes irrevocable within 30 days (or, to the extent required by law, 52 days) following the Date of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Terminations</u>. Except as otherwise set forth in a written agreement by and between the Executive and the Company, if the Executive's employment is terminated for any reason not described in Section 4(b) or 4(c), the Company will pay the Executive only the Accrued Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Six-Month Delay</u>. Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including without limitation any severance payments or benefits payable under this Section 4, shall be paid to the Executive during the six-month period following the Executive's Separation from Service if the Company determines that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amounts is delayed as a result of the previous sentence, then on the first day of the seventh month following the date of Separation from Service (or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution, including as a result of the Executive's death), the Company shall pay the Executive a lump-sum amount equal to the cumulative amount that would have otherwise been payable to the Executive during such period.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Exclusive Benefits</u>. Except as expressly provided in this Section 4 and subject to Section 5, the Executive shall not be entitled to any additional payments or benefits upon or in connection with the Executive's termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Non-Exclusivity of Rights. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan, policy, practice or program of or any contract or agreement with the Company at or subsequent to the Date of Termination shall be payable in accordance with such plan, policy, practice or program or contract or agreement except as explicitly modified by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Excess Parachute Payments; Limitation on Payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Best Pay Cap</u>. Notwithstanding any other provision of this Agreement, if any payment or benefit received or to be received by the Executive (including any payment or benefit received in connection with a termination of the Executive's employment, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits, including the payments and benefits under Section 4, being hereinafter referred to as the "***Total Payments***") would be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the "***Excise Tax***"), then, the Total Payments shall be reduced, to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state and local income taxes on such Total Payments and the amount of Excise Tax to which the Executive would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments). If the Total Payments are so reduced, the Company shall reduce or eliminate the Total Payments (A) by first reducing or eliminating the portion of the Total Payments which are not payable in cash (other than that portion of the Total Payments subject to clause (C)), (B) then by reducing or eliminating cash payments (other than that portion of the Total Payments subject to clause (C)) and (C) then by reducing or eliminating the portion of the Total Payments (whether payable in cash or not payable in cash) to which Treasury Regulation § 1.280G-1 Q/A 24(c) (or successor thereto) applies, in each case in reverse order beginning with payments or benefits which are to be paid the farthest in time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Certain Exclusions</u>. For purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner as not to constitute a "payment" within the meaning of Section 280G(b) of the Code shall be taken into account; (ii) no portion of the Total Payments shall be taken into account which, in the written opinion of an independent, nationally recognized accounting firm (the "***Independent Advisors***") selected by the Company, does not constitute a "parachute payment" within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the "base amount" (as defined in Section 280G(b)(3) of the Code) allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Restrictive Covenants. The Executive and the Company agree that the Executive shall remain bound by the provisions of that certain Proprietary Interests Protection Agreement that Executive executed on March 10, 2026 (the "PIPA"), which is incorporated herein by reference and attached hereto as Exhibit C. However, in consideration of the Executive's continued employment with the Company and the Company's agreement to compensate the Executive on the terms set forth in Section 2(b), the Executive and the Company agree that the PIPA is hereby amended to reflect the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Executive shall be bound by the obligations in Sections 6, 7, and 8 of the PIPA during his employment with the Company and for a period of twenty-four (24) months thereafter.

For the avoidance of doubt, except as specifically amended by Sections 7(a) herein, all other provisions of the PIPA shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;Representations. The Executive hereby represents and warrants to the Company that (a) the Executive is entering into this Agreement voluntarily and that the performance of the Executive's obligations hereunder will not violate any agreement between the Executive and any other person, firm, organization or other entity, or any policy, program or code of such other person, firm, organization or other entity, and (b) the Executive is not bound by the terms of any agreement with any previous employer or other party to refrain from competing, directly or indirectly, with the business of such previous employer or other party that would be violated by the Executive's entering into this Agreement and/or providing services to the Company pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement is personal to the Executive and, without the prior written consent of the Company, shall not be assignable by the Executive other than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive's legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall inure to the benefit of and be binding upon the Company and its respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;Certain Definitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Affiliate***" of any particular Person means any other Person directly or indirectly controlling, controlled by, or under common control with such particular Person, where "control" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, by contract, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Board***" means the Board of Directors of PubCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Cause***" means the occurrence of any one or more of the following events, provided that the determination of Cause shall require the affirmative vote of not less than three-quarters of the entire membership of the Board (excluding the Executive) at a meeting of the Board held for such purpose (after reasonable notice is

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provided to the Executive and the Executive is given an opportunity, together with Executive's counsel, to be heard before the Board):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Executive's willful failure to substantially perform the Executive's duties with the Company (other than any such failure resulting from the Executive's incapacity due to physical or mental illness or any such actual or anticipated failure after the Executive's issuance of a Notice of Termination for Good Reason), including the Executive's failure to follow any lawful material directive from the Board within the reasonable scope of the Executive's duties and the Executive's failure to correct the same (if capable of correction, as determined by the Board), within 30 days after a written notice is delivered to the Executive, which demand specifically identifies the manner in which the Board believes that the Executive has not performed the Executive's duties. For the avoidance of doubt, the Executive's failure to satisfy any specific performance goal or metric or the Company's failure to attain any specific level of financial performance shall not constitute a failure to perform for purposes of this clause (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Executive's conviction of, indictment for or entry of a plea of guilty or *nolo contendere* to a felony crime (excluding vehicular crimes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Executive's breach of any material obligation of the Executive under any written agreement with the Company or its Affiliates or under any applicable policy of the Company or its Affiliates that have been provided to or made available to the Executive (including any code of conduct or harassment policies), and the Executive's failure to correct the same (if capable of correction, as determined by the Board), within 30 days after a written notice is delivered to the Executive, which demand specifically identifies the manner in which the Board believes that the Executive has materially breached such agreement or obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any act of fraud, embezzlement, theft or misappropriation from the Company or its Affiliates by the Executive; provided that, for the avoidance of doubt, the occasional, customary and de minimis use of property of the Company or any of its Affiliates for personal purposes shall not constitute fraud, embezzlement, theft or misappropriation for purposes of this clause (iv);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Executive's willful misconduct or gross negligence with respect to any material aspect of the Company's business or a material breach by the Executive of the Executive's fiduciary duty to the Company or its Affiliates, which willful misconduct, gross negligence or material breach has a material and demonstrable adverse effect on the Company or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Change in Control***" has the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "***Code***" means the Internal Revenue Code of 1986, as amended and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "***Date of Termination***" means the date on which the Executive's employment with the Company terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "***Disability***" means that the Executive has become entitled to receive benefits under an applicable Company long-term disability plan or, if no such plan covers the Executive, the Executive's inability, due to physical or mental illness, to perform the essential functions of the Executive's job, with or without a reasonable accommodation for 180 consecutive days.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "***Good Reason***" means the occurrence of any one or more of the following events without the Executive's prior written consent, unless the Company fully corrects the circumstances constituting Good Reason (provided such circumstances are capable of correction) as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a material diminution in the Executive's Base Salary, other than as part of an across the board reduction applicable to the Company's senior executives, and further excluding any voluntary reductions agreed to in writing by the Executive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a change in the geographic location of the Principal Location by more than 25 miles from its existing location by action of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a change in the Executive's title without the Executive's consent or a material diminution in the Executive's authority, responsibilities or duties, as contemplated by this Agreement, including, without limitation, (A) the Executive ceasing to report directly to the Company's Chief Executive Officer, or (B) the Company ceasing to be a public company or ceasing to be traded on the New York Stock Exchange (or similar exchange) following a Change in Control, , and excluding for purposes of this clause (iii) any isolated, insubstantial or inadvertent actions not taken in bad faith and which are remedied by the Company promptly after receipt of notice thereof given by the Executive; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's material breach of this Agreement.

