Document:

Exhibit 10.1

 

TAX RECEIVABLE AGREEMENT

 

BY AND AMONG

 

GREENSKY, INC.,

 

GREENSKY HOLDINGS, LLC,

 

GREENSKY, LLC,

 

and

 

[THE UNDERSIGNED BENEFICIARIES],

 

Dated as of • , 2018

    	 

    	

    

TAX RECEIVABLE AGREEMENT

 

This TAX RECEIVABLE
AGREEMENT (as it may be amended, restated, supplemented and/or otherwise modified from time to time, this “Agreement”),
dated as of • , 2018, is hereby entered into by and among GreenSky, Inc. a Delaware corporation (“Parent”),
GreenSky Holdings, LLC, a Georgia limited liability company (the “Company”), GreenSky, LLC, a Georgia limited
liability company (“GSLLC”), the Blocker Corporation Owners (as hereinafter defined), and each Person that is
listed on Exhibit A hereto as one of the Sellers (other than the Blocker Corporations), (each such Person listed on Exhibit
A hereto, a “Beneficiary”, collectively, the “Beneficiaries”). Each of Parent, the Company,
GSLLC, the Blocker Corporation Owners, and each Beneficiary is referred to as a “TRA Party” and, collectively,
as the “TRA Parties”. All capitalized terms used but not defined herein shall have the meanings ascribed to
them in the Registration Statement or the Form S-1, which includes a Prospectus, filed by Parent on [Date], as amended, with the
Securities and Exchange Commission (Registration No. 333- •) (the “Prospectus”).

 

RECITALS

 

WHEREAS, as of [ --,
2018], Parent, the Company, GSLLC, the Sellers, the Blocker Corporations, the Blocker Corporation Owners, and certain other parties
engaged in and completed the Reorganization Transactions;

 

WHEREAS, in connection
with the Reorganization Transactions, the Company Units were recapitalized and the membership interests of the Company consist
of a single class of common units (“Company Common Units”);

 

WHEREAS, immediately
following the Reorganization Transactions the Company is treated as a partnership for U.S. federal income tax purposes;

 

WHEREAS, immediately
following the Reorganization Transactions GSLLC is treated as an entity that is disregarded as separate from its owner (the Company)
for U.S. federal income tax purposes;

 

WHEREAS, the Sellers
include all the members of the Company (other than the Blocker Corporations) and, together with the Blocker Corporations, immediately
prior to the Reorganization Transactions, hold all of the issued and outstanding Class A Units, Class B Units and Class C Units
of the Company (the “Company Units”, and such members, the “Company Members”);

 

WHEREAS, in connection
with the Offering pursuant to the Prospectus and after the Reorganization Transactions, Parent contributed cash to the Company
in exchange for [--]% of the Common Company Units (the “Contribution”) and purchased [--]% of the Common Company
Units from the Sellers (the “Sale”) and various other actions occurred;

 

WHEREAS, as a result
of the Reorganization Transactions, Parent’s acquisition of Company Common Units and certain other transactions entered into
in connection therewith, (i) Parent will be the managing member of the Company, (ii) Parent will directly and indirectly own

    	 

    	

    

Company Common Units,
and (iii) the Sellers, Blocker Corporations, Profits Interest Holders, and Warrant Holders will own the remaining issued and outstanding
Company Common Units;

 

WHEREAS, pursuant to
the Reorganization Transactions and the Exchange Agreement, the Company Common Units and Parent Class B Common Stock held by Sellers
(other than Blocker Corporations), Profits Interest Holders, and Warrant Holders are exchangeable for Parent Class A Common Stock
or cash in the manner set forth in the Exchange Agreement;

 

WHEREAS, the Blocker
Corporations owned the rights to the Inherited Tax Attributes (as hereinafter defined) immediately prior to the Blocker Mergers;

 

WHEREAS, each Blocker
Merger is intended to qualify as a reorganization within the meaning of Section 368 of the Code;

 

WHEREAS, for U.S. federal
income tax purposes, it is intended that (a) the Sale shall give rise to Basis Adjustments (as defined below) (other than with
respect to the Blocker Corporations) and generally shall be treated as a transfer of Company Common Units by each applicable Beneficiary
to Parent and (b) the exchange of Company Common Units pursuant to the Exchange Agreement generally shall be treated as a sale
by the Beneficiaries and as a purchase by Parent of Company Common Units, in each case described in Section 741 of the Code (including,
for the avoidance of doubt, a disguised sale of the Company Common Units pursuant to Section 707(a)(2)(B) of the Code);

 

WHEREAS, the Company
and each of its direct or indirect Subsidiaries (that is owned through a chain of pass-through entities) that is treated as a partnership
for U.S. federal income tax purposes (collectively, the “Company Group”) will have in effect an election under
Section 754 of the Code for the year of the Sale and for each Taxable Year in which an Exchange occurs;

 

WHEREAS, the Sale resulted
in, and any Exchange (and the receipt of certain payments under this Agreement) may result in (i) an increase in Parent’s
proportionate share of the existing tax basis of the assets owned by the Company Group and (ii) an adjustment in the tax basis
of the assets of the Company Group reflected in that proportionate share as of the date of the Sale or the Exchange (such time,
the “Exchange Date”), with a consequent impact on the taxable income subsequently derived therefrom; and

 

WHEREAS, the Parties
to this Agreement desire to provide for certain payments and make certain arrangements with respect to any tax benefits to be derived
by Parent and its subsidiaries (including the Company and its subsidiaries, as applicable and without duplication (but, in each
case, only with respect to Taxes imposed on the Company that are allocable to Parent or to members of the consolidated, combined,
affiliated or unitary group of which Parent is the common parent) as the result of the Sale, the Blocker Merger, the Exchanges
and the making of payments under this Agreement.

 

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

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ARTICLE
I

DEFINITIONS

 

1.1 Definitions.
As used in this Agreement, the terms set forth in this Article I shall have the following meanings.

 

“Actual Interest
Amount” means the amount of any Extension Rate Interest calculated in respect of the Net Tax Benefit for a Taxable Year.

 

“Actual Tax
Liability” means, with respect to any Taxable Year, the liability for Covered Taxes of Parent and its subsidiaries (including
the Company and its subsidiaries, as applicable and without duplication (but, in each case, only with respect to Taxes imposed
on the Company that are allocable to Parent or to members of the consolidated, combined, affiliated or unitary group of which Parent
is the common parent) (a) appearing on Tax Returns of Parent for such Taxable Year and (b) if applicable, determined in accordance
with a Determination (including interest imposed in respect thereof under applicable law).

 

“Advisory Firm”
means an accounting firm that is nationally recognized as being expert in Covered Tax matters, selected by Parent.

 

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

 

“Agreed Rate”
means the Reference Rate plus 100 basis points.

 

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

 

“Amended Schedule”
is defined in Section 2.6(b) of this Agreement.

 

“Arbitrators”
is defined in Section 7.8(a) of this Agreement.

 

“Attributable”
is defined in Section 3.1(b)(i) of this Agreement.

 

“Attribute
Limitations” is defined in Section 2.4(a) of this Agreement.

 

“Audit Committee”
means the audit committee of the Board.

 

“Basis Adjustment”
means the increase or decrease to the tax basis of, or Parent’s share of the tax basis of, the Reference Assets (i) under
Sections 734(b), 743(b), 754, and 755 (but, in each case, only to the extent that an Exchange or the Sale is treated as an event
that gives rise to such adjustment) of the Code and, in each case, the comparable sections of U.S. state and local and foreign
tax law (in situations where, following an Exchange, the Company remains in existence as an entity for Tax purposes) and (ii) under
Sections 732 and 1012 of the Code and, in each case, the comparable sections of U.S. state and local and foreign tax law (in situations
where, as a result of one or more Exchanges, the Company becomes an entity that is disregarded as separate from its owner for Tax
purposes), in each case as a result of the Sale or any Exchange (and, without duplication, as a result of any basis adjustment
to which Parent succeeds in

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connection with the Sale
or an Exchange, including pursuant to Proposed Treasury Regulations Section 1.743-1(f)(2) and any subsequent similar guidance and
comparable sections of U.S. state and local income and franchise tax law) and, in each case, any payments made under this Agreement.
Notwithstanding any other provision of this Agreement, the amount of any Basis Adjustment resulting from an Exchange shall be determined
without regard to any Pre-Exchange Transfer, and as if any such Pre-Exchange Transfer had not occurred.

 

“Basis Schedule”
is defined in Section 2.3 of this Agreement.

 

“Beneficial
Owner” 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 and/or (ii) investment power, which includes the power to dispose of, or to direct the disposition of,
such security.

 

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

 

“Beneficiary
Advisory Firm” means an accounting firm that is nationally recognized as being expert in Covered Tax matters, selected
by the Beneficiary Representative or the Significant Beneficiaries, as applicable; provided that such accounting firm shall
be different from the accounting firm serving as the Advisory Firm.

 

“Beneficiary
Representative” means SRS Acquiom.

 

“Blocker Owner
Advisory Firm” means an accounting firm that is nationally recognized as being expert in Covered Tax matters, selected
by the applicable Blocker Corporation Owner; provided that such accounting firm shall be different from the accounting firm
serving as the Advisory Firm.

 

“Blocker Corporations”
means Blocker One, Blocker Two, Blocker Three, and Blocker Four, collectively.

 

“Blocker Corporation
Owners” means [proper legal names of owners of Blocker Corporations immediately prior to the Blocker Mergers], collectively.

 

“Blocker Merger”
means the merger of each of the Blocker Corporations with and into a limited liability company subsidiary of Parent, with such
subsidiary as the surviving entity, in accordance with a certain merger agreements dated ●, by and between a subsidiary of
Parent and the respective Blocker Corporations in exchange for Class A Common Stock of Parent and the rights to payments of additional
consideration as described in this Agreement.

 

“Blocker Four”
means TPG Georgia BL LLC, a Delaware limited liability company.

 

“Blocker One”
means Iconiq of G B Fund Blocker, Inc., a Delaware corporation.

 

“Blocker Three”
means DST- GSky Investment Inc., a Delaware corporation.

 

“Blocker Two”
means Iconiq of G-B Series Coinvest Fund Blocker, Inc., a Delaware corporation.

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“Board”
means the Board of Directors of Parent.

 

“Business Day”
means any day excluding Saturday, Sunday and any day on which commercial banks in the State of New York are authorized by law to
close.

 

“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) becomes the Beneficial Owner of securities
of Parent representing more than fifty percent (50%) of the combined voting power of Parent’s then outstanding voting securities;

 

(2) the shareholders
of Parent approve a plan of complete liquidation or dissolution of Parent or there is consummated an agreement or series of related
agreements for the sale or other disposition, directly, or indirectly, by Parent of all or substantially all of Parent’s
assets (including a sale of assets of the Company), other than such sale or other disposition by Parent of all or substantially
all of Parent’s assets to an entity at least fifty percent (50%) of the combined voting power of the voting securities of
which are owned by shareholders of Parent in substantially the same proportions as their ownership of Parent immediately prior
to such sale;

 

(3) there is consummated
a merger or consolidation of Parent or any direct or indirect subsidiary of Parent (including the Company) with any other corporation
or other entity, and, immediately after the consummation of such merger or consolidation, either (x) the individuals constituting
the Board immediately prior to the merger or consolidation do not constitute at least a majority of the Board surviving the merger
or, if the surviving company is a subsidiary, the ultimate parent thereof, or (y) all of the Persons who were the respective Beneficial
Owners of the voting securities of Parent immediately prior to such merger or consolidation do not Beneficially Own, directly or
indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the Person resulting from such
merger or consolidation; or

 

(4) individuals who,
as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least
two-thirds of the directors then comprising the Incumbent Board; provided, however, that any individual becoming a director
subsequent to the date hereof whose election, or nomination for election by Parent’s shareholders, was approved by a vote
of at least two-thirds of the directors then comprising the Incumbent Board (or treated as such) shall be considered as though
such individual was a member of the Incumbent Board (but excluding, for this purpose, any such individual whose initial assumption
of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board).

 

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 integrated transactions immediately following which the record holders of the Class A Common Stock and Class B common
stock of Parent immediately prior to such transaction or series of transactions continue

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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 Parent immediately following such transaction or series of transactions.

 

“Class A Common Stock”
means the Class A common stock, par value $0.01 per share, of GreenSky.

 

“Class A Member”
means any Person who holds Class A Units or has become a substituted Class A Member pursuant to the Company LLC Agreement, and
who has not ceased to be a Class A Member thereafter immediately prior to the Reorganization Transactions.

 

“Class A Units”
means the Equity Securities of the Company designated as Class A Units pursuant to the Company LLC Agreement immediately prior
to the Reorganization Transactions.

 

“Class B Common Stock”
means the Class B common stock, par value $0.001 per share, of GreenSky.

 

“Class B Member”
means any Person who holds Class B Units or has become a substituted Class B Member pursuant to the Company LLC Agreement, and
who has not ceased to be a Class B Member thereafter immediately prior to the Reorganization Transactions.

 

“Class B Units”
means the Equity Securities of the Company designated as Class B Units pursuant to the Company LLC Agreement immediately prior
to the Reorganization Transactions.

 

“Class C Member”
means any Person who holds Class C Units or has become a substituted Class C Member pursuant to the Company LLC Agreement, and
who has not ceased to be a Class C Member thereafter immediately prior to the Reorganization Transactions.

 

“Class C Units”
means the Equity Securities of the Company designated as Class C Units pursuant to the Company LLC Agreement immediately prior
to the Reorganization Transactions.

 

“Code”
means the U.S. Internal Revenue Code of 1986, as amended, and any successor Law thereto.

 

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

 

“Company Common
Units” is defined in the recitals to this Agreement.

 

“Company Holders”
means the Blocker Corporations, Class A Members, Class B Members, Class C Members, Option Holders, Warrant Holders and Profits
Interest Holders.

 

“Company LLC
Agreement” means the Amended and Restated Operating Agreement of the Company, dated as of •, 2018, as such agreement
may be further amended, restated, supplemented and/or otherwise modified from time to time.

 

“Company Members”
is defined in the recitals to this Agreement.

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“Company Unitholder”
means each holder of one or more Company Common Units that may from time to time by a party to the Exchange Agreement.

 

“Company Units”
is defined in the recitals to this Agreement.

 

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

 

“Covered Tax”
means any and all U.S. federal, state, local and foreign tax, assessment or similar charge that is based on or measured with respect
to net income or profits, whether as an exclusive or an alternative basis (including for the avoidance of doubt, franchise taxes
and transaction taxes imposed in lieu of income taxes), and any interest imposed in respect thereof under applicable law.

 

“Cumulative
Net Realized Tax Benefit” means, for a Taxable Year, the cumulative amount of Realized Tax Benefits for all Taxable Years
of Parent, 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.

 

“Default Rate”
means the Reference Rate plus 500 basis points.

 

“Default Rate
Interest” is defined in Section 3.1(b)(iv) of this Agreement.

 

“Depreciation”
is defined in Section 3.1(b)(i) of this Agreement.

 

“Determination”
shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of U.S. 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 Covered Tax.

 

“Dispute”
is defined in Section 7.8(a) of this Agreement.

 

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

 

“Early Termination
Notice” is defined in Section 4.3 of this Agreement.

 

“Early Termination
Payment” is defined in Section 4.4(b) of this Agreement.

 

“Early Termination
Rate” means the Long-Term Treasury Rate in effect on the applicable date plus 300 basis points.

 

“Early Termination
Reference Date” is defined in Section 4.3 of this Agreement.

 

“Early Termination
Schedule” is defined in Section 4.3 of this Agreement.

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“Equity Securities”
means (a) capital stock, partnership or membership interests or units (whether general or limited), and any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distribution of assets of, the issuing entity
or a right to control such entity, (b) subscriptions, calls, warrants, options, purchase rights or commitments of any kind or character
relating to, or entitling any Person to acquire, any equity interest, (c) stock appreciation, phantom stock, equity participation
or similar rights and (d) securities convertible into or exercisable or exchangeable for any equity interests.

 

“Exchange”
means, with respect to any Beneficiary, an Exchange (as such term is defined in the Exchange Agreement) of Company Common Units
owned by such Beneficiary, or any other direct or indirect acquisition by Parent or the Company from such Beneficiary of Company
Common Units owned by such Beneficiary. The term “Exchanged” shall have correlative meaning.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, or any successor provisions thereto.

 

“Exchange Agreement”
means that certain Exchange Agreement, dated as of the date hereof, by and among Parent, the Company, and Company Unitholders (including
certain of the Beneficiaries), as such agreement may be amended, restated, supplemented and/or otherwise modified from time to
time.

 

“Exchange Date”
is defined in the preamble to this Agreement.

 

“Expert”
is defined in Section 7.10 of this Agreement.

 

“Extension
Rate Interest” means the interest calculated at the Agreed Rate from the due date (without extensions) for filing the
U.S. federal income Tax Return of Parent for a Taxable Year until the date on which Parent makes a timely Tax Benefit Payment to
the Beneficiary on or before a Final Payment Date as determined pursuant to Section 3.1(a), calculated in respect of the
Net Tax Benefit (including previously accrued Imputed Interest) for such Taxable Year. In the case of a Tax Benefit Payment made
in respect of an Amended Schedule, the Extension Rate Interest means the interest calculated at the Agreed Rate from the date of
such Amended Schedule becoming final in accordance with Section 2.6(b) until the Final Payment Date as determined pursuant to Section
3.1(a).

 

“Final Payment
Date” means any date on which a payment is required to be made pursuant to this Agreement. For the avoidance of doubt,
a Final Payment Date in respect of a Tax Benefit Payment is determined pursuant to Section 3.1(a) of this Agreement.

 

“Hypothetical
Tax Liability” means, with respect to any Taxable Year, the liability of Parent and its subsidiaries (including the Company
and its subsidiaries, as applicable and without duplication (but, in each case, only with respect to Taxes imposed on the Company
that are allocable to Parent or to members of the consolidated, combined, affiliated or unitary group of which Parent is the common
parent) that would arise in respect of Covered Taxes, using the same methods, elections, conventions and similar practices used
on the actual relevant Tax Returns of Parent but (i) calculating depreciation, amortization, or other similar deductions, or otherwise
calculating any items of income, gain, or loss, using the Non-Adjusted Tax Basis as

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reflected on the Basis
Schedule, including amendments thereto for such Taxable Year, (ii) excluding any deduction attributable to (a) Imputed Interest
for such Taxable Year and (b) any Extension Rate Interest paid or accrued for such Taxable Year, and (iii) excluding any deductions
or other offsets arising from the use of the Inherited Tax Attributes. 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 any of the items described in clauses (i), (ii), and (iii) of the previous sentence. If all or a portion of the liability for
Covered Taxes for the Taxable Year arises as a result of an audit or similar proceeding by a Taxing Authority of such Taxable Year,
such liability shall not be included in determining the Hypothetical Tax Liability unless and until there has been a Determination.

 

“Imputed Interest”
is defined in Section 3.1(b)(iii) of this Agreement.

 

“Independent
Directors” means the members of the Board who are “independent” under the standards set forth in Rule 10A-3
promulgated under the U.S. Securities Exchange Act of 1933, as amended, and the corresponding rules of the principal exchange,
if any, on which the Class A Common Stock is traded or quoted.

 

“Inherited
Tax Attributes” is defined in Section 2.4(a) of this Agreement.

 

“Inherited
Tax Attribute Schedule” is defined in Section 2.4(b) of this Agreement.

 

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

 

“Joinder”
means a joinder to this Agreement, in form and substance substantially similar to Exhibit B to this Agreement.

 

“Joinder Requirement”
is defined in Section 7.6(a) of this Agreement.

 

“LIBOR”
means during any period, a rate per annum equal to the ICE LIBOR rate for a period of one month (“ICE LIBOR”),
as published on the applicable Reuters screen page (such page currently being the LIBOR01 page) (or such other commercially available
source providing quotations of ICE LIBOR as may be designated by Parent from time to time) for deposits with a term equivalent
to such period in dollars, determined as of approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement
of such period, for dollar deposits (for delivery on the first day of such period).

 

“Long-Term
Treasury Rate” means the Long-Term Composite Rate, which is the unweighted average of bid yields on all outstanding fixed-coupon
bonds neither due nor callable in less than 10 years, as published by the U.S. Department of the Treasury or by any other publicly
available source of such market rate.

 

“Market Value”
means the “Value,” as defined in the Exchange Agreement.

 

“Maximum Rate”
is defined in Section 7.17 of this Agreement.

 

“Net Tax Benefit”
is defined in Section 3.1(b)(ii) of this Agreement.

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“Non-Adjusted
Tax Basis” means, for purposes of this Agreement, with respect to any Reference Asset at any time, the amount of tax
basis that such asset would have had at such time if no Basis Adjustment had been made.

 

“Objection
Notice” is defined in Section 2.6(a)(i) of this Agreement.

 

“Outstanding
Class A Stock” means the aggregate number of shares of Parent Class A Common Stock issued and outstanding immediately
prior to the Blocker Merger.

 

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

 

“Parent Class
A Common Stock” means Class A Common Stock of Parent, par value $0.01 per share.

 

“Parent Class
B Common Stock” means Class B Common Stock of Parent, par value $0.01 per share.

 

“Parent Letter”
means a letter prepared by Parent in connection with the performance of its obligations under this Agreement, which states that
the relevant Schedules, notices or other information to be provided by Parent to the Beneficiaries, along with all supporting schedules
and work papers, were prepared in a manner that is consistent with the terms of this Agreement and, to the extent not expressly
provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such Schedules, notices
or other information were delivered by Parent to the Beneficiaries.

 

“Parties”
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.

 

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

 

“Pre-Exchange
Transfer” means any transfer of one or more Company Common Units (including upon the death of a Beneficiary or upon the
issuance of Company Common Units resulting from the exercise of an option to acquire such Company Common Units) (i) that occurs
prior to an Exchange of such Company Common Units and (ii) to which Section 743(b) of the Code applies.

 

“Profits Interest”
means outstanding awards of profits interests in the Company.

 

“Realized Tax
Benefit” means, for a Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the Actual Tax Liability
for such Taxable Year, provided, however, that for any Taxable Year in which (i) the Hypothetical Tax Liability is a negative
number, the Realized Tax Benefit for such Taxable Year shall be zero, and (ii) if the Actual Tax Liability is a negative number,
and the Hypothetical Tax Liability is a positive number, the Actual Tax Liability shall be deemed to equal zero for purposes of
calculating the amount of the Realized Tax Benefit.. If all or a portion of the Actual Tax Liability for such Taxable Year arises
as a result of an audit or

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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 with respect to such Actual Tax Liability.

 

“Realized Tax
Detriment” means, for a Taxable Year, the excess, if any, of the Actual Tax Liability over the Hypothetical Tax Liability
for such Taxable Year; provided, however, that for any Taxable Year in which (i) the Actual Tax liability is a negative number,
the Realized Tax Detriment for such Taxable Year shall be zero and (ii) if the Hypothetical Tax Liability is a negative number,
and the Actual Tax Liability is a positive number, the Hypothetical Tax Liability shall be deemed to equal zero for purposes of
calculating the amount of the Realized Tax Detriment 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 with respect to
such Actual Tax Liability.

 

“Reconciliation
Dispute” is defined in Section 7.10 of this Agreement.

 

“Reconciliation
Procedures” is defined in Section 2.6 of this Agreement.

 

“Reference
Asset” means any asset of the Company or any of its successors or assigns, whether held directly by the Company or indirectly
by the Company through a member of the Company Group, at the time of the Sale or an Exchange. 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.
Notwithstanding the foregoing, “Reference Asset” shall only include real property and other tangible and intangible
property eligible for cost recovery pursuant to Sections 167, 168, or 197 of the Code.

 

“Reference
Rate” means the Reference Rate Base plus the Reference Rate Spread.

 

“Reference
Rate Base” means LIBOR during any period for which such rate is published in accordance with the definition thereof.
If LIBOR ceases to be published in accordance with the definition thereof, the Company and the Beneficiary Representative shall
work together in good faith to select a new Reference Rate with similar characteristics.