Notwithstanding the foregoing, the Executive will not be deemed to have resigned for Good Reason unless (1) the Executive provides the Company with written notice setting forth in reasonable detail the facts and circumstances claimed by the Executive to constitute Good Reason within 45 days after the date of the occurrence of any event that the Executive knows or should reasonably have known to constitute Good Reason, (2) the Company fails to cure such acts or omissions within 30 days following its receipt of such notice, and (3) the effective date of the Executive's termination for Good Reason occurs no later than 60 days after the expiration of the Company's cure period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "***Notice of Termination***" means a written notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive's employment under the provision so indicated and (iii) if the Date of Termination is other than the date of receipt of such notice, specifies the termination date (which date shall be not more than 30 days after the giving of such notice unless as otherwise provided upon a termination for Good Reason).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "***Person***" means any individual, partnership, corporation, limited liability company, association, joint stock company, trust, joint venture, unincorporated organization, bank, or other entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "***Plan***" means the PubCo Plan, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "***Qualifying Termination***" means a termination of the Executive's employment (i) by the Company without Cause (other than by reason of the Executive's death or Disability), or (ii) by the Executive for Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "***Section 409A***" means Section 409A of the Code and Department of Treasury regulations and other interpretive guidance issued thereunder*.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "***Separation from Service***" means a "separation from service" (within the meaning of Section 409A).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;Indemnification; D&O Insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereby acknowledge that in connection with the execution of this Agreement, they have entered into an Indemnification Agreement (the "***Indemnification Agreement***"), attached hereto as <u>Exhibit D</u>, which became effective as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall maintain directors and officers liability insurance ("***D&O Insurance***") covering the Executive during the Employment Period and for a period of six (6) years following the termination of the Executive's employment for any reason, with coverage limits and terms no less favorable than the coverage provided to other senior executive officers of the Company. The Company shall provide the Executive with written evidence of such coverage upon request. The Company's obligation to maintain D&O Insurance under this Section 11(b) shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Illinois, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

<u>If to the Executive</u>: at the Executive's most recent address on the records of the Company.

<u>If to the Company</u>:

Lincoln International, Inc.

110 N. Wacker Dr., Floor 51

Chicago, IL 60606

Attention: Legal Department

Email: USLegalExternal@lincolninternational.com

or to such other address as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sarbanes-Oxley Act of 2002</u>. Notwithstanding anything herein to the contrary, if the Company determines, in its good faith judgment, that any transfer or deemed transfer of funds hereunder is likely to be construed as a personal loan prohibited by Section 13(k) of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "***Exchange Act***"), then such transfer or deemed transfer shall not be made to the extent necessary or appropriate so as not to violate the Exchange Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Section 409A of the Code</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A. Notwithstanding any provision of this Agreement to the contrary, if the Company determines that any compensation or benefits payable under this Agreement may be subject to Section 409A, the Company shall work in good faith with the Executive to adopt such amendments to this

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Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, including without limitation, actions intended to (A) exempt the compensation and benefits payable under this Agreement from Section 409A, and/or (B) comply with the requirements of Section 409A; <u>provided</u>*,* <u>however</u>*,* that this Section 12(d) shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any right to a series of installment payments pursuant to this Agreement is to be treated as a right to a series of separate payments. To the extent permitted under Section 409A, any separate payment or benefit under this Agreement or otherwise shall not be deemed "nonqualified deferred compensation" subject to Section 409A to the extent provided in the exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision of Section 409A. Any payments subject to Section 409A that are subject to execution of a waiver and release which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination of employment) occurs shall commence payment only in the calendar year in which the consideration period or, if applicable, release revocation period ends, as necessary to comply with Section 409A. All payments of nonqualified deferred compensation subject to Section 409A to be made upon a termination of employment under this Agreement may only be made upon the Executive's Separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that any payments or reimbursements provided to the Executive under this Agreement are deemed to constitute compensation to the Executive to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid or reimbursed reasonably promptly, but not later than December 31 of the year following the year in which the expense was incurred. The amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses that are eligible for payment or reimbursement in any other taxable year, and the Executive's right to such payments or reimbursement of any such expenses shall not be subject to liquidation or exchange for any other benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Severability</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Withholding</u>. The Company may withhold from any amounts payable under this Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>No Waiver</u>. The Executive's or the Company's failure to insist upon strict compliance with any provision of this Agreement or the failure to assert any right the Executive or the Company may have hereunder, including, without limitation, the right of the Executive to terminate employment for Good Reason pursuant to Section 3(c), shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Entire Agreement</u>. As of the Effective Date, this Agreement, constitutes the final, complete and exclusive agreement between the Executive and the Company with respect to the subject matter hereof and replaces and supersedes any and all other agreements, offers or promises, whether oral or written, by any member of the Company and its Affiliates, or representative thereof. Notwithstanding anything herein to the contrary, this

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Agreement and the obligations and commitments hereunder shall neither commence nor be of any force or effect prior to the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Mitigation</u>. The Executive shall not be required to mitigate the amount of any payment or benefit provided for pursuant to this Agreement by seeking other employment or otherwise, and no amounts payable or benefits provided hereunder shall be reduced or offset due to any employment of the Executive following termination of employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Arbitration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any controversy or dispute that establishes a legal or equitable cause of action ("***Arbitration Claim***") between any two or more Persons Subject to Arbitration (as defined below), including any controversy or dispute, whether based on contract, common law, or federal, state or local statute or regulation, arising out of, or relating to the Executive's service or the termination thereof, shall be submitted to final and binding arbitration as the sole and exclusive remedy for such controversy or dispute in accordance with the rules of JAMS pursuant to its Employment Arbitration Rules and Procedures, which are available at http://www.jamsadr.com/rules-employment-arbitration/, and the Company will provide a copy upon the Executive's request. Notwithstanding the foregoing, this Agreement shall not require any Person Subject to Arbitration to arbitrate pursuant to this Agreement any claims: (A) under a Company benefit plan subject to the Employee Retirement Income Security Act, as amended; or (B) as to which applicable law not preempted by the Federal Arbitration Act prohibits resolution by binding arbitration. Either party may seek provisional non-monetary remedies in a court of competent jurisdiction to the extent that such remedies are not available or not available in a timely fashion through arbitration. It is the parties' intent that issues of arbitrability of any dispute shall be decided by the arbitrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "***Persons Subject to Arbitration***" means, individually and collectively, (A) the Executive, (B) any person in privity with or claiming through, on behalf of or in the right of the Executive, (C) the Company, (D) any past, present or future Affiliate, employee, officer, director or agent of the Company, and/or (E) any person or entity alleged to be acting in concert with or to be jointly liable with any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The arbitration shall take place before a single neutral arbitrator at the JAMS office in Chicago, Illinois. Such arbitrator shall be provided through JAMS by mutual agreement of the parties to the arbitration; <u>provided</u> that, absent such agreement, the arbitrator shall be selected in accordance with the rules of JAMS then in effect. The arbitrator shall permit reasonable discovery. The award or decision of the arbitrator shall be rendered in writing; shall be final and binding on the parties; and may be enforced by judgment or order of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Each party will be responsible for its own attorneys' fees and expenses, including travel expenses, except as otherwise provided by law, and the cost of a copy of the reporter's transcript of the proceedings, if desired. The Executive shall pay the applicable filing fee with JAMS. The Company shall bear the arbitrator's fee and expenses and any costs associated with the facilities for the arbitration. Postponement and cancellation fees shall be payable, at the discretion of the arbitrator, by the party causing the postponement or cancellation. The expenses of witnesses shall be paid by the party requiring the presence of such witnesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) THE EXECUTIVE AND THE COMPANY UNDERSTAND THAT BY AGREEING TO ARBITRATE ANY ARBITRATION CLAIM, THEY WILL NOT HAVE THE RIGHT

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TO HAVE ANY ARBITRATION CLAIM DECIDED BY A JURY OR A COURT, BUT SHALL INSTEAD HAVE ANY ARBITRATION CLAIM DECIDED THROUGH ARBITRATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) THE EXECUTIVE AND THE COMPANY WAIVE ANY CONSTITUTIONAL OR OTHER RIGHT TO BRING CLAIMS COVERED BY THIS AGREEMENT OTHER THAN IN THEIR INDIVIDUAL CAPACITIES. EXCEPT AS MAY BE PROHIBITED BY LAW, THIS WAIVER INCLUDES THE ABILITY TO ASSERT CLAIMS AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) This Section 12(j) shall be interpreted to conform to any applicable law concerning the terms and enforcement of agreements to arbitrate service disputes. To the extent any terms or conditions of this Section 12(j) would preclude its enforcement, such terms shall be severed or interpreted in a manner to allow for the enforcement of this Section 12(j). To the extent applicable law imposes additional requirements to allow enforcement of this Section 12(j), this Agreement shall be interpreted to include such terms or conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Amendment; Survival</u>. No amendment or other modification of this Agreement shall be effective unless made in writing and signed by the parties hereto. The respective rights and obligations of the parties under this Agreement shall survive the Executive's termination of employment and the termination of this Agreement to the extent necessary for the intended preservation of such rights and obligations (including without limitation the covenants set forth in Section 7).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Counterparts</u>. This Agreement and any agreement referenced herein may be executed in two or more counterparts, each of which shall be deemed an original but which together shall constitute one and the same instrument.

[**SIGNATURES APPEAR ON FOLLOWING PAGE**]

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IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and, pursuant to the authorization from the Board, the Company has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

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| | |
|:---|:---|
| LINCOLN INTERNATIONAL, INC. | LINCOLN INTERNATIONAL, INC. |
| By: |  |
|  | Name: Robert T. Brown |
|  | Title: Chief Executive Officer |
| LINCOLN INTERNATIONAL LLC | LINCOLN INTERNATIONAL LLC |
| By: |  |
|  | Name: Robert T. Brown |
|  | Title: Chief Executive Officer |
| "EXECUTIVE" | "EXECUTIVE" |

---

Eric D. Malchow

<u>Attachments:</u>

Exhibit A: Exclusivity Carve-Outs

Exhibit B: Release

Exhibit C: PIPA

Exhibit D: Indemnification Agreement

*[Signature Page to Employment Agreement]*

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**<u>EXHIBIT A</u>**

**EXCLUSIVITY CARVE-OUTS**

 1. [●]