 

“Reference
Rate Spread” means 0 basis points during any period for which LIBOR is published in accordance with the definition thereof.
If LIBOR ceases to be published in accordance with the definition thereof, the Company and the Beneficiary Representative shall
work together in good faith to select a new Reference Rate Spread, such that the Reference Rate is not materially changed (and
in no event by more than 25 basis points) as a result of the selection of a new Reference Rate Base at the time of such selection.

 

“Reorganization
Agreement” means that certain Reorganization Agreement, dated ●, by and between Parent, the Company and the other
parties named therein.

 

“Reorganization
Transactions” shall have the meaning ascribed to it in the Reorganization Agreement.

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“Sale”
is defined in the preamble to this Agreement. The term “Sold” shall have correlative meaning.

 

“Schedule”
means any of the following: (i) a Basis Schedule, (ii) a Tax Benefit Schedule, or (iii) the Early Termination Schedule, and, in
each case, any amendments thereto.

 

“Sellers”
means, all of the members of the Company (other than the Blocker Corporations).

 

“Senior Obligations”
is defined in Section 5.1 of this Agreement.

 

“Share Schedule”
means the sharing percentage included on Exhibit A.

 

“Significant
Beneficiary” means Financial Technology Investors, LLC, Founders Technology Investors, LLC, GS Investment Holdings, LLC
and an Institutional Member (as such term is defined in the Company LLC Agreement).

 

“Subsidiary”
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 Person.

 

“Subsidiary
Stock” means any stock or other equity interest in any subsidiary entity of Parent that is treated as a corporation for
U.S. federal income tax purposes.

 

“Tax Benefit
Payment” is defined in Section 3.1(b) of this Agreement.

 

“Tax Benefit
Schedule” is defined in Section 2.5(a) of this Agreement.

 

“Tax Return”
means any return, declaration, report or similar statement 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.

 

“Taxable Year”
means a taxable year of Parent as defined in Section 441(b) of the Code or comparable section of U.S. state or local or foreign
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 made), ending on or after the closing date of the initial offering pursuant to the Prospectus.

 

“Taxing Authority”
shall mean any domestic, foreign, 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.

 

“Termination
Objection Notice” is defined in Section 4.3 of this Agreement.

 

“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.

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“Two-Thirds
Beneficiary and Blocker Approval” means written approval by the Beneficiaries and Blocker Corporation Owners whose rights
under this Agreement are attributable to at least two-thirds (2/3) of the Company Common Units outstanding (and not held by Parent)
immediately after completion of the Reorganization Transactions (as appropriately adjusted for any subsequent changes to the number
of outstanding Company Common Units). For purposes of this definition, a Beneficiary’s and a Blocker Corporation Owner’s
rights under this Agreement shall be attributed to Company Common Units as of the time of a determination of Two-Thirds Beneficiary
and Blocker Approval. For the avoidance of doubt, with respect to the Beneficiaries, (i) an Exchanged or Sold Company Common Unit
shall be attributed only to the Beneficiary entitled to receive Tax Benefit Payments with respect to such Exchanged or Sold Company
Common Unit (i.e., the Exchangor or the assignee of its rights hereunder) and (ii) an outstanding Company Common Unit that has
not yet been Exchanged or Sold shall be attributed only to the Beneficiary entitled to receive Tax Benefit Payments upon the Exchange
of such Unit (i.e., the member of the Company or the assignee of its rights hereunder).

 

“U.S.”
means the United States of America.

 

“Valuation
Assumptions” shall mean, as of an Early Termination Effective Date, the assumptions that:

 

(1) in each Taxable
Year ending on or after such Early Termination Effective Date, Parent will have taxable income sufficient to fully use the deductions
arising from the amount of available Inherited Tax Attributes (subject to any Attribute Limitations), Basis Adjustments and the
Imputed Interest during such Taxable Year or future Taxable Years (including, for the avoidance of doubt, Basis Adjustments and
Imputed Interest that would result from future Tax Benefit Payments that would be paid in accordance with the Valuation Assumptions)
in which such deductions would become available;

 

(2) the U.S. federal,
state, local, and foreign 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 law as in effect on the Early Termination Effective Date, except to the extent any change to
such tax rates for such Taxable Year has already been enacted into law;

 

(3) any loss carryovers
from a prior year generated by any Basis Adjustment, Imputed Interest (including such Basis Adjustment and Imputed Interest generated
as a result of payments under this Agreement), or use of the Inherited Tax Attributes (subject to any Attribute Limitations) and
available as of the date of the Early Termination Schedule will be deemed used by Parent on a pro rata basis from the date of the
Early Termination Schedule through the scheduled expiration date of such loss carryovers or, if such carryforwards do not have
an expiration date, over the 15-year period after such carryforwards were generated;

 

(4) any non-amortizable
assets to which there has been a Basis Adjustment as a result of the Sale or an Exchange (other than any corporate stock, including
Subsidiary Stock) will be disposed of on the earlier of (i) the fifteenth anniversary of the applicable Basis Adjustment and (ii)
the Early Termination Effective Date for an amount sufficient to fully use the Basis Adjustments with respect to such assets, and
any short-term investments (as defined by GAAP) will be disposed of twelve (12) months following the Early Termination Effective
Date;

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provided that in the
event of a Change of Control which includes a taxable sale of any relevant asset, such asset shall be deemed disposed of at the
time of the Change of Control (if earlier than such fifteenth anniversary or twelve (12) month period);

 

(5) any Subsidiary
Stock will be deemed never to be disposed of;

 

(6) if, on the Early
Termination Effective Date, any Beneficiary has Company Common Units that have not been Exchanged, then such Company Common Units
shall be deemed to be Exchanged for the Market Value of the shares of Class A Common Stock that would be received by such Beneficiary
if such Company Common Units had been Exchanged on the Early Termination Effective Date, and such Beneficiary shall be deemed to
receive the amount of cash such Beneficiary would have been entitled to pursuant to Section 4.4(a) had such Company Common
Units actually been Exchanged on the Early Termination Effective Date; and

 

(7) any payment obligations
pursuant to this Agreement will be satisfied on the date that any Tax Return to which such payment obligation relates is required
to be filed excluding any extensions.

 

“Warrants”
means issued and outstanding warrants to purchase Class A Units.

 

1.2 Rules of Construction.
Unless otherwise specified herein:

 

(a) The meanings
of defined terms are equally applicable to the singular and plural forms of the defined terms.

 

(b) For purposes
of interpretation of this Agreement:

 

(i) 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.

 

(ii) References
in this Agreement to a Schedule, Article, Section, clause or sub-clause refer to the appropriate Schedule to, or Article, Section,
clause or subclause in, this Agreement.

 

(iii) References
in this Agreement to dollars or “$” refer to the lawful currency of the United States of America.

 

(iv) The term “including”
is by way of example and not limitation.

 

(v) 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.

 

(c) 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.”

    	14

    	

    

(d) Unless otherwise
expressly provided herein, (a) references to organization documents (including the Company LLC 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 (b) references to any law (including the Code and the Treasury Regulations) shall
include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

 

ARTICLE
II

DETERMINATION OF CUMULATIVE REALIZED TAX BENEFIT

 

2.1 Basis Adjustments.
The Parties acknowledge and agree that for all tax reporting purposes (A) the Sale and each Exchange shall be treated as a transfer
or sale, respectively, of Company Common Units by the applicable Beneficiary to Parent and (B) the Sale and each Exchange will
give rise to a Basis Adjustment. The Basis Adjustment with respect to a Reference Asset (or applicable portions thereof, where
the Basis Adjustment exceeds the basis adjustment under Section 732 or 743(b) of the Code) shall be recovered over the applicable
period under applicable Law. Basis Adjustments reflecting Parent’s increased share of the Non-Adjusted Tax Basis in a Reference
Asset shall be determined as of the Exchange Date and shall not be adjusted as a result of future changes to Parent’s ownership
percentage in the Company. The Parties acknowledge and agree that (x) all payments to a Beneficiary with respect to the Sale or
an Exchange pursuant to this Agreement (other than amounts treated as interest under the Code) will be treated as subsequent upward
purchase price adjustments that have the effect of creating additional Basis Adjustments in respect of such Beneficiary in the
year of payment and (y) as a result, such additional Basis Adjustments in respect of such Beneficiary will be incorporated into
the current year calculation and into future year calculations, as appropriate under applicable law. For the avoidance of doubt,
for U.S. federal income tax purposes, (A) payments made under this Agreement shall not be treated as resulting in a Basis Adjustment
or as additional consideration described as “other property” in section 356 of the Code in each case to the extent
such payments are treated as Imputed Interest or are Actual Interest Amounts and (B) payments made to a Blocker Corporation Owner
under this Agreement shall be treated as additional consideration described as “other property” within the meaning
of Section 356 of the Code pursuant to the applicable Blocker Merger.

 

2.2 The Company
Section 754 Election. In its capacity as the sole managing member of the Company, Parent will ensure that, on and after the
date hereof and continuing throughout the term of this Agreement, the Company and each of its direct and indirect Subsidiaries
(that is owned through a chain of pass-through entities) that is treated as a partnership for U.S. federal income tax purposes
will have in effect an election under Section 754 of the Code (and under any similar provisions of applicable U.S. state or local
law) for each Taxable Year.

 

2.3 Exchange Basis
Schedule. Within ninety (90) calendar days after the filing of the U.S. federal income Tax Return of Parent for each relevant
Taxable Year, Parent shall deliver to the Beneficiary Representative, for the benefit of each Beneficiary, a schedule (the “Basis
Schedule”) that shows, in reasonable detail as necessary in order to understand the calculations performed under this
Agreement: (a) the Non-Adjusted Tax Basis of the Reference Assets as of

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each applicable Exchange
Date; (b) the Basis Adjustments with respect to the Reference Assets as a result of the Sale (if effected in such Taxable Year)
or the relevant Exchanges effected in such Taxable Year, calculated solely with respect to Exchanges or the portion of the Sale
effected by the applicable Beneficiary; (c) the period (or periods) over which the Reference Assets are amortizable and/or depreciable;
and (d) the period (or periods) over which each Basis Adjustment described in clause (b) is amortizable and/or depreciable. The
Basis Schedule will become final and binding on the Parties pursuant to the procedures set forth in Section 2.6(a) and may
be amended by the Parties pursuant to the procedures set forth in Section 2.6(b).

 

2.4 Inherited
Tax Attributes.

 

(a) Consequences
of the Blocker Merger. The parties hereto further acknowledge that the Blocker Corporations may have certain tax attributes
at the time of such Blocker Merger to which Parent could inherit in the Blocker Merger under the Code or similar provisions of
U.S. federal, state or local and foreign tax law arising from basis adjustments pursuant to Section 743 of the Code and the regulations
thereunder. For this purpose, the term “Inherited Tax Attributes” with respect to a Blocker Corporation shall
refer to the items of loss or deduction that will arise to the Blocker Corporation or its successor as a result of certain transactions
that occurred prior to the IPO which increased the adjusted basis of property of the Company (or its predecessor) with respect
to the Blocker Corporation (or its predecessor) pursuant to Sections 743(b), 755, 732, or 1012 of the Code; provided that such
items will not constitute an Inherited Tax Attribute until such time as such items are available to be claimed as a loss or deduction
for U.S. federal income tax purposes. The parties further acknowledge that, in the event that the Blocker Merger is effected, the
Parent’s ability to utilize an Inherited Tax Attribute to offset its taxable income or to reduce its Tax payments may be
limited under Sections 382, 383 and 384 of the Code or similar provisions of U.S. federal, state or local and foreign tax law (the
“Attribute Limitations”).

 

(b) Inherited
Tax Attribute Schedule Generally. Within 90 calendar days after filing its U.S. federal income Tax Return for the year in which
the Blocker Merger occurred, Parent shall deliver to each Blocker Corporation Owner, a schedule (each, an “Inherited Tax
Attribute Schedule”) that shows, in reasonable detail, for U.S. federal income tax purposes, (i) the amount of each Inherited
Tax Attribute with respect to the relevant Blocker Corporation, separately stated to the extent relevant, (ii) the amount of each
Attribute Limitation for the Blocker Corporation Owner, if any, separately stated to the extent relevant, and (iii) the amount
of any “net unrealized built-in gain” or “net unrealized built-in loss” as defined in Section 382(h)(3)
of the Code for the relevant Blocker Corporation. At the time Parent delivers the Inherited Tax Attribute Schedule to the Blocker
Corporation Owner, it shall (x) deliver to the Blocker Corporation Owner supporting schedules and work papers, as determined by
the Parent or requested by the Blocker Corporation Owner, that provide a reasonable level of detail regarding the data
and calculations that were relevant for purposes of preparing the Inherited Tax Attribute Schedule and a letter from the
Advisory Firm supporting such Inherited Tax Attribute Schedule and (y) allow the Blocker Corporation Owner reasonable access to
the appropriate representatives at Parent, the Company, and the Advisory Firm in connection with its review of such schedule. Each
Inherited Tax Attribute Schedule shall become final and binding on the parties unless the Blocker Corporation Owner, within thirty
(30) calendar days after receiving its respective Inherited Tax Attribute Schedule, provides Parent with notice of a material objection

    	16

    	

    

to such Inherited Tax
Attribute Schedule made in good faith and in reasonable detail. If Parent and Blocker Corporation Owner, negotiating in good faith,
are unable to successfully resolve the issues raised in such notice within sixty (60) calendar days after such notice was delivered
to Parent, Parent and Blocker Corporation Owner shall employ the Reconciliation Procedures.

 

(c) Amendments
to Inherited Tax Attribute Schedule. Each Inherited Tax Attribute Schedule may be amended from time to time by Parent (i) in
connection with a Determination, (ii) to correct inaccuracies to the original Inherited Tax Attribute Schedule identified after
the date of the Blocker Merger as a result of the receipt of additional information or (iii) to comply with the expert’s
determination under the Reconciliation Procedures. At the time Parent delivers such amended Inherited Tax Attribute Schedule to
Blocker Corporation Owner, it shall (x) deliver to the Blocker Corporation Owner schedules and work papers providing reasonable
detail regarding the preparation of the relevant amended Inherited Tax Attribute Schedule and a letter from the Advisory Firm supporting
such amended Inherited Tax Attribute Schedule and (y) allow the Blocker Corporation Owner reasonable access to the appropriate
representatives at Parent, the Company, and the Advisory Firm in connection with its review of such schedule. Parent shall provide
an Amended Schedule to the Blocker Corporation Owner within sixty (60) calendar days of the occurrence of an event referenced in
clauses (i) through (iii) of the first sentence of this Section 2.4(c). Each amended Inherited Tax Attribute Schedule shall become
final and binding on the parties unless the Blocker Corporation Owner, within thirty (30) calendar days after receiving such amended
Inherited Tax Attribute Schedule, provides Parent with notice of a material objection to such amended Inherited Tax Attribute Schedule
made in good faith and in reasonable detail. If Parent and Blocker Corporation Owner, negotiating in good faith, are unable to
successfully resolve the issues raised in such notice within thirty (30) calendar days after such notice was delivered to Parent,
Parent and the Blocker Corporation Owner shall employ the Reconciliation Procedures.

 

2.5 Tax Benefit
Schedule.

 

(a) Tax Benefit
Schedule. Within ninety (90) calendar days after the filing of the U.S. federal income Tax Return of Parent for any Taxable
Year in which there is a Realized Tax Benefit or Realized Tax Detriment, Parent shall provide to the Beneficiary Representative
and each Blocker Corporation Owner a schedule showing, in reasonable detail, the calculation of the Realized Tax Benefit or Realized
Tax Detriment for such Taxable Year (a “Tax Benefit Schedule”) with respect to each Beneficiary and each Blocker
Corporation Owner (which shall be prepared consistent with the Share Schedule included on Exhibit A). The Tax Benefit Schedules
will become final and binding on the Parties pursuant to the procedures set forth in Section 2.6(a), and may be amended
by the Parties pursuant to the procedures set forth in Section 2.6(b).

 

(b) Applicable
Principles. Subject to the provisions of this Agreement, 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 Parent for such Taxable Year attributable to
the Basis Adjustments, Imputed Interest and Extension Rate Interest, and the Inherited Tax Attributes as determined using a “with
and without” methodology described in Section 2.6(a). For the avoidance of doubt, the actual Covered Tax liability
will take into account the deduction of the portion of the Tax Benefit Payment that must be accounted for as Imputed Interest under

    	17

    	

    

the Code based upon the
characterization of the Tax Benefit Payment as additional consideration payable by the Company for the Company Common Units acquired
in the Sale or an Exchange, or payable by Parent for the assets acquired pursuant to the Blocker Merger, as the case may be. Carryovers
or carrybacks of any tax item attributable to any Basis Adjustment, Imputed Interest or Extension Rate Interest or the Inherited
Tax Attributes shall be considered to be subject to the rules of the Code and the Treasury Regulations or the appropriate provisions
of U.S. state and local and foreign tax law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks
of the relevant type. If a carryover or carryback of any Covered Tax item includes a portion that is attributable to the Basis
Adjustment, Imputed Interest, or the Inherited Tax Attributes and another portion that is not, such portions shall be considered
to be used in the order determined using such “with and without” methodology. The Parties agree that all Tax Benefit
Payments attributable to the Sale or an Exchange will be treated as subsequent upward purchase price adjustments that give rise
to further Basis Adjustments for Parent beginning in the Taxable Year of payment, and as a result, such additional Basis Adjustments
will be incorporated into such Taxable Year continuing for future Taxable Years until any incremental Basis Adjustment benefits
with respect to a Tax Benefit Payment equals a de minimis amount. For the avoidance of doubt, the treatment of Tax Benefit Payments
pursuant to the preceding sentence shall not apply to Tax Benefit Payments attributable to the Blocker Corporation Owner.

 

2.6 Procedures;
Amendments.

 

(a) Procedures.
Each time Parent delivers an applicable Schedule to the Beneficiary Representative or a Blocker Corporation Owner under this Agreement,
including any Amended Schedule delivered pursuant to Section 2.6(b), but excluding any Early Termination Schedule or amended
Early Termination Schedule delivered pursuant to the procedures set forth in Section 4.2, Parent shall also: (x) deliver
supporting schedules and work papers, as determined by Parent or as reasonably requested by the Beneficiary Representative or Blocker
Corporation Owner, that provide a reasonable level of detail regarding the data and calculations that were relevant for purposes
of preparing the Schedule; (y) deliver a Parent Letter supporting such Schedule; and (z) allow the Beneficiary Representative and
Blocker Corporation Owner and their respective advisors to have reasonable access at no cost to the appropriate representatives,
as determined by Parent or as reasonably requested by the Beneficiary Representative or Blocker Corporation Owner, at Parent and
the Advisory Firm in connection with a review of such Schedule. Without limiting the generality of the preceding sentence, Parent
shall ensure that any Tax Benefit Schedule that is delivered to the Beneficiary Representative or Blocker Corporation Owners, along
with any supporting schedules and work papers, provides a reasonably detailed presentation of the calculation of the Actual Tax
Liability of Parent for the relevant Taxable Year (the “with” calculation) and the Hypothetical Tax Liability of Parent
for such Taxable Year (the “without” calculation), and identifies any material assumptions or operating procedures
or principles that were used for purposes of such calculations. An applicable Schedule or amendment thereto shall become final
and binding on the Parties thirty (30) calendar days from the date on which the Beneficiary Representative and the Blocker Corporation
Owner first received the applicable Schedule or amendment thereto unless:

 

(i) the Beneficiary
Representative or any Blocker Corporation Owner within thirty (30) calendar days after receiving the applicable Schedule or amendment
thereto,

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provides Parent with
(A) written notice of a material objection to such Schedule that is made in good faith and in reasonable detail (an “Objection
Notice”); or

 

(ii) the Beneficiary
Representative and each of the Blocker Corporation Owners provide a written waiver of its right to deliver an Objection Notice
within the time period described in clause (i) above, in which case such Schedule or amendment thereto becomes binding on the date
the waivers from the Beneficiary Representative and Blocker Corporation Owners are received by Parent.

 

In the event that Beneficiary Representative
or a Blocker Corporation Owner timely delivers an Objection Notice pursuant to clause (i) above, and if the Parties, for any reason,
are unable to successfully resolve the issues raised in the Objection Notice within thirty (30) calendar days after receipt by
Parent of the Objection Notice, Parent and the Beneficiary Representative and Blocker Corporation Owners shall employ the reconciliation
procedures as described in Section 7.10 of this Agreement (the “Reconciliation Procedures”).

 

(b) Amended Schedule.
The applicable Schedule for any Taxable Year may be amended from time to time by Parent: (i) in connection with a Determination
affecting such Schedule; (ii) to correct inaccuracies in the Schedule identified as a result of the receipt of additional factual
information relating to a Taxable Year after the date the Schedule was originally provided to the Beneficiary Representative and
Blocker Corporation Owners; (iii) to comply with an Expert’s determination under the Reconciliation Procedures applicable
to this Agreement; (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Taxable Year attributable
to a carryback or carryforward of a loss or other Tax item to such Taxable Year; (v) to reflect a change in the Realized Tax Benefit
or Realized Tax Detriment for such Taxable Year attributable to an amended Tax Return filed for such Taxable Year; or (vi) to adjust
a Basis Schedule to take into account any Tax Benefit Payments made pursuant to this Agreement (any such Schedule, an “Amended
Schedule”). Parent shall provide an Amended Schedule to the Beneficiary Representative and Blocker Corporation Owners
within sixty (60) calendar days of the occurrence of an event referenced in clauses (i) through (vi) of the immediately preceding
sentence, and any such Amended Schedule shall be subject to approval procedures similar to those described in Section 2.6(a). For
the avoidance of doubt, if a Schedule is amended after such Schedule becomes final pursuant to Section 2.6(a), the Amended
Schedule shall not be taken into account in calculating any Tax Benefit Payment in the Taxable Year to which such amendment relates
but instead shall be taken into account in calculating the Cumulative Net Realized Tax Benefit for the Taxable Year in which the
amendment is executed.

 

2.7 Significant
Beneficiaries. For the purposes of Sections 2.3, 2.5 and 2.6 of this Agreement, a Significant Beneficiary shall have the same
procedural rights and obligations as the Beneficiary Representative and Parent shall have the same procedural duties and obligations
to a Significant Beneficiary as it does to the Beneficiary Representative.

    	19

    	

    

ARTICLE
III

TAX BENEFIT PAYMENTS

 

3.1 Payments.

 

(a) Timing of
Payments. Subject to Sections 3.2 and 3.3, within five (5) Business Days following the date on which each Tax
Benefit Schedule that is required to be delivered by Parent to the Beneficiaries pursuant to Section 2.5(a) of this Agreement
becomes final in accordance with Section 2.6(a) of this Agreement (such date, a “Final Payment Date”
in respect of any applicable Tax Benefit Payment), unless required pursuant to the last sentence of this Section 3.1(a),
Parent shall pay to each relevant Beneficiary the Tax Benefit Payment as determined pursuant to Section 3.1(b). Subject
to Sections 3.2 and 3.3, within five (5) Business Days following the date on which each Inherited Tax Attribute Schedule that is
required to be delivered by Parent to the Blocker Corporation Owner pursuant to Section 2.4(b) and Section 2.4(c) of this Agreement
becomes final in accordance with Section 2.4(b) or Section 2.4(c) of this Agreement, as applicable (such date, a “Final Payment
Date” in respect of any applicable Tax Benefit Payment), unless required pursuant to the last sentence of this Section 3.1(a),
Parent shall pay to each relevant Blocker Corporation Owner the Tax Benefit Payment as determined pursuant to Section 3.1(b). Each
Tax Benefit Payment made pursuant to this Section 3.1(a) shall be made by wire transfer of immediately available funds to the bank
account previously designated by such Beneficiary or Blocker Corporation Owner, as the case may be, or as otherwise agreed by Parent
and such Beneficiary or Blocker Corporation Owner, as the case may be. For the avoidance of doubt, neither the Beneficiaries nor
the Blocker Corporation Owners shall be required under any circumstances to return any portion of any Tax Benefit Payment previously
paid by Parent to the Beneficiaries or Blocker Corporation Owners, as the case may be (including any portion of any Early Termination
Payment).

 

(b) Amount of
Payments. For purposes of this Agreement, a “Tax Benefit Payment” with respect to any (i) Beneficiary means
an amount, not less than zero, equal to the sum of: (A) the Net Tax Benefit that is Attributable to such Beneficiary and (B) the
Actual Interest Amount in respect of such portion of Net Tax Benefit and (ii) Blocker Corporation Owner means an amount, not less
than zero, equal to the sum of A) the Net Tax Benefit that is Attributable to such Blocker Corporation Owner in accordance with
Section 3.1(b)(i)(B) hereof and (B) the Actual Interest Amount in respect of such portion of Net Tax Benefit.

 

(i) Attributable.
The portion of any Net Tax Benefit of Parent that is “Attributable” to any Beneficiary shall be determined by reference
to the assets from which arise the depreciation, amortization or other similar deductions for recovery of cost or basis (“Depreciation”)
and the Inherited Tax Attributes, and the Imputed Interest that produce the Realized Tax Benefit, under the following principles:

 

(A) Any Realized
Tax Benefit arising from a deduction to Parent with respect to a Taxable Year for Depreciation arising in respect of a Basis Adjustment
to a Reference Asset is Attributable to a Beneficiary to the extent that the ratio of all Depreciation for the Taxable Year in
respect of Basis Adjustments resulting from the portion of the Sale and from all Exchanges effected by such Beneficiary bears to
the aggregate of all Depreciation for the Taxable Year in respect of Basis Adjustments resulting from all Exchanges by all Beneficiaries.

 

(B) Any Realized
Tax Benefit arising from the use of an Inherited Tax Attribute of a Blocker Corporation is Attributable to a Blocker Corporation
Owner of such Blocker

    	20

    	

    

Corporation
in proportion to such Blocker Corporation Owners’ ownership percentage reflected on Schedule [ ].

 

(C) Any Realized
Tax Benefit arising from a deduction to the Corporation with respect to a Taxable Year in respect of Imputed Interest is Attributable
to a Beneficiary that is required to include the Imputed Interest in income (without regard to whether such Beneficiary is actually
subject to tax thereon).

 

(ii) Net Tax
Benefit. The “Net Tax Benefit” for a Taxable Year equals the amount of the excess, if any, of (x) 85% of
the Cumulative Net Realized Tax Benefit Attributable to Beneficiary or Blocker Corporation Owner as of the end of such Taxable
Year over (y) the aggregate amount of all Tax Benefit Payments previously made to such Beneficiary or Blocker Corporation Owner
under this Section 3.1. For the avoidance of doubt, if the Cumulative Net Realized Tax Benefit as of the end of any Taxable
Year is less than the aggregate amount of all Tax Benefit Payments previously made to a Beneficiary or Blocker Corporation Owner,
such Beneficiary shall not be required to return any portion of any Tax Benefit Payment previously made by Parent to such Beneficiary
or Blocker Corporation Owner.

 

(iii) Imputed
Interest. The principles of Sections 1272, 1274, or 483 of the Code, as applicable, and the principles of any similar provision
of U.S. state and local law, will apply to cause a portion of any Net Tax Benefit payable by Parent to a Beneficiary or Blocker
Corporation Owner under this Agreement to be treated as imputed interest (“Imputed Interest”). For the avoidance
of doubt, the deduction for the amount of Imputed Interest as determined with respect to any Net Tax Benefit payable by Parent
to a Beneficiary or Blocker Corporation Owner shall be excluded in determining the Hypothetical Tax Liability of Parent for purposes
of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

 

(iv) Default
Rate Interest. In the event that Parent does not make timely payment of all or any portion of a Tax Benefit Payment to a Beneficiary
or Blocker Corporation Owner on or before a Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default
Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed Interest and Extension
Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from a Final Payment Date for a Tax Benefit
Payment as determined pursuant to Section 3.1(a) until the date on which Parent makes such Tax Benefit Payment to such Beneficiary
or Blocker Corporation Owner. For the avoidance of doubt, the amount of any Default Rate Interest as determined with respect to
any Net Tax Benefit payable by Parent to a Beneficiary or Blocker Corporation Owner shall be excluded in the Hypothetical Tax Liability
of Parent for purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

 

(v) Value.
Parent, the Beneficiaries and Blocker Corporation Owners hereby acknowledge and agree that, as of the date of this Agreement and
as of the date of the Sale and 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.

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(c) Interest.
The provisions of Section 3.1(b) are intended to operate so that interest will effectively accrue in respect of the Net
Tax Benefit for any Taxable Year as follows:

 

(i) first, at the
applicable rate used to determine the amount of Imputed Interest under the Code (from the relevant Exchange Date until the due
date (without extensions) for filing the U.S. federal income Tax Return of Parent for such Taxable Year);

 

(ii) second, at
the Agreed Rate in respect of any Extension Rate Interest (from the due date (without extensions) for filing the U.S. federal income
Tax Return of Parent for such Taxable Year until a Final Payment Date for a Tax Benefit Payment as determined pursuant to Section
3.1(a)); and

 

(iii) third, at
the Default Rate in respect of any Default Rate Interest (from a Final Payment Date for a Tax Benefit Payment as determined pursuant
to Section 3.1(a) until the date on which Parent makes the relevant Tax Benefit Payment to a Beneficiary or Blocker Corporation
Owner).

 

(iv)  For the avoidance
of doubt, interest that accrues pursuant to Sections 3.1(c)(ii) and 3.1(c)(iii) hereof shall not be treated as interest for Tax
purposes but shall instead be treated as additional consideration payable by the Company for the Company Common Units acquired
in the Sale or an Exchange, or the assets acquired pursuant to the Blocker Merger, as the case may be, unless otherwise required
by applicable law.

 

3.2 No Duplicative
Payments. It is intended that the provisions of this Agreement will not result in the duplicative payment of any amount (including
interest) that may be required under this Agreement, and the provisions of this Agreement shall be consistently interpreted and
applied in accordance with that intent. For purposes of this Agreement, and also for the avoidance of doubt, 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.

 

3.3 Pro-Ration
of Payments as Between the Beneficiaries and Blocker Corporation Owners; Coordination of Benefits.

 

(a) Insufficient
Taxable Income. Notwithstanding anything in Section 3.1(b) to the contrary, if the aggregate potential Covered Tax benefit
of Parent as calculated with respect to the Basis Adjustments, the Inherited Tax Attributes, and Imputed Interest (in each case,
without regard to the Taxable Year of origination) permitted to be utilized in a particular Taxable Year is limited in such Taxable
Year because Parent does not have sufficient actual taxable income or otherwise pursuant to applicable law, then the available
Covered Tax benefit for Parent shall be allocated among the Beneficiaries or Blocker Corporation Owners, as the case may be, in
proportion to the respective Tax Benefit Payment that would have been payable if Parent had in fact had sufficient taxable income
so that there had been no such limitation.

 

(b) Pro-Rata Payments.
After taking into account Section 3.3(a), if for any reason Parent does not fully satisfy its payment obligations to make all Tax
Benefit Payments due under this Agreement in respect of a particular Taxable Year, then (i) Parent shall pay the same proportion
of each Tax Benefit Payment due to each Beneficiary or Blocker Corporation Owner in respect of such Taxable Year, without favoring
one obligation over the other, and (ii)

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no Tax Benefit Payment
shall be made in respect of any Taxable Year until all Tax Benefit Payments in respect of prior Taxable Years have been made in
full.

 

(c) Late Payments.
If for any reason Parent is not able to timely and fully satisfy its payment obligations under this Agreement in respect of a particular
Taxable Year, then Default Rate Interest will begin to accrue pursuant to Section 5.2.

 

(d) Excess Payments.
To the extent Parent makes a payment to a Beneficiary or Blocker Corporation Owner in respect of a particular Taxable Year under
Section 3.1(a) of this Agreement (taking into account Section 3.3(a) and (b), but excluding payments attributable to Accrued Amounts)
in an amount in excess of the amount of such payment that should have been made to such Beneficiary or Blocker Corporation Owner
in respect of such Taxable Year, then (i) such Beneficiary or Blocker Corporation Owner shall not receive further payments under
Section 3.1(a) until such Beneficiary or Blocker Corporation Owner has foregone an amount of payments equal to such excess and
(ii) Parent will pay the amount of such Beneficiary’s or Blocker Corporation Owner’s foregone payments to the other
Persons to whom a payment is due under this Agreement in a manner such that each such Person to whom a payment is due under this
Agreement, to the maximum extent possible, receives aggregate payments under Section 3.1(a) (taking into account Section 3.3(a)
and (b), but excluding payments attributable to Accrued Amounts) in the amount it would have received if there had been no excess
payment to such Beneficiary or Blocker Corporation Owner.

 

ARTICLE
IV

TERMINATION

 

4.1 Termination.
Unless terminated earlier pursuant to Section 4.2, this Agreement will terminate when there is no further potential for
a Tax Benefit Payment pursuant to this Agreement. Tax Benefit Payments under this Agreement are not conditioned on any Beneficiary
or Blocker Corporation Owner retaining an interest in Parent, the Company, or any successor thereto.

 

4.2 Early Termination.

 

(a) Parent’s
Early Termination Right. With the written approval of a majority of the Independent Directors, Parent may completely terminate
this Agreement, as and to the extent provided herein, with respect to all amounts payable to the Beneficiaries or Blocker Corporation
Owners pursuant to this Agreement by paying to the Beneficiaries or Blocker Corporation Owners the Early Termination Payment; provided
that Early Termination Payments may be made pursuant to this Section 4.2(a) only if made to all Beneficiaries or Blocker
Corporation Owners that are entitled to such a payment simultaneously; provided further, that Parent may withdraw
any notice to execute its termination rights under this Section 4.2(a) prior to the time at which any Early Termination
Payment has been paid. Upon Parent’s payment of the Early Termination Payment, Parent shall not have any further payment
obligations under this Agreement, other than with respect to any: (i) prior Tax Benefit Payments that are due and payable under
this Agreement but that still remain unpaid as of the date of the Early Termination Notice; and (ii) current Tax Benefit Payment
due for the Taxable Year ending on or including the date of the Early Termination Notice (except to the extent that the amount
described in clause (ii)

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is included in the calculation
of the Early Termination Payment). If an Exchange subsequently occurs with respect to Company Common Units for which Parent has
exercised its termination rights under this Section 4.2(a), Parent shall have no obligations under this Agreement with respect
to such Exchange.

 

(b) Acceleration
Upon Change of Control. In the event of a Change of Control, all obligations hereunder shall be accelerated and such obligations
shall be calculated pursuant to this Article IV as if an Early Termination Notice had been delivered on the closing date
of the Change of Control and utilizing the Valuation Assumptions by substituting the phrase “the closing date of a Change
of Control” in each place where the phrase “Early Termination Effective Date” appears. Such obligations shall
include, but not be limited to, (1) the Early Termination Payment calculated as if an Early Termination Notice had been delivered
on the closing date of the Change of Control, (2) any Tax Benefit Payments agreed to by Parent and the Beneficiaries or Blocker
Corporation Owners as due and payable but unpaid as of the Early Termination Notice and (3) any Tax Benefit Payments due for any
Taxable Year ending prior to, with or including the closing date of a Change of Control (except to the extent that any amounts
described in clauses (2) or (3) are included in the Early Termination Payment). For the avoidance of doubt, Sections 4.3
and 4.4 shall apply to a Change of Control, mutadis mutandi.

 

(c) Acceleration
Upon Breach of Agreement. In the event that Parent materially breaches any of its material obligations under this Agreement,
whether as a result of failure to make any material payment due pursuant to this Agreement within three months of receiving written
notice from the Beneficiary Representative or Blocker Corporation Owners of Parent’s such failure to timely pay, failure
to honor any other material obligation required hereunder to the extent not cured within thirty (30) days of receiving written
notice from any Beneficiary or Blocker Corporation Owner that is materially prejudiced by such failure, or by operation of law
as a result of the rejection of this Agreement in a case commenced under the Bankruptcy Code or otherwise, then all obligations
hereunder shall be accelerated and become immediately due and payable upon notice of acceleration from a 10% Beneficiary or as
a result of a Two-Thirds Beneficiary and Blocker Approval (provided that in the case of any proceeding under the Bankruptcy
Code or other insolvency statute, such acceleration shall be automatic without any such notice), and such obligations shall be
calculated as if an Early Termination Notice had been delivered on the date of such notice of acceleration (or, in the case of
any proceeding under the Bankruptcy Code or other insolvency statute, on the date of such breach) and shall include, but not be
limited to: (i) the Early Termination Payment calculated as if an Early Termination Notice had been delivered on the date of such
acceleration; (ii) any prior Tax Benefit Payments that are due and payable under this Agreement but that still remain unpaid as
of the date of such acceleration; and (iii) any current Tax Benefit Payment due for the Taxable Year ending with or including the
date of such acceleration. For purposes of this Section 4.2(c), and subject to the following sentence, the Parties agree
that the failure to make any material payment due pursuant to this Agreement within three months of receiving written notice from
the Beneficiary Representative or Blocker Corporation Owner of Parent’s such failure to timely pay shall be deemed to be
a material breach of a material obligation under this Agreement for all purposes of this Agreement, and that it will not be considered
to be a material breach of a material obligation under this Agreement to make a payment due pursuant to this Agreement within three
months of receiving such written notice. Notwithstanding anything in this Agreement to the contrary, it shall not be a material
breach of a material obligation of this

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Agreement if Parent fails
to make any Tax Benefit Payment to the extent that Parent has insufficient funds, or cannot take commercially reasonable actions
to obtain sufficient funds, to make such payment; provided that the interest provisions of Section 5.2 shall apply
to such late payment (unless Parent does not have sufficient funds to make such payment as a result of limitations imposed by any
Senior Obligations, in which case Section 5.2 shall apply, but the Default Rate shall be replaced by the Agreed Rate).

 

4.3 Early Termination
Notice. If Parent chooses to exercise its right of early termination under Section 4.2 above, Parent shall deliver to
the Beneficiaries and the Blocker Corporation Owners a notice of Parent’s decision to exercise such right (an “Early
Termination Notice”) and a schedule (the “Early Termination Schedule”) showing in reasonable detail
the calculation of the Early Termination Payment. Parent shall also (x) deliver supporting schedules and work papers, as determined
by Parent or as reasonably requested by a Beneficiary or Blocker Corporation Owner, that provide a reasonable level of detail regarding
the data and calculations that were relevant for purposes of preparing the Early Termination Schedule; (y) deliver a Parent Letter
supporting such Early Termination Schedule; and (z) allow the Beneficiaries or Blocker Corporation Owners and their advisors to
have reasonable access to the appropriate representatives, as determined by Parent or as reasonably requested by the Beneficiaries
or Blocker Corporation Owner, at Parent and the Advisory Firm in connection with a review of such Early Termination Schedule. The
Early Termination Schedule shall become final and binding on each Party forty-five (45) calendar days from the first date on which
the Beneficiaries or Blocker Corporation Owners received such Early Termination Schedule unless:

 

(i) a Beneficiary
or Blocker Corporation Owner, within forty-five (45) calendar days after receiving the Early Termination Schedule, provides Parent
with (A) notice of a material objection to such Early Termination Schedule made in good faith and setting forth in reasonable detail
such Beneficiary’s or Blocker Corporation Owner’s material objection (a “Termination Objection Notice”)
and (B) a letter from a Beneficiary Advisory Firm or Blocker Owner Advisory Firm, as applicable, in support of such Termination
Objection Notice; or

 

(ii) each Beneficiary
or Blocker Corporation Owner provides a written waiver of such right of a Termination Objection Notice within the period described
in clause (i) above, in which case such Early Termination Schedule becomes binding on the date the waiver from all Beneficiaries
or Blocker Corporation Owners is received by Parent.

 

In the event that a Beneficiary or Blocker
Corporation Owner timely delivers a Termination Objection Notice pursuant to clause (i) above, and if the Parties, for any reason,
are unable to successfully resolve the issues raised in the Termination Objection Notice within thirty (30) calendar days after
receipt by Parent of the Termination Objection Notice, Parent and such Beneficiary or Blocker Corporation Owner shall employ the
Reconciliation Procedures. For the avoidance of doubt, and notwithstanding anything to the contrary herein, the expense of preparing
and obtaining the letter from a Beneficiary Advisory Firm or Blocker Owner Advisory Firm referenced in clause (i) above
shall be borne solely by such Beneficiary or Blocker Corporation Owner and Parent shall have no liability with respect to such
letter or any of the expenses associated with its preparation and delivery. The date on which the Early Termination Schedule becomes
final in accordance with this Section 4.3 shall be the “Early Termination Reference Date.”

    	25

    	

    

4.4 Payment upon
Early Termination.

 

(a) Timing of
Payment. Within five (5) Business Days after the Early Termination Reference Date, Parent shall pay to each Beneficiary or
Blocker Corporation Owner an amount equal to the Early Termination Payment for such Beneficiary or Blocker Corporation Owner. Such
Early Termination Payment shall be made by Parent by wire transfer of immediately available funds to a bank account or accounts
designated by the Beneficiaries or Blocker Corporation Owners or as otherwise agreed by Parent and the Beneficiaries or Blocker
Corporation Owners.

 

(b) Amount of
Payment. The “Early Termination Payment” payable to a Beneficiary or Blocker Corporation Owner pursuant
to Section 4.4(a) shall equal the present value, discounted at the Early Termination Rate as determined as of the Early
Termination Reference Date, of all Tax Benefit Payments that would be required to be paid by Parent to such Beneficiary or Blocker
Corporation Owner, whether payable with respect to Company Common Units that were Sold or Exchanged prior to the Early Termination
Effective Date or on or after the Early Termination Effective Date, 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 Beneficiary, regardless
of whether such Beneficiary has Sold or Exchanged all of its Company Common Units as of the Early Termination Effective Date.

 

ARTICLE
V

SUBORDINATION AND BREACH OF PAYMENT OBLIGATIONS

 

5.1 Subordination.
Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment or Early Termination Payment required
to be made by Parent to the Beneficiaries or the Blocker Corporation Owners 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 secured or unsecured indebtedness for borrowed money of Parent and its Subsidiaries (in all events, excluding any debt instruments
between Parent and any of its Subsidiaries or Affiliates) (“Senior Obligations”) and shall rank pari passu in
right of payment with all current or future unsecured obligations of Parent that are not Senior Obligations. To the extent that
any payment under this Agreement is not permitted to be made at the time payment is due as a result of this Section 5.1
and the terms of the agreements governing Senior Obligations, such payment obligation nevertheless shall accrue for the benefit
of the Beneficiaries or the Blocker Corporation Owners and Parent shall make such payments at the first opportunity that such payments
are permitted to be made in accordance with the terms of the Senior Obligations. For the avoidance of doubt, notwithstanding the
above, the determination of whether it is a breach of this Agreement if Parent fails to make any Tax Benefit Payment when due shall
be governed by Section 4.2(c).

 

5.2 Late Payments
by Parent. Except as otherwise provided herein, the amount of all or any portion of any Tax Benefit Payment or Early Termination
Payment not made to the Beneficiaries or Blocker Corporation Owners when due under the terms of this Agreement, whether as a result
of Section 5.1 and the terms of the Senior Obligations or otherwise, shall be payable together with Default Rate Interest,
which shall accrue beginning on a Final Payment Date and be computed as provided in Section 3.1(b)(iv).

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5.3 Right of Setoff.
Notwithstanding any other provision of this Agreement, if a Beneficiary or a Blocker Corporation Owner owes any amounts to Parent,
Parent may, without advance notice to or demand on such Beneficiary or Blocker Corporation Owner set-off or apply any such amounts
against the Tax Benefit Payments otherwise payable to such Beneficiary or Blocker Corporation Owner under this Agreement.

 

ARTICLE
VI

TAX MATTERS; CONSISTENCY; COOPERATION

 

6.1 Parent’s
and the Company’s Tax Matters. Except as otherwise provided herein, Parent shall have full responsibility for, and sole
discretion over, all Tax matters concerning Parent and the Company Group, including the preparation, filing or amending of any
Tax Return and defending, contesting or settling any issue pertaining to Taxes, subject to a requirement that the Parent act in
good faith in connection with its control of any matter which is reasonably expected to materially affect the Beneficiaries’
rights and obligations under this Agreement. Notwithstanding the foregoing, Parent shall notify the Beneficiary Representative,
the Significant Beneficiaries and Blocker Corporation Owners of, and keep them reasonably informed with respect to, the portion
of any tax audit of Parent or the Company, or any of the Company’s Subsidiaries, the outcome of which is reasonably expected
to affect the Tax Benefit Payments payable to the Beneficiaries or Blocker Corporation Owners under this Agreement.

 

6.2 Consistency.
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 or positions taken
by Parent and the Company on their respective Tax Returns. Each Beneficiary and Blocker Corporation Owner shall prepare its Tax
Returns in a manner that is consistent with the terms of this Agreement, and any related calculations or determinations that are
made hereunder, including the terms of Section 2.1 of this Agreement and the Schedules provided to the Beneficiaries and
Blocker Corporation Owners under this Agreement unless otherwise required by applicable Law. In the event that an Advisory Firm
is replaced with another Advisory Firm acceptable to the Audit Committee, such replacement Advisory Firm shall perform its services
under this Agreement using procedures and methodologies consistent with the previous Advisory Firm, unless otherwise required by
law or unless Parent, the Beneficiary Representative, the Significant Beneficiaries and Blocker Corporation Owners agree to the
use of other procedures and methodologies.

 

6.3 Cooperation.
Each Beneficiary and Blocker Corporation Owner shall (a) furnish to Parent in a timely manner such information, documents and other
materials as Parent may reasonably request for purposes of making any determination or computation necessary or appropriate under
this Agreement, preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority,
(b) make itself available to Parent and its representatives to provide explanations of documents and materials and such other information
as Parent or its representatives may reasonably request in connection with any of the matters described in clause (a) above, and
(c) reasonably cooperate in connection with any such matter, and Parent shall reimburse any Beneficiary or Blocker Corporation
Owner for any reasonable third-party costs and expenses incurred by such Beneficiary or Blocker Corporation Owner pursuant to this
Section 6.3.

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6.4 Pre-Transactions
Tax Records. Parent and its advisors may rely on all Tax Returns of the Company that were prepared and filed prior to completion
of the Reorganization Transactions and may assume in good faith that all such Tax Returns are correct, complete and accurate unless
otherwise established by a Determination.

 

6.5 Tax Treatment
of Beneficiary Rights. The Parties acknowledge and hereby agree to treat for all tax reporting purposes any payments made to
a Beneficiary under this Agreement: (i) such payments arising from the Sale, as money received within the meaning of Section 351(b)(1)
of the Code, and (ii) such payments arising from an Exchange, as money received within the meaning of Section 1001(b) of the Code
for the applicable Company Common Units exchanged by such Beneficiary in such Exchange, in each case, except with respect to Imputed
Interest. The Parties shall for all tax reporting purposes treat such payments consistently with this Section 6.5 except upon a
contrary final determination by an applicable taxing authority.

 

6.6 Tax Treatment
of Blocker Corporation Owners Rights. The Parties acknowledge and hereby agree to treat for U.S. federal income tax purposes
any payments made to a Blocker Corporation Owner under this Agreement as additional consideration described as “other property”
within the meaning of Section 356 of the Code pursuant to the applicable Blocker Merger, except with respect to Imputed Interest.
The Parties shall for all tax reporting purposes treat such payments consistently with this Section 6.6 except upon a contrary
final determination by an applicable taxing authority.

 

ARTICLE
VII

MISCELLANEOUS

 

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

 

if to Parent, to:

 

GreenSky, Inc.

5565 Glenridge Connector,
Suite 700

Glenridge Highlands
2

Atlanta, GA 30342

Attention: Chief Legal
Officer

Fax:    (878) 839-1263

Email: steve.fox@greenskycredit.com

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

 

Troutman Sanders LLP

600 Peachtree Street

NE Suite 5200

Atlanta, GA 30308

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Attention: W. Brinkley
Dickerson Jr.