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**<u>EXHIBIT B</u>**

**GENERAL RELEASE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Release</u>. For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned does hereby release and forever discharge the "***Releasees***" hereunder, consisting of Lincoln International, Inc., a Delaware corporation ("***PubCo***") and Lincoln International LLC ("***OpCo***") (together with PubCo, the "***Company***"), and the Company's partners, subsidiaries, associates, affiliates, successors, heirs, assigns, agents, directors, officers, employees, representatives, lawyers, insurers, and all persons acting by, through, under or in concert with them, or any of them, of and from any and all manner of action or actions, cause or causes of action, in law or in equity, suits, debts, liens, contracts, agreements, promises, liability, claims, demands, damages, losses, costs, attorneys' fees or expenses, of any nature whatsoever, known or unknown, fixed or contingent (hereinafter called "***Claims***"), which the undersigned now has or may hereafter have against the Releasees, or any of them, by reason of any matter, cause, or thing whatsoever from the beginning of time to the date hereof. The Claims released herein include, without limiting the generality of the foregoing, any Claims in any way arising out of, based upon, or related to the employment or termination of employment of the undersigned by the Releasees, or any of them; any alleged breach of any express or implied contract of employment; any alleged torts or other alleged legal restrictions on Releasees' right to terminate the employment of the undersigned; and any alleged violation of any federal, state or local statute or ordinance including, without limitation, Title VII of the Civil Rights Act of 1964, the Age Discrimination In Employment Act ("***ADEA***"), the Americans With Disabilities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Claims Not Released</u>. Notwithstanding the foregoing, this general release (the "***Release***") shall not operate to release any rights or claims of the undersigned (i) to payments or benefits under Section 4(b) or 4(c) of that certain Employment Agreement, dated as of [●], 2026, between the Company and the undersigned (the "***Employment Agreement***"), with respect to the payments and benefits provided in exchange for this Release, (ii) to payments or benefits under any equity award agreement between the undersigned and PubCo or as a holder of any securities of PubCo, (iii) with respect to Section 2(4(a) of the Employment Agreement, (iv) to accrued or vested benefits the undersigned may have, if any, as of the date hereof under any applicable plan, policy, practice, program, contract or agreement with the Company, (v) to any Claims, including claims for indemnification and/or advancement of expenses arising under any indemnification agreement between the undersigned and the Company or under the bylaws, certificate of incorporation or other similar governing document of the Company, (vi) to any Claims which cannot be waived by an employee under applicable law or (vii) with respect to the undersigned's right to communicate directly with, cooperate with, or provide information to, any federal, state or local government regulator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Exceptions</u>. Notwithstanding anything in this Release to the contrary, nothing contained in this Release shall prohibit the undersigned from (i) filing a charge with, reporting possible violations of federal law or regulation to, participating in any investigation by, or cooperating with any governmental agency or entity or making other disclosures that are protected under the whistleblower provisions of applicable law or regulation and/or (ii) communicating directly with, cooperating with, or providing information (including trade secrets) in confidence to, any federal, state or local government regulator (including, but not limited to, the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission, or the U.S. Department of Justice) for the purpose of reporting or investigating a suspected violation of law, or from providing such information to the undersigned's attorney or in a sealed complaint or other document filed in a lawsuit or other governmental proceeding. Pursuant to 18 USC Section 1833(b), (1) the undersigned will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (y) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal and (2) the undersigned acknowledges that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations</u>. The undersigned represents and warrants that there has been no assignment or other transfer of any interest in any Claim which the undersigned may have against Releasees, or any of them, and the undersigned agrees to indemnify and hold Releasees, and each of them, harmless from any liability, Claims, demands, damages, costs, expenses and attorneys' fees incurred by Releasees, or any of them, as the result of any such assignment or transfer or any rights or Claims under any such assignment or transfer. It is the intention of the parties that this indemnity does not require payment as a condition precedent to recovery by the Releasees against the undersigned under this indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>No Action</u>. The undersigned agrees that if the undersigned hereafter commences any suit arising out of, based upon, or relating to any of the Claims released hereunder or in any manner asserts against Releasees, or any of them, any of the Claims released hereunder, then the undersigned agrees to pay to Releasees, and each of them, in addition to any other damages caused to Releasees thereby, all attorneys' fees incurred by Releasees in defending or otherwise responding to said suit or Claim. Notwithstanding the foregoing, this provision shall not apply to any suit or Claim to the extent it challenges the effectiveness of this release with respect to a claim under the ADEA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>No Admission</u>. The undersigned further understands and agrees that neither the payment of any sum of money nor the execution of this Release shall constitute or be construed as an admission of any liability whatsoever by the Releasees, or any of them, who have consistently taken the position that they have no liability whatsoever to the undersigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>OWBPA</u>. The undersigned agrees and acknowledges that this Release constitutes a knowing and voluntary waiver and release of all Claims the undersigned has or may have against the Company and/or any of the Releasees as set forth herein, including, but not limited to, all Claims arising under the Older Worker's Benefit Protection Act and the ADEA. In accordance with the Older Worker's Benefit Protection Act, the undersigned is hereby advised as follows:

(i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned has read the terms of this Release, and understands its terms and effects, including the fact that the undersigned agreed to release and forever discharge the Company and each of the Releasees, from any Claims released in this Release;

(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned understands that, by entering into this Release, the undersigned does not waive any Claims that may arise after the date of the undersigned's execution of this Release, including without limitation any rights or claims that the undersigned may have to secure enforcement of the terms and conditions of this Release;

(iii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned has signed this Release voluntarily and knowingly in exchange for the consideration described in this Release, which the undersigned acknowledges is adequate and satisfactory to the undersigned and which the undersigned acknowledges is in addition to any other benefits to which the undersigned is otherwise entitled;

(iv) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the Company advises the undersigned to consult with an attorney prior to executing this Release;

(v) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned has been given at least 21 days in which to review and consider this Release. To the extent that the undersigned chooses to sign this Release prior to the expiration of such period, the undersigned acknowledges that the undersigned has done so voluntarily, had sufficient time to consider the Release, to consult with counsel and that the undersigned does not desire additional time and hereby waives the remainder of the 21-day period; and

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(vi) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the undersigned may revoke this Release within seven days from the date the undersigned signs this Release and this Release will become effective upon the expiration of that revocation period if the undersigned has not revoked this Release during such seven-day period. If the undersigned revokes this Release during such seven-day period, this Release will be null and void and of no force or effect on either the Company or the undersigned and the undersigned will not be entitled to any of the payments or benefits which are expressly conditioned upon the execution and non-revocation of this Release. Any revocation must be in writing and sent to the Legal Department, via electronic mail at USLegalExternal@lincolninternational.com, on or before 5:00 p.m. Eastern time on the seventh day after this Release is executed by the undersigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Acknowledgement</u>. The undersigned acknowledges that different or additional facts may be discovered in addition to what is now known or believed to be true by the undersigned with respect to the matters released in this Release, and the undersigned agrees that this Release shall be and remain in effect in all respects as a complete and final release of the matters released, notwithstanding any different or additional facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Release is deemed made and entered into in the State of Illinois, and in all respects shall be interpreted, enforced and governed under the internal laws of the State of Illinois, to the extent not preempted by federal law.

IN WITNESS WHEREOF, the undersigned has executed this Release this ____ day of ___________, ____.

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**<u>EXHIBIT C</u>**

**PIPA**

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**<u>EXHIBIT D</u>**

**INDEMNIFICATION AGREEMENT**

**[**Intentionally Omitted]

## Exhibit 10.14

**Exhibit 10.14** 

May 11, 2026

Robert Barr

Re:&nbsp;&nbsp;&nbsp;&nbsp;Modifications to At-Will Employment Relationship

Dear Rob:

This letter memorializes the parties' agreement regarding modifications to your ongoing at-will employment relationship with Lincoln International LLC ("Lincoln International" or the "Company") due to changes to Lincoln International's and its affiliates' corporate structure. Commencing upon the closing date of an initial public offering of the Company's or its affiliate's securities (the "Effective Date"), the terms and conditions of your employment with Lincoln International are amended and restated in their entirety as set forth in this letter agreement ("Agreement").

**<u>Employment Period</u>**

Effective on the Effective Date, your employment hereunder shall be for a term commencing on the Effective Date and continuing through December 31, 2028 (the "Expiration Date"); provided, that, your employment with the Company is and shall continue on an "at will" basis, subject to the notice provisions set forth below; provided, further, that unless either party provides written notice of its intention not to continue the term of the Agreement, that the term shall continue beyond the Expiration Date on an at-will basis, upon the same terms and conditions, until terminated by either party.