Fax:     (404) 962-6743

Email: brink.dickerson@troutmansanders.com

 

if to the Company, to:

 

GreenSky Holdings, LLC

5565 Glenridge Connector,
Suite 700

Glenridge Highlands
2

Atlanta, GA 30342

Attention: Chief Legal
Officer

Fax:    (878) 839-1263

Email: steve.fox@greenskycredit.com

 

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

 

Troutman Sanders LLP

600 Peachtree Street

NE Suite 5200

Atlanta, GA 30308

Attention: W. Brinkley
Dickerson Jr.

Fax:     (404) 962-6743

Email: brink.dickerson@troutmansanders.com

 

if to a Beneficiary or Blocker Corporation
Owner, to the address and facsimile number set forth in the Company’s records, with a copy to the Beneficiary Representative
(in the case of a Beneficiary). Any party may change its address by giving the other party written notice of its new address in
the manner set forth above.

 

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

 

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

    	29

    	

    

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

 

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

 

7.6 Successors;
Assignment; Amendments; Waivers.

 

(a) Assignment.
No Beneficiary or Blocker Corporation Owner may assign, sell, pledge, or otherwise alienate or transfer any interest in this Agreement,
including the right to receive any Tax Benefit Payments under this Agreement, to any Person without (i) the prior written consent
of Parent, which consent shall not be unreasonably withheld, conditioned, or delayed, and which consent shall only be withheld
if Parent determines and notifies such Beneficiary or Blocker Corporation Owner that, upon consultation with counsel, such transfer
would (x) be prohibited by law, (y) result in a breach of any material agreement of Parent that is not entered into to frustrate
the assignability of any interest in this Agreement, or (z) cause an unreasonable non-tax regulatory burden on Parent, and (ii)
without such Person executing and delivering a Joinder agreeing to succeed to the applicable portion of such Beneficiary’s
or Blocker Corporation Owner’s interest in this Agreement and to become a Party for all purposes of this Agreement (the “Joinder
Requirement”); provided, however, that to the extent any Beneficiary sells, exchanges, distributes, or otherwise
transfers Company Common Units to any Person (other than Parent or the Company) in accordance with the terms of the Exchange Agreement
and/or Company LLC Agreement, the Beneficiaries shall have the option to assign to the transferee of such Company Common Units
its rights under this Agreement with respect to such transferred Company Common Units; provided, further, that such transferee
has satisfied the Joinder Requirement. For the avoidance of doubt, if a Beneficiary transfers Company Common Units in accordance
with the terms of the Exchange Agreement and/or Company LLC Agreement but does not assign to the transferee of such Company Common
Units its rights under this Agreement with respect to such transferred Company Common Units, such Beneficiary shall continue to
be entitled to receive the Tax Benefit Payments arising in respect of a subsequent Exchange of such Company Common Units and such
transferee may not enforce the provisions of Sections 2.6, 4.2, 6.1, and 6.2 herein. Notwithstanding any other provision of this
Agreement, an assignee of only rights to receive a Tax Benefit Payment in connection with the Sale or an Exchange has no rights
under this Agreement other than to enforce it right to receive a Tax Benefit Payment pursuant to this Agreement.

 

(b) Amendments.
No provision of this Agreement may be amended unless such amendment is approved in writing by Parent and by the Beneficiaries or
Blocker Corporation Owner who would be entitled to receive at least two-thirds of the Early Termination

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Payments payable to all
Beneficiaries or Blocker Corporation Owners hereunder if the Company had exercised its right of early termination under Section
4.2 on the date of the most recent Exchange prior to such Amendment (excluding, for purposes of this sentence, all payments made
to any Beneficiary or Blocker Corporation Owner pursuant to this Agreement since the date of such most recent Exchange); provided
that no such amendment shall be effective if such amendment will have a materially disproportionate effect on the payments certain
Beneficiaries or Blocker Corporation Owners may receive under this Agreement unless at least two-thirds of such Beneficiaries or
Blocker Corporation Owners materially disproportionately effected (with such two-thirds threshold being measured by the entitlement
to Early Termination Payments as set forth in the preceding portion of this sentence) consent in writing to such amendment. 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.

 

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

 

(d) Waiver.
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.

 

7.7 Titles and
Subtitles. The headings and 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.

 

7.8 Resolution
of Disputes.

 

(a) Except for Reconciliation
Disputes subject to Section 7.10, any and all disputes which cannot be settled after substantial good-faith negotiation,
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 arbitration
provision) (each a “Dispute”) shall be finally resolved by arbitration in accordance with the International
Institute for Conflict Prevention and Resolution Rules for Non-Administered Arbitration by a panel of three arbitrators (the “Arbitrators”),
of which Parent shall designate one Arbitrator and the Beneficiaries or Blocker Corporation Owners party to such Dispute shall
designate one Arbitrator in accordance with the “screened” appointment procedure provided in Resolution Rule 5.4. 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 may be entered by any court having jurisdiction thereof. The place of the arbitration shall be Wilmington,
Delaware. The Arbitrators are not empowered to award

    	31

    	

    

damages in excess of
compensatory damages, and each Party hereby irrevocably waives any right to recover punitive, exemplary or similar damages with
respect to any Dispute.

 

(b) Notwithstanding
the provisions of paragraph (a), 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,
and/or enforcing an arbitration award and, for the purposes of this paragraph (b), each Party (i) expressly consents to the application
of paragraph (c) of this Section 7.8 to any such action or proceeding, and (ii) agrees that proof shall not be required
that monetary damages for breach of the provisions of this Agreement would be difficult to calculate and that remedies at law would
be inadequate. For the avoidance of doubt, this Section 7.8 shall not apply to Reconciliation Disputes to be settled in
accordance with the procedures set forth in Section 7.10.

 

(c) Each Party hereby
irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Chancery Court of the
State of Delaware or, if such Court declines jurisdiction, the courts of the State of Delaware sitting in Wilmington, Delaware,
and of the U.S. District Court for the District of Delaware sitting in Wilmington, Delaware, and any appellate court from any thereof,
in any action or proceeding brought in accordance with the provisions of Section 7.8(b) or any judicial proceeding ancillary
to an arbitration or contemplated arbitration (including any proceeding to compel arbitration to obtain temporary or preliminary
judicial relief in aid of arbitration or to confirm an arbitration award) arising out of or relating to this Agreement or for recognition
or enforcement of any judgment, and each of the Parties hereto irrevocably and unconditionally agrees that all claims in respect
of any such action or proceeding may be heard and determined in such Delaware State court or, to the fullest extent permitted by
applicable law, in such U.S. District Court. 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.

 

(d) Each Party irrevocably
and unconditionally waives, to the fullest extent permitted by law, 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 Section
7.8(c). Each Party irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of any such suit, action or proceeding in any such court.

 

(e) Each Party irrevocably
consents to service of process by means of notice in the manner provided for in Section 7.1. Nothing in this Agreement shall
affect the right of any Party to serve process in any other manner permitted by law.

 

(f) WAIVER OF RIGHT
TO TRIAL BY JURY. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

    	32

    	

    

7.9 Removal or
Replacement of Beneficiary Representative. The Beneficiary Representative shall not be removed or replaced without the written
consent of Parent and the Two-Thirds Beneficiary and Blocker Approval.

 

7.10 Reconciliation.
In the event that Parent and the Beneficiary Representative, a Significant Beneficiary, or a Blocker Corporation Owner are unable
to resolve a disagreement with respect to a Basis Schedule, Tax Benefit Schedule, Inherited Tax Attribute Schedule (as applicable),
or with respect to an Early Termination Schedule, within the relevant time period designated in this Agreement (a “Reconciliation
Dispute”), the Reconciliation Dispute shall be submitted for determination to a nationally recognized expert (the “Expert”)
in the particular area of disagreement mutually acceptable to both Parties. The Expert shall be a partner or principal in a nationally
recognized accounting firm, and unless Parent and the Beneficiary Representative, such Significant Beneficiary, or such Blocker
Corporation Owner agree otherwise, the Expert shall not, and the firm that employs the Expert shall not, have any material relationship
with Parent or the Beneficiary Representative, such Significant Beneficiary, or such Blocker Corporation Owner or other actual
or potential conflict of interest. If the Parties are unable to agree on an Expert within fifteen (15) calendar days of receipt
by the respondent(s) of written notice of a Reconciliation Dispute, the selection of an Expert shall be treated as a Dispute subject
to Section 7.8 and an arbitration panel shall pick an Expert from a nationally recognized accounting firm that does not
have any material relationship with Parent or the Beneficiary Representative, such Significant Beneficiary, or such Blocker Corporation
Owner or other actual or potential conflict of interest. The Expert shall resolve any matter relating to the Basis Schedule or
an amendment thereto, the Inherited Tax Attribute Schedule or an amendment thereto or the Early Termination Schedule or an amendment
thereto within thirty (30) calendar days and shall resolve any matter relating to 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 on the date prescribed by this Agreement and such Tax Return may be filed
as prepared by Parent, subject to adjustment or amendment upon resolution. The costs and expenses relating to the engagement of
such Expert or amending any Tax Return shall be borne by Parent except as provided in the next sentence. Parent, the Beneficiary
Representative, such Significant Beneficiary, or such Blocker Corporation Owner shall bear its own costs and expenses of such proceeding,
unless (i) the Expert adopts the Beneficiary Representative’s, such Significant Beneficiary’s, or such Blocker Corporation
Owner’s position, in which case Parent shall reimburse the Beneficiary Representative, the Significant Beneficiary or Blocker
Corporation Owner, as the case may be, for any reasonable and documented out-of-pocket costs and expenses in such proceeding, or
(ii) the Expert adopts Parent’s position, in which case the Beneficiary Representative, the Significant Beneficiary or Blocker
Corporation Owner, as the case may be, shall reimburse Parent for any reasonable and documented out-of-pocket costs and expenses
in such proceeding. Any dispute as to whether a dispute is a Reconciliation Dispute within the meaning of this Section 7.10
shall be decided by the Expert. The Expert shall finally determine any Reconciliation Dispute and the determinations of the Expert
pursuant to this Section 7.10 shall be binding on Parent, the Beneficiary Representative, the Beneficiaries, and Blocker
Corporation Owners and may be entered and enforced in any court having competent jurisdiction.

    	33

    	

    

7.11 Withholding.
Parent shall be entitled to deduct and withhold from any payment payable pursuant to this Agreement such amounts as Parent is required
to deduct and withhold with respect to the making of such payment under any provision of U.S. federal, state, local or foreign
tax law. To the extent that amounts are so withheld and paid over to the appropriate Taxing Authority by Parent, such withheld
amounts shall be treated for all purposes of this Agreement as having been paid to the applicable Beneficiary or Blocker Corporation
Owner. Each Beneficiary or Blocker Corporation Owner shall promptly provide Parent with any applicable tax forms and certifications
reasonably requested by Parent in connection with determining whether any such deductions and withholdings are required under any
provision of U.S. federal state, local or foreign tax law.

 

7.12 Admission
of Parent into a Consolidated Group; Transfers of Corporate Assets.

 

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

 

(b) If Parent (or
any other entity that is obligated to make a Tax Benefit Payment or Early Termination Payment hereunder) or any member of the Company
Group transfers (or is deemed to transfer) one or more assets to a corporation with which Parent or any other entity that is obligated
to make a Tax Benefit Payment or Early Termination Payment hereunder does not file a consolidated tax return pursuant to Section
1501 of the Code (or will not file such a return following a series of transactions undertaken in connection with such transfer(s)),
such entity, for purposes of calculating the amount of any Tax Benefit Payment or Early Termination Payment due hereunder, shall
be treated as having disposed of such asset in a fully taxable transaction on the date of such transfer. The consideration deemed
to be received by such entity shall be equal to the net fair market value of the transferred asset as determined by Parent, plus
(i) the amount of debt to which such asset is subject, in the case of a transfer of an encumbered asset, or (ii) the amount of
debt allocated to such asset, in the case of a transfer of a partnership interest.

 

7.13 Confidentiality.
Each Beneficiary and its assignees, the Beneficiary Representative and each of its assignees, and Blocker Corporation Owner and
each of its assignees acknowledges and agrees that the information of Parent is confidential and, except in the course of performing
any duties as necessary for Parent and its Affiliates, as required by law or legal process or to enforce the terms of this Agreement,
such Person shall keep and retain in the strictest confidence and not disclose to any Person any confidential matters, acquired
pursuant to this Agreement, of Parent and its Affiliates and successors, learned by any Beneficiary or Blocker Corporation Owner
heretofore or hereafter. This Section 7.13 shall not apply to (i) any information that has been made publicly available
by Parent or any of its Affiliates, becomes public knowledge (except as a result of an act of any Beneficiary or Blocker Corporation
Owner in violation of this Agreement) or is generally known to the business community, (ii) the disclosure of information to the
extent necessary for a Beneficiary or Blocker

    	34

    	

    

Corporation Owner to
prosecute or defend claims arising under or relating to this Agreement, and (iii) the disclosure of information to the extent necessary
for a Beneficiary or Blocker Corporation Owner 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 Beneficiaries the Blocker Corporation Owners and each of their
respective assignees (and each employee, representative or other agent of the Beneficiaries and Blocker Corporation Owners 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 Parent, the Beneficiaries and Blocker Corporation Owners and any of their transactions, and all materials
of any kind (including tax opinions or other tax analyses) that are provided to the Beneficiaries or Blocker Corporation Owners
relating to such tax treatment and tax structure. If a Beneficiary, Blocker Corporation Owner or an assignee commits a breach,
or threatens to commit a breach, of any of the provisions of this Section 7.13, Parent shall have the right and remedy to
have the provisions of this Section 7.13 specifically enforced by injunctive relief or otherwise by any court of competent
jurisdiction without the need to post any bond or other security, it being acknowledged and agreed that any such breach or threatened
breach shall cause irreparable injury to Parent or any of its Subsidiaries and that money damages alone shall not provide an adequate
remedy to such Persons. Such rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available
at law or in equity.

 

7.14 Company LLC
Agreement. 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 Company LLC Agreement as described in section 761(c) of the Code and sections 1.704-1(b)(2)(ii)(h) and
1.761-1(c) of the Treasury Regulations.

 

7.15 Independent
Nature of Beneficiaries’ Rights and Obligations. The rights and obligations of each Beneficiary and Blocker Corporation
Owner hereunder are several and not joint with the rights and obligations of any other Person. A Beneficiary or Blocker Corporation
Owner shall not be responsible in any way for the performance of the obligations of any other Person hereunder, nor shall a Beneficiary
or Blocker Corporation Owner have the right to enforce the rights or obligations of any other Person hereunder (other than Parent).
The obligations of a Beneficiary or Blocker Corporation Owner hereunder are solely for the benefit of, and shall be enforceable
solely by, Parent. Nothing contained herein or in any other agreement or document delivered at any closing, and no action taken
by any Beneficiary or Blocker Corporation Owner pursuant hereto or thereto, shall be deemed to constitute the Beneficiaries or
Blocker Corporation Owners acting as a partnership, an association, a joint venture or any other kind of entity, or create a presumption
that the Beneficiaries or Blocker Corporation Owners are in any way acting in concert or as a group with respect to such rights
or obligations or the transactions contemplated hereby, and Parent acknowledges that the Beneficiaries or Blocker Corporation Owners
are not acting in concert or as a group and will not assert any such claim with respect to such rights or obligations or the transactions
contemplated hereby.

 

7.16 Change in
Law. Notwithstanding anything herein to the contrary, if, in connection with an actual or proposed change in law, a Beneficiary
or a Blocker Corporation Owner reasonably believes that the existence of this Agreement could cause income (other than income

    	35

    	

    

arising from receipt
of a payment under this Agreement) recognized by such Beneficiary or Blocker Corporation Owner (or direct or indirect equity holders
in such Beneficiary or Blocker Corporation Owner) in connection with the Sale or any Exchange or the Blocker Merger to be treated
as ordinary income rather than capital gain (or otherwise taxed at ordinary income rates) for U.S. federal income tax purposes
or would have other material adverse tax consequences to such Beneficiary, Blocker Corporation Owner or any direct or indirect
owner of such Beneficiary or Blocker Corporation Owner, then at the written election of such Beneficiary or Blocker Corporation
Owner, as the case may be, in its sole discretion (in an instrument signed by such Beneficiary or Blocker Corporation Owner and
delivered to Parent) and to the extent specified therein by such Beneficiary or Blocker Corporation Owner, as the case may be,
this Agreement shall cease to have further effect and shall not apply to an Exchange occurring after a date specified by such Beneficiary,
or may be amended by in a manner reasonably determined by such Beneficiary or Blocker Corporation Owner; provided that such
amendment shall not result in an increase in any payments owed by Parent under this Agreement at any time as compared to the amounts
and times of payments that would have been due in the absence of such amendment.

 

7.17 Interest
Rate Limitation. Notwithstanding anything to the contrary contained herein, the interest paid or agreed to be paid hereunder
with respect to amounts due to any Beneficiary or Blocker Corporation Owner hereunder shall not exceed the maximum rate of non-usurious
interest permitted by applicable Law (the “Maximum Rate”). If any Beneficiary or Blocker Corporation Owner shall
receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the Tax Benefit Payment or
Early Termination Payment, as applicable (but in each case exclusive of any component thereof comprising interest) or, if it exceeds
such unpaid non-interest amount, refunded to Parent. In determining whether the interest contracted for, charged, or received by
any Beneficiary or Blocker Corporation Owner exceeds the Maximum Rate, such Beneficiary or Blocker Corporation Owner may, to the
extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than
interest, (b) exclude voluntary prepayments and the effects thereof, and (c) 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 Parent to such Beneficiary
or Blocker Corporation Owner hereunder. Notwithstanding the foregoing, it is the intention of the Parties to conform strictly to
any applicable usury laws.

    	36

    	

    

IN WITNESS WHEREOF,
Parent, the Company and the other Persons party hereto have duly executed this Agreement as of the date first written above.

 

	 	GREENSKY, INC.	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	GREENSKY HOLDINGS, LLC	 
	 	 	 	 
	 	By:	                   	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	GREENSKY, LLC	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

    	37

    	

    

	 	[ADDITIONAL SIGNATORY]	 
	 	 	 
	 	By:	                   	 
	 	 	Name:	 
	 	 	Title:	 

    	38

    	

    

EXHIBIT A

    	A-1

    	

    

EXHIBIT B

JOINDER TO TAX RECEIVABLE AGREEMENT

 

This JOINDER (this “Joinder”)
to the Tax Receivable Agreement, by and among GreenSky, Inc., a Delaware corporation (“Parent”), GreenSky Holdings,
LLC, a Georgia limited liability company, (the “Company”), GreenSky, LLC, a Georgia limited liability company
(“GSLLC”), and ___________________ (“Additional Signatory”), is dated as of ________ __,
20__.

 

WHEREAS, reference is
hereby made to the Tax Receivable Agreement, dated as of [●], by and among Parent, the Company and the other parties thereto,
as such agreement may be amended and/or restated from time to time (the “Tax Receivable Agreement”). Capitalized
terms used in this Joinder and not otherwise defined in this Joinder shall have the respective meanings given to such capitalized
terms in the Tax Receivable Agreement; and

 

[WHEREAS, on __________________,
Additional Signatory acquired (the “Acquisition”) [____] Company Common Units (collectively, “Applicable
Units”) and the corresponding number of shares of Parent’s Class B Common Stock from [________________ (“Transferor”)],
and Transferor, in connection with the Acquisition, has required Additional Signatory to execute and deliver this Joinder pursuant
to Section 7.6(a) of the Tax Receivable Agreement.]

 

[WHEREAS, on __________________,
Additional Signatory acquired (the “Acquisition”) from [________________ (“Transferor”)],
the right to receive all payments under the Tax Receivable Agreement with respect to the [____] Company Common Units that were
previously Sold or Exchanged (collectively, “Applicable Units”), and in connection with the Acquisition, Additional
Signatory (i) is required to execute and deliver this Joinder pursuant to Section 7.6(a) of the Tax Receivable Agreement and (ii)
will, for purposes of the Tax Receivable Agreement, be deemed to be an “Exchanging TRA Member” with respect to such
Applicable Units.]

 

NOW, THEREFORE, in consideration
of the foregoing and the agreements contained herein, Additional Signatory hereby agrees as follows:

 

Section 1.1.  Joinder
to Tax Receivable Agreement. Additional Signatory hereby (i) acknowledges that Additional Signatory has received and reviewed
a complete copy of the Tax Receivable Agreement and (ii) agrees that upon execution of this Joinder, Additional Signatory (A) will
become a party to the Tax Receivable Agreement and shall be fully bound by, and subject to, all of the covenants, terms and conditions
of the Tax Receivable Agreement in the manner set forth in the Tax Receivable Agreement, with respect to the Applicable Units and
(B) will be a “TRA Member” for all purposes of the Tax Receivable Agreement.

 

Section 1.2.  Company
LLC Agreement. Additional Signatory hereby (i) acknowledges that Additional Signatory has received and reviewed a complete
copy of the Company LLC Agreement and (ii) agrees that Additional Signatory either is, or as a result of the execution and delivery
of this Joinder has become, a party to the Company LLC Agreement and, as a result thereof, is fully bound by, and subject to, all
of the covenants, terms and conditions of the Company LLC Agreement and shall is a Limited Partner (as such term is defined in
the

    	B-1

    	

    

Company LLC Agreement
for all purposes of the Company LLC Agreement. [NOTE: THIS SECTION 1.2 ONLY TO BE INCLUDED IF THE ADDITIONAL SIGNATORY
ALSO OWNS/IS ACQUIRING COMPANY COMMON UNITS]

 

Section 1.3.  Counterparts;
Headings. This Joinder may be executed in separate counterparts each of which shall be an original and all of which taken together
shall constitute one and the same agreement. The descriptive headings of this Joinder are inserted for convenience only and do
not constitute a part of this Joinder.

 

Section 1.4.  Governing
Law. THIS JOINDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING
EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF.

 

[NOTE: IF
REQUESTED BY PARENT, THE JOINDER AS COMPLETED BY AN ADDITIONAL SIGNATORY WILL ALSO INCLUDE A SECTION 1.5 IN WHICH SUCH ADDITIONAL
SIGNATORY REPRESENTS TO PARENT SUCH ADDITIONAL SIGNATORY’S CONTACT INFORMATION AND WIRE INSTRUCTIONS, ALONG WITH A COVENANT
BY SUCH ADDITIONAL SIGNATURE TO PROMPTLY PROVIDE PARENT WITH UPDATED CONTACT INFORMATION AND WIRE INSTRUCTIONS TO THE EXTENT SUCH
INFORMATION CHANGES FROM TIME TO TIME.]

 

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

 

	 	GREENSKY, INC.	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	GREENSKY HOLDINGS, LLC	 
	 	 	 
	 	By:	                 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	[ADDITIONAL SIGNATORY]	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

    	B-2Exhibit 10.3

 

 

SECOND AMENDED AND RESTATED OPERATING
AGREEMENT

 

OF

 

GREENSKY HOLDINGS, LLC

 

Dated as of ●, 2018

 

THESE SECURITIES HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “FEDERAL ACT”), OR THE SECURITIES LAWS OF ANY STATE, AND ARE BEING
OFFERED IN RELIANCE UPON EXEMPTIONS FROM SUCH REGISTRATION UNDER THE FEDERAL ACT AND VARIOUS APPLICABLE STATE SECURITIES ACTS.
THESE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE OFFERED FOR SALE, PLEDGED, HYPOTHECATED, SOLD OR
TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS OF THIS AGREEMENT AND IN A TRANSACTION WHICH IS EITHER EXEMPT FROM
REGISTRATION UNDER SUCH ACTS OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACTS.

    	 

    	

    

SECOND AMENDED AND RESTATED 

OPERATING AGREEMENT OF

GREENSKY HOLDINGS, LLC

 

THIS SECOND AMENDED
AND RESTATED OPERATING AGREEMENT (the “Agreement”) is made and entered into as of ●, 2018, by and among
all of the Members of GreenSky Holdings, LLC, a Georgia limited liability company (the “Company”). This Agreement
supersedes any and all previous operating agreements of the Company.