**<u>Base Salary</u>**

You will receive a base salary of $350,000 (your "Base Salary"), less all withholdings and deductions as required or permitted by law, including taxes, payable on a semi-monthly basis in accordance with Lincoln International's standard payroll practices. Such Base Salary may be adjusted from time to time in accordance with normal business practices and at the sole discretion of the Company. You will receive a W-2 for tax purposes and be considered exempt for purposes of the Fair Labor Standards Act, meaning you will not be eligible for overtime pay.

**<u>Bonus and Performance-Based</u> <u>Compensation</u>**

You may be eligible for a discretionary bonus or performance-based compensation as determined by the Board of Directors (the "Board of Directors") of Lincoln International's affiliate, Lincoln International, Inc. ("LI Inc") (or a subcommittee thereof).

You must be employed by Lincoln International (and not have tendered your resignation) on the date any portion of any bonus or performance-based compensation is payable to be eligible to earn and be paid that portion of the bonus or performance-related compensation.

All bonus payments and performance-related compensation are subject to all withholdings and deductions as required or permitted by law, including taxes.

**<u>Responsibilities, Organization and Reporting Relationships</u>**

In your capacity as a Managing Director, you will perform duties and responsibilities that are reasonable and consistent with your current duties and/or as may be assigned to you from time to time by Lincoln International. You will report to the Board.

**<u>Benefits</u>**

You will be eligible to participate in benefit plans and programs in effect from time to time that are made available to other similarly situated employees of Lincoln International, in accordance with and subject to the eligibility and other provisions of such plans and program.

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**<u>Other Terms and Conditions</u>**

<u>Policies and Oversight.</u> As an employee of Lincoln International, you will be required to comply with all Company policies and procedures, which the Company may change or terminate at its discretion at any time without notice. You agree to devote your full business time, attention, and best efforts to the performance of your duties and to the furtherance of Lincoln International's interests. In the event you wish to accept a position as a board member with an organization or conduct any other outside business activity (including positions with charitable organizations), you must submit a request for approval to the Compliance Department before accepting the position. A member of the Compliance Department will evaluate your request in light of any conflicts and approval will not be unreasonably withheld.

<u>Notice</u>. Your employment with Lincoln International will be "at-will", meaning it may be terminated by either party at any time and for any reason. This is not a contract for any definite period of employment. However, Lincoln International agrees to provide you with 12 weeks' written notice of termination, unless Lincoln International in its sole discretion determines that there are grounds for termination for Cause (as defined below), or pay in lieu of notice in an amount equal to your base compensation for 12 weeks at the discretion of the Board. Similarly, in consideration for any bonus payments you agree to provide 12 weeks' written notice of resignation and you agree not to begin working for another person or entity during the notice period or to allow your name to be associated with another person or entity during the notice period. During the notice period, Lincoln International reserves the rights, in its discretion, to require you to perform no or limited duties, to remain offsite, and to have no contact with Lincoln International personnel, clients or potential clients for which you participated in a proposal to provide services to such potential clients during your employment with Lincoln International. Except as set forth above, during the notice period you will receive your normal base compensation and benefits (unless, for the avoidance of doubt, the Company elects to pay you in lieu of notice as set forth above).

For purposes hereof, "Cause" shall mean (a) the Financial Industry Regulatory Authority of the United States ("FINRA") terminates your "Principal" or "Registered Representative" License or such license lapses and you fail to reinstate such license within a reasonable period of time after proper notice that such license has lapsed, where the services provided by you to the Company or any of its subsidiaries or affiliates require such license; (b) you commit any fraud, act of bad faith, theft of Lincoln International property, or property of any of its subsidiaries or affiliates, or make a misrepresentation of material fact that results in a loss in excess of $2,500; (c) your indictment, conviction of, or entry of a plea of guilty or no contest with respect to a felony or any lesser crime of which fraud or dishonesty is a material element; (d) your violation of any of the codes, policies or procedures of Lincoln International or of any of its subsidiaries or affiliates or any Federal or State laws and regulations regarding the hiring or treatment of employees; (e) your intoxication while engaged in the performance of any duties on behalf of Lincoln International or its subsidiaries or affiliates or which interferes with your ability to perform your assigned duties or responsibilities, or use of illegal drugs; or (f) your breach or violation of any employment or similar agreement with Lincoln or any of its subsidiaries or affiliates or any covenant or obligation pertaining to non-competition, non-solicitation of clients and/or employees, non-service of clients, assignment of intellectual property, or confidentiality owing to the Lincoln International or any of its subsidiaries or affiliates (including, without limitation, any Proprietary Interests Protection Agreement you entered into with Lincoln International or any of its subsidiaries or affiliates).

<u>Governing</u> <u>Law,</u> <u>Jurisdiction,</u> <u>Venue</u>. This Agreement shall be governed by and construed in accordance with the laws of the state in which you reside, without regard to conflicts-of-laws principles, rules or statutes of any jurisdiction. The exclusive venue for any litigation between you and Lincoln International for any dispute arising out of this Agreement shall be the state or federal courts located in the state in which you reside and you hereby consent to any such court's exercise of personal jurisdiction over you for such purpose. Notwithstanding the foregoing, the governing law and venue for any dispute relating to or arising out of equity awards shall be subject to the governing law and venue provisions set forth in the award agreement and any applicable equity plan then in effect.

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<u>Waiver</u> <u>of</u> <u>Jury</u> <u>Trial</u>. You and Lincoln International hereby knowingly, voluntarily and intentionally waive the right to a trial by jury with respect to any litigation relating to or arising out of this Agreement and/or your employment with Lincoln International and/or any of its affiliates.

<u>Severability</u>. The various provisions of this Agreement are severable and shall be interpreted in such manner as to be effective and valid under applicable law. If any provision or sub-provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule, such invalidity, illegality or unenforceability shall not affect any other provision or sub-provision of this Agreement. In the event a court of competent jurisdiction determines that any provision hereof is excessively broad, it is expressly agreed that such provision shall be construed so that the remaining provisions hereof shall not be affected by any such determination, but shall remain in full force and effect, and any such overbroad provision(s) shall be deemed, without further action on the part of any party, to be modified, amended and/or limited, but only to the extent necessary to render the same valid and enforceable in such jurisdiction. Further a court of competent jurisdiction may modify any such overbroad provision to the extent necessary to make the provision enforceable according to applicable law and enforce the provision as modified.

<u>Waivers</u>. The waiver by either party of a breach by the other party of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by the other party.

<u>Binding</u> <u>Effect</u>. This Agreement and all of the provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the parties.

<u>Entire</u> <u>Agreement</u>. Except as set forth below, this Agreement embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings between you and Lincoln International or any affiliate thereof governing your employment relationship with Lincoln International or such affiliate. Notwithstanding the foregoing, nothing in this Agreement shall be deemed: (i) an amendment, consent, waiver, release or modification of any term of any Proprietary Interests Protection Agreement or other agreement pertaining to restrictive covenants that you entered into with Lincoln International or an affiliate thereof (collectively, "Restrictive Covenant Agreement") and such agreements shall survive this Agreement, remain unchanged and in full force and effect; and (ii) a termination of any employment relationship or association with Lincoln International or its affiliates. For the avoidance of doubt, the restricted period(s) in any Restrictive Covenant Agreement shall not commence until the conclusion of your employment relationship with Lincoln International, which remains ongoing as set forth in this letter. This Agreement shall not be amended orally, but only by a written instrument executed by you and a duly authorized officer of the Company.

<u>Construction</u>. Unless the context of this Agreement otherwise requires, words of any gender include each other gender; and words using the singular or plural number also include the plural or singular number, respectively. In the event any ambiguity or question of intent or interpretation arises under this Agreement, this Agreement shall be construed as if drafted by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

**<u>Conclusion</u>**

Nothing in this letter obligates either you or Lincoln International to any definite employment period, or changes either party's rights to terminate our association at any time and for any reason, except as provided for in this Agreement.

We believe you will continue to make a significant contribution to the development of Lincoln International's investment banking franchise. We look forward to hearing from you.

------

---

| |
|:---|
| Sincerely, |
| Lincoln International LLC |
| /s/ Robert T. Brown |
| Robert T. Brown |
| CEO |

---

Please acknowledge your acceptance of these terms of this Agreement and the related terms of employment by signing the enclosed copy of this letter in the space marked for your signature below.

AGREED AND ACCEPTED BY:

---

| | |
|:---|:---|
| Name: | Rob Barr |
| Signature: | /s/ Rob Barr |

---

## Exhibit 10.15

**Exhibit 10.15**

May 11, 2026

Lawrence James Lawson III

Re:&nbsp;&nbsp;&nbsp;&nbsp;Modifications to At-Will Employment Relationship

Dear Jim:

This letter memorializes the parties' agreement regarding modifications to your ongoing at-will employment relationship with Lincoln International LLC ("Lincoln International" or the "Company") due to changes to Lincoln International's and its affiliates' corporate structure. Commencing upon the closing date of an initial public offering of the Company's or its affiliate's securities (the "Effective Date"), the terms and conditions of your employment with Lincoln International are amended and restated in their entirety as set forth in this letter agreement ("Agreement").

**<u>Employment Period</u>**

Effective on the Effective Date, your employment hereunder shall be for a term commencing on the Effective Date and continuing through the third anniversary thereof (the "Expiration Date"); provided, that, your employment with the Company is and shall continue on an "at will" basis, subject to the notice provisions set forth below; provided, further, that unless either party provides written notice of its intention not to continue the term of the Agreement, that the term shall continue beyond the Expiration Date on an at-will basis, upon the same terms and conditions, until terminated by either party.

**<u>Base Salary</u>**

You will receive a base salary of $350,000 (your "Base Salary"), less all withholdings and deductions as required or permitted by law, including taxes, payable on a semi-monthly basis in accordance with Lincoln International's standard payroll practices. Such Base Salary may be adjusted from time to time in accordance with normal business practices and at the sole discretion of the Company. You will receive a W-2 for tax purposes and be considered exempt for purposes of the Fair Labor Standards Act, meaning you will not be eligible for overtime pay.

**<u>Bonus and Performance-Based</u> <u>Compensation</u>**

You may be eligible for a discretionary bonus or performance-based compensation as determined by the Board of Directors (the "Board of Directors") of Lincoln International's affiliate, Lincoln International, Inc. ("LI Inc") (or a subcommittee thereof).

You must be employed by Lincoln International (and not have tendered your resignation) on the date any portion of any bonus or performance-based compensation is payable to be eligible to earn and be paid that portion of the bonus or performance-related compensation.

All bonus payments and performance-related compensation are subject to all withholdings and deductions as required or permitted by law, including taxes.

**<u>Responsibilities, Organization and Reporting Relationships</u>** 

In your capacity as Executive Chairman, you will perform duties and responsibilities that are reasonable and consistent with your current duties and/or as may be assigned to you from time to time by Lincoln International. You will report to the Board.

**<u>Benefits</u>**

You will be eligible to participate in benefit plans and programs in effect from time to time that are made available to other similarly situated employees of Lincoln International, in accordance with and subject to the eligibility and other provisions of such plans and program.

------

**<u>Other Terms and Conditions</u>**

<u>Policies and Oversight.</u> As an employee of Lincoln International, you will be required to comply with all Company policies and procedures, which the Company may change or terminate at its discretion at any time without notice. You agree to devote your full business time, attention, and best efforts to the performance of your duties and to the furtherance of Lincoln International's interests. In the event you wish to accept a position as a board member with an organization or conduct any other outside business activity (including positions with charitable organizations), you must submit a request for approval to the Compliance Department before accepting the position. A member of the Compliance Department will evaluate your request in light of any conflicts and approval will not be unreasonably withheld.

<u>Notice</u>. Your employment with Lincoln International will be "at-will", meaning it may be terminated by either party at any time and for any reason. This is not a contract for any definite period of employment. However, Lincoln International agrees to provide you with 12 weeks' written notice of termination, unless Lincoln International in its sole discretion determines that there are grounds for termination for Cause (as defined below), or pay in lieu of notice in an amount equal to your base compensation for 12 weeks at the discretion of the Board. Similarly, in consideration for any bonus payments you agree to provide 12 weeks' written notice of resignation and you agree not to begin working for another person or entity during the notice period or to allow your name to be associated with another person or entity during the notice period. During the notice period, Lincoln International reserves the rights, in its discretion, to require you to perform no or limited duties, to remain offsite, and to have no contact with Lincoln International personnel, clients or potential clients for which you participated in a proposal to provide services to such potential clients during your employment with Lincoln International. Except as set forth above, during the notice period you will receive your normal base compensation and benefits (unless, for the avoidance of doubt, the Company elects to pay you in lieu of notice as set forth above).