 

BACKGROUND

 

This Second Amended
Operating Agreement is being executed in order to facilitate an initial public offering by GreenSky, Inc., a Delaware corporation
(“GreenSky”). As part of this process, the Members of GSLLC are contributing their membership interests in the
Company in exchange for the number of Common Units in the Company specified on Exhibit B hereto. It is the intent of the
Company and the Members that, for U.S. federal income tax purposes, this contribution constitutes a continuation of the Company
as a partnership in accordance with Section 708(a) of the Code.

 

AGREEMENT

 

IN CONSIDERATION OF
the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

GENERAL PROVISIONS

 

Section 1.1    Definitions.  Capitalized
terms used in this Agreement and not defined herein shall have the meanings set forth on Exhibit A attached hereto and
made a part hereof.

 

Section 1.2    Formation.  The parties hereby acknowledge that (a) the Company was formed pursuant to the Act by the filing of Articles of Organization with
the Secretary of State of Georgia on July 25, 2017, and (b) the Company and, if required, each of the Members, shall execute or
cause to be executed from time to time all other instruments, certificates, notices and documents and shall do or cause to be done
all such acts and things (including keeping books and records and making publications or periodic filings) as may now or hereafter
be required for the valid existence and, when appropriate, termination of the Company as a limited liability company under the
laws of the State of Georgia and as may be necessary in order to protect the liability of the Members as members under the laws
of the State of Georgia.

 

Section 1.3    Name.  The Company shall operate under the name of “GreenSky Holdings, LLC” or under such other name as the Manager shall,
from time to time, determine.

 

Section 1.4    Purpose.  The Company shall engage in the business (the “Business”) of owning and operating GreenSky, LLC, a Georgia
limited liability company, and, through it, providing financial services, and the Company may, in connection therewith, engage
in such other activities and businesses related, directly or indirectly, thereto as the Manager shall determine.

 	 

    	

    

 The Company shall have all powers
necessary and appropriate to carry out the foregoing purpose, which powers shall be exercised by the Manager on the terms and conditions
hereinafter set forth.

 

Section 1.5    Term.  The term of the Company shall continue until dissolved pursuant to the terms of this Agreement or the Act.

 

Section 1.6    Principal
Place of Business.  The principal place of business of the Company shall be at such location as the Manager shall, from time
to time, determine.

 

Section 1.7    Registered
Office and Registered Agent.  The registered agent for service of process and the registered office of the Company shall be
National Registered Agents, Inc., 289 S. Culver St., Lawrenceville, Georgia 30046. The registered office and registered agent
may be changed from time to time as the Manager deem advisable by filing the address of the new registered office and/or the name
of the new registered agent as required by the Act.

 

ARTICLE
II

RIGHTS AND DUTIES OF MEMBERS

 

Section 2.1    Members.  The Members of the Company and their respective Common Units and Company Percentages, reflecting the purchases through the date
of this Agreement, are set forth on Exhibit B hereto. The Manager shall amend Exhibit B from time-to-time to reflect
changes in such information.

 

Section 2.2    Reorganization.  In order to affect the Reorganization, immediately prior to the “effective time” of the Reorganization, the outstanding
Class A Units, Class B Units, Class C Units and Profits Interests of the Company shall be contributed to the Company and the Common
Units set forth next to each Member on Exhibit B shall be issued in lieu thereof.

 

Section 2.3    GreenSky’s
Common Unit Purchases.  Following the Reorganization, and simultaneous with the closing of the IPO, GreenSky shall purchase
• Common Units from the Company at a price per Unit of $•. In the event that the underwriters’ overallotment option
is exercised, GreenSky will purchase such number of Common Units from the Company that, together with the shares of Class A Common
Stock that it redeems from the so-called “blocker corporation owners,” enables it to fulfill the overallotment option,
at a price per Common Unit of $•. The parties hereto acknowledge and agree that the purchase(s) will result in “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.

 

Section 2.4    Number
of Votes.

 

(a)    Subject to the
Regulatory Voting Restriction, each Member holding Common Units shall be entitled to vote on any matter submitted to a vote of
the Members pursuant to the terms of this Agreement and as provided under the Act. Each Common Unit held by a Member shall carry
one (1) vote.

 

(b)    Any references
in this Agreement to a majority or other proportion of units, including with respect to the percentage of units required to approve
a matter, shall refer to such majority or other proportion
of the voting power of such units, stock or shares, based on the votes

    	2

    	

    

 that the holders of such outstanding units (including Common
Units subject to the Regulatory Voting Restriction) are entitled to cast as of the record date for voting on (or taking action
by consent with respect to) such matter.

 

(c)    Holders of Incentive
Units shall not be entitled to any voting rights.

 

Section 2.5    Regulatory
Voting Restriction.  Notwithstanding the stated or statutory voting rights, in no event shall a Regulated Holder be entitled
to cast a number of votes representing more than 4.99% of the voting power of all Units entitled to vote on any matter (including
matters with respect to which such holders are entitled or required to provide their approval or consent) (such voting rights
to be allocated pro rata among the Regulated Holder based on the number of Common Units held by each such holder); provided,
however, that the Regulatory Voting Restriction shall not apply to matters described in Section 14.3
hereof or as otherwise provided expressly herein. The restrictions described in this Section 2.5 are referred to
herein as the “Regulatory Voting Restriction.”

 

Section 2.6    Governance
Rights of Members.  Only such matters as require Member appraisal pursuant to the Act or as may otherwise be specified herein,
shall require the vote of the Members, and in any such event it shall require the vote of Members representing a majority of the
Common Units (subject to the Regulatory Voting Restriction) or such other group of members as may be specified herein.

 

Section 2.7    General.  Subject to the foregoing, the Members hereby delegate management of the Company to the Manager on the terms and conditions of
ARTICLE III hereof.

 

Section 2.8    Liability
of Members.  No Member shall be liable as such for the liabilities, debts or obligations of the Company. The failure of the
Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs
under this Agreement or the Act shall not be grounds for imposing personal liability on the Members for liabilities, debts or
obligations of the Company.

 

Section 2.9    Meetings
of Members and Notice/Action by Written Consent.  Meetings of the Members shall be held at such times and upon such terms and
conditions as the Manager shall from time to time determine. Any actions required or permitted by this Agreement to be taken by
the Members may be taken without a meeting if the action is approved, in a written consent of the Members entitled to vote on
such action, by Members holding not less than the minimum number of Units that would be necessary to authorize such action in
accordance with the provisions of this Agreement; provided, however, that a copy of any written consent must be
sent to all Members as so as practical after the taking of such action by written consent and filed with the records of the Company.

 

Section 2.10    Power
to Bind the Company.  No Member (acting solely in its capacity as such) shall have any authority to bind the Company to any
third party with respect to any matter except pursuant to a resolution expressly authorizing such action, which resolution is
duly adopted by the Manager.

    	3

    	

    

ARTICLE
III

MANAGEMENT

 

Section 3.1    Management;
Responsibility.

 

(a)    The Manager shall
have all the rights and powers to manage and direct the affairs of the Company, subject to the provisions of the Act and any limitations
in the Company’s Articles of Organization and this Agreement as to actions required to be authorized or approved by the Members.
Without prejudice to such general powers, but subject to the same limitations, the Manager shall have the following powers: (1)
to determine the overarching strategy and direct the overall business of the Company; (2) to determine the compensation of the
Manager and officers of the company (including officers employed by Affiliates of the Company); (3) to determine the budget; (4)
to establish overall policies and mandate procedures for the conduct, promotion or attainment of the business, purposes or activities
of the Company; (5) to oversee the day-to-day business and affairs of the Company and to make such rules and regulations therefor
not inconsistent with law or with the Company’s Articles of Organization or with this Agreement, as the Manager shall deem
to be in the best interests of the Company; (6) to appoint and remove at the Manager’s pleasure the officers, agents, employees
and consultants of the Company (including officers employed by Affiliates of the Company), and prescribe their duties; (7) to borrow
money and incur indebtedness for the purposes of the Company and to cause to be executed and delivered therefor, in the Company’s
name, promissory notes, bonds, debentures, deeds of trust, mortgages, pledges, hypothecations or other evidences of debt and securities
therefor; (8) to acquire real and personal property, arrange financing and enter into contracts; (9) subject to Section 6.2,
to determine the amount and timing of any distributions to the Members; and (10) to make all other arrangements and do all things
which are necessary or convenient to the conduct, promotion or attainment of the business, purposes or activities of the Company.
It is the intent of the parties hereto that the Manager shall be deemed to be a “manager” of the Company (as defined
in Section 14-11-101(15) of the Act) for all purposes under the Act.

 

(b)    Notwithstanding
any other provision of this Agreement (but subject to the last sentence of this Section 3.1(b) and ARTICLE XII of
this Agreement), none of the Members or any of their respective Affiliates, members, equity holders, partners, employees, agents,
portfolio companies, representatives or other related persons (each, a “Related Person”), shall be liable to
the Company or any other Member or person for any breach of any implied duty of loyalty or due care or any other fiduciary duty,
other than as a result of any acts or omissions not committed in good faith or that involve intentional misconduct. To the extent
that, at law or in equity, any Related Person has duties (including fiduciary duties) and liabilities relating thereto to the Company
or to another Member or the Manager, (i) the Related Person acting under this Agreement shall not be liable to the Company or to
any such other Member or the Manager (if applicable) to the extent such Related Person acted in good faith absent intentional misconduct
and in accordance with the provisions of this Agreement and (ii) the Related Person’s duties and liabilities are hereby restricted
by and subject in all respects to the provisions of this Agreement. Notwithstanding anything contained herein, the provisions of
this Section 3.1(b) shall not apply to any Member or Manager in his capacity as a Manager or an executive officer or employee
of the Company.

 

(c)    Notwithstanding
anything herein or at law or in equity to the contrary, to the fullest extent permitted by law, the doctrine of corporate opportunity,
or any analogous doctrine, shall not apply to any Member, or any of their respective Related Persons or Affiliates who is not
an employee, consultant or service provider of the Company or its subsidiaries (an “Exempted

    	4

    	

    

Person”).
The Company renounces any interest or expectancy of the Company in, or in being offered an opportunity to participate in, business
opportunities that are from time to time presented to any Exempted Person. No Exempted Person who acquires knowledge of a potential
transaction, agreement, arrangement or other matter that may be an opportunity for the Company shall have any duty to communicate
or offer such opportunity to the Company, and such Exempted Person shall not be liable to the Company or to the Members for breach
of any fiduciary or other duty by reason of the fact that such Exempted Person pursues or acquires such opportunity, or directs
such opportunity to another Person or does not communicate such opportunity or information to the Company. No amendment or repeal
of this Section 3.1(c) shall apply to or have any effect on the liability or alleged liability of any Exempted Person for
or with respect to any opportunities of which any such Exempted Person becomes aware prior to such amendment or repeal. For the
avoidance of doubt, the provisions of this Section 3.1(c) shall have independent effect with respect to, and shall not
be construed as being in lieu of or otherwise limiting, any separate obligations of any Person under any existing agreement between
such Person and the Company and/or its subsidiaries, including any agreement related to any noncompetition, nonsolicitation, confidentiality
or other restrictions on the activities or operations of such Person.

 

Section 3.2    Sole
Manager.  GreenSky shall be the sole Manager of the Company.

 

Section 3.3    No
Resignation.  GreenSky may not resign as the Manager of the Company.

 

Section 3.4    Removal.  The Courts of the State of Delaware may remove the Manager for “Cause” at any time upon request of Members holding
a majority of the Common Units. For purposes of this provision, “Cause” shall mean:

 

(a)    the continuing
failure or refusal of the Manager to perform those material duties that he is required to perform in furtherance of the business
of the Company after his receipt of a detailed notice setting forth such failures and a reasonable time period to cure;

 

(b)    the Manager engaging
in an activity that is intentionally injurious to the Company;

 

(c)    the Manager committing
a fraud against the Company or using or appropriating for personal use or benefit funds or property of the Company when not authorized
to do so; or

 

(d)    the Manager committing
an act of gross negligence or willful misconduct regarding the business of the Company.

 

Section 3.5    Vacancies.  Any
vacancy occurring for any reason in the position of Manager of the Company may be filled by the affirmative vote of holders of
a majority of the Common Units (subject to the Regulatory Voting Restriction). A Manager elected to replace GreenSky (or a successor
to such Manager) shall hold office until his earlier resignation or removal.

 

Section 3.6    Delegation
of Authority.  The Manager may delegate to one or more employees of the Company, each of whom will serve at the pleasure of
the Manager, the authority to carry out the Company’s day-to-day business activities (each of whom in such capacity may
be referred to individually in this Agreement as an “officer” and collectively as “officers”). Any authority
delegated by the Manager under this section is subject to the limitations contained in this 

    	5

    	

    

Agreement, nonwaivable provisions of applicable
law and the specific authorization given by the Manager; provided, however, that any authorization may be amended,
modified, or revoked by a vote of the Manager at any time. For convenience of reference, the Manager may designate officers of
the Company including a Chairperson, Chief Executive Officer, President, Vice President, Secretary, or Treasurer. Such officers
shall have the duties assigned by the Manager.

 

Section 3.7    Written
Action of Manager.  The Manager shall not be required to hold meetings and may take actions in writing.

 

Section 3.8    Liability
of Manager.  The Manager shall not be liable as such for the liabilities, debts or obligations of the Company. The failure
of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business
or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Manager for liabilities,
debts or obligations of the Company.

 

Section 3.9    Conflict
of Interest Transactions.  Anything in this Agreement to the contrary notwithstanding, no Member shall be prohibited from dealing,
on commercially reasonable terms, with any person or entity deemed to be an Affiliate of any Member.

 

Section 3.10    Devotion
of Time to Company.  Affiliates of the Manager may engage in any other business or non-business activity, whether or not similar
to the Business of the Company, and neither the Company nor any Member shall have any right to any earnings, profits or other
interest or rights with respect to such other activities.

 

Section 3.11    Compensation
to Manager.  The Manager may receive reasonable compensation at its discretion. The Manager shall be reimbursed for all reasonable
costs and expenses incurred by it on behalf of the Company in accordance with the Company’s customary reimbursement policies.

 

Section 3.12    Limitations
on Authority of Manager.  The Manager shall have no authority to:

 

(a)    do any act in
contravention of this Agreement;

 

(b)    do any act on
behalf of the Company that would make it impossible to carry on the ordinary business of the Company;

 

(c)    confess a judgment
against the Company; or

 

(d)    possess Company
property, or assign the rights in specific Company property, other than for a Company purpose.

 

ARTICLE
IV

CONTRIBUTIONS/CAPITAL ACCOUNTS/LOANS/TAX BASIS

 

Section 4.1    Units
Held by Members.  Immediately after the Reorganization, the Members hold the number of Common Units set forth on Exhibit
B attached hereto.

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Section 4.2    Additional
Capital Contributions.  No Member shall be required to make any additional Capital Contributions without the consent of such
Member.

 

Section 4.3    Capital
Accounts; Voluntary Withdrawals.  A Capital Account shall be maintained for each Member in accordance with the Code and the
Regulations. Except as specifically permitted pursuant to this Agreement, no Member shall have the right to withdraw from the
Company or make demand for withdrawal of any part of such Member’s Capital Account.

 

Section 4.4    Loans.  If the Company borrows funds from, or loans funds to, any Member, a loan account shall be established and maintained for such
lending Member or, as the case maybe, for the Company. Subject to applicable provisions of the Code, the borrower shall pay interest
at a rate acceptable to the lender.

 

Section 4.5    Interest.  No interest shall be paid by the Company with respect to any Capital Contributions or Capital Account balances.

 

Section 4.6    Allocation
of Liabilities.  For purposes of determining the income tax basis of each Member’s interest in the Company, the liabilities
of the Company, if any, shall be allocated among the Members pursuant to Section 752 of the Code and the Regulations promulgated
thereunder.

 

ARTICLE
V

ALLOCATIONS

 

Net Profits and Net
Losses and other items of Company income, gain, credit, loss and deduction shall be allocated each Company Year among the Members
as follows:

 

Section 5.1    Net
Profits and Net Losses.

 

(a)    Except as otherwise
provided in this Agreement, Net Profits and Net Losses (and, to the extent necessary, individual items of income, gain, loss, deduction
or credit) of the Company shall be allocated to the Members pro rata in proportion to their respective Company Percentages.

 

(b)    Notwithstanding
the other provisions of Section 5.1, to the extent any Net Losses allocated to a Member under Section 5.1
would cause such Member (hereafter, a “Restricted Member”) to have a Capital Account deficit (or cause an
increase in such Capital Account deficit) as of the end of the Company Year to which such Net Losses relate, such Net Losses
shall not be allocated to such Restricted Member and instead shall be allocated to the other Members (the “Permitted
Members”), in proportion to, and to the maximum extent that, the amounts in which such Net Losses may be allocated
to the Permitted Members without causing any of the Permitted Members to have a Capital Account deficit.

 

Section 5.2    Regulatory
Allocations.  The provisions set forth in Exhibit C are intended to conform with the Code and Regulations and shall
be interpreted in accordance therewith. Further, the Manager shall be permitted to adjust allocations of Net Profits, Net Losses
and, to the extent necessary, individual items of income, gain, loss or deduction of the Company to give economic effect to the
provisions of Section 6.1, Section 10.4 and the other relevant provisions of this Agreement.

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Section 5.3    Tax
Allocations.  For Federal, state and local income tax purposes, items of income, gain, loss, deduction and credit shall be
allocated to the Members in accordance with the allocations of the corresponding items for Capital Account purposes under Section
5.1 and Section 5.2, except that items with respect to which there is a difference between tax and book basis will
be allocated in accordance with the “traditional method” set forth in Regulations Section 1.704-3(b).

 

Section 5.4    Tax
Consequences.  The Members acknowledge that they are aware of the income tax consequences of the allocations made by this ARTICLE
V and Exhibit C and shall be bound by the provisions of this ARTICLE V and Exhibit C in reporting their
portion of Company income and loss for Federal income tax purposes.

 

ARTICLE
VI

DISTRIBUTIONS

 

Section 6.1    Distributions.  Distributions to the Members of Distributable Cash may be made when, as and if declared by the Manager pursuant to Section
3.1, and such distributions to the Members shall be made pro rata in proportion to their respective Company Percentages.

 

Section 6.2    Tax
Distributions.

 

(a)    Subject
to the Act, the other provisions of this Agreement, applicable law, and contractual limitations applicable to the Company, as
subject to the availabilities of Distributable Cash, the Company shall make a ratable distribution among the Members, in
accordance with their respective Company Percentages, of an aggregate amount in cash sufficient to allow each Member to pay
the amount by which (i) the product of (A) a Member’s allocable share of net taxable income of the Company for the
Company Year or other relevant period, and (B) the Tax Rate, exceeds (ii) the sum of the amounts distributed in cash to such
Member pursuant to Section 6.1. If there are not sufficient funds on hand to distribute the full amount otherwise
required to be distributed pursuant to this Section 6.2(a) such distribution shall be made to the extent of the
available funds ratably among the Members in proportion to each Member’s respective Company Percentage and the Company
shall make future distributions as soon as funds become available to pay the remaining portion of such distribution ratably
among the Members in accordance with their respective Company Percentage.

 

(b)    
In computing taxable income or losses for the purposes of determining the amount of distributions pursuant to this Section
6.2, items of income, gain, loss and deduction shall be determined without regard to any adjustments pursuant to
Section 743, Section 734, or Section 704(c) of the Code. In the event that the amount of the distributions made pursuant to
this Section 6.2 is less than the aggregate excess tax liability of the Members described in the first sentence of
Section 6.2(a), any distributions made pursuant to this Section 6.2 shall be made to all the Members in proportion to their
respective shares of the excess tax liability. The amounts distributable pursuant to this Section 6.2 shall be
calculated and distributed at the following times: (i) quarterly, on an estimated basis, with respect to the portion of the
Company Year through the end of such quarterly period, at least 10 days prior to the date on which U.S. federal corporate
estimated tax payments are due and (ii) with respect to each Company Year, at the end of such Company Year.

    	8

    	

    

Section 6.3    Amounts
Withheld.

 

(a)    Withholding
for Taxes. All amounts withheld pursuant to the Code or any provision of any state or local tax law with respect to any
payment, distribution or allocation to the Company or the Members shall be treated as amounts distributed to the Members
pursuant to this ARTICLE VI for all purposes under this Agreement. The Manager is authorized to withhold from payments
and distributions, or with respect to allocations, to the Members and to pay over to any Federal, state or local government
any amounts required to be so withheld and paid over pursuant to the Code or any other applicable law or regulation, and such
amounts shall be allocated to the Member with respect to which such amount was withheld. Each Member and former Member shall,
to the fullest extent permitted by law, indemnify and hold harmless the Company, the Manager and each other Person who is or
who is deemed to be the responsible withholding agent or paying agent for United States federal, state or local or non-U.S.
income tax purposes against all claims, liabilities and expenses relating to the Company’s, the Manager’s or such
other Person’s obligation to withhold and to pay over, or otherwise to pay, any withholding or other taxes payable by
the Company, the  Manager or any of their Affiliates with respect to such Member or former Member based on such
Member’s or former Member’s status or as a result of such Member’s or former Member’s ownership of
Units, Transfer of Units (including by Exchange) or participation in the Company, as determined and apportioned in the good
faith and reasonable discretion of the Manager.

 

(b)    Withholding
for an Adjustment Liability. In the event the Company becomes liable for an adjustment in respect of the
distributive share of a Member (or a former Member) under Section 6225 of the Code as applicable under the Partnership Audit
Provisions (such liability, as reasonably determined by the Partnership Representative, the “Adjustment
Liability”), the Company is hereby authorized and directed by each Member to withhold from the distributions or
other amounts payable to such Member in the amount of the Adjustment Liability and to remit such amount to the Internal
Revenue Service or as may otherwise be required. The amount of the remitted Adjustment Liability shall be treated for all
purposes of the Agreement as having been distributed or paid to the Member (or former Member) in question. If the Partnership
Representative determines at any time that the Adjustment Liability with respect to a particular Member (or former Member)
exceeds the amount of distributions or other amounts payable to such Member (or former Member) at such time (an
“Adjustment Liability Shortfall”), the Member (or former Member) in question shall as soon as practicable
after receiving written notice from the Partnership Representative of the amount of such Adjustment Liability Shortfall make
a cash contribution to the Company equal to the amount of such Adjustment Liability Shortfall, which the Company shall use to
effectuate the remittance. The amount of the Adjustment Liability Shortfall so contributed shall not be treated as a Capital
Contribution for purposes of the Agreement and the associated remittance to the taxing authority shall not be treated as a
distribution for purposes of the Agreement. The obligations of each Member (or former Member) under this Section 6.3(b) shall
remain binding for as long as is necessary to resolve the income tax matters relating the Company and for Members and former
Members to satisfy their payment obligations. Additionally, the obligations of each Member (or former Member) under this
Section 6.3(b) shall survive the transfer or redemption by such Member of its Units and the termination of this Agreement or
the dissolution of the Company and shall apply jointly and severally to such Member and former Member and direct or indirect
transferees or successors to such Member or former Member’s interests.

    	9

    	

    

ARTICLE
VII

ISSUANCE OF ADDITIONAL UNITS

 

Section 7.1    Units.  Interests in the Company shall be represented by Units, or such other securities of the Company, in each case as the Manager may
establish in its discretion in accordance with the terms and subject to the restrictions hereof. Immediately after the “effective
time” of the Reorganization, the Units will be comprised of a single class of Common Units. To the extent required pursuant
to Section 7.2, the Manager may create one or more classes or series of Common Units or preferred Units solely to the extent
they are in the aggregate substantially equivalent to a class of common stock of GreenSky or class or series of preferred stock
of GreenSky; provided that as long as there are any Members of the Company (other than GreenSky), then no such new class or series
of Units may deprive such Members of, or dilute or reduce, the pro rata share of all interests they would have received or to
which they would have been entitled if such new class or series of Units had not been created except to the extent (and solely
to the extent) the Company actually receives cash in an aggregate amount, or other property with a Market Price in an aggregate
amount, equal to the pro rata share allocated to such new class or series of Units and the number thereof issued by the Company.

 

Section 7.2    Authorization
and Issuance of Additional Units.