For purposes hereof, "Cause" shall mean (a) the Financial Industry Regulatory Authority of the United States ("FINRA") terminates your "Principal" or "Registered Representative" License or such license lapses and you fail to reinstate such license within a reasonable period of time after proper notice that such license has lapsed, where the services provided by you to the Company or any of its subsidiaries or affiliates require such license; (b) you commit any fraud, act of bad faith, theft of Lincoln International property, or property of any of its subsidiaries or affiliates, or make a misrepresentation of material fact that results in a loss in excess of $2,500; (c) your indictment, conviction of, or entry of a plea of guilty or no contest with respect to a felony or any lesser crime of which fraud or dishonesty is a material element; (d) your violation of any of the codes, policies or procedures of Lincoln International or of any of its subsidiaries or affiliates or any Federal or State laws and regulations regarding the hiring or treatment of employees; (e) your intoxication while engaged in the performance of any duties on behalf of Lincoln International or its subsidiaries or affiliates or which interferes with your ability to perform your assigned duties or responsibilities, or use of illegal drugs; or (f) your breach or violation of any employment or similar agreement with Lincoln or any of its subsidiaries or affiliates or any covenant or obligation pertaining to non-competition, non-solicitation of clients and/or employees, non-service of clients, assignment of intellectual property, or confidentiality owing to the Lincoln International or any of its subsidiaries or affiliates (including, without limitation, any Proprietary Interests Protection Agreement you entered into with Lincoln International or any of its subsidiaries or affiliates).

<u>Governing</u> <u>Law,</u> <u>Jurisdiction,</u> <u>Venue</u>. This Agreement shall be governed by and construed in accordance with the laws of the state in which you reside, without regard to conflicts-of-laws principles, rules or statutes of any jurisdiction. The exclusive venue for any litigation between you and Lincoln International for any dispute arising out of this Agreement shall be the state or federal courts located in the state in which you reside and you hereby consent to any such court's exercise of personal jurisdiction over you for such purpose. Notwithstanding the foregoing, the governing law and venue for any dispute relating to or arising out of equity awards shall be subject to the governing law and venue provisions set forth in the award agreement and any applicable equity plan then in effect.

------

<u>Waiver</u> <u>of</u> <u>Jury</u> <u>Trial</u>. You and Lincoln International hereby knowingly, voluntarily and intentionally waive the right to a trial by jury with respect to any litigation relating to or arising out of this Agreement and/or your employment with Lincoln International and/or any of its affiliates.

<u>Severability</u>. The various provisions of this Agreement are severable and shall be interpreted in such manner as to be effective and valid under applicable law. If any provision or sub-provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule, such invalidity, illegality or unenforceability shall not affect any other provision or sub-provision of this Agreement. In the event a court of competent jurisdiction determines that any provision hereof is excessively broad, it is expressly agreed that such provision shall be construed so that the remaining provisions hereof shall not be affected by any such determination, but shall remain in full force and effect, and any such overbroad provision(s) shall be deemed, without further action on the part of any party, to be modified, amended and/or limited, but only to the extent necessary to render the same valid and enforceable in such jurisdiction. Further a court of competent jurisdiction may modify any such overbroad provision to the extent necessary to make the provision enforceable according to applicable law and enforce the provision as modified.

<u>Waivers</u>. The waiver by either party of a breach by the other party of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by the other party.

<u>Binding</u> <u>Effect</u>. This Agreement and all of the provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the parties.

<u>Entire</u> <u>Agreement</u>. Except as set forth below, this Agreement embodies the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings between you and Lincoln International or any affiliate thereof governing your employment relationship with Lincoln International or such affiliate. Notwithstanding the foregoing, nothing in this Agreement shall be deemed: (i) an amendment, consent, waiver, release or modification of any term of any Proprietary Interests Protection Agreement or other agreement pertaining to restrictive covenants that you entered into with Lincoln International or an affiliate thereof (collectively, "Restrictive Covenant Agreement") and such agreements shall survive this Agreement, remain unchanged and in full force and effect; and (ii) a termination of any employment relationship or association with Lincoln International or its affiliates. For the avoidance of doubt, the restricted period(s) in any Restrictive Covenant Agreement shall not commence until the conclusion of your employment relationship with Lincoln International, which remains ongoing as set forth in this letter. This Agreement shall not be amended orally, but only by a written instrument executed by you and a duly authorized officer of the Company.

<u>Construction</u>. Unless the context of this Agreement otherwise requires, words of any gender include each other gender; and words using the singular or plural number also include the plural or singular number, respectively. In the event any ambiguity or question of intent or interpretation arises under this Agreement, this Agreement shall be construed as if drafted by the parties and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

**<u>Conclusion</u>**

Nothing in this letter obligates either you or Lincoln International to any definite employment period, or changes either party's rights to terminate our association at any time and for any reason, except as provided for in this Agreement.

We believe you will continue to make a significant contribution to the development of Lincoln International's investment banking franchise. We look forward to hearing from you.

------

---

| |
|:---|
| Sincerely, |
| Lincoln International LLC |
| /s/ Robert T. Brown |
| Robert T. Brown |
| CEO |

---

Please acknowledge your acceptance of these terms of this Agreement and the related terms of employment by signing the enclosed copy of this letter in the space marked for your signature below.

AGREED AND ACCEPTED BY:

---

| | |
|:---|:---|
| Name: | Jim Lawson |
| Signature: | /s/ Jim Lawson |

---

## Exhibit 10.16

**Exhibit 10.16**

**VOTING AGREEMENT**

This VOTING AGREEMENT (this "**Agreement**"), is made and entered into as of May [ 🟇 ], 2026, by and among each of Lawrence James Lawson III, Robert B. Barr, the Robert B. Barr 2025 GRAT, Robert T. Brown, and Eric D. Malchow (the "**Controlling Stockholders**"), and Lincoln International, Inc., a Delaware corporation (the "**Company**"). Unless otherwise specified herein, all capitalized terms used but not otherwise defined in this Agreement shall have the respective meanings ascribed to such terms in the Company's Amended and Restated Certificate of Incorporation, dated as of the date hereof (as may be amended from time to time, the "**Restated Certificate**").

<u>RECITALS</u>

**WHEREAS**, immediately following the completion of the Company's initial public offering, the Controlling Stockholders will collectively hold capital stock representing more than fifty percent (50%) of the voting power of all of the then-outstanding shares of capital stock of the Company; and

**WHEREAS**, the Controlling Stockholders and the Company wish to enter into this Agreement concerning the voting of shares of capital stock of the Company held by the Controlling Stockholders in connection with the election of members of the Board of Directors of the Company (the "**Board**").