 

(a)    The Company shall
undertake all actions, including, without limitation, a reclassification, distribution, division or recapitalization, with respect
to the Common Units, to maintain at all times a one-to-one ratio between the number of Common Units owned by GreenSky and the number
of outstanding shares of Class A Common Stock, disregarding, for purposes of maintaining the one-to-one ratio, (i) unvested shares
of Class A Stock issued pursuant to Incentive Plans, (ii) treasury stock or (iii) preferred stock or other debt or equity securities
(including without limitation warrants, options or rights) issued by GreenSky 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 conversion, exercise or exchange thereof, has been contributed by GreenSky to the equity capital of the Company).
In the event GreenSky issues, transfers or delivers from treasury stock or repurchases Class A Common Stock in a transaction not
contemplated in this Agreement, the Manager shall take all actions such that, after giving effect to all such issuances, transfers,
deliveries or repurchases, the number of outstanding Common Units owned by GreenSky will equal on a one-for-one basis the number
of outstanding shares of Class A Common Stock. In the event GreenSky issues, transfers or delivers from treasury stock or repurchases
or redeems GreenSky’s preferred stock in a transaction not contemplated in this Agreement, the Manager shall have the authority
to take all actions such that, after giving effect to all such issuances, transfers, deliveries, repurchases or redemptions, GreenSky
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 that (in the good faith determination by the Manager) are in the aggregate substantially equivalent to
the outstanding preferred stock of GreenSky so issued, transferred, delivered, repurchased or redeemed. The Company shall not undertake
any subdivision (by any Common Unit split, Common Unit distribution, reclassification, recapitalization or similar event) or combination
(by reverse Common Unit split, reclassification, recapitalization or similar event) of the Common Units that is not accompanied
by an identical subdivision or combination of Class A Common Stock to maintain at all times a one-to-one ratio between the number
of Common Units owned by GreenSky 

    	10

    	

    

and the number of outstanding shares of Class A Common Stock, unless such action is necessary
to maintain at all times a one-to-one ratio between the number of Common Units owned by GreenSky and the number of outstanding
shares of Class A Common Stock as contemplated by the first sentence of this Section 7.2. Simultaneously with any Common
Unit split, Common Unit distribution, reclassification, recapitalization or similar event) or combination (by reverse Common Unit
split, reclassification, recapitalization or similar event) of the Common Units, GreenSky shall implement a comparable adjustment
to the Class B Common Stock so as to maintain at all times a one-to-one ratio between the number of Common Units owned by Members
other than GreenSky and the number of outstanding shares of Class B Common Stock.

 

(b)    The Company shall
be permitted to issue additional Units or other equity securities in the Company only to the Persons and on the terms and conditions
provided for in, this Section 7.2. Subject to the foregoing, the Manager may cause the Company to issue additional Common
Units authorized under this Agreement at such times and upon such terms as the Manager shall determine, and the Manager shall amend
this Agreement as necessary in connection with the issuance of additional Common Units and admission of additional Members under
this Section 7.5 without the requirement of any consent or acknowledgement of any other Member.

 

Section 7.3    GreenSky
Incentive Plans.

 

(a)    Options Granted
to Persons other than LLC Employees. If at any time or from time to time, in connection with any Incentive Plan, a stock option
granted over shares of Class A Common Stock to a Person other than an LLC Employee is duly exercised:

 

(i)    GreenSky shall,
as soon as practicable after such exercise, make a Capital Contribution to the Company in an amount equal to the exercise price
paid to GreenSky by such exercising Person in connection with the exercise of such stock option.

 

(ii)    Notwithstanding
the amount of the Capital Contribution actually made pursuant to Section 7.3(a)(i), GreenSky shall be deemed to have contributed
to the Company as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of additional
Common Units, an amount equal to the Market Price of a share of Class A Common Stock as of the date of such exercise multiplied
by the number of shares of Class A Common Stock then being issued by GreenSky in connection with the exercise of such stock option.

 

(iii)    GreenSky shall
receive in exchange for such Capital Contributions (as deemed made under Section 7.3(a)(ii)), a corresponding number of
Units of a class correlative to the class of equity securities for which such stock options were granted.

 

(b)    Options Granted
to LLC Employees. If at any time or from time to time, in connection with any Incentive Plan, a stock option granted over shares
of Class A Common Stock to an LLC Employee is duly exercised:

 

(i)    GreenSky shall
sell to the optionee, and the optionee shall purchase from GreenSky, for a cash price per share equal to the Market Price of a
share of Class A Common Stock at the time of the exercise, the number of shares of Class A Common Stock equal to the quotient of
(x) the exercise price payable by the optionee in connection with the exercise of such

    	11

    	

    

stock option divided by (y) the Market Price
of a share of Class A Common Stock at the time of such exercise.

 

(ii)    GreenSky shall
sell to the Company (or if the optionee is an employee of, or other service provider to, a Subsidiary, GreenSky shall sell to such
Subsidiary), and the Company (or such Subsidiary, as applicable) shall purchase from GreenSky, a number of shares of Class A Common
Stock equal to the excess of (x) the number of shares of Class A Common Stock as to which such stock option is being exercised
over (y) the number of shares of Class A Common Stock sold pursuant to Section 7.3(b)(i) hereof. The purchase price per
share of Class A Common Stock for such sale of shares of Class A Common Stock to the Company (or such Subsidiary) shall be the
Market Price of a share of Class A Common Stock as of the date of exercise of such stock option.

 

(iii)    The Company
shall transfer to the optionee (or if the optionee is an employee of, or other service provider to, a Subsidiary, the Subsidiary
shall transfer to the Optionee) at no additional cost to such LLC Employee and as additional compensation to such LLC Employee,
the number of shares of Class A Common Stock described in Section 7.3(b)(ii).

 

(iv)    GreenSky shall,
as soon as practicable after such exercise, make a Capital Contribution to the Company in an amount equal to all proceeds received
(from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by the GreenSky connection
with the exercise of such stock option. GreenSky shall receive for such Capital Contribution, a number of Common Units equal to
the number of shares of Class A Common Stock for which such option was exercised.

 

(c)    Restricted
Stock Granted to LLC Employees. If at any time or from time to time, in connection with any Incentive Plan any shares of Class
A Common Stock (other than shares of Class A Common Stock issued upon exercise of a stock option) are issued to an LLC Employee
(including any shares of Class A Common Stock that are subject to forfeiture in the event such LLC Employee terminates his or her
employment with the Company or any Subsidiary) in consideration for services performed for the Company or any Subsidiary:

 

(i)    GreenSky shall
issue such number of shares of Class A Common Stock as are to be issued to such LLC Employee in accordance with the Incentive Plan;

 

(ii)    On the date
(such date, the “Vesting Date”) that the Market Price of such shares is includible in taxable income of such
LLC Employee, the following events will be deemed to have occurred: (a) GreenSky shall be deemed to have sold such shares of Class
A Common Stock to the Company (or if such LLC Employee is an employee of, or other service provider to, a Subsidiary, to such Subsidiary)
for a purchase price equal to the Market Price of such shares of Class A Common Stock, (b) the Company (or such Subsidiary) shall
be deemed to have delivered such shares of Class A Common Stock to such LLC Employee, (c) GreenSky shall be deemed to have contributed
the purchase price for such shares of Class A Common Stock to the Company as a Capital Contribution, and (d) in the case where
such LLC Employee is an employee of a Subsidiary, the Company shall be deemed to have contributed such amount to the capital of
the Subsidiary; and

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(iii)    The Company
shall issue to GreenSky on the Vesting Date a number of Units equal to the number of shares of Class A Common Stock issued under
Section 7.3(c)(i) in consideration for a Capital Contribution in cash in an amount equal to the product of (x) the number
of such newly issued Units multiplied by (y) the Market Price of a share of Class A Common Stock.

 

(d)    Future Stock
Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain GreenSky from adopting, modifying
or terminating stock incentive plans for the benefit of employees, directors or other business associates of GreenSky, the Company
or any of their respective Affiliates. The Members acknowledge and agree that, in the event that any such plan is adopted, modified
or terminated by GreenSky, amendments to this Section 7.3 may become necessary or advisable and that any approval or consent
to any such amendments requested by GreenSky shall be deemed granted by the Manager without the requirement of any further consent
or acknowledgement of any other Member.

 

(e)    Anti-dilution
Adjustments. For all purposes of this Section 7.3, the number of shares of Class A Common Stock and the corresponding
number of Common Units shall be determined after giving effect to all anti-dilution or similar adjustments that are applicable,
as of the date of exercise or vesting, to the option, warrant, restricted stock or other equity interest that is being exercised
or becomes vested under the applicable Incentive Plan and applicable award or grant documentation.

 

Section 7.4    Dividend
Reinvestment Plan, Cash Option Purchase Plan, Stock Incentive Plan or Other Plan.  Except as may otherwise be provided in this
ARTICLE VII, all amounts received or deemed received by GreenSky in respect of any dividend reinvestment plan, cash option
purchase plan, stock incentive or other stock or subscription plan or agreement, either (a) shall be utilized by GreenSky to effect
open market purchases of shares of Class A Common Stock, or (b) if GreenSky elects instead to issue new shares of Class A Common
Stock with respect to such amounts, shall be contributed by GreenSky to the Company in exchange for additional Common Units. Upon
such contribution, the Company will issue to GreenSky a number of Common Units equal to the number of new shares of Class A Common
Stock so issued.

 

Section 7.5    Repurchase
or Redemption of shares of Class A Common Stock.  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 GreenSky for cash, then
the Manager 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 by GreenSky, 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 GreenSky (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 GreenSky.

 

Section 7.6    Incentive
Units.  Pursuant to the terms of one or more Incentive Plans approved by the Manager, the Manager may provide for the issuance
of Incentive Units in order to provide equity incentive compensation to executives and other service providers of the Company
and its Affiliates, with such terms, conditions, rights and obligations, including vesting, forfeiture and repurchase and the
Manager’s ability to reissue Incentive Units that cease to be

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outstanding as a result of forfeitures or repurchases, as
may be determined by the Manager and as set forth herein, in the Incentive Plan, and in the related Incentive Unit Agreements
pursuant to which any such Incentive Unit may be awarded.

 

ARTICLE
VIII

TRANSFER OF COMMON UNITS

 

Section 8.1    Restrictions
on Members.  Except as expressly permitted in this Agreement, or as consented to by the Manager, no Member shall directly or
indirectly (including through the sale of the Member by its parent entity or equityholders), sell, transfer, assign, give, bequeath,
devise, donate, exchange, pledge, hypothecate, enter into a derivative contract or similar arrangement with respect to, encumber,
distribute or otherwise dispose of, either voluntarily or by operation of law (a “Transfer”), all or any part
of the Common Units or any rights or interests therein, whether now owned or hereafter acquired; provided, however, that:

 

(a)    A Member may
Transfer all or any portion of his or her Units, together with an equal number of shares of Class B Common Stock, in exchange for
an equal number of shares of Class A Common Stock to GreenSky pursuant to the terms of one or more Exchange Agreements,

 

(b)    an individual
Member may Transfer all or any portion of his or her Units without consideration to its (i) Family Group if such Member is treated
as the owner of such Units within the meaning of Section 676 of the Code provided that such Transfer complies with the requirements
of Section 8.2 or (ii) in the case of an employee exercising options, a limited liability company owned by the employee
or the employee and the employee’s spouse,

 

(c)    all or any portion
of an individual Member’s Units (which, in the case of Incentive Units, shall only include vested Units) may, on the death
of such Member, be Transferred without consideration to its Family Group, provided that such Transfer complies with the requirements
of Section 8.2,

 

(d)    Financial
Technology Investors, LLC and Founders Technology Investors, LLC may Transfer all or any portion of their Units without consideration
to David Zalik or any member of the Family Group of such Person if such Person is treated as the owner of such Units within the
meaning of Section 676 of the Code, provided that such Transfer complies with the requirements of Section 8.2,

 

(e)    GS Investment
Holdings, LLC may Transfer all or any portion of its Units without consideration to Robert Sheft (in his capacity as an owner or
as an individual Member) or any member of the Family Group of such Person if such Person is treated as the owner of such Units
within the meaning of Section 676 of the Code, provided that such Transfer complies with the requirements of Section 8.2,

 

(f)    An Institutional
Member may Transfer all or any portion of its Units to a partner, shareholder, member or affiliated investment fund of such Member,
provided such Transfer complies with requirements Section 8.2.

 

The Transfers described
in Section 8.1(b) through Section 8.1(f), are “Permitted Transfers,” and the transferees in such Permitted
Transfers are “Permitted Transferees.” Any

    	14

    	

    

transfer in violation of the terms of this Agreement shall be null
and void ab initio and without any force or effect. No Member shall avoid the provisions of this Agreement by making
one or more Transfers to one or more Permitted Transferees and then disposing of all or any portion of such party’s interest
in any such Permitted Transferee, and any Transfer or attempted Transfer in violation of this covenant shall be null and void ab
initio. A Permitted Transferee pursuant to this Section 8.1 may Transfer its, his or her Units pursuant to this Section
8.1 only to the Member who transferred such Units to such Permitted Transferee (the “Transferor Member”)
or to a person that would be a Permitted Transferee of such Transferor Member at the time of such subsequent Transfer. Any Unit
Transferred by a Member shall remain subject to the same restrictions that were applicable to such Unit while held by such Member.
The Company shall not, except for Transfers or issuances made in accordance with the terms and conditions of this Agreement, cause
or permit the issuance or Transfer of any Unit to be made on its books.

 

Each Member that is
not an individual agrees and acknowledges that (i) any direct or indirect transfer, issuance, redemption or other similar transaction
in which the beneficial ownership of the equity interests in such Member changes shall be deemed a “Transfer” hereunder
and shall be subject mutatis mutandis to the restrictions set forth in this ARTICLE VIII, (ii) such Member shall
cause such Transfer to be made only in compliance with this Agreement as if the interest so transferred were a Unit and (iii) in
the event that any direct or indirect beneficial owner of such Member effects any such Transfer of the equity interests of such
Member, other than in compliance with the terms of this Agreement (as if the interest so transferred were a Unit), such Member
shall be in breach of this Agreement (regardless of whether such Member had the right to prohibit or impede such Transfer or had
knowledge of such Transfer). Notwithstanding the foregoing, but without by implication in any way impacting any Permitted Transfers,
(x) in no event shall the transfer, issuance or redemption of limited partnership interests in an Institutional Member (or any
beneficial owner of an Institutional Member) that is a fund be deemed a “Transfer” hereunder and (y) nothing in this
ARTICLE VIII shall restrict any Transfer of equity interests in an Institutional Member or the ultimate parent of an Institutional
Member (or in any corporation, trust, limited liability company, general or limited partnership or other entity controlling or
under common control with a fund that beneficially owns equity interests of an Institutional Member).

 

Section 8.2    Conditions
Precedent to Transfer.

 

(a)    Any implication
in this ARTICLE VIII to the contrary notwithstanding, no Transfer shall be effective unless there shall be furnished to
the Manager evidence in form and substance reasonably satisfactory to the Manager (which shall, if requested by the Manager, include
an opinion of counsel reasonably satisfactory to the Manager and obtained at the sole expense of the intended transferor) that:

 

(i)    the proposed
Transfer is exempt from the registration requirements of the Securities Act of 1933, as from time to time amended, and will not
result in a violation of any applicable state blue sky or other securities laws;

 

(ii)    the proposed
transferee (A) accepts in writing all the terms and provisions of this Agreement and the purchase agreement applicable to the transferor
with respect to the Units being transferred; and (B) has paid all reasonable expenses in connection with its admission as a Member;

    	15

    	

    

(iii)    all debts and
obligations (if any) of the transferor Member to the Company with respect to the transferred Units (including without limitation
any due, but unpaid, Capital Contributions) have been paid;

 

(iv)    the proposed
Transfer does not result in a violation of applicable laws;

 

(v)    the proposed
Transfer would not cause the Company to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest”
(as defined in ERISA Section 3(14)) or a “disqualified person” (as defined in Code Section 4975(c));

 

(vi)    the proposed
Transfer would not, in the opinion of legal counsel to the Company, cause any portion of the assets of the Company to constitute
assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.2-101;

 

(vii)    the proposed
Transfer is in compliance with, and does not cause the Company to lose its status as a partnership for purposes of, laws governing
federal and state income taxes;

 

(viii)    the proposed
Transfer is not made to any person who lacks the legal right, power or capacity to own Units;

 

(ix)    the proposed
Transfer does not cause the Company to become a “publicly traded partnership,” as such term is defined in Code Section
469(k)(2) or Code Section 7704(b);

 

(x)    the proposed
Transfer does not cause the Company to become a reporting company under the Exchange Act; and

 

(xi)    the proposed
Transfer does not subject the Company to regulation under the Investment Company Act of 1940, the Investment Advisors Act of 1940
or ERISA, each as amended.

 

Section 8.3    Transfer
Guidelines.  The Manager shall use reasonable best efforts to be eligible for the 100-partner private placement safe harbor
(within the meaning of Regulations Section 1.7704-1(h), and shall have the discretion to establish reasonable transfer guidelines
in order to comply with any of the safe harbor provisions of Regulations Section 1.7704-1, as it reasonably determines to be necessary
based on the advice of counsel.

 

Section 8.4    Rights
of Assignees.  Subject to Section 8.5, an Assignee of a Unit has no right to participate in the management of the business
and affairs of the Company or to become a Member. The Assignee is only entitled to receive allocations of Net Profits and Net
Losses, and distributions of Distributable Cash and capital attributable to the Unit.

 

Section 8.5    Admission
of Substitute Members.  An Assignee of a Unit shall be admitted as a Substitute Member, and admitted to all the rights of the
Member who initially assigned the Unit, only upon compliance with the requirements of Section 8.1 and Section 8.2.
If so admitted, the Substitute Member shall have all of the rights and powers, and shall be subject to all the restrictions and
liabilities, of the Member assigning the Unit. Except as otherwise agreed by the 

    	16

    	

    

Company, the admission of a Substitute Member
shall not release the Member assigning the Unit from any liability to the Company that may have existed prior to such approval.

 

Section 8.6    Creditors
of Members.  In no instance shall a creditor of a Member be entitled to rights greater than those of an Assignee set forth
in Section 8.5 above.

 

Section 8.7    Paramount
Provision.  The parties to this Agreement expressly acknowledge and agree that the restrictions on transfer contained herein
(i) are reasonable and necessary for the efficient operation of the Company, and (ii) are not, and shall not be construed as being,
an unlawful restraint on alienation of a Common Unit.

 

ARTICLE
IX

DISSOCIATION OF A MEMBER

 

Section 9.1    Events
of Dissociation.  A Member shall cease to be a Member (a “Dissociated Member”) upon the occurrence of any
of the following events (an “Event of Dissociation”):

 

(a)    such Member:
(i) makes an assignment for the benefit of creditors; (ii) files a voluntary petition in bankruptcy; (iii) is adjudicated a bankrupt
or insolvent; (iv) files a petition or answer seeking for such Member any reorganization, arrangement, composition, readjustment,
liquidation, dissolution or similar relief under any statute, law or regulation; (v) files an answer or other pleading admitting
or failing to contest the material allegations of a petition filed against such Member in any proceeding of this nature; (vi) seeks,
consents to, or acquiesces in the appointment of a trustee, receiver or liquidator of the Member or of all or any substantial part
of such Member’s properties;

 

(b)    if,
within one hundred twenty (120) days after the commencement of any proceeding against such Member seeking the reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar relief under any statute, law or regulation, the proceeding
shall not have been dismissed, or if within ninety (90) days after the appointment without his or her consent or acquiescence
of a trustee, receiver or liquidator of such Member or of all or any substantial part of such Member’s properties, the appointment
is not vacated or stayed, or within ninety (90) days after the expiration of any stay, the appointment is not vacated;

 

(c)    the attempt by
such Member to encumber or otherwise transfer his Units in violation of the terms of this Agreement (including indirect transfers
prohibited by Section 8.1);

 

(d)    with respect
to any individual Member, the death of such Member or the entry of an order by a court of competent jurisdiction adjudicating such
Member incompetent to manage such Member’s property; or

 

(e)    the dissolution,
winding-up or liquidation of any Member that is a corporation, partnership or other entity.

 

Section 9.2    Loss
of Management Rights.  Upon the occurrence of any Event of Dissociation set forth in Section 9.1 hereof, the Dissociated
Member shall become an Assignee and, unless and until such Assignee shall become a Substitute Member in accordance with

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 ARTICLE
VIII hereof, shall lose all rights with respect to the management of the Company set forth in this Agreement.

 

ARTICLE
X

DISSOLUTION

 

Section 10.1    Events
of Dissolution. The Company shall be dissolved upon the first to occur of the following events:

 

(a)    unanimous
decision of the Manager and Members; or

 

(b)    the disposition
by sale, foreclosure, or condemnation of substantially all of the Company’s assets other than cash.

 

The Members hereby agree
that the Company shall not dissolve prior to the occurrence of an event of dissolution described in this Section 10.1 and
that no Member shall seek a dissolution of the Company under Section 14-11-603 of the Act.

 

Section 10.2    Statement
of Assets.  Upon a termination of the Company, each of the Members shall be furnished with a statement, certified by the Company,
setting forth the assets and liabilities of the Company as of the date of complete dissolution.

 

Section 10.3    Execution
of Documents.  The Manager shall have full authority to make, execute, deliver and record any and all documents required or
deemed necessary or desirable by it to effect and reflect the termination and dissolution of the Company.

 

Section 10.4    Winding-up
and Distribution of Assets.  Upon the occurrence of an event of dissolution described in Section 10.1 hereof, the Company
shall cease to carry on its business and the Manager shall wind up the Company’s affairs and dissolve the Company in accordance
with the provisions of Section 14-11-605 of the Act and as hereinafter set forth:

 

(a)    Prior to any
distribution to the Members, the Manager shall set aside from the assets of the Company sufficient assets to be applied to the
payment of creditors other than Members and their Affiliates, in the order of priority provided by law (whether by making immediate
payment or the making or reasonable provision for payment thereof).

 

(b)    After the payment
required by Section 10.4(a) hereof and after giving effect to all contributions, distributions and allocations for all periods,
any remaining assets of the Company shall be distributed in accordance with Section 6.1.

 

(c)    No Member shall
receive additional compensation for any services performed pursuant to this ARTICLE X.

 

Section 10.5    Compliance
with Certain Requirements of Regulations; Deficit Capital Accounts.  If any Member has a deficit balance in his Capital Account
(after giving effect to all contributions, distributions and allocations for all Company Years, including the Company Year during
which such liquidation occurs), such Member shall have no obligation to make any contribution to the capital of the Company with
respect to such deficit, and such deficit shall not

    	18

    	

    

 be considered a debt owed to the Company or to any other third-party for any
purpose whatsoever. In the discretion of the Manager, a pro rata portion of the distributions that would otherwise be made
to the Members pursuant to this ARTICLE X may be:

 

(a)    Distributed to
a trust established for the benefit of the Members for the purposes of liquidating Company assets, collecting amounts owed to the
Company, and paying any contingent or unforeseen liabilities or obligations of the Company. The assets of any such trust shall
be distributed to the Members from time to time, in the reasonable discretion of the Manager, in the same proportions as the amount
distributed to such trust by the Company would otherwise have been distributed to the Members pursuant to Section 10.4 hereof;
or

 

(b)    withheld to provide
a reasonable reserve for Company liabilities (contingent or otherwise) and to reflect the unrealized portion of any installment
obligations owed to the Company, provided that such withheld amounts shall be distributed to the Members as soon as practicable.

 

Section 10.6    Rights
of Members.  Except as otherwise provided in this Agreement, each Member shall look solely to the property of the Company for
the return of its Capital Contribution or any loan he has made and shall have no right or power to demand or receive property
other than cash from the Company. If the assets of the Company remaining after payment or discharge of the debts or liabilities
of the Company are insufficient to return any such loan or a Member’s Capital Contribution, the Members shall have no recourse
against the Company or any Member.

 

Section 10.7    Allocations
During Period of Liquidation.  During the period commencing on the first day of the Company Year during which an event of dissolution
occurs and ending on the date on which all of the assets of the Company have been distributed to the Members pursuant to Section
10.4 hereof, the Members shall continue to share Net Profits, Net Losses, gain, loss, and other items of Company income, gain,
loss or deduction in the manner provided in ARTICLE V and Exhibit C hereof.

 

Section 10.8    Character
of Liquidating Distribution.  All payments made in liquidation of the Units of a Member shall be made in exchange for the Units
of such Member in Company property pursuant to Section 736(b)(1) of the Code, including the interest of such Member in Company
goodwill.

 

Section 10.9    Form
of Liquidating Distributions.  For purposes of making distributions required by Section 10.4 hereof, the Manager may
determine whether to distribute all or any portion of the Company’s property in-kind or to sell all or any portion of the
Company’s property and distribute the proceeds therefrom.

 

Section 10.10    Cancellation
of Certificate.  Upon the completion of the winding-up of the Company’s affairs and distribution of the Company’s
assets, the Company shall be terminated and the Members shall cause the Company to execute and file a Certificate of Termination
in accordance with Section 14-11-609 of the Act.

    	19

    	

    

ARTICLE
XI

WAIVER OF PARTITION

 

The Members agree that
irreparable damage and harm shall be done to the goodwill and reputation of the Company and to each of the Members if any Member
shall bring an action in court to partition any property of the Company. Accordingly, each Member hereby waives and renounces such
Member’s right to seek or maintain a petition for the partition of any property which the Company may, at any time, own or
to compel any sale thereof under the laws of any jurisdiction which has jurisdiction with respect to such petition.

 

ARTICLE
XII

EXCULPATION AND INDEMNIFICATION

 

Section 12.1    Exculpation.  The Manager shall owe the same fiduciary duties to the Members as it would with respect to shareholders under the Delaware General
Corporation Law were the Company a Delaware corporation. Otherwise, and notwithstanding any other provisions of this Agreement,
whether express or implied, or obligation or duty at law or in equity, none of the Members or Manager, or any officers, directors,
managers, stockholders, members, partners, employees, representatives or agents of any of the foregoing or any Affiliate of the
foregoing (collectively, the “Covered Persons”) nor any former Covered Person shall be liable to the Company
or any other person for any act or omission (in relation to the Company, this Agreement, any related document or any transaction
or investment contemplated hereby or thereby) taken or omitted in good faith by a Covered Person and in the reasonable belief
that such act or omission is in or is not contrary to the best interests of the Company and is within the scope of authority granted
to such Covered Person by this Agreement, provided a court of competent jurisdiction shall not have determined that such act or
omission constitutes fraud, willful misconduct, bad faith, or gross negligence.

 

Section 12.2    Indemnification.  To
the fullest extent permitted by law, the Company shall indemnify and hold harmless each Covered Person and each former Covered
Person from and against any and all losses, claims, demands, liabilities, expenses, judgments, fines, settlements and other amounts
arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative (“Claims”),
in which the Covered Person may be involved, or threatened to be involved, as a party or otherwise, by reason of its management
of the affairs of the Company or which relates to or arises out of the Company or its property, business or affairs. A Covered
Person or former Covered Person shall not be entitled to indemnification under this Section 12.2 with respect to (a) any
Claim with respect to which a court of competent jurisdiction has determined that such Covered Person has engaged in fraud, willful
misconduct, bad faith or gross negligence (b) any Claim that arises out of a breach of this Agreement, or (c) any Claim initiated
by such Covered Person unless such Claim (or part thereof) (i) was brought to enforce such Covered Person’s rights to indemnification
hereunder or (ii) was authorized or consented to by the Manager. Expenses incurred by a Covered Person in defending any Claim
shall be paid by the Company in advance of the final disposition of such Claim upon receipt by the Company of an undertaking by
or on behalf of such Covered Person to repay such amount if it shall be ultimately determined that such Covered Person is not
entitled to be indemnified by the Company as authorized by this Section 12.2.

    	20

    	

    

Section 12.3    Effect
of Modification; Survival.  Any repeal or modification of this ARTICLE XII shall not adversely affect any rights of
such Covered Person pursuant to this ARTICLE XII, including the right to indemnification and to the advancement of expenses
of a Covered Person existing at the time of such repeal or modification with respect to any acts or omissions occurring prior
to such repeal or modification. This ARTICLE XII shall survive any termination of this Agreement.

 

Section 12.4    Indemnitor
of First Resort.  The Company hereby acknowledges that certain Covered Persons (the “Specified Covered Persons”)
may have rights to indemnification and advancement of expenses provided by a Member or its Affiliates (directly or by insurance
retained by such entity) (collectively, the “Member Indemnitors”). The Company hereby agrees and acknowledges
that (a) it is the indemnitor of first resort with respect to the Specified Covered Persons, (b) it shall be required to advance
the full amount of expenses incurred by the Specified Covered Persons, as required by the terms of this Agreement (or any other
agreement between the Company and the Specified Covered Persons), without regard to any rights the Specified Covered Persons may
have against the Member Indemnitors and (c) it irrevocably waives, relinquishes and releases the Member Indemnitors from any and
all claims against the Member Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof.
The Company further agrees that no advancement or payment by the Member Indemnitors on behalf of the Company with respect to any
claim for which the Specified Covered Persons have sought indemnification from the Company shall affect the foregoing and the
Member Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all
of the rights of recovery of the Specified Covered Persons against the Company.

 

Section 12.5    Non-exclusivity
of Rights.  The rights conferred on any Covered Person by this ARTICLE XII shall not be exclusive of any other rights
that such Covered Person may have or hereafter acquire under any statute, provision of this Agreement, agreement, vote of members
or disinterested directors or otherwise.

 

ARTICLE
XIII

TAX ELECTIONS AND RESTRICTIONS

 

Section
13.1    Section 754 Election.  The Company shall have in effect an election
under Section 754 of the Code (and corresponding elections under state and local law) for the taxable year of the Company
that includes the date hereof and subsequent taxable years in which the Company is treated as a partnership for U.S. federal
income tax purposes.

 

Section 13.2    General
Elections and Limitations.  The Manager shall be authorized, in its sole discretion, to make all elections required or permitted
with respect to Federal or state taxes on Company tax returns; provided, however, no election shall be made by either the Company
or the Members to be excluded from the application of the provisions of Subchapter K of Subtitle A of the Code or from any similar
provisions of any state tax law.

 

Section 13.3    Partnership
Representative.

 

(a)    Pursuant to the
Partnership Audit Provisions, the Manager shall be designated and may, on behalf of the Company, at any time, and without further
notice to or consent from any Member, act as the “partnership representative” of the Company (within the meaning given
to such

    	21

    	

    

 term in Section 6223 of the Code) (the “Partnership Representative”) for purposes of the Code. The Partnership
Representative shall have the right and obligation to take all actions authorized and required, respectively, by the Code 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 resulting administrative and judicial proceedings,
and to expend Company funds for professional services reasonably incurred in connection therewith. The Partnership Representative
is hereby authorized, and shall have the discretion based upon the advice of counsel, to make all elections under Section 6226 of the Code and the Regulations thereunder. Each Member 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, including the making of, and compliance with, any elections with respect thereto. The Partnership Representative shall keep Members reasonably informed regarding
any material income tax proceedings, and the Members shall have the right to observe and participate through representatives of
their own choosing (at their sole expense) in any such tax proceedings to the extent permitted by applicable law. Nothing herein
shall diminish, limit or restrict the rights of any Member under the Partnership Audit Provisions.

 

(b)    In the event
the Company incurs any liability for taxes, interest or penalties:

 

(i)    The
Partnership Representative may, or if such amounts are material, shall, cause the Members (including any former Member) to whom
such liability relates, as determined by the Partnership Representative, in its sole good faith discretion and after consulting
with the Company’s and the affected Member’s tax advisors, to pay, and each such Member hereby agrees to pay, such
amount to the Company, and such amount shall not be treated as a Capital Contribution; and

 

(ii)    Any amount not
paid by a Member (or former Member) within ten (10) days following the receipt of the request to pay delivered by the Partnership
Representative shall be treated for purposes of this Agreement as withholding payment governed by Section 6.3(b) hereof.

 

(iii)    The obligations
of each Member (or former Member) under this Section 13.3 and Section 6.3(b) shall survive the transfer or redemption by such Member
of its Units and the termination of this Agreement or the dissolution of the Company.

 

Section 13.4    Tax
Treatment of the Company.  The Company shall be treated as a partnership for U.S. federal, state, local and non-U.S. tax purposes,
to the extent applicable. The Manager and the Members shall take no action (or fail to take any action) that could cause the Company
to be treated as other than in accordance with the first sentence of this Section 13.4.

    	22

    	

    

ARTICLE
XIV

MISCELLANEOUS PROVISIONS

 

Section 14.1    Confidentiality.

 

(a)    Each Member acknowledges
that during the term of this Agreement, it will have access to and become acquainted with trade secrets, proprietary information
and confidential information belonging to the Company and its Affiliates that are not generally known to the public, including,
but not limited to, information concerning business plans, financial statements and other information provided pursuant to this
Agreement, operating practices and methods, expansion plans, strategic plans, marketing plans, contracts, customer lists or other
business documents that the Company treats as confidential, in any format whatsoever (including oral, written, electronic or any
other form or medium) (collectively, “Confidential Information”). In addition, each Member acknowledges that:
(i) the Company has invested, and continues to invest, substantial time, expense and specialized knowledge in developing its Confidential
Information; (ii) the Confidential Information provides the Company with a competitive advantage over others in the marketplace;
and (iii) the Company would be irreparably harmed if the Confidential Information were disclosed to competitors or made available
to the public. Without limiting the applicability of any other agreement to which any Member is subject, no Member shall, directly
or indirectly, disclose or use (other than solely for the purposes of such Member monitoring and analyzing its investment in the
Company), including, without limitation, use for personal, commercial or proprietary advantage or profit, any Confidential Information
of which such Member is or becomes aware. Each Member in possession of Confidential Information shall take all appropriate steps
to safeguard such information and to protect it against disclosure, misuse, espionage, loss and theft.

 

(b)    Nothing
contained in Section 14.1(a) shall prevent any Member from disclosing Confidential Information: (i) upon the order of any
court, regulatory body or administrative agency; (ii) upon the request or demand of any regulatory agency or authority having
jurisdiction over such Member; (iii) to the extent compelled by legal process or required or requested pursuant to subpoena, interrogatories
or other discovery requests; (iv) to the extent necessary in connection with the exercise of any remedy hereunder; (v) to the
other Member(s); or (vi) to such Member’s Affiliates, representatives or agents who, in the reasonable judgment of such
Member, need to know such Confidential Information and agree to be bound by the provisions of this Section 14.1 as if a
Member; provided, that in the case of clause (i), (ii) or (iii), such Member shall (A) other than in the case of routine
regulatory examinations, notify the Company and other Members of the proposed disclosure as far in advance of such disclosure
as practicable (but in no event make any such disclosure before notifying the Company and other Members) and (B) use reasonable
efforts to ensure that any Confidential Information so disclosed is accorded confidential treatment satisfactory to the Company,
when and if available. Notwithstanding anything herein to the contrary, the Investor or any other Member that is an institutional
investor and any of their respective Affiliates may make customary disclosures to their limited partners and prospective limited
partners in the ordinary course of business, subject to customary confidentiality obligations. It is further expressly acknowledged
that nothing in Section 14.1(a), this Section 14.1(b) or otherwise in this Agreement shall limit or otherwise apply
to disclosure by a Regulated Holder or any of its representatives to any banking regulatory authority with jurisdiction over the
Regulated Holder or any of its Affiliates, and that, for the avoidance of doubt, neither the Regulated Holder nor any of its representatives
shall have any obligation to notify the Company of any such examination or communication.

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(c)    The restrictions
of Section 14.1(a) shall not apply to Confidential Information that: (i) is or becomes generally available to the public
other than as a result of a disclosure by a Member in violation of this Agreement; (ii) is or has been independently developed
or conceived by such Member without use of Confidential Information; or (iii) becomes available to such Member or any of its Affiliates,
representatives or agents on a non-confidential basis from a source other than the Company, the other Members or any of their respective
Affiliates, representatives or agents, provided, that such source is not known by the receiving Member to be bound by a
confidentiality agreement regarding the Company.

 

(d)    The obligations
of each Member under this Section 14.1 shall survive for so long as such Member remains a Member, and for three years following
the earlier of (i) termination, dissolution, liquidation and winding up of the Company, (ii) the withdrawal of such Member from
the Company, and (iii) such Member’s Transfer of its Units.

 

Section 14.2    Benefit.  This Agreement shall be binding upon, and shall inure to the benefit of, the Members specifically named herein and, as provided
in this Agreement, their respective heirs, administrators, executors, transferees, successors and permitted assigns.

 

Section 14.3    Amendment.  This Agreement shall be amended only upon the favorable vote of (a) Members representing a majority of the outstanding Units,
and (b) approval of the Manager; provided that any amendment to, or restatement of, this Agreement that modifies the Regulatory
Voting Restrictions shall require approval of the Members subject to the Regulatory Voting Restrictions.

 

Section 14.4    Notices.  All
notices and other communications required or permitted hereunder shall be in writing and shall be delivered by nationally recognized
overnight carrier or by hand or by messenger or by electronic mail with receipt confirmed, and shall be addressed to the intended
recipient party at such party’s address appearing in Exhibit B (or at the address of the Company’s principal
office, in the case of notices to the Company), or at such other address as such intended recipient party shall have furnished
to the sending party. Each such notice or other communication shall, for all purposes of this Agreement, be treated as effective
or having been given when delivered or when delivery is refused.

 

Section 14.5    Books,
Records, Accounting, Tax, Reports and Access.

 

(a)    At all times
during the existence of the Company, the Company shall keep, or cause to be kept, true books of account in which shall be entered
fully and accurately each transaction of the Company. Such books of account, together with an executed copy of this Agreement (and
all amendments thereto), shall, at all times, be maintained at the principal office of the Company and be open to the reasonable
inspection and examination by the Voting Members or their duly authorized representatives during normal business hours.

 

(b)    As soon as reasonably
practicable after the end of each Company Year, but in no event later than 120 days after the end thereof, there shall be delivered
to each Member an annual financial statement showing the financial condition of the Company at the end of such Company Year and
the results of its operations for the Company Year then ended.

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(c)    The Company shall
cause income tax returns for the Company to be prepared, at Company expense, and timely filed with the appropriate authorities.
Within 60 days after the end of each Company Year and within 15 days of the due date for estimated tax payments, each Member shall
be furnished with a statement indicating the amounts of any Net Profits and Net Losses allocated to such Member, and the amount
of any distributions made to such Member pursuant to this Agreement. The Company shall pay all required taxes attributable to the
Company, if any, including without limitation any sales taxes. The Company shall provide each Member with the necessary apportionment
data for all state tax returns.

 

(d)    The Company shall
furnish each Member with it Schedule K-1 within 60 days of the end of each Company Year. Each Member shall provide the Company
with information relevant to tax status or reporting of the Company as reasonably requested by the Company from time to time.

 

(e)    Notwithstanding
anything to the contrary in this Section 14.5, any other provision of this Agreement or the Act, any Member that is, or
is an Affiliate of, a financial institution that is a lender or a participant in any of the Company’s loan programs shall
not be entitled to inspect or otherwise have access to any performance or other data that identifies loans owned by any other financial
institution.

 

Section 14.6    Bank
Accounts.  All funds of the Company shall be deposited in the Company’s name in one or more amounts at such Federally-insured
bank, savings and loan or building and loan, or other commercial institutions, as the Manager shall, from time to time, determine.
Withdrawals from any such accounts shall be made upon such signature(s) as the Manager shall, from time to time, designate.

 

Section 14.7    Investment
Representation and Indemnity.  Each Member, by executing this Agreement or any agreement to be bound by this Agreement, represents
to the other Members and to the Company that:

 

(a)    such Member has
acquired his or its Unit in the Company with the intent of holding such interest for investment and without the intent of participating,
directly or indirectly, in any “sale or distribution” (for securities laws purposes) unless he or it shall first comply
with all applicable securities laws;

 

(b)    such Member is
a bona fide resident of the state of its mailing address as shown in this Agreement; and

 

(c)    such Member shall
indemnify the other Members and the Company from and against any and all loss, damage, liability, claims and expenses incurred,
suffered or sustained by any of them in any manner because of the falsity of any representation made in this Section 14.7
including, without limitation, liability which would not have occurred (had such representation been true) for violation of the
securities laws of the United States or of any state.

 

Section 14.8    Governing
Law.  This Agreement and all matters arising hereunder shall be construed and interpreted according to, and governed by, the
laws of the State of Georgia without regard to the principles of conflicts of laws thereof.

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Section 14.9    WAIVER
OF JURY TRIAL.  EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY
HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section 14.10    Jurisdiction;
Service of Process.  Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, or
relating in any manner to, this Agreement (whether based on contract, tort or any other theory) must be brought against any of
the parties in Fulton County, Georgia, or in the United States District Court for the Northern District of Georgia, and each of
the parties consent to the jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding
and waives any objection to venue laid therein. Process in any action or proceeding referred to in the preceding sentence may
be served on any party anywhere in the world.

 

Section 14.11    Counsel.  The
parties acknowledge that the Company was represented by legal counsel at all times during the preparation of this Agreement. The
Company’s legal counsel has advised each Member that a conflict may exist between the interests of such Member and those
of the Company or the other Members. The Company’s legal counsel has further advised each Member to seek the advice of independent
counsel before entering into this Agreement. Each Member has had all information necessary to make an informed decision with regard
to this Agreement and the opportunity to consult with independent counsel before entering into this Agreement and, with the Company,
waives all claims against the Company’s legal counsel regarding any possible conflict of interest with regard to this Agreement
or its preparation. The parties also acknowledge that the Company’s legal counsel may currently represent, or may have represented,
one or more of the Members or its Affiliates in other matters; and the parties hereby waive any actual or potential conflict of
interest arising out of that representation, and consent to the representation of the Company in this matter and to the continued
representation of the parties in other matters.

 

Section 14.12    Limited
Liability Company.  The parties to this Agreement agree to form a limited liability company and do not intend to form a partnership
under the laws of the State of Georgia or any other laws; provided, however, that, as set forth in Section 13.4,
to the extent permitted by law, the Company will be treated as a partnership for U.S. Federal, state, local and non-U.S. tax purposes,
to the extent applicable.

 

Section 14.13    Construction.  In the event any provision of this Agreement shall be found to be void by a court of competent jurisdiction, the remaining provisions
of this Agreement shall nevertheless be binding with the same effect as though the void provision had not been included herein
unless such void provision or clause shall be so significant as to materially affect the Members’ expectations regarding
this Agreement. Otherwise, the Members agree to replace any 

    	26

    	

    

void provision with a valid provision which most closely approximates
the intent and economic effect of the void provision.

 

Section 14.14    Interpretation.  The parties hereto acknowledge and agree that (a) each party hereto and its counsel reviewed and negotiated the terms and provisions
of this Agreement and have contributed to its revision, (b) the rule of construction to the effect that any ambiguities are resolved
against the drafting party shall not be employed in the interpretation of this Agreement and (c) the terms and provisions of this
Agreement shall be construed fairly as to all parties hereto, regardless of which party was generally responsible for the preparation
of this Agreement.

 

Section 14.15    Entire
Agreement.  This Agreement, together with all exhibits and schedules hereto and all other agreements referenced herein and
therein, including, for the avoidance of doubt, the Exchange Agreement and the Tax Receivable Agreement, contains the entire agreement
of the parties hereto relating to the subject matter hereof and supersedes all prior contracts, agreements, discussions and understandings
between them. No course of prior dealings between the parties shall be relevant to supplement or explain any term used in this
Agreement. Acceptance or acquiescence in a course of performance rendered under this Agreement shall not be relevant to determine
the meaning of this Agreement even though the accepting or the acquiescing party has knowledge of the nature of the performance
and an opportunity for objection.

 

Section 14.16    Headings.  All headings in this Agreement are for convenience only, are not a part of this Agreement and shall not be used as an aid in the
construction of any provision hereof.

 

Section 14.17    Number
and Gender.  As used herein, the singular and plural each includes the other, the masculine, feminine and neuter each include
the others, and this Agreement shall be read accordingly when required by the facts.

 

Section 14.18    Waiver.  A waiver of any default or breach hereunder by any party hereto shall not constitute a waiver by such party of any other default
or breach, or a subsequent waiver by such party of the same default or breach. Further, to be effective, any waiver shall be in
writing and shall be signed by the party granting such waiver; provided that any waiver of any rights under this Agreement shall
be treated as an amendment to such rights with respect to the matter that is subject of the waiver, and approval of such waiver
shall be provided in accordance with Section 14.3.

 

Section 14.19    Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of the counterparts
together shall constitute one and the same instrument.

 

Section 14.20    Remedies;
Prevailing Party.  Any Person having any rights under any provision of this Agreement will be entitled to enforce its rights
under this Agreement to recover damages and costs (including attorneys’ fees) caused by any breach of any provision of this
Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages
may not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion
apply to any court of law or equity of competent jurisdiction (without posting any bond or deposit) for specific performance and/or
other injunctive relief in order to enforce or prevent any violations of the provisions of this

    	27

    	

    

 Agreement. In the event of any
litigation arising from any claim, controversy, dispute or cause of action based upon, arising out of or relating to this agreement,
the prevailing party shall be entitled to recover from the non-prevailing party all reasonable costs incurred including court
costs, attorneys’ fees, and all other related expenses incurred in such claim, controversy, dispute or cause of action.

 

(Signatures appear on the following pages)

    	28

    	

    

IN WITNESS WHEREOF, the undersigned have
executed this Operating Agreement as of the date first written above.

 

	 	COMPANY
	 	 
	 	GreenSky Holdings, LLC
	 	 
	 	By:	 
			Chief Executive Officer

 

(Signature Page to Operating Agreement)

    	 

    	

    

IN WITNESS WHEREOF, the undersigned have
executed this Operating Agreement as of the date first written above.

 

	 	COMPANY
	 	 
	 	GreenSky, Inc.
	 	 
	 	By:	 
			Chief Executive Office

 

(Signature Page to Operating Agreement)

    	 

    	

    

IN WITNESS WHEREOF, the undersigned have
executed this Operating Agreement as of the date first written above.

 

 

	 	 
	 	(Member Name)

	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

(Signature Page to Operating Agreement)

    	 

    	

    

EXHIBIT A

 

DEFINITIONS

 

The terms listed below have the meanings given to them in the
referenced sections:

 

	Term	Section
	Agreement	Preamble
	Adjustment Liability	6.3(b)
	Adjustment Liability Shortfall	6.3(b)
	Business	1.4
	Cause	3.4
	Claims	12.2
	Confidential Information	14.1
	Company	Preamble
	Covered Persons	12.1
	Dissociated Member	9.1
	Event of Dissociation	9.1
	Exempted Person	3.1
	GreenSky	Background
	Member Indemnitors	12.4
	Partnership Representative	13.3(a)
	Permitted Members	5.1
	Permitted Transfers	8.1
	Permitted Transferees	8.1
	Regulatory Voting Restriction	2.4
	Related Person	3.1(b)
	Restricted Member	5.1
	Specified Covered Persons	12.4
	Transfer	8.1
	Transferor Member	8.1
	Vesting Date	7.3

 

As used in this Agreement,
each of the following terms shall have the specific definition indicated:

 

“Act”
means the Georgia Limited Liability Company Act, as from time to time amended, or any provisions from time to time in effect and
corresponding thereto.

 

“Adjusted Capital
Account Deficit” means the deficit balance, if any, in a Member’s Capital Account at the end of the relevant taxable
period after giving effect to the following adjustments:

 

		(i)	The crediting to such Capital Account of any amount which such Member is obligated to restore pursuant
to any provision of this Agreement or is deemed to be obligated to restore pursuant to Regulations Sections 1.704¬2(g)(1) and
1.704-2(i)(5); and

    	 

    	

    

		(ii)	debiting thereto the items described in Regulations Sections 1.704- 1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5),
and 1.704-1 (b)(2)(ii)(d)(6).