<u>AGREEMENT</u>

**NOW, THEREFORE**, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Provisions Regarding the Election of Directors</u>. Each Controlling Stockholder, in their capacity as stockholders of the Company and not in any other capacity, agrees to vote, or cause to be voted, all shares of capital stock of the Company that such Controlling Stockholder directly or indirectly owns or over which such Controlling Stockholder has voting control, from time to time and at all times, in favor of the election of each individual nominated by the Board and submitted for approval by the Company's stockholders in accordance with the Company's Restated Certificate and the Company's Amended and Restated Bylaws to serve as director, whether by written consent or at a special or annual meeting of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Term</u>. This Agreement shall be effective as of the date hereof and shall continue in effect until and shall terminate upon the earliest to occur of (a) the mutual written agreement of the Company and the Controlling Stockholders and (b) the date on which the Controlling Stockholders collectively hold capital stock representing fifty percent (50%) or less of the voting power of all of the then-outstanding shares of capital stock of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Further Assurances</u>. Each party hereto agrees to cooperate with each other and, at the request of any other party hereto, execute and deliver such further documents and instruments and take all

------

such further actions as any other party may reasonably request in order to evidence or effectuate the provisions of the Agreement and to otherwise carry out the intent of the parties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>. If any provision of this Agreement, or the application of such provision to any person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other persons or circumstances or in other jurisdictions shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. This Agreement shall be governed by the internal law of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement of this Agreement</u>. Each party to this Agreement shall have the right to enforce the terms and conditions of this Agreement against any other party in the event of a breach or threatened breach by such other party. In the event that any party (the "**Non-Breaching Party**") determines that another party (the "**Breaching Party**") has failed to perform or comply with any of its obligations under this Agreement, the Non-Breaching Party shall be entitled to pursue any and all remedies available at law or in equity. The parties acknowledge and agree that a breach of this Agreement may cause irreparable harm for which monetary damages alone would be an inadequate remedy, and accordingly, the Non-Breaching Party shall be entitled to seek equitable relief, including injunction and specific performance, without the necessity of proving actual damages or posting any bond or other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Titles and Subtitles</u>. The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified; (b) when sent by e-mail or confirmed facsimile if sent during normal business hours of the recipient, and, if not, then on the next Business Day (as defined below); (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid; or (d) one Business Day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. "**Business Day**" means any day, other than a Saturday, Sunday or any other day on which commercial banks located in the State of New York are authorized or obligated by law or executive order to close. All communications shall be sent to such party's address as set forth

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below or at such other address as the party shall have furnished to each other party in writing in accordance with this provision:

If to the Company, to:

Lincoln International, Inc.

110 North Wacker Drive, 51st Floor

Chicago, Illinois 60606Telephone: (312) 796-8550

Attn: Kristin M. Marvin, General Counsel

E-mail:

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

E-mail: Steven.Stokdyk@lw.com and Scott.Westhoff@lw.com

If to Lawrence James Lawson III, addressed as follows:

Lawrence James Lawson III

c/o Lincoln International, Inc.

110 North Wacker Drive, 51st Floor

Chicago, Illinois 60606

Telephone: (312) 796-8550

Attn: Kristin M. Marvin, General Counsel

E-mail:

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

E-mail: Steven.Stokdyk@lw.com and Scott.Westhoff@lw.com

If to Robert B. Barr or to the Robert B. Barr 2025 GRAT, addressed as follows:

Robert B. Barr

c/o Lincoln International, Inc.

110 North Wacker Drive, 51st Floor

Chicago, Illinois 60606

Telephone: (312) 796-8550

Attn: Kristin M. Marvin, General Counsel

E-mail:

------

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

E-mail: Steven.Stokdyk@lw.com and Scott.Westhoff@lw.com

If to Robert T. Brown, addressed as follows:

Robert T. Brown

c/o Lincoln International, Inc.

110 North Wacker Drive, 51st Floor

Chicago, Illinois 60606

Telephone: (312) 796-8550

Attn: Kristin M. Marvin, General Counsel

E-mail:

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

E-mail: Steven.Stokdyk@lw.com and Scott.Westhoff@lw.com

If to Eric D. Malchow, addressed as follows:

Eric D. Malchow

c/o Lincoln International, Inc.

110 North Wacker Drive, 51st Floor

Chicago, Illinois 60606

Telephone: (312) 796-8550

Attn: Kristin M. Marvin, General Counsel

E-mail:

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

Latham & Watkins LLP

330 North Wabash Avenue, Suite 2800

Chicago, Illinois 60611

Attn: Steven B. Stokdyk and Scott W. Westhoff

E-mail: Steven.Stokdyk@lw.com and Scott.Westhoff@lw.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Withdrawal</u>. Any Controlling Stockholder may withdraw from this Agreement upon sixty (60) days' written notice to the Company and each other Controlling Stockholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent Required to Amend, Modify, Terminate or Waive</u>. This Agreement may be amended, modified or terminated and the observance of any term hereof may be waived (either

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generally or in a particular instance and either retroactively or prospectively) only by a written instrument executed by each Controlling Stockholder and the Company.

**[SIGNATURE PAGES FOLLOW]**

------

IN WITNESS WHEREOF, the parties have executed this Voting Agreement as of the date first written above.

---

| |
|:---|
| **LINCOLN INTERNATIONAL, INC.** |
| By: |
| Name: |
| Title: |

---

**SIGNATURE PAGE TO VOTING AGREEMENT**

------

IN WITNESS WHEREOF, the parties have executed this Voting Agreement as of the date first written above.

---

| |
|:---|
| **<u>CONTROLLING STOCKHOLDERS</u>** |
| **Lawrence James Lawson III** |
| By: |
| **Robert B. Barr** |
| By: |
| **ROBERT B. BARR 2025 GRAT** |
| By: |
| Name: |
| Title: |
| **Robert T. Brown** |
| By: |
| **Eric D. Malchow** |
| By: |

---

**SIGNATURE PAGE TO VOTING AGREEMENT**

## Exhibit 21.1

**Exhibit 21.1**

**Subsidiaries of Registrant**

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| | |
|:---|:---|
| **Legal Name\*** | **Jurisdiction of Incorporation** |
| Lincoln International, LP | Delaware |
| Lincoln International Parent B.V. | Netherlands |
| Marsh, Berry & Company, LLC | Ohio |
| Lincoln International LLC | Illinois |
| Lincoln Partners Advisors LLC | Illinois |
| Lincoln International GmbH | Germany |

---

\* This list omits subsidiaries that would not constitute a "significant subsidiary" pursuant to Rule 102(w) of Regulation S-X.

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use in this Registration Statement No. 333-295322 on Form S-1 of our report dated March 23, 2026, relating to the financial statements of Lincoln International, Inc. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Chicago, Illinois

May 11, 2026

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED ACCOUNTING FIRM**

We consent to the use in this Registration Statement No. 333-295322 on Form S-1 of our report dated March 23, 2026, relating to the financial statements of Lincoln International, LP. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Chicago, Illinois

May 11, 2026

## Exhibit 23.3

**Exhibit 23.3**

**CONSENT OF INDEPENDENT AUDITORS**

We consent to the use in this Registration Statement No. 333-295322 on Form S-1 of our report dated March 20, 2026, relating to the financial statements of MarshBerry Holding Company, LLC. We also consent to the reference to us under the heading "Experts" in such Registration Statement.

/s/ Deloitte & Touche LLP

Chicago, Illinois

May 11, 2026

<br>