 

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

 

“Affiliate”
means, with respect to any individual, corporation, partnership, limited liability company, trust or other entity (collectively
referred to as a “person”), any of the following:

 

		(i)	any person who, directly or indirectly through one or more intermediaries, controls, is controlled
by, or is under common control with, another person;

 

		(ii)	any person owning or controlling ten percent (10%) or more of the outstanding voting securities
or beneficial interest of another person;

 

		(iii)	any person who is an officer, director, general partner or trustee of such person, or anyone acting
in a substantially similar capacity to such person;

 

		(iv)	any person who is an officer, director, general partner, trustee or holder of ten percent (10%)
or more of the voting securities or beneficial interest of any of the foregoing; and

 

		(v)	with respect to Ithan Creek Investors USB, LLC, any mutual funds or similar pooled vehicles or
accounts that are controlled by, under common control with, managed or advised by the same management company or registered investment
advisor (or an affiliate of such management company or registered investment advisor) as Ithan Creek Investors USB, LLC;
	 	 	 
	 	 	but shall not be deemed to include
(a) any person providing legal, accounting or other professional services to the Company, its Members or their Affiliates merely
by reason of the provision of such services or (b) any portfolio company of the Investor or its Affiliates.

 

For avoidance of doubt, with respect to
an Institutional Member, an Affiliate shall also include any Affiliated Fund.

 

“Affiliated Fund” means
each corporation, trust, limited liability company, general or limited partnership or other entity controlling or under common
control with the relevant Institutional Member.

 

“Assignee”
means a transferee of a Unit who shall not have been admitted as a Substituted Member.

 

“Capital Account”
means, with respect to any Member, the Capital Account maintained for such Member in accordance with the following provisions:

 

		(i)	To each Member’s Capital Account
there shall be credited (A) such Member’s Capital Contributions, (B) such Member’s distributive share of

    	A-2

    	

    

	 	 	Net Profits and any items in the nature of income or gain that are
specially allocated pursuant to Section 1 or Section 2 of Exhibit C hereof, and (C) the amount of any Company
liabilities assumed by such Member or that are secured by any property distributed to such Member. The principal amount of a promissory
note that is not readily traded on an established securities market and that is contributed to the Company by the maker of the
note (or a Member related to the maker of the note within the meaning of Regulations Section 1.704-1(b)(2)(ii)(c)) shall not be
included in the Capital Account of any Member until the Company makes a taxable disposition of the note or until (and to the extent)
principal payments are made on the note, all in accordance with Regulations Section 1.704- 1(b)(2) (iv)(d) (2);

 

		(ii)	To each Member’s Capital Account there shall be debited (A) the amount of money and the Gross
Asset Value of any property distributed to such Member pursuant to any provision of this Agreement, (B) such Member’s distributive
share of Net Losses and any items in the nature of expenses or losses that are specially allocated pursuant to Section 1
or Section 2 of Exhibit C hereof, and (C) the amount of any liabilities of such Member assumed by the Company or
that are secured by any property contributed by such Member to the Company;

 

		(iii)	In the event Units are transferred in accordance with the terms of this Agreement, the transferee
shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Units; and

 

		(iv)	In determining the amount of any liability for purposes of subparagraphs (i) and (ii) above there
shall be taken into account Code Section 752(c) and any other applicable provisions of the Code and Regulations.

 

The foregoing provisions and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b),
and shall be interpreted and applied in a manner consistent with such Regulations. In the event the Manager determines that it
is prudent to modify the manner in which the Capital Accounts, or any debits or credits thereto (including, without limitation,
debits or credits relating to liabilities that are secured by contributed or distributed property or that are assumed by the Company
or any Members), the Manager may make such modification, provided that it is not likely to have a material effect on the amounts
distributed to any person pursuant to ARTICLE X hereof upon the dissolution of the Company. The Manager also shall (i) make
any adjustments that are necessary or appropriate to maintain equality between the Capital Accounts of the Members and the amount
of capital reflected on the Company’s balance sheet, as computed for book purposes, in accordance with Regulations Section
1.704-1(b)(2)(iv)(q) and (ii) make any appropriate modifications in the event unanticipated events might otherwise cause this Agreement
not to comply with Regulations Section 1.704-1(b).

 

“Capital Contribution”
means, with respect to any Member, the amount of money and the fair market value of assets (when contributed) as reasonably determined
by the Manager, in each

    	A-3

    	

    

case, contributed to
the Company with respect to such Member’s Units, including initial and additional contributions.

 

“Class A Common
Stock” means the Class A Common Stock, par value $.01, of GreenSky.

 

“Class B Common
Stock” means the Class B Common Stock, par value $.01, of GreenSky.

 

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

 

“Common Units”
means the Units designated as Common Units under this Agreement.

 

“Company Minimum
Gain” has the same meaning as the term “partnership minimum gain” in Regulations Sections 1.704-2(b)(2) and
1.704-(2)(d).

 

“Company Percentage”
of a Member on a pertinent date means the ratio (expressed as a percentage) of the number of Common Units held by such Member to
the aggregate Common Units held by all Members.

 

“Company Year”
means the accounting period of the Company.

 

“Contributed
Property” means property contributed by a Member to the Company, the income tax basis of which to the Company is determined,
in whole or in part, by reference to the income tax basis of such property (or of any property exchanged for such property) in
the hands of such Member.

 

“Depreciation”
means, for each Company Year, an amount equal to the depreciation, amortization or other cost recovery deduction allowable with
respect to an asset for such Company Year for Federal income tax purposes, except that if the Gross Asset Value of an asset differs
from its adjusted basis for Federal income tax purposes at the beginning of such Company Year, Depreciation shall be an amount
which bears the same ratio to such beginning Gross Asset Value as the Federal income tax depreciation, amortization, or other cost
recovery deduction for such Company Year bears to such beginning adjusted tax basis; provided, however, that if the
adjusted basis for Federal income tax purposes of an asset at the beginning of such Company Year is zero ($0), Depreciation shall
be determined with reference to such beginning Gross Asset Value using any reasonable method selected by the Members.

 

“Distributable
Cash” means the excess, if any, of

 

		(i)	the Company’s aggregate cash receipts (other than Capital Contributions) over

 

		(ii)	the aggregate of the Company’s expenditures from such cash receipts (including, but not
                                                              limited to, debt service and debt reduction with respect to any loans made by Members to the Company) and such amounts as the Manager determines are reasonable
to retain from such cash receipts for Company purposes;

    	A-4

    	

    

provided, however,
that retained amounts shall become Distributable Cash when the Manager determines that their retention is no longer necessary;
provided, further, however, that Distributable Cash shall not be reduced by depreciation, amortization, cost
recovery deductions and other similar non-cash expenses.

 

“Economic Risk
of Loss” means the economic risk of loss that a Member or a Related Person bears for a Company liability as determined
under Regulations Section 1.752-2.

 

“Effective
Date” means ●, 2018.

 

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

 

“Exchange Agreement”
means the Exchange Agreement(s) among the Company, GreenSky and the other Persons named therein providing generally for the exchange
of Common Units, together with shares of Class B Common Stock, for Class A Common Stock.

 

“Family Group”
means, with respect to a Person who is an individual, (i) such Person’s spouse and direct descendants (whether natural or
adopted) (collectively, for purposes of this definition, “relatives”), and (ii) any trust, the trustee of which
is such Person and which at all times is and remains solely for the benefit of such Person and/or such Person’s relatives.

 

“GAAP”
means United States generally accepted accounting principles, consistently applied.

 

“Gross Asset
Value” shall mean, with respect to any asset, the adjusted basis of the asset for federal income tax purposes, except
as follows:

 

(a)    with the exception
of contributions in the form of cash, the initial Gross Asset Value of any asset contributed by a Member to the Company shall be
the gross fair market value of such asset, as reasonably determined by the Manager;

 

(b)    the Gross Asset
Value of all Company assets shall be adjusted to equal their respective gross fair market values as reasonably determined by the
Manager, immediately prior to the following times: (i) the acquisition of additional Units or other interests in the Company by
any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by
the Company to a Member of more than a de minimis amount of Company property as consideration for Units or other
interests in the Company; (iii) the grant of Units in the Company (other than a de minimis number of Units) as consideration
for the provision of services to or for the benefit of the Company by an existing Member acting in a Member capacity, or by a new
Member acting in a Member capacity or in anticipation of becoming a Member (including the grant of Incentive Units); and (iv) the
liquidation of the Company within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that
adjustments pursuant to subsections (i), (ii) and (iii) of this subclause (b) shall be made only if the Manager reasonably determines
that such adjustments are necessary or appropriate to reflect the relative economic interest of the Members in the Company;

    	A-5

    	

    

(c)    the Gross Asset
Value of any Company asset distributed to any Member shall be the gross fair market value of such asset on the date of distribution
as reasonably determined by the Manager; and

 

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

 

“Incentive
Plan” shall mean the Equity Incentive Plan of the Company or any successor plan of the Company.

 

“Incentive
Unit Agreement” shall mean an agreement between a Member and the Company evidencing an award of Incentive Units.

 

“Incentive
Units” shall mean the membership interests including, without limitation, Profits Interests (and options to purchase
membership interests) in the Company issued to certain of the Company’s Manager, executives and other service providers and
designated as such upon issuance, having the powers, preferences, rights, qualifications, limitations and restrictions set forth
herein, in the Incentive Plan and the applicable Incentive Unit Agreements.

 

“Institutional
Member” means a bank, bank holding company, or investment fund, or a subsidiaries thereof.

 

“IPO”
means the initial public offering of shares of Class A Common Stock by GreenSky.

 

“LLC Employee”
means an employee of, or other service provider to, the Company or any Subsidiary, in each case acting in such capacity.

 

“Manager”
means the person or persons designated or elected as such pursuant to ARTICLE III of the Agreement, and initially shall
mean GreenSky in such capacity.

 

“Market Price”
means, with respect to a share of Class A Common Stock as of a specified date, the last sale price per share of Class A Common
Stock, regular way, or if no such sale took place on such day, the average of the closing bid and asked prices per share of Class
A Common Stock, regular way, in either case as reported in the principal consolidated transaction reporting system with respect
to securities listed or admitted to trading on the • Exchange or, if the Class A Common Stock is not listed or admitted to
trading on the • Exchange, as reported on the principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the Class A Common Stock is listed or admitted to trading or, if
the Class A Common Stock is not listed or admitted to trading on any national securities exchange, the last quoted price, or, if
not so quoted, the average of the high bid and low asked prices in the over-the-counter
market, as reported by the National Association of Securities Dealers, Inc.

    	A-6

    	

    

 Automated Quotation System or, if such system is no
longer in use, the principal other automated quotation system that may then be in use or, if the Class A Common Stock is not quoted
by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a
market in the Class A Common Stock selected by Board of Directors of GreenSky or, in the event that no trading price is available
for the shares of Class A Common Stock, the fair market value of a share of Class A Common Stock, as determined in good faith by
the Board of Directors of GreenSky.

 

“Member(s)”
means, individually, each of the signatories to this Agreement other than the Company and, collectively, all of the Members, and
includes any party or parties substituted for any of them pursuant to ARTICLE VIII hereof.

 

“Member Nonrecourse
Debt” has the same meaning as the term “partner nonrecourse debt” in Regulations Section 1.704-2(b)(4).

 

“Member Nonrecourse
Debt Minimum Gain” means an amount, with respect to each Member Nonrecourse Debt, equal to the Company Minimum Gain that
would result if such Member Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Regulations
1.704-2(i)(3).

 

“Member Nonrecourse
Deductions” has the same meaning as the term “partner nonrecourse deductions” in Regulations 1.704-2(i)(1)
and 1.704-(2)(i)(2).

 

“Net Precontribution
Gain” means the net gain (if any) that would have been recognized by the distributee Member under Section 704(c)(1)(B)
of the Code if all property that (i) had been contributed to the Company within seven (7) years of the distribution and (ii) is
held by the Company immediately before the distribution had been distributed by the Company to another Member. If any portion of
the property distributed consists of property that had been contributed by the distributee Member to the Company, then such property
shall not be taken into account in determining Net Precontribution Gain. If the property distributed consists of an interest in
an entity, the preceding sentence shall not apply to the extent that the value of such interest is attributable to the property
contributed to such entity after such interest had been contributed to the Company.

 

“Net Profits
and Net Losses” means, for a Company Year, an amount equal to the Company’s taxable income or loss for such period
determined in accordance with Code Section 703(a), adjusted as follows:

 

		(i)	There shall be included all items of income, gain, loss or deduction required to be separately
stated pursuant to Code Section 703(a)(1);

 

		(ii)	any income of the Company exempt from Federal income tax shall be added;

 

		(iii)	any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section
705(a)(2)(B) expenditures pursuant to Regulations Section 1.704-1(b)(2)(iv)(i), shall be subtracted;

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		(iv)	in the event the Gross Asset Value of any Company asset is adjusted pursuant to subparagraphs (a)
or (b) of the definition of Gross Asset Value, the amount of such adjustment shall be treated as an item of gain (if the adjustment
increases the Gross Asset Value of the asset) or an item of loss (if the adjustment decreases the Gross Asset Value of the asset)
from the disposition of such asset and shall be taken into account for purposes of computing Net Profits and Net Losses;

 

		(v)	gain or loss resulting from any disposition of property with respect to which gain or loss is recognized
for Federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding
that the adjusted tax basis of such property differs from its Gross Asset Value;

 

		(vi)	in lieu of the depreciation, amortization and other cost recovery deductions calculated pursuant
to Code Section 703(a), there shall, be taken into account Depreciation for such Company Year, computed in accordance with the
definition of Depreciation;

 

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

 

		(viii)	any item of Company income, gain, loss or deduction which shall be specially allocated pursuant
to Sections 1 and 2 of Exhibit C hereto shall not be included in Net Profits and Net Losses.

 

The amounts of the items of Company
income, gain, loss or deduction available to be specially allocated pursuant to Exhibit C, Sections 1 and 2
hereof shall be determined by applying rules analogous to those set forth in subparagraphs (ii) through (vii) above.

 

“Nonrecourse
Deductions” has the meaning set forth in Regulations Section 1.704-2(b)(1) and 1.704-2(c).

 

“Nonrecourse
Liability” has the meaning set forth in Regulations Section 1.704-2(b)(3).

 

“Partnership
Audit Provisions” means the Bipartisan Budget Act of 2015 and Sections 6221-6231 of the Code (and the Regulations promulgated
thereunder), as amended thereunder.

 

“Person”
or “person” means any individual, firm, corporation, partnership, trust, incorporated or unincorporated association,
joint venture, joint stock company, limited liability

    	A-8

    	

    

company, governmental authority or other
entity of any kind, and shall include any successor (by merger or otherwise) of such entity.

 

“Profits Interest”
means an interest in the future profits of the Company satisfying the requirements for a partnership profits interest transferred
in connection with the performance of services, as set forth in IRS Revenue Procedures 93-27 and 2001-43, or any future IRS guidance
or other authority that supplements or supersedes the foregoing IRS Revenue Procedures.

 

“Regulated
Holder” means a bank or bank holding companies, together with its subsidiaries.

 

“Regulations”
means the Federal income tax regulations promulgated under the Code; including temporary Regulations, as amended.

 

“Regulatory
Allocations” has the meaning ascribed to it in Section 2 of Exhibit C hereto.

 

“Reorganization”
means the transactions described in the Reorganization Agreement among the Company, GreenSky, and the other parties thereto dated
as of •, 2018.

 

“Related Person”
means a person having a relationship to a Member described in Regulations Section 1.752-4(b).

 

“Subsidiary”
means any corporation, partnership, joint venture or other entity of which the Company owns, directly or indirectly, more than
20% of the outstanding voting securities or equity interests.

 

“Substitute
Member” means an Assignee who shall have been admitted to all of the rights of membership pursuant to this Agreement
(other than as set forth in Section 8.5). As a Substitute Member, an Assignee shall succeed to the Capital Account of the
transferor Member and all the terms and conditions of this Agreement (other than as set forth in Section 8.5) shall inure
to the benefit of, and be binding upon, such Substitute Member, his estate, his personal representatives, his heirs and legatees,
and his successors in interest.

 

“Tax Rate” means the greater of (i) 45% or (ii) a rate equal to the highest effective marginal combined federal, state and local income tax rate for a Company Year applicable to Parent for such Company Year, taking into account the character of the relevant tax items (e.g., ordinary or capital) as reasonably determined by the Manager, which, with respect to each of clauses (i) and (ii), in no event shall exceed the highest effective marginal combined federal, state and local income tax rate for a Company Year applicable to any individual or corporation that is a resident of New York State and New York City.

 

“Tax Receivable
Agreement” means the Tax Receivable Agreement among the Company, GreenSky and the other Persons named therein providing
generally GreenSky will agree to pay those other Persons 85% of certain cash tax savings, if any, in United States federal,
state and local taxes that GreenSky realizes or is deemed to realize in connection with the Reorganization transactions, the offering-related
transactions and any future exchanges of Units for Class A Common Stock pursuant to the Exchange Agreement.

 

“Unit”
means a portion of the interest of a Member in the Company, including any and all benefits to which such Member may be entitled
to under the Act and in this Agreement, together with all obligations of such Member to comply with the terms and provisions of
this Agreement.

 

“Value”
means (a) for any stock option, the Market Price for the trading day immediately preceding the date of exercise of a stock option
under such stock option; and (b) for any equity

    	A-9

    	

    

security other than
a stock option, the Market Price for the trading day immediately preceding the Vesting Date.

    	A-10

    	

    

EXHIBIT B

 

MEMBERSHIP UNITS

AND COMPANY PERCENTAGES

 

[To Follow]

    	 

    	

    

EXHIBIT C

 

ALLOCATIONS

 

1.    (a)    Minimum Gain Chargeback.
Except as otherwise provided in Regulations Section 1.704-2(f), notwithstanding any other provision of this Section 1 to
the contrary, if there shall be a net decrease in Company Minimum Gain for a Company Year, each Member shall be specially allocated
items of Company income and gain for such Company Year (and, if necessary, subsequent Company Years) equal to each such Member’s
share of the net decrease in Company Minimum Gain, determined in accordance with Regulations Section 1.704-2(g). Allocations pursuant
to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant
thereto. The items to be so allocated shall be determined in accordance with Regulations Sections 1.704-2(f)(6) and 1.704-2(j)(2).
If a minimum gain chargeback shall exceed the Company’s income and gain for the Company Year, such excess shall be treated
as a minimum gain chargeback requirement in each succeeding Company Year until fully charged back. This Section is intended to
comply with the minimum gain chargeback requirement of Regulations Section 1.7042(f) and shall be interpreted consistently therewith.

 

(b)    Member Minimum
Gain Chargeback. Except as otherwise provided in Regulations Section 1.704-2(i)(4), notwithstanding any other provision of
this Section 1 to the contrary, if there is a net decrease in Member Nonrecourse Debt Minimum Gain attributable to a Member
Nonrecourse Debt during any Company Year, each Member who has a share of Member Nonrecourse Debt Minimum Gain attributable to such
Member Nonrecourse Debt, determined in accordance with Regulations Section 1.704-2(i)(5), shall be specially allocated items of
Company income and gain for such Company Year (and, if necessary, subsequent Company Years) in an amount equal to such Member’s
share of the net decrease in Member Nonrecourse Debt Minimum Gain attributable to such Member Nonrecourse Debt, determined in accordance
with Regulations Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective
amounts required to be allocated to each Member pursuant thereto. The items to be so allocated shall be determined in accordance
with Regulations Sections 1.704-2(i)(4) and 1.704- 2(j)(2). This Section is intended to comply with the minimum gain chargeback
requirement in Section 1.704-2(i)(4) and shall be interpreted consistently therewith.

 

(c)    Qualified
Income Offset. In the event any Member shall unexpectedly receive any adjustments, allocations or distributions described in
Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or 1.704-1(b)(2)(ii)(d)(6), there shall subsequently be specially
allocated to such Member items of income and gain so as to eliminate, to the extent required by the Regulations, the Adjusted Capital
Account Deficit of such Member as quickly as possible; provided, however, that an allocation pursuant to this Section
1(c) shall be made only if, and to the extent, such Member would have an Adjusted Capital Account Deficit after all allocations
provided for in this Exhibit C, other than those required by this Section 1(c), have been made.

 

(d)    Gross Income
Allocation. In the event any Member shall have Adjusted Capital Account Deficit at the end of any Company Year, there shall
be specially allocated to each such Member subsequent items of income or gain
in the amount of such excess as quickly as possible; provided, however, that an allocation pursuant to this Section
1(d) shall be made only if, and to the extent, such Member would have a negative Capital Account balance after all other allocations

    	 

    	

    

provided for in this Exhibit C,
other than those required by Section 1(c) hereof and this Section 1(d), have been made.

 

(e)    Nonrecourse
Deductions. Nonrecourse Deductions for any Company Year or other period shall be allocated among the Members, pro rata,
based on their respective share of Net Profits and Net Losses under Section 5.1.

 

(f)    Member Loan
Nonrecourse Deductions. Any Nonrecourse Deductions for any Company Year or other period pertaining to any nonrecourse loan
made by a Member to the Company shall be allocated to the Member who bears the Economic Risk of Loss with respect to the Member
Nonrecourse Debt to which such Member Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(i)(1).
If more than one Member bears the economic risk of loss, such deduction shall be allocated between or among such Members in accordance
with the ratios in which such Members share such economic risk of loss.

 

(g)    Section 754
Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b) or
Code Section 743 (b) is required pursuant to Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Regulations Section 1.704- 1(b)(2)(iv)(m)(4)
to be taken into account in determining Capital Accounts as the result of a distribution to a Member in complete liquidation of
such Member’s Units in the Company, the amount of such adjustment to Capital Accounts shall be treated as an item of gain
(if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall
be specially allocated to the Members in accordance with their Units in the Company in the event Regulations Section 1.704-1(b)(2)(iv)(m)(2)
applies, or to the Member to whom such distribution was made in the event Regulations Section 1.704-1(b)(2)(iv)(m)(4) applies.

 

2.    Curative Allocations. The
allocations set forth in Sections 1 and 5 of this Exhibit D (the “Regulatory Allocations”)
are intended to comply with certain requirements of Regulations Section 1.704. It is the intent of the Members that, to the extent
possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other
items of Company income, gain, loss or deduction pursuant to this Section 2. Therefore, notwithstanding any other provision
of this Exhibit C (other than the Regulatory Allocations), the Members shall make such offsetting special allocations of
Company income, gain, loss or deduction in whatever manner they determine appropriate so that, after such offsetting allocations
are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member
would have had if the Regulatory Allocations were not part of the Agreement and all Company items were allocated pursuant to Section
5.1 of the Agreement.

 

3.    Allocations
Upon Transfer. Any implication in this Agreement to the contrary notwithstanding, if any Unit shall be transferred during
any Company Year, the Net Profits and Net Losses allocable with respect to such Unit for such Company Year shall be allocated
between the transferor and the transferee on the basis of the number of days in such Company Year each party was, according to
the books and records of the Company, the owner of record of the Unit transferred, unless the transferor and transferee agree
to use the closing of the books method, and agree to pay the costs of the Company in effectuating such closing of the books. Anything
in this Section 4 notwithstanding, however, items described in Code Section 706(d)(2)(B) must be allocated pursuant to
Code Section 706(d)(2).

    	C-2

    	

    

4.    Tax Treatment of Certain Distributions.
To the extent permitted by Section 1.704-2(h)(3) of the Regulations, the Manager shall endeavor not to treat distributions of Distributable
Cash as having been made from the proceeds of a Nonrecourse Liability or Member Nonrecourse Debt.

 

5.    Section 737 Gain. In the case
of any distribution by the Company to a Member, such Member shall be treated as recognizing gain in an amount equal to the lesser
of:

 

(a)    the excess (if
any) of (i) the fair market value of the property (other than money) received in the distribution, over (ii) the adjusted basis
of such Member’s interest in the Company immediately before the distribution reduced (but not below zero) by the amount of
money received in the distribution, or

 

(b)    the Net Precontribution
Gain of the Member.

 

Allocations pursuant to this Section
7 are solely for purposes of Federal, state, and local taxes and shall not affect, or in any way be taken into account in computing,
any Member’s Capital Account or share of Net Profits, Net Losses, other items, or distributions pursuant to any provision
of this Agreement.

    	C-3

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